tag:blogger.com,1999:blog-81512191486307402712024-03-13T05:52:37.568+05:30buzibizbuzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comBlogger248125tag:blogger.com,1999:blog-8151219148630740271.post-90892017640724274642022-01-16T12:17:00.001+05:302022-01-16T12:17:07.385+05:30Amazon seller registration | Start selling in your area<p>Have you been selling for quite a while? Would you like to have a potential for success at expanding your deals in your space? Assuming this is the case, then, at that point, sending off an internet based store could be the response. The internet shopping scene is difficult, yet we can take care of you. Here are a few valid justifications why you should enroll with us.</p><p><br /></p><p>• Loads of rivalry between online commercial centers</p><p>• Immersed item showcases</p><p>• Purchasers need more comfort</p><p><br /></p><p>Individuals favor shopping on the web since it's advantageous, basic, and super quick and there are many decisions accessible. Selling on the web can prompt a ton of beneficial things. You get more clients by extending deals outside of your physical store. You can even further develop how your item is introduced.</p><p><br /></p><p>Those are the benefits for the purchaser. However, did you had at least some idea that a merchant can help the same way? You can anticipate sure in addition to focuses when you register as a vender on Amazon. Assuming that you have things prepared for procurement, this moment is maybe the best opportunity to sell it on the web. Before that, you have another critical choice to make - picking an eCommerce commercial center or building your own store.</p><p>Be a piece of an internet based commercial center</p><p>We can give you a few thoughts on utilizing a web-based commercial center. It is possibly, the simplest choice. The enlistment cycle is exceptionally straightforward, and you can start deals as fast as could be expected. Here are a few justifications for why it could work for you!!</p><p><br /></p><p>• Select through an easy to use and simple interaction, just by tapping on each progression.</p><p>• Insignificant reports needed for enrollment - and check is finished in a couple of days.</p><p>• No stresses over transportation - utilize our notorious Amazon marked boxes.</p><p>• You can save money on showcasing expenses and still approach a great many clients day by day.</p><p><br /></p><p>Might it be said that you are anticipating beginning a discount or retail adventure? Then, at that point, selling on the web can be a quicker method for arriving at purchasers and complete deals targets.</p><p><br /></p><p>Consider the web-based commercial center a virtual shopping center, where individuals from everywhere India have something available to be purchased.</p><p>Step by step instructions to enlist on Amazon</p><p>You start at the Amazon vender landing page, where you have the choice of joining as a dealer by giving some data about you, your thing, your business. All information entered in by you will be checked by us during the enlistment interaction.</p><p><br /></p><p>A portion of the individual information that should be given by you and confirmed by us during our merchant enrollment process include:</p><p><br /></p><p>• Telephone Number</p><p>• Name</p><p>• Email ID</p><p>• Street number - this will be utilized as a pickup address</p><p>• Item classes that fit your advantage or thing</p><p>• Reports for enlisting your business</p><p>• Reports for enlisting charge data</p><p><br /></p><p>When you have every one of the important reports, sign on our site here to start this cycle. Here is our definitive aide on the best way to enroll as a vender on Amazon.</p><p>Login and Phone Verification</p><p>• Click on the button that says 'Begin Selling'.</p><p>• Next you need to login utilizing your current Amazon account. On the off chance that not, then, at that point, you should make another record.</p><p>• In the wake of signing in, confirm your telephone number with the gave OTP.</p><p>Dealer and Business Information</p><p>• Next is the Seller Information page where you enlighten us regarding your store name, pick your essential item classification and enter in a location.</p><p>• Subsequent to tapping on 'Submit' you will be given more choices to get WhatsApp warnings, a check expressing that your pin code is qualified for Amazon Easy boat office.</p><p>• Both are discretionary and you can enter in a substitute location now.</p><p>Vender Accounts Verification</p><p>• Click on 'Next' and you are made to a Two-Stride Verification account security convention.</p><p>• Here can pick either your favored 2SV authenticator mode - telephone number, SMS, voice conveyance or calls or an Authenticator App.</p><p>• Click on 'Proceed' to finish this confirmation step.</p><p>• Presently you are shown a self improvement guide for 'Heritage gadget Sign-In technique' - follow the means assuming your gadget can't show a subsequent screen provoking you to enter the OTP.</p><p>• You might decide to smother future OTP challenges by choosing "Don't need OTP on this program".</p><p>Charge Details Updating</p><p>• First select the right choice - assuming that you have a GST number, sell in GST Exempted Category, have never enlisted for GST or have it helpful and will refresh later.</p><p>• Every choice gives you more data to assist you with choosing and you need to enter in your GST or PAN number as required.</p><p>The Seller Dashboard</p><p>• Here you can deal with your item posting, by transferring a record to add numerous items, add or eliminate classes, and see more on Amazon's Charges.</p><p>• Next change your Easy Ship charges, offer free transportation, or set an expense according to your inclination.</p><p>• Update your financial balance subtleties including account name, number, type and finish IFSC check.</p><p>• Enter in your duty subtleties which incorporate your PAN and GST.</p><p>• Set your default item charge code, this is utilized by Seller Central Account charge estimation framework to ascertain the assessment on the items or administrations a merchant records on the commercial center.</p><p>• Add your advanced mark by transferring in jpeg or jpg design picture or draw your mark on the screen and snap 'Affirm'.</p><p>Improving on internet selling</p><p>We comprehend your interests - is such a commercial center a decent counterpart for your organization? Would it have any effect on your deals or brand picture?</p><p><br /></p><p>These advantages displayed here provide you with a thought of how business could be lighter, easier when you are on the web and how you might conceivably construct your marketing projections, independent of whether you are a new or experienced dealer.</p><p><br /></p><p>To assist you with choosing, we have assembled an attitude toward what advantages you get subsequent to finishing your amazon vender enlistment. This covers significant focuses like transportation, returns, payout process, conveyance steps and item transfer.</p><p><br /></p><p>• First you list your item on our site by transferring a few pictures of your item. You can add explicit item portrayals, benefits, utilization examples, and pictures taken from all points.</p><p>• Then, your item goes live on the site available to be purchased noticeable to purchasers searching for it.</p><p>• At the point when your item is bought by a client, you get a moment warning from Amazon to plan a reasonable planning for doorstep pickup of the said request.</p><p>• You accept your installment inside 7 working days from the date of delivery, saved into your enrolled financial balance.</p><p>• The purchasers will review your shipment at the hour of conveyance.</p><p>• Any returned item will be conveyed to you inside 2-4 working days with no additional charges.</p><p>• In the event of misfortune or harm to your item, you will accept your business continues from Amazon, regardless of whether Amazon or the purchaser is liable for it.</p><p>• You get to post Ads (cost-per-click). More deeply study Amazon's Sponsored Products here.</p><p>What are the costs you should bear?</p><p>Venders are relied upon to pay a Shipping Fee, however solely after the said thing is sold from Amazon.in. Alongside that, you should pay a Selling Fee, what begins at 3% per thing sold. This rate shifts relying upon the classification of the thing. Study the expenses here.</p><p>Presently you have an unmistakable thought of how a deal happens once you register as a vender on Amazon, and the drawn out gains coming up for your business. Assuming you feel this is the most ideal decision for yourself as well as your organization, then, at that point, you need to enlist with us.</p><p><br /></p><p>At last, click on the tab that says 'Send off your business' and begin selling. Go ahead and visit our assistance place for any further help.</p>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0tag:blogger.com,1999:blog-8151219148630740271.post-26683710157641322022022-01-03T11:50:00.003+05:302022-01-03T11:55:42.497+05:301.000.000$ With Google In 6 Months<p style="text-align: justify;"><b> </b></p><div class="separator" style="clear: both; text-align: justify;"><b><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgSMiYkl6UOmlewMaHa-W9mclRN0nQgcVHkqlJHO7ZDrHuA2cxQaxTyP7eKKgcP3LCBSUAt7PTpw5cubInQjuMVqczMRkUHtBLBPg_AQMysSHMf3DiII8JlNrzRkrMLAdStt9LaKdhPxVWV-5ZR8at6ThY6ksg_Pe5RGXKHLL1g8emBzXhzmCOB5RlX=s5472" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3648" data-original-width="5472" height="213" src="https://blogger.googleusercontent.com/img/a/AVvXsEgSMiYkl6UOmlewMaHa-W9mclRN0nQgcVHkqlJHO7ZDrHuA2cxQaxTyP7eKKgcP3LCBSUAt7PTpw5cubInQjuMVqczMRkUHtBLBPg_AQMysSHMf3DiII8JlNrzRkrMLAdStt9LaKdhPxVWV-5ZR8at6ThY6ksg_Pe5RGXKHLL1g8emBzXhzmCOB5RlX=s320" width="320" /></a></b></div><div style="text-align: justify;"><span style="font-weight: 700;"><br /></span></div><p></p><p style="text-align: justify;"><b>Summary:</b></p><p style="text-align: justify;"><b><i>Learn how you can make great money with the internet's number 1, know Google</i></b></p><p style="text-align: justify;"><b><i>Adwords and Google Adsense programs.</i></b></p><p style="text-align: justify;"><b><i><br /></i></b></p><p style="text-align: justify;"><b><i>Did you know?</i></b></p><p style="text-align: justify;">That internet advertising revenues reached an estimated new record of $4.2 billion for the third quarter of 2006 and that the internet advertising market has been growing more than 30% for the last 4 consecutive years.</p><p style="text-align: justify;">Google Adsense is revolutionizing the web, high school kids are making fortunesper month with Adsense paying their classes and helping their fathers paying the bills at home.</p><p style="text-align: justify;"><b><i>Lawyers and doctors gaved up their practices to make millions with Google.</i></b></p><p style="text-align: justify;">Thanks to Google Adsense revenues the internet is growing faster each day, while Google is paying the bills webmasters create more quality websites with free content and utilities for everyone, websites that you look for when your cash flow is fading. People create websites just for make money with Adsense and this reason is reflecting on the web contributing to the fast growth of thousands of websites and ideas that born every day. When you use Adwords to promote your products you are sponsoring and broughting to life a new star rising website that can be a must value to the web.</p><p style="text-align: justify;"><br /></p><p style="text-align: justify;">That's why Google Adsense/Adwords programs are so great, because everybody wins,advertisers pay per click and make sales using Adwords, clicks and impressions are made by the Adsense publishers that receive compensation, it's a rollercoster that never stops so therefore it is unbeatable.</p><p style="text-align: justify;"><br /></p><p style="text-align: justify;">It's called "revenue sharing" and it's the most powerfull internet marketing tool you will ever find!</p><p style="text-align: justify;"><br /></p><p style="text-align: justify;">Thousands of people every day discover Adsense and start making money at home with their websites, they share the secret with others and when others make money everyone makes money, that's why I had the trouble to write and distribute this little article, to spread the good news and off course make my own fortune.</p><p style="text-align: justify;">If you have a website and are looking for a serious income this is the perfect opportunity for you to grab, Adsense is the best money making program circulating on the web, one of the most well paid if not the number 1 and best of all it is real!</p><p style="text-align: justify;"><br /></p><p style="text-align: justify;">Join Google Adsense free and retire from your job in months, use Google Adwords to rise up your business and become a millionaire in the next year.</p><p style="text-align: justify;"><br /></p><p style="text-align: justify;"><b><i>Let me show you the headline 1.000.000 in 6 months:</i></b></p><p style="text-align: justify;"><br /></p><p style="text-align: justify;">Besides the Adsense earnings and the Adwords traffic that you can generate you can also make big money referring others to the Adwords and Adsense programs,when they use the programs you get paid, well paid.</p><p style="text-align: justify;"><br /></p><p style="text-align: justify;"><b><i>This is how the programs work, by own Google words:</i></b></p><p style="text-align: justify;"><br /></p><p style="text-align: justify;">"When an advertiser who signed up for Google AdWords through your referral spends $5.00 (in addition to the $5.00 sign-up fee) within 90 days of sign-up, you will be credited with $5.00. When that same advertiser spends $100.00 within 90 days of sign-up, you will be credited with an additional $40.00. If,in any 180-day period, you refer 20 advertisers who each spend more than $100.00 within 90 days of their respective sign-ups, you will be awarded a $600.00 bonus."</p><p style="text-align: justify;"><br /></p><p style="text-align: justify;">"When a publisher who signed up for Google AdSense through your referral earns $5.00 within 180 days of sign-up, you will be credited with $5.00. When that same publisher earns $100.00 within 180 days of sign-up and is eligible for payout, you will be credited with an additional $250.00. If, in any 180 day period, you refer 25 publishers who each earn more than $100.00 and are all eligible for payout, you will be awarded a $2,000.00 bonus."</p><p style="text-align: justify;"><br /></p><p style="text-align: justify;"><b><i>Do I need to say anything else to convince you to sign up? I Don't think so.</i></b></p><p style="text-align: justify;">Just do the math and you will find out the potential of your earnings, if you already know the programs you know what I'm talking about and have a better perspective, if you don't I tell you this, you can look but I guarantee that does not exist nothing else like it.</p><p style="text-align: justify;"><br /></p><p style="text-align: justify;">And don't worry, take it easy, take your time, it doesn't matter if you don't understand any of this, the only matter is that you have a website and want to make money with it, in the process you will discover how everything works and how tho succeed in your goals.That's for this and many other reasons that Google is and will be the internet's number 1 for many years to come!</p><p style="text-align: justify;"><br /></p><p></p><p style="text-align: center;"><b><i>Follow the path, become rich and make your dreams come true forever!!</i></b></p><p style="text-align: justify;"><br /></p><p style="text-align: justify;">#makemoney #google #adsense #adwords #affiliateprograms</p><p style="text-align: justify;"><b><i><br /></i></b></p>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0tag:blogger.com,1999:blog-8151219148630740271.post-62228183986710284492022-01-03T11:40:00.002+05:302022-01-03T11:56:51.819+05:30How to Increase Your Site Traffic & Succeed With Your Affiliate Marketing Programs<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhFyTg77EERvDqc726ltAVb8PZ2z3-0eFRLlSc8_PsnZmY5m4dVevStPoxDA0JOgnx3N6eGlB4KeFQ_9nkF4Y3kfzXYcJGucAMj6K-ctOO3C07AhisP5qqhCFW3cN3eJP0vq3M-Mhj9LnfdA686JkGjP7g4nxaq7xX6aWUgczG1aoKyiF1xj7OrpSKT=s5184" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3456" data-original-width="5184" height="213" src="https://blogger.googleusercontent.com/img/a/AVvXsEhFyTg77EERvDqc726ltAVb8PZ2z3-0eFRLlSc8_PsnZmY5m4dVevStPoxDA0JOgnx3N6eGlB4KeFQ_9nkF4Y3kfzXYcJGucAMj6K-ctOO3C07AhisP5qqhCFW3cN3eJP0vq3M-Mhj9LnfdA686JkGjP7g4nxaq7xX6aWUgczG1aoKyiF1xj7OrpSKT=s320" width="320" /></a></div><span style="font-size: medium;"><b>Summary:</b></span><p></p><p><span style="font-size: medium;"><b>As an affiliate, your main objective is to sell the products and services offered by your partner merchants. Unless you can do this, you can never hope to make a significant amount of money with affiliate marketing programs.</b></span></p><p>So how do you boost sales? All things being equal, you will need to increase your site traffic before you can experience more sales. By the law of averages, the more people are aware of the products you are offering, the more products you will sell. </p><p><b>Here are a few tips that can help you boost your site traffic:</b></p><p><b>1. Optimize for the search engines.</b> The most successful sites on the internet are the most visible ones. Now there are various ways to achieve increased visibility on the internet, but the foremost method is that of search engine optimization. The details are too technical to discuss here, but the purpose of search engine optimization (SEO) is to help your site achieve higher rankings on the search engines. If you have used a search engine, you will notice that any particular keyword search will return thousands, if not millions of results. Most people will not bother to browse through all those results; they will prefer to look into the sites already displayed. Statistically speaking, the sites listed on the first results page will garner the highest amount of traffic, putting those sites in a better position to make money. </p><p><b>2. Joining internet directories. </b>While internet directories are no longer as widely used as search engines, some people do use them. It is important that you do not overlook the potential customers that these directories can bring to your site. To join an internet directory, you will have to submit your site for approval, and you will be categorized accordingly. </p><p><b>3. Provide fresh content. </b>Your site must continually be updated if you expect your visitors to keep coming back. Your site must have useful content, as well as tools that will help your target audience. Make your site as easy to navigate as possible, and be sure that your links work the way that they should. There is nothing that frustrates people more than a “broken” website, and once your site has been labeled as such, chances are slim that many people will want to come back. </p><p><b>4. Build an online community.</b> In other words, build relationships with your potential customers. Make your visitors feel welcome and appreciated, and they are likely to come back. Be interested in solving their problems and they will thank you with their business. </p><p>Making your affiliate marketing program work is really not that much different from operating a traditional business. The only way you can keep your customers is to treat them right. The Japanese have a saying: The customer is God. As long as you treat your customers with respect and exert effort in trying to meet their needs, you will find that they will be more than willing to help you with yours. </p><p><b>Affiliate Marketing and Requesting Customer Support </b></p><p><i><b>As a webmaster</b></i>, you are bound to run into problems. Even though you have spent a good amount of time learning the affiliate marketing trade, sooner or later you will run into some challenges that you will need help to resolve. Areas such as e-mail services, affiliate marketing software, and online services are often particularly troublesome. </p><p><i><b>Unfortunately, </b></i>getting help is not often easy, even from your web host. But there are ways to make the process simpler for both sides. Here are some questions that you might consider before you call your service provider:</p><p><b><i>Who are you?</i></b> This is a common problem. Many people report their problems without providing their personal information, such as their username. Unless the support team knows who you are, how do you expect them to solve your problem?</p><p><b><i>What is the problem?</i></b> Be specific. Identify which product or service is not working properly. Keep in mind that you are just one of your web host’s customers. Unless you can pinpoint the problem, chances are pretty slim that you will receive appropriate and timely help. </p><p><b><i>What software are you using?</i></b> Your web host’s support team will need information on the software you are using. For instance, they will ask you what type of system you are using in your computer. It is a well-known fact that certain applications do not work well on certain systems. Be sure to give any relevant details about the services or applications that you use. </p><p><b><i>When did the problem start?</i></b> Identifying the time you became aware of the problem is important. If you have recently made any changes to your system and the problem appeared soon after, it is quite likely that particular change is the cause. Don’t withhold information from the support team; every bit of knowledge is crucial to identifying the source of difficulty. </p><p><b><i>What have you tried to fix the problem?</i></b> If you have attempted to fix the problem yourself, be sure to include an account of your attempts in your report. Letting the support team know what you’ve already done will help them save time, and also make a more accurate diagnosis of what’s wrong. </p><p><b><i>Have you kept it simple?</i></b> For security purposes, some support systems do not allow HTML display. To avoid having your e-mail intercepted, it is best to send your messages in plain text format. </p><p><b>Remember to be polite</b>. Keep in mind that the support team is composed of human beings – they certainly will not appreciate if you maltreat them. Never insult them; never use profanity. If you want your problem to be resolved, it is better to hold your peace and act civilly. Despite what you may think, you are just one of their customers -- they reserve the right to discontinue their services to you whenever they like. </p><p>These pointers will not always get you the speedy service that you deserve, but they can certainly help. </p><p>Affiliate marketing is a difficult business enough without making enemies. By taking a little time to see things from your support team’s point of view, you can drastically improve the quality of service you get. </p><br /><div><br /></div>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0tag:blogger.com,1999:blog-8151219148630740271.post-19877329141850821152018-10-03T13:27:00.000+05:302018-10-03T13:27:33.606+05:30Top Five profitable product to sell online <div class="separator" style="clear: both; text-align: center;">
<a href="https://amzn.to/2NzqpWj"><img border="0" data-original-height="315" data-original-width="828" height="120" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxdZQV0wwe4dJI7plSOSClskb7CkjSK2pH2rNlpRWIxTjruWAs1cdfSA2eyZgUeexdIulLV1e4XE8RswIuswBXdFn7oa7FebeJ-9F6nXiK4i9-Y4qm7slTJdfjaRExQ3fx-jy-A9k6yEw/s320/2+%25282%2529.png" width="320" /></a></div>
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<span style="color: #303942; font-family: "amazon ember" , "arial" , sans-serif;"><span style="font-size: 15px;">The digital age is upon us and there’s no avoiding it if you’re a business. The internet has simplified commerce to a point where it’s possible to buy, sell and market from anywhere on the planet. This simplification has unlocked a world of opportunities for entrepreneurs.</span></span></div>
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<span style="color: #303942; font-family: "amazon ember" , "arial" , sans-serif;"><span style="font-size: 15px;">Of course, many of the hard-wired basics of business continue to hold true. For example: The first step to starting a business is to scour the marketplace and gain a deep understanding of market demand and capacity.</span></span></div>
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<span style="color: #303942; font-family: "amazon ember" , "arial" , sans-serif;"><span style="font-size: 15px;">Similarly for online marketplaces the options of selling products online are many, it is difficult to zero-in on that one idea which will seal the deal for you. However, the trick is to choose one that peaks your interest and also has a sustainable demand with a healthy growth potential. Here’s a list of five popular product ideas to sell online:</span></span></div>
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<span style="color: #303942; font-family: "amazon ember" , "arial" , sans-serif;"><span style="font-size: 15px;">Apparel, fashion accessories and footwear - It’s safe to say that apparel, accessories and footwear will always have a market. While the category is still one of the most popular in any e-commerce marketplace, it also offers unending niche opportunities. You can produce clothes that are meant for a particular body type or occasion, or accessories covered with topical statements. You could also branch into gender-neutral accessories and produce bags, wallets, sunglasses and belts, among others. Either way, whether it’s a one-size-fits-all pair of socks or a backpack emblazoned with a slogan, apparel, accessories and footwear can be your route to success, if you get it right.</span></span></div>
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<span style="color: #303942; font-family: "amazon ember" , "arial" , sans-serif;"><span style="font-size: 15px;">Customised and handmade products – Customisation has become a popular trend among buyers. Customers love to be able to choose their preferred colour and style of jewellery, apparel, home decor products and more. Consider offering monograms or custom graphics on your products. This will add a unique, personalised touch to regular products.</span></span></div>
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<span style="color: #303942; font-family: "amazon ember" , "arial" , sans-serif;"><span style="font-size: 15px;">Beauty and personal care products – The cosmetics and skincare industry for men and women is another fast-growing segment. Beauty products, grooming products, make-up, health and personal care items, all come in a vast variety of types and price ranges. Lately there has been a sizeable demand for organic and natural beauty care products. Cash in on this opportunity. Turn your customer’s demand into a successful business venture.</span></span></div>
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<span style="color: #303942; font-family: "amazon ember" , "arial" , sans-serif;"><span style="font-size: 15px;">Electronics, appliances and accessories – Even if most customers walk into a bricks and mortar electronics store to touch and feel electronic products, nearly 43% end up purchasing them from large marketplaces like Amazon. The demand is huge and gadget enthusiasts usually want the latest model of everything, therefore the turnover is large. The most commonly sold products in this category are cameras, televisions, headphones, mobiles and its accessories, PCs and more. Start manufacturing, sourcing and selling products online to make the most of this.</span></span></div>
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<span style="color: #303942; font-family: "amazon ember" , "arial" , sans-serif;"><span style="font-size: 15px;">Home and kitchen products – The online demand of this category has grown exponentially in the past few years. Thank the convenience of buying everyday staples with the click of a button and home delivery. Consumers can even automate recurring purchases that they need on a monthly or weekly basis. . Starting from basic grocery items like flour and sugar to detergents, cleaners, nuts, beverages and soap, covering all household staples.</span></span></div>
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<span style="color: #303942; font-family: "amazon ember" , "arial" , sans-serif;"><span style="font-size: 15px;">Once you have figured out what to sell online, you need to find the right platform to sell. Amazon, with its wide range of seller support services can help you get started with selling your products online. With other incredible services like fast shipping, cash on delivery option, secure payments etc, Amazon also gives you the added benefit of a vast global customer base. So register with us as a seller and carve out your unique product niche today. </span><b><span style="font-size: large;"><a href="https://amzn.to/2NzqpWj">Amazon seller account Creation </a></span></b></span></div>
buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0tag:blogger.com,1999:blog-8151219148630740271.post-1413624384369160272018-09-13T09:04:00.003+05:302018-09-27T11:44:05.927+05:30How To Sell On Amazon India | Sell with Amazon<div class="separator" style="clear: both; text-align: center;">
<a href="https://amzn.to/2NzqpWj"><img border="0" data-original-height="315" data-original-width="828" height="121" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjARpxQy94zVNfNKVOdx515obNMyubPMNKdcryZlslLELnozTsCHARPawAXx3G2BpG8QFYdeixkw_a7VtHtlAR0nHhagYQKZ1XPgn5mgR77F3g8FHyVpP3GjbigrSegZI1a4nq5QTvUr9U/s320/want+to+sell+on+Amazon+India+and+want+to+make+a+lot+of+money.png" width="320" /></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">So many people want to sell on Amazon India and want to make a lot of money out of it but they don’t know how?</span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">Documents required to Sell on Amazon India are:</span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">pan card | GST number | Bank account |E-mail id | Mobile number</span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">How to sell on Amazon India:</span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">STEP 1. Click Now<a href="https://amzn.to/2NzqpWj"> </a><a href="https://amzn.to/2NzqpWj"><b>amazon sellercentral</b></a></span><span style="font-family: "trebuchet ms" , sans-serif;"> (</span><a href="https://amzn.to/2NzqpWj" style="font-family: "Trebuchet MS", sans-serif;">use Desktop/Laptop for registration</a><span style="font-family: "trebuchet ms" , sans-serif;">).</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;">STEP 2. Create a new account, fill up all the details correctly. then click on create your Amazon India account.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPj_ffxcr7hJ_JZHza_XP1X-Hv4ZXFc1Nvk9FJHy3-a54XPDI6f46Jq-JuhxNu05QhkkpgwzmjaqXZxWXS-mgPLYGTTnlFkzkiS9Wf5G0QaOP4m1FXRmCD2IZvM9Iy23udWlRf1Yf-N9A/s1600/Screen+Shot+09-12-18+at+09.10+AM.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="746" data-original-width="1375" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPj_ffxcr7hJ_JZHza_XP1X-Hv4ZXFc1Nvk9FJHy3-a54XPDI6f46Jq-JuhxNu05QhkkpgwzmjaqXZxWXS-mgPLYGTTnlFkzkiS9Wf5G0QaOP4m1FXRmCD2IZvM9Iy23udWlRf1Yf-N9A/s320/Screen+Shot+09-12-18+at+09.10+AM.PNG" width="320" /></span></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">STEP 3. write down your business name. tick on the agreement. then click on continue.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKllD8W0hKosKLUaZ88xOV6Zmp5ZcCT2-VNg6xgP-zDUvYzPbCg10oO5tK5MsVcXdqBLPULeRM12VkpyRgvH-OXPOBWhehuZwBpCODDMp9eQCLVadBcyzrbQfHu-59eCurMn2fA1QHr0E/s1600/Screenshot-38.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="765" data-original-width="1600" height="152" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKllD8W0hKosKLUaZ88xOV6Zmp5ZcCT2-VNg6xgP-zDUvYzPbCg10oO5tK5MsVcXdqBLPULeRM12VkpyRgvH-OXPOBWhehuZwBpCODDMp9eQCLVadBcyzrbQfHu-59eCurMn2fA1QHr0E/s320/Screenshot-38.png" width="320" /></span></a></div>
<span style="font-family: "trebuchet ms" , sans-serif;">STEP 4. Now verify the phone number through OTP. now you will be moved to seller information section automatically.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgk6sNLbO0BwqICXZjRWTRG1gHj-EcHMJsD26JiGVoY7iX6VLeQsEjvrmVFfkTpcWqZitI9yX0CUi227I7VPMMbs2GnrdxI-kBStePsmWhHr196H05ngkV9EI7xeaIhm9E1-IXviul7x9Q/s1600/Screenshot-42-1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="658" data-original-width="1600" height="131" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgk6sNLbO0BwqICXZjRWTRG1gHj-EcHMJsD26JiGVoY7iX6VLeQsEjvrmVFfkTpcWqZitI9yX0CUi227I7VPMMbs2GnrdxI-kBStePsmWhHr196H05ngkV9EI7xeaIhm9E1-IXviul7x9Q/s320/Screenshot-42-1.png" width="320" /></span></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Write down store name (store name should be unique).</span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">choose a product category (you can change it later, you may choose more than one category). then fill the address detail correctly. (Amazon easy ship service is not available at every pin code, but Amazon gives you the option to choose any other 3rd party courier service if Amazon easy service is not available at your Pincode.In general it will cost you Rs. 40 for shipping product using courier service like blue dart, dtdc, indian post..etc..)</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP9Z7tsDO2Pep8-4jMtI9Ol8W5L8XRmumGg0auWbJPC5ABc2Yjidpjl5ZBpYrsfLcR-_FlQC9ZctpmWJ0iF5a5e2JwtAoH0TKaLwz_EnvAv3n-kmAxpLnZkGjinX0PRMMNq70nqYPZndE/s1600/Screenshot-45.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="777" data-original-width="1600" height="155" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP9Z7tsDO2Pep8-4jMtI9Ol8W5L8XRmumGg0auWbJPC5ABc2Yjidpjl5ZBpYrsfLcR-_FlQC9ZctpmWJ0iF5a5e2JwtAoH0TKaLwz_EnvAv3n-kmAxpLnZkGjinX0PRMMNq70nqYPZndE/s320/Screenshot-45.png" width="320" /></span></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">STEP 5. Now fill the tax detail. click on yes when asked for DO YOU HAVE GST. then continue.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihKMoLUv83ftBOV6M_0EQD2AoSNilGshz_BGU3UZdIGqEm3tgIS4g8gbW-Lu9HW83BYZvVJU64Mw5CVaoQsTJuEPHBcLN-cOHCRu5kUJ3DX92NMujOWsduf-4HzrCvfhLxt9iT0JWFvwg/s1600/Screenshot-50.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="711" data-original-width="1600" height="142" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihKMoLUv83ftBOV6M_0EQD2AoSNilGshz_BGU3UZdIGqEm3tgIS4g8gbW-Lu9HW83BYZvVJU64Mw5CVaoQsTJuEPHBcLN-cOHCRu5kUJ3DX92NMujOWsduf-4HzrCvfhLxt9iT0JWFvwg/s320/Screenshot-50.png" width="320" /></span></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Now, click on update it later if you don’t have GST number and PAN card yet.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">if you have Both things then fill it up. then click on next, now you will come to another section.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYnFpX8pmt_EOhePANroCyHJdQUbHCRCiUuDDne761k50eZ0jcZ5nCvsm2Q5t_M_k_pI6SKFPFcR9KYYbzMsf0wAoa_JdNKWR-3aErKqIJo6jYi-2ZRASn_SqJUL_zIlbhh7RCwpaDh_c/s1600/Screenshot-53_LI.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="750" data-original-width="1600" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYnFpX8pmt_EOhePANroCyHJdQUbHCRCiUuDDne761k50eZ0jcZ5nCvsm2Q5t_M_k_pI6SKFPFcR9KYYbzMsf0wAoa_JdNKWR-3aErKqIJo6jYi-2ZRASn_SqJUL_zIlbhh7RCwpaDh_c/s320/Screenshot-53_LI.jpg" width="320" /></span></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">STEP 6. SELLER INTERVIEW SECTION</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Choose the category as per your business. tick on “where do you get product from” eg. if you are retailer then tick I RESELL PRODUCT THAT I BUY.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">choose the annual turnover. then choose how many products you will sell.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Tick on whether you sell on another website or not.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizHJV90KYMeOjU1zPiWUaAYzzfGuUcy4fPcl_VocSd5D8VQ-lTIPNhdWJc8i-M4kfNREYYCoyvRb6SKmJsPaIju3MIRiB5gAlGgfpavywUlWrA0wZDghqziUZoV6y6q_vvTm45VLGPhDs/s1600/Screenshot-55.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="774" data-original-width="1600" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizHJV90KYMeOjU1zPiWUaAYzzfGuUcy4fPcl_VocSd5D8VQ-lTIPNhdWJc8i-M4kfNREYYCoyvRb6SKmJsPaIju3MIRiB5gAlGgfpavywUlWrA0wZDghqziUZoV6y6q_vvTm45VLGPhDs/s320/Screenshot-55.png" width="320" /></span></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">STEP 7. DASHBOARD SECTION clicks on START LISTING</span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">After that you can search any item and add it to your panel.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgo8OuF10Agsa_XC-ZeWdA9_JvEVGr3tN_UuOU_pQLmkgAMB3DC8TLCueOjDXhAtNqKdktyKsSnpwSo5PgUISFtEuQL06badCQzVo6Fbh3vo8I4JRo8bK6TZ4ehZJRYemAP7WdU3R_0Nk4/s1600/Screenshot-61.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="800" data-original-width="1600" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgo8OuF10Agsa_XC-ZeWdA9_JvEVGr3tN_UuOU_pQLmkgAMB3DC8TLCueOjDXhAtNqKdktyKsSnpwSo5PgUISFtEuQL06badCQzVo6Fbh3vo8I4JRo8bK6TZ4ehZJRYemAP7WdU3R_0Nk4/s320/Screenshot-61.png" width="320" /></span></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHU61XdgQrsYgpNDDh2SyF26EEi5wFr9v0ZuEXvfbVpcCIn0fQnCLh_hels3U0ckGFONn9klo1UVU183ZALEDC7h0-i_EXXWZ8HgpbZt65JMxhY2KtSq3-4xUtXm9kFNcGtnmQERoCKXo/s1600/Screenshot-62.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="692" data-original-width="1600" height="138" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHU61XdgQrsYgpNDDh2SyF26EEi5wFr9v0ZuEXvfbVpcCIn0fQnCLh_hels3U0ckGFONn9klo1UVU183ZALEDC7h0-i_EXXWZ8HgpbZt65JMxhY2KtSq3-4xUtXm9kFNcGtnmQERoCKXo/s320/Screenshot-62.png" width="320" /></span></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">SET SHIPPING RATES.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Now adjust it according to yourself.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Now fill the bank details precisely. then fill the tax details.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAkiBC7etjkiMuttVYAtOLEA7J8GnY_j-n7z7fHGxgc-_l-XjJLdh2ni7VVirKEjDD7SHF0UlCpJyyUPNrbJ5SZlQZBgz5v_FG2nn2HmS2Aj16a3Z9XPMbmIl3UIFxsRZHEul0uCa16YY/s1600/Screenshot-63+%25281%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="821" data-original-width="1532" height="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAkiBC7etjkiMuttVYAtOLEA7J8GnY_j-n7z7fHGxgc-_l-XjJLdh2ni7VVirKEjDD7SHF0UlCpJyyUPNrbJ5SZlQZBgz5v_FG2nn2HmS2Aj16a3Z9XPMbmIl3UIFxsRZHEul0uCa16YY/s320/Screenshot-63+%25281%2529.png" width="320" /></span></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">PRODUCT TAX CODE: </span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">It depends upon under which category your products come.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">I have discussed it in more details in the below video</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">★A GEN_EXEMPT- for tax-free products</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">★A GEN_SUPERREDUCED- for 5% tax</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">★A GEN_REDUCED – for 12% tax</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">★A GEN_STANDARD- for 18% tax s</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOyw-HgpFSyDZt0QyZFEgOP_n1PdeKLt4dIX-Vm5oyXNJFw0ikylU4cmliVQAbJqVfcuW0B-SNT5f2CwYS8imeVPjH8Gz09TUz0-hGDb9E37nabFvZoGUPa_FVWdfIlSdbvSCXJmTbUTw/s1600/Screenshot-65.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "trebuchet ms" , sans-serif;"><img border="0" data-original-height="787" data-original-width="1600" height="157" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOyw-HgpFSyDZt0QyZFEgOP_n1PdeKLt4dIX-Vm5oyXNJFw0ikylU4cmliVQAbJqVfcuW0B-SNT5f2CwYS8imeVPjH8Gz09TUz0-hGDb9E37nabFvZoGUPa_FVWdfIlSdbvSCXJmTbUTw/s320/Screenshot-65.png" width="320" /></span></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">You may select "A GEN_STANDARD" TAX slab in general. >> Now click on SAVE.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Now upload YOUR SIGNATURE (Just Photo your signature Then upload). Then click on "LAUNCH YOUR BUSINESS".</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Now from here, you can add the product from the catalogue. you can manage your products from inventory.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">you can change and set prices for the product. in orders section, you can manage the orders, product that customer return.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">In REPORTS section you can check your payment.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="separator" style="clear: both;">
<span style="font-family: "trebuchet ms" , sans-serif;">You can advertise your own product for increasing its sales. you can see how your business is performing from performance section.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">NOW YOUR AMAZON SELLER INDIA ACCOUNT IS READY.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">I hope you will now easily register on Amazon India and you don’t have any problem.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">If you still have any problem then feel free to ask through comment. </span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"> Whatsap : 0953938-0003 / xplodkvk @ gmail. com</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><a href="https://amzn.to/2NzqpWj"><img border="0" data-original-height="900" data-original-width="1600" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYy-8wgs8ONx5U04dbSlBrfwxJVr1jumWFOfn3TRnsdUEymcUcMR_Fl2R2Um5X7efunHPcsoupUd6tal9OlN6TumSxHIX9l8SNYkn_xXJtFY3GkbIufFDLdIwneSqopk2Dh7fK7v32Rd8/s320/sell+with+%252821%2529.png" width="320" /></a></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: medium;"><u><span style="color: blue; line-height: 17.12px;"><a data-saferedirecturl="https://www.google.com/url?q=https://amzn.to/2NzqpWj&source=gmail&ust=1536813974228000&usg=AFQjCNGgpwQZraFt-aNIHB9C-YhGqZa1_w" href="https://amzn.to/2NzqpWj" style="color: #1155cc; outline: none; text-decoration-line: none;" target="_blank">https://amzn.to/2NzqpWj</a></span></u></span></span></h3>
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<br />buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-75316283091092790422018-09-12T11:22:00.005+05:302018-09-12T11:25:14.041+05:30<div class="separator" style="clear: both; text-align: center;">
<a href="https://sellercentral.amazon.in/ap/register?openid.return_to=https%3A%2F%2Fsellercentral.amazon.in%2Fsw%2Fin%2FINSSR%2Fstep%2FSignUp%3F_encoding%3DUTF8%26marketplaceId%3DA21TJRUUN4KGV%26passthrough%252F%3D%26passthrough%252Faccount%3Dsoa%26passthrough%252FinitialSessionID%3D258-8779640-1461521%26passthrough%252Fld%3DEMINSOAATES-AMZNREFMAL37201884209%26passthrough%252FmarketplaceID%3DA21TJRUUN4KGV%26passthrough%252FrootMarketplaceID%3D%26passthrough%252FsimplifiedLogin%3D%26passthrough%252FsuperSource%3DOAR%26productTier%3DSILVER%26productType%3DSellOnAmazon%26redirectAP%3D1&openid.identity=http%3A%2F%2Fspecs.openid.net%2Fauth%2F2.0%2Fidentifier_select&openid.assoc_handle=amzn_sw_signup_in&openid.mode=checkid_setup&marketPlaceId=A21TJRUUN4KGV&openid.claimed_id=http%3A%2F%2Fspecs.openid.net%2Fauth%2F2.0%2Fidentifier_select&openid.ns=http%3A%2F%2Fspecs.openid.net%2Fauth%2F2.0&"><img border="0" data-original-height="900" data-original-width="1600" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSBDIm-SSf7VoUwQmEloJ5_mEE2RcrUbGLexoocXch6n9VxEVo8k3qazbD0CRfFbbPV7hRK57t7k2RrBbGd2TNHEY3UWCGyvnhKd1tS4tXER_o1trsOYCet8YDdqBHDRSGPigaa_tkF-w/s400/sell+with+%252821%2529.png" width="400" /></a></div>
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<h3 style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; text-align: center;">
<span style="font-size: large;"><u><span style="color: blue; line-height: 17.12px;"><a data-saferedirecturl="https://www.google.com/url?q=https://amzn.to/2NzqpWj&source=gmail&ust=1536813974228000&usg=AFQjCNGgpwQZraFt-aNIHB9C-YhGqZa1_w" href="https://amzn.to/2NzqpWj" style="color: #1155cc;" target="_blank">https://amzn.to/2NzqpWj</a></span></u></span></h3>
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buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-42043062421874349632012-08-21T12:38:00.001+05:302012-08-21T12:38:37.226+05:30Multi Bagger - Supreme Industries 21-08-2012NSE ID : SUPREMEIND
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguqF6TdsgYDWb8HiuAj-eek2fsdOQeIXZnXlE7nzc0yx45X2GY3pCboarFT5upY2taOzj9yhVhdUa7sg0aKS4CZoysnU6USa89mlqENQ1C7pyvGAN5vcwjI-1w52HOajX-pvSkgQm-IZ4/s1600/Supreme-Industries.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="368" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguqF6TdsgYDWb8HiuAj-eek2fsdOQeIXZnXlE7nzc0yx45X2GY3pCboarFT5upY2taOzj9yhVhdUa7sg0aKS4CZoysnU6USa89mlqENQ1C7pyvGAN5vcwjI-1w52HOajX-pvSkgQm-IZ4/s400/Supreme-Industries.jpg" width="391" /></a></div>
<div style="text-align: justify;">
<span id="yui_3_2_0_1_1345531904504197" style="color: black; font-family: verdana, sans-serif; font-size: small;">Supreme Industries manufactures </span><span style="font-size: small;">a wide range of polymers products. The company manufactures products like Cross-Laminated Films, HMHD Films, Multilayer Films, SWR Piping Systems, PP Mats, moulded furniture, and many more. </span></div>
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<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">The company has registered excellent numbers for the quarter ending June 2012. On consolidated basis, the company has posted a rise of 57.82% in its net profit at Rs 95.04 crore for the quarter ended June 30, 2012 as compared to Rs 60.22 crore for the same quarter in the previous year. Total income has increased by 23.77% at Rs 926.30 crore for quarter as compared to Rs 748.43 crore for the quarter ended June 30, 2011. </span></div>
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<div style="font-family: inherit; text-align: justify;">
<span style="font-size: small;">The Company envisages a total capital investment outlay in excess of about Rs.1100 Crores over a period of five years from 2011-12 to 2015-16 in addition to Capex for new products in Composites. During the financial year 2012-13, the Company intends to commit fresh investment of around Rs.200 Crores to augment the products produced at existing units and to initiate action to support green field projects. </span></div>
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<div style="text-align: justify;">
<span style="font-size: small;">Value breakup- Plastic Piping System for Q4FY12 stood at 475 crore whereas last year of 357 crore. Packaging Product 198 crore, last year was 165 crore. Industrial Product 151 crore, last year 137 crore and Consumer Product 82 crore, last year it was 75 crore. Volume breakup- Plastic Piping system 43,959 metric ton, vis-a-vis 35,462 last year. Packaging Products, 9,360 vis-a-vis 8,148 metric ton last year. Industrial Products 9,917 metric ton vis-a-vis 8,375 last year. And Consumer Product 5,025 metric tons vis-a-vis 5,008 metric ton last year. </span></div>
<div style="text-align: justify;">
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<div style="text-align: justify;">
<span style="font-size: small;"><u><b>Valuation</b></u>
With excellent fundamentals, robust growth across all product verticals and huge capex ahead, Supreme Industries Ltd. revenue visibility looks strong. We believe SPL is trading at an attractive valuation at 12.6x and 9.92x of FY13EPS of Rs.22.06 and FY14EPS of Rs.28.02. We initiate a 'BUY' on the stock with a target price of Rs.350 (appreciation of about 26%) with the long term investment horizon.</span></div>
buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-20964239401689379382012-07-29T20:16:00.002+05:302012-07-29T20:16:27.089+05:30Research Report - Tata Power Company Ltd - Target Price: Rs.140<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 770px;"><tbody>
<tr><td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;"><tbody>
<tr><td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><div class="yiv1139348167MsoNormal">
<b><span style="color: black; font-size: 10.0pt;">Market Data</span></b></div>
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<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Price on reco. date
(Rs)</span></div>
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<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">105 (BSE)</span></div>
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<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">CMP - BSE / NSE (Rs)</span></div>
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<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">105 / 105</span></div>
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<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Change since reco.</span></div>
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<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;"><img /> 0.0%</span></div>
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<span style="color: black; font-size: 9.0pt;">52-week High/Low
(Rs)</span></div>
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<span style="color: black; font-size: 9.0pt;">133 / 81</span></div>
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<span style="color: black; font-size: 9.0pt;">NSE Symbol</span></div>
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<span style="color: black; font-size: 9.0pt;">TATAPOWER</span></div>
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<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<span style="color: black; font-size: 9.0pt;">BSE Code</span></div>
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<span style="color: black; font-size: 9.0pt;">500400</span></div>
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<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">No. of shares</span></div>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">2373.0 m</span></div>
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<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Free float</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">68.3%</span></div>
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<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
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<span style="color: black; font-size: 9.0pt;">Market cap (Rs m)</span></div>
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<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">249,165</span></div>
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<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<div class="yiv1139348167MsoNormal">
<br />
<span style="font-size: 10.0pt;"> </span></div>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Rs 100 invested is now worth</span></b></div>
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<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<img alt="Tata Power: Rs 100 invested is now worth" border="0" /></div>
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<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Stock price performance</span></b></div>
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<td colspan="3" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Tata Power</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Index*</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">1-Yr </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-23.1%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-7.7%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">3-Yrs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-5.2%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.8%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">5-Yrs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3.2%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<span style="font-size: 8.0pt;">Returns
over 1 year are compounded annual averages * BSE Sensex </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Shareholding
(Mar-12)</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Category</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(%)</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Promoters </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31.7</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Banks, MFs and FIs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">26.5</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">FIIs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">21.9</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Indian public </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">15.5</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Others </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.4</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Total </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">100.0</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 401.25pt;" valign="top" width="535">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Investment Rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">UMPP
losses no reason for despair:</span></b><span style="font-size: 10.0pt;"> Blue chip stocks are known to resist
economic downturns better than smaller peers. However, we have come across
quite a few fallen angels over the past few months. Ones that displayed
some uncertainty in fundaments especially invited investor fury. But
nothing beats the pessimism that surrounds the power sector. Execution
delays and fuel shortages were already factored into valuations. But some unforeseen
charges that eroded the bottomline in FY12, caused investors to dump most
stocks in the sector. That some of these are power sector players of repute
with assured return profile did not console investors. </span><br />
<span style="font-size: 10.0pt;">Tata
Power is one such stock that has borne the brunt of not just sector risks
but unexpected losses at the consolidated level. The 4,000 MW Mundra ultra
mega power project (UMPP) being executed by subsidiary Coastal Gujarat
Power Ltd (CGPL) incurred losses at the operating and net level in FY12.
The losses are ascribed to the tariff structure under the UMPP’s power
purchase agreement (PPA) and higher global coal prices. The tariff has an
escalation clause for fixed costs and 45% of the total fuel costs. The
project is an imported coal based plant that has a fuel supply agreement
(FSA) with Indonesia's Bumi Resources (in which Tata Power has 30% stake)
to supply 10.7 MTPA of its coal requirement. Earlier, 3.2 MTPA was to be
supplied at a fixed price. However, Indonesian laws stipulated in September
2011 that coal produced in the country will be pegged to prevailing
international prices. As per the management of Tata Power, with the revised
fuel cost, the cost of power generated at the Mundra project is likely to
be Rs 2.9 per kwh while the power purchase agreements (PPAs) have been
signed with SEBs at Rs 2.26 per kwh. This was due to nearly 40% rise in
international coal prices since the agreements were signed. </span><br />
<span style="font-size: 10.0pt;">As a
conservative measure, Tata Power has provided for a one time diminution in
the value of investment in CGPL to the tune of Rs 18 bn in FY12. Also in
order to protect CGPL's cash flows, the parent company will transfer 75% of
its equity interest in Indonesian coal companies to the subsidiary. While
some further near term losses in the Mundra project cannot be ruled out, we
believe that the worst is over for Tata Power in this regard. </span><br />
<div style="margin-bottom: 12.0pt;">
<span style="font-size: 10.0pt;">Notwithstanding the fact that Tata Power boasts of
the maximum number of long term contracts in the power sector, the company
also has sufficient upsides to its regulated returns (refer table 1). The
interesting part is that unlike its peers, Tata Power does not have a very
aggressive growth plan. With a turnaround in the UMPP business we believe
that Tata Power's consolidated return ratios will see significant upsides
in the next three years. Hence despite the possibility of some near term
hiccups (our estimates and target price have been revised accordingly), we
believe that investors have enough reasons to Hold on to a blue chip stock
like Tata Power in their portfolio from a three year perspective. </span></div>
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="6" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Table 1: Upsides in the offing</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="6" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Model</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Capacity MW </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">% of total capacity</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Type of returns</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Contract (years)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Upside</span></b></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Operational capacities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Regulated returns </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,552 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">55% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed return on equity </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY18</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PLF incentives</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Regulated tariffs (renewables)
</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">405</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed tariff +PLF </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY21 - FY29</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Savings on capex</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Captive Power Plant </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">668 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">14% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven (14-19% RoE) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY27 - FY41</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Merchant sale + saving on PPA
terms PLF incentive</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Merchant </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">140 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Market driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">N.A</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">No cap on returns</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">MOU / Bilateral </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY18</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">As per PPA</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Others </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">881 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">18% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Bid driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PLF incentives</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Capacities under execution </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Projects</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Capacity </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Completed</span></b></div>
</td>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Power offtake</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Fuel linkage</span></b></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Mundra UMPP </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4,000 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">92% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Signed for 3,800 MW</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Imported coal</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Maithon </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1,050 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">95% completed </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Signed for 1,050 MW</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Coal linkaged</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Dagacchu </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">126</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Tata Power trading company</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Hydro</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">Data
source: Company presentation</span><span style="font-size: 10.0pt;"> </span><br />
<b><span style="font-size: 10.0pt;">Majority
funding already arranged:</span></b><span style="font-size: 10.0pt;"> The funding for the planned capex over
the next 2 years of Rs 104 bn will take place in a debt to equity ratio of
70:30. This means that Tata Power would require Rs 33.2 bn of equity money.
While 70% of this money will come through internal accruals, the company
has already raised Rs 6 bn through an FCCB issue in FY11. This completes
its equity funding for the said capex. </span><br />
<span style="font-size: 10.0pt;">As for
the debt requirement of Rs 70.8 bn (70% of Rs 104 bn), the company has
already arranged 60% of the money through issue of hybrid securities and
perpetual debt. In short, the company has already tied up a large part of
its funding and is thus not likely to face any issue on this front. </span><br />
<b><span style="font-size: 10.0pt;">Positive
strides in related areas:</span></b><span style="font-size: 10.0pt;"> Apart from its power generation plans,
Tata Power is also progressing steadily in other related areas like power
distribution, trading, and coal mining. Its distribution business in Delhi,
North Delhi Power Limited (NDPL), where it has a 49% stake and Tata Sons
has 2% stake, was the company's first venture in retail distribution
outside Mumbai. NDPL is performing extremely well. In must be noted that at
the time of privatisation of NDPL, the target for aggregate technical and
commercial (AT&C) losses was set at 20% for FY09 (from levels of around
50% then). NDPL, under Tata Power, met the target ahead of schedule. The
AT&C losses stood at just around 14% at the end of FY12. </span><br />
<span style="font-size: 10.0pt;">Based on
this success of NDPL, Tata Power applied for parallel distribution licenses
in seven areas of MSEB (Maharashtra State Electricity Board) and also
expressed interest in taking franchises in Gujarat for power distribution.
In fact, in 2009 the Supreme Court allowed the company to supply power to
its distribution arm, which holds a license in the lucrative Mumbai circle.
Subsequent to that, the company has acquired over 1,00,000 retail customers
in Mumbai, and has been resorting to buying spot power to service this
customer base (the company is however fighting a legal battle against
Reliance Infra, which is disputing Tata Power's license to supply directly
to Mumbai consumers). Overall, the company is making positive moves towards
establishing itself as a major player in the distribution segment. This we
believe will contribute positively to its long-term growth. </span><br />
<b><span style="font-size: 10.0pt;">Secured
fuel supply:</span></b><span style="font-size: 10.0pt;">
Despite some uncertainty over fuel supply from Indonesian coal mines (where
it holds a 30% stake), Tata Power is reasonably secured as far as it's near
term coal requirements are concerned. Further, it is also looking for mines
in Australia, South Africa and South-East Asia to ensure fuel security for
future projects. Besides the equity stake in the Indonesian coal mines,
Tata Power also has stakes in two captive coal blocks in India. It has a
33% share in the 7.5 MTPA Mandakini coal block in Orissa. It plans to start
coal production from these mines during this fiscal (FY12). The company
also has a 40% stake translating into 2.3 MT in the 5.75 MT tubed coal
block in Jharkhand. Tata Power has also tied up with Tata Steel for supply
of coal to the captive power plants in Jojobera and Jamshedpur. We see
these coal assets as holding tremendous importance for Tata Power, given
the company's expansion plans. </span><br />
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 770px;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Investment Concerns</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table align="right" border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div class="yiv1139348167MsoNormal">
<img align="right" alt="Rising dependance on coal profits" border="0" height="185" width="281" /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Data source: Company presentation</span></div>
</td>
</tr>
</tbody></table>
<b><span style="font-size: 10.0pt;">Earnings
sensitive to coal supply and prices:</span></b><span style="font-size: 10.0pt;"> The Indonesian coal assets contributed
to around 35% of Tata Power's consolidated revenue and 49% of consolidated
profit (before interest and taxes) in FY12. This share increased from 33%
and 44% respectively in FY11. The rise in coal prices in FY11 and FY12
boosted the contribution of the coal business to overall profitability and
even shielded the margin pressures in the power business. Tata Power's
overall profitability would have been in danger but for the buoyancy in
coal business' margins. A high dependence on this business therefore makes
the company's overall business sensitive to changes in coal prices, which
have been very volatile over the past few years. While the coal prices for
the Indonesian mines fell from US$ 78 per tonne in FY09 to US$ 60 in FY10,
they again went up to as much as US$ 110 a tonne in FY12. This volatility
in coal prices is of concern to us. </span><br />
<span style="font-size: 10.0pt;">Further
recent reports suggest that the Indonesian government may be looking to ban
the exports of low-grade thermal coal by 2014. This move, if undertaken,
could aggravate the coal supply shortfall in India. </span><br />
<b><span style="font-size: 10.0pt;">Debt
rating downgrade possible:</span></b><span style="font-size: 10.0pt;"> International rating agency Moody's has
recently threatened to downgrade Tata Power's corporate debt rating,
primarily due to breaches in debt service coverage ratio related to the
company's Mundra UMPP. The rating action, though not indicating payment
default, could impact Tata Power's financial profile. However, changes to
Mundra's tariff structure and transfer of 75% equity stake in the
Indonesian coal mines to CGPL could thwart the rating downgrade risk. </span><br />
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Background</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table align="right" border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div class="yiv1139348167MsoNormal">
<img align="right" alt="Tata Powers generation capacity" border="0" height="185" width="281" /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Data source: Company presentation</span></div>
</td>
</tr>
</tbody></table>
<span style="font-size: 10.0pt;">Tata
Power is the largest private player in the power sector with a generation
capacity of around 5,000 MW, which is around 20% of the total power
generation capacity of the private sector in India. The Mumbai region constitutes
around 85% of the company's power supply business. Apart from power
generation, the company also has interest in areas like transmission and
distribution, power trading, and coal mining. During the period between
FY06 and FY12, Tata Power's consolidated sales and generation capacity grew
at average annual rates of 29% and 12% respectively. </span><br />
</td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Key management personnel</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">Mr.
Ratan Tata, Chairman,</span></b><span style="font-size: 10.0pt;"> has been on the board of Tata Power since 1989. Mr
Tata holds a B.Sc. (Architecture) degree with Structural Engineering from
Cornell University, USA and has completed the Advanced Management Programme
at Harvard University, USA. </span><br />
<b><span style="font-size: 10.0pt;">Mr
Cyrus Mistry, Deputy Chairman,</span></b><span style="font-size: 10.0pt;"> joined the Board of Tata Sons in 2006
and was appointed Deputy Chairman in November 2011. He is a graduate of
Civil Engineering from Imperial College, UK and has a M.Sc. in Management
from London Business School. Prior to becoming deputy chairman of Tata
group, he was the Managing Director of Shapoorji Pallonji Group since 1994.
</span><br />
<b><span style="font-size: 10.0pt;">Mr. S
Ramakrishnan is the Director (Finance)</span></b><span style="font-size: 10.0pt;"> of Tata Power since 2004. He
graduated with a degree in mechanical engineering and has a post graduate
degree in business management from IIM Ahmadabad. He served as Managing
Director of Tata Teleservices Ltd at Tata Sons Limited since October 1999.
He has been associated with the Tata Group for more than 30 years </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Industry
prospects</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<span style="font-size: 10.0pt;">The
Indian power sector has been characterised by peak power shortages, with
demand of electricity exceeding supply by nearly 15% in terms of
requirements. While the government had envisaged setting up around 62,000
MW (revised lower from 78,000 MW) of generation capacity during the
eleventh five-year plan (2007-12), the actual implementation was around
55,000 MW. The capacity addition target for twelfth five-year plan
(2012-17) is about 76,000 MW. </span><br />
<span style="font-size: 10.0pt;">If the
government intends to increase installed power generation capacity, it
must also facilitate an expansion of the transmission network and inter-regional
capacity to transmit power. Inter-regional transmission networks are
required because power generation sources are unevenly distributed in
India, and power needs to be carried over large distances from areas
where power is generated to areas where load centers and demand exist. </span><br />
<span style="font-size: 10.0pt;">With
the strengthening of inter-regional connections during the Eleventh Plan,
the inter-regional capacity has been enhanced from 13,700 MW to 37,150
MW. This shall facilitate transfer of power from surplus regions to deficit
region. </span><br />
<span style="font-size: 10.0pt;">However,
the shortage of coal supplies (necessary fuel for power generators) is
predicted to double to around 242 m tonnes (MT) in the five years to
2017. In response to this, a top government advisory body has proposed
that the government should allow private firms to mine coal to plug
supply shortages. At present, India does not permit commercial mining of
coal by private firms. However, it allows power producers to access
'captive blocks' for their fuel needs. The country has 267 bn tonnes of
coal reserves, of which 40% of these have been proven. But social and
environmental issues have slowed down the pace of production. </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Risk Analysis</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">Sector:</span></b><span style="font-size: 10.0pt;"> Despite
being the focal point of investments during consecutive 5 year plans, the
power sector in India has had an appalling track record in terms of
execution. Corporatisation of SEBs and linking profitability to the
state government's plan outlay are likely to give some sort of fiscal
strength to the key sector participants in the long run. We are
enthused by the direction as opposed to the pace of progress, as this
can be unpredictable. We are also wary of some short term concerns like
shortage of coal supplies, poor health of state electricity boards
(SEBs) and non revision of tariffs that are rendering projects
unviable. </span><br />
<span style="font-size: 10.0pt;">As
per the Power Ministry's latest reports, coal shortages will force the
newly commissioned power plants to operate at just 40% capacity.
Important to note that power plants otherwise operate with a capacity
utilization of 90%. During the 11th 5-year plan, just 89% of the
targeted capacities were put up. But with the coal crisis mounting in
the coming fiscals, the 12th 5-year plan (2012-17) power capacity
additions may also be impacted. We assign a 'medium' risk rating to the
sector. </span><br />
<b><span style="font-size: 10.0pt;">Company
standing:</span></b><span style="font-size: 10.0pt;">
Tata Power is India's largest private sector power generator and has
been more regular in expanding capacities than its peers. We assign a
‘strong' rating to the company on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Sales:</span></b><span style="font-size: 10.0pt;"> Tata Power
generated average revenues to the tune of nearly US$ 3.3 bn per annum
in the past five years. In the latest completed fiscal (FY12), the
company generated consolidated net revenue of US$ 4.7 bn. Based on our
parameters, we assign a low-risk rating of 9 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Operating
margin:</span></b><span style="font-size: 10.0pt;">
Operating margin is a measurement of what proportion of a company's
revenue is left over after paying for variable costs of production such
as raw materials, wages, sales, marketing and administrative costs. A
healthy operating margin is required for a company to be able to pay
for its fixed costs, such as interest on debt. The higher the margin,
the better it is for the company as it indicates its operating
efficiency. Tata Power's average operating margins for the past five
years has been around 22%. We assign a medium-risk rating of 6 to the
stock on this factor. </span><br />
<b><span style="font-size: 10.0pt;">Long
term EPS growth:</span></b><span style="font-size: 10.0pt;"> Tata Power grew its consolidated net profits at
an average annual rate of 31% between FY06 to FY11. As we mentioned
earlier the consolidated profits of FY12 were hurt by the losses of
CGPL and a one time write off of investment in the subsidiary. However,
we do not expect any additional write-offs going forward. As such, the
rating assigned to the stock on this factor is 5. </span><br />
<b><span style="font-size: 10.0pt;">Return
on capital invested (ROIC):</span></b><span style="font-size: 10.0pt;"> ROIC is an important tool to assess
a company's potential to be a quality investment by determining how
well the management is able to allocate capital into its operations for
future growth. A ROIC of above 15% is considered decent for companies that
are in a growth and expansion phase. Tata Power has earned an average
ROIC of almost 11% over the past five years. The rating assigned on
this parameter is 3. </span><br />
<b><span style="font-size: 10.0pt;">Dividend
payout:</span></b><span style="font-size: 10.0pt;">
A stable dividend history inspires confidence in the management's
intentions of rewarding shareholders. Tata Power's average payout ratio
has been a healthy 18% over the past five years. Thus, we have assigned
a medium-risk rating of 5. </span><br />
<b><span style="font-size: 10.0pt;">Promoter
holding:</span></b><span style="font-size: 10.0pt;">
A larger share of promoter holding indicates the confidence of the
people who run it. We believe that a greater than 40% promoter holding
indicates safety for retail investors. At the end of March 2012, the
promoter holding in Tata Power stood at 31.7%. We have assigned a
medium-risk rating of 5 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">FII
holding:</span></b><span style="font-size: 10.0pt;">
We believe that FII holding of greater than 25% can lead to high
volatility in the stock price. The FII holding in Tata Power at the end
of March 2012 stood at 21.9%. The rating assigned is 5. </span><br />
<b><span style="font-size: 10.0pt;">Liquidity:</span></b><span style="font-size: 10.0pt;"> The average
daily trading volumes of Tata Power's stock over the past 52-weeks
stand at around 4.1 m shares (combined volumes of BSE and NSE). These
are adequate and offer ample liquidity levels for a large cap stock.
The rating assigned is 9. </span><br />
<b><span style="font-size: 10.0pt;">Current
ratio:</span></b><span style="font-size: 10.0pt;">
Tata Power's average current ratio during the period FY07 to FY12 has
been 1.3 times. This indicates that the company is comfortably placed
to pay off its short-term obligations, which gives comfort to its
lenders. We assign a medium-risk rating of 4. </span><br />
<b><span style="font-size: 10.0pt;">Debt
to equity ratio:</span></b><span style="font-size: 10.0pt;"> A highly leveraged business is the first to get
hit during times of economic downturn, as companies have to
consistently pay interest costs, despite lower profitability.
Especially for power sector companies, who generally fund capex through
70:30 ratio of debt to equity, any deviation in execution can cost
heavy. Considering the company's average debt to equity ratio of 1.7
over the past five fiscals (2.2 times in FY12), we have assigned a
high-risk rating of 3 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Interest
coverage ratio (PBIT/Interest payment):</span></b><span style="font-size: 10.0pt;"> It is used
to determine how comfortably a company is placed in terms of payment of
interest on outstanding debt. The interest coverage ratio is calculated
by dividing a company's earnings before interest and taxes (EBIT) by
its interest expense for a given period. The lower the ratio, the
greater are the risks. Given Tata Power's average interest coverage
ratio of 4.7 times over the past five years, the rating assigned is 5. </span><br />
<b><span style="font-size: 10.0pt;">EV
/ EBIDTA Ratio:</span></b><span style="font-size: 10.0pt;"> The enterprise value to operating margin
(EBIDTA) multiple of a stock is a measure of cash return on investment.
This multiple can be used to value companies with high levels of debt
and therefore appropriate for valuing power utilities. This is one of
the important metrics to judge the attractiveness of a stock, and thus
gets the highest weightage in our risk matrix. Tata Power's FY12
EV/EBIDTA stands at 6.4 times. As such, we have assigned a rating of 6
to the stock on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Considering
the above analysis, the total ranking assigned to the company is 65
that, on a weighted basis, stands at 5.4. This makes the stock a
medium-risk investment from a long-term perspective. </span></b><span style="font-size: 10.0pt;"></span><br />
</td>
</tr>
</tbody></table>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="4" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Risk Matrix</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="4" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td colspan="2" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating accorded</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Rating</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weightage* (A)</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating# (B)</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weighted (A*B)</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Sector risk </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">- </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Medium </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Company's standing </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">- </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Strong </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Performance parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Revenue growth (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating margin (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Long term EPS growth (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Return in invested capital
(%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Technical parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Dividend payout (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Promoter holding (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">FII holding (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Liquidity (52 weeks) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.9</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Safety parameters </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.2</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Debt to equity ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Interest coverage ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Final Rating** </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">65 </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">5.4</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">#
Rating has been assigned on the basis of the company's performance over
the past five years and expected performance over the next 3 to 5 years.
Rating is on a scale of 1 to 10, with 1 indicating highest risk and 10
indicating lowest risk. * 'Weightage' indicates the relative importance
in percentage terms of the parameter. For instance, for an investor,
given all the performance metrics, return on equity should be the
foremost criteria for buying/not buying stocks. ** The final rating has
been arrived at by multiplying the rating/points given on each parameter
with the respective weightage.</span><span style="font-size: 10.0pt;"> </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Valuation rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" valign="top" width="50%">
<span style="font-size: 10.0pt;">Notwithstanding
the fact that Tata Power boasts of the maximum number of long term
contracts in the power sector, the company also has sufficient
upsides to its regulated returns. Also, unlike its peers, Tata Power
does not have a very aggressive growth plan. Hence its capacity
execution record is likely to be better. With a turnaround in the
UMPP business we believe that Tata Power's consolidated return ratios
will see significant upsides in the next three years. Hence despite
the possibility of some near term hiccups (our estimates and target
price have been revised accordingly), we believe that investors have
enough reasons to <b>Hold</b> on to a blue chip stock like Tata Power
in their portfolio from a three year perspective. </span><br />
<span style="font-size: 10.0pt;">Also,<b><span style="color: blue;">
if an investor would like to 'Buy' this stock at the current levels,
then with the target price of Rs 140</span></b>, the upside is about 33% point
to point (11% on an average annual basis). Investors could take the
investment decision based on this premise. </span><br />
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 7.5pt;" valign="top" width="10"><br /></td>
<td style="padding: .75pt .75pt .75pt .75pt;" valign="top">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Valuations</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="5" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">(Rs
m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12UA </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Total Revenues (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">292,356 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">342,853 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">360,323 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net Profit (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(10,874)</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19,753 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">30,644 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">33,693 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fully diluted EPS (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(4.4) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.6 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Book value (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">46.1 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">52.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">62.8 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">76.9 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">N.A</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.1 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">7.7 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to book value (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.4</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to sales (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.0</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Financials at a glance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<table border="0" cellpadding="0" cellspacing="1" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">(Rs m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12UA </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="5" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net Sales </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">292,356 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">342,853 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">360,323 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Sales growth (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">33.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">17.3%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">5.1%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating profit </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">64,264 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">56,980 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">71,055 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">71,036 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">24.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.5%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.7%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Net profit </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(10,874)</span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">19,753 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">30,644 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">33,693 </span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net profit margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-4.2%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">6.8%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.9%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">No of shares (m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,469.4 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Diluted earnings per share
(Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(4.4)</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.6 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Balance Sheet </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed Assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">289,477 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">355,418 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">343,448 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">364,020 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">181,561 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">137,096 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">180,743 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">182,094 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Investments </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,831 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31,322 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">32,888 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">34,533 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Deferred Tax Assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Total assets </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">500,936 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">523,904 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">557,147 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">580,715 </span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Networth </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">109,276 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">124,023 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">149,105 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">189,835 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Loan funds </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">245,009 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">229,446 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">215,744 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">188,087 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">117,450 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">141,225 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">163,079 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">173,572 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Other liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,201 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,211 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,220 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,220 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Total Liabilities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">500,936 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">523,904 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">557,147 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">580,715 </span></b></div>
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
<div class="yiv1139348167MsoNormal">
</div>
-- <br />
Invest in GOLD the smart way!! With GOLD ETF, you can Save on Premium
& Making charges, Easy to Buy & Sell, Avoid the risk of Theft
& save on Locker Charges!!buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-65149815806071101132012-07-29T20:16:00.000+05:302012-07-29T20:15:59.981+05:30Research Report - Tata Power Company Ltd - Target Price: Rs.140<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 770px;"><tbody>
<tr><td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;"><tbody>
<tr><td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><div class="yiv1139348167MsoNormal">
<b><span style="color: black; font-size: 10.0pt;">Market Data</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Price on reco. date
(Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">105 (BSE)</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">CMP - BSE / NSE (Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">105 / 105</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Change since reco.</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;"><img /> 0.0%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">52-week High/Low
(Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">133 / 81</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">NSE Symbol</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">TATAPOWER</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">BSE Code</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">500400</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">No. of shares</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">2373.0 m</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Free float</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">68.3%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Market cap (Rs m)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">249,165</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br />
<span style="font-size: 10.0pt;"> </span></div>
<div class="yiv1139348167MsoNormal" style="line-height: 16.8pt;">
<br /></div>
</td>
</tr>
<tr>
<td colspan="2" id="yiv1139348167tdPremSearch" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 11.25pt 0in 0in 0in;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 0in 0in 0in; width: 100.0%;" width="100%"><br /></td>
</tr>
</tbody></table>
</div>
</td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Rs 100 invested is now worth</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<img alt="Tata Power: Rs 100 invested is now worth" border="0" /></div>
</td>
</tr>
<tr style="height: .75pt;">
<td style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="3" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Stock price performance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="3" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Tata Power</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Index*</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">1-Yr </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-23.1%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-7.7%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">3-Yrs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-5.2%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.8%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">5-Yrs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3.2%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<span style="font-size: 8.0pt;">Returns
over 1 year are compounded annual averages * BSE Sensex </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Shareholding
(Mar-12)</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Category</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(%)</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Promoters </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31.7</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Banks, MFs and FIs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">26.5</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">FIIs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">21.9</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Indian public </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">15.5</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Others </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.4</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Total </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">100.0</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 401.25pt;" valign="top" width="535">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Investment Rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">UMPP
losses no reason for despair:</span></b><span style="font-size: 10.0pt;"> Blue chip stocks are known to resist
economic downturns better than smaller peers. However, we have come across
quite a few fallen angels over the past few months. Ones that displayed
some uncertainty in fundaments especially invited investor fury. But
nothing beats the pessimism that surrounds the power sector. Execution
delays and fuel shortages were already factored into valuations. But some unforeseen
charges that eroded the bottomline in FY12, caused investors to dump most
stocks in the sector. That some of these are power sector players of repute
with assured return profile did not console investors. </span><br />
<span style="font-size: 10.0pt;">Tata
Power is one such stock that has borne the brunt of not just sector risks
but unexpected losses at the consolidated level. The 4,000 MW Mundra ultra
mega power project (UMPP) being executed by subsidiary Coastal Gujarat
Power Ltd (CGPL) incurred losses at the operating and net level in FY12.
The losses are ascribed to the tariff structure under the UMPP’s power
purchase agreement (PPA) and higher global coal prices. The tariff has an
escalation clause for fixed costs and 45% of the total fuel costs. The
project is an imported coal based plant that has a fuel supply agreement
(FSA) with Indonesia's Bumi Resources (in which Tata Power has 30% stake)
to supply 10.7 MTPA of its coal requirement. Earlier, 3.2 MTPA was to be
supplied at a fixed price. However, Indonesian laws stipulated in September
2011 that coal produced in the country will be pegged to prevailing
international prices. As per the management of Tata Power, with the revised
fuel cost, the cost of power generated at the Mundra project is likely to
be Rs 2.9 per kwh while the power purchase agreements (PPAs) have been
signed with SEBs at Rs 2.26 per kwh. This was due to nearly 40% rise in
international coal prices since the agreements were signed. </span><br />
<span style="font-size: 10.0pt;">As a
conservative measure, Tata Power has provided for a one time diminution in
the value of investment in CGPL to the tune of Rs 18 bn in FY12. Also in
order to protect CGPL's cash flows, the parent company will transfer 75% of
its equity interest in Indonesian coal companies to the subsidiary. While
some further near term losses in the Mundra project cannot be ruled out, we
believe that the worst is over for Tata Power in this regard. </span><br />
<div style="margin-bottom: 12.0pt;">
<span style="font-size: 10.0pt;">Notwithstanding the fact that Tata Power boasts of
the maximum number of long term contracts in the power sector, the company
also has sufficient upsides to its regulated returns (refer table 1). The
interesting part is that unlike its peers, Tata Power does not have a very
aggressive growth plan. With a turnaround in the UMPP business we believe
that Tata Power's consolidated return ratios will see significant upsides
in the next three years. Hence despite the possibility of some near term
hiccups (our estimates and target price have been revised accordingly), we
believe that investors have enough reasons to Hold on to a blue chip stock
like Tata Power in their portfolio from a three year perspective. </span></div>
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="6" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Table 1: Upsides in the offing</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="6" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Model</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Capacity MW </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">% of total capacity</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Type of returns</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Contract (years)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Upside</span></b></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Operational capacities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Regulated returns </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,552 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">55% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed return on equity </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY18</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PLF incentives</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Regulated tariffs (renewables)
</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">405</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed tariff +PLF </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY21 - FY29</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Savings on capex</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Captive Power Plant </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">668 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">14% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven (14-19% RoE) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY27 - FY41</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Merchant sale + saving on PPA
terms PLF incentive</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Merchant </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">140 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Market driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">N.A</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">No cap on returns</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">MOU / Bilateral </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY18</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">As per PPA</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Others </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">881 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">18% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Bid driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PLF incentives</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Capacities under execution </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Projects</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Capacity </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Completed</span></b></div>
</td>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Power offtake</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Fuel linkage</span></b></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Mundra UMPP </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4,000 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">92% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Signed for 3,800 MW</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Imported coal</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Maithon </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1,050 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">95% completed </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Signed for 1,050 MW</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Coal linkaged</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Dagacchu </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">126</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Tata Power trading company</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Hydro</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">Data
source: Company presentation</span><span style="font-size: 10.0pt;"> </span><br />
<b><span style="font-size: 10.0pt;">Majority
funding already arranged:</span></b><span style="font-size: 10.0pt;"> The funding for the planned capex over
the next 2 years of Rs 104 bn will take place in a debt to equity ratio of
70:30. This means that Tata Power would require Rs 33.2 bn of equity money.
While 70% of this money will come through internal accruals, the company
has already raised Rs 6 bn through an FCCB issue in FY11. This completes
its equity funding for the said capex. </span><br />
<span style="font-size: 10.0pt;">As for
the debt requirement of Rs 70.8 bn (70% of Rs 104 bn), the company has
already arranged 60% of the money through issue of hybrid securities and
perpetual debt. In short, the company has already tied up a large part of
its funding and is thus not likely to face any issue on this front. </span><br />
<b><span style="font-size: 10.0pt;">Positive
strides in related areas:</span></b><span style="font-size: 10.0pt;"> Apart from its power generation plans,
Tata Power is also progressing steadily in other related areas like power
distribution, trading, and coal mining. Its distribution business in Delhi,
North Delhi Power Limited (NDPL), where it has a 49% stake and Tata Sons
has 2% stake, was the company's first venture in retail distribution
outside Mumbai. NDPL is performing extremely well. In must be noted that at
the time of privatisation of NDPL, the target for aggregate technical and
commercial (AT&C) losses was set at 20% for FY09 (from levels of around
50% then). NDPL, under Tata Power, met the target ahead of schedule. The
AT&C losses stood at just around 14% at the end of FY12. </span><br />
<span style="font-size: 10.0pt;">Based on
this success of NDPL, Tata Power applied for parallel distribution licenses
in seven areas of MSEB (Maharashtra State Electricity Board) and also
expressed interest in taking franchises in Gujarat for power distribution.
In fact, in 2009 the Supreme Court allowed the company to supply power to
its distribution arm, which holds a license in the lucrative Mumbai circle.
Subsequent to that, the company has acquired over 1,00,000 retail customers
in Mumbai, and has been resorting to buying spot power to service this
customer base (the company is however fighting a legal battle against
Reliance Infra, which is disputing Tata Power's license to supply directly
to Mumbai consumers). Overall, the company is making positive moves towards
establishing itself as a major player in the distribution segment. This we
believe will contribute positively to its long-term growth. </span><br />
<b><span style="font-size: 10.0pt;">Secured
fuel supply:</span></b><span style="font-size: 10.0pt;">
Despite some uncertainty over fuel supply from Indonesian coal mines (where
it holds a 30% stake), Tata Power is reasonably secured as far as it's near
term coal requirements are concerned. Further, it is also looking for mines
in Australia, South Africa and South-East Asia to ensure fuel security for
future projects. Besides the equity stake in the Indonesian coal mines,
Tata Power also has stakes in two captive coal blocks in India. It has a
33% share in the 7.5 MTPA Mandakini coal block in Orissa. It plans to start
coal production from these mines during this fiscal (FY12). The company
also has a 40% stake translating into 2.3 MT in the 5.75 MT tubed coal
block in Jharkhand. Tata Power has also tied up with Tata Steel for supply
of coal to the captive power plants in Jojobera and Jamshedpur. We see
these coal assets as holding tremendous importance for Tata Power, given
the company's expansion plans. </span><br />
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 770px;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Investment Concerns</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table align="right" border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div class="yiv1139348167MsoNormal">
<img align="right" alt="Rising dependance on coal profits" border="0" height="185" width="281" /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Data source: Company presentation</span></div>
</td>
</tr>
</tbody></table>
<b><span style="font-size: 10.0pt;">Earnings
sensitive to coal supply and prices:</span></b><span style="font-size: 10.0pt;"> The Indonesian coal assets contributed
to around 35% of Tata Power's consolidated revenue and 49% of consolidated
profit (before interest and taxes) in FY12. This share increased from 33%
and 44% respectively in FY11. The rise in coal prices in FY11 and FY12
boosted the contribution of the coal business to overall profitability and
even shielded the margin pressures in the power business. Tata Power's
overall profitability would have been in danger but for the buoyancy in
coal business' margins. A high dependence on this business therefore makes
the company's overall business sensitive to changes in coal prices, which
have been very volatile over the past few years. While the coal prices for
the Indonesian mines fell from US$ 78 per tonne in FY09 to US$ 60 in FY10,
they again went up to as much as US$ 110 a tonne in FY12. This volatility
in coal prices is of concern to us. </span><br />
<span style="font-size: 10.0pt;">Further
recent reports suggest that the Indonesian government may be looking to ban
the exports of low-grade thermal coal by 2014. This move, if undertaken,
could aggravate the coal supply shortfall in India. </span><br />
<b><span style="font-size: 10.0pt;">Debt
rating downgrade possible:</span></b><span style="font-size: 10.0pt;"> International rating agency Moody's has
recently threatened to downgrade Tata Power's corporate debt rating,
primarily due to breaches in debt service coverage ratio related to the
company's Mundra UMPP. The rating action, though not indicating payment
default, could impact Tata Power's financial profile. However, changes to
Mundra's tariff structure and transfer of 75% equity stake in the
Indonesian coal mines to CGPL could thwart the rating downgrade risk. </span><br />
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Background</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table align="right" border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div class="yiv1139348167MsoNormal">
<img align="right" alt="Tata Powers generation capacity" border="0" height="185" width="281" /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Data source: Company presentation</span></div>
</td>
</tr>
</tbody></table>
<span style="font-size: 10.0pt;">Tata
Power is the largest private player in the power sector with a generation
capacity of around 5,000 MW, which is around 20% of the total power
generation capacity of the private sector in India. The Mumbai region constitutes
around 85% of the company's power supply business. Apart from power
generation, the company also has interest in areas like transmission and
distribution, power trading, and coal mining. During the period between
FY06 and FY12, Tata Power's consolidated sales and generation capacity grew
at average annual rates of 29% and 12% respectively. </span><br />
</td>
</tr>
</tbody></table>
</div>
<div align="center">
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<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Key management personnel</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">Mr.
Ratan Tata, Chairman,</span></b><span style="font-size: 10.0pt;"> has been on the board of Tata Power since 1989. Mr
Tata holds a B.Sc. (Architecture) degree with Structural Engineering from
Cornell University, USA and has completed the Advanced Management Programme
at Harvard University, USA. </span><br />
<b><span style="font-size: 10.0pt;">Mr
Cyrus Mistry, Deputy Chairman,</span></b><span style="font-size: 10.0pt;"> joined the Board of Tata Sons in 2006
and was appointed Deputy Chairman in November 2011. He is a graduate of
Civil Engineering from Imperial College, UK and has a M.Sc. in Management
from London Business School. Prior to becoming deputy chairman of Tata
group, he was the Managing Director of Shapoorji Pallonji Group since 1994.
</span><br />
<b><span style="font-size: 10.0pt;">Mr. S
Ramakrishnan is the Director (Finance)</span></b><span style="font-size: 10.0pt;"> of Tata Power since 2004. He
graduated with a degree in mechanical engineering and has a post graduate
degree in business management from IIM Ahmadabad. He served as Managing
Director of Tata Teleservices Ltd at Tata Sons Limited since October 1999.
He has been associated with the Tata Group for more than 30 years </span><br />
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<b><span style="font-size: 10.0pt;">Industry
prospects</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<span style="font-size: 10.0pt;">The
Indian power sector has been characterised by peak power shortages, with
demand of electricity exceeding supply by nearly 15% in terms of
requirements. While the government had envisaged setting up around 62,000
MW (revised lower from 78,000 MW) of generation capacity during the
eleventh five-year plan (2007-12), the actual implementation was around
55,000 MW. The capacity addition target for twelfth five-year plan
(2012-17) is about 76,000 MW. </span><br />
<span style="font-size: 10.0pt;">If the
government intends to increase installed power generation capacity, it
must also facilitate an expansion of the transmission network and inter-regional
capacity to transmit power. Inter-regional transmission networks are
required because power generation sources are unevenly distributed in
India, and power needs to be carried over large distances from areas
where power is generated to areas where load centers and demand exist. </span><br />
<span style="font-size: 10.0pt;">With
the strengthening of inter-regional connections during the Eleventh Plan,
the inter-regional capacity has been enhanced from 13,700 MW to 37,150
MW. This shall facilitate transfer of power from surplus regions to deficit
region. </span><br />
<span style="font-size: 10.0pt;">However,
the shortage of coal supplies (necessary fuel for power generators) is
predicted to double to around 242 m tonnes (MT) in the five years to
2017. In response to this, a top government advisory body has proposed
that the government should allow private firms to mine coal to plug
supply shortages. At present, India does not permit commercial mining of
coal by private firms. However, it allows power producers to access
'captive blocks' for their fuel needs. The country has 267 bn tonnes of
coal reserves, of which 40% of these have been proven. But social and
environmental issues have slowed down the pace of production. </span><br />
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<b><span style="font-size: 10.0pt;">Risk Analysis</span></b></div>
</td>
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<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">Sector:</span></b><span style="font-size: 10.0pt;"> Despite
being the focal point of investments during consecutive 5 year plans, the
power sector in India has had an appalling track record in terms of
execution. Corporatisation of SEBs and linking profitability to the
state government's plan outlay are likely to give some sort of fiscal
strength to the key sector participants in the long run. We are
enthused by the direction as opposed to the pace of progress, as this
can be unpredictable. We are also wary of some short term concerns like
shortage of coal supplies, poor health of state electricity boards
(SEBs) and non revision of tariffs that are rendering projects
unviable. </span><br />
<span style="font-size: 10.0pt;">As
per the Power Ministry's latest reports, coal shortages will force the
newly commissioned power plants to operate at just 40% capacity.
Important to note that power plants otherwise operate with a capacity
utilization of 90%. During the 11th 5-year plan, just 89% of the
targeted capacities were put up. But with the coal crisis mounting in
the coming fiscals, the 12th 5-year plan (2012-17) power capacity
additions may also be impacted. We assign a 'medium' risk rating to the
sector. </span><br />
<b><span style="font-size: 10.0pt;">Company
standing:</span></b><span style="font-size: 10.0pt;">
Tata Power is India's largest private sector power generator and has
been more regular in expanding capacities than its peers. We assign a
‘strong' rating to the company on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Sales:</span></b><span style="font-size: 10.0pt;"> Tata Power
generated average revenues to the tune of nearly US$ 3.3 bn per annum
in the past five years. In the latest completed fiscal (FY12), the
company generated consolidated net revenue of US$ 4.7 bn. Based on our
parameters, we assign a low-risk rating of 9 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Operating
margin:</span></b><span style="font-size: 10.0pt;">
Operating margin is a measurement of what proportion of a company's
revenue is left over after paying for variable costs of production such
as raw materials, wages, sales, marketing and administrative costs. A
healthy operating margin is required for a company to be able to pay
for its fixed costs, such as interest on debt. The higher the margin,
the better it is for the company as it indicates its operating
efficiency. Tata Power's average operating margins for the past five
years has been around 22%. We assign a medium-risk rating of 6 to the
stock on this factor. </span><br />
<b><span style="font-size: 10.0pt;">Long
term EPS growth:</span></b><span style="font-size: 10.0pt;"> Tata Power grew its consolidated net profits at
an average annual rate of 31% between FY06 to FY11. As we mentioned
earlier the consolidated profits of FY12 were hurt by the losses of
CGPL and a one time write off of investment in the subsidiary. However,
we do not expect any additional write-offs going forward. As such, the
rating assigned to the stock on this factor is 5. </span><br />
<b><span style="font-size: 10.0pt;">Return
on capital invested (ROIC):</span></b><span style="font-size: 10.0pt;"> ROIC is an important tool to assess
a company's potential to be a quality investment by determining how
well the management is able to allocate capital into its operations for
future growth. A ROIC of above 15% is considered decent for companies that
are in a growth and expansion phase. Tata Power has earned an average
ROIC of almost 11% over the past five years. The rating assigned on
this parameter is 3. </span><br />
<b><span style="font-size: 10.0pt;">Dividend
payout:</span></b><span style="font-size: 10.0pt;">
A stable dividend history inspires confidence in the management's
intentions of rewarding shareholders. Tata Power's average payout ratio
has been a healthy 18% over the past five years. Thus, we have assigned
a medium-risk rating of 5. </span><br />
<b><span style="font-size: 10.0pt;">Promoter
holding:</span></b><span style="font-size: 10.0pt;">
A larger share of promoter holding indicates the confidence of the
people who run it. We believe that a greater than 40% promoter holding
indicates safety for retail investors. At the end of March 2012, the
promoter holding in Tata Power stood at 31.7%. We have assigned a
medium-risk rating of 5 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">FII
holding:</span></b><span style="font-size: 10.0pt;">
We believe that FII holding of greater than 25% can lead to high
volatility in the stock price. The FII holding in Tata Power at the end
of March 2012 stood at 21.9%. The rating assigned is 5. </span><br />
<b><span style="font-size: 10.0pt;">Liquidity:</span></b><span style="font-size: 10.0pt;"> The average
daily trading volumes of Tata Power's stock over the past 52-weeks
stand at around 4.1 m shares (combined volumes of BSE and NSE). These
are adequate and offer ample liquidity levels for a large cap stock.
The rating assigned is 9. </span><br />
<b><span style="font-size: 10.0pt;">Current
ratio:</span></b><span style="font-size: 10.0pt;">
Tata Power's average current ratio during the period FY07 to FY12 has
been 1.3 times. This indicates that the company is comfortably placed
to pay off its short-term obligations, which gives comfort to its
lenders. We assign a medium-risk rating of 4. </span><br />
<b><span style="font-size: 10.0pt;">Debt
to equity ratio:</span></b><span style="font-size: 10.0pt;"> A highly leveraged business is the first to get
hit during times of economic downturn, as companies have to
consistently pay interest costs, despite lower profitability.
Especially for power sector companies, who generally fund capex through
70:30 ratio of debt to equity, any deviation in execution can cost
heavy. Considering the company's average debt to equity ratio of 1.7
over the past five fiscals (2.2 times in FY12), we have assigned a
high-risk rating of 3 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Interest
coverage ratio (PBIT/Interest payment):</span></b><span style="font-size: 10.0pt;"> It is used
to determine how comfortably a company is placed in terms of payment of
interest on outstanding debt. The interest coverage ratio is calculated
by dividing a company's earnings before interest and taxes (EBIT) by
its interest expense for a given period. The lower the ratio, the
greater are the risks. Given Tata Power's average interest coverage
ratio of 4.7 times over the past five years, the rating assigned is 5. </span><br />
<b><span style="font-size: 10.0pt;">EV
/ EBIDTA Ratio:</span></b><span style="font-size: 10.0pt;"> The enterprise value to operating margin
(EBIDTA) multiple of a stock is a measure of cash return on investment.
This multiple can be used to value companies with high levels of debt
and therefore appropriate for valuing power utilities. This is one of
the important metrics to judge the attractiveness of a stock, and thus
gets the highest weightage in our risk matrix. Tata Power's FY12
EV/EBIDTA stands at 6.4 times. As such, we have assigned a rating of 6
to the stock on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Considering
the above analysis, the total ranking assigned to the company is 65
that, on a weighted basis, stands at 5.4. This makes the stock a
medium-risk investment from a long-term perspective. </span></b><span style="font-size: 10.0pt;"></span><br />
</td>
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<td colspan="4" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Risk Matrix</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="4" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td colspan="2" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating accorded</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
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<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Rating</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weightage* (A)</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating# (B)</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weighted (A*B)</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Sector risk </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">- </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Medium </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Company's standing </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">- </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Strong </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Performance parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Revenue growth (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating margin (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Long term EPS growth (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Return in invested capital
(%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Technical parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Dividend payout (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Promoter holding (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">FII holding (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Liquidity (52 weeks) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.9</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Safety parameters </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.2</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Debt to equity ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Interest coverage ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Final Rating** </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">65 </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">5.4</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">#
Rating has been assigned on the basis of the company's performance over
the past five years and expected performance over the next 3 to 5 years.
Rating is on a scale of 1 to 10, with 1 indicating highest risk and 10
indicating lowest risk. * 'Weightage' indicates the relative importance
in percentage terms of the parameter. For instance, for an investor,
given all the performance metrics, return on equity should be the
foremost criteria for buying/not buying stocks. ** The final rating has
been arrived at by multiplying the rating/points given on each parameter
with the respective weightage.</span><span style="font-size: 10.0pt;"> </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Valuation rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" valign="top" width="50%">
<span style="font-size: 10.0pt;">Notwithstanding
the fact that Tata Power boasts of the maximum number of long term
contracts in the power sector, the company also has sufficient
upsides to its regulated returns. Also, unlike its peers, Tata Power
does not have a very aggressive growth plan. Hence its capacity
execution record is likely to be better. With a turnaround in the
UMPP business we believe that Tata Power's consolidated return ratios
will see significant upsides in the next three years. Hence despite
the possibility of some near term hiccups (our estimates and target
price have been revised accordingly), we believe that investors have
enough reasons to <b>Hold</b> on to a blue chip stock like Tata Power
in their portfolio from a three year perspective. </span><br />
<span style="font-size: 10.0pt;">Also,<b><span style="color: blue;">
if an investor would like to 'Buy' this stock at the current levels,
then with the target price of Rs 140</span></b>, the upside is about 33% point
to point (11% on an average annual basis). Investors could take the
investment decision based on this premise. </span><br />
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 7.5pt;" valign="top" width="10"><br /></td>
<td style="padding: .75pt .75pt .75pt .75pt;" valign="top">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Valuations</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="5" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">(Rs
m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12UA </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Total Revenues (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">292,356 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">342,853 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">360,323 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net Profit (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(10,874)</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19,753 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">30,644 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">33,693 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fully diluted EPS (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(4.4) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.6 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Book value (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">46.1 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">52.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">62.8 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">76.9 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">N.A</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.1 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">7.7 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to book value (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.4</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to sales (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.0</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Financials at a glance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<table border="0" cellpadding="0" cellspacing="1" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">(Rs m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12UA </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="5" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net Sales </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">292,356 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">342,853 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">360,323 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Sales growth (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">33.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">17.3%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">5.1%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating profit </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">64,264 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">56,980 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">71,055 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">71,036 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">24.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.5%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.7%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Net profit </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(10,874)</span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">19,753 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">30,644 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">33,693 </span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net profit margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-4.2%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">6.8%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.9%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">No of shares (m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,469.4 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Diluted earnings per share
(Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(4.4)</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.6 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Balance Sheet </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed Assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">289,477 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">355,418 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">343,448 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">364,020 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">181,561 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">137,096 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">180,743 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">182,094 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Investments </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,831 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31,322 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">32,888 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">34,533 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Deferred Tax Assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Total assets </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">500,936 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">523,904 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">557,147 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">580,715 </span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Networth </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">109,276 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">124,023 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">149,105 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">189,835 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Loan funds </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">245,009 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">229,446 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">215,744 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">188,087 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">117,450 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">141,225 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">163,079 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">173,572 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Other liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,201 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,211 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,220 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,220 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Total Liabilities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">500,936 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">523,904 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">557,147 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">580,715 </span></b></div>
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
<div class="yiv1139348167MsoNormal">
</div>
-- <br />
Invest in GOLD the smart way!! With GOLD ETF, you can Save on Premium
& Making charges, Easy to Buy & Sell, Avoid the risk of Theft
& save on Locker Charges!!buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-3546135714379232962012-07-29T20:09:00.001+05:302012-07-29T20:09:59.243+05:30Research Report - Tata Power Company Ltd - Target Price: Rs.140<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 770px;"><tbody>
<tr><td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;"><tbody>
<tr><td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><div class="yiv1139348167MsoNormal">
<b><span style="color: black; font-size: 10.0pt;">Market Data</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Price on reco. date
(Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">105 (BSE)</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">CMP - BSE / NSE (Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">105 / 105</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Change since reco.</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;"><img /> 0.0%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">52-week High/Low
(Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">133 / 81</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">NSE Symbol</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">TATAPOWER</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">BSE Code</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">500400</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">No. of shares</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">2373.0 m</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Free float</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">68.3%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Market cap (Rs m)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">249,165</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br />
<span style="font-size: 10.0pt;"> </span></div>
<div class="yiv1139348167MsoNormal" style="line-height: 16.8pt;">
<br /></div>
</td>
</tr>
<tr>
<td colspan="2" id="yiv1139348167tdPremSearch" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 11.25pt 0in 0in 0in;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 0in 0in 0in; width: 100.0%;" width="100%"><br /></td>
</tr>
</tbody></table>
</div>
</td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Rs 100 invested is now worth</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<img alt="Tata Power: Rs 100 invested is now worth" border="0" /></div>
</td>
</tr>
<tr style="height: .75pt;">
<td style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="3" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Stock price performance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="3" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Tata Power</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Index*</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">1-Yr </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-23.1%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-7.7%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">3-Yrs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-5.2%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.8%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">5-Yrs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3.2%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<span style="font-size: 8.0pt;">Returns
over 1 year are compounded annual averages * BSE Sensex </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Shareholding
(Mar-12)</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Category</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(%)</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Promoters </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31.7</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Banks, MFs and FIs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">26.5</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">FIIs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">21.9</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Indian public </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">15.5</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Others </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.4</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Total </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">100.0</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 401.25pt;" valign="top" width="535">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Investment Rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">UMPP
losses no reason for despair:</span></b><span style="font-size: 10.0pt;"> Blue chip stocks are known to resist
economic downturns better than smaller peers. However, we have come across
quite a few fallen angels over the past few months. Ones that displayed
some uncertainty in fundaments especially invited investor fury. But
nothing beats the pessimism that surrounds the power sector. Execution
delays and fuel shortages were already factored into valuations. But some unforeseen
charges that eroded the bottomline in FY12, caused investors to dump most
stocks in the sector. That some of these are power sector players of repute
with assured return profile did not console investors. </span><br />
<span style="font-size: 10.0pt;">Tata
Power is one such stock that has borne the brunt of not just sector risks
but unexpected losses at the consolidated level. The 4,000 MW Mundra ultra
mega power project (UMPP) being executed by subsidiary Coastal Gujarat
Power Ltd (CGPL) incurred losses at the operating and net level in FY12.
The losses are ascribed to the tariff structure under the UMPP’s power
purchase agreement (PPA) and higher global coal prices. The tariff has an
escalation clause for fixed costs and 45% of the total fuel costs. The
project is an imported coal based plant that has a fuel supply agreement
(FSA) with Indonesia's Bumi Resources (in which Tata Power has 30% stake)
to supply 10.7 MTPA of its coal requirement. Earlier, 3.2 MTPA was to be
supplied at a fixed price. However, Indonesian laws stipulated in September
2011 that coal produced in the country will be pegged to prevailing
international prices. As per the management of Tata Power, with the revised
fuel cost, the cost of power generated at the Mundra project is likely to
be Rs 2.9 per kwh while the power purchase agreements (PPAs) have been
signed with SEBs at Rs 2.26 per kwh. This was due to nearly 40% rise in
international coal prices since the agreements were signed. </span><br />
<span style="font-size: 10.0pt;">As a
conservative measure, Tata Power has provided for a one time diminution in
the value of investment in CGPL to the tune of Rs 18 bn in FY12. Also in
order to protect CGPL's cash flows, the parent company will transfer 75% of
its equity interest in Indonesian coal companies to the subsidiary. While
some further near term losses in the Mundra project cannot be ruled out, we
believe that the worst is over for Tata Power in this regard. </span><br />
<div style="margin-bottom: 12.0pt;">
<span style="font-size: 10.0pt;">Notwithstanding the fact that Tata Power boasts of
the maximum number of long term contracts in the power sector, the company
also has sufficient upsides to its regulated returns (refer table 1). The
interesting part is that unlike its peers, Tata Power does not have a very
aggressive growth plan. With a turnaround in the UMPP business we believe
that Tata Power's consolidated return ratios will see significant upsides
in the next three years. Hence despite the possibility of some near term
hiccups (our estimates and target price have been revised accordingly), we
believe that investors have enough reasons to Hold on to a blue chip stock
like Tata Power in their portfolio from a three year perspective. </span></div>
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="6" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Table 1: Upsides in the offing</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="6" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Model</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Capacity MW </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">% of total capacity</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Type of returns</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Contract (years)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Upside</span></b></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Operational capacities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Regulated returns </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,552 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">55% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed return on equity </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY18</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PLF incentives</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Regulated tariffs (renewables)
</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">405</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed tariff +PLF </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY21 - FY29</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Savings on capex</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Captive Power Plant </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">668 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">14% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven (14-19% RoE) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY27 - FY41</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Merchant sale + saving on PPA
terms PLF incentive</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Merchant </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">140 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Market driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">N.A</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">No cap on returns</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">MOU / Bilateral </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY18</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">As per PPA</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Others </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">881 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">18% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Bid driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PLF incentives</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Capacities under execution </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Projects</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Capacity </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Completed</span></b></div>
</td>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Power offtake</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Fuel linkage</span></b></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Mundra UMPP </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4,000 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">92% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Signed for 3,800 MW</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Imported coal</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Maithon </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1,050 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">95% completed </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Signed for 1,050 MW</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Coal linkaged</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Dagacchu </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">126</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Tata Power trading company</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
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<span style="font-size: 9.0pt;">Hydro</span></div>
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<span style="font-size: 7.5pt;">Data
source: Company presentation</span><span style="font-size: 10.0pt;"> </span><br />
<b><span style="font-size: 10.0pt;">Majority
funding already arranged:</span></b><span style="font-size: 10.0pt;"> The funding for the planned capex over
the next 2 years of Rs 104 bn will take place in a debt to equity ratio of
70:30. This means that Tata Power would require Rs 33.2 bn of equity money.
While 70% of this money will come through internal accruals, the company
has already raised Rs 6 bn through an FCCB issue in FY11. This completes
its equity funding for the said capex. </span><br />
<span style="font-size: 10.0pt;">As for
the debt requirement of Rs 70.8 bn (70% of Rs 104 bn), the company has
already arranged 60% of the money through issue of hybrid securities and
perpetual debt. In short, the company has already tied up a large part of
its funding and is thus not likely to face any issue on this front. </span><br />
<b><span style="font-size: 10.0pt;">Positive
strides in related areas:</span></b><span style="font-size: 10.0pt;"> Apart from its power generation plans,
Tata Power is also progressing steadily in other related areas like power
distribution, trading, and coal mining. Its distribution business in Delhi,
North Delhi Power Limited (NDPL), where it has a 49% stake and Tata Sons
has 2% stake, was the company's first venture in retail distribution
outside Mumbai. NDPL is performing extremely well. In must be noted that at
the time of privatisation of NDPL, the target for aggregate technical and
commercial (AT&C) losses was set at 20% for FY09 (from levels of around
50% then). NDPL, under Tata Power, met the target ahead of schedule. The
AT&C losses stood at just around 14% at the end of FY12. </span><br />
<span style="font-size: 10.0pt;">Based on
this success of NDPL, Tata Power applied for parallel distribution licenses
in seven areas of MSEB (Maharashtra State Electricity Board) and also
expressed interest in taking franchises in Gujarat for power distribution.
In fact, in 2009 the Supreme Court allowed the company to supply power to
its distribution arm, which holds a license in the lucrative Mumbai circle.
Subsequent to that, the company has acquired over 1,00,000 retail customers
in Mumbai, and has been resorting to buying spot power to service this
customer base (the company is however fighting a legal battle against
Reliance Infra, which is disputing Tata Power's license to supply directly
to Mumbai consumers). Overall, the company is making positive moves towards
establishing itself as a major player in the distribution segment. This we
believe will contribute positively to its long-term growth. </span><br />
<b><span style="font-size: 10.0pt;">Secured
fuel supply:</span></b><span style="font-size: 10.0pt;">
Despite some uncertainty over fuel supply from Indonesian coal mines (where
it holds a 30% stake), Tata Power is reasonably secured as far as it's near
term coal requirements are concerned. Further, it is also looking for mines
in Australia, South Africa and South-East Asia to ensure fuel security for
future projects. Besides the equity stake in the Indonesian coal mines,
Tata Power also has stakes in two captive coal blocks in India. It has a
33% share in the 7.5 MTPA Mandakini coal block in Orissa. It plans to start
coal production from these mines during this fiscal (FY12). The company
also has a 40% stake translating into 2.3 MT in the 5.75 MT tubed coal
block in Jharkhand. Tata Power has also tied up with Tata Steel for supply
of coal to the captive power plants in Jojobera and Jamshedpur. We see
these coal assets as holding tremendous importance for Tata Power, given
the company's expansion plans. </span><br />
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<b><span style="font-size: 10.0pt;">Investment Concerns</span></b></div>
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<img align="right" alt="Rising dependance on coal profits" border="0" height="185" width="281" /></div>
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<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Data source: Company presentation</span></div>
</td>
</tr>
</tbody></table>
<b><span style="font-size: 10.0pt;">Earnings
sensitive to coal supply and prices:</span></b><span style="font-size: 10.0pt;"> The Indonesian coal assets contributed
to around 35% of Tata Power's consolidated revenue and 49% of consolidated
profit (before interest and taxes) in FY12. This share increased from 33%
and 44% respectively in FY11. The rise in coal prices in FY11 and FY12
boosted the contribution of the coal business to overall profitability and
even shielded the margin pressures in the power business. Tata Power's
overall profitability would have been in danger but for the buoyancy in
coal business' margins. A high dependence on this business therefore makes
the company's overall business sensitive to changes in coal prices, which
have been very volatile over the past few years. While the coal prices for
the Indonesian mines fell from US$ 78 per tonne in FY09 to US$ 60 in FY10,
they again went up to as much as US$ 110 a tonne in FY12. This volatility
in coal prices is of concern to us. </span><br />
<span style="font-size: 10.0pt;">Further
recent reports suggest that the Indonesian government may be looking to ban
the exports of low-grade thermal coal by 2014. This move, if undertaken,
could aggravate the coal supply shortfall in India. </span><br />
<b><span style="font-size: 10.0pt;">Debt
rating downgrade possible:</span></b><span style="font-size: 10.0pt;"> International rating agency Moody's has
recently threatened to downgrade Tata Power's corporate debt rating,
primarily due to breaches in debt service coverage ratio related to the
company's Mundra UMPP. The rating action, though not indicating payment
default, could impact Tata Power's financial profile. However, changes to
Mundra's tariff structure and transfer of 75% equity stake in the
Indonesian coal mines to CGPL could thwart the rating downgrade risk. </span><br />
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<b><span style="font-size: 10.0pt;">Background</span></b></div>
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<img align="right" alt="Tata Powers generation capacity" border="0" height="185" width="281" /></div>
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<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Data source: Company presentation</span></div>
</td>
</tr>
</tbody></table>
<span style="font-size: 10.0pt;">Tata
Power is the largest private player in the power sector with a generation
capacity of around 5,000 MW, which is around 20% of the total power
generation capacity of the private sector in India. The Mumbai region constitutes
around 85% of the company's power supply business. Apart from power
generation, the company also has interest in areas like transmission and
distribution, power trading, and coal mining. During the period between
FY06 and FY12, Tata Power's consolidated sales and generation capacity grew
at average annual rates of 29% and 12% respectively. </span><br />
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<b><span style="font-size: 10.0pt;">Key management personnel</span></b></div>
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<b><span style="font-size: 10.0pt;">Mr.
Ratan Tata, Chairman,</span></b><span style="font-size: 10.0pt;"> has been on the board of Tata Power since 1989. Mr
Tata holds a B.Sc. (Architecture) degree with Structural Engineering from
Cornell University, USA and has completed the Advanced Management Programme
at Harvard University, USA. </span><br />
<b><span style="font-size: 10.0pt;">Mr
Cyrus Mistry, Deputy Chairman,</span></b><span style="font-size: 10.0pt;"> joined the Board of Tata Sons in 2006
and was appointed Deputy Chairman in November 2011. He is a graduate of
Civil Engineering from Imperial College, UK and has a M.Sc. in Management
from London Business School. Prior to becoming deputy chairman of Tata
group, he was the Managing Director of Shapoorji Pallonji Group since 1994.
</span><br />
<b><span style="font-size: 10.0pt;">Mr. S
Ramakrishnan is the Director (Finance)</span></b><span style="font-size: 10.0pt;"> of Tata Power since 2004. He
graduated with a degree in mechanical engineering and has a post graduate
degree in business management from IIM Ahmadabad. He served as Managing
Director of Tata Teleservices Ltd at Tata Sons Limited since October 1999.
He has been associated with the Tata Group for more than 30 years </span><br />
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<b><span style="font-size: 10.0pt;">Industry
prospects</span></b></div>
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<span style="font-size: 10.0pt;">The
Indian power sector has been characterised by peak power shortages, with
demand of electricity exceeding supply by nearly 15% in terms of
requirements. While the government had envisaged setting up around 62,000
MW (revised lower from 78,000 MW) of generation capacity during the
eleventh five-year plan (2007-12), the actual implementation was around
55,000 MW. The capacity addition target for twelfth five-year plan
(2012-17) is about 76,000 MW. </span><br />
<span style="font-size: 10.0pt;">If the
government intends to increase installed power generation capacity, it
must also facilitate an expansion of the transmission network and inter-regional
capacity to transmit power. Inter-regional transmission networks are
required because power generation sources are unevenly distributed in
India, and power needs to be carried over large distances from areas
where power is generated to areas where load centers and demand exist. </span><br />
<span style="font-size: 10.0pt;">With
the strengthening of inter-regional connections during the Eleventh Plan,
the inter-regional capacity has been enhanced from 13,700 MW to 37,150
MW. This shall facilitate transfer of power from surplus regions to deficit
region. </span><br />
<span style="font-size: 10.0pt;">However,
the shortage of coal supplies (necessary fuel for power generators) is
predicted to double to around 242 m tonnes (MT) in the five years to
2017. In response to this, a top government advisory body has proposed
that the government should allow private firms to mine coal to plug
supply shortages. At present, India does not permit commercial mining of
coal by private firms. However, it allows power producers to access
'captive blocks' for their fuel needs. The country has 267 bn tonnes of
coal reserves, of which 40% of these have been proven. But social and
environmental issues have slowed down the pace of production. </span><br />
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<b><span style="font-size: 10.0pt;">Risk Analysis</span></b></div>
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<b><span style="font-size: 10.0pt;">Sector:</span></b><span style="font-size: 10.0pt;"> Despite
being the focal point of investments during consecutive 5 year plans, the
power sector in India has had an appalling track record in terms of
execution. Corporatisation of SEBs and linking profitability to the
state government's plan outlay are likely to give some sort of fiscal
strength to the key sector participants in the long run. We are
enthused by the direction as opposed to the pace of progress, as this
can be unpredictable. We are also wary of some short term concerns like
shortage of coal supplies, poor health of state electricity boards
(SEBs) and non revision of tariffs that are rendering projects
unviable. </span><br />
<span style="font-size: 10.0pt;">As
per the Power Ministry's latest reports, coal shortages will force the
newly commissioned power plants to operate at just 40% capacity.
Important to note that power plants otherwise operate with a capacity
utilization of 90%. During the 11th 5-year plan, just 89% of the
targeted capacities were put up. But with the coal crisis mounting in
the coming fiscals, the 12th 5-year plan (2012-17) power capacity
additions may also be impacted. We assign a 'medium' risk rating to the
sector. </span><br />
<b><span style="font-size: 10.0pt;">Company
standing:</span></b><span style="font-size: 10.0pt;">
Tata Power is India's largest private sector power generator and has
been more regular in expanding capacities than its peers. We assign a
‘strong' rating to the company on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Sales:</span></b><span style="font-size: 10.0pt;"> Tata Power
generated average revenues to the tune of nearly US$ 3.3 bn per annum
in the past five years. In the latest completed fiscal (FY12), the
company generated consolidated net revenue of US$ 4.7 bn. Based on our
parameters, we assign a low-risk rating of 9 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Operating
margin:</span></b><span style="font-size: 10.0pt;">
Operating margin is a measurement of what proportion of a company's
revenue is left over after paying for variable costs of production such
as raw materials, wages, sales, marketing and administrative costs. A
healthy operating margin is required for a company to be able to pay
for its fixed costs, such as interest on debt. The higher the margin,
the better it is for the company as it indicates its operating
efficiency. Tata Power's average operating margins for the past five
years has been around 22%. We assign a medium-risk rating of 6 to the
stock on this factor. </span><br />
<b><span style="font-size: 10.0pt;">Long
term EPS growth:</span></b><span style="font-size: 10.0pt;"> Tata Power grew its consolidated net profits at
an average annual rate of 31% between FY06 to FY11. As we mentioned
earlier the consolidated profits of FY12 were hurt by the losses of
CGPL and a one time write off of investment in the subsidiary. However,
we do not expect any additional write-offs going forward. As such, the
rating assigned to the stock on this factor is 5. </span><br />
<b><span style="font-size: 10.0pt;">Return
on capital invested (ROIC):</span></b><span style="font-size: 10.0pt;"> ROIC is an important tool to assess
a company's potential to be a quality investment by determining how
well the management is able to allocate capital into its operations for
future growth. A ROIC of above 15% is considered decent for companies that
are in a growth and expansion phase. Tata Power has earned an average
ROIC of almost 11% over the past five years. The rating assigned on
this parameter is 3. </span><br />
<b><span style="font-size: 10.0pt;">Dividend
payout:</span></b><span style="font-size: 10.0pt;">
A stable dividend history inspires confidence in the management's
intentions of rewarding shareholders. Tata Power's average payout ratio
has been a healthy 18% over the past five years. Thus, we have assigned
a medium-risk rating of 5. </span><br />
<b><span style="font-size: 10.0pt;">Promoter
holding:</span></b><span style="font-size: 10.0pt;">
A larger share of promoter holding indicates the confidence of the
people who run it. We believe that a greater than 40% promoter holding
indicates safety for retail investors. At the end of March 2012, the
promoter holding in Tata Power stood at 31.7%. We have assigned a
medium-risk rating of 5 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">FII
holding:</span></b><span style="font-size: 10.0pt;">
We believe that FII holding of greater than 25% can lead to high
volatility in the stock price. The FII holding in Tata Power at the end
of March 2012 stood at 21.9%. The rating assigned is 5. </span><br />
<b><span style="font-size: 10.0pt;">Liquidity:</span></b><span style="font-size: 10.0pt;"> The average
daily trading volumes of Tata Power's stock over the past 52-weeks
stand at around 4.1 m shares (combined volumes of BSE and NSE). These
are adequate and offer ample liquidity levels for a large cap stock.
The rating assigned is 9. </span><br />
<b><span style="font-size: 10.0pt;">Current
ratio:</span></b><span style="font-size: 10.0pt;">
Tata Power's average current ratio during the period FY07 to FY12 has
been 1.3 times. This indicates that the company is comfortably placed
to pay off its short-term obligations, which gives comfort to its
lenders. We assign a medium-risk rating of 4. </span><br />
<b><span style="font-size: 10.0pt;">Debt
to equity ratio:</span></b><span style="font-size: 10.0pt;"> A highly leveraged business is the first to get
hit during times of economic downturn, as companies have to
consistently pay interest costs, despite lower profitability.
Especially for power sector companies, who generally fund capex through
70:30 ratio of debt to equity, any deviation in execution can cost
heavy. Considering the company's average debt to equity ratio of 1.7
over the past five fiscals (2.2 times in FY12), we have assigned a
high-risk rating of 3 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Interest
coverage ratio (PBIT/Interest payment):</span></b><span style="font-size: 10.0pt;"> It is used
to determine how comfortably a company is placed in terms of payment of
interest on outstanding debt. The interest coverage ratio is calculated
by dividing a company's earnings before interest and taxes (EBIT) by
its interest expense for a given period. The lower the ratio, the
greater are the risks. Given Tata Power's average interest coverage
ratio of 4.7 times over the past five years, the rating assigned is 5. </span><br />
<b><span style="font-size: 10.0pt;">EV
/ EBIDTA Ratio:</span></b><span style="font-size: 10.0pt;"> The enterprise value to operating margin
(EBIDTA) multiple of a stock is a measure of cash return on investment.
This multiple can be used to value companies with high levels of debt
and therefore appropriate for valuing power utilities. This is one of
the important metrics to judge the attractiveness of a stock, and thus
gets the highest weightage in our risk matrix. Tata Power's FY12
EV/EBIDTA stands at 6.4 times. As such, we have assigned a rating of 6
to the stock on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Considering
the above analysis, the total ranking assigned to the company is 65
that, on a weighted basis, stands at 5.4. This makes the stock a
medium-risk investment from a long-term perspective. </span></b><span style="font-size: 10.0pt;"></span><br />
</td>
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<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Risk Matrix</span></b></div>
</td>
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<td colspan="4" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<br /></div>
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<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
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<td colspan="2" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating accorded</span></b></div>
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<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Rating</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weightage* (A)</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating# (B)</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weighted (A*B)</span></b></div>
</td>
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<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Sector risk </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">- </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Medium </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
</td>
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<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Company's standing </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">- </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Strong </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Performance parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Revenue growth (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating margin (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Long term EPS growth (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Return in invested capital
(%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Technical parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Dividend payout (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Promoter holding (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">FII holding (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Liquidity (52 weeks) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.9</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Safety parameters </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.2</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Debt to equity ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Interest coverage ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Final Rating** </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">65 </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">5.4</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">#
Rating has been assigned on the basis of the company's performance over
the past five years and expected performance over the next 3 to 5 years.
Rating is on a scale of 1 to 10, with 1 indicating highest risk and 10
indicating lowest risk. * 'Weightage' indicates the relative importance
in percentage terms of the parameter. For instance, for an investor,
given all the performance metrics, return on equity should be the
foremost criteria for buying/not buying stocks. ** The final rating has
been arrived at by multiplying the rating/points given on each parameter
with the respective weightage.</span><span style="font-size: 10.0pt;"> </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Valuation rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" valign="top" width="50%">
<span style="font-size: 10.0pt;">Notwithstanding
the fact that Tata Power boasts of the maximum number of long term
contracts in the power sector, the company also has sufficient
upsides to its regulated returns. Also, unlike its peers, Tata Power
does not have a very aggressive growth plan. Hence its capacity
execution record is likely to be better. With a turnaround in the
UMPP business we believe that Tata Power's consolidated return ratios
will see significant upsides in the next three years. Hence despite
the possibility of some near term hiccups (our estimates and target
price have been revised accordingly), we believe that investors have
enough reasons to <b>Hold</b> on to a blue chip stock like Tata Power
in their portfolio from a three year perspective. </span><br />
<span style="font-size: 10.0pt;">Also,<b><span style="color: blue;">
if an investor would like to 'Buy' this stock at the current levels,
then with the target price of Rs 140</span></b>, the upside is about 33% point
to point (11% on an average annual basis). Investors could take the
investment decision based on this premise. </span><br />
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 7.5pt;" valign="top" width="10"><br /></td>
<td style="padding: .75pt .75pt .75pt .75pt;" valign="top">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Valuations</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="5" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">(Rs
m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12UA </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Total Revenues (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">292,356 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">342,853 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">360,323 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net Profit (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(10,874)</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19,753 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">30,644 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">33,693 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fully diluted EPS (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(4.4) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.6 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Book value (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">46.1 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">52.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">62.8 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">76.9 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">N.A</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.1 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">7.7 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to book value (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.4</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to sales (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.0</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Financials at a glance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<table border="0" cellpadding="0" cellspacing="1" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">(Rs m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12UA </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="5" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net Sales </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">292,356 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">342,853 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">360,323 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Sales growth (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">33.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">17.3%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">5.1%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating profit </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">64,264 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">56,980 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">71,055 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">71,036 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">24.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.5%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.7%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Net profit </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(10,874)</span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">19,753 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">30,644 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">33,693 </span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net profit margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-4.2%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">6.8%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.9%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">No of shares (m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,469.4 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Diluted earnings per share
(Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(4.4)</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.6 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Balance Sheet </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed Assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">289,477 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">355,418 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">343,448 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">364,020 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">181,561 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">137,096 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">180,743 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">182,094 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Investments </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,831 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31,322 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">32,888 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">34,533 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Deferred Tax Assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Total assets </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">500,936 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">523,904 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">557,147 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">580,715 </span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Networth </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">109,276 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">124,023 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">149,105 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">189,835 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Loan funds </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">245,009 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">229,446 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">215,744 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">188,087 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">117,450 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">141,225 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">163,079 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">173,572 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Other liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,201 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,211 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,220 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,220 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Total Liabilities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">500,936 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">523,904 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">557,147 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">580,715 </span></b></div>
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
<div class="yiv1139348167MsoNormal">
</div>
-- <br />
Invest in GOLD the smart way!! With GOLD ETF, you can Save on Premium
& Making charges, Easy to Buy & Sell, Avoid the risk of Theft
& save on Locker Charges!!buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-60356364727990853322012-07-29T20:03:00.001+05:302012-07-29T20:03:04.669+05:30Research Report - Tata Power Company Ltd - Target Price: Rs.140<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 770px;"><tbody>
<tr><td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;"><tbody>
<tr><td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><div class="yiv1139348167MsoNormal">
<b><span style="color: black; font-size: 10.0pt;">Market Data</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Price on reco. date
(Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">105 (BSE)</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">CMP - BSE / NSE (Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">105 / 105</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Change since reco.</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;"><img /> 0.0%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">52-week High/Low
(Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">133 / 81</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">NSE Symbol</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">TATAPOWER</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">BSE Code</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">500400</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">No. of shares</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">2373.0 m</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Free float</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">68.3%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Market cap (Rs m)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">249,165</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br />
<span style="font-size: 10.0pt;"> </span></div>
<div class="yiv1139348167MsoNormal" style="line-height: 16.8pt;">
<br /></div>
</td>
</tr>
<tr>
<td colspan="2" id="yiv1139348167tdPremSearch" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 11.25pt 0in 0in 0in;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 0in 0in 0in; width: 100.0%;" width="100%"><br /></td>
</tr>
</tbody></table>
</div>
</td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Rs 100 invested is now worth</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<img alt="Tata Power: Rs 100 invested is now worth" border="0" /></div>
</td>
</tr>
<tr style="height: .75pt;">
<td style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="3" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Stock price performance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="3" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Tata Power</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Index*</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">1-Yr </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-23.1%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-7.7%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">3-Yrs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-5.2%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.8%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">5-Yrs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3.2%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<span style="font-size: 8.0pt;">Returns
over 1 year are compounded annual averages * BSE Sensex </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Shareholding
(Mar-12)</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Category</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(%)</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Promoters </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31.7</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Banks, MFs and FIs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">26.5</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">FIIs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">21.9</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Indian public </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">15.5</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Others </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.4</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Total </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">100.0</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 401.25pt;" valign="top" width="535">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Investment Rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">UMPP
losses no reason for despair:</span></b><span style="font-size: 10.0pt;"> Blue chip stocks are known to resist
economic downturns better than smaller peers. However, we have come across
quite a few fallen angels over the past few months. Ones that displayed
some uncertainty in fundaments especially invited investor fury. But
nothing beats the pessimism that surrounds the power sector. Execution
delays and fuel shortages were already factored into valuations. But some unforeseen
charges that eroded the bottomline in FY12, caused investors to dump most
stocks in the sector. That some of these are power sector players of repute
with assured return profile did not console investors. </span><br />
<span style="font-size: 10.0pt;">Tata
Power is one such stock that has borne the brunt of not just sector risks
but unexpected losses at the consolidated level. The 4,000 MW Mundra ultra
mega power project (UMPP) being executed by subsidiary Coastal Gujarat
Power Ltd (CGPL) incurred losses at the operating and net level in FY12.
The losses are ascribed to the tariff structure under the UMPP’s power
purchase agreement (PPA) and higher global coal prices. The tariff has an
escalation clause for fixed costs and 45% of the total fuel costs. The
project is an imported coal based plant that has a fuel supply agreement
(FSA) with Indonesia's Bumi Resources (in which Tata Power has 30% stake)
to supply 10.7 MTPA of its coal requirement. Earlier, 3.2 MTPA was to be
supplied at a fixed price. However, Indonesian laws stipulated in September
2011 that coal produced in the country will be pegged to prevailing
international prices. As per the management of Tata Power, with the revised
fuel cost, the cost of power generated at the Mundra project is likely to
be Rs 2.9 per kwh while the power purchase agreements (PPAs) have been
signed with SEBs at Rs 2.26 per kwh. This was due to nearly 40% rise in
international coal prices since the agreements were signed. </span><br />
<span style="font-size: 10.0pt;">As a
conservative measure, Tata Power has provided for a one time diminution in
the value of investment in CGPL to the tune of Rs 18 bn in FY12. Also in
order to protect CGPL's cash flows, the parent company will transfer 75% of
its equity interest in Indonesian coal companies to the subsidiary. While
some further near term losses in the Mundra project cannot be ruled out, we
believe that the worst is over for Tata Power in this regard. </span><br />
<div style="margin-bottom: 12.0pt;">
<span style="font-size: 10.0pt;">Notwithstanding the fact that Tata Power boasts of
the maximum number of long term contracts in the power sector, the company
also has sufficient upsides to its regulated returns (refer table 1). The
interesting part is that unlike its peers, Tata Power does not have a very
aggressive growth plan. With a turnaround in the UMPP business we believe
that Tata Power's consolidated return ratios will see significant upsides
in the next three years. Hence despite the possibility of some near term
hiccups (our estimates and target price have been revised accordingly), we
believe that investors have enough reasons to Hold on to a blue chip stock
like Tata Power in their portfolio from a three year perspective. </span></div>
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="6" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Table 1: Upsides in the offing</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="6" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Model</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Capacity MW </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">% of total capacity</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Type of returns</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Contract (years)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Upside</span></b></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Operational capacities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Regulated returns </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,552 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">55% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed return on equity </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY18</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PLF incentives</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Regulated tariffs (renewables)
</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">405</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed tariff +PLF </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY21 - FY29</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Savings on capex</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Captive Power Plant </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">668 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">14% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven (14-19% RoE) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY27 - FY41</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Merchant sale + saving on PPA
terms PLF incentive</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Merchant </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">140 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Market driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">N.A</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">No cap on returns</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">MOU / Bilateral </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY18</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">As per PPA</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Others </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">881 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">18% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Bid driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PLF incentives</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Capacities under execution </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Projects</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Capacity </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Completed</span></b></div>
</td>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Power offtake</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Fuel linkage</span></b></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Mundra UMPP </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4,000 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">92% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Signed for 3,800 MW</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Imported coal</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Maithon </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1,050 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">95% completed </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Signed for 1,050 MW</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Coal linkaged</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Dagacchu </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">126</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Tata Power trading company</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Hydro</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">Data
source: Company presentation</span><span style="font-size: 10.0pt;"> </span><br />
<b><span style="font-size: 10.0pt;">Majority
funding already arranged:</span></b><span style="font-size: 10.0pt;"> The funding for the planned capex over
the next 2 years of Rs 104 bn will take place in a debt to equity ratio of
70:30. This means that Tata Power would require Rs 33.2 bn of equity money.
While 70% of this money will come through internal accruals, the company
has already raised Rs 6 bn through an FCCB issue in FY11. This completes
its equity funding for the said capex. </span><br />
<span style="font-size: 10.0pt;">As for
the debt requirement of Rs 70.8 bn (70% of Rs 104 bn), the company has
already arranged 60% of the money through issue of hybrid securities and
perpetual debt. In short, the company has already tied up a large part of
its funding and is thus not likely to face any issue on this front. </span><br />
<b><span style="font-size: 10.0pt;">Positive
strides in related areas:</span></b><span style="font-size: 10.0pt;"> Apart from its power generation plans,
Tata Power is also progressing steadily in other related areas like power
distribution, trading, and coal mining. Its distribution business in Delhi,
North Delhi Power Limited (NDPL), where it has a 49% stake and Tata Sons
has 2% stake, was the company's first venture in retail distribution
outside Mumbai. NDPL is performing extremely well. In must be noted that at
the time of privatisation of NDPL, the target for aggregate technical and
commercial (AT&C) losses was set at 20% for FY09 (from levels of around
50% then). NDPL, under Tata Power, met the target ahead of schedule. The
AT&C losses stood at just around 14% at the end of FY12. </span><br />
<span style="font-size: 10.0pt;">Based on
this success of NDPL, Tata Power applied for parallel distribution licenses
in seven areas of MSEB (Maharashtra State Electricity Board) and also
expressed interest in taking franchises in Gujarat for power distribution.
In fact, in 2009 the Supreme Court allowed the company to supply power to
its distribution arm, which holds a license in the lucrative Mumbai circle.
Subsequent to that, the company has acquired over 1,00,000 retail customers
in Mumbai, and has been resorting to buying spot power to service this
customer base (the company is however fighting a legal battle against
Reliance Infra, which is disputing Tata Power's license to supply directly
to Mumbai consumers). Overall, the company is making positive moves towards
establishing itself as a major player in the distribution segment. This we
believe will contribute positively to its long-term growth. </span><br />
<b><span style="font-size: 10.0pt;">Secured
fuel supply:</span></b><span style="font-size: 10.0pt;">
Despite some uncertainty over fuel supply from Indonesian coal mines (where
it holds a 30% stake), Tata Power is reasonably secured as far as it's near
term coal requirements are concerned. Further, it is also looking for mines
in Australia, South Africa and South-East Asia to ensure fuel security for
future projects. Besides the equity stake in the Indonesian coal mines,
Tata Power also has stakes in two captive coal blocks in India. It has a
33% share in the 7.5 MTPA Mandakini coal block in Orissa. It plans to start
coal production from these mines during this fiscal (FY12). The company
also has a 40% stake translating into 2.3 MT in the 5.75 MT tubed coal
block in Jharkhand. Tata Power has also tied up with Tata Steel for supply
of coal to the captive power plants in Jojobera and Jamshedpur. We see
these coal assets as holding tremendous importance for Tata Power, given
the company's expansion plans. </span><br />
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 770px;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Investment Concerns</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table align="right" border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div class="yiv1139348167MsoNormal">
<img align="right" alt="Rising dependance on coal profits" border="0" height="185" width="281" /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Data source: Company presentation</span></div>
</td>
</tr>
</tbody></table>
<b><span style="font-size: 10.0pt;">Earnings
sensitive to coal supply and prices:</span></b><span style="font-size: 10.0pt;"> The Indonesian coal assets contributed
to around 35% of Tata Power's consolidated revenue and 49% of consolidated
profit (before interest and taxes) in FY12. This share increased from 33%
and 44% respectively in FY11. The rise in coal prices in FY11 and FY12
boosted the contribution of the coal business to overall profitability and
even shielded the margin pressures in the power business. Tata Power's
overall profitability would have been in danger but for the buoyancy in
coal business' margins. A high dependence on this business therefore makes
the company's overall business sensitive to changes in coal prices, which
have been very volatile over the past few years. While the coal prices for
the Indonesian mines fell from US$ 78 per tonne in FY09 to US$ 60 in FY10,
they again went up to as much as US$ 110 a tonne in FY12. This volatility
in coal prices is of concern to us. </span><br />
<span style="font-size: 10.0pt;">Further
recent reports suggest that the Indonesian government may be looking to ban
the exports of low-grade thermal coal by 2014. This move, if undertaken,
could aggravate the coal supply shortfall in India. </span><br />
<b><span style="font-size: 10.0pt;">Debt
rating downgrade possible:</span></b><span style="font-size: 10.0pt;"> International rating agency Moody's has
recently threatened to downgrade Tata Power's corporate debt rating,
primarily due to breaches in debt service coverage ratio related to the
company's Mundra UMPP. The rating action, though not indicating payment
default, could impact Tata Power's financial profile. However, changes to
Mundra's tariff structure and transfer of 75% equity stake in the
Indonesian coal mines to CGPL could thwart the rating downgrade risk. </span><br />
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Background</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table align="right" border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div class="yiv1139348167MsoNormal">
<img align="right" alt="Tata Powers generation capacity" border="0" height="185" width="281" /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Data source: Company presentation</span></div>
</td>
</tr>
</tbody></table>
<span style="font-size: 10.0pt;">Tata
Power is the largest private player in the power sector with a generation
capacity of around 5,000 MW, which is around 20% of the total power
generation capacity of the private sector in India. The Mumbai region constitutes
around 85% of the company's power supply business. Apart from power
generation, the company also has interest in areas like transmission and
distribution, power trading, and coal mining. During the period between
FY06 and FY12, Tata Power's consolidated sales and generation capacity grew
at average annual rates of 29% and 12% respectively. </span><br />
</td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Key management personnel</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">Mr.
Ratan Tata, Chairman,</span></b><span style="font-size: 10.0pt;"> has been on the board of Tata Power since 1989. Mr
Tata holds a B.Sc. (Architecture) degree with Structural Engineering from
Cornell University, USA and has completed the Advanced Management Programme
at Harvard University, USA. </span><br />
<b><span style="font-size: 10.0pt;">Mr
Cyrus Mistry, Deputy Chairman,</span></b><span style="font-size: 10.0pt;"> joined the Board of Tata Sons in 2006
and was appointed Deputy Chairman in November 2011. He is a graduate of
Civil Engineering from Imperial College, UK and has a M.Sc. in Management
from London Business School. Prior to becoming deputy chairman of Tata
group, he was the Managing Director of Shapoorji Pallonji Group since 1994.
</span><br />
<b><span style="font-size: 10.0pt;">Mr. S
Ramakrishnan is the Director (Finance)</span></b><span style="font-size: 10.0pt;"> of Tata Power since 2004. He
graduated with a degree in mechanical engineering and has a post graduate
degree in business management from IIM Ahmadabad. He served as Managing
Director of Tata Teleservices Ltd at Tata Sons Limited since October 1999.
He has been associated with the Tata Group for more than 30 years </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Industry
prospects</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<span style="font-size: 10.0pt;">The
Indian power sector has been characterised by peak power shortages, with
demand of electricity exceeding supply by nearly 15% in terms of
requirements. While the government had envisaged setting up around 62,000
MW (revised lower from 78,000 MW) of generation capacity during the
eleventh five-year plan (2007-12), the actual implementation was around
55,000 MW. The capacity addition target for twelfth five-year plan
(2012-17) is about 76,000 MW. </span><br />
<span style="font-size: 10.0pt;">If the
government intends to increase installed power generation capacity, it
must also facilitate an expansion of the transmission network and inter-regional
capacity to transmit power. Inter-regional transmission networks are
required because power generation sources are unevenly distributed in
India, and power needs to be carried over large distances from areas
where power is generated to areas where load centers and demand exist. </span><br />
<span style="font-size: 10.0pt;">With
the strengthening of inter-regional connections during the Eleventh Plan,
the inter-regional capacity has been enhanced from 13,700 MW to 37,150
MW. This shall facilitate transfer of power from surplus regions to deficit
region. </span><br />
<span style="font-size: 10.0pt;">However,
the shortage of coal supplies (necessary fuel for power generators) is
predicted to double to around 242 m tonnes (MT) in the five years to
2017. In response to this, a top government advisory body has proposed
that the government should allow private firms to mine coal to plug
supply shortages. At present, India does not permit commercial mining of
coal by private firms. However, it allows power producers to access
'captive blocks' for their fuel needs. The country has 267 bn tonnes of
coal reserves, of which 40% of these have been proven. But social and
environmental issues have slowed down the pace of production. </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Risk Analysis</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">Sector:</span></b><span style="font-size: 10.0pt;"> Despite
being the focal point of investments during consecutive 5 year plans, the
power sector in India has had an appalling track record in terms of
execution. Corporatisation of SEBs and linking profitability to the
state government's plan outlay are likely to give some sort of fiscal
strength to the key sector participants in the long run. We are
enthused by the direction as opposed to the pace of progress, as this
can be unpredictable. We are also wary of some short term concerns like
shortage of coal supplies, poor health of state electricity boards
(SEBs) and non revision of tariffs that are rendering projects
unviable. </span><br />
<span style="font-size: 10.0pt;">As
per the Power Ministry's latest reports, coal shortages will force the
newly commissioned power plants to operate at just 40% capacity.
Important to note that power plants otherwise operate with a capacity
utilization of 90%. During the 11th 5-year plan, just 89% of the
targeted capacities were put up. But with the coal crisis mounting in
the coming fiscals, the 12th 5-year plan (2012-17) power capacity
additions may also be impacted. We assign a 'medium' risk rating to the
sector. </span><br />
<b><span style="font-size: 10.0pt;">Company
standing:</span></b><span style="font-size: 10.0pt;">
Tata Power is India's largest private sector power generator and has
been more regular in expanding capacities than its peers. We assign a
‘strong' rating to the company on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Sales:</span></b><span style="font-size: 10.0pt;"> Tata Power
generated average revenues to the tune of nearly US$ 3.3 bn per annum
in the past five years. In the latest completed fiscal (FY12), the
company generated consolidated net revenue of US$ 4.7 bn. Based on our
parameters, we assign a low-risk rating of 9 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Operating
margin:</span></b><span style="font-size: 10.0pt;">
Operating margin is a measurement of what proportion of a company's
revenue is left over after paying for variable costs of production such
as raw materials, wages, sales, marketing and administrative costs. A
healthy operating margin is required for a company to be able to pay
for its fixed costs, such as interest on debt. The higher the margin,
the better it is for the company as it indicates its operating
efficiency. Tata Power's average operating margins for the past five
years has been around 22%. We assign a medium-risk rating of 6 to the
stock on this factor. </span><br />
<b><span style="font-size: 10.0pt;">Long
term EPS growth:</span></b><span style="font-size: 10.0pt;"> Tata Power grew its consolidated net profits at
an average annual rate of 31% between FY06 to FY11. As we mentioned
earlier the consolidated profits of FY12 were hurt by the losses of
CGPL and a one time write off of investment in the subsidiary. However,
we do not expect any additional write-offs going forward. As such, the
rating assigned to the stock on this factor is 5. </span><br />
<b><span style="font-size: 10.0pt;">Return
on capital invested (ROIC):</span></b><span style="font-size: 10.0pt;"> ROIC is an important tool to assess
a company's potential to be a quality investment by determining how
well the management is able to allocate capital into its operations for
future growth. A ROIC of above 15% is considered decent for companies that
are in a growth and expansion phase. Tata Power has earned an average
ROIC of almost 11% over the past five years. The rating assigned on
this parameter is 3. </span><br />
<b><span style="font-size: 10.0pt;">Dividend
payout:</span></b><span style="font-size: 10.0pt;">
A stable dividend history inspires confidence in the management's
intentions of rewarding shareholders. Tata Power's average payout ratio
has been a healthy 18% over the past five years. Thus, we have assigned
a medium-risk rating of 5. </span><br />
<b><span style="font-size: 10.0pt;">Promoter
holding:</span></b><span style="font-size: 10.0pt;">
A larger share of promoter holding indicates the confidence of the
people who run it. We believe that a greater than 40% promoter holding
indicates safety for retail investors. At the end of March 2012, the
promoter holding in Tata Power stood at 31.7%. We have assigned a
medium-risk rating of 5 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">FII
holding:</span></b><span style="font-size: 10.0pt;">
We believe that FII holding of greater than 25% can lead to high
volatility in the stock price. The FII holding in Tata Power at the end
of March 2012 stood at 21.9%. The rating assigned is 5. </span><br />
<b><span style="font-size: 10.0pt;">Liquidity:</span></b><span style="font-size: 10.0pt;"> The average
daily trading volumes of Tata Power's stock over the past 52-weeks
stand at around 4.1 m shares (combined volumes of BSE and NSE). These
are adequate and offer ample liquidity levels for a large cap stock.
The rating assigned is 9. </span><br />
<b><span style="font-size: 10.0pt;">Current
ratio:</span></b><span style="font-size: 10.0pt;">
Tata Power's average current ratio during the period FY07 to FY12 has
been 1.3 times. This indicates that the company is comfortably placed
to pay off its short-term obligations, which gives comfort to its
lenders. We assign a medium-risk rating of 4. </span><br />
<b><span style="font-size: 10.0pt;">Debt
to equity ratio:</span></b><span style="font-size: 10.0pt;"> A highly leveraged business is the first to get
hit during times of economic downturn, as companies have to
consistently pay interest costs, despite lower profitability.
Especially for power sector companies, who generally fund capex through
70:30 ratio of debt to equity, any deviation in execution can cost
heavy. Considering the company's average debt to equity ratio of 1.7
over the past five fiscals (2.2 times in FY12), we have assigned a
high-risk rating of 3 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Interest
coverage ratio (PBIT/Interest payment):</span></b><span style="font-size: 10.0pt;"> It is used
to determine how comfortably a company is placed in terms of payment of
interest on outstanding debt. The interest coverage ratio is calculated
by dividing a company's earnings before interest and taxes (EBIT) by
its interest expense for a given period. The lower the ratio, the
greater are the risks. Given Tata Power's average interest coverage
ratio of 4.7 times over the past five years, the rating assigned is 5. </span><br />
<b><span style="font-size: 10.0pt;">EV
/ EBIDTA Ratio:</span></b><span style="font-size: 10.0pt;"> The enterprise value to operating margin
(EBIDTA) multiple of a stock is a measure of cash return on investment.
This multiple can be used to value companies with high levels of debt
and therefore appropriate for valuing power utilities. This is one of
the important metrics to judge the attractiveness of a stock, and thus
gets the highest weightage in our risk matrix. Tata Power's FY12
EV/EBIDTA stands at 6.4 times. As such, we have assigned a rating of 6
to the stock on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Considering
the above analysis, the total ranking assigned to the company is 65
that, on a weighted basis, stands at 5.4. This makes the stock a
medium-risk investment from a long-term perspective. </span></b><span style="font-size: 10.0pt;"></span><br />
</td>
</tr>
</tbody></table>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="4" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Risk Matrix</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="4" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td colspan="2" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating accorded</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Rating</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weightage* (A)</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating# (B)</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weighted (A*B)</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Sector risk </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">- </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Medium </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Company's standing </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">- </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Strong </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Performance parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Revenue growth (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating margin (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Long term EPS growth (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Return in invested capital
(%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Technical parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Dividend payout (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Promoter holding (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">FII holding (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Liquidity (52 weeks) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.9</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Safety parameters </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.2</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Debt to equity ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Interest coverage ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Final Rating** </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">65 </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">5.4</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">#
Rating has been assigned on the basis of the company's performance over
the past five years and expected performance over the next 3 to 5 years.
Rating is on a scale of 1 to 10, with 1 indicating highest risk and 10
indicating lowest risk. * 'Weightage' indicates the relative importance
in percentage terms of the parameter. For instance, for an investor,
given all the performance metrics, return on equity should be the
foremost criteria for buying/not buying stocks. ** The final rating has
been arrived at by multiplying the rating/points given on each parameter
with the respective weightage.</span><span style="font-size: 10.0pt;"> </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Valuation rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" valign="top" width="50%">
<span style="font-size: 10.0pt;">Notwithstanding
the fact that Tata Power boasts of the maximum number of long term
contracts in the power sector, the company also has sufficient
upsides to its regulated returns. Also, unlike its peers, Tata Power
does not have a very aggressive growth plan. Hence its capacity
execution record is likely to be better. With a turnaround in the
UMPP business we believe that Tata Power's consolidated return ratios
will see significant upsides in the next three years. Hence despite
the possibility of some near term hiccups (our estimates and target
price have been revised accordingly), we believe that investors have
enough reasons to <b>Hold</b> on to a blue chip stock like Tata Power
in their portfolio from a three year perspective. </span><br />
<span style="font-size: 10.0pt;">Also,<b><span style="color: blue;">
if an investor would like to 'Buy' this stock at the current levels,
then with the target price of Rs 140</span></b>, the upside is about 33% point
to point (11% on an average annual basis). Investors could take the
investment decision based on this premise. </span><br />
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 7.5pt;" valign="top" width="10"><br /></td>
<td style="padding: .75pt .75pt .75pt .75pt;" valign="top">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Valuations</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="5" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">(Rs
m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12UA </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Total Revenues (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">292,356 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">342,853 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">360,323 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net Profit (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(10,874)</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19,753 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">30,644 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">33,693 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fully diluted EPS (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(4.4) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.6 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Book value (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">46.1 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">52.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">62.8 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">76.9 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">N.A</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.1 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">7.7 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to book value (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.4</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to sales (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.0</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Financials at a glance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<table border="0" cellpadding="0" cellspacing="1" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">(Rs m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12UA </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="5" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net Sales </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">292,356 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">342,853 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">360,323 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Sales growth (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">33.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">17.3%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">5.1%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating profit </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">64,264 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">56,980 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">71,055 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">71,036 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">24.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.5%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.7%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Net profit </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(10,874)</span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">19,753 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">30,644 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">33,693 </span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net profit margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-4.2%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">6.8%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.9%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">No of shares (m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,469.4 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Diluted earnings per share
(Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(4.4)</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.6 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Balance Sheet </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed Assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">289,477 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">355,418 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">343,448 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">364,020 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">181,561 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">137,096 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">180,743 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">182,094 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Investments </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,831 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31,322 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">32,888 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">34,533 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Deferred Tax Assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Total assets </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">500,936 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">523,904 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">557,147 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">580,715 </span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Networth </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">109,276 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">124,023 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">149,105 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">189,835 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Loan funds </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">245,009 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">229,446 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">215,744 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">188,087 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">117,450 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">141,225 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">163,079 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">173,572 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Other liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,201 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,211 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,220 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,220 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Total Liabilities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">500,936 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">523,904 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">557,147 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">580,715 </span></b></div>
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
<div class="yiv1139348167MsoNormal">
</div>
-- <br />
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& save on Locker Charges!!buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-38455451019028355432012-07-29T20:00:00.001+05:302012-07-29T20:00:03.971+05:30<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 770px;"><tbody>
<tr><td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;"><tbody>
<tr><td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><div class="yiv1139348167MsoNormal">
<b><span style="color: black; font-size: 10.0pt;">Market Data</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Price on reco. date
(Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">105 (BSE)</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">CMP - BSE / NSE (Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">105 / 105</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Change since reco.</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;"><img /> 0.0%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">52-week High/Low
(Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">133 / 81</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">NSE Symbol</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">TATAPOWER</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">BSE Code</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">500400</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">No. of shares</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">2373.0 m</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Free float</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">68.3%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="color: black; font-size: 9.0pt;">Market cap (Rs m)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">249,165</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br />
<span style="font-size: 10.0pt;"> </span></div>
<div class="yiv1139348167MsoNormal" style="line-height: 16.8pt;">
<br /></div>
</td>
</tr>
<tr>
<td colspan="2" id="yiv1139348167tdPremSearch" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 11.25pt 0in 0in 0in;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 0in 0in 0in; width: 100.0%;" width="100%"><br /></td>
</tr>
</tbody></table>
</div>
</td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Rs 100 invested is now worth</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<img alt="Tata Power: Rs 100 invested is now worth" border="0" /></div>
</td>
</tr>
<tr style="height: .75pt;">
<td style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="3" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Stock price performance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="3" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Tata Power</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Index*</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">1-Yr </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-23.1%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-7.7%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">3-Yrs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-5.2%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.8%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">5-Yrs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3.2%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<span style="font-size: 8.0pt;">Returns
over 1 year are compounded annual averages * BSE Sensex </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Shareholding
(Mar-12)</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Category</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(%)</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Promoters </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31.7</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Banks, MFs and FIs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">26.5</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">FIIs </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">21.9</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Indian public </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">15.5</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Others </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.4</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Total </span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">100.0</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 401.25pt;" valign="top" width="535">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Investment Rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<b><span style="font-size: 10.0pt;">UMPP
losses no reason for despair:</span></b><span style="font-size: 10.0pt;"> Blue chip stocks are known to resist
economic downturns better than smaller peers. However, we have come across
quite a few fallen angels over the past few months. Ones that displayed
some uncertainty in fundaments especially invited investor fury. But
nothing beats the pessimism that surrounds the power sector. Execution
delays and fuel shortages were already factored into valuations. But some unforeseen
charges that eroded the bottomline in FY12, caused investors to dump most
stocks in the sector. That some of these are power sector players of repute
with assured return profile did not console investors. </span><br />
<span style="font-size: 10.0pt;">Tata
Power is one such stock that has borne the brunt of not just sector risks
but unexpected losses at the consolidated level. The 4,000 MW Mundra ultra
mega power project (UMPP) being executed by subsidiary Coastal Gujarat
Power Ltd (CGPL) incurred losses at the operating and net level in FY12.
The losses are ascribed to the tariff structure under the UMPP’s power
purchase agreement (PPA) and higher global coal prices. The tariff has an
escalation clause for fixed costs and 45% of the total fuel costs. The
project is an imported coal based plant that has a fuel supply agreement
(FSA) with Indonesia's Bumi Resources (in which Tata Power has 30% stake)
to supply 10.7 MTPA of its coal requirement. Earlier, 3.2 MTPA was to be
supplied at a fixed price. However, Indonesian laws stipulated in September
2011 that coal produced in the country will be pegged to prevailing
international prices. As per the management of Tata Power, with the revised
fuel cost, the cost of power generated at the Mundra project is likely to
be Rs 2.9 per kwh while the power purchase agreements (PPAs) have been
signed with SEBs at Rs 2.26 per kwh. This was due to nearly 40% rise in
international coal prices since the agreements were signed. </span><br />
<span style="font-size: 10.0pt;">As a
conservative measure, Tata Power has provided for a one time diminution in
the value of investment in CGPL to the tune of Rs 18 bn in FY12. Also in
order to protect CGPL's cash flows, the parent company will transfer 75% of
its equity interest in Indonesian coal companies to the subsidiary. While
some further near term losses in the Mundra project cannot be ruled out, we
believe that the worst is over for Tata Power in this regard. </span><br />
<div style="margin-bottom: 12.0pt;">
<span style="font-size: 10.0pt;">Notwithstanding the fact that Tata Power boasts of
the maximum number of long term contracts in the power sector, the company
also has sufficient upsides to its regulated returns (refer table 1). The
interesting part is that unlike its peers, Tata Power does not have a very
aggressive growth plan. With a turnaround in the UMPP business we believe
that Tata Power's consolidated return ratios will see significant upsides
in the next three years. Hence despite the possibility of some near term
hiccups (our estimates and target price have been revised accordingly), we
believe that investors have enough reasons to Hold on to a blue chip stock
like Tata Power in their portfolio from a three year perspective. </span></div>
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="6" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Table 1: Upsides in the offing</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="6" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Model</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Capacity MW </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">% of total capacity</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Type of returns</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Contract (years)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Upside</span></b></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Operational capacities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Regulated returns </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,552 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">55% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed return on equity </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY18</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PLF incentives</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Regulated tariffs (renewables)
</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">405</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed tariff +PLF </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY21 - FY29</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Savings on capex</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Captive Power Plant </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">668 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">14% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven (14-19% RoE) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY27 - FY41</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Merchant sale + saving on PPA
terms PLF incentive</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Merchant </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">140 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Market driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">N.A</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">No cap on returns</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">MOU / Bilateral </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Till FY18</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">As per PPA</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Others </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">881 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">18% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Bid driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PLF incentives</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Capacities under execution </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Projects</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Capacity </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Completed</span></b></div>
</td>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Power offtake</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Fuel linkage</span></b></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Mundra UMPP </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4,000 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">92% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Signed for 3,800 MW</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Imported coal</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Maithon </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1,050 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">95% completed </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">PPA driven </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Signed for 1,050 MW</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Coal linkaged</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Dagacchu </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">126</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Tata Power trading company</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Hydro</span></div>
</td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">Data
source: Company presentation</span><span style="font-size: 10.0pt;"> </span><br />
<b><span style="font-size: 10.0pt;">Majority
funding already arranged:</span></b><span style="font-size: 10.0pt;"> The funding for the planned capex over
the next 2 years of Rs 104 bn will take place in a debt to equity ratio of
70:30. This means that Tata Power would require Rs 33.2 bn of equity money.
While 70% of this money will come through internal accruals, the company
has already raised Rs 6 bn through an FCCB issue in FY11. This completes
its equity funding for the said capex. </span><br />
<span style="font-size: 10.0pt;">As for
the debt requirement of Rs 70.8 bn (70% of Rs 104 bn), the company has
already arranged 60% of the money through issue of hybrid securities and
perpetual debt. In short, the company has already tied up a large part of
its funding and is thus not likely to face any issue on this front. </span><br />
<b><span style="font-size: 10.0pt;">Positive
strides in related areas:</span></b><span style="font-size: 10.0pt;"> Apart from its power generation plans,
Tata Power is also progressing steadily in other related areas like power
distribution, trading, and coal mining. Its distribution business in Delhi,
North Delhi Power Limited (NDPL), where it has a 49% stake and Tata Sons
has 2% stake, was the company's first venture in retail distribution
outside Mumbai. NDPL is performing extremely well. In must be noted that at
the time of privatisation of NDPL, the target for aggregate technical and
commercial (AT&C) losses was set at 20% for FY09 (from levels of around
50% then). NDPL, under Tata Power, met the target ahead of schedule. The
AT&C losses stood at just around 14% at the end of FY12. </span><br />
<span style="font-size: 10.0pt;">Based on
this success of NDPL, Tata Power applied for parallel distribution licenses
in seven areas of MSEB (Maharashtra State Electricity Board) and also
expressed interest in taking franchises in Gujarat for power distribution.
In fact, in 2009 the Supreme Court allowed the company to supply power to
its distribution arm, which holds a license in the lucrative Mumbai circle.
Subsequent to that, the company has acquired over 1,00,000 retail customers
in Mumbai, and has been resorting to buying spot power to service this
customer base (the company is however fighting a legal battle against
Reliance Infra, which is disputing Tata Power's license to supply directly
to Mumbai consumers). Overall, the company is making positive moves towards
establishing itself as a major player in the distribution segment. This we
believe will contribute positively to its long-term growth. </span><br />
<b><span style="font-size: 10.0pt;">Secured
fuel supply:</span></b><span style="font-size: 10.0pt;">
Despite some uncertainty over fuel supply from Indonesian coal mines (where
it holds a 30% stake), Tata Power is reasonably secured as far as it's near
term coal requirements are concerned. Further, it is also looking for mines
in Australia, South Africa and South-East Asia to ensure fuel security for
future projects. Besides the equity stake in the Indonesian coal mines,
Tata Power also has stakes in two captive coal blocks in India. It has a
33% share in the 7.5 MTPA Mandakini coal block in Orissa. It plans to start
coal production from these mines during this fiscal (FY12). The company
also has a 40% stake translating into 2.3 MT in the 5.75 MT tubed coal
block in Jharkhand. Tata Power has also tied up with Tata Steel for supply
of coal to the captive power plants in Jojobera and Jamshedpur. We see
these coal assets as holding tremendous importance for Tata Power, given
the company's expansion plans. </span><br />
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 770px;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Investment Concerns</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table align="right" border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div class="yiv1139348167MsoNormal">
<img align="right" alt="Rising dependance on coal profits" border="0" height="185" width="281" /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Data source: Company presentation</span></div>
</td>
</tr>
</tbody></table>
<b><span style="font-size: 10.0pt;">Earnings
sensitive to coal supply and prices:</span></b><span style="font-size: 10.0pt;"> The Indonesian coal assets contributed
to around 35% of Tata Power's consolidated revenue and 49% of consolidated
profit (before interest and taxes) in FY12. This share increased from 33%
and 44% respectively in FY11. The rise in coal prices in FY11 and FY12
boosted the contribution of the coal business to overall profitability and
even shielded the margin pressures in the power business. Tata Power's
overall profitability would have been in danger but for the buoyancy in
coal business' margins. A high dependence on this business therefore makes
the company's overall business sensitive to changes in coal prices, which
have been very volatile over the past few years. While the coal prices for
the Indonesian mines fell from US$ 78 per tonne in FY09 to US$ 60 in FY10,
they again went up to as much as US$ 110 a tonne in FY12. This volatility
in coal prices is of concern to us. </span><br />
<span style="font-size: 10.0pt;">Further
recent reports suggest that the Indonesian government may be looking to ban
the exports of low-grade thermal coal by 2014. This move, if undertaken,
could aggravate the coal supply shortfall in India. </span><br />
<b><span style="font-size: 10.0pt;">Debt
rating downgrade possible:</span></b><span style="font-size: 10.0pt;"> International rating agency Moody's has
recently threatened to downgrade Tata Power's corporate debt rating,
primarily due to breaches in debt service coverage ratio related to the
company's Mundra UMPP. The rating action, though not indicating payment
default, could impact Tata Power's financial profile. However, changes to
Mundra's tariff structure and transfer of 75% equity stake in the
Indonesian coal mines to CGPL could thwart the rating downgrade risk. </span><br />
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
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<b><span style="font-size: 10.0pt;">Background</span></b></div>
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<img align="right" alt="Tata Powers generation capacity" border="0" height="185" width="281" /></div>
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<span style="font-size: 7.5pt;">Data source: Company presentation</span></div>
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<span style="font-size: 10.0pt;">Tata
Power is the largest private player in the power sector with a generation
capacity of around 5,000 MW, which is around 20% of the total power
generation capacity of the private sector in India. The Mumbai region constitutes
around 85% of the company's power supply business. Apart from power
generation, the company also has interest in areas like transmission and
distribution, power trading, and coal mining. During the period between
FY06 and FY12, Tata Power's consolidated sales and generation capacity grew
at average annual rates of 29% and 12% respectively. </span><br />
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<b><span style="font-size: 10.0pt;">Key management personnel</span></b></div>
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<b><span style="font-size: 10.0pt;">Mr.
Ratan Tata, Chairman,</span></b><span style="font-size: 10.0pt;"> has been on the board of Tata Power since 1989. Mr
Tata holds a B.Sc. (Architecture) degree with Structural Engineering from
Cornell University, USA and has completed the Advanced Management Programme
at Harvard University, USA. </span><br />
<b><span style="font-size: 10.0pt;">Mr
Cyrus Mistry, Deputy Chairman,</span></b><span style="font-size: 10.0pt;"> joined the Board of Tata Sons in 2006
and was appointed Deputy Chairman in November 2011. He is a graduate of
Civil Engineering from Imperial College, UK and has a M.Sc. in Management
from London Business School. Prior to becoming deputy chairman of Tata
group, he was the Managing Director of Shapoorji Pallonji Group since 1994.
</span><br />
<b><span style="font-size: 10.0pt;">Mr. S
Ramakrishnan is the Director (Finance)</span></b><span style="font-size: 10.0pt;"> of Tata Power since 2004. He
graduated with a degree in mechanical engineering and has a post graduate
degree in business management from IIM Ahmadabad. He served as Managing
Director of Tata Teleservices Ltd at Tata Sons Limited since October 1999.
He has been associated with the Tata Group for more than 30 years </span><br />
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<b><span style="font-size: 10.0pt;">Industry
prospects</span></b></div>
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<span style="font-size: 10.0pt;">The
Indian power sector has been characterised by peak power shortages, with
demand of electricity exceeding supply by nearly 15% in terms of
requirements. While the government had envisaged setting up around 62,000
MW (revised lower from 78,000 MW) of generation capacity during the
eleventh five-year plan (2007-12), the actual implementation was around
55,000 MW. The capacity addition target for twelfth five-year plan
(2012-17) is about 76,000 MW. </span><br />
<span style="font-size: 10.0pt;">If the
government intends to increase installed power generation capacity, it
must also facilitate an expansion of the transmission network and inter-regional
capacity to transmit power. Inter-regional transmission networks are
required because power generation sources are unevenly distributed in
India, and power needs to be carried over large distances from areas
where power is generated to areas where load centers and demand exist. </span><br />
<span style="font-size: 10.0pt;">With
the strengthening of inter-regional connections during the Eleventh Plan,
the inter-regional capacity has been enhanced from 13,700 MW to 37,150
MW. This shall facilitate transfer of power from surplus regions to deficit
region. </span><br />
<span style="font-size: 10.0pt;">However,
the shortage of coal supplies (necessary fuel for power generators) is
predicted to double to around 242 m tonnes (MT) in the five years to
2017. In response to this, a top government advisory body has proposed
that the government should allow private firms to mine coal to plug
supply shortages. At present, India does not permit commercial mining of
coal by private firms. However, it allows power producers to access
'captive blocks' for their fuel needs. The country has 267 bn tonnes of
coal reserves, of which 40% of these have been proven. But social and
environmental issues have slowed down the pace of production. </span><br />
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<b><span style="font-size: 10.0pt;">Risk Analysis</span></b></div>
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<b><span style="font-size: 10.0pt;">Sector:</span></b><span style="font-size: 10.0pt;"> Despite
being the focal point of investments during consecutive 5 year plans, the
power sector in India has had an appalling track record in terms of
execution. Corporatisation of SEBs and linking profitability to the
state government's plan outlay are likely to give some sort of fiscal
strength to the key sector participants in the long run. We are
enthused by the direction as opposed to the pace of progress, as this
can be unpredictable. We are also wary of some short term concerns like
shortage of coal supplies, poor health of state electricity boards
(SEBs) and non revision of tariffs that are rendering projects
unviable. </span><br />
<span style="font-size: 10.0pt;">As
per the Power Ministry's latest reports, coal shortages will force the
newly commissioned power plants to operate at just 40% capacity.
Important to note that power plants otherwise operate with a capacity
utilization of 90%. During the 11th 5-year plan, just 89% of the
targeted capacities were put up. But with the coal crisis mounting in
the coming fiscals, the 12th 5-year plan (2012-17) power capacity
additions may also be impacted. We assign a 'medium' risk rating to the
sector. </span><br />
<b><span style="font-size: 10.0pt;">Company
standing:</span></b><span style="font-size: 10.0pt;">
Tata Power is India's largest private sector power generator and has
been more regular in expanding capacities than its peers. We assign a
‘strong' rating to the company on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Sales:</span></b><span style="font-size: 10.0pt;"> Tata Power
generated average revenues to the tune of nearly US$ 3.3 bn per annum
in the past five years. In the latest completed fiscal (FY12), the
company generated consolidated net revenue of US$ 4.7 bn. Based on our
parameters, we assign a low-risk rating of 9 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Operating
margin:</span></b><span style="font-size: 10.0pt;">
Operating margin is a measurement of what proportion of a company's
revenue is left over after paying for variable costs of production such
as raw materials, wages, sales, marketing and administrative costs. A
healthy operating margin is required for a company to be able to pay
for its fixed costs, such as interest on debt. The higher the margin,
the better it is for the company as it indicates its operating
efficiency. Tata Power's average operating margins for the past five
years has been around 22%. We assign a medium-risk rating of 6 to the
stock on this factor. </span><br />
<b><span style="font-size: 10.0pt;">Long
term EPS growth:</span></b><span style="font-size: 10.0pt;"> Tata Power grew its consolidated net profits at
an average annual rate of 31% between FY06 to FY11. As we mentioned
earlier the consolidated profits of FY12 were hurt by the losses of
CGPL and a one time write off of investment in the subsidiary. However,
we do not expect any additional write-offs going forward. As such, the
rating assigned to the stock on this factor is 5. </span><br />
<b><span style="font-size: 10.0pt;">Return
on capital invested (ROIC):</span></b><span style="font-size: 10.0pt;"> ROIC is an important tool to assess
a company's potential to be a quality investment by determining how
well the management is able to allocate capital into its operations for
future growth. A ROIC of above 15% is considered decent for companies that
are in a growth and expansion phase. Tata Power has earned an average
ROIC of almost 11% over the past five years. The rating assigned on
this parameter is 3. </span><br />
<b><span style="font-size: 10.0pt;">Dividend
payout:</span></b><span style="font-size: 10.0pt;">
A stable dividend history inspires confidence in the management's
intentions of rewarding shareholders. Tata Power's average payout ratio
has been a healthy 18% over the past five years. Thus, we have assigned
a medium-risk rating of 5. </span><br />
<b><span style="font-size: 10.0pt;">Promoter
holding:</span></b><span style="font-size: 10.0pt;">
A larger share of promoter holding indicates the confidence of the
people who run it. We believe that a greater than 40% promoter holding
indicates safety for retail investors. At the end of March 2012, the
promoter holding in Tata Power stood at 31.7%. We have assigned a
medium-risk rating of 5 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">FII
holding:</span></b><span style="font-size: 10.0pt;">
We believe that FII holding of greater than 25% can lead to high
volatility in the stock price. The FII holding in Tata Power at the end
of March 2012 stood at 21.9%. The rating assigned is 5. </span><br />
<b><span style="font-size: 10.0pt;">Liquidity:</span></b><span style="font-size: 10.0pt;"> The average
daily trading volumes of Tata Power's stock over the past 52-weeks
stand at around 4.1 m shares (combined volumes of BSE and NSE). These
are adequate and offer ample liquidity levels for a large cap stock.
The rating assigned is 9. </span><br />
<b><span style="font-size: 10.0pt;">Current
ratio:</span></b><span style="font-size: 10.0pt;">
Tata Power's average current ratio during the period FY07 to FY12 has
been 1.3 times. This indicates that the company is comfortably placed
to pay off its short-term obligations, which gives comfort to its
lenders. We assign a medium-risk rating of 4. </span><br />
<b><span style="font-size: 10.0pt;">Debt
to equity ratio:</span></b><span style="font-size: 10.0pt;"> A highly leveraged business is the first to get
hit during times of economic downturn, as companies have to
consistently pay interest costs, despite lower profitability.
Especially for power sector companies, who generally fund capex through
70:30 ratio of debt to equity, any deviation in execution can cost
heavy. Considering the company's average debt to equity ratio of 1.7
over the past five fiscals (2.2 times in FY12), we have assigned a
high-risk rating of 3 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Interest
coverage ratio (PBIT/Interest payment):</span></b><span style="font-size: 10.0pt;"> It is used
to determine how comfortably a company is placed in terms of payment of
interest on outstanding debt. The interest coverage ratio is calculated
by dividing a company's earnings before interest and taxes (EBIT) by
its interest expense for a given period. The lower the ratio, the
greater are the risks. Given Tata Power's average interest coverage
ratio of 4.7 times over the past five years, the rating assigned is 5. </span><br />
<b><span style="font-size: 10.0pt;">EV
/ EBIDTA Ratio:</span></b><span style="font-size: 10.0pt;"> The enterprise value to operating margin
(EBIDTA) multiple of a stock is a measure of cash return on investment.
This multiple can be used to value companies with high levels of debt
and therefore appropriate for valuing power utilities. This is one of
the important metrics to judge the attractiveness of a stock, and thus
gets the highest weightage in our risk matrix. Tata Power's FY12
EV/EBIDTA stands at 6.4 times. As such, we have assigned a rating of 6
to the stock on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Considering
the above analysis, the total ranking assigned to the company is 65
that, on a weighted basis, stands at 5.4. This makes the stock a
medium-risk investment from a long-term perspective. </span></b><span style="font-size: 10.0pt;"></span><br />
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<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Risk Matrix</span></b></div>
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<br /></div>
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<br /></div>
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<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating accorded</span></b></div>
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<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Rating</span></b></div>
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<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weightage* (A)</span></b></div>
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<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating# (B)</span></b></div>
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<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weighted (A*B)</span></b></div>
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<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Sector risk </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">- </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Medium </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
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<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Company's standing </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">- </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Strong </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
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<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Performance parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
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<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Revenue growth (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
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<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating margin (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
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<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Long term EPS growth (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
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<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
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<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Return in invested capital
(%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
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<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Technical parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
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<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
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<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Dividend payout (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Promoter holding (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">FII holding (%) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Liquidity (52 weeks) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.9</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Safety parameters </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.2</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Debt to equity ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Interest coverage ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings ratio (x) </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Final Rating** </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">65 </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv1139348167MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">5.4</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">#
Rating has been assigned on the basis of the company's performance over
the past five years and expected performance over the next 3 to 5 years.
Rating is on a scale of 1 to 10, with 1 indicating highest risk and 10
indicating lowest risk. * 'Weightage' indicates the relative importance
in percentage terms of the parameter. For instance, for an investor,
given all the performance metrics, return on equity should be the
foremost criteria for buying/not buying stocks. ** The final rating has
been arrived at by multiplying the rating/points given on each parameter
with the respective weightage.</span><span style="font-size: 10.0pt;"> </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Valuation rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table border="0" cellpadding="0" class="yiv1139348167MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" valign="top" width="50%">
<span style="font-size: 10.0pt;">Notwithstanding
the fact that Tata Power boasts of the maximum number of long term
contracts in the power sector, the company also has sufficient
upsides to its regulated returns. Also, unlike its peers, Tata Power
does not have a very aggressive growth plan. Hence its capacity
execution record is likely to be better. With a turnaround in the
UMPP business we believe that Tata Power's consolidated return ratios
will see significant upsides in the next three years. Hence despite
the possibility of some near term hiccups (our estimates and target
price have been revised accordingly), we believe that investors have
enough reasons to <b>Hold</b> on to a blue chip stock like Tata Power
in their portfolio from a three year perspective. </span><br />
<span style="font-size: 10.0pt;">Also,<b><span style="color: blue;">
if an investor would like to 'Buy' this stock at the current levels,
then with the target price of Rs 140</span></b>, the upside is about 33% point
to point (11% on an average annual basis). Investors could take the
investment decision based on this premise. </span><br />
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 7.5pt;" valign="top" width="10"><br /></td>
<td style="padding: .75pt .75pt .75pt .75pt;" valign="top">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Valuations</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="5" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">(Rs
m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12UA </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Total Revenues (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">292,356 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">342,853 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">360,323 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net Profit (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(10,874)</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19,753 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">30,644 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">33,693 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fully diluted EPS (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(4.4) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.6 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Book value (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">46.1 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">52.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">62.8 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">76.9 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">N.A</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.1 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">7.7 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to book value (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.4</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Price to sales (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.0</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 10.0pt;">Financials at a glance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<table border="0" cellpadding="0" cellspacing="1" class="yiv1139348167MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">(Rs m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12UA </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E </span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="5" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net Sales </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">292,356 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">342,853 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">360,323 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Sales growth (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">33.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">17.3%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">5.1%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating profit </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">64,264 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">56,980 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">71,055 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">71,036 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Operating margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">24.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.5%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20.7%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.7%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Net profit </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(10,874)</span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">19,753 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">30,644 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">33,693 </span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Net profit margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-4.2%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">6.8%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.9%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4%</span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">No of shares (m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,373.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">2,469.4 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Diluted earnings per share
(Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">(4.4)</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.6 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Balance Sheet </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Fixed Assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">289,477 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">355,418 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">343,448 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">364,020 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">181,561 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">137,096 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">180,743 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">182,094 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Investments </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,831 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31,322 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">32,888 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">34,533 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Deferred Tax Assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">68 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Total assets </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">500,936 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">523,904 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">557,147 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">580,715 </span></b></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv1139348167MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Networth </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">109,276 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">124,023 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">149,105 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">189,835 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Loan funds </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">245,009 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">229,446 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">215,744 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">188,087 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Current liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">117,450 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">141,225 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">163,079 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">173,572 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<span style="font-size: 9.0pt;">Other liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,201 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,211 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,220 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">29,220 </span></div>
</td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv1139348167MsoNormal">
<b><span style="font-size: 9.0pt;">Total Liabilities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">500,936 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">523,904 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">557,147 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv1139348167MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">580,715 </span></b></div>
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
<div class="yiv1139348167MsoNormal">
</div>
-- <br />
Invest in GOLD the smart way!! With GOLD ETF, you can Save on Premium
& Making charges, Easy to Buy & Sell, Avoid the risk of Theft
& save on Locker Charges!!buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-44938425184037591602012-07-23T20:50:00.000+05:302012-07-23T20:53:45.160+05:30Mulit Bagger - Granules India 24-07-2012<div>
<span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;"><span style="background-color: #eaedec; color: #333333; display: inline; float: none; font-family: Arial; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span class="yiv1339238761Apple-converted-space"></span></span><b style="background-color: #eaedec; color: #333333; font-family: Arial; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; margin: 0px; orphans: 2; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"></b></span></span></span></div>
<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE3GuDMalBAEG27isabn80JLFHPEcvuQZP0IYmCZPpK66C2hE_d6hEFEcNGYVmlY5MR_Y0Kb0MokLDMa8yBRClZK_7ugpJXBykf5qRy0XFJ28rgkrzEJrCe7HF7KH-7NtBuKX1yjpCZkc/s1600/Infrastructure_ECC_gagillapur.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="57" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE3GuDMalBAEG27isabn80JLFHPEcvuQZP0IYmCZPpK66C2hE_d6hEFEcNGYVmlY5MR_Y0Kb0MokLDMa8yBRClZK_7ugpJXBykf5qRy0XFJ28rgkrzEJrCe7HF7KH-7NtBuKX1yjpCZkc/s200/Infrastructure_ECC_gagillapur.jpg" width="200" /></a> <span style="font-size: small;"><b style="color: #444444;">NSE ID :GRANULES</b></span></div>
<div style="text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: small;">Granules
India is among the leading global manufacturer of high volume APIs
including Paracetamol, Ibuprofen, Metformin and Guaifenesin.
Additionally, Granules pioneered the concept of commercialising PFIs and
is the world's largest PFI facility.</span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOedZThkfcGRRkOzD8pV3F13_p-jBvwhiZkIHgdax22WbdbNp1iin7QjvP7ZxaXFaCJEJFMjwYdRSST1QwiqJNuh8rVP2nauCAvmFhkbeshbkzELoGhbiY230aP_qMvWdn0vzL0xJ4dYI/s1600/1024px-Granules_India_logo.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="118" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOedZThkfcGRRkOzD8pV3F13_p-jBvwhiZkIHgdax22WbdbNp1iin7QjvP7ZxaXFaCJEJFMjwYdRSST1QwiqJNuh8rVP2nauCAvmFhkbeshbkzELoGhbiY230aP_qMvWdn0vzL0xJ4dYI/s200/1024px-Granules_India_logo.JPG" width="200" /></a></div>
<div>
</div>
<div style="text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: small;">The Indian
pharmaceutical industry grew at a CAGR of 14% in the five years leading
to FY12; Granules revenues grew at a 28% CAGR during the period. GIL
continued to strengthen its position in the rapidly growing market and
is aiming at achieving productivity gains, growth in volumes, sustained
margins and neutralising cost increases.</span></div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: small;">The company
has registered smart numbers for the quarter ending March 2012. The
revenue from operations has increased by 56.89% at Rs 188.09 crore for
quarter under review as compared to Rs 119.89 crore for the quarter
ended March 31, 2011 translating in operating profit of Rs.25.82 crore;
up by 46.37% y-oy. A comparatively tremendous net profit growth of
85.71% to Rs. 16.38 was reported for the Q4FY12 compared to Rs.8.82
crore of same quarter previous year. Growth in revenue and profits was
driven by higher growth in the finished dosage segment. EPS almost
doubled at Rs.8.15 y-o-y.</span></div>
<span style="font-size: small;"><br /></span><br />
<div style="text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: small;">GIL offers
all three components of the pharmaceutical value chain which gives the
customers flexibility and choice. It manufactures PFIs (strategically
backward integrated through the in-house manufacture of APIs) to
finished dosages (tablets in bulk).</span></div>
<div style="text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: small;"><b>Valuation</b></span></div>
<div style="text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: small;">With
efficient manufacturing value chain, increasing utilization, complete
vertical integration and capacity expansion GIL's revenue visibility
looks strong. We believe GIL is trading at an attractive valuation at
7.17x and 5.2x of FY13EPS of Rs.20.82 and FY14EPS of Rs.28.73. <b><span style="color: blue;">We
initiate a BUY on the stock with a target price of Rs.200 (appreciation
of about 34%) with the short to medium term investment horizon.</span></b></span></div>
<div style="text-align: justify;">
<br /></div>
<h4 style="text-align: center;">
<span style="color: black; font-family: verdana,sans-serif; font-size: small;"><b><span style="color: blue;"><span style="font-family: "Helvetica Neue",Arial,Helvetica,sans-serif;"><span style="color: #741b47;">MY FACE BOOK ID : <a href="https://www.facebook.com/buzibiz">https://www.facebook.com/buzibiz</a></span></span></span></b></span></h4>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-83038987521821310912012-07-22T21:24:00.001+05:302012-07-22T21:24:45.435+05:30Indian Markets To Remain Weak 23-7-12<div class="yiv469738164MsoNormal" style="text-align: justify;">
<span style="line-height: 115%;"><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Indian
markets declined for the second week running, as investors digested a spate of
corporate earnings even as they wait for the Government to introduce important
reforms. The results were pretty mixed. Except for Infosys, there hasn’t been
any major negative surprise so far. The persistent deficit in the southwest
monsoon rainfall is the biggest overhang for the Indian market apart from lack
of progress on reforms. </span></span></div>
<div style="text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Sticky
inflation and widening twin deficits are among the other negatives for the
Indian economy. FII flows have stayed positive this month on hope that the UPA
will initiate a few key reforms before the start of the monsoon session of
parliament on August 8. Markets will be disappointed if the expected reforms do
not come through. </span></div>
<div class="yiv469738164MsoNormal" style="text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv469738164MsoNormalTable" style="background-color: #cccccc; border: 1pt solid rgb(233, 232, 230); width: 594px;">
<thead>
<tr>
<td colspan="4" style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Benchmark Indices</span></b></div>
</td>
</tr>
<tr>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Index</span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">13-Jul-12</span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">20-Jul-12</span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">% Change</span></b></div>
</td>
</tr>
</thead>
<tbody>
<tr>
<td nowrap="nowrap" style="background-color: white; border-style: none; padding: 3pt 2.25pt; width: 182.1pt;" valign="bottom" width="243">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Sensex</span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-style: none; padding: 3pt 2.25pt; width: 84.4pt;" valign="bottom" width="113">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">17,214</span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-style: none; padding: 3pt 2.25pt; width: 84.4pt;" valign="bottom" width="113">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">17,158.44</span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-style: none; padding: 3pt 2.25pt; width: 94.6pt;" valign="bottom" width="126">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">-0.32</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-style: none; padding: 3pt 2.25pt; width: 182.1pt;" valign="bottom" width="243">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Nifty</span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-style: none; padding: 3pt 2.25pt; width: 84.4pt;" valign="bottom" width="113">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">5,227</span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-style: none; padding: 3pt 2.25pt; width: 84.4pt;" valign="bottom" width="113">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">5,205.1</span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-style: none; padding: 3pt 2.25pt; width: 94.6pt;" valign="bottom" width="126">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">-0.42</span></div>
</td>
</tr>
</tbody></table>
<div style="text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;"><br />
<br />
<span style="background: white;">Also, the crude oil prices have again inched
back to USD 100 levels and the government is thinking of a diesel price hike.
Both these prices play a major role in the inflation index. This is a cause for
worry and the RBI would not like to change its current stance of keeping the
rate high. On Thursday the market awaited the presidential election event
with highest probability of Pranab Mukherjee becoming the next president of the
country and the prime minister taking the responsibility of the finance ministry.
The markets are hoping for some major reforms from the finance ministry to be
announced in the coming days so that the economy will be back on the growth
track.</span><br />
<br />
Global
equities have held up quite well lately as central banks have swung into action
to boost economic growth. Expectations of further monetary stimulus from the US
and Chinese central banks also remain in place amid mixed economic statistics.
One problematic area is the resurgence in commodity prices, especially that of
crude oil.</span></div>
<div class="yiv469738164MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;"><span style="background-color: white;">Among the individual stocks, Cadila
Healthcare was the biggest index gainer, up by 12.31 per cent to Rs 880 post
the news that the company had received a clean bill of health from the US Food
and Drug Administration. The stock exchanges were informed that the USFDA had
found its facilities at Moraiya to be “acceptable”. TTK Prestige this week was
the second-highest gainer in the BSE ‘A’ group category, up by 8 per cent to Rs
3,563. This was mainly on account of good results for the June quarter.</span><br />
<br />
<span style="background: white;">On the other hand, there were losers too, among
which Adani Enterprise and Adani Power closed the week lower by 12.03 per cent
and 9 per cent respectively while companies like Union Bank of India, United
Breweries, Jaypee Infra, etc closed down with losses in the range of 7.11 per
cent to 8.92 per cent.</span><br />
<br />
<br />
</span></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv469738164MsoNormalTable" style="background-color: #cccccc; border: 1pt solid rgb(233, 232, 230); width: 594px;">
<thead>
<tr>
<td colspan="3" style="background: #E2E2E2; padding: 3.75pt 2.25pt 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Key Global Indicators</span></b></div>
</td>
</tr>
<tr>
<td style="background: #E2E2E2; padding: 3.75pt 2.25pt 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Index</span></b></div>
</td>
<td style="background: #E2E2E2; padding: 3.75pt 2.25pt 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">13-Jul-12</span></b></div>
</td>
<td style="background: #E2E2E2; padding: 3.75pt 2.25pt 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">20-Jul-12</span></b></div>
</td>
</tr>
</thead>
<tbody>
<tr>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 84.0pt;" valign="top" width="112">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Gold</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 45.0pt;" valign="top" width="60">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">29,246</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 45.0pt;" valign="top" width="60">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">29,232</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 84.0pt;" valign="top" width="112">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Silver</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 45.0pt;" valign="top" width="60">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">53,033</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 45.0pt;" valign="top" width="60">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">53</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 84.0pt;" valign="top" width="112">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Crude Oil (Brent)</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 45.0pt;" valign="top" width="60">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">101.99</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 45.0pt;" valign="top" width="60">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">106.89</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 84.0pt;" valign="top" width="112">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Crude Oil (Nymex)</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 45.0pt;" valign="top" width="60">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">86.71</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 45.0pt;" valign="top" width="60">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">91.92</span></div>
</td>
</tr>
</tbody></table>
<div class="yiv469738164MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv469738164MsoNormalTable" style="background-color: #cccccc; border: 1pt solid rgb(233, 232, 230); width: 594px;">
<thead>
<tr>
<td colspan="3" style="background: #E2E2E2; padding: 3.75pt 2.25pt 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Currency Rate</span></b></div>
</td>
</tr>
<tr>
<td style="background: #E2E2E2; padding: 3.75pt 2.25pt 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Index</span></b></div>
</td>
<td style="background: #E2E2E2; padding: 3.75pt 2.25pt 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">13-Jul-12</span></b></div>
</td>
<td style="background: #E2E2E2; padding: 3.75pt 2.25pt 3.75pt 2.25pt;" valign="bottom">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">20-Jul-12</span></b></div>
</td>
</tr>
</thead>
<tbody>
<tr>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 1.0in;" valign="top" width="96">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">USD</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 51.0pt;" valign="top" width="68">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">55.38</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 51.0pt;" valign="top" width="68">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">55.15</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 1.0in;" valign="top" width="96">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">EURO</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 51.0pt;" valign="top" width="68">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">67.58</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 51.0pt;" valign="top" width="68">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">67.60</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 1.0in;" valign="top" width="96">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">GBP</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 51.0pt;" valign="top" width="68">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">85.48</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 51.0pt;" valign="top" width="68">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">86.57</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 1.0in;" valign="top" width="96">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">JYP (per 100)</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 51.0pt;" valign="top" width="68">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">69.39</span></div>
</td>
<td nowrap="nowrap" style="background: white; padding: 3.0pt 2.25pt 3.0pt 2.25pt; width: 51.0pt;" valign="top" width="68">
<div class="yiv469738164MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">70.22</span></div>
</td>
</tr>
</tbody></table>
<div class="yiv469738164MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="yiv469738164MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="yiv469738164MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;"><span style="background-color: white;">For the next week one may watch out for
stocks like Colgate, Dabur India, Geometric, HUL, L&T, Tata Global, Jindal
Steel, Sesa Goa, Ashok Leyland, etc which are going to announce their June
quarter results. One may see volatility in the share prices of the above stocks
on the back of their performances.</span><br />
<br />
<span style="background: white;">In conclusion, we expect the markets to remain
volatile for the next week as there are no major triggers in the offing. The
June quarter earnings so far have remained muted while the global markets are
trading nervously on the back of slowdown in growth. On the Indian front, a ray
of hope is that of the prime minister announcing some reforms. </span></span></div>
buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-25896314974977124952012-06-23T20:10:00.001+05:302012-06-23T20:10:42.633+05:30Weekly Beeps - Markets Ends Flat, Rupee hits another Record Low 23-6-12<span style="font-size: x-small;"><span id="yui_3_2_0_1_13404619014892324" style="font-family: 'sans-serif';"><span id="yui_3_2_0_1_13404619014892323" style="font-family: Verdana;"><span id="yui_3_2_0_1_13404619014892322" style="color: black;">The Indian markets were lacklustre this week as
there were no major triggers. The most-awaited mid quarter review of monetary
policy has completely disappointed the investors. The markets were discounting
the 25 bps repo rate cut during the last week and the case of the rate cut was
built upon lower growth in industrial output and slowdown in the economy.
Analysts, bankers and experts were seen admitting that lower growth in the
country needed a boost through a repo rate cut by the RBI. The markets after the
RBI’s stance of not resorting to the cut have fallen and the week remained
volatile. </span></span></span></span><br />
<span style="font-size: x-small;"><span id="yui_3_2_0_1_13404619014892324" style="font-family: 'sans-serif';"></span></span><br />
<div class="yiv1163817682MsoNormal" id="yui_3_2_0_1_13404619014892325" style="background: none repeat scroll 0% 0% white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1163817682MsoNormalTable" style="background: none repeat scroll 0% 0% rgb(204, 204, 204); border-color: rgb(233, 232, 230); border-style: solid; border-width: 1pt; width: 594px;">
<thead>
<tr>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Benchmark Indices</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
</td></tr>
<tr>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Index</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">15-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">22-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">% Change</span></span></b></div>
</td></tr>
</thead>
<tbody>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">SENSEX</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">16949.83</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">16972.51</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">0.13%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">NIFTY</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">5139.05</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">5146.05</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">0.14%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Hang Seng</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">19234</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">18995.13</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-1.24%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Nikkei</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">8569</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">8798.35</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">2.68%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Shanghai</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">2416</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">2260.88</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-6.42%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Dow Jones*</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">12652</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">12,574</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-0.62%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">S&P 500*</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">1329</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">1326</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-0.23%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">NASDAQ*</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">2836</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">2859</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">0.81%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">FTSE*</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">5467</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">5,566</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">1.81%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">DAX*</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">6139</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">6343</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">3.32%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 172.7pt;" valign="bottom" width="230">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">CAC*</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">3033</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 91.85pt;" valign="bottom" width="122">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">3114</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 89.1pt;" valign="bottom" width="119">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">3%</span></span></div>
</td></tr>
<tr>
<td colspan="4" nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 445.5pt;" valign="bottom" width="594">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">*Closing values as of
Thursday</span></span></div>
</td></tr>
</tbody></table>
<div class="yiv1163817682MsoNormal" style="background: white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<br /></div>
<div class="yiv1163817682MsoNormal" style="background: none repeat scroll 0% 0% white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: 'sans-serif';"><span style="color: black;">The rupee during the week touched a record low amidst the negative
news flow. The rupee on Thursday closed on 56.57 against the USD. Today the
rupee breached Rs 57 per dollar mark, and was seen touching 57.30 against the
dollar making the day to be recorded in the history books. The analysts are now
expecting the rupee to move towards 58 per USD in the next few months. The RBI
has ordered the oil companies to buy the half needed dollars from PSU banks in
order to arrest the free fall of the national
currency. </span></span></span></div>
<div style="text-align: center;">
<table border="1" cellpadding="0" cellspacing="0" class="yiv1163817682MsoNormalTable" style="background: none repeat scroll 0% 0% rgb(204, 204, 204); border-color: rgb(233, 232, 230); border-style: solid; border-width: 1pt; width: 594px;">
<thead>
<tr>
<td colspan="4" style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Currency Rate</span></span></b></div>
</td></tr>
<tr>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Index</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">15-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">22-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">% Change</span></span></b></div>
</td></tr>
</thead>
<tbody>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 1.25in;" valign="bottom" width="120">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">USD</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 69pt;" valign="bottom" width="92">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">55.763</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 69pt;" valign="bottom" width="92">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">57.11</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 68.25pt;" valign="bottom" width="91">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">2%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 1.25in;" valign="bottom" width="120">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">EURO</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 69pt;" valign="bottom" width="92">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">70.4411</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 69pt;" valign="bottom" width="92">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">71.72</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 68.25pt;" valign="bottom" width="91">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">2%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 1.25in;" valign="bottom" width="120">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">GBP</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 69pt;" valign="bottom" width="92">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">86.6892</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 69pt;" valign="bottom" width="92">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">89.11</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 68.25pt;" valign="bottom" width="91">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">3%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 1.25in;" valign="bottom" width="120">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">JYP (per 100)</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 69pt;" valign="bottom" width="92">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">70.69</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 69pt;" valign="bottom" width="92">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">71.1</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 68.25pt;" valign="bottom" width="91">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">1%</span></span></div>
</td></tr>
</tbody></table>
</div>
<div class="yiv1163817682MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: left;">
<span style="color: black;"><span style="background: white; font-family: 'sans-serif'; font-size: 10pt;"> </span><span style="font-family: 'sans-serif'; font-size: 10pt;"></span></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1163817682MsoNormalTable" style="background: none repeat scroll 0% 0% rgb(204, 204, 204); border-color: rgb(233, 232, 230); border-style: solid; border-width: 1pt; width: 594px;">
<thead>
<tr>
<td colspan="4" style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Key Global Indicators</span></span></b></div>
</td></tr>
<tr>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Index</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">15-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">22-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">% Change</span></span></b></div>
</td></tr>
</thead>
<tbody>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 112.5pt;" valign="bottom" width="150">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Gold</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 61.5pt;" valign="bottom" width="82">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">30,129</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 62.25pt;" valign="bottom" width="83">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">29,938.00</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 60.75pt;" valign="bottom" width="81">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-1%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 112.5pt;" valign="bottom" width="150">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Silver</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 61.5pt;" valign="bottom" width="82">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">54,599</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 62.25pt;" valign="bottom" width="83">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">52,970.00</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 60.75pt;" valign="bottom" width="81">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-3%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 112.5pt;" valign="bottom" width="150">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Crude Oil (Brent)</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 61.5pt;" valign="bottom" width="82">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">97.63</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 62.25pt;" valign="bottom" width="83">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">90.22</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 60.75pt;" valign="bottom" width="81">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-8%</span></span></div>
</td></tr>
<tr>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 112.5pt;" valign="bottom" width="150">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Crude Oil (Nymex)</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 61.5pt;" valign="bottom" width="82">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">84.69</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 62.25pt;" valign="bottom" width="83">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">78.71</span></span></div>
</td>
<td nowrap="nowrap" style="background-color: white; border-color: rgb(0, 0, 0); padding: 3pt 2.25pt; width: 60.75pt;" valign="bottom" width="81">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-7%</span></span></div>
</td></tr>
</tbody></table>
<div class="yiv1163817682MsoNormal" style="background: white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"></span> </div>
<div class="yiv1163817682MsoNormal" style="background: none repeat scroll 0% 0% white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: 'sans-serif';"><span style="color: black;">In the global markets, the election in Greece turned out to be in
favour of the markets as the democracy party got a majority of the votes and
were hopeful of forming a coalition party in favour of the integrity of the
European Union. However, the focus shifted to Spain which was ailing on the back
of the rising bond yields that will have an impact on its borrowing cost.
Meanwhile, the Fed went against the market expectation of a stimulus package.
However, it has not decided to restrict itself to ‘operation twist’ which
implies exchanging short-term securities for longer-term ones in order to bring
down the long-term interest rates and make it easier to borrow
money.</span></span></span></div>
<div class="yiv1163817682MsoNormal" style="background: none repeat scroll 0% 0% white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: 'sans-serif';"><span style="color: black;">The indices shown mixed trends on the back of the positive news on
Greece election. Nikkei, FTSE, DAX and CAC have shown the gains between 1.8-3%
in this week. US stocks remained mixed with NASDAQ gaining marginally and Dow
Jones and S&P declining marginally. Shanghai market lost heavily by
6%.</span></span></span></div>
<div class="yiv1163817682MsoNormal" style="background: none repeat scroll 0% 0% white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: 'sans-serif';"><span style="color: black;">Meanwhile, investment banker JP Morgan has upgraded the Indian
equities to overweight from neutral on account of the fall in the crude oil
prices. The bank is overweight on private banks, IT services and healthcare but
is underweight on consumer discretionary, energy and materials. The banking
stocks after the RBI’s stance have come under pressure. The realty and auto
stocks were under pressure too during the week. Adding fuel to the fire was the
event of credit rating agency Moody downgrading eight financial institutions,
including banks like SBI, BOB, etc. The credit rating agency has also lowered
the outlook for India from stable to negative.</span></span></span></div>
<div class="yiv1163817682MsoNormal" style="background: none repeat scroll 0% 0% white; line-height: 16.5pt; margin: 0in 0in 10pt;">
<span style="font-size: small;"><span style="font-family: 'sans-serif';"><span style="color: black;">Back home, pharma and capital goods indices were top gainer
indices. IT, Teck, Metal and bankex were in the
red.</span></span></span></div>
<div class="yiv1163817682MsoNormal" style="background: none repeat scroll 0% 0% white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: 'sans-serif';"><br /><span style="color: black;">The shares of Reliance Communication were under pressure as the
Canadian equity research company Veritas said that the company is entering a
‘maximum uncertainty’ phase. The research firm has also doubted its book value
and has alleged that the company has made a loss of Rs 1,529 crore instead of
the reported profit of Rs 882 crore in FY12.</span></span></span></div>
<div class="yiv1163817682MsoNormal" style="background: none repeat scroll 0% 0% white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: 'sans-serif';"><span style="color: black;">The cement stocks displayed high volatility in the week mainly due
to uncertainty over the cartelization of the cement prices. The CCI order came
in on Thursday evening directing 11 cement firms to pay 50 per cent of their
FY10 and FY11 profits. This amounts to a whopping amount of Rs 6,300 crore. This
includes major cement firms like ACC, Ambuja and Ultratech. We believe that this
will impact the profitability of the cement companies in the near term. It will
also reduce the pricing power of the cement firms.</span></span></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1163817682MsoNormalTable" style="background: none repeat scroll 0% 0% rgb(204, 204, 204); border-color: rgb(233, 232, 230); border-style: solid; border-width: 1pt; width: 594px;">
<thead>
<tr>
<td colspan="6" style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Top Gainers/Losers</span></span></b></div>
</td></tr>
<tr>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Gainers</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">LTP</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">% Change</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Losers</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">LTP</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<b><span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Chng.(%)</span></span></b></div>
</td></tr>
</thead>
<tbody>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Manap.Fin </span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">24.6</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">13.1</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">RCOM</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">62.6</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-8.14</span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">HPCL </span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">334.3</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">11.53</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">TorrentPower</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">177.2</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-6.86</span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Shree Ceme </span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">2924.55</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">10.36</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">JubilantFood</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">1136</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-6.64</span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">HDIL </span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">81.85</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">10.31</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">IOB</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">83.9</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-5.78</span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">IOC </span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">262.45</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">9.38</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Hindalco</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">117.3</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-4.98</span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">IndianHote </span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">59.8</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">9.02</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Bharat Forge</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">295.4</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-4.85</span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Pantaloon </span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">182.1</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">8.07</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">United Spiri</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">660.9</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-3.88</span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Finan.Tech </span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">699.1</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">7.97</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">AshokLeyland</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">24.9</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-3.86</span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">CadilaHeal </span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">775</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">7.18</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">UNION BANK</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">201.1</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-3.76</span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Piram.Heal </span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">516.65</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">6.42</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">Central Bank</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">78.15</span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1163817682MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;">-3.4</span></span></div>
</td></tr>
</tbody></table>
<div class="yiv1163817682MsoNormal" style="background: white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"></span> </div>
<div class="yiv1163817682MsoNormal" style="background: none repeat scroll 0% 0% white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: 'sans-serif';"><span style="color: black;">The capital goods’ stocks during the week gained as the PMO hiked
import duty on foreign power equipment. Now the duties on the power equipments
range between 19-21 per cent. Another good reason for the stocks to gain was
that Coal India has been allocated 116 coal blocks by the
government. </span></span></span></div>
<div class="yiv1163817682MsoNormal" style="background: white; line-height: 16.5pt; margin: 0in 0in 10pt; text-align: justify;">
<span style="font-family: 'sans-serif'; font-size: 10pt;"><span style="color: black;"><span style="font-size: small;">Meanwhile Moody’s has also put Tata Power under its scanner for
credit rating. Besides, Sensex heavyweight RIL has said that it will sell its
textile business that operates under the brand name ‘Vimal’. For the next week
we expect the markets to remain volatile due to the weak sentiments prevailing
as of now. The key trigger for the markets is missing. Also, as per the recent
data from the U.S., China and the euro zone, there evidently is contraction in
their economies. The Federal Reserve has kept its bearish stance on the economy
by lowering the GDP forecast from 3.5-4.2 per cent to 2.4-2.9 per cent and then
to 1.9-2.4 per cent. The bearish stance has pulled down the U.S. equities and we
see this as a major negative factor that may initiate a cascading effect on the
global markets. </span></span></span></div>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-51268091335930460662012-06-16T20:34:00.002+05:302012-06-16T20:34:51.461+05:30Weekly Beeps - IIP and Inflation ends The Week, Investors Eye RBI Policy And Greek Election 15-06-12<div class="yiv1231147934MsoNormal" style="font-family: Arial,Helvetica,sans-serif; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span style="color: black;"><span style="background: white; font-size: 9.0pt;">On the domestic front, the week had two
releases of major data viz. the Index of Industrial Production (IIP) and the
Wholesale Price Index (WPI) Inflation, both keeping the market a little nervous
since they were below expectation. However, the broader indices inched higher
by almost 1.4 per cent on the hope that this might make the RBI slash the rates
in its monetary policy next week. Further, the markets also received a warning
from the leading global rating agency S&P which has said that India could
be the first BRIC’s ‘fallen angel’. </span><span style="font-size: 9.0pt;"><br />
<br />
</span><span style="font-size: 9.0pt;"></span></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1231147934MsoNormalTable" style="background-color: #cccccc; border: 1pt solid rgb(233, 232, 230); font-family: Arial,Helvetica,sans-serif; margin-left: 0px; margin-right: 0px; text-align: left; width: 594px;">
<thead>
<tr>
<td colspan="4" style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">Benchmark Indices</span></span></b></div>
</td>
</tr>
<tr>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">Index</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">8-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">15-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">% Change</span></span></b></div>
</td>
</tr>
</thead>
<tbody>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">SENSEX</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">16718.87</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">16949.83</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1.38</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">NIFTY</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">5068.35</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">5139.05</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1.39</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Hang Seng</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">18502.34</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">19234</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">3.95</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Nikkei</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">8459.26</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">8569</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1.30</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Shanghai</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">2281.45</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">2416</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">5.90</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Dow Jones*</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">12414.79</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">12652</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1.91</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">S&P 500*</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1315.13</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1329</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1.05</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">NASDAQ*</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">2844.71</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">2836</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-0.31</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Bovespa*</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">52481.44</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">55351.67</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">5.47</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">FTSE*</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">5447.9</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">5467</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">0.35</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">DAX*</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">6144.22</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">6139</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-0.08</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">CAC*</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">3047.37</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">3033</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-0.47</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td colspan="4" style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">* closing till Thursday</span></span></div>
</td>
</tr>
</tbody></table>
<div class="yiv1231147934MsoNormal" style="font-family: Arial,Helvetica,sans-serif; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span style="color: black;"><span style="font-size: 9.0pt;"><br />
<span style="background: white;">The IIP data for April was released on Tuesday
which came in at a meager 0.1 per cent against the street expectations of
anywhere in the range of 1.2 to 2 per cent. The finance minister expressed his
disappointment over the dismal numbers and said that the ministry would take
steps to beam positive signals in the economy. </span><br />
<br />
<span style="background: white;">A day after that, on Thursday, the Wholesale
Price Index (WPI) Inflation for May came in at 7.55 per cent, higher than 7.23
per cent in April. What was more shocking was that the March inflation figure
was revised to 7.69 from the previous estimate of 6.89 per cent. During the
week S&P also came out with its report titled ‘Will India Be The First
BRIC’s Fallen Angel?’ which stated that the slowing GDP growth and the
political roadblocks to economic policy-making could put India at a risk of
losing its investment grade rating.</span><br />
<br />
<span style="background: white;">On the global front, the week started with the
big bang as the euro region’s finance ministers agreed to bail out Spain for up
to Euro 100 billion. One should note that previously Greece, Ireland and Portugal
have all taken bail-outs and Spain would be the fourth European country to do
so. Further, media reports suggested that Italy’s economy is also under the
pain and that things could go from bad to worse. </span> <br />
<br />
<br />
<span style="background: white;">Now all eyes are on the RBI’s monetary meet scheduled
for Monday, June 18. In this scenario it would be very challenging for the RBI
to choose between growth and inflation. One should further note that a 25 basis
points’ cut in the repo rate and CRR each is already factored into the market.
We believe that the RBI should maintain a status quo in its meet as inflation
is still above the comfort zone and if that happens one may see the broader
markets moving southwards by about 2 to 3 per cent. </span><br />
<br />
</span><span style="font-size: 9.0pt;"></span></span></div>
<div class="yiv1231147934MsoNormal" style="font-family: Arial,Helvetica,sans-serif; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span style="color: black;"><span style="font-size: 9.0pt;"><br />
<br />
</span><span style="font-size: 9.0pt;"></span></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1231147934MsoNormalTable" style="background-color: #cccccc; border: 1pt solid rgb(233, 232, 230); font-family: Arial,Helvetica,sans-serif; margin-left: 0px; margin-right: 0px; text-align: left; width: 594px;">
<thead>
<tr>
<td colspan="6" style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">Top Gainers/Losers</span></span></b></div>
</td>
</tr>
<tr>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">Gainers</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">CMP</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">% Change (WoW)</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">Losers</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">CMP</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">% Change (WoW)</span></span></b></div>
</td>
</tr>
</thead>
<tbody>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Ambuja Cem</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">167.8</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">11.09 </span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Adani Port</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">115</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-7.63 </span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Piram.Heal</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">485.5</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">10.03 </span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Godrej Ind</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">231.35</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-7.26 </span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">United Spi</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">687.55</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">9.70 </span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">PidiliteIn</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">162.35</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-6.83 </span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">MMTC</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">752.05</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">8.90 </span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Oberoi Rea</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">242.55</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-6.35 </span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">PFC</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">168.05</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">8.81 </span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Lupin</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">513.55</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-5.96 </span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Grasim Ind</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">2485</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">7.54 </span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">UNITECH</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">21.5</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-5.70 </span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">SyndicateB</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">103.45</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">6.76 </span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">OptoCircui</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">145.7</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-5.63 </span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Dabur Indi</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">110.55</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">6.55 </span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">EicherMoto</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">2066</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-4.95 </span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">ACC</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1218.65</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">6.24 </span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Apollo Hsp</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">635.1</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-4.56 </span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Indian Ban</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">180.8</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">6.23 </span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">MphasiS</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">339.2</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-4.37 </span></span></div>
</td>
</tr>
</tbody></table>
<div class="yiv1231147934MsoNormal" style="font-family: Arial,Helvetica,sans-serif; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span style="color: black;"><span style="background: white; font-size: 9.0pt;">. </span><span style="font-size: 9.0pt;"><br />
<br />
</span><span style="font-size: 9.0pt;"></span></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1231147934MsoNormalTable" style="background-color: #cccccc; border-collapse: collapse; border-style: none; font-family: Arial,Helvetica,sans-serif; margin-left: 0px; margin-right: 0px; text-align: left; width: 595px;">
<thead>
<tr style="height: 15.0pt;">
<td colspan="4" style="background-color: #e2e2e2; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: solid solid none; border-top-color: rgb(233, 232, 230); border-top-width: 1pt; height: 15pt; padding: 3.75pt 2.25pt; width: 201pt;" valign="bottom" width="268">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">Key Global Indicators</span></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: #e2e2e2; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-style: none none none solid; height: 15pt; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">Index</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; height: 15pt; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">8-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; height: 15pt; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">15-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: none solid none none; height: 15pt; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">% Change</span></span></b></div>
</td>
</tr>
</thead>
<tbody>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-style: none none none solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Gold</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">29,341</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">30,129</span></span></div>
</td>
<td style="background-color: white; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: none solid none none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">2.69</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-style: none none none solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Silver</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">53,849</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">54,599</span></span></div>
</td>
<td style="background-color: white; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: none solid none none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1.39</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-style: none none none solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Crude Oil (Brent)</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">97.86</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">97.63</span></span></div>
</td>
<td style="background-color: white; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: none solid none none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">-0.24</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-bottom-color: rgb(233, 232, 230); border-bottom-width: 1pt; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-style: none none solid solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">Crude Oil (Nymex)</span></span></div>
</td>
<td style="background-color: white; border-bottom-color: rgb(233, 232, 230); border-bottom-width: 1pt; border-style: none none solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">82.31</span></span></div>
</td>
<td style="background-color: white; border-bottom-color: rgb(233, 232, 230); border-bottom-width: 1pt; border-style: none none solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">84.69</span></span></div>
</td>
<td style="background-color: white; border-bottom-color: rgb(233, 232, 230); border-bottom-width: 1pt; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">2.89</span></span></div>
</td>
</tr>
</tbody></table>
<div class="yiv1231147934MsoNormal" style="font-family: Arial,Helvetica,sans-serif; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1231147934MsoNormalTable" style="background-color: #cccccc; border-collapse: collapse; border-style: none; font-family: Arial,Helvetica,sans-serif; margin-left: 0px; margin-right: 0px; text-align: left; width: 595px;">
<thead>
<tr style="height: 15.0pt;">
<td colspan="4" style="background-color: #e2e2e2; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: solid solid none; border-top-color: rgb(233, 232, 230); border-top-width: 1pt; height: 15pt; padding: 3.75pt 2.25pt; width: 201pt;" valign="bottom" width="268">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">Currency Rate</span></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: #e2e2e2; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-style: none none none solid; height: 15pt; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">Index</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; height: 15pt; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">8-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-style: none; height: 15pt; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">15-Jun-12</span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: none solid none none; height: 15pt; padding: 3.75pt 2.25pt;" valign="bottom">
<div align="center" class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 9.0pt;"><span style="color: black;">% Change</span></span></b></div>
</td>
</tr>
</thead>
<tbody>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-style: none none none solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">USD</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">55.364</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">55.763</span></span></div>
</td>
<td style="background-color: white; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: none solid none none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">0.72</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-style: none none none solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">EURO</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">69.2125</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">70.4411</span></span></div>
</td>
<td style="background-color: white; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: none solid none none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1.78</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-style: none none none solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">GBP</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">85.6398</span></span></div>
</td>
<td style="background-color: white; border-style: none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">86.6892</span></span></div>
</td>
<td style="background-color: white; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: none solid none none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1.23</span></span></div>
</td>
</tr>
<tr style="height: 15.0pt;">
<td style="background-color: white; border-bottom-color: rgb(233, 232, 230); border-bottom-width: 1pt; border-left-color: rgb(233, 232, 230); border-left-width: 1pt; border-style: none none solid solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">JYP (per 100)</span></span></div>
</td>
<td style="background-color: white; border-bottom-color: rgb(233, 232, 230); border-bottom-width: 1pt; border-style: none none solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">69.88</span></span></div>
</td>
<td style="background-color: white; border-bottom-color: rgb(233, 232, 230); border-bottom-width: 1pt; border-style: none none solid; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">70.69</span></span></div>
</td>
<td style="background-color: white; border-bottom-color: rgb(233, 232, 230); border-bottom-width: 1pt; border-right-color: rgb(233, 232, 230); border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 3pt 2.25pt;">
<div class="yiv1231147934MsoNormal" style="line-height: 16.5pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt;"><span style="color: black;">1.16</span></span></div>
</td>
</tr>
</tbody></table>
<div class="yiv1231147934MsoNormal" id="yui_3_2_0_1_13398572419152264" style="font-family: Arial,Helvetica,sans-serif; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span id="yui_3_2_0_1_13398572419152263" style="color: black;"><span id="yui_3_2_0_1_13398572419152262" style="font-size: 9.0pt;"><br />
<span style="background: white;">Among the individual stocks, most of the cement
stocks inched higher this week after the companies in the sector reported a
good set of dispatch numbers for May. United Spirits closed the week higher by
almost 10 per cent after the news that Credit Suisse (Singapore) has acquired a
stake in the company for Rs 62 crore through a bulk deal. Other banking stocks
like Syndicate Bank and Indian Bank also closed higher by 6.76 and 6.23 per
cent after investors speculated about an interest rate cut on Monday’s monetary
meet. </span><br />
<br />
<span style="background: white;">On the other hand, Adani Port was among the
leading index loser that closed the week lower by 7.63 per cent at Rs 115 on
the back of news that the company is examining a possible deal to buy the
export terminal at Dhamra Port in Orissa. </span><br />
<br />
<span style="background: white;">The fertilizers’ stocks this week were more
volatile on the back of major news about the urea price hike. The shares of
fertilizer companies during the week traded higher but later gave up most of
their gains as the government deferred the fertilizer ministry’s proposal to
hike the retail prices of urea by 10 per cent for fiscal 2012-13. </span><br />
<br />
<span id="yui_3_2_0_1_13398572419152261" style="background: white;">In conclusion, we expect the markets to remain
volatile for the next week as we have a series of events lined up on the
domestic as well as on the international front. The RBI monetary policy and
Consumer Price Index numbers would be released on June 18 while on the macro
front the outcome of the election results of Greece on June 17 and the Fed Open
Market Committee meet on June 19 could also drive the market in either
direction. </span></span><span style="font-size: x-small;">The progress of monsoon may also have a sentiment impact. </span></span><span style="font-size: 9.0pt;"><span style="color: black;"><br />
</span>
<br />
</span><span style="font-size: 9.0pt;"></span></div>
<div style="font-family: Arial,Helvetica,sans-serif; text-align: justify;">
-- <br />
Invest in GOLD the smart way!! With GOLD ETF, you can Save on Premium
& Making charges, Easy to Buy & Sell, Avoid the risk of Theft
& save on Locker Charges!!</div>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-45936779540789910592012-05-20T11:57:00.001+05:302012-06-09T20:16:01.325+05:30Weekly beeps - Reforms Measures and Anticipated RBI Rate Cut puts markets on higher 9/6/12<div class="yiv1475504000MsoNormal" style="background: none repeat scroll 0% 0% white; line-height: 16.5pt; margin: 0in 0in 12pt; text-align: justify;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">After the troubled
month of May, which saw a major decline in the Indian markets, the first week of
June has brought some cheer to the investors who witnessed some strong positive
momentum, thus providing the much-needed relief. On June 6 the Sensex recorded
the highest single-day gains in the past one year. However, the rally this week
mainly on the Hope of a rate cut by the RBI and due to the reform measure taken
by the government as regards the petrol price hike. </span></span></span></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1475504000MsoNormalTable" style="background: none repeat scroll 0% 0% rgb(204, 204, 204); border-color: rgb(233, 232, 230); border-style: solid; border-width: 1pt; width: 600px;">
<thead>
<tr style="height: 13.7pt;">
<td colspan="4" style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); height: 13.7pt; padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Benchmark
Indices</span></span></span></span></b></div>
</td></tr>
<tr style="height: 13.7pt;">
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); height: 13.7pt; padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Index</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); height: 13.7pt; padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">1-Jun-12</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); height: 13.7pt; padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">8-Jun-12</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); height: 13.7pt; padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">%
Change</span></span></span></span></b></div>
</td></tr>
</thead>
<tbody>
<tr style="height: 12.45pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 12.45pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">SENSEX</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 12.45pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">15965.16</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 12.45pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">16718.87</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 12.45pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">4.72</span></span></span></span></div>
</td></tr>
<tr style="height: 12.45pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 12.45pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">NIFTY</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 12.45pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">4841.6</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 12.45pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">5068.35</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 12.45pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">4.68</span></span></span></span></div>
</td></tr>
</tbody></table>
<div class="yiv1475504000MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><br /></span><span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;"><span style="background: none repeat scroll 0% 0% white;">The market in the previous week saw a sharp correction
after the economy witnessed the weakest GDP growth of 5.3 per cent for the March
quarter. The government, as a result, took some hasty steps to bring the economy
back on its growth track by outlining an ambitious agenda to put infrastructure
projects in a fast forward mode. Prime Minister Manmohan Singh on Wednesday sent
out a strong signal stating that the government meant business and that the
</span></span></span></span></span><span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;"><span style="background: none repeat scroll 0% 0% white;">initiatives were part of efforts to pull the economy out of “turbulent weather”
and move towards 9 per cent annual GDP growth.</span></span></span></span></span><br /><br /><span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;"><span style="background: none repeat scroll 0% 0% white;">However, a lot still needs to be done on the policy
front to bring the economy back on the high growth track and till then the
upward movement in the markets is unlikely to be sustained. In the immediate
term all eyes would be on the Reserve Bank of India’s mid-quarter review of the
monetary policy for 2012-13, which is scheduled for June 18, 2012. Prior to
this event the April month IIP figures will be announced on June 12 which will
give more clarity to the government and to the markets.</span></span></span></span></span><br /><br /><span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;"><span style="background: none repeat scroll 0% 0% white;">Meanwhile, there are some concerns which are still
persisting in the economy, one of which is the depreciating rupee which
continues to be a major headwind for the economy. However, it has shown signs of
appreciation but is still stringently high above the comfort zone. The rupee is
currently trading at 55.14 against a dollar. And Brent crude in the last one
week dropped significantly to USD 97.86 after which it came down on Thursday
from the level of USD 125 in the past couple of months to less than USD 100 per
barrel, which is good for Indian economy. But the depreciating rupee has offset
some of this benefit.</span></span></span></span></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1475504000MsoNormalTable" style="background: none repeat scroll 0% 0% rgb(204, 204, 204); border-color: rgb(233, 232, 230); border-style: solid; border-width: 1pt; width: 594px;">
<thead>
<tr>
<td colspan="3" style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Currency
Rate</span></span></span></span></b></div>
</td></tr>
<tr>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Index</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">1-Jun-12</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">8-Jun-12</span></span></span></span></b></div>
</td></tr>
</thead>
<tbody>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">USD</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">56.355</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">55.364</span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">EURO</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">69.39</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">69.2125</span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">GBP</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">86.2</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">85.6398</span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">JYP (per
100)</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">72.06</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">69.88</span></span></span></span></div>
</td></tr>
</tbody></table>
<div class="yiv1475504000MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1475504000MsoNormalTable" style="background: none repeat scroll 0% 0% rgb(204, 204, 204); border-color: rgb(233, 232, 230); border-style: solid; border-width: 1pt; width: 594px;">
<thead>
<tr>
<td colspan="3" style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Key Global
Indicators</span></span></span></span></b></div>
</td></tr>
<tr>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Index</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">1-Jun-12</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">8-Jun-12</span></span></span></span></b></div>
</td></tr>
</thead>
<tbody>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Gold</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">28,944</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">29,341</span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Silver</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">55,330</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">53,849</span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Crude Oil
(Brent)</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">100.03</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">97.86</span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Crude Oil
(Nymex)</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">85.07</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">82.31</span></span></span></span></div>
</td></tr>
</tbody></table>
<div class="yiv1475504000MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><br /><br /><br /><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;"><span style="background: none repeat scroll 0% 0% white;">The global markets are currently very sensitive to
credit problems, especially from the European region. Fitch has cut Spain’s
credit rating to BBB and left it two notches from junk, citing the cost of
recapitalizing the country’s banking industry and a lengthening recession.
Further uncertainty about Greece exiting the euro zone has added woes to the
investors’ sentiments. The clarity on Greece exiting the euro zone may only come
post the election results expected on June 17.</span><br /><br /><span style="background: none repeat scroll 0% 0% white;">Meanwhile, the other Asian markets like Nikkei closed
in the positive territory as China surprisingly went for a rate cut by 25 bps to
keep up the pace of the economy. The slashing of the rate was the first time in
a long period of four years which signifies that China is facing a serious
slowdown in its current environment.</span><br /><br /></span></span></span></span><span style="font-family: 'sans-serif';"></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="yiv1475504000MsoNormalTable" style="background: none repeat scroll 0% 0% rgb(204, 204, 204); border-color: rgb(233, 232, 230); border-style: solid; border-width: 1pt; width: 594px;">
<thead>
<tr>
<td colspan="6" style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Top
Gainers/Losers</span></span></span></span></b></div>
</td></tr>
<tr>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Gainers</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">CMP</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">% Change
(WoW)</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Losers</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">CMP</span></span></span></span></b></div>
</td>
<td style="background-color: #e2e2e2; border-color: rgb(0, 0, 0); padding: 3.75pt 2.25pt;" valign="bottom"><div align="center" class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt; text-align: center;">
<b><span style="color: #3f4c6b; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">% Change
(WoW)</span></span></span></span></b></div>
</td></tr>
</thead>
<tbody>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Pantaloon</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">167.05</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">20.31 </span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Guj Gas
Co</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">298.5</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">-10.51 </span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">REL</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">501.9</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">16.60 </span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Indrapra
G</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">225.85</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">-9.42 </span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">L&T</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">1309.05</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">15.39 </span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">GSPL</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">65.7</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">-6.81 </span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">HDIL</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">72.8</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">14.38 </span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Adani
Ente</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">227.35</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">-5.23 </span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">IB Real
Es</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">58.2</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">14.12 </span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">NeyveliLig</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">81.35</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">-4.57 </span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">RelinceCap</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">339.75</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">13.86 </span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">UltraTechC</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">1399</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">-4.00 </span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Sun
TV</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">257.65</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">13.65 </span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Titan
Inds</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">213</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">-3.86 </span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">Uco
Bank</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">76.85</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">12.85 </span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">EicherMoto</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">2176</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">-3.68 </span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">JSW
Energy</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">47.1</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">12.01 </span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">MphasiS</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">354.7</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">-3.57 </span></span></span></span></div>
</td></tr>
<tr style="height: 15pt;">
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">TTK
Presti</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">3007.35</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">11.05 </span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">ColgatePal</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">1144.95</span></span></span></span></div>
</td>
<td style="background-color: white; border-color: rgb(0, 0, 0); height: 15pt; padding: 3pt 2.25pt;"><div class="yiv1475504000MsoNormal" style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #181818; font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;">-3.18 </span></span></span></span></div>
</td></tr>
</tbody></table>
<span style="color: #181818; font-family: 'sans-serif';"><br /></span><span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;"><span style="color: #242424; font-family: 'sans-serif';">The Chinese rate
cut triggered speculation about Saturday’s data points. Tension also prevails
over the precarious fiscal health of Spain and its fragile banks. Greek
elections on June 17 will start playing on investors’ minds from next week. The
following couple of weeks also has key events lined up, especially the FOMC meet
and G-20 summit.</span><span style="font-family: 'sans-serif';"></span></span></span></span><br />
<span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;"><span style="color: #242424; font-family: 'sans-serif';">For India, next
week will be important, as the Government will release the latest IIP and
inflation reports. The two data points could well have a bearing on the outcome
of the RBI’s June 18 policy meeting </span><span style="background: none repeat scroll 0% 0% white; color: #181818; font-family: 'sans-serif';">which
will decide the direction thereon.</span></span></span></span><br />
<br />
<div class="details hidefocus" id="yui_3_2_0_1_13392526665462909" tabindex="-1">
<b><a class="" data-action="search" href="http://mail.yahoo.com/" tabindex="0" title="Click to search for messages with same subject">Research Report - Gas Authority of India Ltd.</a></b></div>
<span style="font-family: verdana,sans-serif;"><span style="font-size: x-small;"><span style="color: black;"><span style="background: none repeat scroll 0% 0% white; color: #181818; font-family: 'sans-serif';"> </span></span></span></span><br />
<table border="0" cellpadding="0" cellspacing="0" class="yiv795883826MsoNormalTable" style="width: 770px;"><tbody>
<tr><td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv795883826MsoNormalTable" style="width: 100.0%;"><tbody>
<tr><td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><div class="yiv795883826MsoNormal">
<b><span style="color: black; font-size: 10.0pt;">Market Data</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="color: black; font-size: 9.0pt;">Price on reco. date
(Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">332 (BSE)</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="color: black; font-size: 9.0pt;">CMP - BSE / NSE (Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">332 / 332</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="color: black; font-size: 9.0pt;">Change since reco.</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;"><img /> -0.1%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="color: black; font-size: 9.0pt;">52-week High/Low
(Rs)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">477 / 301</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="color: black; font-size: 9.0pt;">NSE Symbol</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">GAIL</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="color: black; font-size: 9.0pt;">BSE Code</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">532155</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="color: black; font-size: 9.0pt;">No. of shares</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">1268.5 m</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="color: black; font-size: 9.0pt;">Free float</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">42.7%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="color: black; font-size: 9.0pt;">Market cap (Rs m)</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="color: black; font-size: 9.0pt;">421,142</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv795883826MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 10.0pt;">Rs 100 invested is now worth</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<img alt="Gas Authority of India Ltd: Rs 100 invested is now worth" border="0" /></div>
</td>
</tr>
<tr style="height: .75pt;">
<td style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv795883826MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="3" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 10.0pt;">Stock price performance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="3" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">GAIL</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">Index*</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">1-Yr</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">-25.4%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.1%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">3-Yrs</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">4.1%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3.4%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">5-Yrs</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">11.1%</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3.5%</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="3" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<span style="font-size: 8.0pt;">* BSE
Sensex <br />
Returns over 1 year are compounded annual averages (CAGR) </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv795883826MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 10.0pt;">Shareholding
(Mar-2012)</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">Category</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">(%)</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Promoters</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">57.3</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Banks, FIs and MFs</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">26.0</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">FIIs</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.3</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Others</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">3.4</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: #EEEEEE; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Total</span></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">100.0</span></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="2" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt; width: 401.25pt;" valign="top" width="535">
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv795883826MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td colspan="2" style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 10.0pt;">Investment Rationale</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="2" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table align="right" border="0" cellpadding="0" class="yiv795883826MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div class="yiv795883826MsoNormal">
<img alt="Segmental EBIT margins (FY12)" border="0" /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Source: Company data</span></div>
</td>
</tr>
</tbody></table>
<b><span style="font-size: 10.0pt;">Near
term concerns over penalize stock:</span></b><span style="font-size: 10.0pt;"> It was in April 2011 that we had come up
with a report on Gas Authority of India Limited (GAIL) with a 'HOLD'
recommendation. Since then, the gas sector in India has witnessed some
drastic changes. The gas supplies from Reliance's KG D6- a key source of
domestic gas supplies that were projected to double then have actually
fallen drastically and are expected to go down further. GAIL being the
largest player in domestic gas transmission and trading has been an obvious
victim. Apart from the domestic gas shortage, the stock price has been
battered down due to downward revision of transmission tariffs (with
retrospective effects) on around 75% of the existing transmission network
and one off provisions. </span><br />
<span style="font-size: 10.0pt;">But GAIL
has not succumbed to these adverse factors. The company management has in a
very short span of time replaced the shortfall from domestic gas volumes
with imported gas. Being an experienced player and market leader, GAIL is
well placed to secure the best deals in imported gas .As alternate fuels
are becoming pricier; the demand of gas energy in India is bound to go up.
We expect the gas supplies to improve substantially post FY13 as expansion
of LNG (liquefied natural gas) terminals is completed and gas supplies are
increased from marginal domestic fields. GAIL with its expansion plans for
pipelines and gas procurement and supply contracts seems to be well placed
to make the most of demand supply gap. Also, we expect the company's
performance to improve further once it completes expansion of high margin
Petrochemical segment by FY14. </span><br />
<span style="font-size: 10.0pt;">As far
as regulatory issues are concerned, we believe that with downward revisions
in transmission tariffs in the recent past, the worst is over. Also, the
concerns over a cut down in marketing margins of gas trading segment seem
overdone as margins on major chunk of gas traded by GAIL are already
approved by the Government. </span><br />
<span style="font-size: 10.0pt;">Since
our last recommendation, the stock price has fallen by around 30%. As
explained above, we believe that the stock price correction is overdone on
near term concerns and offers a great buying opportunity to investors.
Hence, we suggest a 'Buy'. </span><br />
<b><span style="font-size: 10.0pt;">GAIL
least vulnerable to cut in marketing margin risk:</span></b><span style="font-size: 10.0pt;"> As the regulator
is coming down hard on players in the gas industry, there is a risk to
marketing margins of the profitable players. However, marketing margins
charged by GAIL on gas produced in India (more than 80% of the trading
portfolio) are already approved by the Government. As far as margins on
imported gas are concerned, they are unlikely to come under the purview of
PNGRB (Petroleum and Natural Gas Regulatory Board). </span><br />
<b><span style="font-size: 10.0pt;">Further
hit on transmission tariffs unlikely:</span></b><span style="font-size: 10.0pt;"> The transmission tariffs for
around 75% of GAIL's existing transmission network have been slashed by
Petroleum and Natural Gas Regulatory Board (PNGRB) in the recent past.
Hence, we believe that the worst is past the company in this regard and
chances of a further downward revision are unlikely. Despite the revisions
and fall in domestic gas supplies, GAIL has managed to maintain
transmission segment revenues at the levels reported in FY11. </span><br />
<b><span style="font-size: 10.0pt;">LNG
port capacity expansion to address volume shortage concerns:</span></b><span style="font-size: 10.0pt;"> The fall in the
gas volumes is a key overhang on the stock. As domestic gas supplies are
falling, GAIL has shifted to imported gas to meet the domestic demand.
Currently, the LNG ports in the country operate at more than 100% capacity.
However, they are in an expansion phase and are expected to commence new
capacities soon. </span><br />
<span style="font-size: 10.0pt;">GAIL's
Dabhol LNG terminal with a capacity of 5 million tonnes per annum (MMTPA)
is also expected to receive cargoes in October 2012. As per the management
guidance, it should operate at full capacity in FY15. Further, with
expansion of Dahej's LNG and Kochi terminal, we expect the gas supplies to
improve and soothe volume concerns. </span><br />
<table align="right" border="0" cellpadding="0" class="yiv795883826MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div class="yiv795883826MsoNormal">
<img alt="Pre tax profits breakup (FY12)" border="0" /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt;">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 7.5pt;">Source: Company data</span></div>
</td>
</tr>
</tbody></table>
<b><span style="font-size: 10.0pt;">Expansion
of Petrochem division capacity to boost performance:</span></b><span style="font-size: 10.0pt;"> In Petrochem
division (8% contribution to turnover and 27% contribution to pretax profits
in FY12), GAIL is already working on doubling the capacity of existing
plant at Pata, up from 450 kilo tonnes per annum (ktpa) to 900 ktpa. Once
that happens, we believe the company's performance to get a substantial
boost. Besides, the company is also planning to set up a Petchem complex at
Assam (280,000 tonnes per annum). We expect the segment to provide strong
revenue visibility and lend support to profit margins from FY15 and
onwards. </span><br />
<b><span style="font-size: 10.0pt;">Expansion
of transmission capacities:</span></b><span style="font-size: 10.0pt;"> GAIL is planning to expand its
transmission capacity from 180 mscmd (million standard cubic metres per
day) currently to 300 mscmd by investing in transmission pipelines in next
two three years. By that time, we expect the gas supplies to improve
substantially (as supplies from extended capacities of LNG ports come
onstream and domestic gas supplies improve from marginal fields) and
regulatory uncertainties to settle down. </span><br />
<span style="font-size: 10.0pt;">Considering
the perennial demand supply gap in Indian gas sector, we believe that GAIL
will maintain its leadership position and first mover advantage in the
industry and reap benefits in the long run. </span><br />
<b><span style="font-size: 10.0pt;">Expanding
across the value chain:</span></b><span style="font-size: 10.0pt;"> A presence across the value chain lends more
stability to a firm's operations, increases synergies and diversifies and
minimizes risk. GAIL is an entity that is diversified not just
horizontally, operating in different segments, but also vertically - right
from Exploration and Production (E&P) to participation in 31 blocks in
City Gas Distribution (CGD) through subsidiaries like GAIL Gas and Joint
Ventures (JV) like IndraPrastha Gas (IGL) and Mahanagar Gas. Subject to the
approval of PNGRB, the company plans to extend presence in more cities
through its other JVs. </span><br />
<b><span style="font-size: 10.0pt;">Better
appeal than other fuels from a cost point of view:</span></b><span style="font-size: 10.0pt;"> Fuels like
Petrol, diesel and coal are substitutes of natural gas. The recent increase
in Petrol prices, shortage of coal and impending increase in diesel prices
should all work to boost up the appeal of natural gas as a fuel. Recently,
the Finance Minister in the Budget has suggested full basic duty exemptions
to power plant fuels like natural gas and LNG. Apart from these, a thrust
on environmental reforms will push the demand for cleaner fuel like natural
gas/LNG. </span><br />
<b><span style="font-size: 10.0pt;">Financially
strong to fund expansion plans:</span></b><span style="font-size: 10.0pt;"> GAIL's debt to equity ratio currently
stands at 0.23. It has plans for capex worth Rs 73.5 bn in FY13 and plans
to fund 60% of it through borrowings. We believe that the company's
financials lend enough comfort to raise that amount for borrowings. It's gearing
levels post this are expected to increase to over 40% from currently which
is well within comfort zone. </span><br />
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<b><span style="font-size: 10.0pt;">Investment Concerns</span></b></div>
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<b><span style="font-size: 10.0pt;">Volume
stagnation with extended transmission network:</span></b><span style="font-size: 10.0pt;"> GAIL is on a
network expansion spree and intends to expand its transmission network from
9500 km to 14,000 km and transmission capacity from 180 mscmd to 300 mscmd
over next two to three years. Any kind of negative development - structural
or policy based, that affects availability of domestic gas or imported gas
poses the biggest risk to company's prospects in the future. This could
lead to the risk of capacity under utilization and poor returns in invested
capital </span><br />
<b><span style="font-size: 10.0pt;">Marketing
margins could be capped:</span></b><span style="font-size: 10.0pt;"> While in the present the chances of this
happening are unlikely, in future it all depends upon Government's views
and policies. It may give the Board the power to decide the marketing
margins. However, coming up with and implementation of any such development
is going to be a long process and we believe that imported gas will be kept
out of regulator's purview. </span><br />
<b><span style="font-size: 10.0pt;">Lack
of clarity on subsidy sharing:</span></b><span style="font-size: 10.0pt;"> GAIL being a significant player in the
upstream segment is expected to compensate for a part of under recoveries
that state run oil marketing companies incur on selling LPG, PDS Kerosene
and diesel at controlled rates. As of now, there is no fixed mechanism to
share it and it is decided on an adhoc basis. This uncertainty regarding
subsidy outflow remains a key concern as it can drag the profitability. In
FY12, GAIL's net profit growth was limited to just 3% YoY due to 51% YoY
growth in the subsidies to Rs 31.8 bn. Without it, the net profit growth
would have stood at 17% YoY. </span><br />
<b><span style="font-size: 10.0pt;">Delay
in supplies from incremental LNG import terminal capacities:</span></b><span style="font-size: 10.0pt;"> Despite a
substantial fall in domestic gas supplies, GAIL has been able to maintain
transmission volumes almost at the previous year levels by substituting
domestic supplies with imported gas (mainly spot cargoes). In the near
future, the volumes from imported gas are expected to lead to growth in
transmission volumes. The incremental volumes are expected to come from
incremental LNG port capacities. However, since existing ports (Petronet's
Dahej terminal) are already operating at more than full capacity, any delay
in commissioning of new capacities /ports will lead to stagnation in
transmission volumes. </span><br />
<b><span style="font-size: 10.0pt;">Petchem
division margins may come under pressure:</span></b><span style="font-size: 10.0pt;"> Post capacity expansion, the
Petrochemical division may have to work on costlier imported gas. If the
prices of the end products don't increase in a similar proportion, it may
adversely impact the margins. Also, higher supplies from Middle East pose a
risk. </span><br />
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<b><span style="font-size: 10.0pt;">Background</span></b></div>
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<img alt="Revenue breakup (FY12)" border="0" /></div>
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<span style="font-size: 7.5pt;">Source: Company data</span></div>
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<span style="font-size: 10.0pt;">GAIL is
the country's largest gas transmission and gas trading company. It has more
than 75% share in domestic gas transmission and over 50% share in natural
gas trading. While Natural Gas trading remains the major revenue driver of
the company with 74% contribution in FY12, Natural Gas transmission drives
the company's profitability (38% contribution to pretax profits in FY12). </span><br />
<span style="font-size: 10.0pt;">In FY12,
GAIL handled 117.6 million standard cubic meters per day (mmscmd) of gas
transmission. The company has a pipeline network of 9,500 kms in place with
a transmission capacity of over 180 mmscmd which it plans to expand to 300
mscmd (pipeline length expansion to 15,000 from 9500 km) in next two three
years. </span><br />
<span style="font-size: 10.0pt;">GAIL is
a significant player in Petrochemicals business with a production capacity
of around 450,000 tonnes per annum and enjoys a market share of around 21%
in the segment. The company further plans to expand the capacity of
Petrochemical division by 100%. </span><br />
<span style="font-size: 10.0pt;">It is
also involved in manufacturing LPG and liquid hydrocarbons, LPG
transmission, City Gas Distribution and has presence in the upstream
segment (participation in 31 Exploration and Production/Coal bed methane
gas blocks). </span><br />
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<b><span style="font-size: 10.0pt;">Industry prospects</span></b></div>
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<span style="font-size: 10.0pt;">Last one
year has been quite eventful for gas energy sector in India. The domestic
gas supplies from a key source - Reliance's KG D6 fields have fallen
drastically half and are expected to decline further. As the demand of gas
remains strong, the domestic gas at subsidized prices is being replaced by
costlier imported gas (regasified liquid natural gas - RLNG). Still, after
a strong supply phase in the last two years, the growth in the gas supplies
will be slower until the incremental capacities at LNG importing terminals
start operating. </span><br />
<span style="font-size: 10.0pt;">Also,
there have been significant changes on the regulatory front. Petroleum and
Natural Gas Regulatory Board (PNGRB) has been quite active during the year
with downward revisions in pipeline tariffs and there are fears of a cap on
marketing margins on gas trading. </span><br />
<span style="font-size: 10.0pt;">In the
background of above developments, India still remains an under penetrated
market as far as share of gas energy in meeting energy needs is concerned.
With cost of alternate fuels rising and environmental norms becoming
tougher, we expect the demand of natural gas to remain robust. This means
that we will need to either augment domestic supplies or substitute them
with the imported gas. Also, once gas supplies come at healthy levels, the
clear winner will be the player that has enough supplies and transmission
capacity already in place. GAIL being the largest player in gas energy
space with further capacity expansion plans and with its proactive approach
in tying up contracts for LNG seems well placed to benefit. </span><br />
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<b><span style="font-size: 10.0pt;">Key management personnel</span></b></div>
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<b><span style="font-size: 10.0pt;">Mr.
B.C. Tripathi</span></b><span style="font-size: 10.0pt;">
- Chairman & MD, is a Mechanical Engineer. He joined GAIL during its
inception in 1984 from ONGC. He was one of the initial team members
involved in the construction and commissioning of the HVJ pipeline
system. He subsequently assumed charge as General Manager (Projects) and
later as Executive Director (Projects). He took over as Director
(Marketing) in July 2007. He has over 28 years experience in the natural
gas Sector. </span><br />
<b><span style="font-size: 10.0pt;">Mr.
S. Venkatraman</span></b><span style="font-size: 10.0pt;">
- Director, Business Development is in charge of GAIL's Business
Development, Project Development, Petrochemical operations, Exploration
& Production and global ventures of the Company. He joined GAIL as
Manager in December 1990 and served at various levels across different
departments including Business Development, Marketing and Projects. Prior
to his assignment as Executive Director (BD), he was in charge of
Marketing for various products of GAIL </span><br />
<b><span style="font-size: 10.0pt;">Mr.
P.K Jain</span></b><span style="font-size: 10.0pt;">-
Director Finance is a CA and an MBA in Finance from the University of
HULL, United Kingdom, Mr. Jain has an experience of over 34 years in
Finance and Accounts and worked as Executive Director (Internal Audit)
before joining as Director (Finance). Mr. Jain has wide exposure and
expertise in the area of financial and treasury management. He also has a
rich experience in the area of project evaluation, financial appraisal of
projects and headed finance team during execution of major projects of
GAIL like pipelines, petrochemicals, E&P, Pricing, Tariff
Determination, Risk Management and Internal audit. In GAIL, he has been
involved in various specialized areas including mergers and acquisitions
with due-diligence exercises of overseas ventures, finalization of LNG
Purchase agreement from Ras Gas, Qatar for Petronet LNG Ltd. (Joint
Venture of GAIL). </span><br />
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<b><span style="font-size: 10.0pt;">Risk Analysis</span></b></div>
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<b><span style="font-size: 10.0pt;">Sector:</span></b><span style="font-size: 10.0pt;"> Domestic
Natural gas supplies have fallen drastically and are expected to go
down further. The regulator also seems to be coming hard on the gas
sector players. From a medium term perspective, the concerns regarding
supplies and viability of business stand valid. That said, the future
of the sector in the long term looks strong. As demand of gas continues
to outpace supply and new supplies expected from imports and marginal
domestic gas fields, we believe the sector will see a lot of progress
in the times to come. Hence, we assign a 'medium' risk rating to the
company on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Company's
standing:</span></b><span style="font-size: 10.0pt;">
GAIL has the largest market share in most of the segments that it is
present in. Even as the entire gas sector is facing issues of domestic
supply shortage, the company management has been very proactive in
securing contracts for imported gas. As far as regulatory risk is
concerned, the company has already faced a downward revision in
transmission tariffs and the worst seems to be past the company. Hence,
we assign a 'Strong' rating. </span><br />
<b><span style="font-size: 10.0pt;">Sales:</span></b><span style="font-size: 10.0pt;"> GAIL
generated average revenues to the tune of nearly Rs 279 bn (US$ 5.1 bn)
each year over the last five years. Further, in the latest financial
year (FY12), the company has earned over Rs 400 bn. We, thus, assign a
low-risk rating of 9 to the stock. </span><br />
<b><span style="font-size: 10.0pt;">Operating
margin:</span></b><span style="font-size: 10.0pt;">
Operating margin is a measurement of what proportion of a company's
revenue is left over after paying for variable costs of production such
as raw materials, wages, and sales and marketing costs. A healthy
operating margin is required for a company to be able to pay for its
fixed costs, such as interest on debt. The higher the margin, the
better it is for the company as it indicates its operating efficiency.
GAIL's average operating margins for the past five years stands at
around 18%. For FY12, the margins stood at around 14.1% and going
forward, we them to come down marginally. As such, we assign a medium
risk rating of 6 to the stock on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Long
term EPS growth:</span></b><span style="font-size: 10.0pt;"> GAIL has grown its net profits at a CAGR of 9.2%
in the past three years. GAIL is the leading player in gas segment and
demand of gas in the country remains high. As per our estimates,
average annual profit growth comes at 12.5% over the next three years.
As such we assign a medium risk rating of 5 to the stock on this
parameter. </span><br />
<b><span style="font-size: 10.0pt;">Return
on capital invested (ROIC):</span></b><span style="font-size: 10.0pt;"> ROIC is an important tool to assess
a company's potential to be a quality investment by determining how
well the management is able to allocate capital to its operations for
future growth. A ROIC of above 15% is considered decent for companies
that are in an expansionary phase. GAIL's last five years' average ROIC
stands at around 24% . For the next three years, we expect it to remain
in the range of 14% -15%. This is on account of massive capex that GAIL
has planned. Hence, we have assigned a medium-risk rating of 6 to the
stock on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Dividend
payout:</span></b><span style="font-size: 10.0pt;">
A stable dividend history inspires confidence in the management's
intentions of rewarding shareholders. GAIL's average payout ratio has
been a decent 28% over the past 5 fiscals and we expect it to maintain
the payout ratio. Thus, we have assigned a low-risk rating of 9. </span><br />
<b><span style="font-size: 10.0pt;">Promoter
holding:</span></b><span style="font-size: 10.0pt;">
A larger share of promoter holding indicates the confidence of the
people who run it. We believe that a greater than 40% promoter holding
indicates safety for retail investors. Promoter shareholding in GAIL at
the end of March 2012 stood at 57%. As such, we assign a low risk
rating of 9 to the stock on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">FII
holding:</span></b><span style="font-size: 10.0pt;">
We believe that FII holding of greater than 14% can lead to high
volatility in the stock price. The FII holding in GAIL at the end of
March 2012 stood at 13.3%. Based on our parameters, we have assigned a
medium risk rating of 6. </span><br />
<b><span style="font-size: 10.0pt;">Liquidity:</span></b><span style="font-size: 10.0pt;"> The average
daily trading volumes of GAIL's stock over the past 52 weeks stand at
nearly 12, 23,570 shares. This level of liquidity level is a matter of
comfort, as this might protect the stock from undue volatility in case
of exchange of large holdings among market participants/investors. The
rating assigned is 9. </span><br />
<b><span style="font-size: 10.0pt;">Current
ratio:</span></b><span style="font-size: 10.0pt;">
This indicates if the company is comfortably placed to pay off its
short-term obligations, which gives comfort to its lenders .GAIL's
average current ratio during the period FY08 to FY12 has been 1.3
times. As per our estimates, the ratio should decline marginally to 1.0
by the end of FY15. We assign a medium-risk rating of 5. </span><br />
<b><span style="font-size: 10.0pt;">Debt
to equity ratio:</span></b><span style="font-size: 10.0pt;"> A highly leveraged business is the first to get
hit during times of economic downturn, as companies have to
consistently pay interest costs, despite lower profitability. Although
GAIL's average debt to equity ratio has been 0.21 over the past five
fiscals, it is set to increase over the next three on the back of its aggressive
borrowing programme. We have assigned a medium-risk rating of 6 to the
stock. </span><br />
<b><span style="font-size: 10.0pt;">Interest
coverage ratio:</span></b><span style="font-size: 10.0pt;"> It is used to determine how comfortably a
company is placed in terms of payment of interest on outstanding debt.
The interest coverage ratio is calculated by dividing company's
earnings before interest and taxes (EBIT) by its interest expense for a
given period. The lower the ratio, the greater are the risks. GAIL's
average interest coverage ratio has been above 50 the past five years .
It is expected to be in the range of 18 to 21 over the next three years
which is in our comfort zone. We assign a low risk rating of 9 to the
stock on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">P/E
Ratio:</span></b><span style="font-size: 10.0pt;">
The P/E ratio (price-to-earnings ratio) of a stock is a measure of the
price paid for a share relative to the per share income or profit
earned by the company. This is one of the important metrics to judge
the attractiveness of a stock and thus gets the highest weightage in
our risk matrix. GAIL's P/E on trailing twelve month earnings stand at
11.5 times. As such, we have assigned low risk rating of 7 to the stock
on this parameter. </span><br />
<b><span style="font-size: 10.0pt;">Considering
the above analysis, the total ranking assigned to the company is 86
that, on a weighted basis, stands at 7.1. This makes the stock a low
risk investment from a long-term perspective. </span></b><span style="font-size: 10.0pt;"></span><br />
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<div class="yiv795883826MsoNormal">
<b><span style="font-size: 10.0pt;">Risk Matrix</span></b></div>
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<br /></div>
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<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<br /></div>
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<td colspan="2" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating accorded</span></b></div>
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<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">Rating</span></b></div>
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<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weightage* (A)</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Rating# (B)</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">Weighted (A*B)</span></b></div>
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<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Sector risk</span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">-</span></div>
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<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Medium </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
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<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Company's standing</span></div>
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<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">-</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">Strong </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">NA</span></div>
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<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">Performance parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
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<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
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<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Sales </span></div>
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<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Operating margins </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Long term EPS growth </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Return on invested capital </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">Technical parameters</span></b><span style="font-size: 9.0pt;"> </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Dividend payout </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Promoter holding </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.9</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">FII holding </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Liquidity </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.9</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">Safety parameters</span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Current ratio </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.3</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Debt to equity ratio </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">10.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Interest coverage ratio </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">5.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">0.5</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">P/E ratio </span></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">20.0% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<span style="font-size: 9.0pt;">1.4</span></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">Final Rating** </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">86 </span></b></div>
</td>
<td style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="center" class="yiv795883826MsoNormal" style="text-align: center;">
<b><span style="font-size: 9.0pt;">7.1</span></b></div>
</td>
</tr>
<tr>
<td colspan="4" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">#
Rating has been assigned on the basis of the company's performance over
the past five years and expected performance over the next 3 to 5 years.
Rating is on a scale of 1 to 10, with 1 indicating highest risk and 10
indicating lowest risk. * 'Weightage' indicates the relative importance
in percentage terms of the parameter. For instance, for an investor,
given all the performance metrics, return on equity should be the
foremost criteria for buying/not buying stocks. ** The final rating has
been arrived at by multiplying the rating/points given on each parameter
with the respective weightage.</span><span style="font-size: 10.0pt;"> </span><br />
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv795883826MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 10.0pt;">Valuations</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<table border="0" cellpadding="0" class="yiv795883826MsoNormalTable">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" valign="top" width="50%">
<span style="font-size: 10.0pt;">At
the current stock price Rs 332, GAIL's stock is trading at a multiple
of 8.1 times our estimated FY15 earnings. In the last one year, the
stock has lost around 25%. While the falling gas domestic gas volumes
do remain a concern for the sector, the market valuations suggest
this has been more than priced in. </span><br />
<span style="font-size: 10.0pt;">With
regards to regulatory risk, transmission tariffs for more around
three fourths of the existing pipeline capacity have already been
revised. Since GAIL will be focusing more on the business from LNG
sales, we believe that it is unlikely that its marketing margins (on
imported gas) will be regulated. </span><br />
<span style="font-size: 10.0pt;">As
per our estimates, GAIL's standalone earnings will register an average
annual growth of 12.5% over FY12-FY15E. As per our valuations using
Sum of the Parts (SoTP) method, our target price implies a point to
point return of around 43% from the current levels. <b><span style="color: blue;"><u>Our target for
the stock stands at Rs 475 from a 3 years perspective. This
translates to an average annualized return of around 13.6%. Hence, we
recommend a 'BUY' on the stock of the company. </u></span></b></span><br />
<table border="0" cellpadding="0" cellspacing="0" class="yiv795883826MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 10.0pt;">Valuations</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td colspan="6" style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">(Standalone
nos, Rs m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12A</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY15E</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Net sales (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">403,980 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">473,498 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">569,617 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">680,691</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Net profit (Rs m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">36,539 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">39,816 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">44,770 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">51,971</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">No. of shares (m) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1,268 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1,268 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1,268 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1,268</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">EPS (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">28.8 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">31.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">35.3 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">41.0</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">BVPS (Rs) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">170 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">191 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">214 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">240</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Price to earnings (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">11.5 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">10.6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.4 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.1</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Price to sales (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.0 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">0.6</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Price to book value (x) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.9 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.7 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.6 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">1.4</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: black; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">Source:Company
data,Equitymaster estimates</span><span style="font-size: 10.0pt;"> </span><br />
</td>
</tr>
</tbody></table>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="yiv795883826MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 10.0pt;">Financials at a glance</span></b></div>
</td>
</tr>
<tr style="height: 1.5pt;">
<td style="background: red; height: 1.5pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
</div>
<table border="0" cellpadding="0" cellspacing="1" class="yiv795883826MsoNormalTable" style="width: 100.0%;">
<tbody>
<tr>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">Standalone (Rs m)</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY12A</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY13E</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E</span></b></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">FY14E</span></b></div>
</td>
</tr>
<tr style="height: .75pt;">
<td colspan="6" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Sales </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">403,980 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">473,498 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">569,617 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">680,691</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Sales growth (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">24.1% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">17.5% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">20.3% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">19.5%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Operating profit (EBITDA) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">56,981 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">63,922 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">75,189 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">85,767</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Operating profit margin
(%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">14.1% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.5% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">13.2% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">12.6%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Net profit </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">36,539 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">39,816 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">44,770 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">51,971</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Net profit margin (%) </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">9.1% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">8.4% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">7.9% </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">7.6%</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<br /></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">Balance Sheet </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Fixed assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">260,678 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">322,445 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">383,462 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">417,980</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Current assets </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">94,680 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">120,286 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">136,684 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">162,407</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Investments </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">35,489 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">38,100 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">43,100 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">48,100</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">Total assets </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">390,847 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">480,831 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">563,247 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">628,487</span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;">
<div class="yiv795883826MsoNormal">
<br /></div>
</td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td colspan="5" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
<td style="padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Current liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">101,865 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">121,068 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">144,495 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">176,084</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Net worth </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">216,245 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">242,026 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">271,014 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">304,666</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Total debt </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">66,580 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">111,580 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">141,580 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">141,580</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<span style="font-size: 9.0pt;">Other liabilities </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">6,158 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">6,158 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">6,158 </span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<span style="font-size: 9.0pt;">6,158</span></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr>
<td colspan="6" style="background: #EEEEEE; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
<tr>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div class="yiv795883826MsoNormal">
<b><span style="font-size: 9.0pt;">Total liabilities </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">390,847 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">480,831 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">563,247 </span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top">
<div align="right" class="yiv795883826MsoNormal" style="text-align: right;">
<b><span style="font-size: 9.0pt;">628,487</span></b></div>
</td>
<td style="background: white; padding: 1.5pt 1.5pt 1.5pt 1.5pt;" valign="top"><br /></td>
</tr>
<tr style="height: .75pt;">
<td colspan="6" style="background: black; height: .75pt; padding: 1.5pt 1.5pt 1.5pt 1.5pt;"><br /></td>
</tr>
</tbody></table>
<span style="font-size: 7.5pt;">Source:Estimates
& Company data</span><br />
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
</td>
</tr>
</tbody></table>
</div>
-- <br />
Invest in GOLD the smart way!! With GOLD ETF, you can Save on Premium
& Making charges, Easy to Buy & Sell, Avoid the risk of Theft
& save on Locker Charges!!buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-28135378905456873992012-04-08T21:20:00.000+05:302012-04-08T21:20:25.618+05:30Weekly Beeps - Markets Closed First Week Of FY13, On A Positive Note 08-04-2012<div style="background-color: white; color: #181818; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">The
markets opened the new fiscal year on a positive note and held the
gains for the short three-day week after closing the first week of FY13
marginally in the green zone. Both Sensex and Nifty closed the week at a
higher level by almost 0.50 per cent. One
of the major events was in the form of the HSBC Purchasing Managers
Index (PMI) which provided a hint of the economy still facing headwinds
and that growth may come after a while. For March the services’ PMI
decreased by 420 basis points to 52.3 while the manufacturing index at
190 basis points was 54.7, indicating that the feeling of confidence
among Indian businesses is still lacking. With inflation for March
inching upwards there is a diminishing chance of the RBI cutting the
interest rate in its next meet. It seems that the economy may once again
move towards a high inflation and high interest rate environment.</span></div>
<div style="background-color: white; color: #181818; font-family: Arial,Helvetica,sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="background-color: white; color: #181818; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Yet
another important factor was the government initiating a presidential
directive to force Coal India (CIL) to sign fuel supply agreements
(FSAs) with power companies to assure 80 per cent fuel supply. This move
will benefit power companies currently affected by coal shortages but
on the other hand, it will be difficult for CIL to meet the increasing
demand from the power sector. Another twist during the week was that the
government left the petrol and diesel prices unchanged. After crude
hovering around USD 125 per barrel, the markets had expected a hike in
fuel prices from April 1 but the government did not take any action.
However, consumers should be prepared for an upward revision in prices
in the near term as this may just be a postponement of sorts.</span></div>
<div style="background-color: white; color: #181818; font-family: Arial,Helvetica,sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="background-color: white; color: #181818; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">On
the global front, the Spanish and Italian bond auction received a poor
response, resulting in the bond yield to move higher, thereby raising
fresh concerns over the sovereign debt crisis. The US economy continued
to be in the negative zone after investors considered the reality of no
new monetary stimulus from the Federal Reserve. Among the other Asian
markets Japanese market closed lower the week following the other global
markets while Hang seng and Shanghai closed higher this week. This was
after the Chinese government announced that it would double the limit of
foreign investors who wish to invest in equities, bonds and fixed
deposits.</span></div>
<div style="background-color: white; color: #181818; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Back
home, among the sectoral indices, consumer durables was among the
leading index gainer that closed higher with a whopping 6.39 per cent.
Other sectors like capital goods, power, Bankex and Realty closed the
week higher in the range of 1 to 3.50 per cent. There were only two
sectors which closed the week at a lower level viz. auto and healthcare
at 0.70 and 0.84 per cent respectively.</span></div>
<div style="background-color: white; color: #181818; font-family: Arial,Helvetica,sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="background-color: white; color: #181818; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">Among
the individual stocks, Pantaloon Retail was one of the biggest index
gainers, up by 20 per cent to Rs 174.40 on the back of news that the
company is planning to reduce its debt of around Rs 5,000 crore. Rural
Electrification Corporation (REC) closed the week higher by 16.53 per
cent to Rs 226.95 after the Tamil Nadu Electricity Commission (TNEC)
increased the power tariff by 37 per cent. REC’s shares zoomed up on the
hope that the electricity board may now repay its dues in a timely
manner. Other stocks like Bajaj Finserv, TTK Prestige, Crisil, etc
closed the week higher by more than 13 per cent. BHEL closed the week
higher by almost 6.5 per cent to Rs 273.55 after it announced its flash
results for FY12, wherein both net sales and profit after tax increased
by 14 per cent on a YoY basis.</span></div>
<div style="background-color: white; color: #181818; font-family: Arial,Helvetica,sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="background-color: white; color: #181818; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: verdana,sans-serif; font-size: x-small;">On
the other hand, Opto Circuit was one of the biggest losers, down almost
by 6 per cent to Rs 187.90. Suzlon Energy also closed down by 4 per
cent to Rs 25.15 after the company divested in its wind farm assets to
raise around USD 40 million and also on the back of the reconstitution
of its board of directors. Some of the other stocks which were in the
negative territory for the week were Jindal Steel & Power, Apollo
Hospitals and Pidilite Industries.</span></div>
<div style="background-color: white; color: #181818; font-family: Arial,Helvetica,sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="background-color: white; color: #181818; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="font-family: verdana,sans-serif;"><span style="color: black;"><span style="font-size: x-small;">In
conclusion, we expect the market to remain volatile for the next week
as the result season will take off. IT major Infosys will come out with
its earning next week and one must watch out for the management guidance
which will provide cues for the sector as well as for the markets. We
advise investors to remain cautious and stick to stock-specific bets
rather than go bullish on any particular sector ahead of the March
quarter results. </span><span style="font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif; font-size: x-small;">Broadly
speaking, the market remains in a trading range and may continue to be
so in the run up to the April 17 policy meeting of the RBI. </span></span></span></span></div>
<div style="background-color: white; color: #181818; font-family: Arial,Helvetica,sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin-top: 0px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<br /></div>
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<span style="font-family: verdana,sans-serif;"><span style="color: black;"><span style="font-family: 'sans-serif';"><span style="font-family: verdana,sans-serif; font-size: x-small;">www.buzibiz.com </span></span></span></span></div>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.comtag:blogger.com,1999:blog-8151219148630740271.post-86289252933886857862012-03-10T20:20:00.001+05:302012-03-10T20:31:56.546+05:30Weekly Beeps - Markets End 3rd Consecutive Week On Negative Note; IIP + RBI Policy Review + Railway + Union Budget – Eventful Week Ahead 11-03-2012<div style="text-align: justify;"><span style="font-family: arial;font-family:verdana, sans-serif;font-size:100%;color:#000000;" >Seven weeks up and three weeks down; that is the YTD score as far as the Indian markets are concerned. The degree of damage this week was minimal,</span><span style="font-family: arial;font-family:verdana, sans-serif;font-size:100%;color:#000000;" >partly due to a public holiday and partly because of Friday’s rally. The key indices rebounded from 200-DMA, which could be seen as a sign of</span><span style="font-size:100%;"> </span><span style="font-family: arial;font-family:verdana, sans-serif;font-size:100%;color:#000000;" >resilience. But, we need to see decisive and bold policy action from the Centre if the main indices are to rise substantially from here.</span></div><div style="text-align: justify;font-family:arial;" ><span style="font-size:100%;color:#000000;"><br /></span><table class="yiv879780727tablehead_article" style="vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(233, 232, 230); line-height: 22px; text-align: left; width: 594px; margin-left: 0px; margin-right: 0px;" border="0" cellpadding="0" cellspacing="0"><thead><tr><th colspan="4" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">Benchmark Indices</span></b></span></p></th></tr><tr><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;"><b><span style="color:#000000;">Index</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">2-Mar-12</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">9-Mar-12</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">% Change</span></b></span></p></th></tr></thead><tbody><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">SENSEX</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">17636.80</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">17503.24</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-0.76</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">NIFTY</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">5359.35</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">5333.55</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-0.48</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Hang Seng</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">21562.26</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">21086.00</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-2.21</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Nikkei</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">9777.03</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">9929.74</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">1.56</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Shanghai</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">2460.69</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">2439.46</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-0.86</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Dow Jones*</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">12980.30</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">12907.94</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-0.56</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">S&P 500*</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">1374.09</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">1365.91</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-0.60</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">NASDAQ*</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">2988.97</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">2970.42</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-0.62</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Bovespa*</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">66809.80</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">66908.39</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">0.15</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">FTSE*</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">5931.25</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">5859.73</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-1.21</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">DAX*</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">6941.77</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">6834.54</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-1.54</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="83"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">CAC*</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">3499.73</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="65"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">3478.36</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="75"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-0.61</span></p></td></tr><tr><td colspan="4" style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="288"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">* closing till Thursday</span></p></td></tr></tbody></table><p style="line-height: 22px;"><span style="font-size:130%;color:#000000;"><br /></span></p><p style="line-height: 22px;"><span style="font-size:130%;color:#000000;"><span style="font-size:100%;"><img style="MARGIN-TOP:10px;" alt="Chart forS&P CNX NIFTY (^NSEI)" src="http://chart.finance.yahoo.com/z?s=%5eNSEI&t=5d&q=l&l=on&z=l&a=v&p=s&lang=en-IN&region=IN" border="0" height="475" width="800" /></span><br /></span></p><p style="line-height: 22px;"><span style="font-size:130%;color:#000000;"><span style="font-size:100%;">For a major part of the week the markets remained on a subdued and negative note, owing to the dismal defeat that Congress faced in the recently concluded assembly elections in the states of UP, Punjab and Uttarakhand. However, on Friday, the markets turned positive as the sentiments on the streets were charged up by the MCX IPO listing at a premium and as traders and investors retorted to some short covering. Late evening the RBI announced a cut in the CRR by 75 bps to 4.75 per cent in order to inject liquidity into the system worth Rs 48,000 crore. This development by the RBI is very positive for the bank stocks as it will empower them with higher credit facility.</span><br /><span style="font-size:100%;"><br /></span></span></p><table class="yiv879780727tablehead_article" style="vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(233, 232, 230); line-height: 22px; text-align: left; width: 411px; margin-left: 0px; margin-right: 0px;" border="0" cellpadding="0" cellspacing="0"><thead><tr><th colspan="4" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">Key Global Indicators</span></b></span></p></th></tr><tr><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">Index</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">2-Mar-12</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">9-Mar-12</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">% Change</span></b></span></p></th></tr></thead><tbody><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="155"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Gold</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="79"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">28,027</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="79"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">27,940</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="93"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-0.31</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="155"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Silver</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="79"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">58,702</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="79"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">58,796</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="93"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">0.16</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="155"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Crude Oil (Brent)</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="79"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">125</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="79"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">125</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="93"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">0.07</span></p></td></tr><tr align="justify"><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="155"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">Crude Oil (Nymex)</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="79"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">108</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="79"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">107</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="93"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">-1.22</span></p></td></tr></tbody></table><div><br /><span style="font-size:130%;color:#000000;"><span style="line-height:22px;text-align:left;font-size:100%;" >On the global front, most markets ended the week on a weak and subdued note with the exception of Nikkei which managed to cross the 10,000 mark after seven months. Amongst major global developments which kept the markets subdued were China’s decision to cut the country’s growth target to 7.5 per cent for 2012 from the goal of 8 per cent in place since 2005 in a bid to find leeway for the promised economic and welfare reforms while delivering stability ahead of a leadership transition later this year. However, on Thursday, the markets were lifted as Greece completed a crucial debt swap with private creditors on clearing the way for the country to substantially lower its debt burden and moving it closer to receiving a badly needed second official bailout. </span></span><br /></div><span style="font-size:130%;color:#000000;"><span style="font-size:100%;"><br /></span></span><table class="yiv879780727tablehead_article" style="vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(233, 232, 230); line-height: 22px; text-align: left; width: 411px; margin-left: 0px; margin-right: 0px;" border="0" cellpadding="0" cellspacing="0"><thead><tr><th colspan="4" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">Currency Rate</span></b></span></p></th></tr><tr><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">Index</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">2-Mar-12</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">9-Mar-12</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">% Change</span></b></span></p></th></tr></thead><tbody><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="130"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">USD</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="87"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">49.50</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="87"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">50.11</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="102"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">1.23</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="130"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">EURO</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="87"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">65.59</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="87"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">66.48</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="102"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">1.35</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="130"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">GBP</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="87"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">78.82</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="87"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">78.96</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="102"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">0.18</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="130"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">JYP (per 100)</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="87"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">60.75</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="87"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">61.18</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="102"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">0.70</span></p></td></tr></tbody></table><span style="font-size:130%;color:#000000;"><span style="font-size:100%;"><br /></span></span><div><span style="font-size:130%;color:#000000;"><span style="line-height:22px;text-align:left;font-size:100%;" >After witnessing some heavy volatility during the month of February 2012, the global oil prices have managed to find some calm as the prices remained flat throughout the week. The FII turnover for this week was positive at Rs 1,235 crore, despite the markets having ended on a negative note. However, rupee woes have seemed to re-enter the markets as it depreciated by 1.2 per cent during the week to levels of over Rs 50.</span></span><br /></div><span style="font-size:130%;color:#000000;"><br /></span><div><span style="font-size:130%;color:#000000;"><span style="line-height:22px;font-size:100%;" >Back home, among the sectoral indices, the metals’ index was the worst performer as it tanked by almost 4 per cent. This was due to a cut in the GDP forecast by China, signalling subdued demand. Oil and gas also closed down by 3 per cent due to a major disappointment with the ONGC FPO. On the other hand, indices like consumer durables, automobiles, FMCG, Bankex, etc closed on the higher side. </span><br /></span></div><span style="font-size:100%;color:#000000;"><br /></span><table class="yiv879780727tablehead_article" style="vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(233, 232, 230); line-height: 22px; text-align: left; width: 324px; margin-left: 0px; margin-right: 0px;" border="0" cellpadding="0" cellspacing="0"><thead><tr><th colspan="3" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">Top Losers</span></b></span></p></th></tr><tr><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;"><b><span style="color:#000000;">Scrip</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">CMP</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">% Change (WoW)</span></b></span></p></th></tr></thead><tbody><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="134"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Adani Enter</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="51"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">317.80</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="135"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-13.17</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="134"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Hindalco</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="51"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">134.60</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="135"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-10.65</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="134"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Pantaloon</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="51"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">162.55</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="135"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-10.49</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="134"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Chambal Fert</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="51"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">79.90</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="135"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-8.37</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="134"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">SterliteInds</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="51"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">114.45</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="135"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-7.74</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="134"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">MANAPRMGNFIN</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="51"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">38.75</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="135"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-7.19</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="134"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Mundra Port</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="51"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">135.40</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="135"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-7.04</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="134"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Essar Oils</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="51"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">57.65</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="135"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-7.02</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="134"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">SAIL</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="51"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">94.85</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="135"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-6.96</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="134"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Hind Zinc</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="51"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">131.75</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="135"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">-6.92</span></p></td></tr></tbody></table><span style="font-size:100%;color:#000000;"><br /><span style="line-height:22px;text-align:left;">Among the individual stocks, CESC was the lead gainer, up by almost 9 per cent during the week on the back of reports that it had hiked the power tariff which will result into better revenue, thus boosting the bottomline. Other stocks like Piramal Healthcare, Max India, Yes Bank, etc were among the stocks which moved northwards. On the other hand, Adani Enterprise was the leading loser - down by almost 13 per cent due to news reports about the government probing alleged money laundering by the company. </span><br /><br /></span><table class="yiv879780727tablehead_article" style="vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(233, 232, 230); line-height: 22px; text-align: left; width: 339px; margin-left: 0px; margin-right: 0px;" border="0" cellpadding="0" cellspacing="0"><thead><tr><th colspan="3" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">Top Gainers</span></b></span></p></th></tr><tr><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;"><b><span style="color:#000000;">Scrip</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">CMP</span></b></span></p></th><th colspan="1" rowspan="1" style="font-weight:bold;background-color:rgb(226, 226, 226);padding-left:3px;padding-top:5px;padding-right:3px;padding-bottom:5px;"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;"><b><span style="color:#000000;">% Change (WoW)</span></b></span></p></th></tr></thead><tbody><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="118"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">CESC</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="60"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">290.50</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="157"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">9.27</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="118"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Piram.Health</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="60"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">483.20</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="157"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">9.03</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="118"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Max India</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="60"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">174.60</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="157"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">7.71</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="118"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Yes Bank</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="60"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">365.10</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="157"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">7.37</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="118"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Tech Mahindr</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="60"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">639.90</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="157"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">7.27</span></p></td></tr><tr><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="118"><p style="line-height:22px;text-align:justify;margin-bottom:0px;"><span style="font-size:100%;color:#000000;">Reliance Pow</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="60"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">131.00</span></p></td><td style="background-padding-top:4px;padding-right:3px;padding-bottom:4px;padding-left:3px;color:white;" nowrap="nowrap" valign="bottom" width="157"><p style="line-height:22px;text-align:justify;margin-bottom:0px;" align="center"><span style="font-size:100%;color:#000000;">6.9</span></p></td></tr><tr align="justify"><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="118"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">IDFC</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="60"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">145.55</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="157"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">6.16</span></p></td></tr><tr align="justify"><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="118"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">BritaniaInds</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="60"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">554.25</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="157"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">5.6</span></p></td></tr><tr align="justify"><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="118"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">CastrolIndia</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="60"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">507.30</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="157"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">5.6</span></p></td></tr><tr align="justify"><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="118"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">SyndicateBan</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="60"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">115.30</span></p></td><td style="padding-right: 3px; padding-bottom: 4px; padding-left: 3px;color:white;" nowrap="nowrap" valign="bottom" width="157"><p style="line-height: 22px; margin-bottom: 0px;"><span style="font-size:100%;color:#000000;">5.49</span></p></td></tr></tbody></table><div><br /><span style="font-size:100%;color:#000000;"><span style="line-height:22px;text-align:left;">Pantaloons was down by around 10 per cent on the back of speculation that the government may come out with a populist budget and may not allow FDI in multi-brand retail. Other metal stocks like Hindalco, Hindustan Zinc and Sterlite Industries were among the top losers on the back of China forecasting lower GDP growth rate. </span></span><br /><br /></div><div><span style="font-size:100%;color:#000000;"><span style="line-height:22px;">In conclusion, we expect the volatility to continue on the bourses next week as </span>big events next week on the domestic calendar will be the RBI policy meet and the Union Budget. IIP, inflation data and advance tax numbers are also due next week. On the global front, watch out for the FOMC policy meeting.</span></div><div><br /></div></div><div style="text-align: justify;font-family:arial;" ><span style="font-size:100%;color:#000000;">Given the number of important events, things are likely to be quite choppy next week. Therefore, one needs to take a measured approach. Examine the outcomes of various events before jumping the gun.</span><span style="font-size:100%;"><br /></span></div><div style="text-align: justify;font-family:arial;" ><span style="font-size:100%;"><br /></span></div><div style="text-align: justify;font-family:arial;" ><p class="yiv879780727MsoNormal" style="line-height: normal;"><span style="font-size:100%;"><b><span style="color:black;"><u>Weekly Technical Analysis of the Indian Stock & Share Market</u></span></b></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal"><span style="font-size:100%;color:#000000;"><span style="line-height:15px;"><br /></span></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: normal;"><span style="font-size:100%;"><b><span style="color:black;">Most Active Stocks</span></b></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: 150%;"><span style="font-size:100%;"><span style="line-height:150%; color:black;" >The 20 most active stocks traded in terms of value of shares traded and their weekly % change.</span></span></p><span style="font-size:100%;"> </span><table class="yiv879780727MsoNormalTable" style="width: 81%; border-style: outset; border-color: rgb(204, 204, 204); border-width: 1pt; text-align: left; margin-left: 0px; margin-right: 0px;" border="1" cellpadding="0" width="81%"> <tbody><tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><b><span style="line-height:150%;color:black;" >Security Name</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >Close</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >% Change</span></b></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >STATE BANK</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >2226.40</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-1.09</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ICICI BANK</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >914.20</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1.02</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >RELIANCE INDS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >773.80</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-4.88</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >RELIANCE INFRASTRUCTURE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >639.45</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >2.85</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >TATA MOTORS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >280.65</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >4.73</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >LARSEN & TOUBRO</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1302.35</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >0.26</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >RELIANCE POWER</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >131.10</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1.70</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >AXIS BANK</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1213.40</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >3.52</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >TATA STEEL</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >455.20</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-2.66</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >HDFC</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >680.50</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1.77</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >INFOSYS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >2855.30</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-0.10</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >DLF</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >204.05</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >0.44</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >HOUSING DEV & INFRA</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >104.05</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-1.47</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >RELIANCE CAPITAL</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >420.25</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-1.64</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >JAIPRAKASH ASSOC</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >78.20</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >5.03</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >HINDALCO</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >134.60</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-8.94</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >JSW STEEL</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >748.10</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-4.95</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >MAHINDRA & MAHIN</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >676.95</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-0.20</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ITC</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >208.25</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1.58</span></span></p> </td> </tr> <tr> <td style="width:140.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="187"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >BHEL</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >278.75</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-5.88</span></span></p> </td> </tr> </tbody></table><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: normal;"><span style="font-size:100%;"><b><span style="color:black;"><br />Biggest Weekly % Gainers</span></b></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: 150%;"><span style="font-size:100%;"><span style="line-height:150%; color:black;" >The following list shows the stocks (over Rs.10/share) that had the biggest gains over last week. Gains are measured on a percentage basis. For example, a stock moving from 20 to 25 had a 5 point or 25% gain. Often stocks appearing on this list had some type of positive news (e.g., big earnings report, new product announcement, etc.).</span></span></p><span style="font-size:100%;"> </span><table class="yiv879780727MsoNormalTable" style="width: 87%; border-style: outset; border-color: rgb(204, 204, 204); border-width: 1pt; text-align: left; margin-left: 0px; margin-right: 0px;" border="1" cellpadding="0" width="87%"> <tbody><tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><b><span style="line-height:150%;color:black;" >Security Name</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >Close</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >% Change</span></b></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >NEHA INTERNATIONAL</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >50.75</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >30.13</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >GLODYNE TECHNOSERVE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >285.05</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >25.93</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >WHEELS (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >600.40</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >17.91</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >SE INVESTMENTS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >307.10</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >17.57</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >SUPREME PETROCHE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >56.35</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >17.40</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >SANGHVI FORGING AND ENGINEERING</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >54.40</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >15.87</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >BINANI INDS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >136.00</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >15.50</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >GOA CARBON</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >79.70</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >12.97</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ENERGY DEVELOPMENT CO</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >42.90</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >12.60</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >AP PAPER MILLS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >180.15</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >12.03</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ADVANTA (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >364.30</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >11.99</span></span></p> </td> </tr> <tr> <td style="width:180.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="241"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >SUPREME INFRASTRUCTURE (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >242.85</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >10.49</span></span></p> </td> </tr> </tbody></table><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: normal;"><span style="font-size:100%;"><b><span style="color:black;"> </span></b></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: normal;"><span style="font-size:100%;"><b><span style="color:black;">Biggest Weekly % Losers</span></b></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: 150%;"><span style="font-size:100%;"><span style="line-height:150%; color:black;" >The following list shows the stocks (over Rs.10/share) that had the biggest losses over last week. Losses are measured on a percentage basis. For example, a stock moving from 20 to 15 had a 5 point or 25% loss. Often stocks appearing on this list had some type of negative news (e.g., bad earnings report, lower analyst rating, product delay announcement, etc.).</span></span></p><span style="font-size:100%;"> </span><table class="yiv879780727MsoNormalTable" style="width: 89%; border-style: outset; border-color: rgb(204, 204, 204); border-width: 1pt; text-align: left; margin-left: 0px; margin-right: 0px;" border="1" cellpadding="0" width="89%"> <tbody><tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><b><span style="line-height:150%;color:black;" >Security Name</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >Close</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >% Change</span></b></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >RESPONSIVE INDS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >86.45</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-23.46</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >VLS FINANCE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >16.00</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-19.60</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >SURYA PHARMACEUTICALS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >11.75</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-16.07</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >RAVI KUMAR DISTILLERIES</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >12.15</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-14.13</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >BHAGYANAGAR (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >16.15</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-12.70</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >KINGFISHER AIRLINES</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >21.00</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-12.68</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >EMKAY GLOBAL FINANCIAL SERVICES</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >33.95</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-12.27</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >HBL POWER SYSTEMS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >16.05</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-12.05</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >INDIAN HUME PIPE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >107.40</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-11.75</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >DQ ENTERTAINMENT (INTERNATIONAL)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >22.55</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-11.74</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >PANTALOON RETAIL</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >162.55</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-11.61</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ADANI ENTERPRISE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >317.55</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-11.55</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ELECTROTHERM</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >80.05</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-11.50</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >GOENKA DIAMOND & JEWELS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >59.95</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-11.19</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >STERLING BIOTECH</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >11.15</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-11.16</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >EIH</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >87.90</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-10.76</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >HINDUJA FOUNDRIES</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >59.50</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-10.53</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ICSA (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >22.95</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-10.53</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >MADHUCON PROJECTS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >58.50</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-10.28</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >JUBILANT INDUSTRIES</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >281.75</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-10.18</span></span></p> </td> </tr> <tr> <td style="width:182.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="243"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >EON ELECTRIC</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >35.55</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-10.11</span></span></p> </td> </tr> </tbody></table><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: normal;"><span style="font-size:100%;"><b><span style="color:black;"><br />Stocks with Bullish Engulfing Patterns.</span></b></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: 150%;"><span style="font-size:100%;"><span style="line-height:150%; color:black;" >The following stocks have been trending downward in the short and intermediate terms and have formed a bullish engulfing pattern. The probability of an upward reversal in prices has increased.</span></span></p><span style="font-size:100%;"> </span><table class="yiv879780727MsoNormalTable" style="width: 64%; border-style: outset; border-color: rgb(204, 204, 204); border-width: 1pt; text-align: left; margin-left: 0px; margin-right: 0px;" border="1" cellpadding="0" width="64%"> <tbody><tr> <td style="width:158.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="211"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><b><span style="line-height:150%;color:black;" >Security Name</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >Close</span></b></span></p> </td> </tr> <tr> <td style="width:158.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="211"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ABB</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >846.45</span></span></p> </td> </tr> <tr> <td style="width:158.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="211"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ALSTOM PROJECTS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >373.20</span></span></p> </td> </tr> <tr> <td style="width:158.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="211"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >EMMBI POLYARNS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >13.85</span></span></p> </td> </tr> <tr> <td style="width:158.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="211"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >GOA CARBON</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >79.70</span></span></p> </td> </tr> <tr> <td style="width:158.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="211"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >KWALITY DAIRY (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >40.60</span></span></p> </td> </tr> <tr> <td style="width:158.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="211"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >MARG</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >90.90</span></span></p> </td> </tr> <tr> <td style="width:158.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="211"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >MIRZA INTL</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >19.70</span></span></p> </td> </tr> <tr> <td style="width:158.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="211"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >MUTHOOT FINANCE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >163.60</span></span></p> </td> </tr> </tbody></table><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: normal;"><span style="font-size:100%;"><b><span style="color:black;"><br />Stocks with Bearish Engulfing Patterns.</span></b></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: 150%;"><span style="font-size:100%;"><span style="line-height:150%; color:black;" >The following stocks have been trending upward in the short and intermediate terms and have formed a bearish engulfing pattern. The probability of a downward reversal in prices has increased.</span></span></p><span style="font-size:100%;"> </span><table class="yiv879780727MsoNormalTable" style="width: 74%; border-style: outset; border-color: rgb(204, 204, 204); border-width: 1pt; text-align: left; margin-left: 0px; margin-right: 0px;" border="1" cellpadding="0" width="74%"> <tbody><tr> <td style="width:198.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="265"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><b><span style="line-height:150%;color:black;" >Security Name</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >Close</span></b></span></p> </td> </tr> <tr> <td style="width:198.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="265"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >BHARAT PETROLEUM</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >664.30</span></span></p> </td> </tr> <tr> <td style="width:198.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="265"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >GRAVITA (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >702.25</span></span></p> </td> </tr> <tr> <td style="width:198.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="265"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >MAHINDRA LIFESPACE DEVELOPERS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >318.95</span></span></p> </td> </tr> <tr> <td style="width:198.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="265"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ORACLE FINANCIAL SERVICES SOFTWARE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >2575.40</span></span></p> </td> </tr> <tr> <td style="width:198.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="265"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >TEXMO PIPES & PRODUCTS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >23.10</span></span></p> </td> </tr> </tbody></table><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: normal;"><span style="font-size:100%;"><b><span style="color:black;"><br />% Volume Change</span></b></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: 150%;"><span style="font-size:100%;"><span style="line-height:150%; color:black;" >The following list shows all stocks whose volumes surged by more than 100% this week compared to the previous week. Upward price movement on large volume change is a bullish (positive) sign for the stock if the stock has been flat or trending downward. Downward price movement on large volume change is a bearish (negative) sign for the stock if the stock has been flat or trending upward. Stocks are arranged in descending order of volume change.</span></span></p><span style="font-size:100%;"> </span><table class="yiv879780727MsoNormalTable" style="width: 100%; border-style: outset; border-color: rgb(204, 204, 204); border-width: 1pt; text-align: left; margin-left: 0px; margin-right: 0px;" border="1" cellpadding="0" width="100%"> <tbody><tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><b><span style="line-height:150%;color:black;" >Security Name</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >Close</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >% Change</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >Volume</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >% Change</span></b></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >SUPREME PETROCHE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >56.35</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >17.39</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1029113</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >3042</span></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ENERGY DEVELOPMENT CO</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >42.90</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >12.59</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >471909</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1365</span></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >AP PAPER MILLS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >180.15</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >12.03</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >2184658</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1017</span></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >GOA CARBON</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >79.70</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >12.96</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >323099</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >847</span></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >BINANI INDS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >136.00</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >15.49</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >333613</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >773</span></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >WHEELS (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >600.40</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >17.91</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1244075</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >302</span></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >RAVI KUMAR DISTILLERIES</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >12.15</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-14.14</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >267436</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >288</span></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >SUPREME INFRASTRUCTURE (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >242.85</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >10.48</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >308454</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >202</span></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >GLODYNE TECHNOSERVE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >285.05</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >25.93</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >4856516</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >177</span></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >SURYA PHARMACEUTICALS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >11.75</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-16.08</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1033274</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >125</span></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >HINDUJA FOUNDRIES</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >59.50</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >-10.53</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >4761</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >104</span></span></p> </td> </tr> </tbody></table><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: normal;"><span style="font-size:100%;"><b><span style="color:black;"><br />New Intermediate Uptrend</span></b></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: 150%;"><span style="font-size:100%;"><span style="line-height:150%; color:black;" >Prices of stocks (and other entities) rise and fall due to changes in the supply and demand relationships between buyers and sellers of the stock. The causes of the changing supply and demand relationships are many, but the effect of these changes shows up in the changing stock prices.<br /><br />The following list shows all stocks & indices beginning a new intermediate uptrend. A new intermediate uptrend normally begins with an upside breakout when demand outstrips supply after a series of falling tops and bottoms.</span></span></p><span style="font-size:100%;"> </span><table class="yiv879780727MsoNormalTable" style="width: 61%; border-style: outset; border-color: rgb(204, 204, 204); border-width: 1pt; text-align: left; margin-left: 0px; margin-right: 0px;" border="1" cellpadding="0" width="61%"> <tbody><tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><b><span style="line-height:150%;color:black;" >Security Name</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >Close</span></b></span></p> </td> </tr> <tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ADVANTA (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >364.30</span></span></p> </td> </tr> <tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ANSAL HOUSING</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >45.75</span></span></p> </td> </tr> <tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >AP PAPER MILLS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >180.15</span></span></p> </td> </tr> <tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >BINANI INDS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >136.00</span></span></p> </td> </tr> <tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >CASTROL (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >507.95</span></span></p> </td> </tr> <tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >COLGATE PALMOLIV</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >1062.80</span></span></p> </td> </tr> <tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >GLODYNE TECHNOSERVE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >285.05</span></span></p> </td> </tr> <tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >NATCO PHARMA</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >296.15</span></span></p> </td> </tr> <tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >SUPREME PETROCHE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >56.35</span></span></p> </td> </tr> <tr> <td style="width:141pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="188"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >TIME TECHNOPLAST</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >54.80</span></span></p> </td> </tr> </tbody></table><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: normal;"><span style="font-size:100%;"><b><span style="color:black;"><br />New Intermediate Downtrend</span></b></span></p><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal" style="line-height: 150%;"><span style="font-size:100%;"><span style="line-height:150%; color:black;" >Prices of stocks (and other entities) rise and fall due to changes in the supply and demand relationships between buyers and sellers of the stock. The causes of the changing supply and demand relationships are many, but the effect of these changes shows up in the changing stock prices.<br /><br />The following list shows all stocks beginning a new intermediate downtrend. A new intermediate downtrend normally begins with a breakdown when supply soaks up all demand after a series of rising tops and bottoms.<br /></span></span></p><span style="font-size:100%;"> </span><table class="yiv879780727MsoNormalTable" style="width: 75%; border-style: outset; border-color: rgb(204, 204, 204); border-width: 1pt; text-align: left; margin-left: 0px; margin-right: 0px;" border="1" cellpadding="0" width="75%"> <tbody><tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><b><span style="line-height:150%;color:black;" >Security Name</span></b></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><b><span style="line-height:150%; color:black;" >Close</span></b></span></p> </td> </tr> <tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ALEMBIC</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >17.10</span></span></p> </td> </tr> <tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >INOX LEISURE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >47.55</span></span></p> </td> </tr> <tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >ISMT</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >27.95</span></span></p> </td> </tr> <tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >JYOTI STRUCTURE</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >45.10</span></span></p> </td> </tr> <tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >MAHINDRA HOLIDAYS & RESORTS (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >278.15</span></span></p> </td> </tr> <tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >MANGALORE CHEMICALS & FERTILIZERS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >39.20</span></span></p> </td> </tr> <tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >MICRO TECHNOLOGIES (I)</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >166.90</span></span></p> </td> </tr> <tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >RESPONSIVE INDS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >86.45</span></span></p> </td> </tr> <tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >SURYA PHARMACEUTICALS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >11.75</span></span></p> </td> </tr> <tr> <td style="width:2.75in;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="264"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="font-size:100%;"><span style="line-height:150%;color:black;" >TECPRO SYSTEMS</span></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv879780727MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style="font-size:100%;"><span style=" line-height:150%;color:black;" >162.90</span></span></p> </td> </tr> </tbody></table><span style="font-size:100%;"> </span><p class="yiv879780727MsoNormal"><span style="font-size:100%;"> </span></p></div><div style="text-align: justify;"><span style="font-size:130%;"><span style="font-family:arial;font-size:100%;"> -- </span></span><br /><span style="font-size:130%;"><span style="font-family:arial;font-size:100%;"> Invest in GOLD the smart way!! With GOLD ETF, you can Save on Premium & Making charges, Easy to Buy & Sell, Avoid the risk of Theft & save on Locker Charges!!</span></span><br /><span style="font-size:130%;"><span style="font-family:arial;"> </span></span><br /><span style="font-size:130%;"><span style="font-family:arial;"> </span></span></div>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0tag:blogger.com,1999:blog-8151219148630740271.post-71890507025446885872012-02-10T17:49:00.004+05:302012-02-10T18:14:36.097+05:30Multi Bagger - PTC India Financial Services 10-02-2012<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJF_mO1S7L0wK8JKG6AzCX-i7-VseF0kpKogpOr-PJTVcI9XxdBlDZPu140W_ZuYln4JvN-1Y_JHeJXieyy6d3kysYnZxrPJICRG2JAlE8FHhCeVzaAAcCtuQAYPSZijeeX4p0fjT9Bbw/s1600/PTC-Shares-Rise.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 352px; height: 285px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJF_mO1S7L0wK8JKG6AzCX-i7-VseF0kpKogpOr-PJTVcI9XxdBlDZPu140W_ZuYln4JvN-1Y_JHeJXieyy6d3kysYnZxrPJICRG2JAlE8FHhCeVzaAAcCtuQAYPSZijeeX4p0fjT9Bbw/s400/PTC-Shares-Rise.jpg" alt="" id="BLOGGER_PHOTO_ID_5707482745963457314" border="0" /></a><br /><div id="yui_3_2_0_1_13026093795651834"> <p style="padding: 5px; line-height: normal; widows: 2; text-transform: none; background-color: rgb(234, 237, 236); font-variant: normal; font-style: normal; text-indent: 0px; margin: 0px; white-space: normal; orphans: 2; letter-spacing: normal; color: rgb(51, 51, 51); font-weight: normal; word-spacing: 0px; text-decoration: none;font-family:Arial;"><span style="font-family:verdana,sans-serif;"><span style="font-size:85%;"><span style="color:#000000;"><strong><span style="LINE-HEIGHT:normal;WIDOWS:2;TEXT-TRANSFORM:none;BACKGROUND-COLOR:rgb(234,237,236);FONT-VARIANT:normal;FONT-STYLE:normal;TEXT-INDENT:0px;DISPLAY:inline;WHITE-SPACE:normal;ORPHANS:2;FLOAT:none;LETTER-SPACING:normal;COLOR:rgb(51,51,51);FONT-WEIGHT:normal;WORD-SPACING:0px;font-family:Arial;" >NSE ID :<span class="yiv1522435357Apple-converted-space"> </span></span>PFS</strong></span></span></span></p><p style="PADDING-BOTTOM:5px;LINE-HEIGHT:normal;WIDOWS:2;TEXT-TRANSFORM:none;BACKGROUND-COLOR:rgb(234,237,236);FONT-VARIANT:normal;FONT-STYLE:normal;TEXT-INDENT:0px;MARGIN:0px;PADDING-LEFT:5px;PADDING-RIGHT:5px;WHITE-SPACE:normal;ORPHANS:2;LETTER-SPACING:normal;COLOR:rgb(51,51,51);FONT-WEIGHT:normal;WORD-SPACING:0px;TEXT-DECORATION:none;PADDING-TOP:5px;font-family:Arial;"><span style="font-family:verdana,sans-serif;font-size:85%;color:#000000;"><strong>Key Highlights</strong></span></p> <p id="yui_3_2_0_1_13026093795651833" style="padding: 5px; line-height: normal; widows: 2; text-transform: none; background-color: rgb(234, 237, 236); font-variant: normal; font-style: normal; text-indent: 0px; margin: 0px; white-space: normal; orphans: 2; letter-spacing: normal; color: rgb(51, 51, 51); font-weight: normal; word-spacing: 0px; text-decoration: none; text-align: justify;font-family:Arial;"><span id="yui_3_2_0_1_13026093795651832" style="font-family:verdana,sans-serif;font-size:85%;color:#000000;">Net Profit after tax for the current quarter increased 914.3% YoY (155.8% QoQ) to `579.0 mn from `57.1 mn for Q3FY11 and `226.4 mn for Q2FY12. During the current quarter, PFS has concluded the sale of its stake in Ind Barath Powergencom Limited and has realized a gain of `478.6 mn (total gain of `607.3 mn recognized in nine months ended 31st December 2011) which aided growth in net profit. If excluded for gain on sale of investment and tax thereon, PAT amounts to `171.1 mn for Q3 FY12 compared to `57.1 mn in Q3FY11 and `116.3 mn in Q2 FY12 (growth of 199.6% YoY and 47.1% QoQ).</span></p> <p style="padding: 5px; line-height: normal; widows: 2; text-transform: none; background-color: rgb(234, 237, 236); font-variant: normal; font-style: normal; text-indent: 0px; margin: 0px; white-space: normal; orphans: 2; letter-spacing: normal; color: rgb(51, 51, 51); font-weight: normal; word-spacing: 0px; text-decoration: none; text-align: justify;font-family:Arial;"><span style="font-family:verdana,sans-serif;font-size:85%;color:#000000;">Outstanding loan book as on Q3FY12 was `10.65 bn as against `9.87 bn on Q2FY12 and `6.00 bn as on Q3FY11, registering a YoY growth of 77.5% (7.9% QoQ). The total effective debt sanctions as at the end of Q3FY12 aggregated to `49.79 bn compared to `33.34 bn at the end of FY11, recording growth of 49%. Post Q3FY12 till date, the company has further sanctioned loans of `12.63 bn to 9 power projects which included both conventional and renewable projects. The management has indicated that there is increasing number of proposals for mezzanine/short-term funding and for renewable projects, which may result in to quicker disbursement going forward.</span></p> <p style="padding: 5px; line-height: normal; widows: 2; text-transform: none; background-color: rgb(234, 237, 236); font-variant: normal; font-style: normal; text-indent: 0px; margin: 0px; white-space: normal; orphans: 2; letter-spacing: normal; color: rgb(51, 51, 51); font-weight: normal; word-spacing: 0px; text-decoration: none; text-align: justify;font-family:Arial;"><span style="font-family:verdana,sans-serif;font-size:85%;color:#000000;">Pursuant to the stake sale in Ind-Barath Powergencom Ltd during the quarter equity investment book stood at ~4.2 bn as against ~4.65 bn at the end of Q2FY12. Post Q2FY12, the Company has executed necessary agreements for divesting its part stake in Indian Energy Exchange Limited and is awaiting the FIPB approval for the same. The company plans to take its equity investment book to ~5 bn by the end of the current fiscal.</span></p> <p style="padding: 5px; line-height: normal; widows: 2; text-transform: none; background-color: rgb(234, 237, 236); font-variant: normal; font-style: normal; text-indent: 0px; margin: 0px; white-space: normal; orphans: 2; letter-spacing: normal; color: rgb(51, 51, 51); font-weight: normal; word-spacing: 0px; text-decoration: none; text-align: justify;font-family:Arial;"><span style="font-family:verdana,sans-serif;font-size:85%;color:#000000;">NIM during the quarter stood at ~8.1% (excluding interest on fixed deposits) as against 5.8% for Q2FY12 and 6.9% for Q3FY12. The expansion in NIMs was largely on the back of lower cost of borrowing through ECBs and deployment of IPO proceeds during the quarter. The overall yield on assets during the quarter increased by ~66 bps as against a decline of 47 bps in the cost of funds. Consequently, the spread during the quarter increased by 113 bps sequentially. The company has further headroom to raise funds upto $55 mn through ECB in the coming quarters. The management expects share of bank borrowing to come down going forward to ~20.0% by FY14E, while NCDs, ECBs and infrastructure bonds are likely to constitute around 40.0%, 30.0% and 10.0% respectively.</span></p> <p style="padding: 5px; line-height: normal; widows: 2; text-transform: none; background-color: rgb(234, 237, 236); font-variant: normal; font-style: normal; text-indent: 0px; margin: 0px; white-space: normal; orphans: 2; letter-spacing: normal; color: rgb(51, 51, 51); font-weight: normal; word-spacing: 0px; text-decoration: none; text-align: justify;font-family:Arial;"><span style="font-family:verdana,sans-serif;font-size:85%;color:#000000;">Asset quality continued to remain strong with Nil NPA as of Q3FY12. The management is confident to keep asset quality under check going forward. The management do not foresee any restructuring in any of the projects in which the company has an exposure.</span></p> <p style="padding: 5px; line-height: normal; widows: 2; text-transform: none; background-color: rgb(234, 237, 236); font-variant: normal; font-style: normal; text-indent: 0px; margin: 0px; white-space: normal; orphans: 2; letter-spacing: normal; color: rgb(51, 51, 51); font-weight: normal; word-spacing: 0px; text-decoration: none; text-align: justify;font-family:Arial;"><strong style="PADDING-BOTTOM:0px;MARGIN:0px;PADDING-LEFT:0px;PADDING-RIGHT:0px;PADDING-TOP:0px;"><span style="font-family:verdana,sans-serif;font-size:85%;color:#000000;">Outlook & Valuation:</span></strong></p> <p style="padding: 5px; line-height: normal; widows: 2; text-transform: none; background-color: rgb(234, 237, 236); font-variant: normal; font-style: normal; text-indent: 0px; margin: 0px; white-space: normal; orphans: 2; letter-spacing: normal; color: rgb(51, 51, 51); font-weight: normal; word-spacing: 0px; text-decoration: none; text-align: justify;font-family:Arial;"><span style="font-family:verdana,sans-serif;font-size:85%;color:#000000;">We believe there is value in the company considering its equity investment book and zero exposure to distribution companies. However, environmental clearance, fuel security and linkages, long term PPA's and overall timely execution are critical to the success of projects and therefore its Equity and debt investments. We have reduced our target multiple for loan financing book to 0.7x for FY13E considering various concerns that is currently prevailing in the power sector. Added to this, we have also applied a discount of 10.0% to our earlier valuation of the company's equity investment book taking into consideration the inherent risk in private equity type model and the current apprehensions in the sector. Consequently, our revised target price stands at 22.0, implying an upside potential of 55% from current levels.</span></p><p face="Arial" style="padding: 5px; line-height: normal; widows: 2; text-transform: none; background-color: rgb(234, 237, 236); font-variant: normal; font-style: normal; text-indent: 0px; margin: 0px; white-space: normal; orphans: 2; letter-spacing: normal; color: rgb(51, 51, 51); font-weight: normal; word-spacing: 0px; text-decoration: none; text-align: justify;"><br /></p><h3 class="details"><a href="http://buzibiz.com/" title="Click to search for messages with same subject" action="search" class="">Save tax of up to Rs 30,900 per year thanks to deductions under section 80C of the Income Tax Act, 1961</a></h3><br /><span style="color:rgb(0, 0, 0);font-size:85%;" ><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >Which is the best tax saving instrument? (under Section 80c - 1 Lakh limit)</span><br /><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >There are wide spectrum of choices available</span><br /><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >1.NSC</span><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >2.PPF</span><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >3.Insurance / Pension Plan</span><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >4.FDs ( 5 Year Tenure)</span><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" ></span><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >5.ELSS * and a few more</span><br /><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >*(ELSS refers to Equity Linked Saving Scheme of mutual funds)</span><br /><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >ELSS is one of the best choices</span><br /><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >1) It has the potential for highest returns (Last Ten year average returns well above 15 % p.a).</span><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >2) It has the minimum lock in period (3 years) compared to other tax saving instruments.</span><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >3) Dividend from equity schemes are tax free (for Dividend Payout option)</span><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >4) No Long term capital gain tax on redemption as the period of investment is greater than a year.</span><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >5) An SIP investment can help you hedge against market fluctuations while investing.</span><br /><br /><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >With so many advantages, ELSS is the most attractive investment option available to us.</span><br /><br /></span><span style="font-size:85%;"><b style="color:rgb(0, 0, 255);font-family:verdana, sans-serif;"><span><span style="text-decoration:none;">Canara Robeco Equity Tax Saver - The Smart Answer to saving tax<br /><br />Reason:-<br /></span></span></b><span style="color:rgb(0, 0, 255);font-family:verdana, sans-serif;" ><span style="text-decoration:none;"><br />* Rated Platinum by ET Investors Guide<br />* ND TV Profit Mutual Fund Award 2010<br />* Ranked No 1 by Crisil<br />* 5 Star Rated by Value research<br /></span><span style="text-decoration:none;">* 5 Star Rated by Morning Star</span></span><br /><br /><span style="color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >Details and </span><b style="color:rgb(0, 0, 255);font-family:verdana, sans-serif;"><span><span style="text-decoration:none;"></span></span></b><span style="color:rgb(0, 0, 255);font-family:verdana, sans-serif;" >Application Form Attached.<br /><br />For more on ELSS please mail to mfcare@uaeexchange.co.in or call us at 0484-3048317 </span></span><br /><span style="color:rgb(0, 0, 0);font-size:85%;" ><br /></span> <table class="yiv1744444051MsoNormalTable" style="width:77.52%;background:none repeat scroll 0% 0% white;border-width:1pt medium medium;border-style:solid none none;border-color:rgb(204, 204, 204);" border="1" cellpadding="0" cellspacing="0" width="77%"> <tbody><tr style="height:52.3pt;"> <td style="width:157.6pt;border-width:1pt 1pt medium medium;border-style:solid solid none none;border-background:none repeat scroll 0% 0% rgb(249, 248, 248);padding:10.5pt 0in 0in 7.5pt;height:52.3pt;color:white white;" valign="top" width="210"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;line-height:normal;"><b><span style="color:rgb(48, 48, 48);font-size:8.5pt;" ><span style="text-decoration:none;font-size:9pt;color:black;" >Mutual Fund Scheme</span></span></b></p> </td> <td style="width:78pt;border-width:1pt 1pt medium;border-style:solid solid none;border-color:white white rgb(204, 204, 204);background:none repeat scroll 0% 0% rgb(249, 248, 248);padding:10.5pt 0in 0in;height:52.3pt;" valign="top" width="104"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:center;line-height:normal;" align="center"><b><span style="color:rgb(48, 48, 48);font-size:8.5pt;" ><span style="text-decoration:none;font-size:9pt;color:black;" >Crisil Rank</span></span></b></p> </td> <td style="width:53.35pt;border-width:1pt 1pt medium;border-style:solid solid none;border-color:white white rgb(204, 204, 204);background:none repeat scroll 0% 0% rgb(249, 248, 248);padding:10.5pt 0in 0in;height:52.3pt;" valign="top" width="71"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:center;line-height:normal;" align="center"><b><span style="color:rgb(48, 48, 48);font-size:8.5pt;" ><span style="text-decoration:none;font-size:9pt;color:black;" >AUM</span><br /></span></b><span style="font-size:7pt;color:black;">(Rs. Crore.)</span><span style="font-size:7pt;color:black;"><br /></span><span style="font-size:7pt;color:black;"></span></p> </td> <td style="width:40.1pt;border-width:1pt 1pt medium;border-style:solid solid none;border-color:white white rgb(204, 204, 204);background:none repeat scroll 0% 0% rgb(249, 248, 248);padding:10.5pt 0in 0in;height:52.3pt;" valign="top" width="53"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:center;line-height:normal;" align="center"><b><span style="color:rgb(48, 48, 48);font-size:8.5pt;" ><span style="text-decoration:none;font-size:9pt;color:black;" >3yr</span> Return</span></b></p> </td> <td style="width:40.1pt;border-width:1pt 1pt medium;border-style:solid solid none;border-color:white white rgb(204, 204, 204);background:none repeat scroll 0% 0% rgb(249, 248, 248);padding:10.5pt 0in 0in;height:52.3pt;" valign="top" width="53"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:center;line-height:normal;" align="center"><b><span style="color:rgb(48, 48, 48);font-size:8.5pt;" ><span style="text-decoration:none;font-size:9pt;color:black;" >5yr</span> Return</span></b></p> </td> </tr> <tr style=""> <td style="border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;"><br /></td> <td style="border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;"><br /></td> <td style="border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;"><br /></td> <td style="border:medium none;padding:0in;" colspan="2" width="107"><p class="yiv1744444051MsoNormal"> </p><br /></td> </tr> <tr style="height:0.35in;"> <td style="width:157.6pt;border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;height:0.35in;color:rgb(0, 0, 255);" width="210"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;line-height:normal;"><b><span style="font-size:9pt;"><span style="text-decoration:none;">Canara Robeco Equity Tax Saver<br /></span></span></b></p> </td> <td style="width:78pt;border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;height:0.35in;color:rgb(0, 0, 0);" width="104"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:center;line-height:normal;" align="center"><span style="font-size:9pt;"><span style="text-decoration:none;">Rank 1</span></span></p> </td> <td style="width:53.35pt;border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;height:0.35in;" width="71"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:right;line-height:normal;" align="right"><span style="color:rgb(76, 76, 76);font-size:9pt;" >307.47</span></p> </td> <td style="width:40.1pt;border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;height:0.35in;" width="53"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:right;line-height:normal;" align="right"><span style="color:rgb(14, 145, 0);font-size:9pt;" >34.3%</span></p> </td> <td style="width:40.1pt;border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;height:0.35in;" width="53"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:right;line-height:normal;" align="right"><span style="color:rgb(14, 145, 0);font-size:9pt;" >12.5%</span></p> </td> </tr> </tbody></table> <p class="yiv1744444051MsoNormal"><span style="line-height:115%;font-size:7.5pt;color:black;" >(Source - Moneycontrol)<br /></span></p><br /><span id="yui_3_2_0_1_13021775107591807" style="color:rgb(0, 0, 0);font-family:trebuchet ms, sans-serif;font-size:78%;" ><em id="yui_3_2_0_1_13021775107591806" style="font-weight:bold;font-style:normal;font-variant:normal;letter-spacing:normal;line-height:16px;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);">Risk Factor - Mutual Fund Investments are subject to market risks</em><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:16px;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;">. Please read the Scheme. Information Document carefully before investing</span></span>.<br /><br /><br /><div style="text-align: center;"><span style="font-family:georgia;font-size:130%;"><span style="font-weight: bold;">For Bulk sms service >> <a href="http://www.smschargers.com">www.smschargers.com</a></span></span><br /><span style="font-style: italic; color: rgb(0, 51, 0);">@ <span style="font-weight: bold; color: rgb(204, 0, 0);">8paise</span> Delivery within 5 seconds ..!</span><br /></div></div>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0tag:blogger.com,1999:blog-8151219148630740271.post-25662524366699486152012-02-05T18:02:00.003+05:302012-02-05T18:23:52.199+05:30Weekly beeps: 05-02-2012 Markets Extent Rally Into 5th Week In a Row; Best run in more than a year<p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><span style="font-size:85%;">After witnessing a stellar rally in the month of Jan 2012, markets have continued the robust performance into the month of Feb. The SENSEX has rallied by a good 2 per cent for the week ended 3rd Feb 2012. With this the markets have managed to end on a positive note for a 5th week in a row.<span class="yiv370246779Apple-converted-space"> </span></span> </p><p class="yiv370246779MsoNormal" style="font-family:verdana, sans-serif;color:rgb(0, 0, 0);"><span style="font-size:85%;">Five winning weeks in a row have clearly stunned most market players after last year’s disappointment. The Nifty has convincingly crossed its 200-DMA and has also closed above it for the past four sessions. The Sensex too has pierced the crucial technical barrier. The manner in which the market has rallied has raised expectations of more gains. However, one must not loose sight of the risks confronting the market – both domestic as well as external. </span></p> <p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><span style="font-size:85%;"><br /></span></p><table style="color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);width:216pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="287"><colgroup><col style="width:58pt;" width="77"><col style="width:52pt;" span="2" width="69"><col style="width:54pt;" width="72"></colgroup><tbody><tr style="height:15pt;" height="20"><td class="yiv370246779xl69" colspan="4" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);width:216pt;height:15pt;" height="20" width="287"><p style="margin-top:0px;" align="center"><span style="font-size:85%;"><strong>Benchmark Indices</strong></span></p></td></tr><tr style="height:30pt;" height="40"><td class="yiv370246779xl68" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);height:30pt;" height="40"><span style="font-size:85%;"><strong>Index</strong></span></td><td class="yiv370246779xl70" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>27-Jan-12</strong></span></td><td class="yiv370246779xl70" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>3-Feb-12</strong></span></td><td class="yiv370246779xl69" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>% Change</strong></span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">SENSEX</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">17233.98</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">17604.96</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2.15</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">NIFTY</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">5204.70</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">5325.85</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2.33</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Hang Seng</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">20501.67</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">20756.98</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1.25</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Nikkei</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">8841.22</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">8831.93</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-0.11</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Shanghai</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2319.12</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2330.40</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">0.49</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Dow Jones*</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">12734.60</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">12705.40</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-0.23</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">S&P 500*</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1318.43</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1325.54</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">0.54</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">NASDAQ*</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2805.28</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2859.68</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1.94</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Bovespa*</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">62953.10</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">64593.10</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2.61</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">FTSE*</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">5795.20</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">5796.07</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">0.02</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">DAX*</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">6539.85</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">6655.63</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1.77</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">CAC*</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">3363.23</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">3376.66</span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">0.40</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl73" colspan="4" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">* closing till Thursday<br /><br /></span><img style="margin-top:10px;" alt="Chart forS&P CNX NIFTY (^NSEI)" src="http://chart.finance.yahoo.com/z?s=%5eNSEI&t=5d&q=l&l=on&z=l&a=v&p=s&lang=en-IN&region=IN" border="0" height="475" width="800" /><br /></td></tr></tbody></table><p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><span style="font-size:85%;">However, the start to the week was completely opposite to the way it’s ended. On Monday the markets tanked by 2.2 per cent, which was pretty much expected on the back of profit taking by investors and traders. However, as the week progressed, a further improvement in HSBC PMI manufacturing data for month of Jan to 57.5 from 54.2 in Dec 2011 helped cheer market sentiments. A good set of Q3 earning from ICICI bank coupled with decent performance from auto manufacturers on the auto sales front helped buoy the markets.<br /><br /></span></p><table style="color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);width:305pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="405"><colgroup><col style="width:110pt;" width="146"><col style="width:52pt;" width="69"><col style="width:89pt;" width="118"><col style="width:54pt;" width="72"></colgroup><tbody><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" colspan="4" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);width:305pt;height:12.75pt;" height="17" width="405"><p style="margin-top:0px;" align="center"><span style="font-size:85%;"><strong>Key Global Indicators</strong></span></p></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl70" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);height:12.75pt;" height="17"><span style="font-size:85%;"><strong>Index</strong></span></td><td class="yiv370246779xl70" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>27-Jan-12</strong></span></td><td class="yiv370246779xl70" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>3-Feb-12</strong></span></td><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>% Change</strong></span></td></tr><tr style="height:15pt;" height="20"><td style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">Gold</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">27832</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">28081</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">0.89</span></td></tr><tr style="height:15pt;" height="20"><td style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">Silver</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">56876</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">57013</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">0.24</span></td></tr><tr style="height:15pt;" height="20"><td style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">Crude Oil (Brent)</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">111.23</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">112.43</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1.08</span></td></tr><tr style="height:15pt;" height="20"><td style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">Crude Oil (Nymex)</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">100.34</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">97.03</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-3.30<br /><br /></span></td></tr></tbody></table><p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><span style="font-size:85%;">On the global front, the mood seems a bit mixed and uncertain. While manufacturing data showed an improving trend in China, Germany and US, a contraction in the same data was seen for countries like Spain, Italy and France. Moreover there seems to be no clarity on Greece’s debt woes for now.<br /><br /></span></p><table style="color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);width:305pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="405"><colgroup><col style="width:110pt;" width="146"><col style="width:52pt;" width="69"><col style="width:89pt;" width="118"><col style="width:54pt;" width="72"></colgroup><tbody><tr style="height:15pt;" height="20"><td class="yiv370246779xl70" colspan="4" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);width:305pt;height:15pt;" height="20" width="405"><p style="margin-top:0px;" align="center"><span style="font-size:85%;"><strong>Currency Rate</strong></span></p></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);height:15pt;" height="20"><span style="font-size:85%;"><strong>Index</strong></span></td><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>27-Jan-12</strong></span></td><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>3-Feb-12</strong></span></td><td class="yiv370246779xl70" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>% Change</strong></span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">USD</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">49.65</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">48.67</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-1.96</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">EURO</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">65.04</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">64.15</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-1.36</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">GBP</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">77.83</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">77.50</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-0.42</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">JYP (per 100)</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">64.45</span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">64.17</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-0.43<br /><br /></span></td></tr></tbody></table><p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><span style="font-size:85%;">Moving on the rupee seems to be convincingly winning its battle against the dollar. The rupee has managed to break below the Rs 50 levels and currently stands at Rs 48.67 per dollar. As a result of the positive inflows this week, FII net investments in equity now stand at Rs 4040 crore for week ended 03rd Jan 2012.<br /><br /></span></p><table style="color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);width:234pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="310"><colgroup><col style="width:74pt;" width="98"><col style="width:52pt;" span="2" width="69"><col style="width:56pt;" width="74"></colgroup><tbody><tr style="height:15pt;" height="20"><td class="yiv370246779xl76" colspan="4" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);width:234pt;height:15pt;" height="20" width="310"><p style="margin-top:0px;" align="center"><span style="font-size:85%;"><strong>Sectoral Indices</strong></span></p></td></tr><tr style="height:30pt;" height="40"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);width:74pt;height:30pt;" height="40" width="98"><span style="font-size:85%;"><strong>Category/Index</strong></span></td><td class="yiv370246779xl70" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>27-Jan-12</strong></span></td><td class="yiv370246779xl70" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>3-Feb-12</strong></span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);width:56pt;" width="74"><span style="font-size:85%;"><strong>Change (%)</strong></span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl77" colspan="4" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);height:15pt;" height="20"><span style="font-size:85%;"><strong>Broad</strong></span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">MIDCAP</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">5,872.36</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">6,046.10</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2.96</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">SMLCAP</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">6,491.69</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">6,686.55</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">3.00</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">BSE-100</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">8,982.13</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">9,185.35</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2.26</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">BSE-200</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2,099.47</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2,150.96</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2.45</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">BSE-500</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">6,554.58</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">6,717.47</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2.49<br /><br /><br /></span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl77" colspan="4" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);height:15pt;" height="20"><span style="font-size:85%;"><strong>Sectors</strong></span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">REALTY</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1,702.98</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1,784.17</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">4.77</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">AUTO</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">9,197.33</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">9,523.22</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">3.54</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">IT</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">5,721.74</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">5,912.40</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">3.33</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">BANKEX</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">11,282.33</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">11,643.84</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">3.20</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">TECk</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">3,463.78</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">3,569.28</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">3.05</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">METAL</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">11,576.33</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">11,874.99</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2.58</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">HC</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">6,261.23</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">6,411.72</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2.40</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">POWER</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2,122.03</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2,161.35</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1.85</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">OIL&GAS</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">8,541.42</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">8,689.19</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1.73</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">FMCG</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">4,063.87</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">4,120.75</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1.40</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">PSU</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">7,409.00</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">7,485.77</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">1.04</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">CG</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">10,360.24</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">10,259.55</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-0.97</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">CD</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">6,000.46</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">5,832.41</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-2.80</span></td></tr></tbody></table><p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><span style="font-size:85%;"><br /></span></p><p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><span style="font-size:85%;"><br /></span></p><p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><span style="font-size:85%;">Among the sectoral indices, Realty sector was amongst the top gainers for the week, notching up nearly 5 per cent gains. Auto and IT companies came in next for a second consecutive week at 4 per cent gains. Consumer goods and capital good were the only sectors treading in the red zone. This was mainly on the back of some profit taking by investors and a sharp decline in the share price of BHEL which reported rather week Q3 earnings.<br /><br /></span></p><table style="color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);width:251pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="333"><colgroup><col style="width:110pt;" width="146"><col style="width:52pt;" width="69"><col style="width:89pt;" width="118"></colgroup><tbody><tr style="height:15pt;" height="20"><td class="yiv370246779xl79" colspan="3" style="border-color:rgb(212, 208, 200);background-color:rgb(141, 180, 227);width:251pt;height:15pt;" height="20" width="333"><p style="margin-top:0px;" align="center"><span style="font-size:85%;"><strong>Top Gainers</strong></span></p></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl70" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);height:12.75pt;" height="17"><span style="font-size:85%;"><strong>Scrip</strong></span></td><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>CMP</strong></span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>% Change (WoW)</strong></span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Tata Tea</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">119.15</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">22.46</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Sintex Inds</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">98.1</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">17.77</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Jet Airways</span></td><td class="yiv370246779xl76" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">280</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">15.39</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">HavellsIndia</span></td><td class="yiv370246779xl77" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">492</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">14.73</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">JubilantFood</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">972.45</span></td><td class="yiv370246779xl78" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">13.62</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Engineers</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">266.9</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">12.76</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Educomp Solu</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">243.3</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">12.38</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">OrientalBank</span></td><td class="yiv370246779xl76" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">288</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">11.68</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">ABB</span></td><td class="yiv370246779xl77" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">888</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">11.37</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">PFC</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">186.7</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">11.06<br /><br /></span></td></tr></tbody></table><p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><span style="font-size:85%;">Among the individual stocks, Tata Tea was the top gainer as the company finally cemented its deal with Starbucks Coffee to set up retail coffee shops in the country. Sintex Industries, Jet Airways and Havells India were among the other top gainers for the week. Among the top losers, TTK Prestige topped the list. Glenmark Pharma lost 6 per cent as the company reported dismal Q3 earnings. Domestic refiner IOC also lost 5 per cent this week on reports that it will have to pay over Rs 979 crore in unpaid entry tax to the Uttar Pradesh government within two weeks.<br /><br /></span></p><table style="color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);width:237pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="315"><colgroup><col style="width:110pt;" width="147"><col style="width:38pt;" width="50"><col style="width:89pt;" width="118"></colgroup><tbody><tr style="height:15pt;" height="20"><td class="yiv370246779xl76" colspan="3" style="border-color:rgb(212, 208, 200);background-color:rgb(141, 180, 227);width:237pt;height:15pt;" height="20" width="315"><p style="margin-top:0px;" align="center"><span style="font-size:85%;"><strong>Top Losers</strong></span></p></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl70" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);height:12.75pt;" height="17"><span style="font-size:85%;"><strong>Scrip</strong></span></td><td class="yiv370246779xl71" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>CMP</strong></span></td><td class="yiv370246779xl73" style="border-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><span style="font-size:85%;"><strong>% Change (WoW)</strong></span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">TTK Prestige</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">2285</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-6.36</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">GlenmarkPhar</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">296.05</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-5.58</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">IOC<span> </span></span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">272.6</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-5.43</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">GMDC<span> </span></span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">176.55</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-4.93</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">Titan Inds</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">196.45</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-4.71</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Adani Power</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">80.45</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-4.40</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Divis Labora</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">781.9</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-4.38</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">Coal India</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">326.2</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-4.20</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-size:85%;">BHEL</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">263.8</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-3.60</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv370246779xl72" style="border-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-size:85%;">JainIrrigatn</span></td><td class="yiv370246779xl74" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">100.35</span></td><td class="yiv370246779xl75" style="border-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-size:85%;">-3.51</span></td></tr></tbody></table><p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><br /></p><p style="margin-top:0px;color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:normal;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);"><span style="font-size:85%;"><u><b>Corporate Happenings</b></u><br /></span></p><table id="yiv370246779Resultcalendar1_Calendar1" class="yiv370246779calencaption" title="Calendar" style="font-family:Tahoma;font-size:11px;color:rgb(0, 0, 0);font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:16px;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(203, 203, 201);border:1px solid rgb(203, 203, 201);text-decoration:none;" border="1" cellpadding="0" cellspacing="2"><tbody><tr><td class="yiv370246779daypad" style="padding-left:7px;background-color:rgb(247, 248, 224);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Mon, 06<sup>th</sup><span class="yiv370246779Apple-converted-space"> </span>Feb<br /><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenlisting" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">Board Meet :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="GlaxoSmithkline Consumer Healthcare Ltd(NSE:GSKCONS | BSE:500676) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/GlaxoSmithkline-Consumer-Healthcare-Ltd/500676" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">GlaxoSmithkline Consumer Healthcare Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Hindustan Unilever Ltd(NSE:HINDUNILVR | BSE:500696) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Hindustan-Unilever-Ltd/500696" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Hindustan Unilever Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="India Cements Ltd(NSE:INDIACEM | BSE:530005) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/India-Cements-Ltd/530005" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">India Cements Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="National Aluminium Company Ltd(NSE:NATIONALUM | BSE:532234) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/National-Aluminium-Company-Ltd/532234" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">National Aluminium Company Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Dena Bank(NSE:DENABANK | BSE:532121) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Dena-Bank/532121" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Dena Bank</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Adani Power Ltd(NSE:ADANIPOWER | BSE:533096) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Adani-Power-Ltd/533096" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Adani Power Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Adani Ports & Special Economic Zone Ltd(NSE:ADANIPORTS | BSE:532921) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Adani-Ports-and-Special-Economic-Zone-Ltd/532921" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Adani Ports & Special Economic Zone Ltd</a></td></tr></tbody></table></td></tr></tbody></table></span><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenclose" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">Quarterly Result :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv370246779caleventtext" style="font-family:Tahoma;font-size:11px;font-weight:normal;padding-top:12px;">Dena Bank</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv370246779caleventtext" style="font-family:Tahoma;font-size:11px;font-weight:normal;padding-top:12px;">Adani Ports & Special Economic Zone Ltd</span></td></tr></tbody></table></td></tr></tbody></table></span></td><td class="yiv370246779daypad" style="padding-left:7px;background-color:rgb(247, 248, 224);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Tue, 07<sup>th</sup><span class="yiv370246779Apple-converted-space"> </span>Feb<br /><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenlisting" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">Board Meet :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Mahindra & Mahindra Ltd(NSE:M&M | BSE:500520) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Mahindra-and-Mahindra-Ltd/500520" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Mahindra & Mahindra Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Cadila Healthcare Ltd(NSE:CADILAHC | BSE:532321) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Cadila-Healthcare-Ltd/532321" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Cadila Healthcare Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Opto Circuits (India) Ltd(NSE:OPTOCIRCUI | BSE:532391) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Opto-Circuits-India-Ltd/532391" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Opto Circuits (India) Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="GMR Infrastructure Ltd(NSE:GMRINFRA | BSE:532754) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/GMR-Infrastructure-Ltd/532754" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">GMR Infrastructure Ltd</a></td></tr></tbody></table></td></tr></tbody></table></span><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenlisting" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">EGM :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Mahindra & Mahindra Ltd(NSE:M&M | BSE:500520) EGM" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Mahindra-and-Mahindra-Ltd/500520/#EGM" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Mahindra & Mahindra Ltd</a></td></tr></tbody></table></td></tr></tbody></table></span><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenclose" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">Quarterly Result :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv370246779caleventtext" style="font-family:Tahoma;font-size:11px;font-weight:normal;padding-top:12px;">Cadila Healthcare Ltd</span></td></tr></tbody></table></td></tr></tbody></table></span></td><td class="yiv370246779daypad" style="padding-left:7px;background-color:rgb(247, 248, 224);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Wed, 08<sup>th</sup><span class="yiv370246779Apple-converted-space"> </span>Feb<br /><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenlisting" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">Board Meet :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Bharat Forge Ltd(NSE:BHARATFORG | BSE:500493) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Bharat-Forge-Ltd/500493" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Bharat Forge Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="JSW ISPAT Steel Ltd(NSE:JSWISPAT | BSE:500305) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/JSW-ISPAT-Steel-Ltd/500305" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">JSW ISPAT Steel Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Power Grid Corporation of India Ltd(NSE:POWERGRID | BSE:532898) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Power-Grid-Corporation-of-India-Ltd/532898" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Power Grid Corporation of India Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Oil & Natural Gas Corpn Ltd(NSE:ONGC | BSE:500312) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Oil-and-Natural-Gas-Corpn-Ltd/500312" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Oil & Natural Gas Corpn Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Jubilant Foodworks Ltd(NSE:JUBLFOOD | BSE:533155) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Jubilant-Foodworks-Ltd/533155" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Jubilant Foodworks Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Bharti Airtel Ltd(NSE:BHARTIARTL | BSE:532454) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Bharti-Airtel-Ltd/532454" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Bharti Airtel Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Tech Mahindra Ltd(NSE:TECHM | BSE:532755) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Tech-Mahindra-Ltd/532755" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Tech Mahindra Ltd</a></td></tr></tbody></table></td></tr></tbody></table></span><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenclose" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">Quarterly Result :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv370246779caleventtext" style="font-family:Tahoma;font-size:11px;font-weight:normal;padding-top:12px;">Bharat Forge Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv370246779caleventtext" style="font-family:Tahoma;font-size:11px;font-weight:normal;padding-top:12px;">Power Grid Corporation of India Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv370246779caleventtext" style="font-family:Tahoma;font-size:11px;font-weight:normal;padding-top:12px;">Bharti Airtel Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv370246779caleventtext" style="font-family:Tahoma;font-size:11px;font-weight:normal;padding-top:12px;">Tech Mahindra Ltd</span></td></tr></tbody></table></td></tr></tbody></table></span></td><td class="yiv370246779daypad" style="padding-left:7px;background-color:rgb(247, 248, 224);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Thu, 09<sup>th</sup><span class="yiv370246779Apple-converted-space"> </span>Feb<br /><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenlisting" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">Board Meet :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="ACC Ltd(NSE:ACC | BSE:500410) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/ACC-Ltd/500410" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">ACC Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Apollo Tyres Ltd(NSE:APOLLOTYRE | BSE:500877) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Apollo-Tyres-Ltd/500877" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Apollo Tyres Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Ambuja Cements Ltd(NSE:AMBUJACEM | BSE:500425) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Ambuja-Cements-Ltd/500425" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Ambuja Cements Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Hindalco Industries Ltd(NSE:HINDALCO | BSE:500440) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Hindalco-Industries-Ltd/500440" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Hindalco Industries Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Cummins India Ltd(NSE:CUMMINSIND | BSE:500480) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Cummins-India-Ltd/500480" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Cummins India Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="MRF Ltd(NSE:MRF | BSE:500290) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/MRF-Ltd/500290" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">MRF Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Tata Steel Ltd(NSE:TATASTEEL | BSE:500470) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Tata-Steel-Ltd/500470" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Tata Steel Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Hindustan Petroleum Corporation Ltd(NSE:HINDPETRO | BSE:500104) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Hindustan-Petroleum-Corporation-Ltd/500104" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Hindustan Petroleum Corporation Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Adani Enterprises Ltd(NSE:ADANIENT | BSE:512599) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Adani-Enterprises-Ltd/512599" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Adani Enterprises Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Rajesh Exports Ltd(NSE:RAJESHEXPO | BSE:531500) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Rajesh-Exports-Ltd/531500" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Rajesh Exports Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Gujarat State Petronet Ltd(NSE:GSPL | BSE:532702) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Gujarat-State-Petronet-Ltd/532702" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Gujarat State Petronet Ltd</a></td></tr></tbody></table></td></tr></tbody></table></span><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenlisting" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">AGM :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="MRF Ltd(NSE:MRF | BSE:500290) AGM" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/MRF-Ltd/500290/#AGM" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">MRF Ltd</a></td></tr></tbody></table></td></tr></tbody></table></span><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenopen" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">Dividend :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Financial Technologies (India) Ltd(NSE:FINANTECH | BSE:526881) Dividend" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Stock-History/Financial-Technologies-India-Ltd/526881" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Financial Technologies (India) Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="IDBI Bank Ltd(NSE:IDBI | BSE:500116) Dividend" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Stock-History/IDBI-Bank-Ltd/500116" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">IDBI Bank Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="NMDC Ltd(NSE:NMDC | BSE:526371) Dividend" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Stock-History/NMDC-Ltd/526371" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">NMDC Ltd</a></td></tr></tbody></table></td></tr></tbody></table></span><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenclose" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">Quarterly Result :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv370246779caleventtext" style="font-family:Tahoma;font-size:11px;font-weight:normal;padding-top:12px;">Cummins India Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv370246779caleventtext" style="font-family:Tahoma;font-size:11px;font-weight:normal;padding-top:12px;">Tata Steel Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv370246779caleventtext" style="font-family:Tahoma;font-size:11px;font-weight:normal;padding-top:12px;">Adani Enterprises Ltd</span></td></tr></tbody></table></td></tr></tbody></table></span></td><td class="yiv370246779daypad" style="padding-left:7px;background-color:rgb(247, 248, 224);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Fri, 10<sup>th</sup><span class="yiv370246779Apple-converted-space"> </span>Feb<br /><span style="padding-top:5px;"></span><span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv370246779ipocalenlisting" style="font-family:Tahoma;font-size:11px;padding-left:2px;padding-top:10px;" align="left">Board Meet :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Great Eastern Shipping Company Ltd(NSE:GESHIP | BSE:500620) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Great-Eastern-Shipping-Company-Ltd/500620" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Great Eastern Shipping Company Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Tata Chemicals Ltd(NSE:TATACHEM | BSE:500770) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Tata-Chemicals-Ltd/500770" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Tata Chemicals Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv370246779calnetext" title="Tata Power Company Ltd(NSE:TATAPOWER | BSE:500400) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Tata-Power-Company-Ltd/500400" style="text-decoration:none;font-family:Tahoma;font-size:11px;font-weight:normal;padding-left:5px;">Tata Power Company Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><br /></td></tr></tbody></table></td></tr></tbody></table></span></td></tr></tbody></table><h3 class="details"><br /></h3><h3 class="details"><a href="http://buzibiz.com" title="Click to search for messages with same subject" action="search" class="">Save tax of up to Rs 30,900 per year thanks to deductions under section 80C of the Income Tax Act, 1961</a></h3><br /><span style="color:rgb(0, 0, 0);font-size:85%;" ><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">Which is the best tax saving instrument? (under Section 80c - 1 Lakh limit)</span><br /><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">There are wide spectrum of choices available</span><br /><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">1.NSC</span><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">2.PPF</span><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">3.Insurance / Pension Plan</span><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">4.FDs ( 5 Year Tenure)</span><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);"></span><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">5.ELSS * and a few more</span><br /><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">*(ELSS refers to Equity Linked Saving Scheme of mutual funds)</span><br /><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">ELSS is one of the best choices</span><br /><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">1) It has the potential for highest returns (Last Ten year average returns well above 15 % p.a).</span><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">2) It has the minimum lock in period (3 years) compared to other tax saving instruments.</span><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">3) Dividend from equity schemes are tax free (for Dividend Payout option)</span><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">4) No Long term capital gain tax on redemption as the period of investment is greater than a year.</span><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">5) An SIP investment can help you hedge against market fluctuations while investing.</span><br /><br /><span style="font-family:verdana, sans-serif;font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:17px;orphans:2;text-align:justify;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;color:rgb(0, 0, 255);">With so many advantages, ELSS is the most attractive investment option available to us.</span><br /><br /></span><span style="font-size:85%;"><b style="color:rgb(0, 0, 255);font-family:verdana, sans-serif;"><span><span style="text-decoration:none;">Canara Robeco Equity Tax Saver - The Smart Answer to saving tax<br /> <br />Reason:-<br /></span></span></b><span style="font-family:verdana, sans-serif;color:rgb(0, 0, 255);"><span style="text-decoration:none;"><br />* Rated Platinum by ET Investors Guide<br />* ND TV Profit Mutual Fund Award 2010<br />* Ranked No 1 by Crisil<br />* 5 Star Rated by Value research<br /> </span><span style="text-decoration:none;">* 5 Star Rated by Morning Star</span></span><br /><br /><span style="font-family:verdana, sans-serif;color:rgb(0, 0, 255);">Details and </span><b style="color:rgb(0, 0, 255);font-family:verdana, sans-serif;"><span><span style="text-decoration:none;"></span></span></b><span style="font-family:verdana, sans-serif;color:rgb(0, 0, 255);">Application Form Attached.<br /><br />For more on ELSS please mail to mfcare@uaeexchange.co.in or call us at 0484-3048317 </span></span><br /><span style="color:rgb(0, 0, 0);font-size:85%;" ><br /></span> <table class="yiv1744444051MsoNormalTable" style="width:77.52%;background:none repeat scroll 0% 0% white;border-width:1pt medium medium;border-style:solid none none;border-color:rgb(204, 204, 204);" border="1" cellpadding="0" cellspacing="0" width="77%"> <tbody><tr style="height:52.3pt;"> <td style="width:157.6pt;border-width:1pt 1pt medium medium;border-style:solid solid none none;border-color:white white;background:none repeat scroll 0% 0% rgb(249, 248, 248);padding:10.5pt 0in 0in 7.5pt;height:52.3pt;" valign="top" width="210"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;line-height:normal;"><b><span style="font-size:8.5pt;color:rgb(48, 48, 48);"><span style="font-size:9pt;color:black;text-decoration:none;">Mutual Fund Scheme</span></span></b></p> </td> <td style="width:78pt;border-width:1pt 1pt medium;border-style:solid solid none;border-color:white white rgb(204, 204, 204);background:none repeat scroll 0% 0% rgb(249, 248, 248);padding:10.5pt 0in 0in;height:52.3pt;" valign="top" width="104"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:center;line-height:normal;" align="center"><b><span style="font-size:8.5pt;color:rgb(48, 48, 48);"><span style="font-size:9pt;color:black;text-decoration:none;">Crisil Rank</span></span></b></p> </td> <td style="width:53.35pt;border-width:1pt 1pt medium;border-style:solid solid none;border-color:white white rgb(204, 204, 204);background:none repeat scroll 0% 0% rgb(249, 248, 248);padding:10.5pt 0in 0in;height:52.3pt;" valign="top" width="71"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:center;line-height:normal;" align="center"><b><span style="font-size:8.5pt;color:rgb(48, 48, 48);"><span style="font-size:9pt;color:black;text-decoration:none;">AUM</span><br /> </span></b><span style="font-size:7pt;color:black;">(Rs. Crore.)</span><span style="font-size:7pt;color:black;"><br /> </span><span style="font-size:7pt;color:black;"></span></p> </td> <td style="width:40.1pt;border-width:1pt 1pt medium;border-style:solid solid none;border-color:white white rgb(204, 204, 204);background:none repeat scroll 0% 0% rgb(249, 248, 248);padding:10.5pt 0in 0in;height:52.3pt;" valign="top" width="53"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:center;line-height:normal;" align="center"><b><span style="font-size:8.5pt;color:rgb(48, 48, 48);"><span style="font-size:9pt;color:black;text-decoration:none;">3yr</span> Return</span></b></p> </td> <td style="width:40.1pt;border-width:1pt 1pt medium;border-style:solid solid none;border-color:white white rgb(204, 204, 204);background:none repeat scroll 0% 0% rgb(249, 248, 248);padding:10.5pt 0in 0in;height:52.3pt;" valign="top" width="53"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:center;line-height:normal;" align="center"><b><span style="font-size:8.5pt;color:rgb(48, 48, 48);"><span style="font-size:9pt;color:black;text-decoration:none;">5yr</span> Return</span></b></p> </td> </tr> <tr style=""> <td style="border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;"><br /></td> <td style="border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;"><br /></td> <td style="border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;"><br /></td> <td style="border:medium none;padding:0in;" colspan="2" width="107"><p class="yiv1744444051MsoNormal"> </p></td> </tr> <tr style="height:0.35in;"> <td style="width:157.6pt;border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;height:0.35in;color:rgb(0, 0, 255);" width="210"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;line-height:normal;"><b><span style="font-size:9pt;"><span style="text-decoration:none;">Canara Robeco Equity Tax Saver<br /></span></span></b></p> </td> <td style="width:78pt;border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;height:0.35in;color:rgb(0, 0, 0);" width="104"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:center;line-height:normal;" align="center"><span style="font-size:9pt;"><span style="text-decoration:none;">Rank 1</span></span></p> </td> <td style="width:53.35pt;border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;height:0.35in;" width="71"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:right;line-height:normal;" align="right"><span style="font-size:9pt;color:rgb(76, 76, 76);">307.47</span></p> </td> <td style="width:40.1pt;border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;height:0.35in;" width="53"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:right;line-height:normal;" align="right"><span style="font-size:9pt;color:rgb(14, 145, 0);">34.3%</span></p> </td> <td style="width:40.1pt;border-width:medium medium 1pt;border-style:none none solid;border-color:rgb(204, 204, 204);padding:5.25pt 3.75pt;height:0.35in;" width="53"> <p class="yiv1744444051MsoNormal" style="margin-bottom:0.0001pt;text-align:right;line-height:normal;" align="right"><span style="font-size:9pt;color:rgb(14, 145, 0);">12.5%</span></p> </td> </tr> </tbody></table> <p class="yiv1744444051MsoNormal"><span style="font-size:7.5pt;line-height:115%;color:black;">(Source - Moneycontrol)<br /></span></p><br /><span id="yui_3_2_0_1_13021775107591807" style="font-family:trebuchet ms, sans-serif;color:rgb(0, 0, 0);font-size:78%;" ><em id="yui_3_2_0_1_13021775107591806" style="font-weight:bold;font-style:normal;font-variant:normal;letter-spacing:normal;line-height:16px;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);">Risk Factor - Mutual Fund Investments are subject to market risks</em><span style="font-style:normal;font-variant:normal;font-weight:normal;letter-spacing:normal;line-height:16px;orphans:2;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:rgb(255, 255, 255);display:inline;float:none;">. Please read the Scheme. Information Document carefully before investing</span></span>.buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0tag:blogger.com,1999:blog-8151219148630740271.post-69192123450527953512012-01-29T21:59:00.000+05:302012-01-29T22:05:00.809+05:30Weekly Beeps 29-01-2012<p style="line-height:normal;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">The markets have extended their positive rally for a fourth consecutive week with the Sensex now posting more than 10 per cent gain on a YTD basis. The year 2012 has started off on an excellent note and the Indian markets have been amongst the top performing global indices this year.</span></p><table style="text-align:left;width:216pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="287"><colgroup><col style="width:58pt;" width="77"><col style="width:52pt;" span="2" width="69"><col style="width:54pt;" width="72"></colgroup><tbody><tr style="height:15pt;" height="20"><td class="yiv1321231399xl71" colspan="4" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);width:216pt;height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20" width="287"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Benchmark Indices</span></strong></td></tr><tr style="height:30pt;" height="40"><td class="yiv1321231399xl70" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);height:30pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="40"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Index</span></strong></td><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">20-Jan-12</span></strong></td><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">27-Jan-12</span></strong></td><td class="yiv1321231399xl71" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">% Change</span></strong></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">SENSEX</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">16739.01</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">17233.98</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2.96</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">NIFTY</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">5048.60</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">5204.70</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">3.09</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Hang Seng</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">20110.37</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">20501.67</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1.95</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Nikkei</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">8766.36</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">8841.22</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">0.85</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Shanghai</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2319.12</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2319.12</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">0.00</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Dow Jones*</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">12623.98</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">12734.60</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">0.88</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">S&P 500*</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1314.50</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1318.43</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">0.30</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">NASDAQ*</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2788.33</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2805.28</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">0.61</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Bovespa*</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">61926.70</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">62953.10</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1.66</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">FTSE*</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">5741.15</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">5795.20</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">0.94</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">DAX*</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">6416.26</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">6539.85</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1.93</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">CAC*</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">3328.94</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">3363.23</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1.03</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl75" colspan="4" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">* closing till Thursday</span></td></tr></tbody></table><br /><img style="margin-top:10px;" alt="Chart forS&P CNX NIFTY (^NSEI)" src="http://chart.finance.yahoo.com/z?s=%5eNSEI&t=5d&q=l&l=on&z=l&a=v&p=s&lang=en-IN&region=IN" border="0" height="475" width="800" /><br /><p style="line-height:normal;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">In fact the broader market indices like the small-cap and the mid-cap have outpaced the Sensex, suggesting that it’s not just the bigwigs that are fuelling this rally, but that the smaller names have also had a very crucial part to play. The mid-cap and small-cap indices have notched up healthy gains of 15 per cent and 13 per cent respectively.</span></p><p style="line-height:normal;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">The tone of the past week was majorly dictated by the RBI’s decision to cut back on the CRR in order to infuse some much needed liquidity back into the system. While most analysts and experts on the streets expected the RBI to refrain from undertaking any cut-backs in the rate on January 24, the final decision to cut the CRR by 50 bps came as a surprise and the markets cheered the development.</span></p><table style="text-align:left;width:305pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="405"><colgroup><col style="width:110pt;" width="146"><col style="width:52pt;" width="69"><col style="width:89pt;" width="118"><col style="width:54pt;" width="72"></colgroup><tbody><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" colspan="4" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);width:305pt;height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17" width="405"><p align="center"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Key Global Indicators</span></strong></p></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl70" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Index</span></strong></td><td class="yiv1321231399xl70" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">20-Jan-12</span></strong></td><td class="yiv1321231399xl70" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">27-Jan-12</span></strong></td><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">% Change</span></strong></td></tr><tr style="height:15pt;" height="20"><td style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Gold</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">27295</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">27832</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><p align="center"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1.97</span></p></td></tr><tr style="height:15pt;" height="20"><td style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Silver</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">53413</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">56876</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">6.48</span></td></tr><tr style="height:15pt;" height="20"><td style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Crude Oil (Brent)</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">111.12</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">111.23</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">0.10</span></td></tr><tr style="height:15pt;" height="20"><td style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Crude Oil (Nymex)</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">99.83</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">100.34</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">0.51</span></td></tr></tbody></table><p style="line-height:normal;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">However, going forward the RBI’s outlook on the overall economy with respect to inflation and fiscal deficit situation is very cautionary. In its policy review the RBI has mentioned that food inflation may bounce back soon and has further raised concerns over the non-abating inflation on petroleum and manufactured goods. It has also nudged the government to de-regulate the diesel prices in order to reduce the subsidy burden and consequently keep the fiscal deficit in check.</span></p><p style="line-height:normal;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">On the global front, the mood has turned very mixed and there isn’t any clarity on the news and developments coming in from Europe and the US. In the US, after starting off the New Year on a positive note, the stocks this week have ended flat as investors took some profits off their investments. One of the major developments there was the Fed’s decision to keep the interest rates near the zero levels through late 2014, which is a huge positive for the markets there and worldwide. Europe is, as usual, at its uncertain best. While Greece’s talks with its private lenders are going smooth, the IMF has raised fresh concerns over the zone’s financial health and said that the crisis in Europe could severely impact the global growth prospects.</span></p><p style="line-height:normal;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Consequently, it has sharply cut its global growth rate forecast for 2012 from 4 per cent to 3.3 per cent. The projected growth rate for the year 2013 is now 3.9 per cent. The IMF warned that global growth would come in about two percentage points below its already soft forecast if the European leaders allowed the crisis to festerl.</span></p><table style="text-align:left;width:305pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="405"><colgroup><col style="width:110pt;" width="146"><col style="width:52pt;" width="69"><col style="width:89pt;" width="118"><col style="width:54pt;" width="72"></colgroup><tbody><tr style="height:15pt;" height="20"><td class="yiv1321231399xl70" colspan="4" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);width:305pt;height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20" width="405"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Currency Rate</span></strong></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl71" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Index</span></strong></td><td class="yiv1321231399xl71" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">20-Jan-12</span></strong></td><td class="yiv1321231399xl71" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">27-Jan-12</span></strong></td><td class="yiv1321231399xl70" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">% Change</span></strong></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">USD</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">50.47</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">49.65</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-1.63</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">EURO</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">65.23</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">65.04</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-0.30</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">GBP</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">78.04</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">77.83</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-0.27</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">JYP (per 100)</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">65.39</span></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">64.45</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-1.44</span></td></tr></tbody></table><p style="line-height:normal;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Moving on, the rupee seems to be convincingly winning its battle against the dollar as the year progresses. The rupee has appreciated further by around 2 per cent this week as investors pumped in more money into the equity markets and shunned the dollar. As a result of the positive inflows this week, the FII net investments in equity now stand at Rs 1,889 for the week ended January 20, 2012 and for the month of January the same now stands at Rs 7,777.94 crore.</span></p><p style="line-height:normal;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Among the sectoral indices, the capital goods sector was amongst the top gainers for the week, notching up nearly 6 per cent gains. The auto and IT companies came in next at 4 per cent gains. The interest-sensitive realty index was the only one treading in the negative zone.</span></p><div style="text-align:left;"><span style="color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-size:small;">Among the individual stocks, Suzlon was the topmost gainer for the week as investors built up some expectations from the company against the backdrop of some significant order wins. IB Real Estate was once again among the top gainers as institutional investors displayed some fancy towards infra and realty stocks in the wake of some improvement in the macro economic dynamics. Last week’s top gainer Essar Oil continued to lead as investors renewed buying on bottom fishing tips. Amongst the top losers were prominent names like Untied Breweries, Adani Power, Hero MotoCorp and Ranbaxy Labs.</span><br /></div><table style="text-align:left;width:251pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="333"><colgroup><col style="width:110pt;" width="146"><col style="width:52pt;" width="69"><col style="width:89pt;" width="118"></colgroup><tbody><tr style="height:15pt;" height="20"><td class="yiv1321231399xl79" colspan="3" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(141, 180, 227);border-top-color:rgb(212, 208, 200);width:251pt;height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20" width="333"><p align="center"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Top Gainers</span></strong></p></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl70" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Scrip</span></strong></td><td class="yiv1321231399xl71" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">CMP</span></strong></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">% Change (WoW)</span></strong></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Suzlon </span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">28.55</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">25.49</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">IB Real Esta</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">70.8</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">20.92</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Essar Oils</span></td><td class="yiv1321231399xl76" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">62</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">19.98</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">JSW Energy</span></td><td class="yiv1321231399xl77" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">53</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">19.66</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Renuka Sugar</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">39.25</span></td><td class="yiv1321231399xl78" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">16.64</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">AurobndoPhrm</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">112.9</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">16.57</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">OrientalBank</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">258.1</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">16.21</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">SAIL</span></td><td class="yiv1321231399xl76" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">105</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">15.23</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">BankofIndia</span></td><td class="yiv1321231399xl77" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">353</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">15.22</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">UNION BANK</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">215.45</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">14.51</span></td></tr></tbody></table><table style="text-align:left;width:237pt;border-collapse:collapse;" align="center" border="0" cellpadding="0" cellspacing="0" width="315"><colgroup><col style="width:110pt;" width="147"><col style="width:38pt;" width="50"><col style="width:89pt;" width="118"></colgroup><tbody><tr style="height:15pt;" height="20"><td class="yiv1321231399xl76" colspan="3" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(141, 180, 227);border-top-color:rgb(212, 208, 200);width:237pt;height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20" width="315"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Top Losers</span></strong></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl70" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Scrip</span></strong></td><td class="yiv1321231399xl71" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">CMP</span></strong></td><td class="yiv1321231399xl73" style="border-bottom-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">% Change (WoW)</span></strong></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">UNITED BREW</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">415.1</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-6.95</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">PidiliteInds</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">137.15</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-6.22</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Alstom Proj </span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">354.05</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-6.04</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Videocon Ind</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">177.75</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-5.78</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Adani Power</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">84.15</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-4.43</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Hero Honda</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1821.9</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-4.15</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Ranbaxy Labs</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">443.75</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-4.15</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Adani Enter </span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">422.95</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-3.94</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:12.75pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">BharatElectr</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1437.4</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-3.92</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1321231399xl72" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);height:15pt;border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Apollo Hspt</span></td><td class="yiv1321231399xl74" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">600.5</span></td><td class="yiv1321231399xl75" style="border-bottom-color:rgb(212, 208, 200);background-color:transparent;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-3.89</span></td></tr></tbody></table><br /><b><u>Corporate Happenings</u></b><div><b><u><br /></u></b></div><div><table id="yiv1321231399Resultcalendar1_Calendar1" class="yiv1321231399calencaption" title="Calendar" style="font-family:Tahoma;font-size:11px;color:rgb(102, 51, 153);line-height:16px;background-color:rgb(203, 203, 201);border-top-color:rgb(203, 203, 201);border-right-color:rgb(203, 203, 201);border-bottom-color:rgb(203, 203, 201);border-left-color:rgb(203, 203, 201);text-decoration:none;" border="0" cellpadding="0" cellspacing="2"><tbody><tr><td class="yiv1321231399daypad" style="padding-left:7px;color:black;background-color:rgb(247, 248, 224);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Mon, 30<sup>th</sup> Jan<br /><span style="padding-top:5px;"></span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv1321231399ipocalenlisting" style="font-family:Tahoma;font-size:11px;color:rgb(102, 51, 153);padding-left:2px;padding-top:10px;" align="left">Board Meet :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="United Phosphorus Ltd(NSE:UNIPHOS | BSE:512070) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/United-Phosphorus-Ltd/512070" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">United Phosphorus Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Havells India Ltd(NSE:HAVELLS | BSE:517354) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Havells-India-Ltd/517354" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Havells India Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="LIC Housing Finance Ltd(NSE:LICHSGFIN | BSE:500253) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/LIC-Housing-Finance-Ltd/500253" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">LIC Housing Finance Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Oriental Bank of Commerce(NSE:ORIENTBANK | BSE:500315) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Oriental-Bank-of-Commerce/500315" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Oriental Bank of Commerce</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Allahabad Bank(NSE:ALBK | BSE:532480) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Allahabad-Bank/532480" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Allahabad Bank</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Andhra Bank(NSE:ANDHRABANK | BSE:532418) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Andhra-Bank/532418" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Andhra Bank</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Indian Bank(NSE:INDIANB | BSE:532814) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Indian-Bank/532814" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Indian Bank</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Glenmark Pharmaceuticals Ltd(NSE:GLENMARK | BSE:532296) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Glenmark-Pharmaceuticals-Ltd/532296" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Glenmark Pharmaceuticals Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Indiabulls Financial Services Ltd(NSE:INDIABULLS | BSE:532544) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Indiabulls-Financial-Services-Ltd/532544" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Indiabulls Financial Services Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Mcleod Russel India Ltd(NSE:MCLEODRUSS | BSE:532654) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Mcleod-Russel-India-Ltd/532654" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Mcleod Russel India Ltd</a></td></tr></tbody></table></td></tr></tbody></table><span style="padding-top:5px;"></span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv1321231399ipocalenopen" style="font-family:Tahoma;font-size:11px;color:rgb(0, 153, 51);padding-left:2px;padding-top:10px;" align="left">Dividend :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="MRF Ltd(NSE:MRF | BSE:500290) Dividend" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Stock-History/MRF-Ltd/500290" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">MRF Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Rural Electrification Corporation Ltd(NSE:RECLTD | BSE:532955) Dividend" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Stock-History/Rural-Electrification-Corporation-Ltd/532955" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Rural Electrification Corporation Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Godrej Consumer Products Ltd(NSE:GODREJCP | BSE:532424) Dividend" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Stock-History/Godrej-Consumer-Products-Ltd/532424" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Godrej Consumer Products Ltd</a></td></tr></tbody></table></td></tr></tbody></table><span style="padding-top:5px;"></span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv1321231399ipocalenclose" style="font-family:Tahoma;font-size:11px;color:rgb(235, 1, 1);padding-left:2px;padding-top:10px;" align="left">Quarterly Result :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">Havells India Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">LIC Housing Finance Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">Oriental Bank of Commerce</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">Allahabad Bank</span></td></tr></tbody></table></td></tr></tbody></table></td><td class="yiv1321231399daypad" style="padding-left:7px;color:black;background-color:rgb(247, 248, 224);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Tue, 31<sup>st</sup> Jan<br /><span style="padding-top:5px;"></span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv1321231399ipocalenlisting" style="font-family:Tahoma;font-size:11px;color:rgb(102, 51, 153);padding-left:2px;padding-top:10px;" align="left">Board Meet :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Century Textiles & Industries Ltd(NSE:CENTURYTEX | BSE:500040) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Century-Textiles-and-Industries-Ltd/500040" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Century Textiles & Industries Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Crompton Greaves Ltd(NSE:CROMPGREAV | BSE:500093) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Crompton-Greaves-Ltd/500093" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Crompton Greaves Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Siemens Ltd(NSE:SIEMENS | BSE:500550) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Siemens-Ltd/500550" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Siemens Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Titan Industries Ltd(NSE:TITAN | BSE:500114) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Titan-Industries-Ltd/500114" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Titan Industries Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Reliance Capital Ltd(NSE:RELCAPITAL | BSE:500111) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Reliance-Capital-Ltd/500111" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Reliance Capital Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Dabur India Ltd(NSE:DABUR | BSE:500096) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Dabur-India-Ltd/500096" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Dabur India Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Financial Technologies (India) Ltd(NSE:FINANTECH | BSE:526881) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Financial-Technologies-India-Ltd/526881" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Financial Technologies (India) Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="ICICI Bank Ltd(NSE:ICICIBANK | BSE:532174) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/ICICI-Bank-Ltd/532174" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">ICICI Bank Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="IDBI Bank Ltd(NSE:IDBI | BSE:500116) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/IDBI-Bank-Ltd/500116" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">IDBI Bank Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Central Bank of India(NSE:CENTRALBK | BSE:532885) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Central-Bank-of-India/532885" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Central Bank of India</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Punjab National Bank(NSE:PNB | BSE:532461) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Punjab-National-Bank/532461" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Punjab National Bank</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="NMDC Ltd(NSE:NMDC | BSE:526371) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/NMDC-Ltd/526371" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">NMDC Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="PTC India Ltd(NSE:PTC | BSE:532524) Board Meeting" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/PTC-India-Ltd/532524" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">PTC India Ltd</a></td></tr></tbody></table></td></tr></tbody></table><span style="padding-top:5px;"></span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv1321231399ipocalenlisting" style="font-family:Tahoma;font-size:11px;color:rgb(102, 51, 153);padding-left:2px;padding-top:10px;" align="left">AGM :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="Siemens Ltd(NSE:SIEMENS | BSE:500550) AGM" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Board-Meeting-AGM-EGM-Schedule/Siemens-Ltd/500550/#AGM" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">Siemens Ltd</a></td></tr></tbody></table></td></tr></tbody></table><span style="padding-top:5px;"></span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv1321231399ipocalenopen" style="font-family:Tahoma;font-size:11px;color:rgb(0, 153, 51);padding-left:2px;padding-top:10px;" align="left">Dividend :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="NTPC Ltd(NSE:NTPC | BSE:532555) Dividend" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Stock-History/NTPC-Ltd/532555" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">NTPC Ltd</a></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><a rel="nofollow" class="yiv1321231399calnetext" title="IRB Infrastructure Developers Ltd(NSE:IRB | BSE:532947) Dividend" target="_blank" href="http://www.indiainfoline.com/Markets/Company/Background/Stock-History/IRB-Infrastructure-Developers-Ltd/532947" style="color:rgb(1, 91, 153);font-family:Tahoma;font-size:11px;padding-left:5px;">IRB Infrastructure Developers Ltd</a></td></tr></tbody></table></td></tr></tbody></table><span style="padding-top:5px;"></span><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="yiv1321231399ipocalenclose" style="font-family:Tahoma;font-size:11px;color:rgb(235, 1, 1);padding-left:2px;padding-top:10px;" align="left">Quarterly Result :</td></tr><tr><td><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">Crompton Greaves Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">Siemens Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">Financial Technologies (India) Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">IDBI Bank Ltd</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">Central Bank of India</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">Punjab National Bank</span></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" valign="top" width="10px"><img src="http://www.indiainfoline.com/images/calwhite_list.gif" alt="" style="vertical-align:top;" /></td><td align="left"><span class="yiv1321231399caleventtext" style="color:rgb(0, 0, 0);padding-top:12px;font-family:Tahoma;font-size:11px;">NMDC Ltd</span></td></tr></tbody></table></td></tr></tbody></table></td><td class="yiv1321231399daypad" style="padding-left:7px;color:black;background-color:rgb(247, 248, 224);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Wed, 01<sup>st</sup> Feb<br /></td><td class="yiv1321231399daypad" style="padding-left:7px;color:black;background-color:rgb(247, 248, 224);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Thu, 02<sup>nd</sup> Feb<br /></td><td class="yiv1321231399daypad" style="padding-left:7px;color:black;background-color:rgb(247, 248, 224);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Fri, 03<sup>rd</sup> Feb<br /></td><td class="yiv1321231399daypad" style="padding-left:7px;color:black;background-color:rgb(206, 246, 245);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Sat, 04<sup>th</sup> Feb<br /></td><td class="yiv1321231399daypad" style="padding-left:7px;color:black;background-color:rgb(206, 246, 245);font-weight:bold;text-decoration:none;height:180px;width:140px;" align="left" valign="top">Sun, 05<sup>th</sup> Feb</td></tr></tbody></table><br /><p style="line-height:normal;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Given the scenario we urge investors to start booking partial profits on investments that have yielded significant gains over these past few weeks. The markets are likely to turn volatile as the Q3 results’ season continues ahead.</span></p><p class="yiv1321231399MsoNormal" style="line-height:normal;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Experts have started warning about an imminent correction citing overbought levels. Some reversal is a given after a strong advance. So, some softening is not ruled out next month. It would be tough to predict the market’s direction in the short term. </span></p> <p class="yiv1321231399MsoNormal" style="line-height:normal;"><span style="color:rgb(0, 0, 0);line-height:normal;font-family:verdana, sans-serif;font-size:small;">The Nifty has to sustain above its 200-DMA to maintain the winning tempo. FII inflows will be another crucial factor to keep on one’s radar. State elections, which kick off from Saturday, could also have a sentimental impact on our market. The outcome of the UP elections will be keenly followed. The Union Budget will be another key event.</span><br /></p> <p class="yiv1321231399MsoNormal" style="line-height:normal;"><span style="color:rgb(0, 0, 0);line-height:normal;font-family:verdana, sans-serif;font-size:small;">Globally, the eurozone credit crisis continues to play spoilsport. </span><span style="color:rgb(0, 0, 0);line-height:normal;font-family:verdana, sans-serif;font-size:small;">The global factors are very jittery now with the IMF downgrading its growth forecasts. There also seems to be no clarity on Greece’s efforts to resolve issues with its private lenders. </span><span style="color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-size:small;">In the US, things remain sanguine at best. The trajectory of China’s economy is also being tracked closely. Things could turn quiet and choppy for a while as earnings will continue to pour in. Uncertainty will prevail over a host of tricky issues. Therefore, one must not get too excited. Exercise restraint.</span></p><p class="yiv1321231399MsoNormal" style="line-height:normal;"><span style="color:rgb(0, 0, 0);font-family:verdana, sans-serif;font-size:small;"><br /></span></p><p class="yiv1321231399MsoNormal" style="line-height:normal;"><b><span style="font-size:8.5pt;color:black;">Weekly Technical Analysis of the Indian Stock & Share Market</span></b></p> <p class="yiv1321231399MsoNormal"><b style="line-height:normal;"><span style="font-size:8.5pt;color:black;">Most Active Stocks</span></b><br /></p> <p class="yiv1321231399MsoNormal" style="line-height:150%;"><span style="line-height:150%; font-size:8.5pt;color:black;">The 20 most active stocks traded in terms of value of shares traded and their weekly % change.</span></p> <table class="yiv1321231399MsoNormalTable" style="line-height:normal;width:80%;border-top-style:outset;border-right-style:outset;border-bottom-style:outset;border-left-style:outset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;" border="1" cellpadding="0" width="80%"> <tbody><tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><b><span style="line-height:150%;font-size:8.5pt;color:black;">Security Name</span></b><span style="line-height:150%;font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">Close</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">% Change</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">STATE BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">2040.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">5.57</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">LARSEN & TOUBRO</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1381.50</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">8.40</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ICICI BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">887.95</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">5.40</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">AXIS BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1073.05</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">6.34</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">RELIANCE INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">820.40</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">3.50</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TATA MOTORS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">239.85</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">9.47</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">INFOSYS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">2725.00</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">5.26</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TATA STEEL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">458.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">5.08</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">MARUTI SUZUKI</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1210.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">9.71</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TCS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1108.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">2.70</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">YES BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">326.00</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">9.43</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">DLF</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">211.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">-1.13</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">RELIANCE INFRASTRUCTURE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">529.90</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.32</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">UNITED SPIRITS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">658.85</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">5.70</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HERO MOTOCORP</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1818.45</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">-6.59</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ITC</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">201.80</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">0.24</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JSW STEEL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">662.15</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">2.32</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HDFC BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">484.20</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">-1.30</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">MAHINDRA & MAHIN</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">700.10</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">6.56</span></p> </td> </tr> <tr> <td style="width:149.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="199"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BHEL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">273.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">-0.06</span></p> </td> </tr> </tbody></table> <p class="yiv1321231399MsoNormal" style="line-height:normal;"><b><span style="font-size:8.5pt;color:black;"><br />Biggest Weekly % Gainers</span></b></p> <p class="yiv1321231399MsoNormal" style="line-height:150%;"><span style="line-height:150%; font-size:8.5pt;color:black;">The following list shows the stocks (over Rs.10/share) that had the biggest gains over last week. Gains are measured on a percentage basis. For example, a stock moving from 20 to 25 had a 5 point or 25% gain. Often stocks appearing on this list had some type of positive news (e.g., big earnings report, new product announcement, etc.).</span></p> <table class="yiv1321231399MsoNormalTable" style="line-height:normal;width:91%;border-top-style:outset;border-right-style:outset;border-bottom-style:outset;border-left-style:outset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;" border="1" cellpadding="0" width="91%"> <tbody><tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><b><span style="line-height:150%;font-size:8.5pt;color:black;">Security Name</span></b><span style="line-height:150%;font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">Close</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">% Change</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PTC (I) FINANCIAL SERVICES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">48.88</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PAREKH ALUMINEX</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">275.90</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">33.74</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">STRIDES ARCOLAB</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">505.70</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">30.27</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SANWARIA AGRO OILS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">17.30</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">29.59</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PBA INFRASTRUCTURE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">47.30</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">27.49</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ZENSAR TECHNOLOG</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">174.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">26.33</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GOENKA DIAMOND & JEWELS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">56.10</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">26.07</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TTRF</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">327.15</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">25.75</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">KOPRAN</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">20.15</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">24.00</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TRIVENI ENGG</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">20.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">22.59</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PATEL INTEGRATED LOGISTICS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">28.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">22.44</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JSW ENERGY</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">53.00</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">22.26</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ALCHEMIST</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">81.15</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">21.39</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">STERLING BIOTECH</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">21.32</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">EVEREST KANTO CYLINDER</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">38.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">21.00</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">WELSPUN (I)</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">42.95</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">20.99</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SHASUN PHARMA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">60.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">20.58</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">INVENTURE GROWTH & SECURITIES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">193.50</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">20.45</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ESS DEE ALUMINIUM</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">180.10</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">20.07</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ESSAR OIL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">62.45</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">19.98</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TILAKNAGAR INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">44.95</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">19.07</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GAMMON (I)</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">53.85</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">18.87</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">IVRCL ASSETS & HOLDINGS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">38.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">18.00</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JAYANT AGRO</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">106.30</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">17.33</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JINDAL SOUTH WEST HOLDINGS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">542.70</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">17.23</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">A2Z MAINTENANCE & ENGINEERING SERVICES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">127.50</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">17.13</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">MADHUCON PROJECTS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">60.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.97</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">VARDHMAN POLYTEX</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">84.70</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.91</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">KALE CONSULTANTS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">140.45</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.60</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ORIENT GREEN POWER COMPANY</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.05</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.60</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SINTEX INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">83.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.57</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NCC</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">56.85</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.50</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SUZLON ENERGY</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">28.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.26</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">DHAMPUR SUGAR MI</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">37.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.05</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">INDO RAMA SYNTH</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">34.50</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.77</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SREI INFRASTRUCTURE FINANCE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">33.70</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.61</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">AARTI INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">57.05</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.60</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SARDA ENERGY & MINERALS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">122.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.33</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GVK POWER & INFRASTRUCTURE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.90</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.22</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SHIPPING CORPN</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">68.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.16</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JM FINANCIAL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.40</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.93</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">STEEL AUTHORITY</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">105.20</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.85</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JUPITER BIOSCIENCE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.20</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.78</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NELCAST</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">30.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.53</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BALRAMPUR CHINI</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">47.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.42</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BAJAJ HINDUSTAN</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">34.85</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.26</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ROLTA INDIA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">78.95</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.17</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">RUSHIL DECOR</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">154.45</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.07</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HIMATSINGKA SEID</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">32.80</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.89</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HINDUJA FOUNDRIES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">73.20</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.84</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GUJ FLOUROCHEM</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">485.15</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.80</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ARIES AGRO</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">83.40</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.70</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SUNIL HITECH ENGINEERS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">79.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.44</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SESA GOA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">214.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.32</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SHREE RENUKA SUGARS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">39.25</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.28</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">IVRCL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">49.50</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.14</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">AUROBINDO PHARMA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">113.00</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.06</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ORIENTAL BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">259.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.06</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TULSI EXTRUSIONS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.70</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.04</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">DEWAN HOUSING</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">229.25</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.04</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HIND DORR-OLIVER</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">33.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.94</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">VASCON ENGINEERS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">52.10</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.65</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">FINANCIAL TECHNOLOGIES (I)</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">729.40</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.38</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TATA TELESERVICE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.95</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.32</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BATA (I)</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">656.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.31</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PITTI LAMINATIONS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">67.15</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.10</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">IL&FS TRANSPORTATION NETWORKS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">210.20</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.08</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">MAHANAGAR TELEPH</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">30.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.99</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">IDEA CELLULAR</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">94.30</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.86</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NESCO</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">670.25</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.75</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">CONTAINER CORPOR</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">964.05</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.75</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">INDRAPRASTHA GAS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">353.50</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.62</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TWILIGHT LITAKA PHARMA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">29.80</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.40</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PRAJ INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">90.90</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.40</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HIND CONSTRUCTION CO</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">23.50</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.37</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">DENA BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">67.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.27</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">IFCI</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">28.15</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.26</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">AHMEDNAGAR FORGI</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">132.55</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.15</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">REPRO INDIA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">195.80</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.03</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ACTION CONSTRUCTION EQUIPMENT</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">35.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.02</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">FIRST LEASING</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">62.45</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.02</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">CAMLIN</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">38.00</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.95</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">MAHINDRA LIFESPACE DEVELOPERS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">283.80</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.90</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">S KUMARS NATIONWIDE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">34.95</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.78</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SYNDICATE BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">95.95</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.73</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BANK OF INDIA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">352.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.55</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">EXCEL CROP CARE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">145.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.51</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">KSK ENERGY VENTURES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">54.20</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.50</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">INDIABULLS REAL ESTATE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">70.80</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.45</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GAYATRI PROJECTS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">139.30</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.42</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GRAVITA (I)</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">573.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.36</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">RELIANCE INFRASTRUCTURE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">529.90</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.33</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TIMBOR HOME</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">28.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.31</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">INDIA CEMENTS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">83.55</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.30</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">THANGAMAYIL JEWELLERY</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">163.80</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.27</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NEYVELI LIGNITE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">87.80</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.23</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">MPHASIS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">380.90</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.23</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BL KASHYAP & SONS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.45</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.18</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ATUL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">180.25</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.14</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">DPSC</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.14</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ARSHIYA INTERNATIONAL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">147.20</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.10</span></p> </td> </tr> <tr> <td style="width:192.75pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="257"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">UNION BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">215.05</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.00</span></p> </td> </tr> </tbody></table> <p class="yiv1321231399MsoNormal" style="line-height:normal;"><b><span style="font-size:8.5pt;color:black;"> </span></b></p> <p class="yiv1321231399MsoNormal" style="line-height:normal;"><b><span style="font-size:8.5pt;color:black;">Biggest Weekly % Losers</span></b></p> <p class="yiv1321231399MsoNormal" style="line-height:150%;"><span style="line-height:150%; font-size:8.5pt;color:black;">The following list shows the stocks (over Rs.10/share) that had the biggest losses over last week. Losses are measured on a percentage basis. For example, a stock moving from 20 to 15 had a 5 point or 25% loss. Often stocks appearing on this list had some type of negative news (e.g., bad earnings report, lower analyst rating, product delay announcement, etc.).</span></p> <table class="yiv1321231399MsoNormalTable" style="line-height:normal;width:88%;border-top-style:outset;border-right-style:outset;border-bottom-style:outset;border-left-style:outset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;" border="1" cellpadding="0" width="88%"> <tbody><tr> <td style="width:170.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="227"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><b><span style="line-height:150%;font-size:8.5pt;color:black;">Security Name</span></b><span style="line-height:150%;font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">Close</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">% Change</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> </tr> <tr> <td style="width:170.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="227"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">DALMIA BHARAT ENTERPRISES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">133.25</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">-11.40</span></p> </td> </tr> </tbody></table> <p class="yiv1321231399MsoNormal" style="line-height:normal;"><b><span style="font-size:8.5pt;color:black;"><br />Stocks with Bullish Engulfing Patterns.</span></b></p> <p class="yiv1321231399MsoNormal" style="line-height:150%;"><span style="line-height:150%; font-size:8.5pt;color:black;">The following stocks have been trending downward in the short and intermediate terms and have formed a bullish engulfing pattern. The probability of an upward reversal in prices has increased.</span></p> <table class="yiv1321231399MsoNormalTable" style="line-height:normal;width:63%;border-top-style:outset;border-right-style:outset;border-bottom-style:outset;border-left-style:outset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;" border="1" cellpadding="0" width="63%"> <tbody><tr> <td style="width:152.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="203"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><b><span style="line-height:150%;font-size:8.5pt;color:black;">Security Name</span></b><span style="line-height:150%;font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">Close</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> </tr> <tr> <td style="width:152.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="203"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">VAKRANGEE SOFTWARE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">339.05</span></p> </td> </tr> </tbody></table> <p class="yiv1321231399MsoNormal" style="line-height:normal;"><b><span style="font-size:8.5pt;color:black;"><br />Stocks with Bearish Engulfing Patterns.</span></b></p> <p class="yiv1321231399MsoNormal" style="line-height:150%;"><span style="line-height:150%; font-size:8.5pt;color:black;">The following stocks have been trending upward in the short and intermediate terms and have formed a bearish engulfing pattern. The probability of a downward reversal in prices has increased.</span></p> <table class="yiv1321231399MsoNormalTable" style="line-height:normal;width:63%;border-top-style:outset;border-right-style:outset;border-bottom-style:outset;border-left-style:outset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;" border="1" cellpadding="0" width="63%"> <tbody><tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><b><span style="line-height:150%;font-size:8.5pt;color:black;">Security Name</span></b><span style="line-height:150%;font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">Close</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> </tr> <tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">VIDEOCON INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">178.20</span></p> </td> </tr> <tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SUPREME INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">174.15</span></p> </td> </tr> <tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SIMPLEX INFRASTR</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">193.15</span></p> </td> </tr> <tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">REDINGTON (I)</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">79.60</span></p> </td> </tr> <tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">RANBAXY LABS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">443.90</span></p> </td> </tr> <tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PRICOL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.10</span></p> </td> </tr> <tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PIRAMAL HEALTHCARE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">403.50</span></p> </td> </tr> <tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GUJ APOLLO INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">143.95</span></p> </td> </tr> <tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GATI</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">32.45</span></p> </td> </tr> <tr> <td style="width:146.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="195"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ALSTOM PROJECTS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">354.20</span></p> </td> </tr> </tbody></table> <p class="yiv1321231399MsoNormal" style="line-height:normal;"><b><span style="font-size:8.5pt;color:black;"><br />% Volume Change</span></b></p> <p class="yiv1321231399MsoNormal" style="line-height:150%;"><span style="line-height:150%; font-size:8.5pt;color:black;">The following list shows all stocks whose volumes surged by more than 100% this week compared to the previous week. Upward price movement on large volume change is a bullish (positive) sign for the stock if the stock has been flat or trending downward. Downward price movement on large volume change is a bearish (negative) sign for the stock if the stock has been flat or trending upward. Stocks are arranged in descending order of volume change.</span></p> <table class="yiv1321231399MsoNormalTable" style="line-height:normal;width:100%;border-top-style:outset;border-right-style:outset;border-bottom-style:outset;border-left-style:outset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;" border="1" cellpadding="0" width="100%"> <tbody><tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><b><span style="line-height:150%;font-size:8.5pt;color:black;">Security Name</span></b><span style="line-height:150%;font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">Close</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">% Change</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">Volume</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">% Change</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ZENSAR TECHNOLOG</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">174.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">26.32</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">655109</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">2806</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SARDA ENERGY & MINERALS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">122.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.32</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">483817</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1757</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PAREKH ALUMINEX</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">275.90</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">33.73</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">605376</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1392</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">STRIDES ARCOLAB</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">505.70</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">30.26</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">5888381</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1195</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NESCO</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">670.25</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">898854</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1037</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PBA INFRASTRUCTURE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">47.30</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">27.49</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">399156</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">699</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SHASUN PHARMA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">60.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">20.57</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">706587</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">571</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">EXCEL CROP CARE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">145.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.50</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">127643</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">565</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ATUL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">180.25</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.14</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">198797</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">410</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">UNION BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">215.05</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.00</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">19260936</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">403</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HIND DORR-OLIVER</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">33.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.94</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">2233942</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">306</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JSW ENERGY</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">53.00</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">22.26</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">23626348</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">295</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TIMBOR HOME</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">28.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.31</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">47454</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">274</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TULSI EXTRUSIONS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.70</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.04</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">462479</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">272</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">KSK ENERGY VENTURES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">54.20</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.49</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">821543</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">270</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">REPRO INDIA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">195.80</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.02</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">128902</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">265</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">IVRCL ASSETS & HOLDINGS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">38.35</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">17.99</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1065558</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">242</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ESS DEE ALUMINIUM</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">180.10</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">20.06</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">313246</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">240</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NELCAST</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">30.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.52</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">484439</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">230</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">VASCON ENGINEERS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">52.10</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.64</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">329768</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">206</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">MAHINDRA LIFESPACE DEVELOPERS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">283.80</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.90</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">336984</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">197</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">MADHUCON PROJECTS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">60.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.97</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">348674</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">194</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">KALE CONSULTANTS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">140.45</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">16.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1053498</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">185</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ACTION CONSTRUCTION EQUIPMENT</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">35.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.02</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">578006</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">182</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">RUSHIL DECOR</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">154.45</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.06</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1880531</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">166</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SREI INFRASTRUCTURE FINANCE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">33.70</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.60</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">8374862</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">163</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PITTI LAMINATIONS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">67.15</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.10</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">123723</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">155</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PATEL INTEGRATED LOGISTICS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">28.65</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">22.43</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13094</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">150</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SANWARIA AGRO OILS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">17.30</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">29.58</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1307115</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">130</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JUPITER BIOSCIENCE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.20</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.78</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1513747</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">130</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TTRF</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">327.15</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">25.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">599059</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">122</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BANK OF INDIA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">352.75</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">10.54</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">8064586</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">111</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">INDO RAMA SYNTH</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">34.50</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.77</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">261248</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">109</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">KOPRAN</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">20.15</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">23.99</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">336835</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">104</span></p> </td> </tr> <tr> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JM FINANCIAL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.40</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">14.92</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">7762908</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">102</span></p> </td> </tr> </tbody></table> <p class="yiv1321231399MsoNormal" style="line-height:normal;"><b><span style="font-size:8.5pt;color:black;"><br />New Intermediate Uptrend</span></b></p> <p class="yiv1321231399MsoNormal" style="line-height:150%;"><span style="line-height:150%; font-size:8.5pt;color:black;">Prices of stocks (and other entities) rise and fall due to changes in the supply and demand relationships between buyers and sellers of the stock. The causes of the changing supply and demand relationships are many, but the effect of these changes shows up in the changing stock prices.<br /><br />The following list shows all stocks & indices beginning a new intermediate uptrend. A new intermediate uptrend normally begins with an upside breakout when demand outstrips supply after a series of falling tops and bottoms.</span></p> <table class="yiv1321231399MsoNormalTable" style="line-height:normal;width:82%;border-top-style:outset;border-right-style:outset;border-bottom-style:outset;border-left-style:outset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;" border="1" cellpadding="0" width="82%"> <tbody><tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><b><span style="line-height:150%;font-size:8.5pt;color:black;">Security Name</span></b><span style="line-height:150%;font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">Close</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ANDHRA SUGARS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">130.45</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ASHOK LEYLAND</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">27.25</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">AUTOLINE INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">137.70</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">AXIS BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1073.05</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BHARAT PETROLEUM</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">577.30</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BHARTI AIRTEL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">374.60</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BHUSHAN STEEL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">349.75</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">BL KASHYAP & SONS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">12.45</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">D-LINK (I)</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">19.40</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">DEVELOPMENT CREDIT BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">43.00</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">DEWAN HOUSING</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">229.25</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">EIH</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">89.90</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">FEDERAL-MOGUL GOETZE (I)</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">222.20</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GEOJIT BNP PARIBAS FINANCIAL SERVICES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">18.10</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GREAT EASTERN SHIPPING</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">233.40</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">GUJ MINERAL</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">186.25</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HIMATSINGKA SEID</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">32.80</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HIND DORR-OLIVER</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">33.60</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HIND ZINC</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">133.90</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HT MEDIA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">134.95</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">IDBI</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">100.70</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">IFCI</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">28.15</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">INDIAN OIL CORP</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">289.25</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">INDO RAMA SYNTH</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">34.50</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ING VYSYA BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">336.50</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">J&K BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">799.95</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JAYANT AGRO</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">106.30</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JHS SVENDGAARD LABORATORIES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">38.50</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JK CEMENT</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">114.00</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">JSW ENERGY</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">53.00</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">KIRLOSKAR BROTHERS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">135.70</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">KOPRAN</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">20.15</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">LARSEN & TOUBRO</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1381.50</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">LLOYDS ELEC</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">46.80</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">LUPIN LABS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">467.00</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">MOTILAL OSWAL MF - MOTILAL OSWAL MOST M50 ETF</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">69.16</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">MPHASIS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">380.90</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NCL INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">40.45</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NESCO</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">670.25</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NEYVELI LIGNITE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">87.80</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NIFTY BENCHMARK EXC. TRD F</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">524.75</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NITESH ESTATES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">18.25</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">NOIDA TOLL BRIDG</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">23.00</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">OIL (I)</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">1200.50</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ONGC</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">278.30</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">ORCHID CHEM</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">171.35</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PAREKH ALUMINEX</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">275.90</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PIPAVAV DEFENCE AND OFFSHORE ENGINEERING CO</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">71.15</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PITTI LAMINATIONS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">67.15</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">POLYPLEX CORPN</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">186.10</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">PUNJ LLOYD</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">52.65</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">RAIN COMMODITIES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">33.60</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">S KUMARS NATIONWIDE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">34.95</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SADBHAV ENGINEERING</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">128.10</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SAREGAMA (I)</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">69.00</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SASKEN COMMUNICATION TECHNOLOGIES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">111.55</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SHIPPING CORPN</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">68.35</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SHIV-VANI OIL & GAS EXPLORATION SERVICES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">204.60</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SHRIRAM TRANSPORT FINANCE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">597.70</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SOBHA DEVELOPERS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">255.45</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SONA KOYO STEERI</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">13.70</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SRI ADHIKARY TV</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">77.50</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">STATE BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">2040.60</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">STERLITE TECHNOLOGIES</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">37.55</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TATA TELESERVICE</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">15.95</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TECH MAHINDRA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">637.35</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">THERMAX</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">502.60</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TTRF</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">327.15</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">TULSI EXTRUSIONS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">11.70</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">UCO BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">67.70</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">UNITED BANK OF INDIA</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">63.50</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">VASCON ENGINEERS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">52.10</span></p> </td> </tr> <tr> <td style="width:218.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="291"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">YES BANK</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">326.00</span></p> </td> </tr> </tbody></table> <p class="yiv1321231399MsoNormal" style="line-height:normal;"><b><span style="font-size:8.5pt;color:black;"><br />New Intermediate Downtrend</span></b></p> <p class="yiv1321231399MsoNormal" style="line-height:150%;"><span style="line-height:150%; font-size:8.5pt;color:black;">Prices of stocks (and other entities) rise and fall due to changes in the supply and demand relationships between buyers and sellers of the stock. The causes of the changing supply and demand relationships are many, but the effect of these changes shows up in the changing stock prices.<br /><br />The following list shows all stocks beginning a new intermediate downtrend. A new intermediate downtrend normally begins with a breakdown when supply soaks up all demand after a series of rising tops and bottoms.<br /></span></p> <table class="yiv1321231399MsoNormalTable" style="line-height:normal;width:66%;border-top-style:outset;border-right-style:outset;border-bottom-style:outset;border-left-style:outset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;" border="1" cellpadding="0" width="66%"> <tbody><tr> <td style="width:164.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="219"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><b><span style="line-height:150%;font-size:8.5pt;color:black;">Security Name</span></b><span style="line-height:150%;font-size:8.5pt;color:black;"></span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><b><span style="line-height:150%; font-size:8.5pt;color:black;">Close</span></b><span style="line-height:150%; font-size:8.5pt;color:black;"></span></p> </td> </tr> <tr> <td style="width:164.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="219"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">HIMADRI CHEMICALS & INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">45.90</span></p> </td> </tr> <tr> <td style="width:164.25pt;border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;" width="219"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt; line-height:150%;"><span style="line-height:150%;font-size:8.5pt;color:black;">SURANA INDS</span></p> </td> <td style="border-top-style:inset;border-right-style:inset;border-bottom-style:inset;border-left-style:inset;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204);border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-left-width:1pt;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt;"> <p class="yiv1321231399MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:150%;" align="right"><span style=" line-height:150%;font-size:8.5pt;color:black;">382.55</span></p> </td> </tr> </tbody></table> <p class="yiv1321231399MsoNormal" style="line-height:normal;"> </p></div> --buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0tag:blogger.com,1999:blog-8151219148630740271.post-26600872926146724332012-01-08T20:48:00.001+05:302012-01-08T20:53:16.879+05:30Weekly Nifty Analysis 9/01/2012<div style="text-align: justify;"><span><div class="yiv292178925MsoNormal">Last Week, Decent pullback was witnessed from 4600 to 4800 levels followed by short-covering & selective buying support @ lower levels.Next Important trigger for the markets in the coming week would be IIP data & upcoming Q3FY12 results.</div></span></div><br /><span><div class="yiv292178925MsoNormal">Going Forward,Nifty Futures have a strong support @ 4660-4675 levels. If holds 4660, minor upmove upto 4890/4965 levels may be witnessed.If it breaks & sustains below 4660, expect selling pressure to intensify upto 4556/4439. </div></span><br /><span></span>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0tag:blogger.com,1999:blog-8151219148630740271.post-38640618172834039372011-12-18T11:53:00.001+05:302011-12-18T11:57:27.754+05:30Nifty closed below the psychological mark of 4700, hits 2 year low -17-12-2011<span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Key share indices ended near their 2-year lows amid a volatile trading session Friday, after the Reserve Bank of India, in its monetary policy review, highlighted growth concerns. </span><div><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;"><br /></span><div><p class="yiv1366953534MsoNormal"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">What the RBI did was more or less in line with market expectations. Although a section of the markets and India Inc. wanted a CRR cut, lack of announcement on the same wasn’t a surprise for sure. The rupee remained resilient in the face RBI measures to check speculation. Global markets were also supportive. So, the unexpected selling on Friday afternoon could be more technical in nature. With the Nifty breaching 4700, there could be further downside. </span></p> <p class="yiv1366953534MsoNormal"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">The selling may abate in case of some firm policy action from the Centre or due to stability in external markets. Further recovery in the rupee might also act as a catalyst. With few days left in December, attention may soon shift to next year. Corporate earnings will be tracked closely. RBI’s next move will be eagerly awaited by the markets as well. In the mean time, macro-economic data – both domestic and global – will continue to influence the mood. Further moderation in global commodities, especially crude, will be a positive for India. Imported inflation will soften and deficits may improve.<br /></span></p><p class="yiv1366953534MsoNormal"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;"><span style="line-height:normal;text-align:left;">We expect the coming week to throw some buying opportunities as most stocks are available at cheaper valuations. All eyes are now on the quarterly results for Q3FY12</span> </span><span style="font-family:verdana, sans-serif;font-size:85%;"><br /></span></p><p class="yiv1366953534MsoNormal"><span style="font-family:verdana, sans-serif;font-size:85%;"><br /></span></p><p class="yiv1366953534MsoNormal"><img style="margin-top:10px;" alt="Chart forS&P CNX NIFTY (^NSEI)" src="http://chart.finance.yahoo.com/z?s=%5eNSEI&t=5d&q=l&l=on&z=l&a=v&p=s&lang=en-IN&region=IN" border="0" height="475" width="800" /><span style="font-family:verdana, sans-serif;font-size:85%;"><br /></span></p></div><div><table style="color: rgb(85, 85, 85); font-size: 12px; text-align: left; width: 79px; border-collapse: collapse; height: 290px;" align="center" border="0" cellpadding="0" cellspacing="0"><tbody><tr style="height:15pt;" height="20"><td class="yiv1366953534xl68" colspan="4" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);width:216pt;height:15pt;" height="20" width="287"><br /></td></tr><tr style="height:30pt;" height="40"><td class="yiv1366953534xl67" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);height:30pt;" height="40"><br /></td><td class="yiv1366953534xl69" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><br /></td><td class="yiv1366953534xl69" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><br /></td><td class="yiv1366953534xl68" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><br /></td></tr><tr style="height:15pt;" height="20"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:15pt;" height="20"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:15pt;" height="20"><td class="yiv1366953534xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td><td class="yiv1366953534xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><br /></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1366953534xl73" colspan="4" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><br /></td></tr></tbody></table></div></div>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0tag:blogger.com,1999:blog-8151219148630740271.post-13033967417298627142011-12-12T21:56:00.000+05:302011-12-12T21:57:55.847+05:30Weekly Beeps - Market to remain volatile ahead of IIP, monetary policy 12-12-2011<p style="text-align: justify;" id="yui_3_2_0_1_12974398695093106" class="yiv1308688662MsoNormal"><span id="yui_3_2_0_1_12974398695093105" class="yiv1308688662Apple-style-span" style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Next week is again very important with key events for our markets.<span id="yui_3_2_0_1_12974398695093104" class="yiv1308688662Apple-style-span" style="line-height:normal;">The IIP data will be announced on December 12, followed by November monthly inflation on December 14 and RBI monetary policy review on December 16.</span></span></p><p style="text-align: justify;" class="yiv1308688662MsoNormal"><span class="yiv1308688662Apple-style-span" style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">The IIP data for October will be out on Monday. The number is likely to be a pretty dismal one with one national daily actually reporting a 7% contraction.</span></p> <p style="text-align: justify;" class="yiv1308688662MsoNormal"><span class="yiv1308688662Apple-style-span" style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Latest inflation report will be released on Dec. 14 and the RBI will take up its review on Dec. 16. A pause is what the RBI had predicted at its previous meeting. But, one has to see what stance the central bank takes as the rupee's depreciation has made things worse with cost of imports shooting up sharply.<br /></span></p> <p style="text-align: justify;" class="yiv1308688662MsoNormal"><span class="yiv1308688662Apple-style-span" style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Global factors will also remain in focus. Investors will closely analyze and examine the EU Summit outcome to gauge if the debt-strapped eurozone can finally fix its long-running problems. Any news on rating downgrade(s) may dampen the mood.<br /></span></p> <p style="text-align: justify;" id="yui_3_2_0_1_12974398695095813" class="yiv1308688662MsoNormal"><span class="yiv1308688662Apple-style-span" style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Though valuations of Indian equities may appear reasonable, most investors are not willing to take the bait just yet. The near-term outlook will hinge on political developments and overseas markets. Also watch out for the advance tax numbers, trend in FII flows and the rupee.</span><br /></p><p class="yiv1308688662MsoNormal"><span class="yiv1308688662Apple-style-span" style="font-family:Verdana, sans-serif;"><br /></span></p><p class="yiv1308688662MsoNormal"><img style="MARGIN-TOP:10px;" alt="Chart forS&P CNX NIFTY (^NSEI)" src="http://chart.finance.yahoo.com/z?s=%5eNSEI&t=5d&q=l&l=on&z=l&a=v&p=s&lang=en-IN&region=IN" border="0" height="475" width="800" /><span class="yiv1308688662Apple-style-span" style="font-family:Verdana, sans-serif;"><br /></span></p><p class="yiv1308688662MsoNormal"><span class="yiv1308688662Apple-style-span" style="font-family:verdana, sans-serif;"><br /></span></p><table style="color:rgb(85, 85, 85);line-height:normal;text-align:left;width:216pt;border-collapse:collapse;font-size:12px;" align="center" border="1" cellpadding="0" cellspacing="0"><tbody><tr style="height:15pt;" height="20"><td class="yiv1308688662xl69" colspan="4" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);width:216pt;height:15pt;" height="20" width="287"><p align="center"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Benchmark Indices</span></strong></p></td></tr><tr style="height:30pt;" height="40"><td class="yiv1308688662xl68" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);height:30pt;" height="40"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Index</span></strong></td><td class="yiv1308688662xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2-Dec-11</span></strong></td><td class="yiv1308688662xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">9-Dec-11</span></strong></td><td class="yiv1308688662xl69" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">% Change</span></strong></td></tr><tr style="height:15pt;" height="20"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Sensex</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">16846.83</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">16213.46</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-3.76</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Nifty</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">5050.15</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">4866.7</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-3.63</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Hang Seng</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">19040.39</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">18586.23</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-2.39</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Nikkei</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">8643.75</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">8536.46</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-1.24</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Shanghai</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2360.66</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2315.27</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-1.92</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Dow Jones*</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">12020.03</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">11997.7</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-0.19</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">S&P 500*</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1244.58</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1234.35</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-0.82</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">NASDAQ*</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2626.2</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2596.38</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-1.14</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Bovespa*</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">58143.4</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">57455</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-1.18</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">FTSE*</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">5568.46</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">5483.77</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-1.52</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">DAX*</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">6131.51</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">5874.44</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-4.19</span></td></tr><tr style="height:15pt;" height="20"><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">CAC*</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">3181.68</span></td><td class="yiv1308688662xl72" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">3095.49</span></td><td class="yiv1308688662xl73" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">-2.71</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl74" colspan="4" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">*Closing till Thursday</span></td></tr></tbody></table><span class="yiv1308688662Apple-style-span" style="font-family:verdana, sans-serif;"><br /></span><table style="color:rgb(85, 85, 85);line-height:normal;text-align:left;width:305pt;border-collapse:collapse;font-size:12px;" align="center" border="1" cellpadding="0" cellspacing="0"><tbody><tr style="height:15pt;" height="20"><td class="yiv1308688662xl68" colspan="4" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);width:305pt;height:15pt;" height="20" width="405"><p align="center"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Currency Rate</span></strong></p></td></tr><tr style="height:15pt;" height="20"><td class="yiv1308688662xl69" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);height:15pt;" height="20"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">Index</span></strong></td><td class="yiv1308688662xl69" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">2-Dec-11</span></strong></td><td class="yiv1308688662xl69" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">9-Dec-11</span></strong></td><td class="yiv1308688662xl68" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:rgb(149, 179, 215);"><strong><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">% Change</span></strong></td></tr><tr style="height:15pt;" height="20"><td class="yiv1308688662xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:15pt;" height="20"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">USD</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">51.43</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">52.06</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1.22</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">EURO</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">69.35</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">70.08</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1.05</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">GBP</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">80.66</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">81.94</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1.59</span></td></tr><tr style="height:12.75pt;" height="17"><td class="yiv1308688662xl70" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;height:12.75pt;" height="17"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">JYP (per 100)</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">66.05</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">67.15</span></td><td class="yiv1308688662xl71" style="border-top-width:medium;border-right-width:medium;border-bottom-width:medium;border-left-width:medium;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-top-color:rgb(212, 208, 200);border-right-color:rgb(212, 208, 200);border-bottom-color:rgb(212, 208, 200);border-left-color:rgb(212, 208, 200);background-color:transparent;"><span style="font-family:verdana, sans-serif;font-size:85%;color:#000000;">1.67</span></td></tr></tbody></table>buzibizhttp://www.blogger.com/profile/11352078726455147716noreply@blogger.com0