>INDIA RETAIL(JP Morgan)

Our brief inquiries with key Indian retailers about sales during the
Diwali festive season indicate that consumer spending was satisfactory.
Categories that saw some weakness include Furniture and Watches,
whereas sales in Apparel and Jewelry were encouraging.
• Although it is difficult to gauge consumer sentiment accurately we
believe sales for Dec’08 quarter should be satisfactory if interest rates
and inflation trends continue to show improvement from current levels.
• We maintain our Overweight rating on key retailers Titan Industries,
Pantaloon Retail, and Gitanjali Gems, and believe that the current credit
crisis should accelerate the shift towards organized retail.
Here are some direct quotes on Diwali sales made by various retailers:

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