>Siemens(ENAM Securities)

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Siemens(ENAM Securities)

>Indian Hotels(Sharekhan)

Mumbai has seen the fiercest of terrorist attacks in the last two days. The two
hotels—Taj Mahal Palace (with 565 rooms) and Oberoi-Trident—have been the centre
of terrorist activity since the evening of November 26, 2008. We believe the tragic
event has severe consequences for the hotel industry in general and Indian Hotels in
particular.

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