>Reliance Communications (Anand Rathi)

Reliance Communications

Growth Undervalued; Re-iterate Buy

# New TP of Rs260. We have trimmed our EBITDA estimates by
1.0-1.5% and raised medium-term capex forecasts by 10-15%. Our
revised DCF-based Dec ’09 TP is Rs260 vs. Rs275 (Sep ’09)
previously. At 6.0x FY10e EV/EBITDA, we believe RCOM is
attractively valued, given the 17% EBITDA CAGR over FY10e-12e.

# Revenue growth recovery imminent; margins to hold. We
forecast 24% wireless rev CAGR in FY09-11e vs. 15% in FY09e
led by GSM expansion. Despite the build-up of a huge operating
leverage (pre-booking of GSM network costs), we assume another
100-bp erosion in wireless EBITDA margin. Nonetheless, consol.
EBITDA margin should hold at ~40% (40.2% in 3Q) in our view.

To see full report: RELCOM

>Reliance Industries (Macquarie Research)

Gas delay hurts more than crude cut

Event
We have revised our earnings forecasts to take account of actual prices in
2008 and changes to our oil price forecast for 2009 onwards. We have also
factored in the delay in the KG-D6 gas production and now expect commercial
sales of gas to start in April 2009 (previous expectation January 2009).

Impact
Cut in estimates. The delay in gas production and the cut to oil price forecast
result in an 8% and 6% cut to our FY09 and FY10 earnings forecasts,
respectively. RIL’s proposed gas price of US$4.2/mmbtu translates to an oil
equivalent price of US$25/boe. As this is significantly below the current oil
price and our forecast oil price, we do not envisage a cut in RIL’s gas prices.
Our cashflow estimates are reduced by 8% and 4% for FY09E and FY10E,
respectively. RIL should achieve a net cash position by FY12E.
We are also cutting our PAT estimates for 3Q FY09E to Rs36bn (-8% YoY), as
we believe that refining production has been lower than our earlier estimates.

To see full report : RIL

>Currency Corner (ANAGRAM)

Thursday, dollar’s retreat against the odds and mixed tone against crosses poised for USDINR (feb) contract for soft opening. Further, bullish cues of renewed recovery in Asian stocks weighted onto higher opening at local equity front, which to some extent prevented rupees’s momentary fall. Unclear clues for currency refrained participants to trade either side as USDINR traded choppy mainly in narrow range of 48.84 - 49.00. However, pumping of dollar demand from oil importers facing month month end import commitments with weak shares adding to the gloom showed sudden spike in dollar as it moved higher briefly amid touching an intraday high of 49.12, while closing the daily at 49.10. Technically speaking, the pair find residual bids above 49.05 though it was believe that they may not be especially sizeable. But cross over above 49.15, at this juncture of consolidating phase might expose to previous tops 49.26 and 49.41. While downside looks limited as USDINR has strong support at 48.92. For any bearish crossover, deep cut below is crucial for a bearish outcome.

To see full report : Currency Corner

>Daily Market Preview (MARWADI FINANCIAL)

# The awful and sharp downward revision of world growth to 0.5% by the IMF casted
gloom once again on the global equities and the world market went for tailspin. We
expect Indian markets to open weak however the smooth settlement of January
series on Thursday gives indication that market have a strong base around 2700
level.
# We suggest to play safe as markets are still undergoing the deleveraging phase and
vulnerable to any negative. However buying large caps in small quantity at sharp
dips can be the trade for the day.

To see full report : Market Preview 30-01-2009

>Daily Technical Report (Marwadi Financial)

To see full report : Daily Technical Report 30-01-2009

>F&O daily report (MARWADI FINANCIAL)

To see full report : F&O Report 30-01-2009

>Engineers India Limited (GEOJIT)

# EIL, 90.4% owned by government, has reported very fantastic performance for Q3 FY 2009. Net Sales more than doubled to Rs. 528.5
crore (Rs. 177.5 crore) led by substantial jump in Lump Sum Turnkey (LSTK) turnover of Rs. 286.95 crore (Rs. 28.35 crore). Consultancy
& Engineering business also reported sharp 62% jump in sales of Rs. 241.52 crore (Rs. 149.1 crore). OPM% however declined to 23.6%
(27.4%) due to change in sales composition more in favor of lower margin LSTK business. Nevertheless, strong sales growth coupled with
150% spurt in other income of Rs. 43.2 crore (Rs. 28.8 crore) resulted in PBT (before extra ordinary items) more than doubling to Rs.
165.4 crore (Rs. 75.2 crore). However, after accounting for provision for gratuity liability of Rs. 60.56 crore restricted growth in PAT of Rs.
68.9 crore (Rs. 50.2 crore) at 137%.
# For 9 months FY 2009, net sales zoomed to Rs. 1,124.9 crore (Rs. 494.9 crore). OPM% dropped to 20.6% (25%). PBT skyrocketed to Rs.
339.7 crore (Rs. 206.5 crore). Extra ordinary expenses of Rs. 60.56 crore dragged down growth in PAT of Rs. 185.7 crore (Rs. 137.9
crore) to 35%.

To see full report : EIL (Investment idea)

>Wyeth Investment Idea (GEOJIT)

# Wyeth Limited, a 51.12% subsidiary of Wyeth Inc.,USA has put up excellent performance
for Q3 FY2009. Net Sales grew@ 12.6% to Rs.93.8 crore (Rs.83.3 crore) led by 11.2%
growth in Pharma business to Rs.85.19 crore. Consumer Health Care business also grew @
14.3% to Rs.8.85 crore (Rs.7.74 crore). OPM% improved to 27.7% (25.8%) as a result of
operational efficiencies. Consequently, PBT was up by 20.3% to Rs.29.3 crore (Rs.24.4
crore) and PAT grew@ 18.5% to Rs.20.8 crore.

# For 9 months FY 2009, Net Sales grew @ 14 % to Rs.293.4 crore (Rs.257.3 crore) led by
14.4% growth in Pharma sales of Rs.264.81 crore. OPM% improved to 35.4% (34.7%)
PBIT% of Pharma business was up to 38.5% (35.2%), while Loss Before Interest and Tax of
Consumer Health Care business declined to 4.8%(9.8%). Consequently, PBT grew@ 15.5%
to Rs.114.6 crore (Rs.99.3 crore) and PAT was up by 17.1% to Rs.81.2 crore (Rs.69.3 crore).

To see full report : Wyeth

>Hyderabad Industries Limited (GEOJIT)

Hyderabad Industries, flagship company of C.K. Birla group, has reported fabulous performance
for Q3 FY 2009. Turnover increased by 16.2% to Rs. 129.6 crore led by 14% higher sales of
Building product segment of Rs. 120.53 crore. Thermal Insulation business turnover jumped up by
43.9% to Rs. 9.02 crore (Rs. 6.27 crore). OPM% zoomed to 12.1% (0.9%) mainly led by reduction
in raw material cost (owing to softening of cement prices) to 51.6% (59.9%) of sales. Moreover,
with correction of demand-supply mismatch, company has been able to raise the prices of its
products. Consequently, PBT skyrocketed to 10.2 crore (loss of Rs. 2.3 crore). Further aided by
absence of extra ordinary expenses (Rs. 1.3 crore being provision for loss on Onerous contracts),
PAT shot up to Rs. 6.6 crore (loss of Rs. 1.9 crore).
For 9 months FY 2009, sales grew @ 23.8% to Rs. 435.1 crore. OPM% more than doubled to
15.3% (7.3%). Strong sales growth coupled with improved profitability led to tripling of PBT (before
extra ordinary items) to Rs. 54.3 crore (Rs. 17.6 crore). PAT zoomed by whooping 245.8% to Rs.
35.6 crore.
To see full report : HIL

>RIL (GEOJIT)

> The company came out with better than expected quarterly numbers though the quarter was a challenging
one.
> Performance of the petrochemicals division looks better than expectations and surprising too because of
increasing margins and rising volumes despite difficult market conditions.
> EPS for FY 09 is expected at R.98.15 and it would be Rs.127.37 and Rs.138.68 respectively for FY10 and
FY 11.
> Oil from KG D 6 is expected within two – three weeks.
> Resolving the gas dispute appears to be the key for better performance in the days ahead.
> The stock is recommended with a one-year target price of Rs.1322.

To see full report: RIL(A BUY)

>Debtshell (RELIGARE)

RBI's interest rate review left the key rates unchanged on Tuesday. RBI's
bond auction calendar indicates a total borrowing of Rs. 250 bn up to
March 2009. The announcement on the government borrowings during
this fiscal year pushed up the bond yields higher. The benchmark 10-year
GSec bond yield ended at 5.96%, higher from the previous close of 5.72%
on Friday. The call money rates stood at 4.1-4.2% on Tuesday close to the Saturday's
level of 4.15-4.25%. Ample liquidity has ensured that the call rates move
in line with the Repo rate.
The Indian equity markets staged a sharp gain of 329 points or 3.8% on
the back of stronger global cues. The rupee surged to 48.95/$,
appreciating from the 49.27-29/$ level on Friday.
The Crude ended lower on Tuesday trading close to $42/bbl on the back of
high inventory levels and lower demand. Lack of change in the
fundamentals of the economy pulled down the crude despite the recent
output cuts brought into effect by OPEC.

To see full report : Debtshell 28-01-2009

> Daily Market Roundup (RELIGARE)

Markets are likely to remain in the positive territory taking cues from the
global markets; this has been also reflected in the Nifty futures. In the
coming session, markets are expected to remain in the range of 2700 –
2835 levels. Markets were trading in the positive territory taking favorable cues from
the global market and short covering by the market participants on
account of the expiry of monthly derivative contracts. Meanwhile, the RBI
monetary policy kept the interest rate steady and revised the GDP growth
estimates downwards for the year to7% from 7.5%. The monetary policy
hinted that the inflation will fall below 3% which boosted the market
sentiment.

To see full report : DMR 28-01-2009

>Union Bank of India (JP MORGAN)

Union Bank reported strong 3Q09 numbers with net profit growing 84%
yoy almost 30% higher than street estimates. The stock reacted up 3%,
closed the day down 2% yet outperforming the banks Nifty index.
While deposits growth picked up to 31% loan growth remained stable at
25% leading to 50% increase in net interest income. Margins continued
to expand to 2.97% year to date and the bank looks to further enhance its
full year margins to at least 3%; However, in the near term given recent
PLR cuts, that appears difficult, in our view.

To see full report: Union Bank of India

>Bharti Airtel (HSBC)

The 15% fall in Bharti’s share price since the launch of RCOM’s GSM service in December is an overreaction, in our view. Instead, investors should focus on
Bharti’s market leadership strengths and RCOM’s longer-term structural limitations of
operations in 1800MHz which require additional base stations. We believe the combination of
low revenue yields and bloated cost structure will reduce the scope for disruptive pricing and
competitive intensity will become more rational. In our view, Bharti is well placed to limit
damage to its earnings on the back of its strong balance sheet, high revenue market share,
brand positioning, and scale. Reference can be made to the Korean experience, which suggests
that changes in subscriber market share do not translate into changes in FCF/revenue market
share.
To read full report: Bharti Airtel

>Daily F&O Report (Marwadi Financial)

To read full report : Daily F&O report 23-01-2009

>Daily Market Preview (Marwadi Financial)

The global markets trading in red, domestic markets are expected to open
negative. Results of Reliance and Bharti, which were in line with the market
expectation, may not help markets to recover much ground. Although some
buying may emerge on decline, since fund managers are not frowning at Indian
equities much.
To read full report: Daily market preview 23-01-2009

Daily Technical Report

Global market drop on recession is concern, Asian market drop due to Sony forecast deeps profit concern.
Yesterday we had seen the choppy trading day sue to Nero range movement. Again ht inflation figure rose
from the 5.24 to 5.60% so that is the matter of concern and now bankers also have to seen for key policy
rate is concern and for very short period of time we do not have a expectation of the further interest rate cut,
so again the banking, real estate and interest sensitive counters will come under pressure. Yesterday reliance
not posted good numbers and many corporate declare a pressure situation, today also many company
declare the third quarters performance so keep watch on that announcement.

To read full report: Daily Technical Report 23-01-2009

>Derivative Report (Marwadi Financial)

The market opened on a firm note on positive global cues. Shares from interest

rate sensitive sectors were in action ahead of the inflation data. Caution gripped

market after a strong start as key benchmark indices eased from day's high

weighed by index heavyweight Reliance Industries. Volatility rose in second half

after the inflation data hit market. The market held firm in mid afternoon trade as

losses in metal stocks were offset by gains in banking pivotals. The S&P CNX

Nifty closed at 2,713.80; up by 7.65 points. Index futures saw a trading volume of Rs.11,332.01 crores arising out of 8,92,620 contracts and Index options saw 10,87,805 contracts getting traded at a notional value of Rs.15,213.39 crores.The total turnover of the Futures & Options segment of the Exchange was around Rs.38,676.85 crores. Out of 259 securities, options on 108 underlying securities got traded. The total number of contracts traded was 84,508 with a notional value of Rs.838.22 crores.

To read full report: Derivate Report 23-01-2009

>F&O daily open interest (Marwadi financial)

To see full report : F&O daily open interest 23-01-2009

>Anagram Currency Weekly: 24/1/09

To read full report

Anagram Currency Weekly: 24/1/09

AIA Engineering - Pinc 20 01 09

To read full report
AIA Engineering - Pinc 20 01 09

>Steel ( MORGAN STANLEY)

We continue to recommend caution regarding the
Indian Steel sector, more so after the recent
outperformance seen in the Sensex recently even as the
economic climate continues to slip. Our Cautious stance
is based on our belief that: 1) steel prices have more
downside from here in the next two quarters, bringing
many Indian companies close to losses; and 2) stocks
are not fully discounting trough-level earnings and
balance sheet pressure. We suspect that many
second-rung steel companies are already incurring
losses, which could be revealed in F4Q09. Results for
the next two quarters could act as catalysts for the
stocks.
A 30-year low in economic growth and a sustainable
rebound in steel prices at US$500/t do not make a
good pair. Our economists are now calling for just 0.3%
growth in C2009. Accordingly, we forecast the first
demand compression in the global steel industry since
1998, and a 10-year low capacity utilization level. We
are cutting our Indian steel price forecasts by 5-7% for
F2010-11 even as near-term news flow has improved
somewhat. A quick impact from global stimulus
packages may be the surprise element on the upside,
but the effects will have to be reflected in broader
economies before they will be seen in steel. We assign a
low probability to this event.

To read full report
Steel (JP MORGAN)

>IRB INFRA(Religare)

Leading private developer with a focus on road projects: IRB Infrastructure
has a portfolio of 14 BOT road projects, of which 11 are operational, 2 are
under construction and 1 is yet to achieve financial closure. The capitalised
cost of these projects is Rs 64.7bn, funded through equity of
Rs 13.3bn and the balance through debt. Despite the difficult market
conditions, the company has been able to achieve financial closure for its
Rs 27bn Surat-Dahisar project, albeit with a delay of three months.
Strong in-house construction order book of Rs 63bn: IRB’s order book of
Rs 63bn is bifurcated between EPC – Rs 35bn with an execution time frame
of three years – and O&M – Rs 28bn with an execution period of 10–12 years.
IRB’s construction arm reports margins of 20% vis-à-vis the industry average
of 10%. The strong margin outperformance can be attributed to lower
subcontracting expenses, a large fleet of equipment, ownership of aggregate
mines, and higher cost assumptions while pricing project bids. While we
expect construction margins to decline by 450bps over the next 2–3 years due
to increased competition, they would still be above the industry average.
Consolidated earnings to grow at 49% CAGR over FY08-FY11: We anticipate a
significant jump in revenues and earnings, at a CAGR of 59% and 49%
respectively over FY08-FY11, once the Bharuch-Surat and Surat-Dahisar road
projects start contributing to IRB’s toll income. Since financial closure on the
Surat-Dahisar contract has been achieved, revenues will kick in from February
’09 at the rate of Rs 10mn per day, post revenue-sharing with the National
Highway Authority of India (NHAI) (38% of toll revenue in the first year).
To read full report IRB INFRA

>BOA ML EM fund mgr survey

To read full report
BOA ML EM fund mgr survey

Anagram 's F&O indicators 220109

To read full report
Anagram 's F&O indicators 220109

>Anagram's Daily Call 19012009

VIEW POINT: WHEN CAT IS AWAY, MICE PLAY

The US markets are closed today for Martin Luther King holiday and Obama gets sworn in Tuesday, when a rally in the US markets is generally expected. With this development in mind and looking at the Friday close of the Indices, expect the Indian stocks to open higher today and generally bask in the mild winter sun.

It is difficult to visualize how the homecoming of a prodigal brother will help the stocks of various companies involved. The best way to make the most of these rumours is to take the options route, which is fairly well trodden in some of the stocks concerned. We could see the market breadth improve today. Mr P C Gupta's assertion that money may have been diverted from Satyam, should improve the case for the company.
Read full report
Anagram's Daily Call 19012009

>Morning notes - 19th January 2009

To read full report
Morning notes - 19th January 2009

Sanwaria Agro Oils - KRC - 15 01 09

To read full report
Sanwaria Agro Oils - KRC - 15 01 09

G S F C - Sunidhi - 15 01 09

To read full report
G S F C - Sunidhi - 15 01 09

>daring derivatives - Jan19

To read full report
daring derivatives - Jan19

>India Infoline Weekly Wrap - 16 01 09

To read full report
India Infoline Weekly Wrap - 16 01 09

>Infosys Technologies - Result Update - Q3 FY09

To read full report
Infosys Technologies - Result Update - Q3 FY09

Wipro - Event Update - 'On the wrong side of World Bank bureaucracy' - Reduce (PL)

Hi,

Latest Reports from Institutional Brokerage House Prabhudas Lilladher(P) Ltd on Wipro Made a ' Reduce " rating.

Highlights of the reports are as follows

* Debarred by World Bank: Wipro announced that the World Bank, in July 2007, debarred the company from participating in direct RFPs issued by the Bank from 2007-11. This is on account of what the World Bank terms as ‘inappropriate benefits to Bank staff’. Since the World Bank is not a client of Wipro at this point the future revenue impact is Nil. But given that this announcement comes on top of the Satyam scandal the market is concerned about the long-term reputation impact on the company.

* ADS offered at IPO price during the issue: As part of the Directed Share Programme (DSP) of the ADS listing in 2000, Wipro was allowed (as are all companies) to offer shares from the IPO to employees, vendors, clients, prospects, etc (basically all stakeholders) at the IPO prices. Accordingly Wipro offered the same to most of its stakeholders in the US. About 50% of the DSP was subscribed by employees while the rest was subscribed by vendors and clients. Wipro offered the shares (1,750 worth about U$72000 then) to some World Bank staff (and many other clients and prospects) through the CIO of World Bank. It also took a written undertaking from them that this does not conflict with their internal guidelines. Seven years latter the World Bank discovered this through its internal audit and as per its guidelines barred Wipro from doing business with the Bank for four years.

* Unintentionally caught up in World Bank bureaucracy: World Bank as an organization is legendary for its bureaucracy and red tape. The fact that it took nearly seven years to discover this issue itself is indicative of the state of affairs at the Bank. We believe Wipro might have been in an error of judgment but certainly not guilty of bribing since the shares were fully paid for by the subscribers. We are clear in our mind that it is a case of unintentional transgression, and a minor one at that. We don’t see any long-term consequences of this issue on the business of Wipro.


Read the full report WIPRO(PL)

India Investment Strategy (One of the best I have read)

Hi All,

I have read many Investment strategies earmarked by FII's,Investment banks,PE's,VC's,Sovereign Funds and Institutional brokerages (Like B&K,FG,MosT,Kotak,Edel etc....) But felt this report as very qualitative than quantitative from other brokerages....Yes, its edelcap..One of the best qualitative research reports I have read about the year 2009.All are kindly requested to take note of the Micro and Macro ecomic Indicators for taking a clear view about Indian Mkts.


High lights of the Reports are

1. Near term global economic outlook continues to remain weak

* Fears of recession and deflation are looming large, especially for developed economies
* Despite huge stimulus packages, global economic recovery will be a long process
2. India is not facing any crisis, but growth momentum is lost for the moment.
Nevertheless, Indian economy is more resilient, due to

* Large domestic consumption and low dependence on exports;
* Favourable saving-investment dynamics, a sound financial sector, scope for
infrastructure; and
* Improvement of the fiscal and BoP situation at the margin

Read the full report Here

Companies Audited by PWC(Satyam AUDITORS)

Hi All,

India always got an Overweight Rating as compared to its Emerging Market Peers from FII's Backed by its good corporate Governance(!!!).But the Biggest scandal(so called event from Satyam) among the indian corporates raised major questions about the auditing practices and principles that they were following at the moment.Moreover these auditing works are carried out by Auditing Giants like E&Y,PwC,KMPG,S&P,CRISIL,ICRA,FITCH etc........

PWC is the auditor for Satyam - here are the co's where they will have a screw ball
There are some big names in their list of clients



Apar Inds.
Apeejay Tea
APW President
Arshiya Intl
Assam Carbon Pr
Automotive Stamp
Bayer CropScien
Beeyu Overseas
Bimetal Bearings
Blue Dart Exp.
Bosch
Bosch Rexroth
California Soft.
Century Enka
Chemplast Sanmar
Colgate Palmoliv
Coromandel Fert
Cummins India
D P S C
Denso India
Dynamatic Tech.
Elpro Intl.
English Ind.Clay
Entertainment Nt
Gabriel India
Gateway Distpark
Gillanders Arbut
GIS
Glaxosmit Pharma
GlaxoSmith C H L
Glenmark Pharma
GMR Inds.
GMR Infra.
Goodyear India
Graphite India
Great Eastern En
Guj Gas Company
Harr. Malayalam
HCL Infosystems
HCL Technologies
Hikal
Hind.Powerplus
Hinduja Ventures
Holman Climax
Honeywell Auto
Hooghly Flour
HTMT Global
IFGL Refractor
Ineos ABS (India
Info Edge (India
Infotech Enterpr
Ingersoll-Rand
Insilco
Jagran Prakashan
Kanumanek Trad.
Karamch.Thapar
Kennametal India
Kesoram Inds.
Lanco Infratech
Marico
Maruti Suzuki
Mastek
Max India
Mcleod Russel
Millennium Beer
Morganite Crucib
Moser Baer (I)
Motherson Sumi
NDTV
Nicco Parks
NIIT
NIIT Tech.
Northgate Techno
Orissa Extrusion
Parry Agro Inds
Perfect Circle I
Phillips Carbon
Piramal Health
Piramal Life
PVP Ventures
Rain Calcining
Rain Commodities
Rane (Madras)
Rane Brake Lin
Religare Enter
Religare Global
S.N. Sunderson
Saint-Gob. Sekur
Samtel Color
Sanderson Inds.
Saregama India
Satyam Computer
Schrader Duncan
Simplex Infra
South Asian Fin.
Sparsh BPO
Spentex Inds.
Stewarts & Lloyd
Subhkam Capital
Sulzer India
Swaraj Mazda
Swojas Energy
T.V. Today
TIL
Tinplate Co.
Trigyn Techno.
Tudor India
United Breweries
United Spirits
Usha Martin
UT
UTV Software
Vijay Inds.
Warren Tea
Welspun India
Wyeth
Zensar Technolgs

Comments are Welcome........

>Ramalinga raju letter to Satyam board members

To read the full letter download it here

Ramalinga raju letter to Satyam board members

> Insider Trades & Bulk Deals - Edelweiss - 06 01 09

To read full report

Insider Trades & Bulk Deals - Edelweiss - 06 01 09

>Telecom Edelweiss

To read full report
Telecom Edelweiss

>Microsec - Derivative Strategy 7th Jan 09

To read full report
Microsec - Derivative Strategy 7th Jan 09

>Q3FY09 IT preview - Sharekhan

To read full report

Q3FY09 IT preview - Sharekhan

>Market Outlook - Sharekhan - 03 01 09

Though the Indian economy is better placed than many of its Asian peers, it is in no way decoupled with the rest of the world and in the next few quarters it will grow at a rate much lower than the average growth rate seen in the past few years. Besides, the forthcoming Union elections and the unrelenting negative global news flow would continue to act as an overhang on the markets. But the good news is that the Indian economy is likely to respond to the recent monetary and fiscal measures, and could possibly witness a meaningful revival by the second half of CY2009.

Consequently, we expect the markets to remain range-bound and consolidate around the current levels for most of the first half of CY2009. In our view, the consolidation phase should be exploited as it offers a great portfolio building opportunity for the long-term investors. Though the uncertainties abound, the downside risk is limited and the risk-reward ratio is hugely in favour of the long-term investors. Especially since the benchmark index is trading at close to the historic low of around 10x one-year forward
earnings.
Read full report

Market Outlook - Sharekhan - 03 01 09

Though the Indian economy is better placed than many of its Asian peers, it is in no way decoupled with the rest of the world and in the next few quarters it will grow at a rate much lower than the average growth rate seen in the past few years. Besides, the forthcoming Union elections and the unrelenting negative global news flow would continue to act as an overhang on the markets. But the good news is that the Indian economy is likely to respond to the recent monetary and fiscal measures, and could possibly witness a meaningful revival by the second half of CY2009.

Consequently, we expect the markets to remain range-bound and consolidate around the current levels for most of the first half of CY2009. In our view, the consolidation phase should be exploited as it offers a great portfolio building opportunity for the long-term investors. Though the uncertainties abound, the downside risk is limited and the risk-reward ratio is hugely in favour of the long-term investors. Especially since the benchmark index is trading at close to the historic low of around 10x one-year forward
earnings.
Read full report

Market Outlook - Sharekhan - 03 01 09

Sterlite Industries - Emkay - 30 12 08

To read full report

Sterlite Industries - Emkay - 30 12 08

Sharekhan Top Picks - 03 01 09

To read full report
Sharekhan Top Picks - 03 01 09

>Anagram's Eveninger & Bulk Deals 01/01/2009

Markets begun 2009 on a positive note amidst a broad based rally though volumes were abysmally low. Sensex gained 256 points to close at 9903 while Nifty shut shop at 3033, up 74 points. Turnover at Rs. 32503 cr. was the lowest since April 2007. Inflation for the week ended December 20 came in at 6.38% as against previous week's 6.61% and Bloomberg expectation of 6.41%. Most of the global markets are shut today on account of New Year holiday.
All the BSE sectoral indices closed with gains. Realty and Metal indices were the top gainers, up 6.5% and 6% respectively. R Com and Tata Motors were the top gainers among the sensex stocks, putting on 8% and 7.5% respectively, while Ranbaxy and ITC were the only losers, shedding 1% and 0.03% respectively. BSE advance-decline ratio stood at 4:1.
Read full report

Anagram's Eveninger & Bulk Deals 01/01/2009

>Utilities-Tilaiya UMPP

To read full report
Utilities-Tilaiya UMPP

>Fortis Healthcare - ICICI Direct - 30 12 08

To read full report
Fortis Healthcare - ICICI Direct - 30 12 08