>EQUITY STRATEGY (NOMURA)

Sector View:
New: Not Rated
Old: Not Rated

Investment Conclusion
This is the Nomura reference guide for June 2009 for Indian companies under our coverage. This is a compilation of current prices, price targets and ratings as of 14 July.

Summary
■ With this note, we offer a single reference point for items such as market cap, price target, rating, potential upside/downside, operating performance, growth estimates, margins, valuations, absolute performance and relative performance to the Sensex for the Indian companies under our coverage.

■ We have 87 companies from 18 sectors under our coverage. Of these, we have BUY ratings on 25, NEUTRAL ratings on 23 and REDUCE ratings on 39.

■ Since last month's note, which was published on 10 June, we initiated coverage of six companies. We revised our earnings estimates for 31 companies, changed our ratings for 17 companies and revised our price targets for 29 companies.

SEE INSIDE:
■ Initiations of coverage since last issue (11 June 2009)
■ Change in earnings estimates, price targets and ratings since last issue (11 June 2009)
■ Valuation snapshot
■ Sector valuation

• Agri inputs
• Autos and auto parts
• Banks & Finance
• Conglomerates
• Construction materials
• Consumer
• Electrical equipment
• Infrastructure and construction
• Insurance

To see full report: EQUITY STRATEGY