> Anagram's Eveninger & Bulk Deals 17/12/2008

After opening higher, indices retreated sharply and closed deep in the red, under performing all the Asian markets. Sensex fell by 261 points to close at 9715, while Nifty shut shop at 2954, down 87 points. Satyam plunged 30% as investors took a negative view on the company's decision of acquiring 51% in Maytas Infra and then calling it off due to strong investor reaction and resultant plunge in it's ADR yesterday. U.S. stock futures were trading down by nearly 1.5%.
All the BSE sectoral indices finished in red. Realty and Teck indices were down the most, falling 7.4% and 5% respectively. ICICI Bank and HDFC Bank were the top gainers among the sensex stocks, up 2.4% and 1.8% respectively, while Satyam Computer was the top loser, plunging 30.2%, followed by Reliance Infra, which tumbled 13.7%. BSE advance-decline ratio stood at 1:1.6.

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Anagram's Eveninger & Bulk Deals 17/12/2008

>HINDALCO(Merrill Lynch)

Downgrade to Underperform; PO cut to Rs40 (earlier Rs60)
Our global team has cut aluminum forecasts. This leads to a sharp cut to our EPS
forecasts – by 37-80% over FY09-11. Even though the stock has underperformed,
we believe there is further downside given its rich valuation – FY10E P/E of 37x
and P/B of 0.7x (excl goodwill for Novelis acquisition). Hence we downgrade our
rating from Neutral to Underperform. Our new PO of Rs40 (based on 50%
discount to DCF) suggests 24% downside and implies P/B (ex goodwill) of 0.5x, in
sync with other leveraged steel stocks in India.

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HINDALCO(Merrill Lynch)

>Crompton Greaves - BNP Paribas

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Crompton Greaves - BNP Paribas

>FCCB Policy update - Reliance Money - 15 12 08

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FCCB Policy update - Reliance Money - 15 12 08