20 Alltime Greats

SURESH RATHI SECURITIES PVT. LTD. 6th May 2008

Research Report No 0809/004

20 ALL TIME GREATS Given below are the 20 all-time great stocks. The badshah’s of stock market. All collector’s items. An ideal investment portfolio. Year over year these blue chips have given an average of 20% annualized return to its investors.

Reason for this report:

The current market turmoil was the sole reason for this report. Market had investors who were stuck in the cruel world of bad investments due to some really awful counsel received from time to time. They were highly confused. Buy? Sell? Hold?... No Idea… However this made them remind one eternal fact… It is not easy money… We at SRSPL, tried to analyze the best route available to investor in these circumstances. We tried to design a blue-chip portfolio, which can be foundation of an ideal investment strategy. As you see that the below chosen sectors are well diversified to give a great balance to our portfolio. Balance…. The key factor to drive you thru ups & downs of a booming economy.

Strategy:

It is plain & simple. We have chosen 12 sectors. We have taken the market leaders in these sectors - 1 to 2 stocks per sector. A 20 stock portfolio is considered as ideal. The above stocks form a great basket of blue-chips. We have assumed an equal weightage for all the 20 stocks. Hunt for bottom is never ending. However it is prudent to invest at any well thought-out level & keep investing in this basket on any dip of more than 10% in either Nifty or Sensex. A 20% margin for any exit in these stocks will be ideal. Even if we do not plan to exit, we can continue to build on this portfolio for a very long time to reap the benefits at a later date. Important factor to get the right balance in this portfolio is that the entry should be simultaneous in all these stocks. Exit depending on need of the hour.

SCRIP MARUTI TATA MOTORS HDFC BANK STATE BANK ACC DLF HIND UNILEVER ITC ABB L&T INFOSYS TCS STERLITE TATA STEEL RELIANCE INDS DR REDDY RANBAXY NTPC BHARTI REL.COMM.

Sector Weight

SECTOR AUTO AUTO BANK BANK CEMENT CONSTRUCTION FMCG FMCG HEAVY ENGG HEAVY ENGG I.T. I.T. METALS METALS PETROLEOUM PHARMA PHARMA POWER TELECOMMUNICATION TELECOMMUNICATION

10.06% 9.67% 4.45% 5.34% 9.91% 10.54% 9.27% 10.07% 5.31% 9.90% 5.10% 10.51%

CMP 767 682 1540 1756 741 668 248 225 1105 3061 1820 938 862 817 2654 644 475 196 846 543

Why these 20 stocks?: 9 9 9 9

Sound Management Good Institutional sponsorship Achieving 20% y-o-y growth Investor Friendly

9 9 9 9

Leaders in their fields Having great expansion plans Consistently Dividend paying Strong Brand presence

Scrip Weight 4.60% 5.46% 6.16% 3.51% 4.45% 5.34% 4.96% 4.95% 4.42% 6.12% 3.64% 5.63% 5.17% 4.90% 5.31% 5.15% 4.75% 5.10% 5.08% 5.43%

Suresh Rathi Securities Pvt Ltd.

2

Wealth Creator Thru Systematic Investment

Maruti Suzuki India Ltd – CMP Rs. 767/- as on 6th May 2008 9

9 9

9 9 9 9 9 9

Incorporated in February 1981 as a Government company with AT A GLANCE Suzuki Motor Corporation (SMC) of Japan. Now it is completely Equity (Rs Cr.) 144.46 flagship of Suzuki Motor Corporation (SMC). Book Value 291.27 Has been the leader of the Indian car market for about two EPS 59.91 decades. PE Ratio 12.80 Has more than 50% market shares in family car segment, Market Cap (Rs Cr.) 22157.27 known as an Indian Car Market Leader awarded for the "Highest Exporter Award". 52 Week High/Low 1252 / 700 Planning to increase its production capacity by 25% from the Div. Yield (%) 0.59 current levels. Last Dividend(%) 90 ‘True Value’ the company's used car outlets, started dealing with pre-owned cars of all manufacturers. Opened Aluminum foundry at Manesar, Harayana, which will reduce the cost of production. Expanding its sales in India’s rural areas. Sold more than 10% cars in rural areas in last seven months. Indian car segment has the potential of a consistent growth of at least 10%-12% on higher disposable income and improving road infrastructure in spite of higher interest rates and fuel prices. Strengths like widespread sales and service network, consistent high customer satisfaction record, affordable spares, fuel efficiency, reliable quality, trust and goodwill associated with the Maruti brand and a complete range of products will ensure that it’s position as the market leader will continue & the company will grow faster than the market.

RESULTS AT A GLANCE (Rs in Cr.) 4th Qtr 200803

Net Sales PBIDT Profit After Tax

4783.88 762.63 297.68

4th Qtr 200703

VAR [%]

4429.76 756.01 448.56

8.0 0.9 -33.6

Full Year 200803 17936.20 3130.84 1730.82

Full Year 200703

14653.89 2588.82 1561.98

VAR [%]

22.4 20.9 10.8

Tata Motors Ltd – CMP Rs. 682/- as on 6th May 2008 9

9

9

9 9 9

Controlled by the house of Tatas, one of the most respected AT A GLANCE business houses world-wide & well known for its commitment Equity (Rs Cr.) 385.55 towards Share Holders. Book Value 177.7 Engaged in manufacturing and marketing of heavy, medium EPS 52.37 and light commercial vehicles, utility vehicles and passenger PE Ratio 13.00 cars. Market Cap (Rs Cr.) 26286.80 Second - largest manufacturer in the world in respect to 52 Week High/Low 840 / 535 Medium & Heavy bus segment. Fifth - largest manufacturer of medium and heavy commercial vehicle in the world. Div. Yield (%) 2.20 “NANO” – world’s cheapest car – to begin sales in few months. Last Dividend(%) 150 Expected to create massive value to the company’s topline. With “NANO”, will soon be marketing high-end cars like Jaguar & Nissan as per the agreement with the Ford Motor Company. Will bring the company into a different league & open new market places in Europe & U.S. Reduction in excise duty in this years budget will have a positive impact on company’s growth in the segment.

RESULTS AT A GLANCE (Rs in Cr.) th

Net Sales PBIDT Profit After Tax

4 Qtr 200712 7251.83 985.56 499.05

4th Qtr 200612

6895.75 954.55 513.17

VAR [%] 5.2 .2 3.2 -2.8

Full Year 200703 27470.03 3549.33 1913.46

Full Year 200603

20653.49 2870.81 1528.88

VAR [%] 33.0 23.6 25.2

Suresh Rathi Securities Pvt Ltd.

3

Wealth Creator Thru Systematic Investment

HDFC Bank Ltd – CMP Rs. 1540 as on 6th May 2008 9 9

9

9 9 9

9

Promoted by HDFC, it is India’s most reputed private sector AT A GLANCE bank with enviable asset quality and consistent growth record. Equity (Rs Cr.) 354.51 The Bank was selected as the "Best Bank in India" by the Book Value 42.24 Business Today magazine for the fourth consecutive year. EPS 44.86 Forbes magazine named the Bank as `One of Asia Pacific's PE Ratio 34.30 Best 50 companies'. Mission is to be "a World Class Indian Bank", benchmarking Market Cap (Rs Cr.) 54590.99 against international standards and best practices in terms of 52 Week High/Low 1825 / 980 product offerings, technology, service levels, risk management Div. Yield (%) 0.45 and audit & compliance. Last Dividend(%) 70 Able to achieve healthy growth across various operating and financial parameters. Customer base of more than 100.1 lacs. 684 branches in 316 cities and 1695 ATMs. And is still growing. Has already started growing organically by acquiring small to medium sized banks like the latest merger of Centurion Bank of Punjab. CBoP merger will create the country’s largest private sector financial institution in terms of branch network Plans to raise USD 1 billion from overseas markets to fund it’s global expansion

RESULTS AT A GLANCE (Rs in Cr.)

Total Income PBIDT Profit after Tax

4th Qtr 200803

4th Qtr 200703

VAR [%]

Full Year 200803

Full Year 200703

VAR [%]

3505.52 1937.64 471.11

2320.97 1369.98 343.57

51.0 41.4 37.1

12398.15 7167.75 1590.18

8164.16 4818.2 1141.45

51.9 48.8 39.3

State Bank Of India – CMP Rs. 1756/- as on 6th May 2008 9 9

9

9

9

9

AT A GLANCE India's largest commercial bank. Equity (Rs Cr.) 631.47 Network of 83 overseas offices spread over 32 countries Book Value 776.48 covering all time zones. Have correspondent arrangements EPS 106.56 with 525 Banks in 126 countries. PE Ratio 16.50 Group network of more than 14,337 branches including 4820 branches of its seven Associate Banks. SBI dominates the Market Cap (Rs Cr.) 110898.76 banking industry in India. 52 Week High/Low 2397 / 1008 Integrated player – Besides core banking it provides a whole Div. Yield (%) 0.80 range of financial services which includes Life Insurance, Last Dividend(%) 140 Merchant Banking, Mutual Funds, Credit Card, factoring, Security trading and primary dealership in the Money Market. ATM Project, where ATMs are now also enabled to pay utility bills, and college fees, book air-line tickets, accept donations etc. Further, bilateral sharing of ATMs was extended to thirteen banks, covering 15,700 ATMs. It is the second bank in the world to have more than 10,000 branches after China's ICBC. Government of India – the largest shareholder in SBI is planning to merge its seven subsidiaries to allow economies of scale in terms of network, manpower and other resources besides entailing better management of risks. RESULTS AT A GLANCE (Rs in Cr.) th

Total Income PBIDT Profit after Tax

4 Qtr 200803

4th Qtr 200703

VAR [%]

Full Year 200803

Full Year 200703

VAR [%]

16393.93 11530.13 1883.25

12935.11 8527.34 1493.19

26.7 35.2 26.1

57645.24 42367.98 6729.12

44007.59 29774.43 4541.31

31.0 42.3 48.2

Suresh Rathi Securities Pvt Ltd.

4

Wealth Creator Thru Systematic Investment

ACC – CMP Rs. 741/- as on 6th May 2008 9

9 9

9 9 9

ACC, is India's oldest and largest cement company, belonging AT A GLANCE to the Tata group earlier now it belongs to Gujrat Ambuja Equity (Rs Cr.) 187.63 Cement Ltd. Book Value 221.31 Manufactures cement, refractory and cement plant and other EPS 74.74 heavy machinery including structural and mild fabrications. PE Ratio 12.60 ACC is India's foremost manufacturer of cement and concrete. The company has been a trendsetter and important Market Cap (Rs Cr.) 13906.00 benchmark for the cement industry in respect of its 52 Week High/Low 1315 / 615 production, marketing and personal management process. It Div. Yield (%) 2.70 has 14 cement plants all over India, three refractory plants Last Dividend(%) 200 and 6 Ready Mix Concrete plants near to four metro cities of India. The company during the year ended December 2007 recorded an all time high sale of Cement, which reached an all-time high of 19.97 million tonne. Has acquired 100% stake in Lucky Minmat Private Limited, a company engaged in mining of Limestone with estimated reserve of 80 million tones. This will help in reducing cost of acquiring raw material. Also plans to set-up addl. 7000 tonne per day clinker line along with a new additional 25 MW Captive Power Plant at Chanda at a total outlay of Rs.1451 crore. Also a 9 MW Wind farm in Tamil Nadu & 25 MW TG set at Kymore plant.

RESULTS AT A GLANCE (Rs in Cr.)

Net Sales PBIDT Profit After Tax

1st Qtr 200803

1st Qtr 200703

VAR [%]

Full Year 200712

Full Year 200612

VAR [%]

1766.34 572.74 357.54

1634.89 568.53 355.65

8.0 0.7 0.5

6878.0 2309.23 1438.59

5716.98 1925.78 1231.84

20.3 19.9 16.8

DLF Ltd – CMP Rs. 668/- as on 6th May 2008 9

9

9

9

9

DLF is the largest real estate development company in India in AT A GLANCE terms of the completed residential and commercial Equity (Rs Cr.) 340.97 developments with long successful track record since 1946. Book Value 70.91 Has developed approximately 224 million square feet (sq ft) EPS 15.19 including 195 million sq ft of plots, 19 million sq ft of PE Ratio 44.00 residential properties, seven million sq ft of commercial Market Cap (Rs Cr.) 113875.46 properties, and three million sq ft of retail properties. 52 Week High/Low 1225 / 506 Has expanded is business by entering into the infrastructure, SEZ and hotel businesses with tie-ups like US-based Hilton Div. Yield (%) 0.30 Hotels Corporation for developing 10 hotel projects in the Last Dividend(%) 100 country & 4 IT- specific SEZ’s in the country Enjoys strong margin upward of Rs 1800 per sq feet due to strong focus on luxury and premium segment and low average cost of land of around Rs 270-300 per sq ft in the National Capital Region (NCR), comprising 51% of its land bank. Has a land bank of 10,255 acres across various regions of India with an aggregate estimated developable area of approximately 574 million sq ft including four million sq ft of completed development.

RESULTS AT A GLANCE (Rs in Cr.)

Net Sales PBIDT Profit After Tax

4th Qtr 200803

Full Year 200803

Full Year 200703

VAR [%]

1613.32 892.9 638.55

5532.88 3606.66 2590.28

1133.48 986.02 406.91

388.1 265.8 536.6

Suresh Rathi Securities Pvt Ltd.

5

Wealth Creator Thru Systematic Investment

Hindustan Unilever Ltd - CMP Rs. 248/- as on 6th May 2008 9

9 9 9 9

The company is a top marketer of soaps and detergents; it has AT A GLANCE the country’s largest personal products business such as, Equity (Rs Cr.) 220.82 leading in shampoos, skin care products, color cosmetics, Book Value 6.53 deodorants and fragrances. It is also a top player in tea, EPS 8.22 processed coffee, branded wheat flour, tomato products, ice PE Ratio 30.20 cream, jams and squashes manufactured in around 80 Market Cap (Rs Cr.) 54807.52 factories nationwide. It also has a presence in specialty and 52 Week High/Low 256 / 170 bulk chemicals, animal feed and fertilizer. Div. Yield (%) 3.63 Introducing a range of nutritional drinks and snacks for Last Dividend(%) 900 children under its `Amaze Brain food brand`. Owns 35 well known consumer brands across categories such as personal and home care, and foods and beverages, has identified food as a growth segment. Through new launches willing to build its food portfolio in India, foods business grew at 18.4% during the first nine months through September. Rupee appreciation against dollar has benefited in terms of the company’s imports but it is creating pressure on company’s export operations.

RESULTS AT A GLANCE (Rs in Cr.)

Net Sales PBIDT Profit After Tax

1st Qtr 200803

1st Qtr 200703

VAR [%]

3793.94 511.23 380.95

3184.32 508.40 392.89

19.1 0.6 -3.0

Full Year 200712 13717.75 2491.67 1925.47

Full Year 200612

VAR [%]

12103.39 2318.28 1855.37

13.3 7.5 3.8

ITC – CMP Rs. 225/- as on 6th May 2008 9

9 9

9

9

One of the most valuable companies of India. Rated among AT A GLANCE the World's Best Big Companies by Forbes magazine. Has a Equity (Rs Cr.) 376.86 business interest in Hotels; Paperboards, Paper & Packaging; Book Value 27.55 agro exports and some other FMCG products like branded EPS 8.05 packaged foods, safety matches, Incense Sticks and Greeting PE Ratio 27.90 Cards etc. Manufacturing and distributing cigarettes and tobacco Market Cap (Rs Cr.) 84755.81 products & exports of related items. 52 Week High/Low 239 / 150 One of the very few companies in India to obtain the coveted Div. Yield (%) 1.38 Quality Management System certification ISO 9001:2000 for Last Dividend(%) 310 investor servicing. The unwavering commitment to benchmarks high quality standards enables ITC to rapidly gain market standing. Exploring possibilities to enter the tier-II and tier-III cities after having tasted success with its `E-Choupal Sagar` hypermarket concept in rural areas, planning to open 6 to 7 hypermarkets in smaller cities across the country; the stores are expected to be operational in the this financial year. Planning to expand its retail footprint further by setting up more Wills Lifestyle, John Players and Miss Players stores across the country, intends to increase the number of Wills Lifestyle stores from 250 to 400 by the end of year.

RESULTS AT A GLANCE (Rs in Cr.)

Net Sales PBIDT Profit After Tax

3rd Qtr 200712 3457.99 1337.12 830.72

3rd Qtr 200612 3114.7 1152.59 717.4

VAR [%] 11 16 15.8

Full Year 200703 12179.22 4292.9 2699.97

Full Year 200603 9790.53 3568.44 2235.35

VAR [%] 24.4 20.3 20.8

Suresh Rathi Securities Pvt Ltd.

6

Wealth Creator Thru Systematic Investment

ABB (Asea Brown Boveri) – CMP Rs. 1105/- as on 6th May 2008 9

9

9 9

9 9 9 9

Subsidiary of the Swedish-Swiss ABB Asea Brown Boveri. The AT A GLANCE ABB group, comprising about 1000 companies, has operations Equity (Rs Cr.) 42.38 in 140 countries. Book Value 76.06 Market leader in manufacture of transformers, electric motors, aluminum conductors, furnaces, switchgears, turbochargers, EPS 24.67 and other applications related to Power generation equipment. PE Ratio 44.80 Has good & healthy order book for the Year 08-09. Market Cap (Rs Cr.) 23416.01 Working on some major projects with the companies like KHD 52 Week High/Low 1670 / 789 Humboldt Wedag GmbH, Germany, to provide a turnkey Div. Yield (%) 0.18 electrics and automation solution for a 5000 TPD (tonnes per Last Dividend(%) 100 day) capacity green-field cement plant at Katrana in Jordan. Vast expansion plans in India & worldwide. Has 12 manufacturing facilities, twenty eight marketing offices, eight service centers, 3 logistic centres. To ensure deeper market penetration developed a national network of 700 channel partners Assured quality control with all its manufacturing facilities having ISO 14001 certification. ABB will be a major beneficiary of the government’s focus on power capacity additions, prospects from UMPP projects, and renewed thrust in improving transmission and distribution infrastructure.

RESULTS AT A GLANCE (Rs in Cr.)

Net Sales PBIDT Profit After Tax

1st Qtr 200803

1st Qtr 200703

VAR [%]

Full Year 200712

Full Year 200612

1535.29 191.24 117.69

1312.44 143.35 86.63

17.0 33.4 35.9

5930.31 795.68 491.67

4274.01 550.4 340.31

VAR [%] 38.8 44.6 44.5

Larsen & Toubro – CMP Rs. 3061/- as on 6th May 2008 9

9

9 9 9

One of the most reputed companies in corporate India. AT A GLANCE Leaders in Heavy Engineering segment. Ranked No.1 for Equity (Rs Cr.) 58.46 quality of products and for overall reputation. Image and Book Value 211.62 equity extend to virtually every district of India. EPS 65.26 A highly technology-driven engineering and construction PE Ratio 46.90 organization. It has additional interests in manufacturing, Market Cap (Rs Cr.) 89477.41 services, and information technology. A strong customer52 Week High/Low 4670 / 1658 centric approach and perseverance for superior quality has Div. Yield (%) 0.42 enabled the company attain and sustain leadership in its major Last Dividend (%) 650 lines of business across seven decades. LT has an international presence, with a global spread of offices. Concentrates on the high margin businesses (Defense, Nuclear Power and Aerospace sectors) which show the potential and promises. Has healthy & wealthy order Backlog (INR 500 bn plus) will improve margin profile for core business. Well positioned to exploit the opportunities that will come from hydrocarbon, infrastructure, power, minerals & metals and other industrial sectors.

RESULTS AT A GLANCE (Rs in Cr.)

Net Sales PBIDT Profit After Tax

3rd Qtr 200712

3rd Qtr 200612

VAR [%]

Full year 200703

Full Year 200603

VAR [%]

6382.68 791.16 481.79

4115.69 564.77 343.9

55.1 40.1 40.1

17566.41 2267.89 1403.02

14734.8 1572.96 1012.14

19.2 44.2 38.6

Suresh Rathi Securities Pvt Ltd.

7

Wealth Creator Thru Systematic Investment

Infosys Technologies Ltd – CMP Rs. 1820/- as on 6th May 2008 9

9

9

9

9

India's second largest software exporter company. Known as a AT A GLANCE market out performer and amongst the best quality names in Equity (Rs Cr.) 286 the industry. Book Value 235.84 Infosys Technologies (Infosys) is a leader in providing IT EPS 72.50 consulting and software services business-technology PE Ratio 25.10 consulting, Internet and e-business consulting, system integration, custom application development; re-engineering Market Cap (Rs Cr.) 104121.16 and sustenance. 52 Week High/Low 2140 / 1212 Software development is targeted towards the distribution, Div. Yield (%) 1.83 banking, telecommunication and manufacturing sectors Last Dividend(%) 665 worldwide. Has a long and consistent track record of beating its guidance. Has been outperforming the sector consistently on most operating parameters, including sales growth, profit growth, operating profit margins (OPM) and return ratios. Planning to enter in communication space by looking at acquiring companies in the same sector.

RESULTS AT A GLANCE (Rs in Cr.) 4thQuarter 200803 Sales PBIDT Profit after Tax

4235 1518 1182

4thQuarter 200703

VAR [%]

3555 1269 1124

19.1 19.6 5.2

Full Full year Year 200703 200603 15648 5663 4470

VAR [%]

13149 4621 3783

19 22.5 18.2

Tata Consultancy Ltd – CMP Rs. 938/- as on 6th May 2008 9

9

9

9

The most precious jewel in the Tata's crown. One of the AT A GLANCE world's leading information technology consulting, services, Equity (Rs Cr.) 97.86 and business process outsourcing organization with a presence Book Value 111.43 in 34 countries across 6 continents. EPS 43.63 The largest IT services company in India. Has a PE Ratio 21.50 Comprehensive range of services, one of the best track Market Cap (Rs Cr.) 91778.00 records of executing large end-to-end mission critical projects, 52 Week High/Low 1289/730 long-term client relationships, very extensive global footprint, Div. Yield (%) 1.49 strong Indian presence, R&D capabilities, one of lowest Last Dividend(%) 1400 employee attrition levels, strong brand and of course strong management. The company has achieved the CMMi and PCMM Level 5. Has bagged $1.2 billion outsourcing contract from Nielsen partners, the largest ever-outsourcing deal for any Indian IT player. Has rolled out new set of solutions for airlines. Has entered in new multi-year contract to provide a comprehensive portfolio of IT services with Chrysler. Developing its largest development centre at Pune, with over 50 acres of land to create a capacity of 20,000 seats.

RESULTS AT A GLANCE (Rs in Cr.) th

Sales PBIDT Profit after Tax

4 Quarter 200803

4thQuarter 200703

VAR [%]

Full year 200703

Full Year 200603

VAR [%]

4942.49 1383.09 1108.81

4090.16 1337.45 1078.76

20.8 3.4 2.8

18533.72 5466.06 4508.76

14939.97 4517.52 3757.29

24.1 21 20

Suresh Rathi Securities Pvt Ltd.

8

Wealth Creator Thru Systematic Investment

Tata Steel Ltd – CMP Rs. 817/- as on 6th May 2008 9

9

9 9 9 9 9

One of the oldest steel plants in India, yet appropriate AT A GLANCE investments at periodical levels have ensured that the Equity (Rs Cr.) 730.58 company continues to be one of the lowest cost producers Book Value 259.76 of steel in the world. EPS 59.88 Manufactures rails, fishplates, bars, light structurals, heavy PE Ratio 13.60 structurals, plates, black sheets, galvanised sheets, tin bars, sleeper bars, sleepers, blooms, billets, sheet bars, wheels, Market Cap (Rs Cr.) 59644.55 tyres and axles, skelp and strip, and special steels tools such 52 Week High/Low 970 / 471 as picks, beaters, hammers and shovels and red-oxide, coal Div. Yield (%) 1.90 tar, sulphate of ammonia, etc. Last Dividend(%) 155 After $6.2 bn. acquisition of Corus Group plc company has become the sixth largest steel manufacturer in the world. The sustained growth in construction (especially housing construction) and uptrend in automobile industry and other user segments gives good support to the domestic demand for steel. Plans for expansion of crude steel making capacity by 2.9 mtpa to 9.7 mtpa at Jamshdepur is expected to be completed in 2010. Planning to enter in Aircraft production segment with the world’s third largest plan manufacturer Embaraer. Have its own mines for raw material which reduces cost of production, 20% of the raw materials for Tata Steel group is produced in-house and the rest 80% is outsourced, aims to improve this ratio to 50:50 by 2012. Also working on good OPM.

RESULTS AT A GLANCE (Rs in Cr.) 3rd Qtr 200712 Net Sales PBIDT Profit After Tax

4973.92 2146.53 1068.58

3rd Qtr 200612 4469.46 1833.09 1063.75

VAR [%]

Full Year 200703

Full Year 200603

VAR [%]

11.3 17.1 0.5

17552.02 7254.84 4222.15

15215.5 6139.57 3506.38

15.4 18.2 20.4

Sterlite Industries Ltd – CMP Rs. 862/- as on 6th May 2008 One of the major players in Copper, Aluminum, Zinc and Lead AT A GLANCE industry. Also owns Bharat Aluminum Company Ltd (Balco) Equity (Rs Cr.) 141.74 and Hindustan Zinc Ltd (HZL). Book Value 185.76 9 The company manufactures copper cathodes and continuous EPS 14.07 cast copper rods (CCR): Sulphuric Acid, Phosphoric Acids, PE Ratio 61.30 Phospho gypsum, Hydro Fluo Silicic Acid and Granulated Slag, Market Cap (Rs Cr.) 61086.40 aluminum cold-rolled products & raw material for optical fiber 52 Week High/Low 1140 / 503 cables. Div. Yield (%) 0.46 9 To reduce dependence on external sources and to ensure Last Dividend(%) 200 consistent supplies of good quality copper concentrate, the company acquired two copper mines. 9 Global Zinc metal demand in 2008 is expected to increase by 5% to 11.96 million tonne 9 Planning to enter in power generation sector thru its subsidiary “Sterlite Energy Ltd”, likely to rise more than USD 1 billion through the IPO. 9

RESULTS AT A GLANCE (Rs in Cr.) 4th Qtr 200803 Net Sales PBIDT Profit After Tax

3379.53 429.30 306.45

4th Qtr 200703 2945.09 310.0 209.18

VAR [%]

Full Year 200803

Full Year 200703

VAR [%]

14.8 38.5 46.5

12671.98 1407.90 951.63

11821.85 1228.16 784.03

7.2 14.6 21.4

Suresh Rathi Securities Pvt Ltd.

9

Wealth Creator Thru Systematic Investment

Reliance Industries Ltd – CMP Rs. 2654/- as on 6th May 2008 9

9 9 9

9 9

“King of The Ring” with having crown of the largest private AT A GLANCE sector enterprise in India in terms of revenues, profits, net Equity (Rs Cr.) 1453.65 worth, assets and market capitalization. It's operations capture Book Value 542.74 value addition at every stage, from the production of crude oil EPS 106.26 and gas to polyester, polymer and chemical products, and PE Ratio 25.00 finally to the production of textiles. Market Cap (Rs Cr.) 385856.86 Has business activities and customers in more than 100 countries around the world. 52 Week High/Low 3252 / 1555 Entering retail on large-scale & runs retail outlets with a brand Div. Yield (%) 0.41 name ‘Reliance Fresh’. Last Dividend(%) 110 Plans to achieve 30% energy security for the Jamnagar refinery within the next 10 years and up to 50% by the year 2020. This will be achieved through acquisition of small- and medium-sized oil companies and participation in exploration and development projects. Has discovered huge natural gas reserves in the deep-water exploration block KG-D6 in the Krishna-Godavari basin off Andhra Pradesh. Creator of Asia’s Biggest & Worlds 6th biggest refinery in Jamnagar, Gujrat.

RESULTS AT A GLANCE (Rs in Cr.) th

Net Sales PBIDT Profit After Tax

4th Qtr 200703

4 Qtr 200803 37286 6307 3912

Full Year 200803

VAR [%]

27448 5294 3156

35.8 19.1 24.0

133443 28934 19458

Full Year 200703 111693 20524 11943

VAR [%] 19.5 41.0 62.9

National Thermal Power Corporation (NTPC) – CMP Rs. 194 as on 6th May 2008 9

9

9 9 9 9 9 9

“Navratna” company of India with power generating facilities AT A GLANCE in all the major regions of the country. The company’s core Equity (Rs Cr.) 8245.46 business is engineering, construction and operation of power Book Value 59.73 generating plants and also providing consultancy to power EPS 9.47 utilities in India and abroad. PE Ratio 20.70 India’s largest power generation company. It is also the sixth Market Cap (Rs Cr.) 161569.79 largest thermal power generator and the second-most efficient utility in terms of capacity utilization in the world. 52 Week High/Low 291 / 149 Plans to have an installed capacity of around 40,000 MW Div. Yield (%) 1.63 contributing around 18.8% of India’s energy requirement. Last Dividend(%) 32 Setting up new power plants at Korba, Pala, Dadri, Farakka to increase its capacities in power generation. Also implementing various new projects in power generation expected to implemented in next 5 years Has undertaken 22 rural electrification projects across the country in over 9,000 villages. To increase its working NTPC will recruit about 3,500 personnel, mostly engineers and management trainees. Planning JV with BHEL for engineering, procurement & construction of power plants and other infrastructure projects including plant engineering, project management, quality insurance, quality control, procurement, logistics, site management, erection and commissioning services.

RESULTS AT A GLANCE (Rs in Cr.)

Net Sales PBIDT Profit After Tax

3rd Qtr 200712

3rd Qtr 200612

VAR [%]

9330.8 3731.5 1779.9

8525.9 3423.7 2103.3

9.4 9.0 -15.4

Full Year 200703 32595.2 12842.2 6864.7

Full Year 200603

VAR [%]

26729.2 9614.9 5820.2

21.9 33.6 17.9

Suresh Rathi Securities Pvt Ltd.

10

Wealth Creator Thru Systematic Investment

Ranbaxy Laboratories Ltd – CMP Rs. 475/- as on 6th May 2008 9

9 9 9 9 9 9 9

India’s largest pharmaceutical company, with manufacturing AT A GLANCE operations spanning seven countries, and ground presence in Equity (Rs Cr.) 186.62 25 countries. It manufactures and markets generics, branded Book Value 67.98 generics and Active Pharma Ingredient (API) with exports to EPS 13.91 over 100 countries. PE Ratio 34.10 Amongst the Top 100 global pharma companies, and has been ranked as 11th largest generic company worldwide. Market Cap (Rs Cr.) 17727.03 Largest exporter of bulk drugs and pharmaceutical dosage 52 Week High/Low 501 / 300 forms in India. Div. Yield (%) 1.79 Has three successful overseas joint ventures in Nigeria, Last Dividend(%) 170 Malaysia and Thailand. Expanding globally in last 3-4 years with recent acquisitions of Terapia SA (Romania), Ethimed (Belgium), Allen (Italy), Mundogen (Spain) and Sentek PLC's Preoprietary Technology. Planning acquisition of Bio-Tabs Pharmaceuticals (Proprietary) Ltd (SA). With strong pipeline of products, and intensive focus on research, the company is marching towards its target of sales & Profit. Has entered into business alliance with Chennai-based Orchid Chemicals & Pharmaceuticals

RESULTS AT A GLANCE (Rs in Cr.)

Net Sales PBIDT Profit After Tax

1st Qtr 200803

1st Qtr 200703

987.29 189.80 103.42

988.17 197.80 115.28

VAR [%]

Full Year 200712

Full Year 200612

VAR [%]

-0.1 -4.0 -10.3

4026.60 986.57 617.72

3923.88 608.16 380.54

2.60 62.2 62.3

Dr Reddy – CMP Rs. 644/- as on 6th May 2008 9

9

9 9 9 9 9

Leading pharmaceutical company in the country, with a AT A GLANCE presence across the pharmaceutical value chain: basic Equity (Rs Cr.) 84.08 research, finished dosages, generics, bulk actives, Book Value 260.08 biotechnology and diagnostics. Focus on cancer, diabetes, bacterial infections and pain EPS 34.60 management. The company has several pharmaceutical PE Ratio 18.60 products in development, three of which are in clinical trials Market Cap (Rs Cr.) 10826.14 and two have completed pre-clinical testing. 52 Week High/Low 760 / 501 First company from India who get an exclusive marketing right Div. Yield (%) 0.58 (EMR) in the US market for Fluoxetine Axetil. Last Dividend(%) 75 Actively pursues a basic research programme under the aegis of Dr. Reddy's Research Foundation (DRF). Involved de-bottlenecking of existing capacities and adding new lines, especially to meet growing international demand for generics and customs pharmaceuticals services. Has made major acquisitions of Roche's API Business and its manufacturing plant at Cuernavaca in Mexico & another acquisition of Betapharm, Germany. Has acquired Jet Generici Sri, a company engaged in the sale of generic finished dosages in Italy.

RESULTS AT A GLANCE (Rs in Cr.)

Net Sales PBIDT Profit After Tax

3rd Qtr 200712 775.55 103.64 42.29

3rd Qtr 200612 1183.72 595.57 503.49

VAR [%]

Full Year 200703

Full Year 200603

VAR [%]

-34.5 -82.6 -91.6

3957.56 1547.32 1176.86

2005.85 396.52 211.13

97.3 290.2 457.4

Suresh Rathi Securities Pvt Ltd.

11

Wealth Creator Thru Systematic Investment

Reliance Communication Ltd – CMP Rs. 543/- as on 6th May 2008 9

9

9

9 9

Flagship Company of Anil Dhiru Bhai Ambani Group is India’s AT A GLANCE largest integrated communications service provider in the Equity (Rs Cr.) 1032.01 private sector. It has pan-Indian operations (wireless, wire line Book Value 116.06 and long-distance voice, data, and internet communication EPS 12.53 services) as well as an extensive international presence (longPE Ratio 43.40 distance voice, data and internet services, and submarine Market Cap (Rs Cr.) 112138.21 cable network infrastructure). 52 Week High/Low 844 / 455 Firstly Launch CDMA in Indian Market, Now playing leading Div. Yield (%) 0.07 role in CDMA segment has its own optical fiber Cable Network, Last Dividend(%) 8 which reduces its cost of operations. The wireless network of RCom covers over 6,000 towns across India, covering over 54% of the population. This is the largest wireless network in India in terms of coverage and capacity, having more than 40.96 million wireless customers in aggregate. Has launched IPTV and DTH services. Has acquired a Europe-based specialty WiMax operator, The WiMax has licenses and spectrum for WiMax operations in 20 countries across eastern Europe, Africa and Latin America. The acquisition would give the a fiber optic network of 50,000 km in China, connecting the top 40 cities there.

RESULTS AT A GLANCE (Rs in Cr.) 4th Qtr 200803 Net Sales PBIDT Profit After Tax

3455.35 1280.64 511.43

4th Qtr 200703 3140.29 1221.67 686.75

VAR [%]

Full Year 200803

Full Year 200703

VAR [%]

10 4.8 -25.5

13416.19 4892.92 2586.45

11725.26 4489.35 2408.85

12.6 8.2 6.8

Bharti Airtel Ltd – CMP Rs. 846/- as on 6th May 2008 9 9

9 9

9

9

9

India's leading provider of telecom services and first to have AT A GLANCE an all India presence. Equity (Rs Cr.) 1897.92 The company is structured into three main units, Mobile Book Value 106.63 Services which offers GSM Mobiles Services, Infotel Services EPS 32.90 which provides broadband & telephones & third: long distance PE Ratio 25.70 and enterprise services. Market Cap (Rs Cr.) 160677.91 Keen to acquire mobile telecom assets in developing countries. Has a huge investment plan (Rs 100 billion) to capture Retail 52 Week High/Low 1149 / 700 segment in India with Wal-Mart. Bharti will handle front end Div. Yield (%) 0.00 and Wal-Mart will take care of the back-end supply chain Last Dividend(%) 0 management. Has kicked off its retail operations with the opening of its first retail store Easy Day in Ludhiana, Punjab. It is also looking at setting up stores across all major cities across India. The company will roll-out neighborhood stores and later would open supermarkets and hypermarkets. Launched its new all-in-one internet portal for the customers, `airtellive.com`, the portal would be the first portal launched by a telecom company in India. The services will be co-branded and powered by Google and Airtel broadband, has also partnered with popular content leaders like shaadi.com, 24x7guru, naukri.com amongst others to offer exclusive deals and discounts on the portal. Has achieved the 60 million customer mark. This landmark has catapulted Bharti Airtel into the club of top mobile operators in the world in terms of subscriber base.

RESULTS AT A GLANCE (Rs in Cr.)

Net Sales PBIDT Profit After Tax

4th Qtr 200803 7413.73 2867.84 1792.30

4th Qtr 200703 5218.73 2176.14 1286.84

VAR [%]

Full Year 200803

Full Year 200703

VAR [%]

42.1 31.8 39.3

25703.51 10736.89 6244.20

17794.43 7210.51 4033.22

44.4 48.9 54.8

Suresh Rathi Securities Pvt Ltd.

12

Wealth Creator Thru Systematic Investment

KEY LOCATIONS -: REGISTERED OFFICE :Lalit Mundra 11 & 12 ‘A’ Mithila C.H.S. J.B.Nagar, Andheri (E), Mumbai – 400059. Tel: 022-28354000, 28216446 Fax: 022-28205533 Email: [email protected]

-: CORPORATE OFFICE :Kailash Sarda Mahesh Hostel Complex, Opp Bombay Motors, Chopasni Road, Jodhpur – 342003 Tel: 0291-2654000 Fax: 0291-2430913 Email: [email protected]

-: INSTITUTIONAL SALES :Aashish Chitlangi 9, Parekh Vora Chambers, 66 N.M.Road, Fort, Mumbai – 400023. Tel: 022-22666178, 22691103 Fax: 022-66344007 Email: [email protected] For details visit our website at www.srspl.com

Report Prepared by: Rahul Jain Research Dept: Suresh Rathi Securities Pvt Ltd.

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