India Research

1May 28, 2010

Sensex: 16863 Nifty: 5067

ANGEL TOP PICKS

Sr. No Name of Company Market Cap Strategy CMP Target % Upside Div Yield% (Rs. Cr) ReturnAutomobiles

1 Mahindra & Mahindra Ltd. 31,528 BUY 545 656 20 1.92 Maruti Suzuki India Ltd. 35,337 BUY 1,223 1,694 39 0.33 Tata Motors Ltd. 37,877 BUY 748 907 21 0.8

Auto Ancillary4 Apollo Tyres Ltd. 3,556 BUY 71 93 32 0.65 Automotive Axles Ltd. 568 BUY 376 528 40 0.76 Ceat Ltd. 449 BUY 131 199 52 0.07 FAG Bearings India Ltd. 916 BUY 551 712 29 0.88 JK Tyre & Inds. Ltd. 735 BUY 179 242 35 1.59 Motherson Sumi Systems Ltd. 5,303 BUY 138 167 21 1.010 Subros Ltd. 257 BUY 43 61 42 1.2

Banking & Financial Services11 Axis Bank Ltd. 49,667 BUY 1,221 1,459 20 1.112 HDFC Bank Ltd. 86,707 BUY 1,888 2,220 18 0.613 ICICI Bank Ltd. 96,323 BUY 864 1,169 35 1.3

Capital Goods14 Crompton Greaves Ltd. 725 BUY 238 307 29 0.815 Elecon Engineering Company Ltd. 1,653 BUY 78 102 31 1.916 Graphite India Ltd. 1,150 BUY 96 117 23 3.617 Jyoti Structures Ltd. 2,472 BUY 140 215 53 0.618 KEC International Ltd. 925 BUY 481 698 45 1.019 Mcnally Bharat Engg. Company Ltd. 274 BUY 298 486 63 0.4

Cement20 Grasim Industries Ltd. 16,934 BUY 1,847 2,216 20 1.621 India Cements Ltd. 3,396 BUY 111 138 25 1.822 JK Lakshmi Cement Ltd. 766 BUY 63 86 37 3.223 Madras Cements Ltd. 2,377 BUY 100 142 42 2.024 Ultratech Cement Ltd. 11,637 BUY 935 1,084 16 0.5

FMCG & Consumer Durables25 KS Oils Ltd. 2,472 BUY 60 94 56 0.3

Hotels26 Taj GVK Hotels & Resorts Ltd. 956 BUY 153 240 57 1.3

Infrastructure27 IVRCL Infras 4,164 BUY 156 240 54 0.928 Jaiprakash Associates Ltd. 26,951 BUY 127 194 53 0.829 Madhucon Projects Ltd. 1,037 BUY 141 190 35 0.630 Patel Engineering Ltd. 2,644 BUY 379 563 49 0.531 Punj Lloyd Ltd. 4,565 BUY 137 261 90 0.232 Simplex Infrastructures Ltd. 2,367 BUY 479 586 22 0.4

Information Technology33 3I Infotech Ltd. 1,258 BUY 66 129 97 2.334 Educomp Solutions Ltd. 4,603 BUY 482 734 52 0.535 Everonn Education Ltd. 516 BUY 341 602 77 0.036 Mphasis Ltd. 12,174 BUY 580 872 50 0.637 NIIT Ltd. 1,006 BUY 61 83 36 2.138 Tata Consultancy Services Ltd. 146,694 BUY 750 921 23 2.739 Tech Mahindra Ltd. 7,940 BUY 643 1,168 82 0.640 Wipro Ltd. 97,553 BUY 664 790 19 0.6

Logistics41 Gateway Distriparks Ltd. 1,280 BUY 119 160 35 3.0

Media42 Cinemax India Ltd. 141 BUY 50 85 69 2.4

43 Deccan Chronicle Holdings Ltd. 2,946 BUY 121 193 60 1.7

44 HT Media Ltd. 3,511 BUY 149 182 22 0.2

45 Inox Leisure Ltd. 348 BUY 56 81 44 0.0

46 Jagran Prakashan Ltd. 3,226 BUY 107 160 49 1.9

47 PVR Ltd. 378 BUY 148 211 43 0.7

India Research

2May 28, 2010

Sr. No Name of Company Market Cap Strategy CMP Target % Upside Div Yield% (Rs. Cr) Return

Metals

48 Bhusan Steel 5,929 BUY 1,396 1,634 17 0.2

49 Electrosteel Castings Ltd. * 1,508 BUY 46 72 56 2.9

50 Godawari Power & Ispat Ltd. 625 BUY 223 307 38 1.1

51 Hindalco Industries Ltd. 28,836 BUY 151 208 38 0.9

52 Hindustan Zinc Ltd. 41,376 BUY 979 1,399 43 0.4

53 JSW Steel Ltd. 20,550 BUY 1,099 1,360 24 0.1

54 Sterlite Industries (India) Ltd. 57,307 BUY 682 980 44 0.6

55 Tata Steel Ltd. 44,019 BUY 496 697 40 3.2

Oil & Gas

56 GAIL (India) Ltd. 56,733 BUY 447 580 30 1.6

57 Gujarat State Petronet Ltd. 5,149 BUY 92 121 32 0.8

58 Reliance Industries Ltd. 338,116 BUY 1,034 1,260 22 0.6

Pharmaceuticals

59 Alembic Ltd. 606 BUY 45 52 15 0.9

60 Dishman Pharmaceuticals & Chemicals Ltd. 1,699 BUY 211 311 48 0.6

61 Indoco Remedies Ltd. 491 BUY 400 487 22 1.3

62 Lupin Ltd. 16,224 BUY 1,823 2,099 15 0.7

Power63 CESC Ltd. 4,619 BUY 370 460 24 1.1

64 Gujarat Industries Power Company Ltd. 1,726 BUY 114 135 18 1.9

65 PTC India Ltd. 3,026 BUY 103 136 32 1.5

Real Estate66 Anant Raj Inds. Ltd. 3,332 BUY 113 178 58 0.5

67 Housing Development & Infrastructure Ltd. 8,397 BUY 229 302 32 0.0

Retail

68 Pantaloon Retail (India) Ltd. 7,524 BUY 396 469 19 0.2

Shipping

69 ABG Shipyard Ltd. 1,239 BUY 243 354 45 0.8

70 Great Eastern Shipping Company Ltd. 4,527 BUY 297 396 33 2.7

Telecom71 Bharti Airtel Ltd. 99,078 BUY 261 360 38 0.8

Miscellaneous

72 Bartronics India Ltd. 474 BUY 140 192 37 0.7

73 Essel Propack Ltd. 639 BUY 41 58 42 0.9

74 Finolex Cables Ltd. 754 BUY 49 91 85 0.4

75 Greenply Industries 403 BUY 183 291 59 0.8

76 Sintex Industries Ltd. 3,682 BUY 270 369 37 0.4

77 Spicejet Ltd. 1,302 BUY 54 84 56 0.0

ANGEL TOP PICKS

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Note:1) The investment horizon is for 12 months.2) Dividend yield is calculated taking figures from the dividends paid by the companies in the latest financial year.

Note: Scrips marked * have an investment horizon of 18 months

Disclaimer: Ours is an advisory role. The final decision and consequences based on our information is solely yours. Moreover, in keeping with regulatoryguidelines, we do not guarantee any returns on investments. Prospective investors and others are cautioned that any forward-looking statements are notpredictions and may be subject to change without notice.