29 October 2010

Karur Vysya Bank: Consistent business growth; Buy:: Anand Rathi

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Karur Vysya Bank
Consistent business growth, stable asset quality; Buy
 Net profit up 12.9%. Steady yoy net interest income (NII)
growth of 25.2% yoy and 42.4% growth in non interest income
aided net profit growth. Karur’s high margins and NPA coverage
provide impetus for sustenance of RoA at +1.5% levels and RoE
above +20% over FY11-13e.
 Consistent business growth, high margins. Karur Vysya Bank
grew its business 28% yoy, with contribution from both advances
(27.3% yoy) and deposits (28.6% yoy). Reported margins
improved 24bps yoy to 3.3% aided by impressive CASA growth
of 39.9% yoy; CASA share improved to 25.3% of deposits.
 Treasury boosts non interest income. Treasury income growth
of 279.1% yoy boosted other income, while fee income growth at
16.3% yoy remains subdued. Management intends launching new
products to garner additional fee income. Cost-to-income rose
135bps yoy to 42.5% due to 12.1% yoy increase in headcount and
accounting for additional gratuity provision of up to `45m.
 Stable asset quality. Gross NPAs marginally increased by 0.1%
qoq. The bank’s NPA coverage improved 190bps yoy to 89.6%,
and is one of the best in class.
 Valuation. At our target price of Rs 730, the stock would trade at 2.4x
FY12e and 2.1x FY13e ABV. Risks: Slow economic growth
leading to credit growth being lower than estimated and higher
NPAs.

Glenmark Pharma - Strong quarter; maintain Buy :Anand Rathi

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Glenmark Pharma
Strong quarter; maintain Buy
 Q2FY11 results. Glenmark reported good Q2FY11 figures, with
yoy growths of 22.7% in revenue and 38% in adjusted net profit.
EBITDA margin declined 300bp yoy; qoq however, it improved
150bp to 23.5%. Receivable days have slid to 119 (155 in Sep ’09).
 Growth seen across segments. The generics segment grew at a
robust 27.2% yoy and specialty pharma grew 19.2% yoy. US
generics grew 26.4% yoy fuelled by more products and the launch
of ‘Tarka’ at risk (US$4m-5m revenue in Q2FY11). Indian
branded formulations also grew strongly, at 21.5% yoy, led by
greater market share in cardiac, respiratory and anti-infectives.
 Recovery continues. Glenmark shows clear signs of a recovery
owing to its strong growth in the US and India, the turnaround in
Latin America (Latam) and a significant decline in receivable days.
EBITDA margin has started picking up, to 23.5% (22% in Q1).
 Outlook. We expect the growth momentum to continue, driven
by higher-than-industry growth in domestic formulations, the
launch of niche products in the US and continuous recovery in
Latam. We estimate CAGRs of 17.1% in revenue and 25.5% in
net profit over FY10-13.
 Valuation. At the CMP, the stock trades at 18.5x FY11e and
16.7x FY12e earnings. We retain our target price of `373 and reiterate
Buy.

Monetary policy: headed for a pause :: IIFL

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Monetary policy: headed for a pause
Pause—not end—to tightening cycle: After a 25bps hike in policy
rates on 2 November, we expect RBI to take a pause in its calibrated
policy-tightening stance. However, we expect RBI to only pause, and
don’t believe this to be necessarily the ‘end’ of policy tightening, as
inflation—both in goods and real assets (real estate)—is high. We believe
RBI will pause as long as inflation continues to track its projected
trajectory (6% WPI by March) and asset markets do not show an
abnormal rise. Consequently, rates could go either way after the pause—
up if inflation worries do not abate, down if growth worries surface.
Pause by RBI, but transmission to pick up: The effective operational
policy rate has already moved up by 275bps (including the shift in
operating rate from reverse repo to repo rate) since March, when RBI
first raised its policy rates. Further, RBI has already indicated that the
monetary policy has normalised and future rate actions would depend on
inflation vs. growth outlook. Monetary policy affects the real economy
with a lag, especially in India, where monetary transmission is weak.
With signs of monetary transmission picking up, we think it is reasonable
for RBI to pause, and keep liquidity tight, so that monetary transmission
continues. Consequently, though we expect RBI to pause, banks which
have hiked their base rate by ~25-50bps in the recent few weeks, will
likely hike lending rates by another 50-100bps till March.

IIFL: Result review ONGC, PNB; BOB; Grasim; Sun TV; GGCL; HT Media

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ONGC (Stable production but dry wells dent profits, BUY): ONGC’s standalone EPS grew 6% YoY to Rs25.2 in 2QFY11, falling short of our estimate on account of unexpectedly high dry-well write-offs. We expect write-offs to remain elevated, as ONGC has achieved only 50% of its ultra-deep-water exploratory programme target for FY11. Domestic production has stabilised, thanks to Rajasthan ramp-up, with OVL’s production surprising positively by growing 9.6% YoY over 1HFY11, driven by Block06.1, Vietnam. Average realisation improved to US$62.75/bbl on lower subsidy burden QoQ. ONGC trades at 10.3x FY12ii EPS of Rs127. With a production ramp-up in marginal fields allaying concerns of a decline in domestic production, we retain BUY on the stock.

PNB (2QFY11 results – in-line, BUY): Punjab National Bank’s (PNB) net profit increased by 16% to Rs10.8bn, in-line with market consensus and our estimates. Revenue growth, helped by higher NIM, came ahead of our estimate, but higher expenses and loan loss provisions (LLP) dragged down profit growth. Additional pension obligations drove expenses higher, while deterioration in asset quality drove LLP higher. Going forward, higher expenses and LLP would likely remain an overhang to consensus and our expectation for FY11. However, these concerns would abate in FY12ii and beyond; higher revenue expectation would likely drive earnings higher. We raise our earnings forecast for FY12ii /FY13ii. We retain BUY.

BOB (2QFY11 results – exceptionally strong, ADD): Bank of Baroda’s (BOB) 2QFY11 net profit increased by 61% to Rs10.2 bn, well ahead of market consensus and our estimates. The performance was exceptionally strong across many parameters, including loan growth, NIM, cost and loan loss provisions. The strong show was helped by the absence of any provision for additional pension liabilities that the bank is likely to incur. Still, the growth would have beat consensus and our estimates by a significant margin. Going forward, the bank would likely sustain the strong momentum seen in 2HFY11 as well, even after considering the impact of additional pension liabilities. We raise our earnings forecast and target price. We retain ADD.

Grasim Industries (2QFY11 results below expectation, ADD): Grasim’s (standalone) net sales declined 68% YoY to Rs9.3bn (primarily on account of de-merger of the cement business); PAT declined 59% YoY to Rs2.8bn against our expectation of Rs2.6bn, as higher-than-expected other income boosted profits. EBITDA margin was lower than our expectation as VSF realisation declined QoQ, against our expectation of an increase in realisation. In the post-result call, management said prices of VSF had risen ~3% since the start of the current quarter. VSF prices in international markets have increased sharply in the past 4-5 weeks, as cotton prices has risen, given the likely shortage in production. We upgrade our FY11 EPS estimate for Grasim by 2% to factor in an likely increase in VSF realisation in 4QFY11. However, we downgrade our FY12 EPS estimate by 4%, as we expect earnings of the cement subsidiary to remain under pressure in FY12.

Sun TV (Shines again, ADD): Sun TV’s 2QFY11 result fell marginally short of our estimate, on higher costs. Growth momentum in both advertising and subscription revenues continues unabated. Advertising revenue growth will pick up in 3Q as we get into the festive season. Sun’s focus on subscription revenues has started yielding results, with total subscription revenues growing 60% YoY in 2Q. In 3QFY11, the company released its much-awaited movie Endhiran starring superstar Rajnikanth, which is doing very well at the box office. We raise our earnings estimates for FY11 by 5% and for FY12 by 9% to factor in stronger than expected growth in revenues and also earnings from Endhiran. We Retain ADD and upgrade our target price to Rs553.

GGCL (Good performance in tough times, BUY): Gujarat Gas’s (GGAS) net profit grew 27% YoY in 3QCY10, on 1) 12% volume growth; and 2) 8% YoY increase in gross margin/scm. It is worth noting that GGAS’s spread rose in the face of two adverse factors: 1) it purchased almost 50% of its 3.5mmscmd volumes from spot LNG markets, to offset the disruption in gas supplies from PMT (Panna, Mukta and Tapti fields); and 2) 1.8% depreciation in INR vs USD. This indicates GGAS’s pricing power. We expect spreads to expand further, with normalisation of PMT gas supplies in 4QCY10, and strengthening INR vs USD. We retain BUY.

HT Media (Top-line sustaining investment efforts, BUY): HT Media’s 2QFY11 PAT at Rs388m (up 23.5% YoY) stood ahead of our estimates on higher adrevenues and profit on sale of private treaty investments. The strong growth in the ad-revenue stream was neutralised by higher costs from the circulation push by the company. Going forward- 1) the festive season 2)election spends in Bihar and 3)abatement of the circulation drive in Jharkhand should see EBIDTA and earnings seeing a sharp uptick in 2HFY11. Note that the company’s push on circulation, though has been eating into margins, has resulted in a definite improvement in readership in Mumbai and Uttar Pradesh which augurs well for revenues and earnings going forward.

Dumb Commodities (Reversed Midas touch): Chinese steel mills are being played by the iron-ore oligopolies, but they have only their runaway expansions in the past decade to blame. It seems to us that the iron-ore feast has climaxed. Our advice: reduce steel and iron-ore stocks and move into non-ferrous metals stocks. And, although we weren’t fans of CNOOC (HKSE:883) before (see our China Oil report), we recommend buy, betting the company will pocket Kosmos’s stake in the 1.8bn barrels Jubilee oilfields off the coast of Ghana.

Voltas MEP segment disappoints :: Prabhudas Lilladher

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 Results below estimate on account of de‐growth in MEP segment: Voltas reported
sales of Rs10.6bn, a de‐growth of 2.7% YoY for Q2FY11. Electro‐mechanical projects
& services (MEP) segment was subdued, with 8% de‐growth in sales, due to delay in
execution of large projects in India, including two airport projects (Chennai &
Kolkata) and few projects in Qatar. The delay was on account of design changes and
delay from main contractors.
 EBITDA margins contracted by 90bps to 9% YoY: Margins were down YoY on
account of higher input cost (RM % sales increased by 210bps YoY to 68.3%) and
higher base of last year. Margins were also impacted by the writedown the company
has taken pertaining to review on accounting policy in one of the subsidiary.
Adjusted PAT during the quarter was down by 11.5% YoY to Rs799m. Reported PAT
was up 2.3% to Rs924m due to a gain of Rs177m on account of profit on sale of
property (apartments in Mumbai). Order book for the MEP segment stood at
Rs49.5bn and order inflow stood at Rs6.5bn.
 UCP and Engineering products segment continues to perform: Unitary Cooling
products (UCP) and Engineering products & services (EPS) segment continues to
grow at a healthy pace of 16% YoY and 8% YoY, respectively. Profitability for both
these segments improved significantly. EBIT margins for EPS & UCP improves by
250bps and 280bps to 20.9% and 12.3%, respectively. Higher contribution of the
agency business in EPS and strong volume in the UCP segment is likely to have aided
margins.
 Valuation: The stock trades at 20.5x FY11E and 17.1x FY12E earnings. We believe
FY11 to be a year of consolidation and growth to pick up in FY12, driven by better
execution and uptick in order inflow in the MEP segment. Continued growth in UCP
and EPS segment will support growth trajectory. We maintain ‘Accumulate’ rating
on the stock.

Mahindra & Mahindra- Margin surprises positively, Raise TP to Rs 880 : Emkay

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Mahindra & Mahindra Ltd.
Margin surprises positively, Raise TP to Rs 880


BUY

CMP: Rs 732                                       Target Price: Rs 880

n     Adj. EBIDTA at Rs 8.5bn (above est. of Rs 7.9bn) Margins at 15.8%against est.14.6%. APAT at Rs 7.1bn (est. Rs 6.4bn) due strong operating performance & other income
n     H2FY11 to see volume traction as capacity constraints addressed. Upgrade FY11E/FY12E volumes by 5.8%/8.4% to 529,762mn/581,175mn units, with upward bias
n     Ssangyong acquisition on course, expected to be completed by February/March 2010. Maintain our view that there could be surprises as and when the details are shared
n      Upgrade TP to Rs880 (up 13%). Valuing standalone business at Rs 706 (+11%)-9x EV/EBIDTA, listed subsidiaries at Rs 174 (+22%)-20 disc to market cap. Maintain BUY

Edelweiss,: RBI Policy Preview - RBI likely to maintain status quo on policy rates

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In the forthcoming quarterly review of monetary and credit policy on November 02, 2010, the RBI is likely to maintain status quo on the policy rates, leaving repo rate, reverse repo rates and CRR unchanged at 6%, 5% and 6%, respectively. This expectation is based on our assessment of the evolving domestic and global macroeconomic scenario and RBI’s last meeting’s policy stance. Domestically, while the economic momentum remains healthy, some softness is observed in industrial production, PMI indices and exports growth. Growth in money supply has been quite soft, credit growth is yet to pick up strongly, and inflation momentum is slowing. These trends confirm our stated belief that there is no demand overheating in the Indian economy. Hiking interest rates against such a macroeconomic scenario could hurt business sentiments and, hence investments, especially when monetary stance has already reached close to normal.   


ICICI Bank - Extraordinary performance :: Emkay

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ICICI Bank
Extraordinary performance


HOLD

CMP: Rs 1,162                                       Target Price: Rs 1,200

n     ICICI Bank’s Q2FY11 NII/PAT at Rs22.0/12.4bn were ahead of our estimates. The stronger performance was driven by better NIMs (+10bps qoq) and lower than expected provisions
n     The net addition to ICICI Bank’s NPAs was almost zero during the quarter. Total/retail net slippages at Rs2.6bn/1.7bn, only due to BoR merger
n     Other positives: (1) 13% qoq growth in core operating profit driven by strong fees and (2) provision cover at 69%, reached 70% earlier than guided.
n     Valuations at 2.2x FY11E/2.0x standalone FY12E ABV not unreasonable looking at peer group valuations. Upgrade to HOLD with TP of Rs1200

SHRIRAM TRANSPORT 2QFY11: Business momentum strong; Buy :: Motilal Oswal

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SHRIRAM TRANSPORT 2QFY11: Business momentum remains strong; robust operating parameters drive profitability, Buy
Shriram Transport (SHTF IN, Mkt Cap US$4.1b, CMP Rs810, Buy) 2QFY11 PAT grew 44% YoY to Rs3b (our est of Rs3.1b) driven by ~43% YoY growth in Net income (including income from securitization). This was led by disbursements growth of 28% YoY and improvement in NIMs (on AUM) by 113bp YoY and 20bp QoQ to 8.34%. Growth in AUM was 23% YoY to Rs317b.

Key highlights
-          SHTF reported 2QFY11 PAT growth of 44.1% YoY (vs est of 51% YoY) at Rs3b.
-          Net income (including income from securitization) was up 42.8% YoY to Rs7.5b. NIMs on AUM improved to 8.34% vs 7.21% in 2QFY10 and 8.13% in 1QFY11.
-          Disbursements during the quarter increased 27.6% YoY to Rs45.7b. During the quarter, SHTF securitized Rs25.5b of loan portfolio (8% of total AUM).
-          AUM at the end of 2QFY11 stood at Rs317b up 23% YoY.
-          Gross NPA have remained stable QoQ at 2.54% and management is using its strong profitability to enhance provisioning coverage ratio (currently at 81%). Net NPA at the end of quarter were 0.49% vs 0.44% QoQ.

We believe the improvement in economic scenario would keep business momentum strong and robust operating parameters would drive profitability for SHTF. We estimate SHTF to report EPS of Rs59 in FY11 and Rs70 in FY12. BV would be Rs218 in FY11 and Rs275 in FY12. The stock trades at 2.9x FY12 BV and 11.5x FY12 EPS. RoAs are expected to remain 5%+ while RoEs would be strong at ~30% during FY11-12E. Maintain Buy with target price of Rs960 (3.5x FY12 BV and 14x implied PE).

AUMs increase 23% YoY, Off-balance sheet AUM increased 106% YoY
-          Overall disbursements grew 27.6% YoY and 15% QoQ to Rs45.7bn; proportion of Used CV disbursements to total disbursements were lower at 76% in 2QFY11 (vs 84% in 1QFY11 and 80% in 2QFY10). Incremental disbursement in new CV sales was higher as SHTF benefited from opportunity of strong demand in new CV sales.
-          SHTF securitized Rs25.5b loans during the quarter (this was largely from new CV financing). In previous quarter, there was no securitization.
-          Overall AUM grew 23% YoY (up 4.9% QoQ) to Rs317b. Used truck AUM grew 21% YoY (4.6% QoQ) to Rs245.3b. Share of new vehicle finance in overall AUM remained stable at 22.6% YoY and also QoQ.
-          AUM on books remained flat on a YoY and QoQ basis to Rs204.5b due to higher securitization done during the quarterHowever AUM off books increased 106% YoY (on a lower base) and 13.5% QoQ to Rs112.6b


Weekly Technical View :: 5980, respected yet again:: Ambit

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NIFTY

 Nifty was trading below 5980 until 3pm but then had a
sharp recovery and closed the day above 5980 and also
above the physiological 6000 mark, mainly on the back
of ICICI Bank, which surged 7%.
 In the last one month Nifty respected 5980 six times on a
closing basis; and today also it took strong support and
recovered.
 5980 is a crucial reversal point, as below 5980 the
Bearish pattern would lead Nifty until 5700.
 On month on month basis the index closed in the red
but in coming weeks we expect Nifty to rally until 6160
and then till 6220.
 As long as 5980 holds, on a closing basis, our bias
remains upward.


The BSE IT index 

 The BSE IT index on the weekly chart appears extremely
overstretched.
 Momentum indicators are in the overbought zone (RSI
reading above the 70 mark); and also turning into Sell
mode with negative divergence.
 We advise build short positions with stop loss at 6400
and downside target of 5500.
 Best Sell picks: Wipro and Infosys

NMDC — 2QFY11 Results As Expected :: Ambit

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RESULT UPDATE
NMDC — 2QFY11 Results As Expected

Headline financial numbers were broadly in line with expectation
Net sales and other operating income was Rs24,600mn, up 77% YoY and marginally down 2% QoQ, and was in line with our expectation. EBITDA (incl. other operating income) was Rs18,404mn, representing a 74.8% margin, and was 7% below our estimate. Reported net profit came in at Rs13,785mn, compared with our forecast of Rs14,551mn.
Production and sales volumes – impacted by heavy rains
Ore production in the quarter was 4.58mt, a drop of 16% YoY and 20% QoQ (unusually heavy rainfall); while sales volume was 5.14mt, a drop of 9% YoY and 20% QoQ.
Realization and profitability
Net sales per tonne sold increased QoQ to Rs4,786 (23% QoQ increase) from Rs3,906, led by increase in the quarterly international ore benchmark rates. Cost per tonne increased, largely on account of higher royalties and selling expenses. EBITDA (incl. other operating income) was Rs3,581/t in 2QFY11, compared with Rs3,181/t in 1QFY11.
Our view: Maintain our SELL recommendation and TP of Rs250
1QFY11 results have been in line with our expectation. We maintain our SELL recommendation on the stock, on account of possible execution delays in project expansion and expensive valuations. On our current FY11E estimates, the stock trades at 10x EV/EBITDA and 16.1x P/E. 

FII DERIVATIVES STATISTICS FOR 29-Oct-2010

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FII DERIVATIVES STATISTICS FOR 29-Oct-2010

BUY
SELL
OPEN INTEREST AT THE END OF THE DAY

No. of contracts
Amt in Crores
No. of contracts
Amt in Crores
No. of contracts
Amt in Crores
INDEX FUTURES
45761
1376.96
89470
2694.57
541041
16381.46
INDEX OPTIONS
274432
8168.38
238874
7113.92
1511381
45475.19
STOCK FUTURES
54088
1575.27
63811
1831.20
1385908
38914.44
STOCK OPTIONS
19882
605.35
20546
618.27
17416
503.02
101274.11


F&O Trade Statistics for 29-Oct-2010 (NSE)

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Trade Statistics for 29-Oct-2010
ProductNo. of
contracts
Turnover(Rs. cr.) *Put Call
Ratio
Index Futures71988020518.46-
Stock Futures78902723400.65-
Index Options232205070586.630.97
Stock Options1375204276.170.27
F&O Total3968477118781.910.91
* Notional Turnover in case of options

Forthcoming Results : October 30, 2010

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30-Oct-10
Company
Company
Company
Company
Company
Aaswa Trading
Cybele Inds
Jyoti Resins
Pankaj Poly
Sita Shree Food
Abhishek Corp
D B REALTY
Kalpataru Power
Paras Petro
SKP Securities
Ackruti City
Deepak Nitrite
Kamat Hotels
Parker Agro
SMIFS Capital
Action Constr
Deltron
Kandagiri Spin
Pasari Spin
SMS Pharma
Aditya Birla Nuv
Denison Hydr
Kanoria Chem
Pasupati Fin
Solid Stone
Aditya Ispat
Dhampure Spec
Karma Ispat
PCS Technology
Solitaire Mach
Admanum Fin
Dhanalaxmi Roto
Kasat Paper
Phaarmasia
Sparc Systems
Advance Multi
Divya Jyoti Inds
Kedia Constr
Polymechplast
Speciality Pap
Advance Petro
Dugar Hous
Kemrock Inds
Polytex India
Spectrum Foods
Aegis Logistics
Dynamic Inds
Kesar Petro
Poona Dal
Speedage Comm
Ahmednagar Forg
Dynemic Prod
Kiran Syntex
Pratik Panels
SPICEMOBIL
Alfa Ica
Emtex Inds
KLK ELECTRIC
Pratiksha Chem
SPS Intl
Amani Trading
Enrich Inds
KMF Builders
Praveen Prop
SS Forgings
Amco India
Epsom Prop
KND Engineering
Precision Cont
SS Organics
Amit Securities
Era Fin Serv
Kolte Patil
Precision Elect
SSPDL
Amrit Banaspati
Era Infra
Kovai Medical
Prem Somani
Step Two Corp
Amtek Auto
Euro Leder
Kovalam Invest
Premier Cap
Sterling Green
Amtek India
Eurotex Inds
Kreon Finnancial
Premier Poly
Sudal Inds
Anjani Finance
Everest Build
KSK Energy
Premier Prot
Sun Pharma
Ansal Prop
Everest Fin
Kunststoffe
Prima Agro
Supertex Inds
APM Inds
Exelon Infra
Lakshmi Prec
Prima Inds
Suryodaya Allo
Archies
Explicit Fin
Liberty Phos
Principal Phar
Suzlon Energy
Areva T&D
Expo Gas
Linc Pen
Prithvi Soft
SV Electricals
Arex Inds
Fair Deal
Linear Poly
Pro Fin Capital
Swiss Glasscoat
Arihant Tour
Farry Inds
Linkson Intl
Procal Elect
Sylph Tech
ARO Granite
FDC
Maars Software
Proto Dev
Tatia Global
Arvind Intl
Fiberweb India
Madhav Marbles
Punit Comm
Techno Forge
Asahi Infra
FIEM Inds
Maestros Med
R Systems
Thana Electric
Ashima
Fischer Chemic
Magico Exports
Rai Saheb Rekh
Thirdwave Fin
Ashram Online
Flora Textiles
Maharaja Shree
Rajasthan Tube
Tirupati Foam
Asian Petro
Fluidomat
Malwa Cotton
Rajath Finance
Tirupati Inds
ASM Tech
Fortune Intl
Mangalam Drugs
Rajdarshan Inds
Total Exports
Associated Alco
Gagan Polycot
Mangalam Vent
Ramkrishna Forg
Trans Asia Corp
Avantel
Galaxy Agri
Mangalya Soft
Rapicut Carb
Transpek Inds
Avanti Feeds
Galaxy Brngs
Manraj Hous
Rasandik Engr
Transport Corp
Avon Corp
Gandhinagar Hot
Mapro Inds
Reliance Broadcast Network
Trishakti Elect
Avon Organics
Gandhinagar Lea
Marigold Glass
Reliance Media
Tyroon Tea
Bala Tech Inds
Garg Furnace
Market Creat
Remi Metals
UCAL Fuel
Balkrishna Inds
Garnet Intl
Maruti Suzuki
Rich Capital
United Drill
Bampsl Sec
Gini Silk
Marvel Capital
Ridhi Syn
United Textiles
Bansisons Tea
GKB Ophthalmics
Marvel Inds
RIL
Unjha Form
Baroda Extr
Godfrey Phil
Mather & Platt Fir
RM Mohite
Ushakiran Fin
Batliboi
Godrej Cons
Mayur Leather
Royal Orchid
Uttam Galva
BCC Fuba
Gokaldas Expo
Mayur Uniquoter
Sacheta Metals
Valiant Comm
BEE Electronic
Grabal Alok
Mazda
Sadbhav Engr
Valuemart Info
Bengal Steel
Gujarat Apol
MB Parikh Fin
SAL Steel
Vama Inds
Bentley Comm
Gulf Oil Corp
Mediaone Global
Sambandam Spin
Vardhman Hold
Bhagwati Banq
GVK Power
Mefcom Capital
Samrat Pharma
VAS Infra
Bholanath Intl
Hawkins Cook
Mid East Portf
Sandu Pharma
VBC Inds
Bijoy Hans
High Energy Batt
Milestone Glob
Sarup Tanneries
Venlon Enter
Biopac India
Himgiri Foods
Milgray Fin
Savani Fin
Venus Ventures
Brakes Auto
Hindustan Bio
Mini Diamonds
Savita Oil Tech
Vertex Spin
Brijlaxmi Leas
Hindusthan Udyog
Mirza Intl
Sawaca Bsns
Victoria Enter
CCS Infotech
Hipolin
MODINATURAL
Scenario Media
Vijay Shanti Bld
Ceeta Inds
Hisar Metal
Mohit Inds
SEL Mfg Company
Vijay Solvex
Cenlub Inds
Hisar Spinning
Morepen Lab
SG Glob Exports
Vinaditya Trad
CHAKKILAM IN
HK Finechem
Munjal Auto
Shah Alloys
Vinati Organics
Chaman Lal Setia
HS India
My Fair Lady
Shalimar Wires
Vinayak Vanij
Chambal Fert
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