MOIL, RPP, Ravi Kumar, SCI, Claris,:: Gray market premium price: Dec 5th, 2010

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Company Name	Offer Price	Premium	Listing
	(Rs.)	(Rs.)	Date
RPP Infra Projects	75	Discount	Dec 6
Manganese Ore (MOIL)	375 (+ 5% retail discount)	295 to 305	Dec 15
Claris Life	228-235	4 to 5	Dec 16
Shipping Corp FPO	135- 140 (+ 5% retail discount)	3 to 5	Dec 12
Ravi Kumar Distilleries	56 to 64	4 to 6

Kotak Sec:: GSK Consumer: GSK remains one of our preferred picks

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GlaxosmithKline Consumer (SKB)
Consumer products
Watch for announcement of CY2011-14E targets. We revisit our favorable
arguments regarding GSK in our note dated September 20, 2010, “MFD category in
fine fettle; GSK is one of our preferred picks” after a meeting with management. The
recent repositioning of the Horlicks brand as a range of health foods and beverages
rather than just as a health drink brand is a good move, in our view. While the
management reserved its comment on the next four-year plan (CY2011-14E), it is likely
targeting a sales growth higher than 19% CAGR (CY2006-10E target), in our view.

Macquarie:: India media - Dish surges, time to look at Zee

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India media
Dish surges, time to look at Zee

Event
􀂃 Investor interest driven by the broader consumption theme has resulted in a
27% surge in Dish stock since 2Q results vs -1% for Sensex during the same
period. Subscriber addition momentum up until now has been in line with our
expectation and we would wait to see if it would sustain in the lean month of
December before revising our estimates for Dish.

UBS:: Bajaj Auto ::Hero Honda increases prices, positive for Bajaj:: BUY

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UBS Investment Research
Bajaj Auto
HH increases prices, positive for Bajaj


􀂄 Positive read-through from price hike by HH
Hero Honda has raised prices by Rs 750-1500/bike (~2%) across models in its
portfolio. We believe this sharp increase improves relative competitiveness of
Bajaj products as well as gives it a leeway to increase prices going forward. We expect Bajaj’s margin outlook to remain strong as co. increased domestic motorcycle prices by 2% from Oct 1. We maintain Buy rating and price target of Rs.1,775.

Add banking stocks on dips and avoid real estate and metals: ICICI Securities

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Previous Week : Sensex rose by 4.3% to close at 19966

Our markets rebounded well after a swift fall and closed at 5992 after seeing a low of 5690 in the previous week. Both domestic and global news pulled the indices in the green in the previous week. Positive GDP numbers for Q2FY11, strong US employment numbers and upbeat economic data from China fuelled the rally across globe. Metals, IT, banking, oil & gas and pharma lead the pullback in our markets.

Economy – Foreign Trade- Imports’ growth in single digit: Angel Broking

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Economy – Foreign Trade
Imports’ growth in single digit

High exports growth and deceleration in imports growth kept
India’s trade deficit below US$10bn in Oct ’10, for the second
consecutive month. The unfavorable base is likely to suppress
foreign trade growth in 2HFY11.

Citi :Telecommunications: 2011 Sector Outlook

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Filter the Noise
 Industry capacity utilization on the upswing — high network utilization
(>60%) is key to sector profitability. We believe industry capacity utilization
which had been hit by the spate of new launches last year, has now
rebounded from 1) higher-than-expected elasticity from tariff cuts, 2) new
entrants scale-back and 3) equipment ban (lifted just recently). The ongoing
spectrum controversy is likely to help maintain and improve this utilization
level as competitive intensity reduces with new entrants shift their focus
away from core operations/roll-outs.

Citi :Pharmaceuticals and Healthcare: 2011 Sector Outlook

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Exciting Growth Phase to Continue
 Strategy — We remain overweight on Indian pharma & healthcare despite
the strong outperformance in CY10. With multiple growth drivers (US
generics, emerging markets, CRAMS) playing out simultaneously, we expect
earnings trajectory to be strong & return ratios robust over the next 3-4
years. We prefer generics to CRAMS in the near term. Preferred Picks:
ARBN.BO, RANB.BO & LUPN.BO

Citi :Real Estate: 2011 Sector Outlook

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Near term funding challenges likely; Remain Selective
 Structural demand story intact — With the economy bouncing back and
heading for a 8-9% growth in 2010, urbanization continuing, changing social
structure- increasing nuclear families, job security coming back and salaries
picking up, the fundamental story for real estate in India remains intact. This
is pronounced by the existing housing shortage – most estimates suggest a
shortfall of > 24m houses.

Citi :Media: 2011 Sector Outlook

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Advertising Recovers; Will Costs Follow?
 Healthy ad market growth — Advertising volumes have picked up on the low
base of CY09 – inventories across key Hindi GECs and radio are running full;
and print volumes have accelerated, especially in the regional markets.
Going forward, the impact of rising yields would be visible and should drive
ad growth. We expect ad spends to remain healthy on the back of good GDP
growth (~8-9%), and buoyed by the low penetration levels in India, strength
across key advertising categories (consumer, auto, telecom) and growth in
local advertising.

Citi :Autos: 2011 Sector Outlook

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Play Selectively
 Competitive intensity increasing — Increased per capita income and overall
macro recovery has resulted in rising demand for passenger and commercial
vehicles. However, the number of OEMs has also grown (Indian and foreign),
resulting in heightened competitive intensity across segments— incumbents
thus face the possibility of market share erosion. Product differentiation,
particularly in terms of pricing and after-sales support will determine market
structure.

Citi :IT Services: 2011 Sector Outlook

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2010 In Line with Market; 2011?
 Similar to 2010 — 2010 has been a “neutral” year for Indian IT – the BSEIT
index has performed in line with the Sensex. With pent-up demand
normalizing and expectations running high, we don’t see scope for
meaningful upside. The sector could be a good defensive if there is a sharp
correction in markets.

Citi :Engineering and Construction: 2011 Sector Outlook

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Healthy Order Inflow to Continue
 India to invest a total of USD514bn in 11th plan; ~USD1trn in 12th plan —
The government has set out aggressive targets for investment in
infrastructure in India. Bulk of these investments is in the power sector (32-
38%) and the roads sector (14%). Going forward; the primary mode of
implementation will be via the Public-Private Partnership model (PPP
model). This translates to a huge opportunity for infrastructure and
engineering and construction companies.

Citi :Electric Equipment: 2011 Sector Outlook

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Remain Selective
 Capex remains strong — Generation capex has continued unabated through
the financial crisis and thereafter owing to conducive regulatory regime,
continuing energy deficit, relatively high merchant prices and availability of
abundant domestic funding sources. Transmission capex, which had slowed
down due to delay in PGCIL orders, is now picking up in pace.

Citi :Electric Utilities: 2011 Sector Outlook

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Remain Underweight Despite Underperformance
 India to add 113GW in the next 7 years – Private utilities lead charge — We
expect ~113GW (+79% from end-FY10 capacity) of additions over next 7
years to reduce 13.3% peak deficit at end-FY10. Private utilities will lead
charge over government utilities with faster decision making contributing ~
57% of the Rs5.1tn of investments in generation over FY10-15E.

Citi :Metals & Cement: 2011 Sector Outlook

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We Like Steel; Cautious On Cement
 Sector strategy — Steel: Steel prices near bottom with restocking and
construction recovery providing triggers in mid-2011. Non-ferrous metals:
We think that double-whammy of a stronger China and a weaker US$ will
continue to run in 2011 and support prices. Cement: Though less bearish
than a year ago, we are cautious due to rapid capacity increase and not so
cheap valuations.

Citi :FMCG/ Consumer: 2011 Sector Outlook

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Looming Margin Pressures; Valuations Near Peak Levels
 Revenue growth moderates sequentially — Revenue growth for FMCG
companies is moderating and there are signs of down-trading in a few
categories as the consumer’s wallet share increases towards the purchase of
food items, rather than staples. Admittedly, food inflation has come off
sequentially, but still remains high, unlike trends seen in earlier good
monsoon years.

Citi :Banks: 2011 Sector Outlook

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Macro Shines Stronger than Valuation Clouds
 Outlook for 2011 — 2010 was a great year for Indian banks and the sector
outperformed the benchmark by 23% YTD – supported by a strong economic
recovery, sharp reduction in asset quality pressures, rising Net Interest
Margins and healthy loan growth. We believe the overall macro environment
continues to be supportive for banks – GDP growth is likely to be over 8.5%,
loan demand should stay healthy and profitability relatively high. While there
is some pressure on banking system’s liquidity, the RBI has provided
enough indications of keeping it within manageable limits. In sum, while an
encore might be challenging, given relatively higher valuations – it should
still be a beneficiary of India’s continued economic momentum.

Citi :Oil & Gas: 2011 Sector Outlook

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 Refining margins to see a pick-up — We see a gradual improvement of
refining demand-supply balance into CY11-12 and forecast regional GRMs to
increase by ~US$0.5 per year over CY10E levels of US$4.3. As further GRM
recovery would be driven by mid-distillates and widening of light-heavy
differential, we expect complex refiners to see a better margin upswing vs.
simple refiners, a positive for RIL.

India Equity Strategy 2011 Road Ahead: + 15% – Steady, Not Swinging:: Citi

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India Equity Strategy
2011 Road Ahead: + 15% – Steady, Not Swinging


 2011 should be a smoother 2010 — We expect about 15% returns in 2011 (Dec
11 Sensex Target at 22,000) – similar to the around 10% returns generated in
2010 YTD. However, the market pace should be more measured and predictable,
volatility and uncertainties fewer, and sectoral divergences more moderate. We
also expect it to be a more bottom up than a top-down year, with less of the
mid/small cap bias of 2010. We expect market performance to be earnings growth
driven (19% FY12E EPS growth), with India’s market multiple holding at it 16-
16.5X 1Yr Fwd levels, but its premium to the Emerging Markets moderating.

Telecom M&A – ‘M’ may not happen, ‘A’ may not be good.:: Kotak Sec

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Telecom
India
M&A – ‘M’ may not happen, ‘A’ may not be good. Potential M&A-led consolidation
is oft talked about as imminent and the panacea for the current industry woes. We take
a closer look at possible scenarios and conclude that – (1) a material merger (‘M’) may
not happen on account of regulatory and valuation challenges and (2) a material
acquisition (‘A’) may not be good for the industry as it would likely replace a weak
balance sheet with a stronger one. We remain Cautious.

Oil Margins –Refining margins and auto losses up:: Angel Broking

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Oil Margins – Vol. 22/10
Refining margins and auto losses up


 Refining margins spike up. Refining margins for 16-30 Nov were
US$6.2/bbl, sharply up US$1.9/bbl from the previous fortnight on
account of diesel shortage in China and stronger global oil demand
data. For 3QFY11 till date, margins stand higher, at US$5.1/bbl vs.
US$4.2/bbl in 2QFY11; we estimate margins to rise to US$4/bbl in
FY11 vs. FY10 average of US$3.5/bbl. Dubai-Arab heavy spread was
US$3.6/bbl, up US$0.7/bbl from the previous fortnight.

Cholamandalam Investment & Finance- Turnaround story:: UBS

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UBS Investment Research
Cholamandalam Investment & Finance
Turnaround story

􀂄 Niche asset financing company
Cholamandalam Investment & Finance (CIFC) is a leading non-bank financial
company focused on asset financing; its key growth driver is commercial vehicle
financing (62% of loan book as at Q2 FY11). The company focusses on new light
commercial vehicle financing (14% market share), which is less cyclical than
medium and heavy commercial vehicle financing and has a stronger growth
outlook. Its home equity (23% of book at Q2 FY11) and business finance (8% of
book) divisions are characterised by strong operations and low NPLs.

Bank of America Merrill Lynch- Exide: Leveraging strong car demand: Buy

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Exide Industries Ltd.
Leveraging strong car demand


􀂄 Raising PO as strong car sales supports 16-18% 5 year growth
Exide management has expressed concern about near term prospects owing to
capacity constraints and consequent change in product mix in favour of less
profitable OEM battery. However, it is temporary and strong OEM growth seen
now should help sustain 16-18% growth in FY13-15e. We have cut FY11e EPS by
4%, but we have tweaked our FY12/13e EPS marginally. We have also raised PO
to Rs196 driven by rising visibility of 16-18% growth sustaining till FY15e. Our PO
is based on sum of (1) battery business of Rs184 at PE of 15.5x FY13e and (2)
Rs12 for insurance JV equivalent to 1.1x investment.

Carborundum Universal- Integrated industrial materials firm:: UBS

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UBS Investment Research
Carborundum Universal
Integrated industrial materials firm

􀂄 Market leader in abrasives/industrial ceramics
We initiate coverage of Carborundum Universal (CUMI) with a Buy rating. CUMI
is a producer of industrial products (abrasives and ceramics) for the automotive,
industrial, construction and infrastructure sectors. The abrasives market is almost
an oligopoly in India. There are also no other large companies with a similar
product range as CUMI in India’s industrial ceramics market.

Buy Adani Power :Goldman Sachs Conviction List India

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Utilities: Adani Power (ADAN.BO, Buy, on our Conviction List)
• 70% of its capacity is already tied up under long term PPA mechanisms, less off-take risk than peers. Adani is also best positioned to maintain
higher plant availability than peers
• Despite our below consensus estimates, we believe the stock is still trading at a discount compared with peers on FY12E P/E (11.1x) and P/B
(3.2x) vs. ROE multiples (Peer average P/B-ROE 2.2x/14.5% vs. Adani 3.2x/33.8%)

Buy Bharti Airtel: Goldman Sachs Conviction List India

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Telecom: Bharti AIrtel (BRTI.BO, Buy, on our Conviction List)
• Declining regulatory risks: We estimate the incremental newsflow related to cancellation of licenses/imposition of fines will be negative for
new entrants and believe the regulatory environment in the next 12-18 months will be more favorable to incumbents. Given the recent changes
at the telecom ministry, we also now see low risks to the 900 MHz refarming going through in the next 12 months
• Further improvement in competitive dynamics: We believe going forward competitive intensity will further improve and the incumbent
operators will gain incremental revenue market share as 1) their tariffs are almost similar to those of new operators but they have better
coverage and 2) new operators will further struggle to raise funds/refinance debt and risk losing focus on strategy in the near-term (given the
overhang of possible license cancellation)

Buy HDIL:Goldman Sachs Conviction List India

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Real Estate: Housing Development & Infrastructure (HDIL.BO, Buy, on our Conviction List)
• High visibility of Mumbai land monetization, EPS visibility in near term, inexpensive valuations
• HDIL is trading at 0.7X FY12E BVPS of Rs252 and 6X FY12E EPS as compared with 1.2X and 12X, respectively, for our India property
coverage. Ongoing/forthcoming residential projects indicate a total sales value of Rs140 bn and cash flow potential of Rs90 bn (present EV of Rs97 bn)

Buy GAIL:Goldman Sachs Conviction List India

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Oil & Gas: GAIL (GAIL.BO, Buy, on our Conviction List)
• GAIL remains a key beneficiary of the structural theme of rising gas volumes (domestic and imported) in India
• The stock price does not reflect any value for subsidiary Gas, which we believe, will emerge as the largest city gas company in India and
could conservatively have EV of US$7bn by FY15E
• Our DCF-based 12-m TP of Rs.570 implies 16% upside potential

Goldman Sachs: Buy Tata Steel: India: Conviction List

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Metals & Mining: Tata Steel (TISC.BO, Buy, on our Conviction List)
• In our view, the current price does not reflect Tata Steel’s strong growth trajectory (46% FY10-FY13E EBITDA CAGR) and improving return
profile, driven by robust profitability at India operations (70% of FY11E EBITDA) and sustainable recovery at Tata Steel Europe. At current price
levels, the negatives, if any, are more than priced in, and the market is assigning unjustifiably low (negative) value to the European business
• On earnings-based multiples, the stock is trading at 4.5X FY12E EV/EBITDA, at 26% discount to mid-cycle of 6.2X and 20% discount to peers

Goldman Sachs: Buy Sun TV: India: Conviction List

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Media: Sun TV (SUTV.BO, Sell)
• Although growth to remain strong the prospects continue strong, increasing share of the lower margin business (12-15% vs. 75-80% in the core
television business) will impact margins negatively. We expect EBIT margins to contract by 300 bp over FY10-13E
• Current premium valuations (47% premium to Zee vs 2-yr median premium of 37%) price in an exceptionally strong growth scenario, leaving
little room for risks – leading to our Sell rating on the stock

Goldman Sachs: Buy HCL Technology: India: Conviction List

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Information Technology: HCL Technology (HCLT.BO, Buy)
• We believe HCL Tech’s core expertise in the RIM space will lead to RIM growth of 40% in FY11E. We expect RIM to grow by 8% sequentially
over the next 3 quarters
W b li th t f di ti di i k d li ti ld id t ti l id i k t f t
Goldman Sachs Global Investment Research 18
• We believe the return of discretionary spending in packaged application areas could provide potential upside risk to our forecasts
• We forecast FY10-FY13E revenue CAGR of 18% and earnings CAGR of 23%, which compares with the large cap Indian IT services EPS
CAGR of 17%

Goldman Sachs: Buy IRB Infrastructure : India: Conviction List

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Infrastructure: IRB Infrastructure (IRBI.BO, Buy, on our Conviction List)
• Best direct exposure to road development and traffic growth, in our view. We note the company’s execution track record (3,404 lane km under
operation, 2330 lane km under development) and high cash generation ability
• We believe current valuations are attractive (18% discount to historical median 12-m fwd P/E), given 24% EPS CAGR over FY10-FY12E

Maruti Suzuki - Nov ’10 volume: Sustains expected trend:: Angel Broking

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Maruti Suzuki India
Nov ’10 volume: Sustains expected trend

 Good performance, but as expected. In Nov ’10, Maruti Suzuki
India (MSIL) posted a good volume growth of 28.2% yoy (5.3%
lower mom), entailing sales of 112,554 units (as estimated). The
mom decline is owing to impact of the post festival season.

Goldman Sachs: Buy Sintex Industries : India: Conviction List

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Industrials: Sintex Industries (SNTX.BO, Buy)
• Strong execution in the monolithic construction and Prefabs segments would be the key drivers of growth, contributing to 56% of FY10-13E
sales growth, in our view
• Valuations 10% premium to 5-yr median on 12-m fwd P/E are attractive given the 29% EPS CAGR we forecast over FY10-12E

Goldman Sachs: Buy Aurobindo Pharma : India: Conviction List

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Healthcare: Aurobindo Pharma (ARBN.BO, Buy)
• FY11E FY13E We expect We expect revenue and EPS CAGR of 15%/32% over FY11E-FY13E. business mix change to drive revenue growth as share of
higher quality formulations increases. Marquee partnerships with Pfizer and AstraZeneca to be key catalysts for growth, in our view
• Operating margin to expand by 360 bp over FY11E-FY13E driven by supply agreements and higher utilization. Balance sheet concerns also
coming to a close with the potential redemption of FCCBs in FY12E
• Stock is trading at 10.1X on FY12E P/E, at a 42% discount to the Indian pharma sector, which we believe is unwarranted

Goldman Sachs: Buy Marico : India: Conviction List

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Consumer Staples: Marico (MRCO.BO, Buy)
• We expect Marico to exhibit sustained value growth on the back of a strong domestic business led by franchise brands - Parachute and
Saffola) and the high growth international business
• In our view, current valuations do not capture the high growth and return potential and we see a potential upside of 17%

Goldman Sachs: Sell ACC: India: Conviction List

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Cement: ACC (ACC.BO, Sell, on our Conviction List)
• Industry lagging volume growth coupled with exposure to weak markets of North & South India will lead to erosion in margins and ROE in
CY2010 – we expect 500 bp erosion in margins for CY2010
• ACC is trading at 133% CY10 EV/RC, higher than its mid-cycle valuation of 100% EV/RC. The stock is currently trading at 2.8X CY10E P/B –
at more than a 21% premium to the Indian sector average of 2.3X 2010E P/B

Goldman Sachs: Buy IndusInd Bank: India: Conviction List

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Banks: IndusInd Bank (INBK.BO, Buy, on our Conviction List)
• While current valuations reflect a turnaround, we believe there is scope for more potential upside on high growth/restructuring. We estimate
550 branches by FY13E vs. the current 224 (company is targeting 700, our estimate is lower than guidance as we take into account risks on
execution and RBI granting licenses)
• We believe the focus from here is to: (1) increase retail/ low-cost liabilities (CASA ratio at 35.7% by FY2013E), (2) cross-sell fee income
products (CAGR 30%) and (3) grow loans at 32% yoy vs. industry growth of 18%-20%

Goldman Sachs: Buy Bosch : India: Conviction List

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Automobiles: Bosch India (BOSH.BO, Buy, on our Conviction List)
• technology differentiation top quartile cash Strong drives top-returns and margins stability through the cycle, in our view. About 75% market share
in Fuel Injection space, track record of industry-shaping innovations in areas like braking, traction control systems, etc
• Step-up in growth and returns driven by strong demand - 30% CY09-12E EPS CAGR (avg. CROCI 28%) versus 3% CY06-09 EPS CAGR
(avg. CROCI 24%). Valuation below historical averages on P/E, P/B and EV/GCI, vs. Indian auto coverage trading near upcycle multiples and
MSCI India at 1 standard deviation above its historical average

Crude oil prices: Continue to increase in November:: Kotak Securities

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Energy
India
Crude oil prices: Continue to increase in November


Global refining margins: Steady mom
India marketing margins: Increase in global prices results in higher marketing
losses


Crude oil prices: Continue to increase in November
Crude oil prices sustained momentum (+3.3% mom) in November led by—(1) continued high
speculative activity in the US driven by easing liquidity from QE2 and (2) upward revision in oil
demand estimates for CY2010-11E by IEA and OPEC. However, crude prices reversed their
uptrend in the latter half of the month led by growing concerns on the sovereign debt crisis in
Europe. We expect crude oil prices to remain in the US$75-85/bbl range in the near term as (1)
large OPEC spare capacity of ~6 mn b/d despite slippages in new projects and (2) high level of
inventories will likely offset the increase in global crude oil demand. Spot natural gas price (Henry
Hub) increased to US$3.7/mn BTU in the recent month versus US$3.4/mn BTU in October 2010.

Angel Broking:: India Banking -Finance Tracker

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India Banking
Finance Tracker – Vol. 18/FY11

 Deposits growth marginally up. The latest fortnight, ending 19 Nov
’10, saw an increase in credit & deposits growth rates. Deposits growth
for the fortnight rose yoy, to 15.8% compared with 15.3% yoy growth
the previous fortnight.

Cement Nov cement sales weak as expected; JPMorgan

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Cement
Nov cement sales weak as expected; Waiting for the
peak season recovery



• Majors report sharp m/m decline, only modest y/y growth in Nov-
10: As expected, Indian cement companies have reported a weak Nov,
specially coming on the back of very strong Oct cement sales. While unseasonal
rains in North India, onset of the re-treating Monsoon in South,
and festivals in the first half of Nov are some of the reasons, we also
believe that overall the real under lying demand has been weak over
the last few months. While private spending in infrastructure has
been lackluster, government spending has not yet picked up.
Cumulatively the 6 companies which have reported so far
(accounting for 48-52% of Industry dispatches) reported 19% m/m
decline and 2% y/y decline in Nov-10.

Strides Arcolab-Focus on specialities…ICICI Sec

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Focus on specialities…
We met the management of Strides Arcolab (SAL) to understand their
business model and growth plans. SAL is a mid-sized pharmaceutical
company with a strong presence in oral branded generics, sterile
products (injectables) and soft gelatine capsules. The company markets
its products in 75 countries. SAL’s business is broadly classified into the
pharmaceuticals and speciality business. The company has entered into
collaboration agreements with leading MNCs such as Pfizer and GSK.
SAL operates through 14 manufacturing facilities, of which 12 are own
manufacturing facilities. Till date, the company has filed 140 ANDAs
with the USFDA and received approvals for 52.

Tata Motors- Nov ’10 volumes: Cars disappoint, CVs impress; Buy: Angel Broking

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Tata Motors
Nov ’10 volumes: Cars disappoint, CVs impress; Buy
 CVs, UVs drive volumes. Tata Motors reported subdued Nov
’10 volumes, with only 0.9% yoy growth (lower 15.7% mom) to
54,622 units, which was below expectations. Domestic volume
growth was 0.6% yoy, while exports grew 5.2% yoy.

MOIL, Ravi Kumar, SCI, Claris, RPP:: Gray market premium price: Dec 5th, 2010

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Company Name	Offer Price	Premium	Listing
	(Rs.)	(Rs.)	Date
RPP Infra Projects	75	Discount	Dec 6
Manganese Ore (MOIL)	375 (+ 5% retail discount)	295 to 305	Dec 15
Claris Life	228-235	4 to 5	Dec 16
Shipping Corp FPO	135- 140 (+ 5% retail discount)	3 to 5	Dec 12
Ravi Kumar Distilleries	56 to 64	4 to 6

Kotak Sec: Telecom India: Interesting ‘active’ subs data released by TRAI.

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Telecom
India
Interesting ‘active’ subs data released by TRAI. TRAI’s Sep-10 subs data release
provides the first-ever look at operator-wise and country-wide ‘active’ (VLR) subscribers.
Key highlights – (1) of the 688 mn reported subs across the industry, VLR subs totaled
483 mn at end-Sep 2010 – roughly implies an active subs penetration of ~41% versus
reported headline number of 58%, and (2) there is substantial variation in active subs
% across operators – Bharti and Idea top the charts at ~90% each, RCOM is at ~67%,
Vodafone at a surprisingly low 75%, and other operators in the 30-60% range.