Diwali Mahurat Picks by India Capital Markets, a Summary

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1. Allied Digital Services Ltd
2. Indosolar Limited
3. Hexaware Technologies Limited
4. Godrej Properties Limited
5. Gitanjali Gems Limited
6. GIC Housing Finance Limited
7. Canara Bank
8. Bilcare Limited
9. Indraprastha Gas Limited
10. Mahindra & Mahindra Limited

Mahindra & Mahindra -Diwali Mahurat Picks by India Capital Markets

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Mahindra & Mahindra Ltd is a domestic market leader in utility vehicles (63%) and
tractors (41%) segment. M&M manufactures utility vehicles (UVs), tractors,
commercial vehicles (CVs), three-wheelers and gensets. M&M through its joint
ventures with Navistar manufactures and markets medium and heavy CVs in India.
M&M has significant holdings in companies with varied interests like information
technology, real estate, hospitality, auto ancillaries and financial services. The
automobile business contributed 64% of consolidated revenues and 61% of profits in
FY10.

Indraprastha Gas - Diwali Mahurat Picks by India Capital Markets

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Indraprastha Gas Limited Incorporated in 1998, is a joint venture between
GAIL(India) Ltd and Bharat Petroleum Corporation Ltd. It is engaged in the retail gas
distribution business of supplying Compressed Natural Gas (CNG) to transport
sector, Piped Natural Gas (PNG) to domestic and commercial sectors and Regasified
Liquid Natural Gas(R-LNG) to industrial sector in National Capital Region of Delhi. As
on 31 March 2010, company derives 89% of revenue from CNG, 8% from
commercial and industrial supply and 3% from household sale.

Indosolar - Diwali Mahurat Picks by India Capital Markets

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Indosolar Ltd is in the business of manufacturing poly-crystalline solar photo-voltaic
(SPV) cells from silicon wafers utilizing crystalline silicon SPV cell technology for
converting sunlight directly into electricity through a process known as the “photovoltaic
effect”. Indosolar Ltd markets and sells products primarily to module
manufacturers on a business-to-business platform, who in turn supply to the system
integrators who installs the systems for grid and off-grid (roof top) applications for use
in the domestic market as well as markets in Europe, Spain, Japan, Asia, Canada
and USA.

Hexaware - Diwali Mahurat Picks by India Capital Markets

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Hexaware, mid-tier Indian IT Services Company focuses on niche areas of ERP &
Testing services. It has built up strength in PeopleSoft implementation and support
services & also has been developing expertise in testing services, through organic &
inorganic initiatives. Acquisition of Focus Frame has strengthened its position in
Independent testing & Verification services. Hexaware leverages on its association
with People soft, for offering BPO services - Caliber Point - in areas of HR,
Healthcare, and Finance & Accounting. It has launched a range of service in
Enterprise Risk Management through its JV with RiskTech.

Godrej Properties -Diwali Mahurat Picks by India Capital Markets

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Godrej Properties Ltd (GPL) is one of the leading real estate developer in India
based in Mumbai with parent Godrej Industries Ltd (GIL) holding 69.9% stake in the
company. GPL is focused on developing residential, commercial, retail and IT
projects across cities like Mumbai, Ahmedabad, Chandigarh, Pune, Bangalore,
Kolkata and Hyderabad. The company is a fully integrated real estate development
company having strategic tie-ups & MOUs to develop 185 acres of land in Group
companies namely Godrej Industries, Godrej & Boyce, Godrej Agrovet through Joint
Development Agreement (JDA).

Gitanjali Gems: Diwali Mahurat Picks by India Capital Markets

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Gitanjali Gems Ltd. (GIL), a part of the Gitanjali Group of Companies, was
established in 1986 as a diamond and jewellery manufacturer and retailer at Surat.
Since then it has transformed itself into one of India’s largest and fastest growing
integrated Jewelry and Diamond manufacturing, branded and retailing enterprise. It
has a presence across all aspects of the diamond and jewellery value chain (right
from sourcing, processing and manufacturing, to branding and retailing), and a strong
foothold in the lifestyle space.

GIC Housing Finance -Diwali Mahurat Picks by India Capital Markets

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GIC Housing Finance Ltd (GICHF), is a leading player in the low-and-medium
income housing-finance market incorporated in 1989 as “GIC Grih Vitta Ltd” with the
objective of direct lending to individuals for housing activities. In the last two quarters,
with the revival in economy, there has been a demand surge in residential segment
driving real estate prices to its peak with increase of nearly 25-35% across Tier I &
Tier II cities. Growing urban population, rising income levels, nuclear family concept
are driving demand for housing loan among salaried class which has assisted GIC to
become one of the dominating player & maintain a 20-22% CAGR over FY09-12E.

Canara Bank - Diwali Mahurat Picks by India Capital Markets

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Canara Bank, has 3061 CBS compliant branches spread across the country and has
total of over 2000 ATMs. The Bank has been performing much better on core
earnings than the Industry average with consistent improvement in interest margins.
The banks NPA seem to be in control and its capital Adequacy is also very
comfortable at 13.88% as per Basel II with Tier I capital at 8.82% while tier II capital
is at 5.06 %. With the Government holding in the bank at 73.17% there is plenty of
headroom for the bank to raise funds in the future for its expansion in both the
categories. Loan disbursement also seems to be improving.

Bilcare Limited- Diwali Mahurat Picks by India Capital Markets

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Bilcare Limited is a Pune based company, engaged in specialty pharmaceutical
packaging solutions, research services, clinical services, and packaging systems. It
provides Brandpak solutions to enable product differentiation and marketing by
providing a unique brand identity to products, packaging films and materials for blister
packing. It is a leading producer in Asia with 62% share of Indian barrier blister
packing market. The company's key products include packaging films, aluminum
foils, wrap systems, cold formed blisters, closures and paper composites.

Allied Digital Services- Diwali Mahurat Picks by India Capital Markets

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Allied Digital Services (ADSL), a growing Infrastructure management services
company offers System Integration and Infrastructure Management Solutions, to
Indian & Global Corporate. ADSL has been making growth investments in expanding
delivery centers, establishing data centers etc to address the business from its recent
tie ups with OEM’s for white labeling its services. ADSL has raised funds via QIP,
warrant placements from strategic investors to fuel its growth plans. ADSL’s
expanding presence in the growing enterprise remote infrastructure management
space makes it a preferred mid cap IT pick.