GS Calendar

Goldman Sachs India Coverage - Events Calendar

Impacted stocks / sector Material ImplicationEvent Ticker Company Market ImpactMonthly auto sales data Auto sector

India Auto Expo 2010 Auto sector3QFY10 BAJA.BO Bajaj Auto High EBITDA margin at ~20% (35% above consensus on 2H)3QFY10 HROH.BO Hero Honda Motors Evidence of sustainability of above-trend margins

demandNew product launches by various players. New compact car launch by Toyota etc

Goldman Sachs Research estimates, DataStream

1-Apr-10

Vikram Sahu Rishi Jhunjhunwala+91-22-6616-9050 +91-22-6616-9039

Goldman Sachs India Securities Pvt. Ltd. Goldman Sachs India Securities Pvt. Ltd.

Events by Sector Events Chronology

Source: Company data, Goldman Sachs Research estimates.

[email protected] [email protected]

Goldman Sachs India Events CalendarGoldman Sachs India Events Calendar

APRILAPRIL

JUNEJUNE

MAYMAY

AutosAutos

ConsumerConsumer

HealthcareHealthcare

Real EstateReal Estate

MediaMedia

TelecomTelecom

Metals & MiningMetals & Mining

IT ServicesIT Services

EconomicsEconomics

Capital GoodsCapital Goods

FinancialsFinancials

CementsCements

Infra-structure

Infra-structure

Oil & GasOil & Gas

Utilities & FertilizersUtilities & Fertilizers

ResultsResults Material Events (non results)

Material Events (non results)

mailto:[email protected]


Goldman Sachs India - Key events to watch for during April - June 2010

Autos Expected Date Event Material Implication / Market Impact Ticker Company

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1-Apr-10 Monthly auto sales data Auto sector

21-Apr-10 4QFY10 results We expect EBITDA margin at about 21% for FY10 BAJA.BO Bajaj Auto

21-Apr-10 4QFY10 results Should show evidence of sustainability of above-trend margins HROH.BO Hero Honda Motors

24-Apr-10 4QFY10 results MRTI.BO Maruti Suzuki India

28-Apr-10 4QFY10 results Not Covered by GS MAHM.BO Mahindra & Mahindra

28-Apr-10 4QFY10 (Standalone) TAMO.BO Tata Motors

15-May-10 4QFY10 results Not Covered by GS ASOK.BO Ashok Leyland

26-May-10 4QFY10 (Consolidated) TAMO.BO Tata Motors

30-Jun-10 MRTI.BO Maruti Suzuki India

30-Jun-10 MRTI.BO Maruti Suzuki India

30-Jun-10 JLR pension revaluation TAMO.BO Tata Motors

Capital Goods Expected Date Event Material Implication / Market Impact Ticker Company

Ish

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16-Apr-2010 FY2010 results CCRI.BO Container Corporation of India

30-Apr-2010 FY2010 results GATE.BO Gateway Distriparks

April 2010 LART.BO Larsen & Toubro

11-May-2010 FY2010 results SNTX.BO Sintex Industries

15-May-2010 FY2010 results EKCL.BO Everest Kanto Cylinder

18-May-2010 FY2010 results PUJL.BO Punj Lloyd

27-May-2010 FY2010 results BHEL.BO Bharat Heavy Electricals

28-May-2010 FY2010 results LART.BO Larsen & Toubro

May 2010 BHEL.BO Bharat Heavy Electricals

Cements Expected Date Event Material Implication / Market Impact Ticker Company

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10-Apr-2010 Pan-India cement dispatch data Cement sector

21-Apr-2010 FY2010 results ULTC.BO Ultratech Cement

22-Apr-2010 1QFY2010 results ACC.BO ACC

22-Apr-2010 1QFY2010 results ABUJ.BO Ambuja Cements

10-May-2010 Pan-India cement dispatch data Cement sector

19-May-2010 FY2010 results GRAS.BO Grasim Industries

10-Jun-2010 Pan-India cement dispatch data Cement sector

27-Jun-2010 FY2010 results ICMN.BO India Cement

1QFY2011 Grasim/Ultratech

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Should continue to show evidence of cyclical upswing in demand

Skoda Fabia (compact car) lower priced version launch

Evidence of increasing competition in Indian compact car marketNissan Micra (compact car)

launchEvidence of increasing competition in Indian compact car market

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We expect commissioning of L&T - MHI Turbine generators' Surat facility

This would be the first instance of a private player commissioning power equipment manufacturing capacity in India and would add 4,000 MW to India's power equipment manufacturing capacity which is currently dominated by BHEL"s 15,000 MW capacity

We expect strong revenue performance ( historically Q4 is the strongest) and margin performance similar to 3QFY10 - structural thesis of declining margins/returns stays.

We expect 28% yoy growth in Q4FY10 vs company's guidance of 35% yoy growth

Completion of evaluation of techno-commercial bids for NTPC's bulk equipment order and invitation of price bids thereafter

In stage - 1, NTPC has received 2 bids for boiler supply and 5 for turbine-generator sets. We expect BHEL would not be L-1 on the price bids. Thus, we expect BHEL to win only 5 of the 11 units at a price matching the lowest bid.

prite

sh.v

inay

@gs

.com

We expect cement dispatch data to be strong till onset of monsoon in July - FY11E cement consumption forecast at 11% yoy

Listing of Samruddhi Cement (Grasim's cement subsidiary)

Timely listing of Samruddhi Cement would ensure that the entire consolidation process would be completed by 2QFY2011; implying potential rerating for Ultratech Cements. Post consolidation, Ultratech Cements would emerge as India’s largest cement company with a total capacity of 49 mtpa representing 20% of all-India capacity.

GRAS.BO, ULTC.BO





Consumer Expected Date Event Material Implication / Market Impact Ticker Company

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29-Apr-2010 4QFY10 results DABU.BO Dabur India

21-May-2010 4QFY10 results ITC.BO ITC

23-May-2010 1QFY10 results NEST.BO Nestle India

25-May-2010 4QFY10 results HLL.BO Hindustan Unilever

28-May-2010 4QFY10 results COLG.BO Colgate Palmolive (India)

Economics Expected Date Event Material Implication / Market Impact Ticker Company

Tu

sh

ar

Pod

dar

12-Apr-2010 February IP We expect the strength in industrial activity to continue

14-Apr-2010 March WPI inflation

20-Apr-2010 RBI Monetary policy meeting

12-May-2010 March IP We expect the strength in industrial activity to continue

14-May-2010 April WPI inflation

21-May-2010 GDP release

12-Jun-2010 April IP We expect the strength in industrial activity to continue

14-Jun-2010 May WPI inflation

Financials Expected Date Event Material Implication / Market Impact Ticker Company

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1-Apr-2010 4QFY10 results AXBK.BO Axis Bank

20-Apr-2010 RBI Monetary Policy

22-Apr-2010 4QFY10 results YESB.BO Yes Bank

23-Apr-2010 4QFY10 results HDBK.BO HDFC Bank

23-Apr-2010 4QFY10 results LICH.BO LIC Housing Finance

25-Apr-2010 4QFY10 results ICBK.BO ICICI Bank

27-Apr-2010 4QFY10 results BOB.BO Bank of Baroda

28-Apr-2010 4QFY10 results IDFC.BO

29-Apr-2010 4QFY10 results BOI.BO Bank of India

4-May-2010 4QFY10 results HDFC.BO HDFC

5-May-2010 4QFY10 results INBK.BO IndusInd Bank

7-May-2010 4QFY10 results UNBK.BO Union Bank

9-May-2010 4QFY10 results SBI.BO State Bank of India

12-May-2010 4QFY10 results KTKM.BO Kotak Mahindra Bank

13-May-2010 4QFY10 results SRTR.BO Shriram Transport Finance

20-May-2010 4QFY10 results PNBK.BO Punjab National Bank

1HFY11 Policy on Banking license Expand banking services to more areas.

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To look for updates on price increases to cover increased excise duty

To look for impact of price reductions on margins and also whether pricing strategy has led to increase in volumes/market sharesTo look for increases in effective tax rate as deduction allowed on production from Baddi set to expire.

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We expect WPI inflation to be higher than 10% in the March readingWe expect the RBI to hike the reverse repo and repo rates by 25 bp each at its next policy meeting. We expect a cumulative increase in effective policy rates of 300 bp in 2010, in part by hiking the repo and reverse repo rates and in part by moving the effective rate from the floor of the corridor (reverse repo) to the ceiling (repo).

We expect headline WPI inflation to remain high, although food prices begin to moderateWe expect 4Q FY10 GDP to be above 8%, in line with very strong readings on IP, PMI and other co-incident indicators.

We expect headline WPI inflation to remain high, although food prices begin to moderate

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Credit growth guidance for FY2010-FY2011. We expect RBI to begin its policy tightening cycle through rate hikes

Financials Sector

Infrastructure Development Finance Corp.

Financials Sector



mailto:[email protected]%202978%201941



Healthcare Expected Date Event Material Implication / Market Impact Ticker Company

Bala

ji P

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24-Apr-2010 4QFY10 results CIPL.BO Cipla

24-Apr-2010 4QFY10 results PIRA.BO Piramal Healthcare

24-Apr-2010 1QFY10 results RANB.BO Ranbaxy Laboratories

28-Apr-2010 4QFY10 results BION.BO Biocon

28-Apr-2010 4QFY10 results CADI.BO Cadila Healthcare

30-Jun-2010 4QFY10 results APLH.BO Apollo Hospitals

30-Jun-2010 4QFY10 results REDY.BO Dr. Reddy's Laboratories

30-Jun-2010 4QFY10 results FOHE.BO Fortis Healthcare

30-Jun-2010 4QFY10 results GLEN.BO Glenmark Pharmaceuticals

30-Jun-2010 4QFY10 results LUPN.BO Lupin

30-Jun-2010 4QFY10 results SUN.BO Sun Pharmaceutical Industries

1Q FY11 Fondaparinux ANDA approval REDY.BO Dr. Reddy's Laboratories

1Q FY11 SUN.BO Sun Pharmaceutical Industries

2Q FY10 Positive results could remove the overhang on the company RANB.BO Ranbaxy Laboratories

1Q FY11 Clarity on future generics business for Glenmark GLEN.BO Glenmark Pharmaceuticals

1Q FY11 Court hearing on Tarka GLEN.BO Glenmark Pharmaceuticals

1Q FY11 At-risk launch of Levodopa SUN.BO Sun Pharmaceutical Industries

IT Services Expected Date Event Material Implication / Market Impact Ticker Company

Bala

ji P

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13-Apr-2010 4QFY10 results INFY.BO Infosys Technologies

19-Apr-2010 4QFY10 results TCS.BO Tata Consultancy Services Ltd.

22-Apr-2010 4QFY10 results WIPR.BO Wipro Ltd.

22-Apr-2010 3QFY10 results HCLT.BO HCL Technologies Ltd.

25-May-2010 2QFY10 results MBFL.BO Mphasis

Infrastructure Expected Date Event Material Implication / Market Impact Ticker Company

Ish

an

Seth

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27-Apr-2010 FY2010 results JAIA.BO Jaiprakash Associates

29-Apr-2010 FY2010 results GVKP.BO GVK Power and Infrastructure

Apr-10 IVRC.BO IVRCL Infrastructure

21-May-2010 FY2010 results IRBI.BO IRB Infrastructure Developers

29-May-2010 FY2010 results IVRC.BO IVRCL Infrastructure and Projects

30-May-2010 FY2010 results GMRI.BO GMR Infrastructure

May - June 2010 GVKP.BO GVK Power and Infrastructure

bala

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This is one of 2-3 most imp products for DRL for 2010. Approval here could have a positive impact on the stock

Summary judgment from NY Court on litigation with Taro

If the verdict is favorable for Sun, could eliminate some of the Taro overhang on the stock.

FDA reinspection of Dewas plant and its results IPO of Glenmark Generics Ltd - its generic business

The 30-month stay on Tarka ends in May and should come up for hearing; significant positive if Glenmark can launch this product in June 10

30-month stay on Novartis' Levodopa ends in 1Q FY11; depending upon Sun's risk appetite, there could be a potential at-risk launch, which could be positive for the stock.

bala

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Guidance for FY11 and outlook on IT spending budgets and hiring

Expect strong volume growth in the cement segment and strong pick-up in realizations from real estate sales

Salem - Kumarapalyam and Jalandhar - Amritsar projects to start tolling

As operations stabilize we expect daily collections of Rs1.5-1.7 mn on each of these two BOT projects.

We expect high yoy sales and EPS growth, driven by traction in the construction business.

We expect strong performance with execution in other states offsetting the slow execution in Andhra Pradesh.

Approval of GVK's real estate development plan for the Mumbai Airport by MMRDA

We expect the company to provide more clarity on the phases of development, timelines and financial details for the real estate development at the airport once the approval has been secured




Media Expected Date Event Material Implication / Market Impact Ticker Company

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22-Apr-2010 FY2010 results ZEE.BO Zee Entertainment Enterprises

30-May-2010 FY2010 results DSTV.BO Dish TV India

30-May-2010 FY2010 results SUTV.BO Sun TV Network

Metals and MiningExpected Date Event Material Implication / Market Impact Ticker Company

Pri

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20-Apr-2010 FY2010 results SESA.BO Sesa Goa

22-Apr-2010 FY2010 results HZNC.BO Hindustan Zinc

28-Apr-2010 FY2010 results STRL.BO Sterlite Industries (India)

April-10 STRL.BO Sterlite Industries (India)

7-May-2010 FY2010 results JSTL.BO JSW Steel

28-May-2010 FY2010 results SAIL.BO Steel Authority of India

3-Jun-2010 FY2010 results NALU.BO National Aluminium Company

25-Jun-2010 FY2010 results Focus would be on Tata Steel Europe's (Corus) earnings TISC.BO Tata Steel

30-Jun-2010 FY2010 results HALC.BO Hindalco Industries

1QFY2011 STRL.BO Sterlite Industries (India)

1QFY2011 JSTL.BO JSW Steel

1QFY2011 JSTL.BO JSW Steel

Oil and Gas Expected Date Event Material Implication / Market Impact Ticker Company

Nilesh

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24-Apr-2010 4QFY10 results RELI.BO Reliance Industries

27-Apr-2010 4QFY10 results PLNG.BO Petronet LNG

Apr-10 RIL-RNRL court case verdict RELI.BO Reliance Industries

27-May-2010 4QFY10 results CAIL.BO Cairn India Ltd.

29-May-2010 4QFY10 results BPCL.BO Bharat Petroleum

29-May-2010 4QFY10 results IOC.BO Indian Oil Corp.

2-Jun-2010 4QFY10 results HPCL.BO Hindustan Petroleum

15-Jun-2010 4QFY10 results GAIL.BO Gas Authority of India

24-Jun-2010 4QFY10 results ONGC.BO Oil & Natural Gas Corp.

30-Jun-2010 4QFY10 results GSPT.BO Gujarat State Petronet

30-Jun-2010 4QFY10 results OILI.BO Oil India

1QFY2011 Cairn India pipeline CAIL.BO Cairn India Ltd.

ish

an

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m We expect a strong performance in advertising revenues this quarter - reflecting the ad-rate hikes that the company undertook earlier in 2010. Revenues from the 6 regional GECs would also be consolidated into reported results.

Company has witnessed exceptionally strong growth over the past two quarters. Any change in momentum would be relevant.

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Arbitration hearing on the terms of sale of the government's residual 49% stake in Bharat Aluminium Company (Balco) to Sterlite

A slow progress on strategic issues like minority stake buyout in Balco and Hindustan Zinc have been an overhang on the stock price, any positive development could act as a catalyst and pave the way for potential restructuring in the Vedanta Group

Commissioning of the first unit of its 600 MW commercial power plant

Timely commissioning of the plant could be a potential catalyst as it will enhance the growth and return profile of the company over the medium term. 25% of its 2400 MW capacity (600 MW) will be available for sale on merchant basis in the first few years and we expect Sterlite Energy to contribute 15%/26% to Sterlite's EBITDA in FY2011E/FY2012E.

Commissioning of the key downstream project - 3.5mn Hot Strip Mill

As the downstream facilities come on-stream, we expect the share of semis to come down to as low as 2% in FY2011E. This would result in margin expansion— for every tonne of semis converted into hot-rolled steel, there is a positive delta of US$80 per tonne at the EBITDA level

Announcement of financial terms of agreement between JFE and JSW

In our view, strategic alliance with JFE Holdings may potentially lead to JFE investing capital directly in JSW or in JSW's new 10mn tonne expansion project in Bengal which would be a positive

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We estimate the court case decision could potentially swing valuation by about Rs50/sh either way. If RIL were to win, it would likely re-rate the stock significantly

We believe completion and commissioning of the crude pipeline to Salaya along with the completion of trains 2 and 3 of Rajasthan crude oil terminal in 1QFY11E could lead to an increase in production volumes at Mangala to 150Kb/d by end-FY11E. With the commissioning of this pipeline, we believe, Cairn would be able to initiate sales through the pipeline to private refiners also in 2HCY2010. Cairn already plans to start sales via pipeline to Indian Oil Corporation in 1QFY11E.





Real Estate Expected Date Event Material Implication / Market Impact Ticker Company

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30-Apr-2010 4QFY10 results DLF.BO DLF

14-May-2010 4QFY10 results PARV.BO Parsvnath Developers

14-May-2010 4QFY10 results UNTE.BO Unitech

19-May-2010 4QFY10 results SOBH.BO Sobha Developers

25-May-2010 4QFY10 results HDIL.BO Housing Development & Infrastructure

4-Jun-2010 4QFY10 results INRL.BO Indiabulls Real Estate Limited

Telecom Expected Date Event Material Implication / Market Impact Ticker Company

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9-Apr-2010 Telecom sector

28-Apr-2010 4QFY10 results BRTI.BO Bharti Airtel

29-Apr-2010 4QFY10 results RLCM.BO Reliance Communications

23-Apr-2010 4QFY10 results IDEA.BO Idea Cellular

28-Apr-2010 4QFY10 results MTNL.BO Mahanagar Telephone Nigam

26-May-2010 4QFY10 results TATA.BO Tata Communications

Telecom sector

Utilities Expected Date Event Material Implication / Market Impact Ticker Company

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30-Mar-2010 LAIN.BO Lanco Infratech

18-Apr-2010 4QFY10 results CHMB.BO Chambal Fertilisers and Chemicals

18-Apr-2010 4QFY10 results UNPO.BO United Phosphorus

19-Apr-2010 4QFY10 results TTPW.BO Tata Power Company

22-Apr-2010 4QFY10 results RPOL.BO Reliance Power

22-Apr-2010 4QFY10 results RLIN.BO Reliance Infrastructure

28-Apr-2010 4QFY10 results TTCH.BO Tata Chemicals

30-Apr-2010 4QFY10 results LAIN.BO Lanco Infratech

Apr-10 RIL-RNRL court case verdict RPOL.BO Reliance Power

Apr-10 RIL-RNRL court case verdict RLIN.BO Reliance Infrastructure

24-May-2010 4QFY10 results NTPC.BO NTPC

24-May-2010 4QFY10 results PGRD.BO Power Grid

30-May-2010 4QFY10 results RSTC.BO Rashtriya Chemicals & Fertilisers

May-10 LAIN.BO Lanco Infratech

Source: Company data, Bombay Stock Exchange, Goldman Sachs Research estimates.Note: Result dates are tentative based on analsyt estimates.

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We look for signs of pick-up in activity in 4Q, particularly looking out for office absorption momentum. Also to look for pre-sale receipts in 4Q

We look for signs of pick-up in activity in 4Q, particularly looking out for office absorption momentum.

We look for updates on status of Airport project, updates on TDR sales/pricesWe look for news on Indiabulls Power milestones and status of Mumbai projects

sach

in.s

alg

aon

kar@

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com Auction of pan-India 3G and BWA

spectrumWe consider 3G licensing to be a key event which will give the spectrum winners a long-term competitive advantage.

3rd week of the month

Telecom subscriber data release (monthly)

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Hearing of Amarkantak Phase court case

If RNRL were to win, it could potentially add Rs431 to our valuation for R-Infra; an adverse decision could potentially reduce valuation by Rs205

If RNRL were to win, it could potentially add Rs90 to our valuation for RPWR; an adverse decision could potentially reduce valuation by Rs41

Commissioning of Amarkantak Phase II




Goldman Sachs India Coverage - Material Events

Impacted stocks / sector Potential Material ImplicationExpected Date Event Ticker Company Rating Up/Down Market Impact Analyst

1-Apr-10 Monthly auto sales data Auto sector Should continue to show evidence of cyclical upswing in demand Sandeep Pandya9-Apr-2010 Telecom sector Sachin Salgaonkar

10-Apr-2010 Pan-India cement dispatch data Cement sector Pritesh Vinay

12-Apr-2010 February IP We expect the strength in industrial activity to continue Tushar Poddar

14-Apr-2010 March WPI inflation We expect WPI inflation to be higher than 10% in the March reading Tushar Poddar20-Apr-2010 RBI Monetary Policy Tabassum Inamdar

20-Apr-2010 RBI Monetary policy meeting Tushar Poddar

April-10 STRL.BO Sterlite Industries (India) Buy 14% Pritesh Vinay

April-10 LART.BO Larsen & Toubro Neutral -12% Ishan Sethi

April-10 RIL-RNRL court case verdict RELI.BO Reliance Industries Buy* 10% Nilesh Banerjee

April-10 RIL-RNRL court case verdict RPOL.BO Reliance Power Sell -21% Durga Dath

April-10 RIL-RNRL court case verdict RLIN.BO Reliance Infrastructure Buy 38% Durga Dath

April-10 IVRC.BO Buy* 44% Ishan Sethi

10-May-2010 Pan-India cement dispatch data Cement sector Pritesh Vinay12-May-2010 March IP We expect the strength in industrial activity to continue Tushar Poddar14-May-2010 April WPI inflation We expect headline WPI inflation to remain high, although food prices begin to moderate Tushar Poddar21-May-2010 GDP release Tushar Poddar

May-10 Commissioning of Amarkantak Phase II LAIN.BO Lanco Infratech Buy 13% Durga Dath

May-10 BHEL.BO Bharat Heavy Electricals Sell* -27% Ishan Sethi

May - June 2010 GVKP.BO GVK Power and Infrastructure Neutral 7% Ishan Sethi

10-Jun-2010 Pan-India cement dispatch data Cement sector Pritesh Vinay

12-Jun-2010 April IP We expect the strength in industrial activity to continue Tushar Poddar14-Jun-2010 May WPI inflation We expect headline WPI inflation to remain high, although food prices begin to moderate Tushar Poddar30-Jun-10 JLR pension revaluation TAMO.BO Tata Motors Neutral -11% Sandeep Pandya30-Jun-10 Nissan Micra (compact car) launch MRTI.BO Maruti Suzuki India Neutral 1% Evidence of increasing competition in Indian compact car market Sandeep Pandya30-Jun-10 MRTI.BO Maruti Suzuki India Neutral 1% Evidence of increasing competition in Indian compact car market Sandeep Pandya

1QFY2011 Cairn India pipeline CAIL.BO Cairn India Ltd. Buy 17% Nilesh Banerjee

1QFY2011 JSTL.BO JSW Steel Buy* 8% Pritesh Vinay

1QFY2011 At-risk launch of Levodopa SUN.BO Sun Pharmaceutical Industries Sell -32% Balaji Prasad

1QFY2011 Fondaparinux ANDA approval REDY.BO Dr. Reddy's Laboratories Neutral -6% Balaji Prasad

1QFY2011 SUN.BO Sun Pharmaceutical Industries Sell -32% Balaji Prasad

1QFY2011 STRL.BO Sterlite Industries (India) Buy 14% Pritesh Vinay

1QFY2011 Court hearing on Tarka GLEN.BO Glenmark Pharmaceuticals Neutral 16% Balaji Prasad

1QFY2011 JSTL.BO JSW Steel Buy* 8% Pritesh Vinay

2Q FY2010 RANB.BO Ranbaxy Laboratories Sell -38% Positive results could remove the overhang on the company Balaji Prasad1HFY2011 Policy on Banking license Financials Sector Expand banking services to more areas. Tabassum Inamdar

Auction of pan-India 3G and BWA spectrum

We consider 3G licensing to be a key event which will give the spectrum winners a long-term competitive advantage.

We expect cement dispatch data to be strong till onset of monsoon in July - FY11E cement consumption forecast at 11% yoy

Financials Sector


We expect the RBI to hike the reverse repo and repo rates by 25 bp each at its next policy meeting. We expect a cumulative increase in effective policy rates of 300 bp in 2010, in part by hiking the repo and reverse repo rates and in part by moving the effective rate from the floor of the corridor (reverse repo) to the ceiling (repo).


A slow progress on strategic issues like minority stake buyout in Balco and Hindustan Zinc have been an overhang on the stock price, any positive development could act as a catalyst and pave the way for potential restructuring in Vedanta Group

Expected commissioning of L&T - MHI Turbine generators' Surat facility

This would be the first instance of a private player commissioning power equipment manufacturing capacity in India and would add 4,000 MW to India's power equipment manufacturing capacity which is currently dominated by BHEL"s 15,000 MW capacity

We estimate the court case decision could potentially swing valuation by about Rs50/sh either way. If RIL were to win, it would likely re-rate the stock significantlyIf RNRL were to win, it could potentially add Rs431 to our valuation for R-Infra; an adverse decision could potentially reduce valuation by Rs205


Salem - Kumarapalyam and Jalandhar - Amritsar projects to start tolling

IVRCL Infrastructure and Projects

As operations stabilize we expect daily collections of Rs1.5-1.7 mn on each of these two BOT projects.

We expect 4Q FY10 GDP to be above 8%, in line with very strong readings on IP, PMI and other co-incident indicators.


In stage - 1, NTPC has received 2 bids for boiler supply and 5 for turbine - generator sets. We expect BHEL would not be L-1 on the price bids. Thus, we expect BHEL to win only 5 of the 11 units at a price matching the lowest bid.


We expect the company to provide more clarity on the phases of development, timelines and financial details for the real estate development at the airport once the approval has been secured




In our view, strategic alliance with JFE Holdings could eventually lead to JFE investing capital directly in JSW or in JSW's new 10mn tonne expansion project in Bengal which would be a positive


This is one of 2-3 most important products for DRL for 2010. Approval here would have a positive impact on the stock





30-month stay on Tarka ends in May and should come up for hearing; significant positive if Glenmark can launch this product in June 10



FDA reinspection of Dewas plant and its Increased competition for private banks.

Goldman Sachs India Coverage - Events CalendarNote: Result dates are tentative based on analsyt estimates.

Impacted stocks / sector Material ImplicationApril Event Ticker Company Market Impact Analyst Sector

First Week (Apr 5 - Apr 11)9-Apr-2010 Telecom sector Sachin Salgaonkar Telecom

10-Apr-2010 Pan-India cement dispatch data Cement sector Pritesh Vinay Cement

Second Week (Apr 12 - Apr 18)12-Apr-2010 February IP We expect the strength in industrial activity to continue Tushar Poddar Economics13-Apr-2010 4QFY10 results INFY.BO Infosys Technologies Balaji Prasad IT Services14-Apr-2010 March WPI inflation Tushar Poddar Economics

16-Apr-2010 FY2010 results CCRI.BO Container Corporation of India Ishan Sethi Capital Goods18-Apr-2010 4QFY10 results CHMB.BO Durga Dath Utilities & Fertilizer18-Apr-2010 4QFY10 results UNPO.BO United Phosphorus Durga Dath Utilities & Fertilizer

Third Week (Apr 19 - Apr 25)19-Apr-2010 4QFY10 results TCS.BO Tata Consultancy Services Ltd. Balaji Prasad IT Services19-Apr-2010 4QFY10 results TTPW.BO Tata Power Company Durga Dath Utilities & Fertilizer20-Apr-2010 RBI Monetary policy meeting Tushar Poddar Economics

20-Apr-2010 RBI Monetary Policy Financials Sector Financials

20-Apr-2010 FY2010 results SESA.BO Sesa Goa Pritesh Vinay Metals21-Apr-2010 4QFY10 results BAJA.BO Bajaj Auto We expect EBITDA margin at about 21% for FY10 Sandeep Pandya Autos21-Apr-2010 4QFY10 results HROH.BO Hero Honda Motors Should show evidence of sustainability of above-trend margins Sandeep Pandya Autos21-Apr-2010 FY2010 results ULTC.BO Ultratech Cement Pritesh Vinay Cement22-Apr-2010 1QFY2010 results ACC.BO ACC Pritesh Vinay Cement22-Apr-2010 1QFY2010 results ABUJ.BO Ambuja Cements Pritesh Vinay Cement22-Apr-2010 4QFY10 results YESB.BO Yes Bank Financials22-Apr-2010 4QFY10 results WIPR.BO Wipro Ltd. Balaji Prasad IT Services22-Apr-2010 3QFY10 results HCLT.BO HCL Technologies Ltd. Balaji Prasad IT Services22-Apr-2010 FY2010 results ZEE.BO Zee Entertainment Enterprises Ishan Sethi Media

22-Apr-2010 FY2010 results HZNC.BO Hindustan Zinc Pritesh Vinay Metals22-Apr-2010 4QFY10 results RPOL.BO Reliance Power Durga Dath Utilities & Fertilizer22-Apr-2010 4QFY10 results RLIN.BO Reliance Infrastructure Durga Dath Utilities & Fertilizer23-Apr-2010 4QFY10 results HDBK.BO HDFC Bank Financials23-Apr-2010 4QFY10 results LICH.BO LIC Housing Finance Financials23-Apr-2010 4QFY10 results IDEA.BO Idea Cellular Sachin Salgaonkar Telecom24-Apr-2010 4QFY10 results CIPL.BO Cipla Balaji Prasad Healthcare24-Apr-2010 4QFY10 results PIRA.BO Piramal Healthcare Balaji Prasad Healthcare24-Apr-2010 1QFY10 results RANB.BO Ranbaxy Laboratories Balaji Prasad Healthcare24-Apr-2010 4QFY10 results MRTI.BO Maruti Suzuki India Sandeep Pandya Autos24-Apr-2010 4QFY10 results RELI.BO Reliance Industries Nilesh Banerjee Oil & Gas25-Apr-2010 4QFY10 results ICBK.BO ICICI Bank Financials

Fourth Week (Apr 26 - Apr 30)27-Apr-2010 4QFY10 results BOB.BO Bank of Baroda Financials27-Apr-2010 FY2010 results JAIA.BO Jaiprakash Associates Ishan Sethi Infrastructure

27-Apr-2010 4QFY10 results PLNG.BO Petronet LNG Nilesh Banerjee Oil & Gas28-Apr-2010 4QFY10 results BION.BO Biocon Balaji Prasad Healthcare28-Apr-2010 4QFY10 results CADI.BO Cadila Healthcare Balaji Prasad Healthcare28-Apr-2010 4QFY10 results MAHM.BO Mahindra & Mahindra Not Covered by GS Autos28-Apr-2010 4QFY10 (Standalone) TAMO.BO Tata Motors Sandeep Pandya Autos28-Apr-2010 4QFY10 results IDFC.BO Financials

28-Apr-2010 FY2010 results STRL.BO Sterlite Industries (India) Pritesh Vinay Metals28-Apr-2010 4QFY10 results BRTI.BO Bharti Airtel Sachin Salgaonkar Telecom

Auction of pan-India 3G and BWA spectrum

We consider 3G licensing to be a key event which will give the spectrum winners a long-term competitive advantage.We expect cement dispatch data to be strong till onset of monsoon in July - FY11E cement consumption forecast at 11% yoy

Guidance for FY11 and outlook on IT spending budgets and We expect WPI inflation to be higher than 10% in the March reading

Chambal Fertilisers and

We expect the RBI to hike the reverse repo and repo rates by 25 bp each at its next policy meeting. We expect a cumulative increase in effective policy rates of 300 bp in 2010, in part by hiking the repo and reverse repo rates and in part by moving the effective rate from the floor of the corridor (reverse repo) to the ceiling (repo).


Tabassum Inamdar

Tabassum

We expect a strong performance in advertising revenues this quarter - reflecting the ad-rate hikes that the company undertook earlier in 2010. Revenues from the 6 regional GECs would also be consolidated into reported results.

Tabassum Tabassum

Tabassum

Tabassum Expect strong volume growth in the cement segment and strong pick-up in realizations from real estate sales

Infrastructure Development Finance Corp.

Tabassum Inamdar



28-Apr-2010 4QFY10 results MTNL.BO Mahanagar Telephone Nigam Sachin Salgaonkar Telecom



28-Apr-2010 4QFY10 results TTCH.BO Tata Chemicals Durga Dath Utilities & Fertilizer29-Apr-2010 4QFY10 results DABU.BO Dabur India Vishnu Gopal Consumer29-Apr-2010 4QFY10 results BOI.BO Bank of India Financials29-Apr-2010 FY2010 results GVKP.BO GVK Power and Infrastructure Ishan Sethi Infrastructure29-Apr-2010 4QFY10 results RLCM.BO Reliance Communications Sachin Salgaonkar Telecom30-Apr-2010 4QFY10 results AXBK.BO Axis Bank Financials30-Apr-2010 FY2010 results GATE.BO Gateway Distriparks Ishan Sethi Capital Goods30-Apr-2010 4QFY10 results DLF.BO DLF Vishnu Gopal Real Estate

30-Apr-2010 4QFY10 results LAIN.BO Lanco Infratech Durga Dath Utilities & FertilizerApril-10 LART.BO Larsen & Toubro Ishan Sethi Capital Goods

April-10 IVRC.BO IVRCL Infrastructure Ishan Sethi Infrastructure

April-10 STRL.BO Sterlite Industries (India) Pritesh Vinay Metals

April-10 RIL-RNRL court case verdict RELI.BO Reliance Industries Nilesh Banerjee Oil & Gas

April-10 RIL-RNRL court case verdict RPOL.BO Reliance Power Durga Dath Utilities & Fertilizer

April-10 RIL-RNRL court case verdict RLIN.BO Reliance Infrastructure Durga Dath Utilities & Fertilizer

MayFirst Week (May 1 - May 7)4-May-2010 4QFY10 results HDFC.BO HDFC Financials5-May-2010 4QFY10 results INBK.BO Indusind Bank Financials7-May-2010 4QFY10 results UNBK.BO Union Bank Financials7-May-2010 FY2010 results JSTL.BO JSW Steel Pritesh Vinay Metals

Second Week (May 8 - May 15)9-May-2010 4QFY10 results SBI.BO State Bank of India Financials10-May-2010 Pan-India cement dispatch data Cement sector Pritesh Vinay Cement11-May-2010 FY2010 results SNTX.BO Sintex Industries Ishan Sethi Capital Goods12-May-2010 March IP We expect the strength in industrial activity to continue Tushar Poddar Economics12-May-2010 4QFY10 results KTKM.BO Kotak Mahindra Bank Financials13-May-2010 4QFY10 results SRTR.BO Shriram Transport Finance Financials14-May-2010 April WPI inflation Tushar Poddar Economics

14-May-2010 4QFY10 results PARV.BO Parsvnath Developers Vishnu Gopal Real Estate14-May-2010 4QFY10 results UNTE.BO Unitech Vishnu Gopal Real Estate

15-May-2010 4QFY10 results ASOK.BO Ashok Leyland Not Covered by GS Autos15-May-2010 FY2010 results EKCL.BO Everest Kanto Cylinder Ishan Sethi Capital Goods

Third Week (May 16 - May 22)18-May-2010 FY2010 results PUJL.BO Punj Lloyd Ishan Sethi Capital Goods19-May-2010 FY2010 results GRAS.BO Grasim Industries Pritesh Vinay Cement19-May-2010 4QFY10 results SOBH.BO Sobha Developers Vishnu Gopal Real Estate20-May-2010 4QFY10 results PNBK.BO Punjab National Bank Financials21-May-2010 4QFY10 results ITC.BO ITC Vishnu Gopal Consumer

21-May-2010 GDP release Tushar Poddar Economics

21-May-2010 FY2010 results IRBI.BO IRB Infrastructure Developers Ishan Sethi Infrastructure

Tabassum

Tabassum


Expected commissioning of L&T - MHI Turbine generators' Surat facility

This would be the first instance of a private player commissioning power equipment manufacturing capacity in India and would add 4,000 MW to India's power equipment manufacturing capacity which is currently dominated by BHEL"s 15,000 MW capacitySalem - Kumarapalyam and Jalandhar -

Amritsar projects to start tolling As operations stabilize we expect daily collections of Rs1.5-1.7 mn on each of these two BOT projects.


A slow progress on strategic issues like minority stake buyout in Balco and Hindustan Zinc have been an overhang on the stock price, any positive development could act as a catalyst and pave the way for potential restructuring in Vedanta Group

We estimate the court case decision could potentially swing valuation by about Rs50/sh either way. If RIL were to win, it would likely re-rate the stock significantly

If RNRL were to win, it could potentially add Rs431 to our valuation for R-Infra; an adverse decision could potentially reduce valuation by Rs205


Tabassum Tabassum Tabassum

Tabassum

Tabassum Tabassum



Tabassum To look for updates on price increases to cover increased excise dutyWe expect 4Q FY10 GDP to be above 8%, in line with very strong readings on IP, PMI and other co-incident indicators. We expect high yoy sales and EPS growth, driven by traction in the construction business.



Fourth Week (May 23 - May 31)23-May-2010 1QFY10 results NEST.BO Nestle India Vishnu Gopal Consumer24-May-2010 4QFY10 results NTPC.BO NTPC Durga Dath Utilities & Fertilizer24-May-2010 4QFY10 results PGRD.BO Power Grid Durga Dath Utilities & Fertilizer25-May-2010 4QFY10 results HLL.BO Hindustan Unilever Vishnu Gopal Consumer

25-May-2010 2QFY10 results MBFL.BO Mphasis Balaji Prasad IT Services25-May-2010 4QFY10 results HDIL.BO Vishnu Gopal Real Estate

26-May-2010 4QFY10 (Consolidated) TAMO.BO Tata Motors Sandeep Pandya Autos26-May-2010 4QFY10 results TATA.BO Tata Communications Sachin Salgaonkar Telecom27-May-2010 FY2010 results BHEL.BO Bharat Heavy Electricals Ishan Sethi Capital Goods

27-May-2010 4QFY10 results CAIL.BO Cairn India Ltd. Nilesh Banerjee Oil & Gas28-May-2010 FY2010 results LART.BO Larsen & Toubro Ishan Sethi Capital Goods

28-May-2010 4QFY10 results COLG.BO Colgate Palmolive (India) Vishnu Gopal Consumer

28-May-2010 FY2010 results SAIL.BO Steel Authority of India Pritesh Vinay Metals29-May-2010 FY2010 results IVRC.BO IVRCL Infrastructure and Projects Ishan Sethi Infrastructure

29-May-2010 4QFY10 results BPCL.BO Bharat Petroleum Nilesh Banerjee Oil & Gas29-May-2010 4QFY10 results IOC.BO Indian Oil Corp. Nilesh Banerjee Oil & Gas30-May-2010 FY2010 results GMRI.BO GMR Infrastructure Ishan Sethi Infrastructure30-May-2010 FY2010 results DSTV.BO Dish TV India Ishan Sethi Media30-May-2010 FY2010 results SUTV.BO Sun TV Network Ishan Sethi Media

30-May-2010 4QFY10 results RSTC.BO Rashtriya Chemicals & Fertilisers Durga Dath Utilities & FertilizerMay-10 BHEL.BO Bharat Heavy Electricals Ishan Sethi Capital Goods

May-10 Commissioning of Amarkantak Phase II LAIN.BO Lanco Infratech Durga Dath Utilities & Fertilizer

June2-Jun-2010 4QFY10 results HPCL.BO Hindustan Petroleum Nilesh Banerjee Oil & Gas3-Jun-2010 FY2010 results NALU.BO National Aluminium Company Pritesh Vinay Metals4-Jun-2010 4QFY10 results INRL.BO Indiabulls Real Estate Limited Vishnu Gopal Real Estate

10-Jun-2010 Pan-India cement dispatch data Cement sector Pritesh Vinay Cement12-Jun-2010 April IP We expect the strength in industrial activity to continue Tushar Poddar Economics14-Jun-2010 May WPI inflation Tushar Poddar Economics

15-Jun-2010 4QFY10 results GAIL.BO Gas Authority of India Nilesh Banerjee Oil & Gas24-Jun-2010 4QFY10 results ONGC.BO Oil & Natural Gas Corp. Nilesh Banerjee Oil & Gas25-Jun-2010 FY2010 results TISC.BO Tata Steel Focus would be on Tata Steel Europe's (Corus) earnings Pritesh Vinay Metals27-Jun-2010 FY2010 results ICMN.BO India Cement Pritesh Vinay Cement30-Jun-2010 4QFY10 results APLH.BO Apollo Hospitals Balaji Prasad Healthcare30-Jun-2010 4QFY10 results REDY.BO Dr. Reddy's Laboratories Balaji Prasad Healthcare30-Jun-2010 4QFY10 results FOHE.BO Fortis Healthcare Balaji Prasad Healthcare30-Jun-2010 4QFY10 results GLEN.BO Glenmark Pharmaceuticals Balaji Prasad Healthcare30-Jun-2010 4QFY10 results LUPN.BO Lupin Balaji Prasad Healthcare30-Jun-2010 4QFY10 results SUN.BO Sun Pharmaceutical Industries Balaji Prasad Healthcare30-Jun-2010 MRTI.BO Maruti Suzuki India Sandeep Pandya Autos

30-Jun-2010 Nissan Micra (compact car) launch MRTI.BO Maruti Suzuki India Sandeep Pandya Autos30-Jun-2010 JLR pension revaluation TAMO.BO Tata Motors Sandeep Pandya Autos30-Jun-2010 FY2010 results HALC.BO Hindalco Industries Pritesh Vinay Metals30-Jun-2010 4QFY10 results GSPT.BO Gujarat State Petronet Nilesh Banerjee Oil & Gas30-Jun-2010 4QFY10 results OILI.BO Oil India Nilesh Banerjee Oil & Gas

To look for impact of price reductions on margins and also whether pricing strategy has led to increase in volumes/market shares

Housing Development & Infrastructure

We look for updates on status of Airport project, updates on TDR sales/prices


We expect 28% yoy growth in Q4FY10 vs company's guidance of 35% yoy growthTo look for increases in effective tax rate as deduction allowed on production from Baddi set to expire.


Company has witnessed exceptionally strong growth over the last two quarters. Any change in momentum would be


In stage - 1, NTPC has received 2 bids for boiler supply and 5 for turbine - generator sets. We expect BHEL would not be L-1 on the price bids. Thus, we expect BHEL to win only 5 of the 11 units at a price matching the lowest bid.

We look for news on Indiabulls Power milestones and status of Mumbai projects



Evidence of increasing competition in Indian compact car marketEvidence of increasing competition in Indian compact car



1QFY2011 Cairn India pipeline CAIL.BO Cairn India Ltd. Nilesh Banerjee Oil & Gas

1QFY2011 Fondaparinux ANDA approval REDY.BO Dr. Reddy's Laboratories Balaji Prasad Healthcare

1QFY2011 SUN.BO Sun Pharmaceutical Industries Balaji Prasad Healthcare

1QFY2011 GLEN.BO Glenmark Pharmaceuticals Clarity on future generics business for Glenmark Balaji Prasad Healthcare

1QFY2011 Court hearing on Tarka GLEN.BO Glenmark Pharmaceuticals Balaji Prasad Healthcare

1QFY2011 At-risk launch of Levodopa SUN.BO Sun Pharmaceutical Industries Balaji Prasad Healthcare

1QFY2011 GRAS.BO, ULTC.BO Grasim/Ultratech Pritesh Vinay Cement

1QFY2011 STRL.BO Sterlite Industries (India) Pritesh Vinay Metals

1QFY2011 JSTL.BO JSW Steel Pritesh Vinay Metals

1QFY2011 JSTL.BO JSW Steel Pritesh Vinay Metals

1QFY2011 GVKP.BO GVK Power and Infrastructure Ishan Sethi Infrastructure

2Q FY2010 RANB.BO Ranbaxy Laboratories Positive results could remove the overhang on the company Balaji Prasad Healthcare

1HFY2011 Policy on Banking license Financials Sector Expand banking services to more areas. Financials


This is one of 2-3 most imp products for DRL for 2010. Approval here would have a positive impact on the stock



IPO of Glenmark Generics Ltd - its generic business

The 30-month stay on Tarka ends in May and should come up for hearing; significant positive if Glenmark can launch this product in June 10


Listing of Samruddhi Cement (Grasim's cement subsidiary)

Timely listing of Samruddhi Cement would ensure that the entire consolidation process would be completed by 2QFY2011; implying potential rerating for Ultratech Cements. Post consolidation,Ultratech Cements would emerge as India’s largest cement company with a total capacity of 49 mtpa representing 20% of all-India capacity.






In our view, strategic alliance with JFE Holdings could eventually lead to JFE investing capital directly in JSW or in JSW's new 10mn tonne expansion project in Bengal which would be a positive


We expect the company to provide more clarity on the phases of development, timelines and financial details for the real estate development at the airport once the approval has been securedFDA reinspection of Dewas plant and its

results Increased competition for private banks.

Tabassum Inamdar

Goldman Sachs India Coverage - Earnings Calendar (4QFY2010 / 1QCY2010)Note: Result dates are tentative based on analsyt estimates.

Material ImplicationApril Ticker Company Market Impact Analyst Sector Event

First Week (Apr 5 - Apr 11)

Second Week (Apr 12 - Apr 18) 4 companies13-Apr-2010 INFY.BO Infosys Technologies Balaji Prasad IT Services 4QFY10 results16-Apr-2010 CCRI.BO Container Corporation of India Ishan Sethi Capital Goods FY2010 results18-Apr-2010 CHMB.BO Chambal Fertilisers and Chemicals Durga Dath Utilities & Fertilizer 4QFY10 results18-Apr-2010 UNPO.BO United Phosphorus Durga Dath Utilities & Fertilizer 4QFY10 results

Third Week (Apr 19 - Apr 25) 24 companies19-Apr-2010 TCS.BO Tata Consultancy Services Ltd. Balaji Prasad IT Services 4QFY10 results19-Apr-2010 TTPW.BO Tata Power Company Durga Dath Utilities & Fertilizer 4QFY10 results20-Apr-2010 SESA.BO Sesa Goa Pritesh Vinay Metals FY2010 results21-Apr-2010 BAJA.BO Bajaj Auto Sandeep Pandya Autos 4QFY10 results

21-Apr-2010 HROH.BO Hero Honda Motors Sandeep Pandya Autos 4QFY10 results

21-Apr-2010 ULTC.BO Ultratech Cement Pritesh Vinay Cement FY2010 results22-Apr-2010 ACC.BO ACC Pritesh Vinay Cement 1QFY2010 results22-Apr-2010 ABUJ.BO Ambuja Cements Pritesh Vinay Cement 1QFY2010 results22-Apr-2010 YESB.BO Yes Bank Tabassum Inamdar Financials 4QFY10 results22-Apr-2010 WIPR.BO Wipro Ltd. Balaji Prasad IT Services 4QFY10 results22-Apr-2010 HCLT.BO HCL Technologies Ltd. Balaji Prasad IT Services 3QFY10 results22-Apr-2010 ZEE.BO Zee Entertainment Enterprises Ishan Sethi Media FY2010 results

22-Apr-2010 HZNC.BO Hindustan Zinc Pritesh Vinay Metals FY2010 results22-Apr-2010 RPOL.BO Reliance Power Durga Dath Utilities & Fertilizer 4QFY10 results22-Apr-2010 RLIN.BO Reliance Infrastructure Durga Dath Utilities & Fertilizer 4QFY10 results23-Apr-2010 HDBK.BO HDFC Bank Tabassum Inamdar Financials 4QFY10 results23-Apr-2010 LICH.BO LIC Housing Finance Tabassum Inamdar Financials 4QFY10 results23-Apr-2010 IDEA.BO Idea Cellular Sachin Salgaonkar Telecom 4QFY10 results24-Apr-2010 CIPL.BO Cipla Balaji Prasad Healthcare 4QFY10 results24-Apr-2010 PIRA.BO Piramal Healthcare Balaji Prasad Healthcare 4QFY10 results24-Apr-2010 RANB.BO Ranbaxy Laboratories Balaji Prasad Healthcare 1QFY10 results24-Apr-2010 MRTI.BO Maruti Suzuki India Sandeep Pandya Autos 4QFY10 results24-Apr-2010 RELI.BO Reliance Industries Nilesh Banerjee Oil & Gas 4QFY10 results25-Apr-2010 ICBK.BO ICICI Bank Tabassum Inamdar Financials 4QFY10 results

Guidance for FY11 and outlook on IT spending budgets and hiring

We expect EBITDA margin at about 21% for FY10Should show evidence of sustainability of above-trend margins

We expect a strong performance in advertising revenues this quarter - reflecting the ad-rate hikes that the company undertook earlier in 2010. Revenues from the 6 regional GECs would also be consolidated into reported results.



Fourth Week (Apr 26 - Apr 30) 20 companies27-Apr-2010 BOB.BO Bank of Baroda Tabassum Inamdar Financials 4QFY10 results27-Apr-2010 JAIA.BO Jaiprakash Associates Ishan Sethi Infrastructure FY2010 results27-Apr-2010 PLNG.BO Petronet LNG Nilesh Banerjee Oil & Gas 4QFY10 results28-Apr-2010 BION.BO Biocon Balaji Prasad Healthcare 4QFY10 results28-Apr-2010 CADI.BO Cadila Healthcare Balaji Prasad Healthcare 4QFY10 results28-Apr-2010 MAHM.BO Mahindra & Mahindra Not Covered by GS Sandeep Pandya Autos 4QFY10 results

28-Apr-2010 TAMO.BO Tata Motors Sandeep Pandya Autos

28-Apr-2010 IDFC.BO Tabassum Inamdar Financials 4QFY10 results28-Apr-2010 STRL.BO Sterlite Industries (India) Pritesh Vinay Metals FY2010 results28-Apr-2010 BRTI.BO Bharti Airtel Sachin Salgaonkar Telecom 4QFY10 results28-Apr-2010 MTNL.BO Mahanagar Telephone Nigam Sachin Salgaonkar Telecom 4QFY10 results28-Apr-2010 TTCH.BO Tata Chemicals Durga Dath Utilities & Fertilizer 4QFY10 results29-Apr-2010 DABU.BO Dabur India Vishnu Gopal Consumer 4QFY10 results29-Apr-2010 BOI.BO Bank of India Tabassum Inamdar Financials 4QFY10 results29-Apr-2010 GVKP.BO GVK Power and Infrastructure Ishan Sethi Infrastructure FY2010 results29-Apr-2010 RLCM.BO Reliance Communications Sachin Salgaonkar Telecom 4QFY10 results30-Apr-2010 AXBK.BO Axis Bank Tabassum Inamdar Financials 4QFY10 results30-Apr-2010 GATE.BO Gateway Distriparks Ishan Sethi Capital Goods FY2010 results30-Apr-2010 DLF.BO DLF Vishnu Gopal Real Estate 4QFY10 results

30-Apr-2010 LAIN.BO Lanco Infratech Durga Dath Utilities & Fertilizer 4QFY10 results

MayFirst Week (May 1 - May 7) 4 companies4-May-2010 HDFC.BO HDFC Tabassum Inamdar Financials 4QFY10 results5-May-2010 INBK.BO Indusind Bank Tabassum Inamdar Financials 4QFY10 results7-May-2010 UNBK.BO Union Bank Tabassum Inamdar Financials 4QFY10 results7-May-2010 JSTL.BO JSW Steel Pritesh Vinay Metals FY2010 results

Second Week (May 8 - May 15) 6 companies9-May-2010 SBI.BO State Bank of India Tabassum Inamdar Financials 4QFY10 results11-May-2010 SNTX.BO Sintex Industries Ishan Sethi Capital Goods FY2010 results12-May-2010 KTKM.BO Kotak Mahindra Bank Tabassum Inamdar Financials 4QFY10 results13-May-2010 SRTR.BO Shriram Transport Finance Tabassum Inamdar Financials 4QFY10 results14-May-2010 PARV.BO Parsvnath Developers Vishnu Gopal Real Estate 4QFY10 results14-May-2010 UNTE.BO Unitech Vishnu Gopal Real Estate 4QFY10 results

Third Week (May 16 - May 22) 8 companies15-May-2010 ASOK.BO Ashok Leyland Not Covered by GS Sandeep Pandya Autos 4QFY10 results15-May-2010 EKCL.BO Everest Kanto Cylinder Ishan Sethi Capital Goods FY2010 results18-May-2010 PUJL.BO Punj Lloyd Ishan Sethi Capital Goods FY2010 results19-May-2010 GRAS.BO Grasim Industries Pritesh Vinay Cement FY2010 results19-May-2010 SOBH.BO Sobha Developers Vishnu Gopal Real Estate 4QFY10 results20-May-2010 PNBK.BO Punjab National Bank Tabassum Inamdar Financials 4QFY10 results21-May-2010 ITC.BO ITC Vishnu Gopal Consumer 4QFY10 results

21-May-2010 IRBI.BO IRB Infrastructure Developers Ishan Sethi Infrastructure FY2010 results

Expect strong volume growth in the cement segment and strong pick-up in realizations from real estate sales

4QFY10 (Standalone)

Infrastructure Development Finance



To look for updates on price increases to cover increased excise dutyWe expect high yoy sales and EPS growth, driven by traction in the construction business.



Fourth Week (May 23 - May 31) 20 companies23-May-2010 NEST.BO Nestle India Vishnu Gopal Consumer 1QFY10 results24-May-2010 NTPC.BO NTPC Durga Dath Utilities & Fertilizer 4QFY10 results24-May-2010 PGRD.BO Power Grid Durga Dath Utilities & Fertilizer 4QFY10 results25-May-2010 HLL.BO Hindustan Unilever Vishnu Gopal Consumer 4QFY10 results

25-May-2010 MBFL.BO Mphasis Balaji Prasad IT Services 2QFY10 results25-May-2010 HDIL.BO Housing Development & Infrastructure Vishnu Gopal Real Estate 4QFY10 results

26-May-2010 TAMO.BO Tata Motors Sandeep Pandya Autos

26-May-2010 TATA.BO Tata Communications Sachin Salgaonkar Telecom 4QFY10 results27-May-2010 BHEL.BO Bharat Heavy Electricals Ishan Sethi Capital Goods FY2010 results

27-May-2010 CAIL.BO Cairn India Ltd. Nilesh Banerjee Oil & Gas 4QFY10 results28-May-2010 LART.BO Larsen & Toubro Ishan Sethi Capital Goods FY2010 results

28-May-2010 COLG.BO Colgate Palmolive (India) Vishnu Gopal Consumer 4QFY10 results

28-May-2010 SAIL.BO Steel Authority of India Pritesh Vinay Metals FY2010 results29-May-2010 IVRC.BO IVRCL Infrastructure and Projects Ishan Sethi Infrastructure FY2010 results29-May-2010 BPCL.BO Bharat Petroleum Nilesh Banerjee Oil & Gas 4QFY10 results29-May-2010 IOC.BO Indian Oil Corp. Nilesh Banerjee Oil & Gas 4QFY10 results30-May-2010 GMRI.BO GMR Infrastructure Ishan Sethi Infrastructure FY2010 results30-May-2010 DSTV.BO Dish TV India Ishan Sethi Media FY2010 results30-May-2010 SUTV.BO Sun TV Network Ishan Sethi Media FY2010 results

30-May-2010 RSTC.BO Rashtriya Chemicals & Fertilisers Durga Dath Utilities & Fertilizer 4QFY10 results

June 16 companies2-Jun-2010 HPCL.BO Hindustan Petroleum Nilesh Banerjee Oil & Gas 4QFY10 results3-Jun-2010 NALU.BO National Aluminium Company Pritesh Vinay Metals FY2010 results4-Jun-2010 INRL.BO Indiabulls Real Estate Limited Vishnu Gopal Real Estate 4QFY10 results

15-Jun-2010 GAIL.BO Gas Authority of India Nilesh Banerjee Oil & Gas 4QFY10 results24-Jun-2010 ONGC.BO Oil & Natural Gas Corp. Nilesh Banerjee Oil & Gas 4QFY10 results25-Jun-2010 TISC.BO Tata Steel Pritesh Vinay Metals FY2010 results

27-Jun-2010 ICMN.BO India Cement Pritesh Vinay Cement FY2010 results30-Jun-2010 APLH.BO Apollo Hospitals Balaji Prasad Healthcare 4QFY10 results30-Jun-2010 REDY.BO Dr. Reddy's Laboratories Balaji Prasad Healthcare 4QFY10 results30-Jun-2010 FOHE.BO Fortis Healthcare Balaji Prasad Healthcare 4QFY10 results30-Jun-2010 GLEN.BO Glenmark Pharmaceuticals Balaji Prasad Healthcare 4QFY10 results30-Jun-2010 LUPN.BO Lupin Balaji Prasad Healthcare 4QFY10 results30-Jun-2010 SUN.BO Sun Pharmaceutical Industries Balaji Prasad Healthcare 4QFY10 results30-Jun-2010 HALC.BO Hindalco Industries Pritesh Vinay Metals FY2010 results30-Jun-2010 GSPT.BO Gujarat State Petronet Nilesh Banerjee Oil & Gas 4QFY10 results30-Jun-2010 OILI.BO Oil India Nilesh Banerjee Oil & Gas 4QFY10 results

To look for impact of price reductions on margins and also whether pricing strategy has led to increase in volumes/market shares

We look for updates on status of Airport project, updates on TDR sales/prices

4QFY10 (Consolidated)


We expect 28% yoy growth in Q4FY10 vs company's guidance of 35% yoy growthTo look for increases in effective tax rate as deduction allowed on production from Baddi set to expire.


Company has witnessed exceptionally strong growth over the last two quarters. Any change in momentum would be relevant.

We look for news on Indiabulls Power milestones and status of Mumbai projects

Focus would be on Tata Steel Europe's (Corus) earnings

Reg ACI, Vikram Sahu, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Investment ProfileThe Goldman Sachs Investment Profile provides investment context for a security by comparing key attributes of that security to its peer group and market. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on composites of several methodologies to determine the stocks percentile ranking within the region's coverage universe.

The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows:

QuantumQuantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.

DisclosuresCoverage group(s) of stocks by primary analyst(s)Compendium report: please see disclosures at http://www.gs.com/research/hedge.html. Disclosures applicable to the companies included in this compendium can be found in the latest relevant published research.

Company-specific regulatory disclosuresCompendium report: please see disclosures at http://www.gs.com/research/hedge.html. Disclosures applicable to the companies included in this compendium can be found in the latest relevant published research.

Distribution of ratings/investment banking relationshipsGoldman Sachs Investment Research global coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 31% 53% 16% 53% 47% 40%

As of January 1, 2010, Goldman Sachs Global Investment Research had investment ratings on 2,763 equity securities. Goldman Sachs assigns stocks as Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the purposes of the above disclosure required by NASD/NYSE rules. See 'Ratings, Coverage groups and views and related definitions' below.

Price target and rating history chart(s)Compendium report: please see disclosures at http://www.gs.com/research/hedge.html. Disclosures applicable to the companies included in this compendium can be found in the latest relevant published research.

Regulatory disclosuresDisclosures required by United States laws and regulationsSee company-specific regulatory disclosures above for any of the following disclosures required as to companies referred to in this report: manager or co-manager in a pending transaction; 1% or other ownership; compensation for certain services; types of client relationships; managed/co-managed public offerings in prior periods; directorships; for equity securities, market making and/or specialist role. Goldman Sachs usually makes a market in fixed income securities of issuers discussed in this report and usually deals as a principal in these securities.

Additional disclosures required under the laws and regulations of jurisdictions other than the United States

Ratings, coverage groups and views and related definitions

Global product; distributing entitiesThe Global Investment Research Division of Goldman Sachs produces and distributes research products for clients of Goldman Sachs, and pursuant to certain contractual arrangements, on a global basis. Analysts based in Goldman Sachs offices around the world produce equity research on industries and companies, and research on macroeconomics, currencies, commodities and portfolio strategy. This research is disseminated in Australia by Goldman Sachs JBWere Pty Ltd (ABN 21 006 797 897) on behalf of Goldman Sachs; in Canada by Goldman Sachs & Co. regarding Canadian equities and by Goldman Sachs & Co. (all other research); in Hong Kong by Goldman Sachs (Asia) L.L.C.; in India by Goldman Sachs (India) Securities Private Ltd.; in Japan by Goldman Sachs Japan Co., Ltd.; in the Republic of Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in New Zealand by Goldman Sachs JBWere (NZ) Limited on behalf of Goldman Sachs; in Russia by OOO Goldman Sachs; in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W); and in the United States of America by Goldman Sachs & Co. Goldman Sachs International has approved this research in connection with its distribution in the United Kingdom and European Union.

General disclosuresThis research is for our clients only. Other than disclosures relating to Goldman Sachs, this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgment.

Goldman Sachs conducts a global full-service, integrated investment banking, investment management, and brokerage business. We have investment banking and other business relationships with a substantial percentage of the companies covered by our Global Investment Research Division. Goldman Sachs & Co., the United States broker dealer, is a member of SIPC (http://www.sipc.org).

Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.

We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.

This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments.

Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should review current options disclosure documents which are available from Goldman Sachs sales representatives or at http://www.theocc.com/publications/risks/riskchap1.jsp. Transactions cost may be significant in option strategies calling for multiple purchase and sales of options such as spreads. Supporting documentation will be supplied upon request.

All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client websites. Not all research content is redistributed to our clients or available to third-party aggregators, nor is Goldman Sachs responsible for the redistribution of our research by third party aggregators. For all research available on a particular stock, please contact your sales representative or go to http://360.gs.com.

Disclosure information is also available at http://www.gs.com/research/hedge.html or from Research Compliance, One New York Plaza, New York, NY 10004.

Copyright 2010 The Goldman Sachs Group, Inc.

No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of The Goldman Sachs Group, Inc.

Growth is a composite of next year's estimate over current year's estimate, e.g. EPS, EBITDA, Revenue. Return is a year one prospective aggregate of various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends.

The following are additional required disclosures: Ownership and material conflicts of interest: Goldman Sachs policy prohibits its analysts, professionals reporting to analysts and members of their households from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are paid in part based on the profitability of Goldman Sachs, which includes investment banking revenues. Analyst as officer or director: Goldman Sachs policy prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director, advisory board member or employee of any company in the analyst's area of coverage. Non-U.S. Analysts: Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.

Distribution of ratings: See the distribution of ratings disclosure above. Price chart: See the price chart, with changes of ratings and price targets in prior periods, above, or, if electronic format or if with respect to multiple companies which are the subject of this report, on the Goldman Sachs website at http://www.gs.com/research/hedge.html.

The following disclosures are those required by the jurisdiction indicated, except to the extent already made above pursuant to United States laws and regulations. Australia: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. Canada: Goldman Sachs & Co. has approved of, and agreed to take responsibility for, this research in Canada if and to the extent it relates to equity securities of Canadian issuers. Analysts may conduct site visits but are prohibited from accepting payment or reimbursement by the company of travel expenses for such visits. Hong Kong: Further information on the securities of covered companies referred to in this research may be obtained on request from Goldman Sachs (Asia) L.L.C. India: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (India) Securities Private Limited; Japan: See below. Korea: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.

European Union: Disclosure information in relation to Article 4 (1) (d) and Article 6 (2) of the European Commission Directive 2003/126/EC is available at http://www.gs.com/client_services/global_investment_research/europeanpolicy.html which states the European Policy for Managing Conflicts of Interest in Connection with Investment Research.

Japan: Goldman Sachs Japan Co., Ltd. is a Financial Instrument Dealer under the Financial Instrument and Exchange Law, registered with the Kanto Financial Bureau (Registration No. 69), and is a member of Japan Securities Dealers Association (JSDA) and Financial Futures Association of Japan (FFAJ). Sales and purchase of equities are subject to commission pre-determined with clients plus consumption tax. See company-specific disclosures as to any applicable disclosures required by Japanese stock exchanges, the Japanese Securities Dealers Association or the Japanese Securities Finance Company.

Buy (B), Neutral (N), Sell (S) -Analysts recommend stocks as Buys or Sells for inclusion on various regional Investment Lists. Being assigned a Buy or Sell on an Investment List is determined by a stock's return potential relative to its coverage group as described below. Any stock not assigned as a Buy or a Sell on an Investment List is deemed Neutral. Each regional Investment Review Committee manages various regional Investment Lists to a global guideline of 25%-35% of stocks as Buy and 10%-15% of stocks as Sell; however, the distribution of Buys and Sells in any particular coverage group may vary as determined by the regional Investment Review Committee. Regional Conviction Buy and Sell lists represent investment recommendations focused on either the size of the potential return or the likelihood of the realization of the return.

Return potential represents the price differential between the current share price and the price target expected during the time horizon associated with the price target. Price targets are required for all covered stocks. The return potential, price target and associated time horizon are stated in each report adding or reiterating an Investment List membership.

Coverage groups and views: A list of all stocks in each coverage group is available by primary analyst, stock and coverage group at http://www.gs.com/research/hedge.html. The analyst assigns one of the following coverage views which represents the analyst's investment outlook on the coverage group relative to the group's historical fundamentals and/or valuation. Attractive (A). The investment outlook over the following 12 months is favorable relative to the coverage group's historical fundamentals and/or valuation. Neutral (N). The investment outlook over the following 12 months is neutral relative to the coverage group's historical fundamentals and/or valuation. Cautious (C). The investment outlook over the following 12 months is unfavorable relative to the coverage group's historical fundamentals and/or valuation.

Not Rated (NR). The investment rating and target price have been removed pursuant to Goldman Sachs policy when Goldman Sachs is acting in an advisory capacity in a merger or strategic transaction involving this company and in certain other circumstances. Rating Suspended (RS). Goldman Sachs Research has suspended the investment rating and price target for this stock, because there is not a sufficient fundamental basis for determining an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. Coverage Suspended (CS). Goldman Sachs has suspended coverage of this company. Not Covered (NC). Goldman Sachs does not cover this company. Not Available or Not Applicable (NA). The information is not available for display or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded.

European Union: Goldman Sachs International, authorized and regulated by the Financial Services Authority, has approved this research in connection with its distribution in the European Union and United Kingdom; Goldman Sachs & Co. oHG, regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht, may also distribute research in Germany.

I, Vikram Sahu, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

The Goldman Sachs Investment Profile provides investment context for a security by comparing key attributes of that security to its peer group and market. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on composites of several methodologies to determine the stocks percentile ranking within the region's coverage universe.

The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows:

Quantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.

Compendium report: please see disclosures at http://www.gs.com/research/hedge.html. Disclosures applicable to the companies included in this compendium can be found in the latest relevant published research.




See company-specific regulatory disclosures above for any of the following disclosures required as to companies referred to in this report: manager or co-manager in a pending transaction; 1% or other ownership; compensation for certain services; types of client relationships; managed/co-managed public offerings in prior periods; directorships; for equity securities, market making and/or specialist role. Goldman Sachs usually makes a market in fixed income securities of issuers discussed in this report and usually deals as a principal in these securities.

Additional disclosures required under the laws and regulations of jurisdictions other than the United States

The Global Investment Research Division of Goldman Sachs produces and distributes research products for clients of Goldman Sachs, and pursuant to certain contractual arrangements, on a global basis. Analysts based in Goldman Sachs offices around the world produce equity research on industries and companies, and research on macroeconomics, currencies, commodities and portfolio strategy. This research is disseminated in Australia by Goldman Sachs JBWere Pty Ltd (ABN 21 006 797 897) on behalf of Goldman Sachs; in Canada by Goldman Sachs & Co. regarding Canadian equities and by Goldman Sachs & Co. (all other research); in Hong Kong by Goldman Sachs (Asia) L.L.C.; in India by Goldman Sachs (India) Securities Private Ltd.; in Japan by Goldman Sachs Japan Co., Ltd.; in the Republic of Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in New Zealand by Goldman Sachs JBWere (NZ) Limited on behalf of Goldman Sachs; in Russia by OOO Goldman Sachs; in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W); and in the United States of America by Goldman Sachs & Co. Goldman Sachs International has approved this research in connection with its distribution in the United Kingdom and European Union.

This research is for our clients only. Other than disclosures relating to Goldman Sachs, this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgment.







Disclosure information is also available at http://www.gs.com/research/hedge.html or from Research Compliance, One New York Plaza, New York, NY 10004.

No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of The Goldman Sachs Group, Inc.

Return is a year one prospective aggregate of various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends.

Goldman Sachs policy prohibits its analysts, professionals reporting to analysts and members of their households from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are paid in part based on the profitability of Goldman Sachs, which includes investment banking revenues. Analyst as officer or director: Goldman Sachs policy prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director, advisory board member or employee of any company in the analyst's area of coverage. Non-U.S. Analysts: Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.

See the price chart, with changes of ratings and price targets in prior periods, above, or, if electronic format or if with respect to multiple companies which are the subject of this report, on the Goldman Sachs website at http://www.gs.com/research/hedge.html.

The following disclosures are those required by the jurisdiction indicated, except to the extent already made above pursuant to United States laws and regulations. Australia: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. Canada: Goldman Sachs & Co. has approved of, and agreed to take responsibility for, this research in Canada if and to the extent it relates to equity securities of Canadian issuers. Analysts may conduct site visits but are prohibited from accepting payment or reimbursement by the company of travel expenses for such visits. Hong Kong: Further information on the securities of covered companies referred to in this research may be obtained on request from Goldman Sachs (Asia) L.L.C. India: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (India) Securities Private Limited; Japan: See below. Korea: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.

Disclosure information in relation to Article 4 (1) (d) and Article 6 (2) of the European Commission Directive 2003/126/EC is available at http://www.gs.com/client_services/global_investment_research/europeanpolicy.html which states the European Policy for Managing Conflicts of Interest in Connection with Investment Research.

Goldman Sachs Japan Co., Ltd. is a Financial Instrument Dealer under the Financial Instrument and Exchange Law, registered with the Kanto Financial Bureau (Registration No. 69), and is a member of Japan Securities Dealers Association (JSDA) and Financial Futures Association of Japan (FFAJ). Sales and purchase of equities are subject to commission pre-determined with clients plus consumption tax. See company-specific disclosures as to any applicable disclosures required by Japanese stock exchanges, the Japanese Securities Dealers Association or the Japanese Securities Finance Company.

Analysts recommend stocks as Buys or Sells for inclusion on various regional Investment Lists. Being assigned a Buy or Sell on an Investment List is determined by a stock's return potential relative to its coverage group as described below. Any stock not assigned as a Buy or a Sell on an Investment List is deemed Neutral. Each regional Investment Review Committee manages various regional Investment Lists to a global guideline of 25%-35% of stocks as Buy and 10%-15% of stocks as Sell; however, the distribution of Buys and Sells in any particular coverage group may vary as determined by the regional Investment Review Committee. Regional Conviction Buy and Sell lists represent investment recommendations focused on either the size of the potential return or the likelihood of the realization of the return.

represents the price differential between the current share price and the price target expected during the time horizon associated with the price target. Price targets are required for all covered stocks. The return potential, price target and associated time horizon are stated in each report adding or reiterating an Investment List membership.

A list of all stocks in each coverage group is available by primary analyst, stock and coverage group at http://www.gs.com/research/hedge.html. The analyst assigns one of the following coverage views which represents the analyst's investment outlook on the coverage group relative to the group's historical fundamentals and/or valuation. Attractive (A). The investment outlook over the following 12 months is favorable relative to the coverage group's historical fundamentals and/or valuation. Neutral (N). The investment outlook over the following 12 months is neutral relative to the coverage group's historical fundamentals and/or valuation. Cautious (C). The investment outlook over the following 12 months is unfavorable relative to the coverage group's historical fundamentals and/or valuation.

The investment rating and target price have been removed pursuant to Goldman Sachs policy when Goldman Sachs is acting in an advisory capacity in a merger or strategic transaction involving this company and in certain other circumstances. Rating Suspended (RS). Goldman Sachs Research has suspended the investment rating and price target for this stock, because there is not a sufficient fundamental basis for determining an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. Coverage Suspended (CS). Goldman Sachs has suspended coverage of this company. Not Covered (NC). Goldman Sachs does not cover this company. Not Available or Not Applicable (NA). The information is not available for display or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded.

Goldman Sachs International, authorized and regulated by the Financial Services Authority, has approved this research in connection with its distribution in the European Union and United Kingdom; Goldman Sachs & Co. oHG, regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht, may also distribute research in Germany.

I, Vikram Sahu, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.


Quantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.











Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends.

Goldman Sachs policy prohibits its analysts, professionals reporting to analysts and members of their households from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are paid in part based on the profitability of Goldman Sachs, which includes investment banking revenues. Analyst as officer or director: Goldman Sachs policy prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director, advisory board member or employee of any company in the analyst's area of coverage. Non-U.S. Analysts: Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.

See the price chart, with changes of ratings and price targets in prior periods, above, or, if electronic format or if with respect to multiple companies which are the subject of this report, on the Goldman Sachs website at http://www.gs.com/research/hedge.html.

This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. Canada: Goldman Sachs & Co. has approved of, and agreed to take responsibility for, this research in Canada if and to the extent it relates to equity securities of Canadian issuers. Analysts may conduct site visits but are prohibited from accepting payment or reimbursement by the company of travel expenses for such visits. Hong Kong: Further information on the securities of covered companies referred to in this research may be obtained on request from Goldman Sachs (Asia) L.L.C. India: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (India) Securities Private Limited; Japan: See below. Korea: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.

Disclosure information in relation to Article 4 (1) (d) and Article 6 (2) of the European Commission Directive 2003/126/EC is available at http://www.gs.com/client_services/global_investment_research/europeanpolicy.html which states the European Policy for Managing Conflicts of Interest in Connection with Investment Research.





The investment rating and target price have been removed pursuant to Goldman Sachs policy when Goldman Sachs is acting in an advisory capacity in a merger or strategic transaction involving this company and in certain other circumstances. Rating Suspended (RS). Goldman Sachs Research has suspended the investment rating and price target for this stock, because there is not a sufficient fundamental basis for determining an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. Coverage Suspended (CS). Goldman Sachs has suspended coverage of this company. Not Covered (NC). Goldman Sachs does not cover this company. Not Available or Not Applicable (NA). The information is not available for display or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded.

Goldman Sachs International, authorized and regulated by the Financial Services Authority, has approved this research in connection with its distribution in the European Union and United Kingdom; Goldman Sachs & Co. oHG, regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht, may also distribute research in Germany.











is a composite of one-year forward valuation ratios, e.g. P/E, dividend yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends.

Analysts are paid in part based on the profitability of Goldman Sachs, which includes investment banking revenues. Analyst as officer or director: Goldman Sachs policy prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director, advisory board member or employee of any company in the analyst's area of coverage. Non-U.S. Analysts: Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.

Goldman Sachs & Co. has approved of, and agreed to take responsibility for, this research in Canada if and to the extent it relates to equity securities of Canadian issuers. Analysts may conduct site visits but are prohibited from accepting payment or reimbursement by the company of travel expenses for such visits. Hong Kong: Further information on the securities of covered companies referred to in this research may be obtained on request from Goldman Sachs (Asia) L.L.C. India: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (India) Securities Private Limited; Japan: See below. Korea: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.





Goldman Sachs Research has suspended the investment rating and price target for this stock, because there is not a sufficient fundamental basis for determining an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. Coverage Suspended (CS). Goldman Sachs has suspended coverage of this company. Not Covered (NC). Goldman Sachs does not cover this company. Not Available or Not Applicable (NA). The information is not available for display or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded.






Goldman Sachs policy prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director, advisory board member or employee of any company in the analyst's area of coverage. Non-U.S. Analysts: Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.




The investment outlook over the following 12 months is favorable relative to the coverage group's historical fundamentals and/or valuation. Neutral (N). The investment outlook over the following 12 months is neutral relative to the coverage group's historical fundamentals and/or valuation. Cautious (C). The investment outlook over the following 12 months is unfavorable relative to the coverage group's historical fundamentals and/or valuation.




Goldman Sachs policy prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director, advisory board member or employee of any company in the analyst's area of coverage. Non-U.S. Analysts: Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.




The investment outlook over the following 12 months is neutral relative to the coverage group's historical fundamentals and/or valuation. Cautious (C). The investment outlook over the following 12 months is unfavorable relative to the coverage group's historical fundamentals and/or valuation.




Non-U.S. Analysts: Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.

Further information on the securities of covered companies referred to in this research may be obtained on request from Goldman Sachs (Asia) L.L.C. India: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (India) Securities Private Limited; Japan: See below. Korea: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.


The investment outlook over the following 12 months is unfavorable relative to the coverage group's historical fundamentals and/or valuation.

Not Covered (NC). Goldman Sachs does not cover this company. Not Available or Not Applicable (NA). The information is not available for display or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded.



Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.

Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (India) Securities Private Limited; Japan: See below. Korea: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.


The information is not available for display or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded.


Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.

Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (India) Securities Private Limited; Japan: See below. Korea: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.


Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.


Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.



Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.

This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.

This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.

Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.




Goldman Sachs India Coverage - Events Calendar

Impacted stocks / sector Material ImplicationEvent Expected Date Ticker Company Market Impact

Implementation of MNP 31-Dec-2009 Telecom sector

We expect MNP to be implemented in Metros in next two to three months (slight delay from official timeline, 31 December 2009, given the time required to set up a clearing house) and expect a muted response from it

Documents

GS Calendar