India Research

1July 9, 2010

Sensex: 17834 Nifty: 5347

ANGEL TOP PICKS

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

Agro Cem/ Agro Food Processing/ Fertilizers1 United Phosphorus Ltd. 7,707 BUY 175 228 30 0.9

Automobiles2 Maruti Suzuki India Ltd. 41,115 BUY 1,423 1,685 18 0.2

3 Tata Motors Ltd. 39,022 BUY 771 907 18 0.8

Auto Ancillary4 Apollo Tyres Ltd. 3,453 BUY 69 87 27 1.1

5 Automotive Axles Ltd. 638 BUY 422 528 25 0.6

6 Ceat Ltd. 475 BUY 139 165 19 2.9

7 FAG Bearings India Ltd. 986 BUY 593 712 20 0.8

8 JK Tyre & Inds. Ltd. 685 BUY 167 237 42 1.6

9 Subros Ltd. 291 BUY 49 60 24 1.0

Banking & Financial Services10 Axis Bank Ltd. 51,727 BUY 1,270 1,466 15 0.9

11 Dena Bank Ltd 2,680 BUY 93 115 23 2.5

12 ICICI Bank Ltd. 97,227 BUY 872 1,145 31 1.4

Capital Goods13 Crompton Greaves Ltd. 16,124 BUY 251 307 22 0.5

14 Jyoti Structures Ltd. 1,272 BUY 155 215 39 0.6

15 KEC International Ltd. 2,412 BUY 469 648 38 1.3

16 Mcnally Bharat Engg. Company Ltd. 874 BUY 281 486 73 0.4

Cement17 Grasim Industries Ltd. 17,332 BUY 1,890 2,216 17 1.6

18 India Cements Ltd. 3,405 BUY 111 138 24 1.8

19 JK Lakshmi Cement Ltd. 797 BUY 65 88 35 3.8

20 Madras Cements Ltd. 2,396 BUY 101 141 40 2.0

21 Ultratech Cement Ltd. 10,678 BUY 858 1,084 26 0.7

Hotels22 Taj GVK Hotels & Resorts Ltd. 1,016 BUY 162 240 48 1.2

Infrastructure23 Jaiprakash Associates Ltd. 26,664 BUY 126 178 42 0.8

24 Madhucon Projects Ltd. 1,108 BUY 150 190 26 0.5

25 Patel Engineering Ltd. 3,022 BUY 433 563 30 0.4

26 Punj Lloyd Ltd. 4,601 BUY 139 170 23 0.2

27 Simplex Infrastructures Ltd. 2,354 BUY 476 570 20 0.4

Information Technology28 3I Infotech Ltd. 1,243 BUY 65 129 99 2.3

29 Educomp Solutions Ltd. 5,188 BUY 544 734 35 0.5

30 Everonn Education Ltd. 768 BUY 508 602 19 0.4

31 HCL Technologies Ltd. 24,521 BUY 361 420 16 1.9

32 Mphasis Ltd. 13,072 BUY 623 872 40 0.6

33 NIIT Ltd. 1,096 BUY 66 83 25 2.1

34 Tata Consultancy Services Ltd. 151,587 BUY 775 921 19 2.6

35 Tech Mahindra Ltd. 9,606 BUY 774 1,168 51 0.5

36 Wipro Ltd. 98,087 BUY 400 475 19 1.5

Logistics37 Gateway Distriparks Ltd. 1,234 BUY 114 150 31 3.1Media38 Cinemax India Ltd. 148 BUY 53 85 60 2.339 Deccan Chronicle Holdings Ltd. 3,360 BUY 138 193 40 1.440 HT Media Ltd. 3,630 BUY 154 182 18 0.241 Inox Leisure Ltd. 391 BUY 63 81 28 0.042 Jagran Prakashan Ltd. 3,756 BUY 125 160 28 1.643 PVR Ltd. 389 BUY 152 192 27 0.744 Sun T V Network Ltd. 16,932 BUY 430 497 16 0.6

India Research

2July 9, 2010

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

Metals45 Bhushan Steel Ltd. 6,302 BUY 1,484 1,979 33 0.2

46 Electrosteel Castings Ltd. 1,562 BUY 48 72 51 2.6

47 Godawari Power & Ispat Ltd. 632 BUY 225 309 37 1.1

48 Hindalco Industries Ltd. 28,425 BUY 149 208 40 0.9

49 Hindustan Zinc Ltd. 40,648 BUY 962 1,399 45 0.4

50 JSW Steel Ltd. 20,233 BUY 1,082 1,360 26 0.9

51 Prakash Industries 2,258 BUY 181 232 28 0.0

52 Sterlite Industries (India) Ltd. 56,324 BUY 168 245 46 2.6

53 Tata Steel Ltd. 43,997 BUY 496 697 41 3.2

Oil & Gas54 GAIL (India) Ltd. 59,828 BUY 472 580 23 1.5

55 Gujarat State Petronet Ltd. 5,760 BUY 102 120 17 0.7

56 Reliance Industries Ltd. 345,338 BUY 1,056 1,260 19 0.6

Pharmaceuticals57 Alembic Ltd. 749 BUY 56 74 32 0.9

58 Dishman Pharmaceuticals & Chemicals Ltd. 1,707 BUY 212 311 47 0.6

Power59 CESC Ltd. 5,013 BUY 401 460 15 1.0

60 NTPC Ltd. 163,384 BUY 198 230 16 1.8

61 PTC India Ltd. 3,134 BUY 106 136 28 1.5

Real Estate62 Anant Raj Inds. Ltd. 3,550 BUY 120 178 48 0.5

63 Housing Development & Infrastructure Ltd. 9,160 BUY 250 302 21 0.0

Shipping64 ABG Shipyard Ltd. 1,320 BUY 259 327 26 0.8

65 Great Eastern Shipping Company Ltd. 4,572 BUY 300 396 32 2.7

Telecom66 Bharti Airtel Ltd. 117,002 BUY 308 360 17 0.6

Miscellaneous67 Bartronics India Ltd. 480 BUY 141 192 36 0.7

68 Finolex Cables Ltd. 833 BUY 54 91 67 0.4

69 Greenply Industries 426 BUY 193 291 51 0.8

70 Polyplex Corporation Ltd. 434 BUY 272 418 54 2.6

71 Spicejet Ltd. 1,839 BUY 56 65 16 0.0

ANGEL TOP PICKS

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

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