Experts' take: Time to exit fundamentally weak stocks

It may well be tempting to be carried away by the upswing in stock prices over the past few months but increasingly, investment advisors and financial planners are advising retail investors to exit from fundamentally weak stocks as well as mutual fund schemes.

Says financial planner Gaurav Mashruwala: “In fact, you can use this opportunity to rid your portfolio of stocks that do not add value. If you are stuck in stocks and mutual funds
that are not fundamentally strong and have been looking for the right time to exit, this is the time.”

His views are echoed by Alok Ranjan, head — PMS, Way2Wealth who says investors could consider booking profits in mid-cap and small-cap stocks that have run up without fundamentals while holding on to large-cap stocks and mutual funds. “One could be in cash of 15%, and any sharp correction could be used to buy into fundamentally strong companies. With results season around the corner, investors should exit fundamentally weak companies,” is what he is advising investors.

Ideally, for retail investors with a long-term view, sticking to a fixed asset allocation — devised after taking into account their goals and risk profile — could be the best approach to adopt. “If our clients are overweight in equities due to the market rally at this point of time, they may reduce the exposure in equities in accordance with their asset allocation,” according to Pankaj Narain, head — private clients, banking and investments at Deutsche Bank India.

Mr Mashruwalla says, if an investor has decided on an asset allocation ratio of 60:40 (equity: debt), and the equity component has swelled to 75% due to the market surge, they could look at liquidating part of their equity portfolio. However, if the deviation is merely 5-10%, there may not be any need to rebalance the portfolio.

On the other hand, if investors are underweight on equities, financial planners say they could invest in the market in a phased manner. And for those investing in mutual funds, opting for the SIP route is the ideal method to adopt, they opine. “The current rally in market is due to excess liquidity, though it is supplemented by the strong economic fundamentals. Investors should be cautious hereafter, and with every 100 point rise in Nifty, there should be gradual profit booking,” suggests RL Narayanan, vice-president, equity institutional sales, Bonanza Portfolio.

Also, keeping an eye on the evolving scenario and taking decisions accordingly could be the key to building a healthy portfolio. “At current levels, valuations definitely are looking stretched, though liquidity can drive it further up. Investors clearly need to take 15-20% off the table. The biggest risk is rising inflation, due to which at some point in time, RBI will be forced to raise interest rates. If that happens, markets will take a closer look at valuations and correct,” cautions AV Srikanth, executive director of Anand Rathi Private Wealth Management.

Market likely to be choppy, but traders see no major correction

Equities may remain choppy in the shortened trading week ahead, in the absence of any major trigger for sharp movements either sides.
Despite concerns about stock prices being stretched, after more than doubling since March, market participants do not see any significant declines, as expectations of a correction in recent weeks have resulted in a sizeable creation of short-positions in futures and options.

Traders are likely to reverse these short-positions on every drop to lock in profits, thereby cushioning any major fall near-term, they said. Financial markets will be shut on Monday and Friday due to Dassera and Gandhi Jayanti, respectively.

“I am optimistically cautious about India, because, so far, there is nothing that indicates that the recent rally is not sustainable,” said Angus W Stening, CEO-Asia, Pioneer Investments Management. “Valuations of Indian equities
at these levels are still not near their historic higher, but they are not cheap either,” he added.

Analysts estimate that the Sensex is trading at roughly 15 times 2009-10 expected earnings. At the peak of the bull run in 2007, the index traded at over 18 times future earnings estimates. Pessimists argue that existing valuations are not comparable with that in 2007, as India economic growth then was 8-9%, while now, it does not exceed 6%.

Market participants said the July-September quarter earnings season next month will help investors judge whether corporate earnings growth has revived or not. With no key disappointments in companies’ earnings in the April-June quarter, there are expectations of an improvement in the current quarter.

After the recent rally in software shares recently, sparked by reports of top companies looking to hike salaries, a section of the market has turned pessimistic about the sector. Bank of America-Merrill Lynch, in a recent report, reiterated its ‘underperform’ rating on the sector. The bank said, “The market will be disappointed in the near term on margins, and in the longer term, on revenue growth trajectory.”

Sensex set for crackling Diwali

September ,for Dalal Street investors, was an unusually good month, raising hopes of a better Diwali in October after two consecutive
years of subdued celebrations.

During the month, sensex gained in 14 of the 20 session and added 1,461 points, or 9.3%, to 17,127. Brokers and dealers admitted that much of these gains came on the back of liquidity, the inflow of money from abroad.

BSE data showed that so far this month net buying by FIIs in the secondary market alone was at a whopping Rs 18,200 crore, nearly $4 billion . On Wednesday alone, FIIs net bought stocks worth over Rs 1,000 crore. Sebi data showed net FII buying in 2009 at $12.2 billion, the second highest yearly inflow ever for the Indian market.

However, going forward there could be some correction, market players said. “October is a short month, and one would be wary of the latest move in the index, which has been very fast,’’ said head of a domestic brokerage.

“Redemption pressure on hedge funds has been increasing as the one year moratorium since last October is just getting over. Based on cues from the US, one would not be surprised to see a correction of about 10%, to say 4,600 nifty by end of October , which is healthy in our view,’’ the brokerage head added. On Wednesday, nifty ended at 5,084. The day’s session saw banking stocks rallying ahead of most.

Dealers said RBI’s decision to keep government borrowing within the limits indicated at the start of the fiscal year boosted confidence that the benchmark yield on 10-year government securities, which determines the interest rate
in the economy, might not rise much. While SBI ended 5% higher at Rs 2,196, it also scaled a new 52-week high level during the day. ICICI Bank too rallied, closing 4.6% higher at Rs 905 and HDFC Bank ended 2.1% up at Rs 1,642. BSE’s banking index ended 3.7% higher.

Despite the day’s strong gains, on BSE, winners outnumbered laggards by a narrow margin. Compared to 1,598 advances, there were 1,183 declines. With the Bharti Airtel-MTN deal off and the US markets showing weakness in early trades, the market could witness some correction on Thursday.

Those who didn't panic made money

'Don't Panic' is the maxim from Douglas Adams's Hitchhiker's Guide to the Galaxy. It could as well be the survival mantra on Dalal
Street. Chances are that those who had the nerve to stay put in the market, when it plunged in the aftermath of the financial crisis, are richer now.

Consider this: On September 26, 2007, the sensex had for the first time gone over the 17,000 mark. Over the next seven months, it crossed several milestones to top 21,000 in early-January 2008. But within the next 10 months, it had lost nearly twothird of its value to a multiyear low of 7,700 in late October of the year. In less than a year from then, the yo-yo is back at 17,000. However, investors' wealth, measured by BSE's market capitalisation, is now Rs 6 lakh crore more than what it was when the sensex had crossed the 17,000 mark earlier.

Additionally, 20 of the 30 stocks that are represented in the sensex are at a higher level than they were in September 2007. And if one had put Rs 1 lakh in each of the those 30 elite stocks, despite the volatilities and crashes of the last two years, they would still be richer by about Rs 4 lakh, or 13%. Remember, since we are considering a period of over a year, this gain is tax free. So keeping faith in the long term power of Dalal Street does have its rewards.

While the past few months have been unusually good — sensex has more than doubled in a little over six months — the road ahead too looks relatively free of unknown financial landmines. ‘‘There are at least four reasons why we believe the Indian market will give strong returns over the longer run,'' said Ved Prakash Chaturvedi, MD, Tata Mutual Fund. ‘‘ Firstly, its strong resilience (during the financial crisis) has boosted the faith of overseas investors in our economy. Secondly , it is now clear that some of the emerging markets will outperform most others and India is among those outperformers,'' Chaturvedi said.

Two other reasons are, stronger belief in India's domestic market and a higher level of confidence in the continuity of the economic policy because of a stable government at the centre, the Tata MF chief said. In September 2007, when sensex had crossed the 17,000-level for the first time, the uncertainties of a general election were just round the corner, as were the fears of discontinuation of economic policies if the then incumbent government was sent packing in the polls.

Technically too, the markets are on a strong footing. At 17,000, the sensex has crossed an important psychological and technical level . Similarly, the nifty crossed the 5,030 level decisively.

‘‘ In all likelihood sensex will move to 17,300 and most likely to 17,500, based on futures and options data. The corresponding nifty levels are 5,200 and 5,250,'' said Amitabh Chakraborty, president-equities , Religare Capital Markets. A correction in market place thereafter could be expected, he said.

Is the market nearing bubble zone?

After two days of mild correction, bulls on Dalal Street are back in business with the markets soaring again. However, with each progressive rise
in benchmark indices, the market appears to be close to the bubble zone. Based on Wednesday’s closing price, the NSE Nifty Index is now trading at a price to earning multiple of nearly 23.

This is just a notch below the all time Price Earnings (PE) multiple of close to 28 witnessed at the peak of the previous stock market booms in early 2000 and late 2008. Could this be history repeating itself?

This should not come as a surprise to old timers on the Street. Financial markets have a tendency to oscillate around historical means. This is evident in the chart above where we have plotted Nifty movements during the last 10 years against corresponding ups and down in its price to earning multiples. As the chart shows, Indian equity markets have a history of hitting extremes in terms of valuations.

Currently, the Nifty is trading at close to 23 times that of earnings per share (based on the earnings of companies that comprise 50 stock Nifty) in the last four trailing quarters. This is around 25% higher than the Nifty 10-year average (median) valuations of around 16-17 times preceding year’s earnings. Only twice in the last 10 years has Nifty been more valuable and both these occasions — the dotcom boom of 2000 and the credit boom of late 2007 — turned out to be bubbles that burst. On six other occasions, which may be described as normal times, the market has faced a strong resistance at a P/E multiple of around 20 and corrected subsequently.

However, bulls never give up without a decent fight. In early 2004, the tussle between the bulls and the bear dragged on for nearly four months. Finally, bears had the upper hand and the market tanked by close to 30% and valuations were low enough to fuel accumulation that set the stage for a bull run. A similar duel was seen in late 2006 and early 2007.

At its peak in October 2006, the market’s PE multiple touched 22 when Nifty crossed 4200. The market is once again poised at a similar juncture. The PE multiple appears to be entering the bubble zone. There are only two outcomes from here — either the market corrects so that valuations are back to the historical averages, or bulls gain full control of the street and the valuations enter the bubble zone. While both outcomes are equally plausible, bulls will need some bit of help from the boardrooms of India Inc besides purchasing power (or liquidity).

Earnings growth need to pick up fast, otherwise the valuation will keep on getting dearer, pushing the market closer to the bubble zone. However, the earnings outlook is far from rosy. Earnings growth in the June 2009 quarter was driven by operational leverages in the form lower raw material and finance cost. This will run its course by the September 2009 quarter. After which the earnings growth will be driven by revenue (read demand) growth, which will be tougher to achieve.

Realty stocks bounce back on FII power

Boosted by the confidence shown by foreign institutional investors (FIIs), the once beaten-down real estate sector has witnessed a resurgence at the stock market even as concerns on their ability to deliver and the quality of their books of accounts linger in the air.

In the rally since March 9, when BSE's benchmark Sensex hit a low of 8,160, the real estate sector has led from the front. While Sensex at Bombay Stock Exchange (BSE) rose by 107 per cent, the realty index grew by 246 per cent, highest among all sectoral indices at BSE.

“The shortage of housing units in India is leading to demand coming back,” said Aseem Dhru, CEO, HDFC Securities. “Since real estate precedes other form of growth in a growing economy, lot of hot money is coming into these stocks.”

Flush with land banks, Indian real estate companies crumbled in 2008 when credit tightened and it turned hard for them to go ahead with the ongoing projects. In the process they piled up huge debt. But when the liquidity eased they used the qualified institutional placement (QIP) route to sell shares in order to spruce up their balance sheet and reduce debt.

“As the real estate companies managed to raise funds through QIP, investors interest got stronger,” said Vinay Gairola of Atlantis Investments.

And with economy back on growth path, the FIIs have resurrected their faith into these companies.

Real estate has been at the forefront of this rally because the sector saw huge value erosion in 2008 and it was in the radar of most managers as there were early signs of revival in real estate companies in form of restructuring of balance sheet,” said Gairola.

Till 2006, FIIs had zero exposure to the Indian real estate sector and it has grown significantly since then.

As of now the total FII exposure to the Indian real estate sector stands at around $ 7.5 billion (Rs 36,750 crore) and three-fourths of the total FII investment this year has gone to real estate, banking, engineering and oil and gas sectors,” said a market expert, who did not wish to be named.

Even as the money continues to flow into the realty sector, market players say that the concerns do exist.

“Investors still face challenge on the valuations front and concerns on impact of interest rate, regulatory changes and large size of unorganised players do exist,” said Gairola.

Bulls on rampage again

Mushrooming inflows from foreign institutional investors (FIIs) and a strong results expectation for the second quarter helped the Sensex to continue on the upswing as it breached the 17,000 mark after 16 months on Wednesday.

The Sensex rose 1.6 per cent or 274 points to close at 17,127, while the more broadbased NSE Nifty rose 1.5 per cent or 77 points to close at 5,084.

Riding the momentum, the initial public offering (IPO) of Oil India Ltd saw a strong listing after a dismal performance of other high-profile IPOs such as NHPC and Adani Power.

Globally, India was the world’s biggest gainer on Wednesday. With FIIs investing more than Rs 64,000 crore since March 2009 into the Indian equity markets, the Sensex left behind most of the markets across the world in terms of return. Sensex return stands at 110 per cent since March 9 when it closed at a low of 8,160.

While FIIs movement is one factor, experts feel that the market is expecting a good result which has also resulted into this fast movement at the Sensex.

“The market has factored in a strong result for the second quarter especially for the banking sector which is expected to see a drop in its non-performing asset amidst a reviving economic situation,” said Amitabh Chakraborty, president equities, Religare Enterprises.

As Sensex crossed 17,000 mark on Wednesday, the banking and auto indices rose the most at Bombay Stock Exchange (BSE), at 3.7 per cent and 2.1 per cent respectively.

It is not just the benchmark index that has risen. Seven of 10 companies outperformed the Sensex, with only three showing negative returns. Jindal South West, the biggest gainer among the broader BSE 500, rose over 700 per cent.

10 stocks you wish you had bought

Before you get all charged up on reading that we're about to talk about the 10 stocks that are the best in India, wait! How can we be talking of the 'best' stocks when we have seen the 'worst' all around us, for so many months now?

You know for a fact that the BSE-Sensex is still down 25 per cent since hitting its all time high in January 2008. But do you know that the index is still 259 per cent up since its levels 10 years back?

So just by staying invested in the markets, you would have multiplied your money 3.5 times over.

And this is just about the broader index, which is made up of large cap stocks that anyways do not rise in multiples. After all, it's difficult for companies with market capitalisation of $10 billion to double fast.

But what about a company that has a market capitalisation of just around $0.1 million, or at an exchange rate of 45 to the dollar, just about Rs 37 lakh?

It doesn't take much to double or triple, right?

Yes, it doesn't. Or what would justify the fact that while the Sensex has returned 259 per cent in the last 10 years, there are numerous stocks that have churned out returns of more than 10,000 per cent over this period.

Seeing the table below, you will know pretty rapidly that the best way to make money in the market is to invest for the long term.

What the table doesn't show is that all these stocks have been volatile like any other stock in the market, and you need to recognise that volatility is part of the ride.

Now, when you commit to the long term, you quickly discover that the stocks that offer the best returns today were not really the well-known, widely owned names of those times. How many of you had heard of Matrix Labs or Praj then? Or for that matter how many really took Unitech seriously?

So, the trait that sets these stocks apart is that they were small companies with very small market capitalisation. And although companies such as Unitech, Matrix Labs and Praj are much bigger in terms of size and market cap today, tracked and owned by big institutional investors, there are quite a few small cap stocks waiting in the wings, doing all they can to become the next multi baggers.

So you now know for the fact that finding small stocks like the ones mentioned above is a clear cut way to make tremendous wealth from the stock markets over the long term.

You just need to invest in small companies that enjoy rising demand for their products, have great business models, firm financial foundations, and straightforward and visionary management teams.

10 best performing stocks over the past 10 years

Company Name	Stock price (Jun '99)	Stock price (Jun '09)	Change	Market cap (Jun '99, Rs million)
Unitech Ltd	0.3	93	30900%	3.7
Kotak Mahindra Bank Ltd	3.1	660	21200%	113.9
Matrix Laboratories Ltd	0.9	209	23128%	3.0
Gujarat N R E Coke Ltd.	0.2	54	26975%	2.0
Mercator Lines Ltd	0.4	73	20206%	1.8
Praj Industries Ltd	0.6	115	18225%	2.5
Anant Raj Inds. Ltd.	0.8	133	17009%	8.2
Aban Offshore Ltd .	6.0	956	15833%	37.7
K S Oils Ltd.	0.5	62	12220%	2.5
Era Infra Engg. Ltd.	1.01	119	11682%	3.5

Source: Prowess (BSE-500)

This is exactly what we do through our Hidden Treasure service. For instance, rather than tracking the $10/20/30 billion market cap companies, we follow the ones with market caps of $50/100/150 million.

So take this lesson from the market's 10 best stocks, and put it to work in your portfolio by buying small cap stocks.

Of course, you need to adhere to your risk profile (small caps are high risk stocks if your investment horizon is not long) before taking any such action.

How to find the right financial advisor

When many people think of the term "financial advisor", they picture a stressed out Wall Street type sitting behind a computer or telephone placing buy and sell orders and attempting to make their clients as much money as possible.

While many advisors may still fit this mold, some are evolving their practice into a more comprehensive approach that takes a look at not just investments, but also insurance, budgeting, taxes, retirement, education funding and estate planning.

As you test the waters to find the right financial advisor for you, you'll need to have a grasp on the areas in which you are seeking help. You'll then be able to examine your potential financial advisor before you hire them and determine exactly how skilled they are in the areas for which you are seeking assistance.

Knowledge, qualifications and regulatory record
Unfortunately for the general public, the education standards for financial advisors are very minimal. One could drop out of high school, rent some office space, pass a FINRA general securities exam and be selling you stocks all within a couple of weeks.

While exams such as the Series 6, 7 and 63 satisfy the industry regulatory requirements, they really offer the advisor no experience when it comes to real-life situations. Don't be afraid to quiz your prospective financial advisor on his or her education and experience. How many years of experience in the industry does he or she have? Is a college degree important to you?

The financial industry has also been bombarded with professional designations, many of which can be obtained with little or no effort. The industry has three leading designations that have strict education and ethical requirements: Certified Financial Planner® (CFP®), chartered financial analyst (CFA) and chartered financial consultant (ChFC).

The certified public accountant (CPA) designation is also a valuable designation for professionals that handle the tax portion of your plan.

If you're looking for someone a little different than the everyday stock jockey, it may be wise to hire a registered investment advisor to represent you. They are held to a higher standard than most advisors, and you'll typically the most knowledgeable.

They are also required to provide a Form ADV Part II to all potential investors upon request; this is your opportunity to learn about your advisor, so make sure you use it. This will allow you to determine whether your advisor has applied for personal bankruptcy. If you'd rather not have someone who struggles to manage his or her own finances manage your money, you had better do your advisor homework!

Fiduciary responsibility - acting in your best interests
Seek out an advisor that is held to fiduciary standards. A fiduciary is someone who occupies a position of special trust and confidence with the responsibility of acting in the best interests of an investor. In the investment world, RIAs are required to abide by a fiduciary standard - stockbrokers are not.

Registered investment advisors are either registered with their state of residence or the Securities and Exchange Commission. They are regulated under the Investment Advisors Act of 1940, which requires them to act in the best interests of the investor.

Stockbrokers and large wire-house firms are currently exempt from the fiduciary standards under the act. If you can find an independent RIA, you also won't have to worry about paying high commissions on proprietary products (investment products that are owned and marketed by the investment firm).

Be cautious with stockbrokers. They can be "over-glorified salesmen" hired by large wire houses to sell proprietary mutual funds and stocks that the investment bank firm has promised corporations they will sell to investors. Proprietary products are those owned by the investment firm, and the brokers that sell these products get paid top commissions.

The more buying and selling that a broker does in an investor's account, the higher their commission payouts. If a broker does excessive buying and selling in an account to generate more commissions this is an illegal process known as churning.

In some cases, the investment may not be the most appropriate for the investor, but a lack of fiduciary standards does not hold brokers to always do the right thing. With some wire houses, it's all about quantity, not quality.

The logistics
When you've found a financial advisor that you trust, you'll need to dig a little deeper to iron out some of the more one-to-one issues. For starters, you'll need to agree on how your advisor will be paid. Will it be a fee-only agreement, fee-based or commissions? Each year, more investors are shifting from the traditional commission setup and moving towards the modern fee-only approach.

Because set fees are new to many investors, some common questions have risen, such as: "What is a fair fee?" and, "How will I be billed?" With the average mutual fund still charging an expense fee of approximately 1.40 per cent, it's safe to say that a total fee of 1.80 per cent or less is fair.

If you can find an advisor that can package an investment program that includes the cost of the investments, trading, custody and the advisor's professional services for 1.80 per cent or less, you're getting a sweet deal. Most fees are now billed quarterly, so you'll need to know whether they will be pulled in advance or in arrears. Then discuss with your advisor how frequently you would like to meet with him or her each year to review your portfolio.

True comprehensive financial planning
You need to have a general idea of your weaknesses prior to selecting your professional help. If you just need your taxes done, seek the help of a CPA. If you want someone to look at your entire financial situation, seek the help of a comprehensive financial planning firm. These firms typically have a professional staff that includes an insurance agent, tax professional, estate planner and financial advisor.

Understand all of the services that are available with the firm that you have chosen. Do they have a narrow focus? At a minimum, consider the following:

Will it track your investment cost basis for you?
Can it file your tax return and help you with other tax related questions?
Does it look at risk management? (i.e. life insurance, long-term care, etc...)
Can it help you plan your estate?
Will it refer you to another professional if the firm cannot provide the service itself?

What's next?
Good financial advisors are compared to "life coaches", because they can help you with many of your complex financial decisions throughout your life. A financial advisor can offer tips on buying a car, saving for college and refinancing your home mortgage, just to name a few.

They deal with other financial professionals on a daily basis, and they typically know if you're paying too much for something or not getting a competitive rate. Great financial advisors will not only help you make money on your investments, but will also help you reach your goals and save money on insurance and other major decisions throughout your lifetime.

To maximise your experience with your advisor, you should meet with the person quarterly, share your concerns and goals, and allow your advisor to review all of your financial and legal documents. After all, it's all about trust.

Why Jim Rogers is not buying stocks now

Maverick investment guru Jim Rogers, who has a pessimistic view on the state of western economies and what is being done to counter the recession, says equity markets have run up far too ahead. Rogers attributed the run-up in equity markets to the various stimuli packages released around the world.

The long-term call on the dollar was that it would be “a disaster,” Rogers said, but added that he was positive on the Japanese yen.

On commodities, Rogers said he owned base metals and — among precious metals — gold but wouldn’t buy those at current levels, given the recent rally in the commodities.

Rogers, who last year shifted base from the US to Singapore, said he was long-tern positive on Chinese equities. Among other BRIC markets, Rogers said he wouldn’t buy anything in the Russian market, though Brazil, which was a natural resource-rich country, looked better managed now, while the Indian stock market looked expensive due to its recent rally.

Here is a verbatim transcript of Jim Rogers’ exclusive interview on CNBC-TV18.

Q: It has been a big run for equity markets first and foremost, what have you made of it?

A: The governments around the world are pouring huge amounts of money into the world economy. It has to go somewhere and the easiest, best way for it to go is in the financial markets.

Q: It has also concomitant with a big fall in the dollar and there is a call now for greater weakness in that currency, would you concur?

A: I am not optimistic about the US dollar long-term. In fact, the US dollar long-term is going to be a disaster. However, there are many people in the world right now who are terribly pessimistic about the dollar including me, many people have sold the dollar short, and so it would not surprise me if there were not a big rally. If a rally comes, I plan to sell that rally but I am not selling the dollar down here.

Q: What is your call on the strength that the yen has seen and the kind of a nervousness that most of those export-oriented markets are exhibiting? Where do you see it headed from here?

A: I own the yen so I am very pleased to see the yen going higher. Various things are happening in Tokyo and Japan. They are the second largest creditor nation in the world plus their government has given big incentives for people to bring the yen back into Japan. Billions of yen have been invested outside of Japan and now there is good reason for them to bring it back.

So you have a new government [in Japan], you have incentives to bring the yen back, you have the carry trade unwinding, there are many reasons for the yen to continue to go higher. I own the yen and I hope it does go higher.

Q: What about the base metals, we have seen a lot of volatile moves across most of those base metals, where do you see them headed from here?

A: Base metals have had a huge rally, as you have pointed out. I know I wouldn’t be buying the base metals right now, I do own base metals — I am not selling base metals — but I don’t like to jump on a train, which is moving at a rapid rate. Base metals have gone up a whole lot in the last nine, 10 months. So I am not doing anything except for watching.

Q: You have tracked and watched the Chinese market as well for many years, there is concern on where that market might be headed and why it is lagging the performance of others?

A: I would hardly call it lagging the performance of others. The Chinese market doubled between the fall of last year and August of this year. So it was one of the strongest markets in the world, if not the strongest. It has calmed down in the last month or two but anything that doubles in ten months should slow down and consolidate. Who knows where it is going to go from here but I own Chinese shares, I have not sold any of my Chinese shares because longer-term I am very optimistic about China.

Q: From the emerging and Brazil, Russia, India, China (BRIC) basket, what would be your top pick then right now in terms of markets?

A: I wouldn’t buy any of them. I would never buy the Russian market. The BRIC is some kind of an artificial thing, which some marketing people put together. I would not ever buy the Russian market. I own China. Brazil is a natural resource-based economy and it is being better managed these days and it has been in the past. So Brazil probably has a good future though I don’t own any Brazilian stocks. The Indian stock market has run up a lot in the last year or so. So I don’t think I would buy it either. I am not buying shares anywhere in the world as we speak.

Q: What about gold?

A: I own some gold and I am optimistic about the price of gold but I don’t think I would buy it either. The gold is near its all-time high, I think I would rather buy silver for instance if I had to buy a precious metal. However, I am not buying either at the moment. I certainly would not sell any precious metals — if they go down, I plan to buy more and maybe a lot more.

Q: How is the fund flow situation looking at least for our markets — there is a lot of appetite from foreign investors but in general how is the mood looking across that front?

A: I am not buying any emerging markets (EMs). If I were to buy EMs — I had recently gone to Sri Lanka to look at it as an EM. I have not bought anything there but the Sri Lanka market has been extremely strong in the last year. Most EMs have been very strong in the past year after the collapse or the fall of 2008, most EMs have gone up a lot. I don’t like to buy anything that has gone up a lot. I am very worried about the Western economy, I don’t think that the problems are solved in the West and if you start seeing more problems in the West, it is going to have an effect on most markets around the world as certainly some of the EMs. The EMs, which have a lot of raw materials or commodities would probably do better than the others but again even they will be affected if we have more problems in the West.

Analysts' corner - September 28, 2009

3i Infotech
Reco price: Rs 85
Current market price: Rs 83.85
Target price: Rs 110
Upside: 31.2%
Brokerage: Sharekhan

On September 22, 3i Infotech decided to close the bid period for qualified institutional placement (QIP) and raised Rs 317.8 crore. The company would use the funds to retire debt, which would bring down its debt to equity ratio from 2.1 to 1.4. In terms of the equity base, the QIP issue would expand the fully diluted equity base by 23.4 per cent to 19.7 crore shares.

Consequently, 3i Infotech's 2009-10 and 2010-11 earnings are expected to get diluted by around 15-17 per cent. Considering the expanded equity and the likely interest expense savings, the 2009-10 EPS has been revised to Rs 12.8 and 2010-11’s to Rs 14.6.

Though the earnings dilution through QIP is likely to remain an overhang on the stock in near term, the company has taken necessary steps such as the QIP issue and sharp reduction in DSO days (121 days in 2008-09 v/s 151 days in 2007-08), which has allayed concern over its weakening balance sheet.

This coupled with an improvement in demand environment make 3i Infotech a strong case for re-rating. The brokerage has upgraded the stock with revised price target of Rs 110, assigning a target multiple of 7.5x, which is in line with its long-term average PE multiple since its listing in April 2005.

IPCA Labs
Reco price: Rs 721
Current market price: Rs 755
Target price: Rs 1,045
Upside: 38.4%
Brokerage: IDFC-SSKI

The newly-acquired scale, on the back of 70 per cent growth in revenues and 130 per cent jump in EBITDA between 2005-06 and 2008-09, imparts critical mass for IPCA Labs (IPCA) to grow.

Along with 18 per cent CAGR between 2008-09 and 2010-11 in domestic formulations sales, API momentum (at 13 per cent) and increasing formulation exports (22 per cent), the brokerage expects revenue growth of an average 18 per cent in the same period.

Given the high revenue growth visibility, IPCA would register 60 basis points expansion in its operating margins to 20.6 per cent by 2010-11. Adjusted net profit would likely see a 22 per cent CAGR over FY09-11 to Rs 238 crore in 2010-11.

With limited capex of around Rs 70 crore and operating profits in excess of Rs 300 crore per year, IPCA would start generating free cash from 2009-10. With 27 per cent return on equity (RoE) and high earnings visibility over FY09-11E, IPCA is trading at 9 times 2009-10 estimated earnings.

While frontline pharma stocks are trading at 18-20 times 2009-10 estimated earnings, IPCA is expected to get re-rated as the market starts valuing its growth visibility and healthy balance sheet. At the target price of Rs 1,045, the stock would trade at 11x 2010-11 estimated earnings. Reiterate outperformer.

Sesa Goa
Reco price: Rs 276
Current market price: Rs 256.8
Target price: Rs 325
Upside: 26.6%
Brokerage: Motilal Oswal Securities

Sesa Goa’s promoters have increased their stake in the company by 2.11 per cent to 57.12 per cent through open market purchases. Earlier in the year, the promoters had hiked their stake a little before the acquisition of Dempo. Sesa continues to look for opportunities of inorganic growth in Goa.

Iron ore prices have started strengthening. The imports of iron ore by China are expected to pick up in the coming months because Chinese mills will have to start re-stocking for winter months. Iron ore prices have also bottomed once again.

Exports from India have suffered in recent months due to prolonged monsoon and procedural hiccups post change of royalty to ad-valorem rate of 10 per cent. A strong demand-driven iron ore prices in China augur well for Indian iron ore exporters like Sesa Goa. Weaker freights due to commissioning of new cape-size bulk carrier would result in higher realisations for exporters.

The brokerage has raised its price assumption from $55 per tonne free-on-board at Indian ports for 63 per cent Fe grade iron ore to $65 per tonne. As a result, the EPS estimates for 2009-10 and 2010-11 has been raised to Rs 21.1 (earlier Rs 17.9) and Rs 27.7 (earlier Rs 20.2). The stock trades at 10 times 2010-11 estimated EPS and an EV of 5.3 times 2010-11 estimated EBITDA. Maintain buy.

Taj GVK Hotels & Resorts
Reco price: Rs 127
Current market price: Rs 126.95
Target price: NA
Brokerage: Angel Broking

Taj GVK is the market-leader in the Hyderabad market, where it has a share of 29 per cent in premium-segment rooms. In order to strengthen its foothold further and to tap mid-market room demand, the company is coming up with a 189-room property in Begumpet.

In 2007-08, about 78 per cent of Taj GVK's room inventory was located at Hyderabad. To diversify its presence, the company came up with Taj Mount Road in Chennai, in December 2008. It is planning to enter Bangalore and exploring the possibility of entering the mid-market segment through tie-ups with Indian Hotels.

As the economic revival gathers steam, tourist arrivals are expected to increase from Q2 2009-10. Moreover, Taj GVK is on an asset-light expansion strategy to strengthen its grasp on the Hyderabad market.

Moreover, Indian Hotels (one of Taj GVK’s promoters), the industry leader, currently has an EV per room of Rs 1.2 crore, which makes the risk-reward unattractive for an investment in Taj GVK. The brokerage remains positive on the industry, but considering Taj GVK's valuations, it maintains a neutral rating.

Zee News
Reco price: Rs 47
Current market price: Rs 47.05
Target price: NA
Brokerage: Edelweiss Securities

Zee News (ZNL) expects growth in advertising revenues from regional GEC channels. But, revenues from news channels are likely to be flat in Q2 2009-10. Also, increasing adoption of DTH and incremental revenues from analogue are expected to boost subscription revenues.

Till now, ZNL had three strong driver channels – Zee News, Zee Bangla and Zee Marathi. Zee Telugu competes closely with Eenadu and Maa Telugu for the second spot in viewership. Zee UP, launched in April 2009, too is performing well. Zee Kannada is also close to breaking even. Zee Business is likely to benefit from the strong IPO advertising pipeline. Going forward, Zee Telugu, Zee Kannada and Zee Business channels are to become other growth drivers for ZNL.

Unlike its competitor Star Jolsha, which is resorting to disruptive programming, Zee Bangla has continued with its strategy of gaining sticky viewership through low cost programming, which is likely to be a more sustainable strategy.

It has multiple drivers---strong bouquet of news and regional channels, improving viewer-ship, likely overall improvement in advertising industry from H2 2009-10, successful new shows, and strong management in place. The company is expected to benefit from likely revival in advertising spends in H2 2009-10.

Current market valuations leave little scope for profit-making

One-year forward price-to-earnings ratio at 16.4 times is above the historical average of 15 times.

Equity markets worldwide have witnessed major rallies since July 12 this year on the back of better-than-expected earnings for the June quarter. And the Indian market has already factored in a stronger recovery with price-to-earnings (P/E) multiples rising to over 20 times from around 10 in March 2009.

According to Morgan Stanley, foreign investors are a bit uncertain about India. They are worried about the rate at which the Indian market has risen after the last general election results, its high correlation with global markets, current valuations and the government’s reform agenda.

After the biggest fall in forward earnings in more than two decades, which happened in the March quarter, profit expectations are beginning to stabilise. According to a Citigroup analyst, trailing 12-month forward earnings estimates fell by 40 per cent over the 16 months to May 2009—a fall far greater than the last correction of 25 per cent earlier this decade. Since the lows of March 2009, forward earnings estimates have risen 9 per cent. Now it appears that these earnings have entered a recovery phase. Forward earnings expectations provide investors with a timely update on the outlook for profits over the next year.

Based on research reports of foreign as well as domestic equity research firms, the forward earnings data for 250 companies indicate that the corporate sector may show a 19 per cent increase in net profits in the remaining nine months of the current financial year. The earnings estimates of these 250 firms are important as they account for almost 77 per cent of the total market capitalisation of companies listed on the Bombay Stock Exchange (BSE).

The corporate sector’s net profit is expected to grow at 20 per cent in 2010-11. The sectors that are expected to post more than 20 per cent growth in their net profits in 2009-10 are auto ancillaries, capital goods, oil & gas, pharmaceuticals and sugar. Construction, steel, telecom, FMCG and non-ferrous metal companies are expected to post a double-digit growth, while banking, cement, fertilisers and power firms are likely to register a single-digit growth in their net profits.

Similarly, the sectors that are expected to show a decline in their net profits in the current financial year are finance, realty, consumer durables and mining & minerals. However, these sectors are expected to post a robust growth in 2010-11. The net profit of realty firms is likely to decline by around 25 per cent in 2009-10, but the same is expected to be up by 20 per cent in 2010-11. The retail sector, which is expected to make a turnaround in 2009-10, is all set to post a 44 per cent growth in its net profit in 2010-11. The net profit of software services companies is likely to remain flat in the current fiscal, but the sector is expected to show a double-digit growth in 2010-11.

The 250 sample companies are trading at a P/E of 16.4 times of FY10 earnings and 13.74 times of FY11 earnings. Nevertheless, their current P/E of 19.5 times, based on the trailing 12-month earnings for June 2009, has been more than double from a P/E of only 8 times just six months ago. Hence, the current valuations are expensive.

Based on the forward earnings, valuations of stocks are at their peaks in sectors such as auto, banking, cement, metals & mining, telecom and technology. Capital goods, hotels, logistics and power sectors do not seem to have immediate growth prospects. Retail, sugar, pharma, media, healthcare, aviation and real estate sectors are not fully priced, based on expected forward earnings for 2010-11.

Equities worldwide are over-valued with P/E multiples across emerging markets such as India, China, Indonesia and Brazil, and major developed market, including the UK, France, Germany and the US, hovering above their long-term averages. At 20.2 times, the Sensex P/E ratio is higher than the 15-year average P/E of 15 times. According to a Morgan Stanley analyst, for expected GDP growth of 5.8 per cent and 7.2 per cent for FY2010 and FY2011, respectively, an appropriate and stable ratio should be below 16.

At the current levels, MSCI AC Asia Pacific ex-Japan is trading at 15.3 times of the 12-month forward P/E, which is 76 per cent higher than the P/E of 8.7 times in November 2008. Historically, the current ratio is above its long-term average since 1992. Over the past 18 years, the market has traded above this level only three times, all during the major bull runs of 1993 (P/E 17.3), 1999 (P/E 20.9) and 2007 (P/E 17.4).

The global market capitalisation now stands at $46.71 trillion, up $21.01 trillion from March 2009 lows, but still $14 trillion below the January 2008 highs. On the other hand, the Indian market capitalisation has more than doubled from $506 billion to $1.17 trillion, but is still $720 billion below its all-time high. Equity markets have rallied significantly since their March 2009 lows with all global benchmark indices trading at historical P/E averages.

NUMBERS AT A GLANCE
	Growth in NP* (%)		P/E ratio
	FY10E	FY11E	Current	FY10	FY11
Automobile	27.35	11.86	27.00	21.20	18.95
Banking	4.05	18.80	12.22	11.75	9.89
Capital Goods	35.82	24.33	33.80	24.89	20.02
Cement	8.86	-6.73	9.83	9.03	9.68
Construction	11.62	17.16	25.47	22.82	19.48
Finance	14.80	17.68	24.98	21.76	18.49
FMCG	14.78	15.48	27.72	24.15	20.91
IT-Software	0.27	11.71	19.99	19.94	17.85
Non-Ferrous Metals	12.79	35.89	16.63	14.75	10.85
Oil & gas	42.64	18.78	18.69	13.10	11.03
Pharmaceuticals	90.57	20.91	37.92	19.90	16.46
Power	10.47	13.01	24.08	21.80	19.29
Realty	-24.96	19.63	24.77	33.01	27.59
Steel	18.96	30.41	16.50	13.87	10.64
Telecom	16.77	16.11	17.08	14.63	12.60
Total (250 companies)	19.14	19.11	19.50	16.37	13.74

Historical evidences show that investors who enter the equity market at lower levels get a return of over 50 per cent within six months. But investors who enter close on the heels of a 150 per cent rise in the market get a modest return after three-five years. The BSE Sensex and the Hang Seng have doubled, while other benchmark indices have appreciated by over 60 per cent from their 52-week lows.

According to a Credit Suisse report, if you buy after a 40 per cent drop in the market, the probability of making profits after three years is over 70 per cent. After five years, it goes up to over 80 per cent, against nearly 40 per cent if you buy after a long rally. The Sensex has appreciated by 102 per cent in six months from its low of 8,160 on March 9, 2009. So, the scope for any short-term upside is limited and one can only hope for long-term gains.

Indian Billionaire Club Ranking 2009

Rank					Wealth (Rs crore)
2008	2009	Promoters	Flagship company	Industry	Jan'08	Jan'09
1	1	Mukesh Ambani	Reliance Ind	Refineries	242,902.02	102,976.76
2	2	Anil Ambani	Reliance Communications	Telecommunication	166,308.96	56,226.71
4	3	Sunil Mittal	Bharti Airtel	Telecommunication	77,776.69	55,027.08
3	4	K P Singh & Family	DLF	Realty	156,400.46	31,657.29
7	5	Azim Premji	Wipro	IT	53,470.03	27,246.74
5	6	Anil Agarwal	Sterlite Ind	Metals	68,727.81	25,551.66
8	7	Gautam S Adani	Adani Enterprises	Trading	53,332.89	17,661.54
16	8	Dilip S Shanghvi	Sun Pharma	Pharmaceutical	15,949.03	15,047.99
10	9	Kumar Mangalam Birla	Grasim Industries	Diversified	38,462.81	13,256.32
24	10	Malvinder & Shivinder Singh	Religare Enterprises	Diversified	10,611.88	12,184.30
50	11	Saurabh Tayal Family	Jaybharat Textiles	Textiles	5,643.57	11,085.81
9	12	Prithviraj,Sajjan & Naveen Jindal	Jindal Steel	Metals	40,784.05	11,010.94
12	13	G M Rao	GMR Infrastructure	Infrastructure	28,588.16	10,180.67
18	14	Shiv Nadar	HCL Technologies	IT	14,686.51	5,953.34
27	15	Rahul Bajaj	Bajaj Auto	Automobiles	10,323.17	5,890.29
14	16	Vijay Mallya	United Breweries	Breweries	22,345.63	5,825.03
15	17	Uday Kotak	Kotak Mahindra Bank	Bank	21,857.51	5,811.47
43	18	Y K Hamied	Cipla	Pharmaceutical	6,109.73	5,712.24
38	19	V C Burman family	Dabur	FMCG	6,734.65	5,389.03
11	20	Tulsi R Tanti	Suzlon Energy	Capital goods	38,300.17	5,215.78
21	21	Kalanithi Maran	Sun TV Network	Media-entertainment	11,605.47	5,070.51
67	22	Brijmohan Lall Munjal	Hero Honda	Automobiles	4,041.05	4,596.39
13	23	Jaiprakash Gaur	Jaiprakash Associates	Cement	23,975.03	4,411.82
34	24	Vyomesh M Shah & Mahipatray V Shah	Akruti City	Realty	7,171.00	4,227.86
55	25	Ashwin Choksi, Ashwin Dani, Abhay Vakil	Asian Paints	FMCG	5,279.77	4,203.21
6	26	Ramesh Chandra	Unitech	Realty	56,965.44	4,177.05
22	27	Adi Godrej	Godrej Industries	FMCG	11,598.21	4,034.66
20	28	Subhash Chandra	Zee Entertainment	Media-entertainment	12,131.50	4,005.43
49	29	Murali Krishna Prasad Divi	Divi's Lab	Pharmaceutical	5,836.05	3,819.60
97	30	Nitin Sandesara	Sterling Biotech	Pharmaceutical	2,825.06	3,631.20
58	31	N R Narayana Murthy	Infosys Technologies	IT	4,821.72	3,468.29
NR	32	S Kishore & K A Sastry	KSK Energy Ventures	Power	-	3,157.43
35	33	Glenn Saldhanha	Glenmark Pharma	Pharmaceutical	7,056.91	3,081.56
30	34	Keshub Mahindra	Mahindra & Mahindra	Automobiles	8,338.01	2,951.48
NR	35	Virendra D Mhaiskar	IRB Infrastructure Developers	Realty	-	2,858.72
45	36	Sudhir Mehta	Torrent Pharma	Pharmaceutical	6,046.24	2,725.48
25	37	Shashi & Ravi Ruia	Essar Oil	Refineries	10,551.11	2,535.29
93	38	Pankaj R Patel	Cadila Healthcare	Pharmaceutical	2,853.93	2,517.43
107	39	D B Gupta	Lupin	Pharmaceutical	2,422.92	2,481.01
64	40	Sriram Thygaraj	Shriram Transport Finance	Financial services	4,212.00	2,463.21
28	41	B N Kalyani	Bharat Forge	Auto ancillaries	10,095.33	2,457.96
71	42	Ajay Piramal	Piramal Healthcare	Pharmaceutical	3,441.40	2,430.34
75	43	Nandan M Nilekani	Infosys Technologies	IT	3,326.99	2,393.12
81	44	S Gopalakrishnan	Infosys Technologies	IT	3,230.56	2,323.76
47	45	Gautam Thapar	Crompton Greaves	Capital goods	5,992.60	2,323.09
52	46	Kishore Biyani	Pantaloon Retail	Retail	5,536.72	2,321.81
32	47	B K Goenka	Welspun India	Textiles	7,647.96	2,223.37
105	48	Harsh C Mariwala	Marico	FMCG	2,611.69	2,207.99
39	49	R P Goenka	CESC	Diversified	6,731.49	2,199.08
60	50	Rajan Raheja	Exide Ind	Diversified	4,319.60	2,107.03
17	51	Rakeshkumar Wadhawan	HDIL	Realty	15,812.50	2,080.86
63	52	Nusli Wadia	Bombay Dyeing	Diversified	4,224.87	2,079.53
65	53	Manoj G Tirodkar	GTL	IT	4,185.71	2,065.26
70	54	PRS Oberoi	EIH	Services-hotels	3,532.71	2,038.68
23	55	Lagadapati Madhusudan Rao	Lanco Infratech	Engineering	11,114.12	2,018.01
73	56	Murugappan Family	EID Parry	Diversified	3,389.69	2,002.10
62	57	Shantanu Prakash	Educomp Solutions	IT	4,226.35	1,950.09
33	58	G V Krishna Reddy	GVK Power & Infra	Infrastructure	7,444.48	1,948.53
100	59	K Anji Reddy	Dr Reddy's Labs	Pharmaceutical	2,772.75	1,931.99
79	60	B K Parkeh & Family	Pidilite Ind	Chemicals	3,265.69	1,842.39
59	61	Samir Jain & Family	Entertainment Network	Media-entertainment	4,616.66	1,756.06
108	62	K Dinesh	Infosys Technologies	IT	2,420.50	1,741.08
80	63	Rajju D Shroff	United Phosphorus	Pesticides	3,232.00	1,682.86
29	64	V N Dhoot & Family	Videocon Ind	Diversified	9,916.80	1,633.46
40	65	Raghav Bahl	TV18	Media-news	6,482.12	1,626.41
36	66	Satya Narian Prakash Punj	Punj Lloyd	Constructions	6,842.70	1,578.21
48	67	Hinduja Brothers	Hinduja Ventures	Diversified	5,917.18	1,564.54
106	68	Vivek Chaand Sehgal	Motherson Sumi	Auto ancillaries	2,572.62	1,550.10
112	69	S D Shibulal	Infosys Technologies	IT	2,121.56	1,526.04
26	70	Reji Abraham	Aban Offshore	Oil exploration	10,407.97	1,400.98
84	71	Kiran Mazumdar Shaw	Biocon	Pharmaceutical	3,131.96	1,381.56
87	72	Rakesh & Rekha Jhunjhunwala	Investor	Diversified	3,078.69	1,362.79
69	73	Venu Srinivasan & Suresh Krishna	TVS Motors	Automobiles	3,743.09	1,317.84
51	74	Anu Aga	Thermax	Capital goods	5,552.91	1,304.24
130	75	R S Agarwal	Emami	FMCG	1,817.91	1,279.48
101	76	Karsanbhai Khodidas Patel	Nirma	FMCG	2,771.65	1,279.48
42	77	Ashok Sarin & Anil Sarin	Anant Raj Ind	Realty	6,349.53	1,238.63
77	78	B G Bangur	Shree Cement	Cement	3,295.66	1,232.43
131	79	Sandip & Sanjay Jhunjhunwala	Rei Agro	Agro products	1,817.22	1,199.54
147	80	Shashi Kiran Shetty	Allcargo Global	Logistics	1,563.59	1,189.67
46	81	Naresh Goyal	Jet Airways	Aviation	6,004.01	1,185.39
41	82	Nimesh Nagindas Kampani	JM Financial	Financial services	6,477.58	1,119.12
85	83	Shyam Sunder Bhartia	Jubilant Organosys	Chemicals	3,123.32	1,080.41
184	84	Mam Ramaswamy & Geetha Muthiah	Chettinad Cement	Cement	1,141.96	1,051.63
95	85	K M Sheth & Family	G E Shipping	Shipping	2,834.48	1,047.23
57	86	Jignesh P Shah	Financial Technologies	IT	4,890.04	1,029.69
124	87	BS & GS Sawhney, DPS Kohili	Koutons Retail	Retail	1,962.48	1,016.50
54	88	S N Kirloskar	Kirloskar Brothers	Engineering	5,353.15	1,007.45
NR	89	Ismail G Memon & Family	KGN Industries	Miscellaneous	-	985.75
119	90	P K Khurana	Everest Kanto Cylinder	Packaging	1,992.46	978.39
136	91	Abhijit Rajan	Gammon India	Engineering	1,737.12	948.50
72	92	H F Khorakiwala	Wockhardt	Pharmaceutical	3,401.90	940.94
86	93	D P Jindal	Maharashtra Seamless	Metals	3,087.01	913.39
19	94	J K Jain	Jai Corp	Infrastructure	14,293.84	912.78
61	95	B G Raghupathy	BGR Energy Sys	Engineering	4,269.41	897.17
56	96	B K Birla	Century Textiles	Diversified	4,981.00	891.19
118	97	H S Bedi	Tulip Telecom	Telecommunication	2,002.30	874.79
202	98	Arvind T Shah	Asian Star	Gems & Jewellery	1,033.36	872.51
37	99	Rohtas Goel & Family	Omaxe	Realty	6,819.65	856.01
129	100	Analjit Singh	Max India	Pharmaceutical	1,821.47	841.01
104	101	Dhruv M Sawhney	Triveni Engg	Sugar	2,691.58	835.52
68	102	B B Singal & Family	Bhushan Steel	Metals	3,935.94	826.46
206	103	Kamal Khetan	Sunteck Realty & Infra	Infrastructure	994.81	825.12
109	104	Mahendra Mohan Gupta & Family	Jagran Prakashan	Media-print	2,303.11	814.86
190	105	Prathap Reddy	Apollo Hospitals	Hospitals	1,109.56	814.53
116	106	Bhadresh K Shah	AIA Engineering	Engineering	2,037.30	807.47
507	107	Abhay Oswal	Oswal Chemicals	Chemicals	172.34	803.30
31	108	Ravi Puravankara	Puravankara Project	Realty	7,932.31	800.39
150	109	Ashok & Bhavarlal H Jain	Jain Irrigation	Plastics	1,505.22	799.07
166	110	Meeta & Vinu Dhingra	Berger Paints	Paints	1,271.99	794.83
180	111	Narendra Madhusudan Murkumbi	Shree Renuka Sugars	Sugar	1,176.35	791.51
137	112	Priyamvada Birla Estate	Birla Corpn	Diversified	1,730.62	765.10
NR	113	Arvind Rao	OnMobile Global	Telecommunication	-	746.00
139	114	C K Somany	Hind National Glass	Glass	1,704.28	716.59
99	115	Shobhana Bhartia	HT Media	Media-print	2,783.41	703.43
143	116	Narendra K Patni	Patni Computer	IT	1,641.41	697.86
90	117	Ajit Gulabchand	HCC	Constructions	3,036.96	690.27
114	118	Kamal K Singh	Rolta	IT	2,108.06	631.70
140	119	Janmejay & Rajnikant Vyas	Dishman Pharma	Pharmaceutical	1,697.84	629.81
152	120	Sajjan Bhajanka & Family	Century Plyboard	Decorative & lamination	1,475.93	626.85
113	121	Dinesh B Patel	Sintex Ind	Diversified	2,109.03	626.63
66	122	Ashokkumar R Ruia & Family	Phoenix Mills	Realty	4,111.19	620.99
44	123	Pradeep Kumar Jain	Parsvnath Developers	Realty	6,068.27	617.99
146	124	Kokilaben Ambani	Investor	Diversified	1,593.26	613.14
133	125	Sanjeev Bikhchandani	Info Edge (India)	Services	1,774.81	612.66
74	126	T Venkattram Reddy & Family	Deccan Chronicle	Media-print	3,350.81	609.67
76	127	M L Mittal	Ispat Ind	Metals	3,312.61	605.01
78	128	J H & Y H Dalmia	Dalmia Cement	Cement	3,282.86	600.00
82	129	Rashesh Shah	Edelweiss Capital	Financial services	3,149.24	584.32
228	130	Vijay Kumar Jatia	Modern India	Textiles	820.70	581.70
128	131	Ashok M Advani	Blue Star	Air- conditioners	1,822.43	578.84
53	132	P N C Menon & Family	Sobha Developers	Realty	5,509.50	578.70
94	133	P K Jain & Family	Gujarat Fluorochemicals	Chemicals	2,849.13	570.76
243	134	S V Balasubramaniam	Bannari Amman Sugars	Sugar	745.47	551.47
179	135	Ramesh Chand Garg	K S Oils	FMCG	1,182.03	544.90
138	136	P R Ramasubrahmaneya Rajha	Madras Cements	Cement	1,714.65	538.66
252	137	Balbir Singh Uppal	Lakshmi Energy & Foods	Agro products	719.56	530.89
127	138	Arun Kumar Jagatramka	Gujarat NRE Coke	Coal & Coke	1,822.83	517.83
89	139	Mofatraj P Munot	Kalpataru Power	Engineering	3,040.65	510.03
98	140	Pravin Patel	Patel Engineering	Constructions	2,799.41	510.00
88	141	Nirmal Jain & R Venkataraman	India Infoline	Financial services	3,057.45	471.30
213	142	Kamal Nayan Saraogi	Balrampur Chini	Sugar	924.08	471.04
134	143	Braj Binani & Family	Binani Cement	Cement	1,768.84	463.03
122	144	Kushagra Bajaj	Bajaj Hind	Sugar	1,983.58	459.87
164	145	P V Ramaprasad Reddy	Aurobindo Pharma	Pharmaceutical	1,307.22	456.19
201	146	H S Bharana	Era Infra Engineering	Infrastructure	1,034.37	453.05
110	147	Qimat Rai Gupta	Havell's India	Engineering	2,273.40	444.11
91	148	Sudhir Reddy & Family	IVRCL Infra	Infrastructure	2,954.07	443.69
158	149	Vinod Parasam Ramnani	Opto Circuits	Electronics	1,408.11	435.87
234	150	Chandurkar & Family	Ipca Lab	Pharmaceutical	800.97	418.66
192	151	Krishna Kumar Modi	Godfrey Phillips	Diversified	1,093.97	418.22
175	152	Onkar S Kanwar	Apollo Tyres	Tyres	1,191.02	412.52
92	153	Arvind Dham	Amtek Auto	Auto ancillaries	2,930.39	411.75
245	154	S S Jindal	Jindal Poly Films	Diversified	742.63	404.52
83	155	Saket Agarwal	ABG Shipyard	Engineering	3,143.75	403.09
209	156	Devineni Raja Sekhar	Nava Bharat Ventures	Metals	952.27	395.95
248	157	Sujit Kanoria	Shristi Infr Development	Constructions	734.38	394.19
141	158	Kailash Shahara	Ruchi Soya	FMCG	1,659.49	391.48
195	159	Nitin D Shah & Family	Allied Digital	IT	1,079.43	390.30
142	160	Soshil Kumar Jain & Ravinder Jain	Panacea Biotec	Pharmaceutical	1,655.03	379.42
144	161	Bithal Das Mundhra	Simplex Infra	Infrastructure	1,617.27	376.05
233	162	Lalit Khaitan	Radico Khaitan	Breweries	801.08	375.69
217	163	Vinita & Bhavik Nikhil Merchant	Swan Mills	Textiles	907.43	375.40
406	164	Chandir Gidwani & Khushroo P Byramjee	Centrum Capital	Financial services	281.90	369.66
NR	165	Balvantsinh C Rajput & Kanubhai J Thakkar	Gokul Refoils & Solvent	FMCG	-	366.95
313	166	Meera R Chandavarkar	FDC	Pharmaceutical	489.39	366.12
168	167	Shashikant Patel	Plethico Pharma	Pharmaceutical	1,250.68	364.89
186	168	Janardan & Prashant Agarwal	Bombay Rayon Fashions	Textiles	1,132.86	364.73
196	169	Arun K Saraf	Asian Hotels	Services-hotels	1,068.35	361.49
185	170	C P Krishnan Nair	Hotel Leela Venture	Services-hotels	1,138.46	359.49
240	171	B M Khaitan	McLeod Russel	Diversified	763.19	357.42
257	172	Shapoor P Mistry	Forbes Gokak	Textiles, FMCG	692.73	356.51
276	173	Satyanarayan Nuwal	Solar Explosives	Indl explosives	625.97	353.61
197	174	Mohan H Bhandari	Bilcare	Packaging	1,066.23	348.73
277	175	Prem Kishan Gupta	Gateway Distriparks	Logistics	624.34	348.46
160	176	Mahendra Nahata	HFCL Infotel	Telecommunication	1,397.80	346.18
123	177	Urvi Piramal	Peninsula Land	Realty	1,977.00	345.86
103	178	Vineet,Vinod & Vikram Kashyap	BL Kashyap & Sons	Constructions	2,716.38	345.07
115	179	Kasliwal Family	S Kumars Nationwide	Textiles, realty	2,077.34	335.57
120	180	B M Thaper	Greaves Cotton	Engines	1,985.72	325.02
126	181	Rajesh Jasvantrai Mehta & Family	Rajesh Exports	Gems & Jewellery	1,888.58	324.13
183	182	K S Raju	Nagarjuna Fertilisers	Fertilisers	1,149.88	322.61
117	183	B Sarabeswar & S Sivaramkrishnan	Consolidated Const	Constructions	2,027.32	321.71
156	184	Prannoy Roy & Radhika Roy	NDTV	Media-news	1,414.62	320.35
290	185	G P Goenka	Andhra Cements	Cement	580.70	315.10
145	186	AVS Raju	Nagarjuna Construction	Constructions	1,612.76	314.07
193	187	Sandeep Jajodia & Family	Monnet Ispat	Metals	1,093.53	309.43
319	188	Ashish R Goenka	Suashish Diamonds	Gems & Jewellery	472.82	309.17
278	189	Asif Khader & Mukkaram Jan	Cranes Software	IT	623.15	306.74
226	190	M P Ramachandran	Jyothy Lab	FMCG	842.61	301.97
163	191	L N Jhunjhunwala	HEG	Electrodes	1,307.39	301.20
265	192	Dilip D Khatau	Varun Shipping	Shipping	658.70	300.97
334	193	R N Agrawal	Sanwaria Agro Oils	Agro products	428.98	300.04
292	194	Ashok Soota	MindTree	IT	578.12	296.77
178	195	Anil Jain	Time Technoplast	Plastics	1,184.08	296.49
121	196	B D Agarwal	Prakash Ind	Metals	1,985.05	295.54
204	197	Bhadram Janhit Shalika	Sterlite Ind	Metals	1,012.37	295.46
357	198	Gaurav Ghai	Graviss Hospitality	Services-hotels	372.54	294.90
159	199	B K Jhawar	Usha Martin	Metals	1,405.17	290.47
189	200	Chandru Lachmandas Raheja	Shopper's Stop	Retail	1,113.14	282.29
371	201	Ratan Lal Tamakuwala & Rishi Raj Agarwal	Austral Coke	Coal & Coke	335.91	279.82
370	202	Prakash & Anita Mody	Unichem Labs	Pharmaceutical	336.10	277.76
208	203	J V Patel	GMM Pfaudler	Engineering	989.54	277.50
188	204	Sanjay S Lalbhai	Arvind	Textiles	1,115.67	277.39
172	205	H K Mittal & Archna Mittal	Mercator Lines	Shipping	1,226.83	277.36
258	206	Chirayu R Amin	Alembic	Pharmaceutical	692.64	277.17
274	207	Bharathi Kovelamudi	Sun TV Network	Media-entertainment	629.02	274.82
207	208	Hari Shankar Singhania group	JK Laksmi Cement	Cement	993.93	273.95
412	209	Ambar Timblo	Fomento Resorts & Hotels	Hotels	266.36	273.88
111	210	M R Jaishankar	Brigade Enterprises	Realty	2,175.52	273.67
153	211	Prem Singhee & Padam Singhee	Shivvani Oil	Oil exploration	1,457.14	273.53
235	212	Rajendra Pawar & Associates	NIIT Technologies	IT	799.13	271.75
96	213	Rajnikaht S Ajmera	Shree Precoated Steels	Metals	2,827.30	270.35
-	214	J P Chowdhary & Family	Titagarh Wagons	Engineering	26.98	270.25
135	215	B Teja Raju	Maytas Infra	Infrastructure	1,764.21	263.24
191	216	D P Agarwal	Transport Corp	Services	1,103.15	259.19
215	217	C K Birla	Orient Paper	Paper	915.30	258.73
194	218	Sanjiv Saraf	Polyplex	Ferro alloys	1,090.71	256.79
247	219	Ajay S Shriram	DCM Shriram Cons	Diversified	735.57	256.03
200	220	D Jayavarthanavelu	LMW	Diversified	1,039.86	255.61
132	221	Vinod Doshi	Walchandnagar Ind	Engineering	1,817.11	254.83
463	222	Dhilin H Mehta	Shree Ashtavinayak Cine Vision	Media-entertainment	205.49	254.46
270	223	S P Oswal	Vardhman Textiles	Textiles	642.94	252.68
148	224	Sameer Gehlaut	Indiabulls	Finance, realty	1,538.57	251.73
287	225	C K Mehta	Deepak Fertilisers	Fertilisers	591.44	251.33
221	226	Ram Sharan Sanghi	Sanghi Ind	Cement	865.61	248.27
237	227	Anil D Gala	Navneet Publications	Media-publications	771.31	246.95
305	228	Arun Bharat Ram	SRF	Textiles	521.97	240.30
362	229	Sunder Genomal & Family	Page Industries	Retail	353.97	239.67
171	230	Ghanshyam Kejriwal & Family	Electrosteel Castings	Casting	1,245.15	239.33
289	231	K K Bangur	Graphite India	Electrodes	586.10	238.75
281	232	Zia Jaydev Mody	Delta Corp	Financial services	615.27	237.77
241	233	N Jagan Mohan Reddy	Rain Commodities	Cement	762.15	237.61
162	234	Praful Nanji Satra	Satra Properties	Realty	1,318.08	237.37
-	235	Nikhil and Bhavesh Gandhi	Horizon Infra	Infrastructure	62.22	237.21
151	236	Mehul C Choksi	Gitanjali Gems	Gems & Jewellery	1,493.28	233.99
149	237	Aditya Jajodia & Sanjiv Jajodia	Jai Balaji Ind	Metals	1,520.57	229.84
212	238	P P Chhabria	Finolex Industries	Cables	931.42	227.71
219	239	Vijaypat Singhania	Raymond	Textiles	880.94	227.61
NR	240	Bharat Kumar Sah & B Singh	Mavens Biotech	Food products	-	227.48
102	241	Sushil Ansal	Ansal Properties	Realty	2,769.40	226.70
268	242	A J Prasad	HBL Power Systems	Auto ancillaries	652.58	226.70
161	243	Subrata Roy Sahara	Sahara One	Media-entertainment	1,363.21	225.17
229	244	Pramod Chaudhari	Praj Ind	Engineering	817.63	224.00
307	245	Aroon Purie	TV Today	Media-news	519.56	223.20
218	246	S M Agarwal	HT Media	Media-print	882.88	223.12
205	247	Dharaprasad Poddar	Balkrishna Ind	Tyres	997.38	222.71
173	248	Nikhil & Salil Chaturvedi	Provogue	Retail	1,221.28	216.76
182	249	Sudip Dutta & Aarti Dutta	Ess Dee Alum	Metals	1,156.93	216.74
316	250	Anil T & K S Ramakrishna	Karuturi Global	Floriculture/Tissue Culture	479.50	214.34
566	251	Sudhir Shankar Moravekar	Panoramic Universal	Services-hotels	124.15	210.51
155	252	Prayasvin Patel & Family	Elecon Engg	Engineering	1,416.86	210.10
157	253	Sanjeev Mansotra & Sundar Dua	Core Projects	IT	1,411.87	209.76
259	254	Rohinton Screwvala	UTV Software	Media-news	684.97	209.00
286	255	Rajinder Gupta	Abhishek Ind	Textile cotton	591.48	207.12
263	256	K M Mammen	MRF	Tyres	678.80	204.94
165	257	Ashok Punj	PSL	Metals	1,279.94	204.25
-	258	Vijay Sawant	Jaybharat Textiles	Textiles	73.62	202.16
350	259	Mayank Poddar	Magma Fincorp	Financial services	393.66	201.96
214	260	M M Thapar	JCT	Textiles	922.35	197.75
NR	261	Vathsala Ranganathan	Shriram EPC	Engineering	-	197.24
231	262	Vishnubhai & Shantaben Patel	Sadbhav Engineering	Engineering	808.71	195.82
554	263	Kanwar Deep Singh	Alchemist Realty	Constructions	133.87	194.57
297	264	Amit Y Agrawal	Jindal Worldwide	Trading	550.96	194.43
170	265	D Udaykumar Reddy & D Tanuja Reddy	Tanla Solutions	IT	1,245.73	192.19
176	266	Nirmal Kumar Agarwal	Adhunik Metaliks	Metals	1,188.88	185.27
246	267	Deepak Puri & Sabena Puri	Moser Baer	IT	741.60	184.31
216	268	Archana Mittal	Arshiya International	Capital goods	909.14	182.54
220	269	P P Gupta	Techno Electric	Engineering	878.74	182.23
223	270	Lalitkumar H Patel	Voltamp Transformers	Electrical equipment	862.64	181.49
222	271	A C Muthiah	Sical Logistics	Logistics	864.59	180.75
NR	272	K Hari Babu & N S Wallimbe	Anu's Laboratories	Pharmaceutical	-	180.64
232	273	G H Singhania & Yadupati Singhania	JK Cement	Cement	806.27	180.07
203	274	B R Taneja	ISMT	Metals	1,029.31	178.45
361	275	Bharat P Mehta	JB Chem & Pharma	Pharmaceutical	359.66	177.90
364	276	Ashank Desai & Associates	Mastek	IT	349.08	173.02
310	277	Ashok Chaturvedi	Uflex	Cables	501.77	172.99
345	278	P E Subramaniam & P S Jagdish	Indo Tech Transformers	Capital goods	402.43	172.84
369	279	L P Jaiswal	Jagatjit Ind	Breweries	338.64	172.28
249	280	K R Thakur	Jyoti Structures	Infrastructure	729.70	171.77
314	281	B L Taparia	Supreme Ind	Petrochemicals	488.14	171.77
303	282	L G Balakrishnan	Elgi Equipments	Diversified	531.03	167.39
242	283	Vijay Kumar Gupta	Gujarat Ambuja Exports	Trading	747.30	166.71
394	284	Mullapudi H Prasad	Andhra Sugars	Sugar	295.82	165.48
387	285	Jagdish K Saxena & Family	Elder Pharma	Pharmaceutical	302.49	165.40
349	286	R K Somany	Hindustan Sanitaryware	Ceramic tiles	397.38	165.29
254	287	M K Agarwal	Gati	Services	702.67	164.44
588	288	Sunil H Pophale	Fem Care Pharma	Pharmaceutical	106.61	164.15
427	289	M Y Ghorpade	Sandur Manganese	Ferro alloys	249.37	163.74
154	290	Bikramjit Ahluwalia	Ahluwalia Contracts	Infrastructure	1,423.36	161.46
411	291	Sanjiv Goyal	Nectar Lifesciences	Pharmaceutical	266.43	160.94
384	292	Akash Saraf & Rajkumar Saraf	Zenith Infotech	IT	305.97	160.75
291	293	V Ramakrishna Family	KCP	Cement	578.84	160.50
225	294	Venkatachalam Ramaswamy	Edelweiss Capital	Financial services	858.96	159.37
187	295	Vijay Kumar Choudhary & Family	Himadri Chemicals	Chemicals	1,123.37	158.69
-	296	Prem Adip Rishi	MVL	Constructions	54.82	158.60
285	297	Anuradha Mahindra	Kotak Mahindra Bank	Bank	592.34	157.49
260	298	C J George and A V Viswanadhan	Geojit Financial Services	Financial services	684.11	157.40
300	299	S K Birla	Mysore Cements	Cement	532.72	157.04
251	300	Ashok B Jiwrajka	Alok Ind	Textiles	727.53	156.68
321	301	Nitin M Shah & Family	Nitin Fire Protection Inds	Engineering	467.23	155.45
267	302	N D Desai	Apar Ind	Electrical equipment	654.13	154.01
236	303	Jeetendra Kapoor & Family	Balaji Telefilms	Media-entertainment	782.13	153.91
169	304	K K Sarda & Family	Sarda Energy	Power	1,247.28	153.62
326	305	Chandra Kumar Dhanuka	Dhunseri Tea	Diversified	460.98	152.51
272	306	G Mangilal Surana	Bhagyanagar India	Metals	635.60	151.57
210	307	Sanjay Dalmia	GHCL	Alkalies	949.68	151.27
360	308	Gautam N Mehra	Savita Chemicals	Chemicals	364.78	151.10
NR	309	S Kishore Chandra	Bheema Cements	Cement	-	149.84
393	310	Brijween Kaur Sahney	NRB Bearings	Auto ancillaries	295.86	149.66
479	311	T T Jagannathan	TTK Prestige	FMCG	191.53	148.85
558	312	Harish Belwal	Intra Infotech	IT	129.21	148.09
343	313	B M Labroo	Asahi India Glass	Glass	415.57	148.00
404	314	Annand Sarnaaik	Glodyne Technoserve	IT	284.98	147.77
372	315	Indira Anand	Sun TV Network	Media-entertainment	335.40	146.54
262	316	Jitendra U Mamtora	Transformers and Rectifiers	Electrical equipment	681.61	145.61
177	317	Rajesh Patil & Family	Kolte Patil Developers	Realty	1,186.68	145.25
347	318	Saroj Agarwal	Visa Steel	Metals	401.94	143.61
336	319	Udayant Malhoutra	Dynamatic Techno	Pumps & compressor	425.10	142.94
311	320	Basant Kumar & Suresh Kumar Agrawal	Manaksia	Metals	499.30	142.39
NR	321	G S Chandrashekar & Aniket Jathar	Vishal Informations Tech	IT	-	141.46
283	322	N Sankar	Chemplast Sanmar	Petrochemicals	601.28	140.11
299	323	Jawahar Lal Oswal	Nahar Ind	Diversified	532.97	137.07
295	324	M L Lohia	Indo Rama Synth	Textiles	556.05	136.13
294	325	C P Sanghvi and A P Sanghvi	Sanghvi Movers	Engineering	558.03	135.95
333	326	Kulkarni Kiran Prakash & Pankaj Kumar	Geodesic Inform Sys	IT	431.62	129.85
264	327	Jayantilal & Mishrimal Sanghvi	Ratnamni Metals	Metals	660.69	129.77
315	328	Garware Family	Garware-Wall Ropes	Diversified	481.05	129.67
368	329	Suresh Sharma	Vertex Spg	Textiles	338.77	129.32
NR	330	Venugopal Bang	Bang Overseas	Textiles	-	128.48
377	331	Gurjeet Singh Johar & Rajbir Singh	C&C Constructions	Constructions	323.37	128.21
356	332	BVR Mohan Reddy & B Sucharitha	Infotech Enterprises	IT	376.45	127.56
227	333	Punit Beriwala	Vipul	Realty	836.17	127.53
306	334	Mark Saldanha	Marksans Pharma	Pharmaceutical	521.05	126.27
238	335	Rajiv Rattan	Indiabulls	Finance, realty	768.44	125.88
505	336	Chandramogan R G	Hatsun Agro Prod	Agro products	173.23	125.88
330	337	Rajan Nanda	Escorts	Automobiles	451.40	125.60
559	338	Surender Singh Kandhari	Tudor	Auto ancillaries	128.94	124.97
422	339	Ankit Miglani	Uttam Galva	Metals	255.64	124.43
379	340	P Subramanian & S Sangeetha	Shanthi Gears	Auto ancillaries	317.93	122.90
304	341	D K Himatsingka & Family	Himatsingka Seide	Textiles	527.93	122.77
244	342	Saurabh Mittal	Indiabulls	Finance, realty	745.38	121.83
476	343	Vinit Kumar	Temptation Foods	FMCG	193.90	121.65
322	344	Sushil Suri	Morepen Lab	Pharmaceutical	466.76	120.43
495	345	Chandrakant V Gogri	Aarti Ind	Pharmaceutical	179.73	120.30
255	346	Hemant Kanoria	SREI Infrastructure Fin	Financial services	700.98	120.00
199	347	Anil Kumar & Subhash Chand Sethi	Subhash Projects	Constructions	1,048.51	118.95
266	348	M V Ramana Rao	MIC Electronics	Electronics	658.03	118.42
279	349	Raamdeo Agrawal	Motilal Oswal Financial Services	Financial services	619.19	117.62
280	350	Motilal Oswal	Motilal Oswal Financial Services	Financial services	615.67	116.96
487	351	Abhishek Dhanuka	Dhanuka Agritech	Pesticides	184.42	116.37
198	352	Nama Nageswar Rao & Nama Seethaiah	Madhucon Projects	Constructions	1,053.46	115.92
385	353	Arun Jain	Polaris Software	IT	303.57	115.31
346	354	Arvind Mafatlal	NOCIL	Diversified	402.12	115.04
250	355	Chetan R Shah	Marathon Next Realty	Realty	728.82	114.78
211	356	K L Ramachandra	Khoday India	Breweries	945.76	114.31
456	357	N R Panicker	Accel Frontline	IT	210.77	113.85
253	358	Mukesh R Gupta & Family	Lloyds Metals	Metals	709.58	113.03
125	359	Pujit Aggarwal & Ravi Kiran Aggarwal	Orbit Corporation	Realty	1,906.98	112.18
337	360	Kewalchand P Jain	Kewal Kiran	Textiles	422.84	111.67
465	361	Gurkirat Singh Dhillon	Religare Enterprises	Financial services	204.19	109.99
466	362	Gurpreet Singh Dhillon	Religare Enterprises	Financial services	204.19	109.99
224	363	Kishore & Abhijit Avarsekar	Unity Infraprojects	Infrastructure	860.51	109.73
309	364	Manharlal Chunilal Shah	Ruby Mills	Textiles	510.45	109.60
582	365	Ashok Kumar Kajaria	Kajaria Ceramics	Ceramic tiles	110.87	109.59
367	366	Mohamed Yusuf Noorani	Zodiac Clothing	Retail	339.06	109.20
421	367	G V Bhaskar Rao & Family	Kaveri Seed	Diversified	256.98	108.87
NR	368	Fatech Chand Jain	Adinath Bio-Labs	Chemicals	-	107.36
335	369	P D Mundhra & Anjan Malik	eClerx Services	IT	425.90	107.18
545	370	J Naresh Kumar	Pennar Ind	Metals	139.52	107.15
491	371	Navpreet Singh	Dolphin Offshore Ent	Oil exploration	180.92	105.98
400	372	Anilaben A Shah	Suraj Stainless	Steel mini	289.43	105.25
454	373	Nalikant Amratlal Rathod	Restile Ceramics	Ceramic tiles	217.12	104.73
174	374	Ram Chandra Agarwal	Vishal Retail	Retail	1,218.81	104.62
355	375	Mahendra Mehta - NRI	Gujarat Sidhee Cement	Cement	376.55	104.43
NR	376	Pravin A Kiri	Kiri Dyes and Chemicals	Dyes & dyes intermediates	-	104.30
376	377	Venkateswarlu Jasti	Suven Life Sciences	Pharmaceutical	330.64	104.07
NR	378	Subhash Sharma	Resurgere Mines	Mining	-	103.78
352	379	Deepak Seth & Family	House of Pearl Fashion	Textiles readymade apparel	387.75	102.38
440	380	Selvam Selvi	Sun TV Network	Media-entertainment	232.11	101.41
441	381	Shanmugasundaram Selvam	Sun TV Network	Media-entertainment	232.11	101.41
318	382	Suresh N Bhatnagar	Diamond Power Infra	Cables	476.19	100.56