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Monday, June 04, 2007

Market Watch


Insider Trades:
HDFC Ltd: D N Ghosh, Director has sold in open Market 3000 equity shares of Housing Development Finance Corporation Ltd on 28th May, 2007.

Upper Circuit:
SREI Infrastructure, GTC Industries, DCB, DCHL, Dewan Housing, TVS Electronics, Saksoft Ltd, Dawn
Mills, Shreyas International, Genus Overseas, Asian Electronics, Marg Construction, Helios Matheson, UTV
Software, Taneja Aerospace, Accel Frontline and Swan Mills.

Delight Delight (Rising Price & Rising Delivery):
Cipla, Crompton Greaves, Federal Bank, Geometric Software, Gujarat State Fertilizers & Chemicals, ICICI
Bank, Indian Hotels, NALCO, Satyam Computer and TVS Motor.

Abnormal Delivery:
Mastek, J B Chemicals, Jindal Steel & Power, BPCL, IOC, Tata Elxsi, CEAT, IPCL, Ucal Fuel, SCI, Andhra
Bank, Union Bank of India and Balaji Telefilms.

Results Today:
Balkrishna Industries, McLeod Russel, Nahar Export, Nahar Spinning, NOCIL, Onward Technologies, Greenply Industries, Southern Ispat, VIP Industries and Williamson Magor.

Delivery Momentum Call:
Jyoti Structure Ltd. is in the business of erecting power transmission tower, electricity sub-station structures and railway electrification systems, the company has been turnaround story due to the Electricity Act that freed transmission to the private sector.

The current order book of Jyoti structure ltd stands at Rs2000Cr in comparison to Rs11bn last year.
The existing orders form Powergrid, higher rural electrification job New Higher power orders will enhance
revenue; it is expected to grow at a CAGR of 32% for the next 2 financials years. It is seen that the
margins have really improved this year with Operating profit margin standing at 12.31% in comparison of
10.42% YOY.

The management has given a guidance of 12% operating margin for the next 2 financial years. The company Joint venture Gulf-Jyoti will commence trial run in June 2007. The company has already bagged one order from Dubai electric and water agency. The company has a 45% stake in the net profit under the Joint venture agreement. Jyoti Structure stock trades at a P/E of 11.90x FY08E EPS of Rs11.90 and 8.20x FY08E EPS of Rs14.88.