Sharekhan Riveting Metals & Eagle Eye

Sharekhan Eagle Eye (equities) for May 22, 2007Sharekhan Riveting Metals dated May 21, 2007

Religare - Union Bank of India

Religare - Union Bank of India

Emkay - Tata Motors, Karvy - Unichem Labs, UTI Sec- JBF Industries

Emkay - Tata Motors

Karvy - Unichem Labs

UTI Sec- JBF Industries

Citigroup - Asia Investigator

Citigroup - Asia Investigator

Sharekhan Investor's Eye dated May 21, 2007

KEI Industries
Cluster: Ugly Ducking
Recommendation: Buy
Price target: Rs140
Current market price: Rs75

Q4FY2007 results: First-cut analysis

Result highlights

• KEI Industries' (KEI) net sales grew by 123% to Rs207.4 crore in Q4FY2007, in line with our expectations. However the net profit grew by 37.3% to Rs11.4 crore and the growth was below our expectations on account of rising raw material prices and a higher interest cost.
• The power cable segment's revenues grew by a robust 125% to Rs208 crore while the stainless steel wire segment's revenues grew by 97% to Rs25 crore.
• The operating profit margin (OPM) for the quarter declined by 490 basis points to 12.1% due to a rise in raw material prices. The raw material cost as a percentage of sales increased to 76.6% from 63.9% in Q4FY2006.
• The operating profit for the quarter grew by 59% to Rs25.1 crore.
• The interest expense for the quarter increased by 148% to Rs7.5 crore due to a rise in the interest rates and also because the company availed of higher working capital loans since the business is growing at a rapid pace. The depreciation cost for the quarter increased by 31% to Rs1.2 crore.
• For the full year, the net sales grew by 99% to Rs681.5 crore and the net profit grew by 54.3% to Rs40.1 crore.
• At the current market price of Rs75, the stock is quoting at around 11x its FY2007 earnings per share and 6.6x its FY2007 enterprise value/earnings before interest, depreciation, tax and amortisation. We maintain our Buy recommendation on the stock with a price target of Rs140. We shall be upgrading our FY2008 earnings estimates after analysing the annual report of the company. Watch this space.

Allahabad Bank
Cluster: Cannonball
Recommendation: Buy
Price target: Rs101
Current market price: Rs89

Growth at the cost of margins

Result highlights

• Allahabad Bank's net profit for Q4FY2007 declined by 16.5% year on year (yoy) to Rs125.7 crore. The same was lower than our estimate of Rs143.8 crore mainly due to a higher than expected tax liability of the bank during the quarter.
• During the quarter the bank's adjusted net interest income (NII) marginally declined by 1% yoy. Adjustment has been made for the one-time cash reserve ratio (CRR) interest income of Rs31 crore received during the quarter. The net interest margin (NIM) adjusted for the one-off item has decreased on year-on-year (y-o-y) and sequential bases. A significant increase in the cost of funds unmatched by a commensurate increase in the asset yields has resulted in a 73-basis-point
  y-o-y decline and a four-basis-point sequential decline in the NIM. The bank's aggressive loan growth policy funded by high-cost bulk deposits is taking a huge toll on its margins.
• The bank had booked Rs49.5 crore (credit balances in sundry accounts) as other income in FY2006. However, on Reserve Bank of India's (RBI) direction it reversed the entry during this quarter. Thus adjusted for the same the non-interest income was up by 19.9% yoy to Rs174.7 crore.
• The operating performance was not exciting despite a sedate 6.3% y-o-y rise in the operating expenses. The operating profit was up only 2.2% yoy with the core operating profit (excluding treasury) up by 9.2% on a y-o-y basis.
• Although provisions and contingencies declined by 23.4% yoy, yet tax provisions increased by 395% during the quarter. This resulted in a 16.5% y-o-y decline in the profit after tax (PAT) as against a 17.6% y-o-y rise at the profit before tax level.
• At the current market price of Rs89, the stock is quoting at 4.7x its FY2008E earnings per share, 2.8x pre-provision profits and 0.9x book value. The bank is available at attractive valuations compared with its peers, given its low price to book multiple and high return on equity. We maintain our Buy call on the stock with a price target of Rs101.

Bajaj Auto
Cluster: Apple Green
Recommendation: Buy
Price target: Rs2,500
Current market price: Rs2,248

Bruised by demerger, disclosures

Result highlights

• The Q4FY2007 results of Bajaj Auto Ltd (BAL) are in line with our expectations. The net sales grew by 6.8% to Rs2,313.6 crore.
• The operating profit of the company declined by 23.2% to Rs326.3 crore as the operating profit margin (OPM) declined by 550 basis points to 14.1%. However, the margins are stable on a sequential basis. The net profit before extraordinary items for the quarter declined by 3.9% to Rs320.75 crore.
• The company announced its long pending demerger, through which two new companies would be created, namely Bajaj Auto Ltd (BAL; new), comprising the manufacturing business, and Bajaj Finserv Ltd (BFL), comprising the insurance, auto finance and wind power businesses. The existing company would be renamed as Bajaj Holdings and Investment Ltd (BHIL). The shareholders would hold 70% in the new companies directly, while 30% of their holding would be routed through the holding company BHIL. We view this process as a negative, as the listed holding company would suffer from a holding company discount.
• For every one share held in the existing BAL (future BHIL), the shareholders would continue to hold one share in BHIL, get one share of the new BAL of Rs10 each and one share of BFL of Rs5 each.
• In another disclosure, BAL has also declared that Allianz has a call option to raise its stake in the life insurance business to 74% from the current 26% at a nominal pre-determined price till 2016. In all likelihood, the foreign direct investment (FDI) norms for insurance are expected to get relaxed till then and hence BAL's stake is likely to get reduced.
• We are downgrading our sum-of-the-parts (SOTP) target on BAL to Rs2,500, valuing the new BAL at Rs1,254 per share and BFL at Rs449 per share. Taking into account the cash and investment portfolio of BAL and also BHIL's stake in the two new companies, we value BHIL at Rs835. We maintain our Buy call on the stock.

Sundaram Clayton
Cluster: Apple Green
Recommendation: Buy
Price target: Rs1,350
Current market price: Rs941

Spinning off its brake division

Result highlights

• Sundaram Clayton has finally decided to spin off its brake division into a subsidiary. The new entity will be called WABCO-TVS and will be listed on the stock exchange.
• We believe that the demerger would help both the companies to focus on their core areas. WABCO would control the brake division while the TVS group would run the casting division. The higher control of WABCO in the brake division is in line with WABCO's strategy and may open new outsourcing opportunities for the brakes company as WABCO is scouting for a low-cost producer of brakes.
• For FY2008, Sundaram Clayton has raised its capex plans to Rs200 crore, out of which Rs90 crore would be spent on the brake business and Rs110 crore on the die-casting business.
• We are introducing our FY2009 estimates for Sundaram Clayton. We expect the company to record a revenue growth of 17% and a profit growth of 26% during the year. We expect its earnings to reach Rs74.5 in FY2009.

Sun Pharmaceutical Industries
Cluster: Ugly Duckling
Recommendation: Buy
Price target: Rs1,297
Current market price: Rs1,064

Q4 first-cut analysis and acquisition highlights

Result highlights

• The consolidated net sales of Sun Pharmaceutical Industries (Sun Pharma) grew by 33.8% year on year (yoy) to Rs544.2 crore in Q4FY2007. The strong growth was driven by an increase of 43.4% in the domestic business and a 22.4% growth in the exports.
• Its US subsidiary, Caraco Pharma (Caraco), continued its growth momentum. Caraco's sales grew by 32% yoy to $32.7 million in Q4FY2007 and by 41% to $117 million in FY2007.
• Sun Pharma's operating profit margin (OPM) expanded by 610 basis points on a lower base to 28.3%, resulting in a 70% spike in its operating profit to Rs154.5 crore.
• Sun Pharma's other income was higher by 24.2% to Rs94.2 crore, which was more than double of our estimate of Rs42.7 crore for the quarter.
• With an impressive revenue growth in both domestic formulation and export businesses, a 610-basis-point expansion in the OPM and a higher than expected other income, Sun Pharma's net profit for Q4FY2007 stood at Rs212.1 crore, up 48.4% yoy. The net profit was ahead of our estimate of Rs184.4 crore.
• For the full year, the company's sales were up 30% at Rs2,132.1 crore and the OPM expanded by 190 basis points to 31.9%, resulting in a net profit of Rs774.1 crore (up 35%). The full-year net profit was above our expectations of Rs737.2 crore.
• Between Sun Pharma and its US subsidiary Caraco 34 abbreviated new drug applications (ANDAs) are now approved compared with 22 at the end of 2006. A total of 16 ANDAs have been filed during the fourth quarter (eight each by Sun Pharma and Caraco). With this, 77 ANDAs await the approval of the US Food and Drug Administration (USFDA) including seven tentative approvals.
• The company has guided for a conservative 15-18% consolidated revenue growth for FY2008 (which is less than our estimate of a 30% growth) whereas Caraco has guided to a growth of 30% during the year. Sun Pharma expects to maintain the OPM in FY2008.

Sharekhan Investor's Eye dated May 21, 2007

Angel - Tata Motors, Ask RJ - Federal Bank, Emkay - Ess Dee Aluminum

Angel - Tata Motors

ASK RJ - Federal Bank

Emkay -Ess Dee Aluminum

ENAM - Dr Reddy's Labs

ENAM - Dr Reddy's Labs

or

ENAM - Dr Reddy's Labs

SSKI - Dr Reddy's Labs, Jaiprakash Associates, Voltas

Dr. Reddy's Labs (DRL's) Q4'FY07 headline results are significantly ahead of estimates largely driven by contribution from high margin one-offs like higher Ondansetron sales and unanticipated Rabeparazole API sales to Teva along with strong performance in all core business segments (except Betapharm). Despite Rs1.77bn write-off in Betapharm, profits at Rs3.25bn are far ahead of market estimates. Q4FY07 sales in Betapharm (Germany) have been impacted due to supply disruptions which have now been sorted out with the finalization of a new non-exclusive contract with Hexal. DRL has highlighted that while near term profitability in German business might be under pressure due to switch to this non-exclusive contract, the flexibility to seek other options and accelerated outsourcing of product manufacturing to India by FY08end will significantly enhance DRL's cost competitiveness in medium term. Management guidance on 50-52% gross margins, incremental growth in APIs on a much higher base, continued growth in branded formulations and improved performance in Germany is very positive. We believe that street is underestimating strength of DRL's core business and DRL's capabilities to profitability reorient its business model to the changing market dynamics in Germany. Additionally DRL has potential FTF status on ~$10bn worth of drugs which will continue to drive upsides. We reiterate that with its well balanced generics and discovery portfolio, DRL is one of our top picks in the space. We maintain our earning estimates and reiterate Outperformer with a price target of Rs835 ( 22.7xFY08E and 20x FY09E).


SSKI - Dr Reddy's Labs


We recently organised a Conference Call with Mr. Miyajiwala (CFO) and Mr. Garudachar (GM-Corporate Communications) of Voltas Limited, post its Q4FY07 results. The transcript of the conference call is attached for the benefit of those who could not make it to the call. We maintain Outperformer rating on the stock.

SSKI - Voltas' Q4FY07 & FY07 results (Outperformer): Results below expectation


Jaiprakash Associates Ltd's (JAL) standalone net profit was marginally higher than our estimates at Rs1.3bn (+87% yoy) led by a strong performance of the cement division. The cement revenues grew by 46% yoy (33% yoy realization growth), which led to a sharp jump in EBIT margins by 1660bps to 35% during the quarter. The construction business revenues fell by 34% as most of the projects were in the ramp up phase during the quarter. Consequently, overall operating margins expanded by 1170bps to 29.7% during the quarter. The stock is trading at 25.2x FY09 standalone earnings and at 20.2x FY09E on consolidated earnings, which is attractive considering the robust order backlog of Rs67.5bn for the construction business, firm cement prices across its key markets as well as huge land bank from the Jaypee Green and Taj Expressway project. We retain our Outperformer rating on the stock with a target price of Rs836/share based on sum of parts valuation.

SSKI - Jaiprakash Associates

SSKI - Bajaj Auto's Q4FY07 results (DOWNGRADE TO UNDERPERFORMER): De-merger blues - What about value creation?

Bajaj Auto's (BAL) Q4FY07 performance has been above our expectations both at the top line (due to higher realizations) and at the bottom line (aided by higher other income). Q4FY07 net sales grew by 6.8% yoy to Rs23.14bn driven by 1%yoy increase in volumes and 5.8%yoy and 6.3%qoq surge in average realizations. EBIDTA margins were in line with our expectations at 14.1% and net profit declined by 3.9%yoy to Rs3.21bn.
Bajaj Auto in its de-merger plan has proposed to de-merge its businesses into two new entities - manufacturing and finance & insurance, while the existing company will continue to act as a holding company retaining bulk of the surplus cash/investments along with 30% equity stake in each of the new entities. We believe the creation of a holding company structure fails to meet the very objective of the de-merger process and would lead to value entanglement for the shareholders rather than value unlocking. The value diminution caused in the manufacturing business as a part of the de-merger process due to an enhanced equity base (43% dilution -at par) does not get fully recaptured in the holding company, as valuation of the holding company's interests in the de-merged entities will attract a significant discount (50% assumed). Further, the company's disclosure as regards to Allianz having an option to increase its stake in Bajaj Auto's Life Insurance business to 74% and in the General Insurance business to 50% from 26% each at present at a very nominal value (upto 2016) has come in as a very big negative surprise. After accounting for the likely impact due to the company's proposed de-merger plan and its new disclosures pertaining to its insurance businesses our SOTP price target for the company has been lowered to Rs1996/share from Rs2625/share, a sharp drop of 24%. The downgrade in the per share value has been much steeper as compared to a downgrade of ~5% in the target market cap due to the impact of an enhanced equity base. We are downgrading our recommendation for the stock to UNDERPERFORMER from NEUTRAL.

SSKI - Bajaj Auto's Q4FY07 results (DOWNGRADE TO UNDERPERFORMER): De-merger blues - What about value creation?

SSKI - Bajaj Auto's Q4FY07 results (DOWNGRADE TO UNDERPERFORMER): De-merger blues - What about value creation?

Bajaj Auto's (BAL) Q4FY07 performance has been above our expectations both at the top line (due to higher realizations) and at the bottom line (aided by higher other income). Q4FY07 net sales grew by 6.8% yoy to Rs23.14bn driven by 1%yoy increase in volumes and 5.8%yoy and 6.3%qoq surge in average realizations. EBIDTA margins were in line with our expectations at 14.1% and net profit declined by 3.9%yoy to Rs3.21bn.
Bajaj Auto in its de-merger plan has proposed to de-merge its businesses into two new entities - manufacturing and finance & insurance, while the existing company will continue to act as a holding company retaining bulk of the surplus cash/investments along with 30% equity stake in each of the new entities. We believe the creation of a holding company structure fails to meet the very objective of the de-merger process and would lead to value entanglement for the shareholders rather than value unlocking. The value diminution caused in the manufacturing business as a part of the de-merger process due to an enhanced equity base (43% dilution -at par) does not get fully recaptured in the holding company, as valuation of the holding company's interests in the de-merged entities will attract a significant discount (50% assumed). Further, the company's disclosure as regards to Allianz having an option to increase its stake in Bajaj Auto's Life Insurance business to 74% and in the General Insurance business to 50% from 26% each at present at a very nominal value (upto 2016) has come in as a very big negative surprise. After accounting for the likely impact due to the company's proposed de-merger plan and its new disclosures pertaining to its insurance businesses our SOTP price target for the company has been lowered to Rs1996/share from Rs2625/share, a sharp drop of 24%. The downgrade in the per share value has been much steeper as compared to a downgrade of ~5% in the target market cap due to the impact of an enhanced equity base. We are downgrading our recommendation for the stock to UNDERPERFORMER from NEUTRAL.

SSKI - Bajaj Auto's Q4FY07 results (DOWNGRADE TO UNDERPERFORMER): De-merger blues - What about value creation?

Close: Nifty hits all time high !

Firm Global markets provided the support for the Indian Markets to open up in green and to trade strong. Nifty hit its all time high during the opening trade with Dabur India emerged with early gains to trade up. Markets traded stable at higher levels with sustained buying in the index heavyweifghts like Reliance and SBI at the start. After paring gains in the mid sessions of trades markets traded within a narrow range as they groped for direction. Reliance Energy, Tata Steel and ONGC lead the rally after the mid session followed by the Index major and Oil pioneer RIL propelled. Metal, Banking, Media and FMCG stocks were among the major gainers. IT and Auto traded weak for the day. Market breadth was extremely positive which helped market display positive movement through the day. Rupee was strong yet again and almost challenged the 9 year high levels yet again.. The software stocks went soft yet again after seeing some value buying in the last couple of days. Cement stocks also saw some level of profit taking ahead of the rainy season. Small-cap and Mid-cap stocks also supported the rally. Asian markets ended in green while European markets were mixed at the time of writing this note.

Sensex ended up by 115 points at 14418.6. It was helped up by gains in Rel Energy (551.7,+8 percent), TISCO (622.9,+5 percent), RIL (1761.55,+4 percent), HDFC Bk (1103.05,+3 percent) and ONGC (933.6,+3 percent). Restricting the gains were Tata Motors (724.7,-2 percent), Wipro (534.75,-2 percent), Bajaj Auto (2248.3999,-2 percent), Satyam (448.2,-2 percent) and TCS (1236.95,-1 percent).

SAIL the Steel major put out Fantastic numbers above market expectations. It reported a jump of 54% net profit to Rs 6261.43 Cr for the year ended March 31, 2007 compared to Rs 4067 Cr for the year ended March 31, 2006 on consolidated basis. According to an official release total income for FY07 stood at Rs 36194 Cr vs Rs 29632 Cr for FY06. For the quarter ended March 31, 2007 the company posted a net profit of Rs 1902 Cr against Rs 1103 Cr for the quarter ended March 31, 2006. Total income surged from Rs 9155 Cr for Q4FY06 to Rs 10624 Cr in Q4FY07. The board of the company has recommended a final dividend @ 15% on paid up equity share capital in addition to the interim dividend @ 16% already paid for FY07, thus taking the total dividend to 31% on paid-up equity share capital subject to approval of shareholders in the AGM. The stock ran up on the news of its results While peers too traded up like Tisco surged by over 5%. There was nothing to hold back the steel majors not even the news that increased Chinese interest rates could slow demand.

Sun Pharma surged on the back of its aquisition news. Sun Pharma is set to acquire Taro Pharmaceuticals, a multinational generic manufacturer. The nature of the deal is an all cash and the size is estimated to be in the region of US$ 454 m (approx Rs 1800 cr). The company intends to fund the acquisition through internal accruals and the proceeds from its US$ 350 m FCCB. Taro has established subsidiaries, manufacturing and products across North America, Canada and Israel with the US being a dominant market accounting for more than 90% of its sales. Its forte includes dermatology and topical products apart from cardio vascular, neuropsychiatric and anti-inflammatory therapeutic categories. This aquisition should help Sun Pharma to strengthen its presence in North America and Canada. Thats a large acquisition.

Anil Ambani Group firm Reliance Capital Ltd (RCL) reported of selling its entire stake in Reliance Energy Ltd (REL) to other promoters in a block deal on the bourses which was valued at Rs 350 Cr. Reliance Capital the financial services arm of ADAG sold over 1.3 Cr shares representing 5.79% stake in Reliance Energy. Reliance Energy ended as the top gainer in the Sensex with 8.5% gains.

Technically Speaking: Sensex traded firm with heavyweights supporting the rally and made an intra day high of 14451 and low of 14385 levels. The breadth favored Advances through out the day where Advancers were 1380 and the Declines were 1225. Resistance for Sensex lies at 14520 levels, while strong support lies at 14380 levels. Sensex churned fabulous turnover of Rs.5559 Cr.

Bulls strike back

After a subdued trend in the last week, the Sensex staged a recovery today and the Nifty scaled new high. The bulls were back in action after closing flat on Friday, as the market registered sharp gains on the back of all-round buying support. Taking a cue from the buoyant international indices the Sensex resumed 60 points above its previous close at 14363 on the back of strong buying in heavyweight, oil, metal and fast moving consumer goods (FMCG) stocks. However, automobile, consumer durables and IT witnessed losses. This buoyancy triggered a major rally that propelled the index to an intra-day high of 14451 in the afternoon. Though the Sensex held firm above 14400 for a major portion of the trading session, it finally closed at 14419, up 115 points. The Nifty advanced 46 points to close at its all-time high at 4261.

The breadth of the market was positive on the BSE, with the gainers outpacing the losers in the ratio of 1.17:1. Of the 2,663 stocks traded on the BSE 1,395 stocks advanced, 1,194 stocks declined and 74 stocks ended unchanged. Out of 11 sectoral indices on the BSE, seven indices ended in positive territory. The BSE Oil & Gas index ended firm with gains of 3.01% at 7832 while the BSE Metal index rose 2.54% at 10502. The BSE FMCG index added 2.08% at 1912. However, the BSE IT index, the BSE CD index, the BSE Auto index and the BSE Teck index ended weak.

Action in several index heavyweights lifted the market. Reliance Energy led the pack and shot up by 7.90% at Rs552. Tata Steel soared 5.39% at Rs663, Reliance Industries surged 3.66% at Rs1,761, HDFC Bank flared up by 2.89% at Rs1,103, ONGC jumped by 2.67% at Rs934, ITC added 2.40% at Rs171, Reliance Communication advanced by 2.11% at Rs506, SBI moved up by 1.59% at Rs1,347 and Maruti Udyog was up 1.58% at Rs820. IT stocks, however, came under sharp selling pressure. Wipro at Rs535, Satyam Computers at Rs448 and Infosys at Rs1,961 dropped over 1% each. Tata Motors at Rs725 and Bajaj Auto at Rs2,248 were down around 2% each.

Oil stocks rallied sharply, BPCL shot up by 4.11% at Rs391, Essar Oil soared 3.94% at Rs57, Petronet LNG flared up by 3.28% at Rs54, Reliance Natural Resources added 3.12% at Rs31 and Reliance Petroleum was up 3.09% at Rs95.

Over 1.42 crore Reliance Energy shares changed hands on the BSE followed by Tata Teleservices (1.13 crore shares), Reliance Natural Resources (1.04 crore shares), IFCI (79.38 lakh shares), and Cairn India (71.92 lakh shares).

Value-wise Reliance Energy registered a turnover of Rs732 crore on the BSE followed by Adlabs (Rs293 crore), Reliance Capital (Rs177 crore), United Spirits (Rs175 crore) and Reliance Industries (Rs172 crore).

Nifty settles at new peak

The market was strong throughout the day’s trading session, tracking firm Asian and European markets, on continued buying momentum in index pivotals. Oil & gas, metal and FMCG stocks were in high demand. However, selling was seen in IT and auto stocks.

The fuel for the market's rise were reports indicating India's June-September monsoon rains are expected to hit the coastline of southern Kerala state within the next three to four days.

The S&P CNX Nifty, the benchmark index of the National Stock Exchange, advanced 46.40 points, or 1.10%, at 4,260.90, an all-time closing peak. It had surged to an all-time high of 4,269.35 today, 21 May 2007, in intra-day trade, surpassing its previous all-time high of 4,245.30, which it had stuck on 8 February 2007.

The 30-share benchmark index of BSE, which crossed the 14,400 level in the opening session, settled 115.19 points, or 0.81%, higher at 14,418.6. It opened higher at 14,415.44 and surged to strike an intra-day high of 14,451.30. Its intra-day low for the day was 14,384.61

As per provisional data, FIIs were net buyers to the tune of Rs 183 crore today. Domestic institutions were net buyers to the tune of Rs 258 crore today.

The market breadth, which indicates the overall health of the market, looked strong as small-cap and mid-cap stocks also participated in the rally. Though the breadth was positive in the late afternon session, it was weaker compared with the morning session when there were 4 gainers for every loser.

The advance to decline ratio was pegged at 1.12 by the closing bell: 1,380 shares advanced as compared to 1,225 that declined, while 81 remained unchanged.

The BSE Mid-Cap index settled at 6,129.69, advancing 39.74 points, or 0.65%, while the BSE Small-Cap index rose 73.85 points, or 1.02%, to 7,294.15.

Firm global markets helped local bourses. All the Asian indices were trading higher, while a majority of European markets advanced. Hang Seng rose 0.11%, while the Nikkei 225 index gained 0.90%. The Nikkei average climbed 157.29 points to 17,556.87 on Monday, 21 May 2007, as technology exporters such as Sony Corp and TDK Corp. advanced while the yen slipped to a record low against the euro.

Chinese shares jumped 1.04% for another record finish Monday, 21 May 2007, as investors shrugged off the central bank's latest efforts to cool the economy and stocks, using early losses as a bargain-hunting opportunity instead.

The benchmark Shanghai Composite Index, closed up 41.97 points at 4,072.23 on heavy turnover of 209.60 billion yuan (27.22 billion dollars). Prices opened down more than 3% but the key index was soon back in positive territory as investors discounted Friday's (18 May 2007) moves as more of the same measures that have failed to work since early 2006.

The main Shanghai Composite Index has trebled since the start of 2006, prompting repeated warnings from officials and analysts that a dangerous bubble has formed.

In addition, to slow the pace of lending, the central bank said it would hike commercial bank reserve requirements -- the money they must set aside to cover emergencies -- by 0.5% points to 11.5%. Friday's (18 May) was the fourth interest rate hike and eighth increase in reserve requirements since the central bank ramped up efforts early last year to mop up excess cash -- all apparently to little lasting effect. The yuan ended the day at a new high of 7.6650 against the US dollar, up from a previous finish of 7.6680.

The total turnover on BSE amounted to Rs 5,559 crore, boosted by a series of block deals. Prominent among them were three block deals of 44.10 lakh shares executed on the Reliance Energy (REL) counter at an average price of Rs 513 per share in opening trade.

REL surged 8.53% to Rs 554.90 on huge volumes of 1.42 crore shares. It was the top traded counter on BSE, with turnover of Rs 736.27 crore. The three block deals resulted in roughly around 5.44% of REL's equity changing hands.

Other major block deal was executed on the Adlabs Films counter on BSE: 48.12 lakh shares at Rs 535 per share by 10:23 IST. The scrip was up 6.94% to Rs 562. It was the second top traded stock on BSE with a turnover of Rs 296.50 crore. This block deal amounted close to 11.5% equity of Adlabs changing hands.

The total marketwide turnover was Rs 46,560.99 crore as compared to Rs 44,316.68 crore on Friday (18 May).

Shares from the Reliance pack were in strong demand. Reliance Capital (up 8.45% to Rs 982), Reliance Natural Resources (up 3.12% to Rs 31.40), Reliance Petroleum (up 3% to Rs 95), Reliance Communications (up 1.76% to Rs 504.60) and IPCL (up 3.76% to Rs 349) advanced.

Index heavyweight Reliance Industries (RIL) advanced 4.45% to Rs 1,775 on 9.86 lakh shares. It struck an all-time high of Rs 1780, on market rumors that it is likely to come out with rights issue. The scrip shrugged off media reports it is likely to miss the June 2008 deadline for commercial production of gas from the Krishna Godavari basin. The delay is mainly due to late deliveries of deepwater drilling rigs by Transocean Inc. RIL is relying on these oil rigs to the start the commercial production of gas from the basin. It was the third most traded counter on BSE with turnover of Rs 134.51 crore

PSU oil exploration major ONGC advanced 2.44% to Rs 931.50 after Brent crude oil rose 28 cents to $69.70 a barrel on Monday, 21 May 2007, while US benchmark crude gained 20 cents to $65.14, boosted by concerns over supplies from major exporters Iran and Nigeria.

Led by RIL and ONGC, the BSE Oil and Gas Index surged 3.05% or 231.60 points to 7,834.68, and was the top gainer among the sectoral indices on BSE. Chennai Petroleum (up 13.44%), MRPL (up 4.53%), BPCL (up 4.54%), HPCL (up 1.50%), also gained.

The BSE Bankex rose 1% at 7,680.71, extending recent gains as inflation worries eased. Also analysts rule out any fresh interest-rate increases in the near future. In fact, they expect rate cuts.

India’s largest commercial bank State Bank of India (SBI) edged up 1.46% to Rs 1345.10 on 4.46 lakh shares. It has taken up a plan to reach 100,000 unbannked villages in the country within the next two years. It aims is to open at least one bank account for each family in these villages. SBI plans to access one lakh villages in India within the next two years. SBI’s strong Q4 March 2007 results announced on Saturday, 12 May 2007, has aided the rally.

HDFC Bank (up 2.61% to Rs 1100), Oriental Bank of Commerce (up 6.45% to Rs 242.55), Canara Bank (up 6.60% to Rs 268), Bank of Baroda (up 1.83% to Rs 286), Punjab National Bank (up 1.70% to Rs 559.50), Union Bank of India (up 3.27% to Rs 124.85 ), UTI Bank (up 3.7% to Rs 556.90), Federal Bank (up 3% to Rs 287) and Kotak Mahindra Bank (up 3.21% to Rs 577.40), advanced.

The BSE Metal Index gained 2.5% to 10,494.47. Tata Steel jumped 5.50% to Rs 623.55 on renewed buying following strong Q4 results announced late last week. Tata Steel had spurted over the past few weeks after the company last month announced attractively priced (Rs 300) rights issue in the ratio of 1:5, and also on expectation of strong fourth quarter results.

Tata Steel’s consolidated net profit had increased 41% to Rs 1103.50 crore in Q4 March 2007. Sales rose 21% to Rs 4980.44 crore in Q4 March 2007. Net profit jumped 20% to Rs 4222.15 crore in the year ended 31 March 2007. Sales increased 15% to Rs 17552.02 crore in FY 2007.

Jindal Saw (up 7.36%), Welspun Gujarat Stahl Rhoren (up 5.54%) and Sterlite Industries (up 2.22%), advanced.

State-run steel major Steel Authority of India was up 4.32% to Rs 145 after it reported a 72% growth in net profit in Q4 March 2007 during trading hours today. Sail reported a 72.3% surge in net profit to Rs 1901.88 crore in Q4 March 2007. Sales rose 12.6% to Rs 10385.08 crore in Q4 March 2007. Net profit jumped 54.5% to Rs 6202.29 crore in year ended 31 March 2007. Sales rose 21.7% to Rs 35026.21 crore in FY 2007.

Ranbaxy Laboratories moved up 0.44% to Rs 398.50 after its wholly owned subsidiary, Ranbaxy Pharmaceuticals Canada Inc. (RPCI), received approval in Canada to manufacture and market Ran® - Pravastatin Tablets, 10 mg, 20 mg, and 40 mg, from Health Canada, Therapeutic Products Directorate (TPD). Total annual market sales for Pravastatin in Canada is CAD $72.9 million.

Pravastatin is indicated as an adjunct to diet for the reduction of elevated total and low density lipoprotein cholesterol levels in patients with primary hypercholesterolemia.

Tata Motors slumped 2.63% to Rs 723.20 as selling continued after its Q4 March 2007 OPM shrank to 11.69% from 12.9% in Q4 March 2006. During trading hours on 18 May 2007, Tata Motors reported a 25.57% increase in consolidated net profit to Rs 2,169.99 crore in the year ended March 2007 compared with Rs 1,728.09 crore in FY 2006. Total income moved up to Rs 32,579.59 crore (Rs 24,012.97 crore).

The group posted a net profit of Rs 649.81 crore in Q4 March 2007 as against Rs 522.60 crore in Q4 FY 2006. Total income increased to Rs 9,790.09 crore (Rs 7,866.06 crore).

IT pivotals attracted fresh selling as rising rupee, hardening interest rates and costly inputs are taking a toll on the profit margin of Indian exporters. The rupee had hit a nine-year peak of 40.53 on 9 May 2007. It has gained more than 8% against the dollar this year to be Asia's best-performing currency.

The BSE IT Index lost 1.1% at 4,867.32, and was the top loser among the sectoral indices on BSE. TCS was down 1.34% to Rs 1235, Satyam Computers 1.93% to Rs 446.50, Wipro 1.63% to Rs 535.10, and Infosys Technologies 1.11% to Rs 1960. Infosys Technologies is to invest Rs 306 crore for setting up a development centre in Kerala.

The fall in IT stocks intensified after Britain, on 19 March 2007, suspended its online visa application facility from India after personal data of thousands of Indians was compromised, prompting the government to order a probe into the security lapse. As many as 4,70,000 Indians had applied for visa to Britain last year and around 50,000 had applied online.

TCS was down 1.34% to Rs 1235, Satyam Computers 1.93% to Rs 446.50, Wipro 1.63% to Rs 535.10, and Infosys Technologies 1.11% to Rs 1960. Infosys Technologies is to invest Rs 306 crore for setting up a development centre in Kerala.

Second line IT stocks MphasiS (down 3.37% to Rs 307.10), HCL Technologies (down 1.42% to Rs 348.35), i-flex Solutions (down 2.73% to Rs 2170) and i-Gate Global (down 0.67% to Rs 338), slipped.

Bajaj Auto slipped for the third straight day by 1.91% to Rs 2243.10, as its demerger scheme, announced during trading hours on 17 May 2007, triggered a flurry of rating downgrades by brokerage houses. Disappointment about the post-demerger structure and a lack of clarity about future business plans have been cited as the main reasons for the downgrades.

Bajaj Auto shares slumped 16% in the past two trading sessions after surprise revelation that Allianz — Bajaj’s partner in its two insurance ventures — has a ‘call option’ to buy up to 74% at a nominal price. This was the biggest disappointment in the demerger plan. Most analysts expected Bajaj Auto to remain the majority partner, while allowing Allianz to raise its stake up to 49%. They see a high possibility of the government raising foreign investment limit in insurance sector to 74% and Allianz exercising the option to hike the stake.

The insurance business of Bajaj Auto was valued at around Rs 800 per share, but going by the new structure, the value has been trimmed to Rs 300 per share. So the fall was more of a realignment to its fair value of Rs 2,250, as per an analyst.

Drug maker Dr. Reddy's Laboratories slipped 1.24% to Rs 657.50, despite posting strong March 2007 quarterly net profit on sales of generics, including a cheap version of GlaxoSmithKline Plc.'s anti-nausea blockbuster, Zofran, on 18 May 2007, during market hours. The stock fell after the company said its profit would fall this year. The company expects core businesses to grow strongly in the year ahead but sees lower profit in FY 2008.

The fiscal year that ended March 2007 saw one-time gains from a 180-day exclusivity period for Zofran's generic equivalent, and authorised generics.

Dr Reddy's Laboratories reported a total income of Rs 4,084.31 crore for the financial year ended March 2007 as against Rs 2,136.57 crore in the last year as per the Indian GAAP. It posted net profit of Rs 1,176.86 crore as against Rs 211.13 crore for the same period.

The country's biggest electricity generator NTPC slipped marginally by 0.06% to Rs 155.60. As per reports, the company is planning a foray into wind power with an investment of more than Rs 1,200 crore, seeking to diversify into the renewable energy market. It is looking at wind energy projects with a total capacity of 200-250 MW.

Balaji Telefilms soared nearly 20% to Rs 240.95 in a rally led by another content provider UTV Software last week. UTV Software had surged 28.9% in three trading sessions to Rs 435.20 on Friday, 18 May 2007, from Rs 337.50 on 15 May 2007.

Ronnie Screwvala’s UTV Software is planning to invest $200 million in launching a bouquet of eight new channels by March 2008 in India. These channels will be distributed to the Gulf region thereafter. The company is divided in various verticals including content, broadcast and new media (animation and gaming) and the channels come from the vertical of broadcast.

Meanwhile, Balaji Telefilms had reported good Q4 March 2007 results last week. Its net profit zoomed 37.25% to Rs 21.27 crore in Q4 March 2007. Income from operations rose marginally to Rs 77.38 crore from Rs 76.91 crore in Q4 March 2006.

Sun Pharma gained 5.11% to Rs 1065 after it announced the acquisition of Israel's Taro Pharmaceutical Industries before trading began on Monday, 21 May 2007. Strong Q4 March 2007 results, unveiled after trading hours on Friday, 18 May 2007, also aided the upmove in the scrip.

Taro Pharmaceutical is a multinational generic manufacturer with established subsidiaries, manufacturing and products across the US, Israel, Canada. North America represents more than 90% of Taro's sates. The acquisition will be funded through internal accruals and proceeds from its earlier $350 million foreign currency convertible bond (FCCB) issue.

Sun Pharma’s consolidated net profit surged 48% to Rs 212.08 crore in Q4 March 2007 over Q4 March 2006. Sales rose 34% to Rs 544.19 crore. Net profit jumped 35% to Rs 774.08 crore in the year ending March 2007 over FY 2006. Sales surged 30%to Rs 2132.06 crore in FY 2007.

Cigarette company GTC Industries jumped 5% to Rs 191.40 after reporting blockbuster earning for Q4 and FY ended March 2007 on 18 May. With this, it has gained 15% in three trading sessions.

GTC Industries posted a 713.80% spurt in net profit to Rs 40.04 crore in Q4 March 2007 as compared to Rs 4.92 crore in Q4 March 2006. Net sales rose 15.10% to Rs 57.66 crore (Rs 50.09 crore). The company posted a whopping 222.70% rise in net profit to Rs 51.80 crore in the year ended March 2007 as compared to Rs 16.05 crore in FY ended March 2006. Net sales rose 12% to Rs 199.74 crore (Rs 178.26 crore).

Marico advanced 5% to Rs 61 after blocks deals were executed in the stock on BSE and NSE. Block deals of 35.1 lakh shares on BSE and 30 lakh shares on NSE were struck at Rs 60 per share today. Details of the buyers and sellers were not known immediately.

Pharmaceuticals packaging firm Ess Dee Aluminium surged 6.66% to Rs 357 after disclosing its intentions of a domestic acquisition to strengthen its position. The target company has been identified and negotiations are under way, Ess Dee Aluminium's management had said at an analyst meet held on 16 May 2007 to discuss their financial results for Q4 March 2007 and the year ended March 2007, progress of their expansion projects and future plans.

Surging for the fourth day in a row after acquiring Scottish spirits maker Whyte & Mackay for 595 million pound sterling, United Spirits jumped 11.27% to Rs 1,188. The acquisition of Whyte & Mackay (W&M) allows the new owners to promote the company's Whyte & Mackay Scotch and Jura single malt brands in India and China, the focus of operations of United Spirits and the world's two fastest-growing major markets for Scotch.

At the time of the acquisition last week, UB Group chairman Vijay Mallya had said W&M's spread of brands across the spectrum from "value" to "super premium" made it the ideal vehicle with which to penetrate the well-segmented Indian market. Whyte & Mackay's inventory of 155 million litres of spirits has been valued at between £350m and £400m, and United Spirits a "captive supply" of whisky for blending with Indian whiskies.

JP Associates, which announced its results on Saturday, 19 May 2007, slipped 0.75% to Rs 666 after its net profit surged to Rs 131 crore in Q4 March 2007 as compared to Rs 70 crore in Q4 March 2006. Net sales rose to Rs 886 crore (Rs 855 crore).

India's National Stock Exchange (NSE) will offer futures and options trading on CNX Nifty Junior and CNX 100 from 1 June, the exchange said late on Friday. The exchange already offers futures and options trading in S&P CNX Nifty index, Bank Nifty and CNX IT index.

Foreign institutional investors (FIIs) bought shares worth a massive Rs 1060.80 crore on Thursday, 17 May 2007. The large inflow came after they had pulled out Rs 470 crore in two trading sessions from Tuesday, 15 May 2007, to Wednesday, 16 May 2007. But their inflow was muted Rs 56.64 crore on Friday, 18 May 2007, as per provisional figures.

Domestic institutions were net buyers of Rs 58-crore equities on Friday, 18 May 2007.

Meanwhile, in a major development, the Indian government late on Friday, 18 May 2007, tightened overseas borrowing rules, making it harder for less creditworthy and smaller local companies to raise funds, a measure seen aimed at curbing soaring capital flows and calm the hot real-estate sector.

The finance ministry said in a statement late on Friday that the ceiling has been lowered to 150 basis points (bps) over six-month Libor from the earlier 200 bps for overseas borrowings by Indian companies for maturities between three and five years.

For maturities over five years the ceiling has been reduced to 250 bps over six-month Libor from 350 bps. It said the ceilings had been revised in view of the upgrading of the country's sovereign credit ratings

Wall Street was boosted on Friday, 18 May 2007, by fresh takeover activity and after a gauge of consumer sentiment rose more than expected in May 2007, reassuring investors about the strength of the US economy. Dow Jones Industrial Average gained 79.81 points, or 0.59%, to a record closing high of 13,556.53. The Nasdaq Composite Index gained 19.07 points, or 0.75%, to 2,558.45.

Board Meetings - May 22 to May 31 2007

May 22 2007	Adhunik Metaliks Ltd	Audited Results
May 22 2007	Alembic Ltd	Alembic Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to consider, Audited Financial Results for the year ended on March 31, 2007 and to recommend Dividend, if any, for the year 2006-07.
May 22 2007	Automotive Stampings & Assemblies Ltd	Automotive Stampings & Assemblies Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, to consider the following:1. Take on record the audited financial results of the Company for the quarter and year ended March 31, 2007.2. Proposal to recommend Dividend, if any.
May 22 2007	Balmer Lawrie Vanleer Ltd	Balmer Lawrie Van Leer Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to approve and take on record the Company's Audited Financial Results for the year ended March 31, 2007.Further the Company has informed that, the Board at its meeting will also recommend Dividend, if any, for the said period.
May 22 2007	Bank of India	Bank of India has informed BSE that a meeting of the Board of Directors of the Bank will be held on May 22, 2007, inter alia, to consider and approve, consolidated audited Financial Results of the Bank for the year ended March 31, 2007.
May 22 2007	Bharat Forge Ltd	Bharat Forge Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to consider audited Balance Sheet and Profit and Loss Account for the year ended on March 31, 2007. After consideration of accounts, the Board may also consider recommendation of Dividend.
May 22 2007	Gabriel India Ltd	Gabriel India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to consider, approve and take on record the Audited Financial Results of the Company for the quarter and year ended on March 31, 2007 and to recommend dividend, if any, subject to the approval of the members in the Annual General Meeting of the Company.
May 22 2007	Gontermann Peiper (India) Ltd	Gontermann Peipers India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to consider and approve the Audited Financial Results of the Company for the year ended March 31, 2007 and to recommend dividend, if any.
May 22 2007	House of Pearl Fashions Ltd	House of Pearl Fashions Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007 to consider the proposal of advancing short term loan of Rs 27.5 Crores to its Subsidiary Company i.e. Pearl Global Ltd.
May 22 2007	JRG Securities Ltd	JRG Securities Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to consider the Audited Financial Results and Dividend of the Company for the Year ended March 31, 2007.
May 22 2007	K B S Capital Management Ltd	Quarterly Results
May 22 2007	Mukand Ltd	Mukand Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to consider the Audited Accounts of the Company for the quarter and year ended March 31, 2007 and recommendation of dividend, if any.
May 22 2007	New Delhi Television Ltd	Audited Results
May 22 2007	OK Play India Ltd	OK Play India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 19, 2007, inter alia, has considered the following:1. The Board has reviewed the progress of issue of Global Depository Receipts (GDRs). The Board has also noted the receipts of the in-principal approvals from The Bombay Stock Exchange Ltd (BSE) and the Singapore Stock Exchange (SGX) and approved some of the documents / agreements required to issue Global Depository Receipts.2. Thereafter, the meeting was adjourned till May 22, 2007 at the same time and place.
May 22 2007	Pearl Global Ltd	Pearl Global Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to consider appointment of Mr. B B Gupta as Whole-Time Director and Dr. Ashutosh P Bhupatkar and Mr. A K G Nair as Non Executive Independent Directors of the Company.
May 22 2007	Pidilite Industries Ltd	Pidilite Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to consider Audited Financial Results, to recommend dividend, if any, for the year ended March 31, 2007.
May 22 2007	Punjab Tractors Ltd	Punjab Tractors Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to approve Audited Financial Results of the Company for the year ended March 31, 2007 and to recommend equity dividend.
May 22 2007	Setco Automotive Ltd	Setco Automotive Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to consider the following business:1. To consider and approve the Audited Financial results for the year ended March 31, 2007.2. To consider declaration of dividend on equity shares.3. To consider partial disinvestment of wholly owned foreign subsidiary to other subsidiary of the Company.4. To consider capital expenditure for enhancing capacity.
May 22 2007	TCI Industries Ltd	Audited Results
May 22 2007	Thirumalai Chemicals Ltd	Thirumalai Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, to consider the Audited results for the year ended March 31, 2007 and also recommend Dividend.
May 22 2007	Transport Corporation of India Ltd	Audited Results
May 22 2007	Triton Corp. Ltd	Triton Corp Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 22, 2007, inter alia, to discuss and consider investment in M/s. West Talk Corporate Ltd and M/s. New Beginnings Finance Ltd based at London, U.K. by way of purchase of their 100% equity capital from their existing shareholders.
May 22 2007	Z F Steering Gear (India) Ltd	Audited Results

May 23 2007	ARI Consolidated Investments Ltd	Ari Consolidated Investments Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider, audited financial results of the Company for the year ended March 31, 2007 and for recommendation of dividend, if any.
May 23 2007	Birla Ericsson Optical Ltd	Audited Results
May 23 2007	Divis Laboratories Ltd	Audited Results
May 23 2007	Emmsons International Ltd	Emmsons International Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider the followings:1. To consider and approve the Audited Annual Accounts of the Company for the year ended March 31, 2007.2. To consider the recommendation of dividend.3. To decide the dates of Book closure.4. To approve the notice of 14th Annual General Meeting along with the fixation of the date for convening the AGM.
May 23 2007	Gemini Communication Ltd	Audited Results
May 23 2007	Gwalior Chemical Industries Ltd	Audited Results
May 23 2007	Insilco Ltd	Audited Results
May 23 2007	IP Rings Ltd	IP Rings Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, to consider and take on record the Audited Financial Results of the Company for the Year ended on March 31, 2007.Further the Company has informed that, the Board of Directors will also consider recommendation of Dividend for the Financial Year 2006-2007.
May 23 2007	Jupiter Bioscience Ltd	Jupiter Bioscience Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider and allot Equity Shares to the Qualified Institutional Buyers in the recently concluded QIP Issue.
May 23 2007	K S Oils Ltd	KS Oils Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider the following matters:1. Approval of the Audited Accounts for the year ended March 31, 2007.2. Recommendation of dividend to shareholders, if any.3. To consider the matter of sub-division (split) of the equity shares of the Company.4. To consider the increase in borrowing limits of the Company.5. To approve the dates of closure of shareholders transfer books and register of members.6. Fixation of date, time of 22nd Annual General Meeting of the Company for the year ended March 31, 2007.
May 23 2007	Karur Vysya Bank Ltd	Audited Results
May 23 2007	Loyal Textiles Mills Ltd	Loyal Textile Mills Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider the audited results for the year ended March 31, 2007, declaration of dividend on equity shares and to determine dates for book closure.
May 23 2007	Matrix Laboratories Ltd	Audited Results
May 23 2007	MRO-TEK Ltd	Audited ResultsMRO TEK Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to transact the following :1. To consider, approval of the reviewed financial results for the quarter, and audited financial results for the year ended March 31, 2007.2. Recommendation of dividend, for approval of members at their Annual General Meeting scheduled to be held on June 27, 2007, is also to be considered.(As Per BSE Announcement Website Dated on 09/05/2007)
May 23 2007	Munjal Showa Ltd	Munjal Showa Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, to consider and recommend dividend for the financial year ended March 31, 2007.
May 23 2007	National Peroxide Ltd	National Peroxide Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider, approve and take on record, the Audited Financial Results and Consolidated Financial Results of the Company for the year ended March 31, 2007, and to consider the recommendation of dividend, if any.
May 23 2007	NIIT Technologies Ltd	NIIT Technologies Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider the following:1. To consider and take on record the Audited Accounts and Financial Results for the year ended March 31, 2007;2. To consider and recommend dividend, for the year 2006-07, if any.
May 23 2007	Precision Wires India Ltd	Precision Wires India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider, approve & allot, the conversion of 11,00,000, 13% Fully Convertible Debentures - FCDs into One Equity Share of Face value of Rs 10/- each aggregating to 11,00,000 Fully Paid up Equity Share of Face value of Rs 10/- each.
May 23 2007	Punjab National Bank	Punjab National Bank has informed BSE that a meeting of the Board of Directors of the Bank will be held on May 23, 2007 for taking on record the Audited Financial Results for the quarter / financial year ended March 31, 2007.Punjab National Bank has informed BSE that the meeting of the Board of Directors of the Bank which is scheduled to be held on May 23, 2007, for taking on record the Audited Financial Results for the quarter / year ended March 31, 2007. In the said meeting the Board of Directors of the Bank will also consider Final Dividend for the Financial Year 2006-2007.(As Per BSE Announcement Website Dated on 15/05/2007)
May 23 2007	R Systems International Ltd	R Systems International Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to transact the following business:1. To consider, discuss and approve the repayment of the outstanding amount of external commercial borrowings of USD 340,000. The said amount was obtained from the Company's wholly owned subsidiary Company R Systems (Singapore) Pte Ltd as external commercial borrowings during July 2003 to October 2003.2. To consider, discuss and approve an investment on the conversion of warrants held by the Company in VantageMed Corporation or surrender of rights under the said warrants for consideration.
May 23 2007	Rane Engine Valves Ltd	Rane Engine Valves Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, to consider and approve the audited financial results and recommendation of dividend, if any, for the year ended March 31, 2007.
May 23 2007	Shervani Industrial Syndicate Ltd	Audited Results
May 23 2007	Surana Industries Ltd	Surana Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, to approve certain documents and agreements relating to the proposed FCCB issue of US$ 25 million.
May 23 2007	Swaraj Engines Ltd	Swaraj Engines Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to approve Audited Financial Results of the Company for the financial year ended March 31, 2007 and to recommend equity dividend.
May 23 2007	Torrent Pharmaceuticals Ltd	Torrent Pharmaceuticals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider, the Audited Financial Results of the Company for the year ended on March 31, 2007.
May 23 2007	Triton Valves Ltd	Audited Results
May 23 2007	Universal Cables Ltd	Universal Cables Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, to consider and approve Audited Accounts of the Company for the year ended March 31, 2007 and also to recommend dividend.
May 23 2007	Vatsa Educations Ltd	Quarterly Results
May 23 2007	Vindhya Telelinks Ltd	Audited Results
May 23 2007	Welcast Steels Ltd	Welcast Steels Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider the following:1. The audited financial results of the Company for the financial year ended March 31, 2007.2. Recommend dividend for the financial year 2006-07.3. Date of Book Closure.

May 24 2007	Alpha Hi-Tech Fuel Ltd	Quarterly Results
May 24 2007	Banswara Syntex Ltd	Banswara Syntex Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, to consider the following major issues:1. Audited working results of the Company for the year 2006-07.2. Auditor's Report on Annual Accounts for the year 2006-07.3. To consider and recommend for payment of dividend for the year 2006-07.4. Capital Investment budget for the year 2007-08.
May 24 2007	Bharat Petroleum Corporation Ltd	Bharat Petroleum Corporation Ltd (BPCL) has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, inter alia, to take on record the Audited Financial Results of the Company for the Financial Year ended March 31, 2007.At the said meeting, the Board may consider a proposal for declaration of final Dividend for the financial year 2006_07.
May 24 2007	Bharat Seats Ltd	Bharat Seats Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, post the Annual General Meeting, to fix and announce, the record date for:1. Sub-division of equity shares from face value of Rs 10/- per share fully paid into five equity shares of Rs 2/- each, fully paid, and2. Issue of Equity Bonus shares in ratio of 1:1 i.e. one new fully paid Equity share for each existing equity share of the Company.
May 24 2007	Bombay Dyeing & Manufacturing Company Ltd	Bombay Dyeing & Manufacturing Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, to consider and approve the accounts for the year ended March 31, 2007, and to recommend to the members of the Company the payment of dividend, if any, on the Company's Equity Share Capital for the year ended March 31, 2007.
May 24 2007	Centurion Bank of Punjab Ltd	Audited Results
May 24 2007	Gokaldas Exports Ltd	Gokaldas Exports Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, inter alia, to consider the following:1. Audited results for the year ended March 31, 2007, and2. Dividend for the year, if any.
May 24 2007	Gujarat Lease Financing Ltd	Audited Results
May 24 2007	JBM Auto Ltd	JBM Auto Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, to consider the Audited Annual Accounts and Audited Financial Results of the Company for the Financial Year ended on March 31, 2007 and declaration of dividend, if any.
May 24 2007	Kamanwala Housing Construction Ltd	Kamanwala Housing Construction Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, inter alia, to consider and approve, Annual Statements of Account and to recommend final dividend for the Financial year ended March 31, 2007.
May 24 2007	Majestic Auto Ltd	Audited Results
May 24 2007	Menon Pistons Ltd	Menon Pistons Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, inter alia, to consider and approve the audited financial results for the quarter and year ended on March 31, 2007 and recommend dividend for that year.
May 24 2007	Opto Circuits (India) Ltd	Opto Circuits India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, inter alia, to consider the following:1. To consider issue of warrants to promoters and promoters Group.2. To consider issue securities on preferential basis to strategic investors.3. To Consider Employees Stock Option Scheme for Employees of the Company and for thesubsidiaries / Group Companies present and future.
May 24 2007	P I Industries Ltd	Audited Results
May 24 2007	Rane Brake Linings Ltd	Rane Brake Linings Ltd has informed BSE that a meeting of the Board of Directors of Company will be held on May 24, 2007, to consider and approve the audited financial results and recommendation of dividend, if any, for the year ended March 31, 2007.
May 24 2007	Sangam (India) Ltd	Sangam India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, inter-alia, to consider the following:1. Consider and approve the audited financial results for the year ended March 31, 2007.2. Recommendation of Dividend for the financial year 2006-2007, if any.
May 24 2007	Schrader Duncan Ltd	Schrader Duncan Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, inter alia, to approve the Company's audited financial results and recommend payment of final dividend, if any, for the year ended March 31, 2007.
May 24 2007	Southern Online Bio Technologies Ltd	Audited Results
May 24 2007	T.V. Today Network Ltd	Dividend & Audited Results
May 24 2007	Tasty Bite Eatables Ltd	Audited Results
May 24 2007	Transpek Finance Ltd	Audited Results
May 24 2007	Ushdev International Ltd	Ushdev International Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, to consider and decide the following business:1. To consider and decide to issue of right shares.2. To consider the ratio of right shares to be offer to the existing shareholders.3. To consider the price of right shares.4. To Appoint Merchant Bankers.
May 24 2007	Vatsa Music Ltd	Quarterly Results

May 25 2007	Bharat Heavy Electricals Ltd	Bharat Heavy Electricals Ltd (BHEL) has informed BSE that a meeting of the Board of Directors of the Company will be held on May 31, 2007, inter alia, to consider and take on record the Audited Financial Results of the Company for the quarter and year ended on March 31, 2007 and to recommend final dividend for the financial year 2006-07.Bharat Heavy Electricals Ltd (BHEL) has informed BSE that the meeting of the Board of Directors of the Company which was scheduled to be held on May 31, 2007, has been preponed to May 25, 2007, inter alia, to consider and take on record the Audited Financial Results of the Company for the quarter and year ended on March 31, 2007 and to recommend final dividend for the financial year 2006-07.(As Per BSE Announcement Website Dated on 18/05/2007)
May 25 2007	Birla Kennametal Ltd	To review company performance.
May 25 2007	Caprolactam Chemicals Ltd	Audited Results
May 25 2007	Database Finance Ltd	Quarterly Results
May 25 2007	Denso India Ltd	Denso India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007, to consider and take on record, Audited Financial Results for the year ended on March 31, 2007 and recommendation of payment of dividend if any, for the year ended March 31, 2007.
May 25 2007	Excel Industries Ltd	Audited ResultsExcel Industries Ltd has informed BSE that a meetng of the Board of Directors of the Company will be held on May 25, 2007, inter alia, to consider the following:1. Annual Accounts of the Company for the Financial Year 2006-07.2. Recommendation of Dividend, if any, on equity shares of the Company for the Financial Year 2006-07.(As Per BSE Announcement Website Dated on 14/05/2007)
May 25 2007	Godrej Commodities Ltd	Audited ResultsGodrej Commodities Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007, inter alia, to consider the following:1. Approve the audited financial results of the Company for the year ended on March 31, 2007 as may be approved by the Audit Committee.2. Recommend dividend, if any.(As Per BSE Announcement Website Dated on 15/05/2007)
May 25 2007	Godrej Industries Ltd	Godrej Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007, inter alia, to consider the following:1. To approve the audited financial results for the year ended March 31, 2007.2. To recommend dividend, if any, for the year ended March 31, 2007.
May 25 2007	Gulf Oil Corporation Ltd	Gulf Oil Corporation Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007, inter alia, to consider the Audited Annual Accounts for the year ended March 31, 2007 and Financial Results for the quarter ended March 31, 2007 and to recommend Dividend, if any, for the year 2006-07.
May 25 2007	Indian Toners & Developers Ltd	Audited Results
May 25 2007	IndusInd Bank Ltd	Audited Results
May 25 2007	Ipca Laboratories Ltd	Ipca Laboratories Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007, inter alia, to consider the following:1. Audited Financial Results for the financial year ended March 31, 2007.2. Recommendation of final dividend for financial year ended March 31, 2007.
May 25 2007	ITC Ltd	ITC Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007, inter alia, to consider the following:1. Approval of Audited Annual Accounts for the financial year ended March 31, 2007.2. Recommendation of Dividend for the aforesaid financial year.
May 25 2007	IVP Ltd	Audited Results
May 25 2007	Kar Mobiles Ltd	Kar Mobiles Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007 to consider and approve the Audited Financial Results for the year ended March 31, 2007 and to recommend declaration of Dividend, if any.
May 25 2007	Monsanto India Ltd	Monsanto India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007, inter alia, to consider the following:1. To take on record the Audited Financial Results for the year ended March 31, 2007.2. To consider and declare the payment of Final dividend, if any.
May 25 2007	Nihar Info Global Ltd	Nihar Info Global Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007 to consider the Opening of a branch in US.
May 25 2007	Orient Paper & Industries Ltd	Orient Paper & Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2007, inter alia, to decided Ratio, Price and Record Date in connection with the Company's Proposed Rights Issue or an aggregate amount of upto Rs 175 Crores.Orient Paper & Industries Ltd has informed BSE that the meeting of the Board of Directors of the Company which is scheduled to be held on May 24, 2007, the said meeting will now be held on May 25, 2007.(As Per BSE Announcement Website Dated on 18/05/2007)
May 25 2007	Paushak Ltd	Audited Results
May 25 2007	Ramkrishna Forgings Ltd	Ramkrishna Forgings Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007, to transact the following:1. To consider and approve Audited Financial Results for the year ended March 31, 2007.2. To recommend Dividend, if any, on the equity shares of the Company for the financial year 2006-2007.3. To consider future business strategy.
May 25 2007	Shree Ram Mills Ltd	Audited Results
May 25 2007	Som Distilleries & Breweries Ltd	Som Distilleries & Breweries Ltd has informed BSE that a meting of the Board of Directors of the Company will be held on May 25, 2007, inter alia, for allotment of 2141689 Warrants convertible into equity shares of Rs 18.35 each (including premium of Rs 8.35 per share) to Kotak Mahindra Bank Ltd.
May 25 2007	Triveni Engineering and Industries Ltd	Triveni Engineering & Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007, inter alia, to consider payment of interim dividend.
May 25 2007	Ugar Sugar Works Ltd	Audited Results
May 25 2007	Usha International Ltd	Usha International Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 25, 2007, inter alia, to consider the following:1. To take on record the Audited Financial Results for the year ended March 31, 2007.2. To recommend dividend, if any, to the Shareholders for the Financial Year ended March 31, 2007.
May 25 2007	Vatsa Corporations Ltd	Quarterly Results

May 26 2007	Bank of Baroda	Bank of Baroda has informed BSE that a meeting of the Board of Directors of the Bank will be held on May 26, 2007, to consider, approve and take on record, the Consolidated Financial Results of the Bank (Audited) for the year ended March 31, 2007 and relevant segment reporting, in addition to regular agenda.
May 26 2007	Cambridge Technology Enterprises Ltd	Audited Results
May 26 2007	Hem Holdings & Trading Ltd	Audited Results
May 26 2007	Hinduja TMT Ltd	Hinduja TMT Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007, inter alia, to consider the following:1. Audited Financial Results of the Company for the year ended March 31, 2007.2. Recommendation of final dividend for the year ended March 31, 2007.
May 26 2007	Hitech Plast Ltd	Hitech Plast Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to approve Audited Financial Results for the fourth quarter ended & year March 31, 2007 & declaration of dividend, if any.Hitech Plast Ltd has informed BSE that the meeting of the Board of Directors of the Company which is scheduled to be held on May 23, 2007, has been postponed to May 26, 2007 for the approval of audited financial result for the fourth quarter and year ended March 31, 2007 and declaration of dividend, if any.(As Per BSE Announcement Website Dated on 18/05/2007)
May 26 2007	ICI (India) Ltd	ICI India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007 to consider a proposal for buy-back of its own shares, at a price not exceeding Rs 575/- per share from minority shareholders through market operations.
May 26 2007	Manappuram General Finance & Leasing Ltd	Manappuram General Finance & Leasing Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007, inter alia, to consider the following:1. To consider raising Additional Capital by way of a preferential issue of securities.2. To increase the authorised capital of the Company.
May 26 2007	Motherson Sumi Systems Ltd	Motherson Sumi Systems Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007, inter alia, to consider and approve the following:1. Audited Financial Results for the year ended on March 31, 2007.2. Recommendation of dividend for the year 2006-2007.
May 26 2007	Panasonic Battery India Company Ltd	Panasonic Battery India Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007, inter alia, to consider the following:1. To take on record Audited Financial Results of the Company for the year ended on March 31, 2007.2.(i) To consider and approve the audited Annual Accounts of the Company along with Schedules and Notes thereon for the Accounting Year ended on March 31, 2007.(ii) To recommend divided, if any, on equity shares, for the year 2006-2007.
May 26 2007	Phoenix Lamps Ltd	Phoenix Lamps Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, for consideration and approval of audited annual accounts for the financial year ending March 31, 2007 as well as for declaration of Equity Dividend.Phoenix Lamps Ltd has informed BSE that the meeting of the Board of Directors of the Company which was scheduled to be held on May 23, 2007 has been postponed and the same will now be held on May 26, 2007, for consideration and approval of audited annual accounts for the financial year ending March 31, 2007 as well as declaration of Equity Dividend.(As Per BSE Announcement Website Dated on 17/05/2007)
May 26 2007	Relaxo Footwears Ltd	Relaxo Footwears Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007, inter alia, to consider and take on record the audited financial results for the financial year ended March 31, 2007 and to declare dividend on the equity share capital of the Company.
May 26 2007	Repro India Ltd	Repro India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007, inter alia, to consider, approve and take on record the Audited Financial Results of the Company and to consider recommendation of dividend, if any, on the equity shares of the Company, for the year ended March 31, 2007.
May 26 2007	Ruttonsha International Rectifier Ltd	Audited Results
May 26 2007	Satra Properties (India) Ltd	Satra Properties India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007, inter alia, to consider the following business:1. To consider broad-basing the Board of Directors by inducting 2 new directors.2. To Restructure the Board and constitute Committees.
May 26 2007	Sheetal Bio-Agro Tech Ltd	Sheetal Bio Agro Tech Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007, inter alia, to consider the following:1. Consolidation of Face Value from Rupee One to Rupee Ten per share.2. Delisting of Securities from Ahmedabad Stock Exchange.3. Convening Extra-Ordinary General Meeting for approval of the members of the Company to proposal no 1 and 2 above.4. Conducting of Postal Ballots for Change in Directors.
May 26 2007	Temptation Foods Ltd	Temptation Foods Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2007, inter alia, to consider, the issue of securities by way of Equity Shares and / or Fully Convertible / Partly Convertible Debentures / Bonds / PIPEs on such terms and conditions and for such amount(s) as the Board may decide.Temptation Foods Ltd has informed BSE that the meeting of the Board of Directors of the Company which is scheduled to be held on May 23, 2007 stands adjourned to May 26, 2007, inter alia, to consider the following matters:1. To issue securities by way of Equity Shares and / or Fully Convertible / Partly Convertible Debentures / Bonds / PIPEs on such terms and conditions and for such amount(s) as the Board may decide.2. To consider the increase in the limits of FII holdings to 74% of the paid-up capital.3. To consider and approve the audited Accounts for the financial year 2006-07; and4. To fix the date of the Annual General Meeting and to consi
May 26 2007	Vertex Spinning Ltd	Vertex Spinning Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007, inter alia, to consider the following:1. To recommend Dividend, if any for the financial year 2006-2007.2. Appointment of Merchant Banker for Forth coming Public / Right Issue for Dhule Project.3. Appointment of Registrar & Transfer agent for Forth coming Public / Right Issue for Dhule Project.
May 26 2007	Videsh Sanchar Nigam Ltd	Videsh Sanchar Nigam Ltd (VSNL) has informed BSE that a meeting of the Board of Directors of the Company will be held on May 26, 2007, to consider financial results for the quarter ended March 31, 2007 and audited financial results for the financial year ended March 31, 2007 and to recommend dividend for the year 2006-07, if any.

May 28 2007	Asahi India Glass Ltd	Asahi India Glass Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider, approve and take on record the audited financial results of the Company for the fourth quarter and the year ended March 31, 2007.
May 28 2007	Bhagiradha Chemicals & Industries Ltd	Bhagiradha Chemicals & Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider the audited financial results of the Company and also recommend dividend for the year ended March 31, 2007.
May 28 2007	BWL Ltd	BWL Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to transact the following:1. To approve unaudited results for the quarter ended March 31, 2007.2. To discuss about the Proposed sale of Optical Fibre Cable Unit in H. P.3. To discuss about the resignation of Director, Shri. S P S Dangi.4. To approve Share Transfer if any.
May 28 2007	Dishman Pharmaceuticals and Chemicals Ltd	Dishman Pharmaceuticals & Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held May 28, 2007, inter alia, to transact the following:1. To consider and take on record the Audited Financial Results of the Company for the year ended March 31, 2007.2. To recommend Final Dividend, if any.3. To approve Notice, Directors' Report etc.4. To fix the dates of Book Closure & Annual General Meeting etc.
May 28 2007	Dwarikesh Sugar Industries Ltd	Dwarikesh Sugar Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider to take on record the Audited Results for the Quarter and Six Months ended March 31, 2007 and also to consider allotment of Preferential Warrants (convertible into equity shares) to Promoters and persons acting in concert.
May 28 2007	Elnet Technologies Ltd	Elnet Technologies Ltd has informed BSE that a meeting of the Board of Directors of theCompany will be held on May 28, 2007, to consider and take on record the Audited Financial Results of the Company for the year ended March 31, 2007 and to consider recommendation of Dividend, if any, for the year ended March 31, 2007.
May 28 2007	Hawkins Cooker Ltd	Hawkins Cookers Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, to approve annual accounts and to consider and, if thought fit, to recommend a dividend for the year ended March 31, 2007.
May 28 2007	Himadri Chemicals & Industries Ltd	Himadri Chemicals & Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider and take on record the Audited Financial Results of the Company for the year ended March 31, 2007 and will also consider recommendation of dividend, if any, for the financial year ended March 31, 2007.
May 28 2007	Hindustan Dorr-Oliver Ltd	Audited Results
May 28 2007	HOV Services Ltd	HOV Services Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider ESOP Plan 2007 and the audited Financial Results for year ended March 31, 2007.
May 28 2007	Impex Ferro Tech Ltd	Impex Ferro Tech Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007 to discuss issue of equity shares to existing shareholders on a right basis.
May 28 2007	Indian Oil Corporation Ltd	Indian Oil Corporation Ltd (IOC) has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider and take into record the Audited Financial Results of the Company for the year ended March 31, 2007.Further the Company has informed that, the recommendation of Final Dividend for the financial year 2006-07 by the Board is also proposed to be considered at the aforesaid Board Meeting.
May 28 2007	Indraprastha Gas Ltd	Dividend & Accounts
May 28 2007	IVRCL Infrastructures & Projects Ltd	Audited Results
May 28 2007	Jindal Stainless Ltd	Jindal Stainless Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider and approve annual audited accounts of the Company for the year ended March 31, 2007 and consolidated financial statement for the year ended March 31, 2007.Further the Company has informed that, payment of final dividend for the year ended on March 31, 2007 on equity shares of the Company, if any, will also be considered in the meeting.
May 28 2007	Kalyani Steels Ltd	Kalyani Steels Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider the Audited Financial Results for the year ended March 31, 2007 & proposal of recommendation of dividend for the year ended March 31, 2007.
May 28 2007	Mahindra & Mahindra Ltd	Mahindra & Mahindra Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, for consideration of the audited financial results of the Company and recommendation of dividend, if any, for the year ended March 31, 2007.
May 28 2007	Minda Industries Ltd	Minda Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider the following matter:1. Financial Results for the Quarter ended on March 31, 2007.2. Annual Accounts for the Year ended on March 31, 2007.3. Recommendation for Dividend for the year 2006-07.
May 28 2007	Nagarjuna Construction Company Ltd	Nagarjuna Construction Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007 for taking on record the Audited Financial results of the Company for the year ended March 31, 2007 and for recommendation of final dividend, if any, for the year ended March 31, 2007.
May 28 2007	Northgate Technologies Ltd	Northgate Technologies Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider the following:1. Take on record and approve the Audited Financial Results for the quarter and year ended March 31, 2007, both on standalone and consolidated basis.2. Recommendation of Final Dividend for the financial year 2006-2007.
May 28 2007	Prime Textiles Ltd	Audited Results
May 28 2007	Punjab Chemicals & Crop Protection Ltd	Punjab Chemicals & Crop Protection Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, to consider and approve the following:1. Approval of the Audited Financial Results of the Company for the financial year ended March 31, 2007.2. Recommendation of the dividend, if any, for the financial year 2006-07.
May 28 2007	Rama Vision Ltd	Audited Results
May 28 2007	Rane (Madras) Ltd	Rane Madras Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, to consider and approve the audited financial results and recommendation of dividend, if any, for the year ended March 31, 2007.
May 28 2007	Rane Holdings Ltd	Rane Holdings Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, to consider and approve the audited financial results and recommendation of dividend, if any, for the year ended March 31, 2007.
May 28 2007	REI Agro Ltd	Rei Agro Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, for periodical review of operations and to discuss business items.
May 28 2007	Sagar Cements Ltd	Sagar Cements Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to take on record the financial results of the Company for the quarter / year ended March 31, 2007 and if appropriate, to recommend final dividend for the said year.
May 28 2007	Sagar Tourist Resorts Ltd	Audited Results
May 28 2007	Shri Ganesh Spinners Ltd	Audited Results
May 28 2007	State Bank of Mysore
May 28 2007	Suryalata Spinning Mills Ltd	Suryalata Spinning Mills Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider the following:1. To consider and approve financial results of the Company for the year ended March 31, 2007.2. To consider and recommend any dividend for the year ended March 31, 2007.
May 28 2007	Tamilnadu Jai Bharath Mills Ltd	Audited Results
May 28 2007	Unitech Ltd	Unitech Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to transact the following:1. To consider and approve Accounts for the year ended March 31, 2007 and take on record Audited Financial Results for the said year.2. To consider recommendation of dividend for the year ended March 31, 2007.
May 28 2007	Vardhman Holdings Ltd	Vardhman Holdings Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider and take on record the audited financial results of the Company for the quarter / year ended March 31, 2007 and for recommendation of dividend, if any, for the financial year 2006-07.
May 28 2007	Vardhman Textiles Ltd	Vardhman Textiles Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 28, 2007, inter alia, to consider and take on record the audited financial results of the Company for the quarter / year ended March 31, 2007 and for recommendation of dividend, if any, for the financial year 2006-2007.
May 28 2007	Visa Steel Ltd	Audited Results

May 29 2007	Accel Transmatic Ltd	Accel Transmatic Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to consider, the audited accounts of the Company for the year ended on March 31, 2007, recommendation for declaration of dividend, if any.
May 29 2007	Albert David Ltd	Albert David Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, to consider and approved the Audited Financial Results of the Company for the financial year ended March 31, 2007 & also consider recommendation of dividend, if any, on equity shares of the Company for the year ended March 31, 2007 and fixing the date of closure of the Register of Members of the Company for the purpose.
May 29 2007	Asian Independent Network Ltd	Audited Results
May 29 2007	Bajaj Electricals Ltd	Bajaj Electricals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to consider the following:1. Accounts for the year ended on March 31, 2007.2. Recommendation of Dividend, if any.3. Audited Financial Results of the Company for the fourth quarter and the year endedMarch 31, 2007.4. Issue of Bonus Shares.5. Proposal for Employee Stock Options.
May 29 2007	Britannia Industries Ltd	Britannia Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to transact the following:1. Consider and approve the accounts of the Company for the year ended March 31, 2007.2. To recommend to the Members of the Company the payment of dividend, if any, on the Company's Equity Share Capital for the year ended March 31, 2007.
May 29 2007	Canara Bank	Kalpataru Power Transmission Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 19, 2007, inter alia, has recommended payment of Dividend at the rate of 75% to the shareholders of the Company.
May 29 2007	Cochin Minerals & Rutile Ltd	Cochin Minerals & Rutiles Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to consider the Audited Financial Results for the year ended March 31, 2007 and recommending a dividend.
May 29 2007	DIC India Ltd	DIC India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to consider, appointment of Chairman of the Company.
May 29 2007	Hindustan Petroleum Corporation Ltd	Hindustan Petroleum Corporation Ltd (HPCL) has informed BSE that a meeting of the Board of Directors of the Corporation will be held on May 29, 2007, inter alia, to consider, the Audited Financial Results of the Corporation for the year March 31, 2007 and Equity Dividend, if any, for the Financial Year 2006-07.Further the Company has informed that, the Unaudited Financial results of the last quarter of 2006-07 will not be published.
May 29 2007	Indian Hume Pipe Company Ltd	Indian Hume Pipe Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to consider the following:1. Audited Annual Accounts of the Company for the Financial Year ended March 31, 2007.2. Recommendation of the payment of Dividend, if any, for the Financial Year ended March 31, 2007.
May 29 2007	Indraprastha Medical Corporation Ltd	Dividend & Audited Results
May 29 2007	Kamla Dials & Devices Ltd	Kamla Dials & Devices Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, for transacting the following:1. Adoption of Audited Annual Accounts for the year ended March 31, 2007;2. Recommendation of Dividend to be declared, subject to the approval of Members at the AGM, for the year ended March 31, 2007;3. Fixture of Book Closure dates; and4. Conversion of 260000 Zero Coupon Warrants into equal number of equity shares.
May 29 2007	Larsen & Toubro Ltd	Larsen & Toubro Ltd (L&T) has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to consider and approve the audited accounts for the year ended March 31, 2007 and to recommend dividend, if any.
May 29 2007	PRICOL Ltd	Pricol Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to consider the following subjects:1. Audited Accounts for the financial year ended March 31, 2007 and to take on record audited financial results.2. Recommendation of dividend for the financial year ended March 31, 2007.3. Fixing the period of closure of Register of Members for the purpose of payment of dividend.Therefore, the Company is not furnishing the Unaudited Financial Results for the quarter ended March 31, 2007.
May 29 2007	Sanghvi Movers Ltd	Sanghvi Movers Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to consider and take on record the Audited Quarterly Financial Results of the Company for the Quarter ended March 31, 2007 and also to consider and approve the Audited Annual Accounts for the accounting year ended March 31, 2007 and to recommend dividend, if any.Therefore, the Company will publish Audited Results for the accounting year ended March 31, 2007 and as such the Company will not publish the unaudited results for the last quarter of the accounting year.
May 29 2007	Savita Chemicals Ltd	Savita Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, to consider the Audited Results of the Company for the year ended March 31, 2007 and declaration of final dividend on Equity Shares.
May 29 2007	Shasun Chemicals & Drugs Ltd	Audited Results
May 29 2007	Shyam Star Gems Ltd	Audited ResultsShyam Star Gems Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, for approving & considering unaudited financial result for the quarter ended March 31, 2007, as well as audited financial results for the year ended March 31, 2007. The Board will also consider & discuss about the dividend if any for the year ended March 31, 2007.(As per BSE Announcement website dated on 21/05/2007)
May 29 2007	Sugal & Damani Finlease Ltd	Audited Results
May 29 2007	Tata Coffee Ltd	Tata Coffee Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to consider the Annual Accounts / Audited financial results of the Company for the year ended March 31, 2007 and recommend dividend, if any, on the Equity Share Capital of the Company.
May 29 2007	Thermax Ltd	Thermax Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2007, inter alia, to approve the audited financial results for the year ended March 31, 2007 and recommended final dividend, if any.
May 29 2007	Tudor India Ltd	Audited Results
May 29 2007	Uniflex Cables Ltd	Audited Results nine months
May 29 2007	Zenu Infotech Ltd	Audited Results

May 30 2007	Apar Industries Ltd	Apar Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, inter alia, to consider & approve the following:1. Audited Annual Accounts for the financial year ended on March 31, 2007 (2006-2007).2. Recommendation of final dividend on Equity Shares for the year 2006-07.3. Publication of Audited Financial results for the financial year ended on March 31, 2007 (2006-2007).
May 30 2007	Bell Ceramics Ltd	Audited Results
May 30 2007	Dhoot Industries Ltd	Audited Results
May 30 2007	Easun Reyrolle Ltd	Audited Results
May 30 2007	Engineers India Ltd	Engineers India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, to take on record the following:1. Audited Financial Resifts of the Company for the quarter / year ended March 31, 2007.2. Recommendation of final dividend for the financial year 2006-2007.
May 30 2007	Excel Crop Care Ltd	Excel Crop Care Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, inter alia, to consider the following:1. The Audited Financial Results of the Company for the Financial Year ended March 31, 2007.2. Recommendation of Dividend, if any, on equity shares of the Company for the Financial Year 2006-07.
May 30 2007	GTN Industries Ltd	Audited Results
May 30 2007	International Combustion (India) Ltd	International Combustion India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, to consider the Annual Accounts for the year ended March 31, 2007 as well as for recommending dividend, for the year 2006-07 to the Shareholders at the forthcoming Annual General Meting of the Company.
May 30 2007	Kamat Hotels (India) Ltd	Kamat Hotels India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held May 30, 2007, inter alia, to consider the following:1. To take on record the Audited Results for the year ended March 31, 2007.2. To approve the Audited Accounts for the year ended March 31, 2007.3. To consider recommendation of dividend, if any.Kamat Hotels India Ltd has informed BSE that the meeting of the Board of Directors of the Company which is scheduled to be held on May 30, 2007, will also consider the sub-division of Equity Shares of the Company, subject to approval of the members at the ensuing AGM.(As Per BSE Announcement Website Dated on 18/05/2007)
May 30 2007	Lakshmi Machine Works Ltd	Audited Results
May 30 2007	Madras Cements Ltd	Madras Cements Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007 to consider the Audited Annual Accounts for the year ended March 31, 2007 and to recommend dividend.
May 30 2007	Maruti Securities Ltd	Audited Results
May 30 2007	Mathew Easow Research Securities Ltd	Accounts
May 30 2007	National Mineral Development Corporation Ltd	National Mineral Development Corporation Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, for considering the following:1. To take on record the Audited Financial Results of the Company for the quarter ended March 31, 2007.2. Recommendation of final dividend for the financial year 2006-2007.
May 30 2007	NTPC Ltd	National Thermal Power Corporation Ltd (NTPC) has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, inter alia, to approve and take on record the audited financial results for the financial year ending on March 31, 2007 after these results are reviewed by the Audit Committer of the Board.Further the Company has informed that, the Board of Directors shall also consider recommendation of final dividend for the year 2006-07.
May 30 2007	Praveen Properties Ltd	Audited Results
May 30 2007	Rain Calcining Ltd	Dividend & Audited Results
May 30 2007	Rainbow Denim Ltd	Audited Results
May 30 2007	Rama Petrochemicals Ltd	Audited Results
May 30 2007	Ramco Industries Ltd	Ramco Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, inter-alia, to consider, the Audited Accounts / Financial Results for the Quarter / year ended March 31, 2007 & will also consider recommending Final Dividend, if any, for the Financial Year 2006-07.
May 30 2007	Ramco Systems Ltd	Ramco Systems Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, to consider and approve the Annual Accounts 2007 including the audited financial results and the Directors' Report for the year ended March 31, 2007.
May 30 2007	Rasoi Ltd	Audited Results
May 30 2007	South Asian Enterprises Ltd	Audited Results
May 30 2007	Sun Beam Infotech Ltd	Quarterly Results
May 30 2007	Super Sales India Ltd	Super Sales India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on April 27, 2007, inter-alia, to consider and take on record the audited financial results of the Company and consider recommendation of dividend for the year ended March 31, 2007.Super Sales India Ltd has informed BSE that the meeting of the Board of Directors of the Company which is scheduled to he held on April 27, 2007 inter-alia to consider and take on record the audited financial results of the Company and consider recommendation of dividend for the year ended March 31, 2007 is POSTPONED and now convened to be-held on May 30, 2007.(As Per BSE Announcement Website Dated on 17/04/2007)
May 30 2007	Tata Chemicals Ltd	Tata Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, inter alia, to consider, approval of Audited Financial Results for the year ended March 31, 2007 and recommendation of dividend for the financial year 2006-07.
May 30 2007	Tata Power Company Ltd	Tata Power Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, inter alia, to consider the final accounts and recommendation of dividend (if any) for the year ended March 31, 2007.
May 30 2007	Valiant Communications Ltd	Valiant Communications Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2007, inter alia, to transact the following:1. To consider and approve the Audited Annual Accounts of the Company for the year ended March 31, 2007.2. To consider and approve the day, date and time for convening the Annual General Meeting of the Company.3. Subject to the approval of members in forthcoming Annual General Meeting, to consider, propose and recommend the payment of Dividend for the Financial Year ended on March 31, 2007 to the equity shareholders of the Company at the rate to be decided by the Directors in their meeting.4. To decide and approve on the dates for the "Closure of the Register of Members and Share Transfer" for the aforesaid purpose.
May 30 2007	Woo Yang Electronics (India) Ltd	Half Yearly Results

May 31 2007	Alna Trading & Exports Ltd	Quarterly Results
May 31 2007	Ascent Exim (India) Ltd	Quarterly Results
May 31 2007	Ashish Polyplast Ltd	Quarterly Results
May 31 2007	BCC Fuba India Ltd	Audited Results
May 31 2007	Cethar Industries Ltd	Audited Results
May 31 2007	Divyashakti Granites Ltd	Divyashakti Granites Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 31, 2007, to take on record the Financial Results (Audited) for the year ended March 31, 2007. The Board is also considering the recommendation of final dividend to the shareholders.
May 31 2007	Flora Textiles Ltd	Audited Results
May 31 2007	Golden Securities Ltd	Golden Securities Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 31, 2007, inter alia, to consider and take on record the Audited Financial Results for the 4th Quarter and year ended March 31, 2007 and also to consider the payment of dividend, if any.
May 31 2007	Indus Fila Ltd	Quarterly Results
May 31 2007	Jagan Lamps Ltd	Quarterly Results
May 31 2007	Kohinoor Broadcasting Corporation Ltd	Quarterly Results
May 31 2007	Lakshmi Electrical Control Systems Ltd	Audited Results
May 31 2007	Magna Eletrocasting Ltd	Audited Results
May 31 2007	N D Metal Industries Ltd	Quarterly Results
May 31 2007	Netvision Web Technologies Ltd	Quarterly Results
May 31 2007	Precision Containeurs Ltd	Quarterly Results & Half Yearly Results
May 31 2007	Roto Pumps Ltd	Roto Pumps Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 31, 2007, inter alia, to approve and take on record the audited financial results of the Company for the financial year ended March 31, 2007 and to consider recommendation of the dividend, if any.
May 31 2007	S P Capital Financing Ltd	Audited Results
May 31 2007	Shree Rajasthan Syntex Ltd	Shree Rajasthan Syntex Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 31, 2007, inter alia, to take on record of the audited financial results for the year ended March 31, 2007 and recommendation of dividend if any.
May 31 2007	TVS Srichakra Ltd	TVS Srichakra Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 31, 2007, inter alia, to consider the following:1. Declaration of dividend.2. To take on record the audited financial esults.
May 31 2007	Vas Infrastructure Ltd	Half Yearly Results
May 31 2007	Vinati Organics Ltd	Vinati Organics Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 31, 2007, to consider and recommend the payment of dividend if any, and consider and discuss the Final Accounts for the year ended March 31, 2007 and to take on record the Audited Financial Results for the quarter ended March 31, 2007 and Audited yearly results.
May 31 2007	Yashraj Containeurs Ltd	Half Yearly Results