Cummins India - Annual Report - 2007 - 2008

CUMMINS INDIA LIMITED

ANNUAL REPORT 2007-2008

DIRECTOR'S REPORT

The Directors of Cummins India Limited have pleasure in presenting the Forty-Seventh Annual Report and the Audited Accounts of the Company for the year ended March 31, 2008.

1. FINANCIAL RESULTS:

During the year under review, net sales turnover was Rs. 23,308 million (Rs. 2,331 crore) as compared to Rs. 18,408 million (Rs. 1,841 crore) during the previous year (27% higher). Exports and other foreign exchange earnings were Rs. 7,420 million (Rs. 742 crore) as compared to Rs. 6,197 million (Rs. 620 crore) during the previous year (20% higher). Profit after tax was Rs. 2,807 million (Rs. 281 crore) as compared to Rs. 2,420 million (Rs. 242 crore) for the previous year (16% higher).

2007-2008 2006-2007 (Rs. '000) (Rs. '000)

APPROPRIATION OF PROFIT:

Profit before taxation 3,960,032 3,460,023

Net Profit for the year after tax but 2,806,910 2,420,468before tax on proposed dividend

Tax on dividend 154,790 122,839

Dividend 910,800 792,000

Transferred to General Reserve 701,728 605,117

Balance carried to Balance Sheet 3,154,023 2,114,431

2. DIVIDEND:

Your Directors have recommended a final dividend of 130% on the equity share capital of Rs. 396 million for the year ended March 31, 2008, in addition to the interim dividend of 100% declared on January 30, 2008, aggregating to 230% for the year.

3. CONSOLIDATED FINANCIAL STATEMENTS:

Consolidated Financial Statements of Cummins India Limited and its subsidiaries, associates and joint ventures as at March 31, 2008, have been prepared in accordance with Accounting Standard 21 (AS 21) on Consolidated Financial Statements', Accounting Standard 23 (AS 23) on Accounting for Investments in Associates in Consolidated Financial Statements' and Accounting Standard 27 (AS 27) on Financial Reporting of Interests in Joint Ventures', issued by the Institute of Chartered Accountants of India. As required by Clause 41 of the Listing Agreement with the Stock Exchanges, the Audited Consolidated Financial Statements are attached and form part of the Annual Report.

4. SUBSIDIARIES:

Cummins Sales and Service India Limited: (CS&S)

The sales and other income of CS&S for the year ended March 31, 2008, was Rs. 5,321 million (Rs. 532 crore) which includes Rs. 53 million earned from disposal of Suraksha Stops' by CS&S during the year as compared to Rs. 4,794 million (Rs. 479 crore) during the previous year. CS&S declared a dividend of 375% during the year ended March 31, 2008, as compared to 183% during the previous year. The paid-up share capital of CS&S is Rs. 60 million, which is held by your Company. CS&S is engaged in the business of sales and after sales services for engines and generators manufactured by your Company.

Cummins Auto Services Limited: (CASL)

Sales and other income of Cummins Auto Services Limited (CASL) for the year ended March 31, 2008, was Rs. 71 million (Rs. 7 crore) as compared to Rs.42 million (Rs. 4 crore) during the previous year. CASL is engaged in the business of retailing parts and accessories for commercial vehicles.

Annual Reports of subsidiaries:

The Company has obtained approval of the Central Government vide letter dated April 9, 2008, under Section 212 (8) of the Companies Act, 1956, exempting the Company from attaching the Annual Report of its subsidiaries for the financial year 2007-2008 to this Annual Report. However, the Annual Report of the subsidiary companies and related detailed information will be made available to shareholders /investors of the Company on request. Further, the Annual Reports of the subsidiary companies will be kept open for inspection by any investor of the Company, during business hours on any working day at the (i) Registered Office of the Company and (ii) Registered Office of the concerned subsidiary company.

5. AMALGAMATION OF SUBSIDIARY COMPANIES:

The Board of Directors of your Company, at their meeting held on January 30, 2008, have approved the Scheme of Amalgamation for amalgamating Cummins Sales and Service India Limited (CS&S) and Cummins Auto Services Limited (CASL), Subsidiaries of the Company, with the Company, subject to the necessary approvals and sanction by the Hon'ble Bombay High Court. The amalgamation will help the Company capture synergies in marketing, sourcing and after sales support and would also offer opportunities to reduce administrative costs.

6. JOINT VENTURES:

a. Cummins Exhaust India Limited (CEIL):

The sales and other income of CEIL, a 50:50 Joint Venture between Cummins Filtration Inc., U.S.A. and your Company, for the year ended March 31, 2008, was Rs. 478 million (Rs. 48 crore) as compared to Rs. 339 million (Rs. 34 crore) during the previous year (41 % higher). CEIL Board of Directors have recommended a dividend of 105 % for the year ended March 31, 2008. The paid-up share capital of CEIL is Rs. 40 million. CEIL is engaged in the business of manufacture and sale of exhaust silencers and mufflers for Internal Combustion Engines.

b. Cummins Research and Technology India Limited: (CRTI)

The sales and other income of Cummins Research and Technology India Limited (CRTI), a 50:50 Joint Venture between Cummins Inc., U.S.A. and your Company, for the year ended March 31, 2008, was Rs. 308 million (Rs. 31 crore) as compared to Rs. 249 million (Rs. 25 crore) during the previous year (24% higher). CRTI has a Research and Technology Centre at Pune and is engaged in providing Information Technology Enabled Mechanical Engineering Development Services to Cummins Inc., its subsidiaries and joint ventures across the world.

7. CAPACITY EXPANSION:

Your Company has undertaken expansion of its manufacturing capacities to meet growing demand for its products. These include:

a. KV Engine Facility, Kothrud, Pune: Expansion of the manufacturing facility at Kothrud, Pune was commissioned in March 2008. This expanded facility manufactures mechanical and electronic KV series engines ranging from 750 HP to 2250 HP to meet the demands of power generation, marine, construction, mining and locomotive applications.

b. Power Generation - New Engine Plant, Kasar Amboli, Pune: A new manufacturing facility was commissioned at Kasar Amboli, Dist. Pune in January 2008, for manufacture of sub 160 kVA range of engines and for upfit & distribution of G- Drives for the Power Generation market.

c. Industrial land at Phaltan: Your Company is in the process of acquiring about 150 acres of land from the MIDC (Maharashtra Industrial Development Corporation) near Phaltan, in Satara District, Maharashtra, around 100 kms from Pune. This site will cater to your Company's future expansion plans. Your Company will also develop common infrastructure/ facilities like Sewage Treatment Plant (STP), Roads, Fire Fighting System, Water Tanks, Training Centre, Health Centre etc. for the entire land.

In order to facilitate better synergies, logistical convenience and cost benefits, it is proposed to sub-lease a part of the said land and common infrastructure/ facilities to 'Cummins' group companies (who are also suppliers, vendors and / or customers of the Company) on a need basis.

8. MANAGEMENT DISCUSSION & ANALYSIS / CORPORATE GOVERNANCE REPORT:

As per Clause 49 of the Listing Agreement with the Stock Exchanges, the Management Discussion & Analysis Report and Corporate Governance Report are annexed and form part of the Directors' Report.

9. CODE OF CONDUCT COMPLIANCE:

As per Clause 49 of the Listing Agreement with the Stock Exchanges, a declaration signed by the Chairman and Managing Director affirming compliance with the Code of Conduct by Directors and Senior Management, for the Financial Year 2007-2008, is annexed and forms part of the Directors' Report.

10. DIRECTORS' RESPONSIBILITY STATEMENT:

In pursuance of the provisions of Section 217 (2AA) of the Companies Act 1956, your Directors make the following statement:

(i) That in the preparation of annual accounts, the applicable accounting standards have been followed and there was no material departure from the accounting standards;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31, 2008 and of the profit for the period April 1, 2007 to March 31, 2008;

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

(iv) That the Directors have prepared the annual accounts on a going concern basis.

11. CONSERVATION OF ENERGY:

Your Company continues to conserve energy and improve energy utilisation through the following efforts and initiatives:

Kothrud and Nagar Road plants, Pune:

* Installation and commissioning of a WAM' Waste Heat Recovery System;

* Energy efficient lighting in the administrative blocks and stores;

* Installation of Engine Jacket Water Heat Recovery System at the Power House;

* Improvement in overhead lighting in the CNC Lathe section;

* Installation and commissioning of new and energy efficient 22KVHT panel & 1500 kVA transformer.

* Reduction in energy consumption and improvement in lighting lux level.

These energy conservation initiatives/ projects generated savings of about Rs. 15.85 million (2.88 million Kwh units) during the year. Additional energy conservation measures being implemented at the Company's newly commissioned plants include:

KV Engine Facility, Kothrud

* Natural lighting during day time at upfit and dispatch area;

* Use of energy efficient lighting i.e. metal halide lamps in the shop;

* Energy efficient air conditioning cooling system for the Engine Assembly area;

* Installation of two Capacitor panels to have power factor unity to get maximum rebate in electricity consumption bill.

Kasar Amboli Plant:

* Energy efficient lighting on the shop floor;

* Saving in kVA demand as well as cable losses through a Real Time Power Factor cum Harmonic Filtration system (RTPFC);

* Saving identification through an Energy Management System;

* Saving through natural air circulation and natural sun light on the shop floor.

12. RESEARCH & DEVELOPMENT AND TECHNOLOGY ABSORPTION:

Your Company is committed to introducing new products and improving existing products which meet stringent emission norms, have higher levels of performance and lower life cycle costs, to satisfy market needs.

The Technical Centre of your Company continues in its endeavour to reduce costs through indigenization of components and developing electronic controls & systems to improve fuel efficiency, performance and durability of the products.

A. Some specific areas of R&D initiatives undertaken by the Company are:

a) New Product Development: The following new Products were developed during the year:

1. 50 litre (1200 rpm) Tier-II emissions compliant engine for the oil and gas global market.

2. 8.3 litre engine for marine application and a new 14 litre engine for gas compression applications.

3. 5.9 litre (160 kVA) engine for Power Generation application meeting the current CPCB emission regulations.

4. Low cost 14 litre engine for Dumper application.

b) Full authority electronic engines were introduced for Power Generation and Industrial markets.

c) Various new ratings for engines for Industrial, Power Generation and Automotive applications were certified for compliance with emission norms.

d) A new state-of-the-art facility for measurement of gaseous & particulate emissions was commissioned at the Company's Technical Centre in Pune.

B. Benefits derived as a result of the above activities are:

Complete range of fuel efficient and emission compliant products were made available to customers in the shortest possible time, at significantly low development cost, thereby enhancing value to customers.

Improvement in quality, reliability, durability and performance of engines and critical engine components.

Significant cost savings through engine component indigenization and Six Sigma initiatives. Reduction in product development cost to enable profitable business growth.

C. Future plans include:

Continued thrust on indigenization, cost reduction and supplier partnership based waste elimination initiatives and alternate source development for various engine components.

Introduction of full authority electronic engines for the Automotive market.

Development of advanced emissions compliant engines for global and domestic Power Generation, Industrial and Automotive markets.

Installation and commissioning of Euro-IV level emissions measurement facility.

D. Your Company continues to focus on deriving the benefits of state-of-the-art technology assistance from Cummins Inc., U.S.A. With strong support from Cummins Inc., U.S.A., your Company is committed to develop advanced fuel efficient and emissions compliant engines to comply with forthcoming stringent, worldwide emissions regulations. Your Company is also committed to introduce environment friendly engines, running on alternate fuels. Your Company is confident of absorbing a wide and diverse set of technologies in Internal Combustion engines to effectively cater to the market dynamics.

E. Expenditure on R & D: The total expenditure on R & D was as follows:

2007-2008 2006-2007 (Rs. '000) (Rs. '000)

a) Capital 37,247 25,127

b) Recurring 269,692 187,819

c) Total 306,939 212,946

d) Total R&D expenditure as a 1.32% 1.16%percentage of total sales turnover

13. FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year under review, the Company exported 5,862 engines and 4,012 generator sets thereby achieving export earnings of Rs. 7,239 million

(Rs.724 crore).

Foreign Exchange earnings and gross outgo (including royalty, dividend etc.) during the year under review were as follows:

2007-2008 2006-2007 (Rs. '000) (Rs. '000)

(a) Earnings 7,420,494 6,197,407(b) Outgo:- Raw Materials/ components 3,726,212 3,228,483- Capital equipment 80,736 61,289- Others 998,921 913,110 4,805,869 4,202,882

14. PARTICULARS OF EMPLOYEES:

Information as per Section 217(2A) of the Companies Act, 1956 (the Act), read with the Companies (Particulars of Employees) Rules, 1975, forms part of this Report. As per the provisions of Section 219(1)(b)(iv) of the Act, the Directors' Report and Accounts are being sent to the Shareholders excluding the statement giving particulars of employees under Section 217(2A) of the Act.

Any Shareholder interested in obtaining a copy of the statement, may write to the Assistant Company Secretary at the Registered Office of the Company.

15. DIRECTORS:

Mr. Anant J. Talaulicar was appointed as Managing Director of the Company for a period from July 29, 2003 to April 24, 2008. At the Board Meeting held on January 30, 2008, Mr. Anant J. Talaulicar was re-appointed as Managing Director of the Company for a further period of five years effective April 25, 2008, subject to approval of the Shareholders.

Mr. Pradeep Bhargava has been appointed as an Alternate Director to Mr. S.M. Chapman effective October 25, 2007.

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, M/s. Mark Levett, Venu Srinivasan and Glyn Price, Directors of the Company, retire by rotation and are eligible for re-appointment.

16. AUDITORS: The Auditors, Price Waterhouse, Chartered Accountants, retire and are eligible for re-appointment.

On behalf of the Board of Directors,

Anant J. TalaulicarPune: May 22, 2008 Chairman & Managing Director

Management Discussion and Analysis Report (Annexure to Directors Report):

1. Industry Structure and Developments:

1.1 Economic Trends and Implications:

India's GDP grew at 8.7 per cent during 2007-08. One section of economists feel that India's economic growth will slow down to 8.4 per cent by 2009 on the backdrop of higher interest rates and the country will need further reforms for sustainable high rates of growth.

FDI increased to USD 24.57 billion during 2007-08 as compared to USD 15.7 billion in 2006-07. Foreign exchange reserves stood at $ 309.16 billion for year ended March 31, 2008.

As per the Finance Ministry's annual report card on the Indian economy - 'The economy has moved decisively to a higher growth phase'. The outlook for 2008-09 is 'optimism, but with caution as the watchword'.

Investments are expected to grow, especially in the infrastructure sector given the continued focus on this sector by the Government.

A recent Mckinsey Report projects India's infrastructure equipment market to expand fivefold to revenues of USD 12-13 billion by 2015 from current levels of USD 2.3 billion in 2007.

The Government has identified infrastructure as a priority sector to sustain the momentum of the GDP growth rate. The investment goals for the infrastructure sector are:

- Power - USD 140 billion by 2010- Roads - USD 25 to 30 billion by 2010- Ports - USD 8 to 10 billion by 2010- Civil Aviation - USD 15 to 17 billion by 2010- Telecom - USD 22 billion by 2010

All these factors are expected to favorably impact the Company's business and indicate a promising future.

1.2 Power Generation:

India's power market is growing faster than most other countries. With an installed generation capacity of 123 GW, generation of more than 600 billion kWh and a transmission and distribution network of more than 6.3 million circuit kms, India has moved up three ranks, emerging as the fifth largest power market in the world.

India has experienced unprecedented economic growth over the last decade and is expected to continue to grow at the same pace in the foreseeable future. As has been demonstrated in every other developed country, the per capita electricity consumption is bound to increase with the projected economic development and decline in population below poverty line.

Power requirement projections over the next two decades demonstrate increasing opportunities in the power generation market. The estimated power required through the year 2031-32 is about 4800 kWh at a 9% GDP growth rate.

The demand is expected to shift to ratings higher than 2000 kVA in market segments such as Data Centres, Large Commercial Realty etc. The power generation market is expected to grow in IT, IT Infrastructure, Telecom, Auto, Auto Ancillary, Construction, Hardware, Manufacturing and Realty segments.

Power quality and its availability will be the key drivers for alternative sources of grid power like generator sets.

1.3 Industrial:

The increasing need for quality infrastructure in the country has led to burgeoning demand for power, ports, airports, roads, bridges etc.

Despite spiraling prices of steel, cement and other inputs, the construction industry is looking up because of this investment in infrastructure development.

1.4 Automotive:

After strong growth of more than 30% in the medium and heavy commercial vehicle industry in 2006-07, this segment remained flat to marginally negative in 2007-08, mainly due to the high interest rate regime and lower liquidity.

CNG engine demand continued to grow steadily as more and more cities made provisions for making CNG readily available for vehicles.

2. Opportunities and Threats:

Key Opportunities include:

Power Generation:

Huge opportunity spaces exist in the Power Sector, considering the growing gap between demand and supply.

Coal Bed Methane (CBM) availability is beginning to look up with several CBM blocks under exploration. This again is in a nascent stage and will offer opportunities for large power plants at the exploration site. Some companies in Central India and Rajasthan have reported CBM findings.

Demand is being driven by non residential construction, IT, ITES, retail and telecom sectors besides industry wide capacity additions and infrastructure improvements.

The Telecom sector will be another significant demand driver. Capacity addition by leading players is expected to increase demand in the 10 to 30 kVA range significantly.

Major investments in sectors such as Power, Roads, Ports, Civil Aviation and Telecom provide tremendous growth opportunity for the Power Generation Business.

Industrial:

India's earthmoving and construction equipment industry is on a strong growth path and has been growing at a compounded annual rate of growth of 40 per cent in the last three years. This momentum is likely to continue for the next 4-5 years, after which the industry is likely to grow at a more moderate pace.

Among the infrastructure development activities, road construction offers huge opportunity for the Company's products. Various phases of NHDP are lined up for execution in the coming 4-5 years. In addition, good growth is projected in Power, Railways, Real Estate sectors and activities pertaining to flyover and highway construction.

Engines are the most critical mechanical device used in producing motion or movement, and thus, these devices find application across many product categories. The Company will directly benefit as it manufactures engines which find application in major earthmoving equipment, road construction machinery, material handling equipment etc.

The continued focus by the Indian Railways on safety as well as an increase in the number of air-conditioned trains, will increase the demand for Rail engines.

The Indian Navy's Vessel Build program is firm up till 2012. The Company continues to be the preferred engine and generator set supplier for the Indian Navy.

Preference for Factory Mutual -Underwriter Laboratory (FM-UL) approved engines opens up new opportunities for the Company, allowing it to leverage its global product offering and local after sales support.

Outsourcing of drilling activities by large oil companies to private contractors, a segment which the Company has penetrated well, offers increasing opportunities to the Company.

The opening up of the mining sector and entry of multinationals in the mining and construction industry has fuelled demand for heavy-duty rear-dump trucks in the range of 100, 150 and 240 tonnes.

For High Horse Power (HHP) engines in mining trucks, the demand is clearly shifting from mechanical engines to electronic engines due to better efficiency. The Company sees a big opportunity for its products in this segment as well.

Automotive:

The Company has proactively engineered products which are compliant with stringent emission norms that are expected to be implemented from 2010 (country-wide implementation of BS III norms and 11 major cities with BS IV norms). This provides the Company with an opportunity to cater to a larger share of existing OEM customer demands, as well as with new OEM customers.

The improvement of road infrastructure and the shift to higher powered engines provides the Company with an opportunity to grow its share at the higher end of the market.

There is an increasing opportunity for the Company to supply its engines to global OEMs with whom it already does business and many of whom are likely to start operations in India.

The Company's product plans are on track to exploit the above opportunities.

Key Threats include:

Spiraling prices of steel, pig iron, cement and other commodities along with higher interest rates may lead to a moderate slowdown in the economy. Volatility in prices of crude oil, fuel and commodities remains a key challenge. The Company will continue its focus on Six Sigma and Value Engineering programs to reduce cost of components and the production process.

The capacity of Indian shipyards is expected to double to four million tonnes by 2012. Major shipyards are heavily booked with export orders. Intensive oil exploration activities are creating a demand for offshore supply vessels. However, lack of adequate infrastructure is holding back the growth of this industry.

Reduction in import duties and Rupee appreciation will facilitate imports of equipments/ engines which is likely to increase competition. The market environment will continue to be highly competitive with increased competition, entry of new players and range extension by all players. However, this will also provide an opportunity for the Company to aggressively promote Cummins global products.

3. Segment-wise and Product-wise Performance:

3.1 Power Generation:

During the year the Power Generation business grew by 24% across its various lines of business.

Power Generation exports grew by 37% during the year.

3.2 Industrial:

The Industrial Business grew by 27% during the year.

Demand for 130-150 H P engine ratings grew due to an increase in the market for 20T/21T class excavators by the construction sector.

The Company experienced steady demand in the 450 CFM portable compressor market, due to sustained investment in infrastructure projects across the length and breadth of the country. However, the 300 CFM compressor segment continued to remain sluggish.

The Company successfully bagged an order for 600HP main propulsion power pack engines (with gear box) for Landing Craft Units (LCU) for the Indian Navy.

The high pressure water well market showed positive trends in the 2nd half of 2007 and is likely to remain stable over 2008.

The Company has made an entry into the Gas Compression market and has bagged orders for new packages from a leading gas distribution company and gas compression package manufacturers.

The Company's performance in the rail segment was boosted by the demand for 500 WA generator sets for the Garib Rath Trains.

3.3 Automotive:

The Automotive Business grew by 152% with sales comprised of BS III compliant CNG engines and BS II compliant B-series engines.

The Automotive group partnered with the key Automotive Original Equipment Manufacturers (OEMs) in India to facilitate OEM vehicle launches.

3.4 Exports:

Export Sales Performance 2007-08:

The demand for export of the Company's product portfolio continued to remain strong throughout the year. The Company capitalized on this, with significant growth opportunities for existing as well as new products both for High Horse Power and Heavy Duty engines. Challenging expectations from overseas customers were met successfully as a result of timely augmentation of capacity at the Company's plants and introduction of new products.

Sales revenues for exports reached an all time high at Rs. 7,239 million during 2007-08.

New Business Initiatives 2007- 2008:

X Series Generator Sets:

In January 2008 we launched a new line of generator sets (X Series), which provide a highly competitive and raliable power solution to a variety of applications for small business and telecommunication markets.

Marine KTA-38M engines:

The KTA-38M engines (which have critical engine configurations) were

successfully developed and launched to target the Northern American and European markets. Upon establishing stability as a global supplier for the KTA-38M non certified engines, development of Tier I I emissionized engines with the PT fuel system was also undertaken. The prototype units were successfully launched in the Second Quarter of 2007-08. This was followed by a successful production ramp.

VPI Initiative (QSK-50G Tier II engines):

In order to gear itself for manufacturing of Advance Emissions Technology Tier II Certified product, the Company has launched a programme for developing a QSK-50 Tier II MCRS (Modular Common Rail System) product.

The launch of this product would enable the Company to position itself well in the Tier II compliant U.S. and related markets.

N14 ER Rail Initiative:

The Company bagged an order for the supply of N14 Electronic Engines (N14ER) to Japan Rail.

This unit, a first of its kind, with electronic controls, was successfully built during the Second Quarter of 2007-08. Several further such units were supplied in the third quarter.

An order for several units of N14 Electronic Rail engines was successfully implemented with the Indonesian Rail. All the units were shipped in Q3, 2007-08.

New Market for N1 4G & NT 855 (Heavy Duty Products):

As part of its initiative to explore new markets, the Company developed and introduced NTA855G and N 14 G2/ G3 engines for customers in Japan. The identified business potential from these markets is 150 to 200 units for 2008.

Achievements:

'Most Preferred Brand' - Excellence Award:

'Cummins' was conferred Frost and Sullivan's 'Corporate Image / Reputation Leadership Award' and 'Customer Service Leadership Award' at the India Genset Industry Excellence Awards function. Frost and Sullivan is a leading Global Consulting Services firm. The awards recognize best practices and capabilities in various industry segments. Cummins won awards in five out of the ten categories, including:

Industry Segments:

* Most Preferred Brand in Manufacturing Industry (>250 kVA)

* Most Preferred Brand in IT, Realty and Hospitality Segment

* Most Preferred Brand in Construction & Infrastructure segment

Star performer Award for Exports during 2005-06:

The Company is the recipient of the Engineering Export Promotion Council's (EEPC) Star Performer Award for 2005-06 and the recipient of a Silver Shield for its outstanding export performance for the year 2005-06.

The Company has received the EEPC award for the 18th consecutive year for its excellence in export performance.

4. Outlook and Initiatives for the Current Year and Thereafter:

Power Generation:

The Company has commenced production at its new facility at Kasar Amboli, Dist. Pune. This will augment capacity to meet the substantial increase in demand which was witnessed in the local as well as the export markets in the sub 160 kVA range.

This plant will also upfit and distribute imported G drives.

Implementation of Tier I I norms in the near future provides significant opportunity to introduce emission compliant products.

Industrial:

Investments will continue especially in the infrastructure sector because of sustained economic growth.

The Company's New KV engine manufacturing facility which was commissioned during the year has substantially enhanced capacity to meet increase in the

demand for these products.

Currently for the Company's Industrial markets, there is no indication from Construction OEM's on any negative impact in demand/forecast for the remainder of 2008.

Automotive:

In the Automotive segment, the Company is planning to expand its capacity to meet the expected growth in demand for the 300HP and higher power nodes for the Commercial Vehicle market. The Company is investing in developing capability for manufacturing High Pressure Common Rail engines in these segments as the country migrates to BS III and BS IV emission levels.

With the successful introduction of the lean burn natural gas engine (B Gas International) in partnership with Cummins Westport Inc., the Company has secured a 100% market share in the premium rear-engine city transit bus category.

5. Risks and Concerns the Management Perceives:

India continues to see very rapid growth in energy demand. However, domestic growth drivers may be hindered by oil prices, which have hit record highs and are expected to remain at current high levels for a sustained period of time. This may impact the ability of the Indian economy to grow at peak rates.

Continued fuel price increases will also have a negative impact on operating hours and replacement demand for the Company's power generation products, spare parts and service.

Inflation continues to be a concern with commodity prices rising dramatically. Also, the Rupee touched a nine-year high against the dollar. The combined effect of these factors may lead to a slackening of the growth rate.

In the near term, the major risk lies in managing growth and at the same time retaining the profitability. While monitoring the domestic and global economy closely, the Company intends to continue investing in opportunities, building strong relationships with its partners by offering value packages that will fuel further growth in the future and aggressively reducing cost in all areas.

The passenger bus market may be adversely affected in future if the CNG infrastructure does not develop quickly.

Measures to mitigate Risks:

The Company's focus on continuous technology development coupled with stringent cost reduction measures will address the risks and concerns of 2007-2008 to a large extent.

The Company's focus on Six Sigma continues to be higher than ever before. This data based analytical approach to strengthen business processes will be applied for problem solving across all functional and management levels.

6. Internal Control Systems and its Adequacy:

The Company has established adequate internal control procedures, commensurate with the nature of its business and size of its operations.

To provide reasonable assurance that assets are safeguarded against loss or damage and that accounting records are reliable for preparing financial statements, management maintains a system of accounting and controls, including an internal audit process. Internal controls are evaluated by the Internal Audit department and supported by Management reviews.

The Board of Directors has a Finance and Audit Committee whose Chairman is an Independent Director. The Committee meets periodically with the Management, Internal Auditors and representatives of the Company's Statutory Auditors to review the Company's program of internal controls, audit plans and results and recommendations of the Auditors and Management's responses to those recommendations. All audit observations and follow up actions thereon are tracked for resolution by the Business Controls and Compliance Function and reported to the Finance and Audit Committee. The Finance and Audit Committee met six times during the financial year under review.

7. Discussion on Financial Performance with respect to Operational Performance:

Financial Review:

The financial statements have been prepared in accordance with the requirements of the Companies Act, 1956 and Generally Accepted Accounting Principles (GAAP). There are no material departures in adoption of the prescribed accounting standards.

The estimates and judgments relating to the financial statements have been made on a reasonable basis, in order that the financial statements reflect in a true and fair manner, the form and substance of transactions and reasonably represent the Company's state of affairs and profit for the year.

7.A Results of Operations:

7. A.1 Income:

During the year under review, the Company achieved domestic sales of Rs.16,069 million (previous year Rs. 12,358 million), showing an increase of 30% over the previous year. Exports grew by 20% to Rs. 7,239 million as against Rs. 6,050 million during the previous year. Total sales grew by 27% to Rs. 23,308 million as against Rs. 18,408 million for the previous year.0The Company's market share and demand for its products in the domestic market remained strong. This demand has been across the power generation, industrial and automotive segments. An increase in Exports by Rs. 1,189 million indicates success of the Company's strategy to promote India as a sourcing hub for global demand.

7. A.2 Expenses and Margins:

The Company's cost cutting measures through a major three year initiative of Accelerated Cost Efficiency (ACE) and Six Sigma projects have yielded planned savings. These have helped to largely offset the recent significant increase in metal prices affecting component procurement costs which is a matter of concern. Savings from six sigma projects generated Rs. 624 million and ACE initiatives generated Rs. 146 million.

Total employee cost increased from Rs. 1,200 million during the previous year to Rs.1,384 million during the year under review mainly due to increase in compensation to employees over the last year. Depreciation charge marginally increased from Rs. 326 million during the previous year to Rs. 330 million during the year under review. Interest and the interest expenses decreased to Rs. 7 million as against Rs. 14 million in the previous year.

7.B Financial Condition:

7. B.1 Share Capital:

Issued and subscribed capital remained unchanged at Rs. 396 million consisting of 1,98,000,000 equity shares of Rs. 2 each.

7. B.2 Reserves and Surplus:

Reserves and Surplus increased by Rs. 1,741 million to Rs. 10,641 million as a result of profit appropriation.

7. B.3 Loan funds:

Secured loans increased from Rs. 24 million to Rs. 287 million for the year ended March 31, 2008 which mainly represent book overdraft position. The debt equity ratio as at March 31, 2008 was 0.026.

7.B.4 Fixed Assets:

Additions to the Fixed Assets block during the year ended March 31, 2008 were Rs. 1,100 million (Rs. 288 million in the previous year). The addition of Rs. 1,100 million consist mainly of plant & machinery of Rs. 432 million for augmenting various manufacturing facilities, furniture and fittings of Rs. 17 million and vehicles of Rs. 0.26 million. The depreciation block as of March 31, 2008 was Rs. 3,929 million as compared to Rs. 3,620 million as of March 31, 2007. The deductions/disposals during the year amounted to Rs.29 million against previous year's Rs. 118 million. Consequently, the net fixed assets block increased to Rs. 2,548 million as at March 31, 2008 as compared to Rs. 1,817 million as at March 31, 2007.

The estimated amount of contracts remaining to be executed on capital account and not provided for as of March 31, 2008 was Rs. 425 million and the Company believes that it will be able to fund them from its investments in liquid assets.

7. B.5 Investments:

Investments increased to Rs. 4,321 million as of March 31, 2008 as compared to Rs. 2,826 million as of March 31, 2007. The net increase was due to investment in liquid funds such as Government bonds/ securities, units of mutual funds etc.

7. B.6 Current Assets, Loans and Advances:

i. Inventories:

Inventories increased to Rs. 3,215 million as of March 31, 2008 against Rs.2,814 million as of March 31, 2007. The increase was mainly in raw materials and finished goods.

ii. Sundry Debtors:

Sundry debtors, net of provision for doubtful debts, increased to Rs. 5,505 million as of March 31, 2008 as compared to Rs. 4,185 million as of March 31, 2007. These are considered good and realisable. The Sundry Debtors in terms of days of sales based on certain assumptions marginally increased to 86 days as of March 31, 2008 as compared to 83 days as of March 31, 2007.

The need for cumulative provision for doubtful debts as of March 31, 2008 of Rs. 52 million (previous year Rs. 49 million) is assessed, based on various factors including collectibility of specific dues, risk perception etc.

iii. Cash and Bank Balances:

Cash and Bank balances decreased to Rs. 123 million as at March 31, 2008 as compared to Rs. 389 million as at March 31, 2007. They represent the year end cash and bank balances with scheduled banks in current and deposit accounts.

iv. Other Current Assets:

Other current assets decreased to Rs. 24 million as of March 31, 2008 against Rs. 33 million as of March 31, 2007. Other current assets include interest accrued on investments and lease rentals receivable.

v. Loans and Advances:

Loans and Advances increased to Rs. 1,935 million as of March 31, 2008 as compared to Rs.1,499 million as of March 31, 2007. The Loans and Advances were primarily towards amounts paid in advance for value, material and services to be received in future and various deposits kept towards rent, telephone, electricity, insurance etc.

7. B.7 Current Liabilities and Provisions:

i. Current Liabilities:

Acceptances represent bills of exchange drawn for a period by the suppliers and accepted by the Company. Acceptances increased to Rs. 674 million as of March 31, 2008 as compared to Rs. 550 million as of March 31, 2007. The sundry creditors represent the amount payable to suppliers for supplies of goods and services and also include accrued cost of various operational expenses. The sundry creditors increased to Rs. 4,031 million as of March 31, 2008 from Rs. 2,316 million as of March 31, 2007, as a result of increase in volume of operations. The total current liabilities increased to Rs. 4,984 million as of March 31, 2008 as compared to Rs. 3,062 million as of March 31, 2007.

ii. Provisions:

The total provisions increased to Rs. 1,458 million as of March 31, 2008 as compared to Rs. 1,219 million as of March 31, 2007. This includes provisions on account of pension and leave entitlement, warranty, engine overhauls for service contracts etc.

8. Human Resources Development and Industrial Relations:

The total strength of employees was 2,290 as on March 31, 2008.

The Company strongly believes that its people are its greatest strength. A critical part of our Business Strategy is to make the Company 'A G BEAT PLACE TO WORK' where a diverse set of employees respect and trust each other, take pride in their work, deliver superior results and contribute in increasingly greater ways while growing and developing as individuals.

Leadership Development and Capability Building:

In order to groom and enhance the performance of upcoming employees, a Mentoring Program was initiated during the year.

Last year, the Company inducted fresh graduate engineers under its Young Managers Development Program. The objective of this program is to build a pipeline for future Leadership, as well as to serve as a bench-strength against separation of employees.

The Company's major thrust area is Six Sigma and it continues on its journey of training employees in Six Sigma principles and methodology. During the year, 90 Green Belts were trained/ certified.

Compensation, Benefits and Recognition:

In line with the Company's global compensation philosophy, the Company continued to align its compensation structure to bring it at par with the market while recognizing performance, potential and critical skills. The Company undertook a study to harmonize the compensation of its Management Staff across all Cummins entities in India. This will enable seamless transition of employees within India and will thus help in career development and retention.

The Company recognizes the importance of training & development. The in-house Learning Centre regularly conducts programs on Leadership Development and Capability Building. Strategic and Tactical leaders undergo the Cummins Leadership Development System (CLDS) Training, a global initiative that enhances leadership skills.

Chairman's Awards, introduced for recognizing employees exemplifying the six Cummins core values, is now in its fourth year. 103 employees were awarded in the categories of Integrity, Innovation, Delivering Superior Results, Global Involvement, Diversity and Corporate Responsibility as well as Six Sigma this year.

Performance Management:

The Company's unique Performance Management System Tool was upgraded to strengthen the process for monitoring and enhancing employee performance, reinforcing the Company's Values and also ensuring Development of Employees through the Individual Development Plan.

Diversity:

In line with the Company's core value of Diversity, initiatives are being taken to recognize the strengths of every employee, value the contribution made and create an inclusive work environment where differences in background help solve the most complex business problems. Diversity complemented by intensive training and Cummins Performance Management System (CPMS) implementation has enhanced the Company's business performance.

In order to improve Gender representation, the Company focuses strongly on employing women employees through its campus recruitment program. In the year 2007, of the 84 students hired from 44 institutes across the country, 55 were women. A similar approach is being adopted in the current year, to improve Gender Diversity, both through the Campus Recruitment Process and lateral hiring.

Industrial Relations (IR) and other Initiatives:

The Industrial Relations between the Management and Employees Unions continued to be cordial. Wage negotiations for the Associates at Kothrud are in progress. A series of change initiatives undertaken by the Management towards improving productivity and elimination of wasteful practices has been received well by the Union. Motivational and attitudinal training programs are conducted for Associates, which has helped boost their morale and productivity.

Corporate Responsibility:

Corporate Responsibility is one of the Company's six core values. Employees across the board are encouraged to participate in CSR activities that help better the lives of those less fortunate, thereby living the Company's Vision Statement of Making people's lives better by unleashing the power of Cummins'.

Cummins India Foundation (CIF) continues to focus on the three core areas of Higher Education with special focus on the traditionally disadvantaged groups; Energy & Environment and Local Community Infrastructure Development.

CIF is involved in several projects in each of these areas, where senior leaders get personally involved in supporting and sponsoring these projects.

CIF has been associated with the Cummins College of Engineering for Women, since its inception in 1991. It has sponsored the establishment of the first all women Mechanical Engineering branch in the country in July 2007.

Four students from the Cummins College of Engineering for Women were selected for the two year Masters program conducted by the Purdue University, U.S.A.

CIF awarded the Cummins Scholarships to fifteen students in addition to thirteen students who were awarded similar assistance in the previous year. This Scholarship is awarded to students from economically and socially disadvantaged backgrounds pursuing their engineering degree course and covers the entire tuition and examination fees.

CIF provided financial assistance for establishment and running expenses of a training cum research facility at the Indian Institute of Technology, Mumbai campus for increasing awareness amongst the IIT students on alternative power generation systems. Phase II of the Cummins Engine Research Laboratory at IIT Bombay was completed in March 2007.

A project on Environmental Protection was undertaken at the Company's factory at Kothrud, wherein a 'Biogas Plant' was installed to utilize canteen food waste for conversion to biogas and manure.

The Company continued its close association with the Poona School and Home for the Blind, by providing financial assistance for refurbishing the school.

CIF provided financial assistance towards the Reaching Out' Program of Snehalaya to help the NGO provide nutritional and educational support to orphans, some of whom are HIV Positive.

In keeping with its commitment to improve communities by strengthening local governance, CIF continued to support the Pune Chapter of Public Concern for Governance Trust (PCGT), Pune, in its mission to promote honesty, transparency and accountability in governance. Apart from financial support, senior leaders of the Company participate actively in PCGT's advisory council.

Cautionary Statement:

The Management Discussion and Analysis Report contains forward looking statements based upon the data available with the Company, assumptions with regard to global economic conditions, the government policies etc. The Company cannot guarantee the accuracy of assumptions and perceived performance of the Company in future. Therefore, it is cautioned that the actual results may materially differ from those expressed or implied in the report.

Great Offshore - Annual Report - 2007-2008

GREAT OFFSHORE LIMITED

ANNUAL REPORT 2007-2008

DIRECTOR'S REPORT

TO THE MEMBERS OFGREAT OFFSHORE LIMITED

The Directors hereby present the Third Annual Report on the business and operations of the Company together with the Audited Financial Accounts of the Company for the Financial Year ended March 31, 2008.

(Rs. in lakhs)Particulars 2007-08 2006-07

Total Income 75031 54465

Total Expenditure 52996 38187

Profit before tax 22035 16278

Less/Add: Provision for Tax :

I. Current 2009 2409

II. Deferred (345) (334)

III. Fringe Benefit Tax 50 61

Profit for the year after tax 20321 14142

Less: Transfer to Tonnage Tax Reserve Account under

Section 115VT of the Income Tax Act, 1961 4000 2000

Add: Surplus brought forward from previous year 12176 6011

Amount available for appropriation 28497 18153

Appropriations

Transfer to Foreign Currency Fluctuation Reserve 1000 -

Transfer to General Reserve 2500 2500

Interim Dividend on Equity Shares 3049 3049

Proposed Final Dividendson Preference Shares 848

on Equity Shares 3049

Tax on Dividends 1183 428

Balance Carried Forward 16868 12176

During the Financial Year 2007-08, the Company recorded a total income of Rs.75,031 lakhs and earned a Profit Before Interest Depreciation and Tax of Rs.38,439 lakhs.

Dividend on Preference Shares

Your Directors are pleased to recommend a pro-rata dividend of 5.66% on Optionally Convertible Redeemable Preference Shares (OCRPS) for the financial year 2007-08 as per the terms of offer.

The pro-rata dividend on the OCRPS amounts to Rs. 992.54 lakhs (including tax thereof).

Dividend on Equity Shares

During the year, your Directors declared and paid an interim dividend of Rs. 8/- per equity share resulting in an outflow of Rs.3,567 lakhs (including tax thereof).

The Board of Directors are pleased to recommend a final dividend of Rs. 8/- per equity share for the financial year 2007-08 amounting to Rs.3,567 lakhs (including tax thereof).

Hence, the total equity dividend post approval of the shareholders at the ensuing Annual General Meeting is 160% of face value (i.e. Rs.16 per share) resulting in an aggregate outflow of Rs.7,134 lakhs (including tax thereof) representing a dividend payout ratio of 35.11%.

Management Discussion and Analysis

Energy fuels industry, feeds transport and is a significant contributing factor in propelling economic growth momentum. Encouraging energy, security and its independence is a constant endeavour of governments worldwide.

Strong hydrocarbon demand in developing economies, in conjunction with the constraints in exploiting existing reserves and challenges faced in exploring new discoveries have redefined 'spare capacity' attracting aggressive investments in the sector. Oil Companies have thus, adopted a twin strategy: on the one hand, to improve the recovery yields of existing producing wells and on the other hand, to pursue efforts in discovering and developing new fields.

Exploration and production

Demand growth for oil/gas

Global Scenario - Rapidly rising demand for hydrocarbons and volatile oil and gas prices are providing fundamental strength to the Exploration & Production (E & P) Sector. As a consequence, the demand for offshore assets and other services is on the rise. Scenario in India - India's rapidly growing demand and spiralling hydrocarbon import bill poses a major challenge in sustaining economic growth. With ageing oil fields, domestic exploration programmes have never been as strong as before.

Under the first six rounds of New Exploration Licensing Programme (NELP), 154 blocks were awarded of which around 60% (94 blocks) are offshore. Of these offshore blocks, 64% are deep water blocks. As per the Directorate General of Hydrocarbons of the eligible 3.14 million square kms of sedimentary area, 2.15 million square kms are being licensed. Approximately 58% is located offshore with 0.86 million sq kms being located in deep waters. Company's Performance

Drilling Activities

On completion of the Companies contract with ONGC Videsh Ltd., 'Kedarnath' resumed her previous contract with ONGC on the west coast of India. 'Badrinath' resumed operations on the west coast of India under her contract with Deep Water Services (India) Ltd. (a wholly owned subsidiary of the Company) in September 2007, post dry dock.

Offshore Logistics & Support Services

The aggregate tonnage of these assets registered a utilization of around 89% as against 86% in the previous year. During the year, your Company entered into a mix of long term and spot fixtures. The fleet, comprising of two drilling vessels, twenty six offshore support vessels, eleven harbour tugs, one construction barge and one heavy load carrier, totaling to forty (40) vessels were deployed with global and Indian charters. Petronas Carigali , Chaston Navigation, Behtera Offshore , Total E & P, Energy Africa Kudu (Tullow Oil), P T Aquaria Shipping, Jamil Operations & Maintenance Co. and Dockwise Shipping B V, etc. are some of your Company's existing global clients whereas Hercules Offshore, Allseas Marine and Leighton Contractor (India) Pvt. Ltd. are some of the Indian clients.

Marine Engineering Services

During the year, the completion of the revamping of existing free gas module at SHG Platform for handling condensate at SHG/SHP Platform and the installation of walkways at the jetty head for the LNG Terminal for Ratnagiri Gas and Power Private Limited (RGPPL) at Dabhol, Maharashtra were a vital part of success that your Company takes pride in sharing with you. ONGC awarded your Company the NC Platform Revamp Project, which is presently under execution in consortium with Supreme Offshore Construction & Technical Services Ltd., Mumbai.

On completion of her previous contract with British Gas, 'Gal Constructor' was chartered to Dolphin Energy (Qatar) after which she worked for Dolphin Offshore, Mumbai on the west coast of India. 'Gal Constructor' registered a utilization of around 84% during the year as against 56% in the corresponding year.

Port and Terminal Services

The 11 'harbour tugs' continued their existing contracts with the port administration and recorded satisfactory results with an average utilization of 90% as against 96% in the previous year.

Fleet Profile

As on March 31, 2008 the fleet of 40 vessels comprising of 2 drilling vessels, a construction barge, 26 offshore support vessels and 11 harbour tugs. During the year, the Company took delivery of a new built Anchor Handling Tug Supply Vessel (AHTSV) which entered service on a two year charter with Gujarat State Petroleum Corporation Ltd (GSPCL).

The Company acquired a second hand Heavy Load Carrier Vessel, which is currently undergoing refurbishment and upgradation and thereafter is due to commence operations.

The Company also sold and delivered a 1983 built AHTSV during the fourth quarter of financial year 2007-08.

New building contracts on order aggregating around USD 230 million include a multi support vessel (delivery expected during mid of the second quarter of the financial year 2009-10) and a jack up rig (delivery expected during the fourth quarter of the financial year 2008-09).

Sector Outlook

Assets servicing the Oil and Gas Sector are poised to witness positive sentiments on the back of the mismatch in demand and supply. The urgent need and overriding concern for energy security is pushing global National Oil Companies (NOCs) to enhance their Exploration and Production (E&P) budgets. This is further accentuated by the need to improve recovery rates in the existing field reserves which have been on the decline over the years due to the increased production.

India's position is no different. Led by ONGC, all the E&P operators are aggressively chasing development programmes. The viability of marginal fields has also added a further dimension to the offshore activities within the country. As per the Directorate General of Hydrocarbons, the basin area is relatively under explored given that only 21% has been extensively explored and around 32% only partially explored.

Risks Identification and Mitigation

Your Company has institutionalized it's risk identification and risk mitigation process which are adapted to meet the needs at operating levels. Individual risk owners have been identified with implementation of risk polices clearly being laid down.

Your Company is fully conscious of the age of the Company's fleet and is taking action by not only ordering new assets but also by periodically upgrading the existing assets through the installation of modern and technologically advanced equipments to cater to the charter's requirements. Your Company evaluates such decisions based on the considered view of senior management keeping in mind the parameters of financial and business risk prudence.

Earnings variation in asset deployment could result in volatility in your Company's profitability.

A significant part of long term asset deployment is based on charter contracts which are a result of competitive tendering process. Tender bids are invited throughout the year with job / assignment requirement / specifications varying in tenure and complexity from bid to bid . As per industry norm your Company participates in the bidding process and is awarded varied charting period depending upon the needs of the clients.

Liberalization of the laws governing the sector and rationalisation of existing cabotage laws, currently protecting Indian owners may impact your Company's operations. Liberalization of the existing laws could invite competition from international players. Having operated internationally, the assets of your Company have proved their operational efficiency and competitiveness and hence, the risk is relatively well mitigated.

Availability of Key Personnel and Continuity of employment

With talent being a resource which has no boundaries, your Company cannot isolate itself from attrition. However, your Company's endeavour in addressing the needs of its employee pool by nurturing talent and imparting training will go a long way in building continuity.

Foreign Exchange Risk

Being a Company with assets deployed in different geographies and with earnings denominated in foreign exchange there could be a risk in the earnings, on the basis of rupee to dollar exchange parity. Foreign exchange risk has and impact on the portion of operating expenses denominated in foreign currency. Nevertheless, there exists a significant exposure to exchange rate volatility.

Quality and Safety

Your Company has been successfully carrying out asset operations governed by the stipulations of Integrated Management System duly certified by DNV. Periodic inspections and Internal Audits ensure adherence to the relevant codes of ISO 9001:2000, ISO 14001:2004 and OHSAS 18001:1999.

During the year under review, interim certification for 'Malaviya Thirty Three', full term certification for 'Malaviya Thirty Six' and 'Malaviya Twenty Three' were obtained.

External SMC / ISPS audits have been successfully carried out on 'Malaviya Twenty Three', 'Malaviya Four', 'Malaviya Thirty Six', 'Malaviya Twenty', 'Malaviya Twenty One', 'Malaviya Twelve' and 'Gal Ross Sea'.

Your Company has not only brought all harbour tugs under the Safety Culture recommendations but is also in the process of introducing an Integrated QHSE culture for marine construction turnkey jobs.

Training

Statutory training requirements are being complied on the board of your Company's vessels. Furthermore, your Company has initiated steps in the organization and provision of non mandatory training programmes in cooperation with and with assistance from organizations like BIBY, Anglo Eastern Maritime Training Centre and Naval Maritime Academy. These include, amongst others, Dynamic Positioning Training (Induction and Advanced), Anchor Handling Operations, operation and handling of Fast Rescue Crafts, working in environments prone to H2S leakages etc. Your Company has the distinction of having in place a fully functional in-house Bridge Stimulator on which training programmes are being conducted with real life case studies.

Subsidiary Companies

The Audited Statement of Accounts alongwith the report of the Board of Directors relating to the Company's subsidiaries namely Great Offshore (Fujairah) L.L.C.-FZC and Deep Water Services (India) Limited for the year ended March 31, 2008 are annexed. In anticipation of better global business prospectus, your Company has formed two wholly owned foreign subsidiaries.

Consolidated Financial Statements

Your Directors have pleasure in attaching the Consolidated Financial Statements pursuant to Clause 41 of the Listing Agreements entered into with the Stock Exchanges and prepared in accordance with the Accounting Standards prescribed by the Institute of Chartered Accountants of India, in this regard.

The Audited Consolidated Financial Statements together with the Auditors' Report thereon forms part of the Annual Report. The Auditors' Report to the Board of Directors does not contain any qualification. For the financial year ended March 31, 2008, consolidated income from operations at Rs.74,590 lakhs increased by 28% as compared to previous year. The financial year 2007-08 registered a consolidated profit after tax of Rs.20,163 lakhs (previous year Rs. 14,518 lakhs) on a total income of Rs. 81,937 lakhs (previous year Rs. 59,007 lakhs).

Share Capital

Fund Raising

During the financial year 2007-08, your Company increased its Share Capital employed by 32% to Rs. 136,947 lakhs. During the year under review, your Company issued and allotted 15,00,000 Optionally Convertible Redeemable Preference Shares (OCRPS) of Rs 1000/- each aggregating Rs.15,000 lakhs to Export Import Bank of India (EXIM) which carries a coupon rate of 10% p.a. Consequently, the Authorised Share Capital of your Company as on March 31, 2008 is Rs.20,000 lakhs.

Additionally, your Company also issued and allotted 7.25% Unsecured Foreign Currency Convertible Bonds (FCCBs) due 2012 aggregating US$ 42 million. These FCCBs are listed on the Singapore Exchange Securities Trading Limited.

Buy back of Equity Shares

Your Company considered the buy back of equity shares, keeping in view the Company's desire to maximise shareholders' value. This is expected to result in reduction of short term volatility in your Company's share price, giving a boost to earnings per share and return on equity in future, creating a long term shareholders' value.

The Board of Directors of your Company, at its meeting held on March 31, 2008, have approved the buy back of the Company's equity shares at a price not exceeding Rs 750/- per equity share, and up to an aggregate amount of Rs 5,524 Lakhs, which does not exceed 10% of the total paidup capital and free reserves, as per the audited Balance Sheet, as at March 31, 2007. The buy back of equity shares is from the open market through Bombay Stock Exchange Ltd. ('BSE') and / or the National Stock Exchange of India Ltd. (NSE), where these shares are listed, from time to time in compliance with SEBI (Buy Back of Securities) Regulations, 1998.

IT Initiatives

The IT team has carried out a detailed analytical review of core systems, modules and applications. With a view to strengthen your Company's commitment to implement company-wide solutions, a strategic development plan has been designed that will create enhanced and dynamic management information systems and intelligence tools. As the strategic plan unfolds over the coming months, new features and facilities will be added to the systems framework. During the course of the year, your Company implemented solutions in the areas of spares and stores procurement, document management, departmental intranet and in decision support. Planned upgrades to servers have been carried out and installation of systems and communications links strengthened.

Your Company continues to apply its close-monitoring approach to hardware/software security and operations and during the course of the year, there have been no security incidents resulting in the system downtime being less than 0.01% during the year.

Insurance

Internationally, the offshore marine insurance industry has had a challenging year. Tight market conditions and continuously rising vessel valuations have put pressure on the insurance and reinsurance markets, resulting in increased premium. Your company is exposed to the volatilities faced in the markets through its P&I insurance program and indirectly through its Hull reinsurance contracts.

However, the de-tariffing of Hull and non-Hull rates in India has resulted in a relatively softer Indian domestic Insurance market, which your Company has strived to capitalise by contracting and negotiating finer terms, resulting in securing improved renewal rates for Indian placed Hull and non-Hull insurance for the fleet.

Your Company remains committed to continuous assessment of its insurance arrangements to provide the optimum cover in acceptable structures.

Adequacy of Internal Control System

Your Company has adequate system of internal controls to safeguard its assets and duly protect them against loss from unauthorised use or disposition and ensure that operations are reliably authorised by competent personnel and accurately recorded and reported. Internal Auditors,

M/s. Ashok Kapadia & Co., Chartered Accountants provides their valuable inputs in assuring the adequacy of Internal Control systems.

Human Resources

Human resource policies of your Company have the interests of the work force at heart. Your Company believes in aligning business priorities with the aspirations of the employees leading to the development of empowered and responsive human capital. One of the constant efforts of the Company is to attain organisational excellence by developing and exploring the true potential of the Company's human capital and providing opportunities for growth and enrichment. Your Company tries to inculcate an environment of creativity and innovation and is constantly working towards providing job content to its employees through empowerment, accountability and responsibility. Your Company cares for each and every employee and has an in-built system of performance appraisal to recognise and reward him or her periodically and has incorporated schemes like performance incentive pay. Your Company fosters mutual faith, trust and respect by providing ample growth opportunities and challenges to all its employees.

Your Company strives to acquire, engage and retain a workforce that is diverse, innovative, insightful and knowledgeable and this be achieved only by investing in and upgrading organisational talent by providing training and education to reinforce its existing strengths.

Particulars of Employees

In terms of the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended, the names and other particulars of the employees are set out in the annexure to the Directors' Report. However, as per the provisions of Section 219(1)(b)(iv) of the Act read with Clause 32 of the Listing Agreement as notified by Securities and Exchange Board of India, the Annual Report excluding the aforesaid information is being sent to all the members of the Company and other entitled thereto. Members desirous of receiving the statement pursuant to Section 217 (2A) will be provided the same on receipt of written request from them. The statement is also available for inspection at the Registered Office on working days during business hours between 10 am to 1 pm, up to the date of the Annual General Meeting.

Directors

Your Company's Board consists of seven Directors, of which Mr. Vijay Kantilal Sheth, Vice Chairman cum Managing Director, is an Executive Director.

While Mr. Sevantilal J. Parekh is the Non Executive Chairman of the Company, Mr. Naresh Chandra, Mr. Shailesh V. Haribhakti, Mr. Rajiv K. Luthra, Mr. Suresh Balasubramaniam and Mr. Madhava Menon Shankar Narayanan are Independent Directors on the Board.

Mr. Naresh Chandra and Mr. Rajiv K. Luthra are due to retire by rotation at this Annual General Meeting, and being eligible, offer themselves for re-appointment.

Directors' Responsibility Statement

As required by sub-section (2AA) of Section 217 of the Companies Act, 1956, Directors states:

a. That in the preparation of Annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

b. That the Directors have selected such Accounting Policies and applied them consistently and made judgements and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

c. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. That the Annual Accounts have been prepared on a going concern basis.

Companies (Disclosure of Particulars in the Report of Board of Directors') Rules, 1988

Pursuant to the Notification No. GSR 1029 dated 31.12.1988 your Company is not required to furnish prescribed information regarding conservation of energy and technology absorption as the Shipping Industry is not covered by the schedule to the said rules.

The details of Foreign Exchange Earnings and Outgoings are:

(a) Foreign Exchange earned and saved (on account of freight, charter hire earnings) Rs.57,478 lakhs.

(b) Foreign Exchange used including operating expenses, capital repayment, down payments for acquisition of ships, interest payment amounted to Rs.41,125 lakhs.

Auditors' Report

The Auditors' Report to the Members read together with the relevant notes thereon are selfexplanatory and hence do not warrant any comments under Section 217 of the Companies Act, 1956.

Auditors

M/s. Kalyaniwalla & Mistry, Chartered Accountants, the Statutory Auditors of your Company holds office until the conclusion of the forthcoming Annual General Meeting and being eligible have offered themselves for reappointment. Certificate from the Auditors has been received to the effect that their reappointment, if made, would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956 and since they are not disqualified for such reappointment within the meaning of Section 226 of the said Act, they shall continue to be the Statutory Auditors.

Corporate Governance

Your Company is diligently pursuing and implementing the standards of Corporate Governance adhering to the stipulations set out in the Listing Agreement with the Stock Exchanges. Report on Corporate Governance as stipulated under Clause 49 of the Listing Agreements with the Stock Exchanges is an intrinsic part of the Annual Report.

Certificate from the Statutory Auditors, M/s. Kalyaniwalla & Mistry, Chartered Accountants confirming the compliance of the conditions of Corporate Governance as stipulated under the aforesaid Clause 49 of the Listing Agreement.

Dematerialisation of Securities

As Members are aware, your Company's Equity Shares are compulsorily tradable in electronic form. As on March 31, 2008, 95.44% of your Company's paid up capital representing 36,380,283 Equity Shares are in dematerialised form. In view of numerous advantages emanating from the depository system, Members holding Equity Shares in physical mode are requested to avail the facility of dematerialisation of the Company's shares on either of the depositories, viz. CDSL/NSDL.

Acknowledgements

The Directors are grateful for the support, guidance and co-operation received from Government of India, all regulatory authorities including Ministry of Petroleum and Natural Gas, Ministry of Shipping, Ministry of Corporate Affairs, Ministry of Finance, Director General Shipping, Directorate of Hydrocarbons, Department of Civil Aviation, Port Trusts and Port authorities, RBI, SEBI, Registrar of Companies, Stock Exchanges and the Depositories.

Your Directors would like to express their sincere appreciation and gratitude to all valuable clients of the Company, Shareholders, Borrowers, Business Associates, Agents, Banks and Financial Institutions for their support and continued patronage.

Your Directors appreciate the hard work, loyalty and professionalism of the employees of your Company whose relentless efforts have enabled the Company to continue its journey at the forefront of the offshore oil field services sector.

For and on behalf of the Board of Directors Sevantilal J. ParekhMumbai ChairmanApril 30, 2008

Real estate sector in turmoil

India continues its scorching pace of economic growth, many sectors that were not historically favoured by the government are gaining prominence. One such sector is real estate, which has a large employment generation potential and is a significant source of tax revenue. Additionally, this sector has attracted a large amount of foreign investment in recent times. Therefore, the government would do well to address the many complexities and ambiguities—on the indirect tax front—that the sector is facing.

Historically, the key indirect taxes that applied on the construction and real estate sector were works contract tax (now VAT) and stamp duty. With the expanding service tax net, various construction activities have been brought within the service tax net, notable among them being construction of commercial and residential complexes and renting of immovable property. The latest addition to this list was service tax on works contract, which was introduced in the last budget.

However, the amount of works contract tax payable, under both service tax and VAT, is anything but clear. The Supreme Court, in K Raheja development corporation’s case in 2006, held that if a developer enters into a contract for sale of a residential apartment before construction is completed, it would be a works contract.

If the agreement is entered into after the flat or unit is already constructed, this would be an agreement for sale of immovable property and not a works contract. Broadly, this was based on the reasoning that an agreement to sell a flat that is under construction is an agreement to construct a flat for the eventual buyer of the flat. An agreement to construct a building/ apartment is a works contract.

Although this judgment was in the context of the definition of the term ‘works contract’ under the Karnataka Sales Tax Act, the service tax authorities were quick to adopt the ratio and demand service tax on the labour portion of the ‘works contract.’

Sales of flats would anyway attract stamp duty and registration charges, which typically aggregate to 10% of the sale consideration. Before the Raheja case, the consideration passing from the buyer of a flat to the developer did not attract VAT or service tax. The Raheja decision deems this sale agreement to be a works contract if the flat is under construction.
As India continues its scorching pace of economic growth, many sectors that were not historically favoured by the government are gaining prominence. One such sector is real estate, which has a large employment generation potential and is a significant source of tax revenue. Additionally, this sector has attracted a large amount of foreign investment in recent times. Therefore, the government would do well to address the many complexities and ambiguities—on the indirect tax front—that the sector is facing.

Historically, the key indirect taxes that applied on the construction and real estate sector were works contract tax (now VAT) and stamp duty. With the expanding service tax net, various construction activities have been brought within the service tax net, notable among them being construction of commercial and residential complexes and renting of immovable property. The latest addition to this list was service tax on works contract, which was introduced in the last budget.

However, the amount of works contract tax payable, under both service tax and VAT, is anything but clear. The Supreme Court, in K Raheja development corporation’s case in 2006, held that if a developer enters into a contract for sale of a residential apartment before construction is completed, it would be a works contract.

If the agreement is entered into after the flat or unit is already constructed, this would be an agreement for sale of immovable property and not a works contract. Broadly, this was based on the reasoning that an agreement to sell a flat that is under construction is an agreement to construct a flat for the eventual buyer of the flat. An agreement to construct a building/ apartment is a works contract.

Although this judgment was in the context of the definition of the term ‘works contract’ under the Karnataka Sales Tax Act, the service tax authorities were quick to adopt the ratio and demand service tax on the labour portion of the ‘works contract.’

Sales of flats would anyway attract stamp duty and registration charges, which typically aggregate to 10% of the sale consideration. Before the Raheja case, the consideration passing from the buyer of a flat to the developer did not attract VAT or service tax. The Raheja decision deems this sale agreement to be a works contract if the flat is under construction.

If the principle in the Raheja case is uniformly applied to all new apartments that are constructed, there could be an additional 8% (4% due to VAT and 4% due to service tax) impact on the difference between the cost of construction and the sale price of the flats! This is a huge burden that would be passed on to the prospective purchasers of flats, sharply increasing the cost of purchase.

To ensure a steady cash flow and reduce financing costs during construction, all flats are sold while they are under construction. Therefore, this burden would fall on every new flat that is constructed. Further, the VAT authorities can demand back taxes for many years, limited only by the period of limitation prescribed under the respective states’ sales tax laws. The magnitude of this potential tax liability is quite staggering.

However, is an agreement for sale of a flat that is under construction really an agreement for construction of a flat? Or is it simply a financing arrangement, whereby the purchaser books a flat while it is under construction by the developer for himself as an entrepreneurial venture rather than on behalf of and under instructions from the buyer.

The gap in consideration between what the developer pays to the contractor (which is admittedly a works contract) and what the purchaser pays to the developer is clearly attributable to the value of land and the profit for the entrepreneurial risk taken by the developer.

If this amount is subject to up to an 8% additional tax, by considering this to be a works contract, it could almost finish off this industry just as it is about to take off! The sector is facing other disputes on taxability of lease rentals and credit available for inputs against service tax liability on lease rentals, but these are trivial as compared to the main issue on works contracts but also need clarification.

It seems that this industry is too important for the government to take a view that such issues should be left to the industry to sort out through recourse to litigation. Therefore, if the government takes a holistic view of the tax burden on this industry, it can enact appropriate measures to make the tax burden moderate, clear and easy to determine

via ET

Weekly Positional Calls - Aug 30 2008

Buy Aban Offshore

Buy Sterlite Ind

Buy Bharti Airtel

Buy Satyam

Buy Financial Technologies

Weekly Newsletter - Aug 30 2008

The last day heroics by the bulls saved them the blushes this week. The unexpected drop in inflation seemed to overshadow the sharp drop in first-quarter GDP. Though the Finance Minister reckons the economy could grow at about 8% this year, many would differ with that view. The headwinds facing the economy haven't yet blown over, and could continue to hurt unless inflation cools off sharply and interest rates too soften. A resurgence in overall demand and spending environment is ruled out at least for another 6-9 months or may be more than that. At around the same time, we will have general elections, which could keep a lid on the market's progress. Plus, the market may still have to deal with a string of grim global issues and the relentless outflows from FIIs. On Monday, the key indices could face some pressure due to the sharp fall in US shares on Friday. On the whole, the action could turn out to be subdued after Friday's smart rally. Global markets could struggle for direction due to a holiday in the US on Monday. Movement in oil prices will be crucial as always, with tropical storm Gustav threatening oil facilities in the Gulf of Mexico. We expect the market to turn choppy again due to lack of any major positive triggers. Alternate bouts of buying and selling could be the order of the day.

How well are we prepared for Commonwealth Games: PHD Chamber

The Olympics ceremony came to a grand closure last weekend, with a spectacular display by China on all fronts, be it sports, courtesy, hospitality, infrastructure, air cleanliness level, rain dispersal, terror threat, transportation (Rail, Bus, taxi). All aspects covering such a major event were worked out to the minutest detail, and with luck favoring them things did run smoothly.

Commonwealth games are scheduled to be held in Delhi, from 3-17 October, 2010. Exactly 770 days are left from today. How well are we prepared for this mega event, which will showcase India to the world. The palpitations should have already started, now that the shield of another event is off. PHD Chamber has suggested construction of a ‘preparedness level index’ for CWG-2010 ensure that all projects are completed within the stipulated time frame.

According to PHD Chamber, the index should take into consideration 4 important benchmarks; Physical Infrastructure, Transportation, Environment and Human Resource Development mainly Sportspersons. This index should be updated every three months to assess the progress made and to take necessary corrective action in case of any delays.

CWG, which would involves some 5,000 athletes from 53 countries, will be the largest sporting event ever staged in India. Having staked India's reputation on the event, New Delhi is spending an estimated US$12bn to prepare the city for the games. With little more than 2 years left, plans to build state-of-the-art sports facilities and transport infrastructure, including new roads, at least 10 flyovers and new underground subway lines, have yet to be executed. Delhi's train stations require up-gradation and the city will have to add some 40,000 hotel rooms to cater to those expected to visit for the games.

OVL, Imperial Energy agree on acquisition terms

The boards of ONGC Videsh (OVL) and Imperial Energy announced that they hade reached an agreement on the terms of a recommended pre-conditional cash offer, to be made by Bidco, for acquiring the UK-based company. Bidco also offered to acquire the Imperial Energy convertible bonds. The two offers together value Imperial Energy at about £1.4bn ($2.). Bidco is a wholly-owned subsidiary of OVL incorporated in Cyprus formed for the purpose of making the offers. OVL is a wholly-owned subsidiary of Oil & Natural Gas Corp. (ONGC). Imperial Energy said that its Directors considered the terms of the offers to be " fair and reasonable". Imperial Energy Directors unanimously recommended the OVL offers to the shareholders and convertible bondholders. Imperial Energy is an independent upstream oil exploration and production company focused on the Commonwealth of Independent States (CIS) and, in particular, the Russian Federation. It is listed on the official list of the London Stock Exchange (LSE)

Infosys unveils big-bang acquisition

Infosys announced that it will acquire UK-based Axon Group Plc for £4.701mn (Rs33.1bn, US$753mn). The transfer of ownership is expected to be completed by November, subject to the Scheme of Arrangement becoming effective, Infosys said. Axon is a business transformation consultancy that designs, implements and supports SAP solutions for large organisations. For the year ended December 2007, Axon had reported a profit after tax of £20.2mn (Rs1.6bn, US$37.4mn). Revenues for the year 2007 stood at £204.5mn (Rs16.6bn, US$378.3mn). Axon has about 2,000 employees. It has offices in the UK, North America, Malaysia and Australia. Axon's market capitalization as of Friday was £323mn. Investors didn't show much enthusiasm due to concerns that a rival bid could emerge. The market also seemed to be worried about the high price paid by Infosys and whether it will value accretive for the company.

GDP falls sharply in first quarter

The Indian economy grew at the slowest pace in three and a half years in the April-June quarter, as a spiraling inflation coupled with rising interest rates sapped consumer demand and curbed corporate investments. GDP in the fiscal first quarter grew by 7.9% as against 8.8% in the fourth quarter of the last fiscal year, the Central Statistical Organisation (CSO) said. The Indian economy had expanded by an impressive 9.2% in the first quarter of the previous fiscal year. GDP growth in Asia's fourth-biggest economy fell below the 8% mark after nine quarters.

Growth in the manufacturing sector slumped to 5.6% from 10.9% in the same quarter last year. Agriculture growth too slid to 3% versus 4.4% in the year-ago period. The construction sector did relatively better, posting a strong growth of 11.4% compared to 7.7%. The mining sector grew by 4.8% in Q1 FY09 versus 1.7% in the year-ago period, while electricity expanded by 2.6% as against 7.9% in the first quarter last year. Trade, hotels, transport & communications grew at 11.2% (13.1%) and finance, insurance, real estate & business services rose by 9.3% (12.6%).

India Oil Refining

India Oil Refining

India Model Portfolio - Aug 30 2008

India Model Portfolio - Aug 30 2008

BSE Bulk Deals to Watch - Aug 30 2008

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
29/8/2008 531223 ANJANI SYNTH BLUEBERRY TRADIND COMPANY PVT LTD B 65000 48.78
29/8/2008 532454 BHARTI ARTL DEUTSCHE EQUITIES INDIA PRIVATE LIMITED B 10173455 813.75
29/8/2008 531682 CAT TECHNOL BASMATI SECURITIES PVT LTD B 158900 6.34
29/8/2008 531682 CAT TECHNOL YUVAK SHARE TRADING PVT LTD B 200013 6.33
29/8/2008 531682 CAT TECHNOL BASMATI SECURITIES PVT LTD S 306295 6.33
29/8/2008 513059 G.S. AUTO SPJSTOCK B 56575 89.75
29/8/2008 513059 G.S. AUTO PRABHUDAS LILLADHER PVT. LTD. B 17065 90.50
29/8/2008 513059 G.S. AUTO COMET INVESTMENT PVT LTD B 36500 91.40
29/8/2008 513059 G.S. AUTO SPJSTOCK S 56675 90.40
29/8/2008 513059 G.S. AUTO PRABHUDAS LILLADHER PVT. LTD. S 17065 90.96
29/8/2008 532643 GANESHFORGIN ATUL A MEHTA B 100000 28.50
29/8/2008 532643 GANESHFORGIN RELIANCE CAPITAL TRUSTEE CO. LTD RELIANCE TAX SAVER FUND S 225000 28.45
29/8/2008 531863 GEEKAY FINAN GOPALA PILLAI VIJAYAKUMAR S 55000 53.50
29/8/2008 531137 GEMSTONE INV BHAVESH PRAKASH PABARI S 23000 51.71
29/8/2008 531739 GENNEX LAB DIMENSION INVESTMENT AND SECURITIES LTD S 117780 41.32
29/8/2008 531739 GENNEX LAB KUBERSWAMY ASHUTOSH GONSULTANTS PVT LTD S 106271 41.45
29/8/2008 530655 GOOD LUCK ST BIHAR TUBES LIMITED B 301000 296.12
29/8/2008 512167 MATRA REALT LOTUS GLOBAL INVESTMENTS LIMITED B 1100000 9.34
29/8/2008 512167 MATRA REALT CLARUS FINANCE AND SECURITIES B 71508 9.33
29/8/2008 512167 MATRA REALT ROSY INVESTMENT CONS PVT LTD S 200500 9.62
29/8/2008 512167 MATRA REALT GLORY INVESTMENT SERVICES P L S 214900 9.29
29/8/2008 512167 MATRA REALT MUJAHID A. SHAIKH S 200000 9.34
29/8/2008 512167 MATRA REALT DILIP K. PAGARE S 149608 9.34
29/8/2008 523371 MAWANA SUGAR GREENFIELD COMMERCIAL B 225000 40.05
29/8/2008 523371 MAWANA SUGAR SIEL HOLDINGS LTD S 225000 40.05
29/8/2008 533015 NUTEK INDIA SUKETU VASANTLAL JARIWALA B 127000 187.56
29/8/2008 590077 RANKLIN SOLU DHOIPAL MANTRI S 26000 195.70
29/8/2008 590077 RANKLIN SOLU RAVI BHAGWANDAS PANCHAL S 25636 195.49
29/8/2008 590077 RANKLIN SOLU DEEPAK GUPTA S 27500 195.24
29/8/2008 532886 SEL MANUF HARDIK M MITHANI B 76472 291.11
29/8/2008 532886 SEL MANUF SPJSTOCK B 118679 289.99
29/8/2008 532886 SEL MANUF HARDIK M MITHANI S 76472 290.55
29/8/2008 532886 SEL MANUF SPJSTOCK S 118679 290.14
29/8/2008 500295 SESA GOA LTD ROBECCO INSTITUTIONAL ASSET MGMT BV B 206087 158.00
29/8/2008 505075 SETCO AUTO SETCO ENGINEERING PVT LTD B 140000 178.25
29/8/2008 505075 SETCO AUTO HARISH KIRITBHAI SHETH S 140000 178.25
29/8/2008 512499 SHALIMAR PRO VHM IMPEX PRIVATE LTD B 140302 1.76
29/8/2008 523387 TRITON CORP KASI RAM SOFTECH INDIA LTD S 1000000 4.32
29/8/2008 532765 USHER AGRO NARESH CHAND JAIN B 96431 138.50
29/8/2008 532765 USHER AGRO MANHARLAL NAROTTAMDAS SHAH B 180055 136.97
29/8/2008 532765 USHER AGRO NARESH CHAND JAIN S 96431 138.86
29/8/2008 532765 USHER AGRO MANHARLAL NAROTTAMDAS SHAH S 180055 136.70
29/8/2008 532619 UTV SOFTWARE TCFC FINANCE LIMITED B 250000 798.98
29/8/2008 532619 UTV SOFTWARE ARROW WEBTEX LTD S 167843 799.00
29/8/2008 532360 VINTAGE CARD ARCADIA SHARE AND STOCK BROKERS PVT LTD. B 8964 120.79
29/8/2008 532360 VINTAGE CARD HARISHBHAI RATILAL SHAH B 3000 111.66
29/8/2008 532360 VINTAGE CARD PRINCE GUPTA B 3275 116.01
29/8/2008 532360 VINTAGE CARD SANJAY GUPTA B 4801 108.36
29/8/2008 532360 VINTAGE CARD HETAL CHIRAG SHAH B 3000 109.99
29/8/2008 532360 VINTAGE CARD NARESH CHAND JAIN B 12018 116.49
29/8/2008 532360 VINTAGE CARD ADITYAA BAGRI B 5000 109.76
29/8/2008 532360 VINTAGE CARD MEENAL NITESH THAKUR B 10211 109.90
29/8/2008 532360 VINTAGE CARD YUVAK SHARE TRADING PVT LTD B 26128 117.70
29/8/2008 532360 VINTAGE CARD PROFIT PLANET COMSEC PVT LTD B 3023 121.80
29/8/2008 532360 VINTAGE CARD SUKHDARSHAN KAUR B 3000 112.66
29/8/2008 532360 VINTAGE CARD ARCADIA SHARE AND STOCK BROKERS PVT LTD. S 6464 118.95
29/8/2008 532360 VINTAGE CARD PRINCE GUPTA S 3275 113.07
29/8/2008 532360 VINTAGE CARD SANJAY GUPTA S 4801 108.29
29/8/2008 532360 VINTAGE CARD HETAL CHIRAG SHAH S 3000 121.44
29/8/2008 532360 VINTAGE CARD NARESH CHAND JAIN S 12018 113.76
29/8/2008 532360 VINTAGE CARD ADITYAA BAGRI S 5000 110.43
29/8/2008 532360 VINTAGE CARD MEENAL NITESH THAKUR S 102511 111.62
29/8/2008 532360 VINTAGE CARD YUVAK SHARE TRADING PVT LTD S 26144 116.30
29/8/2008 532360 VINTAGE CARD PROFIT PLANET COMSEC PVT LTD S 3022 123.20
29/8/2008 532360 VINTAGE CARD SUKHDARSHAN KAUR S 3100 106.34
29/8/2008 531249 WELL PACK PA BAROT PANNA D B 50100 20.58
29/8/2008 531249 WELL PACK PA THAKKAR CHIRAG BIPIN B 40503 20.58
29/8/2008 531249 WELL PACK PA USHADEVI SHAHRA B 109000 20.58
29/8/2008 531249 WELL PACK PA RAMESHBHAI V PARMAR S 23333 20.58
29/8/2008 531249 WELL PACK PA WELLFIN SECURITIES LIMITED S 175000 20.58
29/8/2008 531249 WELL PACK PA PUSPHABEN V PATEL S 25000 20.58
29/8/2008 514470 WINSOME TEXT VENKATESWARA CAPITAL MANAGEMEN B 39100 29.86
29/8/2008 532298 ZENITH INFOT RUANE CUNNIF AND GOLDFARB INC A/C ACACIA PARTNERS LP B 299500 295.00
29/8/2008 532298 ZENITH INFOT RUANE CUNNIF AND GOLDFARB INC A/C ACACIA INSTITUTIONAL PARTNERS L B 138000 295.00
29/8/2008 532298 ZENITH INFOT PRUDENTIAL ICICI TRUST LTD A/C PRUDENTIAL FUSION FUND S 400000 295.00
29/8/2008 532298 ZENITH INFOT PRUDENTIAL ICICI MUTUAL FUND A/C TECH FUND S 100000 295.00

NSE Bulk Deals to Watch - Aug 29 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
29-AUG-2008,ARCHIES,Archies Limited,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,42052,118.57,-
29-AUG-2008,ARCHIES,Archies Limited,MBL & COMPANY LTD.,BUY,64172,118.86,-
29-AUG-2008,ARCHIES,Archies Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,44749,118.04,-
29-AUG-2008,ASAHIINDIA,Asahi India Glass Limited,CREDIT SUISSE (SINGAPORE) LIMITED,BUY,5824077,51.75,-
29-AUG-2008,GTOFFSHORE,Great Offshore Limited,SUNDARAM MUTUAL FUND,BUY,282662,514.39,-
29-AUG-2008,INDIABULLS,Indiabulls Financial Serv,DIRECT INVESTMENT LIMITED,BUY,1450000,249.28,-
29-AUG-2008,NUTEK,Nu Tek India Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,139919,184.54,-
29-AUG-2008,NUTEK,Nu Tek India Limited,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,104799,184.71,-
29-AUG-2008,NUTEK,Nu Tek India Limited,G RAMAKRISHNA,BUY,93405,183.98,-
29-AUG-2008,NUTEK,Nu Tek India Limited,R APPALA RAJU,BUY,130000,185.41,-
29-AUG-2008,NUTEK,Nu Tek India Limited,R.M. SHARE TRADING PVT LTD,BUY,100129,184.43,-
29-AUG-2008,NUTEK,Nu Tek India Limited,RASHI EQUISEARCH PVT. LTD.,BUY,97494,185.21,-
29-AUG-2008,NUTEK,Nu Tek India Limited,TRANSGLOBAL SECURITIES LTD.,BUY,172332,184.70,-
29-AUG-2008,OCTAV,Octav Investments Limited,ANKITA VISHAL SHAH,BUY,17123,60.99,-
29-AUG-2008,SELMCL,SEL Manufacturing Company,HARDIK M MITHANI,BUY,80649,290.13,-
29-AUG-2008,SELMCL,SEL Manufacturing Company,MBL & COMPANY LTD.,BUY,86051,286.98,-
29-AUG-2008,SGFL,Shree Ganesh Forgings Lim,ATUL A MEHTA,BUY,100000,28.45,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,ADROIT FINANCIAL SERVICES PVT LTD,BUY,28793,110.46,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,AJAY ASSET MANAGEMENT PRIVATE LIMITED,BUY,3014,119.72,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,ALOK GUPTA,BUY,4882,108.46,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,AMAN KUMAR JAIN,BUY,4000,112.21,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,AMBIT SECURITIES BROKING PVT. LTD.,BUY,8382,107.99,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,AMIT JAIN,BUY,3500,111.81,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,ASHOK KUMAR,BUY,5000,113.88,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,BALA NEERU,BUY,26927,109.29,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,BALASUBRAMANIAN . M,BUY,3251,113.69,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,BRONZE SECURITIES PVT. LTD.,BUY,2933,111.56,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,CAPITAL WIZARD STOCK BROKING PRIVATE LIMITED,BUY,14652,107.58,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,DB (INTERNATIONAL) STOCK BROKERS LIMITED,BUY,8969,108.80,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,DEEPAK AHUJA,BUY,4400,107.76,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,DINDAYAL BIYANI STOCK BROKERS LTD,BUY,21424,115.74,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,DINESH MUNJAL,BUY,16529,109.79,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,DODDALA RADEESH,BUY,3277,110.12,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,FACTS SHARE & STOCK BROKING PVT LTD,BUY,4964,110.28,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,FACTS SHARES & STOCK BRK P LTD,BUY,3479,108.21,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,26455,111.36,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,HARBUX SINGH SIDHU,BUY,55388,112.82,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,JAGJEET SINGH DHINGRA,BUY,3403,112.16,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,JAGJIT SINGH,BUY,15245,106.51,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,K. BALAKRISHNAN,BUY,3015,107.59,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,K. K. FINSTOCK,BUY,5299,108.21,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,K.K.SECURITIES,BUY,4000,110.00,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,KAMAL KUMAR KABRA,BUY,4500,118.68,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,KAMAL KUMAR SEHGAL,BUY,3050,119.91,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,KAVITHA P. JAIN,BUY,6000,116.37,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,KUSUM RATHORE,BUY,3000,118.98,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,LEELA DAS BYJU ,BUY,3000,110.68,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,M.V.SHARE TRADERS (PROP)ARCHANA DEVI.,BUY,10095,116.32,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MALAY DHIRAJLAL PATEL,BUY,7457,110.59,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MANIPUT INVESTMENTS PVT LTD,BUY,6488,108.78,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MANSUKH SECURITIES & FINANCE LTD,BUY,68245,108.65,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MAYANK DUBEY,BUY,6000,116.11,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MBL & COMPANY LTD.,BUY,17866,109.73,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MEGHA CHIRAG GHELANI,BUY,5000,123.50,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MITHUN SECURITIES PVT. LTD.,BUY,35586,111.14,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MLB CAPITAL PVT LTD,BUY,5800,112.75,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MOHANACHANDRA BABU M [TV] [PT],BUY,4900,109.51,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MUDUPULAVEMULA SURENDRANADHA REDDY,BUY,4827,107.25,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,NAMAN SECURITIES & FINANCE PVT LTD,BUY,37258,111.64,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,NARAIN PAREEK,BUY,6000,106.99,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,NARASIMHA REDDY SHOBHA,BUY,5000,115.51,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,NIKUNJ K SHAH,BUY,13552,111.08,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,OPG SECURITIES PVT. LTD.,BUY,6089,108.66,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PASHUPATI CAPITAL SERVICES PVT. LTD.,BUY,5798,108.12,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PATEL ARUNABEN BHARATBHAI,BUY,3639,107.96,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PAWAN KUMAR GUPTA,BUY,6300,107.57,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PAWAN NATANI,BUY,3000,113.27,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PHOOL MATI DEVI,BUY,5000,113.20,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PRAGATI PAPER MILLS LTD,BUY,19426,112.25,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PUNEET SECURITIES P LTD,BUY,7998,110.97,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,QUAINT FINANCIAL ADVISERS PRIAVATE LIMITED,BUY,4008,110.38,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,R.R.CHOKHANI STK BRK PVT LTD,BUY,4594,111.90,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,RACHANA S BAJAJ,BUY,8127,112.60,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,RAHUL DOSHI,BUY,25186,120.16,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,RAJIV SOBTI,BUY,14463,107.11,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,RAO KATAKAM VENKATESH,BUY,9759,111.29,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,RAVI MOHAN,BUY,3000,106.51,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,S SRINIVAS,BUY,3589,112.23,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,S. SELVAKUMAR,BUY,3803,108.55,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SABADRA HARAKCHAND KACHARDAS,BUY,5500,111.14,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SAMPATH RAJ JAIN,BUY,3000,108.60,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SANKAR. M,BUY,4203,108.43,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SEEMA KAPOOR,BUY,6786,109.30,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SETU SECURITIES LTD,BUY,25019,123.09,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SHANTILAKSHMI P S,BUY,3180,111.13,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SHIJU OTTATHYCKAL ,BUY,3000,111.63,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SHUBH MILAN SECURITIES PRIVATE LIMITED,BUY,5000,121.93,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SHYAM SUNDER GUPTA,BUY,3001,109.82,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SUMIT GOEL,BUY,3000,107.26,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SURESH BANSAL,BUY,3276,122.70,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SVS SECURITIES PVT. LTD,BUY,3235,123.32,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,THOMAS VERGHESE P V K PALOCCARAN,BUY,2300,108.34,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,TIRUPATI SECURITIES,BUY,3000,108.49,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,TRANSGLOBAL SECURITIES LTD.,BUY,21874,109.92,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,UBAIDULLA,BUY,4400,108.24,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,V V S RAMA LAKSHMI,BUY,5156,108.16,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,V.K. KUMRA,BUY,2600,120.03,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,VALI SHAIK MASTAN,BUY,3850,107.26,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,VENKATESHWARAN R,BUY,13100,112.51,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,VIJAY KUMAR GAMBHIR,BUY,3501,108.21,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,VIRAGKUMAR SURESHBHAI PATEL,BUY,4000,111.13,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,YESHWANTBHAT DEEPAK,BUY,5707,110.44,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,YUVAK SHARE TRADING PVT LTD,BUY,56641,116.36,-
29-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,70841,286.00,-
29-AUG-2008,VITLINFO,Vishal Information Techno,MBL & COMPANY LTD.,BUY,76637,283.15,-
29-AUG-2008,APOLLOSIND,Apollo Sindhoori Capital,SUSHIL FINANCIAL SERVICES PRIVATE LIMITED,SELL,400000,55.77,-
29-AUG-2008,ARCHIES,Archies Limited,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,42052,118.78,-
29-AUG-2008,ARCHIES,Archies Limited,MBL & COMPANY LTD.,SELL,64172,119.32,-
29-AUG-2008,ARCHIES,Archies Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,45000,120.56,-
29-AUG-2008,ASAHIINDIA,Asahi India Glass Limited,CAPITAL GROUP - A/C SMALL CAP WORLD FND INC,SELL,5824077,51.75,-
29-AUG-2008,INDIABULLS,Indiabulls Financial Serv,CITIGROUP GLOBAL MKTS MAURITIUS PVT LTD- SELL CODE,SELL,1733156,248.68,-
29-AUG-2008,NUTEK,Nu Tek India Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,139919,184.50,-
29-AUG-2008,NUTEK,Nu Tek India Limited,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,104799,184.97,-
29-AUG-2008,NUTEK,Nu Tek India Limited,G RAMAKRISHNA,SELL,93405,183.67,-
29-AUG-2008,NUTEK,Nu Tek India Limited,R APPALA RAJU,SELL,130000,183.81,-
29-AUG-2008,NUTEK,Nu Tek India Limited,R.M. SHARE TRADING PVT LTD,SELL,100129,184.38,-
29-AUG-2008,NUTEK,Nu Tek India Limited,RASHI EQUISEARCH PVT. LTD.,SELL,73599,184.78,-
29-AUG-2008,NUTEK,Nu Tek India Limited,TRANSGLOBAL SECURITIES LTD.,SELL,172582,184.46,-
29-AUG-2008,OCTAV,Octav Investments Limited,ANKITA VISHAL SHAH,SELL,17123,61.59,-
29-AUG-2008,SELMCL,SEL Manufacturing Company,HARDIK M MITHANI,SELL,80649,289.41,-
29-AUG-2008,SELMCL,SEL Manufacturing Company,MBL & COMPANY LTD.,SELL,86051,287.68,-
29-AUG-2008,SGFL,Shree Ganesh Forgings Lim,RELIANCE CAPITAL MUTUAL FUND LTD,SELL,124500,28.38,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,ADROIT FINANCIAL SERVICES PVT LTD,SELL,28793,110.90,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,AJAY ASSET MANAGEMENT PRIVATE LIMITED,SELL,3014,122.40,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,ALOK GUPTA,SELL,4882,108.41,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,AMAN KUMAR JAIN,SELL,4000,111.28,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,AMBIT SECURITIES BROKING PVT. LTD.,SELL,8382,108.26,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,AMIT JAIN,SELL,3500,110.66,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,ASHOK KUMAR,SELL,5000,113.56,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,BALA NEERU,SELL,26927,109.24,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,BALASUBRAMANIAN . M,SELL,3251,113.32,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,BRONZE SECURITIES PVT. LTD.,SELL,3033,110.97,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,CAPITAL WIZARD STOCK BROKING PRIVATE LIMITED,SELL,14652,109.01,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,DB (INTERNATIONAL) STOCK BROKERS LIMITED,SELL,8969,107.93,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,DEEPAK AHUJA,SELL,4400,108.27,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,DINDAYAL BIYANI STOCK BROKERS LTD,SELL,21224,116.06,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,DINESH MUNJAL,SELL,16529,110.38,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,DODDALA RADEESH,SELL,3277,109.26,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,FACTS SHARE & STOCK BROKING PVT LTD,SELL,4964,110.72,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,FACTS SHARES & STOCK BRK P LTD,SELL,3479,109.64,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,26455,111.51,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,HARBUX SINGH SIDHU,SELL,55388,112.22,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,JAGJEET SINGH DHINGRA,SELL,3403,110.67,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,JAGJIT SINGH,SELL,15245,107.84,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,K. BALAKRISHNAN,SELL,3015,107.67,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,K. K. FINSTOCK,SELL,5299,109.51,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,K.K.SECURITIES,SELL,4000,109.70,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,KAMAL KUMAR KABRA,SELL,3000,116.37,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,KAMAL KUMAR SEHGAL,SELL,3050,120.34,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,KAVITHA P. JAIN,SELL,6000,118.85,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,KUSUM RATHORE,SELL,3000,119.66,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,LEELA DAS BYJU ,SELL,3000,106.63,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,M.V.SHARE TRADERS (PROP)ARCHANA DEVI.,SELL,10095,115.73,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MALAY DHIRAJLAL PATEL,SELL,7457,110.18,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MANIPUT INVESTMENTS PVT LTD,SELL,6488,109.15,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MANSUKH SECURITIES & FINANCE LTD,SELL,68245,109.25,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MAYANK DUBEY,SELL,3000,116.16,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MBL & COMPANY LTD.,SELL,17866,111.19,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MITHUN SECURITIES PVT. LTD.,SELL,35586,110.68,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MLB CAPITAL PVT LTD,SELL,4800,109.70,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MOHANACHANDRA BABU M [TV] [PT],SELL,4900,110.01,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,MUDUPULAVEMULA SURENDRANADHA REDDY,SELL,4827,108.01,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,NAMAN SECURITIES & FINANCE PVT LTD,SELL,32774,113.71,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,NARAIN PAREEK,SELL,6000,106.90,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,NARASIMHA REDDY SHOBHA,SELL,5000,109.61,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,NIKUNJ K SHAH,SELL,13552,110.96,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,OPG SECURITIES PVT. LTD.,SELL,6089,108.46,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PASHUPATI CAPITAL SERVICES PVT. LTD.,SELL,5798,110.64,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PATEL ARUNABEN BHARATBHAI,SELL,3639,107.22,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PAWAN KUMAR GUPTA,SELL,7300,109.03,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PAWAN NATANI,SELL,1000,109.88,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PHOOL MATI DEVI,SELL,5000,112.52,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PRAGATI PAPER MILLS LTD,SELL,19426,112.39,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,PUNEET SECURITIES P LTD,SELL,7998,111.39,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,QUAINT FINANCIAL ADVISERS PRIAVATE LIMITED,SELL,4207,109.84,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,R.R.CHOKHANI STK BRK PVT LTD,SELL,5096,112.21,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,RACHANA S BAJAJ,SELL,8127,119.51,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,RAHUL DOSHI,SELL,21186,121.12,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,RAJIV SOBTI,SELL,15963,113.25,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,RAO KATAKAM VENKATESH,SELL,9759,110.17,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,RAVI MOHAN,SELL,3000,107.46,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,S SRINIVAS,SELL,3589,111.80,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,S. SELVAKUMAR,SELL,3803,107.71,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SABADRA HARAKCHAND KACHARDAS,SELL,5500,112.09,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SAMPATH RAJ JAIN,SELL,3000,109.45,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SANKAR. M,SELL,4203,108.71,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SEEMA KAPOOR,SELL,6786,109.57,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SETU SECURITIES LTD,SELL,25012,123.38,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SHANTILAKSHMI P S,SELL,3180,108.81,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SHIJU OTTATHYCKAL ,SELL,3000,107.79,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SHUBH MILAN SECURITIES PRIVATE LIMITED,SELL,5000,123.16,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SHYAM SUNDER GUPTA,SELL,3001,109.42,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SUMIT GOEL,SELL,3000,109.19,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,SVS SECURITIES PVT. LTD,SELL,3240,123.30,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,THOMAS VERGHESE P V K PALOCCARAN,SELL,3300,111.68,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,TIRUPATI SECURITIES,SELL,3000,108.01,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,TRANSGLOBAL SECURITIES LTD.,SELL,21874,110.08,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,UBAIDULLA,SELL,4400,108.66,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,V V S RAMA LAKSHMI,SELL,5156,108.36,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,V.K. KUMRA,SELL,3200,109.53,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,VALI SHAIK MASTAN,SELL,3881,107.85,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,VENKATESHWARAN R,SELL,13100,107.23,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,VIJAY KUMAR GAMBHIR,SELL,3501,121.12,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,VIRAGKUMAR SURESHBHAI PATEL,SELL,3000,105.69,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,YESHWANTBHAT DEEPAK,SELL,5707,109.06,-
29-AUG-2008,VINCARDS,Vintage Cards & Creations,YUVAK SHARE TRADING PVT LTD,SELL,57066,116.54,-
29-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,70841,286.00,-
29-AUG-2008,VITLINFO,Vishal Information Techno,MBL & COMPANY LTD.,SELL,76637,283.24,-

Post Session Commentary - Aug 29 2008

Domestic market ended the day with handsome gains tracing positive cues from global markets along with fall in crude oil and lower inflation number. Crude oil slipped to $116 per barrel on the back of assurances from the International Energy Agency and the US government. India''s inflation falls to 12.40% during the week ended August 16 2008, as against 12.63% in the previous week. It was a sea of green all across the market for throughout of session. Indian market opened on strong note strong global markets and drop in crude oil along with inflation number. Further domestic market continued to extend its gains and neglected the slower Q1 GDP growth. India’s Q1 GDP growth slows to 7.9% from 8.8% of previous quarter. Finally, market gained more ground during final trade to end with heavy gains. NSE Nifty ended above 4,300 mark and BSE Sensex crossed 14,500 level. From the sectoral front, all indices closed with gains and Bank stocks outperformed the benchmark as closed with increase of more than 6%. Along with this Metal, Capital Goods, Oil & Gas, Reality and Consumer Durable stocks were in limelight as witnessed most of the buying from these baskets. Midcap and Smallcap stocks also witnessed buying and closed with gains of more than2% and 1.5% respectively. The market breadth was positive as 1851 stocks closed in green while 790 stocks closed in red and 101 stocks remained unchanged.

The BSE Sensex closed higher by 516.19 points at 14,564.53 and NSE Nifty ended up by 146 points at 4,360. The BSE Mid Caps and Small Caps ended with gains of 133.44 points and 109.34 points at 5,742.29 and 6,891.64. The BSE Sensex touched intraday high of 14,586.16 and intraday low of 14,279.02.

Gainers from the BSE are SBI (7.19%), Reliance Infra (5.97%), ICICI Bank Ltd (5.93%), Tata Motors (5.44%), DLF Ltd (5.35%), JP Associates (5.16%), HDFC Bank Ltd (5.09%), Tata Steel (4.99%), BHEL (4.77%) and Wipro Ltd (4.42%).

The BSE Metal index advanced 422.87 points to close at 12,348.02. Gainers are Nalco (5.14%), SAIL (5.12%), Jai Corp Ltd (4.99%), NMDC Ltd (4.99%), Tata Steel (4.99%) and Isapt Industries (4.59%).

The BSE Bank index closed higher 413.28 points at 7,009.69. Major gainers are Kotak Bank (8.79%), Union Bank (8.60%), OBC (8.48%), Axis Bank (7.85%), Canara Bank (7.67%) and SBI (7.19%).

The BSE Capital Goods index gained 394.12 points to close at 11,886.62. Gainers are Punj Lloyd (7.55%), SLF India (5.89%), BHEL (4.77%), Lakshmi Ma W (4.77%), Suzlon Energy (4.73%) and Gammon Indi (4.51%).

The BSE Oil & Gas index closed higher 251.67 points at 9,659.46. Major gainers are BPCL (6.18%), Essar Oil Ltd (3.56%), Reliance Nat Res (3.28%), Reliance (3.04%), Aban Offshore (2.68%) and ONGC (2.36%).

The BSE Reality index ended up 242.18 points at 4,995.25. As Indiabull Real (11.51%), DLF Ltd (5.35%), Orbit Co (4.39%), Housing Dev (4.08%), Ansal Infra (3.87%) and Unitech Ltd (3.82%) closed in positive territory.

The BSE Consumer Durables index gained 91.95 points to close at 3,840.79. Major gainers are Gitanjali Ge (3.47%), Rajesh Export (3.46%), Titan Ind (2.58%), Blue Star L (2.15%) and Videocon Ind (1.89%).

Market Bolts

After losing around 433 points in the last two sessions, the market witnessed a strong relief rally in line with the recovery seen in the major Asian indices, each of which were up by 1-2%. The 30-stock Sensex started the day with an advantage--230 points higher at the opening bell. And much like the Jamaican sprinter Usain Bolt, the index kept on increasing the lead till the finishing post, ending 516 points or 3.67% higher. The lowest of the day was the day’s opening --14,279, while the highest of the day was 307 points higher than the previous close.

The market breadth was positive, as of the 2,742 stocks listed on BSE, 67% stocks (1,851 stocks) advanced, while 29% stocks (790 stocks) declined. 4% stocks (101 stocks) ended unchanged.

All the 30 stocks that constitute the Sensex posted gains for the day. State Bank of India, ICICI Bank, and HDFC Bank were the top three gainers of the Sensex stocks, each adding around 6% to their value.

All the 13 sectoral indices ended positive. BSE Bankex led the sectoral indices pack gaining 6.29% for the day. BSE Realty ended 4.79% higher. BSE PSU, BSE Metal, BSE CG, BSE Power and BSE Teck posted gains of around 3% each.

Of the 30 stocks of the Sensex, attracting strong buying State Bank of India flared up 7.19% at Rs1,403.60, Reliance Infrastructure shot up by 5.97% at Rs991.15, ICICI Bank jumped by 5.93% at Rs671.50, Tata Motors advanced 5.44% at Rs440.35, DLF scaled up 5.35% at Rs493.30, Jaiprakash Associates zoomed 5.16% at Rs164.15, HDFC Bank added 5.09% at Rs1277.25, Tata Steel vaulted 4.99% at Rs600.35, BHEL firmed up by 4.77% at Rs1,706.55 and Wipro climbed 4.42% at Rs432.20. Other front-line stocks also moved up by over 2-4% each.

All the 16 banks listed on BSE Bankex added to their value with a predominant majority gaining 5-7% for the day. Kotak Bank flared up 8.79% at Rs605.75, Union Bank jumped 8.60% at Rs143.35, Oriental Bank added 8.48% at Rs165.65, Axis Bank scaled up 7.85% at Rs723.30 and Canara Bank gained 7.67% at Rs215.50. State Bank of India, Indusind Bank, IOB, Punjab National Bank, Yes Bank and Bank of India shot up by over 6% each. Reality stocks too after taking a heavy pounding in the past sessions, registered a smart bounce back. Indiabulls Realestate zoomed 11.51% at Rs288.80, DLF soared 5.35% at Rs493.30, Orbit scaled up 4.39% at Rs257.90 and HDFC surged by 4.08% at Rs288.35. Ansal Infrastructure, Unitech, Sobha Developers, Peninsula Land and Omaxe rose 3-4% each.

Over 1.41 crore Reliance Industries shares changed hands on the BSE followed by Bharti Airtel (1.06 crore shares), Chambal Fertiliser & Chemicals (80.93 lakh shares), IFCI (78.16 lakh shares) and Ispat Industries (75.56 lakh shares).