STRATEGY INPUTS FOR THE DAY

Morning relief for bulls

There is certain relief in change, even though it be from bad to worse! As I have often found in traveling in a stagecoach, that it is often a comfort to shift one's position, and be bruised in a new place”

After a turbulent week, the bulls would surely want some relief from the heat generated by the sudden bear onslaught. Thankfully, global signs are looking a lot more encouraging this morning, buoyed by a bounce on Wall Street on Friday and firm Asian markets. Going by that trend, we also should open higher. Having said that, there is no certainty over the durability of the rebound.

Don’t get lured in if the market manages to have a better day today. In the near term, the market will remain volatile with a negative bias. FII inflows have slowed this month. Though inflation has started softening, there are concerns about a possible slowdown in economic growth and hence corporate earnings.

Plus, globally there are a lot more issues that are creeping up, ranging from US slowdown to over-heated Chinese economy and hardening of interest rates.

Another factor that could have a bearing in the local market over the next few weeks is some large public issues. One of them, from real estate giant DLF opens today, amid some concerns about the outlook on the sector and the impact the issue will have on the secondary market.

Maruti will be the stock to watch out for. The company is facing capacity constraints on two of its models - the newly launched SX4 sedan and the Swift. Also, the company is offering discounts up to June 15 across models and will go for maintenance from June 17 to June 24. Glenmark could gain amid reports that is very close to signing a out-licensing deal on its molecule targeted at pain management. The deal is potentially worth more than €190mn in upfront and milestone payments, says a financial daily. RNRL and RIL will be in action as the former has sent a notice to the Petroleum Ministry, seeking to restraint the latter from selling gas from its KG basin finds to third parties. Carborundum Universal is likely to rise as the Murugappa group company is all set to buy a majority stake in a Russian company. Keep an eye on Satra Properties and Autolite India. These stocks are expected to gain amid improving business outlook.

FIIs were net sellers to the tune of Rs9.75bn (provisional) in the cash segment on Friday while the local institutions poured in Rs7.39bn. In the F&O segment, foreign funds were net sellers at Rs6.25bn. FIIs were net sellers of Rs2.22bn in the cash segment on Thursday. Mutual Funds offloaded stocks worth Rs870mn on the same day.

US stocks rallied on Friday at the end of a tough week on Wall Street in which worries about inflation and rising interest rates sent the major gauges tumbling for three straight sessions.

The Dow Jones Industrial Average rose by 157.66 points or 1.2% to 13,424.39 while the broader S&P 500 index was up 16.95 points at 1,507.67, and the Nasdaq Composite index advanced 32.16 points to 2,573.54.

For the week, the Dow lost 1.8%, the S&P 500 lost 1.9% and the Nasdaq lost 1.5%.

Treasury prices rose, lowering the yield on the benchmark 10-year note to 5.10% from 5.13% late on Thursday. In currency trading, the dollar rose versus the euro and the yen.

US light crude oil for July delivery settled down $2.17 to $64.76 a barrel on the New York Mercantile Exchange. Gold prices slipped $14.90 to settle at $650.30.

European shares fell on Friday owing to continued worries about the impact of higher interest rates. The pan-European Dow Jones Stoxx 600 index slipped 0.4% to 385.12. The UK's FTSE 100 closed virtually unchanged at 6,505.10, the German DAX Xetra 30 shed 0.4% to 7,590.50 and the French CAC-40 dropped 0.1% at 5,883.29.

Asian stocks rose for the first time in three days this morning, led by the better than expected GDP data from Japan and a fall in US bond yields. The Morgan Stanley Capital International Asia-Pacific Index climbed 0.5% to 151.23 as of 10:15 a.m. in Tokyo, ending a two-day, 1.8% loss.

Japan's Nikkei 225 Stock Average climbed 0.6% to 17,881.53. Shares also gained after the yen weakened the most in six weeks against the dollar on June 8. Benchmarks in markets open for trading elsewhere gained, except for New Zealand and South Korea. Australia and the Philippines are closed today for holidays.

Japan's economy grew at a much higher rate in the first quarter than what the government had initially reported. The world's second-largest economy grew at an annual 3.3% rate in the three months ended March 31. The reading was faster than the 2.4% preliminary estimate. The average projection was for a gain of 3.2%.

In the emerging markets, the Ibovespa in Brazil was up 0.5% at 52,329 while the IPC index in Mexico rose 0.9% to 31,466 and the RTS index in Russia advanced 0.5% to 1789.

Volatile session ended lower as global cues and heavy sell off in Auto, FMCG and Capital Good and Metal stocks dragged the key indices ended in deep red. The index heavy weights like ACC, Tata Steel, Tata Motors, ITC, BHEL and HLL were among the major losers. All the key indices closed in red except for the IT index which gained 0.60%, Infosys, Satyam Computer and Wipro hogged the limelight as Dollar strengthens against the Indian rupee. Finally, the 30-share Sensex dropped 122 points to close at 14063. NSE-50 Nifty was down 34 points to close at 4154.

ONGC gained by 1.3% to Rs864 after the company said that it has made five new oil & gas discoveries. The scrip touched intra-day high of Rs879 and a low of Rs842 and recorded volumes of over 16,00,000 shares on NSE.

SCI edged lower by 0.2% to Rs195. Reports stated that the company would buy 12 ships for $960mn. The scrip touched intra-day high of Rs202 and a low of Rs190 and recorded volumes of over 5,00,000 shares on NSE.

HCC marginally slipped 2.5% to Rs96. The company announced that it has received a Letter of Intent from The Superintending Engineer, Dummugudem Project Circle, Tekulapally, Dist: Khammam, Irrigation & CAD Department. The scrip touched intra-day high of Rs99 and a low of Rs95 and recorded volumes of over 33,00,000 shares on NSE.

Wipro edged higher by 0.4% to Rs547. The company announced that it decided to merge six subsidiaries with itself. The scrip touched intra-day high of Rs554 and a low of Rs535 and recorded volumes of over 17,00,000 shares on NSE.

Technology stocks ended higher as Dollar strengthens against the Indian rupee. Frontline stock Satyam Computer surged by over 2.5% to Rs493, Wipro was up by 0.4% to Rs547, Moser Baer spurred by over 5% to Rs454 and Polaris added 2% to Rs168.

Metal stocks declined lower as an index of six metals traded on the London Metal Exchange (LME) dropped 1.2% yesterday. Nickel slumped 5.7% and zinc fell 0.8%. Tata Steel dropped by 4.7% to Rs585, SAIL was down by 4% to Rs124, Sterlite Industries edged lower 0.2% to Rs535 and Hindustan Zinc was down 1% to Rs656.

Auto stocks were in reverse gear. Hero Honda slipped by 2.4% to Rs684, Maruti was down by 3% to Rs737, M&M declined by 3% to Rs717 and Tata Motors dropped by 3.7% to Rs652.

It’s going to be a week of endless debates and analysis as mega IPOs become the talk of the town. While DLF will hope for a big bang opening of the issue, expect loud voices from ICICI Bank and BEML regarding the dates of their issue. Retail money will also flow into the newly announced issues like Vishal Retail and Roman Tarmat.

Insider Trades:
Gujarat Ambuja Cement Ltd: Shri P B Kulkarni, Director has purchased from open market 11000 equity shares of
Gujarat Ambuja Cement Ltd on 1st and 2nd June, 2007.

Prime Securities: N Jayakumar, President has purchased from open market 25000 equity shares of Prime Securities on 5th June, 2007.

UFLEX Limited: A.R. Leasing Pvt. Ltd. (part of the promoters' group) has purchased from open market 20196 equity shares of UFLEX Limited on 5th June, 2007.

Lower Circuit:
UTV Software, Tanla and Tripex overseas

Upper Circuit:
Amara Raja, Tips Industries, Yashraj Securities, Flawless Diamond, Dawn Mills, Swan mills and Goldiam International.

Delivery Delight (Rising Price & Rising Delivery):
Amtek India, Balrampur Chini , BASF India, Century Textiles, Financial Technologies, Finolex Industries, Hindalco, Infotech Enterprises, KPIT Cummins, Max India, ONGC, Pantaloon Retail, Rolta and TCS.

Abnormal Delivery:
Union Bank of India, Sun TV, Bank of Rajasthan, HMT, Nagarjuna Construction, Unitech, Siemens, J K Cements, NDTV, Infotech Enterprises and Matrix Laboratories.

Major News Headlines:

Wipro decides to merge six subsidiaries with itself

RPG Life Sciences plans to separate Pharma Biz, investment

Inflation was 4.85% for week ended May 26 against expectations of 5.05%

Petron Engineering gets 2 LOIs from Wartsila

Hindustan Construction bags Rs3.28bn order

SCI to buy 12 ships for $960mn - Reports

Anagram - Daily Call - June 11 2007

Anagram - Daily Call - June 11 2007

Anand Rathi - Weekly Technicals

Anand Rathi - Weekly Technicals

GSPL - BUY

GSPL

Daily Market Outlook

Daily Market Outlook

US Market rallies as oil slips and bond yields stabilize

Dow gains almost 158 points on Friday after incurring huge losses in previous three days

After incurring three days of big losses, US Market closed substantially higher today (Friday, 8 June 2007) and tried to regain back some of its week’s loss. Some merger & acquisition chatter, lower oil price and partial stabilization of bond yields powered the day’s rally.

All but two of the 30 Dow stocks closed higher for the day. The Dow Jones Industrial Average closed higher by a huge 157.66 points at 13424.39. Nasdaq closed higher by 32.16 points at 2573.54 and S&P 500 closed higher by 16.95 points at 1507.67.

GM, United Technologies, Boeing and IBM were the main Dow winners. Merck and Walt Disney were the only two laggards.

Technology turned in a strong performance and was an influential leader to the upside. Financials climbing back into positive territory for the year was also noteworthy.

But it was steel sector which was most in news on Friday. Steel stocks climbed up after ThyssenKrupp reportedly said it is interested in U.S. Steel. The news earmarked Steel as the day's best performing S&P industry group and helped Materials pace the way among all 10 sectors closing higher.

For the week, Dow, Nasdaq and S&P 500 dropped 1.8%, 1.6% and 1.9% respectively.

Bond yields soar to 5.24%, ends at 5.11%

When market opened in the morning, sense that stocks are oversold on a short-term basis provided a floor of buying support right out of the gate. Bond yields slipped from their morning highs and helped renew enthusiasm for equities.

The yield on the 10-year note was as high as 5.24% earlier but then fell at 5.15% in the course of the day after the trade deficit figure showed that it narrowed more than expected and this raised the likelihood that Q2 GDP forecasts will be revised upward. The 10 year note yield closed at 5.11% for the day.

Tech shares received a lift from the chip sector. National Semiconductor jumped almost 15% reaching an all-time high, after the company posted a smaller-than-expected drop in profit and said it was buying back $2 billion worth of shares.

Crude falls back below $65

Mc Donalds shares rose more than 2% today after saying global same-store sales rose 8.7% in May.

Crude-oil futures fell sharply in a broad commodities sell-off as traders rushed to lock in gains, sending most energy contracts down more than 3%. Crude for July delivery closed down $2.17 (3.24%) at $64.76 a barrel on the New York Mercantile Exchange. Prices plunged today on concern that rising interest rates may lead to slower growth in demand.

Trading volumes showed 1.231 billion shares changing hands on the New York Stock Exchange and 1.554 billion trading on the Nasdaq stock market. Advancing shares outpaced decliners by more than 2 to 1 on the NYSE, while gainers topped decliners by 9 to 5 on the Nasdaq.

Sunidhi - DLF IPO Analysis

Sunidhi - DLF IPO Analysis

Infosys Technologies

Infosys Technologies

Citigroup - Weekly Technicals

Citigroup in their weekly technicals report,

Nifty — The index declined on the opening session of the week and traded sideways for a day (Tuesday’s session) after which it declined toward the later part of the week. The index ended the week down 152 points.

Moving Averages — The daily moving averages are at 10 dma = 4247 and 20 dma = 4228, and the 10-week moving average is at 4094. Intra-week bounce toward the 10 & 20 dma in the 4228-4247 range can be expected. Support can be expected around the 10 wma at 4094. [dma = daily simple moving average and wma= simple weekly moving average]

Momentum Oscillators — The RSI (14)-Relative Strength Index on the daily chart is exhibiting a reading of 45.79 (reading of 30 signifies oversold). MACD (Daily) is in sell mode and is exhibiting Negative Divergence. Stochastic Daily (5,3) is in oversold territory. Momentum Study suggests Nifty can see intra-week volatility.

Fibonacci Retracement — The 62% retracement level of the rise from low of 3981 (11 May 07) to the recent high at 4363 is at 4127 (approximate). The index tested the 4127 level in the previous week's trading and witnessed intra-day bounce. Support can be seen around 4127.

Support — The support levels for the current week's trading are at 4127 and 4094 (10wma).

Resistance — Resistance should be expected around the 10 & 20 dma in the 4228-4247, intra-week pullback should face stiff resistance around the averages.

Conclusion — Pullback toward 4228-4247 can be expected in the current week; intra-week decline should find support around 4127-4094.

Stocks you can pick up this week

Videsh Sanchar Nigam
Research: ICICI Securities (June 8, ’07)
Rating: Sell
CMP: Rs 451.15 (Face Value Rs 10)

Tariff pressure, coupled with declining market share in the voice segment, will affect VSNL’s domestic operations. The company’s international operations and new initiatives in the retail segment will continue to hamper profits in the near to medium term. ICICI Securities initiates its coverage on VSNL with a ‘sell’ rating and estimates that though its international presence and retail venture may provide impetus to the topline, it will hamper margins in the medium term. Competitive pressures, coupled with a decline in tariff, also will dent VSNL’s margins. Although the company has taken some initiatives on cost management, EBITDA margins could improve marginally from 12.2% during FY07 to 14% during FY09. Higher debt to fund capex on account of low profitability and high interest will keep the free cash flow under pressure.

ITC
Research: CLSA (June 7, ’07)
Rating: Underperform
CMP: Rs 150.70 (Face Value Re 1)

Itc has underperformed the market by 6% over the past 10 days following news that Uttar Pradesh (UP) is levying higher tax on cigarettes. The 32.5% trade tax levied by UP is not a big cause of concern as it merely raises the weighted average value-added tax (VAT) from 12.5% earlier to 13.7%. However, this raises doubts about whether other states will follow suit. While this is unlikely, given the spirit of the VAT regime, there is potential for more negative news. UP is one of the few states that has still has not joined the VAT regime. This regime was introduced to ensure a unified tax regime across states However, states always enjoy the power to change the tax rate on individual product categories in an asynchronous manner. UP’s example may embolden some of the rogue states to follow suit and raise taxes on tobacco. Hence, the worst may not be over for ITC.

NIIT
Research: Citigroup (June 7, ’07)
Rating: Buy
CMP: Rs 892.80 (Face Value Rs 10 )

The upswing in the domestic retail training business remains intact. NIIT’s quarterly result was lifted by strong growth in China. The company has raised fees for most of its courses — CATS by 8-15%, 3-year GNIIT by 18% and ANIIT by ~15%. The recently launched NetworkLABS has received good response and the company plans to roll this out in large cities during this fiscal. NIIT expanded its capacity by 18% during FY07 and expects to further expand capacity by 10-12% over the next two years. This capacity expansion supports Citigroup’s thesis of industry upturn as NIIT has expanded its capacity for the first time in the 4-5 years. The company looks well-positioned to benefit from growing concerns over the supply of talent. In this context, Citigroup expects strong business momentum in the retail training business in India.

Glenmark Pharmaceuticals
Research: HDFC Securities (June 6, ’07)
Rating: Buy
CMP: Rs 675.70 (Face Value Rs 2)

HDFC Securities expects the company to achieve remarkable growth in revenue and net income in coming years due to a strong research pipeline, which will fetch it high returns from out-licensing deals. At the end of FY07, the company had 13 products in the US market and 36 ANDAs pending approval. These will help sustain its growth in the US market. With acquisitions expected in central and eastern Europe, revenues will start flowing in from FY08. The changing business mix will also help improve its margins, going forward. Based on an estimated EPS of Rs 39.2 for FY08 and Rs 50.3 for FY09, the stock currently trades at a forward P/E of 17.4x and 13.6x, respectively. Looking at the company’s capabilities and strong business prospects, the stock is cheaply valued, as per HDFC Securities.

Strides Acrolab
Research: Kotak Securities (June 6, ’07)
Rating: Buy
CMP: Rs 329.55 (Face Value Rs 10)

Strides Acrolab (SAL) is engaged in the manufacture of ethical pharmaceuticals products, over-the-counter products and neutraceuticals. Its products include soft-gel and hard-gel capsules, tablets and dry and wet injectables. Kotak Securities initiates coverage with a ‘buy’ rating and estimates that revenues will grow by 25% in FY08, led by export growth. Operating margin is expected to improve by 370 bps due to improved product flow and higher capacity utilisation. The company has capex plans of about $30 million over the next two years. SAL’s focus on the HIV AIDS, TB and malaria businesses, its big product pipeline in soft-gel capsules and capacity expansion plans are its key growth triggers.

Aban Offshore
Research: Merrill Lynch (June 6, ’07)
Rating: Buy
CMP: Rs 2842.25 (Face Value Rs 2)

Merrill Lynch forecasts that Aban’s earnings will jump 18x in FY07-FY10E, driven by an expanding rig fleet and rising day rates. There may be upside risk to day rates and therefore, to earnings and valuation. The global rig market is in the midst of a recovery since ’04. The drivers are high oil prices, rising exploration budgets and no major additions to an ageing fleet. Rig utilisation rate has risen to 90% and day rates are at record levels. New rigs are being built, but incremental demand will still be twice the new supply up to ’08. Merrill Lynch expects Aban’s EPS to surge to Rs 499 in FY10E from Rs 27 in FY07E. Expansion of the rig fleet from eight to 20 by FY09E will be one of the company’s earnings drivers. The other triggers will be rising day rates on existing rigs under new contracts and on new high quality rigs being added to the fleet. An income tax holiday enjoyed by its Singapore-based subsidiary ASPL, will also boost earnings. All new rigs are in ASPL.

Gail
Research: ASK Securities (June 5, ’07)
Rating: Buy
CMP: Rs 294 (Face Value Rs 10)

The domestic natural gas supply scenario is expected to improve (more than 240 mmscmd) over the next three-five years. Gail has already entered into MoUs with RIL and ONGC for marketing and supply of natural gas. Gail’s pipeline business is a cash cow for the company. Citing the improving gas supply scenario, Gail has announced a Rs 18,000-crore capex to increase its pipeline capacity from the current 130 mmscmd to 360 mmscmd in 4-5 years. Cash flows from new pipelines are expected to contribute around Rs 65/share to Gail’s fair value, making it an attractive long-term bet. Funding the pipeline capex will not be an issue for Gail, considering its low 0.1x debt-to-equity ratio. Even after factoring this capex (0.1x debt/equity for FY09E), Gail will be comfortably placed to finance its additional capex (around Rs 7,000 crore) for the proposed Assam gas cracker complex (Rs 5,600 crore capex) and exploration and production (E&P) over the next five years.

Board meetings - June 11 2007 - June 25 2007

Jun 11 2007	Alka Securities Ltd	Alka Securities Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, to consider the following issue:1. To increase the authorized share capital of the Company from Rupees 11 crores to Rs 20 Crores.2. To decide the issue of preferential issue of 2 Crores equity shares of Rs 2/- paid up on premium as per DIP SEBI GUIDELINES 2000 to the interested persons, promoters, Bank and Companies etc.3. To consider the appointment / resignation of the directors if required.4. To finalize the draft notice to be issued to member for passing the above resolution by Postal Ballot.
Jun 11 2007	Bannari Amman Spinning Mills Ltd	Audited Results
Jun 11 2007	California Software Company Ltd	California Software Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, to consider and / or approve the following:1. The audited financial results for the full financial year and also 4th quarter ended March 31, 2007 (standalone and consolidated).2. To consider recommendation of dividend if any for the financial year ended March 31, 2007.3. Considering proposals for the raising of additional funds / capital for the business of the Company through various options including preferential allotment and to finalise other further steps as necessary in connection with the options decided upon.
Jun 11 2007	Commitment Capital Services Ltd	Audited Results
Jun 11 2007	Coromandel Agro Products and Oils Ltd	Audited Results
Jun 11 2007	Glenmark Pharmaceuticals Ltd	Glenmark Pharmaceuticals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, to consider the split of Equity Shares of the Company.
Jun 11 2007	Hercules Hoists Ltd	Audited Results
Jun 11 2007	James Hotels Ltd	James Hotels Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, inter alia, to consider and take on record the Company's Audited Financial Results for the financial year ended March 31, 2007 and to consider and approve the allotment of preferential issue of equity shares and / or share warrants convertible into equity shares.
Jun 11 2007	Jindal Drilling & Industries Ltd	Jindal Drilling & Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, inter alia, to transact the following:1. To consider and approve the Annual Accounts of the Company for the year ended March 31, 2007.2. To recommend recommendation of dividend for the year ended March 31, 2007, if any.
Jun 11 2007	KEI Industries Ltd	KEI Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, inter alia, to consider the following:1. Allotment of equity shares upon conversion of Foreign Currency Convertible Bonds (FCCB) pursuant to option exercised by the bondholder for USD 250,000.2. To consider and approve constitution of Share Allotment Committee with their detailed terms of reference.
Jun 11 2007	Martin Burn Ltd	Audited Results
Jun 11 2007	Motor & General Finance Ltd	Quarterly Results
Jun 11 2007	OK Play India Ltd	OK Play India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 19, 2007, inter alia, has considered the following:1. The Board has reviewed the progress of issue of Global Depository Receipts (GDRs). The Board has also noted the receipts of the in-principal approvals from The Bombay Stock Exchange Ltd (BSE) and the Singapore Stock Exchange (SGX) and approved some of the documents / agreements required to issue Global Depository Receipts.2. Thereafter, the meeting was adjourned till May 22, 2007 at the same time and place.The meeting has been adjourned to May 25, 2007.(As Per Board Decision BSE Bulletin Dated on 25/05/2007)OK Play India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 25, 2007, inter alia, has reviewed the progress of the proposed issue of Global Depository Receipts (GDRs) and the meeting has been adjourned to May 28, 2007.(As Per Board Decision BSE Bulletin Dated on 28/05/2007)OK Play I
Jun 11 2007	Precision Wires India Ltd	Precision Wires India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, inter alia, to consider and to take on record the Audited Annual Results for the Financial year ended March 31, 2007 and to recommend Dividend, if any for the said Financial Year.
Jun 11 2007	Riddhi Siddhi Gluco Biols Ltd	Riddhi Siddhi Gluco Biols Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, for transacting the following business:1. To approve Audited Accounts for the year ended March 31, 2007.2. To declare dividend.
Jun 11 2007	S V Electricals Ltd	SV Electricals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, to consider the following:1. To consider the matter relating to the disposal of substantial part of the assets of the Company including the Company's manufacturing unit situated at Dewas (M.P.).2. To approve the notice of the postal ballot and to appoint the scrutinizers and calendar of event as required under section 293(1)(a) section 192A and the Companies (Passing of resolution by Postal Ballot) Rules 2001.3. To deal in any other matters related to the above said purpose, like appointment of the committee for the disposal of the assets, authority to take action to identify the suitable buyer, negotiate the price and terms and conditions, etc.
Jun 11 2007	Shree Ashtavinayak Cine Vision Ltd	Shree Ashtavinayak Cine Vision Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, inter alia, to consider the followings:1. To Adopt Audited Financial Results for the year ended March 31, 2007 and for the 4th quarter ended on March 31, 2007.2. To Adopt and approve the Balance Sheet as on March 31, 2007 together with Profit & Loss Account for the year ended March 31, 2007 of the Company & Report of Directors thereon.3. To recommend Dividend.
Jun 11 2007	Shyam Star Gems Ltd	Shyam Star Gems Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, to allot 1700000 Equity Shares of Rs 10/- each at a premium of Rs 10/- per share upon conversion of warrants to non-promoter individuals on Preferential basis.
Jun 11 2007	Southern Iron & Steel Company Ltd	Southern Iron & Steel Company Ltd has informed BSE that out of Optionally Convertible Loan of Rs 395.37 crores received from Banks / Financial Institutions, the Company had already converted Rs 158.93 crores and allotted 256,34,608 equity shares of face value of Rs 10 each at a premium of Rs 52 each per share on April 01, 2007, as per Master Restructuring Agreement dated July 11, 2005.Further the Company has informed that, a meeting of the Board of Directors of the Company will be held on June 11, 2007 to consider the following.Conversion of balance Optionally Convertible Loan1. into equity at a premium of Rs 52 each (or)2. into 10% Cumulative Convertible Preference Shares of Rs 1 each with an option to convert into equity as per the terms and conditions to be discussed and decided by the board of directors.
Jun 11 2007	Veejay Lakshmi Engineering Works Ltd	Veejay Lakshmi Engineering Works Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, inter alia, to consider the Audited financial results for the year ended March 31, 2007 and to consider the proposal of recommendation of dividend, if any.
Jun 11 2007	Vijay Shanthi Builders Ltd	Vijay Shanthi Builders Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2007, to consider and approve the Audited Financial Results for the year ended March 31, 2007 and to recommend dividend, if any.

Jun 12 2007	Berger Paints (India) Ltd	Berger Paints India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007, inter alia, to consider, the Company's Audited Financial Results for the year ended March 31, 2007 & also consider recommendation of Final Dividend for the year ended March 31, 2007.
Jun 12 2007	Deccan Cements Ltd	Audited ResultsDeccan Cements Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007, to consider the Audited Financial Results of the Company for the year ended March 31, 2007 and recommendation of dividend, if any for the year 2006-2007.(As Per BSE Announcement Website Dated on 04/06/2007)
Jun 12 2007	HFCL Infotel Ltd	Audited Results
Jun 12 2007	Kavveri Telecom Products Ltd	Kavveri Telecom Products Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007, inter alia, to transact the following business:1. To consider the annual accounts of the Company for the year ended March 31, 2007 and to approve them before they are handed over to the Statutory Auditors of the Company.2. To declare dividend, if any.
Jun 12 2007	La Opala RG Ltd	Audited Results
Jun 12 2007	Mayur Leather Products Ltd	Mayur Leather Products Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 01, 2007, inter alia, to decided the following:1. Adoption of Annual Accounts of the Company for the financial year 2006-2007.2. Discuss the recommendation of final dividend for the financial year 2006-2007.3. Time, date, place and Notice for the Annual General Meeting of the Company and matters connected therewith.Mayur Leather Products Ltd has informed BSE that the Meeting of the Board of Directors of the Company which was scheduled to be held June 01, 2007, has been postponed and will now be held on June 04, 2007 for considering, financial results of the Company for the year 2006-2007 and recommendation of final dividend for the year.Mayur Leather Products Ltd has informed BSE that the Meeting of the Board of Directors of the Company which was scheduled to be held June 04, 2007, has been postponed and will now be held on June 12, 2007 for considering, financial re
Jun 12 2007	Peoples Investment Ltd	Audited Results
Jun 12 2007	Rajesh Exports Ltd	Rajesh Exports Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007, to discuss about developing the Company's land bank. The Board will specifically discuss about starting the development of the selected five properties out of the total of thirty two properties owned by the Company, which are currently worth approximately about Rs 800 crores.
Jun 12 2007	RPG Life Sciences Ltd	Audited ResultsRPG Life Sciences Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007 will consider the scheme of arrangement under sections 391 to 394 of the Companies Act, 1956. This scheme of arrangement seeks to separate the pharmaceutical business and investments (including loans and advances) in the subsidiary Company into two separate Companies. The scheme, if approved by the Board, would be subject to approval by the members and creditors of the Company, and also sanction by the Bombay High Court.(As Per BSE Announcement Website Dated on 08/06/2007)
Jun 12 2007	Sacheta Metals Ltd	Sacheta Metals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007, to allot shares to the preferential allottees and also to re-issue forfeited shares in accordance with the resolution passed by the share holders in its meeting held on May 28, 2007.
Jun 12 2007	Sadbhav Engineering Ltd	Sadbhav Engineering Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007, inter alia, to consider the following business:1. Preferential allotment of Securities / warrants.2. Finalisation of the EGM date and the notice to be sent to the shareholders to seek their approval for the aforesaid preferential allotment.
Jun 12 2007	Shree Precoated Steels Ltd	Audited Results
Jun 12 2007	Sical Logistics Ltd	General
Jun 12 2007	Switching Technologies Gunther Ltd	Audited Results
Jun 12 2007	Techno Electric & Engineering Company Ltd	Techno Electric & Engineering Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007, to consider and approve Annual Accounts for the year ended March 31, 2007 and to recommend payment of Dividend, if any.
Jun 12 2007	Transwarranty Finance Ltd	Transwarranty Finance Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007 to transact the following business:1. To consider and approve the Audited accounts for the financial year ended March 31, 2007.2. To recommend dividend to the shareholders.3. To call the Annual General Meeting of the members of the Company.
Jun 12 2007	VBC Industries Ltd	VBC Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007, inter alia, to consider the re-appointment of the Managing Director, Shri. V S Rao.
Jun 12 2007	Winsome Breweries Ltd	Winsome Breweries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 12, 2007, inter alia, to transact the following business:1. To issue notice to the shareholders for payment of allotment money due together with interest against the partly paid up Equity shares of the Company.2. To review the Company's operational activities.

Jun 13 2007	Asian Hotels Ltd	Audited Results
Jun 13 2007	Bimetal Bearings Ltd	Bimetal Bearings Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 13, 2007 to consider and take on record the Audited Results referable to the financial year ended March 31, 2007 and also to consider the payment of final dividend for the year ended on that date.
Jun 13 2007	Confidence Petroleum India Ltd	Confidence Petroleum India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 13, 2007, inter alia, to consider the following business:1. To discuss and consider, in principle, the amalgamation of Maharashtra Cylinders Pvt Ltd., Khara Gas Equipments Pvt Ltd. and Hans Gas Appliances Pvt Ltd. with the Company.2. To consider the conversion of Warrants in to Equity Shares.
Jun 13 2007	EIH Associated Hotels Ltd	Audited Results
Jun 13 2007	Rajshree Sugars & Chemicals Ltd	Audited Results
Jun 13 2007	SI Group - India Ltd	Audited Results
Jun 13 2007	TVS Finance & Services Ltd	Audited Results
Jun 13 2007	Wyeth Ltd	Wyeth Ltd has informed BSE that the Audited Financial Results and declaration of dividend for the year ended March 31, 2007 would not be considered at the Board Meeting held on May 17, 2007.Further, the Company has informed that, the next Meeting of the Board of Directors of the Company is scheduled to be held on June 13, 2007, inter alia, to consider and take on record the Audited Financial Results for the year ended March 31, 2007.At the said meeting, the Board of Directors will also consider declaration of Dividend, if any, for the year ended March 31, 2007.

Jun 14 2007	Bloom Dekor Ltd	Audited Results
Jun 14 2007	Container Corporation Of India Ltd	Container Corporation of India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 14, 2007, inter alia, to consider the Annual accounts and recommendation of dividend, if any, for the financial year 2006-07.
Jun 14 2007	Gem Spinners India Ltd	Audited Results
Jun 14 2007	Goa Carbon Ltd	Audited Results 9 months.
Jun 14 2007	Hi-Tech Gears Ltd	Dividend & Audited Results(As Per BSE Board Meeting Dated on 08/06/2007)
Jun 14 2007	Hind Rectifiers Ltd	Hind Rectifiers Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 14, 2007, inter alia, to consider the following:1. To approve and take on record the Audited Financial Results of the Company for the year ended March 31, 2007.2. To recommend Dividend subject to the approval of Shareholders for the year ended March 31, 2007.3. To finalize the date of Book closure and Annual General Meeting.4. To consider for sub division / split of Company's Equity Shares.5. To discuss the General Working of the Company.
Jun 14 2007	JBF Industries Ltd	JBF Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 14, 2007, inter alia, to consider the issue of Equity Shares and / or Warrants on Preferential Allotment Basis to the promoters group of the Company.
Jun 14 2007	L G Balakrishnan & Bros Ltd	LG Balakrishnan & Bros Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 14, 2007, to consider the audited financial results for the year ended March 31, 2007 and to recommend for the payment of dividend for the financial year 2006-2007.
Jun 14 2007	Lactose (India) Ltd	Lactose India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 14, 2007, inter alia, to consider the following business:1. To consider and adopt the Audited Balance Sheet as at March 31, 2007 and Profit and Loss Account for the year ended on that date together with the Report of Directors and Auditors thereon.2. To consider the appointment of Auditors to hold office from the conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting and to fix their remuneration.3. To consider Increase in Authorised Share Capital of the Company.4. To consider issue of Equity shares on 'preferentia1 basis' to the Directors, Person Acting in Concert (PACs) of the Company and NRI/FDI pursuant to SEBI (Disclosure and Investor Protection) Guidelines, 2000 subject to the necessary approval from the shareholders of the Company in the general meeting under Section 81(1A) of the Companies Act, 1956.
Jun 14 2007	Panyam Cements & Mineral Industries Ltd	Audited Results
Jun 14 2007	Ramsarup Industries Ltd	Ramsarup Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 14, 2007, to consider & approve the following:1. Auditors Annual Accounts for the year ended March 31, 2007.2. Recommending Final Dividend on the paid up equity share capital of the Company. The Board of Directors of the Company will also consider the payment of dividend to the Preference Shareholders according to their rights attached therewith.
Jun 14 2007	Rolcon Engineering Company Ltd	Quarterly Results
Jun 14 2007	Ruchi Soya Industries Ltd	Ruchi Soya Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 14, 2007, inter alia, to consider, the split of Equity Shares of the Company.
Jun 14 2007	Supreme Yarns Ltd	Supreme Yarns Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 14, 2007, to consider the audited results for the year ended March 31, 2007 and for allotment of preferential shares.
Jun 14 2007	TTK Prestige Ltd	TTK Prestige Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 14, 2007 for considering the Audited Financial Results for the year ended March 31, 2007, and also to consider recommendation of dividend and fix the date, time and venue of the Annual General Meeting.

Jun 15 2007	Acrysil Ltd	Acrysil Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007, to take on record the audited financial results for the year ended March 31, 2007 and to consider Dividend, if any.
Jun 15 2007	Ashapura Minechem Ltd	Ashapura Minechem Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on Friday, June 15, 2007, inter alia, to consider and to take on record the Audited Financial Results of the Company for the Last Quarter and for the year ended March 31, 2007 and to recommend dividend, if any.
Jun 15 2007	Dharani Sugars & Chemicals Ltd	Audited Results
Jun 15 2007	EIH Ltd	EIH Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007, to approve the Annual Accounts for the year ended March 31, 2007.The Board will then take on record the above financial results.The Company has further informed that the Board may recommend a dividend on equity shares for declaration at the forthcoming Annual General Meeting of the Company.
Jun 15 2007	Elecon Engineering Company Ltd	Elecon Engineering Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007, inter alia, to consider and approve the Audited Annual Accounts for the quarter / year ended on March 31, 2007, recommendation of dividend if any, and proposal for declaration of Bonus shares by capitalization of reserves & surplus along with other business.
Jun 15 2007	Envair Electrodyne Ltd	Audited Results
Jun 15 2007	Gandhinagar Hotels Ltd	Gandhinagar Hotels Ltd has informed BSE that that a meeting of the Board of Directors of the Company will be held on June 15, 2007 inter alia, to transact the following business:1. To discuss, consider and approve Balance Sheet as on March 31, 2007 and Profit and Loss Account for the year ended on that date.2. To convene Annual General Meeting and matters incidental thereto.3. To consider and recommend reclassification of share capital.4. To discuss and consider progress at expansion project.
Jun 15 2007	Gandhinagar Leasing & Finance Ltd	Audited Results
Jun 15 2007	Geodesic Information Systems Ltd	Geodesic Information Systems Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007, inter alia, to take on record the following:1. Audited Quarterly financial results for the quarter ended March 31, 2007.2. Audited Balance Sheet and Profit and Loss Account for the year ended March 31, 2007 along with the auditors report and directors report and annexures thereto.3. To consider the date, time, venue and other matters related to Annual General Meeting.4. To consider the recommendation of final dividend on equity shares of the Company.
Jun 15 2007	Graphite India Ltd	Graphite India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007 to consider and approve the audited financial results for the year ended March 31, 2007 and recommendation of dividend, if any.
Jun 15 2007	Karuna Cables Ltd	Karuna Cables Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007, inter alia, to consider the following1. To consider the delisting of the trading of the shares of the Company from Hyderabad and Ahmedabad Stock Exchange.2. To appoint new Auditor.
Jun 15 2007	Kilburn Chemicals Ltd	Audited Results
Jun 15 2007	Mascon Global Ltd	Mascon Global Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007 inter alia, to consider and approve the following:1. To consider and adopt the annual accounts for the financial year ended March 31, 2007.2. To consider and approve the dividend, if any, for the financial year 2006-2007.The Meeting scheduled to commence on June 15, 2007 and the same may continue on June 16, 2007.
Jun 15 2007	Millennium Beer Industries Ltd	Audited Results
Jun 15 2007	Power Finance Corporation Ltd	Power Finance Corporation Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007, for considering the Audited Financial Results for the financial year ended 2006-07 and recommendation of the dividend for the financial year 2006-07.
Jun 15 2007	Punjab National Bank	Inter alia, to take on record the consolidated financial results for the quarter / year ended March 31, 2007.
Jun 15 2007	Royal Orchid Hotels Ltd	Royal Orchid Hotels Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007, to consider and approve the Audited Financial Results for the Quarter and year ended March 31, 2007 and to recommend dividend, if any.
Jun 15 2007	Savant Infocomm Limited	Audited Results
Jun 15 2007	Shipping Corporation of India Ltd	Shipping Corporation of India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007, to consider and approve the Annual Accounts for the financial year ended March 31, 2007.
Jun 15 2007	Shriram City Union Finance Ltd	Shriram City Union Finance Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007, inter alia, to transact the following :1. To approve the Audited Accounts of the Company for the year ended March 31, 2007.2. To Consider recommendation of Final Equity Dividend to the Shareholders for the year 2006-07.
Jun 15 2007	Tamarai Mills Ltd	Tamarai Mills Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 15, 2007, to consider the subject of issue of Redeemable Preference shares.
Jun 15 2007	Ultramarine & Pigments Ltd	Audited Results
Jun 15 2007	Vinay Cements Ltd	Audited Results
Jun 15 2007	Vintron Informatics Ltd	Audited Results

un 16 2007	GHCL Ltd	GHCL Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 16, 2007, inter alia, to consider the following:1. Audited Annual Accounts for the period (fifteen months) ended March 31, 2007.2. Recommendation of Dividend for the period ended (fifteen months) March 31, 2007, if any.
Jun 16 2007	Kalyanpur Cements Ltd	Audited Results
Jun 16 2007	Manraj Housing Finance Ltd	Audited Results
Jun 16 2007	Maximaa Systems Ltd	Maximaa Systems Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 16, 2007, inter alia, to consider the following:1. Considering the Annual Accounts of the Company for the year ended on March 31, 2007.2. To increase the authorized share capital subject to the approval of the members.3. Preferential issue of warrant with right to apply for equity shares of the Company subject to approval of the members.
Jun 16 2007	Nagreeka Exports Ltd	Nagreeka Exports Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 16, 2007, for consideration of the following:1. To approve the audited accounts of the Company for the year ended March 31, 2007.2. To consider payment of dividend for the year ended March 31, 2007.
Jun 16 2007	Rico Auto Industries Ltd	Rico Auto Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 16, 2007, inter alia, for the following purposes:1. To consider and to take on record the Audited Financial Results of the Company for the year ended March 31, 2007.2. To consider the Dividend for the financial year 2006-2007.
Jun 16 2007	Sumedha Fiscal Services Ltd	Sumedha Fiscal Services Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 16, 2007, inter alia, to consider the following:1. To approve the Annual Accounts of the Company for the financial year ended March 31, 2007.2. To consider declaration of dividend.3. To approve the Audited Financial Results of the Company for the year ended March 31, 2007

Jun 18 2007	ABG Shipyard Ltd	Audited Results
Jun 18 2007	Birla VXL Ltd	Birla VXL Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 18, 2007, inter alia, to consider and approve the audited Accounts of the Company for the year ended March 31, 2007 including the Audited Financial Results for the 4th Quarter ended March 31, 2007 as well as declaration of dividend, if any.
Jun 18 2007	Flat Products Equipments (India) Ltd	Flat Products Equipments India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 18, 2007, for considering the Audited Annual Accounts of the Company for the year ended on March 31, 2007 and to recommend dividend, if any.
Jun 18 2007	Jayant Agro Organics Ltd	Jayant Agro Organics Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 18, 2007, inter alia, to take on record, audited financial results for the year ended March 31, 2007, and to recommend Dividend, if any.
Jun 18 2007	K C P Ltd	Audited Results
Jun 18 2007	Shiva Cement Ltd	It has been decided to convene next Board Meeting on June 18, 2007, inter alia, to consider the followings:(a) To consider allotment of upto 23.0 mill. no. of Equity Shares upon conversion of existing Equity Share Warrants.(b) To consider & approve Annual Accounts for the year 2006-07 and Director's Report thereon.(c) To consider allotment of 14.5 mill. no. of Equity shares to ACC and 25.7 mill. no. of Equity share Warrants to ACC and others on preferential basis.(d) To consider allotment of Equity Shares to IFCI Ltd on preferential basis as per their sanctions to the Company.

Jun 19 2007	Monotona Securities Ltd	Audited Results
Jun 19 2007	Munoth Financial Services Ltd	Audited Results
Jun 19 2007	Shalimar Paints Ltd	Shalimar Paints Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 19, 2007, inter alia, to consider, approve and take on record the Audited Financial Results of the Company for the year ended March 31, 2007 and to consider and recommend Dividend, if any, for the above period.
Jun 19 2007	Tide Water Oil Co (I) Ltd	Tide Water Oil India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 19, 2007 will consider and take on record the Audited Financial Results for the year ended March 31, 2007, and also consider the final dividend for the year 2006-07.
Jun 19 2007	Transoceanic Properties Ltd	Audited Results

Jun 20 2007	ELF Trading And Chemicals Manufacturing Ltd	Audited Results
Jun 20 2007	Enterprise International Ltd	Audited Results
Jun 20 2007	Godfrey Phillips India Ltd	Godfrey Phillips India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 20, 2007, inter alia, to consider and approve audited statements of account for the year ended March 31, 2007 and also to consider recommending payment of dividend.
Jun 20 2007	Surabhi Chemicals & Investments Ltd	Surabhi Chemicals & Investments Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 20, 2007, inter alia, to consider and approve the Audited Financial Results of the Company for the year ended March 31, 2007, and recommendation of Dividend, if any, for the year 2006-07.
Jun 20 2007	VLS Finance Ltd	Audited Results

Jun 21 2007	Blue Chip India Ltd	Audited Results
Jun 21 2007	Futura Polyesters Ltd	Audited Results
Jun 21 2007	India Nippon Electricals Ltd	India Nippon Electricals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 21, 2007 to consider the Audited Financial Results of the Company for the year ended March 31, 2007 and final dividend, if any, for the year April 2006 _ March 2007.
Jun 21 2007	McNally Bharat Engineering Company Ltd	McNally Bharat Engineering Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 21, 2007, to consider and take on record the Audited Financial Results of the Company for the year ended March 31, 2007 and to recommend Dividend, if any.
Jun 21 2007	Ratnamani Metals & Tubes Ltd	Ratnamani Metals & Tubes Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 18, 2007, inter alia, to consider, and to approve the Audited Financial Results for the year ended on March 31, 2007 and for recommendation of Dividend for the year 2006-2007.Ratnamani Metals & Tubes Ltd has informed BSE that the meeting of the Board of Directors of the Company which is scheduled to be held on June 18, 2007 for approving the Audited Annual Accounts and for the consideration of dividend to the Shareholders for the financial year 2006-07. Due to unavoidable circumstances, the meeting of the Board of Directors of the Company is now postponed and rescheduled on June 21, 2007.(As Per BSE Announcement Website Dated on 04/06/2007)
Jun 21 2007	Virat Industries Ltd	Audited Results
Jun 21 2007	Wheels India Ltd	Audited Results

Jun 22 2007	Amara Raja Batteries Ltd	Amara Raja Batteries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 22, 2007, inter alia, to consider the following:1. Approval of Audited Accounts and Results for the financial year ended March 31, 2007.2. Recommendation of Dividend, if any, for the financial year ended March 31, 2007.
Jun 22 2007	Ambika Cotton Mills Ltd	Ambika Cotton Mills Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 22, 2007, to consider and take on record the Audited Financial Results for the year ended March 31, 2007 and consideration of payment of Dividend in respect of the above Financial Year.
Jun 22 2007	Ciba Specialty Chemicals (India) Ltd	Ciba Specialty Chemicals India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 22, 2007, inter alia, to consider the Audited Accounts of the Company for the financial year ended March 31, 2007, and recommendation of dividend, if any, for the said financial year.
Jun 22 2007	Dolphin Offshore Enterprises (India) Ltd	Dolphin Offshore Enterprises India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 22, 2007, to transact the following:1. To consider, approve, and adopt Annual Accounts for the year ended March 31, 2007.2. To consider recommending payment of dividend, if any for the year ended on March 31,2007.3. To consider approving the Report of Directors to the members for the year ended on March 31, 2007.4. To consider convening the Annual General Meeting of the Company for the year ended on March 31, 2007.
Jun 22 2007	House of Pearl Fashions Ltd	House of Pearl Fashions Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 22, 2007, inter alia, to consider, approve and take on record, the Audited Financial Results of the Company for the year ended March 31, 2007, and to recommend dividend, if any.
Jun 22 2007	International Data Management Ltd	Audited Results
Jun 22 2007	Pearl Global Ltd	Pearl Global Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 22, 2007, inter alia, to consider, approve & take on record the Audited Financial Results of the Company for the year ended March 31, 2007, & to recommend dividend, if any.
Jun 22 2007	Transpek Industry Ltd	Transpek Industry Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 22, 2007, to consider and approve the Annual Accounts for the year ended March 31, 2007, to take on record the Audited Financial Results for the year ended March 31, 2007, to recommend dividend, if any, to consider and approve the draft of Directors' Report, Management discussion and Analysis Report, Corporate Governance Report, to decide about the closure of Register of members and Share Transfer Books of the Company and to consider the appointment of Dr. Bernd Dill as Additional Director on the Board of Directors of the Company.
Jun 22 2007	Wires & Fabriks (S.A) Ltd	Wires & Fabriks SA Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 22, 2007, to take on record the Annual Audited Financial Results for the year ended March 31, 2007 and to recommend dividend, if any, for the financial year ended March 31, 2007.

Jun 23 2007	High Energy Batteries (India) Ltd	High Energy Batteries India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 09, 2007, inter alia, to consider the following:1. To consider and approve Audited Accounts of the Company for the year ended March 31, 2007.2. To consider and recommend Dividend, if any.3. To fix a date for the 46th Annual General Meeting of the Company.High Energy Batteries India Ltd has informed BSE that the meeting of the Board of Directors of the Company which was scheduled to be held on June 09, 2007, to consider and approve Audited Financial Results of the Company for the year ended March 31, 2007, is rescheduled to June 23, 2007, due to unavoidable circumstances.(As Per BSE Announcement Website Dated on 05/06/2007)
Jun 23 2007	Kothari Products Ltd	Kothari Products Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 23, 2007, inter alia, to consider, approve and take on record the Audited Financial Results for the quarter and year ended March 31, 2007 and also to approve the Annual Accounts for the aforesaid year.Further, recommendation of Dividend, if any, for the aforesaid year will also be considered at the aforesaid meeting.
Jun 23 2007	Organic Coatings Ltd	Audited Results
Jun 23 2007	Paramount Communications Ltd	Paramount Communications Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 23, 2007, inter alia, to consider the following business:1. To approve annual Audited Financial Accounts and financial results for the year ending March 31, 2007.2. To consider the payment of dividend for the year 2006-07.
Jun 23 2007	Poona Dal and Oil Industries Ltd	Poona Dal & Oil Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 23, 2007, inter alia, to transact the following business:1. To consider and take the same on record the audited financial results for the year ended March 31, 2007.2. Recommendation of final dividend, if any.
Jun 23 2007	Suprajit Engineering Ltd	Audited Results

Jun 25 2007	Andhra Petrochemicals Ltd	Audited Results
Jun 25 2007	Bharat Earth Movers Ltd	Audited Results & Dividend
Jun 25 2007	Dr Agarwals Eye Hospital Ltd	Audited Results
Jun 25 2007	Nirlon Ltd	Audited Results (Nine months)
Jun 25 2007	Sudarshan Chemical Industries Ltd	Sudarshan Chemical Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 25, 2007, inter alia, to consider, the Audited Financial Results for the year ended March 31, 2007 and will also to consider recommendation of dividend for the year 2006-2007.

Religare - Trace & Track Report, Weekly Technicals

Religare - Trace & Track Report, Weekly Technicals

DLF's real estate story

Four years after delisting its shares from the Delhi Stock Exchange, real estate behemoth DLF is knocking at the capital market again selling shares at - hold your breath - 837 times the valuation at which it exited the stock market. Should you buy?

If the country's largest real estate developer DLF had been listed on the bourses over the past four years, it would have delivered a return unparalleled in the history of Indian stock markets.

Promoter K P Singh opted to delist the company in its earlier avatar as DLF Universal from the Delhi Stock Exchange in September 2003 by buying back the public holding, valuing the company at Rs 112 crore. Over the past 45 months, DLF has seen an annualised appreciation of over 500 per cent going by the valuation it is commanding for its latest initial public offer.

The 10-odd per cent public shareholders would have potentially amassed wealth of over Rs 8,500 crore by now had the company remained listed. In a dramatic reversal though, the ace builder is now offering to dilute 10.26 per cent stake earlier bought back by the promoters dirt cheap -- for less than Rs 50 crore, for a minimum of Rs 8750 crore.

"The market would not have forgiven a smaller company for this act but here we are talking about one of India's largest private enterprises and that too at a time when global investors are queuing up to get a share of booming real estate market," says a leading fund manager on the condition of anonymity.

After controversies relating to a small group of minority shareholders who had remained invested in the stock even after the delisting, DLF was forced to withdraw its application for public offer from the capital market regulator last year.

Even as the book building for the IPO constituting 17.5 crore equity shares of Rs 2 each priced in the band of Rs 500-550 begins today, it appears that the delay has ironically played out in favour of DLF with market sentiment much better than a year ago.

The company has utilised the additional time fruitfully by changing its corporate structure and strategy that has helped it inflate profits for the past year over ten times and make it less difficult to justify its aggressive projections.

Valued at the higher end of the price band, the company would be the eighth largest by market capitalisation, post-listing. With negative cash flows and current earnings abysmally low compared with future projections, the company is demanding its price relying solely on its vast land holdings, the value of which is not clear.

Here is the promise. Armed with 10,000-odd acres, DLF plans to build over the next 10 years more than double the area it has developed over the past 60 years. In the next three years, DLF has a target of developing over 70 million square feet or triple the area it has developed till the last calendar.

As a result, investment bankers are forecasting the company's sales at Rs 20,000 crore in fiscal 2009, up from Rs 2600 crore achieved in the last fiscal, and net profit in excess of Rs 11,000 crore, roughly six times that for the year gone-by.

The grand plan DLF has outlined a three-pronged growth strategy, which includes strengthening its pan-India presence, building up land reserves at strategic locations, and leveraging its real estate capabilities in related areas be it special economic zones or hospitality.

The company will primarily be a developer and sell its properties retaining limited assets to be leased out. The money raised through the IPO would go towards buying more land (Rs 3500 crore), developing existing projects (Rs 3500 crore) and repayment of loans.

Going by the scale of development done so far, DLF is the largest real estate player in the country with land reserves of 10,255 acres or about 574 million square feet (msf) of developmental area. Of this, 171 msf is located in or near developed urban areas while 404 msf is urbanisable.

"About 90 per cent of the total land bank is available as large contiguous plots enabling large integrated development", says, chief executive officer Rajiv Singh.

After being centered around Delhi for many years, the company now has a nation-wide presence across 31cities and towns. It has developed 29 msf of residential, commercial and retail projects and integrated townships spread over 3000 acres in Gurgaon so far. Currently, some 44 msf of development is under progress and projects involving 524 acres is planned over the next few years.

The company intends to focus on its core competence while partnering with leading global players such as Nakheel (SEZs), Laing O'Rourke (construction), ESP (engineering and design), Feedback Ventures (project management) for better execution.

Right from acquiring low cost land to creating a full fledged township to realise the true potential of the land, DLF has amply demonstrated its success in Gurgaon. One key advantage is that DLF's average cost of acquisition of land is fairly low at around Rs 274 per sf which will enable it sit out the cycles and not indulge in distress sale ever.

Some key determinants of profitability for real estate companies apart from the land cost, is the developer's land acquisition and aggregation skills, relationship with the state authorities and reputation – on all these DLF scores highly.

And with its unquestionable capabilities as a successful developer, DLF seems best placed to capitalise on the booming real estate market, which is expected to grow at 20 per cent-plus annually from the current size of $40-45 billion.

Even more, the national capital region, where the company has over 50 per cent of its land holdings, is among the fastest growing markets in the country. Apart from the boom in retail malls and residentials owning to rising disposable income, there are several new vistas opening up for developers which DLF is planning to tap -- for instance, SEZs which offer opportunities to create integrated townships, hotels and serviced apartments, multiplexes, airports and the list goes on.

The risk A look at DLF's financial performance is hardly inspiring. Last year, the company sold its asset to a group company to get its revenues and profits to a respectable level. Sales to fully owned promoter company DLF Assets Limited (DAL) constituted almost 55 per cent of total revenues and 77 per cent of profits. DLF Vs UNITECH (Rs crore) DLF Unitech Land bank (acres) 10255 10332 Developable land (sq ft) 574 472 Net debt 9500 2600 IPO cash 8800 - Outstanding shares (cr) 170 81 Market-cap 85200/93700 48700 Enterprise value 85900/93600 48700 EV/Square FT (rs) 1498/1631 1032

According to a newly devised strategy, the company would, instead of leasing out commercial projects, indulge in outright sale to potential buyers including DAL. This model rests on the ground that DAL would be able to garner low cost capital by tapping the alternative investment market overseas and pay a higher capitalisation rate for DLF's properties resulting in faster growth in revenues and better margins too. THE PROJECT PROPOSAL (Mn Sq Ft) Completed Under progress Planned Plots 195 0 46 Residential 19 7 375 Commercial 7 27 60 Retail 3 10 44 Total 224 44 526

Though swift disposal of assets can favourably alter DLF's return ratios, DAL's ability to raise cheap funds is still unclear and poses a threat to DLF's cash flows.

Even otherwise, earnings of developers tend to be less predictable with lumpy revenues and cash flows. And after the phenomenal rise in property prices over the past three to five years and the rise in interest rates, analysts expect a property price correction because of the double whammy.

Though demand for retail malls and commercial estates is currently buoyant, huge supplies are yet to hit the market with most builders planning an aggressive ramp-up, again, increasing the risk of weaker property prices.

On the residential side too currently, investors (or the secondary market) are selling residentials at a price lower than the builder's price in most parts of the country and the demand from investors could dry up if cost of funds continue to be high and properties do not turnaround around quickly. Roughly, a 1 per cent fall in sales realisation cuts DLF's earnings by 2 per cent. If prices were to correct about 10 per cent, a fifth of its earnings could be shaved off meaning stock prices could take a considerable beating.

Is it fair? So what is a fair price to pay for DLF? Since there is little strength in either its P&L or balancesheet, an investor is essentially betting on the ability of the management to create another Gurgaon and realise the best price for their cheap land. To put a number to this, analysts are looking at the net asset value of the company which is essentially a measure of cash flows of the firm from its entire land bank discounted by its cost of capital (CoC) less the debt in its books.

Various analysts peg the net asset value in the range of Rs 70,000 crore to 95,000 crore. Edelweiss estimates NAV at approximately Rs 88000 crore based on a CoC of 12 per cent primarily assuming that the company would develop the entire land bank only over the next 15 years as against the management projection of 10 years.

This results in fair value of Rs 512-517. First Global estimates NPV at Rs 70,000 crore or Rs 413 per share based on its base case assumptions and says that a majority of global real estate companies in Singapore and Hong Kong trade at a discount of 10-30 per cent discount to NAV.

DLF's investment bankers too estimate NAV to be in the range of around Rs 80,000 crore to Rs 1 lakh crore but they argue that the company deserves to be traded at a premium to its NAV, an argument most domestic fund managers refuse to buy. Property stocks in Hong Kong, China, Singapore, Japan and Australia have traded at earnings multiples upwards of 20 in their early cycle but on this metric again DLF looks grossly expensive.

Apart from property prices, another risk for DLF is that of delays in execution. Edelweiss estimates that for every one year delay in execution would drag down the net asset value by six per cent.

Says Ramdeo Agrawal, managing director, Motilal Oswal, "Although the future seems quite rosy, the stock will face several challenges going forward trying to meet the tall projections that form the basis of current valuations." He adds that there is little margin of safety in buying the stock at current valuations.

Besides, with nearly 112 related entities and the promoter's past track record concerns on corporate governance remain. Although Rajiv Singh reassured investors of good governance standards during the IPO launch, on paper (prospectus) the company has gone out of the way to state that "we cannot assure that our promoters will act to resolve any conflicts of interest (with certain other promoter-owned companies) in our favour or in the best interest of our minority shareholders," signalling that investors better be prepared for negative surprises.

Having said that, the issue looks poised to deliver good returns in the short term. Flush with liquidity from global investors, investment bankers are confident of a huge over-subscription. For the common investor on the Street it is time to make a quick buck. For in the longer term, India's largest builder appears to be on a shaky ground.

Top tier returns?

Vishal Retail’s IPO appears reasonably priced considering the growth potential and its unique strategy.

The great Indian middle class has demonstrated its purchasing power time and again, the proof of which could be found in markets ranging from telecom to the burgeoning retail sector. To capitalise on the spending spree, and benefit from the rising disposable incomes across the country, Vishal Retail has adopted a strategy to focus on mid and smaller cities.

The company has 51 retail hypermarkets across 39 cities so far, of which only seven are located in large (Tier-I) cities. It now plans to expand its reach even more in order to create a pan-India presence with 82 stores by FY08. To fulfil this objective, it is coming up with an initial public offering (IPO) to aggregate Rs 110 crore, to part fund its expansion.

Bottom of the pyramid
Vishal Retail targets consumers mainly in the second and third tier cities of India, where its larger competitors have not yet set foot. Apart from tapping the aspirational consumers early on, its proposition of value retailing tends to work better due to low rentals for retail spaces in these cities.

"Our average cost of rent across all the shops is Rs 31.50 per sq ft, while our retail price of goods remains the same as it would be in the metros," claims Ram Chandra Agarwal, the company's chairman and managing director.

Vishal's rentals are considerably low compared to the average rentals in Tier-I cities which range anywhere between Rs 50- Rs 100 per sq ft. In addition to lower costs, the company has also managed to set up an efficient supply chain, and is now confident of entering even the larger cities with a similar value retailing proposition.

Vibrant past
Starting with a topline of Rs 50 crore in fiscal 2003, Vishal Retail has managed to grow to Rs 603 crore last year (See table: Solid growth). Its topline grew at a compounded rate of over 86 per cent annually, over FY03-FY07.

For the same period, its compounded growth in net profit was a whopping 160 per cent. On the operating profitability front, the company has consistently improved its operating profit margins from a meagre four per cent in FY03 to over 11 per cent in FY07.

"Going further, we expect to maintain similar levels of profitability by integrating backward," says Ritesh Rathi, chief operating officer.

The company already has a 5,000 pieces per day apparel manufacturing unit in Gurgaon, and plans to set up another unit in Dehradun. Its existing shareholders include HDFC, a Delhi-based private equity firm Gaja Capital, the Burman (of Dabur) and Munjal (of the Hero group) families, among others.

Valuations
Given that the organised retail has penetrated the Indian markets just 6 per cent, and is expected to grow by 25 per cent annually to become a Rs 12,180 crore industry by 2010, the potential is vast.

Vishal Retail, with its strategy to spread out to the smaller cities, is creating a strong base to compete with its larger counterparts. The company has over 1.2 million sq ft of retail space currently, and has another 4 lakh sq ft tied up for 13 stores as part of its expansion plans for FY08.

At 13-15 times FY08 estimated earnings, Vishal Retail appears reasonably priced compared to larger established organised retailers like Pantaloon Retail (67), Shoppers' Stop (77) and Trent (22). When compared on other parameters, such as return on equity and return on capital employed, the ratios are favourable for the company (See table: Returns).

Vishal Retail is expected to earn a RoE of about 13 per cent on its expected FY08 earnings, as compared to Pantaloon's 9 per cent, Shoppers' Stop's and Trent's estimated 7 per cent. The RoCE is expected to be about 27 per cent on its estimated FY08 earnings, as compared to Pantaloon's 7 per cent, Shopper's Stop's 8 per cent and Trent's 6 per cent. To sum it up, the issue appears worth subscribing both for short and long term investors.

The sentimental rupee

The Indian rupee's wave impulse on the down seems incomplete, making a case for further appreciation.

The INR touched our anticipated level close to 40. In the Smart Investor dated December 4, 2006, we said, "The currency is headed down to 43 and lower, despite what the RBI does, despite macroeconomic conditions and despite the seasoned trader."

When we hit 43, we carried the next rupee update on April 2 saying, "The long term trend remains near 40 vs. the dollar". Well, the wait was not too long, as in barely two months the INR managed to touch 40.14, missing 40 by a whisker.

And where do we go from here? There are several ways to get an answer to this. We can try interpreting the story and see the correlation between the Rupee and the Sensex, or the talk about the wave of capital flows, or the drivers behind the Indian economic story, which never tires and knows no cycles.

Not to forget, we can try comprehending the Reserve Bank endeavours to curb volatility in the local currency, which saw a free fall of 15 per cent in less than a year. Other reasons might lie in the forex reserve settling at a new high.

Some might even look out of the box. What is the rupee strengthening against? It's the Dollar. So if the Dollar Index continues to weaken, the INR will strengthen against its counterpart. So may be, the stories should be pegged around Dow and not the Sensex.

So as you see, there can be more reasons, innocuous and silly. For us at Orpheus, it's not over yet. And markets, like Keynes said, can remain irrational longer than you can remain solvent.

So just that 40 seems a good psychological level, and good enough for a pause, can't be a reason for INR to pause. The psychological or wave impulse down seems incomplete.

We will be surprised if any bounce back takes the INR beyond the 42 level. We see this as a coiling continuing action. The main trend still seems down to near 38 or lower. Above 42 we review.