1

12-Apr-13

Latest Points % Chg.

NIKKEI 225 * 13321.8 (163.3) (1.2)

HANG SENG * 21789.3 (299.7) (1.4)

DOWJONES 14865.1 (0.1) 0.0

NASDAQ 3295.0 (5.2) (0.2)

SGX NIFTY FUT* 5500.0 (25.5) (0.5)

INFY 43.1 (11.2) (20.7)

HDFC BANK 38.5 0.1 0.4

ICICI BANK 41.4 (0.7) (1.8)

TATA MOTORS 25.2 (0.2) (0.6)

WIPRO 8.7 (0.5) (4.9)

TATA COMM. 8.3 (0.0) (0.5)

* At 08:20 a.m. IST on 15-Apr-13

WORLD INDICES & INDIAN ADRs (US$)

15 April 2013

Sushil Financial Services Private Limited Member BSE : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. Regd. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : info@sushilfinance.com

Please refer to important disclosures at the end of the report For private Circulation Only.

EQUITY

Latest 1 Day P/E* P/B*

SENSEX 18,242.6 (1.6) 15.5 2.5

NIFTY 5,528.6 (1.2) 15.1 2.5

CNXMIDCAP 7,419.6 (0.1) 13.4 1.5

12-Apr-13

*Source: Bloomberg

COMMODITIES

Latest Points % Chg.

GOLD 1483.0 (78.5) (5.0)

CRUDE OIL 91.3 (2.2) (2.4)

FII ACTIVITIES IN DERIVATIVES 12-Apr-13

FII Net Buy (Rs.

Crs)

Open

Interest

Ch. in Open

Int. (DOD)

Index Futures (401.8) 12568.7 4.2

Index Options (451.1) 50190.1 0.0

Stock Futures (39.0) 23606.3 2.0

Stock Options 32.2 2490.8 (2.0)

NET INFLOWS (Rs. Crs.) 9-Apr-13

NET MTD YTD

FII (618.9) (206.5) 183863.8

MF** (43.0) (92.2) (27450.4)

*YTD From January till date **As on 11-Apr-13

12-Apr-13

Closing % Chg.

Rs. / $ 54.5 0.00

Rs. / EURO 71.4 0.00

Rs. / UK Sterling 83.5 0.00

EXCHANGE RATE

G.SEC. YIELD 12-Apr-13

Rate Yield (%)

GS CG2022 8.15% 102.0 7.9

MARKETS TODAY Stock indices are seen opening down tracking weak cues from Asian markets. The overall bias is negative as investors remain skeptical about an uptrend in the market as they wait and see how the Jan-Mar earnings of other companies turn out after the Infosys shocker on Fri. Today, investors will watch India's headline inflation data based on the WPI. Stocks to watch: LnT, Sun Pharma, ONGC, MnM, Videocon, Coal India. Result watch: CMC. Data watch: India WPI inflation, Japan industrial output and machine tool orders, EU foreign trade, US housing market index.

KEY OVERNIGHT DEVELOPMENTS Asian stocks were down as US retail sales fell unexpectedly, and investors stayed on the sidelines ahead of data on Chinese economic growth. China will release first quarter GDP data, retail sales for Mar, and industrial production for Mar. US Mar retail sales fell a greater-than-expected 0.4% as against a 1.1% rise in Feb. Gold shed 5.0% to close at $1483.00 per ounce. MUST KNOW….

Snapping a five-month uptrend, India's annual inflation rate based on the new Consumer Price Index (Combined) fell to a four-month low of 10.39% in Mar. The CPI (Combined) inflation rate was 9.38% a year ago and had touched an all-time high of 10.91% in Feb 2013.

Contrary to expectations of a contraction, India's industrial production expanded 0.6% in Feb, the Central Statistics Office said. The industrial output had grown 2.4% in Jan and 4.3% a year ago.

Alembic Pharmaceuticals Ltd has got tentative approval from the US FDA for the generic of psychotropic drug aripiprazole tablets.

The Delhi High Court restrained Idea Cellular Ltd and Vodafone group companies from providing 3G services to new customers through intra-circle roaming agreements in 11 and 12 circles, respectively, where they do no have 3G licences.

A two-judge bench of Delhi High Court issued notice to Glenmark Pharmaceuticals Ltd, seeking the company's reply on the plea of US drugmaker Merck Sharp and Dohme Corp challenging an earlier high court order refusing to restrain Glenmark Pharmaceuticals Ltd from making and selling anti-diabetes drug Zita and Zita Met.

Career Point Ltd has launched a residential coaching and school campus at Kota with an initial capacity of 1,500 students.

Reliance Industries Ltd and its partners BP Plc and Hardy Oil and Gas Plc have submitted a revised commerciality proposal for two discoveries in the high-potential D3 block in Krishna-Godavari basin and plan to prepare a comprehensive development plan after drilling of two more exploration wells this year.

Godrej Properties Ltd announced the launch of its ultra-luxury residential project, Godrej Platinum, in Alipore, Kolkata, the company said in a release.

Jyoti Ltd's engineered pumps and project division has secured a Rs.195.4 mn order for lift irrigation work in Karnataka.

AIA Engineering Ltd has acquired 50% stake in Ahmedabad-based Polyex Minerals Pvt Ltd for a total sum of Rs.50,000.

2

Corporate Announcements & Financial Scoreboard Infosys Ltd has posted an audited net profit after exceptional item of Rs.23050 mn for Q4FY13 against

Rs.27590 mn for Q4FY12. Total Income has increased from Rs.87920 mn for Q4FY12 to Rs.99760 mn for

Q4FY13. The Company has posted an audited net profit after exceptional item of Rs.91160 mn for FY13

against Rs.84700 mn for FY12. Total Income has increased from Rs.330830 mn for FY12 to Rs.389800 mn

for FY13. The Group has posted an audited consolidated net profit of Rs.23940 mn for Q4FY13 against

Rs.23160 mn for Q4FY12. Total Income has increased from Rs.95040 mn for Q4FY12 to Rs.111280 mn for

Q4FY13. The Group has posted an audited consolidated net profit of Rs.94210 mn for FY13 against

Rs.83160 mn for FY12. Total Income has increased from Rs.356380 mn for FY12 to Rs.427110 mn for FY13.

Snapping a five-month uptrend, India's annual inflation rate based on the new Consumer Price Index

(Combined) fell to a four-month low of 10.39% in Mar, the Central Statistics Office said. The CPI

(Combined) inflation rate was 9.38% a year ago and had touched an all-time high of 10.91% in Feb 2013.

The fall in CPI (Combined) inflation rate in Mar was primarily on account of a statistical impact of a high

base. The CPI combined general index has inched up by 0.3% to 127.5, even as the rate of inflation has

declined. The food and beverages inflation in CPI (Combined) slipped to 12.42% in Mar compared with

13.73% in Feb. Within CPI (Combined), the inflation rate on fuel and light fell to 8.31% in Mar from 8.67% a

month ago. Inflation on clothing, bedding and footwear also slipped to 10.64% in Mar compared with

10.87% in Feb. The inflation rate based on CPI (Rural) dropped to 10.33% in Mar from 11.01% in the

previous month. CPI (Urban) was down to 10.38% compared with 10.84% in Feb, the statistics office said.

The index for the rural segment rose 0.1% on month to 128.2 in Mar, while urban index increased 0.6% to

126.5.

Contrary to expectations of a contraction, India's industrial production expanded 0.6% in Feb, the Central

Statistics Office said. The industrial output had grown 2.4% in Jan and 4.3% a year ago. The expansion in

industrial output in Feb is primarily on account of a sharp growth in capital goods. Capital goods output

rose 9.5% compared with 10.5% growth a year ago. This is fastest growth in capital goods output in a year.

Capital goods output, an indicator of investments in the economy, has contracted in 16 out of the 20

months. The manufacturing sector, which accounts for three-fourths of the total weight of the Index of

Industrial Production, grew 2.2% in Feb compared with 2.5% in Jan and 4.1% a year ago. Electricity output

declined 3.2% on year in Feb, while mining output contracted 8.1%. The Indian industry has performed

poorly so far this financial year, with output contracting in six out of the last 11 months. The industrial

production in Apr-Feb, the first 11 months of 2012-13, grew 0.9% compared with 3.5% in the same period

of last year, the Central Statistics Office said. Consumer goods output rose 0.5% in Feb as consumer

durables contracted 2.7% on year and non-durables grew 2.9%.

Infosys Ltd has informed BSE that Mr. Leo Puri has been appointed Additional Director of the Company

with effect from Apr 11, 2013.

Kotak Mahindra Bank will raise Rs.12.96 bn through issue of 20 mn shares, or 2.6% stake, on preferential

basis to Heliconia Pte Ltd at Rs.648 a share, the bank said in notice to the exchanges. Heliconia is an

affiliate of the Government of Singapore Investment Corp Pte Ltd. "This transaction augments the Tier I

capital of the bank for pursuit of growth opportunities. It will also be a step towards dilution of promoter

stake in the bank," Kotak Mahindra Bank said. The bank's board approved the decision in a meeting held on

Thurs. As on Dec 31, the Kotak Group's consolidated net worth stood at Rs.145.68 bn, while the bank's

capital adequacy ratio, on standalone basis, stood at 15.6% with 14.2% Tier I capital.

3

Global investment firm KKR will acquire a controlling stake in off-highway tyre maker Alliance Tire Group

from Warburg Pincus for an undisclosed amount, the three companies said in a joint press release. Alliance

Tire founder Yogesh Mahansaria will continue to hold on to his stake in the company. "KKR's investment

will enable us to continue to expand into new markets, make strategic acquisitions, and help scale our

global presence," Mahansaria was quoted as saying in the release. KKR said the transaction was subject to

customary closing conditions, including receipt of regulatory and third-party consents. KKR's investment in

Alliance Tire will be through its investment funds with financing support from Crescent Mezzanine and Ivy

High Income Fund, the private equity firm said. Barclays Bank PLC and JP Morgan were the advisors to KKR

on this deal. Alliance Tire makes tyres primarily for the agricultural, forestry and construction industries

under the brand names Alliance, Galaxy, and Primex. It has manufacturing facilities in Israel and India, with

research and development centres in Israel, India, the US, and South Africa.

IndoStar Capital Finance Private Ltd has informed BSE that the Debenture Committee of the Board of

Directors at its meeting held on Apr 12, 2013, considered and approved the following: 1. Issue of Secured,

Redeemable, Non-Convertible Debentures ("NCDs") of INR 10 lac each for cash at par for an aggregate

amount of INR 125 Crore, to be issued on private placement basis ("Issue"). 2. The said NCDs shall be listed

on the Bombay Stock Exchange of India Limited.

Alembic Pharmaceuticals Ltd has got tentative approval from the US Food and Drug Administration for the

generic of psychotropic drug aripiprazole tablets, according to the regulator's website. Alembic

Pharmaceuticals has got the tentative approval for 2 mg, 5 mg, 10 mg, 15 mg, 20 mg, and 30 mg strengths

of the drug. Aripiprazole was developed by Otsuka Pharmaceuticals of Japan, which markets it jointly with

Bristol-Myers Squibb in the US under the brand name Abilify. The drug has annual sales of around $4 bn in

the US. Sun Pharmaceutical Industries Ltd, and Torrent Pharmaceuticals Ltd had also received the

regulator's tentative approval for generic aripiprazole tablets earlier this year. No company has yet

received the final approval for marketing aripiprazole generic. Aripiprazole is a partial dopamine agonist

with additional anti-depressant properties and is prescribed for the treatment of schizophrenia, bipolar

disorder, and clinical depression in adults and teenagers.

Mafatlal Industries Ltd has informed BSE that the Hon'ble High Court of Gujarat at Ahmedabad has by

order dated Apr 08, 2013, approved the Scheme of Arrangement and Amalgamation of Mishapar

Investments Limited and Mafatlal Denim Limited with Mafatlal Industries Limited in the Company Petition

No. 30/2013 filed by the Company as Transferee Company to sanction the Scheme. Similarly, the Hon'ble

High Court of Gujarat has passed an order in the Company Petition No. 29/2013 filed by Mafatlal Denim

Limited as Transferor Company No. 2 for sanction of the Scheme. Mishapar Investments Limited,

Transferor Company No. 1 has filed Company Petition in the Hon'ble High Court of Bombay and the same is

pending for sanction.

Bharat Petroleum Corporation Ltd has informed BSE that: 1. Shri R. N. Choubey, Director General,

Directorate General of Hydrocarbons, Government Director, has resigned from the Board of BPCL vide his

letter dated Apr 10, 2013. 2. Shri Neeraj Mittal, JS (M), Ministry of Petroleum & Natural Gas has been

appointed as Government Director on the Board of BPCL with effect from Apr 11, 2013.

Mahindra & Mahindra Ltd is close to signing a pact with Ideal Group of companies, its sole franchisee in Sri

Lanka, for assembling the compact sport utility vehicle Quanto in the island nation, a source in the know

told. India's leading utility vehicles manufacturer plans to source 35% of the components locally for Quanto

to be sold in Sri Lanka to reduce the tax incidence on the vehicle, the source said. While tax on a

4

completely-built unit of Quanto in Sri Lanka would be 250%, a locally-assembled Quanto would attract an

import duty of Rs.300,000 on the body, and 40% on the remaining components. Sourcing of components

locally would further reduce the tax incidence, the source said. In Apr last year, Sri Lanka had raised the tax

payable on imported diesel cars of engine capacity under 1,600cc to 250% from 180%. The tax on three-

wheelers and two-wheelers also were nearly doubled to 100%. Ideal Group of companies has already

identified a land parcel on the outskirts of Colombo for the assembly operations and is confident of starting

Quanto's assembly by Sept, the source said. The franchisee will invest $3 mn-$4 mn to set up the

infrastructure for the facility and M&M will provide technical guidance. "M&M will not make any

investment at this stage, but will give the technical support, and they will have some of their quality control

engineers here," the source said. M&M plans to launch two scooters--Duro and Rodeo--and its two

motorcycles--Pantero and Centuro--in Sri Lanka on May 16, the source said. The company currently does

not sell its two wheelers in the island country.

Tata Metaliks Ltd has informed BSE that the Company have received the "Consent to Operate" from The

West Bengal Pollution Control Board on Apr 04, 2013 with respect to the Company's newly commissioned

at in the state of West Bengal. Accordingly, the commercial operation has been started at the Sinter Plant

w.e.f. Apr 05, 2013.

Oil India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on Apr 10,

2013 has approved incorporation of a Wholly Owned Subsidiary of Oil India Limited.

With reference to the news item appearing in a leading financial daily titled "Chhabria eyes $1bn Tilaknagar

deal" Tilaknagar Industries Ltd has Clarified to BSE that "The report is speculative and hypothetical in

nature. After the entry of big MNC players, sector dynamics are changing. Given the nature of the Company

business, the various players at several time points are exploring/discussing various types of business

associations with the Company, which may or may not fructify and remain hypothetical until such time that

they are concluded. Should there be any concrete development, the Company will share and make the

appropriate announcements in line with the best practices disclosure guidelines."

With reference to the news item appearing in a financial daily titled "Ess Dee Aluminium surges on

promoters' stake sale buzz", Ess Dee Aluminium Ltd has Clarified to BSE that the Company is not aware of

any developments as are being reported in the news channel and the Company is unable to comment on

market speculation or market rumours.

The Delhi High Court restrained Idea Cellular Ltd and Vodafone group companies from providing 3G

services to new customers through intra-circle roaming agreements in 11 and 12 circles, respectively,

where they do no have 3G licences. Applying the same interim order as passed by the Supreme Court on

Bharti Airtel's plea, the high court bench of Justice Rajiv Shakdher asked the government not to take any

coercive action against the companies regarding the Rs.5.5 bn and Rs.3.0 bn penalties on Vodafone and

Idea, respectively.

Battery-maker Eveready Industries India Ltd raised the prices of its entire range of economy pencil-size

batteries that come in a strip of 10 batteries by Rs.5 per pack, the company said in a release. The company

hiked prices of its AA and AAA category batteries by 5-7% from Apr 1 and raised prices of its D-sized

batteries by Re.1 per unit from Feb 1. The price rise is expected to improve Eveready's realisations by 5-

10% from May, it said. "A continuous upward trend in cost of materials and overhead expenses have

adversely impacted the cost batteries. This has left us with very little option but to pass on a part of the

impact to the market," the release said quoting Vice-chairman Deepak Khaitan. Earlier this week, the

5

Kolkata-based company indicated that it would be hiking prices in the current financial year to improve

operational margins, as sharp depreciation in the rupee against the dollar during the last two years has

dented its operating profit. "We have increased prices a bit by about 3-4% during 2012-13 and that has

offset part of the margin erosion which had taken place due to the sharp depreciation of the rupee,"

Amritanshu Khaitan, executive director, had said earlier this week. The company's operating margins in

2012-13 was around 7%, he had said. The rupee depreciated 6.28% against the greenback in 2012-13, and

has fallen 0.43% against the dollar so far in this financial year.

Stepping up efforts to expand broadband internet access in rural India, the Department of

Telecommunications and Bharat Broadband Network Ltd signed a memorandum of understanding for

right of way with nine states and union territory of Andaman and Nicobar Islands. Bharat Broadband

Network is a special purpose vehicle set up by the government for laying optical fibre cable network with a

vision to provide broadband connectivity to around 250,000 gram panchayats by Dec 2014. The MoU was

signed today with information technology departments of Assam, Gujarat, Bihar, Himachal Pradesh,

Jammu & Kashmir, Maharashtra, Nagaland, Odisha and Punjab, as also with the public works department

of Andaman and Nicobar Islands. For the network to succeed in servicing the needs of the people, state

governments need to have a dialogue on inter-operability among them, said Minister for Information and

Communication Technology Kapil Sibal at the MoU signing event. Inter-operability depends on the

digitisation of data by respective states, Sibal said, adding issues such as carriage cost for delivering

services on the network by various stakeholders should also be addressed. Grant of right of way from

states and union territories is essential for laying of optical fibre network, which will connect all the

250,000 gram panchayats with the existing fibre optic network which has been laid till the block level. Right

of way refers to the grant of permission by the respective state governments to Bharat Broadband for

laying the fibre optic network on a designated path. On Oct 26, a similar MoU was signed with 16 states

and union territories. Tamil Nadu, West Bengal, Haryana and Meghalaya are yet to sign an agreement with

Bharat Broadband and the government. Bharat Broadband Network has equity participation from Bharat

Sanchar Nigam Ltd, RailTel Corp of India and Power Grid Corp of India Ltd in a 3:1:1 ratio.

A two-judge bench of Delhi High Court issued notice to Glenmark Pharmaceuticals Ltd, seeking the

company's reply on the plea of US drugmaker Merck Sharp and Dohme Corp challenging an earlier high

court order refusing to restrain Glenmark Pharmaceuticals Ltd from making and selling anti-diabetes drug

Zita and Zita Met. Merck alleged that the drugs sold by Glenmark infringed its patents for drugs Januvia and

Janumet. A single-judge bench of the high court had on Apr 5 refused to pass an injunction against

Glenmark Pharmaceuticals. Following an appeal by Merck, a division bench of Justice S. Ravindra Bhat and

Justice S.K. Mishra asked Glenmark to reply on the plea in three weeks. The bench also allowed Merck to

file a rejoinder in response to Glenmark's reply and posted the case for hearing on May 22. Merck has

sought an injunction against Glenmark Pharmaceuticals for making the drug that is chemically Sitagliptin

Phosphate saying the foreign company's drug with trade name Januvia and Janumet were of same

chemical composition. Merck said it was granted patent for Sitagliptin in Sept 2007. Glenmark had,

however, said that Merck suppressed the fact that it had abandoned the patent claim for Sitaglyptin

Phosphate last year after opposition by Indian companies. Glenmark also said that globally, Merck had

taken a position that it had patent for Sitagliptin Hydrochloride and not Sitagliptin Phosphate and hence

the Indian company's drug was not infringing its patent. The single-judge bench had fixed Jul 16 for

producing evidences related to the case before the high court's joint registrar and then the issues for final

hearing will be framed by the court on Sep 11. Merck had stated in the petition that it has patent for

6

Sitagliptin in 102 countries and got approval in Mar 2008 to sell Januvia and Janumet in India. The drugs are

once-a-day pill for patients with Type 2 Diabetes Mellitus. Glenmark's counsel said the Indian company sold

the drug at 30% lower price than the US company's drug.

Development Credit Bank Ltd has informed BSE that the Board of Directors of the Bank at its meeting held

on Apr 12, 2013 has approved issue of Subordinated Tier II Bonds up to an amount of Rs.200 crores to be

raised during the financial year 2013-14 in one or more tranches, subject to securing appropriate

regulatory and other approvals, as applicable.

Career Point Ltd has launched a residential coaching and school campus at Kota with an initial capacity of

1,500 students. The company said in a notice to stock exchanges that it is has spent Rs.500 mn in the first

phase of the Kota residential coaching and school campus. It is equipped with modern facilities including

coaching centre and recreational facilities. The school at the campus is from nursery to class 12. The

development of this campus was mentioned in Career Point's prospectus at the time of its initial public

issue. The prospectus had mentioned about an investment of Rs.680 mn for a residential facility with a

capacity of 3,000 students.

Reliance Industries Ltd and its partners BP Plc and Hardy Oil and Gas Plc have submitted a revised

commerciality proposal for two discoveries in the high-potential D3 block in Krishna-Godavari basin and

plan to prepare a comprehensive development plan after drilling of two more exploration wells this year.

"The proposed development plan provides for a dry gas, subsea cluster development with the flexibility to

add in additional zones and future area discoveries," Hardy Oil said in its annual report for 2012. Reliance

Industries is the operator and owns 60% interest in the D3 block. BP owns 30% and Hardy Oil 10% in the

block. The partners are, though, yet to get the government's approval for the revised declaration of

commerciality proposal for two discoveries in the block and Hardy Oil said the government's review of the

plan may continue this year. "The GOI's (government of India) review of the D3 DOC (declaration of

commerciality) proposal will likely continue through 2013," the London Stock Exchange-listed company

said.

Money Matters Financial Services Ltd has informed BSE that the Board of Directors of the Company at its

meeting held on Apr 12, 2013, has decided the following : 1. Appointed Mr. P H Ravikumar as Managing

Director of the Company. 2. Accepted resignation of Mr. Rajesh Sharma as Chairman and Managing

Director of the Company. He will continue as an ordinary Director on the Board of the Company.

Tata Motors Ltd group's global wholesales, or despatches, declined 16.6% on year in Mar to 116,521 units

mainly due to a weak domestic sales performance. Out of the total global wholesales in Mar, commercial

vehicle wholesales fell 4.7% on year to 60,799 units and passenger vehicle wholesales declined nearly 27%

on year to 55,722, the company said in a release. Tata Motors' UK-based arm Jaguar Land Rover's sales

rose 17% on year to 42,682 units in Mar. While its Jaguar car sales rose 42.6% to 7,621 units, its Land Rover

car sales were up 12.6% at 35,061 units. In the year to Mar, Tata Motors' group global wholesales were

down 4.4% on year at 1.20 mn units. While its commercial vehicle global despatches during the financial

year fell 0.7%, its passenger vehicle sales were down 7.9%. Jaguar Land Rover ended the financial year with

sales of 372,062 vehicles, 18.3% higher than the previous year.

Godrej Properties Ltd announced the launch of its ultra-luxury residential project, Godrej Platinum, in

Alipore, Kolkata, the company said in a release. "Spread over approximately 1.4 acres, this project will have

only 35 luxurious homes. Apartment sizes range between 3,762 sq ft per apartment and 5,075 sq ft per

apartment with an average ticket size of Rs.100 mn per home," the company said. "Through outstanding

7

design, quality construction, and attention to every detail, we intend to ensure that Godrej Platinum

becomes Kolkata's most exclusive and desirable residential address for decades to come," Managing

Director and Chief Executive Officer, Pirojsha Godrej was quoted as saying in the release. The release,

however, did not give any details of the investments made for this project.

Jyoti Ltd's engineered pumps and project division has secured a Rs.195.4 mn order for lift irrigation work in

Karnataka, the company said in a notice to the BSE. Jyoti will undertake electromechanical work on

engineering, procurement and construction basis for a Rs.153.5 mn lift irrigation project at Bagalkot in

Karnataka, the company said. It also will undertake similar work for a Rs.41.9 mn lift irrigation project at

Yadgir, Karnataka, the company said.

R.S. Software (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held

on Apr 12, 2013, inter alia, have recommended Final Dividend for the Financial Year 2012-13 @ 20% i.e.

Rs.2 per share to the Equity Shareholders of the Company which is subject to approval from Equity

Shareholders.

AIA Engineering Ltd has acquired 50% stake in Ahmedabad-based Polyex Minerals Pvt Ltd for a total sum

of Rs.50,000, the former said in a notice to the BSE. AIA Engineering and Polyex Minerals will jointly set up

a silica sand refining plant with a capacity of 200,000 tn per annum which will produce 100,000 tn special

graded sand, it said. This backward integration, will assure supply of quality sand on continuous basis to

AIA Engineering, which specialises in design, development, manufacture, installation and servicing of high

chromium wear, corrosion and abrasion resistant castings used in the cement, mining and thermal power

generation industries.

HCL Infosystems Ltd's subsidiary Digital Distribution and Marketing Services has signed a pact with Unistal

Systems Pvt Ltd to distribute the latter's entire data-centric product range across metros, tier-II and tier-III

cities of India, HCL Infosystems said in a release. The company, however, did not disclose the deal value.

Under this agreement, Digital Distribution and Marketing Services would be the national distributor for

Unistal to promote and sell its complete range of antivirus, data security, data recovery and data care

products, the company said. "With DDMS's widespread distribution network and Unistal's unparalleled

products, we foresee a huge success in this association by creating substantial traction in the market," said

Sanjay David, chief executive officer, Digilife Distribution and Marketing Services.

Ramkrishna Forgings Ltd has informed BSE that the Company have acquired 100% shareholding of Globe

Forex & Travels Ltd.

Taro Pharmaceutical Industries Ltd, an arm of Sun Pharmaceutical Industries Ltd, has got the US FDA's

approval for its new drug application of Topicort topical spray in strength 0.25%. At present, the drug is

available for application as a topical cream, ointment, or gel. Topicort, or desoximetasone, is a

corticosteroid used to treat plaque psoriasis, in which red and white hues of scaly patches appear on the

first layer of the skin. The drug is only for patients aged 18 years or above. "According to industry sources,

the corticosteroid spray market is approximately $100 mn in annual sales in the US," Taro said in a press

release.

Larsen & Toubro Ltd will buyout partner Komatsu Asia and Pacific Pte Ltd's 50% stake in joint venture L&T

Komatsu Ltd, the Indian company said in a release. Komatsu Asia and Pacific is a subsidiary of Japan's

Komatsu Ltd. According to reports, L&T's proposed buyout of Komatsu Asia's stake in the joint venture has

been approved by the Competition Panel. L&T Komatsu, formed in 1998, will continue to make

8

construction equipment and hydraulic components while Komatsu will be responsible for production of

Komatsu equipment including hydraulic excavators and product design. L&T Komatsu has a manufacturing

facility in Bangalore. Also, Larsen & Toubro will continue to be responsible for marketing, sales and product

support in India for the Komatsu range of products, the company added. Earlier reports had suggested that

Komatsu was keen on buying the 50% stake held by Larsen & Toubro in the joint venture.

9

Information of Bulk Deals – 12th Apr 2013 on BSE

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Aanjaneya Lifecare Bakulesh Trambaklal Shah B 578,234 79.47

Aanjaneya Lifecare Jaroli Vincom Pvt Ltd S 76,000 80.03

Aanjaneya Lifecare Pr Vyapaar Private Limited S 181,000 79.31

Aanjaneya Lifecare Revathi Shares Pvtltd S 91,000 79.31

Aanjaneya Lifecare Shentracon Trexim Private Limited S 100,000 80

Aanjaneya Lifecare Yaduka Financial Services Limited S 100,000 79.45

Allied Comp Jhaveri Trading And Investment Pvt Ltd B 696,210 0.47

Allied Comp Offerlink Infraprojects Privatelimited S 700,000 0.47

Brescon Corp Alok Finance Pvt. Ltd. S 24,644 137

Brescon Corp Attribute Shares & Securities Pvt Ltd B 25,000 137

Brescon Corp Pr Vanijya Private Limited B 25,000 137

Claris Lifesciences Aditya Sushilkumar Handa S 1,180,120 200

Claris Lifesciences Caduceus Capital 2 Mauritius Limited B 1,065,262 199.99

Digjam Ipro Capital Limited B 731,034 5.15

Digjam Smifs Capital Markets Ltd S 731,034 5.15

Kic Metaliks Karni Syntex Private Limited B 40,425 61

Riga Sugar Etl Infrastructure Finance Limited S 70,000 28

Riga Sugar Jignesh Dilipbhai Rangoonwala B 110,420 28

Shakti Press Sarita Arvind Sancheti S 25,082 14.67

Srl Chandra Prakash Paliwal S 40,000 13.05

Srl Hem Sec Ltd B 350,000 13.04

Srl Rupinder Sandhu B 50,000 13.05

Srl Surendra Prakash Shrimali B 90,000 13.05

Srl Vimla Devi Ranka B 50,000 13.05

Stampede Alingan Vyapaar Private Limited S 125,000 117

Steel Exchange Clarus Finance And Securities Limited S 300,516 71.5

Steel Exchange Maru Securities Pvt Ltd B 300,000 71.55

Sudar Inds Icici Bank Limited S 134,344 16.85

Trimurthi Dr Antala Real Broking And Impex Pvt Ltd B 38,365 18.06

Trimurthi Dr Anvarbhai Karimbhai Admani S 37,066 18.08

Wagend Praveen Kumar Arora S 310,000 36.36

Information of Bulk Deals – 12th Apr 2013 on NSE

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Aanjaneya Lifecare Ltd Bakulesh Trambaklal Shah B 458858 80.38

Dhanus Technologies Limit Anil Aggarwal B 3721170 0.1

Dhanus Technologies Limit Coastal Fertilisers Limited S 9175002 0.1

Dhanus Technologies Limit Venkateswara Capital Managemen S 7182027 0.1

10

Snapshot of BULK DEALS in the previous week

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Liberty Phos Blue Deebaj Chemicals Llc S 120,000 215.38

Liberty Phos Sharda Goyal B 106,393 213.94

Greenply Inds Jwalamukhi Investment Holdings B 200,000 449.92

Picturehouse Media Pvp Global Ventures Private Limited B 2,200,000 38.85

Picturehouse Media Sparrow Asia Diversified Opprt Fnd Fdi S 2,200,000 38.85

Greenply Industries Ltd Ashish Dhawan S 500000 450

Greenply Industries Ltd Jwalamukhi Investment Holdings B 1200000 449.96

Greenply Industries Ltd Volrado Venture Partners S 465000 450

C. Mahendra Exports Lts Investment Fund Ltd B 315,000 90.1

C. Mahendra Exports Taib Bank E C S 315,000 90.1

Greenply Inds Jwalamukhi Investment Holdings B 140,000 449.97

Greenply Inds Laburnum Capital Advisors Pvt Ltd S 127,970 450

Tatamotors-Dvr-A-Ordy Merrill Lynch Capital Mrkts Espana Sa Sv B 6,340,959 151.85

Tatamotors-Dvr-A-Ordy The Ryl Bk Of Sctlnd Asia Mrchnt Bk Sng Lt S 6,340,959 151.85

Delta Corp Limited Route One Fund I Lp B 2917420 57.94

Eros Intl Media Morgan Stanley Asia Singapore Pte B 500,000 171

Sterling Hol Res Hassomal Bulchand Mohinani B 1,000,000 69.03

Sterling Hol Res Value Rock Broking Services Private Ltd S 360,000 69

Eros Intl Media Ltd Morgan Stanley Asia Singapore Pte B 500000 171

Kingfisher Airlines Ltd. Sbicap Trustee Company Limited S 8517152 7.87

Kothari Sugars And Chemic Hridaynath Consultancy Private Limited B 1045484 10.24

Rain Commodities Limited Goldman Sachs Invstments Mauritius I Ltd B 2423485 49.96

11

Declaration made under SEBI (Insider Trading) Regulation 2002

Company Name Name of Acquirer / Seller Transaction Date

Buy / Sell

No. of Shares Transacted

Qty%

Holding after Transaction

Qty%

Compucom Software Ltd Compucom Technologies Pvt Ltd 12/4/2013 B 34681 13353629 16.87

Envair Electrodyne Ltd Shripad Mirashi 3/4/2013 B 200 1769550 58.21

Genus Power Infrastructu Ltd Rajendra Kumar Agarwal 11/4/2013 B 34341 1081441 0.68

Hindoostan Mills Ltd Bintex Investment Ltd 5/4/2013 B 500 0.03 8254 0.49

India Infoline Ltd Karan Bhagat through Kyrush Invest 12/4/2013 B 474 195500 0.06

Inventure Grwth&Securiti Ltd Harilal B Rita B 32000

Inventure Grwth&Securiti Ltd Harilal B Rita B 5000

Jaiprakash Associates Ltd Jaypee Infra Ventures 12/4/2013 B 3253677 724819918 32.65

Lupin Ltd Dhansukh M Gandhi 2/4/2013 S 1000 26300

Lupin Ltd Khushiram Gupta 28/03/2013 S 1100 41820

Mangalore Chem&Fertiliz Ltd SBICAP Trustee Co Ltd 2/4/2013 S 10000000

Mangalore Chem&Fertiliz Ltd Zuari Fertilizers & Chemicals Ltd 2/4/2013 B 11526465 9.72 11526465 9.72

RDB Rasayans Ltd Mrs Sheetal Dugar 11/4/2013 B 1000 4118166 23.24

Reliance Broadcast Ntwrk Ltd Reliance Land Pvt Ltd 12/4/2013 B 141916 38238332 48.13

12

Rating Scale This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating.

Risk Rating

Risk Description Predictability of Earnings / Dividends; Price Volatility

Low Risk High predictability/ Low volatility

Medium Risk Moderate predictability / volatility

High Risk Low predictability/ High volatility

Total Expected Return Matrix

Rating Low Risk Medium Risk High Risk

Buy Over 15 % Over 20% Over 25%

Accumulate 10 % to 15 % 15% to 20% 20% to 25%

Hold 0% to 10 % 0% to 15% 0% to 20%

Sell Negative Returns Negative Returns Negative Returns

Neutral Not Applicable Not Applicable Not Applicable

Not Rated Not Applicable Not Applicable Not Applicable

Please Note

Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses).

** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks; we have enhanced our return criteria for such stocks by five percentage points.

“Desk Research Call” is based on the publicly available information on the companies we find interesting and are quoting at attractive valuations. While we do not claim that we have compiled information based on our meeting with the management, we have taken enough care to ensure that the content of the report is reliable. Although we have christened the report as “Desk Research Calls” (DRC), we intend to release regular updates on the company as is done in our other rated calls.

For any information or suggestion, please contact the below mentioned…

Vatsal Shah (vatsal.shah@sushilfinance.com) Nishita Shah (nishita.sshah@sushilfinance.com)

Bhaveshkumar Jain (bhaveshkumar.jain@sushilfinance.com)

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