MphasiS Ltd.

The company has announced that it would acquire US based Digital Risk, an independent provider of 

risk, compliance and transaction management solutions to the north American mortgage market.

The acquisition price is USD 202 million of which USD 175 million in cash and USD 27 million would 

be from earnings over 2.5 years.

The deal is expected to close by January 2013 and it would be EPS accretive in Year 1 (FY13). A

rough calculation indicates that the acquisition can boost MphasiS’s Year 2 (FY14) eps by about 2-8%, 

depending on how Digital Risk’s revenue and margins ramp up.

Management expects Digital Risk’s CY12 revenue to be USD127million, which implies 60% y-y growth 

and equals about 12% of MphasiS's revenue.

Digital Risk has increased revenue at a three-year CAGR of 70%. 

LIC & Sanghvi

LIC Housing Finance is scaling down share of high margin developer loans to 4-6% of its loan book from an initial target of 8% this fiscal due to poor support from banks to commercial realty segment.

Sanghvi Forging & Engineering LTD, a leading engineering and forging company in India has commenced commercial production at its new open die forging plant in Vadodara, Gujarat.

Adani Enterprises net profit

 Adani Enterprises net profit rose 208.45% to Rs 141.95 crore in the quarter ended September 2012 as against Rs 46.02 crore during the previous quarter ended September 2011.

Adani Enterprises board has approved infusion of additional funds in its subsidiary Adani Power and increase promoters stake to 75% from 68%.

Ganesh Chaturthi Holiday

Please be informed that, 19th September 2012, Wednesday will be a Trading & Clearing holiday for both NSE and BSE on account of  'Ganesh Chaturthi'.

Upcoming IPO - Thejo Engineering Ltd

Thejo Engineering Ltd is entering in the capital markets (through NSE SME) with an initial public offering (IPO), aggregating upto Rs 19 crore through a book building process. The price band for the issue has been fixed at Rs 402/- at lower level and Rs 430/- at upper level.

Thejo Engineering Ltd is an Engineering Solutions provider for Bulk Material Handling, Mineral Processing and Corrosion Protection to the Core Sector Industries like mining, power, steel, cement, ports, fertilizers etc. Company is based in Chennai and provide services include belt conveyor maintenance and operations.

The issue opens on Sep 04, 2012 and closes for subscription on Sep 06, 2012. This is the first stock which is proposed to be listed on 'Emerge' the SME platform by NSE.

Website:
www.thejo-engg.com/

Market Holiday

20th August 2012, Monday will be a Trading & Clearing holiday for both NSE and BSE on account of Ramzan ID.

Varun Shipping Company reported net profit of Rs 145.22 crore in the quarter ended June 2012 as against net loss of Rs 35.25 crore during the previous quarter ended June 2011.

Mahindra & Mahindra

Buy rating on Mahindra & Mahindra (M&M is maintained with a higher target price of Rs.815 over one 

year, against the earlier target price of Rs.800. The stock is currently traded in the price range of Rs.738. The company reported better than expected result for 1QFY13. In line with positive surprise in automotive volumes, company’s 1QFY13 earnings exceeded market expectations by 8%. Most of the surprises came from revenue side, which has beaten market expectations by 8% on account of favorable product mix.

Upcoming IPO - Sangam Advisors Ltd

Sangam Advisors Ltd is entering in the capital markets (through BSE SME) with an initial public offering, IPO of 2,304,000 Equity Shares of Rs 10/- each. The price band for the issue has been fixed at Rs 22/- per share.

Sangam Advisors Ltd is incorporated in 1999 and engaged in the business of providing diversified financial services with primary focus in assisting small and medium enterprises (SMEs) in corporate and non corporate sector in their financial planning and arranging funds for them. They are also engaged in the business of investing in shares and other securities.

The issue opens on July 24, 2012 and closes for subscription on July 26, 2012. The equity shares of the issue are proposed to be listed on the SME Platform of BSE Limited ("BSE").

Website: http://www.sangamadvisors.com/

Dollar Vs Indian Rupee

1990: 1 dollar = Rs 18.11

1991: 1 dollar = Rs 25.79

1992: 1 dollar = Rs 28.95

1993: 1 dollar = Rs 31.44

1994: 1 dollar = Rs 31.39

1995: 1 dollar = Rs 34.92

1996: 1 dollar = Rs 35.83

1997: 1 dollar = Rs 39.15

1998: 1 dollar = Rs 42.58

1999: 1 dollar = Rs 43.45

2000: 1 dollar = Rs 46.88

2001: 1 dollar = Rs 47.93

2002: 1 dollar = Rs 48.23

2003: 1 dollar = Rs 45.66

2004: 1 dollar = Rs 44.00

2005: 1 dollar = Rs 46.11

2006: 1 dollar = Rs 44.49

2007: 1 dollar = Rs 39.33

2008: 1 dollar = Rs 49.82

2009: 1 dollar = Rs 46.29 

2010: 1 dollar = Rs 45.09

2011: 1 dollar = Rs 51.10

2012: 1 dollar = Rs 54.47

Tata Steel

Buy rating on Tata Steel is reiterated with a target price of Rs.489 over one year.

The main concern on Tata Steel has been the extent of weakness in Europe. But the current 

perception is that even in the midst of current weakness, Corus should deliver USD 20-30 EBITDA / 

ton versus the earlier estimate of USD 28 EBITDA / ton.

Margins should improve further in 2HFY13 with the Pt Talbot rebuild and easing in China.

With upward re-pricing of contracts in 1QFY13, Corus ASP (average sales price) have improved USD 

20-25/ ton qoq. With the decline in coking coal prices, Corus should comfortably deliver USD 20-30 

EBITDA / ton in 1QFY13.

Comments from other European steel makers also suggest a clear upturn in 2Q12 margins versus 

1Q12 levels.

The stock has been trading close to its trough valuation. It is expected that the stock would reverse its 

year to date de-rating driven by 2H12 policy easing in China and Europe.

With the stock price implying almost no FY13 EBITDA margin for Corus, the risk-reward ratio is 

favorable.

Jamshedpur/ Benga ramp up and Pt Talbot rebuild are near term triggers for the stock.

Ashok Leyland, Airtel

 Nomura has downgraded India's second-largest truck and bus manufacturer, Ashok Leyland to 'neutral' from 'buy' and cut its target price to Rs 26 from Rs 34.

Bharti Airtel, India's top mobile phone operator, on Thursday cut prices of its third-generation (3G) mobile data services by about 70% under some plans, a company statement showed, in a move to boost usage of the premium services in the country.

TMB & United Phosphorus

Net profit of Tamilnad Mercantile Bank rose 66.01% to Rs 120.09 crore in the quarter ended March 2012 as against Rs 72.34 crore during the previous quarter ended March 2011. Total operating income rose 39.00% to Rs 533.59 crore in the quarter ended March 2012 as against Rs 383.89 crore during the previous quarter ended March 2011.

http://www.tmb.in/

United Phosphorus today announced a buy-back of 1.92 crore equity shares for up to Rs 288 crore from the open market. The company would buy the shares at a price not exceeding Rs 150 per share, which is over 25% higher than the current market price of Rs 119.65 per share.

Update - TVS Electronics

 Net profit of TVS Electronics rose 103.68% to Rs 2.77 crore in the quarter ended March 2012 as against Rs 1.36 crore during the previous quarter ended March 2011. Sales rose 39.29% to Rs 66.40 crore in the quarter ended March 2012 as against Rs 47.67 crore during the previous quarter ended March 2011.

Info - Bank of India

 Net profit of Bank of India rose 93.00% to Rs 952.73 crore in the quarter ended March 2012 as against Rs 493.64 crore during the previous quarter ended March 2011. Total operating income rose 23.84% to Rs 7810.62 crore in the quarter ended March 2012 as against Rs 6306.93 crore during the previous quarter ended March 2011.

Upcoming IPO - SAMVARDHANA MOTHERSON FINANCE LIMITED

SAMVARDHANA MOTHERSON FINANCE LIMITED


Issue Open: May 02, 2012
Issue close:         May 04, 2012
Price Band: Rs. 113 - Rs. 118 Per Equity Share
Minimum Bid Size:         50 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount  for Retail Investor: Rs. 200000

SAMVARDHANA MOTHERSON FINANCE LIMITED:

Incorporated in 2004, Samvardhana Motherson Finance Limited (SMFL) is a multinational business with manufacturing and design capabilities providing full system solutions to diverse industries. SMFL provides an end-to-end range of design and manufacturing solutions to the automotive customers, including product concept and product design, engineering, manufacturing, sub-assembly and the production of integrated modules.

IPO Grading / Rating:
ICRA has assigned an IPO Grade 4 to Samvardhana Motherson Finance Ltd IPO. This means as per ICRA, company has 'Above Average Fundamentals'.

Website:
http://www.motherson.com/Group-Companies.html

Upcoming IPO -> TRIBHOVANDAS BHIMJI ZAVERI LIMITED

TRIBHOVANDAS BHIMJI ZAVERI LIMITED

Incorporated in 1949, Tribhovandas Bhimji Zaveri Ltd. is India top jewellery retailer. Company sells gold jewellery, diamond-studded jewellery, platinum jewellery and jadau jewellery though 14 showrooms in 10 cities across five states.Company's most popular and oldest showroom is located at Zaveri Bazar, Mumbai. This was established in 1864.

Issue Open: April 24, 2012

Issue close: April 26, 2012

Price Band: Rs. 120 - Rs. 126 Per Equity Share

Minimum Bid Size: 45 Equity Shares

Face Value: Rs. 10 Per Equity Share

Issue Type: 100% Book Building

Maximum Subscription Amount  for Retail Investor: Rs. 200000

IPO Grading / Rating:
CRISIL has assigned an IPO Grade 3 to Tribhovandas Bhimji Zaveri Ltd (TBZ) IPO. This means as per CRISIL, company has 'Average Fundamentals'.

Maintain ‘reduce’ rating on Infosys – TP Rs.2500

1. Company’s 4QFY12 USD revenue declined 1.9% qoq, as against guidance of 0-0- 0.02% increase.

2. EBIT missed market estimates buy EPS was in line with expectations due to higher other income.

3. The guidance for FY13 of USD revenue growth of 8-10% and EPS estimate of Rs.159 – Rs.161 looks 

poor.

4. Estimates and rating on the scrip are under review due to weak outlook.

5. Guidance for FY13 is with the anticipation of 0-1% qoq revenue growth in 1Q and 4-5% qoq revenue 

growth in 2Q –Q4.

6. Poor EPS outlook for FY13 does not factor in any wage hike and it is due to worries regarding poor 

demand, which is an industry- wise worry.

7. Retain ‘reduce’ rating on the stock with the earlier target price of Rs.2500 over one year.

Top SIP funds

Top SIP fund picks

Large-cap funds	Multi-cap funds
Principal Large Cap Fund	ICICI Prudential Discovery Fund - IP
Birla Sun Life Frontline Equity Fund - Plan A	Birla Sun Life Dividend Yield Plus
Tata Pure Equity Fund	Tata Dividend Yield Fund
Birla Sun Life Top 100 Fund	UTI Opportunities Fund
Reliance Top 200 Fund - Retail	Quantum Long-Term Equity Fund
BSE Sensex	BSE 500
Mid-cap funds	Tax saving funds
SBI Magnum Sector Funds Umbrella - Emerg Buss Fund	HDFC Taxsaver
DSP BlackRock Small and Midcap Fund	Fidelity Tax Advantage Fund
Sundaram Select Midcap	Franklin India Taxshield
IDFC Premier Equity Fund - Plan A	Religare Tax Plan
Sundaram SMILE Fund	ICICI Prudential Taxplan
BSE Midcap	S&P Nifty

Upcoming IPO -> MT Educare

MT Educare Limited is entering in the capital markets with an initial public offering, IPO of Rs. 35 Crore. The price band for the issue has been fixed at Rs 74/- at lower level and Rs 80/- at upper level.

MT Educare Limited is an education support and coaching services provider for students in the secondary and higher secondary school. Also they provide coaching services for students pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.

The issue opens on Mar 27, 2012 and closes for subscription on Mar 29, 2012. The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Website:

www.mteducare.com

Upcoming IPO -> National Buildings Construction Corporation Limited

Issue Period	22 Mar 2012 to 27 Mar 2012
Price Band	Rs. 90 - Rs. 106 * (Discount as applicable)
Lot Size	60 Equity share and multiple of 60 equity shares thereafter
Issue Size	Rs. 127.20 Crore
IPO Rating	4/5 CARE
Listing on	BSE & NSE
Issue allocation	QIB - 50% | HNI - 15% | Retail - 35%
* Discount	Retail and Employee category are eligible for a discount of 5 % (Maximum application size for both categories is Rs. 200,000)

NATIONAL BUILDINGS CONSTRUCTION CORPORATION LIMITED:

Incorporated in 1960, National Buildings Construction Corporation Limited (NBCC Ltd) is a public sector company engaged in the business of project management consultancy services for civil construction projects ("PMC"), civil infrastructure for power sector and real estate development. NBCC is headquartered in New Delhi and in addition they have 10 regional / zonal offices across India.

IPO Grading / Rating:
CARE has assigned an IPO Grade 4 to NBCC IPO. This means as per CARE, company has 'Above Average Fundamentals'.

Tata Motor to hike vehicle price

Tata Motors has announced a hike of up to Rs35,000 on its commercial and passenger vehicles. 

“The price hike is proportionate to the increase in the corresponding excise duty announced in the Union Budget,” said a Tata Motors spokesperson. 

The budget hiked the excise duty from 10% to 12%. The company upped the prices on March 16. 

The increase in prices could be anywhere between Rs2,000 and Rs35,000 depending on the model, the spokesperson added. 

The passenger car segment will see a price hike of Rs2,000-8,000, while utility vehicle segment will see hikes in the Rs8,000-35,000 range. The company did not give details regarding model-wise hike in prices. 

Hold Cairn India TP.342 rs.

• Hike in cess from Rs.2500 to Rs.4500/ton seemed to have badly hit the upside in the stock price.

• Delays in production approvals and the resultant restriction in production growth has also affected 

stock price movement.

• Target price on the scrip has been revised to Rs.342 from Rs.327 on expectation of higher crude oil 

price and exchange rate benefit (Rs.50 /Dollar) and also considering negative impact of cess hike.

• It seems that most of the positive catalysts are priced in at the current price and the potential upside 

lies with the reserve upgrade. But, this is unlikely in the near term.

• The stock has solid fundamentals but it looks better to wait for a better entry point. 

Reliance Mutual Fund Declares Dividend

Reliance Growth Fund - Retail Plan - Dividend Plan         2.00 Rs.
Reliance Growth FUnd - Institutional Plan - Dividend Plan 2.00 Rs.

Reliance Vision Fund - Retail Plan - Dividend Plan 1.50 Rs.
Reliance Vision Fund - Institutional Plan - Dividend Plan 1.50 Rs.

Reliance Regular Savings Fund - Equity Option - Dividend Plan   1.50 Rs.

Record Date: March 23, 2012.

ITC

ITC
Cluster: Apple Green
Recommendation: Buy
Price target: Rs250
Current market price: Rs221

Price target revised to Rs250

 A price increase of additional 7-9% in the cigarette portfolio will have an impact on the sales volume of ITC's cigarette business, resulting in flattish sales for a quarter or two. However, once the prices are absorbed in the market, we expect the volume growth to improve in the subsequent quarters. Hence, we have reduced our cigarette business' volume growth expectation for FY2013 to 3.5% from 6% earlier.

New Income-Tax Slab

Tax Slab         % Change
Up to Rs2 lakh        Nil
Rs2– Rs5 lakh 10%
Rs 5–Rs10 lakh 20%
Above Rs 10 lakh 30%

Rajiv Gandhi Equity Saving Scheme

In a bid to boost retail investors' participation in the capital markets, the government has introduced a tax exemption scheme for equity markets targeted at new investors in the Union Budget 2012-13. A scheme christened as Rajiv Gandhi Equity Saving Scheme is expected to deepen bourses investors base and reduce volatility.

Under the proposed scheme, a 50% deduction on short-term capital gains tax will be allowed for new investors in the equity market up to an annual investment limit of Rs500,000. Currently, short-term capital gains tax is levied at 15% on all listed securities and units of equity-oriented funds. This means, investors will end up paying Rs 7.5% tax.

Only those taxpayers with an income of up to Rs10 lakh per annum will be eligible for it.

Message of the day

State-owned gas utility GAIL India today said it plans to commission the long-delayed LNG terminal at Dabhol in Maharashtra by month end or early April.

Real estate major Unitech today said it eyes a sales realisation of about Rs 250 crore over two years from the luxury housing project in Bangalore. The company announced the launch of its luxury villas project 'Aranya'. It plans to develop 68 villas in the 15-acre project. The villas sizes range from 4,319-7,000 sq ft.

L&T Construction

L&T Construction today said it had secured orders worth Rs 1,454 crore across various verticals, including power transmission and water and effluent treatment, in February and this month. In the water and effluent treatment segment, the company bagged orders worth Rs 579 crore from Tamil Nadu Water Supply and Drainage Board

Upcoming IPO=>MULTI COMMODITY EXCHANGE OF INDIA LTD

MULTI COMMODITY EXCHANGE OF INDIA LTD

Incorporated in 2003, Multi Commodity Exchange of India Ltd (MCX) is India based electronic commodity futures exchange. MCX provides online trading facility along with clearing and settlement operations for commodity futures across India.MCX allows trading in more than 50 commodities across sectors like bullion, metals, energy, weather, and agricultural products. The Exchange is the world's largest exchange in Silver, the second largest in Gold, Copper and Natural Gas and the third largest in Crude Oil futures, with respect to the number of futures contracts traded.

Issue Open:         February 22, 2012
Issue close:         February 24, 2012
Price Band:        Rs. 860 - Rs. 1032 Per Equity Share
Minimum Bid Size: 6 Equity Shares
Face Value:         Rs. 10 Per Equity Share
Issue Type:         100% Book Building
Maximum Subscription Amount  for Retail Investor: Rs. 200000


CRISIL has assigned an IPO Grade 5 to MCX IPO. This means as per CRISIL, company has 'Strong Fundamentals'. CRISIL assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals.

Website:http://www.mcxindia.com/

‘Buy’ maintained on Hindalco – TP reduced to Rs.179

Buy rating on Hindalco Industries is maintained with a target price of Rs.179 as against the earlier 

target price of Rs.186.

Though the company’s standalone performance was up to market expectations in 3QFY12, Novelis’

EBITDA missed expectations. Considering this along with lower metal prices, hardening rupee against 

USD, higher coal prices and slower execution of Mahan smelter, EPS estimates for FY12 has been 

reduced by 10 -17%. Hence, the target price is lowered to Rs.179.

Company’s standalone outperformance was driven by better than expected aluminium premium. 

However, cost pressure on domestic aluminium business still persists.

Start up Mahan smelter has been delayed.

Novelis’ volume and margin will recover but this may take 1-2 quarters.

It seems that the stock price would hinge on aluminium price recovery and timely execution of 

expansion projects.

Further delays in expansion projects and sharp increase in coal prices are downside risks.

Update - Muthoot Finance

Net profit of Muthoot Finance rose 61.27% to Rs 250.88 crore in the quarter ended December 2011 as against Rs 155.57 crore during the previous quarter ended December 2010. Sales rose 91.24% to Rs 1226.14 crore in the quarter ended December 2011 as against Rs 641.15 crore during the previous quarter ended December 2010.

Stock-Jungle Portfolio

Lets create portfolio and watch it in a particular interval of time. Lets discuss and find out each shares UP and DOWNs. Lets assume 27-jan-2012 as start date of our portfolio. Lets take some recommended shares in our portfolio.

S.No	Share Name	Quantity	Purchase price	Current market value(INR)	Value on purchase date(INR)	Purchase date
1	Shree Renuka Sugars Ltd.	100	39.25	3925	3925	27-Jan-2012
2	Axis Bank Ltd	5	1075.75	5378.75	5378.75	27-Jan-2012
3	Tata Steel Ltd.	10	458.75	4587.5	4587.5	27-Jan-2012
4	NTPC Ltd.	20	173.75	3475	3475	27-Jan-2012
5	Larsen & Toubro Ltd.	5	1381.60	6908	6908	27-Jan-2012
Total				24274.25	24274.25

Total invested amount on 29-Jan-2012 is 24274.25 INR. Lets see the same portfolio value in few days later. Until than  please wait.. This tracking will be under the label 'Portfolio'.

‘Buy’ Yes Bank

• Buy rating on Yes Bank is maintained with an increased target price of Rs.354 over one year. TP increased on upward revision of earnings prospects. The bank reported 3QFY12 net profit of Rs. 250 crore, which increased 32.9% yoy. Net interest income at Rs.430 crore is up 32.3% yoy.
• Net interest margin (NIM) was flat at 2.8%v qoq.
• Company’s earnings projections were revised upward by 8.4% for FY12, by 9.5% for FY13 and by 11.3% for FY14.
• The bank could maintain margins as 38% of incremental deposits during the quarter were lower cost CASA deposits against 15% in 2QFY12.
• The bank is expected to benefit from policy rate cut as wholesale deposits would get re-priced at lower rates.
• Currently traded at 1.7 multiple of FY13 adjusted book value estimates. This valuation looks attractive for a bank with ROE estimate of 21% over FY12- 14.
• Risks to the target price may arise from higher slippages in the SME and infrastructure space.

Axis Bank

Buy rating on Axis Bank is maintained with a higher target price of Rs.1186 over one year, as against 

the earlier target   price of Rs.1127.

The TP is hiked on upward revision of its earnings estimates on stable NIM and higher other income.

Earnings estimates for  FY12 have been hiked by 3.7% and by 4.6%, by 4.1% for FY13 & FY14 

respectively.

For 3QFY12, net profit at Rs.1100 crore increased 23.7% yoy. Net interest income at 2140 crore 

increased 23.5% yoy with stable net interest margin at 3.75%.

Slippages remained more or less stable at 1.7% and this seems to be a positive. Stressed assets were 

reported at Rs. 8-8.5billion. It would be a positive if this level could be maintained from going up.

The bank has added 34% of its current branch network during the last two years. Its benefits are 

expected to accrue and will key earnings driver in the near term.

The bank had achieved higher priority sector requirements of around 45% in FY11 against 40% by the 

RBI norms. So the bank need not expand lending in this segment. This coupled with retail loan growth, 

the bank would maintain its profit margins.

‘Buy’ Hero Motocorp – TP Rs.2050

• Company’s 3QFY12 revenue increase at 17% yoy and EBITDA at 31% yoy are in line with market expectations.
• EBITDA margin at 15.8% up 170 bps yoy and 10 bps down qoq has also been line with market estimates.
• Company could offset higher raw material cost by lower other operating expenses.
• Depreciation increase of 7% is due to weakness in rupee against JPY.
• Domestic motorcycle volume increased 11% yoy against industry growth rate of 9%,  translating in to market share gain of 125 bps yoy.
• Company showed healthy improvement in all operating parameters yoy. Sequentially, the margins are slightly down due to seasonality and change in product mix.
• 4QFY12 volume growth is expected to be similar to that of 3Q. 
• Honda’s entry in to 100 cc bikes has been a significant overhang on the stock. However, the brand equity and distribution edge enjoyed by the company would help limit market share loss.
• Market share gain in 125 cc bikes and scooter segment will limit the market share loss in the two wheeler segment.

Sun TV Network has launched three new pay channels

Sun TV Network has launched three new pay channels from Monday -- Sun Life, Sun TV RI (Rest of India) in Tamil and Gemini Life in Telugu.

Sun Life and Gemini Life will focus on areas like lifestyle, religion, health and education, the Chennai-based broadcaster said. Sun TV RI will transmit the same content that goes on air on its flagship Sun TV channel, but the broadcast will be specialized for all states other than Tamil Nadu, allowing advertisers to focus on specific geographical areas.

The company now has 32 TV channels, which includes 12 in Tamil, nine in Telugu, seven in Kanada and four channels in Malayalam languages, Sun TV said.

Sun TV has been quite aggressive in launching new channels and pushing new content recently. Last week it launched four advertisement free action movie channels in Tamil, Telugu, Kannada and Malayalam. In December, it had launched four high definition TV channels, three in Tamil and one in Telugu.

http://www.sunnetwork.in/

ICICI Prudential Fixed Maturity Plan Series 61- 18 months Plan B

The launch of ICICI Prudential Fixed Maturity Plan Series 61- 18 months Plan B. A close-ended debt fund, which seeks to generate regular returns by investing in a portfolio of fixed income securities/ debt instruments which mature on or before the date of maturity of the Plan.

Date of Opening         January 03, 2012
Date of Closing         January 09, 2012
Asset allocation & Credit profile Non-Convertible Debentures: AAA - 0-5%, AA - 95-100%