United Phosphorus Ltd., Mahindra & Mahindra Ltd., and Maruti Suzuki India Ltd. are recommended as top stock picks in the agriculture, automobile, and auto ancillary sectors respectively based on their strong fundamentals and potential for high upside returns over the next 12 months. A total of 73 companies across sectors like banking, cement, infrastructure, IT, metals, oil & gas, and telecom are rated a "buy" with target prices set significantly higher than current market values indicating double digit percentage upside potential. However, investors are cautioned that any forward-looking projections are not guaranteed and final investment decisions should be made solely based on their own research and risk tolerance.

1. ANGEL TOP PICKS
India Research
Sensex: 17117 Nifty: 5135
Sr. No Name of Company Market Cap Strategy CMP Target % Upside Div Yield%
(Rs. Cr) Return
Agro Cem/ Agro Food Processing/ Fertilizers
1 United Phosphorus Ltd. 8,231 BUY 187 228 22 0.8
Automobiles
2 Mahindra & Mahindra Ltd. 33,850 BUY 585 688 18 1.7
3 Maruti Suzuki India Ltd. 38,455 BUY 1,331 1,694 27 0.3
4 Tata Motors Ltd. 39,093 BUY 772 907 17 0.8
Auto Ancillary
5 Apollo Tyres Ltd. 3,505 BUY 70 93 34 0.6
6 Automotive Axles Ltd. 554 BUY 366 528 44 0.7
7 Ceat Ltd. 457 BUY 134 199 49 0.0
8 FAG Bearings India Ltd. 924 BUY 556 712 28 0.8
9 JK Tyre & Inds. Ltd. 720 BUY 175 242 38 1.5
10 Motherson Sumi Systems Ltd. 5,412 BUY 141 167 19 1.0
11 Subros Ltd. 264 BUY 44 61 39 1.1
Banking & Financial Services
12 Axis Bank Ltd. 50,465 BUY 1,240 1,459 18 1.1
13 HDFC Bank Ltd. 86,679 BUY 1,888 2,220 18 0.6
14 ICICI Bank Ltd. 96,636 BUY 866 1,169 35 1.3
Capital Goods
15 Crompton Greaves Ltd. 734 BUY 247 307 24 0.8
16 Elecon Engineering Company Ltd. 1,604 BUY 79 102 29 1.9
17 Graphite India Ltd. 1,182 BUY 93 117 26 3.7
18 Jyoti Structures Ltd. 2,513 BUY 144 215 49 0.6
19 KEC International Ltd. 964 BUY 489 698 43 1.3
20 Mcnally Bharat Engg. Company Ltd. 253 BUY 310 486 57 0.4
Cement
21 Grasim Industries Ltd. 16,264 BUY 1,774 2,216 25 1.7
22 India Cements Ltd. 3,482 BUY 113 138 22 1.8
23 JK Lakshmi Cement Ltd. 767 BUY 63 86 37 3.2
24 Madras Cements Ltd. 2,417 BUY 102 142 40 2.0
25 Ultratech Cement Ltd. 11,783 BUY 947 1,084 15 0.5
FMCG & Consumer Durables
26 KS Oils Ltd. 2,286 BUY 56 94 68 0.4
Hotels
27 Taj GVK Hotels & Resorts Ltd. 975 BUY 156 240 54 1.3
Infrastructure
28 IVRCL Infrastructures & Projects Ltd. 4,729 BUY 177 240 36 0.8
29 Jaiprakash Associates Ltd. 26,037 BUY 123 194 58 0.8
30 Madhucon Projects Ltd. 1,031 BUY 140 190 36 0.6
31 Patel Engineering Ltd. 2,646 BUY 379 563 49 0.5
32 Punj Lloyd Ltd. 3,940 BUY 119 170 43 0.3
33 Simplex Infrastructures Ltd. 2,424 BUY 490 586 20 0.4
Information Technology
34 3I Infotech Ltd. 1,264 BUY 66 129 96 2.3
35 Educomp Solutions Ltd. 5,249 BUY 550 734 33 0.5
36 Everonn Education Ltd. 542 BUY 358 602 68 0.0
37 Mphasis Ltd. 12,003 BUY 572 872 52 0.6
38 NIIT Ltd. 1,032 BUY 63 83 33 2.1
39 Tata Consultancy Services Ltd. 149,776 BUY 765 921 20 2.6
40 Tech Mahindra Ltd. 8,686 BUY 703 1,168 66 0.6
41 Wipro Ltd. 96,282 BUY 655 790 21 0.6
Logistics
42 Gateway Distriparks Ltd. 1,278 BUY 118 160 35 3.0
Media
43 Cinemax India Ltd. 144 BUY 51 85 66 2.3
44 Deccan Chronicle Holdings Ltd. 3,103 BUY 127 193 51 1.6
45 Inox Leisure Ltd. 396 BUY 64 81 27 0.0
46 Jagran Prakashan Ltd. 3,530 BUY 117 160 37 1.7
June 4, 2010 1

2. ANGEL TOP PICKS
India Research
Sr. No Name of Company Market Cap Strategy CMP Target % Upside Div Yield%
(Rs. Cr) Return
Metals
47 Bhushan Steel Ltd. 5,709 BUY 1,344 1,634 22 0.2
48 Electrosteel Castings Ltd. 1,488 BUY 46 72 58 3.0
49 Godawari Power & Ispat Ltd. 624 BUY 222 309 39 1.1
50 Hindalco Industries Ltd. 28,291 BUY 148 208 41 0.9
51 Hindustan Zinc Ltd. 40,806 BUY 966 1,399 45 0.4
52 JSW Steel Ltd. 20,158 BUY 1,078 1,360 26 0.9
53 Sterlite Industries (India) Ltd. 54,517 BUY 649 980 51 0.7
54 Tata Steel Ltd. 43,012 BUY 485 697 44 3.3
Oil & Gas
55 GAIL (India) Ltd. 58,432 BUY 461 580 26 1.5
56 Gujarat State Petronet Ltd. 5,560 BUY 99 120 21 0.8
57 Reliance Industries Ltd. 337,118 BUY 1,031 1,260 22 0.6
Pharmaceuticals
58 Alembic Ltd. 603 BUY 45 52 15 0.9
59 Dishman Pharmaceuticals & Chemicals Ltd. 1,599 BUY 198 279 41 0.6
60 Indoco Remedies Ltd. 501 BUY 408 487 19 1.3
Power
61 CESC Ltd. 4,697 BUY 376 460 22 1.1
62 Gujarat Industries Power Company Ltd. 1,680 BUY 111 135 22 2.0
63 PTC India Ltd. 3,056 BUY 104 136 31 1.5
Real Estate
64 Anant Raj Inds. Ltd. 3,042 BUY 103 178 73 0.6
65 Housing Development & Infrastructure Ltd. 8,520 BUY 232 302 30 0.0
Shipping
66 ABG Shipyard Ltd. 1,273 BUY 250 327 31 0.8
67 Great Eastern Shipping Company Ltd. 4,617 BUY 303 396 31 2.6
Telecom
68 Bharti Airtel Ltd. 104,926 BUY 276 360 30 0.7
Miscellaneous
69 Bartronics India Ltd. 488 BUY 144 192 33 0.7
70 Essel Propack Ltd. 685 BUY 44 58 33 0.8
71 Finolex Cables Ltd. 779 BUY 51 91 79 0.4
72 Greenply Industries 395 BUY 179 291 63 0.8
73 Sintex Industries Ltd. 3,867 BUY 283 369 30 0.4
Note:
1) The investment horizon is for 12 months.
2) Dividend yield is calculated taking figures from the dividends paid by the companies in the latest financial year.
Disclaimer: Ours is an advisory role. The final decision and consequences based on our information is solely yours. Moreover, in keeping with regulatory
guidelines, we do not guarantee any returns on investments. Prospective investors and others are cautioned that any forward-looking statements are not
predictions and may be subject to change without notice.
Call us on (022) 2822 2108 / 4040 3800 or e-mail us on advisory@angeltrade.com
Research & Investment Advisory :
‘A’ wing, 3rd Floor, Acme Plaza, M. V. Road, Andheri (E), Mumbai - 400 059
June 4, 2010 2