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ANGEL TOP PICKS
                                                                                               India Research

 Sensex: 16995                                                                                      Nifty: 5094

 Sr. No                  Name of Company      Market Cap    Strategy   CMP     Target    % Upside     Div Yield%
                                                 (Rs. Cr)                                  Return
      Automobiles
 1    Mahindra & Mahindra Ltd.                    16,192       BUY      560      656           17          1.8
 2    Maruti Suzuki India Ltd.                    36,345       BUY     1,258    1,694          35          0.3
 3    Tata Motors Ltd.                            44,392       BUY      816      938           15          0.7
      Auto Ancillary
 4    Apollo Tyres Ltd.                            3,452       BUY       69        93          36          0.7
 5    Automotive Axles Ltd.                          580       BUY      384      528           38          0.7
 6    Ceat Ltd.                                      468       BUY      137      199           46          0.0
 7    FAG Bearings India Ltd.                        712       BUY      563      712           26          0.8
 8    JK Tyre & Inds. Ltd.                           734       BUY      179      267           49          1.5
 9    Motherson Sumi Systems Ltd.                  4,636       BUY      128      162           27          1.1
 10   Subros Ltd.                                    281       BUY       47       61           30          1.1
      Banking & Financial Services
 11   Federal Bank Ltd.                            4,800       BUY      281      342           22          1.8
 12   ICICI Bank Ltd.                            101,650       BUY      912     1,169          28          1.2
 13   South Indian Bank Ltd.                       1,660       BUY      147      171           16          2.0
      Capital Goods
 14   Crompton Greaves Ltd.                        9,177       BUY      250      307           23          0.8
 15   Elecon Engineering Company Ltd.                734       BUY       79      102           29          1.9
 16   Graphite India Ltd.                          1,695       BUY       99       117          18          3.4
 17   Jyoti Structures Ltd.                        1,246       BUY      152      220           44          0.6
 18   KEC International Ltd.                       2,599       BUY      527      698           33          0.9
 19   Mcnally Bharat Engg. Company Ltd.              972       BUY      313      467           49          0.4
      Cement
 20   India Cements Ltd.                           3,540       BUY      115      138           20          1.7
 21   JK Lakshmi Cement Ltd.                         808       BUY       66       88           33          3.0
 22   Madras Cements Ltd.                          2,595       BUY      109      141           29          1.8
 23   Ultratech Cement Ltd.                        11,634      BUY      935     1,084          16          0.5
      FMCG & Consumer Durables
 24   KS Oils Ltd.                                 2,483       BUY       63        94          50          0.3
      Hotels
 25   Taj GVK Hotels & Resorts Ltd.                1,016       BUY      162      240           48          1.2
      Infrastructure
 26   IVRCL Infrastructures & Projects Ltd.        4,546       BUY      170      240           41          0.8
 27   Jaiprakash Associates Ltd.                  27,556       BUY      130      194           50          0.7
 28   Larsen & Toubro Ltd.                         92,113      BUY     1,530    1,761          15          0.7
 29   Madhucon Projects Ltd.                       1,134       BUY      154      190           24          0.5
 30   Patel Engineering Ltd.                       2,958       BUY      424      569           34          0.4
 31   Punj Lloyd Ltd.                              4,799       BUY      145      261           80          0.2
 32   Simplex Infrastructures Ltd.                 2,327       BUY      471      586           25          0.4
      Information Technology
 33   3I Infotech Ltd.                             1,386       BUY       72      129           79          2.1
 34   Educomp Solutions Ltd.                       5,733       BUY      604      926           53          0.4
 35   Everonn Education Ltd.                         567       BUY      375      602           61          0.0
 36   Infosys Technologies Ltd.                  152,455       BUY     2,657    3,044          15          0.9
 37   Mphasis Ltd.                                13,999       BUY      659      872           32          0.5
 38   NIIT Ltd.                                    1,088       BUY       66        83          26          2.0
 39   Tata Consultancy Services Ltd.             149,481       BUY      764      921           21          2.6
 40   Tech Mahindra Ltd.                           8,736       BUY      714     1,168          63          0.6
 41   Wipro Ltd.                                  97,983       BUY      667      790           18          0.6
      Logistics
 42   Gateway Distriparks Ltd.                     1,248       BUY      116      150           30          3.1
      Media
 43   Cinemax India Ltd.                             169       BUY       61      107           77          2.0
 44   Deccan Chronicle Holdings Ltd.               3,430       BUY      142      216           53          1.4
 45   HT Media Ltd.                                3,591       BUY      153      182           19          0.2
 46   Inox Leisure Ltd.                              370       BUY       60       81           35          0.0
 47   Jagran Prakashan Ltd.                        3,324       BUY      110      160           45          1.8
 48   PVR Ltd.                                       362       BUY      157       211          34          0.6
 49   TV Today Network Ltd.                          626       BUY      108      140           29          0.7

May 14, 2010                                                                                                       1
ANGEL TOP PICKS
                                                                                                                                      India Research

 Sr. No                    Name of Company                 Market Cap           Strategy          CMP             Target       % Upside      Div Yield%
                                                              (Rs. Cr)                                                           Return
      Metals
 50   Electrosteel Castings Ltd. *                                1,575             BUY              48                  72          49            2.8
 51   Godawari Power & Ispat Ltd.                                  683              BUY             243                307           26            1.0
 52   Hindalco Industries Ltd.                                   31,311             BUY             164                208           27            0.8
 53   Hindustan Zinc Ltd.                                        45,642             BUY           1,080            1,399             30            0.4
 54   Sterlite Industries (India) Ltd.                           58,946             BUY             701                980           40            0.5
 55   Tata Steel Ltd.                                            48,668             BUY             549                697           27            2.9
      Oil & Gas
 56   GAIL (India) Ltd.                                          54,266             BUY             428                553           29            1.6
 57   Gujarat State Petronet Ltd.                                 5,101             BUY              91                121           33            0.8
 58   Reliance Industries Ltd.                                 341,279              BUY           1,044            1,260             21            1.2
      Pharmaceuticals
 59   Cipla Ltd.                                                 25,151             BUY             313                360           15            0.6
 60   Dishman Pharmaceuticals & Chemicals Ltd.                    1,733             BUY             215                311           45            0.6
 61   Indoco Remedies Ltd.                                         501              BUY             408                487           20            1.3
 62   Lupin Ltd.                                                 15,924             BUY           1,791            2,099             17            0.7
      Power
 63   CESC Ltd.                                                   4,959             BUY             397                460           16            1.0
 64   Gujarat Industries Power Company Ltd.                       1,739             BUY             115                135           17            1.9
 65   PTC India Ltd.                                              3,166             BUY             108                136           27            1.4
      Real Estate
 66   Anant Raj Inds. Ltd.                                        3,580             BUY             121                196           62            0.5
 67   Housing Development & Infrastructure Ltd.                   8,753             BUY             253                356           41            0.0
      Retail
 68   Pantaloon Retail (India) Ltd.                               8,456             BUY             410                469           14            0.1
      Shipping
 69   ABG Shipyard Ltd.                                           1,331             BUY             261                354           35            0.8
 70   Great Eastern Shipping Company Ltd.                         4,687             BUY             308                396           29            2.6
      Telecom
 71   Bharti Airtel Ltd.                                       100,419              BUY             264                360           36            0.8
 72   Reliance Communications Ltd.                               29,825             BUY             145                197           36            0.6
      Miscellaneous
 73   Bartronics India Ltd.                                        437              BUY             140                192           37            0.7
 74   Essel Propack Ltd.                                           698              BUY              45                  58          30            0.8
 75   Finolex Cables Ltd.                                          772              BUY              51                  85          68            0.4
 76   Greenply Industries                                          383              BUY             173                291           68            0.9
 77   Sintex Industries Ltd.                                      4,035             BUY             296                385           30            0.4
 78   Spicejet Ltd.                                               1,306             BUY              57                  84          49            0.0

 Note: Scrips marked * have an investment horizon of 18 months
 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

May 14, 2010                                                                                                                                                2

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Angel top picks 14-05-10

  • 1. ANGEL TOP PICKS India Research Sensex: 16995 Nifty: 5094 Sr. No Name of Company Market Cap Strategy CMP Target % Upside Div Yield% (Rs. Cr) Return Automobiles 1 Mahindra & Mahindra Ltd. 16,192 BUY 560 656 17 1.8 2 Maruti Suzuki India Ltd. 36,345 BUY 1,258 1,694 35 0.3 3 Tata Motors Ltd. 44,392 BUY 816 938 15 0.7 Auto Ancillary 4 Apollo Tyres Ltd. 3,452 BUY 69 93 36 0.7 5 Automotive Axles Ltd. 580 BUY 384 528 38 0.7 6 Ceat Ltd. 468 BUY 137 199 46 0.0 7 FAG Bearings India Ltd. 712 BUY 563 712 26 0.8 8 JK Tyre & Inds. Ltd. 734 BUY 179 267 49 1.5 9 Motherson Sumi Systems Ltd. 4,636 BUY 128 162 27 1.1 10 Subros Ltd. 281 BUY 47 61 30 1.1 Banking & Financial Services 11 Federal Bank Ltd. 4,800 BUY 281 342 22 1.8 12 ICICI Bank Ltd. 101,650 BUY 912 1,169 28 1.2 13 South Indian Bank Ltd. 1,660 BUY 147 171 16 2.0 Capital Goods 14 Crompton Greaves Ltd. 9,177 BUY 250 307 23 0.8 15 Elecon Engineering Company Ltd. 734 BUY 79 102 29 1.9 16 Graphite India Ltd. 1,695 BUY 99 117 18 3.4 17 Jyoti Structures Ltd. 1,246 BUY 152 220 44 0.6 18 KEC International Ltd. 2,599 BUY 527 698 33 0.9 19 Mcnally Bharat Engg. Company Ltd. 972 BUY 313 467 49 0.4 Cement 20 India Cements Ltd. 3,540 BUY 115 138 20 1.7 21 JK Lakshmi Cement Ltd. 808 BUY 66 88 33 3.0 22 Madras Cements Ltd. 2,595 BUY 109 141 29 1.8 23 Ultratech Cement Ltd. 11,634 BUY 935 1,084 16 0.5 FMCG & Consumer Durables 24 KS Oils Ltd. 2,483 BUY 63 94 50 0.3 Hotels 25 Taj GVK Hotels & Resorts Ltd. 1,016 BUY 162 240 48 1.2 Infrastructure 26 IVRCL Infrastructures & Projects Ltd. 4,546 BUY 170 240 41 0.8 27 Jaiprakash Associates Ltd. 27,556 BUY 130 194 50 0.7 28 Larsen & Toubro Ltd. 92,113 BUY 1,530 1,761 15 0.7 29 Madhucon Projects Ltd. 1,134 BUY 154 190 24 0.5 30 Patel Engineering Ltd. 2,958 BUY 424 569 34 0.4 31 Punj Lloyd Ltd. 4,799 BUY 145 261 80 0.2 32 Simplex Infrastructures Ltd. 2,327 BUY 471 586 25 0.4 Information Technology 33 3I Infotech Ltd. 1,386 BUY 72 129 79 2.1 34 Educomp Solutions Ltd. 5,733 BUY 604 926 53 0.4 35 Everonn Education Ltd. 567 BUY 375 602 61 0.0 36 Infosys Technologies Ltd. 152,455 BUY 2,657 3,044 15 0.9 37 Mphasis Ltd. 13,999 BUY 659 872 32 0.5 38 NIIT Ltd. 1,088 BUY 66 83 26 2.0 39 Tata Consultancy Services Ltd. 149,481 BUY 764 921 21 2.6 40 Tech Mahindra Ltd. 8,736 BUY 714 1,168 63 0.6 41 Wipro Ltd. 97,983 BUY 667 790 18 0.6 Logistics 42 Gateway Distriparks Ltd. 1,248 BUY 116 150 30 3.1 Media 43 Cinemax India Ltd. 169 BUY 61 107 77 2.0 44 Deccan Chronicle Holdings Ltd. 3,430 BUY 142 216 53 1.4 45 HT Media Ltd. 3,591 BUY 153 182 19 0.2 46 Inox Leisure Ltd. 370 BUY 60 81 35 0.0 47 Jagran Prakashan Ltd. 3,324 BUY 110 160 45 1.8 48 PVR Ltd. 362 BUY 157 211 34 0.6 49 TV Today Network Ltd. 626 BUY 108 140 29 0.7 May 14, 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 50 Electrosteel Castings Ltd. * 1,575 BUY 48 72 49 2.8 51 Godawari Power & Ispat Ltd. 683 BUY 243 307 26 1.0 52 Hindalco Industries Ltd. 31,311 BUY 164 208 27 0.8 53 Hindustan Zinc Ltd. 45,642 BUY 1,080 1,399 30 0.4 54 Sterlite Industries (India) Ltd. 58,946 BUY 701 980 40 0.5 55 Tata Steel Ltd. 48,668 BUY 549 697 27 2.9 Oil & Gas 56 GAIL (India) Ltd. 54,266 BUY 428 553 29 1.6 57 Gujarat State Petronet Ltd. 5,101 BUY 91 121 33 0.8 58 Reliance Industries Ltd. 341,279 BUY 1,044 1,260 21 1.2 Pharmaceuticals 59 Cipla Ltd. 25,151 BUY 313 360 15 0.6 60 Dishman Pharmaceuticals & Chemicals Ltd. 1,733 BUY 215 311 45 0.6 61 Indoco Remedies Ltd. 501 BUY 408 487 20 1.3 62 Lupin Ltd. 15,924 BUY 1,791 2,099 17 0.7 Power 63 CESC Ltd. 4,959 BUY 397 460 16 1.0 64 Gujarat Industries Power Company Ltd. 1,739 BUY 115 135 17 1.9 65 PTC India Ltd. 3,166 BUY 108 136 27 1.4 Real Estate 66 Anant Raj Inds. Ltd. 3,580 BUY 121 196 62 0.5 67 Housing Development & Infrastructure Ltd. 8,753 BUY 253 356 41 0.0 Retail 68 Pantaloon Retail (India) Ltd. 8,456 BUY 410 469 14 0.1 Shipping 69 ABG Shipyard Ltd. 1,331 BUY 261 354 35 0.8 70 Great Eastern Shipping Company Ltd. 4,687 BUY 308 396 29 2.6 Telecom 71 Bharti Airtel Ltd. 100,419 BUY 264 360 36 0.8 72 Reliance Communications Ltd. 29,825 BUY 145 197 36 0.6 Miscellaneous 73 Bartronics India Ltd. 437 BUY 140 192 37 0.7 74 Essel Propack Ltd. 698 BUY 45 58 30 0.8 75 Finolex Cables Ltd. 772 BUY 51 85 68 0.4 76 Greenply Industries 383 BUY 173 291 68 0.9 77 Sintex Industries Ltd. 4,035 BUY 296 385 30 0.4 78 Spicejet Ltd. 1,306 BUY 57 84 49 0.0 Note: Scrips marked * have an investment horizon of 18 months 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 May 14, 2010 2