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ANGEL TOP PICKS
                                                                                                     India Research

 Sensex: 18032                                                                                            Nifty: 5415

 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.                              8,093       BUY     184      228           24           1.1
      Automobiles
 2    Mahindra & Mahindra Ltd.                           35,255       BUY     609      772           27           1.6
 3    Tata Motors Ltd.                                   50,205       BUY     991     1,214          22           1.5
      Auto Ancillaries
 4    Automotive Axles Ltd.                                679        BUY     449      578           29           0.6
 5    Ceat Ltd.                                            513        BUY     150      225           50           2.7
 6    FAG Bearings India Ltd.                             1,338       BUY     805      931           16           0.6
 7    JK Tyre & Inds. Ltd.                                 697        BUY     170      238           40           2.1
 8    Subros Ltd.                                          293        BUY      49       60           23           1.0
      Banking & Financial Services
 9    Axis Bank Ltd.                                     54,228       BUY    1,328    1,688          27           0.9
 10   Federal Bank Ltd.                                   5,915       BUY     346      409           18           1.4
 11   HDFC Bank Ltd.                                     98,268       BUY    2,131    2,514          18           0.6
 12   ICICI Bank Ltd.                                   111,065       BUY     968     1,211          25           1.2
 13   Indian Overseas Bank Ltd                            6,862       BUY     126      147           17           3.3
      Capital Goods
 14   Elecon Engineering Company Ltd.                      820        BUY      88      107           21           1.7
 15   Graphite India Ltd.                                 1,719       BUY      93       117          25           3.8
 16   Jyoti Structures Ltd.                               1,122       BUY     137      215           57           0.7
 17   KEC International Ltd.                              2,381       BUY     463      648           40           1.3
 18   Mcnally Bharat Engg. Company Ltd.                    863        BUY     277      406           46           0.5
      Cement
 19   India Cements Ltd.                                  3,282       BUY     107      139           30           1.9
 20   JK Lakshmi Cement Ltd.                               734        BUY      60       92           53           4.2
 21   Kesoram Industries Ltd.                             1,370       BUY     293      437           49           1.8
 22   Madras Cements Ltd.                                 2,457       BUY     103      139           35           1.9
 23   Ultratech Cement Ltd.                              25,118       BUY     917     1,087          19           0.7
      Hotels
 24   Taj GVK Hotels & Resorts Ltd.                       1,009       BUY     161      240           49           1.2
      Infrastructure
 25   IVRCL Infrastructures & Projects Ltd.               4,143       BUY     155      216           39           0.5
 26   Jaiprakash Associates Ltd.                         24,018       BUY     113      174           54           0.9
 27   Madhucon Projects Ltd.                              1,113       BUY     151      174           15           0.5
 28   Nagarjuna Construction Company Ltd.                 3,899       BUY     152      201           32           0.9
 29   Patel Engineering Ltd.                              2,580       BUY     370      565           53           0.5
 30   Punj Lloyd Ltd.                                     3,600       BUY     108      156           44           0.1
 31   Simplex Infrastructures Ltd.                        2,327       BUY     470      573           22           0.4
      Information Technology
 32   3I Infotech Ltd.                                    1,142       BUY      60      100           68           2.5
 33   Educomp Solutions Ltd.                              5,312       BUY     557      734           32           0.4
 34   Infotech Enterprises Ltd.                           1,762       BUY     159      192           21           1.3
 35   Mphasis Ltd.                                       13,071       BUY     623      872           40           0.6
 36   NIIT Ltd.                                           1,111       BUY      67       83           23           2.1
 37   Tech Mahindra Ltd.                                  8,113       BUY     651      950           46           0.5
 38   Wipro Ltd.                                         97,645       BUY     398      470           18           1.5


August 30, 2010                                                                                                          1
ANGEL TOP PICKS
                                                                                                                                      India Research

 Sr. No                 Name of Company                    Market Cap           Strategy           CMP             Target       % Upside    Div Yield%
                                                              (Rs. Cr)                                                            Return
      Logistics
 39   Allcargo Global Logistics Ltd.                             2,172              BUY              166                 195         17            0.6
 40   Gateway Distriparks Ltd.                                   1,128              BUY              105                 123         18            3.3
      Media
 41   Deccan Chronicle Holdings Ltd.                             3,101              BUY              127                 193          52           1.6
 42   Jagran Prakashan Ltd.                                      3,804              BUY              126                 154          22           2.8
 43   PVR Ltd.                                                     429              BUY              167                 199          19           0.6
      Metals
 44   Electrosteel Castings Ltd.                                 1,608              BUY               49                  72          46           2.5
 45   Godawari Power & Ispat Ltd.                                  600              BUY              214                 313          46           1.2
 46   Hindalco Industries Ltd.                                  31,908              BUY              167                 204          22           0.8
 47   Hindustan Zinc Ltd.                                       44,888              BUY            1,062             1,227            15           0.6
 48   JSW Steel Ltd.                                            21,276              BUY            1,137             1,344            18           0.8
 49   Prakash Industries Ltd.                                    2,256              BUY              181                 232          28           0.0
 50   Sarda Energy & Minerals Ltd.                                 819              BUY              241                 290          21           1.2
 51   Sterlite Industries (India) Ltd.                          51,348              BUY              153                 228          49           2.8
 52   Tata Steel Ltd.                                           47,632              BUY              528                 702          33           1.5
      Oil & Gas
 53   GAIL (India) Ltd.                                         58,287              BUY              460                 534          16           1.5
 54   Reliance Industries Ltd.                                 310,082              BUY              948             1,260            33           0.7
 55   Shiv-Vani Oil & Gas Exploration Services Ltd.              2,026              BUY              437                 539          23           0.2
      Pharmaceuticals
 56   Alembic Ltd.                                                 796              BUY               60                  74          24           0.8
 57   Cadila Healthcare Ltd.                                    12,538              BUY              612                 714          17           1.2
 58   Cipla Ltd.                                                24,453              BUY              305                 360          18           0.7
 59   Dishman Pharmaceuticals & Chemicals Ltd.                   1,582              BUY              196                 279          42           0.6
 60   Indoco Remedies Ltd.                                         508              BUY              413                 541          31           1.7
 61   Lupin Ltd.                                                16,272              BUY              365                 420          15           0.7
      Power
 62   CESC Ltd.                                                  4,702              BUY              376                 470          25           1.1
 63   Gujarat Industries Power Company Ltd.                      1,728              BUY              114                 135          18           2.2
 64   NTPC Ltd.                                                161,487              BUY              196                 230          17           1.9
 65   PTC India Ltd.                                             3,474              BUY              118                 136          15           1.3
      Real Estate
 66   Anant Raj Inds. Ltd.                                       3,779              BUY              128                 178          39           0.5
 67   Housing Development & Infrastructure Ltd.                  9,672              BUY              260                 302          16           0.0
      Shipping
 68   ABG Shipyard Ltd.                                          1,195              BUY              235                 271          15           0.9
 69   Great Eastern Shipping Company Ltd.                        4,523              BUY              297                 396          33           2.7
      Miscellaneous
 70   Essel Propack Ltd.                                           756              BUY               48                  58          20           0.7
 71   Finolex Cables Ltd.                                          881              BUY               58                  85          48           1.0
 72   Greenply Industries                                          492              BUY              223                 291          31           0.7

 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 (91) (022) 39527000 Ext. 105/146/124 or e-mail us on advisory@angeltrade.com
                                                            Research & Investment Advisory :
                                           B-wing, 5th Floor, Acme Plaza, M.V. Road, Andheri (E), Mumbai 400 059.

August 30, 2010                                                                                                                                             2

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Angel Top Picks

  • 1. ANGEL TOP PICKS India Research Sensex: 18032 Nifty: 5415 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. 8,093 BUY 184 228 24 1.1 Automobiles 2 Mahindra & Mahindra Ltd. 35,255 BUY 609 772 27 1.6 3 Tata Motors Ltd. 50,205 BUY 991 1,214 22 1.5 Auto Ancillaries 4 Automotive Axles Ltd. 679 BUY 449 578 29 0.6 5 Ceat Ltd. 513 BUY 150 225 50 2.7 6 FAG Bearings India Ltd. 1,338 BUY 805 931 16 0.6 7 JK Tyre & Inds. Ltd. 697 BUY 170 238 40 2.1 8 Subros Ltd. 293 BUY 49 60 23 1.0 Banking & Financial Services 9 Axis Bank Ltd. 54,228 BUY 1,328 1,688 27 0.9 10 Federal Bank Ltd. 5,915 BUY 346 409 18 1.4 11 HDFC Bank Ltd. 98,268 BUY 2,131 2,514 18 0.6 12 ICICI Bank Ltd. 111,065 BUY 968 1,211 25 1.2 13 Indian Overseas Bank Ltd 6,862 BUY 126 147 17 3.3 Capital Goods 14 Elecon Engineering Company Ltd. 820 BUY 88 107 21 1.7 15 Graphite India Ltd. 1,719 BUY 93 117 25 3.8 16 Jyoti Structures Ltd. 1,122 BUY 137 215 57 0.7 17 KEC International Ltd. 2,381 BUY 463 648 40 1.3 18 Mcnally Bharat Engg. Company Ltd. 863 BUY 277 406 46 0.5 Cement 19 India Cements Ltd. 3,282 BUY 107 139 30 1.9 20 JK Lakshmi Cement Ltd. 734 BUY 60 92 53 4.2 21 Kesoram Industries Ltd. 1,370 BUY 293 437 49 1.8 22 Madras Cements Ltd. 2,457 BUY 103 139 35 1.9 23 Ultratech Cement Ltd. 25,118 BUY 917 1,087 19 0.7 Hotels 24 Taj GVK Hotels & Resorts Ltd. 1,009 BUY 161 240 49 1.2 Infrastructure 25 IVRCL Infrastructures & Projects Ltd. 4,143 BUY 155 216 39 0.5 26 Jaiprakash Associates Ltd. 24,018 BUY 113 174 54 0.9 27 Madhucon Projects Ltd. 1,113 BUY 151 174 15 0.5 28 Nagarjuna Construction Company Ltd. 3,899 BUY 152 201 32 0.9 29 Patel Engineering Ltd. 2,580 BUY 370 565 53 0.5 30 Punj Lloyd Ltd. 3,600 BUY 108 156 44 0.1 31 Simplex Infrastructures Ltd. 2,327 BUY 470 573 22 0.4 Information Technology 32 3I Infotech Ltd. 1,142 BUY 60 100 68 2.5 33 Educomp Solutions Ltd. 5,312 BUY 557 734 32 0.4 34 Infotech Enterprises Ltd. 1,762 BUY 159 192 21 1.3 35 Mphasis Ltd. 13,071 BUY 623 872 40 0.6 36 NIIT Ltd. 1,111 BUY 67 83 23 2.1 37 Tech Mahindra Ltd. 8,113 BUY 651 950 46 0.5 38 Wipro Ltd. 97,645 BUY 398 470 18 1.5 August 30, 2010 1
  • 2. ANGEL TOP PICKS India Research Sr. No Name of Company Market Cap Strategy CMP Target % Upside Div Yield% (Rs. Cr) Return Logistics 39 Allcargo Global Logistics Ltd. 2,172 BUY 166 195 17 0.6 40 Gateway Distriparks Ltd. 1,128 BUY 105 123 18 3.3 Media 41 Deccan Chronicle Holdings Ltd. 3,101 BUY 127 193 52 1.6 42 Jagran Prakashan Ltd. 3,804 BUY 126 154 22 2.8 43 PVR Ltd. 429 BUY 167 199 19 0.6 Metals 44 Electrosteel Castings Ltd. 1,608 BUY 49 72 46 2.5 45 Godawari Power & Ispat Ltd. 600 BUY 214 313 46 1.2 46 Hindalco Industries Ltd. 31,908 BUY 167 204 22 0.8 47 Hindustan Zinc Ltd. 44,888 BUY 1,062 1,227 15 0.6 48 JSW Steel Ltd. 21,276 BUY 1,137 1,344 18 0.8 49 Prakash Industries Ltd. 2,256 BUY 181 232 28 0.0 50 Sarda Energy & Minerals Ltd. 819 BUY 241 290 21 1.2 51 Sterlite Industries (India) Ltd. 51,348 BUY 153 228 49 2.8 52 Tata Steel Ltd. 47,632 BUY 528 702 33 1.5 Oil & Gas 53 GAIL (India) Ltd. 58,287 BUY 460 534 16 1.5 54 Reliance Industries Ltd. 310,082 BUY 948 1,260 33 0.7 55 Shiv-Vani Oil & Gas Exploration Services Ltd. 2,026 BUY 437 539 23 0.2 Pharmaceuticals 56 Alembic Ltd. 796 BUY 60 74 24 0.8 57 Cadila Healthcare Ltd. 12,538 BUY 612 714 17 1.2 58 Cipla Ltd. 24,453 BUY 305 360 18 0.7 59 Dishman Pharmaceuticals & Chemicals Ltd. 1,582 BUY 196 279 42 0.6 60 Indoco Remedies Ltd. 508 BUY 413 541 31 1.7 61 Lupin Ltd. 16,272 BUY 365 420 15 0.7 Power 62 CESC Ltd. 4,702 BUY 376 470 25 1.1 63 Gujarat Industries Power Company Ltd. 1,728 BUY 114 135 18 2.2 64 NTPC Ltd. 161,487 BUY 196 230 17 1.9 65 PTC India Ltd. 3,474 BUY 118 136 15 1.3 Real Estate 66 Anant Raj Inds. Ltd. 3,779 BUY 128 178 39 0.5 67 Housing Development & Infrastructure Ltd. 9,672 BUY 260 302 16 0.0 Shipping 68 ABG Shipyard Ltd. 1,195 BUY 235 271 15 0.9 69 Great Eastern Shipping Company Ltd. 4,523 BUY 297 396 33 2.7 Miscellaneous 70 Essel Propack Ltd. 756 BUY 48 58 20 0.7 71 Finolex Cables Ltd. 881 BUY 58 85 48 1.0 72 Greenply Industries 492 BUY 223 291 31 0.7 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 (91) (022) 39527000 Ext. 105/146/124 or e-mail us on advisory@angeltrade.com Research & Investment Advisory : B-wing, 5th Floor, Acme Plaza, M.V. Road, Andheri (E), Mumbai 400 059. August 30, 2010 2