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ANGEL TOP PICKS
                                                                                                     India Research

 Sensex: 17461                                                                                            Nifty: 5237

 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.                              8,011       BUY     182      228           25           0.8
      Automobiles
 2    Mahindra & Mahindra Ltd.                           34,839       BUY     602      704           17           1.7
 3    Maruti Suzuki India Ltd.                           40,689       BUY    1,408    1,685          20           0.2
 4    Tata Motors Ltd.                                   38,839       BUY     767      907           18           0.8
      Auto Ancillary
 5    Apollo Tyres Ltd.                                   3,246       BUY      64       93           44           1.2
 6    Automotive Axles Ltd.                                631        BUY     418      528           26           0.7
 7    Ceat Ltd.                                            454        BUY     133      199           50           0.0
 8    FAG Bearings India Ltd.                              940        BUY     565      712           26           0.8
 9    JK Tyre & Inds. Ltd.                                 648        BUY     158      242           53           1.7
 10   Subros Ltd.                                          282        BUY      47       61           30           1.1
      Banking & Financial Services
 11   Axis Bank Ltd.                                     50,399       BUY    1,237    1,466          19           1.0
 12   Dena Bank Ltd.                                      2,637       BUY      92       115          25           2.5
 13   HDFC Bank Ltd.                                     87,935       BUY    1,913    2,204          15           0.6
 14   ICICI Bank Ltd.                                    93,710       BUY     840     1,145          36           1.4
 15   Oriental Bank of Commerce Ltd.                      8,027       BUY     320      367           15           2.8
      Capital Goods
 16   Crompton Greaves Ltd.                              16,185       BUY     252      307           22           0.5
 17   Elecon Engineering Company Ltd.                      826        BUY      89      102           15           1.7
 18   Graphite India Ltd.                                 1,715       BUY      99       117          19           3.4
 19   Jyoti Structures Ltd.                               1,237       BUY     151      215           43           0.6
 20   KEC International Ltd.                              2,433       BUY     473      698           48           1.3
 21   Mcnally Bharat Engg. Company Ltd.                    884        BUY     284      486           71           0.4
      Cement
 22   Grasim Industries Ltd.                             16,734       BUY    1,825    2,216          21           1.6
 23   India Cements Ltd.                                  3,276       BUY     107      138           29           1.9
 24   JK Lakshmi Cement Ltd.                               818        BUY      67       88           32           3.7
 25   Madras Cements Ltd.                                 2,359       BUY      99      141           42           2.0
 26   Ultratech Cement Ltd.                              10,787       BUY     867     1,084          25           0.6
      FMCG & Consumer Durables
 27   KS Oils Ltd.                                        2,360       BUY      58       94           63           0.3
      Hotels
 28   Taj GVK Hotels & Resorts Ltd.                       1,037       BUY     165      240           45           1.2
      Infrastructure
 29   IVRCL Infrastructures & Projects Ltd.               4,974       BUY     186      216           16           0.8
 30   Jaiprakash Associates Ltd.                         27,078       BUY     127      194           52           0.8
 31   Madhucon Projects Ltd.                              1,080       BUY     146      190           30           0.5
 32   Patel Engineering Ltd.                              2,891       BUY     414      563           36           0.4
 33   Punj Lloyd Ltd.                                     4,432       BUY     133      170           27           0.2
 34   Simplex Infrastructures Ltd.                        2,319       BUY     469      586           25           0.4
      Information Technology
 35   3I Infotech Ltd.                                    1,211       BUY      63      129          104           2.4
 36   Educomp Solutions Ltd.                              5,024       BUY     526      734           39           0.5
 37   Everonn Education Ltd.                               686        BUY     454      602           33           0.0
 38   HCL Technologies Ltd.                              23,941       BUY     353      420           19           2.0
 39   Mphasis Ltd.                                       12,501       BUY     596      872           46           0.6
 40   NIIT Ltd.                                           1,083       BUY      66       83           27           2.1
 41   Tata Consultancy Services Ltd.                    145,519       BUY     744      921           24           2.7
 42   Tech Mahindra Ltd.                                  9,090       BUY     733     1,168          59           0.5
 43   Wipro Ltd.                                         94,584       BUY     386      474           23           1.0
      Logistics
 44   Gateway Distriparks Ltd.                            1,231       BUY     114      160           40           3.1

July 2, 2010                                                                                                             1
ANGEL TOP PICKS
                                                                                                                                       India Research

 Sr. No                 Name of Company                       Market Cap           Strategy           CMP            Target      % Upside   Div Yield%
                                                                 (Rs. Cr)                                                          Return
      Media
 45   Cinemax India Ltd.                                              149               BUY             53                 85          59          2.2
 46   Deccan Chronicle Holdings Ltd.                                 2,980              BUY            122                193          58          1.6
 47   HT Media Ltd.                                                  3,445              BUY            147                182          24          0.2
 48   Inox Leisure Ltd.                                               386               BUY             62                 81          30          0.0
 49   Jagran Prakashan Ltd.                                          3,700              BUY            123                160          30          1.6
 50   PVR Ltd.                                                        396               BUY            154                192          24          0.6
 51   Sun T V Network Ltd.                                          16,963              BUY            430                497          15          0.6
      Metals
 52   Bhushan Steel Ltd.                                             6,012              BUY           1,415           1,979            40          0.2
 53   Electrosteel Castings Ltd.                                     1,590              BUY             49                 72          48          2.6
 54   Godawari Power & Ispat Ltd.                                     640               BUY            228                309          36          1.1
 55   Hindalco Industries Ltd.                                      27,573              BUY            144                208          44          0.9
 56   Hindustan Zinc Ltd.                                           39,748              BUY            941            1,399            49          0.4
 57   JSW Steel Ltd.                                                19,228              BUY           1,028           1,360            32          0.9
 58   Sterlite Industries (India) Ltd.                              54,004              BUY            161                245          53          2.7
 59   Tata Steel Ltd.                                               42,125              BUY            475                697          47          3.4
      Oil & Gas
 60   GAIL (India) Ltd.                                             58,502              BUY            461                580          26          1.5
 61   Gujarat State Petronet Ltd.                                    5,659              BUY            101                120          19          0.7
 62   Reliance Industries Ltd.                                     349,459              BUY           1,068           1,260            18          0.6
      Pharmaceuticals
 63   Dishman Pharmaceuticals & Chemicals Ltd.                       1,712              BUY            212                279          32          0.6
      Power
 64   CESC Ltd.                                                      4,684              BUY            375                460          23          1.1
 65   Gujarat Industries Power Company Ltd.                          1,742              BUY            115                135          17          1.9
 66   PTC India Ltd.                                                 2,950              BUY            100                136          36          1.5
      Real Estate
 67   Anant Raj Inds. Ltd.                                           3,509              BUY            119                178          50          0.5
 68   Housing Development & Infrastructure Ltd.                      8,830              BUY            241                302          25          0.0
      Shipping
 69   ABG Shipyard Ltd.                                              1,316              BUY            259                327          26          0.8
 70   Great Eastern Shipping Company Ltd.                            4,422              BUY            290                396          36          2.8
      Telecom
 71   Bharti Airtel Ltd.                                           100,578              BUY            265                360          36          0.8
      Miscellaneous
 72   Bartronics India Ltd.                                           482               BUY            141                192          36          0.7
 73   Essel Propack Ltd.                                              720               BUY             46                 58          26          0.8
 74   Finolex Cables Ltd.                                             776               BUY             51                 91          79          0.4
 75   Greenply Industries                                             419               BUY            190                291          54          0.8
 76   Sintex Industries Ltd.                                         4,301              BUY            315                369          17          0.4
 77   Spicejet Ltd.                                                  1,862              BUY             57                 65          15          0.0
 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



July 2, 2010                                                                                                                                                2

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Angel Top Picks - July,2010

  • 1. ANGEL TOP PICKS India Research Sensex: 17461 Nifty: 5237 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. 8,011 BUY 182 228 25 0.8 Automobiles 2 Mahindra & Mahindra Ltd. 34,839 BUY 602 704 17 1.7 3 Maruti Suzuki India Ltd. 40,689 BUY 1,408 1,685 20 0.2 4 Tata Motors Ltd. 38,839 BUY 767 907 18 0.8 Auto Ancillary 5 Apollo Tyres Ltd. 3,246 BUY 64 93 44 1.2 6 Automotive Axles Ltd. 631 BUY 418 528 26 0.7 7 Ceat Ltd. 454 BUY 133 199 50 0.0 8 FAG Bearings India Ltd. 940 BUY 565 712 26 0.8 9 JK Tyre & Inds. Ltd. 648 BUY 158 242 53 1.7 10 Subros Ltd. 282 BUY 47 61 30 1.1 Banking & Financial Services 11 Axis Bank Ltd. 50,399 BUY 1,237 1,466 19 1.0 12 Dena Bank Ltd. 2,637 BUY 92 115 25 2.5 13 HDFC Bank Ltd. 87,935 BUY 1,913 2,204 15 0.6 14 ICICI Bank Ltd. 93,710 BUY 840 1,145 36 1.4 15 Oriental Bank of Commerce Ltd. 8,027 BUY 320 367 15 2.8 Capital Goods 16 Crompton Greaves Ltd. 16,185 BUY 252 307 22 0.5 17 Elecon Engineering Company Ltd. 826 BUY 89 102 15 1.7 18 Graphite India Ltd. 1,715 BUY 99 117 19 3.4 19 Jyoti Structures Ltd. 1,237 BUY 151 215 43 0.6 20 KEC International Ltd. 2,433 BUY 473 698 48 1.3 21 Mcnally Bharat Engg. Company Ltd. 884 BUY 284 486 71 0.4 Cement 22 Grasim Industries Ltd. 16,734 BUY 1,825 2,216 21 1.6 23 India Cements Ltd. 3,276 BUY 107 138 29 1.9 24 JK Lakshmi Cement Ltd. 818 BUY 67 88 32 3.7 25 Madras Cements Ltd. 2,359 BUY 99 141 42 2.0 26 Ultratech Cement Ltd. 10,787 BUY 867 1,084 25 0.6 FMCG & Consumer Durables 27 KS Oils Ltd. 2,360 BUY 58 94 63 0.3 Hotels 28 Taj GVK Hotels & Resorts Ltd. 1,037 BUY 165 240 45 1.2 Infrastructure 29 IVRCL Infrastructures & Projects Ltd. 4,974 BUY 186 216 16 0.8 30 Jaiprakash Associates Ltd. 27,078 BUY 127 194 52 0.8 31 Madhucon Projects Ltd. 1,080 BUY 146 190 30 0.5 32 Patel Engineering Ltd. 2,891 BUY 414 563 36 0.4 33 Punj Lloyd Ltd. 4,432 BUY 133 170 27 0.2 34 Simplex Infrastructures Ltd. 2,319 BUY 469 586 25 0.4 Information Technology 35 3I Infotech Ltd. 1,211 BUY 63 129 104 2.4 36 Educomp Solutions Ltd. 5,024 BUY 526 734 39 0.5 37 Everonn Education Ltd. 686 BUY 454 602 33 0.0 38 HCL Technologies Ltd. 23,941 BUY 353 420 19 2.0 39 Mphasis Ltd. 12,501 BUY 596 872 46 0.6 40 NIIT Ltd. 1,083 BUY 66 83 27 2.1 41 Tata Consultancy Services Ltd. 145,519 BUY 744 921 24 2.7 42 Tech Mahindra Ltd. 9,090 BUY 733 1,168 59 0.5 43 Wipro Ltd. 94,584 BUY 386 474 23 1.0 Logistics 44 Gateway Distriparks Ltd. 1,231 BUY 114 160 40 3.1 July 2, 2010 1
  • 2. ANGEL TOP PICKS India Research Sr. No Name of Company Market Cap Strategy CMP Target % Upside Div Yield% (Rs. Cr) Return Media 45 Cinemax India Ltd. 149 BUY 53 85 59 2.2 46 Deccan Chronicle Holdings Ltd. 2,980 BUY 122 193 58 1.6 47 HT Media Ltd. 3,445 BUY 147 182 24 0.2 48 Inox Leisure Ltd. 386 BUY 62 81 30 0.0 49 Jagran Prakashan Ltd. 3,700 BUY 123 160 30 1.6 50 PVR Ltd. 396 BUY 154 192 24 0.6 51 Sun T V Network Ltd. 16,963 BUY 430 497 15 0.6 Metals 52 Bhushan Steel Ltd. 6,012 BUY 1,415 1,979 40 0.2 53 Electrosteel Castings Ltd. 1,590 BUY 49 72 48 2.6 54 Godawari Power & Ispat Ltd. 640 BUY 228 309 36 1.1 55 Hindalco Industries Ltd. 27,573 BUY 144 208 44 0.9 56 Hindustan Zinc Ltd. 39,748 BUY 941 1,399 49 0.4 57 JSW Steel Ltd. 19,228 BUY 1,028 1,360 32 0.9 58 Sterlite Industries (India) Ltd. 54,004 BUY 161 245 53 2.7 59 Tata Steel Ltd. 42,125 BUY 475 697 47 3.4 Oil & Gas 60 GAIL (India) Ltd. 58,502 BUY 461 580 26 1.5 61 Gujarat State Petronet Ltd. 5,659 BUY 101 120 19 0.7 62 Reliance Industries Ltd. 349,459 BUY 1,068 1,260 18 0.6 Pharmaceuticals 63 Dishman Pharmaceuticals & Chemicals Ltd. 1,712 BUY 212 279 32 0.6 Power 64 CESC Ltd. 4,684 BUY 375 460 23 1.1 65 Gujarat Industries Power Company Ltd. 1,742 BUY 115 135 17 1.9 66 PTC India Ltd. 2,950 BUY 100 136 36 1.5 Real Estate 67 Anant Raj Inds. Ltd. 3,509 BUY 119 178 50 0.5 68 Housing Development & Infrastructure Ltd. 8,830 BUY 241 302 25 0.0 Shipping 69 ABG Shipyard Ltd. 1,316 BUY 259 327 26 0.8 70 Great Eastern Shipping Company Ltd. 4,422 BUY 290 396 36 2.8 Telecom 71 Bharti Airtel Ltd. 100,578 BUY 265 360 36 0.8 Miscellaneous 72 Bartronics India Ltd. 482 BUY 141 192 36 0.7 73 Essel Propack Ltd. 720 BUY 46 58 26 0.8 74 Finolex Cables Ltd. 776 BUY 51 91 79 0.4 75 Greenply Industries 419 BUY 190 291 54 0.8 76 Sintex Industries Ltd. 4,301 BUY 315 369 17 0.4 77 Spicejet Ltd. 1,862 BUY 57 65 15 0.0 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 July 2, 2010 2