This document provides stock recommendations from Angel Research for 64 Indian companies. It lists each company, its market capitalization, current share price (CMP), recommended target share price, expected percentage upside return, and dividend yield. Most companies are given a "BUY" recommendation with expected upside returns ranging from 15% to 97% over the next 12 months. The recommendations cover sectors such as automobiles, banking, cement, infrastructure, information technology, metals, oil and gas, and pharmaceuticals.

1. ANGEL TOP PICKS
India Research
Sensex: 18131 Nifty: 5449
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. 7,956 BUY 181 228 26 0.8
Automobiles
2 Maruti Suzuki India Ltd. 39,241 BUY 1,358 1,685 24 0.3
Auto Ancillary
3 Apollo Tyres Ltd. 3,208 BUY 64 87 37 1.2
4 Automotive Axles Ltd. 749 BUY 496 578 17 0.6
5 Ceat Ltd. 467 BUY 136 165 21 2.9
6 FAG Bearings Ltd 1,263 BUY 760 931 23 0.6
7 JK Tyre & Inds. Ltd. 697 BUY 170 237 40 2.1
8 Subros Ltd. 303 BUY 51 60 19 1.0
Banking & Financial Services
9 HDFC Bank Ltd. 93,819 BUY 2,039 2,514 23 0.6
10 ICICI Bank Ltd. 101,695 BUY 912 1,145 26 1.3
Capital Goods
11 Jyoti Structures Ltd. 1,354 BUY 165 215 30 0.5
12 KEC International Ltd. 2,627 BUY 511 648 27 1.2
13 Mcnally Bharat Engg. Company Ltd. 969 BUY 312 486 56 0.4
Cement
14 Grasim Industries Ltd. 16,742 BUY 1,826 2,216 21 1.6
15 India Cements Ltd. 3,284 BUY 107 138 29 1.9
16 JK Lakshmi Cement Ltd. 825 BUY 67 88 30 3.7
17 Kesoram Industries Ltd. 1,370 BUY 300 437 46 1.8
18 Madras Cements Ltd. 2,453 BUY 103 141 37 1.9
19 Ultratech Cement Ltd. 10,362 BUY 832 1,084 30 0.7
Hotels
20 Taj GVK Hotels & Resorts Ltd. 1,012 BUY 161 240 49 1.2
Infrastructure
21 IVRCL Infrastructures & Projects Ltd. 4,924 BUY 184 216 17 0.8
22 Jaiprakash Associates Ltd. 27,323 BUY 129 174 35 0.8
23 Madhucon Projects Ltd. 1,173 BUY 159 190 19 0.5
24 Patel Engineering Ltd. 2,868 BUY 411 563 37 0.4
25 Punj Lloyd Ltd. 4,470 BUY 135 170 26 0.2
26 Simplex Infrastructures Ltd. 2,350 BUY 475 570 20 0.4
Information Technology
27 3I Infotech Ltd. 1,258 BUY 66 129 97 2.3
28 Educomp Solutions Ltd. 5,853 BUY 613 734 20 0.4
29 Mphasis Ltd. 12,870 BUY 613 872 42 0.6
30 NIIT Ltd. 1,096 BUY 66 83 25 2.1
31 Tech Mahindra Ltd. 9,249 BUY 746 1,168 57 0.5
32 Wipro Ltd. 100,959 BUY 412 475 15 1.5
Logistics
33 Gateway Distriparks Ltd. 1,249 BUY 116 150 30 3.1
Media
34 Deccan Chronicle Holdings Ltd. 3,325 BUY 137 193 41 1.5
35 HT Media Ltd. 3,734 BUY 159 182 15 0.2
36 Jagran Prakashan Ltd. 3,691 BUY 123 160 31 1.6
37 PVR Ltd. 391 BUY 153 192 26 0.7
July 23, 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
38 Bhushan Steel Ltd. 6,664 BUY 1,569 1,979 26 0.2
39 Electrosteel Castings Ltd. 1,637 BUY 50 72 44 2.5
40 Godawari Power & Ispat Ltd. 687 BUY 245 322 32 1.0
41 Hindalco Industries Ltd. 30,233 BUY 158 208 32 0.9
42 Hindustan Zinc Ltd. 41,744 BUY 988 1,227 24 0.6
43 Monnet Ispat & Energy Ltd. 2,392 BUY 458 534 17 1.1
44 Prakash Industries Ltd. 2,287 BUY 184 232 26 0.0
45 Sterlite Industries (India) Ltd. 58,425 BUY 174 245 41 2.5
46 Tata Steel Ltd. 48,368 BUY 536 697 30 1.5
Oil & Gas
47 GAIL (India) Ltd. 58,857 BUY 464 580 25 1.5
48 Gujarat State Petronet Ltd. 5,825 BUY 104 120 16 0.7
49 Reliance Industries Ltd. 346,745 BUY 1,060 1,260 19 0.6
Pharmaceuticals
50 Alembic Ltd. 796 BUY 60 74 24 0.8
51 Dishman Pharmaceuticals & Chemicals Ltd. 1,765 BUY 219 311 42 0.5
52 Indoco Remedies Ltd. 528 BUY 430 541 26 1.6
Power
53 CESC Ltd. 4,981 BUY 399 460 15 1.0
54 Gujarat Industries Power Company Ltd. 1,739 BUY 115 135 17 1.9
55 PTC India Ltd. 3,303 BUY 112 136 21 1.4
Real Estate
56 Anant Raj Inds. Ltd. 3,574 BUY 121 178 47 0.5
Shipping
57 ABG Shipyard Ltd. 1,295 BUY 254 327 29 0.8
58 Great Eastern Shipping Company Ltd. 4,318 BUY 284 396 40 2.8
Telecom
59 Bharti Airtel Ltd. 119,129 BUY 314 360 15 0.6
Miscellaneous
60 Bartronics India Ltd. 511 BUY 150 192 28 0.7
61 Essel Propack Ltd. 740 BUY 47 58 23 0.7
62 Finolex Cables Ltd. 870 BUY 57 91 60 1.1
63 Greenply Industries 423 BUY 192 291 52 0.8
64 Polyplex Corporation Ltd. 482 BUY 301 418 39 2.3
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.
July 23, 2010 2