Catch the latest Equity research reports from Fullerton Securities at http://www.fullertonsecurities.co.in/equity/markets/research_reports.aspx

1. COMMENTARY INDIAN MARKET 11-Nov 10-Nov % Change
BSE Sensex 20,589 20,876 (1.37)
NSE Nifty 6,194 6,276 (1.30)
BSE Midcap 8,632 8,730 (1.12)
BSE Smallcap 11,192 11,244 (0.47)
Nifty Junior 13,317 13,525 (1.53)
CNX Midcap 9,661 9,783 (1.24)
GLOBAL MARKETS 11-Nov 10-Nov % Change
Dow Jones Ind (USA) 11,283 11,357 (0.65)
Nasdaq Composite(USA) 2,556 2,579 (0.89)
S&P 500 (USA) 1,214 1,218 (0.33)
FTSE 100 (UK) 5,815 5,817 (0.03)
DAX (Germany) 6,723 6,720 0.05
9,861 9,831 0.31
24,700 24,501 0.82
Shanghai Comp (China) 3,148 3,115 1.04
KOSPI (South Korea) 1,915 1,968 (2.70)
STI (Singapore) 3,293 3,289 0.13
MSCI Emerging Market 581 586 (0.85)
MSCI Frontier Market 432 435 (0.78)
CORPORATE/ ECONOMY NEWS BOND MARKETS 11-Nov 10-Nov Change
10yr G-Sec Yield 8.05 8.04 0.01
1yr G-Sec Yield 7.07 7.07 0.00
LIBOR (6m) 0.45 0.45 0.00
LIBOR (1m) 0.26 0.26 0.00
Interbank Call rate 7.0 7.1 (0.10)
Nikkei 225 (Tokyo)
Hang Seng (Hong Kong)
Volume: 1 | Issue: 397| November 12, 2010
INDIA
After consolidating for past four days and struggling for direction, the Indian markets finally saw
some direction and this time it were the bears who dominated. The Indian markets witnessed
heavy selling on Thursday. Even the broader indices were under pressure. Sentiments were
damaged after media reports stated that equity markets in South Korean plummeted in the last
few minutes of trade following the biggest ever sale by overseas investors on the day of options
expiry.The BSE Sensex lost 287 points to close at 20,589 an the NSE Nifty slipped 81 points to
close at 6,194.The broader indices ended with losses, the BSE Mid-Cap index ended lower by 1.2%
and BSE Small-Cap index slipped 0.5%.
The advance decline ratio also favored the bears, on the BSE, 1702 stocks declined against 1315
advances, while, 86 ended almost unchanged.
GLOBAL MARKETS
tocks sold off at the open and never looked back Thursday after a disappointing outlook from
Cisco Systems dragged on the technology sector all day. The Dow Jones industrial average fell
0.7% to close at 11,283, after falling as much as 1% earlier in the trading session. The S&P 500 lost
0.5% to close at 1,214, and the biggest loser was the tech-heavy Nasdaq , which fell 0.9% to close
at 2,556, after plunging 2% in the morning.
Asian markets are trading in the red. The Nikkei is down by 0.6% & The Hang Seng is down by
1.3%
Ranbaxy Laboratories Ltd has posted results for the third quarter ended 30th September
2010.The consolidated net profit stood at Rs. 3.08bn as against Rs. 1.16bn for the earlier period.
Bhushan Steel Ltd has posted a net profit of Rs 2590.20mn for the quarter ended September 30,
2010 as compared to Rs 1891.60mn for the quarter ended September 30, 2009. Total Income has
increased from Rs 13048.20 mn for the quarter ended September 30, 2009 to Rs 17305.10 mn for
the quarter ended September 30, 2010.
`
0
5
10
15
20
6100
6150
6200
6250
6300
6350
5-Nov 8-Nov 9-Nov 10-Nov 11-Nov
NSE Turnover Rs Cr('000) Nifty
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
20300
20400
20500
20600
20700
20800
20900
21000
21100
5-Nov 8-Nov 9-Nov 10-Nov 11-Nov
BSE Turnover Rs Cr('000) Sensex
Volume: 1 | Issue: 397| November 12, 2010
INDIA
After consolidating for past four days and struggling for direction, the Indian markets finally saw
some direction and this time it were the bears who dominated. The Indian markets witnessed
heavy selling on Thursday. Even the broader indices were under pressure. Sentiments were
damaged after media reports stated that equity markets in South Korean plummeted in the last
few minutes of trade following the biggest ever sale by overseas investors on the day of options
expiry.The BSE Sensex lost 287 points to close at 20,589 an the NSE Nifty slipped 81 points to
close at 6,194.The broader indices ended with losses, the BSE Mid-Cap index ended lower by 1.2%
and BSE Small-Cap index slipped 0.5%.
The advance decline ratio also favored the bears, on the BSE, 1702 stocks declined against 1315
advances, while, 86 ended almost unchanged.
GLOBAL MARKETS
tocks sold off at the open and never looked back Thursday after a disappointing outlook from
Cisco Systems dragged on the technology sector all day. The Dow Jones industrial average fell
0.7% to close at 11,283, after falling as much as 1% earlier in the trading session. The S&P 500 lost
0.5% to close at 1,214, and the biggest loser was the tech-heavy Nasdaq , which fell 0.9% to close
at 2,556, after plunging 2% in the morning.
Asian markets are trading in the red. The Nikkei is down by 0.6% & The Hang Seng is down by
1.3%
Disclaimer:This document is compiled by Epitome Global Services Private Limited exclusively for Fullerton Securities & Wealth Advisors Ltd (FSWA) customers. This document is not for public
distribution and has been furnished to you solely for your information and you are notified that you should not further copy, modify, use or distribute the information in any way unless you
obtain written consent from FSWA. While reasonable care to compile the document but the accuracy and completeness cannot be guaranteed either by FSWA or any other person or
entity associated with it. The document is prepared only for your information and is not sufficient for making an investment decision. You should rely on your own investigations and seek
professional advice for investment decision. Neither FSWA nor any person connected with it, accepts any liability either arising from the use of this document or due to any inadvertent error in
the information contained in this document. Financial investments carry risks including principal risk and therefore you should seek professional advice prior to making any investment
decision. The risk of any losses occurring by use of this report or document will be entirely yours. The investments covered in this report are not guaranteed. Also past performance of an
investmentor fund is not an indication of future performance. FSWA, its affiliates, or associates, or any regulatory or other body or entity assumes no liability or responsibility for investment
results or losses arising out of investment decisions made by you. This document is not to be considered as an offer to sell or a solicitation to buy any security or financial product. FSWA
Ranbaxy Laboratories Ltd has posted results for the third quarter ended 30th September
2010.The consolidated net profit stood at Rs. 3.08bn as against Rs. 1.16bn for the earlier period.
Bhushan Steel Ltd has posted a net profit of Rs 2590.20mn for the quarter ended September 30,
2010 as compared to Rs 1891.60mn for the quarter ended September 30, 2009. Total Income has
increased from Rs 13048.20 mn for the quarter ended September 30, 2009 to Rs 17305.10 mn for
the quarter ended September 30, 2010.
Britannia Industries Ltd has reported sales of Rs. 10,948mn for the quarter, a growth of 27%,
compared with 24.8% in the first quarter.This takes its half yearly revenue to Rs. 20.059mn, a
growth of 26.2% backed by a volume growth of 20%., YTD September, Net Profit at Rs647mn
declined 39.2%.
Animation company Accel Transmatic Ltd has reported a 58 per cent growth in revenue at Rs
6.13 crore for the quarter ended September 30, 2010. The city-based firm reported a revenue of Rs
3.89 crore in the same period last fiscal.
Sun Pharmaceutical Industries has acquired the 12 per cent stake of Mark Mobius-headed
Templeton Asset Management in its Israeli subsidiary, Taro Pharmaceuticals, for $82 million
(Rs364 crore). Sun paid $16 per share, about 14 per cent premium to Taro's current market price of
$13.75.
DLF, the country’s largest property developer, expects to garner Rs2,000 crore over the next 12-
18 months by selling land parcels and refunds from state governments on lands it wanted to
return.
IT firm Mahindra Satyam said it has received order from Insurance regulator Irda to implement
software solution in the organisation that will help the firm manage accounts and payroll related
services.
Upset over delay in renovation of power generation units by Bharat Heavy Electrical Limited
(BHEL) the Uttar Pradesh government has warned its officers of 'stern action' if they failed to
complete the work as per schedule.

2. CORPORATE NEWS SECTOR 11-Nov 10-Nov % Change
Consumer Durables 7,227 7,244 (0.24)
Metal 17,596 17,648 (0.30)
Power 3,158 3,178 (0.62)
Auto 10,337 10,416 (0.77)
Healthcare 6,649 6,718 (1.03)
FMCG 3,706 3,756 (1.31)
Capital Goods 16,352 16,573 (1.33)
Bankex 14,588 14,786 (1.34)
IT 6,132 6,215 (1.34)
PSU 10,242 10,390 (1.43)
Teck 3,745 3,806 (1.58)
Oil&Gas 10,900 11,105 (1.84)
Realty 3,674 3,793 (3.15)
BSE Upper Circuit Breakers
Company Name 11-Nov 10-Nov % Change
167.6 139.7 20.00
12.5 10.4 20.00
26.0 23.7 10.00
0 174.0 165.8 5.00
111.4 106.1 5.00
BSE Lower Circuit Breakers
Albert David
Chennai Meenakshi
DFM Foods
CMI
Gandhimathi Appliances
Volume: 1 | Issue: 397| November 12, 2010
PowerGrid Corporation of India’s Rs 7,600-crore follow-on public offer got a good response
from investors with a subscription of 5.31 times.
Apollo Tyres announced a 58.79 per cent decline in its net profit to Rs 53.25 crore in the second
quarter ended September 30, due to high input costs, especially that of rubber prices hurting
margins. The company had a net profit of Rs 129.24 crore the same period last year.
Metals and mining major Vedanta Resources Plc has reported a 79 per cent jump in net profit at
$337 million in the first half of this fiscal, mainly on account of rising demand. Its net profit stood
at $188.2 million in April-September 2009.
Cipla Ltd has posted a net profit after tax of Rs. 2630.10 mn for the quarter ended September 30,
2010 as compared to Rs. 2757.40 million for the quarter ended September 30, 2009. Total Income
has increased from Rs. 14557mn for the quarter ended September 30, 2009 to Rs. 16319.90 mn
for the quarter ended September 30, 2010.
MMTC Ltd has posted a net profit of Rs. 407.30mn for the quarter ended September 30, 2010 as
compared to Rs. 489mn for the quarter ended September 30, 2009. Total Income has increased
from Rs. 94561.60 mn for the quarter ended September 30, 2009 to Rs. 168550.80 mn for the
quarter ended September 30, 2010.
For the 2nd quarter ended September 2010, Gontermann-Peipers (India) Limited (GPI), a
leading engineering company manufacturing Cast Rolls and Forged Rolls, recorded Profit After
Tax (PAT) of Rs. 22.5mn as compared to Rs. 15.9mn in the corresponding quarter of last fiscal, an
improvement of 42%. The Company has also recorded net revenue of Rs. 453.7mn and Profit
Before Tax (PBT) of Rs. 34.4mn in the quarter ended September, as compared to net revenue of
Rs. 360.2mn and PBT of Rs. 25.6mn in the corresponding quarter of last fiscal.
Jubilant Organosys Ltd has posted a net profit after minority interest of Rs. 820.90mn for the
quarter ended September 30, 2010 as compared to Rs. 576.80mn for the quarter ended
September 30, 2009. Total Income has increased from Rs. 9411.10 mn for the quarter ended
September 30, 2009 to Rs. 9963.40 mn for the quarter ended September 30, 2010. BSE Lower Circuit Breakers
Company Name 11-Nov 10-Nov % Change
43.4 45.7 (5.00)
62.8 66.1 (5.00)
769.0 809.4 (5.00)
123.1 129.6 (5.00)
25.3 26.6 (5.00)
COMMODITY / CURRENCY NEWS COMMODITY 11-Nov 10-Nov % Change
Crude Oil (USD/bbl) 86.9 87.8 (1.01)
Gold (Rs/10gm) 20,371.0 20,190.0 0.90
Silver (Rs/kg) 40,625.0 40,115.0 1.27
CURRENCY 11-Nov 10-Nov % Change
INR / USD 44.31 44.30 0.02
USD / Euro 1.36 1.37 (0.73)
Yen / USD 82.42 82.55 (0.16)
Hittco Tools
Ishita Drugs
Mayur Leather
Rossell Tea
Bedmutha Industries
Volume: 1 | Issue: 397| November 12, 2010
Light Sweet Crude Oil on Wednesday closed down by 1% at $86.9 per barrel. Gold closed up by
0.9% at Rs 20,371. and Silver closed up by 1.27 % at Rs. 40,625.
The Indian Rupee closed lower against the dollar at 44.31 as the Indian equity benchmarks ended
on a negative note.
Disclaimer:This document is compiled by Epitome Global Services Private Limited exclusively for Fullerton Securities & Wealth Advisors Ltd (FSWA) customers. This document is not for public distribution and has been
furnished to you solely for your information and you are notified that you should not further copy, modify, use or distribute the information in any way unless you obtain written consent from FSWA. While reasonable care
to compile the document but the accuracy and completeness cannot be guaranteed either by FSWA or any other person or entity associated with it. The document is prepared only for your information and is not sufficient
for making an investment decision. You should rely on your own investigations and seek professional advice for investment decision. Neither FSWA nor any person connected with it, accepts any liability either arising from
the use of this document or due to any inadvertent error in the information contained in this document. Financial investments carry risks including principal risk and therefore you should seek professional advice prior to
making any investment decision. The risk of any losses occurring by use of this report or document will be entirely yours. The investments covered in this report are not guaranteed. Also past performance of an investment
or fund is not an indication of future performance. FSWA, its affiliates, or associates, or any regulatory or other body or entity assumes no liability or responsibility for investment results or losses arising out of investment
decisions made by you. This document is not to be considered as an offer to sell or a solicitation to buy any security or financial product. FSWA reserves the right to modify or alter the terms and conditions of the use of this
service or discontinue, temporarily or permanently, the information and services provided (or any part thereof) at any time, with or without prior notice and FSWA shall not be liable to you for any suspension, modification,
or termination of the information and services provided herein.
PowerGrid Corporation of India’s Rs 7,600-crore follow-on public offer got a good response
from investors with a subscription of 5.31 times.
Apollo Tyres announced a 58.79 per cent decline in its net profit to Rs 53.25 crore in the second
quarter ended September 30, due to high input costs, especially that of rubber prices hurting
margins. The company had a net profit of Rs 129.24 crore the same period last year.
Metals and mining major Vedanta Resources Plc has reported a 79 per cent jump in net profit at
$337 million in the first half of this fiscal, mainly on account of rising demand. Its net profit stood
at $188.2 million in April-September 2009.
Cipla Ltd has posted a net profit after tax of Rs. 2630.10 mn for the quarter ended September 30,
2010 as compared to Rs. 2757.40 million for the quarter ended September 30, 2009. Total Income
has increased from Rs. 14557mn for the quarter ended September 30, 2009 to Rs. 16319.90 mn
for the quarter ended September 30, 2010.
MMTC Ltd has posted a net profit of Rs. 407.30mn for the quarter ended September 30, 2010 as
compared to Rs. 489mn for the quarter ended September 30, 2009. Total Income has increased
from Rs. 94561.60 mn for the quarter ended September 30, 2009 to Rs. 168550.80 mn for the
quarter ended September 30, 2010.
For the 2nd quarter ended September 2010, Gontermann-Peipers (India) Limited (GPI), a
leading engineering company manufacturing Cast Rolls and Forged Rolls, recorded Profit After
Tax (PAT) of Rs. 22.5mn as compared to Rs. 15.9mn in the corresponding quarter of last fiscal, an
improvement of 42%. The Company has also recorded net revenue of Rs. 453.7mn and Profit
Before Tax (PBT) of Rs. 34.4mn in the quarter ended September, as compared to net revenue of
Rs. 360.2mn and PBT of Rs. 25.6mn in the corresponding quarter of last fiscal.
Jubilant Organosys Ltd has posted a net profit after minority interest of Rs. 820.90mn for the
quarter ended September 30, 2010 as compared to Rs. 576.80mn for the quarter ended
September 30, 2009. Total Income has increased from Rs. 9411.10 mn for the quarter ended
September 30, 2009 to Rs. 9963.40 mn for the quarter ended September 30, 2010.
Housing Development & Infrastructure Ltd (HDIL) has posted a net profit of Rs. 2137.80 mn for
the quarter ended September 30, 2010 as compared to Rs. 1485.90 mn for the quarter ended
September 30, 2009. Total Income has increased from Rs. 3810.50 mn for the quarter ended
September 30, 2009 to Rs. 4065.30 mn for the quarter ended September 30, 2010.
DLF Ltd has posted a net profit of Rs. 1226.90 mn for the quarter ended September 30, 2010 as
compared to Rs. 337.80 mn for the quarter ended September 30, 2009. Total Income has
increased from Rs. 4313.80 million for the quarter ended September 30, 2009 to Rs. 7765.60
million for the quarter ended September 30, 2010.
State-owned Indian Oil Corporation (IOC) has surpassed Reliance Industries to regain its
position as nation's biggest refiner after it completed expansion of its Panipat unit.
Mindteck (India) announced its financial results for the second quarter ended on September 30,
2010. Consolidated revenues stood at Rs 68.81 crore for the quarter, as against Rs 55.96 crore
during the corresponding previous quarter ended September 30, 2009. The revenues were up by
28 per cent in dollar terms and by 22 per cent in rupee terms

3. ECONOMY / POLICY NEWS FUTURES PREMIUM/DISC Cash Futures P/D%
Core Project 300.3 306.1 1.93
GTL 417.6 422.2 1.11
Ispat Industries 21.0 21.15 0.95
Sterlite Technologies 90.3 91.1 0.94
Oil India 1420.6 1433.95 0.94
GMDC 155.0 156.4 0.94
Rpower 190.8 186.6 (2.18)
Rolta 179.0 176.0 (1.65)
Powergrid 101.3 99.7 (1.53)
Herohonda 1819.9 1809.3 (0.58)
ABB 857.5 853.7 (0.44)
Sintex 228.4 228.0 (0.18)
INSTITUTIONAL ACTIVITY (Rs Cr) 02-Nov 01-Nov YTD
FII Cash Net 1,297 929 (29,143)
FII Stock Futures (774) (74) (16,597)
FII Index Futures (110) 1,516 (8,512)
Mutual Fund 17 338 1,17,214
VALUATIONS P/E P/B DIV YLD
BSE 23.6 3.8 1.0
NSE
BSE500 Mcap/GDP Ratio 0.68
4.91
TOP 5 FRONTLINE GAINERS TOP 5 MIDCAP GAINERS TOP 5 SMALLCAP GAINERS
Name Rs % Name Rs % Rs %
Hindalco Inds 234.05 2.65 Sterlite Tech 90.2 6.49 Hitachi Home 270.5 19.51
Tata Power 1395.75 1.47 Network18 Media 178.3 5.25 Himachal Futur 13.97 19.1
Reliance Infra 1062.7 1.16 Honeywell Auto 2620.2 4.93 Best & Crompton 20.2 15.1
Mahindra & Mahindra 813.05 1 AIA Engineering 457 4.1 Himatsingka Seide 62.3 13.48
MOVERS & SHAKERS
Name
Volume: 1 | Issue: 397| November 12, 2010
Food inflation declined for the fourth week in a row to 12.30 per cent as of October
30.
The Rubber Board would offer financial aid to Rubber Producers' Societies and Self
Help Groups to develop various primary infrastructure facilities with an aim to
strengthen the smallholder's sector.The scheme is aimed at enhancing productivity
and quality upgradation of their produce for which the board has an outlay of Rs 29
lakh in the current fiscal.
Mahindra & Mahindra 813.05 1 AIA Engineering 457 4.1 Himatsingka Seide 62.3 13.48
Hero Honda 1811.25 0.02 Astrazeneca Phar 1248 4.03 HFCL Infotel 8 12.2
TOP 5 FRONTLINE LOSERS TOP 5 MIDCAP LOSERS TOP 5 SMALLCAP LOSERS
Name Rs % Name Rs % Rs %
DLF 346.45 -4.41 Apollo Tyres 70.35 -6.51 Aarti Inds 75.55 -9.84
Jaiprakash Asso 134.35 -3.28 Himadri Chem 57.95 -6.08 Sical Logistics 79.2 -9.28
Bharti Airtel 317.45 -3.26 TVS Motor 78.55 -5.36 Shree Ganesh Jewel 211.95 -7.69
Cipla 331.9 -3.22 Wockhardt 382.05 -5.05 Murli Inds 87.5 -6.62
BHEL 2417 -2.66 Sun Pharma Adv 101.65 -4.69 Mahan Inds 7.95 -6.47
SCRIPT NAME CLIENT NAME TYPE QTY % PRICE
SEL Manufacturing Company Trans Financial Resources BUY 1.89% 39.5
Delta Corp Limited Crosseas Capital Services BUY 1.30% 125.6
Hindustan Org Chem Ltd Jmp Securities BUY 0.65% 57.8
Subex Limited Suresh Kanmal Jajoo SELL 0.33% 91.5
BS TransComm Limited Crosseas Capital Services Pvt. Ltd. SELL 0.88% 210.7
Confidence Petro Jaroli Vincom BUY 2.33% 25.85
Bilpower Gulshan Investment Company BUY 0.76% 203.3
Asian Tea Asian Capital Market Limited BUY 0.78% 33.2
Ballarpur Inds Neha Khandelwal SELL 0.91% 2.35
Black Rose Inds Halan Finance & Investment SELL 1.22% 14.3
Name
BSE
BULK DEALS
NSE
Volume: 1 | Issue: 397| November 12, 2010
Food inflation declined for the fourth week in a row to 12.30 per cent as of October
30.
The Rubber Board would offer financial aid to Rubber Producers' Societies and Self
Help Groups to develop various primary infrastructure facilities with an aim to
strengthen the smallholder's sector.The scheme is aimed at enhancing productivity
and quality upgradation of their produce for which the board has an outlay of Rs 29
lakh in the current fiscal.
Disclaimer: This document is compiled by Epitome Global Services Private Limited exclusively for Fullerton Securities & Wealth Advisors Ltd (FSWA) customers. This document is not for
public distribution and has been furnished to you solely for your information and you are notified that you should not further copy, modify, use or distribute the information in any way
unless you obtain written consent from FSWA. While reasonable care to compile the document but the accuracy and completeness cannot be guaranteed either by FSWA or any other
person or entity associated with it. The document is prepared only for your information and is not sufficient for making an investment decision. You should rely on your own
investigations and seek professional advice for investment decision. Neither FSWA nor any person connected with it, accepts any liability either arising from the use of this document or
due to any inadvertent error in the information contained in this document. Financial investments carry risks including principal risk and therefore you should seek professional advice
prior to making any investment decision. The risk of any losses occurring by use of this report or document will be entirely yours. The investments covered in this report are not
guaranteed. Also past performance of an investment or fund is not an indication of future performance. FSWA, its affiliates, or associates, or any regulatory or other body or entity assumes
no liability or responsibility for investment results or losses arising out of investment decisions made by you. This document is not to be considered as an offer to sell or a solicitation to buy
any security or financial product. FSWA reserves the right to modify or alter the terms and conditions of the use of this service or discontinue, temporarily or permanently, the information
and services provided (or any part thereof) at any time, with or without prior notice and FSWA shall not be liable to you for any suspension, modification, or termination of the information