PRIVATE CLIENT RESEARCH STOCK RECOMMENDATIONS JANUARY 27, Sample Report

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1 PRIVATE CLIENT RESEARCH STOCK RECOMMENDATIONS JANUARY 27, 2011 Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x) RoE (%) P/ABV (x) Banking Allahabad Bank 94, Dec BUY Andhra Bank 63,632 1-Nov BUY Axis Bank 529, Jan-11 1, BUY 1, Bank of Baroda 308, Oct-10 1, BUY HDFC Bank 879, Oct-10 2, ACCUMULATE 2, ICICI Bank 1,130, Jan-11 1, BUY 1, Indian Bank 93, Jan BUY Indian Overseas Bank 69,435 1-Nov REDUCE Jammu & Kashmir Bank 35, Oct BUY Punjab National Bank 349, Jan-11 1, BUY 1, State Bank of India 1,684, Jan-11 2, BUY 2, Union Bank of India 163, Jan BUY NBFCs / Brokerage Industry HDFC Ltd 953, Jan ACCUMULATE IDFC 198, Dec BUY LIC Housing Finance 87, Jan BUY Mahindra & Mahindra Financial Services 66, Oct ACCUMULATE Shriram Transport Finance Co 161, Oct ACCUMULATE S

2 Automobiles Bajaj Auto 372, Jan-11 1, ACCUMULATE 1, Hero Honda Motors 344,800 1-Nov REDUCE 1, TVS Motors 27, Jan ACCUMULATE Maruti Suzuki India Ltd 366, Dec ACCUMULATE 1, Escorts Ltd 13,628 1-Dec BUY Capital Goods & Engineering ABB # 152,999 1-Nov REDUCE 722 (4.4) AIA Engineering 36, Nov REDUCE Areva T&D India Ltd # 75,345 2-Nov REDUCE Bharat Electronics 137,336 1-Nov BUY 1, BHEL 1,093, Jan-11 2, BUY 2, Blue Star 35,695 4-Nov ACCUMULATE Crompton Greaves 179, Oct REDUCE Cummins India 144, Nov BUY Diamond Power Infrastructure 6, Nov BUY Everest Kanto Cylinder 9, Jan BUY Greaves Cotton ** 22, Jan BUY Gujarat Apollo Industries 2,628 6-Jan BUY Havells India Ltd 42, Dec BUY Hindustan Dorr-Oliver 6, Dec BUY Kalpataru Power Transmission 21, Jan BUY Larsen & Toubro 960, Jan-11 1, BUY 1, Siemens India (Sept end) 246, Nov ACCUMULATE Suzlon Energy 75, Dec REDUCE 50 (2.3) Thermax 83, Nov ACCUMULATE Time Technoplast Ltd 10, Nov BUY Tractors India Ltd 6, Dec BUY Voltamp Transformer 7, Dec BUY Voltas Ltd 70, Dec BUY Kotak Securities - Private Client Research For Private Circulation 2

3 Cement ACC # 195, Oct REDUCE 1,039 (13.4) Grasim Industries 216, Oct ACCUMULATE 2, India Cements 30, Nov REDUCE Shree Cement 59, Nov-10 2, ACCUMULATE 1, UltraTech Cement 275, Oct REDUCE 1,005 (5.4) Construction BGR Energy Systems 44, Jan BUY IRB Infrastructure Developers 71,042 7-Dec BUY IVRCL Infrastructure 24, Nov BUY J Kumar Infraprojects 3, Jan BUY Jaiprakash Associates 198,699 2-Nov BUY Madhucon Projects 6,915 1-Nov BUY Nagarjuna Construction 29, Nov BUY Patel Engineering 16, Nov BUY Pratibha Industries Ltd 5,699 9-Dec BUY Punj Lloyd Ltd 32,517 3-Nov REDUCE Simplex Infrastructures 17, Dec BUY Unity Infraprojects 6, Dec BUY Kotak Securities - Private Client Research For Private Circulation 3

4 Information Technology Geometric Ltd 4, Jan ACCUMULATE HCL Technologies (June end) 349, Jan ACCUMULATE Infosys Technologies 1,828, Jan-11 3, BUY 3, Infotech Enterpises 18, Jan ACCUMULATE KPIT Cummins 13, Jan BUY Mphasis BFL (Oct 10) 139, Nov BUY NIIT LTD 9, Jan BUY NIIT Technologies 11, Jan BUY Oracle Financial Services Software 190,948 4-Nov-10 2,362 2,561 ACCUMULATE 2, Patni Computer # 61, Oct REDUCE R Systems Intn # 1, Nov ACCUMULATE 143 (15.3) Mahindra Satyam Ltd 43, Nov REDUCE Subex Azure Ltd 6,770 2-Nov ACCUMULATE Tata Consultancy Services (TCS) 2,347, Jan-11 1, BUY 1, Wipro Technologies 1,073, Jan BUY Zensar Technologies 7, Jan BUY Media DB Corp 47, Jan ACCUMULATE Entertainment Network (ENIL) 10,370 8-Nov ACCUMULATE HT Media 34, Jan BUY IBN18 Broadcast 23, Jan ACCUMULATE Jagran Prakashan 37, Jan ACCUMULATE Sun TV Network 196, Jan BUY UTV Software Communication 21, Oct REDUCE 534 (14.3) Zee Entertainment 115, Jan REDUCE 118 (0.8) Kotak Securities - Private Client Research For Private Circulation 4

5 Metals & Mining SAIL 686,098 4-Nov ACCUMULATE Sesa Goa 293, Jan BUY Oil & Gas Cairn India Ltd 634, Dec BUY Gujarat State Petronet (GSPL) 59, Nov REDUCE Indraprastha Gas (IGL) 43, Jan ACCUMULATE Petronet LNG 96, Jan SELL 129 (5.1) Power NTPC 1,606, Oct ACCUMULATE Source: Kotak Securities - Private Client Research * All recommendations are with a 9-12 month perspective from the date of the report/update. Investors are requested to use their discretion while deciding the timing, quantity of investment as well as the exit. # Figures for CY10 & CY11 ** Financials for FY11 are for 9 months - Jun Mar-2011 due to change in acounting year Kotak Securities - Private Client Research For Private Circulation 5

6 Research Team Dipen Shah IT, Media Sanjeev Zarbade Capital Goods, Engineering Teena Virmani Construction, Cement, Mid Cap Disclaimer Saurabh Agrawal Metals, Mining Saday Sinha Banking, NBFC, Economy Arun Agarwal Automobiles Ruchir Khare Capital Goods, Engineering Jayesh Kumar Economy Ritwik Rai FMCG, Media Sumit Pokharna Oil and Gas Shrikant Chouhan Technical analyst K. Kathirvelu Production This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Kotak Securities Ltd. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Kotak Securities Limited, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals. Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. This report has been prepared by the Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Institutional Equities Research Group of Kotak Securities Limited. We and our affiliates, officers, directors, and employees world wide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. No part of this material may be duplicated in any form and/or redistributed without Kotak Securities' prior written consent. Registered Kotak Securities Office: - Kotak Private Securities Client Limited, Research Bakhtawar, 1st floor, 229 Nariman Point, Mumbai India. For Private Circulation 6

STOCK RECOMMENDATIONS

STOCK RECOMMENDATIONS PRIVATE CLIENT RESEARCH FEBRUARY 28, 2013 Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x) RoE (%) P/ABV (x) Banking Allahabad Bank 69,050 04-Feb-13 159 150 REDUCE