>INSIDER TRADING 08-04-09

531400	Almondz Global Securities Limited	Almondz Capital & Management Services Lt	30/03/2009	B	10827		11962807	47.24
500425	Ambuja Cements Ltd.	PB Kulkarni	24/03/2009	S	10000		788833	0.05
500425	Ambuja Cements Ltd.	B. L. Taparia	25/03/2009 - 31/03/2009	S	208000		367250	0.02
532828	AMD Industries Ltd	Harswarup Gupta	31/03/2009	B	7622		2228801	11.62
526433	ASM Technologies Ltd.	IDS Systems Pvt. Ltd.	19/03/2009 - 25/03/2009	B	19305		158437	3.16
532330	Biopac India Corporation Ltd	Pankaj B. Doshi	31/03/2009	B	75		3385216	21.15
532330	Biopac India Corporation Ltd	Pankaj B. Doshi	30/03/2009	B	4625		3385141	21.15
506197	Bliss GVS Pharma Limited	Gautam R. Ashra & PACs	27/03/2009	B	3703069	3.59	12892397	12.50
532929	Brigade Enterprises Limited	M. R. Jaishankar	27/03/2009 - 31/03/2009	B	11151		23018064	20.50
532616	Cambridge Solutions Limited	Xchanging (Mauritius) Ltd.	01/04/2009	B	19228895	17.27	19228895	17.27
532871	Celestial Labs Limited	Dr. A. N. Singh	27/03/2009 - 30/03/2009	B	192389	1.52	3107178	27.78
530427	Chokshi Imaging Ltd.	Gaurav S. Choksi	16/03/2009 - 31/03/2009	B	1302		155646	3.99
511672	Clarus Finance & Securities Ltd	M/s Plantinum Finvest Pvt. Ltd	13/03/2009	S	125500	4.18	--
512018	CNI Research Ltd	Shreenath Finstock Pvt. Ltd.	30/03/2009	B	18250	0.06	3938873	12.87
512018	CNI Research Ltd	Sangita Ostwal	30/03/2009	B	10000	0.03	4407250	14.34
531923	Dhampure Speciality Sugars Ltd.	Sorabh Gupta	--	B	16345	0.24	1961004	27.38
522261	Dolphin Offshore Enterprises (India) ltd.	Dolphin Offshore Projects Ltd	26/03/2009	B	453		1756973	18.37
522261	Dolphin Offshore Enterprises (India) ltd.	Dolphin Offshore Projects Ltd.	31/03/2009	B	2000	0.02	1758973	18.39
532038	Emmsons International Limited	Rajesh Monga	16/06/2008	B	2500		288860	5.61
532038	Emmsons International Limited	Rajesh Monga	16/01/2009 - 31/03/2009	B	22780		311640	6.05
500133	Esab India Ltd.	Exelvia Group India BV	31/03/2009	B	284		2822831	18.34
505250	G.G. Dandekar Machine Works Ltd.,	Better Value Holdings Pvt. Ltd	30/03/2009	B	55		2377945	49.94
532345	Gati Limited	Mahendra Kumar Agarwal	26/03/2009 - 30/03/2009	B	15920		2071690	2.44
509024	Golden Legand Leasing & Finance Ltd	Prasidh Commercial Services P. Ltd	--	S	5400	1.08	--
532702	Gujarat State Petronet Ltd.	India Development Fund	24/03/2009	S	943183	0.16	--	1.89
532702	Gujarat State Petronet Ltd.	India Development Fund	23/03/2009	S	2553000	0.45	--	2.06
517271	HBL Power Systems Ltd.	Beaver Engineering Ltd	23/03/2009 - 26/03/2009	B	298450	1.23	13915495	57.31
500187	Hindustan Sanitaryware & Industries	Soma Investments Ltd.	27/03/2009	B	30000	0.05	3888333	7.07
500187	Hindustan Sanitaryware & Industries	New Delhi Industrial Promoters &Inv. Ltd	27/03/2009	B	41300	0.08	3516161	6.39
500187	Hindustan Sanitaryware & Industries	Soma Investments Ltd.	26/03/2009	B	50000	0.09	3858333	7.01
500187	Hindustan Sanitaryware & Industries	New Delhi Industrial Promoters &Inv Ltd.	26/03/2009	B	20410	0.04	3474861	6.32
514238	Ikab Securities & Investment Ltd.	Abhishek Bagri	01/04/2009	B	153650	4.45	224595	6.51
526512	Interlink Petroleum Ltd.	Anil Misra	26/03/2009	B	500000	2.71	500000	2.71
526512	Interlink Petroleum Ltd.	Kenneth Gerard Pereira	27/03/2009	B	1400000	7.60	1400000	7.60
500875	ITC Ltd	Anup Singh	26/03/2009 - 27/03/2009	S	40000		282700
500875	ITC Ltd	B. B. Chatterjee	26/03/2009 - 31/03/2009	S	5500		72660
530773	IVRCL Infrastructures & Projects Ltd.	R. Balaramani Reddy	30/03/2009	B	2000		22150	0.01
532976	Jai Balaji Industries Limited	Jai Salasar Balaji Industries Pvt Ltd	30/03/2009	B	49502	0.11	2523624	5.36
513509	Kalyani Forge Ltd.	Rohini Gaurishankar Kalyani	--	B	31636		32236
513509	Kalyani Forge Ltd.	Sheetal Gaurishankar Kalyani	--	B	31635		31635
513509	Kalyani Forge Ltd.	Viraj Gaurishankar Kalyani	--	B	31635		31635
526596	Liberty Shoes Ltd.	Adeesh Gupta	27/03/2009	B	40000		123360	0.72
526596	Liberty Shoes Ltd.	Dinesh Kumar Gupta	27/03/2009	B	40000	0.23	51400
526596	Liberty Shoes Ltd.	Raman Bansal	30/03/2009	B	40000		180000	1.06
511593	Libord Infotech Ltd.	Libord Exports Pvt. Ltd.	--	B	3695	0.04	1031689	12.89
507759	Lime Chemicals Ltd.	Shahnaz A. Dawoodani	23/03/2009 - 27/03/2009	B	7028		40296	1.22
532783	LT Foods Limited	Surinder Kumar Arora	26/03/2009	B	21157		2210795	9.93
532783	LT Foods Limited	Ashok Arora	27/03/2009	B	4952		2126692	9.55
532313	Mahindra Lifespace Developers Ltd.	Arun Nanda	31/03/2009	B	7500	0.02	42500	0.10
513269	Man Industries (India) Ltd	Ramesh Mansukhani	25/03/2009 - 27/03/2009	B	273704		3374222	6.33
513269	Man Industries (India) Ltd	JPA Holding P. Ltd	26/03/2009 - 27/03/2009	B	182208		339792	0.63
513269	Man Industries (India) Ltd	Jhamaklal M. Mansukhani	25/03/2009 - 26/03/2009	B	10548		755128	1.41
532307	Melstar Information Technologies Ltd.	Bharat Ramani & Pac's	02/04/2009	S	818944		--
526642	Mirza International Limited	Irshad Mirza	25/03/2009 - 26/03/2009	S	457057	0.49	5975844	6.45
513179	National Steel & Agro Industries Ltd.	Santosh Shahra	30/03/2009	S	115580		477352	1.46
526721	Nicco Parks And Resorts Ltd.	Rajive Kaul	31/03/2009	B	30		187947	4.02
526721	Nicco Parks And Resorts Ltd.	Rajive Kaul	30/03/2009	B	111		187917	4.02
532466	Oracle Financial Services Software Limited	Meenakshy Iyer	27/03/2009 - 30/03/2009	S	1800		21890
531349	Panacea Biotec Ltd.	First Lucre Partnership Co.	31/03/2009	B	3492	0.00	1775712	2.66
531120	Patel Engineering Ltd	Ms. Sonal Patel	26/03/2009 - 30/03/2009	B	21000		232000	0.39
531120	Patel Engineering Ltd	Sonal Patel	31/03/2009	B	4400		236400	0.39
531120	Patel Engineering Ltd	Patel Corporation Pvt. Ltd.	31/03/2009 - 01/04/2009	B	20000	0.03	14239100	23.86
507498	Piccadily Sugar & Allied Ltd.	Siddhartha Vashishta	23/03/2009 - 27/03/2009	B	14590	0.05	5305788	17.98
500331	Pidilite Industries Ltd.	Bijal V Thakkar J/W N. K. Parekh	28/03/2009	S	1446400	0.57	--
500331	Pidilite Industries Ltd.	Bharati N Parekh J/W N. K. Parekh	28/03/2009	B	1446400	0.00	4450668	1.76
523523	Rainbow Papers Ltd.,	Nikita Ajay Goenka	01/04/2009	B	18639		146336
532766	Richa Industries Limited	Jewel Garments Pvt Ltd	30/03/2009 - 01/04/2009	B	47200		334804	1.97
500366	Rolta India Ltd.,	M/s Rolta Shares & Stocks Pvt. Ltd.	31/03/2009	B	513205		6975717	4.33
500370	Salora International Limited	Arpit Chaurasia	27/03/2009	B	384134	4.36	384134	4.36
500370	Salora International Limited	Mayank Chaurasia	27/03/2009	B	404249	4.59	404249	4.59
511411	SHRISTI INFRASTRUCTURE DEVELOPMENT CORPORATION LTD.	Adishakti Retail Ltd.	31/03/2009	B	821800	3.70	10838695	48.82
507446	Simbhaoli Sugars Ltd.,	Gursimran Kaur Mann	31/03/2009	B	39375	0.18	440278	2.06
523756	SREI Infrastructure Finance limited	Arisaig India Fund	--	B	1550038	1.33	9307692	8.01
523756	SREI Infrastructure Finance limited	Arisaig India Fund	26/03/2009	S	4762988	4.10	4544704	3.91
505397	Techno Electric & Engg. Co. Ltd.,	Citigroup Vent Cap Intl Growth M. & PACs	27/03/2009	S	3146000	5.50	--
505397	Techno Electric & Engg. Co. Ltd.,	M/s Pragya Commerce Pvt. Ltd	27/03/2009	B	1520000	2.66	1520000	2.66
505397	Techno Electric & Engg. Co. Ltd.,	M/s Trimurti Associates Pvt. Ltd.	27/03/2009	B	1630362	2.85	1630362	2.85
533033	The Saraswati Industrial Syndicate Limited	The Yamuna Synidcate Limited	24/03/2009	B	417		3051894	41.41
530363	Ugar Sugar Works Ltd.	S B Reshellers Pvt. Ltd.	20/03/2009 - 25/03/2009	S	255364	0.23	16649193	14.80
511736	Ushdev International Ltd	Prateek Gupta	31/03/2009	B	922		477644	1.72
511736	Ushdev International Ltd	Prateek Gupta	01/04/2009	B	394		478038	1.72
532953	V-Guard Industries Ltd.	Kochouseph Chittilappilly	30/03/2009 - 31/03/2009	B	10832		6797576	22.77
532917	VARUN INDUSTRIES LIMITED	Kailash S. Agarwal	02/04/2009	B	50000		5646880	25.53
532917	VARUN INDUSTRIES LIMITED	Kiran N. Mehta	02/04/2009	B	50000		8291920	37.49
531752	Wellworth Overseas Ltd.	Pinakin R. Shah	28/03/2009	S	5977000		--
531752	Wellworth Overseas Ltd.	Dipti Pinakin Shah	28/03/2009	S	1301000		--
531752	Wellworth Overseas Ltd.	Mahesh R. Shah	28/03/2009	S	2301000		--
512217	Woolite Mercantile Co. Ltd.,	Umesh Chamdia	26/03/2009	B	45000	2.26	1194470	59.96
512217	Woolite Mercantile Co. Ltd.,	Arwa Umesh	26/03/2009	S	45000	2.26	--

523204	Aban Offshore Ltd.,	SCHEMES OF SUNDARAM BNP PARIBAS MUTUAL FUND	31/03/2009	Acq	315035	0.83	2104421	5.57	*
511589	Almondz Capital & Management Services Ltd	INNOVATIVE MONEY MATTERS PVT LTD	31/03/2009	Acq	36700	0.37	2134702	21.31	*
531400	Almondz Global Securities Limited	ALMONDZ CAPITAL & MANAGEMENT SERVICES LTD &PAC	27/03/2009	Acq	17678	0.07	11951980	47.20	#
531400	Almondz Global Securities Limited	ALMONDZ CAPITAL & MANAGEMENT SERVICES LTD &PAC	30/03/2009	Acq	10827	0.04	11962807	47.24	#
531400	Almondz Global Securities Limited	ALMONDZ CAPITAL & MANAGEMENT SERVICES LTD &PAC	31/03/2009	Acq	21900	0.09	11984707	47.33	#
532141	Andhra Cement Ltd.,	SHUBH SHANTI SERVICES LTD	30/03/2009	Sale	15111760	11.40	0	0.00	*
532141	Andhra Cement Ltd.,	SKYLARK RUBBER PRODUCTS LTD.	30/03/2009	Acq	15111760	11.40	15804360	11.93	*
531381	Arihant Foundations & Housing Ltd.	STERLING PROJECTS & ENG. LTD & PAC	02/04/2009	Acq	18040	0.25	632598	8.97	*
532995	Avon Corporation Limited	PANKAJ P SARAIYA	02/04/2009	Acq	5000	0.03	6648483	40.10	*
590059	Bihar Tubes Ltd.	APL INFRASTRUCTURE PVT LTD & PAC	26/03/2009	Acq	471000	2.32	6646000	32.74	#
590059	Bihar Tubes Ltd.	APOLLO PIPES PVT LTD & PACS	28/03/2009	Acq	500000	2.46	6175000	30.42	#
532616	Cambridge Solutions Limited	XCHANGING (MAURITIUS) LTD.	01/04/2009	Acq	19228895	17.27	19228895	17.27	#
532339	Compucom Software Lt.	COMPUCOM TECHNOLOGIES PVT LTD	02/04/2009	Acq	2000	0.00	5360300	10.67	#
507442	Dharani Sugars & Chemicals Ltd	R MURUGAVEL	--	Sale	741513		--		*
507442	Dharani Sugars & Chemicals Ltd	DHARANI CREDIT & FINANCE P LTD	--	Acq	35790	0.14	3754440	14.79	*
507442	Dharani Sugars & Chemicals Ltd	DHARANI FINANCE LTD	--	Acq	11939	0.05	248039	0.98	*
507442	Dharani Sugars & Chemicals Ltd	DHARANI DEVELOPERS PVT LTD.	--	Acq	126910	0.50	1209088	4.76	*
507442	Dharani Sugars & Chemicals Ltd	ANANTHI DEVELOPERS LTD.	--	Acq	578813	2.28	1000000	3.94	*
500133	Esab India Ltd.	EXELVIA GROUP INDIA B.V	31/03/2009	Acq	341	0.00	8566031	55.65	#
523576	Flawless Diamond (India) Ltd.,	BHAWAR U JAIN	30/03/2009 - 31/03/2009	Acq	15002		229046	1.37	#
500720	Futura Polyesters Ltd.	DISTRIBUTORS (BOMBAY) PVT LTD.	30/03/2009	Sale	1822500	3.48	322404	0.61	#
500720	Futura Polyesters Ltd.	DISTRIBUTORS (BOMBAY) PVT LTD.	26/03/2009	Sale	1822500	3.48	322404	0.61	*
509024	Golden Legand Leasing & Finance Ltd	PRASIDH COMMERCIAL SERVICES PVT LTD	31/03/2009	Sale	5400	1.08	0	0.00	#
531913	Gopal Iron & Steels Co.(Gujarat) Lt	BHAVESHBHAI GOPALBHAI PATEL	31/03/2009	Acq	90000	1.79	318260	6.34	#
532702	Gujarat State Petronet Ltd.	INDIA DEVELOPMENT FUND	23/03/2009	Sale	2553000	0.45	11613854	2.07	#
532702	Gujarat State Petronet Ltd.	INDIA DEVELOPMENT FUND	24/03/2009	Sale	943183	0.17	10670671	1.90	#
500187	Hindustan Sanitaryware & Industries	NEW DELHI INDUSTRIAL PROMOTERS & INVESTORS LTD	26/03/2009	Acq	20410	0.04	--		#
500187	Hindustan Sanitaryware & Industries	SOMA INVESTMENTS LTD	26/03/2009	Acq	50000	0.09	--		#
500187	Hindustan Sanitaryware & Industries	SOMA INVESTMENTS LTD	26/03/2009	Acq	30000	0.05	--		#
500187	Hindustan Sanitaryware & Industries	NEW DELHI INDUSTRIAL PROMOTERS & INVESTORS LTD	26/03/2009	Acq	41300	0.08	--		#
526512	Interlink Petroleum Ltd.	ANIL MISRA	26/03/2009	Acq	500000	2.71	500000	2.71	#
526512	Interlink Petroleum Ltd.	KENNETH GERARD PEREIRA	27/03/2009	Acq	1400000	7.60	1400000	7.60	#
526512	Interlink Petroleum Ltd.	VIJAY MISRA	26/03/2009 - 27/03/2009	Sale	1900000	10.32	100000	0.54	*
526512	Interlink Petroleum Ltd.	ANIL MISRA	26/03/2009	Acq	500000	2.71	500000	2.71	*
526512	Interlink Petroleum Ltd.	KENNETH GERARD PEREIRA	27/03/2009	Acq	1400000	7.60	1400000	7.60	*
532976	Jai Balaji Industries Limited	JAI SALASAR BALAJI INDUSTRIES PVT. LTD.	30/03/2009	Acq	49502	0.11	2523624	5.36	#
590067	K C P SUGAR AND INDUSTRIES CORPORATION LTD.	DURGAMBA INVESTMENT PVT. LTD.	25/03/2009 - 27/03/2009	Acq	62705		--		#
512559	Kohinoor Foods Ltd	JUGAL KISHORE ARORA	30/03/2009	Acq	33000	0.12	3107851	11.02	*
512559	Kohinoor Foods Ltd	JUGAL KISHORE ARORA	31/03/2009	Acq	33460	0.12	3141311	11.14	*
512559	Kohinoor Foods Ltd	SATNAM ARORA	30/03/2009	Acq	33160	0.12	2421428	8.59	*
512559	Kohinoor Foods Ltd	SATNAM ARORA	31/03/2009	Acq	33048	0.12	2454476	8.71	*
512559	Kohinoor Foods Ltd	GURNAM ARORA	30/03/2009	Acq	34025	0.12	3512532	12.46	*
512559	Kohinoor Foods Ltd	GURNAM ARORA	31/03/2009	Acq	33492	0.12	3546024	12.58	*
503659	Lalphul Investments Ltd.,	KAMAL KHAITAN	30/03/2009	Acq	9000	4.50	9000	4.50	#
531027	Libords securities Ltd.	LIBORD EXPORTS PVT LTD	17/03/2009 - 31/03/2009	Acq	2600	0.05	513707	10.27	#
531027	Libords securities Ltd.	LIBORD EXPORTS P LTD	17/03/2009 - 31/03/2009	Acq	2600	0.05	513707	10.27	*
500271	Max India Ltd.,	T ROWE PRICE ASSOCIATES INC & ITS AFFILLIATES	01/04/2009	Acq	5161511	2.32	11130670	5.01	*
512505	Meenakshi Steel Industries Ltd.,	RUTGERS INVESTMENT & TRADING CO P LTD	31/03/2009	Acq	95000	4.77	190000	9.54	*
512505	Meenakshi Steel Industries Ltd.,	OSIRIS ONLINE PVT LTD.	31/03/2009	Acq	275000	13.81	275000	13.81	*
532307	Melstar Information Technologies Ltd.	BHARAT RAMANI & PAC's	02/04/2009	Sale	818944	5.73	0	0.00	#
531595	Money Matters Financial Services Ltd	JIGYASA PROPERTIES PVT. LTD.	02/04/2009	Acq	1643874	6.09	2465811	9.13	*
531595	Money Matters Financial Services Ltd	GAINFUL MULTITRADE PVT LTD & PACS	02/04/2009	Acq	904511	3.35	2135255	7.91	*
513179	National Steel & Agro Industries Ltd.	SANTOSH SHAHRA	30/03/2009	Sale	115580	0.35	477352	1.46	#
513179	National Steel & Agro Industries Ltd.	USHADEVI SHAHRA	30/03/2009	Acq	105555	0.32	230300	0.71	#
513179	National Steel & Agro Industries Ltd.	VISHESH SHAHRA	30/03/2009	Acq	221135	0.68	279760	0.86	#
532798	Network 18 Media & Investments Limited	BIRLA GLOBAL FINANCE CO. LTD (PLEDGEE)	02/04/2009	Acq	1316420	1.83	5045375	7.01	#
532798	Network 18 Media & Investments Limited	BIRLA GLOBAL FINANCE CO. LTD (PLEDGEE)	02/04/2009	Acq	1316420	1.83	5045375	7.01	*
502420	Orient Paper & Industries Ltd.	CENTRAL INDIA INDUSTRIES LTD	01/04/2009	Acq	9372		39277627	20.36	*
531349	Panacea Biotec Ltd.	FIRST LUCRE PARTNERSHIP CO & PAC's	01/04/2009	Acq	30000	0.05	45457057	68.01	*
531349	Panacea Biotec Ltd.	FIRST LUCRE PARTNERSHIP CO & PAC's	31/03/2009	Acq	3492		45427057	67.96	#
524636	S.S.Organics Ltd.	B SUBBA REDDY	28/03/2009	Acq	367800	4.78	1900600	24.68	#
500370	Salora International Limited	ARPIT CHAURASIA	27/03/2009	Acq	384134	4.36	384134	4.36	#
500370	Salora International Limited	MAYANK CHAURASIA	27/03/2009	Acq	404249	4.59	404249	4.59	#
532886	SEL Manufacturing Company Limited	DHIRAJ SALUJA & PAC's	13/03/2009 - 31/03/2009	Acq	356077	2.07	10169967	59.24	#
532886	SEL Manufacturing Company Limited	DHIRAJ SALUJA & PAC's	13/03/2009 - 31/03/2009	Acq	356077	2.07	10169967	59.24	*
511411	SHRISTI INFRASTRUCTURE DEVELOPMENT CORPORATION LTD.	ADISHAKTI RETAIL LTD & PAC'S	31/03/2009	Acq	821800	3.70	10838695	48.82	*
511411	SHRISTI INFRASTRUCTURE DEVELOPMENT CORPORATION LTD.	ADISHAKTI RETAIL LTD	31/03/2009	Acq	821800	0.00	10838695	48.82	#
523756	SREI Infrastructure Finance limited	ADHYATMA COMMERCIAL PVT LTD & PAC's	30/03/2009	Acq	25000	0.02	5775000	4.97	#
524542	Sukhjit Starch & Chemicals Ltd.	I K SARDANA	24/03/2009	Acq	2185		473632	6.41	#
524542	Sukhjit Starch & Chemicals Ltd.	K K SARDANA	23/03/2009	Acq	3041		486543	6.59	#
532299	Television Eighteen India Ltd.	T ROWE PRICE ASSOCIATES INC & ITS AFFILLIATES	31/03/2009	Acq	2799121	2.33	8010022	6.68	*
505400	Texmaco Ltd.,	ZUARI INDUSTRIES LIMITED	30/03/2009	Acq	4826819	4.36	23333769	21.06	#
524264	Unimers India Ltd.	SHUBH SHANTI SERVICES LTD	30/03/2009	Sale	1451548	9.13	0	0.00	*
524264	Unimers India Ltd.	SKYLARK RUBBER PRODUCTS LTD.	30/03/2009	Acq	1451548	9.13	1451548	9.13	*
511736	Ushdev International Ltd	PRATEEK GUPTA	31/03/2009	Acq	922		477644	1.72	#
511736	Ushdev International Ltd	PRATEEK GUPTA	27/03/2009	Acq	697	0.00	473058	1.71	#
512217	Woolite Mercantile Co. Ltd.,	ARWA UMESH	26/03/2009	Sale	45000	2.26	0	0.00	#
512217	Woolite Mercantile Co. Ltd.,	UMESH CHAMDIA	26/03/2009	Acq	45000	2.26	1194470	59.96	#

RESEARCH REPORTS