>INSIDER TRADING 01-04-09

511589 Almondz Capital & Management Services Ltd Innovative Money Matters Pvt. Ltd. 25/03/2009 B 42970 0.42 1965910 19.62 511589 Almondz Capital & Management Services Ltd Innovative Money Matters Pvt. Ltd. 26/03/2009 B 39310 0.39 2005220 20.02 500425 Ambuja Cements Ltd. Manju Taparia 23/03/2009 - 24/03/2009 S 52000 -- 532853 Asahi Songwon Colors Ltd. Gokul M. Jaykrishna 25/02/2009 - 23/03/2009 B 25417 1129517 9.20 532995 Avon Corporation Limited Pankaj Saraiya 30/03/2009 B 117000 6508483 39.25 524516 Bacil Pharma Ltd. Prakash Bhoorchand Shah 30/03/2009 B 240400 4.08 289100 4.91 532845 Bhagwati Banquets & Hotels Ltd Raj Shah Enterprise Pvt. Ltd. -- B 650021 2.22 3557064 12.15 532845 Bhagwati Banquets & Hotels Ltd Mavi Investment Fund Ltd. 12/03/2009 - 24/03/2009 S 1000000 3.41 750000 2.56 532523 Biocon Ltd. HDFC Asset Management Company Ltd.&PACs 25/03/2009 B 4066541 2.03 14380541 7.19 532339 Compucom Software Lt. Compucom Technologies Pvt Ltd. -- B 7742 0.01 5346475 10.64 532339 Compucom Software Lt. Compucom Technologies Pvt. Ltd. -- B 2580 5349055 10.64 532640 Cyber Media (India) Ltd. Pradeep Gupta 30/01/2009 - 25/03/2009 B 13023 0.13 2552099 25.52 532640 Cyber Media (India) Ltd. Pradeep Gupta 25/03/2009 B 25000 2577099 25.77 532903 DHANUS TECHNOLOGIES LIMITED Volrado Venture Partners 17/03/2009 - 19/03/2009 S 510000 2.84 960000 5.35 532322 Elder Pharmaceuticals Ltd Semit Pharmaceuticals & Chemicals Pvt Lt 17/03/2009 - 24/03/2009 B 5503 1848382 9.80 500133 Esab India Ltd. Exelvia Group India BV & PAC 27/03/2009 B 10801 0.07 8563090 55.63 532787 ESS DEE Aluminium Limited Apis Global Deep Value LP 24/03/2009 B 5820 199164 532787 ESS DEE Aluminium Limited Apis Global Deep Value Offshore Cap Ltd. 24/03/2009 B 9680 336554 532296 Glenmark Pharmaceuticals ltd Abhinna Sundar Mohanty 23/03/2009 - 24/03/2009 S 17500 22000 0.01 532857 Glory Polyfilms Ltd Yogesh P. Kela 24/03/2009 S 75799 -- 532857 Glory Polyfilms Ltd Yogesh P. Kela 23/03/2009 - 24/03/2009 B 175000 4708450 26.95 532754 GMR Infrastructure Limited GMR Holdings Private Ltd. 27/03/2009 - 30/03/2009 B 1450000 1362973238 74.86 532734 GODAWARI POWER AND ISPAT LTD. M/s Ram Real Mart Pvt Ltd. 25/03/2009 B 12500 0.04 550551 1.96 523477 Gujarat Gas Co. Ltd. GGCL Emp. Welfare Stock Option Trust 24/03/2009 - 26/03/2009 B 28002 135237 0.21 532334 HB Estate Developers Ltd. H. C. Bhasin 30/03/2009 B 45286 0.38 6083591 50.52 532333 HB Portfolio Ltd. H C Bhasin 30/03/2009 B 200 6053724 50.48 507438 IFB Agro Industries Ltd IFB Automotive Pvt. Ltd. 24/03/2009 B 390000 707665 8.84 507438 IFB Agro Industries Ltd Asansol Bottling & Packaging Co Pvt. Ltd 24/03/2009 S 390000 72197 0.90 505726 IFB Industries Limited IFB Automotive Pvt Ltd. 26/03/2009 B 1460000 5.06 14354410 505726 IFB Industries Limited Asansol Bottling & Packaging Co. Pvt Ltd 26/03/2009 B 1480000 2466428 532976 Jai Balaji Industries Limited Jai Salasar Balaji Industries Pvt. Ltd. 24/03/2009 B 15052 0.03 2439249 5.18 532976 Jai Balaji Industries Limited Jai Salasar Balaji Industries Pvt. Ltd. 25/03/2009 B 17281 0.04 2456530 5.22 531861 Joindre Capital Services Ltd. Neharaj Stock Brokers P Ltd. 25/03/2009 - 26/03/2009 B 57365 0.41 1024255 7.40 512559 Kohinoor Foods Ltd Satnam Arora 25/03/2009 B 26000 0.09 2305768 8.18 512559 Kohinoor Foods Ltd Jugal Kishore Arora 25/03/2009 B 26914 0.10 2994195 10.62 512559 Kohinoor Foods Ltd Jugal Kishore Arora 26/03/2009 B 18955 0.07 3013150 10.69 512559 Kohinoor Foods Ltd Jugal Kishore Arora 27/03/2009 B 61701 0.22 3074851 10.91 512559 Kohinoor Foods Ltd Satnam Arora. 26/03/2009 B 29606 0.11 2335374 8.28 512559 Kohinoor Foods Ltd Satnam Arora. 27/03/2009 B 52894 0.19 2388268 8.47 532783 LT Foods Limited Ashwani Arora 23/03/2009 - 24/03/2009 B 31100 2166080 9.73 532783 LT Foods Limited Surinder Kumar Arora 23/03/2009 B 7000 2165791 9.73 532783 LT Foods Limited Ashok Arora 24/03/2009 B 14100 2121740 9.53 532783 LT Foods Limited Surinder Kumar Arora 24/03/2009 B 11600 2177391 9.78 532783 LT Foods Limited Surinder Kumar Arora 25/03/2009 B 12247 2189638 9.83 524232 Maharashtra Polybutenes Ltd Brijmohan Rathi 23/03/2009 S 25000 -- 532720 Mahindra & Mahindra Financial Services Limited Bharat N. Doshi 26/03/2009 B 40000 113287 0.11 516007 Mangalam Timber Products Ltd., Padmavati Investment Ltd. 26/03/2009 - 27/03/2009 B 123051 0.67 1079999 5.89 531642 Marico Limited Rajen Mariwala 26/03/2009 S 275000 4808200 0.79 532408 Megasoft Ltd. Ashish Dhawan 24/03/2009 B 222131 0.50 -- 5.28 532408 Megasoft Ltd. ICICI Prudential Mutual Fund 19/03/2009 S 800000 1.80 2848382 6.43 532850 MIC Electronics Limited Venkata Ramana Rao Maganti 05/03/2009 - 12/03/2009 S 698807 31037433 30.84 531595 Money Matters Financial Services Ltd Rajesh Sharma 28/03/2009 B 6321159 0.00 8971159 33.23 531595 Money Matters Financial Services Ltd Money Matters (India) Pvt. Ltd. 28/03/2009 B 6955514 25.76 9871453 36.56 511549 Morarka Finance Ltd. G. R. Morarka 26/03/2009 - 27/03/2009 B 400 8121 0.18 519560 Neha International Ltd. G. Vinod Reddy 23/03/2009 B 64201 0.47 5100636 37.05 532912 Net 4 India Ltd. Sterling Capital Pvt. Ltd -- B 3016 2320616 13.85 531092 OM Metals Infraprojects Ltd T.C. Kothari & Sons Family Trust -- B 12500 0.01 11388180 11.83 532466 Oracle Financial Services Software Limited Manmath Kulkarni 24/03/2009 S 2000 64385 532810 Power Finance Corporation Ltd Madhu Malti Gosian 27/01/2009 - 24/03/2009 S 4596 60 532718 Pratibha Industries Ltd. Vinayak Bhagwan Kulkarni 24/03/2009 - 25/03/2009 B 10000 1578700 9.46 507649 Rasoi Ltd., J. L. Morison (India) Ltd. 25/02/2008 - 23/03/2009 B 45962 2.38 336300 17.41 513262 Steel Strips & Wheels Ltd Dheeraj Garg 25/03/2009 - 26/03/2009 B 4120 738311 5.65 513530 Stelco Strips Ltd. Abhishek Jindal 24/03/2009 - 25/03/2009 B 61000 0.68 356900 3.98 513530 Stelco Strips Ltd. Shweta Jindal 24/03/2009 - 25/03/2009 B 60505 0.67 296000 3.30 533033 The Saraswati Industrial Syndicate Limited The Yamuna Syndicate Limited 23/03/2009 B 250 3051477 41.41 532356 Triveni Engineering & Industries Ltd Tarnik Investments & Trading Ltd. 26/03/2009 B 6577 0.00 18680527 7.24 500148 Uflex Limited Anshika Consultants Pvt. Ltd 27/03/2009 B 1037 27872288 530363 Ugar Sugar Works Ltd. S B Reshellers Pvt. Ltd. 26/03/2009 - 27/03/2009 S 179500 0.16 16469693 14.64 511147 Wall Street Finance Ltd. Asgar S. Patel 26/03/2009 S 1000000 1260052 10.84 511147 Wall Street Finance Ltd. Areef A. Patel 26/03/2009 B 1000000 1170000 10.06 507817 Wires & Fabriks (SA) Ltd., W & F Securities Pvt. Ltd. 27/03/2009 B 14100 0.46 1693969 55.42 507817 Wires & Fabriks (SA) Ltd., BKM Mercantile Pvt. Ltd. 27/03/2009 B 100 100 507817 Wires & Fabriks (SA) Ltd., KIL Trading Pvt. Ltd. 27/03/2009 B 100 100 507817 Wires & Fabriks (SA) Ltd., KMI Estates Pvt. Ltd. 27/03/2009 B 100 100 507817 Wires & Fabriks (SA) Ltd., Kingsley Mercantile Pvt. Ltd. 27/03/2009 B 100 100 507817 Wires & Fabriks (SA) Ltd., Kingsley Industries Ltd. 27/03/2009 B 100 100 507817 Wires & Fabriks (SA) Ltd., W & F Commercial Pvt. Ltd. 27/03/2009 B 100 100 507817 Wires & Fabriks (SA) Ltd., W & F Trading Pvt. Ltd. 27/03/2009 B 100 100 507817 Wires & Fabriks (SA) Ltd., W & F Millinnium Mercantile Ltd. 27/03/2009 B 100 100 507817 Wires & Fabriks (SA) Ltd., W & F Chemicals Ltd. 27/03/2009 B 100 100

B - Buy

S - Sale

RESEARCH REPORTS

>INSIDER TRADING 31-03-09

530499 A.K.Capital Services Ltd. FirstRand (Ireland) Plc. 25/03/2009 - 27/03/2009 S 155102 2.67 257073 4.43 532975 AISHWARYA TELECOM LIMITED G.Rama Manohar Reddy 30/03/2009 B 5000 3580834 33.59 532975 AISHWARYA TELECOM LIMITED G Rama Manohar Reddy 27/03/2009 B 2603 3575834 33.54 532975 AISHWARYA TELECOM LIMITED G.Rama Manohar Reddy 26/03/2009 B 5000 3573231 33.51 532975 AISHWARYA TELECOM LIMITED G.Rama Manohar Reddy 30/03/2009 B 5000 3585834 33.63 511589 Almondz Capital & Management Services Ltd Innovative Money Matters Pvt. Ltd. 24/03/2009 B 50000 0.49 1922940 19.19 530715 Alps Industries Ltd. K. K. Agarwal 20/03/2009 - 23/03/2009 B 300000 1147460 3.32 530999 Balaji Amines Ltd. A. Prathap Reddy 17/03/2009 - 23/03/2009 B 1328 743539 11.47 532330 Biopac India Corporation Ltd Pankaj B. Doshi 25/03/2009 - 26/03/2009 B 8849 3362182 21.01 532929 Brigade Enterprises Limited M R Jaishankar 24/03/2009 - 26/03/2009 B 54810 23006913 20.49 532405 CCS Infotech Ltd. M. A. Hasan Abdul Khader 23/03/2009 B 489595 4.87 907695 9.03 532548 Century Plyboards (India) Ltd. Sanjay Agarwal 25/03/2009 - 26/03/2009 S 237800 0.11 1742650 532548 Century Plyboards (India) Ltd. Brij Bhushan Agarwal & Sons (HUF) 25/03/2009 - 26/03/2009 S 300000 0.14 3737490 530871 Chembond Chemicals Ltd. Visan Holdings & Financial Ser Pvt Ltd 25/03/2009 B 3681 151437 532640 Cyber Media (India) Ltd. Pradeep Gupta 26/03/2009 B 60000 2637099 26.36 500096 Dabur India Ltd. Mr. Ambati Sudhakar 24/03/2009 S 5000 193452 0.02 522261 Dolphin Offshore Enterprises (India) ltd. Dolphin Offshore Projects Ltd. 23/03/2009 - 24/03/2009 B 407 1756520 18.36 500246 Envair Electrodyne Ltd. Mr. Shripad Mirashi 24/03/2009 B 4 1563571 51.43 532684 Everest Kanto Cylinders Ltd. Suman Khurana 25/03/2009 B 5000 14014235 13.85 503699 Geodesic Ltd. SR Global (Mauritius) Ltd. (Class C Int) 20/03/2009 B 1527444 1.66 6941726 7.53 503699 Geodesic Ltd. Sloane Robinson LLP & PACs 20/03/2009 B 1527444 1.66 11217239 12.17 532754 GMR Infrastructure Limited GMR Holdings Pvt. Ltd. 23/03/2009 B 1150000 0.06 1361523238 74.78 532754 GMR Infrastructure Limited G.Mallikarjuna Rao 24/03/2009 B 125000 126665 0.00 532754 GMR Infrastructure Limited G.B.S Raju 24/03/2009 B 125000 225830 0.01 532754 GMR Infrastructure Limited G.Kirankumar 24/03/2009 B 125000 225830 0.01 532754 GMR Infrastructure Limited Srinivas Bommidala 24/03/2009 B 125000 225830 0.01 532754 GMR Infrastructure Limited Grandhi Varalakshmi 25/03/2009 B 50000 300830 0.01 532754 GMR Infrastructure Limited G.Smitha Raju 25/03/2009 B 50000 75000 532754 GMR Infrastructure Limited G.Ragini 25/03/2009 B 50000 75000 532754 GMR Infrastructure Limited B.Rama Devi 25/03/2009 B 50000 68000 532334 HB Estate Developers Ltd. H. C. Bhasin 27/03/2009 B 51225 0.43 6038305 50.14 532334 HB Estate Developers Ltd. H. C. Bhasin 25/03/2009 B 55280 0.46 5934176 49.28 532334 HB Estate Developers Ltd. H. C. Bhasin 26/03/2009 B 52904 0.44 5987080 49.72 532333 HB Portfolio Ltd. H C Bhasin 26/03/2009 B 1796 0.01 6053524 50.48 532636 India Infoline Ltd. Dhiraj Chaudhary 26/03/2009 S 500 29300 532967 Kiri Dyes and Chemicals Limited Arena Textiles & Industries Ltd. 24/03/2009 B 800000 5.33 800000 5.33 505283 Kirloskar Pneumatic Co.Ltd. Better Value Holdings Pvt. Ltd. 25/03/2009 B 209962 1.63 2119498 16.50 505283 Kirloskar Pneumatic Co.Ltd. Kirloskar Integrated Technology Ltd. 25/03/2009 S 209962 1.63 -- 500250 L.g.Balkrishnan & Bros. Ltd. B.Vijayakumar 25/03/2009 B 3204 9984604 12.72 500257 Lupin Ltd Bosco Caridade Martins 19/03/2009 S 200 -- 524000 Magma Fincorp Limited Vanita Chamria 27/03/2009 B 42878 0.19 48592 0.22 532819 MindTree Limited Rostow Ravanan 23/03/2009 - 26/03/2009 S 18334 479319 1.26 509760 Modern Shares and Stockbrokers Ltd. Bhagwanti Exports Pvt. Ltd. -- B 10200 0.35 1074025 500314 Oriental Hotels Ltd., D. Varada Reddy 12/03/2009 - 23/03/2009 B 16020 420361 2.35 500314 Oriental Hotels Ltd., D. Varada Reddy 12/03/2009 B 140 -- 531349 Panacea Biotec Ltd. First Lucre Partnership Co. 26/03/2009 - 27/03/2009 B 245150 0.37 1772220 2.65 521080 Pasari Spinning Mills Ltd. Pasari Exports Ltd. 20/03/2009 S 200000 2.92 5366250 46.39 521080 Pasari Spinning Mills Ltd. Pasari Exports Ltd. 20/03/2009 B 2552 5368802 532517 Patni Computer Systems Limited Mrs. Poonam Patni 25/03/2009 B 167000 20697998 16.16 532517 Patni Computer Systems Limited Mr. Gajendra K. Patni 25/03/2009 B 167200 4089300 3.19 532517 Patni Computer Systems Limited Mr. Ashok K. Patni 25/03/2009 B 167200 9423800 7.36 526773 Pressure Sensitive Systems (India) Raj Prehar 24/03/2009 S 850000 13.41 1223800 19.31 532866 Quintegra Solutions Limited Shankarraman Vaidyanathan 23/03/2009 - 30/03/2009 S 346076 1.30 5783036 21.56 533017 Resurgere Mines & Minerals India Limited Rajesh Sharma 26/03/2009 S 14980 13500 0.04 532766 Richa Industries Limited Jewel Garments Pvt. Ltd. (Revised) 16/02/2009 - 19/03/2009 B 158585 236995 1.40 532766 Richa Industries Limited Jewel Garments Pvt. Ltd. 23/03/2009 - 26/03/2009 B 50609 287604 1.69 500366 Rolta India Ltd., M/s.Rolta Shares & Stocks Pvt. Ltd 30/03/2009 B 420000 6462512 4.01 526981 Shri Bajrang Alloys ltd. Anand Goel 24/03/2009 - 27/03/2009 B 15300 108000 1.20 526981 Shri Bajrang Alloys ltd. Aruna Goel 26/03/2009 - 27/03/2009 B 5000 49400 0.55 526981 Shri Bajrang Alloys ltd. Kiran Goel 26/03/2009 B 2500 50200 0.56 526981 Shri Bajrang Alloys ltd. Neeta Goel 26/03/2009 - 27/03/2009 B 5000 96200 1.07 526981 Shri Bajrang Alloys ltd. Sarla Goel 26/03/2009 - 27/03/2009 B 5000 0.00 38000 0.42 526981 Shri Bajrang Alloys ltd. Dinesh Goel 27/03/2009 B 2500 64000 0.71 526981 Shri Bajrang Alloys ltd. Hariram Goel 27/03/2009 B 2500 59500 0.66 526981 Shri Bajrang Alloys ltd. Rajendra Goel 27/03/2009 B 2500 199900 2.22 523756 SREI Infrastructure Finance limited Adhyatma Commercial Pvt. Ltd. 23/03/2009 - 24/03/2009 B 1001000 0.86 3283000 2.82 523756 SREI Infrastructure Finance limited Adhyatma Commercial Pvt. Ltd. 25/03/2009 - 27/03/2009 B 2467000 2.12 5750000 4.95 500404 Sunflag Iron & Steel Co. Ltd., Supra Corporation Ltd. 25/03/2009 - 26/03/2009 B 586423 0.36 8052356 4.96 532790 Tanla Solutions Ltd. Gautam Sabharwal 25/03/2009 B 10000 7316600 7.32 505397 Techno Electric & Engg. Co. Ltd., M/s. Varanasi Commercial Limited 24/03/2009 B 1925000 3.37 12194900 21.36 505397 Techno Electric & Engg. Co. Ltd., Citigroup Vent. Cap. Intl. Growth & PACs 24/03/2009 S 2854000 4.99 3146000 5.51 533033 The Saraswati Industrial Syndicate Limited The Yamuna Syndicate Limited 24/03/2009 B 417 0.00 3051894 41.41 532824 Vijayeswari Textiles Ltd. Sheshraj Enterprises Pvt Ltd. 25/03/2009 B 2786 0.01 7641232 42.05

B - Buy

S - Sale

RESEARCH REPORTS