>Oil rich sheikhs buying GOLD?

Oil-rich Sheikhs in the Middle East are scared. How do I know?

Because they are buying gold like crazy!

First, we got the news that Saudi investors spent $3.47 BILLION on gold in a recent two-week period. On a ratio-to-GDP basis, that's like investors in the U.S. spending $131 BILLION.

Why are they doing this? The only explanation I've heard is that the Saudis are turning to gold as a safe haven in the midst of the global financial crisis. And since the financial crisis kicked into high gear in August ... something must be scaring them quite a bit more right now.
Second, Reuters reports that Iran is converting some of its foreign currency reserves to gold. Iran has $120 billion in foreign currency reserves ... there's no details on just how much was shoveled into the yellow metal.

Third, gold dealers in Dubai reported running low on gold during the recent Indian holiday, the Festival of Lights, a traditional time for Indians to buy gold. More than 50% of the population of Dubai originally comes from India. And about 20% of the world's gold is traded in Dubai.

The world is in the grip of economic hard times — over 40 countries are officially in a recession. Japan just joined that unhappy club. And the euro-zone nations are already there.


The oil producers are used to a world where U.S. oil imports always go up. But that world has been turned on its head. In September, crude oil imports dropped to 8.4 million barrels per day, down a whopping 16.5% from the average of 10.1 million barrels registered a year earlier.
U.S. crude oil tumbles.

This is helping the U.S. trade deficit, but for all the wrong reasons. The way to get lower oil prices is through conservation. Now though, Americans are being forced to conserve by economic hardship.

And since the U.S. uses one-fourth of the world's oil, our falling imports are a major driver of cratering oil prices ...

There is strong support for oil at $50. But you know that the Saudis, Iranians, Venezuelans and other OPEC heavyweights made their budget plans based on much higher prices. And cheap oil means the only way they can make up revenue is by pumping more oil ... which should weigh on prices even more.

Looking forward, it gets worse for the oil producers ...

Just last week, the Energy Information Agency projected that OPEC could earn $595 billion in 2009. That's way, way down from projections of $979 billion of net oil export revenues in 2008, and even lower than the $671 billion it earned in 2007.

Saudi Arabia earns 29% of OPEC's total revenues. If their revenues go back to 2006 levels, what will that do to the political situation in a country that is already sitting on a fundamentalist Islamic powder keg?

Yeah, that might be a really good reason for the Saudi fat-cats to buy gold

whether this step reap gains or backfires remains to be seen.

RESEARCH REPORTS

>Berkshire Hathaway Shareholders meeting at Omaha(2008)

Summary By Some Gentleman who attended the meet.

_________________________________________________________________
I had the good fortune to attend the 2008- Berkshire Hathaway Shareholders meeting at Omaha, Nebraska a few weeks back.


It was a wonderful experience listening to and learning from the Master Investor- Warren Buffett himself and all I can say is that he stands alone as the reigning deity of financial world's Mt Olympus!

The degree of humility and composure he exhibited, although he is the richest and most well respected human is stunning!

I tried to take some notes and would like to share with you some of the best questions and answers which came across during the conversation between we mortals and God.

Having read about him, observed him and worshipped him for a few years now, I think it is reasonable to believe that this guy is exactly what he seems: a plain-speaking, tee totaling man of uncrackable integrity who works really, really hard and sticks to his investing and management principles through boom and bust which makes him a freak of nature since he is above normal human tendencies. He is like a comet streaking through the heavens every 75 years or so.

The questions the shareholders threw at him for 7 continuous hours ranged from finances, life, religion, career, politics, sports and several other streams. And he answered everything with a Zen like calm and confidence.

Even if you are least bothered about investments and finances, I insist, Pl read on.

================

What does it take to become a successful investor? Brilliance or Smartness?

Neither, Success in investing doesn't correlate with I.Q. Once you have ordinary intelligence, what you need is the temperament to control the urges that gets other people into trouble in investing.

When do you deicide to invest in a firm?

The best thing that happens to us is when a great company gets into temporary trouble. We want to buy them when they're on the operating table. (Mr. Buffett bought Coke when it had its biggest fiasco after launching New Coke; he bought American Express when it went through a loss making phase in the early 60's)

What do you look for in people when they come to sell their firms to you?

I don't look for the usual credentials such as an MBA, a pedigree (Harvard, Wharton), or cash reserves or market cap of their firm. What I look for is just a passion in their eyes; I think that's the key. A person who is hungry will always do well. I prefer it when people evenafter selling stay on and work for the firm; they are people who can't wait to get off their bed to get to work. Passion is everything; there is no replacement for innate interest.

Mr. Buffett, you told us that Berkshire Hathaway has $ 45 Billion in cash. Why aren't you investing?

Up until a few years back I had more ideas than money. Now I have more money than ideas.

When do you plan to retire?

I love my job; I love it so much that I tap dance to work. Mrs. B, the founder of Nebraska Furniture Mark worked until she was 104, she died within 6 months of her retirement, that's a lesson to all my managers, don't retire! I personally am going to work 6-7 years after I die, probably that's what they mean when they say- "Thinking out of the Box"!!

Why do stock market crashes happen?

Because of human nature for greed and insecurity. The 1970s were unbelievable. The world wasn't going to end, but businesses were beinggiven away. Human nature has not changed. People will always behave in a manic-depressive way over time. They will offer great values to you."

What are the things that are taught wrong in Business school and the corporate world?

I like such open ended questions, I think Business schools should refrain from teaching their wards about profit making and profit making alone, it gives a sense of 1 dimensional outlook to the young students that loss is a curse. In reality, in the corporate world, failure and loss making are inevitable. The capital market without loss is like Christianity without hell. I think they should teach the student on how to buy a business, how to value a business? Not just on how to determine the price of a business. Because price is what you pay, value is what you get.

Do you still hate Technology stocks?

With Coke I can come up with a very rational figure for the cash it will generate in the future. But with the top 10 Internet companies,how much cash will they produce over the next 25 years? If you say you don't know, then you don't know what it is worth and you arespeculating, not investing. All I know is that I don't know, and if I don't know, I don't invest."

How to think about Investing?

The first investment primer was written by Aesop in 600 B.C. He said, 'A bird in the hand is worth two in the bush.' Aesop forgot to saywhen you get the two in the bush and what interest rates are; investing is simply figuring out your cash outlay (the bird in the hand) and comparing it to how many birds are in the bush and when you get them."

How do you feel after donating $ 40 Billion to the Bill and Melinda Gates foundation? You are a hero to us!
I feel nothing. I haven't sacrificed anything in life. I have had a good life. I donated after I turned 75. I think I admire those people who sacrifice their time, share their food and home, as the people to be emulated not me. Besides, what is money before a man's life?

What do you think are the pitfalls in donation?

I have never donated a dime to churches or other such organizations; I need to believe in something before I end up doing that. I have beenobserving the Bill & Melinda Gates foundation for years now and I am confident they will do a fantastic job of making use of the money. I am a big believer in Outsourcing, others believed in me as an Investor and gave their hard earned money to invest. I believe in Bill Gates, he is a better donor than me.

Why do you work from Omaha and not Wall Street, New York?

Wall Street is the only place where people alight from Rolls Royce to get advised by people who use the Public transportation system.

You seem to be so well read, tell us how it all started.

My father was a stock broker, so we had all these financial books in our library. He introduced me to those classics and I got into them. Iam lucky that my father was not a fan of Playboy! Reading is the best habit you can get. Well, you can learn from teachers too, and have mentors but there are so many constraints attached- they will talk fast, talk slow, they might talk like a pro or they might be terrible communicators. Books are a different animal altogether, I love reading! The beauty about reading and learning is that the more you learn the more you want to learn.

People who join Berkshire Hathaway seldom leave. How do you get along well with all your executives?

I try to get quality people. I always say - Hire someone in your organization who is better than you are. If you do that, you build a company of giants. If you get people worse than yourself, you build a company of dwarfs. And do not try to do everything yourself. Delegate the jobs and look out of the window. The results will come. That's how you build institutions. It happens only when you empower others, believe in others. Iam an investor, Iam very secured at that, I have no clue how to make Coca-Cola or how to dole out credit cards (Mr. Buffett owns 8% of Coca-Cola and 13 % of American Express). I understand the wisdom of the aphorism that you cannot please all thepeople all the time. Of Course, you will always find qualities that you don't like in people around you, but if you observe carefully the love of the work unites you both. There is no point in being obsessive about a bad quality in a person, whom you otherwise respect.

I am a small time businessman from Dallas, Texas, what do I need to do to hit big time?

Be patient, Achieving your financial goals and dreams will not happen overnight. As much as we would all really love to accomplish our goals in a few years, this is an ongoing process. Defining your financial goals is not a one-time task; you need to keep adding new plans atdifferent stages in your life. We all admire the skills of Olympic ice skaters, pro golfers, and concert pianists. But do we remember that they didn't acquire their skills overnight? They had to practice hours on end for years to achieve their dreams. The key to success is to continue learning throughout your life with a voracious appetite.

I think it is marvelous that you have had a golden run with investing, how did you do that?

My rule is to be fearful when others are greedy, and be greedy when others are fearful. Besides, I call investing the greatest job in the world because you never have to swing. You stand at the plate; the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity lost. All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it. Stay dispassionate and be patient. You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with drinking Coke, you should be OK. First the crowd is boozy on optimism and buying every new issue in sight. The next moment it is boozy on pessimism, buying gold bars and predicting another Great Depression, most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.

Mr. Buffett you have seen so many crashes and recessions, your take on facing recessions and stock market crashes?

If past history was all there was to the game, the richest people would be librarians. Every scenario is different. But always remember, Tough times do not last. Tough people do.

What is the 1 biggest advice you would impart to a young investor like me?

Think for a moment that you are given a car and told this is the only car you would get for the rest of your life. Then you would make sure that you car is taken care of well, it is oiled and detailed every now and then. You would make sure that it never gets rusted, and you would garage it. Think of yourself as that car. You just get 1 body, 1 mind and 1 soul. Take care of it well. Invest in yourself that would be my advice.

You personally know many of the Financial executives who are engineers of the current turmoil in the financial world, surprisingly even after record losses, those executives receive astronomical salaries and bonuses and arrogantly declare that they deserve it, why dint you advice them from making such decisions and what's your view on their justification for their pay?

I like sharing my ideas but don't like imposing my ideas on anybody. It doesn't make sense and is a waste of time. If somebody has decidedthat they know everything that is there to know, nobody can help them. The best way to learn and succeed is to know that we know nothing. There is an entire universe out there and still some of us think we can know everything. In the world of investing a few people after making some money tend to imagine they are invincible and great. This is the worst thing that could happen to any investor, because it surely means that the investor will end up taking unnecessary risks and end up losing everything – arrogance, ego and overconfidence are very lethal. Personally I don't feel too comfortable with too much extravagance, because I always think like an investor. My thought process doesn't see a lot of value in a fancy car or a designer suit. Thinking like an investor always is very important to bring in a sense of disciplineand focus. Before reading balance sheets and investing you need to make sure your outlook and mindset is that of an investor. Never let ego, arrogance and over-confidence control you - not just as an investor but also as a human being. You will never have internal peace if you are unable to look at everybody around you with love, compassion and understanding. Irrespective of who the person is, he or she can teach you something you don't know. I have learnt so much from people all around me and I wouldn't have been able to learn all thesewonderful things if I had not spoken to them with a smile. To quote Sir Isaac Newton- If I have seen farther than others, it is because I have stood on the shoulders of giants.


It was a 7 hour conversation and I could just capture some of the best questions and answers. As 37,000+ dazed, amazed and grateful shareholders trooped out of the stadium after the meeting, I found myself recalling one of my favorite quotes-

"A man has to learn that he cannot command things, but that he can command himself; that he cannot coerce the wills of others, but that he can mold and master his own will: and things serve him who serves truth; people seek guidance of him who is master of himself".

RESEARCH REPORTS

>INSIDE TRADING 25-11-2008

532727 Adhunik Metaliks Ltd. Goldman Sachs Invest. (Mauritius) Ltd 04/11/2008 - 14/11/2008 B 1000 -- 532727 Adhunik Metaliks Ltd. Goldman Sachs Invest.(Mauritius) Ltd 04/11/2008 - 14/11/2008 S 5007563 -- 532935 Aries Agro Limited, Dr. Jimmy Mirchandani 14/11/2008 B 16392 1643235 12.64 531590 Bilpower Ltd. Suresh Kumar Choudhary 18/11/2008 B 10000 0.09 259145 2.46 501833 Chowgule Steamships Ltd., Vijay Vishwasrao Chowgule 19/11/2008 - 20/11/2008 B 44739 685329 1.89 512018 CNI Research Ltd K P Ostwal HUF 21/11/2008 B 50000 0.16 70250 0.23 532339 Compucom Software Lt. Compucom Technologies Pvt. Ltd. -- B 10500 0.04 2547951 10.14 532608 Deccan Chronicle Holdings Ltd. T Venkattram Reddy 21/11/2008 B 160000 50577416 20.65 532608 Deccan Chronicle Holdings Ltd. T Vinayak Ravi Reddy 21/11/2008 B 160000 50577416 20.65 532608 Deccan Chronicle Holdings Ltd. P K Iyer 21/11/2008 B 160000 50577416 20.65 506401 Deepak Nitrite Limited C K Mehta 14/11/2008 - 18/11/2008 B 29879 0.33 258259 2.88 511072 Dewan Housing Finance Corpn. Ltd., Wadhawan Holdings Pvt Ltd. 19/11/2008 B 25692 0.04 3718341 6.14 511072 Dewan Housing Finance Corpn. Ltd., Wadhwan Holdings Pvt Ltd 20/11/2008 B 41000 0.07 3759341 6.21 531923 Dhampure Speciality Sugars Ltd. Mr. Sorabh Gupta -- B 7000 0.10 1802051 25.16 531923 Dhampure Speciality Sugars Ltd. Mr. Sorabh Gupta -- B 901 0.01 1795051 25.07 531923 Dhampure Speciality Sugars Ltd. Mr. Sorabh Gupta -- B 4000 0.06 1794150 25.05 532684 Everest Kanto Cylinders Ltd. Mrs.Suman Khurana 21/11/2008 B 5190 13935507 13.78 532521 Four Soft Limited Mr. Palem Srikath Reddy 19/11/2008 B 40103 8494480 21.80 509563 Garware Marine Industries Ltd., Mr. Ashok B Garware 01/10/2008 - 19/11/2008 B 25112 445593 9.01 532715 Gitanjali Gems Ltd. Mehul C Choksi 20/11/2008 B 135000 0.16 36018500 42.34 532715 Gitanjali Gems Ltd. Mehul C Choksi 19/11/2008 B 325000 0.38 35883500 42.18 532980 Gokul Refoils and Solvent Limited Pacific Corporate Services Ltd. 20/11/2008 S 10000 0.04 1076713 4.08 532980 Gokul Refoils and Solvent Limited Pacific Corporate Services Ltd. 19/11/2008 B 49482 0.19 1086713 4.12 501455 Greaves Cotton Ltd. M/s. Bharat Projects Pvt. Ltd. 18/11/2008 B 25000 0.05 -- 501455 Greaves Cotton Ltd. M/s. Karun Carpets Pvt. Ltd 18/11/2008 B 20000 0.04 -- 512579 Gujarat NRE Coke Ltd. Brinda Dealing Pvt. Ltd. 19/11/2008 B 731000 0.15 18996348 4.03 509073 Hathway Bhawani Cabletel & Datacom Kuldeep Puri 03/11/2008 - 12/11/2008 B 25400 155625 1.94 532747 Kingfisher Airlines Limited Capt G R Gopinath 17/11/2008 S 425000 11842638 4.45 500510 Larsen & Toubro Limited Mr. A.M. Naik 18/11/2008 - 20/11/2008 B 72161 2199311 0.37 505523 Maharashtra Industrial Leasing & Inv.Ltd. Tilokchand Kothari 18/11/2008 B 35306 1.00 122106 3.46 501343 Motor & General Finance (M.G.F.) Lt Ram Prakash & Co. Pvt. Ltd. -- B 13585 0.07 442689 2.28 531096 Mount Everest Mineral Water Ltd. Tata Tea Ltd 19/11/2008 B 20000 0.05 12220653 35.94 513023 Nava Bharat Ventures Ltd P. Trivikrama Prasad 21/11/2008 B 7050 1479992 1.90 513023 Nava Bharat Ventures Ltd P Rajashree 21/11/2008 B 10000 1399850 1.79 513023 Nava Bharat Ventures Ltd P.Shruthi 21/11/2008 B 10000 2074991 2.66 513023 Nava Bharat Ventures Ltd Devineni Rajasekhar 21/11/2008 - 22/11/2008 B 30000 2829905 3.63 513023 Nava Bharat Ventures Ltd A N Investments Private Ltd 21/11/2008 B 20000 0.02 3496832 4.48 511551 Networth Stock Broking Ltd. S P Jain 21/11/2008 B 30000 2701223 24.05 530305 Piccadily Agro Industries ltd. Sh. Siddhartha Vashishta 10/11/2008 - 12/11/2008 B 9031 0.03 1786328 7.57 507498 Piccadily Sugar & Allied Ltd. Sh. Siddhartha Vashishta 10/11/2008 - 14/11/2008 B 6634 0.02 4595344 15.57 526801 PSL Limited Mr.Ashok Punj -- B 5000 4892890 11.45 526801 PSL Limited Mr. Alok Punj -- B 4500 109500 0.25 526801 PSL Limited Mr. Alok Punj -- B 5500 115000 0.26 531273 Radhe Developers (India) ltd. Ashish P Patel 19/11/2008 B 100 1872717 18.40 531273 Radhe Developers (India) ltd. Ashish P Patel 20/11/2008 B 14838 1887555 18.54 530631 Rose Zinc Ltd. Mrs. Usha A Mehta 10/11/2008 B 100 352000 4.35 511754 Shalibhadra Finance Ltd. Mrs.Sheetal M Doshi 21/11/2008 B 201 1031037 20.61 511754 Shalibhadra Finance Ltd. Mrs. Sheetal M Doshi 20/11/2008 B 101 1030836 20.60 512499 Shalimar Productions Ltd. Tilokchand Kothari 18/11/2008 B 33706 0.15 533093 2.35 524542 Sukhjit Starch & Chemicals Ltd. Shri Dhiraj Sardana 17/11/2008 - 18/11/2008 B 226 344502 4.67 524542 Sukhjit Starch & Chemicals Ltd. Shri Puneet Sardana 17/11/2008 - 18/11/2008 B 543 336805 4.56 507785 Tainwala Chemicals & Plastics Ltd Dungarmal Tainwala 21/11/2008 B 1200 2221120 23.71 500148 Uflex Limited Anshika Consultants Pvt Limited 19/11/2008 - 20/11/2008 B 4615 27716104 500148 Uflex Limited Anshika Consultants Pvt Ltd 21/11/2008 B 382 27716486 526879 UT Ltd. Smt. Vandana Khaitan 18/11/2008 B 930 139433 2.29 526879 UT Ltd. Smt.Vandana Khaitan 20/11/2008 - 21/11/2008 B 1499 140932 2.31 532953 V-Guard Industries Ltd. Kochouseph Chittilapilly 17/11/2008 - 19/11/2008 B 16973 6375943 21.36

B - Buy

S - Sale

RESEARCH REPORTS

>INSIDE TRADING 24-11-2008

531897 Accentia Technologies Ltd. Pradeep Suseela Viswambharan 20/11/2008 B 900 1731294 13.27 532828 AMD Industries Ltd Harswarup Gupta 20/11/2008 B 50036 1839380 9.59 500096 Dabur India Ltd. Mr. Ambati Sudhakar 04/11/2008 - 11/11/2008 S 10000 228452 0.02 532608 Deccan Chronicle Holdings Ltd. T. Venkattram Reddy 20/11/2008 B 100000 50417416 20.59 532608 Deccan Chronicle Holdings Ltd. T. Vinayak Ravi Reddy 20/11/2008 B 100000 50417416 20.59 532608 Deccan Chronicle Holdings Ltd. P.K. Iyer 20/11/2008 B 100000 50417416 20.59 522261 Dolphin Offshore Enterprises (India) ltd. Rear Admiral Kirpal Singh 18/11/2008 B 525 481807 5.04 522261 Dolphin Offshore Enterprises (India) ltd. Satpal Singh 18/11/2008 B 1000 656411 6.86 522261 Dolphin Offshore Enterprises (India) ltd. Satpal Singh 19/11/2008 B 475 656886 6.87 532487 ECE Industries Ltd. Mr. Prakash Kumar Mohta 14/11/2008 B 126300 127480 2.90 532768 FIEM INDUSTRIES LIMITED Seema Jain 20/11/2008 B 16848 1346927 11.26 512579 Gujarat NRE Coke Ltd. Brinda Dealing Pvt Ltd. 18/11/2008 B 700000 0.15 18265348 3.85 509073 Hathway Bhawani Cabletel & Datacom Kuldeep Puri 03/11/2008 - 12/11/2008 B 25400 155625 1.94 532334 HB Estate Developers Ltd. Shri H C Bhasin 20/11/2008 B 2025 0.02 5491575 45.60 532334 HB Estate Developers Ltd. Shri H C Bhasin 21/11/2008 B 337 5491912 45.61 532333 HB Portfolio Ltd. Shri H C Bhasin 20/11/2008 B 825 0.01 5479120 45.69 532333 HB Portfolio Ltd. Shri H C Bhasin 21/11/2008 B 90 5479210 45.69 532636 India Infoline Ltd. Mr. Ketan Malkan 21/11/2008 S 5000 -- 532976 Jai Balaji Industries Limited K.D.Jajodia Steel Industries Pvt Ltd. 18/11/2008 B 23050 0.05 2385833 5.06 522259 Kalindee Rail Nirman (Engineers) Lt L & T Capital Company Ltd 18/11/2008 B 935508 8.33 1563502 13.92 516007 Mangalam Timber Products Ltd., Smt. Vidula Jalan 17/11/2008 B 11839 26688 0.14 516007 Mangalam Timber Products Ltd., Smt. Vidula Jalan 18/11/2008 B 3091 29779 0.16 516007 Mangalam Timber Products Ltd., Smt. Vidula Jalan 19/11/2008 B 3988 33767 0.18 516007 Mangalam Timber Products Ltd., Smt. Vidula Jalan 20/11/2008 B 6279 40046 0.22 523704 Mastek Limited Sudhakar Ram. 19/11/2008 B 1000 2782081 10.34 523704 Mastek Limited Ashank Desai. 19/11/2008 B 999 3177479 11.81 523704 Mastek Limited Ketan Mehta. 19/11/2008 B 1315 2509500 9.33 523704 Mastek Limited Sudhakar Ram. 20/11/2008 B 1500 2783581 10.35 523704 Mastek Limited Ashank Desai. 20/11/2008 B 1500 3178979 11.82 523704 Mastek Limited Ketan Mehta. 20/11/2008 B 1500 2511000 9.34 524816 Natco Pharma Ltd. Rajiv Nannapaneni. 18/11/2008 - 19/11/2008 B 15962 876072 3.12 513023 Nava Bharat Ventures Ltd P Trivikrama Prasad 20/11/2008 B 10000 1472942 1.89 513023 Nava Bharat Ventures Ltd A N Investments Private Ltd. 20/11/2008 B 20000 0.02 3476832 4.46 532864 Nelcast Limited P Radhakrishna Reddy 18/11/2008 B 4348 5094365 29.27 532864 Nelcast Limited P Radhakrishna Reddy 20/11/2008 B 4379 5098744 29.30 500304 NIIT Ltd., Mrs. Neeti Pawar 17/11/2008 - 20/11/2008 B 231000 0.14 1230099 0.75 500304 NIIT Ltd., Mrs. Renuka Vijay Thadani 17/11/2008 - 20/11/2008 B 231000 0.14 933617 0.57 532391 Opto Circuits (India) Ltd. Mrs. Usha Ramnani 14/11/2008 B 10000 3457668 3.67 511525 Pan India Corporation Ltd Shalani Dhoop Pvt Ltd. 18/11/2008 B 21345600 9.96 21345700 9.96 532606 Parekh Aluminex Ltd. Amitabh Arun Parekh 12/11/2008 B 265000 806650 5.21 531879 Pioneer Distilleries Ltd. K Sudhir Rao 05/11/2008 - 17/11/2008 B 18500 0.16 2393856 20.36 531879 Pioneer Distilleries Ltd. K Suhan Rao 05/11/2008 - 17/11/2008 B 18500 0.16 2391104 20.34 531273 Radhe Developers (India) ltd. Ashish P Patel 17/11/2008 - 18/11/2008 B 11650 1872617 18.39 507315 Sakthi Sugars Ltd. N Mahalingam 31/10/2008 - 19/11/2008 B 15000 145100 0.46 507315 Sakthi Sugars Ltd. M Manickam 03/11/2008 - 19/11/2008 B 29000 1690001 5.39 532993 Sejal Architectural Glass Limited Amrut Shivji Gada 17/11/2008 B 71589 2645839 9.44 532993 Sejal Architectural Glass Limited Mitesh Karji Gada 19/11/2008 B 50000 1333250 4.76 532993 Sejal Architectural Glass Limited Mitesh Karji Gada 20/11/2008 B 32500 1365750 4.87 532993 Sejal Architectural Glass Limited Shantilal Shivji Gada 19/11/2008 B 50000 1338000 4.78 532993 Sejal Architectural Glass Limited Shantilal Shivji Gada 20/11/2008 B 32500 1370500 4.89 532348 Subex Ltd Subhash Menon 17/11/2008 B 110000 2181307 6.25 532348 Subex Ltd Subhash Menon 18/11/2008 B 3000 2184307 6.26 532348 Subex Ltd Sudeesh Yezhuvath 17/11/2008 B 37630 279890 0.80 532348 Subex Ltd Sudeesh Yezhuvath 18/11/2008 B 14865 294755 0.84 532348 Subex Ltd Sudeesh Yezhuvath 19/11/2008 B 20505 315260 0.90 532348 Subex Ltd Subash Menon 20/11/2008 B 9000 2238307 6.42 532348 Subex Ltd Subash Menon 19/11/2008 B 45000 2229307 6.39 532804 Technocraft Industries (India) Ltd. Sharad Kumar Saraf 21/11/2008 B 672 224802 0.71 532804 Technocraft Industries (India) Ltd. Sudarshan Kumar Saraf 21/11/2008 B 13 8554187 27.13 532804 Technocraft Industries (India) Ltd. Sharad Kumar Saraf 20/11/2008 B 2077 224130 0.71 532804 Technocraft Industries (India) Ltd. Sudarshan Kumar Saraf 20/11/2008 B 2460 8554174 27.13 500148 Uflex Limited Anshika Consultants Pvt Ltd. 18/11/2008 B 540 27711489 500148 Uflex Limited Anshika Consultants Pvt Ltd 17/11/2008 B 1015 27710949 532824 Vijayeswari Textiles Ltd. HSBC Bank( Mauritius) Ltd 17/11/2008 B 1401192 7.71 1401192 7.71

B - Buy

S - Sale

RESEARCH REPORTS