>INSIDER TRADING 23-01-2009

524348 Aarti Drugs Limited Jayshree H Shah(wife of Harit P Shah) 30/12/2008 - 16/01/2009 B 13433 48719 0.42 519183 ADF Foods Limited. H Thakkar Property Investment Ltd 14/01/2009 - 19/01/2009 B 5361 5939 0.03 532799 Akruti City Ltd. Mahipatray V Shah-HUF 20/01/2009 B 65000 0.09 8900000 13.34 532828 AMD Industries Ltd Harswarup Gupta 19/01/2009 B 1385 2021986 10.54 531881 Arvind Chemicals ltd. Ruchika Tradelink Pvt Ltd & Others 14/01/2009 - 15/01/2009 B 194100 0.00 6238285 31.50 531881 Arvind Chemicals ltd. Ruchika Tradelink Pvt Ltd & Others 16/01/2009 B 98539 0.50 6336824 32.00 504646 Bhagwati Autocast Limited Ms. Reena P. Bhagwati. 12/01/2009 - 16/01/2009 B 1950 0.00 307112 10.66 504646 Bhagwati Autocast Limited Mrs. Mandakini P. Bhagwati. 12/01/2009 - 16/01/2009 B 1719 0.00 235640 8.18 533006 Birla Cotsyn (India) Limited Bilpower Ltd. 07/01/2009 - 19/01/2009 S 3788675 3.24 -- 526709 BITS Ltd Romano Investments Pvt Ltd 09/01/2009 B 14875913 13.30 14875913 13.30 526709 BITS Ltd SRG Human Resources Development Ltd &PAC 10/01/2009 B 5093250 4.55 60464591 54.04 532548 Century Plyboards (India) Ltd. Brij Bhushan Agarwal 15/01/2009 - 16/01/2009 S 191500 0.08 7843659 0.00 532640 Cyber Media (India) Ltd. Mrs.Anuradha Gupta(wifeof Pradeep Gupta) 11/12/2008 - 16/01/2009 B 26159 356873 3.56 521151 Dhanlaxmi Fabrics Ltd. Mrs. Kamla R Jhawar 14/01/2009 B 12130 110930 1.84 521151 Dhanlaxmi Fabrics Ltd. Mrs. Vandana V Jhawar 14/01/2009 B 20000 64400 1.07 526783 Dr.Agarwals Eye Hospital Ltd. Dr. Amar Agarwal. 10/11/2008 B 200 154913 3.44 532996 FIRST WINNER INDUSTRIES LTD Real Marketing Pvt Ltd. 14/01/2009 B 261701 1.47 1816986 10.25 501848 Garware Offshore Services Limited Ashok B Garware 12/12/2008 - 19/01/2009 B 11428 145105 0.61 532345 Gati Limited Mahendra Kumar Agarwal 21/01/2009 - 22/01/2009 B 56994 1785417 2.10 532808 House of Pearl Fashions Limited Pallak Seth 09/01/2009 - 16/01/2009 B 11931 0.06 1306461 6.69 500199 IG Petrochemicals Ltd Shekhavati Investment Corporation Ltd -- B 3866610 12.56 4078210 13.24 500202 India Lease Devl. Ltd., MGF Services Ltd. 20/01/2009 B 6074 269362 2.64 532388 Indian Overseas Bank Life Insurance Corporation Of India. 14/01/2009 B 200000 0.03 27264924 5.00 532976 Jai Balaji Industries Limited Jai Salasar Balaji Industries Pvt Ltd. 16/01/2009 B 7886 0.02 2172038 4.62 532747 Kingfisher Airlines Limited Deccan Emerging Business Ventures P Ltd 19/01/2009 S 230934 0.08 1071429 0.40 513269 Man Industries (India) Ltd Nikhil Mansukhani 16/01/2009 B 6861 811398 1.52 532748 Prime Focus Limited ICG Q Limited 16/01/2009 S 10497 -- 532748 Prime Focus Limited ICG Q Limited 16/01/2009 B 268593 995286 7.82 532791 PYRAMID SAIMIRA THEATRE LTD. Mr. Nirmal Kotecha 30/12/2008 - 07/01/2009 S 4381450 15.49 47502 0.16 517214 Spice Mobiles Ltd Mr. Krishan Lal Chugh 13/01/2009 S 7228 67803 0.09 517214 Spice Mobiles Ltd Mr. Krishan Lal Chugh 14/01/2009 - 15/01/2009 S 20337 47466 0.06 517214 Spice Mobiles Ltd Mr. Krishan Lal Chugh 16/01/2009 S 7103 40363 0.05 523756 SREI Infrastructure Finance limited ICICI Pru.MF & Pru.AssetMgmt(Sing)Ltd. 30/12/2008 S 1443827 1.24 4485249 3.86 524542 Sukhjit Starch & Chemicals Ltd. I K Sardana 16/01/2009 B 378 364334 4.94 532874 Suryachakra Power Corporation Ltd. Mrs. M Mangatayaru 12/01/2009 - 16/01/2009 B 11000 1286867 1.68 533033 The Saraswati Industrial Syndicate Limited The Yamuna Syndicate Ltd 20/01/2009 - 21/01/2009 B 25747 0.35 2982987 40.48 533033 The Saraswati Industrial Syndicate Limited Mr. Aditya Puri 20/01/2009 B 299 428557 5.82 500148 Uflex Limited Anant Overseas Private Ltd 21/01/2009 - 22/01/2009 B 4043 27758787 532824 Vijayeswari Textiles Ltd. Seshraj Enterprises Pvt Ltd 09/01/2009 B 1100 7299910 40.18

B - Buy

S - Sale

RESEARCH REPORTS

>INSIDER TRADING 22-01-2009

532828 AMD Industries Ltd Harswarup Gupta 21/01/2009 B 8844 2032730 10.60 508136 B & A Ltd. Hemendra Prasad Barooah 19/01/2009 - 21/01/2009 B 4885 843407 27.21 526783 Dr.Agarwals Eye Hospital Ltd. Dr. Amar Agarwal. 18/11/2008 B 1500 156413 3.48 532015 Gravity (India) Ltd. Smt. Dakshaben R. Thakkar. 14/01/2009 B 2103 0.02 72627 0.81 532960 Indiabulls Securities Limited Merrill Lynch Cap Mkts Espana SA SV. 25/11/2008 B 1703348 0.67 13756635 5.42 532921 Mundra Port and Special Economic Zone Limited Malay Rameshchandra Mahadevia HUF. 15/01/2009 S 20000 40000 0.01 532921 Mundra Port and Special Economic Zone Limited Malay Ramesh Mahadevia. 14/01/2009 S 42000 134893 0.03 523391 Nahar Investment and Holding Ltd Dinesh Oswal (Revised) 06/01/2009 B 51303 0.21 81550 0.33 526721 Nicco Parks And Resorts Ltd. Rajive Kaul 15/01/2009 B 150 179050 3.82 532391 Opto Circuits (India) Ltd. Mr. Vinod Ramnani 13/01/2009 B 540000 25150986 15.71 532391 Opto Circuits (India) Ltd. Mr. Vinod Ramnani -- B 837000 -- 500111 Reliance Capital Limited Quantum (M) Limited 24/01/2007 - 14/01/2009 S 6708642 0 0.00 500111 Reliance Capital Limited Quantum (M) Limited 24/01/2007 - 14/01/2009 B 2667836 7294296 2.97 531952 Riba Textiles Ltd. Ravinder Garg. 09/01/2009 S 100000 1.27 250912 3.18 531952 Riba Textiles Ltd. Amit Garg. 09/01/2009 S 100000 1.27 908400 11.51 531952 Riba Textiles Ltd. Nitin Garg. 09/01/2009 S 100000 1.27 670012 8.49 532310 Shree Rama Multi-tech Ltd. Mr. Sharad Champaklal Jariwala. 13/01/2009 B 25003 57569 0.09 531088 Tulip Star Hotels Ltd. Dr. Ajit B. Kerkar. 14/01/2009 B 4480 0.10 183070 0.00 500148 Uflex Limited Anant Overseas Pvt Ltd. 14/01/2009 - 15/01/2009 B 4500 27751830 500148 Uflex Limited Anant Overseas Pvt Ltd. 16/01/2009 B 2000 27753830 532953 V-Guard Industries Ltd. Kochouseph Chittilappilly 13/01/2009 - 14/01/2009 B 8749 6579171 22.04

B - Buy

S - Sale

RESEARCH REPORTS

>INSIDER TRADING 21-01-2009

532056 Adinath Exim Resources Ltd. Mr. Manoj Savla (HUF) 31/10/2008 B 700 700 0.01 532799 Akruti City Ltd. Mahipatray V. Shah - HUF. 15/01/2009 S 400000 0.59 8835000 13.24 532828 AMD Industries Ltd Harswarup Gupta. 15/01/2009 B 23434 2020601 10.54 532828 AMD Industries Ltd Harswarup Gupta 20/01/2009 B 1900 2023886 10.55 531881 Arvind Chemicals ltd. Ruchika Tradelink Pvt Ltd & Others. 12/01/2009 - 13/01/2009 B 189073 0.00 6044185 30.52 522261 Dolphin Offshore Enterprises (India) ltd. Dolphin Offshore Projects Ltd 19/01/2009 - 20/01/2009 B 5851 0.06 1733380 18.12 500134 Essar Oil Ltd. Teletech Investments (India) Ltd. 16/01/2009 B 67000000 5.58 95640916 7.96 500134 Essar Oil Ltd. Essar Investments Ltd. 16/01/2009 S 67000000 5.58 11515221 0.96 526227 Filatex India Ltd. Nouvelle Securities Pvt Ltd 16/01/2009 - 19/01/2009 B 1076 0.01 357947 2.09 532754 GMR Infrastructure Limited GMR Holdings Pvt Ltd. 13/01/2009 B 217000 0.01 1349428710 74.11 502901 Jam Shri Ranjitsinghji Spg.& Wvg.Mi Navratan Damani. 16/01/2009 B 1 259168 7.40 513269 Man Industries (India) Ltd Nikhil Mansukhani 12/01/2009 B 2420 792176 1.48 513269 Man Industries (India) Ltd Nikhil Mansukhani 13/01/2009 B 3497 795673 1.49 513269 Man Industries (India) Ltd Nikhil Mansukhani 14/01/2009 B 267 795940 1.49 513269 Man Industries (India) Ltd Nikhil Mansukhani 15/01/2009 B 8597 804537 1.50 532907 Maytas Infra Limited SICOM Ltd. -- B 4102565 6.97 4102565 6.97 532907 Maytas Infra Limited IFCI Ltd. -- B 10250000 17.42 10250000 17.42 532907 Maytas Infra Limited B. Rama Raju (Sr.) -- S 1582565 2.69 3560535 6.05 532907 Maytas Infra Limited Fincity Investments Pvt. Ltd. -- S 5000000 8.50 250000 0.42 532907 Maytas Infra Limited Elem Investments Pvt. Ltd. -- S 5250000 8.92 -- 531146 Medicamen Biotech Ltd. Sh. Ashutosh Gupta. 26/11/2008 - 13/01/2009 B 27946 262523 3.39 532865 Meghmani Organics Ltd. Kaushal A Soparkar. -- B 8300 -- 532865 Meghmani Organics Ltd. Sandhya Maulik Patel. -- B 41215 -- 532921 Mundra Port and Special Economic Zone Limited Malay Ramesh Mahadevia. 13/01/2009 S 18000 176893 0.04 532921 Mundra Port and Special Economic Zone Limited Malay Rameshchandra Mahadevia HUF. 16/01/2009 S 25096 14904 0.00 523391 Nahar Investment and Holding Ltd Dinesh Oswal. 13/01/2009 B 18609 105273 0.43 523391 Nahar Investment and Holding Ltd Dinesh Oswal. 10/01/2009 B 5114 86664 0.35 530695 Prime Property Development Corporation Ltd. Padamshi L. Soni. 15/01/2009 B 2330 8994771 44.97 530695 Prime Property Development Corporation Ltd. Padamshi L. Soni. 16/01/2009 B 2860 8997631 44.99 532647 Provogue (India) Ltd. OTC Fund 13/01/2009 S 749100 0.73 3607942 3.53 526753 Roselabs Ltd Singhal Overseas Ltd -- S 100000 1135933 9.99 526496 Rubber Products Ltd. Sucharita Ramkrishna Hegde. 14/01/2009 B 26024 173785 4.25 511754 Shalibhadra Finance Ltd. Mrs. Sheetal M Doshi. 16/01/2009 B 1 1033985 20.66 532643 Shree Ganesh Forgings Ltd. Namha Deepak Sekhri. -- B 20000 840217 6.72 500148 Uflex Limited Anant Overseas Pvt Ltd. 19/01/2009 - 20/01/2009 B 914 27754744 526879 UT Ltd. Smt. Vandana Khaitan. 09/01/2009 - 12/01/2009 B 5000 173790 2.85

B - Buy

S - Sale

RESEARCH REPORTS

>INSIDER TRADING 20-01-2009

523377 Apar Industries Ltd Dr. N. D. Desai. 12/01/2009 B 14616 6472486 20.01 523377 Apar Industries Ltd Shri. Kushal N. Desai. 12/01/2009 B 15000 6424729 19.86 523377 Apar Industries Ltd Shri. C. N. Desai. 12/01/2009 B 10983 6340932 19.60 532548 Century Plyboards (India) Ltd. Brij Bhushan Agarwal 14/01/2009 S 79500 0.04 8035159 530871 Chembond Chemicals Ltd. Visan Holdings & Financial Ser Pvt Ltd. 14/01/2009 B 901 129152 512018 CNI Research Ltd Shreenath Finstock Pvt Ltd. 15/01/2009 - 16/01/2009 B 92706 0.30 3393357 11.09 523890 D.S.Kulkarni Developers Ltd Hemanti D. Kulkarni. 15/01/2009 B 818107 3.17 4773130 18.50 523890 D.S.Kulkarni Developers Ltd Anuradha Ramchandra Purandare. 15/01/2009 S 352636 1.37 215 0.00 522261 Dolphin Offshore Enterprises (India) ltd. Dolphin Offshore Projects Ltd 15/01/2009 B 2172 0.02 1724438 18.03 522261 Dolphin Offshore Enterprises (India) ltd. Dolphin Offshore Projects Ltd 16/01/2009 B 3091 0.03 1727529 18.06 532322 Elder Pharmaceuticals Ltd Semit Pharmaceuticals & Chemicals P Ltd. 26/12/2008 - 13/01/2009 B 197 1811136 9.60 532768 FIEM INDUSTRIES LIMITED Seema Jain 19/01/2009 B 51050 1521866 12.72 532296 Glenmark Pharmaceuticals ltd Mrs. Cherylann Maria Pinto. 12/01/2009 B 2000 675300 0.27 532015 Gravity (India) Ltd. Smt. Dakshaben R. Thakkar. 12/01/2009 B 15000 0.17 70524 0.78 532976 Jai Balaji Industries Limited Jai Salasar Balaji Industries Pvt Ltd. 15/01/2009 B 25000 0.05 2164152 4.60 532741 Kamdhenu Ispat Limited Kamdhenu Overseas Ltd. 14/01/2009 B 17145 0.09 2280499 12.00 531882 Kwality Dairy (India) Ltd. Mr.Gulshan Kumar 07/01/2009 S 15000 4975000 27.34 513269 Man Industries (India) Ltd Nikhil Mansukhani 16/01/2009 B 6861 811398 1.52 517140 Moser-Baer (India) Ltd., HSBC Global Investment Funds (M) Ltd. 31/12/2008 B 250000 0.14 8664000 5.14 500302 Piramal Healthcare Ltd Vijay Sathye. 14/01/2009 B 3250 53640 0.02 516003 Sarda Plywood Industries Ltd., Cuckoo Fiscal Services Ltd. 16/01/2009 B 440000 10.78 440000 10.78 524542 Sukhjit Starch & Chemicals Ltd. Shri I K Sardana 12/01/2009 - 14/01/2009 B 3361 363956 4.93 524542 Sukhjit Starch & Chemicals Ltd. K K Sardana 13/01/2009 B 10 377149 5.11 533033 The Saraswati Industrial Syndicate Limited Mr. Aditya Puri. 14/01/2009 B 6058 428258 5.81 511147 Wall Street Finance Ltd. Mr. Areef A. Patel. 15/01/2009 B 15000 0.13 140800 1.21 511147 Wall Street Finance Ltd. Mr. Areef A. Patel. 16/01/2009 B 9200 0.08 150000 1.29 507817 Wires & Fabriks (SA) Ltd., W & F Securities Pvt Ltd. 15/01/2009 B 13750 0.45 1559606 51.03 507817 Wires & Fabriks (SA) Ltd., W & F Securities Pvt Ltd. 16/01/2009 B 8300 0.27 1567906 51.30

B - Buy

S - Sale

RESEARCH REPORTS