>Warren Buffet's advice for 2009

We begin this New Year with dampened enthusiasm and dented optimism. Our happiness is diluted and our peace is threatened by the financial illness that has infected our families, organizations and nations. Everyone is desperate to find a remedy that will cure their financial illness and help them recover their financial health. They expect the financial experts to provide them with remedies, forgetting the fact that it is these experts who created this financial mess.

Every new year, I adopt a couple of old maxims as my beacons to guide my future. This self-prescribed therapy has ensured that with each passing year, I grow wiser and not older. This year, I invite you to tap into the financial wisdom of our elders along with me, and become financially wiser.
Ø Hard work: All hard work bring a profit, but mere talk leads only to poverty.
Ø Laziness: A sleeping lobster is carried away by the water current.
Ø Earnings: Never depend on a single source of income.. [At least make your Investments get you second earning]
Ø Spending: If you buy things you don't need, you'll soon sell things you need.
Ø Savings: Don't save what is left after spending; Spend what is left after saving.
Ø Borrowings: The borrower becomes the lender's slave..
Ø Accounting: It's no use carrying an umbrella, if your shoes are leaking.
Ø Auditing: Beware of little expenses; A small leak can sink a large ship.
Ø Risk-taking: Never test the depth of the river with both feet. [Have an alternate plan ready]
Ø Investment: Don't put all your eggs in one basket.
I'm certain that those who have already been practicing these principles remain financially healthy. I'm equally confident that those who resolve to start practicing these principles will quickly regain their financial health.

With Best Regards,
Warren Buffet

RESEARCH REPORTS

>INSIDER TRADING 19-02-2009

507828 Ansal Housing & Construction Ltd., Snow White Cable Network Pvt Ltd 16/02/2009 B 47438 0.27 563635 3.21 531881 Arvind Chemicals ltd. Ruchika Tradelink Pvt Ltd & Others 09/02/2009 - 10/02/2009 B 76000 0.38 6437824 32.50 508136 B & A Ltd. Hemendra Prasad Barooah 16/02/2009 B 1000 856544 27.63 532977 Bajaj Auto Limited Shekhar Bajaj 21/01/2009 B 49000 693440 0.48 532339 Compucom Software Lt. Compucom Technologies Pvt Ltd. -- B 9800 0.01 5289676 10.53 526227 Filatex India Ltd. Nouvelle Securities Pvt. Ltd. 16/02/2009 B 20100 0.12 576438 3.36 526227 Filatex India Ltd. Nouvelle Securities Pvt. Ltd. 17/02/2009 B 7800 0.05 584238 3.41 526881 Financial Technologies (India) Ltd Passport India Invests. (Mauritius) Ltd. 10/02/2009 B 8871 0.01 4588362 10.00 532622 GATEWAY DISTRIPARKS LTD. Shabbir Hassanbhai 16/02/2009 B 15000 415000 0.39 532767 Gayatri Projects Limited Mr.T.V. Sandeep Kumar Reddy 12/02/2009 B 1000 1567961 15.52 532775 GTL Infrastructure Limited Global Holding Corporation Pvt Ltd. 13/02/2009 B 24500000 3.03 104174556 12.87 532334 HB Estate Developers Ltd. Shri H C Bhasin 12/02/2009 B 7990 0.07 5513408 45.78 532636 India Infoline Ltd. Trupti Prabhu 18/02/2009 S 12500 10000 532960 Indiabulls Securities Limited HSBC Gl Inv FundA/c & HSBC Gl Inv(M) Lt 13/02/2009 B 500000 0.19 13000000 5.12 532976 Jai Balaji Industries Limited Jai Salasar Balaji Industries Pvt Ltd. 12/02/2009 B 7819 0.02 2271658 4.83 532976 Jai Balaji Industries Limited Jai Salasar Balaji Industries Pvt Ltd. 13/02/2009 B 9359 0.02 2281017 4.85 522249 Mayur Uniquoters ltd. Manav Poddar 16/12/2008 - 11/02/2009 B 27297 874647 16.15 500314 Oriental Hotels Ltd., Mr. D Varada Reddy 04/02/2009 - 13/02/2009 B 4882 0.03 379440 2.10 523289 Rama Vision Ltd Mr. Udit Jain 02/01/2009 - 17/02/2009 B 313858 365413 3.64 523289 Rama Vision Ltd Mr. Arhant Jain 17/02/2009 B 110100 370605 3.69 522207 Rasandik Engg. Industries India Ltd Reliance Tax Saver (ELSS) Fund 30/01/2009 S 2872 0.06 176613 3.73 531233 Rasi Electrodes Ltd. B Popatlal Kothari 10/02/2009 - 13/02/2009 B 12400 469859 9.87 520111 Ratnamani Metals & Tubes Ltd Prakash M. Sanghvi 17/02/2009 B 1701 2680531 5.95 520111 Ratnamani Metals & Tubes Ltd Prakash M. Sanghvi (Revised) 12/02/2009 B 5000 2678830 5.95 532766 Richa Industries Limited Jewel Garments Pvt Ltd 10/02/2009 - 13/02/2009 B 45197 78410 532804 Technocraft Industries (India) Ltd. Vaibhav Agarwal 02/02/2009 B 500 95725 532356 Triveni Engineering & Industries Ltd Carvanserai Ltd. 12/02/2009 - 13/02/2009 S 273995 0.10 422750 0.16 531088 Tulip Star Hotels Ltd. Dr. Ajit B. Kerkar 12/02/2009 B 5000 188070 532824 Vijayeswari Textiles Ltd. M/s Seshraj Enteprises Pvt Ltd 12/02/2009 - 13/02/2009 B 133589 7620308 41.94

B - Buy

S - Sale

RESEARCH REPORTS

>INSIDER TRADING 18-02-2009

524348 Aarti Drugs Limited Adhish P. Patil 31/10/2008 - 12/02/2009 B 25149 82812 0.71 532828 AMD Industries Ltd Harswarup Gupta 13/02/2009 B 13934 2080597 10.85 532828 AMD Industries Ltd Adit Gupta 12/02/2009 B 574 2279662 11.89 532828 AMD Industries Ltd Adit Gupta 13/02/2009 B 2438 2282100 11.90 507828 Ansal Housing & Construction Ltd., Akash Deep Portfolio Pvt Ltd. 12/02/2009 B 12000 0.07 277285 1.58 526227 Filatex India Ltd. Nouvelle Securities Pvt Ltd 13/02/2009 B 9800 0.06 556338 3.25 522017 Fluidomat Ltd., Kunal Jain 14/01/2009 - 06/02/2009 B 26397 483744 9.77 532767 Gayatri Projects Limited Mr.T.V.Sandeep Kumar Reddy 11/02/2009 B 1008 1566961 15.51 532767 Gayatri Projects Limited Mr. T. V. Sandeep Kumar Reddy 12/02/2009 B 1000 1567961 15.52 532767 Gayatri Projects Limited Mr.T.V. Sandeep Kumar Reddy 09/02/2009 - 10/02/2009 B 15000 1565953 15.50 532754 GMR Infrastructure Limited GMR Holdings Pvt. Ltd 10/02/2009 B 275000 0.01 1350268710 74.16 509567 Goa Carbon Ltd., Shrinivas V. Dempo 11/02/2009 B 2161 115900 1.26 532334 HB Estate Developers Ltd. H. C. Bhasin 16/02/2009 B 10050 0.08 5523458 45.87 508956 HB Leasing & Finance Co. Ltd., H. C. Bhasin 16/02/2009 B 14424 0.13 1345720 12.16 532333 HB Portfolio Ltd. H. C. Bhasin 16/02/2009 B 9525 0.08 5500811 45.87 532216 HB Stockholdings Ltd. H. C. Bhasin 16/02/2009 B 10496 0.04 11191086 47.03 532636 India Infoline Ltd. Ketan Malkan -- S 7000 57000 532976 Jai Balaji Industries Limited Jai Salasar Balaji Industries Pvt Ltd. 10/02/2009 B 3434 0.01 2260772 4.80 532976 Jai Balaji Industries Limited Jai Salasar Balaji Industries Pvt Ltd. 11/02/2009 B 3067 0.01 2263839 4.81 502901 Jam Shri Ranjitsinghji Spg.& Wvg.Mi Navratan Damani. 10/02/2009 B 900 0.02 264325 7.55 502901 Jam Shri Ranjitsinghji Spg.& Wvg.Mi Navratan Damani. 11/02/2009 B 507 0.01 264832 7.56 530405 Jindal Capital Ltd. Sarita Agarwal. 01/01/2009 - 10/02/2009 B 26522 0.83 179896 5.61 500241 Kirloskar Brothers Ltd., Better Value Holdings Pvt Ltd. 05/02/2009 - 06/02/2009 B 172251 0.16 53162019 50.26 500241 Kirloskar Brothers Ltd., Better Value Holdings Pvt Ltd. 09/02/2009 - 10/02/2009 B 35928 0.03 53197947 50.29 512559 Kohinoor Foods Ltd Temptation Foods Ltd. 09/02/2009 S 125000 0.46 0 0.00 512559 Kohinoor Foods Ltd Temptation Foods Ltd. 10/02/2009 S 50000 0.19 3259241 12.08 513269 Man Industries (India) Ltd Nikhil Mansukhani 12/02/2009 - 13/02/2009 B 5210 910634 1.70 513269 Man Industries (India) Ltd Nikhil Mansukhani 10/02/2009 B 4305 898211 1.68 509760 Modern Shares and Stockbrokers Ltd. Bhagwanti Exports Pvt Ltd. -- B 5000 0.17 988112 33.71 509820 Paper Products Ltd., Suresh Gupta 12/02/2009 B 17220 1757635 2.80 504288 Polar Industries Ltd Sunil Agarwal 07/02/2009 S 500000 2.75 167512 0.92 504288 Polar Industries Ltd Anil Agarwal 07/02/2009 S 400000 2.20 2439928 13.46 500354 Rajshree Sugars & Chemicals Ltd., Rajashree Pathy 16/02/2009 B 1500 7109033 31.33 532766 Richa Industries Limited Jewel Garments Pvt. Ltd -- B 33213 -- 511754 Shalibhadra Finance Ltd. Mrs. Sheetal M. Doshi 11/02/2009 B 100 1035095 20.68 506971 Sterlite Projects Ltd., Gaurav Kumar Bhandari 11/02/2009 B 698000 4.69 999800 6.72 506971 Sterlite Projects Ltd., Bharat Kumar Bhandari 11/02/2009 B 1000000 6.72 1000100 6.72 506971 Sterlite Projects Ltd., Ashu Bhandari 11/02/2009 B 1000000 6.72 1000100 6.72 506971 Sterlite Projects Ltd., Rubina Bhandari 11/02/2009 B 1000000 6.72 1000100 6.72 506971 Sterlite Projects Ltd., Veena Kumari Jain 11/02/2009 B 1000000 6.72 1000100 6.72 506971 Sterlite Projects Ltd., Usha Baid 11/02/2009 B 2750000 18.49 2750000 18.49 506971 Sterlite Projects Ltd., Arihant Baid 11/02/2009 B 2750000 18.49 2750000 18.49 506971 Sterlite Projects Ltd., Divya Bhandari 11/02/2009 B 500000 3.36 500100 3.36 531866 Subhkam Capital Limted Rakesh S Kathotia 09/02/2009 - 10/02/2009 B 30000 666044 13.32 530845 Sunshield Chemicals Ltd. Amit C. Choksey 12/02/2009 - 13/02/2009 B 1450 501781 6.82 532874 Suryachakra Power Corporation Ltd. Mrs. M. Mangatayaru 10/02/2009 - 11/02/2009 B 4500 1331041 1.74 533033 The Saraswati Industrial Syndicate Limited The Yamuna Syndicate Ltd. 09/02/2009 - 10/02/2009 B 28000 0.38 3042153 41.28 500148 Uflex Limited Apoorva Extrusion Pvt Ltd 13/02/2009 B 2002 27789931 500148 Uflex Limited Apoorva Extrusion Pvt Ltd -- B 7196 27787929 523261 Venky's (India) ltd. Venkateshwara Hatcheries Pvt Ltd. 10/02/2009 B 2070 0.02 4463996 47.53 532824 Vijayeswari Textiles Ltd. Seshraj Enterprises Pvt Ltd. 12/02/2009 - 13/02/2009 B 133859 7620308 41.94 531404 Zicom Electronic Security Systems l Baronet Properties & Investments Pvt Ltd 16/02/2009 B 15000 0.12 464626 3.66 531404 Zicom Electronic Security Systems l Coronet Properties & Investments Pvt Ltd 16/02/2009 B 17774 0.14 435000 3.43

B - Buy

S - Sale

RESEARCH REPORTS

>INSIDER TRADING 17-02-2009

533022 20 Microns Limited Eriez Finance & Investment Ltd. -- B 266046 1.88 1593531 11.28 514274 Aarvee Denims & Exports Ltd., Mr. Rajesh Arora 17/11/2008 B 37552 974702 4.15 514274 Aarvee Denims & Exports Ltd., Mr. Parmanand Arora 17/11/2008 B 26671 793966 3.38 526397 Alphageo (India)Ltd. A. Dinesh 03/12/2008 - 16/12/2008 B 5000 485589 9.48 500425 Ambuja Cements Ltd. Harendra Suryakant Patel. 09/02/2009 S 1000 26775 500425 Ambuja Cements Ltd. Harendra Suryakant Patel 10/02/2009 S 2000 24775 532828 AMD Industries Ltd Adit Gupta 10/02/2009 B 4396 2279088 11.89 507828 Ansal Housing & Construction Ltd., Snow White Cable Network Pvt Ltd. 11/02/2009 B 38434 0.22 504197 2.87 507828 Ansal Housing & Construction Ltd., Snow White Cable Network Pvt Ltd. 12/02/2009 B 12000 0.07 516197 2.94 507828 Ansal Housing & Construction Ltd., Citigroup Global Mkt (M) Pvt Ltd. 05/02/2009 S 70000 0.40 510904 2.91 507828 Ansal Housing & Construction Ltd., Akash Deep Portfolio Pvt. Ltd. 11/02/2009 B 39127 0.22 265285 1.51 523694 Apcotex Industries Limited Shri. Atul C. Choksey 02/02/2009 B 41117 138068 2.49 523694 Apcotex Industries Limited Shri. Abhiraj Atul Choksey - HUF 02/02/2009 B 41116 84770 1.53 532974 Apollo Sindhoori Capital Investments Ltd. S.K. Venkataraman -- S 364470 24000 532935 Aries Agro Limited, Dr. Rahul Mirchandani 11/02/2009 B 19922 583380 4.49 531881 Arvind Chemicals ltd. Ruchika Tradelink Pvt. Ltd. & Others 09/02/2009 - 10/02/2009 B 76000 0.38 6437824 32.50 532493 Astra Microwave Products Ltd. L & T Capital Co. Ltd. 16/02/2009 B 147240 0.27 3967370 7.34 508136 B & A Ltd. Hemendra Prasad Barooah 12/02/2009 B 286 855544 27.60 508136 B & A Ltd. Hemendra Prasad Barooah 16/02/2009 B 1000 856554 27.63 500039 Banco Products (India) Ltd., Mehul K. Patel 12/02/2009 B 5500 4341424 6.11 532845 Bhagwati Banquets & Hotels Ltd Raj Shah Enterprise Pvt Ltd. -- B 550000 1.87 2605853 8.90 531590 Bilpower Ltd. Mr. Ashok Bansal. 10/02/2009 B 1451 0.01 20678 0.19 532330 Biopac India Corporation Ltd Pankaj B. Doshi. 09/02/2009 B 5500 3236921 20.23 532330 Biopac India Corporation Ltd Pankaj B. Doshi. 10/02/2009 B 2000 3238921 20.24 500067 Blue Star Ltd Ashok M. Advani. 06/02/2009 B 5000 6963549 7.74 511196 Can Fin Homes Ltd., Canara Bank 10/02/2009 - 11/02/2009 B 53849 0.26 8230216 40.17 512018 CNI Research Ltd Shreenath Finstock Pvt Ltd. 13/02/2009 B 67000 0.22 3530810 11.64 500096 Dabur India Ltd. Mr. Ambali Sudhakar 11/02/2009 S 5000 213452 0.02 500096 Dabur India Ltd. Mr. Sunil Duggal 10/02/2009 S 16136 1479359 0.17 511072 Dewan Housing Finance Corpn. Ltd., Wadhawan Holdings Pvt Ltd. 10/02/2009 B 796 4336729 7.17 522261 Dolphin Offshore Enterprises (India) ltd. Rear Admiral Kirpal Singh 12/02/2009 B 1550 495463 5.18 522261 Dolphin Offshore Enterprises (India) ltd. Dolphin Offshore Projects Ltd. 11/02/2009 B 4019 0.04 1751317 18.31 500246 Envair Electrodyne Ltd. Mr. Shripad Mirashi 09/02/2009 B 220 0.01 1561592 51.37 532876 Everonn Systems India Ltd. Joe Thomas 06/01/2009 - 11/02/2009 S 3500 161865 1.07 526227 Filatex India Ltd. Nouvelle Securities Pvt Ltd. 10/02/2009 - 11/02/2009 B 30213 0.18 546538 3.19 509567 Goa Carbon Ltd., Shrinivas V. Dempo 05/02/2009 - 09/02/2009 B 3128 113739 1.24 532734 GODAWARI POWER AND ISPAT LTD. Ram Real Mart Pvt Ltd. 09/02/2009 - 10/02/2009 B 31602 0.11 60975 0.21 532334 HB Estate Developers Ltd. Shri. H.C. Bhasin 11/02/2009 B 13199 0.11 5505418 45.72 532333 HB Portfolio Ltd. Shri H. C. Bhasin 11/02/2009 B 6000 5485286 45.75 532333 HB Portfolio Ltd. Shri H. C. Bhasin 12/02/2002 - 12/02/2009 B 6000 0.05 5491286 45.79 532216 HB Stockholdings Ltd. Shri. H. C. Bhasin 11/02/2009 B 604 11180590 46.99 532658 INDO ASIAN FUSEGEAR LTD. Ashish Dhawan 23/01/2009 B 99560 850000 5.55 500875 ITC Ltd K. Vaidyanath 05/02/2009 S 31703 276250 0.00 500875 ITC Ltd Mr. B. B. Chatterjee 06/02/2009 S 1000 34140 0.00 532976 Jai Balaji Industries Limited Jai Salasar Balaji Industries Pvt Ltd. 11/02/2009 B 3067 0.01 2263839 4.81 532741 Kamdhenu Ispat Limited Kamdhenu Overseas Ltd. 06/02/2009 B 6149 0.03 2301879 12.10 512559 Kohinoor Foods Ltd Temptation Foods Ltd. 04/02/2009 S 200000 0.74 3434241 12.73 500247 Kotak Mahindra Bank Ltd. Mr. R. Sundarraman 11/02/2009 S 7038 15012 513269 Man Industries (India) Ltd Nikhil Mansukhani 11/02/2009 B 7213 905424 1.69 532819 MindTree Limited Walden Software Investments Ltd. -- S 735000 -- 500304 NIIT Ltd., Ms. Renuka Vijay Thadani 06/02/2009 - 09/02/2009 B 368169 3386493 2.05 500304 NIIT Ltd., Ms. Neeti Pawar 09/02/2009 B 20847 2198734 1.33 500304 NIIT Ltd., Ms. Neeti Pawar 10/02/2009 B 100 2198834 1.33 500304 NIIT Ltd., Copthall Mauritius Investments ltd. 12/02/2009 S 2416000 1.46 3606454 2.19 532466 Oracle Financial Services Software Limited Manmath Kulkarni 13/02/2009 S 1000 69185 531120 Patel Engineering Ltd Ms. Sonal Patel 04/02/2009 - 05/02/2009 B 5000 165000 0.28 531120 Patel Engineering Ltd Praham India Pvt Ltd 05/02/2009 - 06/02/2009 B 5000 0.01 13815500 23.16 531120 Patel Engineering Ltd Patel Engg. Employees Welfare Trust 05/02/2009 B 2000 3382000 5.66 526247 Premier Explosives Ltd. A N Gupta - HUF 05/02/2009 B 1975 0.03 366294 4.51 517522 Rajratan Global Wire Ltd Rajratan Investment Ltd. 09/02/2009 B 80683 1.85 774103 17.78 517522 Rajratan Global Wire Ltd Rajratan Investment Ltd. 10/02/2009 B 8778 0.20 782881 17.98 520111 Ratnamani Metals & Tubes Ltd Prakash M. Sanghvi 12/02/2009 B 5000 -- 532766 Richa Industries Limited Jewel Garments Pvt Ltd. 05/02/2009 - 09/02/2009 B 33213 33213 531548 Somany Ceramics Limited Scope Vinimoy Pvt Ltd. 18/11/2008 - 06/02/2009 B 119772 1.74 579477 8.40 531548 Somany Ceramics Limited Bhilwara Holdings Ltd. 18/11/2008 - 06/02/2009 B 19100 0.28 1792875 25.99 530845 Sunshield Chemicals Ltd. Shri Amit C. Choksey 10/02/2009 B 15118 500331 6.80 532874 Suryachakra Power Corporation Ltd. Mrs. M. Mangatayaru 06/02/2009 - 09/02/2009 B 6196 1326541 1.73 500570 Tata Motors Ltd. Ratan Naval Tata 11/02/2009 B 100000 187346 0.04 533033 The Saraswati Industrial Syndicate Limited Aditya Puri 12/02/2009 B 5000 443057 6.01 533033 The Saraswati Industrial Syndicate Limited The Yamuna Syndicate Ltd. 12/02/2009 B 9000 0.12 3051153 41.40 532356 Triveni Engineering & Industries Ltd Carvanserai Ltd. 10/02/2009 - 11/02/2009 S 226005 0.08 696745 0.27 523261 Venky's (India) ltd. Venkateshwara Hatcheries Pvt Ltd. 12/02/2009 B 35930 0.38 4499926 47.91 532824 Vijayeswari Textiles Ltd. M/s. Seshraj Enterprises Pvt Ltd. 11/02/2009 B 33583 7486449 41.20 532824 Vijayeswari Textiles Ltd. M/s. Seshraj Enterprises Pvt Ltd. 10/02/2009 B 55085 0.30 7452866 41.01 512217 Woolite Mercantile Co. Ltd., Umesh Chamdia 03/02/2009 B 368136 18.48 1104470 531404 Zicom Electronic Security Systems l Baronet Properties & Investments Pvt Ltd 13/02/2009 B 15000 0.12 449626 3.54 531404 Zicom Electronic Security Systems l Coronet Properties & Investments Pvt Ltd 13/02/2009 B 17226 0.14 417226 3.29

B - Buy

S - Sale

RESEARCH REPORTS