>INSIDER TRADING 20-02-2009

532762 Action Construction Equipments Ltd. Mr. Sorab Agarwal 09/02/2009 B 80000 2151050 2.39 532762 Action Construction Equipments Ltd. Mrs. Mona Agarwal 10/02/2009 B 56875 25014977 27.83 519183 ADF Foods Limited. M/s H J Thakkar Property Invest. Ltd 10/02/2009 - 13/02/2009 B 6004 13943 0.07 526397 Alphageo (India)Ltd. Aquila Drillings Pvt Ltd 22/01/2009 - 09/02/2009 B 4791 0.09 112906 2.21 500425 Ambuja Cements Ltd. B L Taparia 12/02/2009 S 25000 585250 0.04 531590 Bilpower Ltd. Suresh Kumar Choudhary 09/02/2009 B 6467 0.06 296307 2.82 505681 Bimetal Bearings Ltd M/s Simpson & Company Ltd. -- B 1007 0.02 562428 14.70 532330 Biopac India Corporation Ltd Pankaj B. Doshi 11/02/2009 B 2100 3241021 20.25 532330 Biopac India Corporation Ltd Pankaj B. Doshi 12/02/2009 B 2000 3243021 20.26 500067 Blue Star Ltd Mr. Ashok M. Advani 11/02/2009 B 2002 6965551 7.74 532548 Century Plyboards (India) Ltd. Brij Bhushan Agarwal. 09/02/2009 S 117350 7417209 532548 Century Plyboards (India) Ltd. Brij Bhushan Agarwal. 10/02/2009 S 117350 7299859 526550 Country Club (India) Ltd. Y Rajeev Reddy 11/12/2008 - 09/02/2009 B 113000 0.15 18079705 23.35 526550 Country Club (India) Ltd. Y Rajeev Reddy 12/02/2009 - 13/02/2009 B 201590 0.26 18471795 23.86 526550 Country Club (India) Ltd. Y. Rajeev Reddy 10/02/2009 B 95000 18174705 23.47 526550 Country Club (India) Ltd. Y. Rajeev Reddy 11/02/2009 B 95500 18270205 23.60 511072 Dewan Housing Finance Corpn. Ltd., M/s Wadhawan Holdings Pvt Ltd 12/02/2009 B 30000 0.05 4366729 7.21 500246 Envair Electrodyne Ltd. Mr. Shripad Mirashi 10/02/2009 B 300 0.01 1561892 51.38 500246 Envair Electrodyne Ltd. Mr.Shripad Mirashi 13/02/2009 B 400 0.01 1562292 51.39 500875 ITC Ltd K Vaidyanath 09/02/2009 S 15000 261250 500875 ITC Ltd Mr. B B Chatterjee 09/02/2009 S 1000 33140 500247 Kotak Mahindra Bank Ltd. Mr. Paul Parambi 13/02/2009 S 20000 3445 500249 KSB Pumps Limited. Paharpur Cooling Towers Ltd. 01/01/2009 - 31/01/2009 B 13646 0.08 702871 526596 Liberty Shoes Ltd. M/s Geofin Investments Pvt Ltd 03/11/2008 - 11/12/2008 B 86560 0.38 4322938 509760 Modern Shares and Stockbrokers Ltd. Bhagwati Exports Pvt Ltd -- B 5000 0.17 993112 33.88 512047 Natraj Financial & Services Ltd Balaji Bullions & Commodities(I) Pvt Ltd 16/02/2009 B 1806845 40.15 1806845 40.15 512047 Natraj Financial & Services Ltd Mr. Binod Kumar Sinha 16/02/2009 B 90000 2.00 90000 2.00 512047 Natraj Financial & Services Ltd Mr. Manoj Punamiya 16/02/2009 B 90000 2.00 90000 2.00 512047 Natraj Financial & Services Ltd Mr. Sanjay Kumar Choudhary 16/02/2009 B 90000 2.00 90000 2.00 512047 Natraj Financial & Services Ltd Tejash Shah 16/02/2009 S 956150 21.25 -- 512047 Natraj Financial & Services Ltd Sandesh Finvest Pvt Ltd 16/02/2009 S 953500 21.19 -- 512047 Natraj Financial & Services Ltd Mr. Manmohan Vyas 16/02/2009 S 1050 0.02 -- 526721 Nicco Parks And Resorts Ltd. Rajive Kaul 10/02/2009 B 350 180081 3.84 500304 NIIT Ltd., Ms. Neeti Pawar 10/02/2009 B 100 2198834 1.33 532541 NIIT Technologies Limited Ms. Renuka Vijay Thadani 10/02/2009 - 11/02/2009 B 5490 176618 0.30 532541 NIIT Technologies Limited Ms. Renuka Vijay Thadani 09/02/2009 B 4611 171128 0.29 531120 Patel Engineering Ltd Praham India Pvt. Ltd 12/02/2009 - 13/02/2009 B 2000 13817500 23.16 531120 Patel Engineering Ltd Sonal Patel 09/02/2009 - 13/02/2009 B 2000 167000 0.28 526247 Premier Explosives Ltd. A. N. Gupta HUF 11/02/2009 B 650 366944 4.51 530695 Prime Property Development Corporation Ltd. Padmashi L. Soni 09/02/2009 - 11/02/2009 B 6567 9074893 45.37 530695 Prime Property Development Corporation Ltd. Padamshi L. Soni 12/02/2009 - 13/02/2009 B 3350 9078243 45.39 520111 Ratnamani Metals & Tubes Ltd Prakash M. Sanghvi 17/02/2009 B 1701 2680531 5.95 505368 Revathi Equipment Ltd. Renaissance Stocks Ltd. 06/02/2009 B 457000 14.90 457000 14.90 505368 Revathi Equipment Ltd. Utkal Investments Ltd. 06/02/2009 S 457000 14.90 1436660 46.84 507315 Sakthi Sugars Ltd. Third Avenue Management LLC 12/02/2009 S 50000 0.16 957079 3.05 511754 Shalibhadra Finance Ltd. Mrs. Sheetal M Doshi 13/02/2009 B 101 1035398 20.69 511754 Shalibhadra Finance Ltd. Mrs. Sheetal M. Doshi 12/02/2009 B 202 1035297 20.69 532670 Shree Renuka Sugars Ltd. R J Nehru 03/02/2009 - 11/02/2009 S 25000 74500 0.03 531626 Silver Smith India Ltd. B. K. Narula HUF 13/02/2009 B 40385 73940 1.79 531626 Silver Smith India Ltd. Ridhi Narula 13/02/2009 B 11125 98614 2.39 531626 Silver Smith India Ltd. Sidhi Narula 13/02/2009 B 13923 108623 2.62 523023 Sinclairs Hotels Ltd Niren Chand Suchanti 16/01/2009 - 13/02/2009 B 12888 142888 3.17 523023 Sinclairs Hotels Ltd Navin Chand Suchanti 05/12/2008 - 13/01/2009 B 10549 193460 4.29 531548 Somany Ceramics Limited Scope Vinimoy Pvt Ltd. 09/02/2009 B 11886 0.17 591363 8.57 532833 SPARSH BPO SERVICES LIMITED Mr. Kapil Puri 11/02/2009 - 12/02/2009 B 3555 1207252 7.47 524542 Sukhjit Starch & Chemicals Ltd. K K Sardana 13/02/2009 B 12097 426516 5.77 524542 Sukhjit Starch & Chemicals Ltd. I K Sardana 12/02/2009 - 13/02/2009 B 1634 394244 5.34 532874 Suryachakra Power Corporation Ltd. Mrs. M. Mangatayaru 13/02/2009 B 2500 1333541 1.74 500407 Swaraj Engines Ltd. Mahindra & Mahindra 17/02/2009 B 4119000 33.16 4126417 33.22 523387 Triton Corp. Ltd. Rajendra Seclease Ltd 20/11/2008 - 25/11/2008 S 302210 0.15 -- 523387 Triton Corp. Ltd. Rajendra Seclease Ltd 11/02/2009 S 4900000 2.45 54487612 27.26 532953 V-Guard Industries Ltd. Kochouseph Chittilappilly 11/02/2009 - 12/02/2009 B 12296 6650117 22.28 532953 V-Guard Industries Ltd. Kochouseph Chittilappilly 09/02/2009 - 10/02/2009 B 4054 6637821 22.24 532953 V-Guard Industries Ltd. Kochouseph Chittilappilly 13/02/2009 B 4875 6654992 22.30 511333 VLS Finance Limited VLS Capital Ltd. 10/02/2009 B 721 0.00 11977885 30.09 511333 VLS Finance Limited VLS Capital Ltd. 10/02/2009 B 4415 0.01 11982300 30.11 507817 Wires & Fabriks (SA) Ltd., W & F Securities Pvt Ltd. 09/02/2009 B 6300 0.21 1623256 53.11 522108 Yuken India Ltd., Matterhorn Ventures. -- S 67868 2.26 178793 5.96

B - Buy

S - Sale

RESEARCH REPORTS

>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