2.30PM

Current News

• Kotak Mahindra Bank forays into credit card business

• ITC to invest Rs 3 bn for Bengal food processing unit.

• Whirlpool India: To invest $40-45 mn on pdt development in 3 yr

• Indraprastha aims to double piped gas users to 100,000 FY09

• Surana Telecom shares were locked at 20% upper circuit of Rs 32.85 after the company said it would mull a share buyback on Apr 22.

• L&T head says signed shipyard JV with Tamil Nadu govt arm

Sector / Company

Yes Bank, the private sector bank is eyeing two private sector banks for acquisition. It is currently trading at 163.50 up 1.52% with a strong support 156 and a resistance of 175

The new generation private sector bank is planning to raise $300 million (about Rs 1,200 crore) in Tier-I and Tier-II structures by December 2008 for its expansion plans. The bank is aiming for a 250-strong branch network, by September 2010. At present, the bank has 67 branches across the country

The banking industry grapevine feels Karnataka Bank, Karur Vysya Bank and Kerala-based Catholic Syrian Bank, Federal Bank and South Indian Bank could be potential acquisition targets.

Yes Bank provides banking services to large corporate and institutional clients, small and medium sized businesses and retails customers. The bank proposes to launch its asset reconstruction company in the next few months and plans to enter the retail broking and asset management businesses over the next 18-24-months.

Aban Offshore signs contract with Exxon Neftegas, currently trading at 3377 up 2.30%

For deployment of jack-up rig Murmanskaya Offshore Russia

Aban Offshore has signed a contract with Exxon Neftegas for the deployment of the jack-up rig Murmanskaya Offshore Russia for a 2 well programme. The estimated revenues from the contract (with an estimated duration of approx 160 days) are approximately US$ 34 million. The deployment is to commence in direct continuation of its present contract which is expected in June 2008.

Market Trend

Index	Current Value	Change (Pts)	Change (%)
SENSEX	16,171.95	364.31	2.30
S&P CNX NIFTY	4,905.80	128	2.68
MIDCAP	6,592.85	69.63	1.07
SMLCAP	8,176.62	95.19	1.18
BSE-100	8,547.53	177.08	2.12
BSE-200	2,003.14	39.11	1.99

Technical Analysis

Sensex (intraday chart 2.30)

With continue rally market has touch 2 nd resistance level at 16240, market is now facing ress. at 16280-16300, closing above these ress. level will show good buying pressure.

Consider intraday support level at 16140.

Market Activity as on 15^th April 2008 at 2.30PM

Active Contracts – Nifty, Reliance, RPL, Infosys,

Top Gainers in Nifty –Ranbaxy, TCS, Infosys, Wipro, HCL Tech

Top Losers in Nifty –Cairn, Zee, HDFC Bank, Ambuja Cem, Hindalco

Active Calls – 4800, 4900, 5000, 4700, 5100, 5200, 4600

Active Puts – 4700, 4800, 4600, 4900, 4500, 4400, 5000, 4300

1.30 p.m.

Current News

• Shares of fast moving consumer goods companies such as Hindustan Unilever, ITC, and Dabur were up on defensive buying and on expectations they will report robust growth in Jan-Mar earnings.

• Shares of cement manufacturers were down following a news report the government is planning to bring a bill to curb profiteering in the cement and steel sectors. The government has already banned export of cement to improve domestic supplies and thereby tame inflation that touched over three-year high of 7.41% for the week ended Mar 29. The ban on cement exports is unlikely to impact the shares. Export of the commodity has already been declining as realizations from domestic market are better.

• China Gas aide: Co may form JV with GAIL, Arrow for CBM project.

• Ranbaxy: Nexium US launch in 2014 with 180 day exclusivity

Sector / Company

Ranbaxy Laboratories gallops to 496.10 up 11.88% as AstraZeneca settles Nexium patent dispute

The U.K.’s second largest drugmaker, AstraZeneca Plc signed a settlement agreement in its Nexium patent infringement litigation against the company and its affiliates

AstraZeneca and Ranbaxy Laboratories (RLL) have separately entered into agreements under which Ranbaxy Laboratories will formulate a portion of AstraZeneca’s U.S. supply of Nexium from May 2010, including provisions for the manufacture of esomeprazole magnesium, the active pharmaceutical ingredient in Nexium, from May 2009.

RLL also secured rights to distribute authorised generic versions of two older AstraZeneca products, the heart drug Plendil, or felodipine, and the 40-milligram version of ulcer pill Prilosec, or omeprazole.

Ranbaxy Laboratories (RLL) have already received authorization from Ministry of Health and Labour Welfare, Japan for marketing the generic version of Amlodipine tablets 2.5 milligram & 5 milligram in Japan.

In February 2008, RLL received approval from the US Food and Drug Administration to manufacture and market cefuroxime axetil for oral suspension in United States.

Ranbaxy Laboratories is India’s largest drug maker by sales. It has manufacturing facilities in eight countries.

KEC International wins Rs 155 crore Power Grid contracts in Kerala. The stock is currently trading at 588 with a support 579 and a resistance 615.

For supply & construction of 400 KV double circuit

KEC International has been awarded two separate contracts by Power Grid Corporation of India for supply and construction of 400 KV double circuit (QUAD) Edamon - Muvattupuzha transmission line (part — I & II) in the state of Kerala.

The total value of both the contracts is Rs 155.24 crore. The line is associated with grid strengthening scheme for Kerala I & II of Powergrid Network.

The job involves supply of towers, line materials, erection and commissioning. The total length of both the lines is 150 kms and the project is scheduled to be completed by March 2010.

Market Trend

Index	Current Value	Change (Pts)	Change (%)
SENSEX	16,065.07	257.43	1.63
S&P CNX NIFTY	4,879.60	101.8	2.13
MIDCAP	6,589.10	65.88	1.01
SMLCAP	8,176.64	95.21	1.18
BSE-100	8,497.41	126.96	1.52
BSE-200	1,992.61	28.58	1.46

Technical Analysis

Sensex (intraday chart 1.30)

Market has continue it’s rally after 12.30 also and hit 1 st ress. at 15960.

Market is now facing 2 nd ress. level at 16240 with support level at 16030.

Market Activity as on 15^th April 2008 at 12.30PM

Active Contracts – Nifty, Reliance, RPL, Infosys, Orchid Chem

Top Gainers in Nifty –Ranbaxy, HCL Tech, Infosys, TCS, Wipro

Top Losers in Nifty –HDFC Bank, ACC, Ambuja Cem, HDFC, Hindalco

Active Calls – 4800, 4900, 5000, 4700, 5100, 5200, 4600

Active Puts – 4700, 4800, 4600, 4900, 4500, 4400, 5000, 4300

12.30PM

Current News

• Petronet in advanced talks to buy LNG from Gorgon, Australia

• AstraZeneca settles Nexium patent litigation with Ranbaxy

• Four Soft gets order from Colvan Netherlands

• Shares of zee Entertainment Enterprise were up 1% at Rs 242 results on hopes the company will report good growth in Jan-Mar earnings, and on positive outlook for future earnings growth

Sector / Company

Ranbaxy is currently trading at 478 up 7.47% (with a strong support 453 and resistance of 499) and Orchid Chemical at 277.85 up 12.29% (with a support of 260 and resistance of 307) .

Andhra Pradesh-based Krebs Biochemicals and Karnataka-based Jupiter Biosciences seem to be basking in the interest reflecting off Ranbaxy’s growing stake in Chennai-based Orchid.

Ranbaxy currently holds 14.9 per cent equity in both Krebs and Jupiter, and the two listed entities have seen close to 16 per cent and five per cent increase in their respective stock prices over the last week. The development comes even as Ranbaxy’s group company Solrex Pharmaceutical Company further ramped up its equity in Orchid to over14 %, within a striking distance of the 15 per cent mark that would trigger an open-offer for Orchid’s shares. Solrex bought an additional 3.29 per cent stake in Orchid on Friday, through two bulk deals on the NSE and BSE.

Krebs Biochemical’s & Industries Ltd, a company that strengthens Ranbaxy’s presence in the active pharmaceutical ingredients business, gained 15.93 per cent over the past one week. Currently trading at 478 up 7.47%

Jupiter Biosciences, through which Ranbaxy gets a foothold in the peptides segment, gained 6.42 per cent over the last one week. Currently trading at 157.50 up 3.21%

Hyderabad-based Zenotech Laboratories Ltd, the third local company in which Ranbaxy recently picked and ramped-up its equity to 45 per cent, also rose by 4.48 per cent over the past one week. currently trading at 102 up 2.82%.

Meanwhile, promoters of Orchid Chemicals received a fresh onslaught from the Ranbaxy Group’s Solrex on Friday, which took their shareholding in the company much closer to the 15 per cent-mark through two bulk deals on Friday that adds up to 21.72 lakh shares or 3.29 per cent of total share capital.

Solrex had upped its stake in the Chennai-based company to around 12 per cent recently which had made the stock quite volatile over the past one week, as it attracted lot of attention from other investors in the market, especially day traders. Solrex had bought 14.97 lakh shares on the NSE and on the BSE the company bought 6.75 lakh shares of Orchid Chemicals through bulk deals on Friday.

Market Trend

Index	Current Value	Change (Pts)	Change (%)
SENSEX	15,809.53	1.89	0.01
S&P CNX NIFTY	4,793.70	15.9	0.33
MIDCAP	6,549.38	26.16	0.40
SMLCAP	8,118.74	37.31	0.46
BSE-100	8,382.52	12.07	0.14
BSE-200	1,967.18	3.15	0.16

Technical Analysis

SENSEX Intraday chart (12.20)

After giving Double Top at 10.35, market has given little correction and then market has shown sharp rally up to 15900 (91 point up).

Market is facing 1 st intraday support at 15810 and resistance at 15960(previous day high),market is likely to touch 15960.

Market Activity as on 15^th April 2008 at 12.30PM:

Active Contracts –Nifty, Reliance, RPL, Infosys, Orchid Chem

Top Gainers in Nifty –Ranbaxy, HCL Tech, Infosys, TCS, Wipro

Top Losers in Nifty –HDFC Bank, ACC, Ambuja Cem, HDFC, Hindalco

Active Calls – 4800, 4900,4700,5000,5100, 5200, 4600, 5300

Active Puts – 4700, 4600, 4800, 4500, 4400, 4900, 4300, 4250, 5000

11.30 a.m.

Current News

• Finance Minister P Chidambaram said the Reserve Bank of India, or RBI, plans to take appropriate steps to check inflation. The government has taken fiscal measures and will not hesitate to take more. The government can sacrifice badly needed revenues to take additional fiscal steps. According to Chidambaram, the results of supply-side steps to to tame inflation are not immediate. Supply-side responses to measures can come only in the medium-term. The government will take additional steps to raise supply especially of food grains, the Finance Minister added.

• Larsen & Toubro gets orders worth Rs 20 bn

• Four Soft gets order from Colvan Netherlands

• Infosys Technologies disclosed marginal rise in standalone net profit for the quarter ended March 2008. During the quarter, the profit of the company rose 5.16% to Rs 11,820.00 million from Rs 11,240.00 million in the same quarter previous year. The company posted earnings of Rs 20.66 a share during the quarter, registering 3.51% growth over prior year period.

• IOC plans to process 46.5 mln tn crude in FY09 vs 47.4 mln

• Surana Telecom to mull share buyback Apr 22

• Indian Oil plans to import 36 mn tn crude oil in FY09

Sector / Company

Infosys is the top gainer in Nifty stocks (1,501, up 5.56%)

Infosys announced its fourth quarter and financial year 2008 numbers. It has posted FY08 net profit of Rs 4,659 crore as against Rs 3,861 crore in FY07 and net sales at Rs 16,692 crore versus Rs 13,893 crore.

Its FY08 EPS stood at Rs 81.56 as against its guidance of Rs 81.07.

For the quarter ended March 2008 (Q4), it has posted net profit of Rs 1,249 crore versus Rs 1,231 crore in previous quarter and revenue at Rs 4,542 crore versus Rs 4,271 crore.

Operating margin stood at 32.54% versus 32.60% while projection was at 32.8%. Other income was at Rs 139 crore and tax provision reported at Rs 211 crore. BFSI contributed 33.9% to Q4 revenues as against 36.8% in Q3.

Revenue and EPS growth in rupee terms is slowest since FY03.

The company says they have added one USD 300 million client in Q4 and in total, added 40 clients during the quarter. Net addition of employees stood at 2,596.

Guidance

• FY09 revenues seen at Rs 19,894-20,214 crore
• FY09 EPS at Rs 92.30-93.90
• Q1 revenues seen at Rs 4,570-4,582 crore
• Q1 EPS seen at Rs 20.73 Vs Rs 21.83 in Q4 (De-growth Of 5%)

According to our estimates, Infosys was expected to post FY08 net profit of Rs 4,682 crore and revenues at Rs 16,677 crore.

Market Trend

Index	Current Value	Change (Pts)	Change (%)
SENSEX	15,809.53	1.89	0.01
S&P CNX NIFTY	4,793.70	15.9	0.33
MIDCAP	6,549.38	26.16	0.40
SMLCAP	8,118.74	37.31	0.46
BSE-100	8,382.52	12.07	0.14
BSE-200	1,967.18	3.15	0.16

FII Investment:

EQ(-173.00 Cr.)

Net (-1709.75 Cr)

Index Future (+1122.87 Cr), Index Option (+499.66 Cr)

Stock Future (-8.55 Cr), Stock Options (+95.77 Cr)

Open Interest (OI) positions:

Market wide: up Rs. 2577 Cr at Rs 60242 Cr.

Index: up Rs. 1770 Cr at Rs. 34647

Stock: up Rs. 807 Cr at Rs. 25595

Nifty: +0.95 %

PCR (Nifty) 1.25 (1.20)

Symbol	% OI Chg
Sugar	-3.66%
Infrastructure	-1.36%
Telecom	-0.96%
Textile	-0.72%
Power	-0.53%
Fertilizers	0.22%
Finance	0.52%
Realty	0.61%
Banking	0.64%
Metals	0.84%
Automobile	1.09%
Pharma	1.30%
Hotels	1.47%
Media	1.69%
Capital Goods	1.90%
Transport	2.26%
Cement	2.90%
FMCG	2.99%
Others	3.00%
Oil & Gas	4.10%
Index	4.12%

OI Gainers		% Change in CM		OI Losers		% Change in CM
SECTOR	% OI Chg			Symbol	% OI Chg
CROMPGREAV	79.42%	1.24%		IRB	-19.33%	-18.07%
INFOSYSTCH	38.16%	-2.11%		MINIFTY	-12.99%	-17.27%
ONGC	25.62%	-0.03%		HCC	-12.05%	-12.25%
BEML	16.34%	-1.47%		CNXIT	-10.09%	-12.15%
NAGARCONST	12.98%	-1.41%		BATAINDIA	-8.10%	-11.53%
BALLARPUR	12.06%	3.15%		BAJAJHIND	-7.72%	-7.51%
HCLTECH	10.63%	-2.62%		BHEL	-7.36%	-5.67%
INDIAINFO	10.08%	#N/A		NIITLTD	-7.18%	-5.19%

Market Activity as on 15^th April 2008:

Active Contracts – Nifty, RPL, Reliance, REL, REL Capital, NTPC

Top Gainers in Nifty – Infosys, TCS, HCL Tech, Wipro, Satyam

Top Losers in Nifty – HDFC, HDFC Bank, ACC, SAIL, Hindalco

Active Calls – 4800, 4900,4700,5000,5100, 5200,4600,5000,5300, 4800

Active Puts – 4700, 4600, 4800, 4500, 4400, 4900, 4300, 4250, 5000

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Kisan Ratilal Choksey Shares and Securities Pvt. Ltd.
1102, Stock Exchange Tower, Dalal Street, Mumbai 400 001
Phone: 91-22-56338050 / 66965555. Fax: 5633 8060
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