BUY LCC INFOTECH AT CMP

TARGETS: Short term: 4 rupees Mid term: 7 rupees Long Term: 15 rupees Driven by the passion and quality, LCC™ Infotech is amongst the top I.T. training & education organizations with a wide spread network of centers across the length and breadth of the country. Over two decades of quality management system, business expertise and sound strategies are responsible for this phenomenal growth of the company. At LCC™, it's a whole new way to work. Here an excellent team of professionals force the pace, challenge the limits of expansion. This uncompromising tenacity has helped LCC™ Infotech forge to the forefront as one of India's largest computer training networks and mirrors a global presence, stretching the business areas further and faster. In fact, LCC™ was the first to franchise education centers in India. Diversification has led LCC™ Infotech into wider spheres of Multimedia, Communications,Infrastructure and Software Development. The software training centers in towns, cities and metropolises are already spreading computer education to the masses, under the brand name LCC™ giving LCC™ Infotech a decisive edge and making it a total I.T. solutions provider in the I.T. industry. Training an average of 1,00,000 students a year, it has an alumni base of over 2.7 million students with a pan India network covering all corners of the country.

Intraday Call on 22-10-2010

• BUY HEROHONDA AT 1860 STOPLOSS 1845 TARGET 1882/1900 for intraday those client hold then target 1928/1944
• BUY EROS MEDIA AT 186 STOPLOSS 180 TARGET 197/201/207
• BUY PUNJLLOYD AT 131 STOPLOSS 125 TARGET 139/144 (1-2 DAYS)
• BUY SATYAMCOMP AT 82 STOPLOSS 80 TARGET 85-86 FOR INTRADAY AND HOLD FOR (1WEEK) TARGET 92-100

Investment Recommendation (6month to 12month) Target : 1415

Balmer Lawrie started its corporate journey as a Partnership Firm on 1st Februry 1867 at Kolkata, founded by two Scotmen - George Stephen Balmer and Alexander Lawrie. From Tea to Shipping, Insurance to Banking, Trading to Manufacturing - there was hardly any business, Balme Lawrie did not delve into in its formative years, growing stronger at every landmark of its remarkable corporate journey. Today, Balmer Lawrie has emerged as a multi-activity, multi-technology, multi-location conglomerate with global footprints - along with its joint Ventures, encompassing diverse interests in Manufacturing Sector viz, Industrial Packaging, Grease & Lubricants, Leather Chemicals and Travel & Tours, Logistics Infrastructure & Services and Engineering & Technology Services. In it’s existence of over 130 years, Balmer Lawrie has achieved several distinctions that attest the company’s market orientation, customer focus & quality consciousness. Presently the largest in India in: ◦Steel Barrels Manufacturing ◦Greases Manufacturing ◦Freight Containers Manufacturing ◦Fat Liquor Manufacturing ◦Travel Business Pioneer among Indian PSUs: ◦First to globalize operations through a joint venture in Dubai (1978) ◦First to offer equity shares to employees (1986) ◦First company in India to issue Commercial Paper in 1990 ◦Always made cash profits since inception in 1867 ◦President’s Award for Outstanding Export Performance of Packet Teas (1995/96) National Award winner for excellence in R&D (1994) - Patented the process for environment friendly ‘non-acid base used oil refining’. - Majority of the units are ISO certified. Other units are in the process of certification. Company has been showing good growth for the last 5 yrs and is likely to continue doing that in coming years. Business: This public sector behemoth offers a wide and diversified array of services, rendered under five broad segments namely Industrial Packaging, Logistics Infrastructure and Services, Travel and Tours, Greases and Lubricants and Others (Tea, Leather Chemicals and Refinery and Oil Field Services), of these segments the biggest revenue growth driver is the Travel and Tours segment followed by the Logistics Infrastructure and Services sector Industrial Packaging: Thought this segment contributes less than 1/5th to the company’s overall revenue, it has garnered a huge reputation within industrial circles, and is considered to be the largest manufacturer of industrial package containers. The firm manufactures 165, 200 and 210 ml steel drums that are utilized for safe packing, transport and storage of goods. Utilizing its strong R&D facilities and 6 manufacturing units (Mumbai, Kolkata, Chennai, Panipat , Silvassa and Asaoti) it is able to provide a comprehensive series of drums to its diversified client base that ranges from food companies to chemical companies. Logistics Infrastructure and Services: Balmer Lawrie offers seamless Logistics Solutions to it’s clients through a country-wide network of offices including all Major Airports & Ports in India,and a World-wide network of associates in more than fifty countries.The expertise of Balmer Lawrie in Logistics Services dates back to Nineteenth Century when it stated this activity and it has grown manifolds over the past decade. Highlights a. The only major PSU in the Arena of Complete Logistics Services and related solutions,with equal focus on Public and Private Sectors. b. Specialist in Air Import Consolidation,Ocean Impots, Air Chartering and Project Cargo Handling.. c. Having a Nation-wide and World-wide network with offices manned by Professionals and State-of-the-Art Communication facilities. d. Having ISO 9001-2000 Accreditation. e. Prividing clients with a Total Logistics Solution package. Services: Air Freight Services As an accredited IATA agent,we have been handing Inbound and Outbound cargo through our Consolidation Service,which include Standard and Over-Dimensioned Cargo,Perishable and Temperature-Controller consignments, Dangerous Cargo as defined by IATA,Door-to-Door Service to and from anywhere in the country to anywhere on the globe. Ocean Freight Services Containerized,Break-Bulk and LCL cargo on Door-toDoor basis, Out-sized / Heavy-Lift consignment and Specialized Project Cargo including carrier selection,documentation at India and Abroad,CHA and inland movement in the countries of Origin and Destination.Ably assisted through it’s own Container Fright Station at JNPT, Navi Mumbai, Chennai and Kolkata. Air Chartering Custom-Built Logistics Solution for movement of specific Consignment through Chartered Aircraft. This include selection of aircraft,positioning and movement of materials through route specified by client,Customs-Clearence at both Origin and Destination depending on Customer Requirement. Ship Chartering Selection of Carrier depending for customer requirement, both Domestic(Coastal) and International,Door-to-Door receipt and delivery of cargo as per Customer requirement. CHA Activities One of India’s oldest CHA licence holder, we provide CHA services to our clients at all Airports and Sea Port, CFS (Container Fright Station) and ICD (Inland Container Depot) as well. Project Logistics Management Starting from Project registration with Customs, Documentation, pickup from supplier’s doorstep, arranging Air/Ocean Freight as required, surface Transportation, Multimodal movements, warehousing, delivery to the site ,arranging Insurance Coverage, follow-up of Insurance Claims(if any)etc. Express Cargo Movement With it’s tie-up with DHL Express, provides world-wide movement of Express Cargo and Temperature Sensitive Cargo.. Travel and Tours: Nearly 40% of the firm’s revenue comes from this segment and much of the company’s overall fortunes will depend on this sector. This segment of Balmer Lawrie had the unique distinction of handling the Commonwealth Youth games in 2008. The firm has a large base of IATA approved agents (1500) and over 15000 non IATA approved agents to help it service this largely fragmented industry. Revenues and profits from this firm have grown at a healthy rate over the last 5 years (Revenue CAGR of 17.1% and profit CAGR of 19% from 2005-2009) and this is mainly due to the company’s widespread network all over India. Greases and Lubricants: This is another segment in which the company has a dominant position, being considered amongst the top 10 grease manufacturers in Asia and the largest in the country. In India 65% of the client base for grease and lubricants consists of automobile companies and the remaining 35% consists of industrial and marine companies. This unit generates sales by selling its flagship lubricant Balmerol and grease processing business and manufacturing services for other companies. Others (Tea, Leather Chemicals and Refinery and Oil Field Services): Tea: Tea is one of the oldest and traditional businesses of Balmer Lawrie. The company is engaged in the entire spectrum of tea operations from sourcing to exports (both in bulk and value added forms). The Company operates from all auction centers in India and owns modern warehousing, tasting, blending and packing facilities at Kolkata, Coimbatore and Bedford (UK). The company is a Government recognized ‘Export House’. The company is also the recipient of ‘Certificate of Merit’ awarded by the Government of India for ‘outstanding export performance in packet tea and tea bags’. The tea division and its factories at Kolkata and London are ISO9002 certified and IMO certified for blending & packing of organic tea. Work is in advanced stages with regard to HACCP and Safe Quality Food certifications. The Company enjoys a wide market base both in conventional and sophisticated tea markets of the World. It is one of the largest suppliers of bulk and packet tea from India to Russia & CIS, West Asia and North African countries. Teas packed by Balmer Lawrie, in own brands or in buyers’ brands, can be seen in chain stores and other outlets in UK, Germany, France, USA, Canada, Japan and Australia. Amongst others, the company is associated with the prestigious Harrods, Selfridges chains in UK, Mitsukoshi, Minami outlets in Japan. Private labelers, hotel chains and major airlines are among other prominent customers. Leather Chemicals Balmer Lawrie started manufacture of leather chemicals in the year 1983 after developing the technology indigenously in collaboration with the world renowned Central Leather Research Institute. Since then, through continuous interaction with customers and supply of products of consistent quality, the company has established leadership for its products in India. Today, the product range includes synthetic and semi-synthetic fatliquors, synthetic tanning agents and auxillaries. The manufacturing plant at Chennai is an ISO 9001 certified unit by BVQI Refinery and Oil Field Services The Refinery & Oilfield Services (ROFS), an integral part of the Engineering & Technology Services portfolio of the Company relates to services provided in the high technology oil & gas related areas. In this domain the focus is on providing environment friendly services centered around prevention & recovery of hydrocarbon wastes. This activity assumes greater significance with the all round concern on twin aspects of environment & safety. Present Activities of SBU ● Crude oil sludge cleaning & Hydrocarbon Recovery ► In-situ mechanized tank bottom sludge cleaning ► Lagoon/ pit sludge cleaning ● Vapour loss Prevention & Recovery ► Aluminum Internal floating Roof ► Aluminum Tank Dome ► Membrane based vapour Recovery ● Other Services ► Decontamination of Process Plants ► Composite Repair of pipelines & Tankages Share holding pattern: Promotor holding = 0% Public holding = 17% FII holding = 0.79% Others = 82.09% Company Stakes: Company name Balmer Lawrie’s stake Balmer Lawrie U.K. — 100% Avil Oil India ltd — 25% Balmer Lawrie (UAE) LCC — 49% Balmer Lawrie-Van Leer ltd — 40.12% Transafe Services Ltd — 50% The global financial slowdown hasn’t left Balmer Lawrie untouched, Its operating performance stagnated in FY09 and the net profit was propped up by a spurt in nonoperative income. Revenues went up 13.7% in FY09 at Rs 2,007 crore and profits grew by 9.3% to bring in Rs 109 crore. The services sector did well during the year with travels and tours posting 19% growth and logistics services growing at 21%. Both these businesses posted healthy improvement in profits as against a fall in profit for manufacturing businesses such as industrial packaging and lubricants. With established businesses and very low annual capex, the company has maintained its return on employed capital to beyond 40% for last four years.

M M FORGINGS LTD.

TARGET ACHIEVED AT 140 BUT STOCK MADE NEW HIGH AT 144.50 IN NSE ANDE 145.20 IN BSE

JSW Energy - Technical View

JSW Energy had made a triple top formation at 131 levels and is currently trading at 134. One can enter it for a short term target of 140-142.

Short Term Recommendation

BUY M M FORGINGS LTD. CMP TARGET 140 COMPANY INFO: The company is engaged in the manufacturing of steel forgings. The Company manufactures and exports steel forgings in raw, semi-machined and fully machined stages in various grades of carbon, alloy, micro alloy and stainless steels in the weight range of 0.20 kilogram to 60 kilograms. As of March 31, 2010, the Company's installed and production capacity (on 600 shift basis) was 38,820 and 33,320 metric tons of steel forgings, respectively. The Company has a wholly owned subsidiary, Srivatsa Electric & Electronic Limited

Intraday Calls 12 July 2010

• SELL JINDAL SAW FUT 209.60 STOPLOSS 211.45 TARGET 207.60/207.05(BOTH TARGET ACHIEVED)
• SELL JSW STEEL FUT 1104 STOPLOSS 1119 TARGET 1098/1087(BOTH TARGET ACHIEVED)
• POSITIONAL CALL : SELL HDFC FUT 3003 STOPLOSS 3048 TARGET 2978.90/2954.80/2949.90
• SELL AUROPHARMA FUT 942.50 STOPLOSS 953.80 TARGET 927.60/923.80
• SELL BANK NIFTY FUT 9730 STOPLOSS 9780 TARGET 9678.40/9616.10(SL TRIG)
• SELL GAIL FUT 471.40 STOPLOSS 473.35 TARGET 465.70(BOOK PROFIT AT 466.50)

Intraday Calls 09 July 2010

• SELL OBC FUT 241.50 STOPLOSS 343.35 TARGET 339.25/338.85/337
• POSITIONAL CALL : SELL NIFTY FUT 5355 STOPLOSS 5405.10 TARGET 5291.25/5253.30

Intraday Calls 08 July 2010

• SELL SBIN FUT 2342 STOPLOSS 2360 TARGET 2326.50/2316
• SELL ICICIBANK FUT 863 STOPLOSS 870.20 TARGET 858.30/844.10

Intraday Calls 07 July 2010

• SELL IBREALEST FUT 159 STOPLOSS 161.50 TARGET 155.70/154(MADE LOW AT 156)
• SELL BHUSHAN STEEL FUT 1472 STOPLOSS 1494 TARGET 1453.05/1426.10(1ST TARGET ACHIEVED AND MADE LOW 1441)

Intraday Calls 05 July 2010

• SELL LT FUT 1804 STOPLOSS 1815 TARGET 1795.40/1784.50
• SELL SESAGOA FUT 345 STOPLOSS 341.60 TARGET 353.80
• SELL MPHASIS FUT 606 STOPLOSS 610.30 TARGET 601

Intraday Calls 1 July 2010

• SELL GSPL FUT 103.50 STOPLOSS 104.10 TARGET 102.80/101.50(1ST TARGET ACHIEVED)
• SELL ABAN FUT 845 STOPLOSS 852.60 TARGET 840.40/833.80(SL TRIG)
• SELL FORTIS FUT 156.40 STOPLOSS 158.40 TARGET 152.95(MADE LOW 154.45)
• BUY TATAMOTORS FUT 772 STOPLOSS 765 TARGET 785(SL TRIG)
• BUY MARUTI FUT 1394 STOPLOSS 1381 TARGET 1421

Intraday Calls 29 June 2010

• SELL ZEEL FUT 295.65 STOPLOSS 298.25 TARGET 293.25/291.75(BOTH TARGET ACHIEVED)
• SELL LT FUT 1797 STOPLOSS 1810 TARGET 1781/1767.50
• POSITIONAL CALL : SELL BHUSHAN STEEL FUT 1439 STOPLOSS 1456.65 TARGET 1418/1380 (1ST TARGET ACHIEVED)
• POSITIONAL CALL:SELL ABAN FUT 819 STOPLOSS 834.30 TARGET 804.90/785.20
• BUY JINDAL SAW FUT 201.20 STOPLOSS 197.90 TARGET 204.45/208.80
• SELL RNRL BOTH TARGET ACHIEVED AT 65.50/65.20

OUR LAST POSITIONAL CALL ON 28 JUNE 2010 :

• SELL NIFTY BOTH TARGET ACHIEVED AT 5305 AND 5269
• SELL ONGC 1ST TARGET ACHIEVED AT 1295
• SELL RELIANCE BOTH TARGET ACHIEVED AT 1085 AND 1078.35
• SELL SUNPHARMA BOTH TARGET ACHIEVED AT 1785 AND 1768

Intraday Calls 28 June 2010

• SELL RNRL FUT 67 STOPLOSS 68.60 TARGET 65.50/65.20
• SELL ABAN FUT 765 STOPLOSS 770 TARGET 757.20/751.70(SL TRIG)
• SELL BANK NIFTY FUT 9495 STOPLOSS 9542 TARGET 9465/9441.40/9390.70(1ST TARGET ACHIEVED)
• SELL SUNPHARMA FUT 1805 STOPLOSS 1815.20 TARGET 1783.20/1768.60
• BUY SBIN FUT 2311 STOPLOS 2301 TARGET 2320/2334.10(1ST TARGET ACHIEVED)
• POSITIONAL CALL : SELL ONGC FUT 1310 STOPLOSS 1356.55 TARGET 1296.05/1254.10
• SELL RELIANCE FUT 1091 STOPLOSS 1102.55 TARGET 1085.90/1078.20
• POSITIONAL CALL : SELL NIFTY FUT 5335 STOPLOSS 5356.70 TARGET 5305.90/5269.40

Possible outcomes for fuel price reforms

NEW DELHI (Reuters) - The government on Friday will once again grapple with the political hot potato of deregulating fuel prices, seeking a way to improve its financial health as it tries to shield its 1.2 billion citizens from high prices. A panel of ministers, empowered by the cabinet to decide the country's fuel policy, will review the policy at 1 p.m. (0730 GMT). Earlier this month, the panel deferred the decision due to political concerns that the move would hurt voters already hit by high food prices. Asia's third-largest economy has been looking for new ways to reduce subsidies and set prices of motor and cooking fuel since the failure of its 2002 bid to get state-owned refiners to fix prices every two weeks in step with global rates. But this is a political minefield in a country where 410 million people live on less than $1.25 a day and any decision by the panel of ministers who debate the issue must have the approval of Sonia Gandhi, the left-leaning powerful chief of the Congress party that has led coalition governments since 2004. Analysts worry that maintaining the status quo could discourage private sector investment in India's under-developed energy sector and send a signal that the government would rather please its mostly poor and rural political base than push through pro-market reforms. B.M. Bansal, chairman of state-run Indian Oil Corp on Wednesday said the current petrol price, 47.93 rupees ($1.03) per litre, was 3.20 rupees, or nearly 7 percent, lower than market rates, while diesel rates were 9 percent lower. Shares of IOC (IOC.NS : 379.5 +38.1) and other state refiners Bharat Petroleum (BPCL.NS : 621.75 +71) Corp Ltd and Hindustan Petroleum Corp Ltd were up 1.1 percent to 1.2 percent, outperforming the benchmark index, which was down 0.5 percent at 0355 GMT on Friday. ELECTORAL RISKS * Raising fuel prices would stoke inflationary pressures, already at levels uncomfortable enough for voters to slam Congress in municipal elections this week in the swing state of West Bengal. * An economically sound decision may help India narrow its fiscal deficit, but could yield electoral losses for the Congress in the half-dozen state elections scheduled this year and next. * Many coalition allies would be unhappy with the unpopular measure, which is sure to be pounced upon by opposition parties including the communists who tried to unseat the government over a February hike in motor fuel prices. * Rival Asian giant China, with its own billion-plus population, abandoned similar fuel price subsidies from January 2009 to great effect for then-struggling refiners grappling with losses, as Indian state-owned refiners do now. * If India does reform its refined fuel policy during a window stretching from the end of the lawmakers' budget session in May until parliament gathers next for its monsoon session in August, here are the possibilities that could play out: ELIMINATING CONTROLS * Lifting subsidies would trigger spikes of up to 15 percent in retail prices of diesel and gasoline -- adding to the political pressure on a government already facing protests over rising prices of food and consumer goods. * This option looks even more difficult in the wake of two fuel price hikes since the end of February. * It could stoke inflation, forcing a tightening of monetary policy. The government's fiscal deficit, now projected at 5.5 percent of the budget for the year ending March 2011, would probably shrink, freeing up capital for other programmes. * In the fiscal year that ended March 31, India spent 149.5 billion rupees ($3.35 billion), or nearly 1.5 percent of all government expenditure, on oil subsidies, compared with initial estimates of 31.1 billion rupees. * Market rates would allow private firms Reliance Industries (RELIANCE.NS : 1062.75 +10.7) and Essar Oil (ESSAROIL.NS : 137.7 +8.35), that now mainly export fuel, to consider domestic retail sales. * Revenue would spike dramatically at retailer Indian Oil Corp, as well as Hindustan Petroleum and Bharat Petroleum, and upstream firms ONGC (ONGC.NS : 1265 +75.65), Oil India and GAIL (GAIL.NS : 482.4 +5.65) (India). * Higher retail prices could briefly dampen demand for fuel and vehicles. * Scrapping government intervention would hit poor consumers, who have no access to electricity and use kerosene for lighting and cooking. PARTIALLY LIFT CONTROLS * India may end pricing controls on petrol, viewed as the rich man's fuel, and gradually remove controls on diesel, which could spur higher inflation but ease its fiscal burden. * It would help cut losses at state oil firms, but fuel demand may be hit briefly and could draw some opposition from the automobile sector. * It may spur a change in fuel use. A large gap between diesel and kerosene prices may see the cheaper fuel being used to adulterate diesel. * Introduction of a Unique Identity/Smartcards framework may follow to ensure a transparent public distribution system of kerosene and domestic LPG. KEEP SUBSIDIES * The government may decide to continue with the populist mechanism of subsidising fuel prices but would then face the risk of a ballooning fiscal deficit, and jettison its plan to trim the deficit to 4.1 percent of GDP by the end of March 2013. * The finances of the public sector oil marketing companies would be hammered. Projected losses for the firms are estimated at $24.4 billion this year, based on an average crude price of $85 a barrel.

Intraday Calls 25 June 2010

• SELL RELINFRA FUT 1172 STOPLOSS 1180.05 TARGET 1161.75/1153.50(SL TRIG)
• BUY TULIP FUT 867 STOPLOSS 861 TARGET 880
• SELL DRREDDY FUT 1483 STOPLOSS 1500 TARGET 1450.20/1440.20
• SELL HEROHONDA FUT 2041 STOPLOSS 2053 TARGET 2031.60/2021.15

EGoM meet on fuel price on June 25

An empowered group of ministers (EGoM) will meet on June 25, 2010 to consider possibly freeing petrol prices from the government control and marginally hiking diesel prices.

Food inflation rises to 16.90%

The inflation for primary articles for the week ended June 12, 2010 stood at 17.60% as compared to 16.86% seen in the previous week. Fuel group inflation for week ended June 12 stood unchanged at 13.18%. Food inflation inched up to 16.90% for the week ended June 12, 2010 as compared to 16.12% in the previous week.

Intraday Calls 24 June 2010

• SELL HEROHONDA JULY FUT 2044 STOPLOSS 2055 TARGET 2034.50/2026(BOTH TARGET ACHIEVED)
• SELL AXIS BANK JULY FUT 1261 STOPLOSS 1269 TARGET 1251/1247
• SELL CENTURYTEXTILE FUT 472 STOPLOSS 476.JULY 80 TARGET 467.85/463.45(BOTH TARGET ACHIEVED)

Intraday Calls 23 June 2010

• SELL RELINFRA JULY FUT 1181 STOPLOSS 1191.55 TARGET 1164.30/1150(SL TRIG)
• BUY SESAGOA JULY FUT 361.50 STOPLOSS 357 TARGET 368.25/369.80(BOTH TARGET ACHIEVED)
• BUY HDFC JULY FUT 2951 STOPLOSS 2925 TARGET 2977/3003(1ST TARGET ACHIEVED)
• SELL GAIL JULY FUT 479 STOPLOSS 483 TARGET 476.10/471.60(1ST TARGET ACHIEVED)
• SELL IBREALEST JULY FUT 155 STOPLOSS 158 TARGET 152/149.90