Reports ----- for Monday 29th

STOCK UPDATE

Marico
Cluster: Apple Green
Recommendation: Buy
Price target: Rs70
Current market price: Rs63

Oil on the boil

Result highlights

• The Q2FY2008 results of Marico were as per our expectations. In Q2FY2008, the net revenues of the company grew by 22.7% year on year (yoy) to Rs463.8 crore. The growth was driven by a 16% organic growth and a 7% inorganic growth.
• The operating profit margin (OPM) declined by 81 basis points to 13.95% on account of a higher raw material cost, which as a percentage of sales increased by 210 basis points to 51.6%. Consequently, the operating profit grew by 16% yoy to Rs64.7 crore.
• A substantial decline of 49.3% in the depreciation charge due to a write-off of intangibles in FY2007 along with a tax incidence of just 19.3% (compared with 30.9% in Q2FY2007) led to a 63% jump in net profit to Rs42.2 crore.
• The quarter witnessed a good volume growth across products with Parachute coconut oil growing by 8%, focus segment products growing by 15% and Saffola growing by 21% yoy. The international consumer product business grew by a strong 73% aided by the Egyptian business. Also, the chain of Kaya clinics expanded to 51 as the company added three new clinics during the quarter.
• We maintain our positive outlook on the company and expect its turnover to grow by 21% in the current financial year. The stock is trading at valuations of 18.8x FY2009E earnings per share (EPS) and enterprise value (EV)/earnings before interest, depreciation, tax and amortisation (EBIDTA) of 12.4x FY2009E. We maintain our Buy recommendation on the stock with a price target of Rs70.

Sun Pharmaceutical Industries
Cluster: Ugly Duckling
Recommendation: Buy
Price target: Rs1,287
Current market price: Rs1,042

The Sun continues to shine!

Result highlights

• Sun Pharma reported a strong top line growth of 24.6% year on year (yoy) in Q2FY2008 to Rs667.9 crore. The top line was significantly higher than our estimate of Rs632 crore. The strong growth was driven by an increase of 26.3% in its domestic business and a 19.2% growth in its exports.
• The domestic formulation business grew by 31.2% to Rs372.0 crore. This quarter was phenomenal for this business, which saw the highest ever revenues and growth rates. Going forward, the company expects the growth to moderate to more sustainable levels. We believe Sun Pharma's domestic formulation business will continue to outpace the industry and grow at a compounded annual growth rate (CAGR) of 20% over FY2007-09.
• Caraco Pharma, Sun Pharma's US subsidiary, continued with its impressive performance by registering a 46% growth in the revenue to $41.4 million (against our estimate of $37 million) and a 100% jump in the net profit to $4.6 million in the quarter.
• Sun Pharma demonstrated excellent cost control during the quarter, with margins expanding by 420 basis points to 36.1%, the highest operating profit margin (OPM) reported by the company so far. The sharp margin improvement was driven by a broad-based cost reduction: a 260-basis-point reduction in the raw material cost due to an improved product mix; a 30-basis-point decline in the staff cost; and a 240-basis-point dip in the other expenditure. The margin expansion caused the operating profit (OP) to grow by a robust 41.0% to Rs240.9 crore in Q2FY2008.
• Despite a robust operating performance, Sun Pharma's net profit growth was restricted to just 17.2% at Rs218.6 crore during the quarter. The profit was in line with our estimate of Rs213 crore. The profit growth slowed down due to the sharp 72% reduction yoy in the other income.
• Sun Pharma's recent wins in the Para IV patent challenges indicate the future potential of its US business. The company has recently announced favourable outcomes on four Para IV challenges, generic Protonix, generic Trileptal, generic Effexor XR and generic Exelon, thus winning a 180-day exclusivity (in certain cases, the same is shared with a few other players) for supplying these products in the USA. While the company is still evaluating its launch options for generic Protonix and generic Exelon, it has already launched generic Trileptal and is awaiting the US Food and Drug Administration's (US FDA) approval for generic Effexor XR. Upon receiving the approval it will evaluate the latter's launch and/or settlement options.
• Taro has further pushed its shareholders' meet until after the announcement of its audited results for 2006 and H1CY2007. There is no clarity on the timeline of the result announcements. With a 25% stake in Taro, Sun Pharma's management remains confident of closing the transaction after the shareholders' meeting.
• At the current market price of Rs1,042, Sun Pharma is valued at 23.3x FY2008E and 19.6x FY2009E fully diluted earnings. We maintain our Buy recommendation on the stock with a price target of Rs1,287.

Orient Paper and Industries
Cluster: Vulture’s Pick
Recommendation: Buy
Price target: Rs800
Current market price: Rs634

Price target revised to Rs800

Result highlights

• Backed by healthy realisations in cement and paper divisions, the top line of Orient Paper and Industries grew by a robust 32% year on year (yoy) to Rs302.5 crore.
• On account of higher realisations, the paper division's margin jumped to 16% against 5% in the previous quarter and a loss in the same quarter of last year. Supported by healthy margins in the cement division, the overall earnings before interest and tax (EBIT) margin expanded by a healthy 1,525 basis points yoy and 280 basis points quarter on quarter (qoq) to 32.5%.
• The other income component for the quarter stood higher at Rs11.4 crore on account of Rs8.67 crore booked towards the realisable value of carbon credits obtained by the company from United Nations Framework Convention on Climate Change (UNFCCC).
• Thanks to the repayment of debt, the interest cost declined to Rs4.6 crore whereas the depreciation provision remained flat yoy at Rs5.6 crore, as the company has not added any asset in the last one year.
• On the back of the stellar performance of the paper and cement divisions, and a higher other income, the company's profit after tax (PAT) grew by 155% yoy to Rs58.3 crore, beating our expectations.
• The capital expenditure (capex) programme of the company is progressing well. The company will be able to get an additional cement volume of 0.3 million metric tonne (MMT) for the second half of the current fiscal. It is foraying into manufacture of CFL lamps at a capex of Rs40 crore.
• Taking cognisance of the higher margins in the division and adjusting for the income accruing from the sales of Certified Emission Reductions (CERs), we are upgrading our FY2008 earnings per share (EPS) estimate by 11.5% to Rs112.8 and the FY2009 EPS estimate by 12.8% to Rs113.2.
• The outlook for the company's business, especially cement and paper businesses, is very positive. Even though the cement cycle is expected to reverse in the next one year, the higher volume growth will partially compensate for the drop in the prices. With the industry scenario looking bright for the next couple of years, we expect the company's paper margins to remain attractive, providing a cushion to the earnings of the company. The stock is currently trading cheap at 5.1x its FY2008 EPS estimate and 5.6x its FY2009 EPS estimate whereas the cement business is trading at an EV per tonne of USD49 on the FY2009E capacity and USD29 on the FY2010 capacity. In view of the bright prospects for the paper industry and cheap valuations of the company's cement business, we believe that the stock deserves a re-rating. Hence, we revise our price target to Rs800 per share.

3i Infotech
Cluster: Emerging Star
Recommendation: Buy
Price target: Rs180
Current market price: Rs140

Revenue growth hit by European business

Result highlights

• For Q2FY2008 3i Infotech has reported a revenue growth of 6.8% quarter on quarter (qoq) and 91.6% year on year (yoy) to Rs277.9 crore, which is lower than our expectations of Rs283.7 crore. The flattish revenue growth in the recently acquired entity, Rhyme Systems, and the overall slowdown in the European business seem to be the key reasons for the lower than expected growth in the company's overall revenues.
• The operating profit margin (OPM) improved by 30 basis points to 24.3%, despite the increase in the selling, general and administration (SG&A) cost as a percentage of the sales (to 21.9% as compared with 21.5% in Q1FY2008). The margin improvement was largely driven by the 150-basis-point improvement in the gross margin of the service business to 38.8% in Q2FY2008. Consequently, the operating profit grew by 8.3% qoq and 98.5% yoy to Rs67.6 crore.
• However, the steep jump in the minority interest to Rs3 crore dragged down the earnings growth to 2.3% qoq and 78% yoy to Rs40.1 crore, which is much lower than our expectations of around Rs43-44 crore.
• The company has upgraded the revenue guidance to Rs1,150-1,250 crore (up from Rs1,000-1,100 crore earlier) and the earnings guidance to Rs165-175 crore (up from Rs145-155 crore earlier). The upgraded earnings guidance is in line with our estimate of Rs172.3 crore.
• In terms of operational highlights, the revenue mix remained largely constant on a sequential basis with the product business contributing around 46.7% of the revenues. The order backlog continued to show a healthy growth with an increase of 11.2% qoq to Rs728.4 crore.
• At the current market price the stock trades at 13.7x FY2008 and 10.9x FY2009 earnings estimates. We maintain our Buy call on the stock with the price target of Rs180.

Unichem Laboratories
Cluster: Apple Green
Recommendation: Buy
Price target: Rs300
Current market price: Rs200

Price target revised to Rs300

Result highlights

• For Q2FY2008 Unichem Laboratories (Unichem) has reported a sales growth of 2.6% to Rs153.1 crore, which is lower than our expectation of Rs160 crore. The growth was subdued largely due to a 3% year-on-year (y-o-y) decline in the company's exports on account of the appreciation in the rupee. Moreover, even the flagship domestic business of the company recorded a growth of just 5.5% year on year (yoy), due to the price cuts imposed on Ampoxin and the high base of Q2FY2007.
• On account of the rising rupee, the management did not push its exports during the quarter. Instead, it chose to re-negotiate the pricing terms with its key clients. The negotiation process is currently on and the management is hopeful of improving its export realisations in the future quarters.
• The performance of Unichem's domestic formulation business moderated during the quarter, with the business growing by 10% to Rs118.1 crore. Going forward, the company expects to improve the growth seen in the domestic formulation business on the low base of H2FY2007. Also, the new prices of Ampoxin came in towards the end of Q2FY2008; the impact of the same will be felt in the improved performance in H2FY2008. However, we have modeled a conservative 12.0% growth in this business in FY2008 and we remain optimistic about the company's ability to beat our estimates.
• Unichem's active pharmaceutical ingredient (API) business declined by 16% in Q2FY2008, largely due to the 49% decline in the domestic bulk business. The management has indicated its low focus on the bulk segment. Going forward, we can expect a pick-up in the bulk business on the back of new contract research and manufacturing (CRAMS) orders in Europe (for which the talks are currently on). However, until then, we expect the bulk business to report a sluggish growth.
• Unichem's operating profit margin (OPM) contracted by 180 basis points to 20.2% in the quarter. The rising research and development (R&D) cost (on account of higher abbreviated new drug application [ANDA] filings) and an increase in the staff cost (due to the addition of new employees) adversely affected the margin. On the other hand, the gross margin showed an improvement despite the lower export realisations. The margin reported by the company was, however, ahead of our estimate of 19.7%. The shrinking margin caused the operating profit to decline by 3.8% to Rs30.3 crore.
• Unichem's reported net profit declined by 17.5% to Rs21.2 crore in Q2FY2008. The decline was due to a 58% reduction in the other income, a 29% increase in the depreciation charge and a 630-basis-point increase in the tax incidence over Q2FY2007.
• In the wake of the slowdown in the exports and the bulk business during H1FY2008, we are revising our revenue and earnings forecasts for Unichem. We have downgraded our FY2008 revenue and earnings estimates by 5% and 11.2% respectively, and our FY2009 revenue and earnings estimates by 4.2% and 9.7% respectively. Our revised earnings estimates stand at Rs25.3 per share for FY2008 and at Rs29.0 per share for FY2009.
• At the current market price of Rs200, Unichem is trading at 7.9x its estimated FY2008 earnings and at 6.9x its estimated FY2009 earnings. At these levels, the stock is very cheap when compared with its peers. We maintain our Buy recommendation on Unichem, with a revised price target of Rs300.

Ratnamani Metals and Tubes
Cluster: Ugly Duckling
Recommendation: Buy
Price target: Under Review
Current market price: Rs1,279

Q2FY2008 results: First-cut analysis

Result highlights

• For Q2FY2008 Ratnamani Metals and Tubes Ltd (RMTL) has reported a year-on-year growth of 46.1% in its net revenues to Rs209.1 crore. The net revenues are in line with our expectations.
• The operating profit grew by 38.2% year on year to Rs44.9 crore, resulting in an operating profit margin (OPM) of 21.5%. The OPM fell by 121 basis points year on year, mainly on account of a change in the product mix and an increased raw material cost. The raw material cost to net sales ratio stood at 64.7% in Q2FY008 as compared with 63% in Q2FY2007.
• The other income increased sharply to Rs6 crore as compared with Rs0.4 crore in the corresponding quarter last year. The other income component was high on account of foreign currency translation gains on the raw material imports.
• The interest cost rose by 24.2% to Rs5.4 crore while the depreciation charge was up 78.3% to Rs5.9 crore. Consequently, the net profit increased by 59.7% year on year to Rs26.8 crore.
• The current order book of the company stands at Rs368 crore and is executable over the next five to six months. Out of the total order backlog, orders worth Rs163 crore are for exports and deemed exports (exports to special economic zones).
• Driven by the demand for the company's products from key user industries like the oil & gas, power and sugar (which are implementing capital expenditure programmes), the outlook for RMTL remains positive. The strong order backlog provides visibility to its earnings. We shall be back soon with a detailed analysis of the results and a revised price target. At the current market price the stock is trading at 13.3x FY2008E earnings and 9.5x FY2009E earnings. In terms of enterprise value (EV)/earnings before interest, depreciation, tax and amortisation (EBIDTA), it is quoting at 6.2x FY2008E and 4.5x FY2009E EV/EBDITA

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Reports ----- for Friday 26th

Dealers Diary
Thursday’s market settled on a firm note on buying in index pivotals.However, trade was choppy towards the end of the day ahead of expiryof October 2007 derivatives contracts. Cues from Asia were positive with most of the markets Asia ending in green yesterday. Stocks from the Banking, Auto, Consumer Durables and Capital Goods sector registered gains. Metal stocks were the outperformers. FMCG and Healthcare stocks ended in the negative territory. Among the frontliners, HUL, Bharti Airtel, Maruti Udyog, ICICI Bank and Tata Steel gained 2-8%, while HDFC, ITC, ACC, Dr. Reddy’s and Cipla lost ground by 1-5%. In the midcap segment, Amtek Auto, Bharat Bijli, Cranes Software, GTL Infra and Gulf Oil Corp gained 9-18%, whereas IVRCL Infra, SRF, Dena Bank, 3i Infotech and Strides Arcolab lost around 5%.

Markets Today
The trend deciding level for the day is 5548/18710. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally upto 5627 / 18961 levels. However, if NIFTY trades below 5548/18710 for the first half-an-hour of trade then it may correct upto 5490-5411/ 18520-18270.

Events for the Day (Quarterly Results)
Acrow India
Advanta
Andhra Bank
Apollo Tyre
Atlanta
Avaya Global
Bata
B E M L
Bharat Elect
Bharat Forge
Clutch Auto
Educomp
I T C
Indian Hotels
Lanco infra
Kotak Bank
Nagarjuna Fertilizer
Pantaloon Retail
Syndicate Bank
Tata Steel
Tulip IT

Derivative Report Comments

• Open interest in Nifty futures has increased by 4.22% along with the increase in Nifty price by 1.32% from 5496.15 to 5568.95. The Nifty PCR-OI has increased from 1.17 levels to 1.23 levels.
• Nifty November series discount has narrowed from 39.90 points to 33.80 points. The current COC in November series is negative 6.33%. Nifty Futures annual volatility has reduced from 48.45% to 47.60%.
• Nifty has shown a rollover of 70.78%.
• Stocks which have shown maximum rollover are GTL, JSWSTEEL, TATACHEM, SKUMARSYNF, ORCHIDCHEM, IFCI and NDTV.
• Stocks currently trading with significant premium in November series are STAR, EKC, CHENNPETRO, BRFL and SRF.

Derivative Report View

• The options data have shown humongous addition of OI in the 5500 strike price Put option. Also, the same strike price Call option has added good OI.
• In the beginning of a new series we generally see Nifty trading at a premium however, this time we have seen Nifty trading at a significant discount. Moreover, the volatility in Nifty is at very high levels. When Nifty price was rising we did not see a very significant rise in Nifty OI. However, in the past few sessions with a fall in Nifty price we have witnessed a good rise in OI. Nifty rollover is a healthy 70% which suggest that some short positions too have been rolled over. Hence participants should form positions cautiously in Nifty.
• We can see significant build-up in Heavy weight IT counters like INFOSYSTCH, SATYAMCOMP, TCS and WIPRO and we may see these counters showing relative strength in the coming trading sessions.
• The maximum addition of OI was seen in Financial Institution sector. IFCI has shown a huge addition of OI along with positive CoC and may continue trading with positive bias.

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Reports ----- for Friday 26th

What the Charts Foretell
(FOR Short Term Investors)

* NIFTY/ SENSEX !
Nifty - Minor Resistance at 5600 - Chances of making Another Top @ 5750 Likely
Bank Stocks getting Highly Overbought - Book Part Profit before any sharp decline

* I F C I !
Strong resistance at 92-92.5 /Bullish crossover with volumes may target 110+ in coming days

* RELIANCE PETRO !
Fails to cross above 193/ Fresh buying on bullish crossover for target of 210

* PETRONET !
Short term resistance at 84/ Buy on bullish breakout for target of 97-100 for few session

* IDBI !
Mildly bearish in short term charts- Book part profit to renter below 135 in few session

* GTL INFRA !
Breakout from bullish pattern EST charts- Use decline to buy SL of Rs. 40 and target of 51

* PUNJ LLYOD
Intra day bullish target achieved -Now indicators in favor of rise to 480 in coming weeks

* VOLTAS LTD !
Strong resistance at 185 - 2 close above 185 will target 215 in near future

* IDEA CELLULAR.
Heading for 160+ in short term - Use every decline for fresh buying

* STERLITE INDS !
Heading for Triple Top at 956 - Expect an up move of Rs.100/- on bullish crossover

* RELIANCE CAPITAL !
Highly overbought with negative divergences -Book part profit to reenter below 1715

* UNITECH . !
Extremes short term resistance at 358- Likely to cross 400 on clearing of resistance with volume

* BANK OF INDIA !
Extreme short term charts in favor r of further decline to 289- Use every rise for short term profit booking

* S.KUMARS !
Heading for 140 in short term - Buy on every decline towards 127 with SL

* VSNL !
Medium Term Target of 700+ maintained - Buy on bullish crossover above 562-565

* YES BANK !
Bearish Target of 196-197 maintained - Book profit on rallys to renter

* ROLTA INDIA !
Heading for 750+ / Use corrective decline towards 670 for fresh buying

* BHARAT FORGE !
Short term indicators in favor of rise to 345- Buy on every decline with SL

* SUZLON ENERGY !
Target of 2100+ maintained- Fresh buying only if stocks prices moves above 1950

* TCS !
Highly oversold in EST charts - Likely to cross 1082 and 1110 in EST

* JSW STEEL !
Overbought with negative divergences -Book part profit to renter below 925

* HPCL !
Bullish pattern in making - Likely to cross 250 in coming session

* AFTEK LTD !
Minor resistance at 72-73/ Bullish breakout with volumes may target 80+


* AIR DECCAN . !
Getting ready for an up move of Rs.10/-/ Buy above 150 with SL of Rs.5/-

FRESH RECOMMENDATIONS

Opening Price is considered around close of previous day. Avoid BUYING if Prices open abnormally High and Avoid SELLING if prices open too low.

1). GTL Infra (Or Fut) : Buy 4000 Shares (2000 at opening + 5x400 at Fall of every Rs0.50/- ) in ' Investment A/C' . Target 51+ Avg SL Rs3/-.
2). Punj Lloyd (Or Fut) :Buy 1000 Shares (500 at opening + 5x100 at Fall of every Rs1/- ) in ' Investment A/C' . Target 440 & 480+ Avg SL Rs10/-.
3). Rel Capital (Or Fut): Sell 500 Shares (200 at opening + 3x100 at Rise of every Rs10/- ) in ' Trading A/C' . Target 1725+ Avg SL Rs25/-.
4). VSNL (Or Fut): Buy 500 Shares (250 at opening + 5x50 at Fall of every Rs4/- ) in ' Investment A/C' . Target 700+(Medium Term). Avg SL Rs20/-.

Bulls & Bears (Technically Speaking)

IFCI heading for 110

Suzlon heading for 2100

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Reports ----- for Thursday 25th

Outlook for the day

The coming trading session is expected to trade in the broad range of 5580 – 5420 levels. On the upside, Nifty may test 5630 – 5680 levels if it trades above 5560 level. On the downside, Nifty has support at 5420 – 5400 levels. Further, it may test 5380 – 5340 levels. For short term traders, any upward rally will be an exit opportunity. Day traders are advised to trade cautiously with strict stop losses as market may remain volatile.

Rolta

The stock has given a close near to multiple resistance level of Rs. 652 level on the Daily chart with rising volumes. This suggests that further upside is likely in the coming trading session if it trades above Rs. 652 level. Stop-loss*: Rs. 646.30 Tgt: Rs.670.00

Bajaj Hindustan

The stock has witnessed buying on the daily chart with rising volumes. This suggests that further upside is likely in the coming trading session if it trades above Rs.187 level. Stoploss*: Rs.184.30 Tgt: Rs.198.

Derivative Report Comments

• Open interest in Nifty futures has increased significantly by 10.73% whereas the Nifty price has risen by 0.41% from 5473.70 to 5496.15.
• The Nifty PCR-OI has remained unchanged at 1.17 levels.
• Nifty October series is trading at a discount of 18.15 points whereas November series is trading at a discount of 39.90 points. The current COC in November series is negative 7.36%.
• Nifty Futures annual volatility has reduced from 49.97% to 48.45%.
• The current rollover in Nifty is 60.09%.
• Stocks showing maximum rollover are GTL, SKUMARSYNF, TATACHEM, JSWSTEEL and ABAN.

Derivative Report Views

• Once again we have seen addition of contracts in the 5500 strike price Call option. Significant build up of Nifty open interest along with huge discount in Nifty futures indicates few short positions have been formed in yesterdays trading session. Also, FII data on Index futures suggest formation of short positions. However, with a significant Call and Put base at 5400 we may see Nifty taking support at this level on closing basis.
• The maximum addition of open interest was seen in the FMCG sector. Heavy weights like HINDUNILVR and ITC has added significant OI along with negative bias in prices. We may see some downside in theses counters for time being.
• Other heavy weights like ONGC, BHARTIARTL and ICICIBANK have all shown significant OI addition at higher levels and have depicted downside in prices.
• Stocks currently trading with significant premium in November series are STROPTICAL, BINDALAGRO, STAR, EDUCOMP and IOB.

Dealers Diary

The markets on Wednesday opened with a bang on continued buying interest in blue-chip stocks tracking firm global markets but later it slipped in the red on selling pressure. The market staged a comeback in lateafternoon trades to end the day with marginal gains. The markets posted gains consecutively for the third straight session, as investors flocked blue-chip shares, inspired by robust set of quarterly results. All this came amidst volatility, which is expected to remain high ahead of the expiry of October 2007 derivatives contracts on Thursday, 25 October. Among the frontliners, Reliance Energy, SBI, Tata Steel, Hindalco and HDFC Bank gained 2-9%, while ONGC, Tata Motors, Infosys, Bharti Airtel and M&M lost ground by 1-3%. In the mid-cap segment, BL Kashyap, Blue Star, Indus Ind Bank, Novartis and Elecon Eng gained 11-20%, whereas Subex Azure, NIIT Tech, Binani Cem, Wire & Wireless and Jai Corp lost 5-8%.

Markets Today

The trend deciding level for the day is 5498/18554. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally upto 5576 / 18791 levels. However, if NIFTY trades below 5498/18554 for the first half-an-hour of trade then it may correct upto 5418-5339 / 18276-18039.

Events for the day (quarterly results)

ABB
ACE
Alfa Laval
Bank of Rajasthan
Cairn India
Century Textiles
Cranes Software
Elecon Eng
GSK Pharma
Gujarat State Petro
Idea
Liberty Shoes
Motherson Sumi
MRF
Nicholas Piramal
NIIT
NIIT Tech
Reliance Cap
Sun Pharma
UTV Software
Voltas



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Stocks in FnO

Following is a list of top gainers and losers in the futures and options market in the NSE on the 24th October 2007 for the October series:

Top Losers
					% CHANGE
SYMBOL	OPEN	HIGH	LOW	CLOSE	IN O.I.
GTL	253.85	272	247	266.2	-71.19
ROLTA	602	655.65	600.5	647.4	-63.37
SUNTV	338.05	342	320.05	325.65	-62.83
JSWSTEEL	938.55	1014.8	932	994.35	-61.71
BIRLAJUTE	333.25	334.85	325	331.75	-57.21
PANTALOONR	584	586	563	576.65	-56.02
BANKBARODA	295	303	289.55	297.05	-55.9
HINDUJATMT	405.1	410.5	397	398.3	-53.98
INDUSINDBK	77.4	86.3	76.05	84.9	-53.72
UNIONBANK	160.85	166.9	158.5	161.35	-53.38
AUROPHARMA	578	585	570.9	578.6	-51.03
BAJAJHIND	178.1	186.7	176.2	184.5	-50.45
STROPTICAL	280	289.5	271.75	275	-50.31
BHARATFORG	296	305.85	291	301.2	-49.99

Following is a list of top gainers and losers in the futures and options market in the NSE on the 24th October 2007 for the November series:

Top Gainers
					% CHANGE
SYMBOL	OPEN	HIGH	LOW	CLOSE	IN O.I.
FEDERALBNK	390	399.9	382.85	391.7	781.82
SUNTV	343.95	349.9	324.2	328.7	581.96
BIRLAJUTE	334.95	338	329	334.45	397.79
HINDUJATMT	412.35	414	400.5	403.05	387.67
KESORAMIND	590	590	571.1	579.25	338.79
CMC	972	976	954	957.3	255.08
CUMMINSIND	426	428.5	418	421.2	243.84
NAGARCONST	297.7	298.8	278.25	281.9	236.08
CHENNPETRO	283	290	277.5	280.9	215.57
BHUSANSTL	1030	1044	1000	1026.3	190.36
MATRIXLABS	229	237.15	226.5	231.85	186.79
TULIP	845	845	815.05	823.65	178.31
ULTRACEMCO	1050	1079	1005	1026.9	170.53
HTMTGLOBAL	591	591.95	571	587.9	170.15
PURVA	480	480	458	460.8	165.57
TATATEA	812	819.85	788	792	160.47
BEL	1885.05	1894	1856	1879.4	156.56
CAIRN	195	218.1	195	206.3	151.73
TITAN	1665	1715	1636	1672.7	146.52
PANTALOONR	587	596	568	581.35	145.66
J&KBANK	766	766	742.1	755	145.45
ABIRLANUVO	1749	1749	1585.2	1625.85	143.1
BEML	1537.95	1554	1475	1491.6	140

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