Top Volume Breakouts - 27 February 2009

Following is a list of stocks in the NSE cash section that do over 1000000 volumes and that did volume breakouts over the 20 day volume averages as on 27 February 2009:

SYMBOL	27-Feb-2009	20 day average volume	Ratio
SREINTFIN	8279413	1358594	6.09
POWERGRID	19916378	3898777	5.11
RANBAXY	10105419	2664441	3.79
HDFC	5343421	1555543	3.44
TATAMOTORS	5776999	2261450	2.55
PNB	3364609	1340242	2.51
AMBUJACEM	3913319	1654328	2.37
HIMACHLFUT	3163743	1346576	2.35
CAIRN	6172981	2784037	2.22
TATASTEEL	14548491	6747573	2.16
ASHOKLEY	5196554	2458566	2.11
WIPRO	2166500	1114057	1.94
ICICIBANK	17868678	9632935	1.85
ABAN	1873497	1034393	1.81
MARUTI	2104027	1270159	1.66
IDBI	1576832	1011328	1.56

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FnO

Following is a list of top gainers and losers in the futures and options market in the NSE on 27 February 2009 for the March series:
We have added a new feature : The 5 previous days have been analyzed as to the change in the open interest over the previous trading day. This should give a better picture while analyzing the stocks.

Top Gainers
		% CHANGE	26-Feb-09	25-Feb-09	24-Feb-09	20-Feb-09	19-Feb-09
SYMBOL	OPEN_INT	IN O.I.	% CHANGE	% CHANGE	% CHANGE	% CHANGE	% CHANGE
IRB	145200	560	150	---n.a.---	---n.a.---	---n.a.---	---n.a.---
MAHSEAMLES	525600	54.23	132.79	52.5	2.56	143.75	6.67
KSK	10200	50	0	100	0	0	0
POWERGRID	20813100	45.24	20.18	-3.61	46.65	32.71	86.55
AMTEKAUTO	816000	42.86	63.01	114.71	161.54	550	100
SREINTFIN	308000	41.94	138.46	62.5	14.29	0	40
CANBK	576000	36.88	46.93	50.42	101.69	22.92	77.78
TATATEA	77000	35.92	90.74	80	233.33	80	150
MLL	3567200	32.85	63.1	40	122.22	42.11	26.67
ACC	1880000	31.16	9.86	23.75	54.24	92.18	9.49
YESBANK	1276000	28.32	107.34	84.75	47.5	81.82	450
TATASTEEL	12026888	28.05	25.81	38.37	38.2	23.19	46.88
INDIANB	609400	27.06	98.18	42.86	42.59	10.2	113.04
ALBK	2151100	26.51	44.58	90.48	157.14	11.36	100
TORNTPOWER	51000	25	---n.a.---	---n.a.---	---n.a.---	---n.a.---	---n.a.---
AKRUTI	846000	24.89	975.24	45.83	1.41	-2.74	14.06
PFC	508800	23.98	200	29.55	33.33	26.92	73.33
BANKBARODA	1355200	18.63	9.68	85.54	158.71	355.88	36
AMBUJACEM	6507672	18.38	26.11	24.5	85.37	10.1	137.71
MPHASIS	1356800	18.27	30.84	16.6	1578.57	21.74	---n.a.---
GLAXO	7800	18.18	0	0	10	0	0
PTC	32900	16.67	500	0	0	0	0
IOB	2590100	15.53	71.17	16.84	427.78	44	2400
RANBAXY	6376000	14.78	54.86	45.96	351.76	61.9	34.62
PIRHEALTH	154500	14.44	260	78.57	100	0	0
Top Losers
		% CHANGE	26-Feb-09	25-Feb-09	24-Feb-09	20-Feb-09	19-Feb-09
SYMBOL	OPEN_INT	IN O.I.	% CHANGE	% CHANGE	% CHANGE	% CHANGE	% CHANGE
WALCHANNAG	0	-100	---n.a.---	---n.a.---	---n.a.---	---n.a.---	---n.a.---
ABAN	1354400	-44.28	170.33	31.62	46.36	60.3	38.93
COLPAL	64350	-26.42	14.39	18.8	20.62	36.62	446.15
BHUSANSTL	27000	-15.63	88.24	54.55	175	0	33.33
MRPL	1575300	-10.15	80.73	36.25	247.83	360	66.67
HCL-INSYS	139400	-8.89	95.65	---n.a.---	---n.a.---	---n.a.---	---n.a.---
BEML	48750	-7.14	52.17	2200	100	0	0
SUNTV	84000	-6.67	650	200	0	---n.a.---	---n.a.---
DISHTV	1586200	-6.1	156.25	45.45	46.67	25	20
HINDPETRO	1508000	-6.07	86.27	72.21	82.46	14.67	55.93
DENABANK	1900500	-5.73	134.15	148.48	200	22.22	125
INDIAINFO	995000	-5.69	154.22	159.38	357.14	16.67	0
COREPROTEC	882000	-5.16	138.46	109.68	933.33	50	100
ARVIND	5091200	-5.13	54.46	81.98	113.46	160	11.11
HDFC	2067150	-5.12	48.49	45.33	86.89	26	13.86
GRASIM	468512	-5	36.02	23.5	40.64	2.07	228.25
ADLABSFILM	693000	-4.47	21.39	145.93	50	260	56.25
NDTV	495000	-4.46	46.73	24.42	6.17	9.46	2366.67
HDIL	4015512	-3.93	93.69	49.89	54.49	31.44	32.37
FEDERALBNK	354016	-3.7	42.11	181.48	237.5	14.29	100
ASHOKLEY	5558100	-3.64	30.17	34.88	22.86	32.08	32.5
EDUCOMP	660000	-3.59	45.35	15.14	12.45	0.46	19.27
HCLTECH	1492400	-3.53	41.33	42.23	36.41	44.67	240.91
SCI	552000	-3.36	67.61	18.33	57.89	40.74	42.11
PRAJIND	4580400	-3.34	145.33	106.1	261.02	55.26	171.43

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Report

GMR INFRASTRUCTURE
RESEARCH: HSBC
RATING: UNDERWEIGHT
CMP: RS 79
HSBC maintains the `Underweight' rating on GMR Infrastructure with a target price of Rs 53. There has been no respite in GMR's existing business. GMR's airport business faces: a) continuing decline in air traffic b) continuing delays in real estate development at Delhi airport, impacting fund availability, and c) inability to raise tariff at the Delhi and Hyderabad airports, impacting overall profitability. However, there has been some relief in the power business due to fresh gas supply and lower naptha prices. GMR runs a refinancing risk on the loan at the end of the two-year period. HSBC expects that in order to complete the Delhi airport in time, the government will have to provide incentives to GMR. These incentives might be in the form of allowing it to charge higher user fees or a higher equity contribution to meet the fund requirement. However, given the current financial condition of the airline industry, it would be difficult for the government to increase the charges without opposition from the airline industry. The outlook for the company remains weak given: a) no signs of recovery in airport traffic growth b) the ability to increase airport charges remains dependent on the government's approval c) no improvement in real estate outlook d) potential difficulties in refinancing its acquisition.

AMBUJA CEMENTS
RESEARCH: MERRILL LYNCH
RATING: UNDERPERFORM
CMP: RS 73
Merrill Lynch maintains `Underperform' rating on Ambuja Cements due to lack of upside triggers. Ambuja's CY09 earnings decline will likely be modest versus other majors due to a tad better supply-demand outlook for west India. Ambuja sells ~30-40% of volumes in the west, which is forecast to witness fewer capacity additions versus other regions. However, exposure to the north will likely hurt. Ambuja's CY08 EBITDA stood at ~Rs 1,770 crore, down ~13% y-o-y due to cost-led margin pressures. The company indicated that high-cost coal inventories, greater use of imported coal and year-end adjustments/provisions dragged 4Q results. 4Q realisations were up 1% y-o-y and 3% q-o-q; cost increase was sharper at ~10-12%. Volumes grew 5% y-o-y and 16% q-o-q. In its 4Q press release Ambuja said the industry's demand growth in CY09 will range between 6-8%. This compares with 11-12% volume growth witnessed in November-December 2008, likely led by pre-election government spending. Reflecting the pattern of previous election years, we worry that the recent demand impetus will ease in 3-4 months as elections draw closer.

IDEA CELLULAR
RESEARCH: INDIABULLS SECURITIES
RATING: HOLD
CMP: RS 51
Indiabulls Securities has reiterated the `Hold' rating on Idea Cellular, however, it has downgraded the target price to Rs 49. Idea ended the third quarter with a handsome topline growth of 13.1% q-o-q, backed by a robust 13% share in the all-India net additions of 38 lakh and a 3.7% improved realisation of 65 paise per minute. Idea's market share (excluding Spice) is to inflate beyond 11% by March 2010 from the current 9.9%. The company's share of the market net additions is likely to peak at 14-15% in FY10, given the upcoming roll-outs in five new circles and the overwhelming response received for the roll-out in Bihar and the re-branding in Punjab. Moreover, Idea's brand, which has all-India recognition, renders it a competitive edge over the other entrants in the new circles. The operating margin will likely remain under pressure in FY10E-11E and is expected to come down to ~11% as Idea opts for higher opex rather than capex for network expansion. In addition, intensifying competition and penetration in Class C circles calls for competitive pricing, which would further bring down ARPUs to around Rs 250 and Rs 210 for FY09E and FY10E respectively. While the company's business model points towards a strong longer-term growth trajectory, the upcoming congestion in the telecom market would exert significant strain on its key operating and financial parameters, thereby limiting major upsides in the stock price.

MUNDRA PORT
RESEARCH: CITIGROUP
RATING: SELL
CMP: RS 368
Citigroup initiates `Sell' rating on Mundra Port and Special Economic Zone (MPSEZ) as the stock looks expensive. MPSEZ is a private port (capacity ~55 mtpa) on India's west coast: 1) Strategically located for north-bound cargo; 2) Handles more container volumes than all major ports, except JNPT and Chennai; 3) Has one of the deepest drafts; 4) ~40% of projected volumes are under long-term contracts; and 5) SEZ over ~32,000 acres should support volume growth. Cargo/profits growth has been impressive at 53%/132% CAGR over FY04-08. Citigroup expects cargo, revenues and profits to grow at 17%, 25% and 47% respectively over FY09-11E, and RoEs to improve to 24% by FY11E from 11% in FY08. While Citigroup forecasts healthy cargo growth at MPSEZ, they see risks in the medium term given the deteriorating global environment. Volumes at major ports grew only by 4% y-o-y in April-November 2008 and fell 28% y-o-y in December 2008 at the DP World-operated container terminal at Mundra. A pullback in investments would hit development of the SEZ, a growth driver for the port. We value: 1) the port at Rs 262/sh; 2) SEZ at Rs 22/sh; 3) investments in subs at Rs7/sh. MPSEZ trades at 24x FY10E PE, a premium of ~85% to Asian ports' average of ~13x, which we find excessive despite EPS growth of 47% over FY09-11E versus the Asian average of -1%. Upside risks include better-than-expected traffic growth and demand for land at the SEZ.

ACC
RESEARCH: MACQUARIE
RATING: UNDERPERFORM
CMP: RS 577
Macquarie lowers the rating on ACC from `Neutral' to `Underperform' in the absence of cost-reduction levers and the stock lacks any positive catalyst except for cement prices. It believes that the current rally in the stock along with an improved business outlook is a good opportunity to book profits. ACC declared its CY08 results, which were about 11% below the estimates at the operating level due mainly to lower volumes and higher costs. Macquarie reduces the target price by 2% to Rs 452 to factor in lower volumes for the next year and also reducing CY09 and CY10 estimates to account for lower volume expectations because it foresees some delays to expansion plans. ACC has already exhausted the easy ways to reduce costs because most of its production is based on domestic subsidised coal. It already has coal-based captive power plants and it is reaching saturation in blending. The only major avenue is a merger with its sister concern, Ambuja Cements. The majority of 7 mtpa of further expansion will not be completed until CY10. ACC will, at best, grow in line with the industry.

----- With due apologies and full credits to economic times.
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Missed Intraday Shorting Setups - 13 February 2009

The following 3 stocks namely BEML, Kalindee Rail and Titagarh Wagons Limited were railway budget special stocks which had opened gap up on Friday. If their daily charts are of significance, they had run up too hard in the last 5 odd sessions. Too fast run up and the budget was a sure shot killer for the stocks. These were nice shorting opportunities in intra day if some one had a look at them. Have a look at the daily charts and intraday charts of the three to visualize what all of us missed.

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FnO

Following is a list of top gainers and losers in the futures and options market in the NSE on 13 February 2009 for the February series:
We have added a new feature : The 5 previous days have been analyzed as to the change in the open interest over the previous trading day. This should give a better picture while analyzing the stocks.

Top Gainers
		% CHANGE	12-Feb-09	11-Feb-09	10-Feb-09	09-Feb-09	06-Feb-09
SYMBOL	OPEN_INT	IN O.I.	% CHANGE	% CHANGE	% CHANGE	% CHANGE	% CHANGE
IRB	293700	1305.26	26.67	0	0	-6.25	6.67
TULIP	1750	600	0	0	0	0	0
CONCOR	1250	400	0	0	0	-50	0
COLPAL	58300	63.08	0	0	0	-1.52	-4.35
PTC	86950	54.17	-4	4.17	26.32	-20.83	4.35
PFC	540000	51.52	-4.81	20.93	0.78	13.78	14.21
GDL	735000	46.27	18.24	14.09	17.32	8.55	4.46
EVERONN	32000	40.35	5.56	-1.82	3.77	6	4.17
TV-18	1330250	38.99	6.43	21.89	-6.67	2.65	60.35
BEML	78000	35.06	-5.52	2.95	-45.84	39.43	1.94
DISHTV	4892500	34.37	-9.71	-5.32	38.99	7.21	0.18
HINDZINC	89750	24.22	-1.7	3.52	27.93	-3.06	3.62
CROMPGREAV	333000	23.33	-8.01	7.31	1.86	-0.56	-2.53
BALLARPUR	3759500	21.46	3.16	2.75	2.04	-2.49	3.61
DRREDDY	568400	21.45	9.76	4.31	-0.58	-0.87	1.97
HAVELLS	40000	19.05	10.53	0	0	-2.56	-3.7
PIRHEALTH	148500	18.56	-1.18	3.68	-12.37	---n.a.---	---n.a.---
COREPROTEC	1111500	17.9	7.25	12.26	-6.87	-13.17	6.43
GVKPIL	19432250	17.66	-14.3	25.06	2.37	38.32	8.89
BALAJITELE	126250	16.09	24.29	1.45	21.05	7.55	3.92
WWIL	5698350	15.89	-7.36	-3.99	1.98	8.65	-9.17
JINDALSAW	130500	15.23	0.89	-0.66	1.57	9.07	1.49
TRIVENI	2104025	13.85	0.84	5.08	3.31	1.98	1.18
HCLTECH	1716000	13.45	3.19	-0.44	8.43	0.29	6.17
STRTECH	407400	13.45	-0.87	2.07	2.11	-3.5	3.63
Top Losers
		% CHANGE	12-Feb-09	11-Feb-09	10-Feb-09	09-Feb-09	06-Feb-09
SYMBOL	OPEN_INT	IN O.I.	% CHANGE	% CHANGE	% CHANGE	% CHANGE	% CHANGE
HEROHONDA	2134000	-30.4	-1.02	2.33	-0.17	-0.46	0.7
IBN18	3960000	-19.9	0	0.03	0	-0.03	-9.68
BHEL	2571375	-15.88	-2.99	0.03	2.05	0.36	8.46
KSK	27200	-11.11	16.13	10.71	55.56	12.5	14.29
TATASTEEL	8949496	-10.62	4.89	1.08	0.17	9.8	6.58
CMC	2000	-9.09	-8.33	9.09	-15.38	-27.78	63.64
TECHM	123600	-8.58	8.33	-1.58	0.48	1.45	1.97
BANKBARODA	1425200	-8.37	-1.86	-1.95	0.43	0.13	-1.42
UNIPHOS	78400	-8.2	0	0	-1.61	40.91	0
MCDOWELL-N	1130375	-7.96	11.66	5.86	3.56	6.08	-0.75
HINDUNILVR	9785000	-7.72	-0.46	0.88	-3.25	-1.89	-2.08
LT	6321700	-6.85	-1.28	1.89	4.37	-3.88	1.27
DABUR	221400	-6.82	-4.35	-3.16	4.4	0	8.33
RPOWER	12151000	-6.47	0.47	2.38	1	0.82	1.34
MONNETISPA	6750	-6.25	6.67	15.38	116.67	0	0
ASIANPAINT	3400	-5.56	0	5.88	41.67	-14.29	0
NTPC	26216125	-5.54	0.25	2.97	3.61	-0.01	2.43
DIVISLAB	306435	-5.45	0.53	-2.35	2.35	-6.72	-3.04
WALCHANNAG	24500	-5.41	0	-15.91	0	-4.35	27.78
CORPBANK	115800	-5.39	2	1.52	11.3	4.12	25.93
UNIONBANK	2706900	-5.22	-0.15	6.99	4.77	7.05	-1.3
CUMMINSIND	197600	-5.02	-0.9	0.45	-11.29	-0.4	-1.97
ORBITCORP	334500	-4.7	-2.5	3	-0.43	-19.45	171.5
INFOSYSTCH	6156200	-4.5	-4.31	-2.23	0.13	0.84	-0.3
EDUCOMP	1149975	-4.02	8.48	-4.85	2.05	1.72	-1.37

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FnO

Following is a list of top gainers and losers in the futures and options market in the NSE on 11 February 2009 for the February series:
We have added a new feature : The 5 previous days have been analyzed as to the change in the open interest over the previous trading day. This should give a better picture while analyzing the stocks.

Top Gainers
		% CHANGE	10-Feb-09	09-Feb-09	06-Feb-09	05-Feb-09	04-Feb-09
SYMBOL	OPEN_INT	IN O.I.	% CHANGE	% CHANGE	% CHANGE	% CHANGE	% CHANGE
EKC	478000	38.55	360	2.74	-1.35	76.19	2.44
GNFC	1203600	32.68	1.65	2.37	0.85	-3.62	1.84
GVKPIL	19270750	25.06	2.37	38.32	8.89	-3.22	5.84
RELINFRA	4303392	22.96	-0.68	20.28	14.28	2.93	-6.38
KFA	2650300	22.95	6.73	5.27	2.97	-1.26	3.84
TV-18	899300	21.89	-6.67	2.65	60.35	-4.07	-22.09
ANSALINFRA	889200	21.71	11.51	1	-23.58	1.24	2.06
APIL	173600	21.57	-26.09	114.19	42.27	3.59	2
PFC	374400	20.93	0.78	13.78	14.21	0	3.14
NAGARFERT	15592500	19.6	2.11	2.67	4.93	-0.09	-3.28
ZEEL	2630600	18.29	12.74	-4.34	-1.31	14.11	6.13
ICSA	206400	17.81	5.42	19.91	8.45	1.43	1.94
UCOBANK	3045000	17.79	1.37	0	2	8.23	1.32
MAHSEAMLES	379200	17.04	8.22	7.31	-0.21	0.43	2.88
CAIRN	6728750	16.21	7.27	1.17	6.38	3.99	0.36
RENUKA	7880000	15.71	-12.3	3.81	2.12	-8.95	0
MONNETISPA	6750	15.38	116.67	0	0	0	0
IFCI	28937330	14.98	4.22	1.92	1.23	1.3	2.82
GDL	425000	14.09	17.32	8.55	4.46	-2.61	23.66
PATNI	198900	13.33	2.27	16.81	3.2	0	3.3
GAIL	3875625	13.14	-6.77	4.25	3.95	1.21	-3.22
RANBAXY	3174400	12.66	-10.2	1.27	4.28	-0.05	1.09
COREPROTEC	879000	12.26	-6.87	-13.17	6.43	-0.16	4.56
JETAIRWAYS	1091600	12.12	3.22	2.7	2.87	-1.98	-2.73
ROLTA	2358900	12.06	-2.62	1.18	4.63	4.08	2.06
Top Losers
		% CHANGE	10-Feb-09	09-Feb-09	06-Feb-09	05-Feb-09	04-Feb-09
SYMBOL	OPEN_INT	IN O.I.	% CHANGE	% CHANGE	% CHANGE	% CHANGE	% CHANGE
WALCHANNAG	25900	-15.91	0	-4.35	27.78	2.86	0
SKUMARSYNF	3072300	-10.86	-9.3	18.48	80.73	16.46	18.46
GRASIM	541024	-7.19	1.04	3.85	9.45	9.22	-2.08
ABIRLANUVO	57000	-6.56	-5.28	4.21	8.42	5.17	16.31
JINDALSTEL	1394880	-5.87	-3.7	-0.22	12.66	6.56	5.26
DISHTV	4032450	-5.32	38.99	7.21	0.18	-18.89	80.21
INDIAINFO	1833750	-5.17	-7.64	-0.59	1.26	2.91	-9.31
GSPL	1076650	-5.11	-9.05	-3.76	-12.37	-1.62	-6.1
SIEMENS	1157328	-4.88	6.27	7.11	11.01	1.87	-5.2
EDUCOMP	1104525	-4.85	2.05	1.72	-1.37	-3.07	0.81
HINDALCO	18483572	-4.57	-0.58	-1.51	1.33	3.99	1.27
RAJESHEXPO	2181300	-4.55	12.97	2.08	6.85	0.27	2.09
ABGSHIP	927850	-4.42	60.75	6.5	49.85	4.88	11.95
SCI	1078800	-4.36	1.51	-0.64	12.56	53.9	0.94
INDUSINDBK	922075	-4.2	-0.79	-5.97	8.28	-2.37	2.22
SUNTV	142000	-4.05	12.98	8.26	7.08	-11.72	28
WWIL	5307750	-3.99	1.98	8.65	-9.17	-25.31	135.86
FSL	4674000	-3.91	-3.21	-10.57	-17.9	47.95	30.39
NIITTECH	470400	-3.69	-0.49	-4.44	14.44	-3.11	-0.52
GTL	4018500	-3.58	-2.32	-2.88	-3.46	-1.83	-2.15
VOLTAMP	20750	-3.49	-16.5	-9.65	5.56	248.39	24
TTML	21798700	-3.27	4.25	-1.08	6.63	4	2.2
DABUR	248400	-3.16	4.4	0	8.33	-14.29	-9.26
NOIDATOLL	1299700	-2.76	-10.44	6.74	55	-2.65	29.14
PURVA	73500	-2.65	-12.21	-12.69	189.71	0	0

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Top Volume Breakouts - 11 February 2009

Following is a list of stocks in the NSE cash section that do over 1000000 volumes and that did volume breakouts over the 20 day volume averages as on 11 February 2009:

SYMBOL	11-Feb-09	20 day volume average	Ratio
IFCI	53962585	14907033	3.62
IDEA	11363336	4118878	2.76
RANBAXY	3771921	1369798	2.75
RENUKA	9325583	3573545	2.61
KFA	5510137	2174145	2.53
NAGARFERT	15446243	6462581	2.39
BAJAJHIND	5742526	2677119	2.15

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Top Volumes - 11 February 2009

Following is a list of top volumes done on the NSE in the cash segment on 11 February 2009:

SYMBOL	OPEN	HIGH	LOW	CLOSE	PREVCLOSE	TOTTRDQTY
UNITECH	30.2	32.6	30.2	32.15	31.85	76696683
IFCI	19.5	21.9	19.2	21.7	19.95	53962585
SATYAMCOMP	43	48.25	41.1	47.05	44.2	53205035
GVKPIL	19.75	21.6	19.4	21.3	20.1	30217518
JPASSOCIAT	73.9	77.9	71.55	76.5	74.95	25202408
SUZLON	44.1	46	43.5	45.7	44.95	18964912
NAGARFERT	16.95	18.55	16.75	18.35	17.35	15446243
DLF	143.5	153.65	143.5	151.15	152.6	14985947
SAIL	84	88.6	84	88.05	86.45	14396217
RNRL	47	48.75	46.05	48.2	48.05	13457534
HDIL	83	86.95	81.15	85.85	84.75	12984445
RCOM	167.1	176.75	165.1	173.3	171.6	12171052
WWIL	15.8	16.6	15.05	15.9	16	11945755
IDEA	44.5	48.95	44.1	47.6	45.15	11363336
RENUKA	77.5	85.75	76.1	85	78.1	9325583
ISPATIND	10.85	11.5	10.85	11.25	11.25	9145143
RELCAPITAL	391	428.5	391	425.75	409.5	8679788
IDFC	56.25	59.45	55.05	58.9	57	8560647
CHAMBLFERT	39.85	42.4	39.85	42.05	40.8	7741755
ICICIBANK	420.1	437.9	400.6	435.2	428.7	7677090
RELINFRA	541.05	554.3	527.2	541.3	563.5	7623600
TATASTEEL	192.05	193.65	187.1	190.15	196.85	7145379
DISHTV	24.05	25.4	23.8	24.2	24.35	6902383
IBREALEST	101.7	107.6	100.1	106.15	105.35	6515506
TTML	22.5	23.25	22.5	23.1	22.95	6160825

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Change in Indices at NSE

NATIONAL STOCK EXCHANGE OF INDIA LIMITED

FUTURES AND OPTIONS SEGMENT

CIRCULAR

Circular No.: NSE/F&O/012/2009
Download No. NSE/FAOP/12002
Date: February 10, 2009

Dear Members,

Subject: Change in the Constituents of Indices

Members are requested to refer to the press release issued by IISL dated February 10, 2009 in respect of the change in the constituents of S&P CNX Nifty, CNX Nifty Junior and CNX 100 indices w.e.f. March 27, 2009. The details of the changes are as follows:

(1) S&P CNX Nifty Index

The following company is being excluded:
Sr. No. Company Name
1 Zee Entertainment Enterprises Ltd.

The following company is being included:
Sr. No. Company Name
1 Axis Bank Ltd.


(2) CNX Nifty Junior Index

The following companies are being excluded:
Sr. No. Company Name
1 Axis Bank Ltd.
2 ING Vysya Bank Ltd.
3 Nirma Ltd.
4 Aventis Pharma Ltd.

The following companies are being included:
Sr. No. Company Name
1 Adani Enterprises Ltd.
2 Glaxosmithkline Pharmaceuticals Ltd.
3 Sesa Goa Ltd.
4 Mangalore Refinery & Petrochemicals Ltd.


(3) CNX 100 Index

The following companies are being excluded:
Sr. No. Company Name
1 Zee Entertainment Enterprises Ltd.
2 ING Vysya Bank Ltd.
3 Nirma Ltd.
4 Aventis Pharma Ltd.

The following companies are being included:
Sr. No. Company Name
1 Adani Enterprises Ltd.
2 Glaxosmithkline Pharmaceuticals Ltd.
3 Sesa Goa Ltd.
4 Mangalore Refinery & Petrochemicals Ltd.


For National Stock Exchange of India Ltd.

Suprabhat Lala
Asst. Vice President
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