GREEN SIGNAL FOR DEVELOPMENT

HC Nod For Projects, With One Eye On The Environment, May Be A Role Model For Eco-Friendly Development Across State

Mumbai: Planners and developers have not yet read the fine print of the Bombay High Court go-ahead to infrastructure projects amidst mangroves in Navi Mumbai. But they feel this agreement is the best that they can hope for as they try to balance the rapidly growing region's housing and development needs with protecting nature's interests.
    The HC order has cleared an agreement between Navi Mumbai planning body City and Industrial Development Corporation and the Bombay Environmental Action Group (BEAG) for execution of infrastructure projects without any major damage to the green cover. Mangroves could be protected by tweaking the development projects slightly, BEAG representatives appeared confident, as planners rejoiced in the fact that several important projects — held up for some time — had finally been cleared.
    The 27-km electrified double line project between Seawoods and Uran is one of the long-pending projects that will be back on track because of the HC ruling. Two lines, one from Nerul station and the other from Belapur, will converge at Seawood and proceed towards Uran. It will touch Kile, Targhar, Baman Dongri, Khar Kopar, Gavhan, Rajanpada, Nava-Sheva, Dronagiri and end at Uran. The project is being done on a cost-sharing basis between Cidco and Central Railway (CR). The estimated cost of the project is Rs 495.44 crore, of which CR will invest one-third and Cidco will bear the rest of the cost.
    The project was approved more than a decade ago, in 1996-'97, but was stalled as Cidco faced land-acquisition problems. "Almost 25 per cent of the work has already been completed at a cost of Rs 45.44 crore. We will now restart the project after Cidco acquires the required land,'' CR chief public relations officer S C Mudgerikar said.
    Land is still not available for 11.28 kms of the railway line. "Sixty-seven hectares of land also has to be acquired for the Ranjanpara car shed,'' he said.
    Former Cidco chief architect and town planner Dinkar Samant said the HC ruling would clear the decks for planned development along the 20-km Belapur-Uran stretch. "Everyone would love to stay in a planned township with infrastructure. Navi Mumbai will become another congested city like Ulhasnagar if the projects are not cleared,'' he said.
    "The original development plan of Navi Mumbai, sanctioned by the state in 1979, shows Ulwe and Dronagiri as mini townships in the satellite city,'' he said. These places could be used not only for housing project-affected persons but also for Cidco's housing projects, he added. And Cidco had earmarked almost 2,500 acres of mangrove area along the creek adjoining Palm Beach Road as a nodevelopment zone in the 1979 plan much before the Coastal Zone Regulation (CRZ) Act was made mandatory. "Utility projects like road extensions and railway lines are necessary to accommodate the growing population,'' he said.
    The builders' lobby has welcomed the developments. Builders' Association of Navi Mumbai president Nalin Sharma said the Seawoods-Uran railway line and the bridges between Koparkhairane and Ghansoli had been stuck for years. "These two projects can generate a big stock of housing along the Belapur-Uran and the Koparkhairane-Airoli axis,'' he said.
IT'S ON Six projects, which can give Navi Mumbai a better quality of life, are likely to start soon
TRANSPORT SOLUTIONS Three of the six projects are designed to make travelling easier for Navi Mumbai residents
TRAINS
    Central Railway is building a 27-km line to connect Belapur and Uran. Uran is the place where the proposed international airport is slated to come up; the proposed special economic zone, too, is coming up in the vicinity and — between these two projects — the area between Belapur and Uran is looking at some mind-boggling development; so a railway option, besides road transport, is becoming more of a necessity than a luxury.
ROADS
    There is a plan to extend Palm Beach Road from Ghansoli to Airoli. The road has already become Navi Mumbai's reply to Mumbai's Marine Drive.
    The City and Industrial Development Corporation also plans to construct two bridges on Palm Beach Road to extend the road from Airoli to Koparkhairane.
FLOOD-CONTROL MEASURES Cidco is looking at water-holding ponds and a new water channel to augment flood-prevention measures
    As many as 15 holding ponds have been planned in Vashi, Sanpada, Turbhe and Airoli. Water during high tide can flow from the Thane Creek into these ponds and this will augment Cidco's storm-water drainage system; the water-holding ponds will be particularly effective when high tide coincides with heavy rain to cause flooding.
    A 60-metre-wide water channel has been planned between Nerul and Sanpada in Navi Mumbai; it will be a part of the drainage network in Navi Mumbai and will, again, help in controlling floods.
GOLF COURSE The projects that can go ahead include a huge golf course
    The problem with the proposed golf course at Karave is that the site is in the vicinity of a large mangrove patch. The solution, say developers, could be in the golf course coming up not directly on the mangroves. But the golf course may need to be bifurcated for this and there could be walkways — over the mangroves — connecting the two halves.

WILL SOON CHUG AGAIN: The unfinished railway project is likely to get back on track soon

India has potential to lead world in 2022: Prahlad

Mumbai: Does an India grappling with inflation and politics of convenience have anything to look forward to? C K Prahlad, thinker and management guru who was in the city last week, spelt out his vision for India at 75.
    The Paul and Ruth Mc-Cracken Distinguished University Professor at the Ross School of Business, University of Michigan, spoke to faculty and students at the Narsee Monjee Institute of Management Studies on India's dream run to 2022 and dwelt on issues such as governance and the hurdles that the country will be faced with.
India at 75: India has the potential to lead the world in 2022 with its predicted largest pool of manpower comprising 200 million college graduates and 500 million trained and skilled workforce. It could be home to at least 30 of the Fortune 100 companies of the world and will be able to generate over 10% of the world trade. By nurturing a vibrant renaissance of worldclass contemporary art, science, research and education, it could have at least 10 Nobel Prize winners. This is possible in the next 15 years, provided leaders focus on this goal as a priority. This position is possible only when India works on all three fronts—economic growth, technology development and moral leadership.
Key drivers: They relate not to abject poverty but income inequality, changing lifestyles, urbanisation and emergence of universal aspirations, a dramatic change in price-performance relationships, economic development as well as ecological crisis and finally the role of governance and the rule of law.
Two Indias: An important consequence of rapid economic development and globalisation of the economy are the lags and asymmetries in the benefit results. A section of society will benefit and
some will lag behind. These asymmetries will create multiple new divides in society—divides between educated and the uneducated, the urban and rural populations, between regions of the country as well as between ethnic groups. As a consequence, income inequality will emerge as a source of social tension.
Migration and unfulfilled dreams: When people come to the cities, their aspirations change dramatically. They look at the rich as a benchmark. Their income may not change as rapidly as their aspirations. This can lead to a significant increase in social unrest.
Changing dynamics: Changing lifestyles of the poor and their emergence as consumers, has altered the priceperformance envelop dramatically. This increasing capacity to create lifestyle equality can provide an antidote to the increasing income inequality. The trend is likely to be further supported by the changing nature of markets around the world.
Fortune at the bottom: The rate of the cost per unit of functionality is changing in high technology implying that the poor can afford products and services incorporating the latest technology. The consequence of this rise in affordability is going to create explosive growth in consumption. Achieving inclusion: The current development models for energy, water, packaging, waste per capita are inappropriate and there is a need to develop fundamentally new ideas. We have to find better use of resources and support new innovations in this area for uninterrupted inclusive growth with ecological sensitivity.
Misgovernance: A nation does not get rich first and then becomes less corrupt. It becomes less corrupt before it gets rich. The explicit, quantifiable price we are paying for corruption and the neglect of human resources in the country is staggering and should be the focus of national debate.
    hemali.chhapia@indiatimes.com

'India to generate 10% of world trade by 2022'

India's share in world trade, which accounted for about one per cent of the global trade, is expected to grow ten times to at least 10 per cent by 2022, Management guru C K Prahlad said today.        

Also, the country could expect at least 30 companies in the Fortune 100 list in a decade or so, Prahalad told a CII organised seminar.        

The fast growing economy may make India a major global player but the growing inequality in income would make it that much difficult in ensuring that the fruits are shared by all segments of the population, he said.        

"The country has the power to shape up the world in the coming years...I expect that India has the potential to generate atleast 10 per cent of the world trade by 2022," Prahlad said.       
 
While large-sized corporates would be the major growth-drivers, small-sized companies, emerging from Tier-I and II cities, are also likely to play a key-role in the India growth-story, he said.        

Exhorting that growing inequality in income levels and life styles need to be checked, Prahlad also highlighted an urgent need for enabling the poor get access to low-cost technology.        

Also, the growing threat of corruption can be curtailed by minimising the supply-demand imbalance, he said.        

"Large number of corruption is happening because of the market mechanisms, primarily because of the supply-demand inequality," Prahlad said.

India Infrastructure Sector

India to spend $550 billion on infrastructure

Report by Global Investment House

KUWAIT: Over the past several years, Indian economy grew faster than average growth rate of the world. The strong economic growth in India was largely due to factors such as increasing level of domestic demand, solid economic growth in all spheres of economic activity, emergence of India as a low cost manufacturing destination, etc. India''s real GDP growth rate for the last five years averaged 8.7 percent. However, Indian economy has witnessed some moderation in growth in 2007ـ08. During FY2008, India''s real GDP grew by nine percent compared to 9.6 percent in FY2007 and is expected to grow at around eight percent in FY2009. In the recent time, India is facing problem of high inflation, which is around 11.62 percent currently. However, inflation is expected to come down by the third quarter of FY2009 due to higher base and preemptive measures taken by the government.
With a view to accelerate infrastructure development in the country, Government of India has planned huge capital spending on infrastructure development. The government has planned estimated capital outlay of 23,849.1 billion Indian rupees over the 11th five year plan. The resources will be mobilized partly from public sector funding and partly from private investment through Public Private Partnership (PPP). It is estimated that out of the total outlay on infrastructure sector during 11th five year plan, government expects 29.7 percent of total outlay to come from private participation and balance through public funding. The spending is planned across the segments, with power likely to see the maximum spending of 30.4 percent of total outlay during 11th five year plan. Other sectors to see major outlay of total infrastructure spending are roads, railways, telecom and irrigation with total infrastructure outlay of 15.4 percent, 12.7 percent, 13.2 percent and 11 percent respectively.
As of March 2007, India has 12 major ports and 187 minor ports. Around 95 percent of international trade of India by volume and 70 percent in value terms are handled through ports. The increase in India''s international trade in goods during the recent years has resulted in blistering growth in traffic handled by Indian ports. Total traffic handled by all Indian ports put together grew at CAGR of 11.1 percent in the last five years and stood at 649 million tons in 2006ـ07. As per the study of by Department of Shipping, port traffic is expected to grow at a CAGR of 11.6 percent over the next five years compared to 10 percent in the tenth plan period and expected to reach up to 1,009 million tons by 2011ـ12. Since the last few years'', Indian ports are running at their full capacity and with a view to handle expected growth in cargo traffic in the next five to six years government of India have allocated total capital outlay of 869.9 billion rupees (at 2006ـ07 price level) for ports development during 11th plan period, with 552.5 billion rupees being invested in major ports and 317.4 billion rupees in minor ports. Of the total investment, about 640.9 billion rupees is expected to come from private investment and 229 billion rupees from public investment.
Indian civil aviation industry witnessed growth of more than 20 percent in the past three years and it is one of the fastest growing in the world. The same growth pace expected to maintain over the next five to six years. Solid growth in air traffic requires augmentation in the airport capacity. India''s current aviation infrastructure is inadequate and needs to be augmented significantly, given the growth projections for both passenger and cargo traffic in the next five to six years. Under the 11th five year plan, huge impetus is being given to investment in airports in view of its key contribution to economic growth and the urgent need to address capacity constraints. With a view to address the capacity constraints, total investment of 408.8 billion rupees is projected to be spend in airport infrastructures during the eleventh plan. Out of total investments in airport sector during eleventh plan about 60 percent is expected to come from private participation and the rest will be through public financing.
With an aim to improve and widen the reach of national highways, National Highways Development Project (NHDP), the largest highway project was undertaken by the country in a phased manner. Government has lined up massive investments plan for the road sector during 11th five years plan. The total investments to be made on road sector is 3,668.4 billion rupees over the period of next five years and this investments accounts for 15 percent of total infrastructure outlay during the 11th five year plan.
A growing Indian economy needs more power for domestic as well as industrial use. Currently, India is facing huge problem of demand supply mismatch of power. Sustainable economic growth would not possible without availability of sufficient electricity at reasonable cost. The Indian government has understood the importance of energy for sustainable economic growth for long period and planned huge capacity augmentation in 11th and 12th five year plans. The government has envisaged the capacity addition of about 78,577 megawatt during 11th five year plan and earmarked highest spending on power during the 11th plan.
Indian railways with 63,332 kilometers of network, 1.5 million employees, 440 BT Kilometers and 615 BP kilometers of traffic is one of the largest rail networks in the world. Despite its huge network, Indian railway is not sufficient to meet the growing requirements of Indian economy. Robust industrial activities across the nation and rising population demands more services from railway. With a view to handle solid growth in rail traffic in the coming years, Indian Railways has lined massive investment plan and submitted a 3,035.33 billion rupees investment roadmap for the 11th Five Year Plan period (2007ـ2012) for the development of world class railway infrastructure in India.
The Planning Commission has recommended that the federal and state governments spend 60 billion U.S. dollars on water resources including irrigation, flood control, restoration of water bodies and $32 billion on urban water supply and wastewater management during 2007ـ2012 period. The outlay under the Accelerated Irrigation Benefit Program for the year FY07 was 71.2 billion rupees, an increase of 58 percent over FY06 with target of 600,000 hectares for irrigation in this scheme.

Companies under coverage
We have covered five companies in this report namely Larsen & Toubro Ltd. (L&T), Punj Lloyd Ltd. (PLL), Mundra Port and SEZ Ltd. (MPSEZ), JMC Projects Ltd. (JMC) and GVK Power and Infrastructure Ltd. (GVKPIL).

L&T:
L&T is one of the largest engineering and infrastructure companies in India having presence in almost all verticals of infrastructure. Huge infrastructure spending planned by government during the 11th plan period puts L&T in to default beneficiary as it has presence and good execution track record of all verticals of infrastructure sector. The strong business momentum of L&T is expected to be driven by an order backlog of 526.8 billion rupees which is 2.1 times of FY2008 sales. Infrastructure projects occupy largest space in current order book as it accounted for 36 percent of the total order book. Other major contributors included oil and gas sector which contributed 23 percent while power and process accounted for 16 percent and 14 percent of the total order book respectively. Since the past few years, L&T is performing exceptionally well. During the last five years its total income grew at a CAGR of 26.1 percent while EBITDA and PAT grew at a CAGR of 35.9 percent and 42.8 percent respectively. The company''s strategy over the past few years to move towards higher margin projects has rewarded it in terms of improvement in margins, which reflects in improvement in profitability. Even in FY2008, L&T recorded blistering growth of 40.6 percent in total revenue and 54.9 percent in profit after tax over previous year. Beside strong standalone performance, its subsidiary and associates portfolio is also performing well particularly IT, finance and infrastructure subsidiaries. Value unlocking through listing of key subsidiaries is expected in next one year. We initiate our coverage of L&T with a Buy rating and value L&T''s share at an intrinsic value of 2,969.4 rupees based on Sum of the Parts valuation method. The intrinsic value is higher than the current market price of 2,381.5 rupees (as on July 4, 2008) by 24.7 percent.

PLL:
PLL provides integrated design, engineering, procurement, construction and project management services for largely to hydrocarbon and infrastructure sector. PLL''s operations spread across the Middle East, Africa, Caspian, Asia Pacific and South Asia region. The company has presence in more than 60 countries in the world. As of March 2008, the company has consolidated order backlog of 196 billion rupees and expected to cross 250 billion rupees mark by FY2009. A present order backlog gives order book to sales ratio of approximately 2.5 times of FY2008''s total income. A present order backlog gives order book to sales ratio of approximately 2.5 times of FY2008''s total income. Out of total spending on infrastructure planned during 11th plan, about 37 percent is addressable market for PLL, which provides opportunity of around 8,500 billion rupees to PLL over the next few years. PLL, being one of the leading players in the aforesaid addressable market, will benefit immensely. Strong standalone performance and acquisition of Sembawang Engineers and Contractors (SEC) has helped PLL in rapid growth in past few years. Over the past four years, its total income grew at a CAGR of 59.8 percent. However, profit after tax and EBIDTA were unable to match the robust growth in revenue due to lower margin projects of SEC compared to PLL. Profit after tax grew at a CAGR of 52.7 percent over the period of FY2005ـ08. On the other hand, EBIDTA grew at a CAGR of 28.9 percent over the same period. For the year ended March 31, 2008, PLL recorded revenue growth of 50.5 percent and PAT growth of 62.9 percent over previous year. PLL derives majority of its revenue from process plants and during FY2008, it derived about 36.3 percent of total revenue from process plants. We initiate our coverage of PLL with a Buy rating with a price target of 280.9 rupees based on SOTP valuation. The intrinsic value is higher than the current market price of 227.9 rupees (as on July 4, 2008) by 23.2 percent.

MPSEZ:
MPSEZ is developer and operator of one of the major nonـcaptive and minor ports in India. MPSEZ developed and operates Mundra port, located at western coast of India. Beside this MPSEZ is also developing India''s first port based port based SEZ near Mundra port and surrounding areas. Mundra Port and Mundra SEZ is a unique story as it offers world class port and other infrastructures to the companies setting up operation in Mundra SEZ along with excellent connectivity to the hinterland and other facilities like transportation, storage facilities etc. On the other hand, Mundra SEZ would provide business opportunities to Mundra Port through companies having establishment in SEZ. We believe such synergies gives strong competitive edge over other SEZ and ports. Beside this it''s natural location advantage; near proximity to hinterland and deep water draft provide edge over other ports situated on western coast of India. Currently, MPSEZ derives majority of its revenue from bulk cargo handling operations. During FY2008, MPSEZ expected to derive about 56.5 percent of total revenue from bulk cargo handling operations. Going forward, change in revenue mix is expected with increasing capacity of container cargo facilities and revenue generation from SEZ operation from FY2010. Over the past five years, MPSEZ is performing extremely well and recorded blistering growth. MPSEZ''s total income grew at a CAGR of 48.6 percent over FY2004ـ08 and PAT grew at a CAGR of 144.4 percent over the same period. We initiate our coverage on MPSEZ with a Buy rating and value MPSEZ''s share at an intrinsic value of 559.8 rupees based on the SOTP valuation method. The intrinsic value is higher than the current market price of 450 rupees (as on July 4, 2008) by 24.4 percent.

JMC:
JMC is one of the leading players in construction of factories and industrial infrastructures in India. JMC is pure domestic infrastructure player having entire operation in India. JMC is a Kalpataru group company. Kalpataru Power and Transmission Ltd. (Kalpataru) is corporate promoter of the company. From losses in 2005, JMC has made solid recovery in just two years. The company has returned to profitability in 2006 on the back of restructuring measures. The key factors which made this turnaround possible were many. Firstly, JMC reduced the exposure in fixed price contracts and concentrated more on projects with escalation clause. Secondly, JMC received infusion of equity through issue of warrants and rights offer. The last was, as Kalpataru became a corporate promoter, the company received cash infusion and full support from the former, which helped it capitalize on the opportunities in the infrastructure space. As of March 2008, JMC has an order backlog of 21 billion rupees, which is 2.3x FY08 sales. The average execution period of current order backlog is 20 months. Industrial projects occupy the biggest space in current total order back log as it account for 50 percent of total order backlog followed by the infrastructure projects for about 40 percent and power projects for the rest. Over the period, JMC has reduced number of fixed price projects. Currently, about 25 percent of the order backlog is fixed priced projects which have reduced drastically from around 50ـ60 percent few years ago and expected to further go down to 10ـ15 percent by FY2010. Lower fixed price contracts protect margins of the company in case of steep rise in raw materials like in present inflationary scenario where the prices of raw materials like steel surged manifold. During FY2008, JMC recorded robust performance and recoded revenue growth of 83.4 percent and PAT growth 95.6 percent over previous year. We initiate our coverage of JMC with a Buy rating and value JMC''s share at an intrinsic value of 240.43 rupees based on the DCF method. The intrinsic value is higher than the current market price of 192.8 rupees (as on July 4, 2008) by 24.7 percent.

GVKPIL:
GVKPIL is one of the leading infrastructure developers in India. GVKPIL is pure infrastructure player having interest in airports, roads, energy, mining and SEZ. GVKPIL is holding company of all infrastructure business of GVK group. As part of internal restructuring process during FY2007 various infrastructure subsidiaries and associates came under GVKPIL viz. all transportation and energy companies. GVKPIL led consortium won the project of operation, maintenance and development of India''s busiest airport Mumbai international airport in February 2006 with agreement to share 38.7 percent revenue with AAI. Consortium led by GVK holds 74 percent in Mumbai airport projects and 26 percent by Airport Authority of India. In consortium, GVKPIL holds 36.7 percent in Mumbai International Airports Ltd (MIAL) and balance 37.3 percent is held by South African Airport Authority (SA). Mumbai airport project also includes city side development and development of land near Mumbai airport. MIAL has been allotted 1,976 acres of land for development of airport and as per concession agreement out of this around 10 percent i.e. 197 acres of land to be used for commercial developments. GVKPIL''s energy portfolio includes six power projects and one coal mine. The gross capacity of all six power projects put together is over 2,141MW. Out of these six power projects three (Jegurupadu phase I & II and Gautami) are already constructed while rest three are under construction, JP I is only operational plant. About two other plants are shut down due unavailability of fuel but management has guided that by mid FY2008 both plants will get gas fuel from Reliance Industries Ltd. Out of other three projects which are under construction/development phase, two are hydro based and one is thermal based. GVKPIL also own and operate JaipurـKishangarrh expressway project, which is one of the most success full BOT road projects in India. The company is also developing 3,018 acres of multi product SEZ in Peramablur, TamilNadu. GVKPIL would be prime beneficiary in government''s massive infrastructure investment planned during 11th five year plan as it has present in almost every verticals of infrastructure space. Further, government is planning to develop 35 non metro airports and GVKPIL has first mover advantage in airport development sector. Since restructuring, GVKPIL is growing at a robust rate. During the last three years, revenue of GVKPIL grew at a CAGR of 85.5 percent with solid growth in energy portfolio and its PAT grew at a CAGR of 252.9 percent over the same period. We initiate our coverage of GVKPIL with a Buy rating and value GVKPIL''s share at an intrinsic value of 40.1 rupees based on the SOTP valuation method. The intrinsic value is higher than the current market price of 31.9 rupees (as on July 4, 2008) by 25.6 percent.

Last 10 days and profit of 155,000 in Cash and Future Trading

last 10 days and profit of 155,000 in cash and future trading
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PERFORMANCE IN FUTURE MARKET STOCK FUTURE AND NIFTY FUTURE
DATE	FUTURE STOCK / INDEX	BUY RATE	SELLING RATE	SELLING DATE	ACTION	LOT SIZE	PROFIT / LOSS PER LOT
01/07/2008	SBIN	1085	1154	07/07/2008	ACHIEVED	132	132*69=9108
01/07/2008	EDUCOMP	2390	2480	01/07/2008	ACHIEVED	75	75*90=6750
01/07/2008	LT	2200	2302	02/07/2008	ACHIEVED	50	100*102=10200
01/07/2008	RELCAP	880	970	02/07/2008	ACHIEVED	138	138*90=12420
01/07/2008	REL INFRA	780	855	10/08/2008	ACHIEVED	138	128*75=10500
01/07/2008	NIFTYFUTURE	3940	4075	02/07/2008	ACHIEVED	50	100*135=13500
03/07/2008	NIFTYFUTURE	3870	3935	03/07/2008	ACHIEVED	50	100*65=6500
03/07/2008	RELCAP	880	975	04/07/2008	ACHIEVED	138	138*95=13110
07/07/2008	SATYAM COMPUTER	475	486	07/07/2008	ACHIEVED	600	600*11=6600
08/07/2008	SBIN	1088	1110	08/07/2008	ACHIEVED	132	122*22=2900
08/07/2008	SATYAM COMPUTER	461	469.5	08/07/2008	ACHIEVED	600	600*8.50=5100
08/07/2008	NIFTYFUTURE	3860	3925	08/07/2008	ACHIEVED	50	100*65=6500
103,000 Rs Profit in 8 days only from 1 to 10 July in future market
PERFORMANCE IN CASH MARKET
DATE	STOCK	BUY RATE	SELLING RATE	SELLING DATE	ACTION	PROFIT PER 100 SHARES ONLY
01/07/2008	SBIN	1104	1175	07/07/2008	ACHIEVED	7100
01/07/2008	REL INFRA	790	860	08/07/2008	ACHIEVED	7000
01/07/2008	L&T	2197	2292	02/07/2008	ACHIEVED	9500
01/07/2008	RELIANCE CAPITAL	906	995	02/07/2008	ACHIEVED	8900
01/07/2008	EDUCOMP	2385	2485	01/07/2008	ACHIEVED	10000
03/07/2008	RELIANCE CAPITAL	890	960	04/07/2008	ACHIEVED	7000
08/07/2008	SBIN	1100	1128	08/07/2008	ACHIEVED	2800
08/07/2008	SATYAM	461	469	08/07/2008	ACHIEVED	800
52000  profit on each 100 shares from 1--10 july in cash market
Past 10 days performance on option calls.
call or put	script	strike price	buying rate	selling rate	profit/loss in %		time taken
call	Nifty	4100	115	165	43.50%		7 days
call	R power	140	8.05	12.1	50%		5 days
call	Nifty	4100	152	180	18.50%		same day
Total 3 call recommends we gave in last 10 days.
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