Contents

Macro
Fact Sheet.....................................................................4
Strategy..............................................................................6
Economics.........................................................................8
Company Analysis
Afcons ................................................................................. 12
Bharti Airtel Limited ............................................................. 13
BHEL................................................................................... 16
Cairn India Ltd..................................................................... 19
Dabur India.......................................................................... 22
DLF Limited......................................................................... 25
Dr. Reddy's Lab................................................................... 28
Educomp Solutions Limited................................................. 31
Genpact Limited .................................................................. 33
Glenmark Pharmaceuticals Limited..................................... 36
GMR Infrastructure Ltd........................................................38
Grasim Industries ................................................................ 41
HDFC Bank .........................................................................44
HDFC .................................................................................. 47
Hindalco Industries.............................................................. 50
Hindustan Unilever .............................................................. 53
ICICI Bank...........................................................................56
Idea Cellular Ltd. ................................................................. 59
IDFC.................................................................................... 62
Info Edge (India) Ltd............................................................65
Infosys Technologies...........................................................68
ITC Ltd. ...............................................................................71
Jain Irrigation Systems ........................................................ 74
Jaiprakash Associates Limited ............................................ 77
Koutons Retail..................................................................... 80
Larsen & Toubro..................................................................82
Mahindra & Mahindra ..........................................................85
Maruti Suzuki India Limited..................................................88
Moser Baer India Ltd. ..........................................................91
Oil & Natural Gas Corp. .......................................................93
Pantaloon Retail ..................................................................96
Ranbaxy Laboratories..........................................................99
Reliance Capital.................................................................102
Reliance Communications Ltd. ..........................................105
Reliance Industries ............................................................108
Reliance Infrastructure Limited ..........................................111
Shree Renuka Sugars Limited...........................................114
SKS Microfinance ..............................................................117
State Bank of India ............................................................119
Sterlite Industries (India) Limited .......................................122
Sun Pharmaceutical Industries ..........................................125
Suzlon Energy ...................................................................128
Tata Consultancy Services ................................................131
Tata Power Co...................................................................134
Tata Steel ..........................................................................137
Titan Industries Ltd ............................................................140
Unitech Limited..................................................................143
Wipro Ltd. ..........................................................................146
WNS Global Services ........................................................149
Zee Entertainment Enterprise Ltd ......................................152
Appendix
Industry Views...............................156
Current Earnings Estimates ...................................158
Valuation Methodology & Risks......................159