Thursday, May 19, 2011

The Great Indian IPO Rip-Off

Between Jan 2006 and May 2011, India witnessed around 330 IPOs and FPOs. Nearly 70% of these companies were quite successful in ripping-off investors’ hard-earned money, to make their promoters billionaires or millionaires. Yet, the IPO saga continues unabated in India. Why? And for what?

Out of the 225 IPOs in which investors lost money during these 5½ years, a few of them were so successful, that they stripped investors off 95% or more of their investments. Resurgere Mines and Minerals India Ltd (BSE: 533017, NSE: RESURGERE) is a typical example. Rs. 1 lakh put in Resurgere in 2007 would be Rs. 3530 now.

Some others were only moderately successful, as they could rip-off only between 50-90% of investors’ funds. That is, until now. Their obscene IPO valuations will cause more damage, sure. DB Realty (BSE: 533160, NSE: DBREALTY) is an extreme example, which would have made your 1 lakh into 20,000 bucks. SKS Microfinance (BSE: 533228, NSE: SKSMICRO) is a more typical example, which made many investors’ 1 lakh bucks into 30,000 bucks.

Some other issues tried to rip-off, but haven’t been that successful until now. Investors have lost only between 1-50% here. To give credit where it is due, at least some of them have provided brief windows to their public investors to escape. Whether investors utilized those windows is up to them. Anyway, if they had used it, other investors were trapped in that place. A2Z Maintenance (BSE: 533292, NSE: A2ZMES), backed by ace investor Rakesh Jhunjhunwala, is the typical example over here, which would have easily transformed an investor’s 1 lakh into 72,000.

The remaining IPOs/FPOs were the good ones. But that is, again, a misnomer. Many of them provided only 1-50% appreciation. With the time-frame being 5.5 years, and considering the cost of funds ranging anywhere between 10-50%, not to speak about the inflation rates, these were really just no-gain / no-loss issues, to put it mildly. But, to give credit where it is due, there were more windows of opportunities to escape, in this segment. Power Grid (BSE: 532898, NSE: POWERGRID) FPO is a typical example, having appreciated by only 4%. Coal India (BSE: 533278, NSE: COALINDIA) fares much better at 33% gains now.

The remaining 60 odd public issues were the only ones who provided any kind of meaningful returns. Around 20 of them provided returns ranging from 50% to near doubling in value. Prime Focus (BSE: 532748, NSE: PFOCUS) at returns of 73% and Rural Electrification Corporation (BSE: 532955, NSE: RECLTD) at 84% returns are good examples.

Another 20 odd IPOs’ returns were between 100% to near tripling in value. Union Bank of India’s (BSE: 532477, NSE: UNIONBANK) 2006 FPO and V-Guard Industries (BSE: 532953, NSE: VGUARD) IPO are good examples here.

The remaining IPOs - around a dozen only - were the truly outstanding ones, multiplying IPO investments by 3 to 6 times. Bank of Baroda’s (BSE: 532134, NSE: BANKBARODA) 2006 FPO has delivered gains of 272%, while Yes Bank’s (BSE: 532648, NSE: YESBANK) 2006 IPO delivered 276%. 

Even better performers were UTV Software Communications (BSE: 532619, NSE: UTVSOF) at 279.02% gains, South Indian Bank Ltd (BSE: 532218, NSE: SOUTHBANK) at 319.64%, Sadbhav Engineering Ltd (BSE: 532710, NSE: SADBHAV) at 353.78%, Emami Ltd (BSE: 531162, NSE: EMAMILTD) at 363.50%, Opto Circuits India Ltd (BSE: 532391, NSE: OPTOCIRCUI) at 395.22%, Page Industries Ltd (BSE: 532827, NSE: PAGEIND) at 499.08%, and Usher Agro Ltd (BSE: 532765, NSE: USHERAGRO) at 522.22%.

With the good IPOs being quite few, more interesting would be to know how the rip-off is effected. There are essentially 3-4 tools to the trade.

Valuations:

If in a bull-market, the trick is, of course, to issue shares at the maximum P/E possible. After all, when the secondary market has turned senseless with obnoxious valuations, what is wrong in trying to sell one’s wares at 35 or 40 P/E? Mind you, not trailing twelve months (TTM) P/E, but exotic forward P/E. The more forward, the better. FY’12 is nothing. Any takers for FY’13, 14, or 15? But if in a bear market, the trick is more subtle. Intelligent Book Running Lead Managers (BRLMs) come to the rescue. They know that nothing heavier than 15-20 one-year forward P/E would fly in a bear market. So the issue will be priced attractively by P/E and heavier by P/BV. Book Value or Net Asset Value will be tweaked as much as possible, to deliver the least book-value at the highest possible price. The tool of choice for this is multiple bonus issues to promoters in the 3-years prior to the IPO. IPOs priced at 5 times the pre-money book-value has also sailed through.  For everybody’s convenience, the rule of the land allows something called restated accounts.

Ratings:

Then comes the next tool, which is wielded by IPO rating agencies. Anna Hazare might have told a lie in his lifetime, but not CRISIL, CARE, ICRA, or Brickwork. Only US rating agencies have come under suspicion, not Indian ones or US-owned Indian ones. Exotic ratings like 4/5 (Above Average Fundamentals), or even 5/5 (Excellent Fundamentals) exist to aid IPOs. But crafty promoters have done crazily successful issues with 2/5 or even 1/5 (Poor Fundamentals). So much so for the ratings. Anyway, Indian IPO ratings carry an important disclaimer - we haven’t rated the price of the IPO. Now, what does that mean? Only they know. To us it feels like they are rating a Maruti 800 as a BMW 7 Series, and telling us that it is up to us to pay 90 lakhs for it or not. What retail investors really need is rating agencies that tell whether that new car coming is a Maruti 800 or a 7 Series, and whether the 800 is coming at 800’s price or a BMW’s price.

Analysts:

Next comes the role of IPO analysts. Most work for broking houses, or has some deep connection with brokers. Now, broking houses are quite honest. They want you to subscribe to all issues, if possible, because they survive on brokerages that we all pay when buying or selling shares. All of us know that, and broking houses can never be accused of being dishonest in this regard. But some IPOs are so obnoxious that it is difficult to justify or even explain their greedy valuations. Even reputed analysts are using a novel method for this - post-money book-value. Did you get it? Suppose you are paying 300 bucks for a 10 rupee share. When making their valuations, analysts would add even the 290 rupee premium that you pay, to the book-value to convince you that what you are getting is a good deal. Now, what can be funnier than that? Analysts conveniently ignore the fact that comparisons by post-money book-value is only applicable to investors who have shunned the IPO, and plans to invest post-listing, possibly after a correction.

Oversubscription Hype:

Most issues are nowadays not readily subscribed. Not even by noon of the last day. Then something magical happens. FIIs and DIIs who were sleeping for the last 2½ days, suddenly realizes that after all, here is a golden IPO. They come in as QIBs at the last moment, making the issue oversubscribed to 2, 5, or sometimes, 25 times. What is the deal? Nobody knows. It is a scam, bigger than 2G, in the waiting. And the tool of oversubscription hype, nowadays, has an ancillary tool - retailers can bid for one more day. And there goes the retailers, the next day, in hordes, entering the next IPO trap.

Listing Day:

Listing day is quite special. Promoters get to bang a gong at BSE or NSE. And reputed TV anchors would be ready, reading out the grey market premiums, setting the stage for the rip-off completion. The main listing day tool is something called price discovery. While all stocks, except front-liners having F&O, have strict upper and lower circuit limits in the secondary market, the IPO scrip would have a free run, ostensibly for price discovery. In practice, it is the perfect tool to rip-off those who missed the IPO. Prices will climb Mount Everest and jump into the depths of Indian Ocean, all within minutes.

Initial Public Offers can conveniently be renamed as Indian Public Offers. Because, POs of this kind happens only in India.

Table - How Indian IPOs / FPOs Fared Between 2006-2011


COMPANYLIST DATE   IPO PRICE  LIST PRICE   PRICE NOW    LOSS/GAIN
RESURGERE MINES AND MINERALS INDIA LTD  09/01/2008 270 285 0.58 -96.47%
VISHAL RETAIL LT 07/04/2007 270 472 30.55 -96.05%
DHANUS TECHNOLOGIES LTD  17/10/2007 295 295 15.3 -94.99%
GLORY POLYFILMS LTD  18/06/2007 48 48 3.01 -94.76%
KOUTONS RETAIL INDIA LTD  10/12/2007 415 510 31.6 -94.63%
BLUE BIRD INDIA LT 12/11/2006 105 128 5.75 -93.99%
SANCIA GLOBAL INFRAPROJECTS LTD 04/11/2007 86 0 5.77 -93.38%
TANLA SOLUTIONS LTD  01/05/2007 265 377 15.85 -91.94%
UTTAM SUGAR MILLS LTD  04/10/2006 340 380 37.75 -91.13%
ROMAN TARMAT LTD  07/09/2007 175 306 31 -90.78%
XL ENERGY LTD 28/12/2006 150 165 13.27 -90.48%
JAGJANANI TEXTILES LTD  19/03/2007 25 0 2.37 -90.11%
ALLIED COMPUTERS INTERNATIONAL ASIA LTD  23/11/2007 12 0 4.26 -88.73%
PORWAL AUTO COMPONENTS LTD  14/01/2008 75 79 8.9 -88.25%
HOUSE OF PEARL FASHIONS LTD  15/02/2007 550 499 53.05 -88.01%
TULSI EXTRUSIONS LTD  25/02/2008 85 99 16.4 -87.54%
SEL MANUFACTURING COMPANY LTD  21/08/2007 90 95 17.85 -87.54%
ASTER SILICATES LTD  28/07/2010 118 128 25.85 -87.49%
GANGOTRI TEXTILES LTD  23/05/2006 46 44 6.6 -87.01%
KAUSHALYA INFRASTRUCTURE DEVELOPMENT CORPORATION L  14/12/2007 60 79 11.2 -86.97%
MAGNUM VENTURES LTD  20/09/2007 30 36 6.59 -86.88%
CAMBRIDGE TECHNOLOGY ENTERPRISES LTD  02/07/2007 38 48 14.04 -86.88%
GLOBAL VECTRA HELICORP LTD  27/10/2006 185 250 26.35 -86.77%
AUSTRAL COKE AND PROJECTS LTD  09/04/2008 196 205 3.19 -86.01%
SITA SHREE FOOD PROJECTS LTD  04/07/2008 30 35 6.49 -85.99%
RISHABHDEV TECHNOCABLE LIMITED  29/06/2009 33 42 4.08 -85.59%
D S KULKARNI DEVELOPERS LTD  03/06/2006 275 360 52.05 -85.10%
ZENITH BIRLA INDIA LTD  20/10/2006 55 0 9.01 -85.04%
EVINIX ACCESSORIES LTD  03/07/2007 120 120 1.12 -84.69%
FUTURE CAPITAL HOLDINGS LTD  02/01/2008 765 1081 145.75 -84.56%
PARSVNATH DEVELOPERS LTD  30/11/2006 300 456 41.05 -84.00%
RAJ RAYON INDUSTRIES LTD 18/01/2006 65 0 12.18 -83.45%
BIRLA MACHINING & TOOLINGS LTD 09/03/2007 45 0 7.95 -82.77%
BURNPUR CEMENT LTD  01/03/2008 12 15 8.1 -82.50%
INDOWIND ENERGY LTD  14/09/2007 65 75 19.7 -82.46%
DECOLIGHT CERAMICS LTD  19/06/2007 54 70 7.82 -82.34%
BROADCAST INITIATIVES LTD  03/07/2007 120 140 12.09 -82.31%
GYSCOAL ALLOYS LTD  27/10/2010 71 75 14.47 -81.85%
BIRLA POWER SOLUTIONS LTD  29/03/2006 42 0 1.08 -81.58%
SEZAL GLASS LTD 12/08/2008 115 130 3.69 -81.10%
LOKESH MACHINES LTD  05/05/2006 140 211 41.25 -81.08%
ALPA LABORATORIES LTD  08/06/2007 68 61 10.86 -80.94%
D B REALTY LTD  24/02/2010 468 452 89.15 -80.94%
FIRST WINNER INDUSTRIES LTD  07/08/2008 125 110 19 -80.39%
NIRAJ CEMENT STRUCTURALS LTD  19/06/2008 190 185 41.65 -78.60%
BANG OVERSEAS LTD  20/02/2008 207 250 36.55 -78.49%
IVRCL ASSETS & HOLDINGS LTD 16/08/2007 550 456 61.9 -78.35%
NISSAN COPPER LT 29/12/2006 39 39 2.98 -77.56%
FIRSTSOURCE SOLUTIONS LTD  22/02/2007 64 90 18.05 -77.20%
SEA TV NETWORK LTD  14/10/2010 100 120 26.25 -77.17%
EDELWEISS CAPITAL LTD  12/12/2007 825 1443 35.9 -77.12%
CIRCUIT SYSTEMS INDIA LTD  11/02/2007 35 42 9.89 -77.01%
KOLTE PATIL DEVELOPERS LTD  13/12/2007 145 130 42.6 -76.99%
EURO CERAMICS LTD  03/09/2007 165 150 28.3 -76.82%
RAJ TELEVISION NETWORK LTD  16/03/2007 257 225 54.15 -76.54%
BRIGADE ENTERPRISES LTD  31/12/2007 390 430 91.8 -76.49%
CONSOLIDATED CONSTRUCTION CONSORTIUM LTD  15/10/2007 510 889 39.8 -76.25%
CINEMAX INDIA LTD  14/02/2007 155 166 39.1 -75.55%
HILTON METAL FORGING LTD  24/05/2007 70 73 17 -75.15%
ANU'S LABORATORIES LTD  06/04/2008 210 260 3.23 -74.87%
VTX INDUSTRIES LTD 03/09/2007 100 0 17.6 -74.76%
TIRUPATI INKS LTD  10/01/2010 43 54 10.05 -74.73%
INOX LEISURE LTD  23/02/2006 120 185 45.8 -74.54%
CORDS CABLE INDUSTRIES LTD  13/02/2008 135 143 35.7 -74.11%
EURO MULTIVISION LTD  15/10/2009 75 75 14.25 -73.87%
ADVANTA INDIA LT 19/04/2007 640 900 245 -73.78%
RATHI BARS LTD  23/11/2007 35 0 8.85 -73.64%
PURAVANKARA PROJECTS LIMITED  30/08/2007 400 310 95.6 -73.46%
RAJ OIL MILLS LTD  08/12/2009 120 120 32.2 -72.34%
ROYAL ORCHID HOTELS LTD  02/06/2006 165 240 65.8 -72.25%
SOBHA DEVELOPERS LTD  20/12/2006 640 1120 276.4 -71.96%
TEXMO PIPES AND PRODUCTS LTD  03/10/2010 90 93 39.15 -71.55%
MIDFIELD INDUSTRIES LTD  08/04/2010 133 159 47.9 -71.30%
PATEL ENGINEERING LTD  05/09/2006 440 441 148 -70.91%
B S TRANSCOMM LTD  27/10/2010 248 257 112.95 -70.41%
AISHWARYA TELECOM LTD  05/07/2008 35 50 13.85 -70.28%
SKS MICROFINANCE LTD  16/08/2010 985 1040 415.35 -70.12%
BIRLA SHLOKA EDUTECH LTD  13/01/2010 50 58 16.9 -69.71%
ARCHIDPLY INDUSTRIES LTD  07/04/2008 74 73 17 -69.67%
SAKUMA EXPORTS LTD  03/08/2006 50 65 15 -69.54%
TANTIA CONSTRUCTIONS LTD  28/04/2006 50 257 66.15 -69.48%
ACROPETAL TECHNOLOGIES LTD  03/10/2011 90 92 38.05 -68.77%
EXCEL INFOWAYS LTD  08/03/2009 85 86 30.05 -68.64%
THINKSOFT GLOBAL SERVICES LTD  26/10/2009 125 126 54.6 -68.14%
ALKALI METALS LT 11/06/2008 103 99 54.5 -67.77%
ORIENTAL TRIMEX LTD  03/09/2007 48 50 8.85 -67.61%
COMMERCIAL ENGINEERS BODY BUILDERS COMPANY LTD  18/10/2010 127 119 36.15 -67.53%
SYNCOM HEALTHCARE LTD  15/02/2010 75 90 31.3 -66.82%
RELIANCE POWER LTD  02/11/2008 450 530 124.15 -66.76%
GSS AMERICA INFOTECH LTD  03/07/2008 400 380 160.15 -66.69%
NITCO TILES LIMITE 21/03/2006 168 172 64.75 -66.62%
SAAMYA BIOTECH INDIA LTD  19/10/2007 10 17 5.4 -66.27%
LOTUS EYE CARE HOSPITAL LTD  07/11/2008 38 40 11.86 -66.20%
HOUSING DEVELOPMENT AND INFRASTRUCTURE LTD  24/07/2007 500 538 152 -65.38%
EMPEE DISTILLERIES LTD  26/11/2007 400 462 108.95 -65.13%
TRANSFORMERS AND RECTIFIRES INDIA LTD  28/12/2007 465 790 265.05 -64.82%
MIC ELECTRONICS LTD  30/05/2007 150 262 24.05 -64.55%
CANTABIL RETAIL INDIA LTD  10/12/2010 135 114 37.7 -63.91%
BARAK VALLEY CEMENTS LTD  23/11/2007 42 62 20.5 -63.78%
POCHIRAJU INDUSTRIES LTD  02/09/2007 30 45 17.9 -63.78%
TRANSWARRANTY FINANCE LTD  26/02/2007 52 56 16.2 -62.96%
OMAXE LTD  08/09/2007 310 410 128.9 -62.19%
RAVI KUMAR DISTILLERIES LTD  27/12/2010 64 72 30.75 -62.09%
ALLIED DIGITAL SERVICES LTD  25/07/2007 190 332 78.05 -61.87%
MAN INFRACONSTRUCTION LTD  03/11/2010 252 318 135.2 -61.52%
TARAPUR TRANSFORMERS LTD  18/05/2010 75 75 22.5 -61.07%
MALU PAPER MILLS LTD  04/05/2006 30 31 12.76 -60.99%
DLF LTD  07/05/2007 525 526 219.35 -60.21%
KAMDHENU ISPAT LTD  05/09/2006 25 34 19.1 -59.56%
TAKE SOLUTIONS LTD  27/08/2007 730 880 39.1 -57.20%
KEW INDUSTRIES LTD  25/09/2006 30 0 10.88 -57.16%
INTRASOFT TECHNOLOGIES LTD  04/12/2010 145 150 69.4 -56.82%
MICROSEC FINANCIAL SERVICES LTD  10/05/2010 118 130 44.7 -56.81%
ONMOBILE GLOBAL LTD  19/02/2008 440 440 125.9 -56.47%
NITIN SPINNERS LT 02/02/2006 21 28 12.14 -56.41%
DEN NETWORKS LT 11/01/2010 195 195 100.25 -56.25%
REFEX REFRIGERANTS LTD  20/08/2007 65 69 26.45 -55.81%
NELCAST LTD  27/06/2007 219 252 94.1 -54.91%
EMMBI POLYARNS LTD  24/02/2010 45 46 12.66 -54.62%
ARIES AGRO LTD  01/11/2008 130 160 113.6 -53.90%
GOENKA DIAMOND AND JEWELS LTD  16/04/2010 135 124 59.4 -53.70%
B L KASHYAP AND SONS LTD  17/03/2006 685 749 22.25 -53.64%
CELESTIAL LABS LTD  17/07/2007 60 75 33.35 -53.27%
LAWRESHWAR POLYMERS LTD  19/03/2007 16 0 7.03 -52.86%
R SYSTEMS INTERNATIONAL LTD  26/04/2006 250 301 116.9 -52.35%
SIMPLEX PROJECTS LTD  08/03/2007 185 323 132 -51.87%
JET AIRWAYS LTD  24/02/2006 1100 1211 447.3 -50.51%
C AND C CONSTUCTIONS LTD  26/02/2007 291 288 127.25 -49.60%
HOV SERVICES LT 27/09/2006 200 204 93.85 -49.26%
SHILPI CABLE TECHNOLOGIES LTD  04/08/2011 69 78 25.55 -49.05%
SHRIRAM EPC LTD  20/02/2008 300 320 156.15 -48.88%
CAREER POINT INFOSYSTEMS LTD  10/06/2010 310 461 320.85 -48.29%
3I INFOTECH LTD  04/04/2006 100 105 45.5 -48.19%
ORIENT GREEN POWER COMPANY LTD  10/08/2010 47 46 24 -48.11%
DQ ENTERTAINMENT INTERNATIONAL LTD  29/03/2010 80 135 58.55 -47.77%
TECHNOFAB ENGINEERING LTD  16/07/2010 240 276 158.75 -47.57%
NU TEK INDIA LTD  01/10/2011 192 195 8.73 -47.56%
TITAGARH WAGONS LTD  21/04/2008 540 540 365 -46.99%
AUTOLINE INDUSTRIES LTD  31/01/2007 225 230 141.15 -46.50%
BGR ENERGY SYSTEMS LTD  01/03/2008 480 840 511 -46.19%
HATHWAY CABLE AND DATACOM LTD  25/02/2010 240 250 117.2 -45.62%
NITESH ESTATES LTD  13/05/2010 54 54 25.6 -45.44%
SURYACHAKRA POWER CORPORATION LTD  23/07/2007 20 30 13.49 -45.10%
RUCHIRA PAPERS LTD  20/12/2006 23 24 12.34 -44.58%
SMS PHARMACEUTICALS LTD  28/02/2007 380 360 197.75 -44.14%
ASIAN GRANITO INDIA LTD  23/08/2007 97 99 52.45 -44.01%
GAMMON INFRASTRUCTURE PROJECTS LTD  04/03/2008 167 170 17.95 -43.00%
JRG SECURITIES LT 18/05/2006 40 0 25 -42.65%
MINDTREE CONSULTING LTD  03/07/2007 425 627 352 -41.63%
SOMI CONVEYOR BELTINGS LTD  24/07/2008 35 38 15.1 -40.93%
TECHNOCRAFT INDUSTRIES INDIA LTD  02/12/2007 105 137 57.15 -40.78%
CORAL HUB LTD 08/11/2008 150 130 7.71 -40.46%
VASCON ENGINEERS LTD  15/02/2010 165 156 87.4 -40.29%
KSK ENERGY VENTURES LTD  14/07/2008 240 210 113.45 -40.26%
MOTILAL OSWAL FINANCIAL SERVICES LTD  09/11/2007 825 911 125.4 -39.46%
ASTEC LIFESCIENCES LTD  25/11/2009 82 83 50.7 -39.45%
BEDMUTHA INDUSTRIES LTD  14/10/2010 102 113 110.1 -38.72%
AQUA LOGISTICS LTD  23/02/2010 215 225 15.65 -38.40%
RENAISSANCE JEWELLERY LTD  12/12/2007 150 190 85.7 -38.32%
INDO TECH TRANSFORMERS LIMITED  16/03/2006 130 165 147.05 -37.94%
ANKIT METAL AND POWER LTD  07/10/2007 36 36 23.25 -37.75%
MEGHMANI ORGANICS LTD  28/06/2007 19 33 13.86 -37.29%
JAYPEE INFRATECH LTD  21/05/2010 102 98 56.9 -36.58%
INDIABULLS POWER LTD  30/10/2009 45 45 21.75 -36.54%
ABHISHEK CORPORATION LTD 19/03/2007 100 96 15.75 -35.54%
BIRLA COTSYN INDIA LTD  30/07/2008 14 15 0.51 -34.78%
ARSS INFRASTRUCTURE PROJECTS LTD  03/03/2010 450 630 494.95 -33.61%
PARABOLIC DRUGS LTD  07/01/2010 85 75 44.95 -33.49%
KNR CONSTRUCTIONS LTD  18/02/2008 170 210 100.5 -32.75%
ACCEL FRONTLINE LTD  30/10/2006 75 77 47.05 -32.67%
NHPC LTD  09/01/2009 36 42 25.05 -31.47%
J K CEMENT LIMITE 24/02/2006 155 160 123.05 -30.81%
UNITY INFRAPROJECTS LTD  06/12/2006 675 650 62 -30.73%
MUNDRA PORT AND SPECIAL ECONOMIC ZONE LTD  27/11/2007 440 770 132.8 -30.59%
GAYATRI PROJECTS LTD  17/10/2006 295 0 212.65 -29.86%
RAMKY INFRASTRUCTURE LTD  10/08/2010 450 472 280.4 -29.55%
JSW ENERGY LTD  01/04/2010 95 106 70.05 -29.53%
THE SHIPPING CORPORATION OF INDIA LTD  03/12/2010 140 138 106 -28.73%
GINNI FILAMENTS LTD  26/12/2006 19 19 11.75 -28.60%
A2Z MAINTANCE AND ENGINEERING SERVICES LTD  23/12/2010 400 500 236.1 -27.71%
SUNIL HITECH ENGINEERS LIMITED  03/02/2006 100 125 111.1 -27.02%
NMDC LTD  03/12/2010 300 297 264 -26.74%
INDOSOLAR LTD  29/09/2010 29 30 17 -26.16%
TECPRO SYSTEMS LTD  10/12/2010 355 380 305.8 -25.98%
GVK POWER AND INFRASTRUCTURE LTD  27/02/2006 310 350 22.7 -25.70%
PRESTIGE ESTATES PROJECTS LTD  27/10/2010 183 190 142.35 -25.53%
BAJAJ CORP LTD  18/08/2010 660 760 569.6 -24.83%
VA TECH WABAG LTD  13/10/2010 1310 1500 1239.35 -24.83%
PRAKASH STEELAGE LTD  25/08/2010 110 122 142.95 -23.92%
ORBIT CORPORATION LTD  04/12/2007 110 113 47.3 -23.41%
IDEA CELLULAR LT 03/09/2007 75 85 67.4 -23.26%
SHEKHAWATI POLY YARN LTD  01/12/2011 30 33 35.05 -23.16%
PTC INDIA FINANCIAL SERVICES LTD  30/03/2011 28 27 19.9 -22.89%
ELECTROSTEEL STEELS LTD  10/08/2010 11 11 9.19 -20.36%
PUNJAB AND SIND BANK  30/12/2010 120 144 102.5 -20.31%
PRADIP OVERSEAS LTD  04/05/2010 110 115 84.8 -20.21%
FAME INDIA LTD 04/11/2008 53 53 52.5 -19.74%
MOIL LTD  15/12/2010 375 565 372.9 -19.41%
HINDUSTAN MEDIA VENTURES LTD  21/07/2010 166 178 149.05 -19.13%
MBL INFRASTRUCTURES LTD  01/11/2010 180 185 173.95 -18.32%
PLETHICO PHARMACEUTICALS LTD  05/05/2006 300 366 345 -18.13%
ASHOKA BUILDCON LTD  14/10/2010 324 342 259.05 -18.10%
OBEROI REALTY LT 20/10/2010 260 271 252.7 -16.24%
RICHA KNITS LTD  10/12/2006 30 0 25.8 -15.37%
IRB INFRASTRUCTURE DEVELOPERS LTD  25/02/2008 185 194 166.25 -15.10%
SJVN LTD  20/05/2010 26 27 21.55 -14.77%
ASAHI SONGWON COLORS LTD  06/04/2007 90 108 72.9 -14.40%
NTPC LTD  02/05/2010 201 205 178.7 -13.22%
INFINITE COMPUTER SOLUTIONS INDIA LTD  02/03/2010 165 170 160.5 -13.07%
CLARIS LIFESCIENCES LTD  20/12/2010 228 224 180.9 -13.04%
MUDRA LIFESTYLE LTD  03/09/2007 90 89 54.75 -12.46%
ENTERTAINMENT NETWORK INDIA LIMITED  15/02/2006 162 241 238 -11.56%
ENGINEERS INDIA LTD  30/07/2010 290 315 285 -11.55%
DB CORP LTD  01/06/2010 212 254 244.3 -9.74%
DYNEMIC PRODUCTS LTD  23/02/2006 35 0 24.65 -9.40%
RELIGARE ENTERPRISES LTD  21/11/2007 185 323 458.65 -8.87%
OMNITECH INFOSOLUTIONS LTD  14/08/2007 105 183 136.5 -7.38%
TALBROS AUTOMOTIVE COMPONENTS LTD  09/11/2006 102 115 66.65 -7.26%
COX AND KING INDIA LTD  12/11/2009 330 343 404.35 -7.23%
ZYLOG SYSTEMS LTD  17/08/2007 350 557 413.8 -6.24%
TATA STEEL LTD  21/01/2011 610 631 590.5 -5.89%
CHEMCEL BIOTECH LTD  13/10/2008 16 5 5.1 -5.71%
PERSISTENT SYSTEMS LTD  04/06/2010 310 361 395.3 -3.95%
VISA STEEL LIMITE 17/03/2006 57 58 54.15 -2.10%
EDSERV SOFTSYSTEMS LTD  03/02/2009 60 60 140 -1.49%
MANAKSIA LTD  27/01/2011 160 175 79 2.00%
POWER GRID CORPORATION OF INDIA LTD  10/05/2007 52 89 104.2 3.18%
POWER GRID CORPORATION OF INDIA LTD  11/12/2010 90 95 104.2 3.97%
RURAL ELECTRIFICATION CORPORATION LTD  23/02/2010 203 237 224.75 5.31%
NITIN FIRE PROTECTION INDUSTRIES LTD  06/05/2007 190 332 87.5 6.38%
PROVOGUE INDIA LTD  16/06/2006 150 250 40.15 6.92%
R P P INFRA PROJECTS LTD  12/06/2010 75 75 77.05 7.32%
BAFNA PHARMACEUTICALS LTD  27/06/2008 40 44 42.75 7.40%
STANDARD CHARTERED PLC  06/11/2010 104 106 114.65 8.49%
SUDAR GARMENTS LTD  03/11/2011 77 80 128.6 9.77%
SUN TV LTD  24/04/2006 875 1111 417.35 10.23%
GUJARAT PIPAVAV PORT LTD  09/09/2010 46 56 60 10.82%
ACTION CONSTRUCTION EQUIPMENT LTD  26/09/2006 130 180 43.95 11.27%
ICICI BANK LTD  22/06/2007 940 980 1058.1 11.77%
COAL INDIA LTD  11/04/2010 245 291 370.95 12.08%
ADANI POWER LTD  20/08/2009 100 108 108.75 12.14%
GALLANTT ISPAT LTD  10/11/2010 50 52 94.05 14.34%
MAHINDRA HOLIDAYS AND RESORTS INDIA LTD  16/07/2009 300 370 364.95 15.11%
OIL INDIA LTD  30/09/2009 1050 1096 1371.7 22.25%
TECH MAHINDRA LTD  28/08/2006 365 521 664.35 22.31%
TIME TECHNOPLAST LTD  13/06/2007 315 489 55.35 22.81%
20 MICRONS LTD  10/06/2008 55 80 42.9 23.12%
JINDAL COTEX LTD  22/09/2009 75 77 91.9 23.21%
EVERONN EDUCATION LTD 11/07/2007 140 245 607.9 26.34%
ALLCARGO GLOBAL LOGISTICS LTD  23/06/2006 675 519 167.8 26.65%
FIEM INDUSTRIES LTD  19/10/2006 137 145 156.9 27.06%
JHS SVENDGAARD LABORATORIES LTD  21/10/2006 58 60 73.8 27.26%
GALLANTT METAL LTD  04/04/2006 10 20 19 27.66%
DEVELOPMENT CREDIT BANK LTD  27/10/2006 26 35 60.8 28.00%
GODREJ PROPERTIES LTD  01/05/2010 490 511 668.85 29.24%
VOLTAMP TRASFORMERS LTD  20/09/2006 345 370 549.25 29.80%
CENTRAL BANK OF INDIA  21/08/2007 102 131 129.65 30.08%
SUPREME INFRASTRUCTURE INDIA LTD  18/10/2007 108 187 228.7 30.13%
SHREE ASHTAVINAYAK CINE VISION LTD  01/10/2007 160 193 5.7 30.68%
LOVABLE LINGERIE LTD  24/03/2011 205 240 326.85 32.24%
OMKAR SPECIALITY CHEMICALS LTD  02/10/2011 98 95 63.95 36.47%
ROHIT FERRO TECH LTD  13/04/2006 30 50 39.7 36.60%
TALWALKARS BETTER VALUE FITNESS LTD  05/10/2010 128 147 245.7 39.02%
JYOTHY LABORATORIES LTD  19/12/2007 690 895 207.55 39.69%
ICRA LTD  13/04/2007 330 540 1080.15 40.74%
LUMAX AUTO TECHNOLOGIES LTD  16/01/2007 75 80 149.8 41.50%
LANCO INFRATECH LTD  27/11/2006 240 270 35.4 42.92%
UNITED BANK OF INDIA  18/03/2010 66 75 96.15 45.78%
PRATIBHA INDUSTRIES LTD  16/03/2006 120 146 55.25 47.21%
SHREE GANESH JEWELLERY HOUSE LTD  04/09/2010 260 250 214.4 47.63%
PIPAVAV SHIPYARD LTD  10/09/2009 58 61 80.9 48.06%
AMAR REMEDIES LTD  31/08/2006 28 50 94.7 49.35%
ANDHRA BANK  20/01/2006 90 91 135.15 50.34%
KIRI INDUSTRIES LTD 22/04/2008 150 184 258.65 55.28%
FORTIS HEALTHCARE LTD  05/09/2007 108 110 150.55 57.00%
HT MEDIA  08/10/2006 530 545 148.75 59.71%
KAVERI SEED COMPANY LTD  10/04/2007 170 204 362.45 60.00%
GITANJALI GEMS LTD  03/10/2006 195 215 264.3 60.66%
JAIPRAKASH HYDRO POWER COMPANY LIMITED  20/03/2006 32 36 46.1 64.50%
GLOBUS SPIRITS LTD  23/09/2009 100 101 141.05 66.01%
GODAWARI POWER AND ISPAT LTD  25/04/2006 81 90 176.8 70.14%
GRAVITA INDIA LT 16/11/2010 125 218 361.6 70.82%
PRIME FOCUS LTD  20/06/2006 417 322 57 73.48%
VIMAL OIL AND FOODS LTD  23/03/2007 30 0 78 73.57%
FINEOTEX CHEMICAL LTD  03/11/2011 70 80 226.25 75.44%
GMR INFRASTRUCTURE LTD  21/08/2006 210 216 36.85 76.18%
MANDHANA INDUSTRIES LTD  19/05/2010 130 131 221.8 81.63%
RURAL ELECTRIFICATION CORPORATION LTD  03/12/2008 105 129 224.75 84.24%
SHRIRAM TRANSPORT FINANCE COMPANY 11 PERCENT LTD  14/08/2009 1000 1059 670.45 86.84%
BHAGWATI BANQUETS AND HOTELS LTD  17/05/2007 40 45 94.35 92.69%
ATLANTA LTD  25/09/2006 150 175 72.6 94.88%
POWER FINANCE CORPORATION LTD  23/02/2007 85 113 216.2 95.34%
ESS DEE ALUMINIUM LTD  28/12/2006 225 265 436.3 95.76%
VARUN INDUSTRIES LTD  22/11/2007 60 105 212.4 97.47%
ADHUNIK METALIKS LTD  04/05/2006 37 37 88 107.79%
HANUNG TOYS AND TEXTILES LTD  20/10/2006 95 100 203.65 108.61%
DEEP INDUSTRIES LTD  25/09/2006 36 0 57.95 118.82%
MIDVALLEY ENTERTAINMENT LTD  27/01/2011 70 73 124.45 119.47%
KEWAL KIRAN CLOTHING LTD  13/04/2006 260 299 568.4 124.47%
SOLAR INDUSTRIES LTD 04/03/2006 190 219 588.5 126.13%
SYNDICATE BANK  13/07/2006 50 0 110.85 129.87%
GOKUL REFOILS AND SOLVENT LTD  13/06/2008 195 219 93.7 130.20%
INDIAN BANK  03/01/2007 91 93 230.85 134.99%
C MAHENDRA EXPORTS LTD  20/01/2011 110 0 268 135.14%
PUNJAB NATIONAL BANK  13/03/2006 390 468 1118.55 135.41%
ECLERX SERVICES LIMITED  31/12/2007 315 370 689.8 137.54%
GUJARAT STATE PETRONET LIMITED  16/02/2006 27 45 100.1 141.94%
CAIRN INDIA LTD  01/09/2007 160 152 351.65 147.42%
THANGAMAYIL JEWELLERY LTD  19/02/2010 75 76 176.1 149.37%
INFO EDGE INDIA LT 21/11/2006 320 451 724.95 150.51%
ALLAHABAD BANK  04/12/2006 82 77 196.5 152.10%
V-GUARD INDUSTRIES LTD  13/03/2008 82 90 186.5 156.64%
JAGRAN PRAKASHAN LIMITED  22/02/2006 320 313 120.1 164.36%
INSECTICIDES INDIA LTD  30/05/2007 115 110 289.3 165.66%
REDINGTON INDIA LTD  15/02/2007 113 130 87.6 166.00%
UNION BANK OF INDIA  21/02/2006 110 126 295.95 172.14%
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD  17/03/2006 200 241 692.6 197.88%
JUBILANT FOODWORKS LTD  02/08/2010 145 160 680.2 222.66%
MANJUSHREE EXTRUSIONS LTD  06/02/2008 45 48 78.05 232.65%
ASTRAL POLY TECHNIK LTD  20/03/2007 115 103 173.75 235.79%
BANK OF BARODA  20/01/2006 230 234 849 272.00%
YES BANK LTD  21/06/2006 45 65 282.75 276.04%
UTV LTD  27/02/2006 130 165 613.75 279.02%
THE SOUTH INDIAN BANK LTD  15/02/2006 66 68 22.95 319.64%
SADBHAV ENGINEERING LIMITED  08/02/2006 185 235 129.75 353.78%
EMAMI LTD  03/10/2006 70 0 434.25 363.50%
OPTO CIRCUITS INDIA LTD  04/05/2006 270 395 299.85 395.22%
PAGE INDUSTRIES LTD  16/03/2007 360 329 1610 499.08%
USHER AGRO LTD  10/06/2006 15 0 101.1 522.22%

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