CITI GROUP RESEARCH

CITI, 25 January 2008

Bharat Heavy (BHEL)

3QFY08 – Time to Ask Some Tough Questions Post a Weak Quarter

Buy/Low Risk 1L

Price (25 Jan 08) Rs2,165.00 Target price Rs2,936.00

Expected share price return 35.6%

CITI, 22 January 2008

Glenmark Pharmaceuticals

Buy: Strong 3Q; Best Play on Innovative R&D

Buy/Medium Risk 1M

Price (21 Jan 08) Rs472.35 Target price Rs632.00

Expected share price return 33.8%

CITI, 25 January 200

Hindustan Construction

Good Quarter + Respite on BWSL + Stock Correction => Buy

Buy/Low Risk 1L

from Sell/Low Risk

Price (24 Jan 08) Rs169.35 Target price Rs221.00

from Rs208.00

Expected share price return 30.5%

CITI, 22 January 2008

Larsen & Toubro

Upgrade to Buy

Buy/Low Risk 1L

from Sell/Low Risk

Price (22 Jan 08) Rs3,515.00 Target price Rs4,561.00

from Rs4,010.00

Expected share price return 29.8%

CITI, 25 January 2008

Voltas

Mixed Quarter

Buy/Medium Risk 1M

Price (25 Jan 08) Rs209.90 Target price Rs242.00

Expected share price return 15.3%

CITI, 24 January 2008

Marico

3QFY08: Profits beats expectations by a mile

Buy/Low Risk 1L

Price (24 Jan 08) Rs59.70 Target price Rs80.00

Expected share price return 34.0%

CITI, 24 January 2008

Union Bank Of India

Buy: 3Q08 Results: Strong Fundamentals; Raise Earnings, Target

Buy/Low Risk 1L

Price (23 Jan 08) Rs200.05 Target price Rs242.00

from Rs180.00

Expected share price return 21.0%