CITI GROUP RESEARCH

CITI, 1 February 2008

Puravankara Projects

Strong 3Q – Valuations Look Compelling, Maintain Buy

Buy/Medium Risk 1M

Price (01 Feb 08) Rs317.10 Target price Rs536.00

Expected share price return 69.0%

CITI, 1 February 2008

Northgate Technologies

Buy: 3Q FY08 Results - Charting a Safe Course in Troubled Times

Buy/Medium Risk 1M

Price (01 Feb 08) Rs500.00 Target price Rs700.00

Expected share price return 40.0%

Solid 3Q: Demand outlook remains strong — Northgate delivered a solid 3Q,

comfortably beating our estimates. The results were punctuated by numerous milestones, including a number of key wins in its Globe7 Powered Services (aka managed hosting) offering and the launch of 2 new web sites. With the online advertising market remaining strong, especially in India and China, we continue to be attracted to Northgate’s diversified (both product & geography) rev model, and hence reiterate our Buy/Medium Risk and Rs700 target price.

CITI, 1 February 2008

Glenmark Pharmaceuticals

Buy: Termination of Merck deal – Not Unexpected, Not Negative

Buy/Medium Risk 1M

Price (01 Feb 08) Rs503.15 Target price Rs632.00

Expected share price return 25.6%

CITI, 1 February 2008

Maruti Suzuki India

Buy: January Sales Muted; Up 4% YoY

Buy/Low Risk 1L

Price (01 Feb 08) Rs858.00 Target price Rs1,012.00

Expected share price return 17.9%

Reliance Communications

Hold: 3QFY08 Slightly Below, GSM Launch Some Time Away

Hold/Low Risk 2L

Price (31 Jan 08) Rs601.95 Target price Rs835.00

Expected share price return 38.7%

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CITI, 1 February 2008

Tata Motors

Buy: Revise Target Price to Rs 914

Buy/Low Risk 1L

Price (31 Jan 08) Rs706.15 Target price Rs914.00

from Rs1,029.00

Expected share price return 29.4%

CITI, 1 February 2008

Omaxe

Strong 3Q Results – Maintain Buy

Buy/High Risk 1H

Price (31 Jan 08) Rs283.85 Target price Rs386.00

Expected share price return 36.0%

CITI, 31 January 2008

Punj Lloyd

Buy: Disappointing Quarter

Buy/Low Risk 1L

Price (31 Jan 08) Rs442.20 Target price Rs593.00

Expected share price return 34.1%

CITI, 31 January 2008

Nagarjuna Construction

Buy: Execution Woes Plague Growth

Buy/Medium Risk 1M

Price (31 Jan 08) Rs266.15 Target price Rs336.00

Expected share price return 26.2%

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CITI, 31 January 2008

Mahindra & Mahindra

Buy: 3Q Results Above Expectations

Buy/Low Risk 1L

Price (31 Jan 08) Rs669.35 Target price Rs865.00

from Rs945.00

Expected share price return 29.2%

CITI, 31 January 2008

Jubilant Organosys

Buy: Strong Quarter; Story on Course

Buy/Low Risk 1L

Price (31 Jan 08) Rs321.30 Target price Rs415.00

Expected share price return 29.2%