Macquarie - Axis Bank

Macquarie has a 12-month price target of Rs834.00 on Axis Bank based on a Gordon Growth Model methodology

Axis Bank continues to have momentum in fee income growth and an increasing branch distribution network

Mastek Ltd

Macquarie Bank has sold 417500 shares of Mastek on 28-AUG-2007 which is 1.47% of the equity.

They hold only 2.01% - 571489 shares of Mastek now

Macquarie - Tata Motors

Macquarie has 12-month price target of Rs837.00 based on a Sum of Parts methodology.

The believe the catalyst are sales recovery expected in 2H and Stake sale of key subsidiaries.

Macquarie - Gujarat NRE Coke

Macquarie has a 12-month price target of Rs113.00 based on a DCF methodology.

They believe the catalyst is announcement of merger of two Australian subsidiaries.

Macquarie - Grasim Industries

Macquarie has a 12-month price target: Rs3,600.00 based on a DCF methodology.

The feel that the catalysts are the price increases and volume growth in Cement and VSF.

Macquarie - Reliance Industries

Macquarie has a BUY on Reliance Industries

They have a target of Rs 1905

They feel the catalysts for target price are : 1) New oil & gas finds; 2) enhanced clarity on organised retail.