Motilal Oswal - Subex Azure

Motilal Oswal downgrades Subex Azure to NEUTRAL

Cutting EPS estimates by 30% in FY08

Guidance cuts by 13% in revenue, 32% in profits for FY08

Muted growth, downgrade to NEUTRAL

Motilal Oswal - DLF

Motilal Oswal recommends BUY on DLF

They believe DLF, with strong management, robust business model, high quality strategic land bank, execution capability & unique product mix is the best proxy to the promising domestic real-estate industry.

Price target revised Rs.590 to Rs.650

Grey Market - Power Grid, Kaveri Seeds, Kouton Retail

Koutons Retail 370 to 415 90 to 95

Power Grid Corporation 44 to 52 14 to 15

Kaveri Seeds 150 to 170 23 to 25

Motilal Oswal 825 135 to 145

Indowind Energy 55 to 65 Discount

Allied Computer 12 NIL

Magnum Venture 30 2 to 3

Motilal Oswal - EKC

Motilal Oswal recommends a BUY on EKC

Target price of Rs 279

De-risked model

20x FY09E

23% upside from current levels

Motilal Oswal - Power Grid IPO

Motilal Oswal recommends a SUBSCRIBE on Power Grid IPO

Its the central power transmission utility with a mini-ratna status

Significant ramp up expected in the Eleventh Five Year Plan

Motilal Oswal - Listing

Motilal Oswal will list on Sep 11 2007

MOTILALOFS is the NSE symbol

Motilal Oswal - Larsen & Toubro

Motilal Oswal has a NEUTRAL rating on L&T

Guidance is good but current valuations factor most of the positives

Grey Market - Kaveri Seeds, Dhanus Tech, Allied Computer

Power Grid Corporation 44 to 52 12 to 13 (Buyer)

Dhanus Tech. 280 to 295 100 to 105

Allied Computer 12 2 to 3

Kaveri Seeds 150 to 170 28 to 30

Motilal Oswal 825 115 to 120

Indowind Energy 55 to 65 Discount

Magnum Venture 27 to 30 1.50 to 2.00

Motilal Oswal - Crompton Greaves

Motilal Oswal expects Crompton Greaves to report consolidated net profit of Rs3.6b in FY08 (up 49%) and Rs5.3b in FY09 (up 46.1%). The stock trades at 31.8x FY08E and 21.8x FY09E EPS. They have a target
price of Rs316/share (22x FY09E EPS), implies an upside of just 1% from current levels.

They maintain Neutral.

Motilal Oswal - Reliance Capital

Motilal Oswal recommends a BUY on Reliance Capital with a target price of Rs 1574

They feel Reliance Capital is emerging as a financial powerhouse and new businesses are value accretive

Motilal Oswal - Tata Steel

Motilal Oswal recommends BUY on Tata Steel with a 1 year price target of Rs 934

Strong demand from China, strong earnings of Corus are factors for the BUY call

Grey Market - Power Grid, Kaveri Seeds, Allied, Dhanush Tech

Power Grid Corporation 44 to 52 9.50 to 10

Dhanush Tech. 280 to 295 125 to 130

Allied Computer 12 2.30 to 3.00

Kaveri Seeds 150 to 170 30 to 32

Motilal Oswal 825 88 to 90

Indowind Energy 55 to 65 Discount

Magnum Venture 27 to 30 Discount

Motilal Oswal - Unitech

Motilal Oswal has a target price for Unitech is Rs315/share - a 20% premium to their FY09E NAV of Rs262. Upsides to NAV exists from land bank augmentation and changes in development plans. They initiate coverage with Buy rating

Grey Market - Power Grid, Dhanush, Allied, Kaveri

Power Grid Corporation 44 to 52 9.50 to 10

Dhanush Tech. 280 to 295 125 to 130

Allied Computer 12 2.30 to 3.00

Kaveri Seeds 150 to 170 30 to 32

Motilal Oswal 825 88 to 90

Indowind Energy 55 to 65 Discount

Magnum Venture 27 to 30 Discount

Motilal Oswal - Tata Steel

Motilal Oswal has recommended a BUY on Tata Steel and upgraded the target price from 600 to 680