COCHIN STOCK EXCHANGE

COCHIN STOCK EXCHANGE LTD is one of the premier Stock Exchanges in India, established in the
year 1978. The exchange had a humble beginning with just 5 companies listed in 1978 -79, and had only 14
members. Today the Exchange has more than 508 members and 240 listed companies. In 1980 the Exchange
computerized its offices. In order to keep pace with the changing scenario in the capital market, CSE took various
steps including trading in dematerialized shares. CSE introduced the facility for computerized trading - "Cochin
Online Trading (COLT)" on March 17, 1997. CSE was one of the promoters of the "Interconnected Stock Exchange
of India (ISE)". The objective was to consolidate the small, fragmented and less liquid markets into a national level
integrated liquid market. With the enforcement of efficient margin system and surveillance, CSE has successfully
prevented defaults. Introduction of fast track system made CSE the stock exchange with the shortest settlement cycle
in the country at that time. By the dawn of the new century, the regional exchanges faced a serious challenge from
the NSE & BSE. To face this challenge CSE promoted a 100% subsidiary called the "Cochin Stock Brokers Ltd.
(CSBL)" and started trading in the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

CSBL is the first subsidiary of a stock exchange to get membership in both NSE & BSE. CSBL also became a
depository participant in the Central Depository Services Ltd.. The CSE has been playing a vital role in the
economic development of the country in general, and Kerala in particular and striving hard to achieve the
following goals.

• Providing investors with high level of liquidity whereby the cost and time involved in the entry into and exit from
the market are minimized.

• Bringing in high tech solutions and make all operations absolutely transparent.

• Building infrastructure for capital market by turning CSE into a financial super market.

• Serve the investors of the region.

• Professional stock broking and investment management.

• Imparting Capital Market knowledge to all intermediaries on a continuous basis.

The Cochin Stock Exchange is directly under the control and supervision of Securities & Exchange Board of India
(the SEBI), and is today a demutualized entity in accordance with the Cochin Stock Exchange (Demutualization)
Scheme, 2005 approved and notified by SEBI on 29th of August 2005. Demutualization essentially means de-
linking and separation of ownership and trading rights and restructuring the Board in accordance with the provisions
of the scheme. The Exchange has been Demutualised and the notification thereof published in the Gazette.
MANAGEMENT OF CSE LTD

The policy decisions of the CSE are taken by the Board Of Directors. The Board is constituted with 12 members of
whom less than one-fourth are elected from amongst the trading member of CSE, another one fourth are Public
Interest Directors selected by SEBI from the panel submitted by the Exchange and the remaining are Shareholder
Directors. The Board appoints the Executive Director who functions as an ex-officio member of the Board and takes
charge of the administration of the Exchange.

DEPARTMENTAL PROFILE

The Cochin Stock Exchange carries on its functions through seven main departments. There exist a very cordial
relationship between each department in CSE and the day to day operations are well delegated to each department
through the staff member at various levels. The council of management is the apex body, which coordinates all the
operations of the exchange. The executive director gives the guideline to the heads of various departments. The
various functional department Stock under Cochin Stock Exchange are:

1. FINANCE

The Finance Department controls the financial transactions of the Exchange and is the life line of the organization.
The department is headed by a Finance Officer.

2. LEGAL
Guided by the Officer-Legal, the Legal Department is primarily responsible for advising the management of the
merits and demerits of legal issues involving the Exchange. The department consistently monitors the compliance
parameters in terms of the Companies Act, SEBI Act, Securities Contracts Regulation Act and other related statutes.

3. LISTING

The Listing Department guides prospective companies desirous of being listed on the Exchange by providing the
knowledge base and information on the statutory requirements that have to be complied with. The major functions
undertaken by the department include post-listing monitoring and compliance with the listing agreement, monitoring
the listing agreements and reviewing the provisions of listing agreement from time to time with specific reference to
SEBI Regulations/Circulars that are in force.

4. MARKETING

The Marketing Department interacts with the brokers of the exchange trading both within the state and outside and
collects their opinions and suggestions. These are brought to the notice of the Committee constituted for the purpose
and decisions of the committee are placed for approval of the Governing Board of the Exchange.

5. MEMBERSHIP

The Membership Department screens applications from prospective members to ensure that they are eligible to be
members of the Exchange as per provisions of the Securities Contracts Regulation Act. It is also verified whether
they are ‗Fit and Proper‘ persons eligible to be members as per the SEBI (Criteria for Fit and Proper persons)
Regulation 2004.

6. SETTLEMENT

Settlement Department is a key department of the Exchange, dealing with cash and securities. It assists the brokers
in settling the matters related to their pay-in and payout, recovery of dues and settling issues related to bad
deliveries.

7. SYSTEMS

The Systems Department is the heart of the various operations of CSE. The department provides the necessary
technical support for screen based trading and the computerized functioning of all the other departments.

THE FOLLOWING ARE THE STOCK EXCHANGES WORKING IN INDIA

Sl.No Name of the Stock Exchange

1 Bombay Stock Exchange(BSE)

2 Hyderabad Stock Exchange(HSE)

3 Ahmadabad Stock Exchange(A.E)

4 Calcutta Stock Exchange Association Limited(CSE)

5 Delhi Stock exchange Association Limited(DSE)

6 Madras Stock Exchange Association Limited(MSE)

7 Indore Stock Broker Association

8 Bangalore Stock Exchange

9 Cochin Stock Exchange

10 Pune Stock Exchange Limited

11 U.P Stock Exchange Association Limited

12 Ludhiana Stock Exchange Association Limited

13 Gauhathi Stock Exchange Limited

14 Mangalore Stock Exchange Limited

15 Magadh Stock Exchange Limited, Patna

16 Jaipur Stock Exchange Limited

17 Bhubaneswar Stock Exchange Association Limited

18 Saurashtra Kuth Stock Exchange Limited

19 Vadodara Stock Exchange

20 Over The Counter Exchange Of India, Bombay(OTCEI)

21 Coimbatore Stock Exchange Limited

22 National Stock Exchange Limited(NSE)

23 Integrated Stock Exchange(ISE)

BOMBAY STOCK EXCHANGE (BSE)

As the first stock exchange in India, the Bombay Stock Exchange is considered to have played a very important role
in the development of the country's capital markets. The Bombay Stock Exchange is the largest of 23 exchanges in
India, with over 6,000 listed companies. It is also the fifth largest exchange in the world, with market capitalization
of $466 billion.

The Bombay Stock Exchange uses the BSE Sensex, an index of 30 large, developed BSE stocks. This index gives a
measure of the overall performance of the Bombay Stock Exchange, and is closely followed around the world.
Based on the Sensex, the BSE equity market has grown significantly since 1990. In addition to individual stocks,
the BSE also has a market in derivatives, which was the first to be established in India. Listed derivatives on the
exchange include stock futures and options, index futures and options, and weekly options.

The Bombay Stock Exchange is also actively involved with the development of the retail debt market. The debt
market in India is considered extremely important, as the country continues to develop and depends on this type of
investment for growth. Until recently, the debt market in India was limited to a wholesale market, with banks and
financial institutions as the only participants. The Bombay Stock Exchange believes that a retail market will bring
great opportunities to individual investors through better diversification.

History of the Bombay Stock Exchange

The Bombay Stock Exchange is known as the oldest exchange in Asia. It traces its history to the 1850s, when
stockbrokers would gather under banyan trees in front of Mumbai's Town Hall. The location of these meetings
changed many times, as the number of brokers constantly increased. The group eventually moved to Dalal Street in
1874 and in 1875 became an official organization known as 'The Native Share & Stock Brokers Association'. In
1956, the BSE became the first stock exchange to be recognized by the Indian Government under the Securities
Contracts Regulation Act.

The Bombay Stock Exchange developed the BSE Sensex in 1986, giving the BSE a means to measure overall
performance of the exchange. In 2000 the BSE used this index to open its derivatives market, trading Sensex futures
contracts. The development of Sensex options along with equity derivatives followed in 2001 and 2002, expanding
the BSE's trading platform.Historically an open-cry floor trading exchange, the Bombay Stock Exchange switched
to an electronic trading system in 1995. It took the exchange only fifty days to make this transition.

National Stock Exchange of India (NSE)

In the fast growing Indian financial market, there are 23 stock exchanges trading securities. The National Stock
Exchange of India (NSE) situated in Mumbai - is the largest and most advanced exchange with 1016 companies
listed and 726 trading members.

The NSE is owned by the group of leading financial institutions such as Indian Bank or Life Insurance Corporation
of India. However, in the totally de-mutualised Exchange, the ownership as well as the management does not have a
right to trade on the Exchange. Only qualified traders can be involved in the securities trading.

The NSE is one of the few exchanges in the world trading all types of securities on a single platform, which is
divided into three segments: Wholesale Debt Market (WDM), Capital Market (CM), and Futures & Options (F&O)
Market. Each segment has experienced a significant growth throughout a few years of their launch. While the WDM
segment has accumulated the annual growth of over 36% since its opening in 1994, the CM segment has increased
by even 61% during the same period. The National Stock Exchange of India has stringent requirements and criteria
for the companies listed on the Exchange. Minimum capital requirements, project appraisal, and company's track
record are just a few of the criteria. In addition, listed companies pay variable listing fees based on their corporate
capital size.

The National Stock Exchange of India Ltd. provides its clients with a single, fully electronic trading platform that is
operated through a VSAT network. Unlike most world exchanges, the NSE uses the satellite communication system
that connects traders from 345 Indian cities. The advanced technologies enable up to 6 million trades to be operated
daily on the NSE trading platform.

History of the National Stock Exchange of India

Capital market reforms in India and the launch of the Securities and Exchange Board of India (SEBI) accelerated the
incorporation of the second Indian stock exchange called the National Stock Exchange (NSE) in 1992. After a few
years of operations, the NSE has become the largest stock exchange in India.

Three segments of the NSE trading platform were established one after another. The Wholesale Debt Market
(WDM) commenced operations in June 1994 and the Capital Market (CM) segment was opened at the end of 1994.
Finally, the Futures and Options segment began operating in 2000. Today the NSE takes the 14th position in the top
40 futures exchanges in the world.

In 1996, the National Stock Exchange of India launched S&P CNX Nifty and CNX Junior Indices that make up 100
most liquid stocks in India. CNX Nifty is a diversified index of 50 stocks from 25 different economy sectors. The
Indices are owned and managed by India Index Services and Products Ltd (IISL) that has a consulting and licensing
agreement with Standard & Poor's.

In 1998, the National Stock Exchange of India launched its web-site and was the first exchange in India that started
trading stock on the Internet in 2000. The NSE has also proved its leadership in the Indian financial market by
gaining many awards such as 'Best IT Usage Award' by Computer Society in India (in 1996 and 1997) and CHIP
Web Award by CHIP magazine (1999).

SEBI’s Role in Stock Exchange

Every Stock Exchange needs recognition from Central Government. Any Stock Exchange, which is desirous of
being recognized, may make an application to Central Government. The application should be accompanied by a
company of byelaws of the stock exchange for the regulation and control of contracts and a copy of the rules
regarding in general to the constitution of the stock exchange.

If the Central Government is satisfied that byelaws of the stock exchange ensure fair dealing and protect investors,
stock exchange is willing to comply by other conditions, which Central Government may impose and it is in the
interest of trade and of the public to grant recognitions, it may recognize the stock exchange.

SEBI’S POWER IN RELATION TO STOCK EXCHANGE

The SEBI ordinance has given it the following powers: -

1. It may call periodically returns from Stock Exchange.

2. It has the power to prescribe maintenance of certain documents by the stock exchange.

3. SEBI may call upon the exchange or any mate to furnish explanation or information relating to the affairs
of the stock exchange or any member.

4. It has the power to approve bye laws of the stock exchange for regulation and control of
Contracts.

5. It can amend bye laws of stock exchange.

6. In certain areas it can license the dealers in securities.

INVESTMENT ANALYSIS

Investment is the employment of funds on assets with the aim of earning income or capital appreciation. Investment
has two attributes namely time and risk. Present consumption is sacrificed to get a return in the future. The sacrifice
that has to be borne is certain, but the return in the future may be uncertain. This attribute of investment indicate the
risk factor. The risk is undertaken with a view to reap some return from the investment. Investment means some
monetary commitment.

RETURN

Investors always expect a good rate of return from their investments. Rate of return could be defined as the total
income the investor receives during the holding period stated as a percentage of the purchasing price at the
beginning of the holding period.

RISK

Every investment is characterized by return and risk. Risk can be defined in terms of variability in returns. ―Risk is
the potential for variability in returns‖. An investment whose returns are fairly stable is considered to be low risk
investment, where as an investment whose returns fluctuate significantly is considered to be a high risk investment.
Equity shares whose returns fluctuate significantly is considered to be a high risk investment. Equity shares whose
returns are likely to fluctuate widely are considered risky investment.

ELEMENTS OF RISK

The total variability in return of a security represents the total risk of that security. Systematic risk and unsystematic
risk are the two components of total risk. Thus,

Total risk = Systematic risk + unsystematic risk

SYSTEMATIC RISK

The impact of economic, political and social changes is system wide and that portion of total variability in security
returns caused by such system wide factors is referred to as systematic risk. Systematic risk is further sub divided
into interest rate risk, market risk and purchasing power risk.

UNSYSTEMATIC RISK

The risk of price change due to the unique circumstances of a specific security, as opposed to the overall market.
This risk can be virtually eliminated from a portfolio through diversification. This risk is unique of peculiar to a
company or industry and affects it in addition to the systematic risk affecting all securities. The unsystematic or
unique risk affecting specific securities arises from two sources. (1).The operating environment of the company, and
(2). The financing pattern adopted by the company. These two types of unsystematic are referred to as business risk
and financial risk respectively.

SECURITY ANALYSIS

After formulating the investment policy, the securities to be bought have to be scrutinized through the
market, industry and company analysis.
  Market analysis

The stock market mirrors the general economic scenario. The growth in gross domestic product and inflation are
reflected in the stock prices. The recession in the economy results in a bear market. The stock prices may be
fluctuating in the short run but in the long run they move in trends i.e. either upwards or downwards.The investor
can fix his entry and exit points through technical analysis.

 Industry analysis

The industries that contribute to the output of the major segments of the economy vary in their growth rates and their
overall contribution to economic activity. Some industries grow faster than the GDP and are expected to continue in
their growth.

 Company analysis

The purpose of company analysis is to help the investors to make better decisions. The company‘s
earnings, profitability, operating efficiency, capital structure and management have to be screened. These factors
have direct bearing on the stock prices and the return of the investors. Appreciation of the stock value is a function
of the performance of the company. Company with high product market share is able to create wealth to the
investors in the form of capital appreciation.

DERIVATIVES

A derivative is, as the name suggests, a financial contract whose value is derived from the value of another asset.
The underlying asset can be securities, commodities, bullion, currency, live stock or anything else. In other word,
Derivative means a forward, future, option or any other hybrid contract of pre determined fixed duration, linked for
the purpose of contract fulfillment to the value of a specified real or financial asset to an index of securities.

In finance, a derivative security is a contract that specifies the rights and obligations between the issuer of the
security is a contract that specifies the rights and obligations between the issuer of the security is a contract that
specifies the rights and obligations between the issuer of the security and the holder to receiver or deliver future cash
flows (or exchange of other securities or assets) based on some future event/ Derivative can have a large number of
properties, so that its value depends on many factors.

The terms and payments can be derived from the price of a security or commodity, an event, or something else.
Derivatives that are fully standardized like futures and many options are generally traded through a securities
exchange or future exchange.

PORTFOLIO MANAGEMENT

A portfolio is a combination of securities such as stocks, bonds and money market instruments. The process of
blending together the broad assets classes so as to obtain optimum return with minimum risk is called portfolio
construction.
Portfolio Management is a process encompassing many activities aimed at optimizing the investment of one‘s fund
five phases can be identified in the process. Each phase is an integral part of whole process and success of the
portfolio management depends on the efficiency in carrying out each of these phases.

INDEX

An Index is used to give information about the price movements of products in the financial, commodities or any other
markets. Financial indexes are constructed to measure price movements of stocks, bonds T-Bills, and other forms of
investments. Stock market indexes are meant to capture the overall behavior of equity markets. A stock market index
is created by selecting a group of stocks that are representative of the whole market or a specified sector or segment of
the market. An index is calculated with reference to a base period and a base index value.

Stock Market Indexes are useful for the following reasons:

 It provides a historical comparison of returns on money invested in stock market against other forms of
investment such as gold or debt.
 It can be used as a standard against which to compare the performance of an equity fund.
 It is a lead indicator of the performance of the overall economy or a sector of the economy.
 Stock index reflect highly up to date information.

HEDGE

A hedge is a position established in one market in an attempt to offset exposure to the price of an equal but opposite
obligation or position in another market — usually, but not always, in the context of one's commercial activity.

HEDGING

Hedging is the process of managing the risk of price changes in physical material by offsetting that risk in
the futures market. Hedging can vary in complexity from a relatively simple activity, through to highly complex
strategies, including the use of oppositions. The ability to hedge means that industry can decide on the amount of
risk it is prepared to accept.It may wish to eliminate the risk entirely and can generally stock do so quickly and
easily. Managing price risk means achieving greater control of either the cost of inputs, or revenues; and eliminating
concerns that a sharply adverse move in the price of material could turn on otherwise flourishing and efficient
business into a loss maker.

Hedging by trade and industry is the opposite of speculation and is undertaken in order to eliminate an
existing physical price risk, by talking a compensating position in the futures market. Speculators come to the
futures market with no initial risk. They assume risk by taking futures positions. Hedgers reduce or eliminate the
chance of further losses or profits, while the speculators risk losses in order to make profits.

Before a staring a hedging programmers it is essential to assess the risk due to exposure to the prince of
physical material. Once the hedger has an understanding of the tools available. It is relatively easy to select the
appropriate action to manage this risk. It is important that this action is properly mange at all times and that the
appropriate controls and approval procedures are in place.

HEDGING WITH FUTURES

A hedge is any act that reduces the price risk of an existing or anticipated position in the cash market.
Futures contracts serve as a hedge when a position is taken in futures that are the opposite of the existing or anticipated
cash position. In other words, hedgers sell futures when they are long the cash asset and buy futures when they are shot
the cash asset. Here long means buying and short means selling. By taking opposite position in the futures market the
investor tries to reduce the effect of market risk in the share market. The variability of returns to the hedger is lower
than that of an unhedged position.

HEDGE TERMINOLOGY

LONG HEDGE - Hedge by going long in futures market:

In a long hedge one buys futures contract. The hedger is either currently short the cash good or has a futures
commitment to buy the good at the spot price that will exist at a later date. In either case, the long hedger faces the
risk that the prices will raise/ by buying futures contracts, any subsequent price rise would lead to profit in the
futures market and losses in the cash good market.The hedger must also be aware that prices might fall leading to a
profit in the cash good market and loss in the futures market. The hedger must thus be reasonably sure that price
changes of the cash position and changes in the futures price will be correlated.

SHORT HEDGE - Hedge by going short in futures market:

In a short hedge, one sells futures contracts. Here the hedger fears that prices will fall and if they do loss will be
sustained in the spot market. The short hedger either currently long the cash good or has a commitment to sell it on a
futures date at an unknown price. With the hedge in place if prices do indeed decline, loss will be incurred on the
cash position but there will be a profit in the futures position. As a result any loss that arising from cash position can
be minimized with a hedge in the place.

CROSS HEDGE

When a futures contract is not available on an asset, hedge your position in cash market on this asset by going long
or the futures for another asset whose prices are closely associated with that of your underlying.

HEDGING STRATEGIES

A number of strategies are available for hedging with derivatives. But in hedging with futures contract, index futures
and stock futures the following are the strategies:

 Have portfolio, short nifty futures

 Have funds, long nifty futures
 Short security, long nifty future
 Long security, short nifty future
HEDGE RATIO
Hedge ratio is referred to the number of futures contracts required to be sold or bought that provide maximum offset of
risk of a given value of investment in shares or other goods. This depends on the following:

 Value of a future contract

 Value of the portfolio or stocks to be hedged
 Sensitivity of the movement of the portfolio price to that of the index (beta)
It is calculated by using the following formula.

HEDGE RATIOO = BETA VALUE OF THE PORTFOLIO / INDEX [NIFTY]

The hedge ratio is closely related to the correlation between the asset (portfolio of shares) to be hedged and underlying
(index) from which the future is derived.

Hedge Contract month is the maturity month of the contract through which hedge is accomplished.

OTC EXCHANGE OF INDIA (OTCEI)

The OTC Exchange of India (OTCEI) has been setup to provide a cost effective and convenient plat forms for
raising finance from the capital market. OTCEI was promoted by a consortium of financial institutions sated its
operations in 1992. It is a ring less, electronic, nation wider stock exchange committed to providing entrepreneurs
with a smooth economical vehicle for going public and investors with a fair, sable and efficient market. Thus the
OTCEI brings investors and promoters closer together.

PROFILE OF COMPANIES SELECTED FOR THE STUDY

DLF

DLF Limited or DLF (originally Delhi Land and Finance) is India's biggest real estate developer based in New
Delhi, India. The DLF Group was founded by Raghuvendra Singh in 1946. DLF developed residential colonies in
Delhi such as Shivaji Park ( which was actually its first one), Rajouri Garden, Krishna Nagar, South Extension,
Greater Kailash, Kailash Colony and Hauz Khas. In 1957, with the passage of Delhi Development Act, the local
government assumed control of real estate development in Delhi and banned private real estate developers.
As a result DLF began acquiring land at relatively low cost outside the area controlled by the Delhi Development
Authority, in the district of Gurgaon, in the adjacent state of Haryana. In the mid-1970s, the company started
developing DLF City project at Gurgaon. Its upcoming plans include hotels,infrastructure and special economic
zones-related development projects.

The company is currently headed by Indian billionaire Kushal Pal Singh, a Jat from BulandShahar. Kushal Pal
Singh, according to the Forbes listing of richest billionaires in 2009, now stands as the 98th richest man in the world
and the world's richest property developer. The company's US$ 2 billion IPOin July, 2007 created India's biggest
IPO in history.[4] In July 2007, DLF announced its first quarter results ending 30 June 2007. The company reported a
turnover of Rs. 3,120.98 Crore and PAT at Rs. 1,515.48 Crore.

DLF Vision

To contribute significantly to building the new India and become the world‘s most valuable real estate company.

DLF Mission

To build world-class real-estate concepts across six business lines with the highest standards of professionalism,
ethics, quality and customer service

DLF Values

 Sustained efforts to enhance customer value and quality

 Ethical and professional service
 Compliance and respect for all community, environmental and legal requirements.

TATA MOTORS

Tata Motors Limited is India's largest automobile company, with consolidated revenues of Rs. 92,519
crores (USD 20 billion) in 2009-10. It is the leader in commercial vehicles in each segment, and among the top three
in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. The Company
is the world's fourth largest truck manufacturer, and the world's third largest bus manufacturer.The Company's
24,000 employees are guided by the vision to be "best in the manner in which we operate, best in the products we
deliver, and best in our value system and ethics."

Established in 1945, Tata Motors' presence indeed cuts across the length and breadth of India. Over 5.9
million Tata vehicles ply on Indian roads, since the first rolled out in 1954. The Company's manufacturing base in
India is spread across Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar
(Uttarakhand) and Dharwad (Karnataka). Following a strategic alliance with Fiat in 2005, it has set up an industrial
joint venture with Fiat Group Automobiles at Ranjangaon (Maharashtra) to produce both Fiat and Tata cars and Fiat
powertrains. The Company is establishing a new plant at Sanand (Gujarat). The Company's dealership, sales,
services and spare parts network comprises over 3500 touch points; Tata Motors also distributes and markets Fiat
branded cars in India.

Tata Motors, the first Company from India's engineering sector to be listed in the New York Stock
Exchange (September 2004), has also emerged as an international automobile company. Through subsidiaries and
associate companies, Tata Motors has operations in the UK, South Korea, Thailand and Spain. Among them is
Jaguar Land Rover, a business comprising the two iconic British brands that was acquired in 2008. In 2004, it
acquired the Daewoo Commercial Vehicles Company, South Korea's second largest truck maker. The rechristened
Tata Daewoo Commercial Vehicles Company has launched several new products in the Korean market, while also
exporting these products to several international markets. Today two-thirds of heavy commercial vehicle exports out
of South Korea are from Tata Daewoo. In 2005, Tata Motors acquired a 21% stake in Hispano Carrocera, a reputed
Spanish bus and coach manufacturer, and subsequently the remaining stake in 2009. Hispano's presence is being
expanded in other markets. In 2006, Tata Motors formed a joint venture with the Brazil-based Marcopolo, a global
leader in body-building for buses and coaches to manufacture fully-built buses and coaches for India and select
international markets. In 2006, Tata Motors entered into joint venture with Thonburi Automotive Assembly Plant
Company of Thailand to manufacture and market the Company's pickup vehicles in Thailand. The new plant of Tata
Motors (Thailand) has begun production of the Xenon pickup truck, with the Xenon having been launched in
Thailand in 2008.

Tata Motors is also expanding its international footprint, established through exports since 1961. The
Company's commercial and passenger vehicles are already being marketed in several countries in Europe, Africa,
the Middle East, South East Asia, South Asia and South America. It has franchisee/joint venture assembly
operations in Kenya, Bangladesh, Ukraine, Russia, Senegal and South Africa.The foundation of the Company's
growth over the last 50 years is a deep understanding of economic stimuli and customer needs, and the ability to
translate them into customer-desired offerings through leading edge R&D. With over 3,000 engineers and scientists,
the Company's Engineering Research Centre, established in 1966, has enabled pioneering technologies and products.
The Company today has R&D centres in Pune, Jamshedpur, Lucknow, Dharwad in India, and in South Korea,
Spain, and the UK. It was Tata Motors, which developed the first indigenously developed Light Commercial
Vehicle, India's first Sports Utility Vehicle and, in 1998, the Tata Indica, India's first fully indigenous passenger car.
Within two years of launch, Tata Indica became India's largest selling car in its segment. In 2005, Tata Motors
created a new segment by launching the Tata Ace, India's first indigenously developed mini-truck.

In January 2008, Tata Motors unveiled its People's Car, the Tata Nano, which India and the world have been
looking forward to. The Tata Nano has been subsequently launched, as planned, in India in March 2009. A
development, which signifies a first for the global automobile industry, the Nano brings the comfort and safety of a
car within the reach of thousands of families. The standard version has been priced at Rs.100,000 (excluding VAT
and transportation cost).

Designed with a family in mind, it has a roomy passenger compartment with generous leg space and head
room. It can comfortably seat four persons. Its mono-volume design will set a new benchmark among small cars. Its
safety performance exceeds regulatory requirements in India. Its tailpipe emission performance too exceeds
regulatory requirements. In terms of overall pollutants, it has a lower pollution level than two-wheelers being
manufactured in India today. The lean design strategy has helped minimise weight, which helps maximise
performance per unit of energy consumed and delivers high fuel efficiency. The high fuel efficiency also ensures
that the car has low carbon dioxide emissions, thereby providing the twin benefits of an affordable transportation
solution with a low carbon footprint.

In May 2009, Tata Motors introduced ushered in a new era in the Indian automobile industry, in keeping with
its pioneering tradition, by unveiling its new range of world standard trucks called Prima. In their power, speed,
carrying capacity, operating economy and trims, they will introduce new benchmarks in India and match the best in
the world in performance at a lower life-cycle cost.Tata Motors is equally focussed on environment-friendly
technologies in emissions and alternative fuels. It has developed electric and hybrid vehicles both for personal and
public transportation. It has also been implementing several environment-friendly technologies in manufacturing
processes, significantly enhancing resource conservation.Through its subsidiaries, the Company is engaged in
engineering and automotive solutions, construction equipment manufacturing, automotive vehicle components
manufacturing and supply chain activities, machine tools and factory automation solutions, high-precision tooling
and plastic and electronic components for automotive and computer applications, and automotive retailing and
service operations. Tata Motors is committed to improving the quality of life of communities by working on four
thrust areas – employability, education, health and environment. The activities touch the lives of more than a million
citizens. They range from schools to technical education institutes to actual facilitation of income generation. In
health, our intervention is in both preventive and curative healthcare. The goal of environment protection is achieved
through tree plantation, conserving water and creating new water bodies and, last but not the least, by introducing
appropriate technologies in our vehicles and operations for constantly enhancing environment care.

HINDALCO

An industry leader in aluminium and copper, Hindalco Industries Limited, the metals flagship company of the
Aditya Birla Group is the world's largest aluminium rolling company and one of the biggest producers of primary
aluminium in Asia. Its copper smelter is the world‘s largest custom smelter at a single location.

Established in 1958, we commissioned our aluminium facility at Renukoot in eastern Uttar Pradesh, India in 1962.
Later acquisitions and mergers, with Indal, Birla Copper and the Nifty and Mt. Gordon copper mines in Australia,
strengthened our position in value-added alumina, aluminium and copper products.

The acquisition of Novelis Inc. in 2007 positioned us among the top five aluminium majors worldwide and the
largest vertically integrated aluminium company in India. Today we are a metals powerhouse with high-end rolling
capabilities and a global footprint in 12 countries. Our consolidated turnover of USD 13 billion (60,000 crore) places
us in the Fortune 500 league.

Hindalco is one of the leading producers of aluminium and copper. Our aluminium units across the globe
encompass the entire gamut of operations, from bauxite mining, alumina refining and aluminium smelting to
downstream rolling, extrusions, foils, along with captive power plants and coal mines.

Our copper unit, Birla Copper, produces copper cathodes, continuous cast copper rods and other by-
products, such as gold, silver and DAP fertilisers. Our units are ISO 9001:2000, ISO 14001:2004 and OHSAS
18001 certified. Several units have gone a step further with an integrated management system (IMS), combining
ISO 9001, ISO 14001 and OHSAS 18001 into one business excellence model. We have been accorded the Star
Trading House status in India. Hindalco's aluminium metal is accepted for delivery under the High Grade
Aluminium Contract on the London Metal Exchange (LME). Our copper quality standards are also internationally
recognised and registered on the LME with Grade A accration.

Aluminium
Hindalco's major products include standard and speciality grade aluminas and hydrates, aluminium ingots, billets,
wire rods, flat rolled products, extrusions and foil.The integrated facility at Renukoot houses an alumina refinery and
an aluminium smelter, along with facilities for the production of semi-fabricated products, namely, redraw rods, flat
rolled products and extrusions. The plant is backed by a co-generation power unit and a 742 MW captive power
plant at Renusagar to ensure the continuous supply of power for smelter and other operations.A strong presence
across the value chain and synergies between operations has given us a dominant share in the value-added products
market. As a step towards expanding the market for value-added products and services, we have launched various
brands in recent years — Everlast roofing sheets, Freshwrapp kitchen foil and Freshpakk semi-rigid containers.

Copper

Birla Copper, Hindalco‘s copper unit, is located at Dahej in Gujarat, India. The unit has the unique
distinction of being the largest single-location copper smelter in the world. The smelter uses state-of-the-art
technology and has a capacity of 500,000 tpa.Birla Copper also produces precious metals, fertilisers and sulphuric
and phosphoric acid. The unit has captive power plants for continuous power generation and a captive jetty to
facilitate logistics and transportation.

Birla Copper upholds its longstanding reputation for quality copper cathodes and continuous cast copper rods by
assuring its management processes meet the highest standards. It has acquired certifications such as ISO-9001:2000
(Quality Management Systems), ISO-14001:2004 (Environmental Management System) and OHSAS-18001:2007
(Occupational Health and Safety Management Systems).

Mines

Hindalco acquired two Australian copper mines, Nifty and Mt. Gordon, in 2003. The Birla Nifty copper mine
consists of an underground mine, heap leach pads and a solvent extraction and electrowinning (SXEW) processing
plant, which produces copper cathode.

The Mt. Gordon copper operation consists of an underground mine and a copper concentrate plant. Until recently,
the operation produced copper cathode through the ferric leach process.

In 2004, a copper concentrator was commissioned to provide concentrate for use at Hindalco's operations in Dahej.
During FY2009, Mt. Gordon produced 17,815 tonnes of copper in concentrate.

Both Nifty and Mt. Gordon have a long-term life of mine off-take agreement with Hindalco for supply of copper
concentrate to the copper smelter at Dahej.

Cornerstones of growth
Our well-crafted growth and integration hinges on the three cornerstones of cost competitiveness, quality and global
reach. We are also committed to the triple bottom line accountability of economic, environment and social factors.
Care for the community around our operating units is best exemplified by our deep-rooted social commitment.

ICICI BANK LIMITED

ICICI Bank Limited is a major banking and financial services company based in Mumbai. It
is the second largest bank in India and the largest private sector bank in India by market capitalization. The bank
also has a network of 2,529 branches (as on 31 March 2010) and about 6,102 ATMs in India and presence in 19
countries, as well as some 24 million customers (at the end of July 2007). ICICI Bank offers a wide range of
banking products and financial services to corporate and retail customers through a variety of delivery channels and
specialization subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture
capital and asset management. (These data are dynamic.) ICICI Bank is also the largest issuer of cr cards in
India. ICICI Bank's shares are listed on the stock exchanges at BSE, NSE, Kolkataand Vadodara (formerly Baroda) ;
its ADRs trade on the New York Stock Exchange (NYSE).
The Bank is expanding in overseas markets and has the largest international balance sheet among Indian banks.
ICICI Bank now has wholly owned subsidiaries, branches and representatives offices in 19 countries, including an
offshore unit in Mumbai. This includes wholly owned subsidiaries in Canada, Russia and the UK (the subsidiary
through which the HiSAVE savings brand is operated), offshore banking units in Bahrain and Singapore, an
advisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, and representative offices in
Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the United Arab Emirates and USA. Overseas, the
Bank is targeting the NRI (Non-Resident Indian) population in particular.

ICICI reported a 1.15% rise in net profit to 1,014.21 crore on a 1.29% increase in total income to 9,712.31 crore in
Q2 September 2008 over Q2 September 2007. The bank's CASA ratio increased to 30% in 2008 from 25% in 2007.

ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Punjab National Bank and HDFC
Bank—its main competitors.

RELIANCE CAPITAL

Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank
of India under section 45-IA of the Reserve Bank of India Act, 1934. as a public limited company in 1986 and is
now listed on the Bombay Stock Exchange and the National Stock Exchange (India).

RCL has a net worth of over Rs '3,300 crore and over 165,000' shareholders. On conversion of outstanding equity
instruments, the net worth of the company will increase to about Rs 4,100 crore.

It is headed by Anil Ambani and is a part of the Reliance ADA Group.

Reliance Capital ranks among the top 3 private sector financial services and banking companies, in terms of net
worth.

Reliance Capital has interests in :

 Asset management.
 Mutual funds.
 Life and general insurance.
 Private equity and proprietary investments.
 Stock broking.
 Reliance PMS.
 Depository services and financial products.
 Consumer finance and other activities in financial services.

ICEX

Commodity markets regulator FMC said it has given approval to the Anil Ambani Group to acquire 26 per cent
stake in Indian Commodity Exchange (ICEX) from one of its promoters, Indiabulls group. "We have given
permission to Anil Ambani Group to buy 26 per cent stake in ICEX from Indiabulls," Forward Markets Commission
(FMC) Chairman B C Khatua said.At present, Indiabulls holds 40 per cent in ICEX, of which it wants to sell 26 per
cent stake in the bourse to ADAG. MMTC has 26 per cent stake in ICEX, which is the country's fourth national
commodity exchange launched late last year. "We entered the exchange business in late 2009. We have already
started a spot exchange and have a 26 per cent stake in a commodities exchange," ADAG Group Chairman Anil
Ambani had said yesterday at the AGM of group firm Reliance Capital. The Group had also announced its intention
to enter all segments of the exchange business. Reliance Capital is already in the spot commodity space. Another
group firm Reliance Money also has stake in the national commodity exchange NMCE.ICEX, a national-level
commodity bourse, offers futures trading in 18 commodities, including bullion, metals and agricultural items. The
exchange clocked a business of Rs 13,009 crore in the first fortnight of September.

Reliance Mutual Fund is India's no.1 Mutual Fund. Reliance Life Insurance is one of India's fastest growing life
insurance company and among the top 4 private sector insurers. Reliance General Insurance is one of India's fastest
growing general insurance company and among the top 3 private sector insurers. Reliance Money is the largest
brokerage and distributor of financial products in India with over 2.7 million customers and has the largest
distribution network. Reliance Consumer finance has a loan book of over Rs. 8,900 crore at the end of December
2008.

Reliance Capital has a net worth of Rs. 7,250 crore (US$ 1.5 billion) and total assets of Rs. 22,340 crores (US$ 4.6
billion) as of December 31, 2008.

Reliance Capital is a constituent of S&P CNX Nifty and MSCI India and also features in the Forbes list of World‘s
largest 2000 public companies.

Reliance Securities, subsidiary of Reliance Capital achieved a pan-India presence with over 5,000 outlets and the
average daily turnover had increased to Rs 2,300 crore (Rs 23 billion) in 2010.