Stock Recommendations: 2

Jindal Saw
Cluster: Emerging Star
Recommendation: Buy
Price target: Rs1,302
Current market price: Rs904

Entering new territories

Result highlights

• Jindal Saw Ltd's (JSL) Q5FY2007 numbers were ahead of our expectations on the back of higher topline and improved margins. The net revenues marked a growth of 35.1% year on year (yoy) to Rs1,611.7 crore due to high growth witnessed in the submerged arc welded (SAW) pipe and the ductile iron (DI) pipe segments.
• The US division, which contributed Rs535 crore to the topline during the quarter, has been hived off. Since the US division was operating at lesser margins of about 8-9%, its hiving off would result into an expansion in the company's profit margins.
• On the back of a favourable product mix, lesser contribution of the US division, and greater efficiencies, the operating profit margin (OPM) expanded by 100 basis points yoy and 50 basis points sequentially to 12.4%. Consequently, the operating profits surged by 46.3% to Rs199.8 crore. Lower taxes led the profit before extraordinaries to grow by 83.1% to Rs110.1 crore.
• JSL's order book at the end of the quarter stood at $1 billion executable by January 2009, with more than 65% contribution coming from international markets. Of this, $775 million orders were for SAW pipes, while the remaining orders were for DI and seamless pipes.
• The company has announced new initiatives and has identified opportunities in new areas of infrastructure, transportation and fabrication industry, all through wholly owned subsidiary Jindal ITF. In all, the capital expenditure (capex) of Rs1,800 crore is planned to be spent on these businesses with 25% equity contribution.
• To fund these plans, the company would also be issuing 26 lakh warrants and 27.3 lakh convertible debentures to the promoters, convertible at Rs819 per share.
• We are not taking into account the impact of these new initiatives into our numbers currently and would await more clarity on the same. However, we do believe that there lies immense potential in these businesses, and the same would also offer higher return on capital than that of the core business.
• We maintain our positive outlook on the company considering strong scope for its core business and margin expansion. We believe the stock is trading at attractive valuations at 9.9x its CY2008E earnings and 5.4x its CY2009E earnings. We maintain our Buy recommendation on the stock with a price target of Rs1,302.

---

VIEWPOINT

GlaxoSmithKline Pharmaceuticals

Steady growth; fairly valued
GlaxoSmithKline Pharmaceuticals (GSK Pharma) recently announced its Q4CY2007 and CY2007 results. The company also held an analyst meet post the result announcement to discuss its financial performance and throw light on the key strategic initiatives for the future. We present the highlights of the same.

Shriram City Union Finance (Outperformer)

Shriram City Union Finance (CMP: Rs375)

Mkt Cap: Rs14.7bn; US$366m Bloomberg code (SCUF IN)

Shriram City Union Finance (SCUF) is a fast growing retail financier with strategic focus on semi-urban and rural areas. Catering to an under-served but high-potential population, SCUF commands high yields of ~24%. A complementary product suite makes remote locations profitable, often not viable for monoline peers. Also, access to group franchise has enabled SCUF to fuel its high growth trajectory and minimize inception problems plaguing other players. SCUF’s robust business model rests on continuous grass-root level engagement with customers, and stellar collection and recovery competencies. Increasing operating efficiency and an improving funding profile would lead to 63% PAT CAGR over FY07-10E with a ~45bp rise in RoA (3.3% by FY10). At 2.1x FY09E and 1.7x FY10E adjusted book, valuations are attractive. Initiating coverage with a 12-month price target of Rs550/ share – 2.5x FY10E book.

A formidable business model, fortified by group network: SCUF, targeting the under-served hinterlands of India, is a force to contend with in rural retail financing. Also, group capabilities allow SCUF to tackle teething problems and effect faster growth. Regular engagement of field executives with customers enables SCUF to cultivate strong customer relationships, assess them more accurately, identify their needs and rein in delinquencies. The in-house and integrated (across products) credit and recovery team imparts greater control as well as offers scope for operating leverage.

Strong margin profile: SCUF earns high yields of ~24% as it faces limited competition on the back of deep penetration. A complementary product portfolio offers opportunity to cross-sell, and thus benefit from higher scale. This is in contrast to high collection and operating costs plaguing monoline competitors that have low single product volumes. SCUF’s core business would evidence rapid traction as NIMs stabilize at a healthy ~12% owing to its improving funding profile (with increased access to institutional funding) and balance sheet efficiency.

On a high growth trajectory; Outperformer: Buoyed by the huge potential, we expect 39% CAGR in disbursements and more than tripling of AUM for SCUF over FY07-10. We expect SCUF to deliver 63% CAGR in earnings over FY07-10, driven by ~60% CAGR in NII and improving operating leverage. Initiating coverage with Outperformer and a price target of Rs550/ share based on 2.5x FY10E adjusted book.

Key valuation metrics
Year to 31 March	FY06	FY07	FY08E	FY09E	FY10E
Net profit (Rs m)	317	516	958	1,582	2,247
yoy growth (%)	37.2	63.0	85.7	65.1	42.0
Shares in issue (m)	27.1	42.6	51.2	52.6	52.6
EPS (Rs)	11.69	12.1	18.7	30.1	42.7
EPS growth (%)	37.2	3.7	54.5	60.7	42.0
PE (x)	32.1	30.9	20.0	12.5	8.8
Book value (Rs/share)	42	81.9	160	180.8	218.3
P / BV ( x)	8.9	4.6	2.3	2.1	1.7
Adj. Book value (Rs/share)	38.1	78.7	158.2	178.6	217
P/ Adj. Book (x)	9.8	4.8	2.4	2.1	1.7
ROAE (%)	30.6	22.3	16.4	17.9	21.4

Stock Update -1 Recommended Buy

Television Eighteen India
Stock Update
Going strong Buy; CMP: Rs388
Result highlights
TV18 pulled out a robust performance for Q3FY2008. The operating revenues for
the quarter grew by a healthy 73.8% to Rs112.6 crore. All the segments.news,
internet and newswire.registered high growth numbers.

The news business revenues grew by 57.5% year on year (yoy) to Rs91.4 crore
reflecting niche positioning of its channels CNBC TV18 and Awaaz. The operating
profit margin (OPM) for the segment was up 100 basis points quarter on quarter
(qoq) to 44%.

Web18 continues in investment mode. Thus despite a stupendous 161.6% yearon-
year (y-o-y) growth in the revenues to Rs17.6 crore, the operating loss stood
at Rs7.2 crore, as the company wrote off all the costs incurred (rather than
capitalising on it). Thus Web18 is spending heavily after its growth, the results
of which we believe would be seen over the longer term.

Newswire18 posted a 44% quarter-on-quarter (q-o-q) growth in its revenues to
Rs3.6 crore. The operating loss in Q3FY2008 was down at Rs1.7 crore against
Rs2.2 crore in Q2FY2008. The business is witnessing rapid subscriber addition
and we expect the business to break even in FY2009.

The consolidated OPM of the company during the quarter stood at 28.1% against
45.3% in the corresponding quarter last year Q3FY2007 (and 26.7% in the previous
quarter Q2FY2008). The overall OPM continues to be impacted by the heavy spend
on augmenting the internet and the newswire businesses. Thereby the operating
profit growth was restricted to 7.6% yoy to Rs31.6 crore.

A higher depreciation, interest and tax rate led the adjusted profit after tax
(PAT) pre-ESOP charge during the quarter to be at Rs10.8 crore against Rs19.2
crore in the same period last year (Q3FY2007).

Railway Budget 2008-09

With general elections due next year, the Railway Minister Mr Lalu Prasad tabled a people friendly Railway budget in the Lok Sabha on Tuesday. This budget was marked by good performance on both the freight and the passenger traffic fronts and a continued improvement in the operating ratio. The Railway Minister has attributed this performance to reduced fares/tariffs driving volumes and profits. The Railways continue on its profitable growth path and the accent continues to be on capital expenditure (capex) to make it more competitive.

Other highlights of this budget are reduction in passenger fares by 5% for second-class sleeper trains and reduction of 3-7% in fares for AC classes. The freight rates on petrol and diesel is reduced by 5% (by reducing its classification), whereas the freight on fly ash is cut by 14%. To further gain market share in the freight segment, the minister has taken initiatives like introduction of new wagon leasing policy and bulk and non-bulk goods terminal scheme. The budget also spells out the aim of using the public private partnership (PPP) model to offer door-to-door solutions including valueadded services like modern material handling facilities, warehouses and multi-modal logistic parks.

Performance review 2007-08
The financial performance of the Railways continues to improve. The revised estimates for 2007-08 show an increase of 2% in the gross traffic receipts, but a tight control on working expenses resulting in a robust growth of 20.1% in the net revenue receipts. Consequently, the operating ratio is likely to improve to 76.3% as compared with 79.6% budgeted figure and 78.7% reported last year. This operating ratio performance is the best in the last four decades. The cash surplus before dividend is expected to reach Rs25,000 crore by the end of this year against Rs20,000 crore last year. The net revenue for FY2008 is likely to be Rs18,416 crore and the dividend paid this year is Rs4,218 crore.

Railway budget for 2008-09
In the budget estimates for 2008-09, the gross traffic receipts are estimated to grow by 12.6% to Rs81,801 crore. However, the net traffic receipts are expected to decline by 11.7% to Rs15,211 crore as compared with the revised estimates of Rs17,234 crore in FY2008. This is largely
because of the ad hoc provision of Rs5,000 crore made for the liability arising from the implementation of the sixth pay commission (reflected in ordinary working expenses for FY2008BE). This is the key reason for the expected worsening of the operating ratio to 81.4% from 76.3% in the revised estimates of FY2008.

Freight
Freight rates have been reduced by 5% on petrol and diesel. The freight rate on fly ash has been reduced by 14%. This is beneficial for companies making blended cement, who use fly ash as a raw material, as their cost of raw material will go down. Freight loading till December 2007 has gone up 8.2% and the earnings from freight has been Rs33,447 crore. On this basis, the target for freight loading for FY2008 has been raised to 790 million tonne from 785 million tonne. The
target for freight loading for FY2009 has been kept at 850 million tonne. The freight loading target is 1,100 million tonne by 2011-12. To meet this target, the Railways have drawn up an industry wise approach. It is targeting traffic of 200 million tonne from the steel industry by 2011-12 from 120 million tonne at present. It is targeting another 200 million tonne in 2011-12 from the cement industry from more than 100 million tonne at present. Similarly it plans to garner freight from coal industry, port traffic and containerised business. In case of the coal industry, it plans to make most of the new dedicated routes for coal movement fit for trains, which can bear larger weight. In case of ports, it is giving priority to port rail connectivity projects. For containerized business, it plans to build more container depots so that the share of this business goes up.

Passenger traffic
This budget has reduced passenger fares by 5% for secondclass sleeper trains and 3-7% for AC classes. In addition 53 new trains and 10 new Garib Raths (low cost fully AC trains) will be started.

Vision 2025
The Railways plan to prepare a Railway Vision 2025 document, which will outline the Railway's strategy and preparedness for the future. This document will set out targets for the next 17 years and also a plan for achieving these targets. It will also contain details of various freight schemes to make Indian Railways more competitive.

Dedicated freight corridors (DFCs)
Work of the Eastern freight corridor (from Ludhiana to Kolkata) and the Western corridor (from Delhi to JNPT) have been sanctioned and the construction on both these projects will commence in FY2009. Detailed feasibility studies for the North-South, East-West, East-South and South-South DFCs are being carried out and the sanction for the construction of these corridors is likely in FY2009.

Modernisation
Railways have a high density network of 20,000 km, which needs to be modernised. The Railways plans to invest Rs75,000 crore over the next seven years to augment line capacity on these routes.

Public Private Partnership (PPP)
The Railways have drawn up a huge plan of Rs2,50,000 crore for the expansion, modernisation and upgradation of the technology in the next five years. Though the railways would resort to use of internal resources and borrowings, considering the huge amount, it has started many PPPs to attract an investment of Rs1,00,000 crore over the next five years. In 2008-09, concessions committing an investment of about Rs25,000 crore are likely to be awarded through the PPP route. The Railways is also looking at raising Rs4,000 crore in 2008-09 by making commercial use of the surplus land.

STOCK UPDATE, Recommendations, Trade Online

STOCK UPDATE

Aban Offshore
Cluster: Emerging Star
Recommendation: Buy
Price target: Rs5,420
Current market price: Rs3,812

Riding high on offshoring upcycle

Key points

• With the oil crossing the $100 barrier and the limited scope for increasing the output from the existing assets, the global E&P expenditure is on a rise and the upcycle is likely to continue.
• The day rates for jackup rigs have remained firm, and looking at the tight demand-supply scenario and high utilisation levels (which is expected to be 95%+ for the next two years), the rates are expected to remain strong inspite of new additions in the next couple of years.
• Transocean Inc the world's largest offshore oil and gas driller has reported
  excellent Q4 numbers (December-ending) and has also indicated continual buoyancy in the deep-water and jackup rigs market. The demand and rates for jackup rigs have positively surprised the company and is likely to remain strong through the first half of this year.
• Factoring in the impact of the recent deployment of the company's drillship Aban Ice at higher rates, we are raising our earnings estimates for FY2009E by 1.9% to Rs398.9 and FY2010E by 1.5% to Rs513.8. We are also reducing our estimates for the current fiscal by 11.8% on the back of lower number of operating days for one of its rig Aban VI and no announcement on the deployment of the recently acquired rig Bulford Dolphin.
• At the current market price of Rs3,812, the stock is discounting its FY2009E earnings by 9.6x and FY2010E earnings by 7.4x. We believe that the valuations are extremely attractive and maintain our Buy recommendation on the stock with a price target of Rs5,420.

Wockhardt
Cluster: Ugly Duckling
Recommendation: Buy
Price target: Rs552
Current market price: Rs344

Creating value from acquisitions

Result highlights

• Wockhardt's Q4CY2007 and CY2007 performance have been marginally above our expectations, with the topline growth of 44.8% and 53.5% in Q4CY2007 and CY2007 respectively and the profit growth of 22.7% and 27.9% in Q4CY2007 and CY2007 respectively. The robust growth was largely driven by the consolidation of Negma and Morton Grove acquisitions made during the year. On a like-to-like basis, the organic growth stood at ~6% during Q4CY2007 and at ~13% during CY2007.
• Despite a robust revenue growth and significant margin expansion, the net profit growth was restricted due to a significant jump in the interest costs on account of an increase in the debt burden to fund acquisitions.
• With three major acquisitions in the USA, France and Ireland over the past two years, Wockhardt has created a global footprint for itself and has become the largest Indian company in Europe. The company aims to consolidate its acquisitions and extract value from them over the next two years. Wockhardt's ability to create value from acquisitions is evident in the turnaround and operational improvements effected in Dumex, Pinewood and Morton Grove.
• Wockhardt's base US business has grown by an impressive 40% in CY2007. The Morton Grove acquisition has given the US business critical scale and presence across various dosage forms. 39 abbreviated new drug applications (ANDAs), representing a market opportunity of $37 billion, await US Food and Drug Administration (FDA) approval between Wockhardt and Morton Grove. The pipeline also includes two first-to-file opportunities addressing a market size of $1 billion.
• Wockhardt has created a biophamaceutical portfolio of four-five products, including the likes of insulin, insulin analogues-Glargine and Lispro, and Erythropoetin. The company plans to initially focus on the global insulin opportunity, which is worth $10 billion. The company has already filed an IND with the US FDA for its generic insulin, which has been approved, and is also working on filing an IND in Europe Wockhardt is aiming to enter the US and European markets with its generic insulin by 2010.
• We are upgrading our CY2008 revenues and profits by 6.3% and 12.5% respectively. We are also introducing our CY2009 estimates for the company. We believe that Wockhardt's topline will grow by 30.5% in CY2008 and by 12% in CY2009 with the revenues touching Rs3,876.8 crore in CY2009E. Over the same period, the net profit is estimated to grow by 21.8% in CY2008 and by 16.5% in CY2009, touching Rs547.5 crore in CY2009. This will translate into fully diluted earnings of Rs39.3 per share in CY2008E and of Rs45.8 per share in CY2009E.
• At the current market price of Rs344, the stock is available at 8.7x its CY2008E and 7.5x its CY2009E earnings on a fully diluted basis. We believe such low valuations are not justified in light of the strong value creation potential from acquisitions and the potential upsides from the biopharmaceutical opportunity, inspite of the limited organic growth potential. We maintain our Buy recommendation on the stock with a price target of Rs552.

HDFC Bank
Cluster: Evergreen
Recommendation: Buy
Price target: Rs1,747
Current market price: Rs1,423

CBoP acquisition positive in long term

Key points

• Boards of HDFC Bank and Centurion Bank of Punjab (CBoP) approves merger plan in an all-stock swap deal (in ratio of 29:1).
• Merger to boost HDFC Bank's retail penetration substantially.
• Merger dilutive in short-term, but beneficial in long-term for HDFC Bank.

Latest Net Asset Value
Scheme NAV Name	Net Asset Value	Repurchase Price	Sale Price	Date
PRINCIPAL Mutual Fund
Open Ended Schemes (Income)
Principal Child Benefit Fund-Super Saver-Career Builder Plan	70.1800	69.8300	71.7600	19-Mar-2008
Principal Child Benefit Fund-Super Saver-Future Guard Plan	69.2300	67.1500	70.7900	19-Mar-2008
Principal Deposit Fund-Plan 54EA/EB-Plan 54EA /EB	17.9034	17.9034	17.9034	29-Dec-2006
Principal Deposit Fund 371 days plan-March 05-Dividend	10.0000	9.8100	10.4000	3-Apr-2006
Principal Deposit Fund 371 days plan-March 05-Growth	10.6181	10.4164	11.0428	3-Apr-2006
Principal Deposit Fund 371 days plan-Oct 05-Dividend	10.62	10.4182	11.0448	30-Oct-2006
Principal Deposit Fund 371 days plan-Oct 05-Growth	10.62	10.4182	11.0448	30-Oct-2006
Principal Deposit Fund 91 days plan-Nov 05-Dividend	10	9.81	10	16-Aug-2006
Principal Deposit Fund 91 days plan-Nov 05-Growth	10.5063	10.3067	10.5063	16-Aug-2006
Principal Floating Rate Fund - FMP-Growth	12.6610	12.6293	12.6610	19-Mar-2008
Principal Floating Rate Fund - FMP-Insti. Daily Dividend	10.0123	10.0123	10.0123	19-Mar-2008
Principal Floating Rate Fund - FMP-Insti. Growth	12.7144	12.7144	12.7144	19-Mar-2008
Principal Floating Rate Fund - FMP-Insti. Monthly Dividend	10.1996	10.1996	10.1996	19-Mar-2008
Principal Floating Rate Fund - FMP-Insti. Weekly Dividend	10.0007	10.0007	10.0007	19-Mar-2008
Principal Floating Rate Fund - FMP-Monthly Dividend	10.5470	10.5206	10.5470	19-Mar-2008
Principal Floating Rate Fund - FMP-Weekly Dividend	10.0008	9.9758	10.0008	19-Mar-2008
rincipal Floating Rate Fund - FMP-Reg Daily Dividend	10.0122	10.0122	10.0122	19-Mar-2008
Principal Income Fund-Dividend Plan-Annual	10.8006	10.7466	10.8006	19-Mar-2008
Principal Income Fund-Dividend Plan-Half Yearly	10.9402	10.8855	10.9402	19-Mar-2008
Principal Income Fund-Dividend Plan-Institutional – Quarterly	11.6779	11.6779	11.6779	19-Mar-2008
Principal Income Fund-Dividend Plan-Quaterly	10.7805	10.7266	10.7805	19-Mar-2008
Principal Income Fund-Growth Plan-growth	11.4387	11.3243	11.4387	19-Mar-2008
Principal Income Fund-Growth Plan-Institutional – Growth	13.5211	13.5211	13.5211	19-Mar-2008
Principal Money Value Bond Fund-Dividend	10.6374	10.6374	10.5842	17-Mar-2006
Principal Money Value Bond Fund-Growth	19.4263	19.4263	19.3292	17-Mar-2006
Principal Monthly Income Plan-Growth	17.1870	17.1011	17.1870	19-Mar-2008
Principal Monthly Income Plan-Monthly Dividend	11.1677	11.1119	11.1677	19-Mar-2008
Principal Monthly Income Plan-Quaterly Dividend	11.4927	11.4352	11.4927	19-Mar-2008
Principal Monthly Income Plan - Plus-Dividend - Monthly	11.3789	11.3220	11.3789	19-Mar-2008
Principal Monthly Income Plan - Plus-Dividend - Quarterly	11.6711	11.6127	11.6711	19-Mar-2008
Principal Monthly Income Plan - Plus-Growth	14.6174	14.5443	14.6174	19-Mar-2008
Principal Pnb Debt Fund-Dividend	NA	NA	NA	17-Mar-2006
Principal Pnb Debt Fund-Growth	19.7991	19.7001	19.7991	17-Mar-2006
Principal Short Term Plan-Dividend	10.3727	10.3468	10.3727	19-Mar-2008
Principal Short Term Plan-Growth	14.5510	14.5146	14.5510	19-Mar-2008
Principal Short Term Plan-Institutional – Dividend Plan	10.6393	10.6393	10.6393	19-Mar-2008
Principal Short Term Plan-Institutional – Growth Plan	13.5466	13.5466	13.5466	19-Mar-2008
Principal Short Term Plan-Institutional – Weekly Dividend Plan	10.8256	10.8256	10.8256	19-Mar-2008
Principal Trust Benefit Fund-Annual Dividend	10.6175	10.6175	12.0849	17-Mar-2006
Principal Trust Benefit Fund-Growth	12.2689	12.2689	12.0849	17-Mar-2006
Principal Trust Benefit Fund-Haly Yearly Dividend	10.3738	10.3738	10.2182	17-Mar-2006
Principal Trust Benefit Fund-Quaterly Dividend	10.2614	10.2614	10.1075	17-Mar-2006
Open Ended Schemes (Growth)
Principal Infrastructure And Services Industries Fund-DIVIDEND	11.9100	11.8500	12.1800	19-Mar-2008
Principal Infrastructure And Services Industries Fund-GROWTH	11.9100	11.8500	12.1800	19-Mar-2008
Principal Dividend Yield Fund-Dividend Plan	12.0600	12.0600	12.3300	19-Mar-2008
Principal Dividend Yield Fund-Growth Plan	16.3400	16.3400	16.7100	19-Mar-2008
Principal Equity Fund-Dividend	23.53	23.53	24.06	4-Aug-2006
Principal Equity Fund-Growth	29.77	29.77	30.44	4-Aug-2006
Principal Focussed Advantage Fund-Dividend	19.0400	18.9400	19.4700	2-Nov-2007
Principal Focussed Advantage Fund-Growth	21.1400	21.0300	21.6200	2-Nov-2007
Principal Global Opportunities Fund-Annual Dividend	16.1342	15.9729	16.5376	19-Mar-2008
Principal Global Opportunities Fund-Growth	16.1342	15.9729	16.5376	19-Mar-2008
Principal Growth Fund-Dividend Plan	22.4000	22.2900	22.9000	19-Mar-2008
Principal Growth Fund-Growth Plan	49.4300	49.1800	50.5400	19-Mar-2008
Principal Index Fund-Dividend	25.0950	24.9700	25.3500	19-Mar-2008
Principal Index Fund-Growth	32.3786	32.2167	32.7024	19-Mar-2008
Principal Junior Cap Fund-Dividend Option	13.9000	13.9000	14.2100	19-Mar-2008
Principal Junior Cap Fund-Growth Option	13.9000	13.9000	14.2100	19-Mar-2008
Principal Large Cap Fund-Dividend	15.9900	15.7500	16.3500	19-Mar-2008
Principal Large Cap Fund-Growth	19.1800	18.8900	19.6100	19-Mar-2008
Principal Resurgent India Equity Fund-Dividend	11.0000	10.8400	11.2500	19-Mar-2008
Principal Resurgent India Equity Fund-Growth	77.4400	76.2800	79.1800	19-Mar-2008
Open Ended Schemes (Balanced)
Principal Balanced Fund-Dividend	14.8900	14.8200	15.2300	19-Mar-2008
Principal Balanced Fund-Growth	24.7100	24.5900	25.2700	19-Mar-2008
Open Ended Schemes (Liquid)
Principal Cash Management-Liquid Option-Daily Dividend	10.0022	10.0022	10.0022	19-Mar-2008
Principal Cash Management-Liquid Option-Dividend Plan	10.1201	10.1201	10.1201	19-Mar-2008
Principal Cash Management-Liquid Option-Growth Plan	15.7943	15.7943	15.7943	19-Mar-2008
Principal Cash Management-Liquid Option-Insti Premium - Daily Dividend	10.0007	10.0007	10.0007	19-Mar-2008
Principal Cash Management-Liquid Option-Insti Premium - Growth	12.5924	12.5924	12.5924	19-Mar-2008
Principal Cash Management-Liquid Option-Insti Premium - Monthly Dividend	10.0492	10.0492	10.0492	19-Mar-2008
Principal Cash Management-Liquid Option-Insti Premium - Weekly Dividend	10.0009	10.0009	10.0009	19-Mar-2008
Principal Cash Management-Liquid Option-Institutional – Daily Dividend Plan	10.0022	10.0022	10.0022	19-Mar-2008
Principal Cash Management-Liquid Option-Institutional – Growth Plan	13.2970	13.2970	13.2970	19-Mar-2008
Principal Cash Management-Liquid Option-Institutional – Monthly Dividend Plan	10.0483	10.0483	10.0483	19-Mar-2008
Principal Cash Management-Liquid Option-Institutional – Weekly Dividend Plan	10.0018	10.0018	10.0018	19-Mar-2008
Principal Cash Management-Liquid Option-Monthly Dividend	10.0468	10.0468	10.0468	19-Mar-2008
Principal Floating Rate Fund - SMP-Daily Dividend	10.0007	10.0007	10.0007	19-Mar-2008
Principal Floating Rate Fund - SMP-Growth	12.5831	12.5831	12.5831	19-Mar-2008
Principal Floating Rate Fund - SMP-Insti. Daily Dividend	10.0007	10.0007	10.0007	19-Mar-2008
Principal Floating Rate Fund - SMP-Insti. Growth	12.6354	12.6354	12.6354	19-Mar-2008
Principal Floating Rate Fund - SMP-Insti. Monthly Dividend	10.8557	10.8557	10.8557	19-Mar-2008
Principal Floating Rate Fund - SMP-Insti. Weekly Dividend	10.0007	10.0007	10.0007	19-Mar-2008
Principal Floating Rate Fund - SMP-Monthly Dividend	10.4578	10.4578	10.4578	19-Mar-2008
Principal Floating Rate Fund - SMP-Weekly Dividend	10.0007	10.0007	10.0007	19-Mar-2008
Principal Liquid Plus Fund -Reg plan -Div Option-daily	10.0200	10.0200	10.0200	19-Mar-2008
Principal Liquid Plus Fund -Reg plan -Div Option-monthly	10.1312	10.1312	10.1312	19-Mar-2008
Principal Liquid Plus Fund -Reg plan -Div Option-weekly	10.0200	10.0200	10.0200	19-Mar-2008
Principal Liquid Plus Fund -Reg plan -Growth Option	10.3188	10.3188	10.3188	19-Mar-2008
Principal Money Manager Fund-Institutional Plan-Daily Dividend Option	10.0247	10.0247	10.0247	19-Mar-2008
Principal Money Manager Fund-Institutional Plan-Growth Option	10.1546	10.1546	10.1546	19-Mar-2008
Principal Money Manager Fund-Institutional Plan-Monthly Dividend Option	10.1546	10.1546	10.1546	19-Mar-2008
Principal Money Manager Fund-Institutional Plan-Weekly Dividend Option	10.1048	10.1048	10.1048	19-Mar-2008
Principal Money Manager Fund-Regular Plan-Daily Dividend Option	10.0247	10.0247	10.0247	19-Mar-2008
Principal Money Manager Fund-Regular Plan-Growth Option	10.1546	10.1546	10.1546	19-Mar-2008
Principal Money Manager Fund-Regular Plan-Monthly Dividend Option	10.1546	10.1546	10.1546	19-Mar-2008
Principal Money Manager Fund-Regular Plan-Weekly Dividend Option	10.1048	10.1048	10.1048	19-Mar-2008
Open Ended Schemes (Gilt)
Principal Gilt Fund-Investment-Dividend - Annually	13.9485	13.9485	13.9485	19-Mar-2008
Principal Gilt Fund-Investment-Dividend - Half Yearly	11.7221	11.7221	11.7221	19-Mar-2008
Principal Gilt Fund-Investment-Dividend - Quarterly	11.6757	11.6757	11.6757	19-Mar-2008
Principal Gilt Fund-Investment-Growth	17.8910	17.8910	17.8910	19-Mar-2008
Principal Gilt Fund-Provident-Annual	10.6288	10.5757	10.6288	2-Nov-2007
Principal Gilt Fund-Provident-Annual Rebalancing 2005	10.8101	10.756	10.8101	3-Nov-2006
Principal Gilt Fund-Provident-Growth	11.3303	11.2736	11.3303	2-Nov-2007
Principal Gilt Fund-Provident-Haly Yearly	10.3797	10.3278	10.3797	2-Nov-2007
Principal Gilt Fund-Savings-Dividend	10.4609	10.4609	10.4609	19-Mar-2008
Principal Gilt Fund-Savings-Growth	14.5933	14.5933	14.5933	19-Mar-2008
Open Ended Schemes (ELSS)
Principal Personal Tax Saver Fund	120.3700	120.3700	123.0800	19-Mar-2008
Principal Tax Saving Fund	83.7300	83.7300	85.6100	19-Mar-2008
Close Ended Schemes (Income)
Principal Pnb Fixed Duration Fund 3 Year Plan- Series I-Dividend Payout	11.5505	11.2040	11.5505	19-Mar-2008
Principal Pnb Fixed Duration Fund 3 Year Plan- Series I-Growth Option	11.5504	11.2039	11.5504	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 days - Series II-REGULAR PALN - Growth	10.7980	10.6252	10.7980	27-Jun-2007
Principal Pnb Fixed Maturity Plan - 385 days - Series II-Regular Plan - Dividend	10.0000	9.8400	10.0000	27-Jun-2007
Principal Pnb Fixed Maturity Plan - 385 Days - Series III- Reg Plan -Dividend Option	10.0000	9.8400	10.0000	22-Nov-2007
Principal Pnb Fixed Maturity Plan - 385 Days -Series III - Insti Plan - Growth Option	10.8721	10.6981	10.8721	22-Nov-2007
Principal Pnb Fixed Maturity Plan - 385 Days -Series III - Insti Plan -Dividend Option	10.0000	9.8400	10.0000	22-Nov-2007
Principal Pnb Fixed Maturity Plan- 385 Days - Series III - Regular Plan - Growth Option	10.8456	10.6721	10.8456	22-Nov-2007
Principal Pnb Fixed Maturity Plan - 385 Days - Series IV- Insti Plan - Growth Option	11.0133	10.8371	11.0133	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 Days - Series IV- Reg Plan - Div Option	11.0077	10.8316	11.0077	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 Days - Series IV- Reg Plan - Growth Option	11.0077	10.8316	11.0077	19-Mar-2008
rincipal Pnb Fixed Maturity Plan - 385 Days - Series IV- Insti Plan - Div Option	11.0133	10.8371	11.0133	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 days - Series V - Insti. Plan - Div Option	10.4239	10.2571	10.4239	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 days - Series V - Insti. Plan - Growth Option	10.4239	10.2571	10.4239	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 days - Series V - Reg. Plan - Div Option	10.3930	10.2267	10.3930	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 days - Series V - Reg. Plan - Growth Option	10.3931	10.2268	10.3931	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 days - Serires I-Institutional Plan - Dividend	10.0000	9.8400	10.0000	2-Apr-2007
Principal Pnb Fixed Maturity Plan - 385 days - Serires I-Institutional Plan- Growth	10.8774	10.7034	10.8774	2-Apr-2007
Principal Pnb Fixed Maturity Plan - 385 days - Serires I-REGULAR PALN - Growth	10.8774	10.7034	10.8774	2-Apr-2007
Principal Pnb Fixed Maturity Plan - 385 days - Serires I-Regular Plan - Dividend	10.0000	9.8400	10.0000	2-Apr-2007
Principal Pnb Fixed Maturity Plan - 385 Days Series VI-Institutional Plan-Dividend Option	10.2054	10.0421	10.2054	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 Days Series VI-Institutional Plan-Growth Option	10.2054	10.0421	10.2054	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 Days Series VI-Regular Plan-Dividend Option	10.1898	10.0268	10.1898	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 385 Days Series VI-Regular Plan-Growth Option	10.1898	10.0268	10.1898	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 460 days - Series III - Insti Plan - Dividend Option	11.0701	10.9594	11.0701	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 460 days - Series III - Insti Plan - Growth Option	11.0701	10.9594	11.0701	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 460 days - Series III - Reg Plan - Dividend Option	10.9970	10.8870	10.9970	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 460 days - Series III - Reg Plan - Growth Option	10.9970	10.8870	10.9970	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 460 Days - Series IV - Insti Plan - Dividend Option	10.0317	9.9314	10.0317	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 460 Days - Series IV - Insti Plan - Growth Option	10.0317	9.9314	10.0317	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 460 Days - Series IV - Regular Plan - Growth Option	10.0306	9.9303	10.0306	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 460 days - series IV - Regular Plan-Dividend Option	10.0306	9.9303	10.0306	19-Mar-2008
Principal Pnb FMP -460days -Series II - Insti - Growth	11.0209	10.9107	11.0209	12-Nov-2007
Principal Pnb FMP -460days -Series II - Insti- Div	10.0000	9.9000	10.0000	12-Nov-2007
Principal Pnb FMP -460days -Series II - Regular- Div	10.0000	9.9000	10.0000	12-Nov-2007
Principal Pnb FMP -460days -Series II - Regular- Growth	10.9693	10.8596	10.9693	12-Nov-2007
Principal Pnb Fixed Maturity Plan - 540 days - Series I - Institutional Plan - Dividend option	11.0751	10.8647	11.0751	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 540 days - Series I - Institutional Plan - Growth option	11.0751	10.8647	11.0751	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 540 Days - Series I - Regular Plan - Dividend option	11.0489	10.8390	11.0489	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 540 days - Series I - Regular Plan - Growth option	11.0489	10.8390	11.0489	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 91 days - Series VI- growth plan	10.5047	10.3997	10.5047	27-Jun-2007
Principal Pnb Fixed Maturity Plan -91 days- Series VI - div plan	10.0000	9.9000	10.0000	27-Jun-2007
Principal Pnb Fixed Maturity Plan - 91 Days - Series IX- Div Option	10.0000	9.9000	10.0000	28-Jun-2007
Principal Pnb Fixed Maturity Plan - 91 Days - Series IX- Growth Option	10.2842	10.1814	10.2842	28-Jun-2007
Principal Pnb Fied Maturity Plan - 91 Days - Series VII- Growth Option	10.5022	10.3972	10.5022	9-Aug-2007
Principal Pnb Fixed Maturity Plan - 91 Days - Series VII - Dividend Option	10.0000	9.9000	10.0000	9-Aug-2007
Principal Pnb Fixed Maturity Plan - 91 Days - Series VIII- Growth Op	10.2643	10.1617	10.2643	29-May-2007
rincipal Pnb Fixed Maturity Plan - 91 Days - Series VIII - Dividend Option	10.0000	9.9000	10.0000	29-May-2007
Principal Pnb Fixed Maturity Plan - 91 days Series XII - Dividend Option	10.0702	9.9695	10.0702	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 91 days Series XII Growth Option	10.2861	10.1832	10.2861	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 91 days Series XIII Dividend Option	10.0500	9.9495	10.0500	19-Mar-2008
Principal Pnb Fixed Maturity Plan - 91 days Series XIII Growth Option	10.0500	9.9495	10.0500	19-Mar-2008
Principal Pnb Fixed Maturity Plan 460 Days - Series I-Dividend	10.0000	9.8100	10.0000	21-May-2007
Principal Pnb Fixed Maturity Plan 460 Days - Series I-Growth	10.9757	10.7672	10.9757	21-May-2007
Principal Pnb Fixed Maturity Plan 91 Days - Series II-Dividend	10	9.81	10	24-Aug-2006
Principal Pnb Fixed Maturity Plan 91 Days - Series II-Growth	10.3584	10.1616	10.3584	24-Aug-2006
Principal Pnb Fixed Maturity Plan 91 Days - Series IV-Dividend Payout	10.0000	9.9000	10.0000	11-Jan-2007
Principal Pnb Fixed Maturity Plan 91 Days - Series IV-Growth Option	10.3546	10.2511	10.3546	11-Jan-2007
Principal Pnb Fixed Maturity Plan 91 Days - Series V - Dividend	10.0000	9.9000	10.0000	14-Mar-2007
Principal Pnb Fixed Maturity Plan 91 Days - Series V - Growth	10.3737	10.2700	10.3737	14-Mar-2007
Principal Pnb Fixed Maturity Plan 91 days Series III-Dividend	10	9.9	10	21-Sep-2006
Principal Pnb Fixed Maturity Plan 91 days Series III-Growth	10.385	10.2812	10.385	21-Sep-2006
Principal Pnb FMP Series I-Dividend Plan	10	9.81	10	20-Jul-2006
Principal Pnb FMP Series I-Growth Plan	10.3362	10.1398	10.3362	20-Jul-2006
Close Ended Schemes (Growth)
Principal Pnb Long Term Equity Fund - 3 Year Plan - Series I - Dividend Option	11.4200	11.4200	11.4200	19-Mar-2008
Principal Pnb Long Term Equity Fund - 3 Year Plan - Series I - Growth Option	11.4100	11.4100	11.4100	19-Mar-2008
Principal Pnb Long Term Equity Fund 3 Year Plan Series II - Dividend Option	8.9000	8.9000	8.9000	19-Mar-2008
Principal Pnb Long Term Equity Fund 3 Year Plan Series II - Growth Option	8.9000	8.9000	8.9000	19-Mar-2008