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 |
