Honest advice works...

As is the case with all our products, we aim to provide you with research which will help you make investment decisions that will prove to be profitable over the long-term. And long-term for us is atleast a two year investment horizon.

Twenty out of the twenty-five of all the IPO recommendations we have put out since the April 2006 have proved to be correct. Our detailed performance report is given below.

Of these, three recommendations involved real estate stocks. We had an 'apply' for two of them (Parsvanath Developers and Sobha Developers), and an 'avoid' on the third (Akruti Nirman). All our recommendations proved to be correct.

We hasten to add that our IPO recommendations are not geared for those investors who look at exiting on the day the IPO opens or the next day or the day after that or…..

Take a look at our IPO recommendations and the performance thereof. The rows which are marked in Yellow are those recommendations where we have been right.

Issue	Offer price (Rs)	Current price (Rs)	Listing Date	Gain/Loss)	Our View
Tech Mahindra	365	1,505	28-Aug-06	312.3%	Apply
GBN	250	857	8-Feb-07	243.0%	Apply
ICRA Ltd.	330	906	13-Apr-07	174.7%	Apply
Infor Edge	320	824	21-Nov-06	157.6%	Apply
GMR Infrastructure	210	499	21-Aug-06	137.8%	Avoid
Power Finance Corp	85	159	23-Feb-07	86.5%	Apply
Mindtree Consulting	425	772	7-Feb-07	81.6%	Apply
Idea Cellular	75	125	9-Feb-07	66.6%	Apply
Reliance Petroleum	60	99	11-May-06	65.1%	Avoid
Sun TV	875	1,422	24-Apr-06	62.5%	Avoid
Tanla Solutions	265	415	5-Jan-07	56.6%	Apply
Allcargo Logistics	675	981	23-Jun-06	45.4%	Apply
Sobha Developers	640	928	20-Dec-06	45.0%	Apply
Firstsource Solution	64	85	22-Feb-07	32.7%	Apply
Parsvnath Developers	300	326	30-Nov-06	8.6%	Apply
Cinemax India	155	158	14-Feb-07	1.9%	Avoid
Deccan Aviation	148	145	12-Jun-06	-1.9%	Avoid
Patel Engineering	440	416	Follow-on-issue	-5.4%	Apply
Binani Cement	75	67	28-May-07	-10.7%	Avoid
Cairn India	160	143	9-Jan-07	-10.8%	Avoid
Fortis Healthcare	108	88	9-May-07	-18.7%	Avoid
Mudra Lifestyle	90	70	9-Feb-07	-22.2%	Avoid
Akruti Nirman	540	371	7-Feb-07	-31.2%	Avoid
House of Pearl	550	356	15-Feb-07	-35.2%	Avoid

Current Market Price as on 31st May, 2007

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