OUR PORTFOLIO OF 48 "GOOD AND CLEAN" STOCKS

Bloomberg code Company Prices (Rs) Mkt cap (US$ mn)

Performance
8-Mar-11 5-May-11 (%) 8-Mar-11
BATA IN Equity BATA INDIA LTD 346 428 23.6 494
WHIRL IN Equity WHIRLPOOL OF INDIA LTD 231 279 20.8 651
HPCL IN Equity HINDUSTAN PETROLEUM CORP 322 387 20.3 2,421
MRPL IN Equity MANGALORE REFINERY & PETRO 61 72 17.9 2,383
MCLR IN Equity MCLEOD RUSSEL INDIA LTD 228 265 16.1 555
MRF IN Equity MRF LTD 6,017 6,930 15.2 567
ABBAP IN Equity ALSTOM PROJECTS INDIA LTD 518 588 13.5 771
TRP IN Equity TORRENT PHARMACEUTICALS LTD 524 590 12.6 984
TTAN IN Equity TITAN INDUSTRIES LTD 3,453 3,884 12.5 3,401
HH IN Equity HERO HONDA MOTORS LTD 1,500 1,683 12.2 6,646
APTY IN Equity APOLLO TYRES LTD 61 69 12.1 685
IOCL IN Equity INDIAN OIL CORPORATION LTD 310 347 12.0 16,711
EXID IN Equity EXIDE INDUSTRIES LTD 138 154 11.2 2,609
BIOS IN Equity BIOCON LTD 322 355 10.2 1,430
NFCL IN Equity NAGARJUNA FERTILIZERS & CH 27 30 9.9 258
TTCH IN Equity TATA CHEMICALS LTD 326 357 9.4 1,844
REDI IN Equity REDINGTON INDIA LTD 77 84 9.3 679
SRCM IN Equity SHREE CEMENT LTD 1,741 1,900 9.2 1,346
BHARTI IN Equity BHARTI AIRTEL LTD 332 361 8.5 28,026
NEST IN Equity NESTLE INDIA LTD 3,785 4,100 8.3 8,102
BOS IN Equity BOSCH LTD 6,085 6,581 8.2 4,242
APNT IN Equity ASIAN PAINTS LTD 2,509 2,682 6.9 5,341
ITC IN Equity ITC LTD 172 183 6.2 29,479
IDEA IN Equity IDEA CELLULAR LTD 62 66 6.1 4,549
ATD IN Equity AREVA T&D INDIA LTD 252 265 5.5 1,335
TCOM IN Equity TATA COMMUNICATIONS LTD 210 221 5.1 1,330
POL IN Equity POLARIS SOFTWARE LAB LTD 185 195 5.0 408
GLXO IN Equity GLAXOSMITHKLINE PHARMACEUTIC 2,162 2,265 4.8 4,065
BRIT IN Equity BRITANNIA INDUSTRIES LTD 348 363 4.4 922
HCLI IN Equity HCL INFOSYSTEMS LTD 104 105 0.8 503
TMX IN Equity THERMAX LTD 600 600 (0.1) 1,588
DABUR IN Equity DABUR INDIA LTD 99 99 (0.2) 3,840
GRASIM IN Equity GRASIM INDUSTRIES LTD 2,313 2,299 (0.6) 4,709
MSIL IN Equity MARUTI SUZUKI INDIA LTD 1,258 1,243 (1.2) 8,069
DRRD IN Equity DR. REDDY'S LABORATORIES 1,610 1,590 (1.2) 6,045
MRCO IN Equity MARICO LTD 132 130 (1.6) 1,798
PIHC IN Equity PIRAMAL HEALTHCARE LTD 467 459 (1.8) 2,167
SIEM IN Equity SIEMENS INDIA LTD 858 840 (2.1) 6,421
UTCEM IN Equity ULTRATECH CEMENT LTD 1,026 1,003 (2.2) 6,242
TTMT IN Equity TATA MOTORS LTD 1,162 1,134 (2.4) 15,211
ICEM IN Equity INDIA CEMENTS LTD 92 89 (2.4) 624
CCRI IN Equity CONTAINER CORP OF INDIA LTD 1,183 1,149 (2.9) 3,415
RIL IN Equity RELIANCE INDUSTRIES LTD 985 950 (3.6) 71,518
OFSS IN Equity ORACLE FINANCIAL SERVICES 2,058 1,955 (5.0) 3,833
RBXY IN Equity RANBAXY LABORATORIES LTD 451 428 (5.0) 4,214
HUVR IN Equity HINDUSTAN UNILEVER LTD 283 268 (5.1) 13,688
BJAUT IN Equity BAJAJ AUTO LTD 1,395 1,280 (8.2) 8,959
TECHM IN Equity TECH MAHINDRA LTD 738 653 (11.5) 2,064

Equal weighted returns 5.4

Mkt cap weighted returns 2.6

BSE500 index 7,076 7082 0.1

Portfolio alpha (equal weighted) 5.35

BSE200 index 2,261 2252 (0.4)

Portfolio alpha (equal weighted) 5.85
Source: Bloomberg, Ambit Capital Research
Note: This portfolio has been constructed specifically with high immunity from inflation ("good") and relatively strong accounting quality ("clean") in
mind