Latest Grey Market Premium Dt. 27-2-2008

Company Name	Offer Price (Rs.)	Premium (Rs.)
Rural Electrification	90 to 105	26 to 28
GSS America InfoTech	400 to 440	Discount
Manjushree Extrusion	45	6 to 8
V. Guard Ind.	80 to 85	14 to 16

Latest Grey Market Premium Dt. 25-2-2008

Company Name	Offer Price (Rs.)	Premium (Rs.)
Rural Electrification	90 to 105	23 to 25
GSS America InfoTech	400 to 440	Discount
IRB Infra	185	12 to 15
Manjushree Extrusion	45	5 to 7
Tulsi Extrusions	85	7 to 10
V. Guard Ind.	80 to 85	12 to 15

IPO Subscribed

	V. Guard Ind.	REC
QIB	1.74	39.30
HNI	2.91	27.12
Retail	4.24	7.67
Employee	0.85	0.94
Average	2.70	27.91

Today Listing

RB Infra (532947) B1 Group (F & O Lot: 1100 Shares)

Tulsi Extrusions (532948) B1 Group

Reliance Power

Board approves free Bonus in Ratio of 3 : 5 to

All Shareholders (excluding the Promoter Group)

latest Grey Market Premium Dt. 23-2-2008

Company Name	Offer Price (Rs.)	Premium (Rs.)
Rural Electrification	90 to 105	23 to 25
GSS America InfoTech	400 to 440	Discount
IRB Infra	185	12 to 15
Manjushree Extrusion	45	5 to 7
Tulsi Extrusions	85	7 to 10
V. Guard Ind.	80 to 85	12 to 15

REC IPO

RURAL ELECTRIFICATION CORPORATION LIMITED

Price Band: 90-105

Latest Grey Market Premium: 24 to 26

Recommendation: Apply

Latest Grey Market Premium Dt. 18-2-2008

Company Name	Offer Price (Rs.)	Premium (Rs.)
Rural Electrification	90 to 105	24 to 26
GSS America InfoTech	400 to 440	Discount
KNR Construction	170	Discount
On Mobile Global	440	20 to 25
Bang Overseas	207	7 to 10
Shri Ram EPC	300	Discount
IRB Infra	185	12 to 15
Manjushree Extrusion	45	5 to 7
Tulsi Extrusions	85	10 to 15
V. Guard Ind.	80 to 85	8 to 10

V-Guard IPO

Latest Grey Market Premium: 8 to 10

V-Guard Industries, a company based in Kerala, is engaged in the manufacturing and marketing of electrical and electronic products. It is open for subscription with an initial public offer (IPO) of 80,00,000 equity shares of Rs 10 each for cash at price band of Rs 80 to Rs 85 per share.

The net issue to the public comprises of 76,00,000 equity shares and 4,00,000 equity shares have been reserved for the employees. The issue will constitute 26.80% of the fully diluted post issue paid up equity share capital of the company. The company will raise Rs 68 crore at the upper end of the price band.

The capital raised from the issue will be deployed to set up Cable manufacturing facilities in Coimbatore and Uttaranchal, Enameling Plant at Coimbatore, Development and Pilot Productions Plants for water Heaters, Fans and Pumps at Himachal Pradesh and Coimbatore, Service and Distribution Centers at Bangalore, Hubli and Vijaywada.

During the year 2006-07, V-Guard reported total turnover of Rs 22227.48 lakh. Sales has grown from Rs 11061.46 lakh as on March 2003 to Rs 22227.48 lakh as on March 2007 at a CAGR of 19.06%. The profit after tax of the company has grown from Rs 489.97 lakh on March 2003 to Rs 1349.69 lakh in March 2007 at a CAGR of 28.83%.

Anand Rathi Securities Limited is the book running lead manager to the IPO and Intime Spectrum Registry Limited is the registrar to the issue.

The shares will be listed on Bombay Stock Exchange and National Stock Exchange of India.

V-Guard Industries is engaged in the manufacturing and marketing of Electronic Voltage Stabilizers, Monobloc, Jet, Submersible, Compressor pumps and Electric Motors, Insulated Electrical Cables (House Wiring, Industrial), Electric Storage & Instant Water Heaters, Solar Water Heaters, UPS, Electric Fans and is also in generation of Power in a small way. V-Guard is present in 16 states with eighteen branches including our head office located in Cochin. The products are sold through a network of over 7000 retail dealers and 105 distributors Pan India.

Latest Grey Market Premium Dt. 9-2-2008

Company Name	Offer Price (Rs.)	Premium (Rs.)
Reliance Power	450	110 to 120
Rural Electrification	90 to 105	25 to 28
J. Kumar Infra Projects	110	Discount
Cords Cable Ind.	135	3 to 5
KNR Construction	170	Discount
On Mobile Global	440	10 to 15
Bang Overseas	207	7 to 10
Shri Ram EPC	300	Discount
IRB Infra	185	15 to 20
Manjushree Extrusion	45	Discount
Tulsi Extrusions	85	12 to 15
SVEC Construction	80 to 90	Discount
Globus Spirit	135 to 148	--
GSS America InfoTech	400 to 440	45 to 50
V. Guard Ind.	80 to 85	--
Emaar MGF	withdrawn
Wockhardt Hospital*	withdrawn

IPO Subscribed

	Shri Ram	IRB Infra	TulsiE Ext.
QIB	6.13	6.42	1.54
HNI	0.41	1.55	3.10
Retail	0.63	0.98	2.46
Employee	-	0.94	1.06
Average	3.91	4.30	2.08

Reliance Power Listing on 11th February (Monday)

Latest Grey Market Premium Dt. 5-2-2008

Company Name	Offer Price (Rs.)	Premium (Rs.)
Reliance Power	450	160 to 165
Emaar MGF	540 to 630	40 to 45
J. Kumar Infra Projects	110	Discount
Cords Cable Ind.	135	5 to 7
KNR Construction	170	Discount
On Mobile Global	440	18 to 20
Bang Overseas	207	15 to 20
Shri Ram EPC	290 to 330	Discount
IRB Infra	185 to 220	30 to 40
Wockhardt Hospital*	225 to 260	10 to 15
Manjushree Extrusion	45	3 to 4
Tulsi Extrusions	80 to 85	10 to 11
SVEC Construction	85 to 95	5 to 7
Globus Spirit	140 to 160	--