1. Equity Research Products & Performance

2. Markets and Valuations: Overvalued?  Indian Equity Markets are at inflection point.  Markets moving out of recession and entering into consolidation or expansion phase.  Expansion in forward P/E has been the biggest market driver rather than any significant rise in the current EPS.  Current market rise is largely been on expectations of a strong economic performance in FY2010-11E.  Markets waiting for actual expansion in earnings over the next 2-3 quarters to rise further

3. What can lead the markets to fall… Reversal of balance sheet expansion by Fed and other governments. Markets becoming overbought and stretched (technicals). Earnings disappointment or upgrades should not happen or no geo-political or corporate governance issue should derail this market rise.

4. Conclusion: At 17000 and expected GDP growth of 6.5 % we would certainly not invest in the markets aggressively. Our strategy would be to sit on sidelines & wait for the right correction. We believe markets break earlier higher level of 21700 & create new highs near to 26000 on the best scenario while at the worst case we expect 15500 on Sensex. We recommend looking at opportunities with our unique perspective which has outperformed the benchmark indices. This time we have a longer list with three companies getting repeated based on their favorable fundamental outlook. Markets and Valuations: Overvalued?

5. Stock Idea’s 2010 Prices As on January 22 nd 2010

6. Stock Idea’s 2010 Prices As on January 22 nd 2010

7. Stock Idea’s 2010 Prices As on January 22 nd 2010

8. Products Available  Msearch Market Outlook…  Msearch Picks for the day…  Msearch Morning Musing…  Msearch Company Coverage for Investment…  Msearch Quarterly Result Update…

9. Msearch Monthly Recommendations Prices As on January 22 nd 2010

10. Deepawali Recommendations October - 2009 Prices As on January 22 nd 2010

11. Deepawali Recommendations Performance 2008 - 2009 Prices As on January 22 nd 2010

12. Team behind the performance CA Rakesh Mehta (Chairman) CA Prashant Bhansali (Director) Mr. Madhusudhan Sarda (Director) Mr. Prashanth Tapse Mr. Pankaj Sharma Mr. Vishwasjeet.Singh Mr. Ramachandran.Rao

13. Corporate Office: Mehta Group 612 Arun Chambers, Tardeo Road, Mumbai 400034 Tel: +91 22 40070100, Fax: +91 22 40070102 Email: info@mehtagroup.ininfo@mehtagroup.in DISCLAIMER Mehta Group, has taken due care and caution in compilation of data for presentation. Information has been obtained from different sources which it considers reliable. However, Mehta Group and its directors, officers, employees, agents or other representatives shall not be responsible or liable for any type of damages including direct, indirect, incidental & does not guarantee the accuracy, adequacy or completeness of any information.