SKINDIA GDR INDEX AND CONSTITUENTS
Company	Weight	Price ($)	Change	% Change	Prem/Disc	EPS	P/E
		17-May-2012			to Local	($)
Skindia GDR Index	100.00%	1,925.66	-26.57	-1.36%	-0.90%	98.25	19.60
Dr. Reddy's (A)	6.12%	30.15	-0.36	-1.18%	-0.80%	0.74	40.72
GAIL (G)	1.50%	34.95	0.00	0.00%	2.32%	2.05	17.01
Grasim Industries (G)	3.23%	42.97	0.00	0.00%	2.06%	3.82	11.24
ICICI Bank (A)	22.52%	28.41	-0.52	-1.80%	-1.21%	1.29	22.02
Infosys Tech (A)	25.18%	42.48	-0.93	-2.14%	-1.70%	1.91	22.25
ITC (G)	1.67%	4.20	0.00	0.00%	-2.32%	0.17	24.18
L & T (G)	2.09%	21.32	-0.90	-4.05%	0.34%	1.21	17.67
Mahindra & Mah. (G)	1.58%	11.62	-0.33	-2.76%	0.48%	0.94	12.43
Ranbaxy Labs (G)	0.71%	9.05	-0.25	-2.69%	2.14%	(0.28)	(32.58)
Reliance (G)	9.88%	24.89	-0.17	-0.68%	-0.54%	1.66	15.03
Satyam Computers (A)	1.24%	2.64	0.00	0.00%	8.19%	0.65	4.08
State Bank of India (G)	9.60%	67.98	0.33	0.49%	0.17%	5.78	11.77
Sterlite Industries (A)	5.80%	7.08	-0.10	-1.39%	-1.81%	0.13	55.14
Tata Communications (A)	0.53%	7.57	0.03	0.40%	-1.78%	0.55	13.87
Tata Motors (A)	8.35%	24.12	-0.26	-1.07%	-2.36%	0.60	40.32
Source: INSTANEX

Factual Material is obtained from sources believed to be reliable and Instanex Capital is not responsible for any errors or omissions contained herein. Any recommendations contained in this report may not be suitable for all clients.

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The Skindia GDR Index is a registered service mark of Instanex Capital, Inc.
Prepared by: Vaibhavi Panchal
Checked by: Hardi Jhaveri