According to sources, the company is holding 82.88% stake of Godrej
Properties P. Ltd. which is holding 51% of Godrej Realty P. Ltd. and
100% of Godrej Waterside Properties P. Ltd. These companies are
developing an IT Park at Kolkatta and a Residential Project at Thane.

There is also a buzz in the market that Godrej Poperties will be
coming out with a public issue soon. This and the company's foray into
real estate in a big way will result in huge value unlocking for
Godrej Industries.

At the time of writing this, the stock was trading at the lows of
359.40. It can turn out to be a Multibagger investment for long term
investors.

At current price of 171, this stock is trading at a PE of a mere
3.6!!! The fair value of this stock should be three times the current
market price at least. Long term investors can look forward to targets
of 500 plus in the next one year.

The company has also declared an interim dividend of 10% and record
date for that is 30th Jan, 2008. If ever there was an undervalued
share in the stock market, this is the one. Must Buy.

Pradeep Jain, Chairman, Parsvnath Developers, said DoT has wrongly rejected our application for telecom licence. "We may again approach DoT to reconsider our application."

Jain said the company would grow about 120-140 % over last year. "Last year, we had a bottomline of Rs 292 crore. This year, at under 120-140%, the bottomline comes to about Rs 600-700 crore."

Excerpts from CNBC-TV18's exclusive interview with Pradeep Jain:

Q: First off from the telecom bit, what next from your point of view, now that the licence has been rejected. Would you consider acquiring an additional smaller company who has acquired licence or would you consider re-bidding? What is the process like?

A: We are the first players to apply to DoT. They have wrongly rejected our application. DoT said telecom is not part of the Memorandum and Articles of Association. Although in the other object, communication is there. Our lawyers and other legal experts are trying to understand on what grounds they have reject our application. We may again approach DoT to reconsider our application.

In regards to acquiring a new or an overseas player, telecom is not our main business. We have already formed a telecom company in the last four-five months. We feel there is large synergy and will explore that possibility as well.

Q: You have your finger in several pies like hotel development, SEZs, and even airport development. Give us an idea of what kind of revenues you are seeing for the listed entity? You reported revenues of Rs 800 crore for the first half. Give us an idea for FY09 and FY10 or as long as you can see the visibility?

A: We are developing a lot of real-estate projects at this point of time. We own about more than 191 million sq ft area and are developing a number of the integrated townships, housings, standalone malls, and most Delhi Metro stations, among others. Commercial development is also on. We are currently doing projects in Kurla and Mahim and a number of SEZs.

We will grow about 120-140 % over last year. Last year, we had a bottomline of Rs 292 crore. This year, at under 120-140%, the bottomline comes to about Rs 600-Rs 700 crore.

We own 17 hotel properties across the country. We have started work on six properties and work on the other eleven properties will begin in the next 3-6 months. We have almost tied up with the operator. We will own the property and the operator will operate all those properties. We are talking with international and domestic operators and are close to signing up operating agreements with those operators.

Macquarie has initiated coverage on Reliance Capital with an
'outperform' rating and a target price of Rs 3,392, with a 23%
potential upside. The company looks set to make a serious breakthrough
into multiple segments of retail financial services. Macquarie
believes the domestic financial services sector is in a period of high
structural growth. The retail side of this is being driven by chronic
under-penetration, which is being unlocked by changing demographics
and greater availability and reach of products. The wholesale segment
is being driven by significant acceleration in investment activity in
the economy. Reliance Capital is entering a critical phase in most of
its businesses, where it will start to grow aggressively and give a
massive push to break into the top three.

It has already established its credentials by surging to the top spot
in the mutual fund league tables, and is now starting to make an
impact in insurance and broking/wealth management as well. Its core
strengths remain its strong brand name, aggression in the market, deep
pockets and execution capabilities. The stock looks expensive at >11x
P/BV, even on a consolidated basis, but its holding-company-like
structure makes it difficult to view it on traditional valuation
parameters. Also, the market is factoring in its large unrealised
gains on the equity portfolio, some of which include strategic
holdings in other group companies.

Moser Baer
Research: JP Morgan
Rating: Underweight
CMP: Rs 289

JP Morgan retains its negative view on Moser Baer with a
sum-of-the-parts based June '08 price target of Rs 250. Risks to the
target price include a sharp price increase in optical media. Monthly
sales of Taiwanese optical media manufactures fell 15% month-on-month.
December monthly sales also fell 36% year-on-year (YoY), indicating
continued original equipment manufacturer (OEM) pricing pressure.
Optical media sales fell 14% quarter-on-quarter (QoQ) and 30% YoY
during the second quarter. JP Morgan expects subdued pricing to
continue, especially in DVD-R, leading to weak margins. On January 4,
'08, Warner Brothers (WB) announced that it will exclusively support
the Blu-ray format. This is a major positive for the Blu-ray format as
WB has the largest market share (18-20%) in the US and earlier
supported both formats. As greater clarity emerges on the
next-generation DVD format, JP Morgan believes that adoption will
accelerate, but expects significant volumes only in late '09. The
photo voltaic business may face significant margin pressure going
forward, led by higher poly-silicon prices in the near term and rising
competition in the long term once the supply tightness eases.

Axis Bank
Research: CLSA
Rating: Buy
CMP: Rs 1,167

Axis Bank can trade up to 25x 12-month forward P/E based on its strong
growth trajectory, and reiterates 'buy' rating on the stock with a
price target of Rs 1,300. Axis Bank's Q3 FY08 profit grew 66% YoY to
Rs 310 crore, ahead of estimates, led by strong growth in core
operations and higher treasury gains. Despite moderation in sector
loan growth, Axis Bank's loan book grew 50% YoY led by corporate and
agricultural credit. Retail loans as a percentage of total loans fell
to 25% (29% in December '06). Despite strong loan growth, asset
quality improved, gross non-performing loans (NPLs) fell 5% YoY, while
net NPLs declined 12% YoY. Gross NPLs are now at 0.8% of advances and
coverage has improved to 50%. Net interest margins (NIMs) expanded 90
bps to 3.9%, of which, 30 bps was due to the bank's recent
capital-raising.