APPENDIX A List of 104 Sampled Companies with Company...

Bibliography

xix

APPENDIX A

List of 104 Sampled Companies with Company Codes

Company Name Company Code Company Name Company Code

3M India Ltd. 3MINDIA Castrol India Ltd. CASTROL

A B B Ltd. ABB Century Textiles & Inds. Ltd. CENTURYTEX

A C C Ltd. ACC Chambal Fertilisers & Chemicals Ltd. CHAMBLFERT

Aban Offshore Ltd. ABAN Cipla CIPLA

Aditya Birla Nuvo Ltd. ABIRLANUVO Colgate-Palmolive (India) Ltd. COLPAL

Alfa Laval (India) Ltd. ALFALAVAL Crompton Greaves Ltd. CROMPGREAV

Ambuja Cements Ltd. AMBUJACEM Cummins India Ltd. CUMMINSIND

Anant Raj Inds. Ltd. ANANTRAJ Dabur India Ltd. DABUR

Ansal Properties & Infrastructure Ltd. ANSALINFRA Dr. Reddy'S Laboratories Ltd. DRREDDY

Apollo Hospitals Enterprise Ltd. APOLLOHOSP E I D-Parry (India) Ltd. E I D-Parry (I) Ltd.

Areva T & D India Ltd. Areva T& D India Ltd. E I H Ltd. E I H Ltd.

Asahi India Glass Ltd. ASAHIINDIA Exide Industries Ltd. EXIDEIND

Ashok Leyland Ltd. ASHOKLEY G H C L Ltd. GHCL

Asian Paints Ltd. ASIANPAINT Gammon India Ltd. GAMMONIND

Astrazeneca Pharma India Ltd. ASTRAZEN Glaxosmithkline Consumer Healthcare Ltd. GSKCONS

Atlas Copco (India) Ltd. Atlas Copco Ind Ltd. Glaxosmithkline Pharmaceuticals Ltd. GLAXO

Aventis Pharma Ltd. AVENTIS Godrej Industries Ltd. GODREJIND

Bajaj Holdings & Invst. Ltd. BAJAJHLDNG Grasim Industries Ltd. GRASIM

Berger Paints India Ltd. BERGEPAINT Gujarat Fluorochemicals Ltd. GUJFLUORO

Bharat Forge Ltd. BHARATFORG Gujarat Gas Co. Ltd. GUJRATGAS

Birla Corporation Ltd. BIRLAJUTE Gulf Oil Corpn. Ltd. GULFOILCOR

Bombay Dyeing & Mfg. Co. Ltd. BOMDYEING H C L Infosystems Ltd. HCL-INSYS

Bosch Ltd. BOSCHLTD Hero Honda Motors Ltd. HEROHONDA

Britannia Industries Ltd. BRITANNIA Hindalco Industries Ltd. HINDALCO

C E S C Ltd. CESC Hindustan Construction Co. Ltd. HCC Contd…

Bibliography

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Company Name Company Code Company Name Company Code

Hindustan Unilever Ltd. HINDUNILVR P & G Hygiene & Health Care Ltd. PGHH

Hindustan Zinc Ltd. HINDZINC Ranbaxy Laboratories Ltd. RANBAXY

Hotel Leelaventure Ltd. HOTELEELA Raymond Ltd. RAYMOND

I T C Ltd. ITC Reliance Industries Ltd. RELIANCE

India Cements Ltd. INDIACEM Reliance Infrastructure Ltd. REL

Indian Hotels Co. Ltd. INDHOTEL S K F India Ltd. SKFINDIA

Infosys Technologies Ltd. INFOSYSTCH S R F Ltd. SRF

Ispat Industries Ltd. ISPATIND Satyam Computer Services Ltd. SATYAMCOMP

Jindal Saw Ltd. JINDALSAW Sesa Goa Ltd. SESAGOA

Jubilant Organosys Ltd. JUBILANT Simplex Infrastructures Ltd. SIMPLEXINF

Kansai Nerolac Paints Ltd. KANSAINER Sintex Industries Ltd. SINTEX

Kirloskar Brothers Ltd. KBL Sterling Biotech Ltd. STERLINBIO

Kirloskar Oil Engines Ltd. KIRLOSOIL Sterlite Industries (India) Ltd. STER

Lakshmi Machine Works Ltd. LAXMIMACH Sun Pharmaceutical Inds. Ltd. SUNPHARMA

Larsen & Toubro Ltd. LT Sundaram-Clayton Ltd. SUNDRMCLAY

Lupin Ltd. LUPIN Sundram Fasteners Ltd. SUNDRMFAST

Madras Cements Ltd. MADRASCEM Tata Chemicals Ltd. TATACHEM

Maharashtra Seamless Ltd. MAHSEAMLES Tata Motors Ltd. TATAMOTORS

Mahindra & Mahindra Ltd. M&M Tata Power Co. Ltd. TATAPOWER

Moser Baer India Ltd. MOSERBAER Tata Steel Ltd. TATASTEEL

Motherson Sumi Systems Ltd. MOTHERSUMI Tata Tea Ltd. TATATEA

Nagarjuna Construction Co. Ltd. NAGARCONST Titan Industries Ltd. TITAN

Nestle India Ltd. Nestle India Ltd. Tube Investments Of India Ltd. TUBEINVEST

Nicholas Piramal India Ltd. NICOLASPIR Unitech Ltd. UNITECH

Novartis India Ltd. Novartis India Ltd. Vardhman Textiles Ltd. VTL

Pfizer Ltd. PFIZER Voltas Ltd. VOLTAS

Pidilite Industries Ltd. PIDILITIND Wipro Ltd. WIPRO

Bibliography

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APPENDIX B Regression Results For Each of Univariate and Bivariate (Pair-Wise) Models

Referred in Chapter 5

The first four models (Table 1 to Table 4) present the results of the univariate association

of each independent variable with the dependent variable- MVA. In the next six models

(Table 6 to Table 10), independent variables are specified in pair-wise combinations.

Table 1: Results of the Univariate Association of Economic Value Added (EVA)

with Market Value Added

Variable Coefficient Std. Error t-Statistic Prob.

C 2443.499 127.9868 19.09181 0.0000

EVA 13.14844 0.674199 19.50231 0.0000

Effects Specification

S.D. Rho

Cross-section random

Period fixed (dummy

variables)

4962.239 0.5561

Idiosyncratic random 4433.207 0.4439

Weighted Statistics

R-squared 0.351942

Adjusted R-squared 0.345391

F-statistic 53.71895

Prob(F-statistic) 0.0000

Table 2: Results of the Univariate Association of Profit after Tax (PAT) with

Market Value Added


C 584.2168 111.457 5.24162 0.0000

PAT 9.065541 0.24332 37.2577 0.0000


S.D. Rho


Period fixed (dummy

variables)

4207.98 0.5999


Weighted Statistics

R-squared 0.606466



Bibliography

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Bibliography

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Table 3: Results of the Univariate Association of Return on Capital Employed

(ROCE) with Market Value Added


C 1298.641 306.782 4.23311 0.0000

ROCE 80.58662 18.4716 4.36273 0.0000


Cross-section fixed (dummy variables)

Period fixed (dummy variables)

Weighted Statistics

R-squared 0.631611


F-statistic 16.8054


Table 4: Results of the Univariate Association of Capital Productivity (Cp) with

Market Value Added


C 2371.179 226.2173 10.48186 0.0000

Cp 36.30093 59.31384 0.612015 0.5406


S.D. Rho



5748.73 0.5604


Weighted Statistics

R-squared 0.14486




Bibliography

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Table 5: Results of the Bivariate Association of EVA and PAT with Market Value

Added


C 693.6965 116.647 5.946974 0.0000

EVA 2.707626 0.651297 4.15728 0.0000

PAT 8.508544 0.303781 28.00877 0.0000


S.D. Rho


Period random

626.5663 0.0326


Weighted Statistics

R-squared 0.819666


F-statistic 49.4129


Table 6: Results of the Bivariate Association of PAT and ROCE with Market Value

Added


C 215.0198 206.491 1.0413 0.2980

PAT 9.16926 0.2517 36.4298 0.0000

ROCE 23.7801 12.4686 1.9072 0.0568


S.D. Rho


Period random

620.3 0.0316


Weighted Statistics

R-squared 0.817452




Bibliography

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Table 7: Results of the Bivariate Association of EVA and ROCE with Market Value

Added


C 3033.595 285.384 10.6299 0.0000

EVA 13.59061 0.74899 18.1452 0.0000

ROCE -40.4515 17.5104 -2.3101 0.0211




Weighted Statistics

R-squared 0.717254




Table 8: Results of the Bivariate Association of PAT and Cp with Market Value

Added


C 407.4452 161.9405 2.516018 0.0120

PAT 9.069976 0.243009 37.32364 0.0000

Cp 60.65377 40.22907 1.50771 0.1319


S.D. Rho



4119.942 0.5896


Weighted Statistics

R-squared 0.60688




Bibliography

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Table 9: Results of the Bivariate Association of ROCE and Cp with Market Value

Added


C 1356.242 334.669 4.0525 0.0001

ROCE 81.99074 18.7628 4.36986 0.0000

CP -26.9466 62.4446 -0.4315 0.6662




Weighted Statistics

R-squared 0.631674




Table 10: Results of the Bivariate Association of EVA and Cp with Market Value

Added


C 2549.896 197.184 12.9315 0.0000

EVA 13.18122 0.67629 19.4906 0.0000

CP -36.7274 51.7754 -0.7094 0.4782


S.D. Rho



4989 0.5587


Weighted Statistics

R-squared 0.3523


F-statistic 49.6203


Bibliography

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Bibliography

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APPENDIX C

List of 493 Companies in the Sample for Examining EVA Disclosure Practices

3I Infotech Ltd. Anant Raj Inds. Ltd. Aztecsoft Ltd. Birla Corporation Ltd.

3M India Ltd. Ansal Housing & Construction B A S F India Ltd. Blue Dart Express Ltd.

A B B Ltd. Ansal Properties & Infra. B F Utilities Ltd. Blue Star Ltd.

A B G Shipyard Ltd. Apar Industries Ltd. B L Kashyap & Sons Ltd. Bombay Burmah Trdg. Corpn.

A C C Ltd. Apollo Hospitals Enterprise B O C India Ltd. Bombay Dyeing & Mfg. Co.

A I A Engineering Ltd. Apollo Tyres Ltd. Bajaj Auto Finance Ltd. Bombay Rayon Fashions Ltd.

Aarti Industries Ltd. Aptech Ltd. Bajaj Hindusthan Ltd. Bosch Chassis Systems India L

Aban Offshore Ltd. Areva T & D India Ltd. Bajaj Holdings & Invst. Ltd. Bosch Ltd.

Abbott India Ltd. Arvind Ltd. Balaji Telefilms Ltd. Britannia Industries Ltd.

Abhishek Industries Ltd. Asahi India Glass Ltd. Balkrishna Industries Ltd. C C L Products (India) Ltd.

Adani Enterprises Ltd. Ashapura Minechem Ltd. Ballarpur Industries Ltd. C E S C Ltd.

Aditya Birla Nuvo Ltd. Ashok Leyland Ltd. Balrampur Chini Mills Ltd. C M C Ltd.

Adlabs Films Ltd. Asian Electronics Ltd. Bank Of Rajasthan Ltd. Cadila Healthcare Ltd.

Ador Welding Ltd. Asian Hotels Ltd. Bannari Amman Sugars Ltd. Cambridge Solutions Ltd.

Aftek Ltd. Asian Paints Ltd. Bayer Cropscience Ltd. Carborundum Universal Ltd.

Ahmednagar Forgings Ltd. Assam Co. Ltd. Berger Paints India Ltd. Castrol India Ltd.

Ajmera Realty & Infra India Astra Microwave Products Ltd. Bhansali Engineering Polymers Ceat Ltd.

Alembic Ltd. Astrazeneca Pharma India Ltd. Bharat Bijlee Ltd. Centurion Bank Of Punjab Ltd.

Alfa Laval (India) Ltd. Atlas Copco (India) Ltd. Bharat Forge Ltd. Century Textiles & Inds. Ltd.

Alok Industries Ltd. Atul Ltd. Bharati Shipyard Ltd. Chambal Fertilisers & Chem.

Alstom Projects India Ltd. Aurobindo Pharma Ltd. Bharti Airtel Ltd. Chemplast Sanmar Ltd.

Ambuja Cement Eastern [M] Automotive Axles Ltd. Bhushan Steel Ltd. Chettinad Cement Corpn. Ltd.

Ambuja Cements Ltd. Avaya Globalconnect Ltd. Bilcare Ltd. Cholamandalam D B S Finance

Amtek Auto Ltd. Aventis Pharma Ltd. Binani Industries Ltd. Ciba India Ltd.

Amtek India Ltd. Axis Bank Ltd. Biocon Ltd. Cipla Ltd.

Contd…

Bibliography

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Clariant Chemicals (India) Ltd. Elder Pharmaceuticals Ltd. Fresenius Kabi Oncology Ltd. Gruh Finance Ltd.

Colgate-Palmolive (India) Ltd. Elecon Engineering Co. Ltd. G H C L Ltd. Gujarat Fluorochemicals Ltd.

Coromandel Fertilisers Ltd. Electrosteel Castings Ltd. G M R Industries Ltd. Gujarat Gas Co. Ltd.

Cranes Software Intl. Ltd. Emami Ltd. G T L Ltd. Gujarat N R E Coke Ltd.

Crisil Ltd. Emco Ltd. G V K Power & Infrastructure Gulf Oil Corpn. Ltd.

Crompton Greaves Ltd. Entertainment Network (India) Gammon India Ltd. H B L Power Systems Ltd.

Cummins India Ltd. Era Infra Engg. Ltd. Gateway Distriparks Ltd. H C L Infosystems Ltd.

D C M Shriram Consolidated Esab India Ltd. Gati Ltd. H C L Technologies Ltd.

D S Kulkarni Developers Ltd. Escorts Ltd. Geodesic Ltd. H D F C Bank Ltd.

Dabur India Ltd. Essar Oil Ltd. Geometric Ltd. H E G Ltd.

Dalmia Cement (Bharat) Ltd. Essar Shipping Ports & Logistics Gillette India Ltd. H F C L Infotel Ltd.

Deccan Chronicle Holdings Essar Steel Ltd. Gitanjali Gems Ltd. H S I L Ltd.

Deepak Fertilisers &

Petrochemicals Corpn. Ltd. Essel Propack Ltd.

Glaxosmithkline Consumer

Healthcare Ltd. H T Media Ltd.

Dewan Housing Finance Corpn. Eveready Industries (India) Ltd. Glaxosmithkline Pharma Ltd. Havells India Ltd.

Dhampur Sugar Mills Ltd. Everest Kanto Cylinder Ltd. Glenmark Pharmaceuticals Ltd. Hero Honda Motors Ltd.

Dishman Pharmaceuticals &

Chemicals Ltd. Exide Industries Ltd. Godfrey Phillips India Ltd. Hexaware Technologies Ltd.

Divi'S Laboratories Ltd. F A G Bearings India Ltd. Godrej Consumer Products Ltd. Hikal Ltd.

Donear Industries Ltd. F D C Ltd. Godrej Industries Ltd.

Himachal Futuristic

Communications Ltd.

Dr. Reddy'S Laboratories Ltd. Federal Bank Ltd. Gokaldas Exports Ltd. Himadri Chemicals & Inds.

Dynamatic Technologies Ltd. Federal-Mogul Goetze (India) Goldiam International Ltd. Himatsingka Seide Ltd.

E I D-Parry (India) Ltd. Financial Technologies (India) Graphite India Ltd. Hindalco Industries Ltd.

E I H Ltd. Finolex Cables Ltd. Grasim Industries Ltd. Hinduja Ventures Ltd.

Eastern Silk Inds. Ltd. Finolex Industries Ltd. Great Eastern Shipping Co. Hindustan Construction Co.

Educomp Solutions Ltd. Forbes & Co. Ltd. Greaves Cotton Ltd. Hindustan Dorr-Oliver Ltd.

Eicher Motors Ltd. Force Motors Ltd. Grindwell Norton Ltd. Hindustan Motors Ltd.

Contd…

Bibliography

xxx

Hindustan Oil Exploration Co. Indusind Bank Ltd. Jet Airways (India) Ltd. Lakshmi Machine Works Ltd.

Hindustan Unilever Ltd. Infosys Technologies Ltd. Jindal Poly Films Ltd. Larsen & Toubro Ltd.

Hindustan Zinc Ltd. Infotech Enterprises Ltd. Jindal Saw Ltd. Lloyd Electric & Engineering

Honeywell Automation India Ingersoll-Rand (India) Ltd. Jindal Steel & Power Ltd. Lok Housing & Constructions

Hotel Leelaventure Ltd. Inox Leisure Ltd. Jubilant Organosys Ltd. Lupin Ltd.

Housing Development Finance

Corpn. Ltd. Ipca Laboratories Ltd. Jyoti Structures Ltd. M R F Ltd.

I C I C I Bank Ltd. Ispat Industries Ltd. K P I T Cummins Infosystems Macmillan India Ltd.

I C I India Ltd.

J B Chemicals &

Pharmaceuticals Ltd. K R B L Ltd. Madhucon Projects Ltd.

I C S A (India) Ltd. J B F Industries Ltd. K S B Pumps Ltd. Madras Aluminium Co. Ltd.

I L & F S Investsmart Ltd. J C T Ltd. K S L & Industries Ltd. Madras Cements Ltd.

I N G Vysya Bank Ltd. J K Cement Ltd. Kajaria Ceramics Ltd. Maharashtra Scooters Ltd.

I S M T Ltd. J K Lakshmi Cement Ltd. Kalpataru Power Transmission Maharashtra Seamless Ltd.

I T C Ltd. J K Paper Ltd. Kalyani Steels Ltd.

Mahindra & Mahindra

Financial Services Ltd.

I T D Cementation India Ltd. J K Tyre & Inds. Ltd. Kansai Nerolac Paints Ltd. Mahindra & Mahindra Ltd.

I V R C L Infrastructures &

Projects Ltd. J M Financial Ltd. Karnataka Bank Ltd.

Mahindra Lifespace Developers

Ltd.

Igate Global Solutions Ltd. J S L Ltd. Karur Vysya Bank Ltd. Mahindra Ugine Steel Co. Ltd.

Indage Vintners Ltd. J S W Steel Ltd. Kei Industries Ltd. Man Industries (India) Ltd.

India Cements Ltd. Jagatjit Industries Ltd. Kennametal India Ltd. Mangalam Cement Ltd.

India Glycols Ltd. Jagran Prakashan Ltd. Kesoram Industries Ltd. Manugraph India Ltd.

India Infoline Ltd. Jain Irrigation Systems Ltd. Kirloskar Brothers Ltd. Marico Ltd.

Indiabulls Financial Services Jaiprakash Associates Ltd. Kirloskar Oil Engines Ltd. Marksans Pharma Ltd.

Indian Hotels Co. Ltd. Jaiprakash Hydro Power Ltd. Kirloskar Pneumatic Co. Ltd. Maruti Suzuki India Ltd.

Indian Petrochemicals Corp [M] Jammu & Kashmir Bank Ltd. Kotak Mahindra Bank Ltd. Mastek Ltd.

Indo Rama Synthetics (India)

Ltd.

Jaybharat Textiles & Real

Estate Ltd. Kothari Products Ltd. Matrix Laboratories Ltd.

Indoco Remedies Ltd. Jaypee Hotels Ltd. Lakshmi Energy & Foods Ltd. Mawana Sugars Ltd.

Contd…

Bibliography

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Max India Ltd. Nitco Ltd. Plethico Pharmaceuticals Ltd. Rico Auto Inds. Ltd.

Mcleod Russel India Ltd. Nocil Ltd. Polaris Software Lab Ltd. Rolta India Ltd.

Megasoft Ltd. Noida Toll Bridge Co. Ltd. Praj Industries Ltd. Royal Orchid Hotels Ltd.

Mercator Lines Ltd. Novartis India Ltd. Prajay Engineers Syndicate Ruchi Infrastructure Ltd.

Merck Ltd. Nucleus Software Exports Ltd. Prakash Industries Ltd. Ruchi Soya Inds. Ltd.

Micro Inks Ltd. O C L India Ltd. Pricol Ltd. S K F India Ltd.

Monnet Ispat & Energy Ltd. Opto Circuits (India) Ltd. Prism Cement Ltd. S Kumars Nationwide Ltd.

Monsanto India Ltd.

Oracle Financial Services

Software Ltd.

Prithvi Information Solutions

Ltd.

S R E I Infrastructure Finance

Ltd.

Moser Baer India Ltd.

Orchid Chemicals &

Pharmaceuticals Ltd.

Procter & Gamble Hygiene &

Health Care Ltd. S R F Ltd.

Motherson Sumi Systems Ltd. Orient Paper & Inds. Ltd. Provogue (India) Ltd. Sadbhav Engineering Ltd.

Mphasis Ltd. Oriental Hotels Ltd. Punj Lloyd Ltd.

Sahara One Media &

Entertainment Ltd.

Mukand Ltd. P S L Ltd. Radico Khaitan Ltd. Saint-Gobain Sekurit India Ltd.

Mysore Cements Ltd. P V P Ventures Ltd. Rain Calcining Ltd. [Merged] Sakthi Sugars Ltd.

N I I T Ltd. P V R Ltd. Rajesh Exports Ltd. Sanghi Industries Ltd.

N I I T Technologies Ltd. Panacea Biotec Ltd. Rallis India Ltd. Sanghvi Movers Ltd.

N R B Bearings Ltd. Pantaloon Retail (India) Ltd. Ramco Industries Ltd.

Sasken Communication

Technologies Ltd.

Nagarjuna Construction Co. Paper Products Ltd. Ranbaxy Laboratories Ltd. Satyam Computer Services Ltd.

Nagarjuna Fertilizers & Chemicals Parry Agro Inds. Ltd. Raymond Ltd. Savita Chemicals Ltd.

Nahar Industrial Enterprises Patel Engineering Ltd. Rei Agro Ltd. Seamec Ltd.

Nahar Spinning Mills Ltd. Patni Computer Systems Ltd. Reliance Capital Ltd. Sesa Goa Ltd.

Nava Bharat Ventures Ltd. Peninsula Land Ltd. Reliance Communications Ltd. Shanthi Gears Ltd.

Navneet Publications (India) Pfizer Ltd. Reliance Industrial Infrastructure Shasun Chemicals & Drugs

Nestle India Ltd. Phoenix Mills Ltd. Reliance Industries Ltd. Shaw Wallace & Co. Ltd. [M]

New Delhi Television Ltd. Pidilite Industries Ltd. Reliance Infrastructure Ltd.

Shiv-Vani Oil & Gas

Exploration Services Ltd.

Nirma Ltd. Piramal Healthcare Ltd. Reliance Natural Resources Ltd Shopper'S Stop Ltd.

Contd…

Bibliography

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Shree Cement Ltd. Sun T V Network Ltd. Texmaco Ltd. Uttam Sugar Mills Ltd.

Shree Digvijay Cement Co. Ltd Sundaram-Clayton Ltd. Thermax Ltd. V S T Industries Ltd.

Shree Ram Urban Infrastructure

Ltd. Sundram Fasteners Ltd. Thiru Arooran Sugars Ltd. Vaibhav Gems Ltd.

Shree Renuka Sugars Ltd. Supreme Industries Ltd. Thomas Cook (India) Ltd. Vardhman Textiles Ltd.

Shreyas Shipping & Logistics Suzlon Energy Ltd. Timken India Ltd. Varun Shipping Co. Ltd.

Shriram City Union Finance Syngenta India Ltd. Titan Industries Ltd. Vertex Spinning Ltd.

Shriram Transport Finance Co. T V S Motor Co. Ltd. Torrent Pharmaceuticals Ltd. Vesuvius India Ltd.

Sical Logistics Ltd. T V Today Network Ltd. Torrent Power A E C Ltd. [M] Videocon Industries Ltd. [M]

Siemens Ltd. Taj G V K Hotels & Resorts Torrent Power S E C Ltd. [M] Vimta Labs Ltd.

Simplex Infrastructures Ltd. Taneja Aerospace & Aviation Transport Corporation Of India Visa Steel Ltd.

Sintex Industries Ltd. Tata Chemicals Ltd. Trent Ltd. Voltas Ltd.

Sona Koyo Steering Systems Tata Coffee Ltd. Triveni Engineering & Inds. Wartsila India Ltd.

South Indian Bank Ltd. Tata Communications Ltd. Tube Investments Of India Ltd. Welspun India Ltd.

Southern Iron & Steel Co. [M] Tata Consultancy Services Ltd. Tulip Telecom Ltd. Welspun-Gujarat Stahl Rohren

Spentex Industries Ltd. Tata Elxsi Ltd.

U T V Software

Communications Ltd. West Coast Paper Mills Ltd.

Spicejet Ltd. Tata Investment Corpn. Ltd. Uflex Ltd. Whirlpool Of India Ltd.

Sterling Biotech Ltd. Tata Metaliks Ltd. Ultratech Cement Ltd. Wipro Ltd.

Sterling International

Enterprises Ltd. Tata Motors Ltd. Unichem Laboratories Ltd. Wockhardt Ltd.

Sterlite Industries (India) Ltd. Tata Power Co. Ltd. Unitech Ltd. Wyeth Ltd.

Sterlite Technologies Ltd. Tata Steel Ltd. United Breweries (Holdings) Yes Bank Ltd.

Strides Arcolab Ltd. Tata Tea Ltd. United Phosphorus Ltd. Zee Entertainment Enterprises

Subex Ltd. Tata Teleservices Maharashtra United Spirits Ltd. Zensar Technologies Ltd.

Subhash Projects & Mktg. Ltd. Television Eighteen India Ltd. Usha Martin Ltd. Zuari Industries Ltd.

Sun Pharmaceutical Inds. Ltd.

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