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INDIA STRATEGY:

MOSL Universe (ex-RMs) 3QFY11 Sales grew 21% (est 20%), EBITDA 21% (est 21%), and PAT 24% (est 25%).

Sensex aggregate performance was also in-line, with EBITDA growth of 20% (est 19%) and PAT growth of 22% (est 23%).


Underperformers: BPCL, Reliance Infra, SAIL, Sesa Goa, Zee Ent, Bharti Airtel, JP Associates, ACC, Tata Power and Colgate.

Companies with downgrade in earnings / stock ratings were significantly higher then upgrades.

9 Sensex companies saw downgrade in FY12 EPS (of over 5%) while 3 stocks saw upgrade.
Outperformers: Tata Motors, SBI, BHEL, Sun Pharma, REC, Axis Bank, Siemens, Sun TV, Titan Inds and Bank of Baroda.