| COVER 
                          STORY 
                         India's 
                          Largest Companies
                          
                             -- Amit Singh Sisodiya, Imrana Moghul and Neha Naithani  India 
                          Inc. is on a roll. Continuing the strong growth momentum 
                          of the last couple of years, this year too, companies 
                          have delivered rocking performances. The  500 
                          brings to you this exclusive story, providing insights 
                          into the performances of the top 500 companies, based 
                          on the parameter of net sales, distilled from a list 
                          of close to 3,900 firms listed on the BSE. The cover 
                          story also offers you a peek into the performances of 
                          the companies based on several other parameters such 
                          as OPM and M-Cap. Read on.     
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         Automobile 
                          Industry : On the Fast Track  
                          -- N Janardhan Rao with inputs from V Ratna 
                           The 
                          Indian automotive sector, one of the top auto industries 
                          in Asia, has carved a niche for itself in the global 
                          market and is witnessing a new success story everyday.                          
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         IT 
                          Sector : Re(ady), Steady, Slow?  
                          -- Amit Singh Sisodiya and Imrana Moghul For 
                          India's Information Technology (IT) industry, which 
                          has so far been growing at a neck-break pace, suddenly 
                          the fears of a deceleration appear imminent.                          
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         Pharmaceutical 
                          Industry : Healthy Future Ahead  
                          -- N Janardhan Rao and V Ratna  
                          The industry has reached a stage where it can differentiate 
                          the `winners of today' from the `winners of yesterday'. 
                          With increasing interest from global honchos, good times 
                          beckon pharma firms.     
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         Oil 
                          & Gas : The Quest for Energy Security  
                          -- Y Bala Bharathi To 
                          meet India's ever-increasing thirst for oil, Indian 
                          oil majors are aggressively scouting for overseas equity 
                          oil, besides shoring up their domestic efforts.                          
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         Retailing 
                          : Untapped Potential  
                          -- N Janardhan Rao and V Ratna 
                           The 
                          increasing level of disposable income and the consequent 
                          growing consumerism in the underdeveloped organized 
                          retail sector have made India an attractive destination 
                          for both domestic as well as global retailers.                          
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         Telecom 
                          Infrastructure : Making the Right Call  
                          -- N Janardhan Rao and Pratichi Samal Telecom 
                          infrastructure in India lags comparably behind and needs 
                          to be uplifted. Duplication of telecom infrastructure 
                          is a colossal waste. Infrastructure sharing, as an option, 
                          should be considered more seriously.                          
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         Cement 
                          Industry: Cementing the Future  
                          -- N Janardhan Rao and PS Sarath Chandra 
                           Increased 
                          activities in infrastructure coupled with consolidation 
                          has brought a change in the cyclical nature of the cement 
                          industry.     
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         Media 
                          and Entertainment Industry : Digitization Is the Key  
                          -- N Janardhan Rao and Pratichi Samel India's 
                          strong foothold in the global IT arena has provided 
                          the industry with the much-needed opportunity to emerge 
                          as a global hub for digital entertainment.                          
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         Indian 
                          Banks : Banking on Growth  
                          -- Y Bala Bharathi As 
                          the banking sector is on the threshold of exponential 
                          growth, consolidation, reforms and compliance remain 
                          the dominant factors on the boardroom agenda.                          
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         FMCG 
                          : Back in the Reckoning  
                          -- N Janardhan Rao and L Venu 
                           With 
                          the changing lifestyle and rising disposable income 
                          levels, the FMCG industry is all set to accelerate its 
                          growth in the coming years.     
                          © 2007  IUP . All Rights Reserved                         INDUSTRY 
                         Services 
                          Sector : In Service of the Nation  
                          -- R Venkatesan Iyengar 
                           The 
                          services sector accounts for more than half of India's 
                          GDP. While this takes Indian economy closer to the fundamentals 
                          of a developed economy, the services-led growth would 
                          benefit all strata of society only if it leads to broader-based 
                          development and job creation.     
                          © 2007  IUP . All Rights Reserved                         PERSPECTIVE 
                         Liquidity 
                          : The Difference Maker All Over Again  
                          -- Akhil Agarwal, CFA  
                          When it comes to dissecting a financial crisis, 
                          the correct approach would be to look at what started 
                          it all. The origin of the subprime global credit market 
                          rout could be traced to what in the financial market 
                          circles is called the `Greenspan Put'.                          
                          © 2007  IUP . All Rights Reserved                         APOLITICAL 
                         Auctioning 
                          of ECBs: Tax Investors in Domestic Projects?  --
                          grk 
                          
                          The unabated inflow of `copious capital' that is threatening 
                          to be still more copious, is haunting the policy-makers, 
                          the politicians and the businessmen alike. The Forex 
                          reserves are at a high of $270 bn and are all set to 
                          rise further. External Commercial Borrowings (ECBs) 
                          that have indeed gone up during the current year have 
                          been identified as one of the major contributors to 
                          the problem of surging capital inflows.                          
                          © 2007  IUP . All Rights Reserved                         |