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ͻ Expertise that helps our customers to out serve their customers
ͻ Expertise that helps our customers reach their goals better &
faster.

## ͻ Expertise that helps our employees satisfy their desire to add

value and make a difference.

## ͻ Expertise that helps our shareholders derive more returns from

their investments and
ͻ Expertise that helps to build more experts in the society.
Ô   



##  !"#\$% '&

&!!

Ô ('&)
\$ ())!!!
\$ (')()!
*+ &!!!
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')
Ô *+ '&!&!
\$ Ô !'(!
V  V  

  ,

120690000 &&!((& ()(

 !
"#\$%&!! 790 ( 

## Ô 53.63 &'& !)')(

\$
278128800000 &!!!!!! &(!!!!!!!
\$
 2304.489187 '!& '&&)
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134462500000 &!!!!!!! !!!!!!!!
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## 14.73056125 )')!&( '))(

Ô *+
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\$ 
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Infosys, Wipro and TCS VS Polaris software
à     

 V 

'( 6.6654

## \$ Ô (')& 0.631968029

Conclusion
 Polaris has a great
upside from here.
 It is underpriced.
 One can expect the
price of stock to go as
high as 140, even if we
assume a modest
increase in PE from 6.66
to 10 which is still less
as compared to average
of 15.
IDFC
 8= # (,1"\$'((?544:(
-\$((2

 "#  \$"+1("-\$\$,&&\$('"(!"-\$
@91\$"`+1( &&\$,3"(!
(! "+,"+\$1A\$," B2

 " (\$#11,-(''\$("!\$'"-\$(\$\$'!
 1\$,3\$'!((,("\$&\$'/!
(! "+,"+\$2

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1A\$," **\$*"(*0\$ 25?5??&(2
IDFC
 8= - %'\$(\$'" ("!,+ (
' 51#\$51" ('
"\$\$,&&+(,"( 2

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("\$*"\$'"( 1"5(!&"(
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\$"-
,\$+('\$"-\$,-&( -1!82 .\$ -
-(2

##  ("  \$," !\$(**\$&\$("

"- %\$\$(#'\$' \$'(*\$
&('"\$ ('.\$/'0 /
*(&\$(" 2
IDFC

No of shares of RS 10 each

'&
Market price as on 10th july 2009
EPS ('&)

Sales ())!!!

BV (')()!

## Sales per share '(!(

PE ')

Price to BV '&!&!

## Sales to Price !'(!

IDBI IFCI
  
! 724763834 762410000

 
!"#\$%&!! 87.3 39.8

Ô 10.58 4.61
\$ 133468500000 14322200000
\$
74443000000 26749200000
*+ 102.7134585 35.08505922
*+
184.1544704 18.78543041
Ô
8.251417769 8.63340564
Ô *+ 0.8499 1.134386
\$ Ô
0.474058543 2.11866
IDBI, IFCI vs IDFC
à   

Ô
8.442411705 21.92906574

## \$ Ô 1.29636 4.51429193

Conclusion
 It is a overpriced stock

 We would recommend
sale on IDFC.

 It is overpriced on every
aspect that is PE, BV to
Price and Sales to Price