AppLabs Technologies
The software testing company was selected by Red Herring magazine as one of the 100 most promising technology firms in Asia.

Bharat Biotech
After many firsts, like a recombinant vaccine for Hepatitis B, it has launched a product called Regen-D, a path-breaking therapeutic for diabetic foot care, burn injuries and skin grafts.

Bharti Tele-Ventures
When we featured Bharti last year, it was the country's second-largest mobile telephony firm after Reliance Infocomm. Now it is the largest with 14 million
Subscribers (of a total of 65 million).
Share price on December 3, 2004: Rs 185.45
Share price on October 14, 2005: Rs 328.25

BHEL
The power equipment manufacturer's order book is full for the next two years, with orders worth some Rs 32,000 crore.
Share price on December 3, 2004: Rs 642.3
Share price on October 14, 2005: Rs 1,135.05

Cognizant
The Nasdaq-listed IT solutions company, which already employs 23,000, was a late entrant
into the Indian tech space, but analysts like Forrester Research think it has already broken into Tier I.

eClerx
In July this year, Yankee Group named this Mumbai-based boutique BPO as a best-of-breed pricing services provider in a report on Price Management and Profit Optimisation (PMPO) Solutions.

Gokaldas Exports
The Bangalore-based garment exporter went in for an IPO only in March this year, and has already earned 'outperformer' status from brokerages like Enam Securities.
Share price on October 14, 2005: Rs 523.35 (listed on April 27, 2005)

Hical Magnetics
The outlook continues to be bright for this magnetic component-maker. India is on its way to become a hub for manufacturing of telecom products.

Hughes Software Systems (now Flextronics Software Systems)
The company has positioned itself as a single-point software vendor for telecom equipment makers.
Share price on December 3, 2004: Rs 539.9
Share price on October 14, 2005: Rs 697.85

ICICI Bank
The bank is planning to raise $1.7 billion (Rs 7,480 crore) by issuing fresh equity. India's largest private sector bank is growing at a tremendous pace.
Share price on December 3, 2004: Rs 353.45
Share price on October 14, 2005: Rs 506

ITC
Foods, hotels and garments promise to be the next big things for it. And its rural initiative e-choupal continues to grow in strength.
Share price on December 3, 2004: Rs 85.33
Share price on October 14, 2005: Rs 125.15

L&T
The engineering and construction giant should benefit from the boom in infrastructure and construction.
Share price on December 3, 2004: Rs 999.50
Share price on October 14, 2005: Rs 1,417.10

Matrix Laboratories
It has made a string of foreign acquisitions in a span of six months and looks set to enter pharma's Tier I.
Share price on December 3, 2004: Rs 192.09
Share price on October 14, 2005: Rs 177.55

Pantaloon Retail
India's home-grown Wal-Mart is going strong, adding new divisions to its existing business and new formats such as Home Solutions Retail India Limited (HSRIL).
Share price on December 3, 2004: Rs 580.80
Share price on October 14, 2005: Rs 1,591

Pricol
The Coimbatore-based auto-comp maker is entering the business of information technology consulting and services.
Share price on December 3, 2004: Rs 46.85
Share price on October 14, 2005: Rs 50.80

Solectron Centum
The contract manufacturer is looking at the defence and aerospace markets.
Share price on December 3, 2004: Rs 119.6
Share price on October 14, 2005: Rs 246.35

Suzlon Energy
With tax-benefits on wind-power generation continuing, the company is on solid ground. It's recent IPO was a sell-out.

Tata Power
The company is gradually expanding its business outside the Mumbai licence area, in generation, distribution and trading.
Share price on December 3, 2004: Rs 346.10
Share price on October 14, 2005: Rs 442.75

TCS
An 81 per cent jump in net profit to Rs 620.32 crore for the quarter ended September 30, 2005, hasn't disappointed analysts.
Share price on December 3, 2004: Rs 1,235.35
Share price on October 14, 2005: Rs 1,423.15

VSNL
India's bandwidth king acquired Tyco Global Network and Teleglobe, strengthening its position on the wholesale side for traffic into and out of India.
Share price on December 3, 2004: Rs 226.80
Share price on October 14, 2005: Rs 328.95

Companies without share prices are unlisted
Share prices have been adjusted for splits and bonuses wherever applicable

How the 20 companies to watch in 2004
Have Performed

Apollo Hospitals
It's planning a new hospital in Mumbai and has signed an MoU with Johns Hopkins Medicine International in healthcare services and clinical research.
Share price on January 1, 2004: Rs 185.55
Share price on October 14, 2005: Rs 416.35

Aurobindo Pharma
It's affected by the declining margins in the highly commoditised generics market. Its sales dipped by 13.56 per cent and profits by 24.93 per cent in 2004-05.
Share price on January 1, 2004: Rs 436.20
Share price on October 14, 2005: Rs 338

Bajaj Auto
New products and a possible global play keep its engine revving.
Share price on January 1, 2004: Rs 1,135.70
Share price on October 14, 2005: Rs 1,691

Bharat Electronics
The PSU, mainly catering to the defence sector, is focussing on cutting costs and improving quality in an effort to fight rival firms like Tata Consultancy Services and L&T.
Share price on January 1, 2004: Rs 617.95
Share price on October 14, 2005: Rs 746.50

Bharat Forge
The second largest forging company in the world is still on an acquisition spree.
Share price on January 1, 2004: Rs 156.07
Share price on October 14, 2005: Rs 331.25

Bio Veda Technologies (Biotique)
The manufacturer of Biotique range of herbal personal care products has been lying low after an income tax raid last year. Oops!

Divi's Lab
Its profits dipped to Rs 66 crore in 2004-05 from Rs 73 crore in the previous year, largely due to high raw material prices. Analysts feel the company is in for a long haul.
Share price on January 1, 2004: Rs 1,593.30
Share price on October 14, 2005: Rs 1,432.85

Indecomm Global
It's expecting 150 per cent growth in topline in 2006-07 and has opened two more facilities, in Bangalore and Mysore.

Indian Oil Corp.
The country's largest refiner has been in trouble ever since crude oil prices started going through the roof.
Share price on January 1, 2004: Rs 470.50
Share price on October 14, 2005: Rs 449.90

Ittiam Systems
Received $6.5 million (Rs 28.6 crore) funding from Banc of America Equity Partners; plans an IPO by 2008.

Micro Inks
Its backward integration strategy has paid off. Despite a rise in inputs costs, net profit rose by 155 per cent to Rs 66 crore.
Share price on January 1, 2004: Rs 682.10
Share price on October 14, 2005: Rs 649.15

MosChip Semiconductor
Still making losses, the firm's big moment is yet to come. However, it remains a serious chip-design play.
Share price on January 1, 2004: Rs 66.1
Share price on October 14, 2005: Rs 46.25

MphasiS BFL
The company's BPO business has shown less than expected growth, but its IT services business seems to have stabilised.
Share price on January 1, 2004: Rs 383.30
Share price on October 14, 2005: Rs 256.60

Nalco
Its topline grew by 32 per cent over 2004-05, thanks mainly to rising prices of alumina.
Share price on January 1, 2004: Rs 198.90
Share price on October 14, 2005: Rs 171.80

Sami Labs
It's targeting a turnover of Rs 470-490 crore by December. An R&D tie-up with the Malaysian government for palm oil is on the anvil. Plans an IPO by 2006.

Sterlite Industries
Has benefited from firm metal prices (it's a global non-ferrous company specialising in copper, zinc and aluminium) and access to quality mining resources.
Share price on January 1, 2004: Rs 740.40
Share price on October 14, 2005: Rs 805.30

Strand Life Sciences* (formerly Strand Genomics)
MediBic Alliance, a Japanese pharma consulting organisation, acquired a strategic stake in the company in September 2004. Plans to expand distribution network to North America and Europe.

Sun Pharma
It recently raised $450 million (Rs 1,980 crore) through the FCCB route; has made small manufacturing acquisitions in Hungary and the US; and plans new filings in the US and Europe in bulk actives and formulations.
Share price on January 1, 2004: Rs 299.02
Share price on October 14, 2005: Rs 660.00

Tata Motors
The company saw an impressive 33 per cent growth in topline in 2004-05.
Share price on January 1, 2004: Rs 454.15
Share price on October 14, 2005: Rs 534.35

Tata Tea
The company plans to exit tea plantations altogether and position itself as an FMCG marketing company.
Share price on January 1, 2004: Rs 350
Share price on October 14, 2005: Rs 795.35

Companies without share prices are unlisted
Share prices have been adjusted for splits and bonuses wherever applicable

How the 20 companies to watch in 2003
Have Performed

Asian Paints
The global (it operates in 23 countries) paints major is consolidating its gains.
Share price on January 10, 2003: Rs 221.14
Share price on October 14, 2005: Rs 493.85

Avestha Gengraine Tech
The Bangalore-based biotech research firm remains a hothouse but needs time to translate that into a commercial play.

Biocon
Its Rs 300-crore IPO was a success; struck a JV with Nobex to develop Oral Insulin, and launched Insugen, a bio insulin.
Share price on April 7, 2004: Rs 484.35
Share price on October 14, 2005: Rs 493.60

Cipla
The company ended GlaxoSmithKline's 28-year reign to emerge the leading player in the domestic retail pharmaceutical market for 2004 (according to ORG-IMS).
Share price on January 10, 2003: Rs 188.50
Share price on October 14, 2005: Rs 367.85

Daksh
A third party BPO, Daksh became IBM Daksh after it was sold to IBM for Rs 750 crore in April 2004.

Dr Reddy's Labs
It has transferred its research risks to a new company Perlecan Pharma, formed with the help of Citigroup Venture Capital and ICICI Venture.
Share price on January 10, 2003: Rs 986.10
Share price on October 14, 2005: Rs 905.15

Gujarat Ambuja Cements
The outlook for the cement sector is looking good; cement prices are also set to go up by at least 5 per cent.
Share price on January 10, 2003: Rs 22.1
Share price on October 14, 2005: Rs 67.45

Essel Propack
The company had 11 plants when we profiled them in 2003; today it has 20 manufacturing sites spread across the globe.
Share price on January 10, 2003: Rs 180.20
Share price on October 14, 2005: Rs 366.10

HDFC Bank
In a decade of its existence, the bank has built up more than 500 branches spread across 220 cities.
Share price on January 10, 2003: Rs 214.65
Share price on October 14, 2005: Rs 658.25

Hero Honda
It still remains the #1 two-wheeler maker with 50 per cent market share.
Share price on January 10, 2003: Rs 250.50
Share price on October 14, 2005: Rs 689.05

Hindalco
The company has acquired mines in Australia, and signed up with the governments of Orissa and Jharkhand to set up alumina and aluminium facilities.
Share price on January 10, 2003: Rs 59.15
Share price on October 14, 2005: Rs 132.40

i-flex
The company was acquired by Oracle in a deal worth $909 million (Rs 3,999.6 crore).
Share price on January 10, 2003: Rs 394.20
Share price on October 14, 2005: Rs 914.30

Infosys
Its topline has already crossed $1 billion (Rs 4,400 crore) in the first six months of this fiscal. So, there!
Share price on January 10, 2003: Rs 1,109.03
Share price on October 14, 2005: Rs 2,600.80

Moser Baer
The world's third largest optical media storage manufacturer is facing margin pressures in the highly commoditised business.
Share price on January 10, 2003: Rs 91.72
Share price on October 14, 2005: Rs 208.50

Kshema Tech
When we profiled Kshema in 2003, the company's then CEO Anant Koppar had said the company would be a $100 million (Rs 460 crore then) entity by 2005. Kshema, however, was acquired by Mphasis for $21 million (Rs 92.4 crore then) in April 2004.

ONGC
It has doubled its turnover from Rs 23,238 crore to Rs 48,368 crore in the last three years; aims to become a $50-billion (Rs 2,20,000-crore) company in the next five years; and is entering LNG (regasification), petrochem, power and shipping businesses.
Share price on January 10, 2003: Rs 371.90
Share price on October 14, 2005: Rs 992.25

Ranbaxy
Its generics play has been at the receiving end (thanks to litigation), but that is likely a transitory phase.
Share price on January 10, 2003: Rs 313.88
Share price on October 14, 2005: Rs 442.95

Reliance Industries
Flagship Reliance Industries is now controlled by elder brother Mukesh Ambani (and subsidiary Reliance Infocomm has been spun off and given to younger brother Anil). Mukesh is now looking to enter new businesses like retail.
Share price on January 10, 2003: Rs 297.50
Share price on October 14, 2005: Rs 763.60

Shantha Biotechnics
The Rs 40-crore company recently launched Shanpoietin for the treatment of renal failure.

Wipro
The company's high-profile Vice Chairman, Vivek Paul is out and Chairman Azim Premji is playing a more active role, but otherwise, it is business as usual.
Share price on January 10, 2003: Rs 253.54
Share price on October 14, 2005: Rs 385.35

Companies without share prices are unlisted
Share prices have been adjusted for splits and bonuses wherever applicable