Made some minor changes to the portfolio. Allocation at CMP as on today. Can Fin Homes 15% Mahindra Ugine 11% Gati 7% Ashiana Housing 6% Firstsource Sol 5% Avanti Feeds 5% Yes Bank 5% Repco Home 5% AIA Engineering 5% Transport Corp 5% Ajanta Pharma 5% PTC India Fin 4% Kovai Medical 4% Aurobindo Pharm 3% CCL Products 3% Alembic Pharma 3% Torrent Pharma 2% Fluidomat 2% Dynemic Product 2% Jyoti Structure 2% Acrysil India 2% 1) Mahindra Ugine has moved up well and arbitrage between Ugine and CIE has reduced to 6-7% from 17-18%. 2) Avanti, Gati, CCL, TCI, Ashiana have given very good upmoves amongst the above holdings. 3) Added Ajanta Pharma and Kovai Medical. 4) Added a little bit to existing position of Can Fin. 5) Booked 50% profits in Jyoti Structures to make way for other additions. May re-enter if I get it again at 25% below CMP. 6) Exited Natco Pharma - Timely exit before the drop. Felt that on a 1 year forward basis COPAXONE adding to the topline and bottomline was largely factored in at the current price and hence decided to exit as looked expensive. Also wanted to add Ajanta without making too much of a fresh allocation towards Pharma as a sector. Therefore started thinking of moving out of Natco as from the existing holdings wanted to hold on to Aurobindo, Alembic and Torrent. 7) Will look forward to exiting FSL in future and not now as I believe it has been consolidating at these levels for sometime now and a break out above 30 should take it to 35 levels. May consider exiting at those levels. 8) Portfolio still continues to be diversified and consists of 21 stocks at present. But will be exiting FSL later and as I said at the begining of this thread that I consider 4 pharma stocks as 1 and 2 logistics stocks (Gati & TCI) as 1. That is my way of spreading risks in sectors where things can change very fast and require constant monitoring. 9) Few other stocks that I am gathering more information on are : Ambika Cotton ASM Tech B & A (Tea Plantations) FIEM Inds Infinite Computers Rapicut Carbides Unique Organics Vikram Thermo