The market caps of some old-line Indian groups are smaller than their book 
values. Now raiders are appearing.

COMPANIES          SECTOR                 SHARE PRICE*    BOOK VALUE*

GREAT EASTERN      Shipping, Real Estate     0.72           0.80
SHIPPING

EICHER             Tractors                  0.34           2.10

INDO GULF          Minerals, Fertilizer      0.81           1.48

BOMBAY DYEING      Textiles                  2.50           3.35

GRASIM             Cement, Textiles          4.95           6.58

MAHINDRA           Tractors, Real Estate     3.16           3.62
& MAHINDRA

TELCO              Trucks                    1.91           2.52

* dollars/share

DATA: WALLETWATCH, SMIFS, CORPORATE DATABASE