Effective Monday, December 20th 2004, the Exchange is revising the methodology of calculation of Price Earnings Ratio of BSE Indices. The Exchange would be calculating the Price Earnings Ratio taking into consideration "Rolling four Quarterly Earnings" instead of the current practice of sourcing earnings from the Annual Results. The revised method would help to portray the current earnings trend in a timely and effective manner by taking into consideration the latest available financials of the company.

For any further clarifications you may contact the under-mentioned officials of the Index Cell:
1) Mr. Sammit Joshi at 22721233/34 (Extn. 8125)/ Mobile 9819808125
2) Ms. Remya Laxman at 22721233/34 (Extn.8147)/ Mobile 9820337570

Kalyan S. Bose

Head - Corporate Communications December 14, 2004