July 27, Mechel circulated an official announcement, which announced the beginning of placement of bonds by 45 billion rubles. Start date of placement on 30 July, underwriter designated bank. The bulk of the funds from the placement are planned to the construction of infrastructure Elginskogo field. According to the media business at a meeting in Magnitogorsk on Friday, the government pledged in the amount of Mechel gosgarantii 45 billion, while State Bank is mandated to ensure the placement of bonds. We believe that the placement of the bonds will be another step towards the resolution of current debt problems Mechel, and the above news should please investors. At the moment we have no formal recommendation on shares of Mechel.

Dixy Group has published data on the sales transaction on the basis of 1 semester of 2009. Overall, the retail chain was expected, in the semi-annual results showed the rate of sales growth at 16% in Russian rubles, which was due to logistical problems in the company. We appreciate the neutral results of Dixy Group, on the basis of 1 semester. As additional information the company disclosed the structure of comparable sales, on the basis of 1 semester of 2009, which slightly lagged behind market developments. LFL sales at stores open until 1 January 2007 fell by more than 2.2%, mainly due to thesignificant reduction in traffic by more than 7%. Comparable sales magnet, for comparison, for the same period grew by more than 10% in ruble terms. According to our estimates, approximate fair value of shares of Dixy Group is $ 7.2, which is more than 100% higher than current market quotations of shares of retail chains.

24 July message from the newspaper RBC Daily has learned that the MTS had allegedly engaged in active negotiations to acquire a network of salons provider Alt Telecom (composed of 350 shops). The potential transaction in question, despite the lack of official comment from the participants are indeed very possible. MTS carefully, step by step, is building its own retail network, and after a series of transactions (the acquisition of Telefon.ru and mobile shops Eldorado , the transition of ex-band communication in the ITT) on the formal criteria of its retail network can be regarded as a serious player . As compared with 3.7 thousand rooms Euroset and 1.8 thousand shops connected, approximately 2.8 thousand retail outlets MTS look very impressive. However, the number of stores in the network is not a crucial factor in the success of retail areas. For MTS it looks rather venture, but the cost issue in relative terms is small (tens of millions of dollars) that can be easily cast. The recommendation on shares of ITT: Buy with target price at the end of 2009, $ 10,8.

Given the forecast growth in Brent prices to $ 81 MICEX index can update a maximum of 1300 points in order to
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