14 July 2017
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Today’s top research idea
TCS: Missing revenue traction weighs on profitability too
v
TCS’ 6.3% YoY CC growth in 1QFY18 was marginally below our estimate of
6.9% YoY. YoY CC growth in larger revenue contributors like BFSI, Retail, North
America and UK continued to remain soft.
v
This in our view implies elevated challenges to exceed 8% YoY CC growth of
FY17 this fiscal.
v
Additionally, while margin pressures from wage hikes and currency were
known, TCS’ 240bp EBIT margin decline to 23.4% implied limited offset levers.
While TCS retained its confidence of operating in the 26-28% EBIT margin
band ex-currency, 1Q margin adjusted for currencies was ~24.5%, the farthest
from the band.
v
The slight revenue miss and larger profitability deficit has led us to revise our
earnings estimates downwards by 3-4% over FY18-19.
Market snapshot
Equities - India
Close
Chg .%
Sensex
32,037
0.7
Nifty-50
9,892
0.8
Nifty-M 100
18,277
0.3
Equities-Global
Close
Chg .%
S&P 500
2,448
0.2
Nasdaq
6,274
0.2
FTSE 100
7,413
0.0
DAX
12,641
0.1
Hang Seng
10,677
1.5
Nikkei 225
20,100
0.0
Commodities
Close
Chg .%
Brent (US$/Bbl)
48
1.6
Gold ($/OZ)
1,223
0.4
Cu (US$/MT)
5,854
-0.4
Almn (US$/MT)
1,906
1.8
Currency
Close
Chg .%
USD/INR
64.4
-0.2
USD/EUR
1.1
-0.6
USD/JPY
113.1
-0.3
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.5
0.0
10 Yrs AAA Corp
7.5
0.0
Flows (USD b)
13-Jul
MTD
FIIs
0.0
-0.1
DIIs
0.0
0.5
Volumes (INRb)
13-Jul
MTD*
Cash
327
267
F&O
10,045
5,315
Note: YTD is calendar year, *Avg
YTD.%
20.3
20.8
27.4
YTD.%
9.3
16.6
3.8
10.1
13.7
5.2
YTD.%
-13.8
5.4
6.0
11.9
YTD.%
-5.1
8.0
-3.4
YTDchg
-0.1
0.0
YTD
8.3
3.8
YTD*
284
4,938
Research covered
Cos/Sector
TCS
MCX
Cyient
Emami
Telecom
Results Expectation
Key Highlights
Missing revenue traction weighs on profitability too
Impacted by lower realization and cash yield
Broad-based traction dragged by DLM; Services growth robust
Annual Report FY17: Building platform for strong long-term growth
Telecom subscribers watch May-2017
Infosys
Piping hot news
HDFC Life may call off merger plan with Max Life, focus on IPO
v
HDFC Life Insurance may call off its proposed takeover of the Max group’s life
insurance business as the two have not been able to arrive at a mutually
agreeable alternative structure for the transaction, which the regulator has
rejected in its current form.
Chart of the Day: MF industry grows for 15th consecutive quarter in 2QCY17; AUM up 6.7% QoQ to new
high of INR19.6t
Trend in quarterly average AUM
Research Team (Gautam.Duggad@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

In the news today
Kindly click on textbox for the detailed news link
1
The proposed e-way bill for
moving goods within the country
would rely heavily on technology,
employing RFID chips and QR
codes, to ensure that monitoring
of goods movement does not
bring back inspector raj and slow
down goods traffic on…
2
Sebi is examining whether the proposed merger between Vodafone India
and the Kumar Mangalam Birla-owned Idea Cellular will trigger an open
offer under the takeover rules. Sebi is also said to have asked for
clarifications regarding purchases of Idea stock by Pilani Investment and
Industries Corp, part of the Aditya Birla Group, ahead of an official
announcement regarding merger discussions…
GST: Government bets big on
tech to ensure e-way bill does
not bring back inspector raj
Vodafone-Idea merger: Sebi looks at open offer possibility
3
Prime Minister Narendra Modi will
review the foreign direct
investment (FDI) policy tomorrow
with a view to removing
bottlenecks to overseas inflows,
sources said. On the table is the
proposal to ease rules in print
media, construction, the single
brand and multi-brand retail
trading…
Modi to review FDI policy on
Friday; focus on retail,
construction norms
4
JSW Steel chief Sajjan Jindal
says could tweak offer for near
bankrupt Monnet Ispat
Sajjan Jindal, chairman and
managing director, JSW Group,
said on Thursday that JSW Steel
might tweak its offer for the near-
bankrupt Monnet Ispat. Jindal was
speaking at a press conference
following the annual general
meeting of JSW Energy…
5
Adani Ports in fray for buying
stake in Dredging Corporation
Adani Ports, ace investor Rakesh
Jhunjhunwala’s Dharti Dredging
and Construction, Mercator and a
few other domestic dredging
players are in the race to buy the
government stake in Dredging
Corporation of India (DCI)…
6
Order to banks to speed up
loan recovery within our
powers: RBI
The Reserve Bank of India (RBI) on
Thursday said its 13 June directive
to banks to speed up their bad-
loan recovery was well within its
powers, and that its classification
of sticky assets could not be
challenged…
7
Sajjan Jindal-led JSW Energy plans
to raise up to Rs 12,500 crore via
debt and equity during the
financial year 2017-18 for
acquisition of power assets...
JSW Energy to raise up to Rs
12,500 crore in FY18
14 July 2017
2

13 July 2017
1QFY18 Results Update | Sector: Technology
TCS
BSE SENSEX
32,037
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
9,892
TCS IN
1,970
Missing revenue traction weighs on profitability too
4,815.8 / 74.7
n
Growth missing large-segment traction:
TCS’ 6.3% YoY CC growth in 1QFY18
2740 / 2055
was marginally below our estimate of 6.9%. YoY CC growth in larger revenue
-5/-9/-17
contributors remained soft – BFSI (5%), Retail (-3%), North America (3.5%)
3180
and the UK (6%). This, in our view, implies elevated challenges to exceed 8%
26.7
CMP: INR2,444
TP: INR2,350 (-4%)
Neutral
Financials & Valuations (INR b)
2017
2018E
Y/E Mar
1,179.7 1,236.6
Net Sales
323.1
326.7
EBITDA
262.9
261.3
PAT
133.4
133.6
EPS (INR)
8.3
0.1
Gr. (%)
448.3
418.7
BV/Sh (INR)
32.6
31.1
RoE (%)
32.4
27.1
RoCE (%)
18.3
18.3
P/E (x)
5.5
5.8
P/BV (x)
2019E
1,375.1
369.0
288.9
147.7
10.5
484.6
33.5
25.8
16.5
5.0
n
n
Estimate change
TP change
Rating change
n
YoY CC growth of FY17 in this fiscal. We estimate 7.5% CC growth in FY18.
Farthest from aspired margin band (ex-currency):
While the margin
pressures from wage hikes and currency were known, TCS’ 240bp QoQ EBIT
margin contraction (to 23.4% v/s estimate 24.3%) in 1QFY18 implied very
limited results from any offsetting levers. While TCS retained its confidence
of operating in the 26-28% EBIT margin band ex-currency, 1Q margin
adjusted for currencies was ~24.5%, the farthest from the band in recent
history. This drives additional 40bp cut in our EBIT margin estimate for FY18
to 24.8%. 1QFY18 PAT declined 10% QoQ to INR59.45b, below our estimate
of INR62b, mainly led by miss on the operating performance.
BFS and Retail continue to drag:
TCS won four large deals in BFSI in 1QFY18
out of 11 in total, but cited that the pipeline remains short of suggesting
homogenous strength in the vertical. Client-specific concerns are driving the
same. Retail grew 2% QoQ CC driven by Digital, but the segment is still under
the scanner, given the structural challenges facing many retailers.
Valuation view:
Our earnings estimate for FY18 is down by 4% after
factoring in the revenue and margin miss in 1QFY18. TCS trades at 16.5x
FY19E for FY17-19 USD revenue/EPS CAGR of 8%/5%. Lower growth will
unlikely support the premium valuation to peers, and we expect correction
to the same in reaction to the results. Our price target of INR2,350 implies
4% downside.
Neutral.
Quarterly Performance (Consolidated)
14 July 2017
3

13 July 2017
1QFY18 Results Update | Sector: Others
MCX
Buy
BSE SENSEX
32,037
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
9,892
MCX IN
51
63.4 / 1.0
1420 / 925
-2/-27/-14
523
100.0
CMP: INR1,079
n
TP: INR1,300(+20%)
Impacted by lower realization and cash yield
Revenue miss, costs stable:
MCX’s 1QFY18 revenue declined 6% YoY to INR592m
v/s our estimate of INR641m. Yield for the quarter declined 0.5%, driving revenue
miss. Operating expenses were INR460m, in line with our estimate of INR462m.
Consequently, EBITDA was INR132m (22.3% margin, -12.8pp YoY), below our
estimate of INR169m. PAT of INR263m (below estimate of INR427m) was dragged
further by lower other income of INR277m v/s estimate of INR312m.
Volumes remained weak, dragged by bullion:
Volumes during the quarter were
down 3.4% QoQ and 24.8% YoY, dragged mainly by bullion – Gold (down 3.5% QoQ
and 52.8% YoY) and Silver (up 4.7% QoQ but down 39% YoY). Contribution from
Gold and Silver combined was 28% of overall volumes, down from 40% in 1QFY17.
Crude too suffered YoY, down 24%, though QoQ volumes were stable at 6.1%.
Concentration from crude, however, has held on at 28.2% (v/s 25.7% in 4QFY17
and 28% in 1QFY17).
Multiple triggers should help volumes:
MCX cited expectations of recovery in
volumes, led by multiple triggers: [1] Implementation of GST, which has been an
overhang on bullion due to low stocking levels in the physical commodity, [2]
Launch of options in Gold sometime in 2QFY18, followed by other commodities in
3-6 months and [3] Expectation of category-II AIFs (recently allowed by the SEBI to
trade in the segment) to start operations in commodity derivatives by the end of
2QFY18. Post GST implementation, bullion volumes are already seeing an uptick at
~INR10-12b per day.
Valuation and view:
MCX has retained its market leadership position with a share of
80-90% over FY09-17, even in the most turbulent of months during FY13-15, when
the parent’s existence was in deep waters on issues of fraud around the National
Spot Exchange (NSEL). With the SEBI’s reforms underway, we see volumes on the
path to significant recovery, from new products and participants. With operating
margin on incremental volumes at ~80%, this would boost operating profits for MCX.
We expect earnings CAGR of 28% over FY17-19. Our price target is INR1,300, which
discounts forward earnings by 30x.
Buy.
Financials & Valuations (INR b)
Y/E Mar
2017 2018E 2019E
Net Sales
2.6
2.8
3.8
EBITDA
0.8
0.9
1.8
PAT
1.3
1.4
2.1
EPS (INR)
24.8
28.0
42.2
Gr. (%)
6.2
12.9
50.5
BV/Sh (INR)
266.4 280.7 302.2
RoE (%)
10.2
10.2
14.5
RoCE (%)
10.0
9.9
14.1
P/E (x)
43.5
38.5
25.6
P/BV (x)
4.0
3.8
3.6
n
n
n
Quarterly Performance (Consolidated)
14 July 2017
4

13 July 2017
1QFY18 Results Update | Sector: Technology
Cyient
Buy
BSE SENSEX
32,037
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
9,892
CYL IN
113
Services growth robust
58.0 / 0.9
564 / 416
n
Performance dragged by DLM:
Rangsons (DLM) dragged 1QFY18 performance
vis-à-vis expectations on both revenues (3% impact) and margins (60bp
-5/-15/-13
62
impact) front. Having started the year at USD12m, CYL maintained DLM
77.8
outlook of 20% growth, citing healthy visibility to reach USD65m for the full
CMP: INR515
TP: INR600(+17%)
Broad-based traction dragged by DLM
Financials & Valuations (INR b)
Y/E Mar
2017 2018E
Net Sales
36.1
39.2
EBITDA
4.9
5.3
PAT
3.7
4.0
EPS (INR)
30.6
35.4
Gr. (%)
-0.2
15.6
BV/Sh (INR)
188.7
213.5
RoE (%)
16.2
16.6
RoCE (%)
15.9
15.3
P/E (x)
17.1
14.8
P/BV (x)
2.8
2.4
2019E
45.5
6.3
4.7
41.9
18.2
242.8
17.3
15.8
12.5
2.2
n
n
Estimate change
TP change
Rating change
n
year (we estimate 12% growth). Operating loss of INR53m in DLM also
dragged the EBITDA margin by 50bp QoQ to 12.8% v/s our estimate of 13.2%
(ex-DLM margin was 13.3%). PAT of INR878m (+18.6% QoQ) came in below
our estimate of INR955m, led by operational miss. Also, the reported tax rate
during the quarter was 31%, but 27% excluding one-offs.
Broad-based YoY traction is a positive:
Communications continued to run
the show at CYL, growing 35.2% YoY. However, growth was far from lop-
sided, as six out of the eight segments grew in double-digits YoY, with the
exception of Aerospace & Defense (A&D; 2% YoY) and IENR (-4.9% YoY). CYL
expects to struggle only in IENR for the year, citing ample opportunities in
A&D in the manufacturing and after-market segments.
Estimates pruned on higher tax rates:
Our earnings estimates for FY18/19
are down by 3/2% owing to higher effective tax rates of 26-28% v/s 24%
earlier. Barring that, growth and margin estimates are largely unchanged,
despite the 1Q miss, as we expect catch-up in DLM in the remaining quarters
to compensate for the same.
Industry-leading growth, coupled with long-term opportunities:
At current
momentum, we expect CYL to continue leading industry growth (~12% YoY
CC in FY18E), and over the longer term, it remains well placed to address
opportunities in the Engineering and Defense segments. Additionally,
insulation from any regulatory adversities, unlike peers, places the company
in a favorable intersection of performance and protection. We see favorable
risk-reward at 14.5/12.5x FY18/19E earnings. Our price target of INR600
discounts FY19E earnings by 14x.
Buy
.
Quarterly Performance (Consolidated)
14 July 2017
5

13 July 2017
Update
| Sector:
Consumer
Emami
Buy
BSE SENSEX
32,037
S&P CNX
9,892
CMP: INR1,073
TP: INR1,265 (+18%)
Building platform for strong long-term growth
Key takeaways from Emami’s (HMN) FY17 annual report:
n
Innovation remained the key focus area in FY17
Near-term prospects look challenging due to high wholesale dependence
n
Took much-needed efforts to boost direct reach via Project Race/Project Dhanush
n
Continued to emphasize on growing the Kesh King franchise
n
Healthy operating cash flow growth, led by reduction in other assets
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val ( INRm)/Vol m
Free float (%)
Right portfolio, low penetration, focused spending brighten growth
potential
HMN IN
227.0
1261 / 937
-7/-17/-19
243.6
3.8
188
27.3
n
n
n
Financials Snapshot (INR b)
Y/E Dec
2017 2018E 2019E
Net Sales
24.9
28.5
32.8
EBITDA
7.6
8.4
9.8
PAT
6.0
6.4
7.7
EPS (INR)
26.5
28.3
33.9
Gr. (%)
4.5
6.6
20.0
BV/Sh (INR)
77.3
92.1 107.1
RoE (%)
35.8
33.4
34.1
RoCE (%)
31.0
34.1
38.5
P/E (x)
40.5
38.0
31.6
P/BV (x)
13.9
11.7
10.0
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Mar-17 Dec-16 Mar-16
72.7
2.7
15.6
8.9
72.7
2.8
16.3
8.2
72.7
1.2
16.3
9.8
n
n
n
80% of the portfolio comprises high-demand problem-solving products, and the
remaining 20% is discretionary products. This insulates the company from
volumes risk in an adverse consumer environment.
Penetration is low in many categories. We note that HMN is the dominant
player in its leading categories, which puts it at the forefront to drive category
growth.
Brands like Fair & Handsome (now with a wide men’s personal care portfolio)
are available in only 1.4m out of the 4.3m outlets that HMN reaches across the
country. Balms is another category, where penetration is low at 36% (Zandu
balm reaches only 1.6m outlets, and
Mentho Plus
only 1.2m outlets).
While Zandu is already strong with its balms and Chyawanprash products, it can
also emerge as a strong Ayurvedic products brand. Management believes that
the company’s strength lies in its ability to validate product efficacy on the basis
of data derived from systematic scientific research at NABL and Ministry of
AYUSH accredited laboratories.
HMN spends more on R&D than most FMCG companies in India; it incurred
INR231m (0.99% of sales) in FY17.
Despite demonetization, absolute A&P spend grew from INR4.3b in FY16 to
INR4.43b in FY17. In terms of A&P as a percentage of sales, HMN stands among
the top in the FMCG space.
Over the past five years, the company has introduced more than 25 products,
variants and extensions.
Some of the prominent new launches in FY17 were Boroplus Perfect Touch
Cream, Navratna Almond Cool Oil, Navratna i-Cool Talc, Fair & Handsome 100%
Oil Clear Instant Fairness Face Wash, He Respect deodorant, He Range of
perfumes and deodorants, Kesh King Ayurvedic Medicinal Oil with blend of
coconut oil, and He ‘On-the-Go’ Waterless Face Wash.
The company increased its direct reach to 0.73m outlets from 0.64m in FY16,
with a target to reach 0.8m in FY18. However, for a company with a pan-India
reach of 4.3m outlets at end-FY17, the direct reach is well below that of peers
and also weak in terms of proportion of total outlets.
6
New launch momentum stays robust
n
n
FII Includes depository receipts
Targeting to significantly increase direct, rural reach
n
14 July 2017

n
n
HMN initiated ‘Project Race’ in FY17 to expand its direct reach in urban towns.
The company has engaged AC Nielsen to conduct a study in the top 30 towns to
understand the best way to take the expansion plan forward.
During the year, the company also initiated ‘Project Dhanush’ to enhance its
rural direct reach via van operations (which were introduced in ~1,500 routes
covering 6,000 towns with a population of below 5,000). The target is to double
its rural reach in two years.
Kesh King was able to become cash EPS-accretive within the first year of
operations, creating the foundation for rapid repayment of debt raised for its
acquisition.
Kesh King’s reach was 0.54m outlets prior to the acquisition (MAT March 2015),
which has been increased to 0.75m (MAT December 2016). The brand now has
32.1% market share v/s 30% at the time of acquisition.
Operating leverage potential is huge as the product reaches only 3% of
households in India.
Apart from increasing distribution, management is planning targeted
communication, leading to product trials.
The company launched sachet SKUs in the shampoo category. Sachets are a
strong driver in the shampoo category, accounting for 65% of overall category
sales. We believe that while growth of Kesh King is likely to be muted in
1Q/2QFY18 due to its high wholesale dependence (70% of sales), the brand will
be a source of strong revenue and profitability growth (gross margins of over
70%) in the medium-to-long term.
Strong summer and abundant rainfall enabled 15% YoY domestic business sales
growth in 1HFY17, along with 29% EBITDA growth. However, 2HFY17 was
impacted by demonetization, and thus, sales declined 2% YoY with flattish
EBITDA.
While profit growth was unimpressive, net operating cash flows increased to
INR7.3b in FY17 from INR5.6b in FY16, led by lower other assets.
Debentures of INR 3b are scheduled to be redeemed in three tranches in FY18
(INR1.5b on 22 May, INR750m on 22 August and INR750m on 22 November).
Management reiterated its target to become debt-free by end-FY18.
Despite significant near-term challenges due to likely higher sales disruption
following GST implementation (as it has high wholesale channel dependence v/s
peers), we believe that HMN remains a credible long-term play due to (a)
expected healthy growth in the existing product categories, where it has
dominant market share, (b) demonstrated ability to leverage on its innovative
ability, customer understanding and distribution reach to turnaround
acquisitions, (c) best-of-breed R&D and A&P spend, innovative products and
ability to back-up innovation with strong marketing and (d) efforts toward
improving its direct distribution reach.
Valuations at 31.6x FY19E EPS are inexpensive relative to peers. We like the
company’s healthy long-term earnings growth prospects and return ratios in the
mid-30s. We thus maintain our
Buy
rating with a target price of INR1,265,
implying 18% upside to CMP.
7
Kesh King expected to be strong revenue/profitability driver
n
n
n
n
n
Financial highlights – FY17 was a story of two halves
n
n
n
n
Valuation and view
n
n
14 July 2017

Update | 14 July 2017
Telecom
Telecom subscribers Industry active subscriber addition recovers led by RJio
watch May-2017
Bharti remains the only other strong contender
The Telecom Regulatory Authority of India (TRAI) has released the monthly subscriber data
Refer to our report on
Telecom, dated 1 June 17
for the month of May 2017. Active (VLR) subscribers in the industry increased by 4.6m to
reach 1,020m in May, after declining by 1.5m in the previous month due to the
commencement of RJio’s paid services. Apart from RJio (+8.7m), Bharti (+1.5m) was the
only player to have recorded active subscriber addition. Bharti’s active subs market share
improved 10bp to 26.5%, while RJio gained 80bp to reach 8.7%, largely at the cost of
smaller players, which lost 60bp. This is in line with our view that RJio is likely to gain from
subscribers shifting from second SIM usage to RJio’s prime subscription. RJio’s VLR in May
improved 450bp MoM to 75.7%, indicating some stability after a 200bp decline in April.
Industry’s mobile broadband (MBB) subs net adds at 7.4m remained stable, led by RJio’s
4.8m adds. RJio continues to lead the MBB subs market share at 43%; however, adjusted
for inactive subscribers, RJio’s MBB subs market share stands at 36.4%. We continue
believing that Bharti has the wherewithal to perform well in the current hyper-competitive
market.
Industry witnesses recovery in active net subs adds
n
After declining by 1.5m in April due to RJio’s paid service launch, the telecom
industry’s active net subs increased by 4.6m in May 2017. Region-wise, Bihar,
UP (E) and West Bengal remained the major gainers, with growth led by RJio and
Bharti.
n
Operator-wise, RJio added 8.7m active subs to reach 88.9m, largely at the cost
of smaller operators, which lost 5m active subs. Vodafone and Idea too
cumulatively lost 0.5m active subs. This could be the outcome of subscribers
shifting from second SIM usage to RJio’s prime subscription. In our view, it will
be key to see RJio’s subs retention as it gradually increases ARPU beyond June
2017.
n
Bharti (+1.5m to 270m) was the only operator other than RJio to gain active
subs.
RJio gains active subs share; Bharti – the only strong contender
n
RJio gained active subs market share by a healthy 80bp MoM to 8.7%, as its VLR
improved by a strong 450bp to 75.7%.
n
Bharti was the only other strong player, which not only protected but also
marginally gained active subs market share (+10bp to 26.5%).
n
RJio’s market share gain largely came at the cost of RCom, Tata Tele, BSNL and
Uninor, which all remain vulnerable due to their weak network, limited value
proposition apart from pricing, and as they possibly hold majority of the second
SIM market. Vodafone and Idea too lost 10bp each to reach active subs market
share of 19.5%.
14 July 2017
8

MBB industry remains steady led by RJio
n
MBB subscribers increased steadily by 7.4m to reach 273m. RJio continues to
drive industry MBB subscription, contributing 65% (4.8m) of overall adds. On the
other hand, Bharti contributed 14% (1m).
n
RJio leads the MBB market share at 43% (+60bp MoM), while
Bharti/Vodafone/Idea hold 18.8%/14.8%/9%. Adjusting for RJio’s low active subs
at 75.7%, its MBB market share stands at 36.4% (+200bp), while
Bharti/Vodafone/Idea account for 21%/16.5%/10.1%.
Exhibit 1:
MBB subscriber base (>512kbps)
Wireless MBBs
20.4
8.6
-0.1
142
142
149
7.0
4.5
26.0
17.8
-0.3
174
200
200
217
235
243
258
265
273
17.7
7.5
15.1
7.7
7.4
net adds
153
Source: TRAI, MOSL
14 July 2017
9

June 2017 Results Preview | Sector: Technology
Infosys
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
INFO IN
2285.6
2195 / 34
1195 / 900
-1 / -21 / -33
n
CMP: INR951
n
TP: INR1,200 (26%)
Buy
Financial Snapshot (INR b)
y/e mar
2017 2018E 2019E 2020E
Sales
EBITDA
PAT
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div Yield (%)
14.7
3.1
9.3
2.8
14.6
2.8
8.7
3.2
13.5
2.5
7.7
3.7
12.2
2.3
6.7
4.1
684.9
186.1
143.8
62.9
6.6
302
22.0
22.0
40.9
713.9
189.8
144.9
63.4
0.8
335.0
19.9
19.9
47.3
794.3
209.0
157.2
68.8
8.5
365.0
19.7
19.7
49.4
867.6
231.0
173.5
75.9
10.1
397.5
19.9
19.9
50.1
n
n
n
n
In CC terms, our revenue growth estimate for 1QFY18 is 2.2%
QoQ on the back of gradual recovery in BFSI, offset by continued
pressure in Retail. Cross-currency tailwinds of 80bp would result
in USD revenue growth of 3%.
At the end of 4QFY17, INFO guided for 6.5-8.5% YoY CC growth,
implying a CQGR of 2.2-3%. FY17 guidance would be tested by 1Q
revenue growth.
We expect EBITDA margin to decline by 80bp QoQ to 26.4%, led
by INR appreciation and visa expenses.
With this, we expect full-year EBIT margin at 24%, at the mid-
point of the revised profitability guidance range of 23-25%.
Our PAT estimate is INR34.4b, -4.6% QoQ, led by lower
profitability and higher ETR.
The stock trades at 14.6x FY18E and 13.5x FY19E earnings. Buy.
Key issues to watch for
Ø
TCV of deal wins during the quarter.
Ø
Commentary around contribution of newly-launched services,
and revenue scale and growth from products and solutions.
Ø
Commentary around macro, verticals, margins and pricing.
(INR m)
FY18E
10,943
7.2
713,899
4.2
39.0
12.4
189,782
26.6
24.0
32,401
29.0
144,886
0.7
63.4
224,237
82.3
Quarterly Performance (IFRS)
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT Margin (%)
Other income
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
Headcount
Util excl. trainees (%)
Attrition (%)
Offshore rev. (%) (IT Serv)
Fixed Price (%)
E: MOSL Estimates
1Q
2,501
2.2
167,820
16.9
38.7
12.2
44,470
26.5
24.1
7,530
28.4
34,360
-4.5
13.4
15.0
197,050
81.1
21.0
43.0
45.7
FY17
2Q
3Q
2,587
2,551
3.4
-1.4
173,100 172,730
10.7
8.6
39.1
39.7
11.8
12.2
47,330
47,670
27.3
27.6
24.9
25.1
7,600
8,200
28.8
28.1
36,060
37,080
4.9
2.8
6.1
7.0
15.8
16.2
199,829 199,763
83.1
82.4
20.0
18.4
43.0
43.5
47.1
49.5
4Q
2,569
0.7
171,200
3.4
39.7
12.5
46,580
27.2
24.6
7,460
27.0
36,030
-2.8
0.2
15.8
200,364
82.6
17.1
43.3
49.4
1QE
2,647
3.0
170,473
1.6
39.2
12.8
44,926
26.4
23.7
7,976
29.0
34,385
-4.6
0.1
15.0
208,155
82.8
FY18E
2QE
3QE
2,716
2,764
2.6
1.8
176,545 181,018
2.0
4.8
38.7
39.0
12.3
12.4
46,627
48,110
26.4
26.6
23.9
24.1
7,830
8,597
29.0
29.0
35,472
37,032
3.2
4.4
-1.6
-0.1
15.5
16.2
214,243 218,672
82.6
82.0
FY17
4QE
2,816
1.9
171,200
0.0
39.3
12.3
50,119
29.3
24.5
7,998
29.0
37,997
2.6
5.5
16.6
224,237
81.7
10,208
7.4
684,850
9.7
39.3
12.2
186,050
27.2
24.7
30,790
28.0
143,830
6.6
62.9
200,364
82.8
14 July 2017
10

In conversation
1. GST transition has been smoother than expected; expect 10%
growth in FY18: Maruti; RC Bhargava, Chairman
n
n
n
n
n
n
n
The company was able to start invoicing on GST formats from the first day. All
the vendours, suppliers and dealers got registrations done and also have their
systems giving their invoices on the GST compatible format
Have passed on that benefit to the customer and it has varied from state to
state because the value added tax (VAT) in the state is different from one state
to another
Too early to talk of demand pickup.
In the month of June retail sales were high partly because of the uncertainty of
what will happen post GST and partly because of the overtime working of auto
companies to see that stocks at the end of the month were as low as possible
with dealers.
Expects retail sales for the month of July to be lower than last month however
the wholesale sales to be much higher than last month.
Will get double digit growth which means around 10 percent or little bit over 10
percent for the year as a whole
Overall GST will be beneficial to companies, to the economy and over time it will
be reflected in growth and possibly prices will not go up in the near future, he
mentioned.
2. Expects Q2 numbers to be better in terms of volume &
realisation: GOA carbon; Shrinivas Dempo, Chairman
n
n
n
n
n
Clocked capacity utilization of 78% in Q1.
Have seen price increase of Rs 4,000 per tonne which has helped improve
margins
Going forward, second qauarter numbers are expected to be much better in
terms of volume and realization
Capacity utilisation would be over 85 percent in the coming quarters.
Demand of calcined petroleum (CP) coke has increased in India.
3. AUMS under housing loan to reach Rs 1500 Cr in FY18:
Muthoot Finance; George Alexander Muthoot, MD,
n
n
n
n
Gold loan book to grow by 10-15 percent in the coming year and does not think
Rs 20,000 limit for gold loan by RBI would impact growth.
Micro finance business is mainly done through wealth star, where Muthoot is 65
percent shareholding. The company has about Rs 500 crore AUMs. It is basically
a self-help group company which has converted itself into a micro finance
company
Housing loans business has corporate office is in Mumbai and loans are largely
done in Maharashtra, Gujrarat and Rajasthan. Currently, they have about Rs 600
crore AUMs, which will go up to Rs 1500 crore by FY18 and in the coming year,
they aim to take the number to Rs 2500-3000 crore
Haven’t been approached by anyone for acquisition and would like to keep
business to themselves.
14 July 2017
11

From the think tank
1. An insightful RBI report on state finances
n
In the midst of all the hullabaloo regarding the announcement of loan waiver in
several states, I am surprised that not enough has been written on the Reserve
Bank of India (RBI) report on state finances. This report is an annual publication
of RBI which highlights the status of states’ fiscal health and weaves a topical
issue into the narrative. Over the last few years, the quality of the report has
ratcheted up significantly in terms of exposition, coverage and analysis. The
report essentially brings forth the issue of the “absence of fiscal marksmanship
in states” and objectively discusses several issues, like the impact of UDAY
(Ujwal DISCOM Assurance Yojana) on state finances, goods and services tax
(GST), cooperative fiscal federalism, the issue of the revenue neutral rate and
Central transfers. Let us take up these issues one by one.
2. Incentivising financial sector cybersecurity
n
Two developments last week point to the evolving cybersecurity architecture in
India’s financial sector. First, the government made public a report by the
working group established to help set up the Computer Emergency Response
Team in the Financial Sector (Cert-Fin). Then, the Reserve Bank of India (RBI)
released guidelines on customer liability in case of unauthorized electronic
banking transactions. They represent different aspects of the cybersecurity
problem—the technical and the broader economic framework. The latter
deserves more attention than it has received. The Narendra Modi government’s
push for a less-cash economy is increasing the digital density of India’s financial
services space. For instance, the government has targeted Rs2,500 crore worth
of transactions via digital means such as the Unified Payment Interface, Aadhaar
Pay and debit cards in FY18. More fundamentally, Modi’s financial inclusion and
development push, based on JAM (Jan Dhan Yojana, Aadhaar, Mobile
connectivity), has digital underpinnings that mean potentially cascading effects
if there are breaches in the financial sector.
3. The new abnormal in monetary policy
n
Financial markets are starting to get rattled by the winding down of
unconventional monetary policies in many advanced economies. Soon enough,
the Bank of Japan (BoJ) and the Swiss National Bank (SNB) will be the only
central banks still maintaining unconventional monetary policies for the long
term. The US Federal Reserve started phasing out its asset-purchase programme
(quantitative easing, or QE) in 2014, and began normalizing interest rates in late
2015. And the European Central Bank is now pondering just how fast to taper its
own QE policy in 2018, and when to start phasing out negative interest rates,
too. Similarly, the Bank of England (BoE) has finished its latest round of QE—
which it launched after the Brexit referendum last June—and is considering
hiking interest rates. And the Bank of Canada (BoC) and the Reserve Bank of
Australia (RBA) have both signalled that interest-rate hikes will be forthcoming.
14 July 2017
12

4. The rise of small entrepreneurs in India
n
Small and medium enterprises (SMEs) account for over 95% of establishments
and over 80% of jobs in the manufacturing sector in India. They are becoming
increasingly prevalent and affect everything from poverty levels and shared
prosperity to the allocation of activity in the economy and beyond. However,
our understanding of the drivers of SMEs is still at an early stage. Are the SMEs
concentrated in tradable or non-tradable sectors in India? How do SMEs
connect into global and local supply chains and input-output networks? What
role has sub-contracting played in the growth of SMEs? Is urbanization helping
or hurting them? Is it push or pull entrepreneurship that is driving SMEs? Are
SMEs gender-inclusive? We examine these issues using data on SMEs from 900
districts in India
5. Wage code: hike pay, kill wages; why raising salaries is a bad
idea
n
Even as India is looking to overhaul its labour laws, the Brazil Senate on Tuesday
approved some major changes to that country’s labour code. Amidst some
serious opposition, the Brazilian government tweaked the law to allow
agreements negotiated between employers and workers, on a range of issues,
to override current labour law. The changes will also make it easier to hire
temporary workers, even for extended periods of time. While India’s Parliament
is also expected to debate amendments to labour laws next week, one of the
laws expected to be discussed is making minimum wages mandatory. The
Labour Code on Wages, 2015, says no employer shall be allowed to pay to any
employee wages less than the minimum wages notified by the state
government. Given India’s labour laws are already very restrictive, imposing one
more condition will only make it more difficult for companies—especially
smaller ones—to function efficiently.
International
6. Gulf states’ power plays over qatar risk regional meltdown
n
Rex Tillerson has picked a hard task for his first real foray into diplomacy, trying
to mend fences in the Gulf between Qatar and a handful of countries led by
Saudi Arabia, not least because Donald Trump and his secretary of state seem to
be on opposite sides of this poisonous and escalating dispute, with the president
cheering on the Saudis as Mr Tillerson applauds the Qatari leadership. Yet the
mere presence of the former oilman indicates that the US has started to grasp
the implications of this stand-off in the Gulf, now in its second month, which
casts a pall over the region’s ambition to reinvent its oil-based economies
through private and foreign investment.
14 July 2017
13

Click excel icon
for detailed
valuation guide
Rs
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
30.4
23.1
21.1
42.8
51.2
20.1
45.7
38.3
33.7
27.8
22.2
25.2
45.7
30.4
23.1
48.7
28.6
33.3
28.3
36.0
23.9
29.6
19.5
20.9
33.0
NM
35.8
46.0
13.0
21.7
28.6
27.2
NM
19.3
37.1
10.4
NM
24.4
970.2
20.2
106.3
44.2
37.4
25.4
15.0
62.4
35.4
16.3
19.3
11.4
52.0
25.2
19.3
19.4
29.7
37.3
19.6
32.6
29.4
18.2
23.5
18.9
20.6
24.8
25.9
14.8
35.1
22.2
21.5
24.7
35.2
21.1
25.0
19.0
17.9
25.5
19.5
29.8
30.4
9.9
17.4
22.7
8.9
10.5
10.0
8.8
9.2
8.8
14.8
16.1
6.3
12.7
30.7
19.0
21.2
12.0
49.0
32.7
12.7
15.4
9.2
27.2
5.6
5.1
4.7
6.3
8.4
3.1
15.9
7.3
3.4
3.9
7.4
3.2
2.8
6.3
2.7
11.3
4.9
2.3
2.9
2.6
2.3
4.8
2.2
1.5
4.8
0.8
4.6
4.8
1.1
3.4
3.3
1.1
0.7
0.8
0.5
1.0
0.4
0.9
1.4
0.5
0.9
8.4
4.4
4.3
1.8
16.6
6.5
3.9
3.5
2.5
3.2
4.7
4.4
4.3
5.5
7.4
2.8
11.4
6.0
2.9
3.5
6.3
2.9
2.5
5.5
2.3
9.0
4.2
2.1
2.4
2.4
1.8
4.3
2.0
1.4
4.1
0.8
4.1
4.3
1.0
2.9
2.9
1.0
0.6
0.7
0.5
0.9
0.4
0.8
1.3
0.5
0.9
6.8
3.6
3.6
1.6
13.8
5.9
3.5
2.9
2.3
3.0
20.3
23.3
25.3
16.2
15.8
16.9
40.3
20.8
10.6
14.0
35.7
14.2
6.4
20.3
9.8
25.6
17.1
6.9
10.8
8.9
9.9
17.9
10.2
7.2
15.4
-27.0
13.8
12.3
9.5
18.9
11.4
4.1
-6.7
4.2
1.4
10.1
-8.4
3.6
-0.2
2.7
0.9
21.7
15.1
18.1
14.4
30.4
19.3
25.5
19.4
24.0
6.3
20.4
24.5
23.1
19.8
21.1
15.1
40.8
22.4
17.3
14.8
36.0
14.1
10.8
20.8
16.5
28.6
19.0
10.1
10.9
7.1
10.2
18.2
9.4
7.9
17.3
4.0
14.9
14.9
10.8
18.0
12.8
11.9
6.1
7.5
5.8
10.6
4.6
5.6
8.7
8.1
6.7
24.6
20.9
18.5
13.9
30.8
18.3
29.0
20.6
25.9
11.4
20.7
27.1
24.4
22.3
21.9
17.8
38.0
23.6
18.3
15.9
31.0
14.6
11.5
22.8
27.3
35.2
22.6
15.4
11.8
10.1
10.5
19.0
10.1
8.8
18.5
7.0
16.1
17.5
12.7
19.5
14.4
13.2
9.0
9.4
7.3
11.1
5.4
7.5
10.0
10.5
8.3
26.4
21.6
18.9
15.3
30.8
17.4
32.7
19.7
26.9
12.8
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Aggregate
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Aggregate
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
Aggregate
NBFCs
Bajaj Fin.
Bharat Fin.
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
LIC Hsg Fin
Manappuram
M&M Fin.
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Buy
Not Rated
Buy
Buy
Buy
CMP
(INR)
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
26
15
20
19
-2
12
12
14
9
26
-2
16
12
45
6
28.0
4.6
132.3
26.2
473.1
93.3
613.8
23.5
20.0
8.2
169.1
54.3
5.4
248.6
19.8
11.7
33.8
40.5
5.5
7.1
143.5 167.9
37.7
49.7
649.9 766.2
96.2 131.3
861.2 1,102.9
30.5
38.8
36.9
45.7
9.7
11.9
198.2 198.7
66.7
79.9
9.9
11.8
292.6 379.7
30.9
64.3
16.3
25.9
852
1,073
106
122
2,791 3,359
1,120 1,330
24,222 23,738
1,880 2,100
28,054 31,326
899
1,025
672
731
227
286
3,750 3,666
1,371 1,586
244
-
7,566 8,483
458
666
572
606
Neutral
512
Neutral
198
Buy
170
Buy
115
Buy
1,681
Buy
298
Neutral
63
Buy
1,580
Neutral
85
Buy
962
Under Review 546
Buy
28
Buy
1,582
500
182
207
134
1,885
340
62
1,800
89
1,146
-
34
2,121
-2
-8
22
16
12
14
-1
14
4
19
20
34
15.4
7.0
4.7
4.8
56.8
15.3
3.0
47.9
-31.3
26.8
11.9
2.2
73.0
23.8
8.0
4.8
5.5
67.1
15.6
3.5
61.9
4.4
32.2
18.0
2.9
90.7
40.3
10.3
7.4
6.8
79.4
17.9
4.2
76.8
8.0
40.4
24.2
3.7
114.6
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
163
144
362
57
305
149
152
289
155
212
147
362
49
357
150
184
362
162
30
2
0
-13
17
0
21
25
5
6.0
-14.8
18.8
1.5
29.3
-31.6
6.2
0.3
7.6
18.4
13.7
36.2
6.4
33.2
17.1
10.3
17.9
24.6
22.5
22.0
49.2
8.6
38.0
21.4
14.5
23.3
34.5
Buy
Neutral
Buy
Buy
Neutral
Under Review
Buy
Neutral
Not Rated
Buy
1,483
785
1,167
443
508
1,656
1,126
739
99
368
1,600
800
1,300
530
443
-
1,300
750
-
415
8
2
11
20
-13
15
1
13
33.6
21.0
46.0
29.6
8.1
46.8
69.0
38.2
8.6
7.1
48.3
41.3
55.0
37.0
10.4
50.7
88.9
47.9
10.8
13.6
64.4
53.0
66.4
45.4
12.5
55.9
113.9
53.8
12.5
16.4
14 July 2017
14

Company
Muthoot Fin
PFC
Repco Home
REC
Shriram City Union
STF
Aggregate
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Indu.
Cummins
GE T&D
Havells
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Aggregate
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Aggregate
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Reco
Buy
Neutral
Buy
Neutral
Buy
Buy
CMP
(INR)
470
126
796
187
2,241
1,026
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
550
17
29.5 41.0
43.3
117
-7
25.7 27.2
30.2
936
18
29.1 35.8
42.5
134
-28
31.4 35.0
40.4
2,900
29
84.3 132.8 171.2
1,340
31
55.6 78.5
98.5
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
15.9 11.5
2.9
2.5
19.4 23.2
21.4
4.9
4.6
0.8
0.7
17.9 17.0
16.8
27.3 22.2
4.4
3.7
17.4 18.1
18.2
6.0
5.3
1.1
1.0
19.9 19.1
19.1
26.6 16.9
2.9
2.6
11.7 16.2
18.1
18.4 13.1
2.0
1.8
11.7 14.7
16.3
19.1 16.0
3.5
3.1
18.3 19.1 19.2
75.0
25.0
66.2
49.7
47.2
20.6
35.1
58.1
50.2
24.9
27.8
17.4
75.9
41.8
30.1
29.7
23.7
31.4
34.9
53.8
50.5
31.4
69.9
19.0
37.4
28.9
67.5
26.2
NM
356.8
48.8
43.7
38.1
53.5
50.5
50.6
41.7
40.5
51.9
35.2
57.7
40.3
32.7
52.1
57.5
58.9
24.1
40.0
36.0
40.3
37.0
32.2
53.7
41.1
23.0
25.0
13.6
55.7
38.1
21.7
28.0
19.6
31.1
30.6
36.2
34.1
22.5
40.6
18.1
22.5
24.1
41.2
23.0
34.0
33.5
41.3
43.8
31.7
48.6
43.5
41.9
39.1
37.6
45.0
33.0
49.7
35.1
41.1
47.1
57.2
9.5
5.1
1.1
8.1
25.7
1.3
6.9
8.3
9.2
4.8
3.3
1.8
7.1
7.7
-1.7
4.1
3.8
4.8
3.9
2.7
3.7
2.1
4.9
2.1
1.3
3.9
3.9
4.7
3.3
6.2
9.3
5.0
3.7
14.2
16.6
22.9
11.0
13.9
12.6
7.4
36.8
9.1
6.1
18.2
21.7
8.2
4.0
1.1
7.6
18.5
1.2
6.4
7.5
8.1
4.1
3.0
1.6
6.1
6.6
-1.9
3.7
3.2
4.3
3.6
2.6
3.5
2.0
4.4
1.9
1.2
3.4
3.6
4.0
3.0
5.4
7.7
4.6
3.4
13.6
15.2
21.6
9.4
11.3
9.8
7.2
35.6
9.0
6.3
15.5
20.0
12.7
20.6
1.6
18.0
76.4
6.2
21.2
12.4
18.2
21.2
12.2
10.2
9.3
19.8
NM
14.3
16.3
18.0
11.2
5.1
7.4
7.5
7.2
11.5
3.4
14.4
6.0
19.2
-3.2
1.8
20.2
12.0
9.7
28.5
36.9
50.4
28.4
35.8
24.6
22.2
65.6
23.5
21.1
36.7
39.0
13.9
16.5
2.7
21.7
53.4
3.4
20.5
14.7
19.8
19.2
12.6
11.6
11.0
18.6
-8.8
13.7
17.7
14.7
11.7
7.3
10.6
9.2
11.3
10.9
5.5
15.0
9.2
18.6
9.2
17.2
20.4
10.9
10.7
28.6
36.5
53.2
26.0
33.1
24.5
22.1
72.8
25.8
15.1
35.5
36.4
15.8
16.8
3.4
30.1
49.8
4.2
23.2
16.4
21.1
20.9
13.4
12.6
13.7
19.9
-11.0
12.9
17.5
14.9
12.7
7.8
13.1
12.2
13.1
13.9
7.2
17.2
13.8
19.1
12.6
22.0
21.3
14.9
13.1
30.6
38.3
60.3
26.3
31.8
23.0
22.4
82.5
29.3
18.4
38.1
39.0
Sell
Buy
Sell
Neutral
Buy
Sell
Neutral
Neutral
Neutral
Neutral
Buy
Not Rated
Neutral
Neutral
Not Rated
Sell
Buy
Sell
1,477
173
142
640
221
85
929
333
480
295
1,175
123
1,353
861
19
915
685
485
1,200
200
100
610
240
65
950
320
480
250
1,340
-
1,355
825
-
850
800
400
-19
16
-30
-5
9
-23
2
-4
0
-15
14
0
-4
-7
17
-17
19.7
6.9
2.1
12.9
4.7
4.1
26.5
5.7
9.6
11.9
42.3
7.1
17.8
20.6
0.6
30.8
28.9
15.5
25.1
7.2
3.6
17.8
5.5
2.3
28.8
6.2
11.7
12.8
47.1
9.1
24.3
22.6
0.9
32.7
34.9
15.6
32.2
8.1
4.7
26.6
6.6
4.5
35.5
7.6
14.2
16.4
54.0
11.2
33.3
28.2
1.0
34.0
39.8
17.6
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
263
291
1,702 1,611
921
1,205
2,709 3,162
1,287 1,355
210
219
973
1,287
469
553
715
823
157
178
124
145
18,776 21,052
4,199 4,780
11
-5
31
17
5
4
32
18
15
13
17
12
14
4.9
7.3
33.7 49.9
29.4 40.9
38.8 66.7
67.9 71.2
5.6
9.3
33.7 40.4
7.0
11.4
27.3 31.1
-1.6
4.6
0.3
3.7
384.4 454.7
96.1 95.8
8.2
64.9
58.9
87.1
102.6
12.9
53.5
19.2
37.5
7.0
5.6
575.2
143.2
Neutral
Buy
Buy
Neutral
Buy
Neutral
Sell
Buy
Buy
Neutral
Neutral
Sell
1,124
3,722
1,074
302
1,073
982
5,491
1,133
339
367
327
6,785
1,240
4,450
1,335
315
1,265
930
4,500
1,260
380
405
360
5,990
10
20
24
4
18
-5
-18
11
12
10
10
-12
21.0 23.1
73.7 85.5
21.2 25.7
7.2
7.7
26.5 28.5
18.9 21.8
156.1 166.3
19.6 22.8
8.4
9.6
11.2
8.9
6.3
6.9
118.0 118.6
27.4
105.4
31.1
9.1
33.9
25.0
181.9
27.0
11.6
11.0
8.4
139.5
14 July 2017
15

Company
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Sun Pharma
Syngene Intl
Torrent Pharma
Aggregate
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway
Distriparks
Gati
Transport Corp.
Aggregate
Media
Dish TV
D B Corp
Den Net.
Hind. Media
HT Media
Jagran Prak.
PVR
Siti Net.
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
Reco
Buy
Neutral
Neutral
Buy
Not Rated
Neutral
Neutral
CMP
TP
% Upside
(INR) (INR) Downside
16,798 20,195
20
238
240
1
823
835
1
7,991 9,082
14
140
-
810
850
5
2,659 2,415
-9
FY17
238.7
3.6
16.7
144.9
3.5
8.7
26.7
EPS (INR)
FY18E FY19E
317.0 400.0
7.4
12.3
18.4
21.2
155.8 181.6
3.5
6.4
9.7
14.7
37.4
51.8
P/E (x)
FY17 FY18E
70.4 53.0
66.2 32.1
49.2 44.6
55.1 51.3
39.6 40.2
93.2 83.5
99.4 71.2
48.0 42.4
25.0
23.8
25.2
17.9
36.0
36.5
34.1
18.4
37.1
15.8
17.4
19.3
75.2
29.9
19.2
19.3
32.4
21.8
36.5
23.2
24.6
17.6
46.5
31.0
39.8
15.3
19.6
29.9
80.8
18.6
NM
10.7
11.2
16.5
69.2
NM
33.4
22.3
39.6
12.7
14.1
NM
21.6
22.6
22.3
16.0
35.4
29.2
27.2
20.6
25.4
77.5
15.9
17.1
49.7
22.5
15.0
19.7
29.3
22.6
29.4
22.6
23.0
14.2
36.7
30.0
25.2
8.0
15.8
25.4
56.1
16.0
NM
9.2
10.4
14.5
49.1
NM
29.1
33.1
29.7
9.4
14.1
NM
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY19E
28.1 22.2 40.0 42.0
42.8
3.0
2.8
5.9
9.1
13.4
12.8 10.4 28.2 25.6
24.0
45.6 36.3 45.3 78.9
74.0
2.0
1.9
5.2
4.9
8.5
9.3
8.5
10.4 10.7
14.6
19.9 13.7 21.3 19.3
19.7
13.2 12.3 27.6 29.1 30.7
5.3
5.1
8.3
4.5
4.9
8.3
3.5
4.1
3.6
1.7
4.3
3.5
16.2
2.5
3.2
3.9
5.5
3.7
7.4
5.4
4.3
2.6
20.6
3.2
2.3
2.1
3.1
3.7
17.3
4.4
1.5
1.9
0.8
2.4
6.9
3.6
8.3
8.5
5.8
1.6
3.8
0.4
4.5
4.3
6.3
3.5
4.5
6.8
3.1
3.7
3.0
1.5
3.4
2.5
19.7
2.3
2.7
3.4
5.1
3.6
6.0
4.7
3.8
2.3
15.7
3.1
2.3
1.9
2.6
3.4
13.2
3.9
1.7
1.6
0.7
2.4
6.1
3.7
7.6
7.2
5.3
1.3
5.1
0.4
23.0
23.4
37.7
28.3
13.6
24.8
10.2
23.5
9.6
11.3
24.7
21.1
21.5
8.6
18.1
22.0
17.1
18.5
22.2
25.3
17.5
12.6
50.5
10.8
5.9
12.4
16.7
12.2
24.1
25.5
-12.0
19.0
7.1
17.6
10.4
-23.5
25.0
24.7
14.7
14.0
24.4
-7.9
22.6
20.7
32.2
24.8
12.6
25.7
11.5
19.0
13.2
2.0
21.6
17.7
39.7
10.5
19.6
18.2
17.5
16.1
22.5
22.4
16.4
17.2
48.6
10.6
9.1
19.4
17.8
13.4
26.8
25.7
-5.3
18.3
7.0
16.4
13.2
-2.0
26.3
23.6
17.8
15.2
30.9
-5.4
23.1
21.0
29.9
22.5
15.6
27.2
12.8
19.2
14.9
5.3
20.9
18.8
54.4
12.7
19.6
19.4
19.1
17.9
20.7
24.2
17.5
17.8
46.8
11.8
11.1
25.4
18.6
15.0
327.5
26.5
0.7
17.9
7.3
17.2
17.7
6.9
30.2
23.7
22.7
15.4
39.6
0.8
Neutral
Neutral
Buy
Buy
Sell
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Not Rated
Buy
538
1,805
1,473
705
367
519
542
730
2,693
164
683
140
2,583
480
708
1,142
4,181
569
474
1,281
640
1,900
2,028
750
300
510
500
600
2,600
240
800
200
2,700
480
905
1,475
4,850
650
-
1,450
19
5
38
6
-18
-2
-8
-18
-3
47
17
43
5
0
28
29
16
14
13
21.6 24.9
75.7 79.7
58.4 66.1
39.3 44.1
10.2 10.4
14.2 17.8
15.9 20.0
39.7 35.4
72.6 106.2
10.3
2.1
39.3 42.9
7.2
8.2
34.4 51.9
16.1 21.3
37.0 47.3
59.2 57.9
129.1 142.7
26.1 25.2
13.0 16.1
55.2 56.8
30.5
95.0
79.6
50.2
14.4
23.2
25.0
39.8
143.0
6.1
51.7
11.5
60.1
28.5
56.7
72.0
173.2
30.8
18.0
71.4
Buy
Not Rated
Neutral
Buy
Not Rated
Not Rated
173
4,768
1,177
271
128
333
228
-
1,236
313
-
-
32
5
16
9.8
12.2
102.5 129.9
38.0 39.2
6.8
8.4
16.9
10.7
15.9
21.0
14.3
163.2
45.8
13.6
23.9
25.9
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
80
379
82
278
84
178
1,421
26
829
515
105
450
90
360
90
225
1,588
32
860
585
32
19
10
30
8
27
12
23
4
14
1.0
20.4
-8.6
25.9
7.4
10.8
20.5
-1.8
24.9
23.1
1.4
23.6
-2.7
30.1
8.0
12.3
28.9
-0.1
28.5
15.6
4.0
27.5
0.3
35.3
9.2
14.0
45.1
0.5
35.9
18.6
Buy
Sell
Buy
205
277
138
308
246
190
51
-11
37
16.2
19.7
-20.9
21.8
19.7
-17.2
26.1
21.7
2.4
14 July 2017
16

Company
JSW Steel
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
Titan Co.
Aggregate
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NTPC
Power Grid
Tata Power
Reco
Buy
Neutral
Buy
Sell
Neutral
Neutral
CMP
(INR)
213
73
120
62
263
563
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
281
32
14.8 19.0
22.6
70
-4
3.7
3.8
4.2
180
50
10.0 12.1
12.2
37
-40
-6.2 -10.6
-4.2
235
-11
15.1 22.0
23.3
581
3
37.0 50.5
66.5
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
14.4 11.3
2.3
2.0
17.3 18.7
19.0
19.8 19.4
1.4
1.3
7.2
7.0
7.5
12.0
9.9
1.7
1.6
12.4 15.0
15.5
NM
NM
0.7
0.8
-6.7 -12.6 -5.5
17.4 11.9
1.6
1.7
9.7
13.7
15.0
15.2 11.1
1.7
1.6
15.4 14.6
17.0
18.7 15.3
1.5
1.5
8.2
10.0 12.5
9.5
16.5
36.9
18.9
9.2
8.9
26.4
8.6
13.8
9.7
18.8
14.2
12.0
111.0
59.2
62.7
16.8
14.3
18.0
15.5
11.3
14.2
20.7
15.0
13.3
17.4
30.7
18.3
12.6
15.6
14.6
16.5
36.3
27.7
NM
25.3
38.3
17.0
16.7
16.6
12.6
15.1
16.1
12.5
14.1
22.4
15.1
12.7
10.6
24.0
12.5
9.5
9.1
24.9
12.4
12.3
91.3
52.0
54.8
14.1
14.0
16.0
15.4
10.3
13.3
16.8
13.8
13.9
14.9
25.5
17.5
12.6
15.3
12.9
16.2
68.6
23.9
NM
64.5
124.9
14.4
11.0
20.3
12.2
12.2
13.1
2.9
1.6
6.3
2.1
2.8
1.8
5.4
2.2
0.7
0.9
4.0
1.6
1.6
9.1
11.2
10.8
2.7
3.6
4.4
3.2
1.7
4.9
3.4
2.0
2.1
2.7
9.6
5.7
2.1
2.5
2.2
3.8
2.4
4.9
1.3
11.8
2.6
6.4
1.7
1.0
1.4
2.3
1.9
2.5
1.5
5.1
1.9
2.5
1.6
4.6
1.9
0.7
0.9
3.6
1.4
1.5
8.5
10.3
9.9
2.4
3.6
3.8
2.9
1.5
3.8
3.0
2.3
1.9
2.6
7.7
6.0
1.9
2.3
2.0
3.7
2.3
4.3
1.5
10.0
2.6
6.4
1.5
1.0
1.3
2.0
1.7
32.4
9.6
17.8
11.6
32.4
21.2
21.0
31.4
5.7
10.1
23.2
11.9
13.3
8.2
20.6
17.2
16.2
27.5
26.5
22.0
14.3
40.4
16.8
13.2
16.1
17.0
37.1
33.5
18.4
16.9
16.3
23.2
21.7
11.3
25.3
13.1
20.6
15.8
20.6
16.5
7.5
9.9
15.1
11.8
12.0
9.3
20.6
18.1
17.1
25.2
25.3
19.9
15.2
32.5
19.0
14.2
14.3
18.1
33.7
32.5
16.0
15.4
16.3
22.6
22.3
11.8
28.0
14.0
20.0
15.8
19.6
16.9
7.8
10.8
26.4
11.5
12.4
12.6
21.6
19.0
17.2
25.8
23.5
19.7
15.3
28.4
20.3
16.1
15.2
20.8
32.3
33.3
16.9
15.5
17.1
22.1
6.1
18.7
-20.8
37.8
4.2
47.0
13.9
4.8
12.3
17.8
12.1
Neutral
Sell
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Buy
Neutral
458
371
754
166
375
381
1,125
127
266
159
214
1,519
511
340
697
168
420
459
1,070
113
305
195
259
1,262
12
-8
-8
1
12
21
-5
-11
15
23
21
-17
48.3 36.7
22.6 26.3
20.4 33.7
8.8
11.0
40.7 29.5
43.0 36.0
42.5 46.8
14.8 10.2
19.3 27.9
16.4 17.4
11.4
8.6
106.6 122.1
43.5
29.8
46.5
13.1
32.6
40.0
51.9
11.8
30.1
19.7
17.6
131.0
Sell
Neutral
1,111
535
730
545
-34
2
10.0
9.0
12.2
10.3
17.9
12.1
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
516
858
246
976
135
786
514
585
570
656
1,731
2,444
389
264
802
620
960
235
1,200
150
850
475
600
470
740
1,607
2,400
465
250
1,020
20
12
-5
23
11
8
-8
3
-18
13
-7
-2
20
-5
27
30.6 36.6
59.8 61.4
13.7 15.4
62.9 63.4
11.9 13.0
55.5 59.1
24.9 30.5
38.9 42.3
42.8 41.0
37.7 43.9
56.3 68.0
133.4 139.6
30.9 31.0
16.9 17.3
54.9 62.0
42.0
66.7
16.7
68.9
15.2
65.1
36.2
46.2
47.3
52.3
80.4
151.6
36.2
18.9
74.2
Buy
Buy
Buy
Buy
403
411
88
659
430
440
110
811
7
7
26
23
11.1
14.9
-1.1
26.0
5.9
17.2
-9.7
10.2
10.9
19.3
-11.2
30.8
6.7
3.4
16.2 19.1
-1.6 -15.3
126.2 16.7
6.9
2.1
37.8
10.5
6.3
11.5
16.2
11.2
44.5
14.4
4.9
10.9
17.5
13.9
Buy
Buy
Buy
Buy
Buy
Sell
253
867
64
164
215
83
315
1,140
85
198
242
68
24
32
33
21
13
-18
14.9
51.9
3.9
13.0
14.2
5.2
17.6
78.6
3.2
13.4
17.6
6.4
18.6
86.0
3.1
16.2
20.6
6.7
14 July 2017
17

Company
Reco
Aggregate
Others
Arvind
Neutral
Avenue
Neutral
Supermarts
Bata India
Under Review
Castrol India
Buy
Century Ply.
Neutral
Coromandel Intl Under Review
Delta Corp
Buy
Dynamatic Tech Buy
Eveready Inds.
Buy
Interglobe
Neutral
Indo Count
Buy
Info Edge
Buy
Inox Leisure
Sell
Jain Irrigation
Under Review
Just Dial
Neutral
Kaveri Seed
Buy
Kitex Garm.
Buy
Manpasand
Buy
MCX
Buy
Monsanto
Buy
Navneet Education Buy
PI Inds.
Buy
Piramal Enterp.
Buy
SRF
Buy
S H Kelkar
Buy
Symphony
Sell
TTK Prestige
Neutral
V-Guard
Neutral
Wonderla
Buy
CMP
(INR)
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
14.8 13.0
2.3
2.1
15.2 16.1 16.8
30.2
119.2
41.8
29.7
32.5
25.2
53.5
35.9
26.8
27.7
12.9
66.7
81.9
19.0
21.0
34.1
15.0
59.9
43.5
32.1
22.9
23.4
40.1
18.2
36.9
55.9
48.2
51.2
50.9
29.9
71.3
36.0
28.0
28.8
19.2
28.8
21.5
23.9
22.1
12.7
51.6
34.0
13.8
19.9
20.8
12.6
37.5
35.9
26.4
18.8
23.4
28.0
18.1
31.1
37.7
46.2
40.9
29.8
2.7
14.9
5.5
33.6
8.8
4.2
4.1
5.0
8.7
22.8
3.9
6.4
4.8
1.6
2.8
4.4
4.0
3.8
4.0
9.0
5.7
6.6
3.8
2.9
4.8
20.7
8.7
12.2
4.6
2.5
13.0
4.9
30.1
7.3
3.7
2.8
4.0
7.0
20.5
2.9
5.9
4.2
1.6
2.5
4.8
3.3
3.5
3.8
8.2
4.8
5.4
3.5
2.6
4.3
18.3
7.9
10.0
4.2
10.3
17.9
8.8
19.4
11.8
23.3
375
915
565
405
283
419
163
2,427
345
1,277
168
1,045
273
105
367
651
278
760
1,079
2,770
177
782
2,914
1,561
267
1,323
6,366
183
356
359
804
-
527
323
-
215
3,334
368
1,283
200
1,050
240
-
465
755
394
927
1,300
3,295
226
952
3,044
1,816
287
1,288
5,281
167
393
-4
-12
30
14
32
37
7
0
19
0
-12
27
16
42
22
20
19
28
22
4
16
7
-3
-17
-9
11
12.4
7.7
13.5
13.6
8.7
16.6
3.1
67.6
12.9
46.0
13.0
15.7
3.3
5.5
17.5
19.1
18.6
12.7
24.8
86.2
7.8
33.4
72.6
85.9
7.2
23.7
132.1
3.6
7.0
12.5
12.8
15.7
14.4
9.8
21.8
5.7
112.9
14.4
57.9
13.2
20.3
8.0
7.6
18.5
31.3
22.1
20.3
30.1
105.1
9.4
33.4
104.1
86.3
8.6
35.1
137.8
4.5
11.9
18.1
17.9
19.4
15.0
12.9
26.1
7.2
166.7
17.5
91.6
15.4
22.9
12.0
10.0
21.1
37.7
26.2
30.9
42.8
126.7
11.3
38.1
144.6
109.2
10.3
42.9
176.1
6.0
16.0
13.9 14.4
15.8
115.2 113.3 106.1
31.1 27.7
29.6
17.5 20.6
21.6
8.1
12.1
11.5
15.1 20.7
24.3
37.7 32.3
31.6
86.2 98.0 136.2
34.8 26.4
23.5
10.2 11.9
12.3
5.9
12.5
16.2
8.6
11.7
14.8
14.8 13.4
13.7
13.6 21.6
26.0
29.8 28.6
27.6
7.3
8.5
13.5
9.9
11.0
14.6
31.6 32.5
34.5
26.8 27.8
28.2
32.8 25.4
23.8
9.8
13.0
16.4
16.6 14.7
16.7
13.7 14.5
15.6
43.3 51.6
54.5
19.5 18.0
20.7
27.4 26.9
28.8
9.5
14.8
17.5
14 July 2017
18

MOSL Universe stock performance
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
NBFCs
Bajaj Fin.
Bharat Fin.
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
STF
Shriram City Union
1 Day (%)
-0.1
-0.3
0.2
0.1
0.0
-0.2
-0.7
-0.2
-1.3
0.2
0.5
-0.4
1.6
1.2
-0.6
1.3
0.9
1.1
1.2
0.2
0.0
1.7
-1.9
0.5
-0.4
0.5
2.3
0.5
4.4
-0.2
-0.6
0.5
-0.3
-0.4
-0.2
0.0
0.4
0.4
3.1
2.8
5.2
2.0
1.5
1.0
1.9
1.8
-1.4
1.1
0.5
-0.2
0.6
0.0
-0.7
-2.8
1M (%)
1.3
11.6
-1.3
-3.9
0.3
0.7
-3.9
1.8
-9.3
-0.3
-0.1
-3.3
2.0
3.0
2.0
2.8
1.1
-4.4
11.2
0.0
0.1
4.0
8.3
6.0
-0.5
-1.3
5.8
-0.7
5.9
-3.9
4.8
3.8
-0.5
1.9
0.2
2.4
1.7
2.5
8.3
15.9
6.8
0.7
14.2
-0.7
-2.5
-5.5
5.4
6.5
1.2
-3.5
-12.3
-0.6
5.6
-7.4
12M (%)
-2.2
16.7
5.1
50.1
4.7
118.1
43.7
182.6
24.4
15.9
-6.4
30.9
75.1
-4.5
85.8
-8.0
98.7
-2.7
88.8
40.8
25.4
23.4
43.1
23.1
24.2
41.6
37.9
2.0
28.7
55.1
-23.5
97.2
23.6
21.8
27.0
14.6
72.8
3.4
21.8
107.2
76.3
24.7
57.6
44.5
33.6
6.5
73.0
25.4
5.5
92.4
-20.1
28.1
Company
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
1 Day (%)
1.3
1.4
1.4
3.6
-0.5
2.4
2.1
0.4
0.5
6.3
1.3
-1.7
0.2
0.4
0.0
0.0
1.3
2.4
0.7
-0.1
5.9
1.7
1.8
0.2
0.3
-0.4
1.4
0.6
-0.7
1.6
0.2
-0.8
0.6
-0.2
-0.8
1.1
1.4
-0.4
0.3
3.0
0.1
0.8
-0.5
1.3
1.9
0.6
-0.3
-1.3
-1.1
-0.4
2.3
-0.2
0.0
1.4
-0.2
1M (%)
1.2
4.9
1.7
-0.9
-0.9
2.4
1.7
-2.8
-3.2
14.5
1.5
-7.8
1.9
4.0
1.1
-3.9
-0.3
-1.4
13.5
5.7
0.0
9.8
14.8
0.5
-5.3
-0.7
3.2
2.8
9.1
3.8
3.3
-2.3
2.7
-0.1
3.8
-4.7
4.5
2.8
2.8
11.1
-4.3
3.4
1.4
4.7
3.7
1.0
0.1
15.4
2.2
12.0
-1.6
-4.5
-4.5
16.6
7.6
12M (%)
17.1
38.8
0.5
43.1
55.0
19.6
13.4
-8.6
33.4
107.5
13.8
-28.7
3.8
32.7
4.7
1.0
12.5
49.7
0.9
5.6
68.7
124.9
39.5
85.9
35.6
18.4
23.6
-12.1
18.8
21.1
22.2
11.4
29.8
16.2
-4.6
-3.6
22.6
-11.6
22.5
37.1
25.5
17.5
3.1
27.5
-29.6
15.0
28.2
43.3
3.6
6.3
-8.4
27.6
-8.6
-9.0
51.8
14 July 2017
19

MOSL Universe stock performance
Company
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Sun Pharma
Syngene Intl
Torrent Pharma
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway Distriparks
Gati
Transport Corp.
Media
Dish TV
D B Corp
Den Net.
Hind. Media
HT Media
Jagran Prak.
PVR
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
Titan Co.
1 Day (%)
0.3
0.5
-0.2
0.1
0.6
0.3
-0.7
-0.1
1.1
0.2
0.1
-0.2
1.3
-1.2
-2.4
1.9
1.1
0.1
-1.2
0.4
-1.8
-0.6
-0.7
0.1
0.7
1.0
0.1
-0.2
-1.9
0.2
1.0
2.0
1.4
-1.1
-0.4
7.2
0.2
-0.6
1.2
0.7
0.5
0.4
-0.9
0.4
4.3
-3.0
0.4
-0.4
-0.2
-2.3
-1.4
0.6
0.4
0.8
1M (%)
-4.3
-1.5
13.3
2.5
-13.6
8.2
-2.5
5.2
-4.3
-2.9
-3.0
1.4
6.1
2.5
5.5
-2.2
10.0
0.8
8.3
1.7
8.0
-3.3
1.6
-1.8
1.0
2.8
-2.4
-4.9
-14.3
2.0
1.4
2.0
13.1
12.6
7.9
11.9
5.9