29 August 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
31,751
0.5
Nifty-50
9,913
0.6
Nifty-M 100
18,160
1.1
Equities-Global
Close
Chg .%
S&P 500
2,444
0.0
Nasdaq
6,283
0.3
FTSE 100
7,401
0.0
DAX
12,123
-0.4
Hang Seng
11,342
0.5
Nikkei 225
19,450
0.0
Commodities
Close
Chg .%
Brent (US$/Bbl)
51
-0.4
Gold ($/OZ)
1,298
0.9
Cu (US$/MT)
6,649
-0.2
Almn (US$/MT)
2,066
-1.9
Currency
Close
Chg .%
USD/INR
63.9
-0.2
USD/EUR
1.2
1.2
USD/JPY
109.2
-0.2
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.6
0.0
10 Yrs AAA Corp
7.5
0.0
Flows (USD b)
28-Aug
MTD
FIIs
0.0
-2.1
DIIs
0.1
2.3
Volumes (INRb)
28-Aug
MTD*
Cash
279
301
F&O
4,825
6,725
Note: YTD is calendar year, *Avg
YTD.%
19.2
21.1
26.5
YTD.%
9.2
16.7
3.6
5.6
20.7
1.8
YTD.%
-7.4
11.9
20.4
21.3
YTD.%
-5.8
13.2
-6.7
YTDchg
0.1
-0.1
YTD
6.7
6.3
YTD*
289
5,228
Today’s top research idea
Infosys: Steadfast peace with the arrival of Mr. Nandan Nilekani
v
INFO saw several Board changes and the return of Mr Nandan Nilekani,
thereby capping the risk of continued external noise, and thereby, further
downside in the stock.
v
However, the company’s fate now lies in decisions around the new CEO,
which, along with the reconstitution of the Board, have become a priority.
Although the initial steps have been rapid, the risk of business disruption
continues to loom, the communication of which would be a crucial factor in
determining the sustenance of the recent run-up in the stock.
v
We expect further re-rating in the stock to be a function of [1] search process
and focus on business growth and [2] at least comparable performance to
those setting the industry pace.
Research covered
Cos/Sector
Infosys
Electrical Durables
Key Highlights
Steadfast peace with the arrival of Mr. Nandan Nilekani
Restocking picks up in August
Navneet Education Growth on track across segments
Piping hot news
Infosys founders will participate in Rs 13,000-crore share buyback
v
Infosys on Monday said some of its founders would participate in the
company’s share buyback, a disclosure that comes after Nandan Nilekani
became chairman of the firm to stem the crisis that emerged after Vishal
Sikka’s exit as chief executive officer (CEO).
Chart of the Day: Exchanges - The confluence of growth drivers
NSE has dominated the equity cash segment over the last decade
Source: MOSL
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
TRAI floats auction plan for
nine bands, seeks
stakeholders’ views
The Telecom Regulatory Authority
of India (TRAI) consultation paper
on the next round of spectrum
auctions has raised questions on
the timing of the sale, given the
fact that the industry is going
through consolidation and also
owes about ₹4.60 lakh…
2
Banks look to sell 51% in Jindal India Thermal
A consortium of lenders led by Punjab National Bank (PNB) is looking to
sell a 51% stake in Jindal India Thermal Power (JITPL) and effect a change
in the company’s management. The company’s gross debt to lenders
stands at Rs 5,902 crore. SBI Capital Markets (SBI Caps) has been
mandated to find a buyer…
3
FDI in Retail: Panel on waiver
of local sourcing norms set up
The government has set up a
committee under department of
industrial policy and promotion
(DIPP) secretary Ramesh Abhishek
to decide on requests for waiver
of 30% local sourcing norms by
foreign single brand retail
companies planning to set up
branded stores in India and
claiming to have products with
state-of-the-art…
4
Big Boy Toyz, a Gurugram-based
firm that specializes in selling used
super luxury cars such as
Lamborghinis, Ferraris and
Bentleys, has put its expansion on
hold because of a goods and
services tax (GST) structure that
treats pre-owned cars on par with
new ones…
Branded used car firms
lobbying for lower GST rate
5
Automakers are in an overdrive
mode to woo government
employees, trying to boost sales in
a segment where the potential
customer just got more money on
hand with a pay-out of salary
arrears. Government employees
including armed forces personnel
have always been a key customer
segment for automakers…
Car companies like Maruti,
Hyundai are wooing cash-rich
babus, faujis after arrears pay
6
SBI gears up for expected
surge in affordable housing
loan demand
State Bank of India (SBI), the
country’s largest lender, is gearing
up to meet an expected rise in
demand for affordable home
loans across India by deploying
additional resources and rolling
out a quick approval process,
according to two senior executives
of the bank…
7
Greenko eyes Reliance
Infrastructure's Mumbai
power business for $2 billion
India’s leading renewables
company Greenko is in talks with
Anil Ambani-led Reliance
Infrastructure to acquire its
Mumbai electricity business for an
enterprise value of Rs 10,000-
13,000 crore ($1.75-2 billion),
people aware of the discussions
said…
29 August 2017
2

28 August 2017
Update | Sector: Technology
Infosys
Buy
BSE SENSEX
31,596
S&P CNX
9,857
CMP: INR913
TP: INR1,050(+15%)
Steadfast peace with the arrival of Mr. Nandan Nilekani
Addresses risk of further downside; more to do for gradual valuation re-rating
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
Free float (%)
INFO IN
2,297
1081 / 862
-6/-19/-26
2,087.0
32.5
3831
87.3
n
n
n
n
Infosys (INFO) announced the appointment of Mr. Nandan Nilekani as non-executive
non-independent Chairman of the Board.
It also accepted the resignation of Mr. R. Seshasayee, Professor Jeffrey Lehman and
Professor John Etchemendy with immediate effect.
Dr. Sikka too stepped down as Executive Vice Chairman and as a Director.
With Nandan Nilekani as Chairman, Ravi Venkatesan stepped down as the Co-
Chairman of the Board; he would however continue as an Independent Director.
Financials Snapshot (INR b)
Y/E Mar
2017 2018E 2019E
Sales
684.9 706.5 781.8
EBITDA
186.1 184.6 203.4
PAT
143.8 142.2 153.6
62.9
62.2
67.2
EPS (INR)
6.6
-1.1
8.0
EPS Gr. (%)
22.0
19.6
19.3
RoE (%)
22.0
19.6
19.3
RoCE (%)
40.9
48.2
50.6
Payout (%)
14.5
14.7
13.6
P/E (x)
Div Yield (%)
2.8
3.3
3.7
Shareholding pattern (%)
As On
Jun-17 Mar-17 Jun-16
Promoter
12.8
12.8
12.8
DII
20.2
20.3
17.3
FII
38.0
38.8
41.0
Others
29.0
28.1
29.1
FII Includes depository receipts
Stock Performance (1-year)
Infosys
Sensex - Rebased
1,250
1,150
1,050
950
850
What do the developments mean for Infosys, the stock?
Steadfast return of peace puts downside risks behind
n
n
At 14.6x FY18E and 13.6x FY9E earnings, only continued brawl in the open and
prolonged Board and leadership uncertainty presented further downside risk.
But INFOs steadfast actions around the near-dissolution of the Board and
return of Mr. Nandan Nilekani – the consensus choice in the scenario – has
taken care of that risk.
The fact that it took only a week for this to play out, is a positive, as INFO can
now look forward to addressing business issues.
Response to a few tough questions will determine the extent of upside
Who could be INFO’s new CEO?
INFO’s founder team collectively distanced itself from any role in the company
when Dr. Sikka came in, as it was deemed necessary to attract a high caliber
leader. The scenario this time prima-facie appears to be the opposite. Mr. Nilekani
is on the board, and new appointments to the Board may have no less founder
influence. The overpowering thought for any prospect will be the extent of free
hand he / she will enjoy in the business – when it comes to matters such as
employee compensations, strategic acquisitions and valuations thereof, etc. Also, it
remains to be seen whether the current think-tank believes that an internal
candidate may be better suited for the role. INFO’s long term attractiveness will
undoubtedly hinge on the new leader.
Panaya investigation documents – what next here?
Developments on this issue will be interesting, given that it was the latest bone of
contention between Mr. Murthy and the Board. Nandan’s return has received
Murthy’s thumbs-up, but if retracting from this demand will be perceived as
inconsistent pitch for governance, and continued demand could open up multiple
possibilities. One such is that if the documents are made public, and there is clear
instance of wrong-doing, it leads to follow-up course of actions detrimental to
INFO in the near future. Is there a middle path here? This will attract media
interest contrary to Nandan’s wish of getting dull and boring soon.
29 August 2017
3

Possible downward revision of earnings growth
First steps have been swift, but expecting similar execution around the constitution
of the Board and appointment of new CEO may just be asking for too much. Plus,
there are a lot of personnel brought on-board by the previous leadership, many of
them based overseas, who will be compelled to reassess their stay within the
company – such a shake-up is not unusual in reaction to the events of this nature. In
the interim, the distractions that admittedly hurt INFO’s performance in last couple
of quarters have been at their peak in this one, and hence, the impact on business is
natural. As a result, the run-up in the stock will be tested with the company’s
commentary around the outlook in the near term.
Expect recoupment of some lost ground on valuations
n
n
n
Nandan cited that there are no second thoughts on the Buyback, that will
compound to swift movement on the changes and drive some positive reaction
on the stock, a relief rally after the sharp fall.
We had lowered our price target to INR1,050, by cutting the target multiple to
15x (from 17x), at some discount to TCS’ 16x. That will unlikely be breached for
now, with the sleuth of changes yet to take place, but offers upside from current
13.6x.
However, further re-rating needs to see a combination of: [1] The back of search
process and focus on business growth, [2] At least comparable performance to
those setting the industry pace.
Exhibit 1:
Comparative valuation
Company Mkt cap Rating
(USD b)
TCS
72.9 Neutral
Infosys
31.5 Buy
Wipro
21.2 Neutral
HCL Tech
18.8 Neutral
TechM
6.2 Buy
TP
Upside
EPS (INR)
(INR)
(%) FY18E FY19E FY20E
2,350
-5.2 131.3 143.0 148.8
1,050 15.0
62.2
67.2
74.0
270
-6.5
18.1
19.1
21.0
950
9.5
61.8
65.9
69.6
490
15.5
34.4
37.3
41.9
FY18E
18.9
14.6
15.9
14.0
12.3
P/E (x)
FY19E
17.3
13.6
15.1
13.2
11.4
RoE (%)
FY17-19E CAGR (%)
FY20E FY18E FY19E FY20E USD rev.
EPS
16.7
31.5 32.9 30.2
7.6
3.5
12.3
20.0 19.8 20.0
8.6
5.1
13.7
16.1 16.1 15.9
6.0
6.2
12.5
24.9 23.8 22.9
9.8
4.9
10.1
17.4 16.9 17.0
8.8
8.9
Source: MOSL, Company
29 August 2017
4

Navneet Education
BSE SENSEX
31,596
S&P CNX
9,857
28 August 2017
Update
| Sector:
Publishing
CMP: INR157
TP: INR215 (+37%)
Buy
Growth on track across segments; maintain Buy
Publication: Continuous growth, aided by syllabus change
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
Free float (%)
NELI IN
233.6
194/94
-5/1/39
36.7
0.5
24
38.2
The publication business grew 10% YoY in 1QFY18 despite deferment of publication
of 9
th
grade text books in Maharashtra by the education board. Growth going
forward is expected to be stronger, with likely spillover of revenue of its
supplementary books in 2QFY18. The business is expected to continue benefiting
from syllabus change in Maharashtra and Gujarat in FY19 as well. We expect the
segment to grow 15% in FY18. Moreover, the acquisition of Indiannica Learning
Private Limited is not only expected to boost CBSE revenues by strengthening
current library but also help NELI to venture into newer geographies, both
domestic and overseas.
Financials Snapshot (INR b)
2017 2018E 2019E
Y/E Mar
Net Sales
11.8
13.6
15.9
EBITDA
2.8
3.1
3.7
PAT
1.8
2.0
2.5
EPS (INR)
7.8
8.7
10.8
Gr. (%)
53.7
12.7
23.1
BV/Sh (INR)
31.1
36.1
42.4
RoE (%)
26.8
26.0
27.4
RoCE (%)
23.1
22.2
24.4
P/E (x)
20.2
18.0
14.6
P/BV (x)
5.1
4.4
3.7
Shareholding pattern (%)
As On
Jun-17 Mar-17 Jun-16
Promoter
61.8
61.8
61.8
DII
15.8
15.5
15.2
FII
5.7
5.7
6.5
Others
16.7
17.0
16.5
FII Includes depository receipts
Stock Performance (1-year)
Delta Corp
Sensex - Rebased
200
170
140
110
80
Stationery: Growth to pick up after muted 1QFY18
The stationery business declined 12% YoY in 1QFY18, led by the decline in exports
on account of unfavorable currency movement. However, the decline is expected
to be reversed in 2QFY18 and 3QFY18, resulting in 10% growth in exports in FY18.
Further, exports should witness an even distribution of growth across the
remaining quarters. The domestic stationery business did not witness much
traction in order book in the month of June, resulting in a flattish 1QFY18.
However, with 4Q being the strongest quarter for the domestic stationery, the
segment is expected to get back on track, with an expected growth of 15% in FY18.
Indiannica content to promote growth
The subsidiary, Indiannica Learning Private Limited, acquired on December 30,
2016, had a loss before tax of INR146m in FY17. Indiannica is planning to add three
new series of 24 titles in 3QFY18 to boost its library. 50% of the sourcing and
manufacturing is expected to be carried out by NELI, with the share expected to
increase gradually. The subsidiary is expected to post revenue CAGR of 22% over
FY17-20 (with a growth of 15% in FY18) on the back of strong content addition.
Valuation and view
NELI is set to witness steady growth on account of syllabus change, growing
momentum in stationery exports and robust addition of content in the current
library through Indiannica. However, muted growth in 1QFY18 will put pressure on
annual growth. We cut our earnings estimates by 7% for FY18 and by 3% for FY19.
We expect 16% revenue CAGR and 19% PAT CAGR over FY17-20, with a flattish
EBITDA margin. We value the stock at 20x FY19E EPS, arriving at a TP of INR215.
Maintain
Buy.
29 August 2017
5

Capital Goods: Sector Update | 28 August 2017
India Durables
Please refer our detailed
report dated June 2016
Restocking picks up in August
Inverter ACs constitute 35% of AC sales in April-June quarter
We met one of the largest electronics retail chains in North and West India. Our
key takeaways:
Restocking picks up in August post a weak July
n
n
n
n
With impending GST implementation from July, the electronics retail chain
initiated a discount sale (10-12% margin v/s the normal 20%) in mid-May to
clear old inventory. Strong demand helped it to clear old stock by mid-June; for
the industry, discount sales continued well into end-June.
End-June to early July, manufacturers had stopped production due to GST
transition. This, along with weak secondary sales in July/early-August, led to
slow restocking; however, by mid-August restocking was complete in most retail
outlets. Restocking for washing machines, refrigerators and LED TVs led to
inventory normalizing. However, as the peak summer is behind, ACs and air
coolers would see meaningful restocking only in September (before the festive
season).
Air conditioners:
No price hikes have been taken by any brand post GST. Price
hikes could come through before the festive season starting mid-September.
Washing machines / refrigerators:
There have been price hikes of INR150-500
across brands and price ranges.
Inverter ACs at 35% of sales in May-June; Voltas has a low share
n
n
n
Inverter ACs constituted ~35% of AC sales in May-June. Bestselling brands are
Daikin, LG and Panasonic. Daikin inverter (1.5-ton, 3-star) ACs were sold at
INR36,000/unit, in line with LG. Given the unanticipated surge in demand in
June, LG had run out of stock which benefited Daikin and Panasonic.
Voltas’ share in inverter ACs is still quite low (<5%). It has launched an
installation scheme at INR499 for inverter ACs v/s INR1,200-1,500 for fixed-
speed ACs to promote its inverter range.
The share of inverter ACs should increase significantly post the ratings change
from January 2018.
LG, Samsung and Whirlpool dominate washing machines/refrigerators
Refrigerators
n
60% of the industry is for <300 liters single-door refrigerators, where Godrej and
Whirlpool are strong. In the >300 liters market, LG and Samsung dominate, with
Hitachi at a distant third.
n
In the single-door category (primarily <300 liters), the key selling ranges are 190-
250 liters, which are priced at INR12,000-15,000.
n
Brand hierarchy in the <300 liter refrigerator category: Videocon (NR12,000),
LG/Samsung (INR13,000), and Godrej/Whirlpool (INR14,000).
29 August 2017
6

Washing machines
n
In washing machines, 30% of the industry is front load and 70% is top load. The
front load segment is dominated by LG, Siemens and IFB, while top load is
dominated by LG, Samsung and Whirlpool.
n
The highest selling ranges are 6.2-7.5 liters, which are priced at INR13,000-
16,000/unit. In terms of brand hierarchy, Godrej is the cheapest (INR13,000),
followed by Whirlpool (INR14,000) and LG/Samsung (INR15,000-16,000).
Voltas-Beko JV: Has recently hired Godrej Appliances business head
n
n
n
n
n
Prasoon Kumar from Godrej Appliances has been hired to head Voltas-Beko
operations in India. He has earlier been with LG, Haier and Videocon.
As Voltas is a key vendor, the electronics retail chain we met intends to stock its
refrigerators and washing machines, once these come into the market.
Voltas will find it challenging to take share from LG, Samsung and Whirlpool in
the metros. However, beyond the Tier-1/2 cities, it can use its distribution
strength to take share from Godrej, which is dominant in these markets.
Voltas has placed orders with retail chains for competing brand refrigerators;
these are likely to be used to study the features on offer by competition and to
customize its offerings, in our view.
For multi-product brands (Samsung, LG), large format stores agree on an annual
sales target and internally decide which products to focus on. For example, in
case of Samsung, the highest focus is on TVs/washing machines/refrigerators
and very little on ACs. LG's focus is more on refrigerators, washing machines and
less on ACs. With Voltas also offering refrigerators and washing machines along
with ACs from next year, it would be interesting to see whether its AC sales are
cannibalized by other categories.
Air coolers: Symphony retains lead by a big margin; Bajaj and Orient other
bestsellers
n
n
Symphony remains the highest selling brand in air coolers, followed by Bajaj and
Orient.
Kenstar does not sell very well at large retail format stores. It primarily
competes on price and is a discounted brand.
Valuation and view
n
n
Voltas:
We have a
Sell
rating on the stock. We have a
cautious view, given (a)
threat to margins from intensifying competition in room ACs, (b) industry
convergence to inverter ACs, where Voltas has a weak share, and (c) impending
rating change in January 2018.
Blue Star:
We have a
Neutral
rating, with an SOTP-based TP of INR650 (UCP
business at 27x FY19E EPS, MEP at 15x, and Professional Electronics at 20x).
Current valuations of 40x FY18E/27x FY19E EPS fully capture strong growth over
FY18/19.
29 August 2017
7

In conversation
1. See no impact of price increase on demand; GST transition
issues almost over: V-Guard; Mithun Chittilappilly, MD
n
n
n
n
n
n
Initial hiccups of GST seem to be over although some issues relating to filing of
returns etc. Early indications for Onam positive.
Share of unorganized players is shrinking.
Credit behavior for supply chain should not change because of GST.
Passed on all changes in price due to GST to consumer. Has not impacted
demand.
July sales encouraging. Inventories expected to normalize by Q2 end and re-
stocking has happened to a large extent.
Home appliances doing better than electrical.
2. Aim to grow loan book to Rs 25,000 crore in fy19: capital first;
V Vaidyanathan, Executive Chairman
n
n
n
n
n
Rs
Company has gone to shareholders to seek approval for raising the FII stake. Will
be intimated once approval comes in.
No plans to raise any further capital for 12-15 months.
Company has raised NCDs worth Rs. 200 crores.
Look to achieve a loan book of Rs. 25,000 crore by FY19. In last fiscal, loan book
increased from Rs. 16,000 crores to Rs. 20,000 crores. Would look to maintain
loan book growth at 25% and profits could grow at around 30-35%.
Scope to increase NIMs from current levels. Cost of funds not reached a bottom
because company borrows from bond markets which is cheaper.
3. Expect 8-10% growth for FY18: Mayur Uniquoters; Suresh
Kumar Poddar, CMD & CEO
n
n
n
May have growth of 8-10% in FY18.
FY20-21 must have at least Rs. 650-700 crore as revenue.
Expect minimum 15% growth of automotive segment.
4. See huge potential for fibre cement boards business: Visaka
Industries; Vamsi Krishna, Joint MD
n
n
n
n
Company’s V-Next makes product for affordable housing
See huge potential for fiber cement boards business.
V-Next business could eat into the Rs. 20,000 crore plywood market.
Target Rs. 250 crore in V-Next business vs. Rs. 140 crore currently.
29 August 2017
8

From the think tank
1. India’s rural distress puzzle
n
The state of India’s rural economy is puzzling. There is enough evidence to
support two opposing statements: one, that the rural economy has improved;
and, two, that the rural economy is in the doldrums. On the one hand, some
indicators are positive. The unemployment rate has been falling while rural
wages have been rising. On the other hand, instances of rural distress are rife
and rural consumer sentiment has weakened. There has been a surge of
demands for farm loan waivers. Four states have already announced waivers
worth about 0.5% of national gross domestic product (GDP). Four more are
threatening to do the same and, if they do, waivers could rise to 0.75% of GDP,
endangering a hard-won reduction in debt and deficit ratios.
2. Large Indian conglomerates invest only in a handful of states
n
In 1966, the R.K. Hazari committee on industrial licensing pointed out that
Indian business houses displayed strong regional biases. The report, which
classified business houses by ethnicity, noted that Punjabi investment was
mainly in the Punjab-Delhi region, southern houses stuck to the southern states,
and Parsi investment flowed to a few states like Maharashtra and Bihar. While
the demographic composition of Indian business houses has changed since then,
the regional concentration of large Indian businesses still remains high, a Mint
analysis shows. Like the Indian cricket team, Indian businesses tend to prefer
familiar territory. The analysis is based on the investment patterns of 10 large
conglomerates (based on group revenue) since the turn of the 21st century.
Outward (foreign) investments were not considered in this analysis
3. Calls to weaken rupee are misguided
n
Rather like Goldilocks, commentators on the Indian rupee don’t like the value of
the currency too low or too high—they would like it just right. Thus, when the
rupee is weak, there are complaints that it is too weak; with a strong rupee,
there are complaints that it is too strong. It is understandable that industry shills
should press for a weakening of the rupee. But it is not just those with a vested
interest in promoting domestic industry who are crying foul— eminent
economists have now joined the fray. In this newspaper, former chief economic
adviser Deepak Nayyar and economist Ajit Ranade have batted for a weaker
rupee in the past few weeks. Nayyar, in particular, is explicit that this is best
achieved through lowering the policy interest rate, which, it is alleged, is too
high.
29 August 2017
9

4. Nandan nilekani return brings relief to infosys; but here is
what will really restore calm
n
Nandan Nilekani’s return to Infosys as non-executive chairman will bring
comfort to institutional investors and stem the slide in the stock price but only
temporarily. For Infosys to regain its pre-eminence, it must find itself a good
CEO and, more importantly, the founders must let the CEO do her or his job
without interfering. Given his stature and connections, Nilekani should be in a
good position to recruit a CEO. To be sure, prospective candidates will be wary
of coming on board given the extremely shabby and totally undeserved
treatment meted out to the previous CEO, Vishal Sikka, by NR Narayana Murthy.
Nevertheless, since there is no doubt that many will aspire to the position,
Nilekani may be able to convince one of them to join the company. From the
perspective of shareholders, both small and large, the damage that has been
done by the unseemly spat between Murthy and the board will be hard to undo
in the near-term.
International
5. Big tech can no longer be allowed to police itself
n
In the early days of the commercial internet, back in the mid 1990s, one of the
things that technology platform companies lobbied hard for was the notion that
they were like the town square — passive conduits for the actions of others,
facilitating a variety of activities and thoughts, but not responsible for any of
them. The idea was that the garage entrepreneurs starting message boards and
chat rooms, or the nascent search engines, simply did not have the legal or
economic bandwidth to monitor or be liable for the actions of users, and that to
require them to do so would stymie the development of the internet itself. How
times have changed. Not only can the largest internet companies like Facebook
and Google monitor nearly everything we do, they are also policing the net with
increasing vigour. Witness the variety of actions taken by Facebook, Google,
GoDaddy and PayPal, in the wake of racially charged violence in Charlottesville,
to block or ban rightwing hate groups from their platforms.
29 August 2017
10

Click excel icon
for detailed
valuation guide
Rs
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
27.6
23.3
20.7
44.5
46.1
17.7
51.1
41.6
31.0
24.6
23.4
25.4
44.9
30.5
19.1
51.4
27.9
33.2
27.5
31.7
22.7
31.0
19.6
23.9
34.7
NM
36.3
43.0
12.9
24.0
29.6
24.1
NM
18.0
36.5
10.0
NM
23.3
939.0
16.9
101.8
54.4
42.2
29.4
25.2
16.6
62.4
37.7
17.8
35.9
17.2
27.3
20.5
20.0
31.9
39.9
17.5
36.7
33.3
16.7
21.7
20.9
20.1
24.4
26.9
16.9
41.9
24.0
23.4
23.0
92.4
20.3
25.8
20.2
20.1
26.9
21.5
30.1
28.4
9.8
19.0
23.9
15.1
NM
11.3
8.7
8.5
7.4
24.8
19.1
15.1
18.0
38.3
27.9
21.8
20.7
13.0
51.1
33.4
14.2
25.7
15.8
5.1
5.1
4.7
6.6
7.6
2.8
15.9
7.9
3.1
3.4
7.8
3.2
2.8
6.3
2.2
11.9
4.8
2.3
2.8
2.4
2.2
5.2
2.2
1.3
5.0
0.8
4.7
4.5
1.1
3.7
3.4
0.9
0.6
0.7
0.5
1.0
0.3
0.8
1.3
0.4
0.9
10.4
5.0
3.1
4.2
1.9
18.7
7.0
4.3
4.2
3.1
4.4
4.5
4.2
5.7
6.8
2.4
11.8
6.6
2.7
3.1
6.7
2.9
2.5
5.5
1.9
9.8
4.2
2.1
2.3
2.4
1.8
4.5
2.1
1.2
4.3
0.7
4.2
3.2
1.0
3.2
3.0
0.9
0.7
0.7
0.5
0.9
0.3
0.8
1.2
0.5
0.8
8.4
4.1
2.7
3.6
1.7
15.3
6.3
3.8
3.7
2.7
20.3
23.1
25.3
16.2
15.8
16.9
37.1
20.8
10.6
13.9
35.7
14.2
6.4
20.3
9.8
25.6
17.1
6.9
10.8
9.5
9.9
18.3
10.2
5.6
15.4
-27.0
13.8
12.3
9.5
18.9
11.5
4.0
-6.7
4.2
1.4
10.1
-8.4
3.6
-0.2
2.7
0.9
21.7
15.1
12.0
18.0
14.4
32.5
18.9
25.5
12.4
19.4
17.3
23.2
22.2
19.2
18.0
14.8
37.0
21.6
17.3
14.1
34.6
13.9
10.8
20.1
12.3
25.7
17.4
9.3
11.4
2.6
10.0
18.8
8.9
6.3
17.3
3.5
15.0
13.6
10.8
18.3
12.5
6.1
-5.2
6.2
5.8
10.9
4.6
3.2
7.0
3.0
4.6
24.3
16.1
13.3
18.6
14.1
33.0
19.3
28.2
15.6
18.2
19.9
27.0
24.0
22.8
20.7
17.3
35.4
23.3
18.3
15.0
31.5
14.9
11.5
22.8
26.6
33.6
22.3
14.7
11.8
8.7
10.5
19.6
9.5
6.9
18.5
7.2
16.3
13.9
12.7
19.5
14.2
12.4
3.0
9.1
7.3
11.2
5.4
5.9
11.4
6.1
8.3
25.9
28.0
15.6
19.0
15.6
32.8
18.4
31.3
19.1
18.5
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.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
L&T Fin Holdings
LIC Hsg 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
28
11
20
16
1
23
15
8
18
35
-4
17
16
43
1
28.0
4.6
132.3
26.2
473.1
93.3
612.7
23.5
20.0
8.1
169.1
54.3
5.4
248.6
19.8
11.7
28.2
37.9
5.2
7.0
137.2 163.6
36.5
50.5
547.2 705.7
94.2 126.8
852.9 1,092.8
29.3
37.9
37.1
45.8
9.2
11.0
189.3 199.1
68.5
82.4
9.9
11.8
281.7 374.5
22.4
59.8
14.4
23.7
772
986
106
118
2,740 3,281
1,164 1,353
21,815 21,994
1,650 2,029
31,277 35,854
976
1,059
619
732
200
269
3,960 3,818
1,378 1,618
240
-
7,589 8,819
379
542
604
612
Neutral
511
Neutral
192
Buy
160
Buy
109
Buy
1,762
Buy
300
Neutral
56
Buy
1,664
Neutral
82
Buy
975
Under Review 511
Buy
28
Buy
1,751
545
192
201
139
2,000
366
62
1,800
91
1,153
-
34
2,133
7
0
26
27
14
22
11
8
10
18
21
22
15.4
7.0
5.0
4.8
56.8
15.3
2.3
47.9
-31.3
26.8
11.9
2.2
73.0
21.8
8.4
1.7
5.4
68.2
14.9
2.8
61.9
3.8
32.4
18.0
2.9
92.3
38.1
10.4
6.1
6.8
82.1
17.0
3.2
76.8
8.2
41.0
23.7
3.7
114.5
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
144
144
339
56
294
126
145
279
137
198
149
360
49
382
150
184
341
140
37
4
6
-12
30
19
27
22
2
6.0
-14.8
18.8
1.5
29.3
-31.6
6.2
0.3
8.1
9.5
-11.2
30.1
6.4
34.4
17.1
5.8
14.6
9.0
20.8
6.6
47.0
8.6
38.3
21.4
11.0
26.8
19.1
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
1,826
887
724
1,158
490
508
1,767
1,226
188
658
1,800
820
925
1,400
630
450
1,900
1,350
200
708
-1
-8
28
21
29
-11
8
10
7
8
33.6
21.0
24.6
46.0
29.6
8.1
46.8
69.0
5.2
38.2
47.6
31.8
33.3
56.0
37.7
9.9
52.9
86.3
7.3
41.6
62.9
68.7
44.3
67.3
47.1
12.1
59.0
108.4
10.6
48.9
29 August 2017
11

Company
Reco
Manappuram
Not Rated
M&M Fin.
Buy
Muthoot Fin
Buy
PFC
Neutral
Repco Home
Buy
REC
Neutral
Shriram City Union Buy
STF
Buy
Aggregate
Capital Goods
ABB
Sell
Bharat Elec.
Buy
BHEL
Sell
Blue Star
Neutral
CG Cons. Elec.
Buy
CG Power & Indu. Neutral
Cummins
Buy
GE T&D
Neutral
Havells
Neutral
K E C Intl
Neutral
L&T
Buy
Pennar Eng.
Not Rated
Siemens
Neutral
Solar Ind
Neutral
Suzlon Energy
Not Rated
Thermax
Neutral
Va Tech Wab.
Buy
Voltas
Sell
Aggregate
Cement
Ambuja Cem.
Buy
ACC
Neutral
Birla Corp.
Buy
Dalmia Bharat
Buy
Grasim Inds.
Neutral
India Cem
Neutral
J K Cements
Buy
JK Lakshmi Ce
Buy
Ramco Cem
Buy
Orient Cem
Buy
Prism Cem
Buy
Shree Cem
Buy
Ultratech
Buy
Aggregate
Consumer
Asian Paints
Neutral
Britannia
Buy
Colgate
Buy
Dabur
Neutral
Emami
Buy
Godrej Cons.
Neutral
GSK Cons.
Sell
HUL
Buy
ITC
Neutral
Jyothy Lab
Neutral
CMP
(INR)
96
418
452
123
655
165
2,160
980
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
-
8.6
10.8
12.5
459
10
7.1
13.9
17.8
550
22
29.5 38.2
44.2
117
-5
25.7 27.2
30.2
800
22
29.1 34.5
39.3
134
-19
31.4 35.0
40.4
2,800
30
84.3 121.7 164.1
1,330
36
55.6 80.0 102.4
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E
11.1
8.9
2.4
2.2
24.0 25.9
58.9 30.1
3.7
3.5
6.5
12.0
15.3 11.8
2.8
2.4
19.4 21.5
4.8
4.5
0.8
0.7
17.9 17.0
22.5 19.0
3.6
3.1
17.4 17.5
5.3
4.7
1.0
0.8
19.9 19.1
25.6 17.7
2.8
2.5
11.7 15.0
17.6 12.3
2.0
1.8
11.7 15.0
20.5 17.3
3.5
3.0
16.8 17.6
69.1
27.2
59.7
57.8
46.8
19.4
33.8
66.9
51.4
25.6
27.0
13.0
72.5
43.5
26.3
29.1
20.4
34.8
34.4
57.3
50.3
32.7
69.0
16.8
32.0
30.0
59.3
24.7
NM
403.3
45.6
41.5
36.3
55.0
56.8
51.8
43.1
40.5
49.7
34.3
61.1
33.6
33.9
60.8
25.4
28.1
42.5
43.5
39.2
32.4
41.3
44.9
23.2
25.5
10.2
56.9
37.0
18.9
29.9
17.5
32.0
30.4
40.3
36.5
23.5
39.0
16.0
22.5
25.4
42.4
24.6
33.8
31.6
38.1
43.6
31.1
52.1
49.1
45.0
40.4
39.9
43.6
33.8
52.3
30.4
38.7
8.8
5.6
1.0
9.4
25.5
1.2
6.6
9.5
9.4
4.9
3.2
1.3
6.7
8.0
-1.5
4.0
3.3
5.4
3.9
2.9
3.9
2.2
4.8
1.8
1.1
4.0
3.5
4.3
3.1
5.8
7.9
4.6
3.5
14.6
18.6
23.5
11.4
13.9
12.1
7.2
39.0
7.6
6.3
7.7
4.3
0.9
8.8
18.8
1.2
6.1
8.3
8.4
4.2
3.0
1.2
5.9
6.8
-1.7
3.6
2.9
4.8
3.5
2.8
3.8
2.1
4.3
1.7
1.0
3.5
3.2
3.7
2.9
5.0
6.7
4.2
3.2
13.3
15.4
22.3
9.7
11.8
9.4
7.1
37.6
7.5
6.4
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
16.8
18.0
11.2
5.1
7.9
7.3
7.2
11.5
3.4
14.4
6.0
19.0
-3.2
1.4
18.4
11.6
9.6
28.5
36.9
50.4
28.4
35.8
24.6
22.2
65.6
23.5
21.1
12.6
17.0
3.4
21.4
49.7
3.0
19.7
21.5
18.6
19.5
12.1
11.6
10.3
19.8
-8.8
12.7
17.6
15.8
11.6
7.0
10.6
9.2
11.6
10.9
4.7
14.8
7.9
16.1
8.8
17.0
19.1
10.1
10.3
26.7
34.3
50.8
26.0
32.0
24.2
21.1
73.1
24.8
16.5
FY19E
26.9
14.2
21.2
16.8
17.0
19.1
17.6
16.9
18.1
15.8
16.9
3.5
29.6
49.7
3.7
22.8
22.7
20.7
20.9
12.9
12.6
13.7
20.9
-11.0
12.8
17.4
16.0
12.6
7.9
13.1
12.2
13.4
13.9
6.6
17.5
12.1
17.5
12.8
22.9
19.1
14.0
12.7
28.1
34.5
58.2
26.3
33.9
22.8
22.6
82.8
26.3
18.4
1,362
189
128
745
219
80
895
383
491
303
1,141
92
1,292
896
17
898
606
538
1,200
210
100
650
250
80
1,170
395
455
295
1,345
-
1,355
900
-
830
800
430
-12
11
-22
-13
14
0
31
3
-7
-3
18
5
0
-8
32
-20
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
29.8
15.5
22.4
7.4
4.6
17.5
5.0
2.0
27.7
9.3
10.9
13.1
44.8
9.1
22.7
24.2
0.9
30.0
34.6
16.8
31.6
8.3
4.9
26.1
6.4
2.5
35.0
11.3
13.8
16.4
51.7
11.2
33.0
30.0
1.0
33.2
39.8
19.1
280
308
1,816 1,622
961
1,150
2,675 3,282
1,140 1,079
180
201
1,011 1,277
413
519
675
806
150
185
110
140
17,535 22,360
3,988 4,936
10
-11
20
23
-5
12
26
26
19
24
27
28
24
4.9
7.0
36.1 49.8
29.4 40.9
38.8 68.7
67.9 71.3
5.6
8.0
33.7 39.7
7.0
9.7
27.3 27.4
-1.6
4.4
0.3
3.5
384.4 460.4
96.1 91.5
8.2
65.0
58.9
89.9
102.7
11.8
54.4
16.4
34.4
7.1
5.6
547.8
138.8
1,155
4,188
1,101
313
1,074
940
5,350
1,200
282
381
1,200
4,660
1,285
315
1,310
995
4,500
1,360
280
395
4
11
17
1
22
6
-16
13
-1
4
21.0 22.2
73.7 85.3
21.2 24.4
7.2
7.7
26.5 26.9
18.9 21.5
156.1 158.1
19.6 22.9
8.4
9.3
11.2
9.8
26.5
104.6
29.8
9.1
33.1
24.7
182.1
27.3
10.3
11.1
29 August 2017
12

Company
Marico
Nestle
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
Shilpa Medicare
Strides Shasun
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.
Ent.Network
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Siti Net.
Sun TV
Reco
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Not Rated
Neutral
Neutral
CMP
TP
% Upside
(INR) (INR) Downside
318
355
12
7,051 6,160
-13
17,432 19,600
12
244
245
0
836
810
-3
8,229 8,800
7
132
-
818
875
7
2,576 2,525
-2
FY17
6.3
118.0
238.7
3.6
16.7
132.9
3.5
8.7
26.7
EPS (INR)
FY18E FY19E
6.8
8.2
115.1 133.6
294.7 398.4
9.1
12.5
18.1
20.6
151.6 176.0
3.5
6.4
10.1
15.0
34.5
51.5
P/E (x)
FY17 FY18E
50.6 46.6
59.8 61.3
73.0 59.2
67.7 26.8
49.9 46.3
61.9 54.3
37.3 37.9
94.0 81.2
96.4 74.7
46.2 41.8
23.8
23.4
21.1
18.9
33.7
35.3
36.0
17.5
28.2
14.4
16.0
18.0
70.1
25.9
19.4
17.7
31.0
43.1
29.0
18.9
34.4
22.4
22.9
17.0
41.4
33.8
34.0
13.7
17.0
29.7
79.2
18.5
NM
70.5
10.5
12.5
16.2
58.8
62.1
NM
28.8
25.1
24.1
23.4
16.5
35.3
28.0
27.1
20.7
24.0
68.3
14.6
15.9
51.5
25.1
15.3
23.9
29.9
28.6
19.7
32.7
27.7
23.2
25.0
14.8
32.7
30.5
25.8
7.2
13.7
24.9
59.8
15.9
NM
60.3
9.5
11.7
14.1
40.5
41.3
NM
25.1
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E
17.6 15.1 36.7 34.9
22.6 21.0 39.0 35.5
29.2 23.4 40.0 39.6
3.1
2.8
6.0
11.0
13.0 10.6 28.2 25.2
38.8 32.2 39.3 64.9
1.9
1.8
5.2
4.9
9.4
8.5
10.4 11.0
19.3 13.5 21.3 18.0
12.7 11.8 27.5 28.2
5.1
5.0
7.0
4.6
4.3
7.4
3.7
3.9
2.8
1.5
3.9
3.3
10.2
2.1
3.3
3.3
5.3
5.3
3.1
3.2
6.9
4.8
3.9
2.5
18.4
3.5
2.5
1.9
2.6
3.7
17.0
4.3
1.7
4.5
1.8
0.8
2.4
3.9
6.2
3.5
6.8
4.5
4.3
5.6
3.7
3.9
6.1
3.3
3.6
2.6
1.3
3.2
2.3
11.9
2.0
2.7
3.0
5.0
4.5
2.7
3.3
5.7
4.2
3.5
2.2
14.0
3.4
2.4
1.7
2.3
3.4
13.2
3.9
1.9
4.2
1.5
0.8
2.3
3.6
5.4
3.6
6.3
23.0
23.4
37.7
27.6
12.3
23.0
10.2
23.5
9.6
11.3
24.7
21.1
14.5
8.6
18.1
20.6
17.1
14.4
10.7
18.5
22.2
23.8
16.9
12.6
50.5
10.8
7.3
12.4
16.7
12.4
24.1
25.5
-12.0
6.7
19.0
7.1
17.6
11.2
10.4
-23.5
23.6
19.0
19.2
26.5
24.8
11.1
23.9
12.1
18.1
11.3
2.1
21.6
17.7
23.0
8.2
19.5
13.2
16.6
17.0
14.7
10.0
22.5
19.5
14.1
16.0
48.6
11.3
9.4
19.4
17.8
13.8
24.9
25.8
-5.3
7.2
17.3
6.9
16.5
9.3
14.0
-4.1
25.0
FY19E
37.7
38.1
43.1
13.3
23.5
62.8
8.5
14.7
20.3
29.3
20.4
20.5
25.9
22.1
14.5
26.3
13.2
19.4
14.8
4.9
20.9
18.8
30.9
12.2
19.6
16.0
18.1
20.4
20.2
14.7
20.7
21.5
16.3
16.8
46.8
12.4
12.4
25.4
18.6
15.4
99.2
26.6
0.7
10.7
17.3
6.4
17.4
12.4
18.2
6.2
28.8
Neutral
Neutral
Buy
Buy
Sell
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Not Rated
Neutral
514
1,772
1,233
741
343
501
573
695
2,046
149
627
130
2,411
416
719
990
4,001
604
935
493
448
1,237
510
1,830
1,606
850
330
555
520
680
2,500
220
775
200
2,500
430
905
1,125
4,820
805
1,300
515
-
1,350
-1
3
30
15
-4
11
-9
-2
22
48
24
54
4
3
26
14
20
33
39
5
9
21.6 20.5
75.7 73.5
58.4 52.8
39.3 44.9
10.2
9.7
14.2 17.9
15.9 21.1
39.7 33.6
72.6 85.1
10.3
2.2
39.3 42.9
7.2
8.2
34.4 46.8
16.1 16.6
37.0 47.1
55.8 41.4
129.1 133.6
14.0 21.1
32.3 47.4
26.1 15.1
13.0 16.1
55.2 53.4
25.5
91.6
64.2
50.0
14.2
24.1
26.0
40.0
125.2
5.6
51.7
11.5
54.9
26.8
56.7
56.3
160.6
30.4
74.8
23.3
18.0
67.3
Buy
Not Rated
Neutral
Buy
Not Rated
Not Rated
167
4,246
1,284
231
114
288
212
-
1,214
272
-
-
27
-5
18
9.8
11.2
102.5 129.9
38.0 42.1
6.8
8.4
16.9
9.0
15.9
21.0
13.3
163.2
48.6
12.4
23.9
25.9
Buy
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Buy
Neutral
Neutral
78
377
92
805
270
93
174
378
1,274
25
716
106
450
90
928
350
90
225
469
1,628
32
860
36
20
-2
15
29
-3
29
24
28
28
20
1.0
20.4
-8.6
11.4
25.9
7.4
10.8
6.4
20.5
-1.8
24.9
1.3
23.7
-2.7
13.4
28.3
7.9
12.4
9.3
30.9
-0.3
28.5
4.3
27.6
0.3
21.7
33.6
8.1
14.1
14.0
46.9
0.4
35.9
29 August 2017
13

Company
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
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
Reco
Buy
CMP
(INR)
518
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
630
22
23.1 14.7
18.9
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
22.4 35.2
8.6
7.4
24.7 22.6
24.5
38.7 29.7
5.4
5.0
14.0 16.7 21.3
14.4
14.5
NM
16.5
18.9
12.3
NM
19.9
16.8
20.4
10.5
16.9
38.7
22.4
11.4
10.2
28.3
8.6
14.9
9.8
19.8
16.2
12.7
138.3
67.8
72.7
17.5
14.5
20.0
15.0
9.9
13.5
19.2
15.8
13.0
16.6
29.6
18.6
13.8
17.2
15.0
16.7
39.1
26.1
NM
24.4
39.2
10.6
12.7
NM
11.1
20.1
9.8
NM
12.1
9.8
14.0
14.8
14.4
21.2
17.7
13.6
12.0
25.0
13.5
10.3
9.8
16.1
13.6
12.7
93.4
57.7
60.6
15.1
14.0
17.4
15.1
11.1
12.4
16.6
15.3
11.7
14.4
24.8
18.6
12.6
16.1
15.1
16.6
100.2
21.6
NM
76.4
217.2
1.8
3.9
0.4
2.6
1.3
1.7
0.7
1.8
1.9
1.7
3.2
1.7
6.6
2.5
3.5
2.0
6.0
2.2
0.8
0.9
4.2
1.6
1.7
11.3
12.8
12.5
2.8
3.6
4.9
3.1
1.5
4.7
3.1
2.1
1.7
2.6
9.3
5.5
2.3
2.7
2.4
3.8
2.6
4.6
1.3
11.9
2.7
1.5
4.2
0.4
2.2
1.3
1.6
0.8
1.7
1.7
1.6
2.8
1.6
5.3
2.2
3.0
1.8
5.0
2.0
0.8
0.9
3.5
1.4
1.5
10.4
11.7
11.4
2.5
3.2
4.2
2.8
1.4
3.6
3.1
2.2
1.6
2.5
7.5
5.9
2.1
2.7
2.1
3.8
2.5
4.0
1.6
10.3
2.7
14.0
24.4
-7.9
17.3
7.2
12.8
-6.7
9.7
15.7
8.2
32.4
9.6
17.8
11.6
32.4
21.2
21.0
31.4
5.7
10.1
23.2
11.6
13.3
8.2
20.6
17.2
16.2
27.5
26.5
22.0
14.3
40.4
16.8
13.2
13.7
17.0
37.1
32.6
18.4
16.9
17.2
22.9
6.7
16.2
-1.6
132.2
6.9
15.3
32.0
-4.9
21.3
6.5
15.2
-9.1
14.8
18.6
11.4
20.4
11.3
27.6
13.2
23.6
16.0
21.9
15.5
7.5
9.4
23.7
12.3
12.2
11.1
21.3
18.9
16.6
24.9
25.7
19.6
13.0
33.0
17.3
14.5
14.4
17.9
33.5
31.1
17.4
16.1
15.0
22.8
2.5
19.8
-17.3
14.5
1.2
15.4
35.1
0.6
20.8
7.7
15.6
-5.3
18.4
16.2
13.3
21.4
12.4
27.4
14.2
21.7
15.8
20.9
17.0
8.0
10.9
25.5
12.3
12.7
14.0
22.2
19.6
17.3
23.8
23.1
19.3
14.2
29.4
20.1
16.2
15.4
20.7
32.2
33.5
16.9
16.1
17.9
22.0
3.8
19.4
-21.7
33.6
2.8
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Neutral
233
286
136
245
70
122
61
301
637
309
301
194
297
63
180
30
316
591
33
5
43
21
-10
47
-51
5
-7
16.2
19.7
-20.9
14.8
3.7
10.0
-6.2
15.1
37.9
22.0
22.6
-15.8
21.9
3.5
12.4
-7.7
24.8
65.1
26.3
26.9
2.0
25.7
4.2
12.1
-4.2
33.1
64.3
Neutral
Sell
Sell
Neutral
Buy
Buy
Neutral
Sell
Buy
Buy
Buy
Neutral
508
382
789
197
464
440
1,246
128
288
161
225
1,566
515
346
691
171
510
458
1,152
113
316
195
274
1,499
1
-9
-12
-13
10
4
-8
-11
10
21
22
-4
48.3
22.6
20.4
8.8
40.7
43.0
44.0
14.8
19.3
16.4
11.4
96.7
34.3
26.5
37.2
11.1
34.1
36.7
49.9
9.4
27.9
16.5
14.0
115.5
41.3
31.3
46.1
13.3
36.3
40.4
56.3
11.7
31.1
19.7
17.9
128.1
Sell
Neutral
1,384
613
850
565
-39
-8
10.0
9.0
14.8
10.6
20.7
12.6
Buy
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
535
867
273
941
118
749
478
615
495
626
1,668
2,486
428
291
783
600
950
250
1,050
140
880
450
610
540
750
1,992
2,350
490
270
950
12
10
-9
12
19
18
-6
-1
9
20
19
-5
15
-7
21
30.6 35.4
59.8 61.8
13.7 15.7
62.9 62.2
11.9 10.6
55.5 60.2
24.9 28.7
38.9 40.3
38.0 42.3
37.7 43.3
56.3 67.4
133.4 133.6
30.9 34.0
16.9 18.1
52.1 51.9
41.9
65.9
16.5
67.2
13.1
68.0
32.9
43.0
48.7
52.0
79.7
147.7
36.8
19.1
70.0
Buy
Buy
Buy
Buy
435
387
90
665
490
480
110
775
13
24
22
17
11.1
14.9
-1.1
27.2
4.3
17.9
-10.9
8.7
6.6
20.4
-11.3
26.1
29 August 2017
14

Company
Reco
Coal India
Buy
CESC
Buy
JSW Energy
Sell
NTPC
Buy
Power Grid
Buy
Tata Power
Sell
Aggregate
Others
Arvind
Neutral
Avenue
Neutral
Supermarts
Bata India
Under Review
BSE
Neutral
Castrol India
Buy
Century Ply.
Neutral
Coromandel Intl Buy
Delta Corp
Buy
Dynamatic Tech Buy
Eveready Inds.
Buy
Interglobe
Neutral
Indo Count
Neutral
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
Trident
Buy
TTK Prestige
Neutral
V-Guard
Neutral
Wonderla
Buy
CMP
(INR)
243
1,020
67
173
218
79
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
275
13
14.9 18.3
19.1
1,360
33
51.9 88.9
99.3
49
-27
3.8
3.4
2.7
204
18
13.0 13.3
16.3
262
20
14.2 17.4
20.6
68
-14
5.2
6.4
6.7
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E
16.3 13.3
6.2
5.9
37.8 44.2
19.7 11.5
1.3
1.2
6.5
10.6
17.4 19.8
1.1
1.0
6.3
5.3
13.3 13.0
1.5
1.4
11.5 10.8
15.3 12.5
2.3
2.0
16.2 17.3
15.3 12.4
1.8
1.6
11.2 13.9
14.9 12.9
2.2
2.1
14.9 15.9
29.6
136.3
50.4
24.0
28.2
29.6
26.5
61.1
31.6
22.9
25.7
8.7
60.1
71.5
17.7
21.0
28.8
12.6
64.3
42.2
28.3
20.5
21.6
37.0
17.1
33.9
54.2
14.7
48.3
52.4
48.7
28.4
82.2
43.3
23.4
27.7
26.2
18.3
32.3
18.9
21.6
18.5
12.7
43.3
29.7
12.9
19.9
16.1
10.6
40.5
35.7
23.2
18.2
23.8
25.8
18.3
32.3
36.5
11.7
46.3
41.8
28.5
2.7
17.0
6.6
2.0
31.9
8.0
4.5
4.7
4.4
7.4
21.2
2.6
5.8
4.1
1.5
2.8
3.7
3.4
4.0
3.9
8.0
5.1
6.1
3.5
2.7
4.4
20.1
1.8
8.7
12.5
4.4
2.5
14.8
5.9
2.0
28.7
6.6
3.8
3.1
3.5
6.0
18.8
2.1
5.2
3.7
1.5
2.5
3.9
2.7
3.8
3.7
7.2
4.4
5.1
3.2
2.4
4.0
17.7
1.6
7.9
10.2
4.0
10.3
17.9
9.1
19.3
FY19E
44.2
10.8
4.2
12.4
17.8
12.1
16.6
12.0
23.0
367
1,046
681
985
385
258
441
187
2,138
295
1,185
113
943
238
98
367
549
234
816
1,048
2,443
159
723
2,689
1,470
246
1,282
97
6,385
187
340
375
882
-
1,100
489
323
523
237
3,334
358
1,312
129
1,130
240
-
465
738
394
926
1,230
3,295
215
894
3,044
1,648
298
1,288
114
5,281
167
393
2
-16
12
27
25
19
27
56
21
11
15
20
1
27
34
68
13
17
35
35
24
13
12
21
0
18
-17
-11
16
12.4
7.7
13.5
41.0
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
6.6
132.1
3.6
7.0
12.9
12.7
15.7
42.2
13.9
9.8
24.1
5.8
112.9
13.6
63.9
8.9
21.8
8.0
7.6
18.5
34.0
22.1
20.2
29.4
105.1
8.7
30.4
104.1
80.2
7.6
35.1
8.3
137.8
4.5
11.9
18.6
17.6
19.4
44.6
14.0
12.9
29.0
7.9
166.7
16.3
93.7
10.8
24.7
12.0
10.0
21.1
41.0
26.2
30.9
40.7
126.7
10.8
35.8
144.6
103.0
9.9
42.9
10.4
176.1
6.0
16.0
13.9 14.4
15.8
8.3
8.5
7.7
115.2 108.9 99.2
31.1 27.7
29.6
17.5 22.5
23.4
8.1
12.3
12.6
15.1 20.7
24.3
37.7 30.8
30.1
86.2 107.5 137.7
34.8 18.6
18.3
10.2 12.7
13.1
5.9
12.5
16.2
8.6
11.7
14.8
14.8 13.4
13.7
13.6 23.3
27.4
29.8 28.6
27.6
7.3
8.5
13.5
9.9
10.7
13.9
31.6 32.5
34.5
26.8 26.0
27.4
32.8 23.4
22.9
9.8
13.0
16.4
16.6 13.7
16.0
13.7 12.9
15.2
43.3 51.6
54.5
13.0 14.5
16.1
19.5 18.0
20.7
27.4 26.9
28.8
9.5
14.8
17.5
29 August 2017
15

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.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
STF
Shriram City Union
1 Day (%)
-0.8
2.9
0.2
1.4
0.7
0.1
1.5
1.7
1.0
-1.2
2.2
0.2
0.1
-0.2
-1.3
1.8
1.0
4.2
1.7
2.6
-0.2
0.8
1.5
-0.5
1.5
0.2
0.2
0.7
1.8
0.8
-0.2
-0.7
1.9
-0.6
0.8
0.6
-0.4
0.4
3.7
0.7
1.7
1.1
3.6
-0.7
0.6
1.3
7.5
-0.1
-0.1
2.2
2.0
1.2
0.9
2.8
0.6
-2.2
1M (%)
-8.0
-3.1
-2.9
1.1
-8.2
-10.8
6.6
6.9
-7.6
-7.6
9.0
-1.2
-4.4
-0.4
-15.0
3.7
-0.8
-1.0
-4.6
-3.8
-1.0
1.4
-7.6
2.3
-3.3
-2.9
-4.5
-7.7
-5.1
-10.8
-11.4
-6.9
-5.4
-4.8
-14.2
-8.8
-6.7
-13.0
7.3
4.8
-5.4
-1.8
6.5
7.0
-1.0
4.3
10.4
-8.8
-8.9
3.9
-3.1
-0.4
-13.8
-5.9
1.1
-4.3
12M (%)
-14.4
20.8
-4.1
35.5
-8.0
90.6
40.1
91.7
14.5
19.4
-3.2
33.8
54.2
-24.7
99.2
-13.0
65.2
-11.0
64.5
40.0
34.7
3.2
43.0
20.3
24.8
40.3
32.0
-9.1
29.8
29.7
-20.8
32.5
8.8
18.1
13.2
2.1
74.2
13.0
4.4
-0.1
73.0
47.2
29.2
49.8
100.5
13.8
15.2
26.1
34.9
5.9
-19.7
43.1
-22.1
-0.4
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
Cadila
Cipla
1 Day (%)
0.8
0.5
0.8
0.0
2.3
0.1
0.7
0.4
0.8
2.1
0.8
-2.1
2.3
2.0
1.8
1.9
-0.7
3.3
1.8
2.0
0.5
2.0
0.7
1.5
-0.7
0.1
1.6
-0.4
0.5
3.1
1.3
1.7
-0.7
0.7
4.3
0.0
2.7
1.3
1.8
0.3
1.1
0.8
6.9
1.2
1.8
0.9
2.0
-0.2
1.1
0.3
0.8
-0.6
0.0
1.2
1.5
1.2
-0.1
1M (%)
-4.4
6.2
-10.7
6.5
5.1
-5.7
-9.7
-3.2
2.6
0.0
-1.6
-24.3
-10.6
-0.8
-13.3
0.9
-0.9
5.4
6.5
5.1
2.0
1.1
6.7
-11.0
0.2
-7.5
0.3
-5.0
-8.3
0.3
-0.9
0.2
7.1
2.9
0.9
-2.8
-11.0
-3.6
4.0
-3.1
2.5
-4.4
4.0
5.6
-1.2
6.2
3.0
-3.1
0.3
0.8
-5.6
-2.2
-13.0
2.4
-12.0
-8.1
1.3
12M (%)
18.8
55.4
-8.0
51.8
33.5
-3.7
0.4
19.8
18.2
121.2
19.8
-48.6
0.0
42.9
3.1
7.7
7.2
37.3
5.4
10.9
47.5
79.1
50.8
24.8
29.7
-9.1
21.2
-18.8
-3.4
2.7
4.9
2.9
21.9
16.1
8.3
-4.6
23.9
-15.2
32.9
11.2
28.1
11.4
3.4
17.7
-21.2
21.7
21.5
39.4
-0.4
11.9
-18.9
15.0
-37.4
-6.1
15.4
31.5
0.9
29 August 2017
16

MOSL Universe stock performance
Company
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
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.
Ent.Network
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
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 (%)
3.2
-2.0
-1.7
1.5
0.1
1.1
0.3
-1.1
-0.2
-0.2
6.9
-0.2
2.0
0.8
0.8
1.6
3.2
1.3
-0.8
0.8
4.8
-1.8
1.0
-1.3
-0.1
-1.1
1.5
-0.2
1.1
0.8
0.8
0.4
1.1
0.3
0.6
0.4
-0.5
0.1
0.2
1.0
0.8
-0.4
0.0
-0.3
0.0
2.3
-0.4
2.8
-0.5
2.1
1.7
0.8
-0.6
-0.1
-0.5
0.8
1M (%)
3.2
-16.9
-6.3
-12.6
-6.0
-0.9
-14.2
-0.9
-6.9
-6.3
-6.5
-13.7
-10.5
-5.9
-0.8
-2.5
-1.3
11.7
-15.7
-5.8
-7.7
-4.1
0.1
10.2
-6.7
-4.8
5.7
-1.4
4.6
-4.9
-4.0
-10.2
-3.9
8.0
3.1
-9.3
13.5
0.1
-0.2
-1.8
9.5
15.4
7.0
0.6
4.1
2.0
24.0
19.7
4.8
2.9
2.3
-2.5
11.1
-1.8
5.4
15.0
12M (%)
-47.8
-32.7
-13.8
-26.2
2.0
-19.2
-24.5
39.2
-34.6
-7.7
9.2
-1.8
-34.8
-3.4
-23.5
-12.3
-17.5
17.8
-15.6
-22.8
34.6
-18.1
-7.8
7.0
16.8
-1.7
15.7
-6.9
7.3
-30.0
52.7
2.1
50.3
27.4
59.5
39.5
49.3
15.8
28.0
77.7
72.2
27.9
34.3
25.9
34.9
76.9
53.3
58.9
66.3
-0.1
1.0
33.3
52.4
14.6
50.8
Company
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
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Utiltites
Coal India
CESC
JSW Energy
NTPC
Power Grid
Tata Power
Others
Arvind
Avenue Super.
Bata India
BSE
Castrol India
Century Ply.
Coromandel Intl
Delta Corp
Dynamatic Tech
Eveready Inds.
Interglobe
Indo Count
Info Edge
Inox Leisure
Jain Irrigation
Just Dial
Kaveri Seed
Kitex Garm.
Manpasand
MCX
Monsanto
Navneet Educat.
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Symphony
Trident
TTK Prestige
V-Guard
Wonderla
1 Day (%)
0.7
0.0
-0.4
3.1
2.8
1.4
2.2
1.7
-0.4
1.7
2.0
-0.4
0.0
0.4
0.1
0.5
0.9
-0.3
3.6
0.9
6.7
4.9
2.5
-1.0
-0.4
0.9
5.2
1.9
-1.3
-1.6
-1.1
2.9
2.5
0.1
-0.4
-0.2
2.6
0.8
2.2
2.6
1.4
1.4
2.9
-1.3
2.6
-0.2
1.8
-0.9
0.7
1.4
-0.6
1.7
12.0
0.0
2.8
1.1
1M (%)
2.1
-2.6
5.0
-5.7
-7.2
-1.9
-0.3
3.1
-4.5
-2.8
-4.5
0.1
12.5
0.7
-2.2
5.2
-4.2
-6.0
-1.3
-3.3
9.7
-7.1
5.8
1.8
-3.5
1.5
16.5
18.4
-9.1
-4.7
-14.2
0.9
8.1
-9.7
-6.4
-7.9
-28.2
-5.0
-5.6
-8.9
-1.8
-19.6
-16.9
1.1
-5.1
-10.3
-6.2
-5.4
-8.4
-5.0
-8.9
-12.1
15.5
0.0
-3.1
-4.3
12M (%)
1.8
11.4
31.2
-7.8
-7.8
15.6
-16.2
10.7
23.8
-0.8
3.5
-1.7
-6.9
18.7
-29.1
26.4
11.5
-4.4
26.8
-27.0
56.3
-14.3
9.7
20.3
4.2
17.9
27.1
-9.9
16.2
64.4
28.5
-24.2
7.2
38.4
-34.2
12.4
-13.7
14.1
-26.7
47.1
-33.8
11.0
6.4
2.9
52.6
-11.1
45.2
-12.2
-18.3
9.5
73.2
30.8
52.7
-16.4
29 August 2017
17

NOTES
29 August 2017
18

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

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Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person
or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of
offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or
appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations
as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to
determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative
products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the
views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time
without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities
mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities
functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not
directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would
be contrary to law, regulation or which would subject MOSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to
certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or
representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
The
person accessing this information specifically agrees to exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or
employees responsible for any such misuse and further agrees to hold MOSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this
information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
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