15 September 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
32,242
0.2
Nifty-50
10,087
0.1
Nifty-M 100
18,936
0.6
Equities-Global
Close
Chg .%
S&P 500
2,496
-0.1
Nasdaq
6,429
-0.5
FTSE 100
7,295
-1.1
DAX
12,540
-0.1
Hang Seng
11,101
-0.8
Nikkei 225
19,807
-0.3
Commodities
Close
Chg .%
Brent (US$/Bbl)
55
0.3
Gold ($/OZ)
1,325
-0.7
Cu (US$/MT)
6,456
-0.9
Almn (US$/MT)
2,068
-0.5
Currency
Close
Chg .%
USD/INR
64.1
0.1
USD/EUR
1.2
-0.7
USD/JPY
110.4
0.3
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.6
0.0
10 Yrs AAA Corp
7.5
0.0
Flows (USD b)
14-Sep
MTD
FIIs
-0.1
-0.5
DIIs
0.1
0.9
Volumes (INRb)
14-Sep
MTD*
Cash
311
303
F&O
10,031
5,533
Note: YTD is calendar year, *Avg
YTD.%
21.1
23.2
31.9
YTD.%
11.5
19.4
2.1
9.2
18.2
3.6
YTD.%
-0.6
14.3
16.9
21.4
YTD.%
-5.6
12.8
-5.7
YTDchg
0.1
0.0
YTD
6.3
7.4
YTD*
290
5,306
Today’s top research theme
Fund Folio: AUM scales new highs; global cyclicals see buying
v
Domestic mutual fund industry equity AUM rose for the ninth consecutive month
in August to scale a new high of INR6.4t (+2.3% MoM and +37% CY17 YTD).
v
The increase in equity AUM was led by a rise in equity scheme sales to
INR325b (+16% MoM) and a fall in redemptions by 21% MoM to INR121b (as
market indices were down; Nifty -1.6% MoM), leading to a rise in net inflows
(INR204b, +60% MoM). Notably, net inflows of INR204b in August were the
highest-ever in a month.
v
In August, 982k new SIP accounts were added, taking the total SIP accounts to
15.9m. The total amount collected through SIP during the month of August
was INR52.1b, up ~50% YoY.
v
The month saw a notable change in sector and stock allocation of funds.
Weight of Global Cyclicals is now in double-digits (10.5%, +90bp MoM).
Defensives’ weight too increased by 30bp to 23.7%, led by a rise in the weight
of Utilities (+40bp to 3.4%). Domestic cyclicals’ weight fell by 120bp to 65.8%
due to a decline in the weights of Banks (PVT and PSU), Autos, Capital Goods
and Infrastructure, partly offset by a small increase in the weight of NBFCs.
Research covered
Cos/Sector
Fund Folio
EcoScope
Key Highlights
Sep-17: Indian Mutual Fund Tracker — AUM scales new highs
August inflation doesn’t dampen case for rate cut
Real Estate Day Turning toward a new paradigm
Piping hot news
SEBI may probe Shree Cement, NBI promoters over allegations of defraud
v
Promoters of NBI Industrial Finance, a stakeholder in one of North India’s
leading cement company Shree Cement, may be examined by SEBI on
allegations of defrauding minority shareholders.
Chart of the Day: Sector allocation of domestic MFs – weights of Global Cyclicals increased,
while those of Domestic Cyclicals’ saw signs of moderation
Weight of Global Cyclicals is now in double-digits (10.5%,
+90bp MoM)
Domestic cyclicals’ weight fell by 120bp to 65.8%
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
Tata Sons plans to go private
limited
In notice to its shareholders ahead
of the annual general meeting
(AGM) scheduled for September
21, Tata Sons has sought approval
to amend its memorandum of
association and articles of
association to convert itself from a
public limited company to a
private limited one…
2
North Korea fired an unidentified missile eastwards over Japan on Friday,
Seoul and Tokyo said. The launch, from near Pyongyang, came after the
United Nations Security Council imposed an eighth set of sanctions on the
country over its banned missile and nuclear programmes. That was in
response to its sixth nuclear test- by far its largest yet- earlier this month,
which Pyongyang said was a hydrogen bomb small enough to fit onto a
missile…
North Korea fires missile over Japan, UNSC convenes emergency
meeting
3
Maruti gets electric boost as
Suzuki vows to produce
lithium ion batteries by 2020
Japanese automaker Suzuki Motor
Corp. on Thursday said that its
joint venture partnership with
Toshiba Corp. and Denso Corp.
will start making lithium ion
batteries for India and
international markets from 2020…
4
Idea tells Trai to fix IUC by
separating VoLTE, other
networks
Giving a fresh twist to the ongoing
tussle over interconnect usage
charges (IUC), Idea Cellular Ltd on
Thursday wrote to the telecom
regulator asking it to evaluate IUC
by bifurcating the calls
terminating on VoLTE networks
(where Jio has a huge presence)
and those terminating on…
5
Govt invites bids to appoint
banks, lawyer for Air India sale
The government has invited bids
to appoint two financial advisors
and one legal advisor for the
privatisation of national carrier Air
India and its subsidiaries, the
Ministry of Finance said in a
newspaper advertisement on
Thursday…
6
‘Utilities to get ₹6,000 cr. relief
due to GST on coal’
Changes in the tax structure on
coal following the introduction of
GST would translate to a ₹6,000
crore relief to the power sector, a
senior Coal India Ltd. (CIL) official
told shareholders on Thursday…
7
Idea, Vodafone mobile tower
assets draw interest from ATC,
Brookfield, IDFC Alternatives
American Tower Corp. (ATC),
Brookfield Asset Management and
IDFC Alternatives have emerged as
the front runners for the
independent tower assets of
Vodafone India and Idea Cellular
Ltd in a combined transaction,
according to two people with
direct knowledge of the
development…
15 September 2017
2

Database Periodical | 14 September 2017
Indian Mutual Fund Tracker
AUM scales new highs; global cyclicals see buying
n
n
Fund Folio
n
n
n
Some interesting facts
n
Equity AUM rose for the ninth consecutive month in August to scale a new high of INR6.4t (+2.3% MoM and
+37% CY17 YTD).
The increase in equity AUM was led by a rise in equity scheme sales to INR325b (+16% MoM) and a fall in
redemptions by 21% MoM to INR121b (as market indices were down; Nifty -1.6% MoM), leading to a rise in
net inflows (INR204b, +60% MoM).
Falling interest rates on bank deposits and dimming appeal of traditional asset classes like real estate and gold
are the key reasons for huge inflows in mutual funds. Notably, net inflows of INR204b in August were the
highest-ever in a month.
Total net inflows of the MF industry in CY17 YTD stand at INR2,478b, two thirds of which are contributed by
equity funds and income schemes. All categories of funds, except GILT, gold ETFs and FOF, have witnessed
positive inflows.
In August, 982k new SIP accounts were added, taking the total SIP accounts to 15.9m. The total amount
collected through SIP during the month of August was INR52.1b, up ~50% YoY.
The month saw a notable change in sector and stock allocation of funds. Weight of Global Cyclicals is now in
double-digits (10.5%, +90bp MoM). This was mainly driven by an increase in the weights of Oil & Gas (+60bp
to 6.7%) and Metals (+30bp to 3.8%). Defensives’ weight too increased by 30bp to 23.7%, led by a rise in the
weight of Utilities (+40bp to 3.4%).
Domestic cyclicals’ weight fell by 120bp to 65.8% due to a decline in the weights of Banks (PVT and PSU),
Autos, Capital Goods and Infrastructure, partly offset by a small increase in the weight of NBFCs.
Of the top 10 stocks in terms of value increase MoM, four were from Oil & Gas.
All three OMCs were preferred by MFs in August; IoCL, HPCL and BPCL witnessed net buying by 13, 14 and 12
funds, respectively. Value of IOCL increased by INR15b, HPCL by INR13b and BPCL by INR6.6b. Stock prices of
IOCL, HPCL and BPCL were up by 24%, 27% and 12%, respectively.
GAIL India was also one of the preferred stocks in oil & gas among MFs in August, with net buying by 12 funds.
Value increased by INR6.4b, despite the stock remaining flat during the month.
Value shocks were seen in banking stocks. SBI saw a decline of INR27.4b in value; 10 funds sold the stock (it
was down by 11% for the month). Other banks witnessing an decrease in value on an MoM basis were BoB
(INR7.5b), Kotak Mahindra Bank (INR5.5b) and Federal Bank (INR3.1b).
Exhibit 2:
Trend in equity AUM and % of market capitalization
7.0
5.5
4.0
2.5
1.0
Equity AUM Incl. ELSS (INR t)
Total AUM (INR t)
Equity as % to total AUM - RHS
n
n
n
n
n
Exhibit 1:
Trend in total AUM and equity AUM (as % of total)
22
18
14
10
6
12.0
13.2
10.1 11.8
9.0
36
19.320.6
17.4
31
16.3
15.2
14.2
26
21
16
5.2
3.1
4.0
6.4
5.3
6.3
4.6
3.9
3.2
2.5
Flows: Net inflows in August at INR204b – highest-ever in a month
n
Mutual funds’ gross inflows rose to INR325b (+16% MoM) in August. Also, there was a meaningful fall in
redemptions to INR121b (-21% YoY), leading to a 60% increase in net inflows to INR204b in August from INR127b
in July.
15 September 2017
3

Exhibit 3:
Monthly trend of sales, redemptions and net amount raised by mutual funds (toward equity)
450
300
150
0
-150
-300
Inflows in Equity Incl. ELSS (INR b)
Net Inflow/Outflow in Equity Incl. ELSS (INR b)
Redemptions in Equity Incl. ELSS (INR b)
325
204
-121
Exhibit 4:
Yearly trend of net inflows by mutual funds (toward
equity)
Net Inflow/Outflow in Equity Incl. ELSS (INR b)
906
495
14
-158
77
-156 -104
549
Exhibit 5:
Yearly trend of sales and redemptions by mutual
funds (toward equity)
Sale in Equity Incl. ELSS (INR b)
1,082
1,7281,866
1,206
810
1,994
266 311
720
494
690 574
414 447
CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17
YTD
-498 -571 -551
-712 -822
-1,317
-1,184
CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17
YTD
-816
-848
-409 -481
Sector-wise weight: MoM increase seen in Oil & Gas, Utilities and Metals
n
n
n
In August, MFs showed interest in Oil & Gas, Utilities, Metals, NBFCs, Consumer and Retail—these sectors saw
an MoM increase in weight. Banks (PSU and Private), Autos, Capital Goods, Technology, Healthcare and
Infrastructure saw an MoM decrease in weight.
Private Banks (17.4%) had the top sector holding in August, followed by Auto (9.7%), Capital Goods (8.1%) and
NBFC (8.1%).
PSU Banks and Infrastructure were the top sectors witnessing a decline in value on an MoM basis.
0.2
0.1
0.6
0.3
Exhibit 6:
Sector allocation (%):Financials and Metals see highest increase
MoM Chg (pp)
17.4
9.7
8.1
Aug Weight (%)
-
0.4
-
-
-
0.1
-
8.1
6.5
6.2
6.4
6.7
4.5
3.6
3.8
3.2
3.4
1.2
1.2
1.1
1.1
1.1
0.5
15 September 2017
4

E
CO
S
COPE
August inflation doesn’t dampen case for rate cut
Monetary policy support necessary to revive weak economic activity
n
14 September 2017
The Economy Observer
With India’s retail inflation more than doubling from 1.5% YoY in June 2017 to 3.4% YoY in August 2017, it is broadly
believed that the rate cut window has probably closed. However, details of CPI reveal that the entire rise in headline
inflation is driven by three items – vegetables, fuel for vehicles, and housing. Excluding these, inflation in August was
the same as in June 2017 at 2.7%.
n
The uptick in these three items can be attributed to seasonal, global developments, and statistical effects, respectively,
rather than any structural bias. Consequently, they should be avoided in policy-making considerations.
Meanwhile, economic growth has visibly weakened, which is likely to be reflected in RBI’s revised forecasts next
month. Private investments need desperate policy support and ~90% of the economy grew sub-4.5% for the second
consecutive quarter in 1QFY18. Accordingly, we believe that recent inflation readings don’t dampen the case for rate
cuts. In fact, weaker-than-expected economic activity needs monetary policy support, as
fiscal push is unlikely.
n
Higher headline CPI overshadows extremely comfortable details
Higher headline inflation in
the past two months was
entirely driven vegetables,
fuel for vehicles, and
housing; inflation in more
than 80% of the CPI basket
in August was the same as
in June 2017 at 2.7%
For the second consecutive month, headline CPI inflation increased by almost a full
percentage point, rising from 1.46% YoY in June 2017 to 2.36% in July and 3.36% in
August 2017. Higher-than-expected headline inflation has led to trimming of rate cut
expectations. We, however, have not done so. This is because the RBI ignores
movements in headline indices related to statistical changes or one-off events.
Unless the changing trend represents structural bias, the RBI maintains its forecasts.
The last two months’ inflation data need close scrutiny by members of the Monetary
Policy Committee (MPC) because headline data overshadow favorable details.
We have four key findings in this report, which, we believe, must be considered by
the RBI before its policy decision on October 4, 2017.
1. Higher headline inflation in the past two months was entirely driven by three
components – vegetables (6.04%), fuel for vehicles (2.36%) and housing
(10.07%), weighing 18.5% of the CPI basket.
Inflation in more than 80% of the
CPI basket in August was the same as in June at 2.7%.
2.
While inflation in miscellaneous group (weight: 28.3%) picked up sharply from
3.3% YoY in June/July 2017 to 3.8% in August, it was entirely driven by fuel for
vehicles (petrol, diesel & other fuels).
Excluding such fuel items (weight:
2.36%), inflation in miscellaneous group was 3.4% YoY in August 2017, similar
to 3.3% in June/July 2017.
3.
Since petrol & diesel were the key culprits for higher inflation in miscellaneous
group, it is inappropriate to argue that GST is inflationary.
In fact, inflation in
‘core services’ (weight: 12.5%) was 3.9% YoY in August 2017, only marginally
higher than 3.6% in June.
4.
Finally, as expected,
while the revisions in housing rent allowance (HRA) led to
a slight pick-up in housing index, the uptick is trivial to have any meaningful
second-round impact.
Excluding fuel for
vehicles, inflation in
miscellaneous group
was 3.4% YoY in August
2017, similar to 3.3% in
June/July 2017
15 September 2017
5

14 September 2017
Real Estate Day
Real Estate Day: Turning toward a New Paradigm
The Indian real estate sector was at its peak roughly a decade ago. Demand was genuine,
interest rates were low and the sector was opened up for foreign direct investment (FDI).
However, post the global financial crisis in 2008, transparency and consumer confidence
began dwindling, straining the real estate industry. The situation has turned more
worrisome over the past 3-4 years.
However, the recent introduction of the Real Estate (Regulation and Development) Act,
2016 has pumped in a new lease of life into the sector. It is expected to weed out
unorganized players from the industry and whip up buyer confidence, bringing back the
much-needed buoyancy.
Real estate per se is not much known for governance, and thus, has not been a preferred
destination for investments. However, the big-bang measures by the Indian government
(such as demonetization and GST) are expected to drive formalization of the economy,
reinstating investor confidence.
Against this promising backdrop, we hosted ‘Real Estate Day’, which saw participation of
many stakeholders from the real estate industry. We met with (a) two experts managing
PE Real Estate Funds, (b) an owner of a premium real estate company and (c) CEO of one of
India’s largest real estate consultants, to take stock of their view about the real estate
industry, the ground realty, and the impact of RERA. Key takeaways from their
presentations:
n
n
n
n
RERA is expected to determine the future of India’s real estate sector. The stringent
compliance norms under this act will likely result in consolidation to the extent of 30-
40% in this industry. Most small players would thus find it difficult to survive, with
business largely shifting in favor of organized players.
The recent changes in the REIT rules are attracting investor attention; expect India’s
first REIT to be listed by year-end.
Residential prices have been stagnant for the past 3-4 years, and the coming few years
too should not see much exuberance. However, a few organized names are expected
to take a significant slice of the pie due to consolidation in the sector.
In metro cities, vacancies in the commercial segment at are at all-time low, which once
absorbed, should lead to increase in rentals. Vacancy in commercial malls overall is
high, but Grade A malls are much better placed.
15 September 2017
6

In conversation
1. Movement in domestic oil prices is as per movement in
international oil prices: HPCL; MK Surana, CMD
n
n
n
n
n
Saw an impact on crude price due to natural calamities. Company is aligned to
international oil prices. So movement in domestic oil prices is as per movement
in international oil prices.
Company making marketing margin of Rs. 1.5 – 2 per litre currently.
Company has to incur all expenses when operating petrol pumps.
Dealer commissions have changed, international prices are impacting domestic
prices. Have seen an increase in the cost of operating pumps.
Not the right person to comment on the taxation of petrol and diesel.
2. See more international orders than domestic; to better
topline in FY18: Thermax; MS Unnikrishnan, MD
n
n
n
n
n
Expect better order intake for the entire year – Q1 was good and expect Q2 to
be better than last year Q2.
Have seen a surge in finalization of contracts globally and domestically. Lot of
finalization of contracts post GST implementation but cannot confirm of a
turnaround yet.
So far order intake has been more on international side than domestic. In India,
order ticket size has been small so far.
Traction in orders in India have been seen in food industry, beverages,
automobile and auto ancillary, pharma companies, light engineering – spaces
that are consumption oriented.
Hopeful of doing better in topline and profits for FY18 than FY17. Although
margins under pressure, focus on stabilizing the same through better cost
management.
3. Scenario on Indian agriculture is depressing: Godrej
International; Dorab Mistry, Director
n
n
n
n
n
Last year a disgrace for agriculture.
Monsoon not well spaced out and plentiful this year compared to last year.
Scenario on Indian agriculture depressing.
Rural economy is the foundation of country’s economy which is why it is so
important to remunerate farmers better.
Government has two alternatives, either raise import duty or allow productivity
to be raised.
4. Expect growth of 25% in FY18: MIRC Electronics; Vijay
Mansukhani, MD
n
n
n
n
Looking to monetize non-core assets worth Rs. 200 crore.
Company will become debt free after demonetizing non-core assets.
Expect growth of 25% in FY18.
Current debt around Rs. 130 crore.
15 September 2017
7

From the think tank
1. Why inclusive growth is indispensable to India
n
On 15 August India marked 70 years of independence from the British empire, a
monumental triumph in social and political liberalization. Today, India is in the
midst of an equally monumental struggle in economic liberalization. The stakes
could not be higher. An economic future of broadly shared prosperity and
vanishing poverty for more than 1.2 billion people is within grasp. To get there,
however, calls for advancing inclusive growth. India’s economic performance in
recent years has been outstanding in relation to both its own historical record
and the global economy. Between 2010 and 2016, for example, annual real
gross domestic product (GDP) growth in India averaged 6.7% despite a relatively
weak post-crisis global economy that averaged only 2.7% annual gains. Yet the
economic optimism in recent years is now tempered by a growing recognition
that many deficiencies in the economy remain deep-seated and if not effectively
addressed could undermine future growth. Front and centre is the concern over
employment growth.
2. Is bad advice driving India’s irrepressible bulls?
n
India’s economy is not doing as well as many had hoped. Growth has been
slowing for several quarters, and even if there’s a slight recovery in coming
quarters, the signs for the medium term aren’t propitious. There appears to be
no end in sight to a slow-moving banking crisis. And private investment has
crashed, reflecting pessimism at Indian businesses about the future and possible
returns. India’s government looks less and less likely to carry out the kind of
deep reform that the country’s economy needs, while its inexplicable decision
to withdraw 86% of the country’s cash overnight—a decision that was as badly
implemented as it was poorly conceived—has gravely damaged Prime Minister
Narendra Modi’s reputation as a manager of the economy. So the question is:
Why aren’t these facts, which are easy to ascertain, reflected in the giddy
statements regularly made about the Indian economy, especially by analysts and
advisers to global investors?
3. Assessing the 25 billion digital payments target
n
The government of Prime Minister Narendra Modi has made two big bets on
digital payments. Some weeks after demonetisation, government
representatives began to extol the virtues of digital payments as a means to
increasing economic transparency, formalizing the economy, and widening the
tax base. As outcomes have shown, this was a sober recalibration of the
objectives of demonetization. And earlier this year, the government announced
the “DigiDhan Mission” to achieve a 25 billion digital transactions target,
outlined in the Union budget for this fiscal. This programme aims to establish a
robust digital payments ecosystem in a potentially transformative attempt to
drain the swamp of illicit monetary transactions. As we approach the
completion of the second quarter of this fiscal, it is important to take stock of
achievements against this target.
15 September 2017
8

4. Restructure, not cap, CEO remuneration
n
CEOs of some well-known blue-chip Indian companies are reportedly yet to
receive their revised compensation packages. This is baffling. The government
must ensure speedy passage of the amendments to the Companies Act in the
Rajya Sabha to end their three-year wait. It should also remove the caps on
managerial remuneration. Instead of caps, corporate regulation should ensure
sound functioning of the board, and transparent accounting to prevent
managerial remuneration being disguised as company expenditure. The most
important part is making senior management remuneration reflect their
contribution to corporate performance. The bulk of the remuneration of a CEO,
whose performance has a material impact on the company’s performance,
should be a variable component. This automatically means low, fixed
compensation. The variable component should be deferred for at least three to
four years and the payout mostly linked to the company stocks.
International
5. Merkel’s message to Theresa may: Brexit means Brexit
n
Britain wants to pick up the pace. EU negotiators in Brussels are taking their
time. Blackmail and sabotage, cry Westminster’s Brexiters. The explanation is
more prosaic. The more urgent a deal begins to seem for Britain, the higher the
incentives stack in favour of a stalling strategy from the EU27. This, of course, is
how the process was designed. Article 50 of the union’s treaty was written to
discourage nations from leaving. As soon as Theresa May set the article’s two-
year clock ticking in March, she conceded the advantage to those sitting on the
other side of the table. The prime minister was warned of the danger by her
advisers. But that was before she had lost an election and Britain had to
confront the hard reality that it cannot have its cake and eat it.
15 September 2017
9

Click excel icon
for detailed
valuation guide
Rs
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
28.0
25.8
22.1
48.1
46.4
18.9
52.3
43.2
33.6
27.1
23.0
23.8
45.0
32.5
20.4
54.6
29.0
33.8
27.1
32.6
23.8
32.5
19.2
26.0
36.0
NM
37.5
44.8
13.2
25.4
30.5
24.4
NM
18.4
36.9
9.7
NM
23.3
920.8
17.0
100.2
57.0
45.5
32.5
25.6
18.9
65.9
37.8
18.4
38.5
17.3
27.8
22.7
21.3
34.5
40.2
18.7
37.6
34.6
18.1
24.0
20.6
18.8
24.4
28.7
18.0
44.5
25.0
23.8
22.7
95.0
21.3
27.0
19.7
21.9
27.9
20.8
31.1
29.5
10.0
20.1
24.6
15.3
NM
11.5
8.8
8.3
7.8
24.9
18.8
15.2
17.8
40.2
30.0
24.1
21.0
14.9
53.9
33.5
14.7
27.5
15.9
5.2
5.6
5.0
7.1
7.6
3.0
16.3
8.2
3.4
3.8
7.7
3.0
2.8
6.7
2.4
12.6
4.9
2.3
2.8
2.5
2.3
5.5
2.2
1.4
5.2
0.7
4.9
4.7
1.1
4.0
3.5
1.0
0.7
0.7
0.5
0.9
0.4
0.8
1.3
0.4
0.9
10.9
5.4
3.4
4.3
2.2
19.7
7.0
4.4
4.5
3.1
4.5
5.0
4.5
6.2
6.9
2.6
12.1
6.8
2.9
3.4
6.6
2.7
2.5
5.9
2.1
10.4
4.3
2.1
2.3
2.4
1.8
4.7
2.0
1.3
4.5
0.7
4.3
3.3
1.0
3.4
3.1
0.9
0.7
0.7
0.5
0.9
0.3
0.8
1.2
0.5
0.8
8.9
4.4
3.0
3.6
2.0
16.2
6.3
3.9
4.0
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
26
1
12
7
0
15
12
5
9
22
-2
26
9
34
-5
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
785
986
117
118
2,929 3,281
1,259 1,353
21,976 21,994
1,764 2,029
32,059 35,854
1,013 1,059
671
732
220
269
3,895 3,818
1,291 1,625
241
-
8,071 8,819
404
542
641
612
Neutral
Neutral
Buy
Buy
Buy
Buy
Neutral
Under Review
Neutral
Buy
Under Review
Buy
Buy
520
190
164
115
1,843
294
61
1,727
80
1,008
532
29
1,852
545
192
201
139
2,000
366
62
-
91
1,153
-
34
2,133
5
1
22
21
9
25
2
14
14
19
15
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
146
153
346
57
284
133
145
274
138
198
149
360
49
382
150
184
341
140
36
-3
4
-13
34
13
27
24
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
1,914
955
802
1,178
561
536
1,771
1,267
201
660
1,800
820
925
1,400
630
450
1,900
1,350
200
708
-6
-14
15
19
12
-16
7
7
-1
7
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
15 September 2017
10

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)
109
434
508
131
669
169
2,061
1,077
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
-
8.6
10.8
12.5
459
6
7.1
13.9
17.8
550
8
29.5 38.2
44.2
117
-11
25.7 27.2
30.2
800
20
29.1 34.5
39.3
134
-21
31.4 35.0
40.4
2,800
36
84.3 121.7 164.1
1,330
24
55.6 80.0 102.4
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E
12.6 10.1
2.8
2.5
24.0 25.9
61.3 31.3
3.9
3.6
6.5
12.0
17.2 13.3
3.1
2.6
19.4 21.5
5.1
4.8
0.9
0.8
17.9 17.0
23.0 19.4
3.7
3.1
17.4 17.5
5.4
4.8
1.0
0.9
19.9 19.1
24.4 16.9
2.7
2.4
11.7 15.0
19.4 13.5
2.2
1.9
11.7 15.0
21.6 18.1
3.6
3.2
16.8 17.6
72.2
27.5
63.9
60.5
46.8
20.7
35.6
70.0
52.8
27.8
28.7
15.7
77.7
45.1
27.0
31.3
21.2
35.2
36.3
58.2
51.1
32.1
72.0
18.2
34.9
30.7
61.1
27.6
NM
397.8
49.0
43.7
38.7
59.2
58.9
53.7
42.5
43.0
49.6
32.6
63.5
32.4
36.7
63.5
25.7
30.1
44.5
43.5
41.8
34.1
43.2
46.2
25.3
26.1
12.2
61.0
38.4
19.4
32.1
18.3
32.4
31.6
40.9
37.0
23.0
40.6
17.3
24.5
26.1
43.7
27.5
36.3
31.2
40.9
45.9
33.1
56.1
50.9
46.7
39.8
42.4
43.5
32.2
54.3
29.3
41.9
9.2
5.7
1.0
9.8
25.5
1.3
7.0
9.9
9.6
5.3
3.4
1.6
7.2
8.3
-1.6
4.3
3.5
5.4
4.1
2.9
4.0
2.2
5.0
2.0
1.2
4.1
3.6
4.8
3.3
5.7
8.5
4.8
3.7
15.7
19.3
24.4
11.2
14.8
12.0
6.9
40.5
7.3
6.9
8.0
4.4
1.0
9.2
18.8
1.2
6.5
8.7
8.6
4.6
3.1
1.4
6.3
7.1
-1.7
3.9
3.0
4.8
3.7
2.8
3.8
2.1
4.5
1.8
1.1
3.6
3.3
4.2
3.1
5.0
7.2
4.5
3.4
14.3
15.9
23.1
9.6
12.6
9.4
6.7
39.0
7.2
6.9
12.7
20.6
1.6
18.0
76.4
6.2
21.2
12.4
18.2
21.2
12.5
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
12.4
11.6
10.3
19.8
-8.8
12.7
17.6
15.8
11.7
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
13.8
12.6
13.7
20.9
-11.0
12.8
17.4
16.0
12.9
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
1,423
190
137
779
219
85
944
401
505
330
1,215
111
1,384
930
17
965
632
544
1,200
215
100
650
250
80
1,180
395
455
295
1,380
-
1,355
900
-
830
800
430
-16
13
-27
-17
14
-6
25
-2
-10
-11
14
-2
-3
-14
27
-21
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
46.5
9.1
22.7
24.2
0.9
30.0
34.6
16.8
31.6
8.2
4.9
26.1
6.4
2.5
35.0
11.3
13.8
16.4
56.2
11.2
33.0
30.0
1.0
33.2
39.8
19.1
284
308
1,844 1,622
943
1,150
2,791 3,282
1,232 1,276
196
201
1,036 1,277
425
519
753
806
160
185
109
140
18,849 22,360
4,202 4,936
8
-12
22
18
4
2
23
22
7
15
29
19
17
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
1,245
4,342
1,141
308
1,141
937
5,090
1,247
272
412
1,200
4,660
1,285
315
1,310
995
4,500
1,360
280
395
-4
7
13
2
15
6
-12
9
3
-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
15 September 2017
11

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
331
355
7
7,253 6,160
-15
18,789 19,600
4
249
245
-1
838
810
-3
8,393 8,800
5
133
-
784
875
12
2,624 2,525
-4
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
52.7 48.6
61.5 63.0
78.7 63.8
68.9 27.3
50.1 46.4
63.1 55.4
37.6 38.2
90.2 77.9
98.2 76.1
47.6 43.0
23.3
23.8
21.1
19.5
33.8
33.8
35.5
21.9
31.0
14.7
15.4
17.3
69.3
29.6
19.1
18.0
31.4
40.3
30.4
20.1
36.5
22.1
23.4
17.4
41.0
36.0
34.2
13.8
17.5
31.5
79.6
18.0
NM
74.1
10.1
13.1
16.8
61.9
64.4
NM
33.6
24.6
24.5
23.4
17.1
35.4
26.9
26.8
25.9
28.3
69.4
14.1
15.3
50.9
28.7
15.0
24.2
30.3
26.8
20.7
34.8
29.5
22.8
25.6
15.3
32.4
32.4
25.9
7.2
14.1
26.4
60.1
15.4
NM
63.4
9.2
12.2
14.6
42.7
42.8
NM
29.3
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E
18.4 15.8 36.7 34.9
23.2 21.6 39.0 35.5
31.5 25.2 40.0 39.6
3.2
2.8
6.0
11.0
13.0 10.6 28.2 25.2
39.5 32.8 39.3 64.9
1.9
1.8
5.2
4.9
9.0
8.2
10.4 11.0
19.7 13.7 21.3 18.0
13.1 12.1 27.5 28.2
5.0
5.1
7.0
4.8
4.3
7.1
3.6
4.9
3.0
1.6
3.8
3.2
10.0
2.4
3.2
3.4
5.4
4.9
3.2
3.4
7.4
4.7
4.0
2.6
18.2
3.8
2.5
1.9
2.7
3.9
17.1
4.2
1.7
4.7
1.7
0.9
2.4
4.1
6.4
3.5
7.9
4.4
4.4
5.6
3.8
3.9
5.9
3.2
4.5
2.9
1.4
3.0
2.2
11.7
2.3
2.7
3.0
5.0
4.2
2.9
3.5
6.0
4.2
3.6
2.3
13.9
3.6
2.4
1.7
2.3
3.6
13.3
3.8
1.9
4.4
1.5
0.8
2.4
3.8
5.6
3.6
7.3
23.0
23.4
37.7
27.6
12.3
23.0
10.2
23.5
9.7
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
10.6
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
14.0
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
14.3
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
503
1,801
1,232
766
344
481
565
870
2,250
152
604
125
2,381
476
707
1,004
4,051
565
981
524
476
1,218
510
1,830
1,606
850
330
555
520
680
2,400
220
775
200
2,500
430
905
1,125
4,820
805
1,300
515
-
1,350
1
2
30
11
-4
15
-8
-22
7
45
28
60
5
-10
28
12
19
42
33
-2
11
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 79.6
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
120.1
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
171
4,206
1,367
233
115
297
212
-
1,214
272
-
-
24
-11
17
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
79
366
93
847
260
97
181
398
1,322
25
836
106
450
90
928
350
90
225
469
1,628
32
860
35
23
-3
10
35
-7
25
18
23
28
3
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
15 September 2017
12

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)
530
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
630
19
23.1 14.7
18.9
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
22.9 35.9
8.8
7.6
24.7 22.6
24.5
40.7 31.2
5.7
5.2
14.0 16.7 21.3
15.3
15.5
NM
17.9
22.0
13.3
NM
21.1
17.9
22.0
10.4
17.8
40.9
22.3
11.3
9.8
32.5
9.1
16.5
9.7
20.4
17.5
13.1
137.2
70.2
74.5
16.7
14.7
20.1
14.2
10.2
13.8
18.6
15.5
13.0
16.5
32.4
18.6
14.3
16.8
15.5
16.6
35.8
24.9
NM
25.9
37.0
11.3
13.7
NM
12.1
23.3
10.7
NM
13.4
10.4
15.3
14.6
15.1
22.4
17.6
13.5
11.4
28.6
14.3
11.4
9.7
16.5
14.6
13.2
92.7
59.7
62.2
14.4
14.2
17.5
14.3
11.4
12.7
16.1
15.0
11.7
14.3
27.1
18.6
13.0
15.7
15.5
16.5
91.7
20.6
NM
81.0
204.9
1.9
4.2
0.4
2.8
1.5
1.9
0.7
2.0
2.1
1.8
3.2
1.8
7.0
2.5
3.4
1.9
6.8
2.3
0.9
0.9
4.3
1.8
1.7
11.2
13.3
12.8
2.7
3.7
4.9
3.0
1.5
4.8
3.0
2.1
1.7
2.5
10.2
5.5
2.3
2.7
2.5
3.8
2.4
4.4
1.2
12.6
2.6
1.6
4.5
0.5
2.4
1.5
1.7
0.8
1.8
1.8
1.7
2.8
1.7
5.6
2.2
3.0
1.7
5.8
2.1
0.8
0.9
3.6
1.6
1.6
10.3
12.1
11.7
2.4
3.3
4.2
2.7
1.4
3.7
3.0
2.2
1.6
2.4
8.2
5.9
2.1
2.6
2.2
3.8
2.3
3.8
1.4
10.9
2.6
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
31.5
-4.9
21.3
6.5
15.2
-9.1
14.2
18.6
11.2
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
38.0
0.6
20.8
7.7
15.6
-5.3
20.4
16.2
14.0
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
247
304
148
265
81
133
62
320
678
309
301
194
297
63
180
30
361
591
25
-1
31
12
-22
36
-52
13
-13
16.2
19.7
-20.9
14.8
3.7
10.0
-6.2
15.1
37.9
22.0
22.2
-15.8
21.9
3.5
12.4
-7.7
23.9
65.1
26.3
29.3
2.0
25.7
4.2
12.1
-4.2
37.4
64.3
Neutral
Sell
Sell
Neutral
Buy
Buy
Neutral
Sell
Buy
Buy
Buy
Neutral
501
401
832
196
459
420
1,428
135
319
159
232
844
515
346
691
171
510
458
1,152
113
316
195
274
750
3
-14
-17
-13
11
9
-19
-16
-1
22
18
-11
48.3
22.6
20.4
8.8
40.7
43.0
44.0
14.8
19.3
16.4
11.4
48.3
34.3
26.5
37.2
11.1
34.1
36.7
49.9
9.4
27.9
16.5
14.0
57.8
41.3
31.3
46.1
13.3
36.3
40.4
56.3
11.7
31.1
19.7
17.9
64.1
Sell
Neutral
1,373
634
850
565
-38
-11
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
511
880
275
892
121
766
462
603
494
621
1,823
2,485
441
284
807
600
950
250
1,050
140
880
450
610
540
750
1,992
2,350
490
270
950
17
8
-9
18
16
15
-3
1
9
21
9
-5
11
-5
18
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
398
370
82
705
490
480
110
775
23
30
35
10
11.1
14.9
-1.1
27.2
4.3
17.9
-10.9
8.7
6.6
20.4
-11.3
26.1
15 September 2017
13

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)
255
1,058
78
169
213
85
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
305
20
14.9 19.8
22.0
1,360
29
51.9 88.9
99.3
49
-38
3.8
3.4
2.7
211
25
12.0 13.3
15.7
262
23
14.2 17.4
20.6
68
-20
5.2
6.4
6.7
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E
17.1 12.9
6.5
6.1
37.8 47.6
20.4 11.9
1.3
1.2
6.5
10.6
20.4 23.2
1.2
1.2
6.3
5.3
14.1 12.7
1.4
1.3
10.5 10.9
15.0 12.3
2.3
2.0
16.2 17.3
16.5 13.4
2.0
1.8
11.2 13.9
15.7 12.8
2.3
2.1
14.5 16.4
33.1
142.0
53.3
25.1
28.4
29.0
25.4
62.9
34.0
23.7
25.7
9.4
70.5
69.7
18.8
22.5
29.9
12.7
71.3
44.7
29.4
22.0
22.2
40.1
18.4
35.9
58.3
14.9
48.1
54.3
49.9
31.7
85.6
45.9
24.4
27.9
25.6
17.5
32.7
20.4
22.4
18.5
13.8
50.8
28.9
13.7
21.3
16.8
10.7
44.9
37.8
24.2
19.6
24.3
27.9
19.7
34.2
39.3
11.9
46.1
43.4
29.2
3.0
17.7
7.0
2.1
32.1
7.8
4.3
4.8
4.7
7.7
21.2
2.9
6.8
4.0
1.6
3.0
3.9
3.4
4.5
4.2
8.3
5.5
6.3
3.8
2.9
4.6
21.6
1.8
8.7
12.9
4.6
2.8
15.5
6.3
2.1
28.9
6.5
3.7
3.2
3.8
6.2
18.8
2.3
6.1
3.6
1.6
2.7
4.1
2.8
4.2
3.9
7.5
4.7
5.2
3.5
2.6
4.2
19.1
1.6
7.9
10.6
4.1
10.3
17.9
9.1
19.3
FY19E
50.5
10.8
4.2
11.9
17.8
12.1
17.2
12.0
23.0
410
1,089
720
1,030
387
252
422
192
2,300
305
1,185
123
1,104
232
104
393
570
236
905
1,110
2,539
171
740
2,910
1,579
260
1,379
98
6,350
194
349
375
882
-
1,100
489
323
523
243
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
-8
-19
7
26
28
24
26
45
17
11
5
2
3
18
29
67
2
11
30
26
21
5
4
15
-7
16
-17
-14
13
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
5.9
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
8.1
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
12.5
12.9
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
15 September 2017
14

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 (%)
0.4
-0.2
-0.1
2.7
-0.1
0.1
-0.5
-0.3
0.5
1.1
0.0
-1.1
-1.6
-0.6
3.6
0.5
4.2
1.0
-1.3
1.3
0.0
0.7
3.6
-0.9
-0.7
-1.2
-0.4
-0.5
0.6
1.4
2.7
1.7
1.5
0.2
1.9
1.6
0.2
1.0
0.4
0.3
0.2
0.5
1.3
2.6
-0.3
-0.2
-0.3
-0.1
0.6
-1.4
-0.1
1.8
0.9
-1.3
1.1
-0.9
1M (%)
-3.2
12.0
3.4
6.5
-0.8
3.9
5.5
1.2
9.8
6.1
-1.5
-4.8
1.1
6.0
7.5
15.8
5.8
4.6
5.5
5.3
4.9
0.7
11.6
6.4
6.4
2.6
7.1
5.3
4.1
2.5
5.7
4.6
8.1
-3.3
12.6
1.5
-1.5
7.3
11.9
19.0
9.7
2.4
27.8
15.4
3.3
7.9
17.1
0.4
22.5
2.3
12.2
10.2
0.3
1.1
10.6
-2.0
12M (%)
-21.5
38.9
-1.7
46.4
-4.6
68.7
41.9
89.7
17.2
8.5
-8.7
24.4
50.5
-28.1
96.6
-13.7
56.1
-7.7
58.1
45.2
19.0
-5.3
45.1
2.5
25.0
78.8
33.0
47.8
-13.4
26.3
14.2
-27.3
30.4
2.5
2.4
6.3
-4.9
73.4
23.2
18.5
9.7
94.5
71.2
27.2
59.8
121.3
15.5
14.1
27.0
50.8
9.3
-19.3
46.1
-7.0
-9.3
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 (%)
2.7
-2.5
3.7
-2.0
-1.1
-0.4
1.4
-1.1
0.8
2.2
-0.7
-1.3
3.5
3.2
0.0
7.3
-0.4
-0.9
-0.5
0.2
-1.0
0.4
0.1
3.8
-1.6
0.1
0.8
-1.9
-0.5
0.2
0.7
-0.6
0.4
-0.3
-0.1
-0.7
-0.3
0.0
-0.3
0.1
0.5
-1.9
0.0
1.2
0.0
0.7
1.0
-0.4
0.4
-1.2
-1.5
0.3
2.7
0.9
1.6
-0.1
1.9
1M (%)
5.6
8.1
8.7
11.4
-2.5
5.0
6.4
4.0
6.1
15.3
5.9
11.7
7.4
6.6
-1.7
8.8
1.4
-1.7
7.1
3.4
-0.3
9.3
11.1
6.3
-0.3
1.2
10.8
4.0
-3.2
7.3
5.9
7.9
4.0
9.1
0.2
2.4
2.2
-4.9
8.2
0.3
8.0
4.2
9.2
12.6
4.1
2.9
3.3
1.3
-1.2
6.1
-3.1
3.3
-0.2
7.1
-1.4
-0.9
-0.9
12M (%)
21.7
59.3
-6.1
51.7
37.0
6.7
3.0
23.5
23.9
160.1
23.5
-35.0
10.8
46.1
6.5
17.1
13.9
44.6
7.6
13.9
45.2
56.0
56.7
30.6
29.1
-8.1
28.9
-22.6
0.3
11.7
6.5
7.1
22.9
17.5
5.2
-3.2
13.5
-17.4
37.2
7.9
26.7
14.3
15.1
27.2
-25.9
18.3
25.0
46.1
-4.7
13.5
-20.1
11.0
-36.1
-2.1
12.0
23.2
-2.1
15 September 2017
15

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 (%)
5.0
1.8
0.3
1.6
0.0
-1.4
-0.3
0.2
1.2
-0.2
-4.1
2.6
4.2
2.0
0.5
-0.4
0.3
-0.2
-0.7
-1.2
2.2
-0.6
0.4
2.9
0.8
0.3
0.4
0.8
-1.0
-0.1
-2.7
2.8
-0.5
-0.4
-0.9
4.1
0.5
-1.6
-0.2
0.2
-2.2
-0.3
0.1
-1.7
0.0
-0.4
0.3
0.9
2.0
0.6
-1.5
-1.1
-1.1
-0.6
3.9
0.5
1M (%)
36.2
12.4
1.2
-4.2
7.6
-0.7
14.7
4.3
3.7
-2.2
-2.4
7.8
11.0
5.0
0.0
3.6
6.8
16.8
-6.2
5.3
5.3
7.2
-1.3
13.3
5.2
-4.7
12.0
6.4
8.3
2.8
-2.9
11.4
2.7
7.8
8.3
8.1
14.0
22.3
9.8
6.9
10.5
9.1
4.6
7.7
8.8
6.9
4.7
0.2
10.1
11.3
13.9
-1.5
6.5
7.3
0.6
0.5
12M (%)
-33.6
-28.9
-13.2
-32.3
8.5
-19.5
-17.6
26.8
-34.6
-5.5
4.9
-3.5
-32.8
-0.8
-25.2
-10.6
-22.1
31.6
-14.7
-18.3
61.7
-17.8
-8.0
29.5
6.7
-7.0
18.7
-4.4
12.3
-29.3
73.9
2.1
72.5
37.9
80.7
51.6
75.1
27.6
29.0
92.9
81.3
30.5
38.0
35.5
32.6
72.3
48.4
87.0
62.8
7.1
-3.7
38.6
61.5
30.4
52.7
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 (%)
-2.9
1.1
-0.3
1.0
-0.4
0.3
4.2
-0.1
-1.4
0.4
0.3
-0.1
0.3
-4.1
0.4
-0.7
-0.3
-1.0
3.2
-0.4
1.1
1.8
-0.2
-0.2
0.7
-0.3
-0.1
1.2
1.1
-0.7
0.8
-0.2
-0.9
-6.1
-0.1
-1.0
-0.7
7.2
-0.9
-0.8
0.8
-0.1
1.2
1.4
-0.9
0.0
1.3
-0.9
5.6
0.7
-1.6
-1.7
1.0
0.1
0.2
-1.1
1M (%)
3.8
2.4
4.0
-8.9
8.3
4.2
-1.0
1.4
1.8
1.5
11.0
0.6
10.0
-1.8
2.6
-2.5
-2.5
-5.3
12.1
6.8
12.3
22.1
-1.9
-4.1
7.4
10.4
20.6
9.1
3.3
2.2
-3.6
-0.9
14.2
7.0
-0.3
-7.5
8.8
13.2
-5.6
9.7
13.3
6.6
1.9
12.7
4.8
2.2
10.9
3.7
5.4
7.7
0.3
11.8
29.0
1.2
7.1
3.2
12M (%)
7.6
13.5
37.7
-14.8
-7.1
19.8
-9.9
16.5
20.4
0.5
20.2
6.7
-5.5
18.8
-20.9
24.7
7.6
-2.3
39.4
-21.4
61.5
-3.5
8.5
19.0
13.5
28.7
36.9
-12.9
12.2
65.1
20.8
-23.7
10.1
37.4
-21.2
30.9
-14.7
10.0
-15.4
61.9
-28.9
28.6
16.5
-1.3
64.2
-9.0
55.4
-4.5
-16.0
16.3
97.2
30.7
49.6
-13.6
15 September 2017
16

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock
broking services, Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited
(CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Pending Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold
inquiry and adjudge violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice and also sought personal
hearing. The matter is currently pending.
MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in
the subject company at the end of the month immediately preceding the date of publication of the Research Report.
MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from
time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn
brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential
conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the
recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research
report.
Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may have received any compensation from the subject company in the past
12 months.
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
a)
managed or co-managed public offering of securities from subject company of this research report,
b)
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
c)
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
d)
Subject Company may have been a client of MOSL or its associates during twelve months preceding the date of distribution of the research report.
MOSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOSL has incorporated a Disclosure
of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. MOSL and / or its affiliates do and seek to do business including investment banking with
companies covered in its research reports. As a result, the recipients of this report should be aware that MOSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research
Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
Terms & Conditions:
This report has been prepared by MOSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential 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 of MOSL. The report is based on the facts, figures and information that are considered
true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not
been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice.
The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though
disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOSL will not treat recipients as customers by virtue of their receiving this report.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or
indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Disclosure of Interest Statement
§
Analyst ownership of the stock
Companies where there is interest
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
trading desk of MOSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOSL research activity and therefore it can have an independent view with regards to
subject company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC)
pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with
Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any
investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities,
products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research
Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is
not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States.
Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S.
persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional
investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional
investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and
interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S.
registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and
therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in
the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following
representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
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
13 December 2016
24