26 September 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
31,627
-0.9
Nifty-50
9,873
-0.9
Nifty-M 100
18,151
-1.3
Equities-Global
Close
Chg .%
S&P 500
2,497
-0.2
Nasdaq
6,371
-0.9
FTSE 100
7,301
-0.1
DAX
12,595
0.0
Hang Seng
10,912
-1.8
Nikkei 225
20,398
0.5
Commodities
Close
Chg .%
Brent (US$/Bbl)
59
3.9
Gold ($/OZ)
1,311
1.0
Cu (US$/MT)
6,404
-0.2
Almn (US$/MT)
2,125
-0.5
Currency
Close
Chg .%
USD/INR
65.1
0.5
USD/EUR
1.2
-0.9
USD/JPY
111.6
-0.4
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.6
0.0
10 Yrs AAA Corp
7.5
0.0
Flows (USD b)
25-Sep
MTD
FIIs
-0.2
-1.0
DIIs
0.2
1.8
Volumes (INRb)
25-Sep
MTD*
Cash
343
323
F&O
7,766
5,762
Note: YTD is calendar year, *Avg
YTD.%
18.8
20.6
26.5
YTD.%
11.5
18.3
2.2
9.7
16.2
6.7
YTD.%
6.2
13.8
16.0
24.7
YTD.%
-4.1
12.6
-4.6
YTDchg
0.1
-0.1
YTD
5.9
8.3
YTD*
293
5,336
Today’s top research idea
Petronet LNG: Firm utilization continues; Dahej continues to
lead
Our channel checks suggest more than full utilization at Dahej and marginally
increased throughput at the Kochi LNG terminal.
We continue believing that increased domestic gas production and upcoming
competition would not be a significant risk to utilization.
PLNG is likely to continue gradual capacity addition at Dahej terminal to
benefit from the evolving LNG opportunity in India. We expect its total
capacity to reach 22.5mmtpa by FY20. Firm offtake contracts at Dahej
terminal and ramp-up of Kochi terminal would enable PLNG to post volume
CAGR of 10% over FY17-20. We do not assume any escalation in Kochi re-gas
charge 2018 onward. Assured volume growth and tariff hikes would help
PLNG to post 16%/17% EBITDA/PAT CAGR over FY17-20.
With a target price of INR275, we reiterate our
Buy
rating.
Research covered
Cos/Sector
Petronet LNG
Capital Goods
Metals
Key Highlights
Firm utilization continues
PGCIL ordering declines 76% YoY in YTDFY18
Steel and RM prices falling off a cliff
Piping hot news
RBI revises investment, trading rules for banks
The Reserve Bank of India (RBI) on Monday barred banks from investing in
category III alternative investment funds (AIFs), specified norms for their
participation in commodity derivatives clearing, and tweaked rules on
investing in financial services firms.
Chart of the Day: Metals Weekly – Steel and RM prices falling off a cliff
Shredded scrap prices (USD/t) fob Rotterdam
Import price of 62% grade iron-ore fines in China (USD/ton)
Research Team (Gautam.Duggad@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

In the news today
Kindly click on textbox for the detailed news link
1
The country’s kharif foodgrain
production is estimated to decline
by close to 3% to 134.67 million
tonne (MT) mainly because of
patchy monsoon rains in parts of
central India along with floods in
parts of Rajasthan, Gujarat, Uttar
Pradesh, Bihar and Assam…
2
The rupee on Monday closed at a six-month low of 65.12 against the
greenback led by dollar demand from importers, a sell-off in the equity
markets and a general strengthening of the dollar against most peers. The
rupee fell as low as 65.17 during the day and breached the 65 level on a
closing basis for the first time since April.“The dollar has been trading
strong against most of its peers. Importers were seen hedging their
exposures with an expected strengthening of the greenback in coming
times,” said a currency dealer…
Government pegs 3% drop in
kharif foodgrain output at 135
MT
Rupee crashes to 65.12 on dollar demand, equity sell-off
3
Setting the bar for higher
government spending in the
infrastructure sector, Prime
Minister Narendra Modi on
Monday unveiled a flagship
programme called “Saubhagya —
Pradhan Mantri Sahaj Bijli Har
Ghar Yojana” to provide power to
all households in the country by
December 2018…
PM Modi promises to light up
all homes by 2018-end with Rs
16k-cr scheme
4
Collection efficiency in MFIs,
SFBs rises to 93%: Icra
The collection efficiency in the
microfinance sector, which
includes microfinance institutions
and small finance banks (SFBs),
has increased to 93% in July 2017
from a low of 87% in December
2016, credit ratings agency Icra
said on Monday…
5
PM Modi reconstitutes
Economic Advisory Council to
revive GDP growth
Putting economic growth revival
in the spotlight, Prime Minister
Narendra Modi on Monday
reconstituted the Economic
Advisory Council under the
chairmanship of NITI Aayog
member Bibek Debroy. The move,
which comes in the backdrop of
increasing concerns over
weakening GDP growth
momentum, signals that the prime
minister will be closely scrutinizing
future economic policy…
6
The country’s largest lender State
Bank of India on Monday lowered
the minimum average monthly
balance (MAB) requirement in a
savings account to ₹3,000 from
₹5,000, in addition to revising
downwards penalties for non-
adherence…
7
Motilal Oswal Private Equity’s
realty arm raises Rs 1,000
crore
Motilal Oswal Real Estate (MORE),
the real estate arm of Motilal
Oswal Private Equity (MOPE), has
raised over Rs 1,000 crore for its
third real estate fund and plans to
invest the money in structured
debt and mezzanine transactions
across the six top Indian cities…
SBI lowers minimum balance
to ₹3,000; pensioners, minors
exempted
26 September 2017
2

Petronet LNG
BSE SENSEX
31,627
S&P CNX
9,873
25 September 2017
Update
| Sector:
Oil & Gas
CMP: INR228
TP: INR275 (+20%)
Buy
Firm utilization continues
Dahej continues to lead; Kochi to improve utilization
PLNG IN
1,500.0
242 / 163
1/4/23
343.5
5.3
1081
50.0
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
12M Avg Val (INR M)
Free float (%)
Our channel checks suggest more than full utilization at Dahej and marginally
increased throughput at the Kochi LNG terminal.
We continue believing that increased domestic gas production and upcoming
competition would not be a significant risk to utilization.
Reiterate Buy with a target price of INR275.
Firm utilization at Dahej
On capacity of 15mmtpa, PLNG has firm take-or-pay utilization contracts of
15.75mmtpa.
Our channel checks further suggest that LNG arrival at Dahej is happening at a
rate of 16mmtpa, reflecting above full utilization.
Financials Snapshot (INR b)
Y/E Mar
2017 2018E
Net Sales
EBITDA
PAT
EPS (INR)
Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
246.2
25.9
17.1
11.4
102.7
54.0
23.2
20.2
20.1
4.2
270.8
31.0
21.0
14.0
23.1
64.0
23.7
21.0
16.3
3.6
2019E
338.1
39.3
26.9
17.9
28.2
76.9
25.5
24.0
12.7
3.0
Do not see much competition
Among the existing terminals, Dabhol would remain underutilized due to the
lack of breakwater facility, the tender for which has not yet been awarded.
GSPC/Adani’s 5mmtpa Mundra LNG terminal is expected to come in early
2018, with the completion of 60km Mundra-Anjar pipeline being key to this.
Additionally, capacity of the existing 170km 3mmtpa Anjar-Chotila network
needs to be augmented to handle the full load. Tender for this has not yet
been awarded.
IOCL’s Ennore LNG terminal would come up in 2019, and service an entirely
new set of consumers without being any threat to PLNG.
Shareholding pattern (%)
As On
Sep-16 Jun-16 Sep-15
Promoter
DII
FII
Others
50.0
12.1
22.3
15.6
50.0
17.7
19.4
12.9
50.0
16.5
21.3
12.3
EPS CAGR of 17% over FY17-20
FII Includes depository receipts
Stock Performance (1-year)
Petronet LNG
Sensex - Rebased
250
225
200
175
150
PLNG is likely to continue gradual capacity addition at Dahej terminal to benefit
from the evolving LNG opportunity in India. We expect its total capacity to
reach 22.5mmtpa by FY20.
Firm offtake contracts at Dahej terminal and ramp-up of Kochi terminal would
enable PLNG to post volume CAGR of 10% over FY17-20. We do not assume
any escalation in Kochi re-gas charge 2018 onward.
Assured volume growth and tariff hikes would help PLNG to post 16%/17%
EBITDA/PAT CAGR over FY17-20.
The stock is trading at 12.7x FY19E EPS of INR18 and 8.2x FY19E EV/EBITDA. We
value the stock using DCF (WACC of 11%, terminal growth of 3%). With a target
price of INR275, we reiterate our
Buy
rating on the stock.
Key triggers to watch out: (i) progress on the completion of Kochi-Mangalore
pipeline, (ii) ramp-up of domestic gas production and (iii) progress of Dahej
expansion from 15mmtpa to 17.5mmtpa.
Valuation and view
26 September 2017
3

Sector Update | 25 September 2017
Capital Goods
Refer to our report
on India Transmission, Dec-15
PGCIL ordering declines 76% YoY in YTDFY18
At lowest levels since FY13
Power Grid Corporation of India (PGCIL) accounts for 45-50% of the annual transmission
capex in India. It is amongst the largest customers for Indian transmission equipment
suppliers and contractors. We analyze the ordering trends by PGCIL in YTDFY18 and
implications for Indian transmission equipment suppliers.
During April-August 2017, PGCIL placed orders worth INR37b (down 76% YoY). There
has been a decline in orders across categories and large ticket orders have been
virtually absent.
Substation ordering declined 94% YoY (April-Aug17 ordering included INR58.1b order
for Raigarh-Pugular HVDC line), transmission line ordering declined 37% YoY, and
transformer segment ordering declined 50% YoY.
Despite weak ordering in the April-August 2017 period, we expect PGCIL’s orders to
pick up in 2HFY18, with annual ordering stabilizing at INR200b-220b. In our view,
th
states are likely to drive the growth in transmission orders/capex under the 13 Plan
(2018-2022E).
Power Grid orders at INR37b in YTDFY18, down 76% YoY
Orders placed by Power Grid Corporation of India (PGCIL) in YTDFY18 stood at
INR37b (down 76% YoY), the lowest since FY13, primarily due to the absence of
large ticket orders. Of the total orders, transmission line orders constituted 63%,
substation orders 16%, transformers 9%, and railway electrification orders 9%.
PGCIL has started ordering for rail electrification projects from FY18 and has
placed orders worth INR3.4b.
Investment approvals by PGCIL in FY17 were at INR362b (+161% YoY); this drove
a pickup in orders in FY17 (+68% YoY). However, YTDFY18 has seen a dip in
approvals by 87% and this is reflected in the fall in orders, as well. Despite the
weak start, we expect PGCIL to continue to order INR200b-220b annually over
the 13
th
plan (2018-2022E). The bigger opportunity lies with the states, where
spending in the 13
th
plan is projected to jump to INR1.6t (INR0.6t in 12
th
plan).
Substation orders down sharply; base effect at play
Substation orders were at INR5.9b (down 94% YoY), impacted by high base
effect. Substation ordering was at a record high in FY17, led by finalization of
two large HVDC orders – the INR58b Raigarh-Pugular won by ABB and the
INR35b Pugulur-Trichur line won by Siemens. Even excluding these large size
INR58b orders, substation ordering fell 84% YoY in YTDFY18.
Of the total orders of INR5.9b, 70% of the orders are for the 220/400kv
substations, where Kalpataru Power is the market leader, with 56% share. 61%
of the substation orders were for gas insulated substations (GIS).
26 September 2017
4

Transmission line orders at INR22b (down 37% YoY); competitive intensity
stable, with top-5 players accounting for 74% of total orders
Transmission line orders declined 37% YoY to INR22b.
The top-5 players (Kalpataru Power, KEC International, Unitech, L&T, and
Gammon India) accounted for 74% of the total orders placed (75% in April-
August 2016). This is an indication of stable competitive intensity in this
segment, which had seen a large number of new players in FY12-13.
Transformer orders at INR4.2b (down 50% YoY); 765kv transformers at 75%
of total
Transformer orders stood at INR4.2b (-50% YoY), with 765kv transformers
constituting 75% of total orders.
Within 765kv transformers, GE T&D had a share of 42%, followed by Toshiba
(29% share) and TBEA (28% share).
Valuation and view:
While PGCIL ordering in YTDFY18 has remained weak, we
expect ordering to pick up in 2HFY18. PGCIL orders over the last few years are
increasingly focused on high-end technology products like HVDC, STATCOM, SVC
and FACTS. We believe that MNC players, namely GE T&D (Neutral), ABB India (Sell)
and Siemens (Neutral) are best positioned to capture the upcoming opportunity.
Exhibit 1: PGCIL ordering down 76% YoY, led by absence of finalization of large orders and weak ordering by PGCIL
Order flow by type
Transformer
Conductor
Insulator
Transmission Lines
Substation
Rural Electrification
Railway Electrification
Others
Total
FY10
22,900
14,660
9,288
44,846
21,171
2,668
3,127
118,660
FY11
10,294
28,552
3,277
67,259
69,787
-
3,945
183,114
FY12
26,192
53,275
5,372
97,374
29,839
-
8,125
220,177
FY13
11,292
11487
5084
70,450
53,560
-
9454
161,325
FY14
9,280
11,687
3,704
41,632
26,963
-
14,391
107,656
FY15
8,486
14,765
4,801
68,839
73,377
3,060
2,826
181,083
FY16
14,826
17,087
2,765
53,756
44,628
18,516
15,534
167,112
FY17
19,251
16,347
1,291
57,928
167,564
-
19,012
281,393
YTDFY18
4,163
-
47
22,279
5,941
-
3,356
921
36,707
Source: MOSL, Company
26 September 2017
5

Metals Weekly
Steel and RM prices falling off a cliff; base metals stable; lead jumps 9%
25 September 2017
Update
Indian steel: Long product (TMT Mumbai) prices were unchanged WoW. Sponge iron prices were down ~3%
WoW, while domestic scrap prices remained unchanged. Pellet prices were higher. Domestic HRC prices were
down 2% WoW due to weak demand, but import HRC price offers were unchanged.
Raw materials: Iron ore prices (China cfr) were down ~12% WoW due to concerns about winter cuts impact on
demand in China. Chinese iron ore port inventories were lower. Thermal coal prices were unchanged. Coking
coal prices were down ~3% WoW. China’s pellet import prices were down ~4% WoW.
Europe: HRC prices were up 2%. HRC product spreads have increased on lower raw material prices. CIS HRC
export prices were down ~1% WoW. Rotterdam scrap prices were down ~8% WoW, following ~3% decline in
the previous week.
China: Local HRC and rebar prices were down ~3% WoW. Export HRC prices were unchanged.
Base metals: Aluminum (cash LME) prices were up ~4% WoW. Alumina prices were up ~3% WoW. Zinc (cash
LME) was up 3% WoW. Lead was up ~9% WoW. Copper was unchanged. Crude oil (Brent) prices were up ~2%
WoW.
26 September 2017
6

In conversation
1. BSE : Will take opinion from various market participants on
extension of mkt hours; Ashishkumar Chauhan, MD & CEO
In the last seven-eight years the world has seen unprecedented bull run in
international markets. While India came late, liquidity-driven situation has
fuelled the boom.
Market situations would improve once geopolitical situation improves.
There are arguments in favour and against extension of trading hours.
First purpose of market is to channelize savings and second is to allow trading so
that signaling and execution happens in right way.
In India itself, commodity markets have been working till 11 pm.
Will take opinion from various market participants on extension of market
hours.
Decision making will have to be done keeping in mind everyone's perspective,
prevailing conditionality and also what international practice is.
2. Maruti : India cannot grow transportation only on fossil fuels,
EVS are essential; RC Bhargava, Chairman
Clearly believe that slowdown in GDP in the first quarter is a temporary issue.
One should have a long-term view of the economy because the government is
trying to restructure the way the entire economy functions which is not going to
be easy.
For decades now economy has been on a route which was totally inconsistent
with sustainable rapid growth, so timely changes were necessary. Therefore,
one will have to go through short-term strain and the pay the price for doing
wrong things for a long time and to benefit over longer term.
Reforms taken by the government will be positive for the long-term
Regarding GST, many people were non-compliant with the tax laws or
accounting laws and so, to comply with the tax laws behavioural changes need
to take place and that is not going to be easy.
3. Strides Shasun : Will be vertically integrated formulation
company; Shashank Sinha, MD & Group CEO
Wouldn’t comment on Renvela Generic partner.
As of October 1, active pharmaceutical ingredient (API) going to be a different
business. Company is going to keep our captive APIs and the third party API
supply is carved out into a different business. Not at liberty to talk about their
business portfolio. It is a significant product. Going to be spun off into a separate
company which is going to list separately.
Company will be a vertically integrated formulation company.
One approval pending from the National Company Law Tribunal (NCLT) for the
demerger.
Market size of Lovaza generic is USD 200-300 million.
26 September 2017
7

From the think tank
1. Going beyond the idea of fiscal stimulus
The government of India is working on a plan to revive the economy after growth
slipped to a modest rate of 5.7% in the first quarter of the current fiscal compared
with 7.9% in the same quarter last year. Media reports suggest that it is mulling a
fiscal stimulus to boost growth, which could increase the fiscal deficit. The idea is
that in the absence of sufficient investment demand from the private sector,
higher government expenditure will help boost gross domestic product (GDP)
growth. It makes political sense. The Narendra Modi government will present its
last full budget in February and the Bharatiya Janata Party will be facing a number
of crucial assembly elections before the 2019 general election. However, there are
sound economic reasons why the government should adhere to its fiscal
commitments. First, the deceleration in growth is partly being explained by the
lingering impact of demonetisation and destocking before the implementation of
the goods and services tax (GST). The impact will peter out and output affected by
these events doesn’t need fiscal support. But since growth started decelerating
before these shocks, policy intervention needs to go beyond fiscal stimulus.
Opening the fiscal tap at the moment would mean that crucial reforms in areas
such as improving the ease of doing business might get postponed.
2. Making the most of the new industrial policy
The framing of the new industrial policy should be seen as an opportunity to
chart a meaningful path for industry’s role in India’s development. The recently
released discussion paper by the department of industrial policy and promotion
mentions two points that need to be examined closely to grasp the headwinds
industry will have to navigate: first, industry’s inadequate expenditure on
research and development (R&D). And second, micro, the small and medium
enterprises sector facing tough competition from cheap imports from China and
other countries with which India has free trade agreements. To put the first
point into context, Huawei’s R&D expenditure (around $6.5 billion) is about the
same or more than that of Indian industry, while Microsoft spends (around $12
billion) about the same as the Indian government. Regarding the second point,
the consequence of the inflation-targeting framework and its impact on Indian
industry via the exchange rate (resulting in cheaper imports from China) would
need to be studied in greater detail.
3. Why RBI must target unhedged ecbs
Many years ago, when the rupee was constantly under threat to weaken, RBI
often railed against speculators and, indeed, acted from time to time, for
instance prohibiting domestic companies from rebooking cancelled forward
contracts, since it was clear that some companies were—rather than managing
their risk—simply speculating by buying (booking forward against imports) and
selling (cancelling) dollars. Today, the shoe is on the other foot—with the rupee
strong and constantly under threat to strengthen further—but RBI is surprisingly
lax in its attack on on-shore speculators. To be fair, RBI did try to impose some
constraints on short dollar positions back in 2014, when the rupee had also
8
26 September 2017

been strengthening and there was a perceived threat that things could get
better (worse?). It asked banks to increase their capital charges on rupee
borrowings for companies who had unhedged net short dollar exposures.
However, the impact was—and remains—relatively mild. In any event, I would
argue against such a policy since different companies have different—and,
sometimes, valid—reasons for keeping imports unhedged.
4. Why India’s digital push timing is all wrong
India’s digital push has got its timing all wrong. Yes Bank Ltd, one of the nation’s
fastest-growing lenders, has cut 12% of its workforce, mostly salespeople. When
Reliance Industries Ltd, controlled by billionaire Mukesh Ambani, starts a new
bank soon, it won’t have any branches. According to BloombergQuint, shop
attendants that sell its phones will double as bankers. It makes sense, since the
Jio Payments Bank will largely exist online anyway. These are just two of the
many examples of a digital revolution in India that’s either destroying old jobs,
or not creating enough new ones.
Mind you, it’s a welcome change. If the same amount of banking services is
being delivered by 50 people instead of 500, then labour productivity is 10 times
higher. Trouble is, advances in digital technologies have arrived amid a crisis in
job creation in more traditional industries. TeamLease Services Ltd, one of the
country’s biggest recruitment firms, is flagging a 30% to 40% reduction in
manufacturing jobs from 2016. Larsen & Toubro Ltd, India’s largest engineering
group, says the private sector won’t return to significant infrastructure projects
for two more years.
International
5. Pressure on China the key to North Korea
This year’s session of the UN General Assembly, the first one to be addressed by
US President Donald Trump, served to highlight the inability of the world to
tackle a problem like North Korea. The US president threatened to destroy the
nation of 25 million people, if the US and its allies are threatened or attacked. If
this raised eyebrows rather than curdled blood, a further threat to undo the Iran
nuclear deal served to reinforce skepticism about the value of any American
promise or assurance. The fact is that successive US administrations have had
little success with their North Korea policy. President Bill Clinton managed to
use diplomacy for the US-DPRK Agreed Framework to put a freeze on North
Korea’s plutonium programme and later enabled a moratorium on missile tests.
That was in the era of Kim Jong-il, present leader Kim Jong-un’s father. But since
then, Washington has eschewed the path of direct diplomacy and unlike his
father, Kim Jong-un does not have truck with foreign leaders. The fact is that
there are no good options.
26 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
26.4
24.8
23.0
46.7
44.7
18.1
50.5
42.2
31.2
25.6
22.2
23.2
43.7
32.0
20.6
54.6
29.0
32.6
26.2
30.9
23.2
31.7
18.3
24.2
35.4
NM
37.3
43.1
13.1
24.6
30.1
23.8
NM
17.3
34.7
9.0
NM
22.1
869.5
16.1
96.4
53.4
44.7
30.3
23.9
17.7
63.1
37.5
17.4
36.8
16.3
26.2
21.8
22.2
33.5
38.6
17.9
36.3
33.8
16.8
22.6
19.8
18.4
23.7
28.2
18.2
44.6
24.9
23.0
21.9
90.0
20.7
26.4
18.8
20.4
27.4
19.6
30.8
28.5
10.0
19.5
24.2
14.9
NM
10.8
8.2
7.7
7.3
23.6
17.7
14.4
17.1
37.7
29.5
22.4
19.6
13.9
51.7
33.2
13.9
26.3
15.0
4.9
5.4
5.2
6.9
7.3
2.8
15.8
8.1
3.2
3.6
7.4
2.9
2.7
6.6
2.4
12.7
4.9
2.2
2.7
2.4
2.2
5.4
2.1
1.3
5.1
0.7
4.8
4.5
1.1
3.8
3.5
0.9
0.6
0.7
0.5
0.9
0.3
0.8
1.2
0.4
0.8
10.2
5.3
3.2
4.0
2.1
18.9
6.9
4.2
4.3
2.9
4.2
4.8
4.7
6.0
6.6
2.5
11.7
6.7
2.7
3.2
6.4
2.6
2.4
5.8
2.1
10.4
4.3
2.1
2.2
2.3
1.8
4.6
1.9
1.2
4.4
0.7
4.3
3.2
1.0
3.3
3.0
0.9
0.7
0.7
0.5
0.8
0.3
0.8
1.1
0.4
0.8
8.3
4.3
2.8
3.4
1.9
15.5
6.3
3.7
3.8
2.5
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
33
5
8
11
4
20
16
7
18
29
2
30
11
33
-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
739
986
113
118
3,039 3,281
1,223 1,353
21,149 21,994
1,686 2,029
30,970 35,854
991
1,059
622
732
208
269
3,756 3,818
1,259 1,634
234
-
7,953 8,819
408
542
642
612
Neutral
501
Neutral
183
Buy
156
Buy
112
Buy
1,799
Buy
280
Neutral
57
Under Review 1,698
Neutral
75
Buy
1,000
Under Review 513
Buy
29
Buy
360
545
192
201
139
2,000
366
62
-
91
1,153
-
34
427
9
5
29
25
11
31
10
21
15
19
19
15.4
7.0
5.0
4.8
56.8
15.3
2.3
47.9
-31.3
26.8
11.9
2.2
14.6
21.8
8.4
1.7
5.4
68.2
14.9
2.8
61.9
3.8
32.4
18.0
2.9
18.5
38.1
10.4
6.1
6.8
82.1
17.0
3.2
76.8
8.2
41.0
23.7
3.7
22.9
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
142
143
325
53
263
125
138
259
130
198
149
360
49
382
150
184
341
140
39
4
11
-7
45
20
34
32
8
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
1,795
938
746
1,097
525
514
1,755
1,203
193
622
1,800
820
925
1,400
630
450
1,900
1,350
200
708
0
-13
24
28
20
-12
8
12
4
14
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
26 September 2017
10

Company
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
Shriram City Union
STF
Aggregate
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Indu.
Cummins
GE T&D
Havells
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Aggregate
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Aggregate
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Reco
Not Rated
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
CMP
(INR)
96
404
474
129
613
167
2,060
983
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
-
8.6
10.8
12.5
459
14
7.1
13.9
17.8
550
16
29.5 38.2
44.2
117
-9
25.7 27.2
30.2
800
30
29.1 34.5
39.3
134
-20
31.4 35.0
40.4
2,800
36
84.3 121.7 164.1
1,330
35
55.6 80.0 102.4
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
11.1
8.9
2.4
2.2
24.0 25.9
26.9
57.0 29.1
3.6
3.4
6.5
12.0
14.2
16.1 12.4
2.9
2.5
19.4 21.5
21.2
5.0
4.7
0.9
0.8
17.9 17.0
16.8
21.1 17.8
3.4
2.9
17.4 17.5
17.0
5.3
4.8
1.0
0.9
19.9 19.1
19.1
24.4 16.9
2.7
2.4
11.7 15.0
17.6
17.7 12.3
2.0
1.8
11.7 15.0
16.9
21.2 17.8
3.6
3.1
16.8 17.6 18.1
72.5
26.1
59.3
59.2
44.4
19.2
33.8
68.1
51.3
25.4
27.5
14.6
74.0
44.6
25.4
27.6
20.1
33.0
35.3
53.8
45.2
30.6
67.7
16.7
29.8
28.0
55.6
26.1
NM
388.7
45.9
40.7
36.6
56.9
58.1
51.1
43.1
41.1
49.3
31.7
63.5
31.2
33.9
63.8
24.5
27.9
43.5
41.3
38.8
32.4
42.0
44.8
23.1
25.1
11.4
58.0
37.9
18.3
28.3
17.3
30.3
30.8
37.8
32.8
21.9
38.2
15.9
21.0
23.8
39.8
26.0
34.6
30.5
38.3
42.7
31.4
53.9
50.2
44.4
40.4
40.5
43.3
31.3
54.3
28.3
38.7
9.2
5.4
1.0
9.6
24.1
1.2
6.6
9.7
9.4
4.9
3.2
1.5
6.9
8.2
-1.5
3.8
3.3
5.1
4.0
2.7
3.5
2.1
4.7
1.8
1.0
3.8
3.2
4.5
3.2
5.6
8.0
4.5
3.5
15.1
19.0
23.2
11.4
14.1
12.0
6.7
41.6
7.1
6.3
8.1
4.1
0.9
9.0
17.8
1.2
6.2
8.5
8.4
4.2
3.0
1.3
6.0
7.0
-1.6
3.4
2.8
4.5
3.6
2.6
3.4
2.0
4.2
1.7
1.0
3.3
3.0
3.9
2.9
4.8
6.7
4.1
3.2
13.7
15.7
22.0
9.7
12.0
9.3
6.5
41.2
7.0
6.4
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
66.5
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
76.2
24.8
16.5
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
87.2
26.3
18.4
Sell
Buy
Sell
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Not Rated
Neutral
Neutral
Not Rated
Neutral
Buy
Sell
1,429
181
127
763
208
79
896
391
490
301
1,165
103
1,318
919
16
850
597
510
1,200
215
100
650
250
80
1,180
395
455
295
1,380
-
1,355
900
-
830
800
430
-16
19
-21
-15
20
1
32
1
-7
-2
18
3
-2
-2
34
-16
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
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
263
308
1,632 1,622
899
1,150
2,626 3,282
1,137 1,276
168
201
944
1,277
387
519
711
806
153
185
106
140
17,628 22,360
3,911 4,936
17
-1
28
25
12
20
35
34
13
21
32
27
26
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
Neutral
Buy
Buy
Neutral
Buy
Neutral
Sell
Buy
Neutral
Neutral
1,196
4,280
1,085
313
1,089
933
4,946
1,246
262
380
1,200
4,660
1,285
315
1,310
995
4,500
1,400
280
395
0
9
18
1
20
7
-9
12
7
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
27.4
10.3
11.1
26 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
Buy
Neutral
CMP
TP
% Upside
(INR) (INR) Downside
319
355
11
7,131 6,160
-14
18,450 19,600
6
231
245
6
806
810
0
8,314 8,800
6
130
-
859
980
14
2,447 2,525
3
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
9.9
14.0
34.5
51.5
P/E (x)
FY17 FY18E
50.7 46.7
60.4 62.0
77.3 62.6
64.1 25.4
48.2 44.7
62.5 54.9
36.8 37.4
98.9 86.8
91.5 70.9
46.7 42.2
22.4
24.2
20.4
17.9
33.6
33.9
36.3
24.0
33.3
14.2
15.6
16.6
70.6
30.9
17.7
17.5
30.9
40.6
28.1
19.4
37.1
22.3
24.0
17.5
40.0
33.7
33.0
13.1
15.4
30.4
74.8
17.9
NM
70.9
10.0
12.7
16.1
60.8
58.9
NM
31.7
23.6
24.9
22.6
15.7
35.3
26.9
27.3
28.4
30.4
67.2
14.3
14.7
51.8
29.9
13.9
23.9
29.9
27.0
19.1
33.6
29.9
23.1
26.3
15.3
31.6
30.4
24.9
6.9
12.4
25.5
75.5
15.4
NM
60.6
9.2
11.9
14.0
41.9
39.2
NM
27.6
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY19E
17.7 15.2 36.7 34.9
37.7
22.8 21.2 39.0 35.5
38.1
30.9 24.8 40.0 39.6
43.1
3.0
2.6
6.0
11.0
13.3
12.5 10.2 28.2 25.2
23.5
39.2 32.5 39.3 64.9
62.8
1.8
1.8
5.2
4.9
8.5
9.7
8.9
10.2 10.7
13.6
18.3 12.8 21.3 18.0
20.3
12.9 11.9 27.5 28.3 29.3
4.8
5.2
6.7
4.4
4.3
7.1
3.7
5.4
3.3
1.5
3.9
3.0
10.2
2.5
3.0
3.3
5.3
5.0
3.0
3.3
7.5
4.8
4.1
2.6
17.7
3.5
2.4
1.8
2.4
3.8
16.7
4.2
1.6
4.5
1.7
0.9
2.4
4.1
5.9
3.5
7.5
4.2
4.5
5.4
3.5
3.9
5.9
3.3
4.9
3.1
1.3
3.1
2.1
11.9
2.4
2.5
3.0
4.9
4.2
2.7
3.4
6.1
4.2
3.7
2.3
13.5
3.4
2.3
1.6
2.0
3.5
13.6
3.8
1.7
4.2
1.5
0.8
2.3
3.7
5.1
3.7
6.9
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
20.9
17.1
14.4
10.7
18.5
22.2
23.8
17.0
12.6
50.5
10.8
7.3
12.4
16.7
12.4
25.1
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
19.9
25.8
-5.3
7.2
17.3
6.9
16.5
9.3
14.0
-4.1
25.0
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
35.2
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
484
1,832
1,190
703
343
482
577
952
2,418
147
613
120
2,427
496
653
991
3,994
569
907
506
483
1,233
510
1,830
1,606
850
330
555
520
720
2,400
220
775
200
2,500
430
905
1,125
4,820
805
1,300
515
-
1,350
5
0
35
21
-4
15
-10
-24
-1
50
26
67
3
-13
39
13
21
41
43
2
10
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
56.6 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
172
4,103
1,281
224
109
261
212
-
1,214
272
-
-
24
-5
21
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
77
366
85
810
260
95
173
391
1,210
26
787
106
450
90
928
350
90
225
469
1,628
32
860
38
23
6
15
35
-5
30
20
35
25
9
1.0
20.4
-8.6
11.4
25.9
7.4
10.8
6.4
20.5
-1.8
24.9
1.0
23.7
-2.7
13.4
28.3
7.9
12.4
9.3
30.9
-0.3
28.5
2.4
27.6
0.3
21.7
33.6
8.1
14.1
14.0
46.9
0.4
35.9
26 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)
527
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
22.8 35.8
8.7
7.5
24.7 22.6
24.5
40.0 31.0
5.6
5.1
14.1 16.6 19.3
26.8
14.8
NM
16.0
20.3
12.1
NM
20.3
16.9
22.3
10.1
17.6
40.2
22.2
10.4
9.3
33.1
8.3
17.1
10.0
20.1
17.0
12.9
138.1
66.7
72.0
16.6
14.6
19.3
14.2
9.7
14.0
18.7
15.6
13.3
16.9
29.0
18.8
14.6
17.2
14.5
16.8
35.0
26.2
NM
25.2
36.9
11.6
13.2
NM
10.8
21.5
9.7
NM
12.8
9.8
14.7
9.9
15.0
22.0
17.5
9.3
7.6
29.2
13.1
11.9
10.0
16.3
14.5
11.6
93.3
56.7
60.1
14.3
14.1
16.8
14.4
11.0
12.7
16.2
15.1
12.0
14.7
24.2
18.8
13.3
16.1
14.6
16.7
89.7
21.7
NM
78.8
204.7
1.8
4.0
0.4
2.5
1.4
1.7
0.6
1.9
1.9
1.7
3.1
1.8
6.8
2.4
3.2
1.8
7.0
2.1
0.9
1.0
4.2
1.8
1.7
11.3
12.6
12.4
2.7
3.7
4.7
3.0
1.5
4.9
3.0
2.1
1.8
2.6
9.1
5.6
2.4
2.8
2.3
3.8
2.3
4.7
1.1
12.3
2.6
1.5
4.3
0.4
2.1
1.4
1.6
0.7
1.8
1.7
1.6
2.6
1.6
5.5
2.2
2.6
1.6
5.9
1.9
0.9
0.9
3.6
1.6
1.6
10.4
11.5
11.3
2.4
3.2
4.1
2.7
1.4
3.8
3.0
2.2
1.7
2.5
7.3
6.0
2.2
2.7
2.1
3.8
2.3
4.0
1.3
10.6
2.6
7.4
24.4
-7.9
17.3
7.2
12.8
-6.7
9.7
15.7
7.6
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
14.3
31.5
-4.9
21.3
6.5
15.2
-9.1
14.2
18.6
11.2
28.4
11.3
27.6
13.2
31.0
22.5
21.9
15.5
7.5
9.4
23.7
12.1
13.4
11.1
21.3
18.9
16.6
24.9
25.7
19.6
13.0
33.3
17.3
14.5
14.4
17.9
33.5
31.1
17.4
16.1
15.0
22.8
15.4
38.0
0.6
20.8
7.7
15.6
-5.3
20.4
16.2
14.0
25.1
12.4
27.4
14.2
24.2
17.5
20.9
17.0
8.0
10.9
25.5
12.1
13.1
14.0
22.2
19.6
17.3
23.8
23.1
19.3
14.2
28.3
20.1
16.2
15.4
20.7
32.2
33.5
16.9
16.1
17.9
21.9
3.8
19.4
-21.7
33.6
2.8
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Neutral
229
292
134
237
75
120
57
307
640
310
301
194
297
63
180
30
361
669
35
3
45
25
-15
50
-47
18
5
8.6
19.7
-20.9
14.8
3.7
10.0
-6.2
15.1
37.9
19.8
22.2
-15.8
21.9
3.5
12.4
-7.7
23.9
65.1
24.5
29.3
2.0
25.7
4.2
12.1
-4.2
37.4
64.3
Buy
Sell
Sell
Neutral
Buy
Buy
Neutral
Sell
Buy
Buy
Buy
Neutral
487
398
818
195
425
398
1,455
123
331
164
228
820
640
346
691
171
583
558
1,152
113
316
195
274
941
31
-13
-16
-12
37
40
-21
-8
-5
19
20
15
48.3
22.6
20.4
8.8
40.7
43.0
44.0
14.8
19.3
16.4
11.4
48.3
49.1
26.5
37.2
11.1
45.9
52.6
49.9
9.4
27.9
16.5
14.0
56.5
51.6
31.3
46.1
13.3
42.9
46.9
56.3
11.7
31.1
19.7
17.9
62.8
Sell
Neutral
1,381
603
850
565
-38
-6
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
508
873
265
897
116
775
465
608
507
637
815
2,508
452
292
756
600
950
250
1,050
140
880
450
610
540
750
996
2,350
490
270
950
18
9
-6
17
21
14
-3
0
7
18
22
-6
9
-7
26
30.6 35.4
59.8 61.8
13.7 15.7
62.9 62.2
11.9 10.6
55.5 60.8
24.9 28.7
38.9 40.3
38.0 42.3
37.7 43.3
28.1 33.7
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
65.1
32.9
43.0
48.7
52.0
39.8
147.7
36.8
19.1
70.0
Buy
Buy
Buy
Buy
389
390
76
687
490
480
110
775
26
23
44
13
11.1
14.9
-1.1
27.2
4.3
17.9
-10.9
8.7
6.6
20.4
-11.3
26.1
6.7
2.5
16.2 19.8
-1.6 -17.3
132.2 14.5
6.9
1.2
26 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
Quess Corp
Buy
PI Inds.
Buy
Piramal Enterp.
Buy
SRF
Buy
S H Kelkar
Buy
Symphony
Sell
Team Lease Serv. Buy
Trident
Buy
TTK Prestige
Neutral
V-Guard
Neutral
Wonderla
Buy
CMP
(INR)
257
990
73
166
210
82
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
305
19
14.9 19.8
22.0
1,360
37
51.9 88.9
99.3
49
-33
3.8
3.4
2.7
211
27
12.0 13.3
15.7
262
25
14.2 17.4
20.6
71
-13
7.4
7.3
7.3
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
17.2 13.0
6.5
6.2
37.8 47.6
50.5
19.1 11.1
1.2
1.1
6.5
10.6
10.8
19.0 21.6
1.2
1.1
6.3
5.3
4.2
13.9 12.5
1.4
1.3
10.5 10.9
11.9
14.8 12.1
2.2
2.0
16.2 17.3
17.8
11.0 11.3
1.9
1.7
17.1 15.8
14.2
15.4 12.6
2.2
2.1
14.5 16.4 17.2
29.6
134.1
52.5
23.9
26.8
27.6
25.3
63.1
31.9
23.2
22.7
7.9
64.4
66.5
17.3
22.0
26.9
11.4
76.1
42.6
28.8
21.7
83.5
22.4
37.3
17.9
34.5
56.9
40.8
14.5
47.9
51.2
49.4
28.3
80.9
45.2
23.2
26.4
24.4
17.4
32.8
19.1
21.9
16.4
11.6
46.4
27.6
12.6
20.8
15.0
9.6
47.9
36.0
23.6
19.3
43.8
24.6
26.0
19.1
32.9
38.4
43.0
11.6
45.9
40.8
28.9
2.7
16.7
6.9
2.0
30.4
7.5
4.2
4.8
4.4
7.5
18.7
2.4
6.2
3.9
1.5
3.0
3.5
3.1
4.8
4.0
8.1
5.4
11.3
6.3
3.5
2.8
4.5
21.1
7.1
1.8
8.6
12.2
4.5
2.5
14.6
6.2
2.0
27.3
6.2
3.7
3.2
3.6
6.1
16.6
1.9
5.6
3.4
1.4
2.6
3.7
2.5
4.5
3.8
7.3
4.7
4.9
5.3
3.2
2.5
4.1
18.6
6.1
1.6
7.9
10.0
4.0
10.3
17.9
9.1
19.3
12.0
23.0
366
1,029
710
979
366
240
420
193
2,158
298
1,046
103
1,009
222
96
385
512
212
966
1,057
2,484
169
835
748
2,705
1,534
250
1,347
1,583
96
6,321
183
345
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
990
894
3,044
1,648
298
1,288
1,990
114
5,281
167
393
2
-14
12
34
35
24
26
54
20
25
26
12
8
21
44
85
-4
16
33
28
19
19
13
7
19
-4
26
19
-16
-9
14
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
10.0
33.4
72.6
85.9
7.2
23.7
38.8
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
19.1
30.4
104.1
80.2
7.6
35.1
36.8
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
27.8
35.8
144.6
103.0
9.9
42.9
56.0
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
19.0 15.6
15.0
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
19.2 15.3
19.5
13.0 14.5
16.1
19.5 18.0
20.7
27.4 26.9
28.8
9.5
14.8
17.5
26 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 (%)
-3.8
-1.2
0.0
-0.5
-1.6
-2.9
-1.8
-2.3
-2.1
-0.7
-0.9
-2.1
-2.2
-1.5
-0.7
1.2
-0.7
-0.8
0.4
-1.9
-1.4
0.9
-1.7
-0.6
-1.4
-2.2
-0.7
-2.4
-0.3
0.4
-1.4
-0.2
-1.6
-2.9
-2.3
-0.1
-1.2
0.1
-3.5
-0.4
-4.0
-3.6
-7.6
-5.3
-1.6
-3.2
-4.8
-2.5
-3.5
-1.5
-2.8
2.3
-0.5
2.3
-1.6
-0.5
1M (%)
-5.0
9.7
11.1
6.5
-2.4
2.0
0.5
3.1
1.5
2.7
-3.1
-8.5
-2.5
4.6
6.3
8.2
-0.9
-0.6
-1.0
4.6
1.9
-6.2
2.6
1.6
-7.5
2.7
0.5
2.9
4.5
-0.4
-0.5
-4.6
-3.2
-10.8
0.6
-4.4
-7.8
-4.4
1.9
6.5
4.7
-4.2
10.9
0.4
-0.1
-0.6
10.2
-5.5
0.5
-1.1
6.9
6.4
-5.5
4.1
0.9
-5.7
12M (%)
-27.7
36.3
3.8
29.3
-9.3
42.3
24.6
63.6
7.8
6.3
-10.7
22.8
42.0
-26.2
83.2
-10.1
48.0
-13.9
53.1
37.0
13.1
-21.3
39.0
-6.2
25.7
69.3
37.4
45.9
-15.8
21.2
10.6
-27.7
23.1
-4.2
-1.2
1.7
-10.4
59.3
10.9
5.3
-1.3
79.4
60.3
23.2
47.7
106.8
8.5
-1.2
14.2
27.4
5.1
-26.9
33.9
-17.3
-3.6
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 (%)
0.4
0.1
-1.8
2.2
-1.8
-0.2
0.2
0.0
-0.7
-1.4
-1.7
-0.9
-3.4
0.3
-1.2
-3.1
-3.4
-0.9
-2.2
-3.5
-2.6
-1.4
-3.3
-4.6
-0.8
-4.5
0.2
-3.1
0.1
-0.6
-2.1
-1.6
0.5
-1.4
2.5
-2.6
1.9
-0.5
0.5
-2.2
0.1
-0.7
-0.5
-3.0
-3.0
-0.9
-0.2
-1.5
6.3
-0.7
-1.0
1.8
-1.9
-3.0
-3.5
-1.6
-1.2
1M (%)
5.8
-3.6
0.1
2.5
-3.1
-0.9
0.8
2.3
0.7
1.6
2.9
9.9
4.3
4.7
-1.5
-3.5
-2.1
-2.1
-4.5
-8.4
-6.0
0.1
0.3
-5.6
-7.3
-6.2
7.0
1.7
-3.1
3.7
-0.7
5.3
1.5
-0.8
4.2
1.4
1.9
-6.4
5.7
-6.8
1.1
1.0
8.1
7.1
-3.6
-2.6
3.0
-1.7
6.2
-4.7
-5.1
2.8
-3.5
-4.1
1.3
-2.7
0.6
12M (%)
23.9
43.4
-12.9
41.4
32.2
-1.7
0.2
11.6
20.1
137.4
16.7
-40.5
3.5
41.7
1.3
-1.1
8.2
33.4
1.5
0.9
32.7
40.1
39.0
11.6
14.6
-19.4
15.2
-24.3
-3.5
4.0
-1.3
0.6
25.3
10.9
10.6
-8.4
17.8
-20.3
36.9
3.4
11.0
12.0
10.4
23.2
-23.7
14.6
20.4
14.8
-3.4
6.5
-28.6
4.2
-41.7
-16.6
6.9
21.9
-5.6
26 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 (%)
-1.7
-1.6
-2.6
-2.3
-2.3
-0.1
-5.1
-1.1
-2.2
-0.5
-2.2
-4.5
-1.4
-1.1
-2.4
-0.6
-2.1
-1.9
-1.1
-2.6
-4.4
2.3
-1.1
-4.2
-2.5
-2.4
-4.0
-3.3
0.6
-0.8
1.2
-3.8
1.0
-0.9
-0.2
-3.7
-4.0
-2.0
-1.5
-2.1
-0.5
-2.2
-0.9
0.1
-1.8
-0.5
-3.0
-2.5
1.2
-3.2
0.7
0.0
1.4
0.4
0.4
0.1
1M (%)
41.5
15.8
-3.3
-0.7
-7.8
1.7
19.7
-9.7
0.0
-0.3
0.8
-3.2
4.7
8.7
0.4
4.4
-0.3
1.0
-3.9
-3.7
-5.0
-3.7
-2.0
-8.6
-4.9
-5.0
3.2
-0.5
4.8
-4.3
3.2
10.4
2.8
-1.4
2.6
-0.7
-3.7
7.1
-1.5
-6.8
2.7
0.2
-4.1
3.8
3.7
1.5
-8.7
-6.9
16.2
-1.2
16.9
3.2
0.9
4.7
-0.7
-0.8
12M (%)
-28.6
-24.0
-16.1
-35.1
-1.2
-13.4
-17.1
2.8
-33.4
-6.7
4.7
-12.2
-35.1
-2.6
-24.8
-11.1
-24.1
20.1
-13.5
-21.6
33.4
-22.6
-8.6
4.9
-0.9
-9.1
14.5
-8.0
-3.1
-25.9
58.4
0.4
48.8
28.8
63.3
34.7
62.2
14.4
16.2
80.3
72.1
21.4
37.2
34.5
30.6
52.5
36.5
90.7
39.8
9.3
-5.3
32.8
48.8
39.0
47.2
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.
Quess Corp
SRF
S H Kelkar
Symphony
Team Lease Serv.
Trident
TTK Prestige
V-Guard
Wonderla
1 Day (%)
-0.6
-1.4
-1.4
-0.2
-2.3
-0.6
0.2
-1.1
-2.4
-0.6
-3.7
0.2
-1.5
-0.8
0.7
-1.4
0.1
-2.6
0.8
1.2
-2.3
-0.4
-0.1
0.2
1.8
-3.5
-0.8
-2.1
-2.1
-2.5
-3.1
-3.6
-2.0
-0.3
-0.1
-5.9
-4.0
-4.8
-4.1
-3.7
-0.4
-3.7
-2.8
-0.4
-2.4
0.3
0.2
-1.5
-1.5
0.7
-0.4
-2.9
-3.2
1.5
-1.3
0.2
-2.9
-1.9
1M (%)
-4.3
0.6
-3.6
-1.7
1.3
5.0
-0.6
0.5
2.0
3.4
-0.4
0.5
5.5
0.7
-3.4
-10.0
1.6
-15.4
6.9
6.5
3.5
14.4
-1.8
-4.5
3.4
0.7
3.5
6.2
-1.9
-6.3
-7.9
-2.0
5.9
1.0
0.8
-11.9
-6.3
8.0
-4.8
0.6
6.3
-5.4
-6.6
16.7
3.4
1.5
7.7
2.7
1.3
0.7
5.8
1.2
6.9
8.5
10.7
-1.0
0.5
2.6
12M (%)
5.7
9.4
34.9
-14.0
-11.0
21.7
-8.1
12.6
17.4
6.8
6.3
4.6
-0.6
21.4
-26.0
18.9
5.2
-7.6
29.0
-21.8
53.4
-7.5
5.8
19.5
8.4
7.5
40.1
-22.4
-5.2
71.0
15.1
-27.8
10.6
13.4
-34.7
17.9
-17.8
-0.5
-17.0
38.7
-35.1
30.4
1.1
2.5
66.2
-11.6
41.8
47.2
-14.3
-16.9
15.0
46.6
76.3
31.3
37.0
-11.0
26 September 2017
16

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
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DIFFERENTIATED PRODUCT GALLERY

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