21 November 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
33,360
0.1
Nifty-50
10,299
0.1
Nifty-M 100
19,798
0.8
Equities-Global
Close
Chg .%
S&P 500
2,582
0.1
Nasdaq
6,791
0.1
FTSE 100
7,389
0.1
DAX
13,059
0.5
Hang Seng
11,538
-0.6
Nikkei 225
22,262
-0.6
Commodities
Close
Chg .%
Brent (US$/Bbl)
62
-0.6
Gold ($/OZ)
1,277
-1.3
Cu (US$/MT)
6,797
0.8
Almn (US$/MT)
2,069
-0.9
Currency
Close
Chg .%
USD/INR
65.1
0.1
USD/EUR
1.2
-0.5
USD/JPY
112.6
0.5
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.9
-0.2
10 Yrs AAA Corp
7.7
-0.1
Flows (USD b)
20-Nov
MTD
FIIs
-0.1
2.4
DIIs
0.1
0.9
Volumes (INRb)
20-Nov
MTD*
Cash
315
402
F&O
3,693
6,634
Note: YTD is calendar year, *Avg
YTD.%
25.3
25.8
38.0
YTD.%
15.3
26.1
3.5
13.7
22.8
16.5
YTD.%
11.8
10.8
23.1
21.4
YTD.%
-4.2
11.6
-3.7
YTDchg
0.4
0.1
YTD
7.9
12.3
YTD*
305
5,602
Today’s top research idea
Bharat Electronics: Highlighting key pillars of growth
Four key drivers crucial for sales and earnings growth
In our view, there are four key pillars crucial to BHE’s sales and earnings growth
over the next few years. These include:
(a)
Success in large systems programmes such as Quick Reaction Surface to Air
Missile, Battle Management System and Tactical Communication System,
(b)
Expansion of customer base with strategic partnership (SP) model and addition
of private sector players to existing kitty of customers. The four platforms which
are first off the block under the SP model are Submarine, Single engine aircraft,
Naval helicopters and Future Ready Combat Vehicles,
(c)
Increase in exports from 5% of sales in FY17 to 10%, primarily to friendly
neighboring countries and;
(d)
Retention of market share in defense electronics where BHE has enjoyed 60-
65% share. With more orders being opened up for the private sector, it is critical
that BHE maintains its share and also grows the same.
Research covered
Cos/Sector
Bharat Electronics
Quess Corp
Gas (Expert Speak)
NTPC
Aviation
Metals Weekly
Key Highlights
Highlighting key pillars of growth
Acquires Tata Business Support Services
Gas industry–the new beanstalk
CEA prescribes GCV booster to earnings
Domestic air passengers increase 20.6% in October
India long product prices increase; base metals weak
Piping hot news
GST rate cut: FMCG firms asked to update MRPs immediately
Central Board of Excise and Customs (CBEC) chairperson Vanaja Sarna has
written to fast-moving consumer goods (FMCG) companies asking them to
immediately revise the maximum retail price (MRP) on all products in line with
the GST rate cut announced by the GST Council on 10 November…
Chart of the Day: NTPC – CEA prescribes GCV booster to earnings
Capitalization to outpace capex (INR b)
Strong growth in regulated equity
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
Logistics sector gets
infrastructure status
In a major push to developing an
integrated logistics framework in
the country including industrial
parks, cold chains and warehousing
facilities—the government has
granted infrastructure status to the
logistics sector, enabling the
industry to access cheaper
finances…
2
Vedanta set to overtake Aditya Birla group as largest aluminium
maker
Anil Agarwal-owned Vedanta Ltd is poised to overtake Aditya Birla group
as the largest producer of aluminium in the country in the current fiscal.
Vedanta, which produced 0.96 million tonne of aluminium across its two
facilities in Odisha and Chhattisgarh, is on course to clock an annual output
of 1.6 million tonne this year. As against this, the combined capacity of
Aditya Aluminium and Hindalco, subsidiaries of Birla group, across four
locations in Odisha, Madhya Pradesh and Uttar Pradesh is 1.32 million
tonne. The group, as a whole produced 1.26 million tonne aluminium in
FY17…
3
The government may combine the
12 per cent and 18 per cent slabs
for goods and services tax (GST)
into one in the near future and
reserve the 28 per cent rate only
for demerit goods, said chief
economic adviser Arvind
Subramanian…
4
The government has raised
Rs14,500 crore through the Bharat
22 exchange traded fund (ETF),
comprising 22 stocks, a top official
said on Monday. “We have
decided to retain Rs14,500 crore
of the total subscription that has
come in for Bharat 22 ETF,”…
12% & 18% GST slabs may be
merged, 28% for demerit
goods: Arvind Subramanian
Govt raises Rs14,500 crore
from Bharat 22 ETF, issue
subscribed four times
5
Honda firming up plans to roll
out affordable e-cars in India
Carmakers are revving up with a
strategy focused on India to cash
in on the Modi government’s push
to promote usage of all-electric
vehicles by 2030. After Maruti
Suzuki and Toyota announced an
alliance to tap the electric vehicle
market in India, Honda Cars India
Limited (HCIL) is readying an
electric vehicle strategy aligned
with the needs of the Indian
market…
6
Mahindra opens Detroit’s 1st
car making plant in 25 years
India’s automobile giant Mahindra
today opened its new
manufacturing plant with an
investment of USD 230 million in
the world’s car capital Detroit
which got its first automotive
production facility in 25 years. The
new plant will create 250 new jobs
in the US…
7
Lenders clear sale of RCom
land for ₹801 cr.
Lenders of debt-ridden Reliance
Communications have approved the
sale of its real estate assets in Delhi
and Chennai to Canada-based asset
management firm Brookfield, said a
source. “Lenders have approved the
sale of real estate assets RCom
holds in Delhi and Chennai for ₹801
crore to Brookfield,” a source privy
to the development said on
condition of anonymity…
21 November 2017
2

Bharat Electronics
BSE SENSEX
33,360
S&P CNX
10,299
20 November 2017
Update
| Sector:
Capital Goods
CMP: INR179
TP: INR210 (+19%)
Buy
Highlighting key pillars of growth
Four key drivers crucial for sales and earnings growth
Stock Info
Bloomberg
Equity Shares (m)
M.Cap. (INR b)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
AvgVal. INR m
Free float (%)
BHE IN
2457.0
434.9/6.7
193/116
3/3/23
744
32.1
Post a sedate 5% CAGR in sales growth over FY11-15, growth accelerated to 15% over
FY16-17. In our view, there are four key pillars crucial to BHE’s sales and earnings growth
over the next few years. We highlight these in this update.
Financial Snapshot (INR Billion)
Y/E Mar
2017 2018E 2019E
Net Sales
86.1 110.1 122.8
EBITDA
NP
EPS (INR)
EPS Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
EV/ Sales (x)
25.4
5.2
20.2
4.3
24.9
4.5
16.6
3.5
22.0
4.0
15.6
3.1
17.6
15.5
6.3
27.2
30.6
20.6
18.8
22.8
17.4
7.1
12.7
39.6
17.9
20.2
23.8
19.7
8.0
13.3
44.3
18.1
19.2
Shareholding pattern (%)
As on
Sep-17 Jun-17 Sep-16
Promoter
67.9
68.2
75.0
DII
FII
Others
16.1
8.1
7.8
16.7
7.6
7.5
14.5
4.0
6.5
FII includes depository receipts
Stock Performance (1-year)
Bharat Electron
Sensex - Rebased
Success in large systems programs:
BHE diversified into missile systems when it
collaborated with the DRDO to develop the indigenous Akash Missile System for
the Air Force, starting 2009. Thereafter, it has won repeat orders from the Air
Force/Navy, the latest being orders for the LR SAM-Barack 8 Missile for the
Navy. It has also partnered with the DRDO on the QR SAM Missile System, for
which orders are expected from FY19, apart from the order for the Akash (seven
squadrons) for the Air Force. BHE is also in the fray for the Tactical
Communication System (TCS) and Battle Management System (BMS).
Expansion of customer base with strategic partnership (SP) model and
addition of private sector players to existing kitty of customers:
With the
successful implementation of the SP model, we expect BHE’s customer base to
be more diversified – until now, it was primarily a sub-vendor to DPSUs that
were making large platforms.
Increase in exports from 5% of sales in FY17 to 10%:
Exports, primarily to
neighboring countries, is a key focus area and could double from the existing
5% of sales. These would typically occur under G2G contracts and the SE Asian
countries targeted are Vietnam, Sri Lanka, Indonesia, Nepal and Myanmar.
Retention of 60-65% share in defense electronics:
BHE has enjoyed 60-65%
share in the Indian defense electronics market. With more orders being
opened up for the private sector, it is critical that BHE maintains its share and
also grows the same. A few areas where we expect competitive intensity to
rise are radars, optronics and communication devices. These are relatively low
tech compared to other products and the levels of investment required are
also lower. However, BHE has key moats in the form of (a) a large R&D team,
with R&D spends at 9-10% of sales, (b) ability to service and upgrade defense
supplies for the next 15-20 years, and (c) existing large programs with the
DRDO, which provide visibility for the next 3-5 years.
Maintain Buy – play on faster decision making/accelerated indigenization
in defense
200
175
150
125
100
We expect BHE to report EPS of INR7.1 in FY18 and INR8 in FY19. Our target
price is INR210 (25x December 2019E EPS). Key triggers are accelerated
decision making towards large defense procurements and increased
indigenization. Key risks include a) Budget cuts for defense spending, b) Sharp
increase in competition from the private sector.
21 November 2017
3

Quess Corp
BSE SENSEX
33,360
S&P CNX
10,299
20 November 2017
Update
| Sector:
Others
CMP: INR866
TP: INR1,170 (+35%)
Buy
Acquires Tata Business Support Services…
…Strengthening the technology portfolio
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
QUESS IN
138
1068 / 557
0/0/18
119.8
1.8
68
18.5
Financials Snapshot (INR b)
FY17 FY18E FY19E
Y/E Mar
Net Sales
41.6
56.2
77.1
EBITDA
2.2
3.3
5.0
PAT
1.1
3.1
3.6
EPS (INR)
10.0
27.8
31.4
Gr. (%)
354.4
68.6 287.6
BV/Sh (INR)
73.8 179.6 211.0
RoE (%)
19.0
21.9
16.1
RoCE (%)
12.6
16.7
13.6
P/E (x)
86.5
31.2
27.6
P/BV (x)
11.7
4.8
4.1
Shareholding pattern (%)
As On
Sep-17 Jun-17 Sep-16
Promoter
81.5
89.0
89.5
DII
2.4
2.3
2.2
FII
5.3
3.5
3.4
Others
10.8
5.3
4.9
FII Includes depository receipts
Stock Performance (1-year)
Quess corp
Sensex - Rebased
1,025
850
675
500
Quess Corp acquired 51% stake in Tata Business Support Services, a provider of
Customer Lifecycle Management and Business Process Management. The company
would fit into Quess’ technology solutions portfolio (30% of revenue), strengthening
offerings and providing cross-sell opportunities.
Quess would pay INR1.53b in an all-cash deal, valuing TBSS at INR3b, implying a
trailing sales multiple of 0.5x and EBITDA multiple of 5.4x. Valuations for the deal
seem attractive given Quess’ current multiples of 2.5x sales and 46x EBITDA.
Our FY19/20 estimates for revenue/EBITDA/PAT increase by 8/12/8%, thereby
increasing our price target by 12% to INR1,170, implying an upside of 35%.
About TBSS:
TBSS, a subsidiary of Tata Sons is a company with wide a wide
services portfolio ranging across Customer Lifecycle Management (CLM) and
Business Process Management (BPM), serving Tata and non-Tata companies in
the verticals of telecom, media, retail, manufacturing and BFSI. TBSS as of FY17
had revenue of INR6.6b and has seen growth of 12% in FY17. The company had
an EBITDA of INR559m in FY17, implying margins of 8.5%. Although margins
have seen a decline for the last two years, current levels are expected to be
sustainable.
A sizeable acquisition:
Assuming continued revenue growth of 12% and stable
margins, the acquisition would add 8/12% to our FY19E revenue/EBITDA
estimates. Our PAT expectations are inching up by 8% given erosion of other
income led by the cash outflow. The acquisition fits into the Global Technology
Solutions segment of Quess Corp, which contributes to ~30% of total revenue.
The segment is currently made up of Magna Infotech (IT staffing in India),
Brainhunter (IT staffing in North America), MFX (IT services for the P&C
industry in North America) and Comtel (IT staffing in Singapore).
Acquired for inexpensive valuations:
Quess would acquire 51% of the
company for a cash consideration of INR1.53b, valuing the entity at INR3b. It is
an all-cash deal and would not result in stake dilution for Quess. This implies a
trailing sales multiple of 0.5x and EBITDA multiple of 5.4x. Quess is currently
trading at a trailing EV/Sales multiple of 2.5x and EV/EBITDA multiple of 46x,
making comparative valuations inexpensive.
Valuation view:
We value QUESS using DCF to arrive at a TP of INR1,170 (35%
upside); our TP is up ~12% led by the acquisition. Valuations are rich, given its
strong growth history and continued aggressive thrust on acquisitions. Over
FY17-20E, we expect revenue/EBITDA/PAT CAGR of 31/42/62% (27/37/58%
earlier), led by our assumption of 20% growth in organic business and
incremental contribution by recent acquisitions. Long-term prospects stand
bright, given high-growth opportunities, aggression shown on expansion and
flawless execution.
21 November 2017
4

20 November 2017
Oil and Gas
Expert Speak
Gas industry – the new beanstalk?
Great potential for long-term structural growth
In
Jack and the Beanstalk,
Jack’s magical beans turn into a beanstalk, reaching into the
skies overnight. The beanstalk becomes an enabler to a ‘lived happily ever after’ story.
The Gas industry in India could very much be such a beanstalk, believes Mr Darshan
Hiranandani, the Managing Director and Chief Executive Officer of H-Energy.
Key takeaways from our recent conference call with Mr Hiranandani:
Lack of a free market and infrastructure in India has constrained the development of
the Gas sector. While coal, petcoke and fuel oil are cheaper alternatives, natural gas is
more economical than alternatives like diesel and naphtha. Then, there is the added
advantage of convenience in terms of continuous supply, consistent quality and no
requirement of storage/inventory. However, the current scenario of a monopolistic
regime and onerous contracts is discouraging. Several small and medium enterprises
prefer to stay away from usage of natural gas, even if it means higher cost and
inconvenience. Going forward, emergence of new market players would increase the
options for the buyers and aid the development of the sector. The regulatory board is
also looking into unbundling of transmission and marketing, which could further open
up the sector for smaller players. The Gas industry is all set to see the transformation
that the Telecom industry has gone through in the last two decades (Exhibit 1).
Mr Darshan Hiranandani
MD, H-Energy
Mr Hiranandani heads the
energy venture of the
Hiranandani group. He holds a
Masters degree, with a major
in Entrepreneurship and
Finance from the Rochester
Institute of Technology, USA.
Under his able leadership, the
company has ventured into
LNG regas terminals and
natural gas pipeline projects
in India. The company also
plans to develop a
liquefaction project and crude
oil infrastructure in Canada.
The company has chartered a
4 MMTPA Floating Storage
and Re-gasification Unit
(FSRU) from Engie. The FSRU
is expected to be docked at
Jaigarh port from mid-2018.
Jetty construction has been
ongoing since 2017. The EPCM
(Engineering, Procurement,
Constructions and
Management) contract for tie-
in line has been awarded to
Engineers India Limited for
completion of 60km pipeline
from Jaigarh to the existing
Dabhol gas grid. It is also
planning a 635km Natural Gas
pipeline from Jaigarh to
Mangalore with a capacity of
17mmscmd.
Gas is what Telecom was 20 years ago
Huge unmet demand
Along the upcoming Jaigarh-Mangalore route itself, H-Energy believes there are
~27,000 industrial consumers. Till date, as per Petroleum Planning & Analysis Cell, only
~7,000 consumers have been connected across India, many of whom might not even
be taking gas all the time. Due to lack of pipeline infrastructure, virtual grids through
Liquified CNG (LCNG) cascades could improve consumption of gas tremendously. The
company has signed master agreements with consumers in several industries for
supply of gas. Several industrial consumers are still paying INR7/kwh+ for their
electricity consumption. LNG could offer good potential in such cases.
After a long time, we are facing a global glut in supply. The glut has resulted in several
new trends – destination-free contracts, flexible shipping contracts, storage and
trading of LNG, and contracts linked with other commodities like coal and ammonia
instead of conventional oil and gas linked contracts. India is all set to take advantage of
the same with upcoming LNG terminals and FSRUs, and expansion of pipeline
infrastructure.
Changed global scenario is a perfect enabler
LNG trucks can run as much as 1,000km on a single fill and LNG is 18-20% cheaper than diesel. LNG has been in
usage in China for long as transportation fuel. China has ~240,000 LNG trucks and ~3,500 LNG re-fueling stations.
India approved LNG as a transportation fuel early this year. Only a few weeks ago, the guidelines for opening of
refueling stations have been ratified. H-Energy expects ~10 refueling stations to be added in a year. The company
itself may open five stations. While electric vehicles (EVs) could pose a threat, they do not offer any solution for
heavy cargo movement – heavy trucks could require a 250kg battery pack for just a 50km range! The two leading
heavy vehicle manufacturers in the country are also looking at rolling out LNG buses in the coming months.
LNG as transport fuel could open new opportunities
21 November 2017
5

20 November 2017
Update | Sector: Metals
NTPC
Buy
BSE SENSEX
33,360
S&P CNX
10,299
CMP: INR180
TP: INR211(+17%)
CEA prescribes GCV booster to earnings
Valuations attractive; reiterate Buy
CEA’s recommendation to compensate for practical loss of GCV…
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val ( INRm)/Vol m
Free float (%)
NTPC IN
8,245
188 / 151
0/5/-14
1,457.0
22.3
944
37.0
CERC, in a letter dated November 14, 2017, has invited comments from stake
holders on CEA’s recommendation to compensate power generation companies
(GENCOs) 85-100kcal/kg of coal for pithead stations and 105-120kcal/kg of coal for
non-pithead stations towards practical loss of GCV during storage and handing
between “as received’ and “as fired” for the following reasons:
Effect of moisture in GCV of coal sample taken from wagon top.
Loss in GCV during coal storage inside power plant.
Reduction in GCV during handling inside power plant.
Financials Snapshot (INR b)
Y/E Mar
2017 2018E
Net Sales
813.8 849.3
EBITDA
215.0 241.0
PAT
98.6 110.9
EPS (INR)
12.0
13.4
Gr. (%)
1.8
12.4
BV/Sh (INR)
118.7 126.7
RoE (%)
10.5
11.0
RoCE (%)
6.4
6.6
P/E (x)
14.8
13.1
P/BV (x)
1.5
1.4
2019E
966.4
309.9
129.3
15.7
16.6
136.4
11.9
7.7
11.3
1.3
…bodes well for NTPC
We believe CEA’s recommendations are based on merit and are in line with our
understanding of the issue. Stakeholders are likely to approve them. According to
our ballpark calculations, this is likely to boost NTPC’s post tax earnings by INR8b-
10b (add 7% to FY19E EPS) after taking into account 40% sharing with beneficiaries.
Most of NTPC’s plants are at the pithead, though the mix is changing now.
Earnings growth at inflection, valuations attractive; Buy
Shareholding pattern (%)
Sep-17 Jun-17 Sep-16
As On
Promoter
DII
FII
Others
63.0
23.0
10.7
3.3
69.7
17.0
10.2
3.0
69.7
17.0
11.1
2.2
FII Includes depository receipts
Stock Performance (1-year)
NTPC
Sensex - Rebased
210
195
180
165
150
NTPC’s earnings and stock performance under the XIIth plan have been marred
by project delays and squeeze in incentives and thermal efficiencies under
CERC regulation 2014-19. EPS growth over FY12-17 has remained subdued.
All of these issues are now behind. Commercial addition of capacity has picked
up. There was a record 3.3GW addition to commercial capacity at group level
in 2QFY18. NTPC is likely to add 15GW of capacity over FY19-21. This will drive
healthy growth in regulated equity, the key earnings driver. We expect EPS to
grow at a CAGR of 14.1% over FY17-20 even after taking into account lower
regulated RoE of 14% (v/s 15.5% currently) from FY20. CEA’s recommendation
on GCV will provide 7% EPS upside. If RoE is not reduced by 150bp to 14% in
2019 by the regulator, our EPS estimate will get another 7% boost in FY20.
We expect capitalization to outpace capex over the next 2-3 years, which will
boost consolidated RoE and re-rate the stock. We value the stock at
INR211/share based on DCF. Our DCF model is based on three-stage growth.
The first five years have good visibility of projects. In the next 10 years, we
expect 7% growth (50% reinvestment and 14% RoE) and terminal growth of 3%
(25% reinvestment and 12% RoE). The stock is trading at attractive valuations
of 11.4x FY19E EPS and 1.3x FY19E BV.
Buy.
21 November 2017
6

Sector Update | 20 November 2017
Aviation
Domestic passenger growth
(YoY; %)
17.6
20.2
15.7 16.5
12.5
20.6
Domestic air passengers increase 20.6% in October
ASK/RPK growth for IndiGo remains muted due to engine issues
Domestic air passengers in India grew 20.6% YoY to 10.4m in October (v/s +16.5% YoY
in Sep-17 and +15% YoY in 2QFY18). Passenger growth has been in double-digits for
the last 39 months.
Domestic ASK growth was 15.7% YoY in October (v/s 14.9% YoY in Sep-17 and 14% YoY
in 2QFY18). RPK rose 21% YoY in October (v/s 17.6% YoY in Sep-17 and 15% YoY in
2QFY18). While IndiGo’s ASK/RPK grew slower at 6.3/9.3% YoY due to engine issues,
SpiceJet’s ASK/RPK grew 23.8/26.3% YoY in October.
Domestic industry load factor inched up to 84.8% in Oct-17 (v/s 84.5% in Sep-17 and
83.7% in 2QFY18). IndiGo’s load factor also increased to 87.3% in Oct-17 (v/s 85.2% in
Sep-17 and 84.1% in 2QFY18).
Domestic air passengers up 20.6% YoY to 10.4m in October
Industry load factor (%)
88.9
85.9
83.2 83.5
84.5 84.8
India's domestic air passengers grew 20.6% YoY to 10.4m in October 2017.
Passenger growth has been in double-digits for the last 39 months.
IndiGo’s passengers grew slower at 11.9% YoY in October (v/s 11.2% YoY in Sep-
17 and 10% YoY in 2QFY18) due to engine issues.
However, SpiceJet’s domestic passenger volumes grew 22% YoY in Oct-17 (v/s
28.2% YoY in Sep-17 and 31% YoY in 2QFY18).
GoAir’s passengers rose 34.3% YoY in Oct-17 (v/s 17.7% YoY in Sep-17 and 12%
YoY in 2QFY18).
Passenger volume growth for the other airlines was as follows: Jet Airways:
+21% YoY (+9% YoY in 2QFY18) and Air India: +22.8% YoY (+6% YoY in 2QFY18).
IndiGo’s passenger market share increased to 39.7% in Oct-17 (v/s 38.4% in Sep-
17 and 2QFY18).
SpiceJet’s market share stood at 13.1% in Oct-17 (v/s 13.8% in Sep-17 and 14%
in 2QFY18.
Jet Airways’ market share remained below 20% for the 19
th
consecutive month
at 17.1%. Prior to that, it had a market share of above 20% since July 2014.
Air India’s market share stood at 13% in Oct-17 (v/s 13.4% in Sep-17 and 13.3%
in 2QFY18).
GoAir’s market share increased to 8.9% in Oct-17 (v/s 8.5% in Sep-17 and 8.1%
in 2QFY18); it seems to have stabilized in the 8-9% range.
IndiGo’s domestic ASK increased 6.3% YoY in Oct-17 (v/s 5.8% YoY in Sep-17 and
6% YoY in 2QFY18); its domestic ASK share was the highest at 39.8%.
SpiceJet’s domestic ASK grew 23.8% YoY in Oct-17 (v/s 28.9% YoY in Sep-17 and
31.4% YoY in 2QFY18).
Domestic ASK grew 31.3% YoY in Oct-17 (v/s 23.6% YoY in Sep-17 and 20% YoY
in 2QFY18) for GoAir, and 17.7% YoY in Oct-17 (v/s 14.3% YoY in Sep-17 and 14%
YoY bin 2QFY18) for Jet Airways.
IndiGo’s PAX market share stays highest; GoAir’s share inches up
Passenger market share (%)
Sep-17
IndiGo
Jet
AI
SpiceJet
GoAir
Others
17.6
17.1
13.4
13.0
13.8
13.1
8.5
8.9
8.4
8.3
Oct-17
38.4
39.7
Domestic ASKs grow 15.7% YoY in Oct-17 (v/s 14% YoY in 2QFY18)
21 November 2017
7

Domestic RPKs rise 21% YoY in Oct-17 (v/s 15% YoY in 2QFY18)
IndiGo’s RPK grew 9.3% YoY in Oct-17 (v/s 9.8% YoY in Sep-17 and 8% YoY in
2QFY18), with the highest market share of 41% in October.
SpiceJet’s domestic RPK grew 26.3% YoY in Oct-17 (v/s 30% YoY in Sep-17 and
33.5% YoY in 2QFY18), with a market share of 12.2% in October.
GoAir’s domestic RPK grew 36.3% YoY in Oct-17 (v/s 22.4% YoY in Sep-17 and
15.9% YoY in 2QFY18), with a market share of 9% in October.
Jet’s RPK growth stood at 27% YoY, followed by Air India (+23% YoY) in Oct-17.
Domestic industry load factor at 84.8% in Oct-17 and 83.7% in 2QFY18
SpiceJet’s load factor stood at 93.7% in Oct-17 (v/s 94.2% in Sep-17 and 94.3% in
2QFY18); has had 90%+ load factor for the last 30 months.
IndiGo’s load factor stood at 87.3% in Oct-17 (v/s 85.2% in Sep-17 and 84.2% in
2QFY18).
GoAir’s load factor stood at 87.6% in Oct-17 (v/s 88.5% in Sep-17 and 85.5% in
2QFY18).
Jet reported load factor at 80.7% in Oct-17 (v/s 80.5% in Sep-17 and 80.6%
2QFY18.
Air India reported load factor at 76.4% in Oct-17 (v/s 78.4% in Sep-17 and and
76.5% in 2QFY18).
21 November 2017
8

Metals Weekly
India long product prices increase; base metals weak
20 November 2017
Update
Indian steel: Long product (TMT Mumbai) prices increased ~4% WoW. Sponge iron prices were up ~5% WoW,
while domestic scrap prices were up ~1% WoW. Pellet prices were unchanged. Domestic iron ore prices were
also unchanged. Domestic HRC and import price offers were flat.
Raw materials: Iron ore prices (China cfr) were unchanged WoW. Thermal coal prices were down ~2% WoW.
Coking coal prices were up ~1% WoW on reports of supply disruption in Australia. China's pellet import prices
were unchanged, as premiums remain strong.
Europe: HRC prices were unchanged. Product spreads were marginally lower. CIS HRC export prices were
down ~2% WoW. Rotterdam scrap prices were up ~2% WoW.
China: Local HRC and rebar prices were marginally lower. Export HRC prices were unchanged, but rebar prices
were up ~2% WoW.
Base metals: Aluminum, copper (cash LME) and crude oil (Brent) prices were down ~1% WoW. Zinc and Lead
declined sharply by ~3% and ~5%, respectively on LME.
21 November 2017
9

In conversation
1. L&T: Happy to be part of MTHL project, plan to complete by
2021; SN Subrahmanyam, MD & CEO
A great feeling to have great portion of bridge. Has been planned right from the
1970s, went through various committees, three-four times bids had been called
and finally it has seen the light of the day.
Three parts to the bridge - one from the Sewri side, the largest package of about
Rs 6,400 crore. Other part is from the mainland side. Total for the company is
about Rs 8,637 crore. One more part of roughly about Rs 4,900-5,000 crore
makes the total bridge.
IHI one of the best steel and bridge builders from Japan. Good to have them as
partners.
Work on the project begins immediately, designing and planning will take 4-5
months and project needs to be completed over 4.5 years that is by 2021.
Project will give a fillip to cement, to steel, a lot of local employment and to all
around economic development around Mumbai.
Land has already been acquired by MMRDA towards the construction of the
bridge.
Cautiously optimistic on infrastructure segment.
2. BIOCON: Getting EIR from USFDA for Bengaluru unit a positive
news; Kiran Mazumdar Shaw, CMD
Inspection had thrown up a number of 483s, which had raised a number of
concerns.
Getting a voluntary action indicated (VAI) status on corrective and preventive
action (CAPA) plan is very positive news. Company has been told that the May
inspection has been closed and they can carry on CAPA implementation.
Hope to cross the finishing line on the target action date, which is December 3,
for the biosimilar Trastuzumab. Although this news is not directly linked with
Trastuzumab, it will have some positive implications.
So far do not supply any products from this facility to US market. If company
gets the opportunity to produce products from the plant then it would help
them.
Finished remediation with regards to Europe and waiting for re-inspection.
3. ERIS LIFESCIENCES: Strides Shasun deal could help create
bigger franchise; Amit Bakshi, MD
Brands that will be acquired are more of a franchise, which could be help build
more number of brands and a bigger franchise could be created.
Since central nervous system (CNS) segment is the third largest chronic market
after cardiology and diabetes, the above deal would be a natural fit in terms of
headroom for products that company can now sell.
Business from Strides Shasun is of 70 percent gross margins and when it merges
with company’s own set up, in the next three-four quarters the overall margins
would be around 75 percent plus.
Still have lot of headroom to get more products.
21 November 2017
10

4. STRIDES SHASUN: Focus on b2c biz; aim to pare debt from
proceeds of ERIS life deal; Shashank Sinha, MD
Sale of the branded generics business portfolio is not a reflection of view of
India market but just reprioritization of the company's portfolio.
Did not have a plump position in India with regards to the branded generics
business, it was only 5 percent of India portfolio.
Will also allow company to focus much more on markets where they have
significant investments and inroads and would be remunerative from medium-
term earnings perspective.
It was a strategic move to divest non-core businesses. The spin-off of the generic
business in African was also a move in that direction. The net proceeds from this
deal would also be used to reduce debt. The company plans to reduce debt to
the tune of Rs 400 crore. Post this deal, the EPS would also increase by Rs 6 per
share
The focus of the company is on B2C (business to company) business and the
regulated markets, which is core to the company's future growth.
21 November 2017
11

From the think tank
1. THE ROOTS OF THE CRISIS IN THE SEED INDUSTRY
For many decades, the Indian policy framework facilitated the interaction of
science and innovation with entrepreneurship, which led to competition and the
subsequent development of an industry structure that delivered sustainable
economic benefits. The government was a major contributor to investments in
seed research in India for close to three decades after independence. Policy
reforms like the New Policy On Seed Development (1988) and New Industrial
Policy (1991), and advances made by science and technology, provided an
impetus to the participation of the private sector in the Indian seed industry and
private investments helped India benefit from hybrid seed technology and
biotechnology.
2. LET'S HOPE NO NPA ICEBERG HITS ANY TITANIC IN INDIAN
BANKING
Former Reserve Bank of India (RBI) deputy governor Subir Gokarn compared
banks’ bad loans or the non-performing assets (NPAs) with cancer—if not
treated early, the patient would die. RBI’s current deputy governor Viral Acharya
has said a bank not keeping adequate capital to absorb losses arising out of bad
loans resembles a person who has slipped off the terrace of a skyscraper to fall
and die. Looking at the NPAs, the closest simile that comes to my mind is
icebergs or the pieces of ice that are formed on land and float in an ocean or
lake. They come in all shapes and sizes—from ice-cube-sized chunks to ice
islands (the size of a small country) that can wreck a ship. Who can forget the
RMS Titanic, the British passenger liner that sank in the North Atlantic near
Newfoundland in the early hours of 15 April 1912, killing 1,517 of its 2,223
passengers and crew after it collided with an iceberg?
3. BANK RECAP BONDS: THE POSITIVE IMPACT ON NBFCS AND
LOAN SHOPPING
For your personal loan requirements, there are three segments of lenders in the
market: public sector banks, private sector banks and non-banking finance
companies (NBFCs). Over the past decade, the loan growth of all the three
categories of lenders has been sagging. But there is a contrast. Of late, public
sector banks’ loan growth has stagnated at zero whereas that of NBFCs has seen a
marginally upward curve. That is to say, over the past couple of years NBFCs have
gained loan market share at the expense of banks. The reason is not far to seek:
issues of non-performing assets (NPAs) have led to higher provisioning in public
sector banks, and they are in need of capital infusion. The bank recapitalisation
bonds announced recently are going to revitalize the banking segment by
equipping banks with adequate capital so that they can resume lending activities
with vitality. This will help the cause of pick-up in loan growth and, as a
consequence, growth of the economy.
21 November 2017
12

International
4. ASIA'S CITIES COULD SAVE THE PLANET
The world’s cities will add 2.5 billion more residents by 2050, more than half of
them in Asia. The effect of this great migration on climate change will depend in
part on what kind of homes, factories and office buildings they live and work in.
It’s a seemingly minor but significant issue that should attract attention from
officials gathered at this week’s United Nations-sponsored climate talks in Bonn.
(Michael Bloomberg, the founder and owner of Bloomberg LP, is the UN special
envoy for cities and climate change.) Buildings generate almost 20% of energy-
related greenhouse-gas emissions — a proportion that’s likely to rise as onetime
farmers move into more energy-intensive modern homes. Yet less than 10% of
the $4.6 trillion spent on construction in 2015 went into energy-efficient
“green” buildings.
21 November 2017
13

Click excel icon
for detailed
valuation guide
Rs
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
28.7
25.2
24.5
53.4
41.0
19.0
50.0
51.2
34.7
24.8
21.6
25.9
44.5
33.9
21.3
60.3
29.6
35.5
25.9
29.0
23.5
32.4
20.8
18.3
34.3
NM
38.7
43.2
12.6
21.5
30.5
30.8
NM
20.9
39.9
14.3
NM
30.1
1,119.7
21.1
125.3
NA
56.4
46.6
28.6
27.9
21.6
61.1
36.1
79.4
17.5
28.4
25.6
22.3
36.5
42.3
21.5
37.6
43.6
19.3
25.5
20.0
18.8
24.2
29.2
17.2
47.5
25.1
29.6
21.3
84.6
20.4
26.7
23.4
19.7
27.0
18.3
32.4
31.4
16.9
17.6
25.7
10.3
64.5
24.4
9.5
11.4
7.6
22.0
22.8
NM
21.9
55.0
39.5
32.3
21.5
21.7
17.0
50.4
32.8
75.3
14.3
5.3
5.5
5.5
7.9
6.7
3.0
15.6
9.8
3.5
3.4
7.2
3.3
2.8
7.0
2.5
14.0
5.1
2.4
2.7
2.2
2.2
5.5
2.4
1.3
4.8
0.7
5.0
4.5
1.2
3.3
3.5
1.2
0.9
0.8
0.6
1.4
0.4
1.1
1.6
0.5
1.1
NA
10.8
5.5
3.0
4.6
2.5
18.3
6.7
NA
4.2
4.6
5.0
4.9
6.8
6.1
2.7
11.8
8.2
3.0
3.2
6.3
2.9
2.5
6.1
2.2
11.4
4.4
2.0
2.2
2.2
1.8
4.8
2.5
1.2
4.3
0.7
4.5
3.2
1.2
2.9
3.0
1.1
1.0
0.8
0.5
1.3
0.3
1.0
1.5
0.6
1.0
5.2
6.3
4.5
2.7
3.9
2.3
15.0
6.1
NA
3.7
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
10.9
7.2
15.3
-27.0
13.8
12.3
9.0
18.9
11.5
4.0
-6.7
4.2
1.4
10.1
-8.4
3.6
-0.2
2.7
0.9
0.0
21.6
15.1
12.0
18.0
14.4
32.5
18.9
25.5
25.5
17.3
20.4
23.3
20.1
15.2
13.0
35.7
20.5
16.8
12.5
33.7
14.5
10.8
20.5
13.4
26.5
17.7
7.3
11.5
2.6
9.6
18.8
8.8
6.3
16.9
4.0
14.8
12.4
6.7
17.3
11.9
6.4
1.5
3.4
5.8
11.6
4.6
4.7
7.0
-4.7
4.7
12.5
20.2
15.3
13.2
19.6
14.1
32.8
19.3
22.7
27.6
18.1
25.2
25.3
23.2
18.1
16.2
35.0
22.8
18.4
13.7
31.1
14.6
11.5
23.0
28.3
35.6
22.7
10.8
11.8
8.2
10.0
20.4
10.5
6.9
19.0
8.0
16.5
13.7
12.6
19.5
13.9
9.4
4.3
6.1
7.3
12.7
5.4
7.1
11.4
2.1
7.8
12.3
20.4
19.3
15.4
19.6
15.3
32.8
18.6
22.2
30.7
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
Aditya Birla Cap
Bajaj Fin.
Bharat Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Sell
Buy
Neutral
Buy
Not Rated
Buy
Buy
Neutral
CMP
(INR)
804
115
3,243
698
19,388
1,777
30,650
1,203
693
201
3,659
1,408
239
8,424
422
709
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
856
134
3,753
844
19,965
2,116
34,722
1,334
688
254
3,819
1,607
-
9,466
575
764
6
17
16
21
3
19
13
11
-1
26
4
14
12
36
8
28.0
4.6
132.3
13.1
473.1
93.3
612.7
23.5
20.0
8.1
169.1
54.3
5.4
248.6
19.8
11.7
28.3
34.2
4.5
6.2
145.2 175.0
19.1
26.0
457.8 603.0
82.5 116.9
814.7 1,062.7
27.6
36.7
35.8
45.9
7.9
9.7
183.1 193.9
75.0
85.7
9.9
11.8
288.1 381.0
24.6
64.8
14.9
25.8
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
545
181
147
113
1,837
319
55
1,647
76
1,037
514
31
313
680
197
209
146
2,150
355
56
2,000
100
1,179
665
36
382
25
9
43
29
17
11
2
21
32
14
29
14
22
15.4
7.0
5.0
4.8
56.8
15.3
3.0
48.1
-31.3
26.8
11.9
2.5
14.6
18.4
8.5
1.7
5.5
68.7
13.6
2.8
60.9
4.1
32.1
16.4
1.9
17.8
30.8
10.5
5.7
6.6
84.7
17.0
3.2
78.6
8.7
41.6
23.0
3.8
23.3
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
185
205
393
61
418
130
187
333
171
201
201
386
49
438
150
250
415
175
9
-2
-2
-19
5
16
33
25
3
6.0
-14.8
18.8
1.5
29.3
-31.6
6.2
0.3
8.1
17.9
3.2
16.1
6.4
36.7
17.1
8.5
14.6
-13.5
22.6
9.2
30.3
8.6
44.0
21.4
13.5
26.8
6.0
Buy
Buy
Under Review
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
204
1,806
978
705
1,282
639
498
1,690
355
1,199
231
2,300
-
925
1,500
690
500
2,000
370
1,550
13
27
31
17
8
0
18
4
29
0.0
32.0
21.0
24.6
46.0
29.6
8.1
46.8
4.5
68.6
3.7
45.7
30.3
32.8
59.2
37.6
9.9
51.6
4.7
83.6
5.4
63.7
47.2
43.7
70.4
46.0
12.0
57.1
5.4
105.1
21 November 2017
14

Company
L&T Fin Holdings
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
PNB Housing
Repco Home
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
Reco
Buy
Neutral
Not Rated
Buy
Neutral
Buy
Buy
Buy
Buy
CMP
(INR)
188
605
103
436
451
1,389
627
2,082
1,280
TP
% Upside
(INR) Downside
240
28
680
12
-
481
10
550
22
1,750
26
800
28
2,650
27
1,415
11
FY17
5.2
38.2
8.6
7.1
29.5
31.6
29.1
84.3
55.6
EPS (INR)
FY18E FY19E
6.9
10.4
41.0
46.5
9.2
9.7
14.2
19.1
42.6
42.0
52.5
66.5
36.0
41.9
115.6 145.3
80.6 106.2
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
35.9
27.1 4.2
3.7
12.4 14.9 18.9
15.8
14.8 2.8
2.4
19.1 17.4 17.2
11.9
11.2 2.6
2.4
24.0 22.3 21.4
61.5
30.8 3.8
3.5
6.4
11.9 14.8
15.3
10.6 2.8
2.3
19.4 23.8 19.9
43.9
26.4 4.2
3.7
13.8 15.0 16.7
21.5
17.4 3.4
2.9
17.4 18.0 17.6
24.7
18.0 2.7
2.4
11.7 14.3 15.9
23.0
15.9 2.6
2.3
11.7 15.1 17.4
33.5
26.8 5.4
4.6
16.1 17.2 17.9
70.3
28.5
65.1
54.5
52.4
20.5
32.2
70.7
53.4
25.0
29.0
14.5
66.4
57.7
21.4
33.1
18.3
40.7
36.1
54.2
47.3
39.5
78.1
17.4
30.4
30.6
58.7
25.7
NM
408.3
45.6
43.6
38.5
55.6
64.6
49.2
46.5
48.7
50.7
38.7
64.9
30.9
68.4
25.3
29.7
42.6
47.3
58.2
33.7
43.0
44.3
20.7
25.0
11.3
54.6
45.3
15.4
34.2
15.9
35.9
30.7
38.2
32.7
35.1
49.8
14.4
29.3
21.6
33.7
25.8
26.3
40.6
36.0
41.0
31.0
54.1
56.3
44.7
43.6
48.6
45.3
37.6
55.8
28.4
8.9
5.9
1.0
8.9
28.5
1.3
6.3
10.1
9.7
4.8
3.4
1.5
6.2
10.6
-1.2
4.5
3.0
6.3
4.0
2.7
3.7
2.6
5.4
1.8
1.0
4.1
3.5
4.5
3.4
5.9
7.9
4.8
3.6
14.7
21.2
22.3
12.3
16.7
12.3
8.1
42.5
7.0
7.9
4.5
1.0
8.3
20.9
1.2
5.9
8.8
8.7
4.1
3.1
1.3
5.4
8.9
-1.4
4.1
2.6
5.6
3.7
2.6
3.5
2.5
4.9
1.6
1.0
3.5
3.2
3.9
3.1
5.3
6.6
4.3
3.3
14.4
17.5
21.2
10.5
14.3
9.6
8.0
42.3
6.9
12.7
20.6
1.5
18.0
76.4
6.2
21.2
12.4
18.2
19.2
12.5
10.2
9.3
19.8
NM
14.3
16.9
18.0
11.2
5.1
7.9
7.1
7.2
10.8
3.4
14.4
6.1
19.0
-3.2
1.4
18.4
11.6
9.4
28.5
36.9
50.4
28.4
35.8
24.6
22.2
66.5
23.5
11.6
17.9
3.3
20.2
51.0
2.1
18.1
21.8
19.5
19.5
13.1
11.6
9.8
21.4
-8.8
12.6
17.5
16.5
11.9
7.0
11.1
7.3
10.3
11.5
3.5
17.5
9.9
16.0
12.3
13.7
20.0
11.1
10.7
26.9
34.0
48.7
26.0
31.7
23.8
21.4
75.9
24.4
14.6
18.1
3.3
27.8
49.6
3.3
22.2
22.6
21.2
20.2
14.0
12.6
13.8
21.5
-11.0
13.2
16.4
16.3
13.0
8.0
14.2
12.0
12.7
14.5
6.0
19.2
13.9
17.9
15.6
21.3
17.4
14.2
12.9
29.4
35.2
56.2
27.3
34.0
22.9
22.6
88.0
25.6
Sell
Buy
Sell
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Not Rated
Neutral
Neutral
Not Rated
Neutral
Buy
Neutral
1,384
180
87
702
245
84
853
405
511
296
1,228
102
1,183
1,189
14
1,020
549
629
1,230
210
78
685
260
90
1,150
440
570
350
1,450
-
1,355
1,120
-
930
745
550
-11
17
-11
-2
6
7
35
9
12
18
18
14
-6
-9
36
-13
19.7
6.3
1.3
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
29.9
15.5
20.2
7.1
2.9
16.5
5.2
1.4
25.3
9.4
11.5
14.3
49.0
9.1
21.7
26.2
0.9
29.9
34.5
17.5
28.7
8.0
3.0
24.4
6.5
2.3
35.0
11.2
14.3
17.6
57.5
11.2
33.4
31.3
1.0
34.4
37.2
19.6
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
265
1,706
1,128
3,028
1,182
171
1,031
408
700
165
111
17,523
4,193
314
1,797
1,435
3,517
1,302
188
1,324
512
853
205
128
21,852
4,906
18
5
27
16
10
10
28
25
22
24
15
25
17
4.9
6.9
36.1 52.2
28.5 32.2
38.8 60.8
67.8 81.9
5.6
5.8
33.7 47.8
7.0
12.1
27.3 27.1
-1.6
6.3
0.3
2.7
384.4 486.2
96.1 102.2
8.4
70.9
56.7
83.7
116.8
10.5
61.8
19.1
35.1
9.1
5.0
499.3
147.1
Neutral
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Neutral
1,168
4,758
1,044
337
1,291
958
6,038
1,274
259
1,280
5,845
1,328
395
1,435
1,015
5,400
1,440
280
10
23
27
17
11
6
-11
13
8
21.0 21.6
73.7 84.5
21.2 23.4
7.2
7.7
26.5 26.6
18.9 21.2
156.1 160.8
19.6 22.8
8.4
9.1
25.8
106.9
28.6
9.3
33.2
24.5
182.3
27.6
10.0
21 November 2017
15

Company
Jyothy Lab
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
Infrastructure
Ashoka Buildcon
IRB Infra
KNR Constructions
Sadbhav
Engineering
Aggregate
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway
Distriparks
Gati
Transport Corp.
Aggregate
Media
Dish TV
D B Corp
Den Net.
Reco
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Not Rated
Buy
Neutral
CMP
(INR)
333
304
7,721
23,082
235
849
9,068
150
1,078
3,240
TP
% Upside
(INR) Downside
365
10
340
12
7,750
0
25,580
11
275
17
975
15
9,267
2
-
1,320
22
2,970
-8
FY17
11.2
6.3
123.7
238.7
3.6
16.7
132.9
3.5
8.7
26.7
EPS (INR)
FY18E FY19E
9.2
10.9
6.5
7.9
128.4 149.0
296.6 413.1
8.9
12.4
17.2
20.8
151.5 176.7
3.5
6.4
14.7
18.0
34.9
53.7
P/E (x)
FY17 FY18E
29.6
36.3
48.3
46.7
62.4
60.1
96.7
77.8
65.1
26.3
50.7
49.3
68.2
59.8
42.6
43.2
124.1 73.5
121.2 92.8
48.2
43.9
23.9
26.4
23.3
18.0
41.5
31.4
37.9
26.1
31.4
12.7
15.1
17.3
72.4
33.8
17.9
14.6
34.4
44.2
25.3
19.8
40.2
22.6
23.7
NM
11.6
22.5
28.9
20.2
23.8
28.6
25.4
15.8
69.4
25.5
28.6
32.2
37.6
69.7
15.6
15.7
56.3
29.3
14.9
22.0
32.0
34.2
19.6
36.0
32.5
24.9
27.7
114.7
10.3
20.2
22.2
16.8
15.5
31.8
31.9
29.6
8.9
13.9
26.0
75.8
16.8
NM
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY19E
5.6
5.7
21.1 15.5 18.3
16.9 14.7 36.7 33.6 37.1
24.7 22.4 40.9 39.0 40.9
38.7 31.0 40.0 39.8 44.4
3.0
2.7
6.0
10.8 13.3
13.2 10.9 28.2 24.1 23.9
42.7 35.5 39.3 64.8 62.9
2.1
2.1
5.2
4.9
8.5
12.2 10.7 10.2 15.5 16.5
24.3 16.9 21.3 18.2 20.9
13.3 12.4 27.6 28.2 29.5
5.1
5.3
7.5
4.4
5.2
6.6
3.9
5.2
3.1
1.2
3.7
3.2
10.5
2.8
3.0
2.8
5.9
5.4
2.7
3.4
8.1
4.8
4.0
2.3
1.5
4.2
3.3
2.2
2.3
17.8
3.8
2.8
2.3
2.7
3.8
16.7
4.2
2.0
4.4
4.6
6.0
3.5
5.0
5.5
3.5
5.4
3.0
1.0
3.1
2.2
12.4
2.6
2.5
2.5
5.5
4.7
2.4
3.2
6.6
4.3
3.6
2.1
1.4
3.6
2.9
2.0
2.1
13.6
3.6
2.7
2.0
2.3
3.5
13.7
3.5
2.1
23.0
21.9
36.7
27.6
12.3
23.0
10.2
22.0
9.7
10.0
24.7
21.1
14.5
8.6
18.0
20.9
17.1
14.4
10.8
18.1
22.2
23.8
16.8
-0.6
14.0
20.7
12.0
11.0
13.7
50.5
10.8
7.3
12.4
16.7
12.3
25.1
24.6
-19.1
19.9
17.2
26.4
24.6
7.2
23.4
12.1
16.3
8.2
1.6
19.6
17.7
22.0
9.2
18.4
12.0
17.1
14.7
12.9
9.2
22.5
18.3
12.9
1.9
14.1
19.1
13.8
11.8
14.1
48.6
11.5
9.2
19.4
17.8
13.6
19.9
22.8
-6.4
19.8
19.6
25.7
22.3
11.4
26.1
13.6
21.2
14.1
3.9
18.4
18.8
31.4
12.0
19.2
12.5
17.6
20.5
18.3
13.7
20.7
19.9
15.4
7.0
12.9
17.0
12.5
11.6
15.4
46.8
14.1
11.7
25.4
18.6
16.1
35.2
22.2
0.2
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Not Rated
Neutral
515
1,970
1,336
707
423
446
603
1,043
2,277
131
592
125
2,489
544
660
826
4,446
619
818
516
524
1,246
540
1,950
1,606
900
335
555
600
1,100
2,575
185
650
200
2,500
550
861
1,000
5,000
797
1,214
610
-
1,400
5
-1
20
27
-21
24
0
5
13
41
10
60
0
1
30
21
12
29
48
18
12
21.6 21.6
74.6 68.8
57.3 52.7
39.3 44.6
10.2
6.1
14.2 17.5
15.9 21.1
39.9 32.4
72.6 60.6
10.3
1.9
39.3 37.9
7.2
8.0
34.4 44.2
16.1 18.6
36.9 44.2
56.6 37.6
129.1 139.0
14.0 18.1
32.3 41.8
26.1 14.4
13.0 16.1
55.2 50.0
24.9
90.7
64.1
50.3
10.5
23.7
27.0
43.7
115.2
4.9
42.8
11.0
54.9
26.5
55.0
42.7
156.2
29.9
69.2
22.9
18.0
61.4
Buy
Neutral
Buy
Buy
208
235
269
317
260
240
295
385
25
2
9
21
-0.5
20.3
12.0
11.0
1.8
22.9
13.3
14.3
7.1
23.2
14.1
14.5
Buy
Not Rated
Neutral
Buy
Not Rated
Not Rated
169
4,127
1,363
260
141
292
215
-
1,496
282
-
-
27
10
8
9.8
10.9
102.5 129.9
38.0 42.7
6.8
8.4
16.9
8.8
15.9
21.0
13.3
163.2
55.2
11.6
23.9
25.9
17.2
40.2
35.9
38.2
16.8
17.2
31.1
75.0
18.3
NM
Buy
Buy
Neutral
77
365
92
106
430
90
38
18
-2
1.0
20.0
-9.3
1.0
21.7
-2.9
2.4
25.4
0.1
21 November 2017
16

Company
Ent.Network
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Rain Industries
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
Reco
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
CMP
(INR)
783
242
99
163
369
1,379
102
25
836
533
TP
% Upside
(INR) Downside
910
16
302
25
113
14
225
38
469
27
1,640
19
130
28
27
9
1,005
20
630
18
FY17
11.4
25.8
7.4
10.7
6.4
20.5
1.2
-1.9
24.9
12.1
EPS (INR)
FY18E FY19E
11.6
20.1
25.6
30.2
10.4
11.9
11.3
13.4
9.0
14.2
27.1
43.0
3.1
6.1
-0.8
0.1
28.1
35.7
10.5
16.0
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
68.5
67.7 4.4
4.1
6.7
6.3
10.1
9.4
9.4
1.5
1.3
18.2 15.0 15.3
13.4
9.6
1.0
0.9
7.9
10.2 10.6
15.2
14.4 2.5
2.5
18.5 17.3 19.3
57.5
40.9 3.8
3.5
11.2
9.0
12.6
67.2
50.9 6.7
6.0
10.4 12.4 17.0
83.2
33.0 5.5
4.7
7.6
15.3 24.8
NM
NM
4.0
4.7 -29.4 -14.2
2.4
33.6
29.8 8.2
7.6
26.0 26.4 30.7
44.0
51.0 6.0
5.5
17.0 12.8 16.8
40.9
35.0 5.1
4.7
12.6 13.5 17.2
30.5
16.0
NM
18.0
23.0
12.6
NM
33.1
20.7
18.5
25.9
10.4
20.3
51.7
23.7
10.2
9.4
34.6
8.6
18.3
11.0
22.3
19.0
13.9
174.5
86.8
93.8
18.0
14.1
24.2
15.3
14.0
17.3
20.4
18.1
16.9
17.2
33.1
20.3
15.5
13.9
13.9
NM
13.1
18.3
9.5
NM
12.5
12.3
11.8
15.3
11.7
16.3
27.9
17.2
11.4
9.9
30.7
13.7
11.8
9.5
16.9
16.2
12.9
81.5
62.7
65.0
15.3
13.3
20.3
15.1
14.1
15.6
17.8
16.8
14.7
15.0
27.6
20.5
13.4
2.0
4.3
0.5
2.8
1.6
1.8
0.8
3.6
1.9
2.1
1.8
3.2
2.0
6.9
2.6
3.1
1.8
7.3
2.2
1.0
1.0
4.7
2.0
1.8
14.3
16.3
16.1
2.9
3.5
5.9
3.2
2.1
6.4
3.3
2.4
2.2
2.7
10.4
6.0
2.5
1.8
4.6
0.6
2.4
1.5
1.6
0.9
2.8
1.8
1.9
1.7
2.7
1.9
5.8
2.3
2.6
1.6
6.2
2.0
0.9
1.0
3.9
1.8
1.7
13.4
13.3
13.3
2.7
3.4
5.0
3.4
1.9
4.9
3.2
2.8
2.2
2.6
8.4
6.5
2.4
7.4
24.4
-7.9
17.3
7.2
12.8
-9.9
10.9
9.7
15.7
7.0
32.4
9.6
14.0
11.6
32.4
20.7
21.0
31.4
5.7
10.1
23.2
11.6
13.1
8.2
20.6
17.1
16.2
27.5
26.5
22.0
14.3
41.6
16.8
13.2
13.7
17.0
37.1
32.6
18.4
13.6
32.3
-4.7
19.8
8.6
15.7
-6.9
25.2
15.1
17.1
11.4
25.2
12.0
22.6
14.4
25.1
17.2
21.7
15.1
8.0
10.8
25.2
12.1
12.9
16.5
23.4
20.5
17.4
25.9
26.4
21.8
14.1
35.2
17.3
14.6
15.1
17.9
33.6
30.6
18.9
16.5
42.5
0.1
20.2
10.1
16.3
-4.9
29.7
23.8
16.6
15.3
25.8
12.6
27.3
14.0
25.0
16.9
20.4
16.7
10.4
12.5
23.7
12.0
13.5
20.9
25.5
23.9
18.3
25.6
23.4
22.5
14.5
29.6
20.4
17.3
16.4
20.8
32.4
33.5
18.2
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
261
315
174
266
85
126
81
318
313
701
326
322
209
297
87
187
43
492
394
672
25
2
20
12
2
49
-47
55
26
-4
8.6
19.7
-20.9
14.8
3.7
10.0
-10.1
9.6
15.1
37.9
18.8
22.7
-15.1
20.3
4.7
13.3
-6.4
25.5
25.5
59.4
26.4
33.5
0.5
24.9
5.8
12.7
-4.3
38.9
44.4
65.2
Buy
Sell
Sell
Neutral
Buy
Buy
Neutral
Sell
Buy
Buy
Buy
Buy
504
458
830
208
415
393
304
127
353
180
253
919
643
378
721
184
579
554
301
110
418
231
312
1,077
28
-18
-13
-12
39
41
-1
-13
18
28
23
17
48.3
22.6
16.1
8.8
40.7
41.9
8.8
14.8
19.3
16.4
11.4
48.3
43.1
28.1
29.7
12.1
36.4
39.5
9.9
9.2
29.8
19.0
15.0
56.7
52.1
31.9
44.1
13.2
42.8
43.6
11.0
11.5
40.5
22.8
16.7
62.1
Sell
Buy
1,746
784
1,270
850
-27
8
10.0
9.0
21.4
12.5
27.4
15.9
Buy
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
553
843
331
961
168
963
507
705
642
649
933
2,705
478
600
970
270
1,100
160
950
480
670
600
780
1,004
2,450
560
9
15
-18
14
-4
-1
-5
-5
-7
20
8
-9
17
30.6 36.0
59.8 63.2
13.7 16.3
62.8 63.8
11.9 11.9
55.5 61.6
24.9 28.5
38.9 42.0
38.0 43.7
37.7 43.3
28.1 33.8
133.4 131.8
30.9 35.8
41.9
68.2
17.0
67.8
14.1
66.0
33.6
46.0
50.3
52.4
40.2
151.4
37.7
21 November 2017
17

Company
Reco
Wipro
Neutral
Zensar Tech
Buy
Aggregate
Telecom
Bharti Airtel
Buy
Bharti Infratel
Neutral
Idea Cellular
Buy
Tata Comm
Buy
Aggregate
Utiltites
Coal India
Buy
CESC
Buy
JSW Energy
Sell
NTPC
Buy
Power Grid
Buy
Tata Power
Sell
Aggregate
Others
Arvind
Neutral
Avenue
Sell
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)
295
882
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
280
-5
16.9 19.1
20.1
1,020
16
52.1 52.8
72.7
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
17.4
15.4 2.8
2.7
16.9 17.0 16.7
16.9
16.7 2.7
2.4
17.2 15.3 18.4
17.8
17.6 4.1
4.3
22.9 24.4 23.2
43.5
25.8
NM
70.7
45.2
18.6
19.4
21.1
15.1
15.0
12.4
16.3
34.3
144.0
54.9
23.5
28.9
33.3
30.3
85.9
30.6
31.8
27.1
9.9
76.5
84.9
19.8
31.6
28.4
16.6
63.6
39.2
29.0
21.3
86.6
24.7
36.0
20.5
34.7
66.2
47.8
13.3
50.9
63.3
52.0
131.2 2.9
22.8 4.6
NM
1.5
129.9 12.6
-310.6 3.0
15.9
11.3
20.1
13.4
12.0
12.6
13.7
40.3
92.2
45.6
21.2
31.1
29.4
20.9
46.3
18.3
28.6
18.6
15.9
50.7
35.2
14.4
29.9
15.9
13.9
40.7
36.7
23.8
18.5
31.2
27.6
25.0
23.0
38.1
44.6
43.1
10.6
48.8
50.5
30.5
7.0
1.3
1.3
1.5
2.2
2.1
2.3
3.1
17.9
7.2
1.9
32.8
9.0
5.1
6.6
4.2
10.3
11.9
3.0
7.4
4.9
1.7
4.2
3.7
4.5
4.0
3.6
8.2
5.2
11.7
7.0
3.0
3.2
4.5
24.6
8.3
1.6
9.2
15.1
4.8
2.9
4.6
1.9
13.7
3.1
6.7
1.2
1.2
1.4
1.9
1.9
2.2
2.9
15.8
6.4
2.0
29.7
7.4
4.4
4.4
3.4
8.3
6.8
2.5
6.6
4.3
1.6
3.8
3.9
3.6
3.7
3.7
7.4
4.5
4.8
5.8
2.8
2.9
4.1
21.6
7.0
1.4
8.4
12.3
4.3
6.8
16.2
-1.6
48.4
6.6
37.8
6.5
6.3
10.5
15.6
17.1
14.4
10.3
17.9
2.2
20.2
-26.6
10.1
-1.0
42.4
10.6
6.3
11.0
17.0
16.0
15.7
7.4
18.2
3.7
22.8
-41.4
30.0
0.2
47.7
10.8
5.0
11.9
17.4
14.6
16.8
10.9
22.9
16.3
8.0
96.1
29.6
23.4
12.9
24.3
31.5
43.0
18.5
13.7
16.2
14.8
13.7
27.4
27.6
13.5
15.9
34.5
27.9
15.0
22.9
15.3
16.3
15.1
54.5
22.2
16.1
20.7
28.8
17.5
493
384
101
705
680
440
110
780
38
15
9
11
11.3
14.9
-1.1
10.0
3.8
16.8
-16.1
5.4
6.5
19.2
-18.0
18.2
278
1,007
81
180
209
92
335
1,360
51
211
261
72
20
35
-37
17
25
-22
14.9
51.9
3.8
12.0
14.0
7.4
17.5
88.9
4.0
13.4
17.4
7.3
20.7
99.3
3.3
15.7
20.4
7.5
424
1,105
742
962
393
289
504
262
2,071
409
1,172
128
1,199
283
110
552
542
308
404
972
2,503
156
866
825
2,611
1,760
252
1,567
1,854
88
6,727
226
364
425
873
-
1,100
467
323
523
257
3,334
400
1,291
128
1,300
240
-
465
738
394
492
1,300
3,295
209
1,040
890
3,266
1,992
301
1,288
2,300
114
5,281
167
393
0
-21
14
19
12
4
-2
61
-2
10
0
8
-15
-16
36
28
22
34
32
34
20
8
25
13
20
-18
24
30
-21
-26
8
12.4
7.7
13.5
41.0
13.6
8.7
16.6
3.1
67.6
12.9
43.2
13.0
15.7
3.3
5.5
17.5
19.1
18.6
6.3
24.8
86.2
7.3
10.0
33.4
72.6
85.9
7.2
23.7
38.8
6.6
132.1
3.6
7.0
10.5
12.0
16.3
45.3
12.6
9.8
24.1
5.7
112.9
14.3
63.2
8.0
23.6
8.0
7.6
18.5
34.1
22.1
9.9
26.5
105.0
8.4
27.7
29.9
104.6
76.7
6.6
35.1
43.0
8.3
137.8
4.5
11.9
16.5
17.5
20.1
46.1
13.3
12.9
29.0
8.0
166.7
17.4
75.4
10.7
26.2
12.0
10.0
21.1
41.0
26.2
15.4
43.4
126.6
10.4
29.1
35.6
149.7
104.9
9.7
42.9
66.4
10.4
176.1
6.0
16.0
13.9 14.9
8.3
9.3
115.0 100.3
31.1 27.7
17.5 22.5
8.1
12.1
15.1 20.7
37.7 32.1
51.0 46.8
34.8 17.0
10.2 13.7
5.9
12.5
8.6
11.7
14.8 13.4
13.6 23.3
29.8 28.6
7.3
8.4
10.2 10.0
31.5 32.5
26.7 26.3
19.0 21.9
32.8 23.0
9.0
11.7
16.6 13.2
13.7 11.3
43.3 51.6
19.2 17.6
13.0 14.5
19.5 18.0
27.4 26.9
9.5
14.8
21 November 2017
18

MOSL Universe stock performance
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
NBFCs
Aditya Birla Cap
Bajaj Fin.
Bharat Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
Manappuram
M&M Fin.
1 Day (%)
0.6
-0.8
1.0
0.1
2.1
0.1
0.0
0.5
-0.2
0.2
0.7
-0.6
0.0
1.0
0.2
0.0
0.5
1.2
3.9
0.6
0.5
-2.0
-0.4
1.0
0.7
1.3
0.6
2.8
2.2
0.5
-1.3
1.2
2.5
1.2
1.0
-1.7
-1.3
0.1
3.2
1.1
1.0
1.4
0.5
0.5
-1.7
-0.6
3.1
0.8
-1.2
0.1
-0.3
-0.4
1M (%)
17.6
-10.9
0.9
10.9
-10.3
3.6
-2.7
9.3
-3.8
-3.0
-2.1
2.5
1.2
8.9
-1.1
3.3
18.4
1.3
-4.1
-9.2
-0.7
23.5
-2.6
-2.8
2.2
-3.9
-1.6
-2.0
-12.5
36.6
52.6
30.2
18.0
61.0
14.7
44.6
37.3
35.3
11.1
-2.2
-3.8
-6.7
15.1
7.3
-3.0
-3.3
-12.0
-8.3
-8.5
-0.3
2.9
12M (%)
-14.3
44.4
26.0
53.8
0.9
47.4
40.6
121.6
129.9
13.0
24.7
13.7
32.8
69.8
-10.3
95.6
15.1
64.3
-6.7
59.2
51.6
32.4
-23.7
49.6
24.0
33.1
51.5
56.9
32.7
4.4
69.0
23.8
-14.7
59.6
5.3
25.2
20.8
8.5
Company
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
1 Day (%)
0.5
-0.6
1.0
0.6
1.2
-0.3
-1.2
0.5
1.2
0.5
1.4
-0.7
2.9
-1.1
-0.1
0.7
3.1
-3.4
-3.4
0.5
-1.4
0.6
-3.0
-4.8
-4.5
-3.7
0.5
-2.1
-4.2
-2.0
-0.3
0.5
0.4
0.2
0.9
1.4
0.5
-0.4
0.6
-0.7
-0.8
0.4
-1.9
0.2
1.7
-0.4
-2.6
-2.7
1.6
0.3
0.2
5.1
-0.1
1M (%)
4.3
2.9
-12.5
13.7
3.1
-4.3
7.1
-6.7
-1.5
7.6
-12.7
-3.5
18.6
-12.0
4.5
-8.4
17.9
-3.7
-3.4
10.8
12.1
4.6
-3.8
6.2
1.6
1.1
5.3
1.7
-3.9
4.2
-1.0
2.4
-0.2
6.1
11.5
-0.1
21.0
1.2
-3.9
-14.3
-3.7
6.7
22.0
-14.1
6.0
4.3
0.3
28.7
31.1
2.9
7.2
11.6
-6.3
12M (%)
50.7
-2.5
51.2
65.5
15.5
7.6
21.2
59.5
113.2
34.5
-32.4
5.8
76.5
-8.0
22.3
10.8
114.8
33.2
30.1
67.8
96.8
72.8
46.4
47.8
16.5
32.2
24.7
30.4
24.7
23.6
28.8
64.0
13.9
21.5
20.1
34.8
21.8
58.5
13.7
-4.8
21.9
31.0
75.1
-12.1
38.1
38.2
48.7
26.2
72.7
-14.5
20.1
-25.8
-2.1
105.4
40.7
34.0
30.8
180.4
68.4
35.1
79.9
117.0
16.8
35.5
59.5
21 November 2017
19

Company
Muthoot Fin
PNB Housing
PFC
Repco Home
REC
STF
Shriram City Union
Capital Goods
ABB
1 Day (%)
-1.3
1.1
0.7
0.8
-0.4
-1.7
3.2
0.8
1M (%)
-9.6
-6.5
-2.3
-3.1
1.7
17.7
0.1
3.3
12M (%)
49.2
70.8
1.7
12.2
20.7
53.6
15.3
32.3
Company
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
1 Day (%)
7.3
0.0
-1.0
2.5
-2.1
1.0
1.4
1M (%)
12.3
-9.1
-0.9
18.7
-4.0
-10.3
-2.9
12M (%)
45.6
19.5
9.6
-11.7
-29.1
-18.2
-34.1
21 November 2017
20

MOSL Universe stock performance
Company
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Syngene Intl
Torrent Pharma
Infrastructure
Ashoka Buildcon
IRB Infra.Devl.
KNR Construct.
Sadbhav Engg.
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
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
Rain Industries
SAIL
Vedanta
Tata Steel
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
1 Day (%)
2.0
-0.9
2.7
-2.7
-0.4
-0.9
-0.3
3.8
-0.1
1.7
-0.9
-1.8
0.8
0.7
-0.7
0.5
0.7
1.5
0.8
7.2
1.7
0.9
-0.7
0.5
-0.4
0.8
3.2
0.6
1.4
-2.0
2.5
-0.8
-0.7
-0.5
1.0
1.4
5.6
-0.2
4.5
1.0
-3.5
3.4
2.1
-0.1
0.0
3.1
-1.9
0.4
0.1
-0.6