28 November 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
33,724
0.1
Nifty-50
10,400
0.1
Nifty-M 100
20,085
0.5
Equities-Global
Close
Chg .%
S&P 500
2,601
0.0
Nasdaq
6,879
-0.2
FTSE 100
7,384
-0.3
DAX
13,000
-0.5
Hang Seng
11,772
-1.1
Nikkei 225
22,496
-0.2
Commodities
Close
Chg .%
Brent (US$/Bbl)
63
0.0
Gold ($/OZ)
1,294
0.4
Cu (US$/MT)
6,916
-0.9
Almn (US$/MT)
2,120
0.1
Currency
Close
Chg .%
USD/INR
64.6
-0.2
USD/EUR
1.2
0.6
USD/JPY
111.3
-0.1
YIELD (%)
Close
1MChg
10 Yrs G-Sec
7.1
0.1
10 Yrs AAA Corp
7.8
0.0
Flows (USD b)
27-Nov
MTD
FIIs
-0.1
2.5
DIIs
0.0
1.2
Volumes (INRb)
27-Nov
MTD*
Cash
312
386
F&O
5,718
6,612
Note: YTD is calendar year, *Avg
YTD.%
26.7
27.0
40.0
YTD.%
16.2
27.8
3.4
13.2
25.3
17.7
YTD.%
14.6
11.6
25.2
24.4
YTD.%
-4.9
13.2
-5.0
YTDchg
0.5
0.3
YTD
8.0
12.5
YTD*
306
5,623
Today’s top research theme
Oil & Gas (Thematic) – Expanding horizons
Green corridors, BS-VI, and new cities to drive growth
The first wave of volume growth came in when the government granted top
priority to city gas distribution companies (CGDs) for allocation of cheaper
domestic gas in 2014. The second wave came with increased emphasis on
cutting vehicular pollution through restrictions on diesel vehicles and plying of
vehicles with odd/even registration plates on alternate days.
We believe that green corridors, intercity travel, inorganic growth through new
areas, and residential usage would drive growth of CGDs, going forward. With
the implementation of BS-VI emission norms, economics would be even more
against diesel usage and would aid volume growth for IGL, MAHGL and GUJGA.
Global peers trade at 10.5x FY19E EV/EBITDA and 17.3x FY19E P/E, while Indian
CGDs trade at 13.5x FY19E EV/EBITDA and 24.4x FY19E P/E. Indian CGDs remain
in a sweet spot considering increased emphasis on usage of gas, firm supply of
cheaper domestic gas, and penetration of gas in newer geographies driving
usage of CNG for intercity travel.
Research covered
Cos/Sector
Motherson Sumi
Whirlpool
Metals Weekly
Key Highlights
On track to attain Vision 2020
Focus on premium segment and bridging product gaps
Iron ore and coking coal prices increase ~8% WoW
Oil & Gas (Thematic) Expanding horizons - Green corridors, BS-VI, and new cities to drive growth
Piping hot news
Trai to issue suggestions on net neutrality today
After over one year of consultations and heated debate, the Telecom Regulatory
Authority of India (Trai) will issue its much-awaited recommendations on net
neutrality. “We will issue the recommendations on net neutrality tomorrow,” Trai
chairman R.S. Sharma told reporters on Monday…
Chart of the Day: OIL & GAS (THEMATIC) – Expanding horizons
Strong volume growth in the past - Good saving potential
for vehicles
BS-VI could result in conversion of LCVs
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
Indian Oil not to pass on entire
BS-VI fuel cost to consumers
Indian Oil Corporation may not
pass on the entire cost burden of
Bharat Stage VI grade fuel to the
consumers, though there will be a
marginal increase in price. “The
way pricing is done today has
nothing to do with cost,” Indian Oil
Corporation Chairman Sanjiv Singh
told
BusinessLine…
2
Reliance Jio Infocomm is likely to chase the 4G airwaves in the 850 MHz
band in seven key markets that Reliance Communications has got by
merging Sistema Shyam Teleservices (SSTL) with itself, if the government
backs the sector regulator’s call for easing spectrum caps, analysts and
sector experts said. In the recent aftermath of the RCom-SSTL merger,
sector experts see Jio aggressively targeting Sistema Shyam’s 4G spectrum
in the 850 MHz band in Delhi, Kolkata, Karnataka, Kerala, Tamil Nadu, UP-
West and West Bengal that is valid till FY2033 to mitigate business risks
since a bulk of RCom’s own spectrum in these circles expires in four years
(July 2021)…
Reliance Jio may pitch for RCom's 4G airwaves in key markets
3
Banks can now use provisional
ratings for rejigging loans
The Reserve Bank of India has
allowed lenders to rely on
'provisional ratings' — which will
not be disclosed to the market —
for rejigging loans to distressed
companies before resorting to the
insolvency mechanism. Over the
next one month,…
4
GST effect: Mirr Oils to enter
India
The teething struggles with the
implementation of the Goods &
Services Tax (GST)
notwithstanding, the tax reform
measure seems to have helped
draw a foreign company to set up
shop in India.
German Mirror Lubricants &
Greases Co. FZE, a German
company now based in the UAE…
5
China Development Bank files
insolvency case against RCom
China Development Bank has
become the first lender to file a
case against debt-ridden Reliance
Communications Ltd (RCom)
under the Insolvency and
Bankruptcy Code, said two people
familiar with the matter. The bank
filed the case before the Mumbai
bench of the National Company
Law Tribunal (NCLT) on 24
November, and law firm Trilegal is
advising the Chinese lender, the
two said on condition of
anonymity. The telecom company
owes close to $2 billion in
syndicated loans to China
Development Bank…
6
India, Canada look for
breakthrough on free trade
agreement
Ahead of Canadian Prime Minister
Justin Trudeau’s visit to India in
February, both sides are looking
for a breakthrough in long-
pending negotiations for a free
trade agreement (FTA). Trade
ministers from both sides had a
meeting in New Delhi last week
and are looking for another round
of talks at the expert level…
28 November 2017
7
Industry pitches for lower
import duty on gold,
comprehensive policy
The gems & jewellery industry has
asked the government to pare
import duties on gold from 10 per
cent to 4-5 per cent and extend
the benefits of the merchandise
export from India scheme (MEIS)
to the sector to offset the impact
of the value added tax in Dubai to
be introduced from January
2018…
2

Oil & Gas | Expanding horizons
Oil & Gas
Expanding horizons
Green corridors, BS-VI, and new cities to drive growth
The first wave of volume growth came in when the government granted top priority to
city gas distribution companies (CGDs) for allocation of cheaper domestic gas in 2014.
The second wave came with increased emphasis on cutting vehicular pollution
through restrictions on diesel vehicles and plying of vehicles with odd/even
registration plates on alternate days.
We believe that green corridors, intercity travel, inorganic growth through new areas,
and residential usage would drive growth of CGDs, going forward. With the
implementation of BS-VI emission norms, economics would be even more against
diesel usage and would aid volume growth for IGL, MAHGL and GUJGA.
Global peers trade at 10.5x FY19E EV/EBITDA and 17.3x FY19E P/E, while Indian CGDs
trade at 13.5x FY19E EV/EBITDA and 24.4x FY19E P/E. Indian CGDs remain in a sweet
spot considering increased emphasis on usage of gas, firm supply of cheaper domestic
gas, and penetration of gas in newer geographies driving usage of CNG for intercity
travel.
Growing gas network to aid intercity travel on gas
Expanding horizons
Oil & Gas
Growing access to CNG infrastructure is expected to boost consumption through
intercity transportation/travel. With nearby areas like Jaipur, Chandigarh and
Haridwar getting access to CNG infrastructure, Indraprastha Gas (IGL) is likely to
witness increased gas sales for intercity travel.
Mahanagar Gas (MAHGL) and Maharashtra Natural Gas (MNGL) have opened
CNG outlets at the farthest ends of their territory on Mumbai-Pune Expressway.
This should encourage travel on CNG between Mumbai and Pune.
Though nuances of the policy on green corridors have not yet been clarified, we
believe that as and when these are implemented, a new demand area of
3.2mmscmd (or ~30% of total CNG consumption in FY17) will be created.
BS-VI would make petrol/CNG vehicles much cheaper than diesel variants
BS-VI aims at 25-70% reduction in emission of NOx and ~50% reduction in
emission of total hydrocarbons (THCs) and NOx combined. For heavy
commercial vehicles, BS-VI aims at ~90% reduction in NOx emission.
The major thrust is on particulate matter (PM), where BS-VI aims at reduction of
as much as 90%. Along with other vehicular design changes, compliance with
these would require superior after-treatment packages.
The modifications required for adherence to these requirements would increase
the cost differential between diesel vehicles and their petrol/CNG versions.
So far, the growth in CNG volumes has been primarily led by passenger vehicles.
We believe the next phase of growth would be led more by commercial vehicles.
Over FY17-22, we expect CNG volumes to grow at a CAGR of 11%+ for IGL and at
a CAGR of 8% for MAHGL.
Swarnendu.Bhushan@MotilalOswal.com
+91 22 3982 5432
Please click here for Video Link
28 November 2017
3

Residential demand to grow at 10%; new areas to aid industrial demand
The government has increased its thrust on penetration of PNG-residential.
Against addition of 297k connections in FY17, we expect IGL, MAHGL and GUJGA
to connect 375k new households in FY18.
However, growth in PNG-commercial/industrial continues to lag. Threat from
cheaper but dirtier alternatives like coal/fuel oil/petcoke remains. Bulk LPG and
propane are also emerging as new threats in a few pockets.
Supreme Court has recently banned usage of petcoke and fuel oil in the states of
Rajasthan, UP and Haryana in addition to the existing ban in Delhi. Industrial
demand from existing areas would remain muted. However, aided by newer
areas, we expect ~13-15% growth in PNG-commercial/industrial for IGL and
MAHGL and ~12% growth for GUJGA.
India’s gas consumption is expected to grow at 10% CAGR compared with 8% in
China and 4% in the US over the next three years. RoEs of Indian CGDs are 6%
higher than peers in China and 12% higher than peers in the US.
Earlier, our belief was that IGL’s volume would grow at 10%+ for 2-3 years and
then taper off, as the market saturates. However, recent regulatory push,
addition of new cities, and growing pipeline infrastructure make us believe that
IGL’s volume growth is far away from saturation, which we earlier believed
would happen in 2-3 years. We increase our valuation multiple for IGL from 22x
to 30x, given the 12%+ volume CAGR expected during FY17-22.
We expect 13%/11%/11% volume growth for IGL in FY18/19/20. We expect
EBITDA CAGR of 14% and EPS CAGR of 14% over FY17-20. Valuing the company
at 30x average FY19-20E EPS, we arrive at a September 2018E target price of
INR404, implying an upside of 29%. We upgrade the stock to
Buy.
Unlike IGL, MAHGL does not enjoy regulatory push with respect to commercial
vehicles. Its geographical location also would result in lower potential from
intercity travel than for IGL.
We expect 5%/6%/8% volume growth for MAHGL in FY18/19/20. We expect
EBITDA CAGR of 7% and EPS CAGR of 7% over FY17-20. Valuing the company at
22.5x (25% discount to IGL) average FY19-20E EPS, we arrive at a September
2018E target price of INR1,219, implying an upside of 11%. We initiate coverage
with a
Neutral
recommendation.
We expect 14%/13%/12% volume growth for GUJGA in FY18/19/20. EBITDA
would grow at a CAGR of 20% and EPS at a CAGR of 40% over FY17-20.
Higher exposure to the industrial segment and competition from cheaper
alternatives results in high volatility in both volumes and EBITDA/scm. However,
potential is high – Morbi alone, where the company sells ~2.7mmscmd, presents
an opportunity for ~6mmscmd. We have already seen judiciary-led activism
against polluting fuels in the National Capital Region (NCR). Any focus on
pollution in Gujarat would result in sharp volume growth.
We raise our P/E multiple from 15x to 27x, 10% discount to IGL and upgrade the
stock to
Buy,
with a target price of INR1,011 (revised from INR721).
IGL deserves a higher multiple; upgrading to Buy
Initiating coverage on MAHGL, with a Neutral rating
GUJGA – potential remains, despite volatility; upgrading to Buy
28 November 2017
4

Motherson Sumi
BSE SENSEX
33,562
S&P CNX
10,342
27 November 2017
Update | Sector: Automobiles
CMP: INR345
On track to attain Vision 2020
Not Rated
Beyond 2020, targeting areas like aerospace, defence and IT security
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 (%)
Financials Snapshot (INR b)
FY15 FY16
Y/E Mar
Net Sales
348.5 372.2
EBITDA
30.2
35.5
PAT
8.7
17.7
EPS (INR)
6.5
13.4
Gr. (%)
94.9 131.9
BV/Sh (INR)
28.2
33.2
RoE (%)
25.9
43.6
RoCE (%)
18.8
20.5
P/E (x)
52.8
25.8
P/BV (x)
12.3
10.4
MSS IN
2,105
373/187
-7/7/45
725.8
11.2
856.0
36.9
FY17
424.9
42.8
22.4
16.0
143.6
58.9
35.3
16.2
21.7
5.9
Shareholding pattern (%)
As On
Sep-17 Jun-17 Sep-16
Promoter
63.1
63.1
63.1
DII
7.6
6.5
6.7
FII
19.7
20.0
19.8
Others
9.6
10.4
10.4
FII Includes depository receipts
Stock Performance (1-year)
Motherson Sumi
Sensex - Rebased
380
330
280
230
180
We attended MSS’s investors meet to update on Vision 2020 (
Click here for the
presentation made at the Meet
). It is on track to attain its targets for FY20 of
revenues of USD18b and RoCE of 40% driven by the acquisitions. Also, we got
sneak peek into futuristic work done by Motherson Innovations (group’s innovation
arm led by Mr L.V.Sehgal), as well as potential evolution of the group beyond 2020.
Key highlights:
MSS is on track to attain its FY20 target of revenues of USD18b and RoCE of 40%.
While acquisitions will be key to attain revenue targets, it is very clear that M&A
has to pass its 40% RoCE hurdle rate in 4-5 years. Also, it is progressing well on
diversification based on 3CX15 (no component, customer and country >15% of
sales).
MSS has strong visibility of organic growth driven by good growth in premium
segment as well as strong presence in upcoming new launches. Its strategy is
fuel agnostic and it already supplies to 6 models of top-10 EV models.
PKC would benefit from strong growth in China, off-road vehicles and rolling
stocks. It see synergies from a) supply chain consolidation, b) vertical
integration and c) efficiencies improvement.
Rolling stocks wiring harness opportunity is ~USD2b. PKC’s key customers are
Bombardier and Alstom (now Siemens as well post-merger with Alstom). Rolling
stock contributes ~10% of PKCs revenues and has order book of ~5x annual
revenues.
Shift to BS6 would increase value (by 20-50%) due to further increase
complexity due to more sensors. Also, it would open up 2W segment for MSS
as 2W shifts to electronic fuel injection systems with more sensors.
Motherson Innovations leverages on all the design and technologies from
across the group companies, linking it with leading experts in the industry and
its broad global customer base. Similarly, it worked on futuristic products like
Camera Monitoring System, innovative lightings, surface technologies, WiFi
charging, future interior (The Empathic Cockpit) and exterior projects.
Pivoting themselves into adjacent areas, the group has identified three viz.
Aerospace, Defence and IT Security for beyond 2020. While this initiative is at
group level, MSS would benefit in areas of its expertise. For eg, wiring harness
opportunity in Aerospace or Defence would come to MSS.
SMP is on improvement path with a) gain in market share across categories, b)
more balanced product/customer mix and c) increase in content by adding new
products (for eg. new products for Audi Q5, entry in interior parts with Daimler,
BMW etc).
MATE and MAE enhance the capabilities within the group on toolings and
supplementing businesses with components. MATE is focusing on to leverage
its strengths in export markets like South Africa for global OEMs.
Valuation & view:
Bloomberg consensus estimates project consolidated revenues
to grow 22% CAGR over FY17-20E and PAT to grow 32% CAGR. The stock trades at
24.4x/19.8x FY19/FY20E consensus consolidated EPS.
Not Rated.
28 November 2017
5

27 November 2017
Update | Sector: Consumer Durables
Whirlpool
BSE SENSEX
33,724
S&P CNX
10,400
CMP: INR1500
Not Rated
Focus on premium segment and bridging product gaps
Guides for double-digit growth in revenue
We attended Whirlpool Limited’s analyst meet. Key highlights:
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 (%)
WHIRL IN
126.9
1,527/836
6/19/33
188.8
2.9
87.0
25.0
Focus on premium products and bridging product gaps
Financials Snapshot (INR b)
Y/E March
2015 2016 2017
Net Sales
32.5
34.4
39.4
EBITDA
3.3
3.8
4.9
Adj PAT
2.1
2.4
3.1
EPS (INR)
16.6
19.0
24.5
EPS Gr. (%)
71.3
14.4
28.9
BV/Sh. (INR)
72.2
91.9 116.9
RoE (%)
25.4
23.1
23.4
RoCE (%)
25.5
23.5
23.7
Payout (%)
-
0.0
12.3
Valuations
P/E (x)
89.7
78.4
60.8
P/BV (x)
20.6
16.2
12.7
EV/EBITDA (x)
55.4
47.0
36.5
Div Yield (%)
0.9
0.0
0.2
Shareholding pattern (%)
Sep-17 Jun-17 Sep-16
As On
Promoter
75.0
75.0
75.0
DII
9.7
8.6
8.1
FII
5.2
6.4
6.4
Others
10.1
10.0
10.5
FII Includes depository receipts
Stock Performance (1-year)
Whirlpool India
Sensex - Rebased
1,650
1,425
1,200
975
750
Premium
is the new focus area for the company. It forms only 10-15% of every
product category, despite being more profitable than other segments.
Whirlpool has historically been strong in the
Mass premium
segment; however,
for scale and higher profitability, it will now focus more on the premium
categories.
European front load washing machines were launched recently at very
competitive prices. The company intends to offer more such global products
for Indian customers via the INDESIT acquisition through cheap manufacturing
in Europe. The company was earlier struggling with imports from the US, as the
products there are much bigger. However, sourcing from Europe appears apt
as the products are smaller and more suited to India.
Product gaps in premium products are now being addressed (400litre fridge
and large capacity of semi-auto WM launched; one more in the pipeline).
Double-digit growth guidance; refrigerators doing better than washing
machines(WM)
The company has guided for double-digit sales growth (ahead of industry).
Overall industry is growing in double-digits, with refrigerators doing better
than WMs.
Refrigerators:
Seeing growth for Direct Cool (DC) and Frost Free (FF)
categories. For Whirlpool, (a) FF – higher growth in premium side with new
products and (b) DC – seeing growth across segments.
Within WM, semi-auto category is doing better than auto, as a revival in rural
demand is driving growth for cheaper/entry-level semi-automatic WMs. In the
premium WM, front-load is seeing good growth as well.
Whirlpool is strong in all the categories across WM and Fridges (in top-3 in pan-
India).
FIVE PILLARS OF GROWTH: Right strategy, Portfolio, Create growth
opportunities, Strengthen the foundation, Invest in our strategy
Right strategy
The company has strategic targets for each division and function – this is
reviewed periodically to ensure that its strategy is on course.
Brands:
Whirlpool is an everyday-use brand with good presence on media. It
had pulled back advertising during demonetization and also in May-June (GST-
related discount sales). However, it has once again stepped up ad spend. Ad
prints have been put out for the 400liter new fridge, European WM.
Recent launches (single-door fridge with electronics; new 400litre fridge) are
best-in-class for the consumer and doing well.
28 November 2017
6

Portfolio – expand into the premium range
Strong in mass premium segment; however, for scale and profitability, it will
now focus more on the premium side.
High-capacity semi-auto WM launched – has been received very well by the
consumers and demand is running out of capacity.
Direct Cool Vita Magic fridge launched recently – only one with electronics,
sleek and best-in-class.
400litres fridge – new range of fridges with the ‘adapta
shelf’
feature, best-in-
class ice makers and best touch.
Aircon
– key focus for the company; inverter ACs launched. Inverters will
continue growing, but there is space for fixed compressors.
Create growth opportunities
Whirlpool has a good brand name in fridge and WM: it is further expanding
network for sales and service. This is supported by best-in-class manufacturing
and supply chain.
Whirlpool remains focused on air (aircon, purifier), cooking (Built in) and water
segments. Built-in cooking appliances form a small percentage, but will grow
exponentially.
Strengthen the foundation
Distribution Channel:
The company is constantly increasing width and depth of
its distribution channel. Whirlpool has increased the number of branches from
22 to 38, boosting its distribution reach.
Product:
It remains focused on improving quality to ensure: a) “WOW” factor
for the consumer, and b) lower cost of repair & service. It is always looking at
reducing costs of the product.
Investments in strategy
It has ramped up promotions on the shop floor.
The company is investing in capacity creation and premium products as well.
WM front loaders are European and competitively priced (launched recently);
will offer more such global products for Indian customers with the help of
INDESIT acquisition (as it facilitates cheap manufacturing in Europe).
Capex – Expand in DC fridge, top loaders WM and semi-auto WM
The company plans to grow capacity in existing plants itself rather than in new
plants. Significant ambition in capacity addition – as demand increases, all
companies will want to increase capacity, and so will Whirlpool.
First priority is to make in India –more focus on domestic demand than exports.
Whirlpool is also expanding in adjacencies (dish washers, air purifiers, etc.).
Getting into adjacent categories
Whirlpool has identified three key focus categories: water, air and cooking.
Aircon:
It has grown in double-digits in FY18 and 1HFY18; more momentum
building up. The company will have a complete portfolio, and going into next
year, products will be differentiated to offer value to the consumer.
28 November 2017
7

It has a high percentage of washer and fridge market share - will leverage brand,
channel to get into new categories.
Focus will be on core strength (fridge and WM). It aims to strengthen these
before putting in new category. AC is a future category.
E-commerce: 4% of portfolio but online growing very aggressively (2-3x of
offline)
4% of portfolio is online, but the company expects good growth in this.
Strategy is two-fold in E-commerce: a) it now has its own website, where
consumers can order; caters to 44 cities, but is more to showcase their
products, b) Partnering with big online retailers.
The company has a higher share in online than in offline in some categories.
28 November 2017
8

Metals Weekly
Iron ore and coking coal prices increase ~8% WoW
27 November 2017
Update
Indian steel: Long product (TMT Mumbai) prices were up ~1% WoW. Sponge iron prices were up ~3% WoW,
while domestic scrap prices were marginally higher. Pellet prices were marginally higher. Domestic iron ore
prices were unchanged. Domestic HRC prices were down ~1% WoW, but import price offers were unchanged.
Raw materials: Iron ore prices (China cfr) were up ~8% WoW. Thermal coal prices were marginally lower.
Coking coal prices were up ~6% WoW on reports of supply disruption in Australia. China's pellet import prices
were marginally lower.
Europe: HRC prices were unchanged. Product spreads were lower. CIS HRC export prices were unchanged.
Rotterdam scrap prices were also unchanged.
China: Local HRC prices were marginally lower, but rebar prices were higher. Export HRC and rebar prices were
up ~1% WoW.
Base metals: Aluminum (cash LME) was up ~1% WoW, while alumina was marginally lower. Copper (cash LME)
was up ~4% WoW. Zinc and lead were up ~2% and 3%, respectively. Brent crude was up 2% WoW.
28 November 2017
9

In conversation
1. FUTURE GROUP: Plan to acquire a fashion e-commerce; listing
of supply chain soon; Kishore Biyani, CEO
Fashion and food categories seeing continuous demand. Do not see any
headwinds as far as demand is concerned on back of aspiration of new India and
formalization of the economy.
Fashion side has gained scale and size and FBB has become a leader in the space
it operates in. Both Central and Brand Factory also doing great. Focus is on
building the food business significantly.
Aim to sell around 30-5 crore garments next year, which will take Group to the
top 10 position in the world.
Have seen an uptick of 5-10 percent in terms of digital payments in their stores.
Digitisation would be the norm now and see it becoming a payment mechanism
across all businesses.
Group has their digital wallet called Future Pay and would be ending December
with 5 million customers and that would go up to 2 crore over a period of time.
Along with this also plan to sell insurance and give credit to customers. Looking
at forming a non-banking financial company (NBFC) and have applied for a
license.
Looking at entire payment space and credit space on wallet. It will be a
subsidiary of Future Enterprise.
Group as of now not looking at raising capital.
Physical retail growing with a layer of digital adding up to it, both converging
into blended retail. So, the company is keenly looking to acquire an e-commerce
player in fashion side of business but basically looking at a small player strong on
technology, that can help them scale up faster on fashion side of business
With regards to insurance business, looking forward to growing the business
significantly. Group partner Generali is looking at increasing stake in this
business but not on journey of listing this business.
Regarding IPO of Future Supply Chain business, ready to roll it out soon. It is a
business which has been built on consumer logistics and has been GST
compliant. Will be an interesting business considering the velocity and scale at
which Group operates. Not many supply chain solution companies in this
country.
2. MINDTREE: See steady improvement in margins; jump in q3
profits; Rostow Ravanan, MD & CEO
Demand pipeline is stronger and order wins have been good in last 2-3 quarters.
Orders that company has won are ramping up as expected.
Company also benefiting from large clients which went through business issues
and spends were declining but that trend has probably reached the bottom. So
drag on growth from top clients is out of the way and expect profitability to
jump back in third quarter (Q3).
Large clients doing extremely well and happy with how the large client portfolio
has grown. The efforts are to reconstitute top client portfolio.
Conscious efforts by the company on margin recovery front. In one-two quarters
the organic business will probably come closer to the historic levels. Maybe in
5-6 quarters the consolidated margins will also come to historic levels. Three
years back the margins for the company were around 17-18 percent.
28 November 2017
10

For the entire senior management team, this is a big priority – attacking
inefficiencies, changing billing rates etc and getting margins back on track.
Margins in Q2FY18 improved to 11.6 percent from Q1FY18 at 11.2 percent.
Margins improved due to lower visa expenses and aided by retail and
manufacturing segment.
Second quarter dollar revenues for the company were up 3 percent at USD
206.2 million compared to USD 200 million in first quarter.
3. BAJAJ ELECTRICALS: Have not heard anything directly about
GST rate reduction; Shekhar Bajaj, CMD
Have not heard anything directly about goods and services tax rate reduction.
GST rate for consumer durable products should be cut to 18 percent from 28
percent.
Reduction in fan GST rate has been passed on to customers.
Expect volumes to grow on back of GST rate cut in fans and cables.
Saw a decline in the first half in consumer products business.
Realisations have fallen as took price cuts on account of GST.
No thought about demerger as of now.
4. SADBHAV ENGINEERING: See a lot of groundwork regarding
river linking project; Nitin Patel, ED
See a lot of work on the ground regarding river linking project.
Irrigation projects will also get a fillip as part of this project.
Margins on water infrastructure business to improve going ahead.
28 November 2017
11

From the think tank
1. No point pursuing coal over renewables
From Paris Agreement to International Solar Alliance, India sends a reassuring
signal to the global community of its commitment to increasing the share of non-
fossil fuel energy, particularly through greater use of renewables—solar and
wind—in its power-generation capacity. Yet, India’s Economic Survey 2016-17
dampens hopes about the role of this renewable energy in resolving India’s
energy deficit. Estimating social costs of coal- and renewables-based power on
undisclosed assumptions and calculations, the survey reports that renewables’
cost at Rs11/kWh (kilowatt-hour) is three times higher than that of coal in 2017.
2. Eliminating the menace of insider trading
Active investors regularly track company disclosures and adjust their portfolios
depending on the nature and substance of announcements. As disclosures are
often price sensitive, insiders are always in a better position to make bigger
trading gains. But since this will be unfair to other investors, and in order to
maintain trust and confidence in the market, trading on the basis of unpublished
price-sensitive information is illegal. However, insider trading is said to be fairly
prevalent in the Indian stock market. A recent investigative report by Reuters
lends credence to such claims. It recorded at least 12 cases of prescient
messages regarding listed companies on WhatsApp groups. These messages
were about quarterly results and the information was related to revenues,
profits and margins. It also had information on revenue guidance and bonus
issues.
3. Building India one miracle at a time
On American Thanksgiving Day last week, I had the good fortune of spending a
morning with my mother at Dubai’s Miracle Garden (DMG). Set in about 70,000
square metres of space it houses over 150 million flowers. Petunias, marigolds,
snapdragons and violas adorn different frames in a “miracle” riot of colour in the
middle of the desert. And for a few hours on a brilliantly sunny desert morning it
gave a mother and son great joy. The field of development economics does not
have much literature on whether development is best done by stringing a bunch of
miracles in a bouquet.
28 November 2017
12

International
4. Opec has no idea what shale is up to, but never mind
If anyone doubted that the US shale industry has completely upended the oil
market, just look at how it’s complicating Opec’s next meeting. As the
Organization of the Petroleum Exporting Countries (Opec) prepares to decide on
30 November whether to extend oil production cuts to the end of 2018, it has
no idea how much competition to expect from shale. Nor does anybody else, for
that matter.
Forecasting output growth used to be a relatively simple undertaking.
Developing oil fields had a lead time of several years and the flow of new oil
coming from them was reasonably visible over a 12-month horizon.
28 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
28.4
27.2
23.2
53.7
40.0
19.8
50.3
51.1
34.7
25.4
21.6
26.4
45.6
34.2
21.3
63.4
29.7
36.4
27.1
29.0
23.3
32.7
20.7
18.3
34.5
NM
38.6
43.2
12.6
21.6
30.6
29.3
NM
20.6
40.5
14.1
NM
29.9
1,127.0
20.8
124.0
NA
55.4
46.9
28.4
27.7
20.8
62.5
36.5
85.1
17.2
28.1
27.6
21.1
36.7
41.3
22.3
37.8
43.5
19.3
26.1
20.0
19.1
24.7
29.5
17.1
49.9
25.1
30.4
22.3
84.4
20.2
27.1
23.3
19.8
27.2
18.1
32.3
31.4
16.9
17.7
25.7
9.8
63.0
24.0
9.6
11.3
7.7
21.8
23.0
NM
21.7
55.2
38.8
32.5
21.3
21.5
16.4
51.5
33.2
80.7
14.1
5.2
5.9
5.6
7.9
6.6
3.1
15.7
9.8
3.5
3.5
7.2
3.3
2.8
7.1
2.5
14.7
5.1
2.5
2.8
2.2
2.2
5.5
2.3
1.3
4.8
0.7
5.0
4.5
1.2
3.4
3.5
1.2
0.9
0.8
0.6
1.4
0.4
1.0
1.6
0.5
1.1
NA
10.6
5.6
3.0
4.6
2.4
18.7
6.8
NA
4.1
4.6
5.4
5.0
6.9
6.0
2.8
11.8
8.2
3.0
3.3
6.3
3.0
2.5
6.2
2.2
12.0
4.5
2.1
2.3
2.2
1.8
4.9
2.4
1.2
4.3
0.7
4.5
3.2
1.2
2.9
3.1
1.0
0.9
0.8
0.5
1.3
0.3
1.0
1.5
0.6
1.0
5.3
6.2
4.5
2.7
3.9
2.2
15.4
6.1
NA
3.7
20.3
23.1
26.9
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
17.2
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
25.0
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
17.9
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
4.6
12.5
20.2
15.3
13.2
19.6
14.1
32.8
19.3
22.7
27.6
18.1
25.2
26.8
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
22.8
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
7.7
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)
796
124
3,272
702
18,919
1,843
30,831
1,200
692
206
3,655
1,433
244
8,507
421
745
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
856
134
4,197
844
19,965
2,116
34,722
1,334
688
254
3,819
1,658
-
9,466
575
764
8
8
28
20
6
15
13
11
-1
23
4
16
11
37
3
28.0
4.6
141.1
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
155.4 187.9
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
560
190
146
112
1,859
317
55
1,660
75
1,035
514
31
315
680
197
209
146
2,150
355
56
2,000
100
1,179
665
36
382
22
4
43
30
16
12
2
20
33
14
29
15
21
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
175
200
387
62
413
132
186
335
168
201
201
386
49
438
150
250
415
175
15
0
0
-20
6
14
34
24
4
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
205
1,773
985
700
1,272
616
509
1,711
380
1,180
231
2,300
-
925
1,500
690
500
2,000
370
1,550
13
30
32
18
12
-2
17
-3
31
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
28 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)
179
596
108
443
463
1,385
623
2,050
1,263
TP
% Upside
(INR) Downside
240
34
680
14
-
500
13
550
19
1,750
26
800
29
2,650
29
1,500
19
FY17
5.2
38.2
8.6
7.1
29.5
31.6
29.1
84.3
22.2
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
15.5
11.8
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
34.1
25.7 4.0
3.5
12.4 14.9 18.9
15.6
14.5 2.7
2.4
19.1 17.4 17.2
12.5
11.7 2.7
2.5
24.0 22.3 21.4
62.6
31.3 3.9
3.6
6.4
11.9 14.8
15.7
10.9 2.8
2.4
19.4 23.8 19.9
43.8
26.4 4.2
3.7
13.8 15.0 16.7
21.4
17.3 3.4
2.9
17.4 18.0 17.6
24.3
17.7 2.7
2.4
11.7 14.3 15.9
56.9
81.6 2.6
2.3
11.7 15.1 17.4
33.6
26.8 5.4
4.6
16.1 17.2 17.9
70.4
29.5
68.7
56.0
56.0
21.1
32.5
74.1
54.5
27.8
28.9
15.1
66.6
57.0
23.7
33.8
19.4
41.9
36.6
53.7
46.9
38.7
83.1
17.6
31.8
29.4
58.8
25.7
NM
414.7
44.5
44.4
37.6
55.1
65.0
49.8
47.1
49.8
50.2
38.7
64.2
30.9
68.5
26.2
31.4
43.8
50.6
60.2
34.0
45.1
45.2
23.1
24.9
11.8
54.8
44.8
17.0
34.9
16.9
37.0
31.1
37.8
32.5
34.3
53.0
14.6
30.6
20.8
33.7
25.8
26.1
41.3
35.2
41.7
30.2
53.7
56.7
45.2
44.1
49.7
44.8
37.6
55.3
28.5
9.0
6.1
1.0
9.1
30.5
1.3
6.4
10.5
9.9
5.3
3.4
1.5
6.2
10.5
-1.4
4.6
3.2
6.5
4.1
2.7
3.7
2.6
5.8
1.8
1.1
3.9
3.5
4.5
3.4
6.0
7.7
4.9
3.5
14.6
21.3
22.6
12.4
17.1
12.2
8.1
42.0
7.0
7.9
4.7
1.0
8.6
22.3
1.3
5.9
9.2
8.8
4.5
3.1
1.4
5.4
8.8
-1.5
4.2
2.8
5.7
3.7
2.6
3.5
2.5
5.2
1.6
1.0
3.4
3.2
3.9
3.0
5.4
6.5
4.4
3.2
14.3
17.6
21.5
10.6
14.6
9.5
8.0
41.8
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
1,387
186
92
722
262
87
861
425
521
330
1,223
107
1,187
1,175
15
1,044
582
648
1,230
210
78
685
260
90
1,150
440
570
350
1,450
-
1,355
1,120
-
930
745
550
-11
13
-15
-5
-1
4
34
4
9
6
19
14
-5
-11
28
-15
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
262
1,694
1,105
3,220
1,194
179
991
409
701
164
113
17,113
4,263
314
1,797
1,435
3,517
1,302
188
1,324
512
853
205
128
21,852
4,906
20
6
30
9
9
5
34
25
22
25
13
28
15
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
1,158
4,792
1,058
342
1,322
948
6,043
1,261
259
1,280
5,845
1,328
410
1,435
1,015
5,400
1,500
280
11
22
25
20
9
7
-11
19
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
28 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)
386
311
7,503
23,104
237
836
9,135
162
1,092
3,311
TP
% Upside
(INR) Downside
365
-5
340
9
7,750
3
25,580
11
275
16
975
17
9,267
1
-
1,320
21
2,970
-10
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
34.4
42.1
49.5
47.8
60.7
58.4
96.8
77.9
65.8
26.6
49.9
48.5
68.7
60.3
45.9
46.6
125.8 74.5
123.9 94.8
48.1
43.9
23.8
26.4
23.8
18.3
40.7
31.3
38.7
26.0
31.6
13.8
15.0
17.3
72.2
33.2
17.5
14.7
34.3
46.7
25.4
21.1
39.9
23.3
24.1
NM
11.4
23.5
33.9
21.3
23.7
28.7
25.9
16.1
68.1
25.4
29.2
32.1
37.9
76.0
15.6
15.6
56.2
28.7
14.6
22.1
31.9
36.1
19.6
38.3
32.2
25.7
28.2
136.4
10.1
21.0
26.0
17.8
15.4
31.8
31.2
29.5
8.3
14.6
26.2
84.3
16.9
NM
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY19E
6.4
6.6
21.1 15.5 18.3
17.3 15.0 36.7 33.6 37.1
24.0 21.7 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
13.0 10.7 28.2 24.1 23.9
43.0 35.7 39.3 64.8 62.9
2.3
2.2
5.2
4.9
8.5
12.4 10.8 10.2 15.5 16.5
24.8 17.3 21.3 18.2 20.9
13.3 12.4 27.6 28.2 29.5
5.1
5.3
7.7
4.5
5.1
6.5
4.0
5.2
3.1
1.3
3.7
3.2
10.5
2.7
2.9
2.8
5.9
5.7
2.7
3.6
8.1
5.0
4.0
2.8
1.5
4.4
3.8
2.3
2.3
17.9
3.7
2.8
2.2
2.8
3.8
18.6
4.2
1.9
4.4
4.6
6.1
3.6
4.9
5.5
3.5
5.3
3.0
1.1
3.1
2.2
12.4
2.5
2.5
2.6
5.5
5.0
2.4
3.4
6.6
4.4
3.6
2.5
1.4
3.7
3.4
2.1
2.1
13.6
3.5
2.7
1.9
2.4
3.6
15.2
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
513
1,972
1,364
719
415
444
615
1,040
2,297
143
591
125
2,482
533
647
831
4,431
654
821
550
520
1,285
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
18
25
-19
25
-2
6
12
29
10
60
1
3
33
20
13
22
48
11
9
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
247
232
281
371
260
240
295
385
5
3
5
4
-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
168
4,130
1,332
259
132
308
215
-
1,496
282
-
-
28
12
9
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
17.1
40.3
35.1
38.0
15.7
18.2
31.3
83.5
18.4
NM
Buy
Buy
Neutral
86
368
92
106
430
90
24
17
-2
1.0
20.0
-9.3
1.0
21.7
-2.9
2.4
25.4
0.1
28 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
PC Jeweller
Titan Co.
Aggregate
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Reco
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
CMP
(INR)
784
252
102
166
371
1,305
101
25
885
576
TP
% Upside
(INR) Downside
910
16
302
20
113
11
225
36
469
26
1,640
26
130
29
27
7
1,005
14
630
9
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
68.6
67.8 4.4
4.1
6.7
6.3
10.1
9.8
9.9
1.6
1.4
18.2 15.0 15.3
13.8
9.9
1.1
1.0
7.9
10.2 10.6
15.5
14.7 2.5
2.6
18.5 17.3 19.3
57.8
41.2 3.9
3.5
11.2
9.0
12.6
63.6
48.2 6.3
5.6
10.4 12.4 17.0
82.7
32.9 5.4
4.7
7.6
15.3 24.8
NM
NM
4.1
4.8 -29.4 -14.2
2.4
35.6
31.5 8.7
8.0
26.0 26.4 30.7
47.5
55.1 6.5
5.9
17.0 12.8 16.8
42.3
36.3 5.3
4.9
12.6 13.5 17.2
29.2
15.5
NM
17.5
21.8
12.7
NM
35.7
20.2
18.5
26.1
10.5
20.7
52.8
23.6
10.4
9.4
35.5
8.5
19.2
11.2
22.4
19.7
14.2
179.7
37.9
92.1
75.5
18.7
14.4
23.7
15.9
14.8
18.0
22.1
18.6
16.9
17.4
34.5
20.1
13.3
13.4
NM
12.8
17.4
9.5
NM
13.5
12.0
11.8
15.4
11.8
16.6
28.6
17.1
11.7
9.9
31.5
13.7
12.4
9.7
17.0
16.8
13.2
83.9
26.9
66.5
52.7
15.9
13.6
19.9
15.6
14.9
16.2
19.3
17.2
14.7
15.1
28.7
20.4
1.9
4.2
0.5
2.8
1.5
1.8
0.8
3.8
1.9
2.1
1.8
3.2
2.1
7.1
2.6
3.2
1.8
7.5
2.2
1.0
1.1
4.7
2.0
1.9
14.7
4.8
17.3
11.6
3.0
3.6
5.8
3.3
2.2
6.6
3.6
2.5
2.2
2.7
10.8
6.0
1.7
4.5
0.6
2.3
1.5
1.6
0.9
3.0
1.7
1.9
1.8
2.8
1.9
5.9
2.3
2.7
1.6
6.3
2.0
1.0
1.0
3.9
1.8
1.7
13.8
4.1
14.1
9.8
2.8
3.4
4.9
3.6
2.0
5.0
3.5
2.8
2.2
2.6
8.7
6.4
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
14.6
20.6
15.3
16.2
27.5
26.5
22.0
14.3
41.6
16.8
13.2
13.7
17.0
37.1
32.6
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
16.5
23.4
18.5
17.4
25.9
26.4
21.8
14.1
35.2
17.3
14.6
15.1
17.9
33.6
30.6
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
17.5
25.5
20.9
18.3
25.6
23.4
22.5
14.5
29.6
21.2
17.3
16.4
20.8
32.4
33.5
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
250
306
173
259
81
126
82
344
305
702
326
322
209
297
87
187
43
492
394
672
31
5
21
15
7
48
-47
43
29
-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
Buy
Neutral
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
508
466
848
208
424
393
312
126
371
183
255
951
643
378
1,011
184
579
554
404
110
418
231
312
1,077
27
-19
19
-11
37
41
29
-13
13
26
23
13
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
Buy
1,798
405
831
1,270
490
850
-29
21
2
10.0
10.7
9.0
21.4
15.1
12.5
27.4
18.4
15.9
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Neutral
572
861
324
998
176
997
550
723
641
655
971
2,687
600
970
270
1,100
160
950
600
670
600
780
1,004
2,450
5
13
-17
10
-9
-5
9
-7
-6
19
3
-9
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
41.9
68.2
17.0
67.8
14.1
66.0
35.1
46.0
50.3
52.4
40.2
151.4
28 November 2017
17

Company
Reco
Tech Mah
Buy
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
Sell
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)
498
295
879
TP
% Upside
(INR) Downside
560
12
280
-5
1,020
16
FY17
30.9
16.9
52.1
EPS (INR)
FY18E FY19E
35.8
37.7
19.1
20.1
52.8
72.7
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
16.1
13.9 2.7
2.5
18.4 18.9 18.2
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
44.0
26.0
NM
69.3
45.2
18.2
19.7
21.9
15.6
15.0
12.8
16.3
35.4
147.4
55.7
22.9
28.9
36.4
30.2
85.4
30.6
32.4
27.0
9.8
77.0
82.1
21.1
30.7
29.0
16.8
62.7
39.1
28.6
23.6
91.4
26.5
36.7
21.6
36.3
67.5
52.1
13.7
50.6
66.5
52.1
132.7 3.0
22.9 4.6
NM
1.4
127.3 12.4
-310.7 3.0
15.5
11.4
20.8
13.8
12.0
13.1
13.8
41.6
94.4
47.3
20.7
31.1
32.2
20.8
46.1
18.3
29.1
18.5
15.8
51.0
34.1
15.4
29.0
16.2
14.1
40.1
36.7
23.5
20.4
29.4
29.6
25.4
24.2
39.8
45.5
47.0
10.9
48.5
53.0
30.5
6.9
1.3
1.3
1.6
2.2
2.2
2.3
3.2
18.4
7.3
1.9
32.8
9.9
5.1
6.6
4.2
10.5
11.9
3.0
7.4
4.8
1.8
4.1
3.8
4.5
3.9
3.6
8.0
5.8
12.4
7.5
3.1
3.4
4.7
25.0
9.1
1.7
9.1
15.8
4.8
2.9
4.6
1.8
13.4
3.1
6.6
1.2
1.3
1.5
1.9
2.0
2.2
3.0
16.2
6.5
1.9
29.7
8.1
4.4
4.4
3.4
8.4
6.8
2.4
6.6
4.2
1.8
3.7
4.0
3.7
3.7
3.7
7.3
5.0
5.0
6.3
2.9
3.1
4.3
22.1
7.6
1.5
8.3
12.9
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
10.7
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
11.1
5.0
11.9
17.4
14.6
16.8
10.9
22.9
15.7
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
16.4
22.9
15.3
16.3
15.1
54.5
22.2
16.1
20.7
28.8
17.5
498
386
96
691
680
440
110
780
37
14
14
13
11.3
14.9
-1.1
10.0
3.8
16.8
-16.1
5.4
6.5
19.2
-18.0
18.2
272
1,019
84
186
210
95
335
1,360
51
211
261
72
23
33
-39
13
24
-24
14.9
51.9
3.8
12.0
14.0
7.4
17.5
89.1
4.0
13.4
17.4
7.3
20.7
102.1
3.3
15.7
20.4
7.5
438
1,131
753
940
393
317
501
261
2,069
417
1,168
127
1,207
274
117
535
552
312
398
971
2,467
172
914
886
2,660
1,855
263
1,597
2,023
90
6,688
238
365
425
873
578
1,100
467
323
523
257
3,334
400
1,291
128
1,300
240
-
465
738
394
492
1,300
3,293
209
1,170
890
3,266
1,992
301
1,288
2,300
114
5,281
167
393
-3
-23
-23
17
19
2
4
-2
61
-4
11
1
8
-12
-13
34
26
24
34
34
21
28
0
23
7
14
-19
14
26
-21
-30
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
15.9
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
31.1
29.9
104.6
76.7
6.6
35.1
43.0
8.3
137.8
4.5
11.9
16.5
17.5
19.3
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
32.7
35.6
149.7
104.9
9.7
42.9
66.4
10.4
176.1
6.0
16.0
13.9 14.6
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 24.2
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
28 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 (%)
0.7
4.4
-0.6
0.3
-0.3
1.3
0.1
0.2
1.2
-0.2
0.0
-0.1
-0.4
0.2
-0.9
0.8
2.7
1.6
0.1
0.0
0.4
0.0
0.5
-1.0
-0.5
0.4
0.4
0.0
0.8
-0.8
-0.1
-0.8
0.2
0.3
0.0
-0.1
0.9
0.2
0.9
-0.7
-0.4
-1.1
-0.1
-0.3
1.3
0.1
2.6
0.8
0.5
-0.3
0.8
-0.9
1M (%)
16.2
-3.4
-0.5
4.5
-11.0
9.8
-3.0
10.8
-6.0
1.6
-3.7
3.4
-0.2
4.8
-2.1
3.8
15.5
7.4
1.5
-6.6
3.7
5.3
-3.3
2.1
-12.6
0.3
-2.1
1.3
2.6
0.6
11.2
-4.1
-0.4
34.8
-3.1
-5.3
7.8
-4.3
16.7
-2.2
1.4
-1.2
13.2
1.0
1.9
0.8
-6.7
-10.0
-3.0
10.2
5.3
12M (%)
-14.4
60.5
25.2
54.6
0.3
58.9
53.1
120.0
124.2
17.6
20.3
21.9
32.2
74.6
-7.1
109.3
18.7
73.7
-7.7
58.8
56.3
34.2
-21.2
54.7
28.9
38.1
46.6
64.0
35.0
4.5
65.2
28.1
-8.7
71.1
9.5
32.5
28.5
9.7
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 (%)
0.6
-0.3
3.0
-0.2
2.0
-0.3
-0.4
0.2
1.4
0.5
0.6
-0.1
-0.3
6.0
-0.4
1.5
3.9
-1.0
-0.3
2.1
5.3
-0.6
2.0
-0.9
4.2
-1.1
0.6
-1.4
0.2
0.7
-0.2
1.0
0.5
-0.7
5.0
-2.2
0.0
-0.5
-0.4
2.4
0.9
-0.1
2.3
-1.6
-0.8
-0.7
3.7
0.6
1.6
-0.9
-0.3
2.8
0.7
1M (%)
7.9
-3.3
-8.9
20.0
6.4
-5.1
9.3
7.9
10.8
-0.1
0.3
-6.5
17.3
-6.0
5.8
-1.3
19.3
-6.0
-5.2
5.2
11.5
0.4
-8.5
-1.4
-7.6
-2.5
-3.8
-5.7
-10.3
-3.9
-2.4
4.4
0.1
5.9
6.4
2.5
22.6
0.2
-3.8
2.9
0.1
4.7
15.9
-10.4
6.1
5.9
11.1
10.5
9.3
3.0
5.6
14.0
-5.4
12M (%)
56.8
8.8
56.2
80.1
17.7
10.6
34.1
56.9
135.8
33.9
-30.8
12.7
84.4
2.9
25.4
16.8
115.7
29.2
28.9
65.0
107.6
74.0
51.9
45.8
10.6
21.2
22.3
25.9
11.2
21.9
22.5
62.0
14.7
23.7
23.2
32.0
19.8
51.3
13.3
12.1
21.9
21.8
84.6
-11.9
33.1
39.8
54.6
28.0
77.0
-20.8
16.6
-24.9
-2.8
102.0
40.9
25.0
29.2
158.9
67.2
37.8
68.5
101.6
11.3
45.4
53.5
28 November 2017
19

Company
Muthoot Fin
PNB Housing
PFC
Repco Home
REC
STF
Shriram City Union
Capital Goods
ABB
1 Day (%)
2.6
0.9
0.2
-1.1
-1.2
1.9
1.2
-1.7
1M (%)
-3.5
-2.2
-12.6
3.5
-6.7
8.9
-4.3
-1.2
12M (%)
60.2
59.6
-4.0
8.8
16.3
38.4
10.6
31.1
Company
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
1 Day (%)
0.1
-0.5
0.1
-0.6
-0.1
3.1
-0.3
1M (%)
16.0
-9.6
-1.3
19.4
-4.1
-2.0
-3.1
12M (%)
42.1
9.6
9.2
-10.1
-27.5
-19.0
-34.7
28 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 (%)
-0.1
-0.1
0.1
2.0
0.1
-0.4
-0.4
0.0
0.3
-1.3
0.3
3.1
0.0
1.4
3.7
0.0
0.6
-0.9
0.0
-1.6
3.3
4.6
0.5
1.2
-1.5
1.5
1.2
0.2
-0.6
0.0
-1.6
1.0
1.0
2.2
-0.8
-1.2
-0.1
-2.4
-0.9
-0.5
4.9
-0.8
-0.2
-0.8
-0.7
-1.1
0.3
0.0
-1.5
-0.6
-0.4
1M (%)
-7.9
-1.9
1.7
1.5
-16.9
6.5
-0.5
-2.7
0.0
3.9
1.6
12.8
-1.5
10.6
17.0
0.0
-1.4
-2.2
1.1
12.6
10.7
10.0
-0.4
9.8
-3.1
5.5
-0.3
-8.0
-1.4
-8.1
5.1
0.2
5.0
6.3
-7.7
-3.2
3.8
-2.4
-11.5
-2.1
39.9
2.3
-10.1
-3.4
-3.6
-0.9
-5.5
-0.5
-7.2
-5.2
-1.6
12M (%)
14.9
-7.0
-6.0
-3.1
-44.9
4.0
4.9
-24.0
-22.7
-3.0
-5.8
79.7
24.5
93.4
34.8
-2.1
-10.9
43.6
17.7
11.0
81.3
-2.3
1.4
36.3
11.4
-6.3
43.3
-2.4
14.4
48.7
-31.7
92.4
30.9
38.6
12.0
159.4
54.6
42.4
3.3
593.9
62.5
36.8
72.1
19.1
49.1
60.1
32.8
37.7
32.5
86.0
Company
Titan Co.
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
1 Day (%)
0.4
0.8
0.3
-0.6
-1.2
0.5
0.6
7.4
1.2
-2.6
0.9
2.0
-0.1
0.9
0.8
0.5
0.4
1.5
1.7
-0.3
0.3
0.8
-0.2
3.1
-0.6
1.5
1.1
-1.5
1.7
-0.3
-0.2
7.0
-0.4
3.7
1.9
-0.7
-0.7
-1.0
-1.1
-1.7
3.6
0.5
-1.3
0.3
-0.6
2.5
-0.1
-0.3
1.5
0.0
-1.2
0.3
1M (%)
40.9
2.8
0.4
14.4
5.3
30.3
23.0
15.7
2.8
0.0
0.0
15.6
4.2
4.6
-0.6
14.0
2.7
-7.9
3.5
5.2
-6.5
1.4
-2.7
2.0
-0.6
11.7
9.7
-0.4
-3.2
-5.0
-2.2
13.6
1.1
3.9
-4.2
27.5
-2.8
6.9
8.5
19.8
17.2
30.3
-5.9
40.0
-10.3
-9.0
0.2
5.1
17.5
-1.6
5.7
12.1
12M (%)
162.1
16.3
7.5
58.5
2.1
34.8
60.8
15.1
39.0
53.2
8.6
56.2
16.8
2.2
26.8
-13.0
65.6
8.7
30.7
7.9
-10.6
77.5
48.0
15.2
11.4
36.2
21.0
82.3
-1.3
73.9
100.7
131.1
-31.7
91.2
34.2
-10.7
32.7
20.1
36.9
45.2
40.4
12.5
23.2
-21.7
8.5
61.7
-1.3
60.3
49.1
21.1
28 November 2017
21

Company
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
PC Jeweller
1 Day (%)
-0.1
1.1
1.4
0.5
0.1
-0.5
5.6
1M (%)
-6.0
5.7
-0.1
-0.7
2.3
10.9
17.3
12M (%)
43.3
13.2
-1.1
36.6
91.4
103.3
124.5
Company
S H Kelkar
Symphony
Team Lease Serv.
Trident
TTK Prestige
V-Guard
Wonderla
1 Day (%)
1.6
0.8
1.1
4.2
-0.2
-0.3
-0.7
1M (%)
-4.9
12.3
23.9
-9.0
4.1
10.6
0.3
12M (%)
-11.3
27.9
137.8
68.0
29.1
92.8
11.2
28 November 2017
22

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock
broking services, Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited
(CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Pending Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold
inquiry and adjudge violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice and also sought personal
hearing. The matter is currently pending.
MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in
the subject company at the end of the month immediately preceding the date of publication of the Research Report.
MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from
time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn
brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential
conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the
recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research
report.
Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may have received any compensation from the subject company in the past
12 months.
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
managed or co-managed public offering of securities from subject company of this research report,
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
Subject Company may have been a client of MOSL or its associates during twelve months preceding the date of distribution of the research report.
MOSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOSL has incorporated a Disclosure
of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. MOSL and / or its affiliates do and seek to do business including investment banking with
companies covered in its research reports. As a result, the recipients of this report should be aware that MOSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research
Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
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This report has been prepared by MOSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to,
copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOSL. The report is based on the facts, figures and information that are considered
true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not
been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice.
The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though
disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOSL will not treat recipients as customers by virtue of their receiving this report.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or
indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Disclosure of Interest Statement
Analyst ownership of the stock
Companies where there is interest
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
trading desk of MOSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOSL research activity and therefore it can have an independent view with regards to
subject company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC)
pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with
Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any
investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities,
products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research
Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is
not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States.
Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S.
persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional
investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional
investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and
interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S.
registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and
therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in
the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following
representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person
or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of
offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or
appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations
as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to
determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative
products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the
views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time
without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities
mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities
functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not
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be contrary to law, regulation or which would subject MOSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to
certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or
representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
The
person accessing this information specifically agrees to exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or
employees responsible for any such misuse and further agrees to hold MOSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this
information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
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