1 December 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
33,149
-1.3
Nifty-50
10,227
-1.3
Nifty-M 100
19,895
-0.7
Equities-Global
Close
Chg .%
S&P 500
2,648
0.8
Nasdaq
6,874
0.7
FTSE 100
7,327
-0.9
DAX
13,024
-0.3
Hang Seng
11,476
-1.5
Nikkei 225
22,725
0.6
Commodities
Close
Chg .%
Brent (US$/Bbl)
63
0.1
Gold ($/OZ)
1,275
-0.7
Cu (US$/MT)
6,735
0.1
Almn (US$/MT)
2,034
-0.9
Currency
Close
Chg .%
USD/INR
64.5
0.2
USD/EUR
1.2
0.3
USD/JPY
112.5
0.5
YIELD (%)
Close
1MChg
10 Yrs G-Sec
7.1
0.03
10 Yrs AAA Corp
7.8
0.02
Flows (USD b)
30-Nov
MTD
FIIs
-0.2
2.8
DIIs
0.2
1.6
Volumes (INRb)
30-Nov
MTD*
Cash
540
390
F&O
15,005
7,023
Note: YTD is calendar year, *Avg
YTD.%
24.5
24.9
38.6
YTD.%
18.3
27.7
2.6
13.4
22.1
18.9
YTD.%
13.3
10.6
21.9
19.4
YTD.%
-5.1
13.1
-3.8
YTDchg
0.5
0.3
YTD
8.3
13.0
YTD*
307
5,676
Today’s top research idea
Sagar Cement: Well placed to capture growth in AP/Telangana
Sagar Cements (SGC) is well placed to capitalize on strong opportunities in the
markets of AP/Telangana, where demand is likely to grow at 12-15% over the
next two years after increasing by ~20% YoY over the past 12-15 months. This will
be mainly led by the government's push toward infrastructure development and
the creation of a new state capital of Amravati (Andhra Pradesh).
SGC will increase capacity by ~35% over FY17-19 at a capex of INR2b (USD20/t)
by way of debottlenecking and brownfield expansion, and will also diversify
into east by ramp-up capacity in Bayyavaram.
SGC is likely to improve its cost curve over the medium term, led by i)
stabilization of WHRS, ii) commissioning of the 18MW thermal power unit and
iii) lead distance reduction for the eastern markets due to capacity expansion in
Vizag.
SGC is attractively priced at EV/t of ~USD60-65 - a significant discount to
replacement cost of USD110/t.
Cost efficiencies and scaling of capacity to drive profits
Research covered
Cos/Sector
Sagar Cement
EcoScope
Sadbhav Engin.
Indo Count Inds.
Automobile
Key Highlights
SPOTLIGHT: Well placed to capture growth in AP/Telangana
2QFY18 real GDP growth in line with estimate
Well placed for upcoming opportunity
Multiple headwinds hurting margins
Nov-17 Sales Estimates: Strong wholesales on low base of previous year
Piping hot news
India’s GDP growth rebounds to 6.3% in September quarter
India’s GDP growth quickened to 6.3% in the September quarter, up from a
three-year low of 5.7% in the June quarter, an indication that the Indian
economy has shaken off the lingering effects of demonetisation last year and
GST rollout on 1 July…
Chart of the Day: EcoScope—2QFY18 real GDP growth in line with estimate
Real GDP grew 6.3% YoY in 2QFY18 the highest in three
quarters
Manufacturing led higher growth in 2QFY18*
Research Team (Gautam.Duggad@MotilalOswal.com)
* Over 1QFY18
Source: CSO, MOSL
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
Tatas have shown interest in
Air India: Jayant Sinha
The Tatas had formally shown an
interest in Air India's stake sale,
Union Minister of State for Civil
Aviation Jayant Sinha said today.
The government has given its nod
for the disinvestment of Air India,
which has a debt of over Rs 50,000
crore and is staying afloat on
taxpayers' money…
2
CESC Limited has convened a shareholders’ meeting on December 15,
under the orders of the NCLT, Kolkata Bench, to consider a recast of the
RP-SG Group’s flagship company involving a scheme of arrangement
among some group companies. A meeting of the shareholders of CESC has
been convened on December 15, under the orders of the NCLT Kolkata
Bench, to consider the recast of the RP-SG Group’s flagship company. It
involves a scheme of arrangement among some of the group companies…
NCLT order: CESC investors to meet on Dec. 15 to mull recast
3
Lenders to debt-ridden Reliance
Communications Ltd (RCom) have
decided to oppose China
Development Bank’s insolvency
petition against the firm, RCom
said in an exchange filing on
Thursday. The company said 31
lenders, both domestic and
foreign banks,…
4
OPEC said to agree extended
oil supply cut for full 2018
OPEC agreed on Thursday to
extend oil production cuts until
the end of 2018, a delegate said as
the group strives to finish clearing
a global glut of crude and avoid
another price crash.
The agreement in principle was
reached after several hours of
debate at OPEC headquarters in
Vienna…
RCom says lenders oppose
China Development Bank’s
insolvency petition
5
PNB follows SBI in raising bulk
deposit rates
State-owned Punjab National Bank
(PNB) has raised its interest rate
on bulk deposits over Rs 1 crore
by 50 basis points, to five per cent,
a day after the country’s largest
lender, State Bank of India,
decided to raise its rate on these
deposits across tenors by 100 bps.
Bulk deposits are those of at least
Rs 1 crore. These increases come a
few days ahead of the Reserve
Bank’s bi-monthly policy review,
on Wednesday. The earlier review
saw the policy rate unchanged at
six per cent…
6
The government’s fiscal deficit
touched 96% of the full-year
estimate at the end of October,
raising concerns of slippage in the
current financial year. Higher
expenditure and lower-than-
expected non-tax revenue
contributed to the fiscal deficit
widening from 79.3% at the end of
October last year…
1 December 2017
7
Eight core sectors grew at a slower
pace of 4.7% in October, chiefly
due to subdued performance of
cement, steel and refinery
segments. The eight infrastructure
sectors — coal, crude oil, natural
gas, refinery products, fertilisers,
steel, cement and electricity —
had clocked a growth of 7.1% in
October last year…
India's April-October fiscal
deficit at 96% of full year's
target
Cement, steel, refinery drag
down core sector growth to
4.7% in Oct.
2

Sagar Cement
30 November 2017
Update | Sector: Cement
Spotlight
The Idea Junction
Well placed to capture growth in AP/Telangana
Cost efficiencies and scaling of capacity to drive profits
Sagar Cements (SGC) is a Hyderabad-based cement company, primarily operating in the
southern market of India (~78% of overall volumes). The company’s key markets are
AP/Telangana (~46% of volumes), Tamil Nadu (~16%) and Karnataka (~16%). To diversify
geographically, SGC is likely to increase its capacity from 4.3mt currently to ~5.8mt by
FY20.
Stock Info
Bloomberg
CMP (INR)
Equity Shares (m)
M.Cap. (INR b) / (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
SGC IN
872
20.4
17.8 / 0.3
940 /605
-2/-9/-4
Ready to capitalize on available opportunities
SGC is well placed to capitalize on strong opportunities in the underlying markets
of AP/Telangana, where demand has grown in excess of 20% YoY over the past
12-15 months. We expect cement demand in AP/Telangana to grow at 12-15%
over the next two years, driven by the government’s push toward infrastructure
development and creation of a new state capital of Amravati (Andhra Pradesh).
This is likely to result in strong volume growth for SGC.
Financial Snapshot (INR m)
Y/E March
2015* 2016 2017
Sales
6,351 8,624 9,416
EBITDA
597 1,231 1,104
Adj. PAT for OI
118
443
-39
Adj. EPS (INR)
6
22
-2
Adj. EPS Gr. (%)
L/P
274
P/L
BV/Sh. (INR)
256
269
374
RoE (%)
3
8
-1
RoCE (%)
52
9
4
Valuations
P/E (x)
6
40
NA
P/BV (x)
3
3
2
EV/EBITDA (x)
30
18
19
*Standalone
Shareholding pattern (%)
As On
Sep-16 Jun-17 Sep-17
Promoter
56.9
50.0
50.0
DII
5.6
15.5
15.6
FII
2.2
3.6
3.5
Others
35.3
30.9
30.9
FII Includes depository receipts
Stock Performance (1-year)
Sagar Cements
Sensex - Rebased
950
850
750
650
550
Diversification and low-cost capacity addition to bring in stability
In an attempt to diversify geographically, SGC is likely to increase capacity by
~35% over FY17-19 at a minimal capex of INR2b (USD20/t) by way of
debottlenecking and brownfield expansion. With capacity ramp-up in
Bayyavaram, SGC is likely to increase its presence in east, which has seen strong
growth. Low-cost capex will meaningfully improve its return ratios, in our view.
Cost efficiencies to further drive margins
SGC is likely to improve its cost curve over the medium term, led by i)
stabilization of WHRS, ii) commissioning of the 18MW thermal power unit, iii)
lead distance reduction for the eastern markets due to capacity expansion in
Vizag and iv) impact of positive operating leverage, driven by volume growth.
Available at a discount to peers
SGC intends to double capacity every 10 years via low-cost brownfield expansion
and debottlenecking projects, given that it has access to large limestone reserves.
This is likely to structurally improve its return ratios. We believe that given the
prospects of strong sustainable growth, SGC is attractively priced at EV/t of
~USD60-65 – a significant discount to replacement cost of USD110/t.
Our coverage universe is a wide representation of investment opportunities in India. However,
there are many emerging midcap names that are not under our coverage.
Spotlight
is our attempt
to feature such stocks based on fundamental analysis and site visits, without initiating formal
coverage on them. Spotlight adopts a descriptive rating system, which uses terms like Interesting,
Cautious and In Transition (see definitions alongside). We do not assign Buy, Sell or Neutral
recommendations to the stocks under Spotlight. Investors should carefully read Motilal Oswal
Research in its entirety, and not draw inferences from the ratings alone. Ratings should not be
used or relied upon as investment advice.
Interesting: Currently, the analyst
believes that this is an interesting
stock based on its fundamental
strength
Cautious: Currently, the analyst
does not have adequate
conviction based on fundamental
assessment of the stock
In Transition: Currently, the
analyst thinks that the stock is in
transition from "Cautious" to
"Interesting"
1 December 2017
3

E
CO
S
COPE
2QFY18 real GDP growth in line with estimate
Farm sector weakness to bring GVA growth to sub-6% in 3QFY18
30 November 2017
The Economy Observer
Real GDP growth picked up to 6.3% YoY in 2QFY18, in line with our estimate of 6.4% and up from its three-year low of
5.7% YoY in 1QFY18. Our theme of ‘consumption-driven
to investment-led
is finally playing out, as consumption grew
at the slowest pace in two years, while investments grew at the fastest pace in five quarters.
Real GVA growth of 6.1% YoY too was in line with our estimate of 6.2% and much better than 5.6% growth in the
previous two quarters, primarily led by higher manufacturing growth (7% v/s 1.2% in 1QFY18), which entirely offset the
weakness in services (+7.1% YoY in 2QFY18 v/s 8.7% in 1QFY18).
According to the first advance estimates of the Department of Agriculture released in late Sep’17, notwithstanding
normal monsoon, food grains production in the Kharif season is estimated to have declined 2.8% in FY18, marking the
sharpest contraction in eight years. Consequently, we have revised down our forecasts for agricultural activities.
Accordingly, we expect real GVA growth to fall below 6% YoY again in 3QFY18 before picking up to ~6.5% in 4QFY18.
This implies real GVA growth of 6.0% for the full-year FY18, down from our earlier estimate of 6.4%. It also means that
real GDP is likely to grow 6.3% in FY18, down from our earlier estimate of 6.7%.
I. GDP growth highest in three quarters…
Real GDP growth at 6.3%…:
In line with our expectation of 6.4% (and consensus
of 6.4%), real GDP growth came in at 6.3% YoY in 2QFY18, marking its highest
growth in three quarters and recovering from 13-quarter lowest growth of 5.7%
in 1QFY18
(Exhibit 1).
…driven primarily by net exports:
Exhibit 2
shows that while government
consumption expenditure was the biggest drag on GDP growth in 2QFY18
(+4.1% YoY v/s 17.2% in 1QFY18) and private consumption expenditure (PCE)
grew at the slowest pace in eight quarters (at 6.5% YoY), imports grew much
slowly at 7.5% in 2QFY18 v/s 13.4% in 1QFY18. Consequently, net imports
deducted only 1.3 percentage points (pp) from real GDP growth, as against
2.6pp in 1QFY18.
Growth drivers shifting from consumption to investments:
Further, as we have
discussed in
detail,
while consumption growth has eased substantially in
2QFY18, real investments (GFCF + change in inventories) have grown faster.
Consequently, the gap between consumption and investments has narrowed
substantially in 1HFY18
(Exhibit 3).
Without fiscal consumption spending, GDP
growth at 6.6% YoY in 2QFY18 (v/s 4.3% in 1QFY18) was the highest in five
quarters
(Exhibit 4).
II. …and GVA growth also crossed 6%
GVA grows 6.1% YoY in 2QFY18 led by better manufacturing growth:
Growth in
real GVA also picked up from 5.6% YoY in each of the past two quarters to 6.1%
in 2QFY18
(Exhibit 5).
Better GVA growth was largely driven by the
manufacturing sector, which more than offset the weakness in the services
sector
(Exhibit 6).
1 December 2017
4

Sadbhav Engineering
BSE SENSEX
33,149
S&P CNX
10,227
1 December 2017
Update | Sector: Infrastructure
CMP: INR 380
TP: INR435 (+15%)
Well placed for upcoming opportunity
Focus on balance sheet improvement
Buy
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 (%)
SADE IN
171.5
384 / 256
20/15/14
65.0
1.0
42
53.2
Financials Snapshot (INR b)
FY17 FY18E FY19E
Y/E MARCH
Net Sales
33.2
38.4
45.0
EBITDA (INR b)
3.6
4.3
5.1
NP
1.9
2.4
2.5
EPS
11.0
14.3
14.5
EPS Gr (%)
42.3
30.4
1.8
BV/Share (INR)
96.8 109.7 122.8
P/E (x)
34.6
26.5
26.1
P/BV (x)
3.9
3.5
3.1
RoE (%)
12.0
13.8
12.5
RoCE (%)
7.9
9.0
10.2
Shareholding pattern (%)
Sep-17 Jun-17 Sep-16
As On
Promoter
46.8
46.8
46.8
DII
25.5
25.3
25.3
FII
16.6
18.2
17.6
Others
11.1
9.7
10.4
FII Includes depository receipts
Stock Performance (1-year)
Sadbhav Engg.
Sensex - Rebased
400
350
300
250
200
We recently met management of Sadbhav Engineering (SADE) at our ‘Midcap
Conference’.
SADE sees robust business opportunity coming up in the road sector post the
Bharatmala project announcement – the company expects annual awarding from the
NHAI to be ~INR800b in FY18 versus INR600b in the previous year.
The company has maintained its standalone revenue guidance of INR38b/INR45b for
FY18/FY19, and expects the operating margin to be in the range of 11-12%. Order
inflow is expected to be ~INR70b for FY18.
Management has reiterated its commitment to reduce debt incrementally by ~INR2b
to INR12.5b by end-FY18.
Focus on strengthening balance sheet quality:
SADE’s balance sheet quality
improved in 1HFY18, led by its focus on reducing debt and overall working
capital requirement. The company was able to bring down debt by INR3.5b in
1HFY18, and expects a reduction of another INR2b in 2H. Debt reduction would
be driven by the recovery of stuck debtors and the receipt of mobilization
advance and also money from loans given to SIPL. A lean balance sheet would
provide SADE with the necessary growth capital to take advantage of the
massive capex planned by the government under the Bharatmala program.
Expect NHAI ordering to pick up in 4Q, project pipeline provides confidence:
SADE expects NHAI ordering to be ~INR800b this fiscal, as against INR600b in
FY17. The company expects ordering to pick up hereon, especially in 4QFY18.
The NHAI has already floated RFP of INR600b, which should be finalized by end-
FY18. SADE expects order inflow of INR70b in FY18, of which it has already
bagged orders worth INR35b in 1HFY18.
Expect execution of INR38/INR45b in FY18/FY19:
SADE expects revenue
booking of INR38b in FY18 and INR45b in FY19. Given its strong order book of
INR77b – of which 40% is captive in nature – SADE expects execution to pick up
significantly. The company expects revenue growth of 18-20% over FY18-20 and
an operating margin of 11-12%.
Traffic to grow strongly in 2HFY18:
SADE has witnessed average traffic growth
of 7% in 2QFY18 across its BoT portfolio. Furthermore, it expects traffic growth
to be ~10% in 2HFY18, given the low base (impact of demonetization) and an
improvement in traffic across projects.
Cost of borrowing to reduce further for BoT portfolio:
SADE’s subsidiary SIPL is
in the final stages to refinance the Maharashtra border check-post project, after
which it expects the cost of borrowing to come down to 9.2% from 9.8% in
FY17. It also plans to raise INR5.5b of loan on MBCP and use it to repay loan to
SADE and Rohtak Hissar project. SADE’s consolidated debt stands at INR80.2b.
1 December 2017
5

River linking, metro to provide strong opportunity:
SADE expects the river
linking and metro projects to provide massive business opportunity over the
medium term. Government has announced plans to inter-link more than 60
rivers across India to reduce floods and address the issue of water shortage in
India. Total capex planned for the project is INR5.5t, and the first project is
expected to be awarded over the next one year. SADE has all pre-qualifications
in place, and the scope of work includes construction of canals and dams.
SADE also expects metro to provide strong opportunity (INR800b) in the
medium term. SADE has worked on the DMRC project, and thus, fulfills the pre-
requisites for the metro projects.
Valuation view:
We believe that SADE is well placed to take advantage of the
upcoming opportunity in the INR7t road sector, given its execution capability,
management bandwidth and recent balance sheet improvement. Over FY17-20,
we expect a CAGR of 17% in revenue and 16% in earnings. We maintain our
Buy
rating with an SOTP-based TP of INR435, valuing its EPC business at INR265 (16x
its Dec’19E EPS of INR16.4) and its SIPL stake at INR170 (15% discount to CMP).
Exhibit 1: SOTP Table
Particulars
Sadbhav Standalone
SIPL stake
SOTP Value
Segments
EPC
business
Value
(INR m)
45,466
Value per
share(INR)
265
170
435
Source: MOSL, Company
Rationale
At 16x DEC19E EPS
Valued using current market cap of SIPL and
ascribing a holding company discount for SEL
stake in SIPL
Subsidiary 28,649
73,665
1 December 2017
6

Indo Count Industries
BSE SENSEX
33,149
S&P CNX
10,227
30 November 2017
Update | Sector: Textiles
CMP: INR118
TP: INR128(+9%)
Neutral
Multiple headwinds hurting margins
But capacity ready to capitalize on business environment turnaround
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 (%)
ICNT IN
197
210 / 95
-1/-40/-49
23.9
0.4
214
41.1
We recently hosted Indo Count Industries’ (ICNT) management at our ‘Midcap
Conference,’ wherein we gained detailed insights into how the overall textiles business
environment is shaping up post a muted 1HFY18. We note that the first half of the
current fiscal for textiles was plagued by multiple headwinds – from sharply higher raw
material prices, to a reduction in duty drawback and ROSL rates. However, encouragingly,
cotton prices have started correcting this quarter, partly easing pressure on margins.
Financials Snapshot (INR b)
2017 2018E 2019E
Y/E Mar
Net Sales
22.6
21.0
23.0
EBITDA
4.3
3.2
3.9
PAT
2.6
1.6
2.1
EPS (INR)
13.0
8.0
10.7
Gr. (%)
-10.7 -38.2
32.9
BV/Sh (INR)
42.9
51.9
63.9
RoE (%)
34.8
17.0
18.5
RoCE (%)
26.5
15.2
17.3
P/E (x)
9.1
14.7
11.0
P/BV (x)
2.8
2.3
1.8
Shareholding pattern (%)
Sep-17 Jun-17 Sep-16
As On
Promoter
58.9
58.9
58.9
DII
4.7
4.7
1.9
FII
10.7
14.3
14.9
Others
25.6
22.1
24.3
FII Includes depository receipts
Stock Performance (1-year)
Indo Count Inds.
Sensex - Rebased
240
200
160
120
80
ICNT’s margins contracted significantly by 645bp YoY to 15% in 1HFY18, led by
multiple factors:
Higher raw material prices:
ICNT reported a 64bp YoY rise in raw material
prices in 1HFY18 (+260bp in 2QFY18), as cotton prices increased sharply to
INR42,000 per candy. However, prices have corrected back to INR38,000
per candy, backed by an improvement in cotton acreage.
Increase in fuel and job work charges:
Other expenses increased by 485bp
YoY in 1HFY18, mainly driven by higher power, fuel and job work charges.
One-offs:
The company suffered from GST-transition related issues (impact
of ~INR60m) in 1HFY18. INCT also reported an MTM loss of INR140m
during the same period, which impacted profitability.
Partial relief on incentive front:
With effect from 1
st
October 2017, the Indian
government had modified the incentive rate structure, with the duty drawback
rate reduced from 7.5% to 2%, and the ROSL from 3.9% to 1.55%. However, in
the most recent announcement, the government has increased the MEIS rate
from 2% to 4%, and the ROSL rate for cotton garments has been set at 1.7%.
The earlier announcement was expected to erode margins by ~250bp, but the
latest revision should lower the impact to ~100bp.
ICNT leverages three major incentive schemes by the government: Duty
drawback (currently at 2%), MEIS (at 4%) and ROSL (at 1.7%). The present
incentive structure, however, still has a shortfall compared to the pre-GST era.
This exerts pressure on exports due to increased competition from countries
that enjoy duty free access in EU and other markets.
Demand intact, recovery in business environment to boost profitability:
The
textiles sector has been facing pressure on margins, but growth at the macro
level in major markets has been stable. Overall US imports of cotton textiles
grew more than 5% YoY in 2017, with India’s share increasing by 12.5% YoY.
India’s share in EU too has increased 3.4% YoY in 2017. In comparison, China’s
share declined slightly by 0.6% in the same year.
1 December 2017
7

ICNT has maintained its market share of 13% in the US. It now holds a market
share of ~10% in the UK, where it supplies to 13 retailers. The focus would be to
ramp-up utilization (now at ~60%) to benefit from operating leverage. The
company would also focus on expanding its revenue share from institutional and
fashion bedding (its share increased by 300bp YoY to 13% in 1HFY18).
Valuation
view:
1HFY18 was disappointing for ICNT for multiple reasons: GST
transition-related issues, higher cotton prices, increase in fuel and job work
charges, and lower incentives. However, the company is expected to deliver
growth of ~8% YoY in 2HFY18 – just enough to absorb de-growth in 1HFY18,
resulting in a flattish FY18. ICNT has its capacity ready to leverage on any
turnaround in the business environment. Also, with an increased focus on
improving utilization and share of value-added products, the long-term growth
outlook for ICNT appears promising. We therefore keep our estimates
unchanged, and value the stock at 12x FY19E EPS, arriving at a target price of
INR128 (9% upside).
1 December 2017
8

Sector Update | 30 November 2017
Automobiles
Nov-17 Sales Estimates
Strong wholesales on low base of previous year
Rural sentiment remains positive, new products drive sales
Mr. Y S Guleria,
VP - Marketing and
Sales,
HMSI, said
“There are early signs that
the farmer is out there in
the market. Retail off take,
which normally slows down
after the festive season, has
seen a pick-up of walk-ins
and buying in central India"
Our channel checks indicate healthy retail growth in PVs, and mixed demand in 2Ws and
CVs. Retail demand has dampened after remaining healthy in the festive season. Untimely
rain in key markets like Maharashtra and Tamil Nadu partially negated the impact of
healthy wedding season demand for 2Ws in the northern belt. PV demand, led by MSIL,
was healthy on the back of new launches. CV demand, with the exception of tippers, was
subdued, with discounts increasing sequentially. Tippers are witnessing better demand.
Growth rate in rural markets is gradually surpassing that in urban markets. Scooters and
new product launches are driving urban demand, while an improvement in sentiment and
better crop realization (of key crops like onion, cotton, mustard and grapes) are supporting
rural demand. Impact of previous year’s low base (when it was hurt by demonetization) is
expected to lead to most OEMs reporting double-digit wholesales growth in November
2017.
Key highlights:
MSIL’s domestic dispatch growth is expected to be 9.2% YoY. Demand for
Baleno,
Brezza,
New
Dzire
and
S-cross
remains robust, as these models enjoy a healthy waiting
period. Mini segment sales are expected to be lower by 15.1% YoY, while
CIAZ
sales
are expected to be weak (-30.1% YoY) due to the impact of GST on hybrid cars. Strong
growth in the compact segment (+20.1% YoY) will be led by the new Dzire.
Tata Motors’ PV segment is expected to grow 21.3% YoY, led by its new SUV
Nexon.
CV segment is expected to grow by 30.1% YoY, led by an estimated increase of 36.1%
YoY in LCV sales and 22.6% YoY in M&HCV sales.
MM’s volumes are expected to increase 41.3% YoY, as tractors, UV and 3W volumes
are likely to increase by 44.8%, 37.7% and 51.8% YoY, respectively.
In 2Ws, BJAUT is expected to report 29.7% YoY growth, led by an increase of 35.9%
YoY in domestic sales and 21.3% in exports.
HMCL is expected to report 23% YoY growth in sales.
TVSL is expected to witness 27.5% growth in domestic sales, as motorcycles, scooters
and 3Ws are likely to grow by 54.6%, 36.7% and 36%, respectively. Moped sales are
expected to decline by 7.8% YoY. Exports are expected to improve by 21.8% YoY.
We expect RE volumes to grow by a healthy 26.5% YoY to 72.5k units.
We expect AL’s wholesales to grow 22.2% YoY (LCVs: 32.3% YoY, HCVs: 18.4% YoY),
while TTMT and VECV’s CV sales are expected to grow by 30.1% and 52.8%,
respectively.
We prefer 4Ws over 2Ws and CVs due to stronger volume growth and a stable
competitive environment. While we expect 2W volumes to benefit from a rural
recovery in the near term, competitive intensity remains high in the segment due to
changing customer preferences.
Our top picks in autos are MSIL, Bajaj Auto, Tata Motors and Amara Raja. We also
consider MM as the best bet on a rural market recovery.
1 December 2017
9

Exhibit 2: Snapshot of volumes for Nov-17
MoM
YoY
MoM
Company Sales
Nov-17 Nov-16 (%) Oct-17 (%)
chg
chg
Maruti Suzuki
148,970135,550 9.9 146,446 1.7
LCVs
770
105
872 -11.7
Vans
12,900 12,238 5.4 12,669 1.8
Mini Segment
33,000 38,886 -15.1 32,490 1.6
Compact (incl Dzire Tour) 63,000 52,448 20.1 62,480 0.8
Mid Size - CIAZ
3,800 5,433 -30.1 4,107 -7.5
UVs
24,500 17,215 42.3 23,382 4.8
Total Domestic
137,970126,325 9.2 136,000 1.4
Export
11,000 9,225 19.2 10,446 5.3
Mahindra & Mahindra 70,300 49,761 41.3 91,411 -23.1
UV (incl. pick-ups)
38,200 27,739 37.7 43,801 -12.8
LCV
1,100 807 36.3 1,222 -10.0
Three-Wheelers
6,000 3,953 51.8 6,126 -2.1
Tractors
25,000 17,262 44.8 40,262 -37.9
Tata Motors
49,450 38,900 27.1 56,065 -11.8
HCV's
14,100 11,504 22.6 16,500 -14.5
LCV's
19,500 14,326 36.1 22,961 -15.1
CV's
33,600 25,830 30.1 39,461 -14.9
Cars
10,100 11,768 -14.2 11,403 -11.4
UV's
5,750 1,302 341.6 5,201 10.6
Hero MotoCorp
590,000479,856 23.0 631,105 -6.5
Bajaj Auto
350,000269,948 29.7 382,464 -8.5
Motorcycles
295,000237,757 24.1 325,778 -9.4
Total Two-Wheelers
295,000237,757 24.1 325,778 -9.4
Three-Wheelers
55,000 32,191 70.9 56,686 -3.0
Domestic
210,000154,523 35.9 247,210 -15.1
Exports
140,000115,425 21.3 135,254 3.5
Ashok Leyland
11,700 9,574 22.2 12,914 -9.4
CV (ex LCV)
8,200 6,928 18.4 9,110 -10.0
LCV
3,500 2,646 32.3 3,804 -8.0
TVS Motor
285,000224,971 26.7 317,411 -10.2
Motorcycles
105,000 67,896 54.6 125,409 -16.3
Scooters
100,000 73,135 36.7 106,910 -6.5
Mopeds
72,000 78,057 -7.8 76,045 -5.3
Three-Wheelers
8,000 5,883 36.0 9,047 -11.6
Total Domestic
245,000192,142 27.5 271,974 -9.9
Total Exports
40,000 32,829 21.8 45,437 -12.0
Eicher Motors
Royal Enfield
72,500 57,313 26.5 69,492 4.3
VECV
4,685 3,067 52.8 5,166 -9.3
Domestic LMD
2,400 1,450 65.5 2,903 -17.3
Domestic HD
925
457 102.4 1,051 -12.0
Domestic Buses
580
501 15.8 509
13.9
Total Domestic
3,905 2,408 62.2 4,463 -12.5
Exports
780
659 18.4 703 11.0
YoY
FY18YTD FY17YTD
(%)
FY18
Gr.
chg estimate (%)
Residual
Growth
(%)
15.7
16.0
10.7
46.8
0.3
6.6
16.8
3.1
51.1
11.9
14.5
31.0
11.6
10.5
4.0
9.0
6.5
8.0
85.8
26.4
27.2
22.0
22.0
70.4
28.0
26.1
19.8
12.5
51.7
-0.3
56.1
39.4
3.0
72.0
-13.2
63.8
27.3
12.4
7.9
5.4
12.0
1.8
43.2
Residual
Monthly
Run rate
154,007
750
14,279
36,933
67,344
5,279
18,272
142,857
11,150
66,773
42,202
1,724
4,913
17,934
53,040
17,837
19,276
37,113
11,845
4,082
616,819
322,195
275,803
275,803
46,391
186,656
135,539
17,476
13,332
4,144
214,052
104,821
97,412
74,674
8,957
155,785
58,267
74,968
6,135
2,510
1,169
1,241
4,920
924
FY18 YTD
Monthly
Run rate
147,763
625
13,086
35,652
61,341
5,255
21,516
137,475
10,288
72,706
38,221
1,173
4,474
28,838
46,066
12,856
18,767
31,623
11,204
3,239
636,661
336,551
289,402
289,402
47,149
200,632
135,919
11,760
8,572
3,189
294,138
115,717
99,102
71,903
7,417
249,363
44,775
66,107
4,515
2,244
777
842
3,862
653
1,182,105 1,036,256 14.1 1,798,133 14.6
4,999
268
8,000
104,688 102,783 1.9 161,802 6.4
285,217 280,474 1.7 432,948 4.6
490,726 401,349 22.3 760,103 30.0
42,042 43,403 -3.1 63,159 -2.0
172,130 127,182 35.3 245,218 25.3
1,099,802 955,459 15.1 1,671,231 15.7
82,303 80,797 1.9 126,902 2.3
581,649 530,908 9.6 848,740 19.9
305,769 286,592 6.7 474,576 8.5
9,382
8,320 12.8 16,279 13.5
35,792 37,304 -4.1 55,444 6.0
230,706 198,692 16.1 302,441 15.0
368,528 350,311 5.2 580,688 7.1
102,845 107,265 -4.1 174,193 -0.9
150,136 138,247 8.6 227,240 8.7
252,981 245,512 3.0 401,433 4.3
89,635 93,144 -3.8 137,014 0.0
25,912 11,655 122.3 42,240 106.6
5,093,285 4,711,896 8.1 7,560,559 13.5
2,692,408 2,652,708 1.5 3,981,186 8.6
2,315,213 2,315,603 0.0 3,418,427 6.2
2,315,213 2,315,603 0.0 3,418,427 6.2
377,195 337,105 11.9 562,759 26.2
1,605,054 1,671,316 -4.0 2,351,677 4
1,087,354 981,392 10.8 1,629,509 15.5
94,083 86,713 8.5 163,988 13.0
68,573 65,870 4.1 121,901 7.6
25,510 20,843 22
42,087 32.5
2,353,103 2,064,187 14.0 3,209,311 9.8
925,736 803,957 15.1 1,345,018 25.4
792,815 591,321 34.1 1,182,462 35.8
575,220 620,483 -7.3 873,915 -4.0
59,332 48,426 22.5 95,158 37.4
1,994,907 1,780,709 12.0 2,618,045 4.8
358,196 283,478 26.4 591,266 38.9
528,857 430,864 22.7 828,730 24.3
36,123 36,579 -1.2 60,662 3.9
17,950 16,615 8.0 27,989 8.0
6,212
6,674 -6.9 10,887 -2.0
6,735
7,837 -14.1 11,700 -4.6
30,897 31,126 -0.7 50,576 0.2
5,226
5,453 -4.2
8,922 11.0
1 December 2017
10

In conversation
1. CAPITAL FIRST: Expect growth of around 30% in FY18; V
Vaidyanathan, Executive Chairman
Expect to close FY18 with a loan book of anywhere between Rs 26,500-27,000
crore which will be 30 percent growth over the last financial year.
Demand in consumption sector is very strong.
Financial sector is set for a compounded growth from now on.
2. MANAPPURAM GENERAL FINANCE: Loan growth may be 5-
10% in H2FY18; VP Nandakumar, MD & CEO
Stake sell spread in the market was absolutely false news. Do not intent to exit.
May look at paring stake at an appropriate stage.
Loan growth may be 5-10 percent in second half of FY18.
Non-performing asset (NPA) level for loans will be below 1 percent post
December.
Collections are more than 99 percent and assets under management (AUM)
growth are stable now.
3. UNITED BANK OF INDIA: Not looking to increase deposit rates
at present; Pawan Kumar Bajaj, MD
Interest rate depends upon the liquidity position of the bank.
Overall market liquidity has come down but bank still has excess liquidity.
SBI has raised rate of interest by 100 bps for bulk deposit. Rates are very low;
much below the reverse repo rate and even by increasing 100 bps, do not think
bank will lose anything if they have assets to finance.
Not thinking of doing the same. Will review the situation afterwards to see if
liquidity will tighten again in the market. Earlier were offering better rates than
SBI for these kind of deposits.
Regarding capital requirement, lot of data has been submitted to the
government's department of financial services. However, right now not aware
of how much bank will get.
Have plans of raising capital from the market and have got permission from Sebi
and government of India to raise Rs 1,000 crore by way of qualified institutional
placement (QIP).
1 December 2017
11

From the think tank
1. A tale of many ratings
In August 2011, international rating agency Standard and Poor’s (S&P) cut the
long-term credit rating of the US by one notch from AAA to AA plus. This was the
first time that the US lost its top-tier rating in 70 years, putting it behind more
than a dozen countries, including Australia, Canada and Germany. The rating
downgrade was also accompanied by a change in outlook from “stable” to
“negative”. This was a big jolt, not to mention loss of prestige for a country which
is considered the epicentre of the global financial system. For any other country, a
downgrade in sovereign ratings would imply that investors would become
reluctant to hold its bonds, and yields would have to rise so as to attract buyers
into the government bond market
2. India’s deteriorating public discourse
India is the largest supplier of generic drugs in the world, and Indian
pharmaceutical companies have famously succeeded in pushing down the cost
of medication in many countries across the world. Yet, too many Indian citizens
do not get access to medicines owing to high costs. The preferred solution of the
government right now—price control—is suboptimal. The problem starts with
the thin insurance cover that leads to most patients paying for medical expenses
out of their pockets after they have been diagnosed with an ailment. The latest
National Sample Survey Office (NSSO) survey on healthcare, in 2014, shows that
86% of the rural population and 82% of the urban population were not covered
under any scheme of health expenditure support, and that medicines are a
major component of total health expenses—72% in rural areas and 68% in
urban areas.
3. Telecom on the rocks with a twist of IUC
In September, the Telecom Regulatory Authority of India (Trai) cut interconnection
usage charges (IUC) to 6 paise per minute from 14 paise per minute, triggering
howls of protest from incumbents. Has the regulator indeed accelerated the move
toward VoLTE (voice over long-term evolution) networks and thereby violated the
principle of technology neutrality? The service provided by one network to another
to provide access to its members is called interconnection. When a subscriber of
network 1 calls the subscriber of network 2, then network 1 is called the sending
network and network 2 is called the terminating network. The sending network
pays the terminating network an IUC for the connection and the terminating
network incurs a cost of termination.
1 December 2017
12

International
4. Bitcoin is still sucking up all the crypto oxygen
With all this love for bitcoin, spare a thought for the little guy. Despite a
plethora of new coins coming online in the past year, and the emergence of
ethereum as an alternative cryptocurrency, bitcoin is still sucking up most of the
oxygen. Without a doubt, the new coins’ sponsors owe a debt of gratitude to
bitcoin for blazing a trail. But you’d think some of them might enjoy more of the
spotlight. Take ethereum. Despite a widespread belief that it’s more versatile
than bitcoin because of a technical ability to support other uses such as smart
contracts, its coin (called ether) has been slower to take off. Sure, growth has
been phenomenal, including a 55-fold increase over the past 12 months, but not
quite at the long-term rate enjoyed by bitcoin.
1 December 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
28.5
25.9
23.5
53.1
43.0
19.2
48.9
53.9
35.9
25.3
21.5
26.0
45.9
34.6
20.4
61.2
30.0
34.9
26.5
29.3
23.0
32.6
20.1
18.3
34.6
NM
37.3
43.5
13.2
21.0
30.8
28.2
NM
19.9
39.6
13.4
NM
28.3
1,077.3
20.3
121.3
NA
54.0
46.7
28.5
27.8
20.8
61.6
35.8
83.0
17.6
28.3
26.3
21.3
36.3
44.4
21.7
36.8
45.9
20.0
26.0
19.9
18.8
24.9
29.9
16.4
48.2
25.3
29.2
21.8
85.4
19.9
27.0
22.6
19.8
27.3
17.9
31.2
31.6
17.7
17.2
25.9
9.4
61.7
23.1
9.4
10.7
7.4
20.7
21.9
NM
21.2
52.5
37.8
32.4
21.4
21.6
16.4
50.8
32.5
78.7
14.4
5.3
5.6
5.6
7.9
7.1
3.0
15.3
10.3
3.6
3.5
7.2
3.3
2.8
7.2
2.4
14.2
5.2
2.4
2.7
2.2
2.2
5.5
2.3
1.3
4.8
0.7
4.8
4.6
1.3
3.3
3.5
1.1
0.9
0.8
0.6
1.3
0.3
1.0
1.5
0.5
1.1
NA
10.3
5.5
3.0
4.6
2.5
18.5
6.6
NA
4.2
4.6
5.1
5.0
6.8
6.4
2.7
11.5
8.6
3.1
3.2
6.3
2.9
2.6
6.2
2.1
11.6
4.5
2.0
2.2
2.2
1.7
4.9
2.4
1.2
4.3
0.7
4.3
3.3
1.2
2.8
3.1
1.0
0.9
0.8
0.5
1.2
0.3
0.9
1.4
0.6
1.0
5.0
6.1
4.5
2.7
3.9
2.2
15.1
6.0
NA
3.8
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)
799
118
3,312
694
20,327
1,791
29,981
1,265
717
205
3,642
1,411
246
8,602
405
719
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
-
9,866
575
764
7
14
27
22
-2
18
16
5
-4
24
5
18
15
42
6
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
536
185
148
111
1,852
308
55
1,662
74
1,000
518
33
307
680
197
209
146
2,150
355
56
2,000
100
1,179
665
36
382
27
6
41
32
16
15
2
20
35
18
28
10
25
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
169
196
373
61
393
127
176
320
164
201
201
386
49
438
150
250
415
175
19
2
3
-18
12
18
42
30
6
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
195
1,729
981
703
1,278
617
502
1,678
371
1,206
231
2,300
-
925
1,500
690
500
2,000
370
1,550
19
33
32
17
12
0
19
0
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
1 December 2017
14

Click excel icon
for detailed
valuation guide
CMP
(INR)
173
584
105
440
443
1,338
628
2,051
1,329
TP
% Upside
(INR) Downside
240
39
680
16
-
500
14
550
24
1,750
31
800
27
2,650
29
1,500
13
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
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
33.0
24.9 3.9
3.4
12.4 14.9 18.9
15.3
14.3 2.7
2.3
19.1 17.4 17.2
12.2
11.4 2.7
2.4
24.0 22.3 21.4
62.1
31.0 3.8
3.6
6.4
11.9 14.8
15.0
10.4 2.7
2.3
19.4 23.8 19.9
42.3
25.5 4.1
3.6
13.8 15.0 16.7
21.6
17.5 3.5
2.9
17.4 18.0 17.6
24.3
17.7 2.7
2.4
11.7 14.3 15.9
59.9
85.9 2.7
2.4
11.7 15.1 17.4
33.7
27.0 5.4
4.6
16.1 17.2 17.9
70.8
29.6
68.6
57.4
56.6
21.1
32.7
74.0
53.4
27.1
28.8
67.1
56.2
35.9
20.1
41.2
37.6
53.7
46.2
39.3
81.3
17.2
30.9
29.6
58.8
25.7
NM
415.4
44.8
43.8
37.7
54.6
64.9
48.8
47.8
49.1
50.9
39.0
64.9
30.4
33.6
48.6
68.9
26.2
31.3
44.8
51.0
59.9
34.2
45.0
44.3
22.5
24.8
60.5
44.1
37.1
17.5
36.3
32.3
37.8
31.9
34.8
51.8
14.3
29.7
20.9
33.7
25.8
25.9
41.3
35.4
41.2
30.3
53.2
56.6
44.3
44.8
49.0
45.4
37.9
55.8
28.1
41.1
47.0
9.0
6.1
1.0
9.3
30.8
1.3
6.4
10.5
9.7
5.2
3.4
6.2
10.3
4.9
3.3
6.4
3.9
2.7
3.6
2.6
5.6
1.7
1.0
4.0
3.5
4.5
3.4
6.0
7.8
4.8
3.5
14.5
21.3
22.1
12.6
16.9
12.4
8.2
42.5
6.9
6.3
17.0
8.0
4.7
1.0
8.8
22.6
1.3
6.0
9.2
8.6
4.4
3.1
5.5
8.7
4.5
2.9
5.6
3.5
2.6
3.5
2.5
5.1
1.6
1.0
3.4
3.2
3.9
3.0
5.4
6.5
4.3
3.2
14.1
17.6
21.1
10.8
14.4
9.6
8.0
42.3
6.8
6.4
14.8
12.7
20.6
1.5
18.0
76.4
6.2
21.2
12.4
18.2
19.2
12.5
9.3
19.8
14.3
16.9
18.0
10.3
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
21.1
36.7
11.6
17.9
3.3
20.2
51.0
2.1
18.1
21.8
19.5
19.5
13.1
9.1
21.4
12.6
17.5
16.5
11.0
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
15.5
33.6
14.6
18.1
3.3
27.8
49.8
3.3
22.2
22.6
21.2
20.2
14.0
13.1
21.5
13.2
16.4
16.3
12.1
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
18.3
37.1
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
Siemens
Solar Ind
Thermax
Va Tech Wab.
Voltas
Aggregate
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Aggregate
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Reco
Buy
Neutral
Not Rated
Buy
Neutral
Buy
Buy
Buy
Buy
FY17
5.2
38.2
8.6
7.1
29.5
31.6
29.1
84.3
22.2
Sell
Buy
Sell
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
1,395
186
92
739
265
87
867
424
510
322
1,217
1,196
1,158
1,107
603
637
1,230
210
78
685
260
90
1,150
440
570
350
1,450
1,313
1,120
930
745
550
-12
13
-15
-7
-2
4
33
4
12
9
19
10
-3
-16
24
-14
19.7
6.3
1.3
12.9
4.7
4.1
26.5
5.7
9.6
11.9
42.3
17.8
20.6
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
19.8
26.2
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
31.0
31.3
34.4
37.2
19.6
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
263
1,667
1,121
3,151
1,170
174
997
409
700
163
113
17,222
4,211
314
1,797
1,435
3,517
1,302
188
1,324
512
853
205
128
21,852
4,906
20
8
28
12
11
8
33
25
22
26
13
27
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
Neutral
Neutral
1,148
4,783
1,037
347
1,303
961
6,092
1,274
256
377
306
1,280
5,845
1,325
410
1,435
1,015
5,400
1,500
280
365
340
12
22
28
18
10
6
-11
18
10
-3
11
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
11.2
9.2
6.3
6.5
25.8
106.9
28.6
9.3
33.2
24.5
182.3
27.6
10.0
10.9
7.9
1 December 2017
15

Click excel icon
for detailed
valuation guide
CMP
(INR)
7,650
22,315
241
843
9,400
162
1,086
3,286
TP
% Upside
(INR) Downside
7,750
1
25,580
15
275
14
975
16
9,267
-1
-
1,320
22
2,970
-10
EPS (INR)
FY18E FY19E
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
Valuation snapshot
P/E (x)
FY17 FY18E
61.9
59.6
93.5
75.2
66.9
27.0
50.4
49.0
70.7
62.0
45.8
46.6
125.0 74.0
122.9 94.1
48.4
44.1
24.1
26.7
23.9
17.7
42.4
30.2
37.8
26.1
31.5
14.0
14.4
17.8
72.1
33.7
17.8
14.5
34.2
46.0
24.9
20.7
42.5
23.4
24.1
NM
11.3
23.0
34.6
22.0
24.0
29.3
26.0
15.6
70.9
24.6
28.5
32.2
37.7
76.9
14.9
16.1
56.1
29.2
14.8
21.8
31.7
35.6
19.2
37.6
34.3
25.8
28.2
138.6
10.0
20.6
26.6
18.4
16.4
31.6
30.6
28.6
8.8
14.4
26.1
80.5
16.6
NM
65.1
9.6
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY19E
24.5 22.2 40.9 39.0 40.9
37.4 29.9 40.0 39.8 44.4
3.1
2.8
6.0
10.8 13.3
13.1 10.8 28.2 24.1 23.9
44.3 36.8 39.3 64.8 62.9
2.3
2.2
5.2
4.9
8.5
12.3 10.8 10.2 15.5 16.5
24.6 17.1 21.3 18.2 20.9
13.4 12.5 27.6 28.2 29.5
5.2
5.3
7.7
4.3
5.4
6.3
3.9
5.2
3.1
1.3
3.5
3.3
10.5
2.8
3.0
2.7
5.8
5.6
2.6
3.5
8.6
5.0
4.0
2.8
1.5
4.3
3.9
2.4
2.4
17.8
3.6
2.7
2.3
2.8
3.8
17.8
4.2
2.1
4.2
1.6
4.5
4.7
6.2
3.4
5.1
5.3
3.4
5.4
3.0
1.2
2.9
2.3
12.4
2.6
2.5
2.5
5.4
4.9
2.3
3.4
7.0
4.5
3.7
2.6
1.3
3.6
3.5
2.2
2.2
13.5
3.4
2.6
2.0
2.4
3.6
14.6
3.5
2.3
4.0
1.3
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
6.7
18.2
19.9
17.0
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
6.3
15.0
19.8
19.4
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
10.1
15.3
Company
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.
Ent.Network
Hind. Media
Reco
Neutral
Buy
Neutral
Buy
Neutral
Not Rated
Buy
Neutral
FY17
123.7
238.7
3.6
16.7
132.9
3.5
8.7
26.7
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Not Rated
Neutral
520
1,992
1,370
695
432
429
600
1,043
2,286
145
565
129
2,479
541
656
819
4,413
645
802
540
553
1,288
540
2,500
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
4
26
17
30
-22
29
0
5
13
28
15
55
1
2
31
22
13
24
51
13
9
21.6 21.6
74.6 68.0
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
89.5
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
251
229
275
379
260
240
295
385
4
5
7
2
-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
178
4,107
1,308
251
140
304
215
-
1,496
282
-
-
21
14
12
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
18.1
40.0
34.4
36.9
16.7
17.9
31.2
79.8
18.0
NM
65.8
9.6
Buy
Buy
Neutral
Neutral
Buy
82
361
99
752
247
106
430
90
910
302
30
19
-9
21
22
1.0
20.0
-9.3
11.4
25.8
1.0
21.7
-2.9
11.6
25.6
2.4
25.4
0.1
20.1
30.2
1 December 2017
16

Click excel icon
for detailed
valuation guide
CMP
(INR)
99
166
378
1,309
100
26
870
569
TP
% Upside
(INR) Downside
113
14
225
36
469
24
1,640
25
130
31
27
4
1,005
16
630
11
EPS (INR)
FY18E FY19E
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
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
13.5
9.6
1.0
0.9
7.9
10.2 10.6
15.5
14.7 2.5
2.6
18.5 17.3 19.3
58.8
41.9 3.9
3.6
11.2
9.0
12.6
63.7
48.3 6.3
5.6
10.4 12.4 17.0
81.4
32.3 5.3
4.6
7.6
15.3 24.8
NM
NM
4.2
4.9 -29.4 -14.2
2.4
35.0
31.0 8.5
7.9
26.0 26.4 30.7
47.0
54.4 6.4
5.9
17.0 12.8 16.8
42.9
36.8 5.4
5.0
12.6 13.5 17.2
28.1
15.2
NM
17.2
22.1
12.8
NM
36.8
19.5
18.3
25.5
10.4
20.8
54.8
23.9
10.2
9.4
37.2
25.2
8.3
18.8
11.0
22.1
19.1
14.3
177.4
37.1
90.7
77.8
18.8
14.2
24.6
15.5
14.3
18.2
21.6
18.8
16.8
17.3
33.5
19.7
15.8
12.8
13.2
NM
12.5
17.6
9.6
NM
13.9
11.6
11.7
15.0
11.7
16.7
38.4
17.3
11.5
10.0
32.6
20.4
13.3
12.2
9.5
16.8
16.3
13.3
82.8
26.3
65.5
54.3
16.0
13.4
20.6
15.3
14.4
16.4
18.9
17.4
14.6
15.1
27.9
20.0
13.7
1.9
4.1
0.5
2.7
1.6
1.8
0.8
4.0
1.8
2.1
1.8
3.2
2.1
7.4
2.6
3.1
1.8
7.8
5.9
2.1
1.0
1.0
4.7
2.0
1.9
14.5
4.7
17.1
11.9
3.1
3.5
6.0
3.2
2.2
6.7
3.5
2.5
2.2
2.7
10.5
5.9
2.6
1.6
4.4
0.6
2.3
1.5
1.7
0.9
3.1
1.7
1.9
1.7
2.7
1.9
6.4
2.4
2.7
1.6
6.6
5.3
1.9
1.0
1.0
3.9
1.8
1.7
13.7
4.1
13.9
10.1
2.8
3.4
5.1
3.5
1.9
5.1
3.4
2.9
2.2
2.6
8.5
6.3
2.5
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
24.5
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
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
17.8
14.4
25.1
17.2
22.0
27.3
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
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
22.1
14.0
25.0
16.9
21.0
24.4
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
18.2
Company
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
Mahanagar Gas
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
Tech Mah
Reco
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
FY17
7.4
10.7
6.4
20.5
1.2
-1.9
24.9
12.1
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
240
300
172
255
82
128
77
355
296
695
326
322
209
297
87
187
43
492
394
672
36
7
21
17
6
46
-44
39
33
-3
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
Neutral
Sell
Buy
Buy
Buy
Buy
503
469
879
210
417
394
327
1,109
122
363
181
251
923
643
378
1,011
184
579
554
404
1,219
110
418
231
312
1,077
28
-19
15
-13
39
41
24
10
-10
15
28
24
17
48.3
22.6
16.1
8.8
40.7
41.9
8.8
44.0
14.8
19.3
16.4
11.4
48.3
43.1
28.1
22.9
12.1
36.4
39.5
10.0
54.4
9.2
29.8
19.0
15.0
56.7
52.1
31.9
33.6
13.2
42.8
43.6
11.3
53.8
11.5
40.5
22.8
16.7
62.1
Sell
Buy
Buy
1,775
396
819
1,270
490
850
-28
24
4
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
Buy
576
848
336
975
171
1,009
539
730
639
653
943
2,634
489
600
970
270
1,100
160
950
600
670
600
780
1,004
2,450
560
4
14
-20
13
-6
-6
11
-8
-6
19
6
-7
14
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
35.1
46.0
50.3
52.4
40.2
151.4
37.7
1 December 2017
17

Click excel icon
for detailed
valuation guide
CMP
(INR)
292
853
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
280
-4
16.9 19.1
20.1
1,020
20
52.1 52.8
72.7
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
17.3
15.3 2.8
2.6
16.9 17.0 16.7
16.4
16.2 2.6
2.3
17.2 15.3 18.4
17.8
17.6 4.1
4.3
22.9 24.4 23.2
43.9
25.8
NM
68.9
45.3
18.5
19.5
21.8
15.1
14.7
12.8
16.5
35.2
145.6
54.4
22.6
29.4
31.2
85.4
34.1
26.0
9.1
82.4
28.6
62.4
38.8
28.8
23.6
93.9
28.5
38.2
21.3
35.3
57.0
13.4
49.8
64.3
132.3 2.9
22.8 4.6
NM
1.4
126.6 12.3
-311.2 3.0
15.8
11.4
20.8
13.5
11.8
13.0
13.9
41.4
93.2
46.2
20.5
31.6
21.5
46.1
30.6
17.8
14.7
54.6
16.0
39.9
36.4
23.6
20.4
30.2
31.8
26.5
23.9
38.7
51.4
10.7
47.7
51.3
7.0
1.3
1.3
1.5
2.2
2.2
2.4
3.2
18.1
7.1
1.9
33.4
5.2
6.6
11.0
11.4
2.8
7.9
3.7
3.9
3.6
8.1
5.8
12.7
8.0
3.2
3.4
4.6
9.9
1.6
9.0
15.3
2.9
4.6
1.8
13.3
3.1
6.7
1.2
1.3
1.4
1.9
2.0
2.2
3.0
16.0
6.4
1.9
30.3
4.5
4.4
8.9
6.6
2.3
7.1
3.9
3.7
3.7
7.3
5.0
5.1
6.7
3.0
3.0
4.2
8.3
1.5
8.2
12.5
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
23.4
12.9
31.5
43.0
18.5
13.7
27.4
13.5
15.9
34.5
27.9
16.4
22.9
15.3
16.3
15.1
22.2
16.1
20.7
28.8
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
Sell
BSE
Neutral
Castrol India
Buy
Coromandel Intl Buy
Delta Corp
Buy
Eveready Inds.
Buy
Interglobe
Neutral
Indo Count
Neutral
Info Edge
Buy
Kaveri Seed
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
Team Lease Serv. Buy
Trident
Buy
TTK Prestige
Neutral
V-Guard
Neutral
497
383
94
687
680
440
110
780
37
15
17
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
276
1,014
84
181
206
95
335
1,360
51
211
261
72
21
34
-39
17
27
-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
436
1,117
735
928
400
518
261
438
1,125
118
1,291
545
396
962
2,481
172
939
951
2,775
1,829
256
2,212
89
6,575
230
425
873
578
1,100
467
523
257
400
1,291
128
1,300
738
492
1,300
3,293
209
1,170
890
3,266
1,992
301
2,300
114
5,281
167
-3
-22
-21
19
17
1
-1
-9
15
8
1
35
24
35
33
21
25
-6
18
9
18
4
28
-20
-27
12.4
7.7
10.5
12.0
16.5
17.5
19.3
46.1
13.3
29.0
8.0
17.4
75.4
10.7
26.2
41.0
15.4
43.4
126.6
10.4
32.7
35.6
149.7
104.9
9.7
66.4
10.4
176.1
6.0
13.5 15.9
41.0 45.3
13.6 12.6
16.6 24.1
3.1
5.7
12.9 14.3
43.2 63.2
13.0
8.0
15.7 23.6
19.1 34.1
6.3
9.9
24.8 26.5
86.2 105.0
7.3
8.4
10.0 31.1
33.4 29.9
72.6 104.6
85.9 76.7
7.2
6.6
38.8 43.0
6.6
8.3
132.1 137.8
3.6
4.5
13.9 14.6
8.3
9.3
115.0 100.3
17.5 22.5
8.1
12.1
37.7 32.1
51.0 46.8
34.8 17.0
10.2 13.7
13.6 23.3
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
19.2 17.6
13.0 14.5
19.5 18.0
27.4 26.9
1 December 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
-2.4
-0.1
-0.8
1.3
-1.8
-0.8
6.1
1.9
-0.7
-0.4
-1.6
-2.1
-0.8
-2.3
-2.3
-2.4
0.5
0.3
-1.5
-1.0
-2.3
-1.9
-0.6
-1.9
-2.6
-0.7
0.0
-1.8
-1.3
-0.4
-1.2
-1.7
-2.7
-2.3
-2.9
-2.5
0.4
-1.8
-1.4
-1.5
0.7
-0.8
-0.2
-1.1
-1.5
-1.8
0.0
-1.7
-2.3
-1.1
-2.2
1M (%)
17.1
-8.2
1.1
-0.3
-4.3
5.5
-7.4
12.8
-7.2
0.3
-4.9
2.6
-1.2
5.0
-7.1
-0.5
10.7
3.9
2.0
-9.2
2.1
2.4
-1.8
2.6
-11.8
-2.8
-1.5
6.5
-2.4
-2.9
6.5
-9.7
-7.1
21.3
-11.7
-13.6
2.7
-10.6
8.6
-4.1
1.8
-1.8
12.2
-4.8
0.1
-1.6
-4.4
-14.2
-5.6
7.4
3.3
12M (%)
-15.0
48.3
23.4
53.5
-0.9
39.3
38.3
113.7
122.8
13.4
14.9
18.9
25.8
63.4
-11.9
93.2
14.1
66.2
-8.0
56.6
54.4
27.8
-19.9
52.5
21.6
32.3
42.1
68.8
31.0
2.9
64.3
20.6
-12.6
55.6
5.8
27.5
24.0
8.2
Company
Muthoot Fin
PNB Housing
PFC
Repco Home
REC
STF
Shriram City Union
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
1 Day (%)
-2.7
0.5
-1.8
-0.4
-2.7
-0.8
-0.1
-0.9
-1.5
-1.9
2.4
0.5
-1.6
0.3
-2.9
-2.2
-0.1
0.0
0.0
-0.2
-0.8
-3.8
-1.2
0.8
-0.9
-0.1
-0.8
3.7
0.0
-0.8
-1.5
0.4
0.3
-1.5
-0.2
-2.2
1.2
-1.6
-0.7
-0.6
-0.9
2.2
-0.6
-1.6
0.3
-0.3
-1.0
-2.2
-1.6
2.0
-1.2
1.5
-0.7
1M (%)
-10.9
-5.0
-16.1
2.6
-9.8
12.6
-6.6
-0.5
6.1
-4.1
-8.1
17.9
5.4
-4.5
7.9
3.9
8.2
-1.5
-7.0
-5.5
12.3
-16.0
11.6
2.5
13.8
-7.3
-8.3
6.1
6.5
-2.2
-10.1
-1.0
-7.3
-3.5
-5.8
-4.3
-9.5
-5.8
-3.0
0.9
-2.7
7.9
3.3
3.6
23.0
3.1
-3.6
-5.0
-2.4
6.1
12.0
-11.1
7.2
12M (%)
46.8
47.9
-9.6
4.6
12.6
47.0
8.0
31.5
42.4
5.8
50.6
78.6
12.2
10.0
31.2
48.4
121.0
32.0
-32.5
9.9
75.6
-5.6
31.2
21.4
102.4
24.8
24.1
68.6
95.0
61.0
45.5
36.9
-0.8
15.0
20.0
21.0
11.3
17.2
18.6
57.5
11.0
22.4
17.7
32.4
22.0
50.9
9.8
7.3
21.2
22.3
66.7
-11.0
32.0
88.1
32.4
24.3
31.8
141.0
60.4
32.7
57.8
93.2
3.7
36.8
47.1
1 December 2017
19

MOSL Universe stock performance
Company
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
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
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 Cor