21 February 2018
Market snapshot
Equities - India
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33,704
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10,360
-0.2
Nifty-M 100
19,487
0.0
Equities-Global
Close
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2,716
-0.6
Nasdaq
7,234
-0.1
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0.0
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0.8
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Commodities
Close
Chg .%
Brent (US$/Bbl)
65
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1,329
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Cu (US$/MT)
7,048
-0.4
Almn (US$/MT)
2,216
-2.1
Currency
Close
Chg .%
USD/INR
64.8
0.9
USD/EUR
1.2
-0.6
USD/JPY
107.3
0.7
YIELD (%)
Close
1MChg
10 Yrs G-Sec
7.6
-0.01
10 Yrs AAA Corp
8.2
0.10
Flows (USD b)
20-Feb
MTD
FIIs
-0.1
-1.0
DIIs
0.2
1.7
Volumes (INRb)
20-Feb
MTD*
Cash
306
392
F&O
8,657
8,863
Note: YTD is calendar year, *Avg
YTD.%
-1.0
-1.6
-7.8
YTD.%
1.6
4.8
-5.7
-3.3
5.9
-3.7
YTD.%
-2.9
2.0
-2.2
-1.8
YTD.%
1.4
2.8
-4.8
YTDchg
0.2
0.3
YTD
1.2
1.6
YTD*
413
7,866
Today’s top research idea
MOTHERSON SUMI FY17: Rising CWIP weighs on RoCE
Motherson Sumi Systems’ (MSS) FY17 annual report highlights an improvement
in its operating cash flows to INR38b (FY16: INR21.9b). This was primarily on
account of release of working capital of INR6.6b, led by the increase in trade
payables by INR19.4b (FY16: INR3.3b) and the continued practice of discounting
receivables of INR18.8b (FY16: INR18b).
FCF post interest remained negative at INR34.4b on account of high capex
(INR27.8b) and acquisitions (INR41.1b). Consequently, debt increased to
INR103b (FY16: INR60b).
However, D/E was maintained at 1x with dilution and internal accruals. The PKC
acquisition led to an increase in intangibles to INR40.3b, 38% of networth
(FY16: INR3.4b, 6% of networth).
Rising CWIP and cash weighed on RoCE, which stood at 23.5% v/s RoIC ex-CWIP
at 32.9%.
Research covered
Cos/Sector
Motherson Sumi: ART (FY17)
Ambuja Cement
Mahindra CIE
Ecoscope
Aviation Monthly
Key Highlights
Rising CWIP weighs on RoCE
Margin improvement led by cost efficiencies
Op. performance above est., higher depreciation and tax
restrict PAT
Employment grows 2% YoY in 1QFY18
Domestic air passengers increase ~20% in January
Piping hot news
Coal India monopoly to end as decks cleared for mining by private players
The private sector will soon be able to mine coal and sell it to power plants,
steel mills and other users, ending the decades-old monopoly of state-run Coal
India (CIL) and its affiliates, marking a long-expected reform aimed …
Chart of the Day: Ecoscope – Employment grows 2% YoY in 1QFY18
Total employment up by 70,000 in 1QFY18, lower than
the average quarterly job creation in FY17
Quarterly change in employment in the eight selected
sectors reported under QES (in k)
Data as of the first day of the quarter
Source: Labor Bureau, MOSL
Research Team (Gautam.Duggad@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

In the news today
Kindly click on textbox for the detailed news link
1
The private sector will soon be
able to mine coal and sell it to
power plants, steel mills and other
users, ending the decades-old
monopoly of state-run Coal India
(CIL) and its affiliates, marking a
long-expected reform aimed at
boosting investment and output…
2
Reliance Industries Ltd (RIL) on Tuesday said it will buy a 5% stake in NYSE
listed Eros International Plc (Eros) through a subsidiary. RIL will pay $15
per Eros International share, which represents an 18% premium to Friday’s
closing price. The two parties will invest up to Rs1,000 crore each to
produce and acquire Indian films and digital originals across all languages,
RIL said. In a statement, RIL chairman and MD Mukesh Ambani said the
tie-up will bring further synergies to the firm’s plans, making for a win-win
partnership…
Coal India monopoly to end as
decks cleared for mining by
private players
Reliance Industries to acquire 5% stake in Eros International for
Rs1,000 crore
3
Blackstone in talks to buy 49%
in office rental business of
Indiabulls in $600 million deal
Blackstone Group, the world’s
largest private equity firm, is set
to buy a 49% stake in the office
rental business of Indiabulls Real
Estate in a $600-650 million deal,
valuing the entire portfolio at
around $1.2 billion, said people
aware of the matter…
4
The bids submitted by
ArcelorMittal and NuMetal
Mauritius to acquire debt-laden
Essar Steel Ltd are likely headed
for disqualification, potentially
putting a question mark over the
distressed steelmaker’s future and
whether lenders can recover a
significant portion of their
money…
ArcelorMittal, NuMetal bids
for Essar Steel may be
disqualified
5
Rs60,000 crore urban housing
fund gets cabinet approval
The Union cabinet on Tuesday
approved the creation of a
Rs60,000-crore National Urban
Housing Fund to finance the
government’s Housing for All
programme, which aims to build
12 million affordable housing
units in urban areas by 2022…
6
DGH may review plan to sell
60% stake in ONGC, Oil India
fields
Directorate General of
Hydrocarbons (DGH) may be
rethinking its plan to sell 60% stake
in hydrocarbon blocks held by Oil
and Natural Gas Corp. Ltd (ONGC)
and Oil India Ltd (OIL), two people
familiar with the development
said…
7
RBI issues new KYC norms for
payments banks
The Reserve Bank of India (RBI)
on Tuesday directed payments
banks to get their customers’
information verified by third
parties, in a blow to Bharti Airtel
Ltd which runs a payments bank
with customer data verified by
its own telecom business…
21 February 2018
2

20 February 2018
A
nnual
R
eport
T
hreadbare
Motherson Sumi Systems’ (MSS) FY17 annual report highlights an
improvement in its operating cash flows to INR38b (FY16: INR21.9b).
This was primarily on account of release of working capital of INR6.6b,
led by the increase in trade payables by INR19.4b (FY16: INR3.3b) and
the continued practice of discounting receivables of INR18.8b (FY16:
INR18b). FCF post interest remained negative at INR34.4b on account of
high capex (INR27.8b) and acquisitions (INR41.1b). Consequently, debt
increased to INR103b (FY16: INR60b). However, D/E was maintained at
1x with dilution and internal accruals. The PKC acquisition led to an
increase in intangibles to INR40.3b, 38% of networth (FY16: INR3.4b, 6%
of networth). Rising CWIP and cash weighed on RoCE, which stood at
23.5% v/s RoIC ex-CWIP at 32.9%.
MOTHERSON FY17
The
ART
of annual report analysis
Payables and
discounting of
receivables boost cash
flows
Intangibles soar on
PKC acquisition
Rising CWIP of INR19.3b and cash of
INR48.8b weigh on RoCE at 23.5%
(RoIC: 32.9%)
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b) /(USD b)
Avg. Val, INRm
Free float (%)
MSS IN
2,105.3
395 / 226
-9/-4/28
750.0/11.7
997.0
38.3
Dec-17
61.7
8.4
20.1
9.7
Sep-17
63.1
7.6
19.7
9.6
Dec-16
63.1
6.8
19.7
10.4
Payables boost cash flows:
Earnings to cash flow conversion
improved to 112% (FY16: 86%). CFO grew 73% to INR38b
(FY16: INR21.9b) due to the release of working capital of
INR6.6b (FY16: infusion of INR9b). This was led by (a) an
increase in payables by INR19.4b and (b) discounting of
receivables of ~INR18.8b (FY16: INR18.0b).
Intangibles soar on PKC acquisition:
MSS acquired PKC for a
consideration of INR40b, recognizing INR16.4b of goodwill and
INR20.5b of intangibles (including INR16.7b of customer
relationship). This led to an increase in intangibles to INR40.3b,
38% of networth (FY16: INR3.4b, 6% of networth).
FCF turns negative on higher capex:
Borrowings increased to
INR103b (FY16: INR60b), and INR25b was raised through a
fresh issue of shares by diluting 6% of equity. This was utilized
mainly for capex (of INR28b) and acquisitions (of INR41b). FCF
post interest and acquisitions stood negative at INR34.4b
(FY16: -INR0.6b).
Rising CWIP and cash weigh on RoCE:
CWIP of INR19.3b (18%
of NW) and cash balance of INR48.8b (46% of NW) weighed
heavily on RoCE, which stood at 23.5%, despite a higher RoIC
(excl. CWIP) of 32.9%.
Healthy revenue growth, EBITDA improves:
Revenue grew
15% (FY16: +7%) to INR431.3b, led by 20% growth in the
standalone business. EBITDA margin expanded 70bp to 9.6%,
primarily on account of standalone operations. SMRP Group’s
EBITDA margin of 6.9% weighed on MSS’ consolidated EBITDA
margin. Standalone EBITDA margin stood at 18.1%.
Shareholding pattern (%)
Promoter
DII
FII
Others
Note: FII Includes depository receipts
Stock Performance (1-year)
Auditor’s name
Price Waterhouse Chartered Accountants LLP
Sandeep Ashok Gupta
(S.Gupta@MotilalOswal.com); +91 22 39825544
Somil Shah
(Somil.Shah@MotilalOswal.com); +91 22 3312 4975
Mohit Baheti
(Mohit.Baheti@MotilalOswal.com); +91 22 3010 2492
21 February 2018
3

Ambuja Cements
BSE SENSEX
33,704
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
10,360
ACEM IN
Margin improvement led by cost efficiencies
1,986
Healthy volume growth:
Volumes rose 15% YoY to 5.9mt (est. of 6.0mt), led
522.1 / 8.1
by strong growth in the IHB segment. 4QCY17 standalone revenue of
291 / 223
INR26.8b (+20% YoY) was in line with our estimate. Realizations were higher
3/-11/-8
633.0
than estimate at INR4,565/t (+4.5% YoY; -1% QoQ), possibly due to higher
36.9
other operating income in 4QCY17.
20 February 2018
4QCY17 Results Update | Sector: Cement
CMP: INR263
TP: INR290(+10%)
Neutral
Financials & Valuations (INR b)
Y/E December
2017 2018E
Sales
104.5
116.3
EBITDA
19.0
22.9
NP
12.0
16.6
Adj. EPS (INR)
6.0
8.3
EPS Gr. (%)
29.5
38.4
BV/Sh. (INR)
101.1
107.1
RoE (%)
6.1
8.0
RoCE (%)
6.5
8.3
P/E (x)
30.3
21.9
P/BV (x)
1.8
1.7
2019E
129.7
29.2
21.6
10.9
30.4
117.5
9.7
10.0
16.8
1.6
Estimate change
TP change
Rating change
Quarterly Performance
Y/E December
Sales Volume (m ton)*
YoY Change (%)
Realization (INR/ton)
YoY Change (%)
QoQ Change (%)
Net Sales
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO Item
Extraordinary Inc/(Exp)
PBT after EO Exp/(Inc)
Tax
Rate (%)
Reported Profit
Adj PAT
YoY Change (%)
E: MOSL Estimates
1Q
5.97
9.9
4,032
-9.7
-6.2
24,060
-0.8
4,255
17.7
3,830
188
1,303
1,541
210
1,751
1,216
69.4
535
471
-85.2
Lower other expenses boost margins:
Cost/t declined 5% QoQ (flat YoY) to
INR3,700 (est. of INR3,821) due to lower other expenses (-3% YoY), led by
fixed cost-optimization measures. RM cost/t, including inventory
adjustment, declined 63% YoY/65% QoQ. Hence, adj. EBITDA/t of INR865
(+315 YoY/+22% QoQ) was higher than our estimate of INR649 due to lower
cost. EBITDA increased 52% YoY to INR5.08b (est. of INR3.9b), translating
into a margin of 18.9% (+3.9pp YoY, +3.7pp QoQ). Tax rate was higher at
24.5% in 4QCY17 v/s 8% in 4QCY16. Adj. PAT rose 56% YoY to INR2.95b.
Clinker capacity addition announced:
The board has approved 1
st
phase of
clinker plant in Rajasthan, with capacity of 1.7mt at a capex of INR13.9b.
Limited capacity addition to constrain volume growth:
We see limited
upside in ACEM from CMP due to limited volume CAGR of 5% over CY17-
CY19 (at 85% utilization in CY19) because of capacity constraints. After
factoring in an improvement in industry pricing, valuations appear expensive
at 14x/10x CY18/CY19 EV/EBITDA. We value it at 11.5x CY19E EV/EBITDA
(15% discount to peers) and see only 10% upside from current levels. We
maintain our
Neutral
stance on the stock.
(INR M)
4Q
5.09
-7.1
4,370
1.6
-0.7
22,245
-5.6
3,347
15.0
1,560
145
412
2,055
-105
1,950
157
8.1
1,793
1,889
29.9
1Q
6.02
0.9
4,208
4.4
-3.7
25,334
5.3
3,651
14.4
1,460
377
1,310
3,124
0
3,124
658
21.1
2,465
2,465
423.7
CY17
2Q
3Q
6.07
5.02
3.8
9.6
4,712
4,621
9.0
5.0
12.0
-1.9
28,600 23,196
13.1
15.1
6,510
3,544
22.8
15.3
1,439
1,403
165
313
560
1,531
5,466
3,359
0
0
5,466
3,359
1,544
635
28.2
18.9
3,922
2,724
3,922
2,724
-13.2
10.0
CY17
4Q
5.87
15.3
4,565
4.5
-1.2
26,796
20.5
5,076
18.9
1,427
217
481
3,912
572
4,484
1,100
24.5
3,384
2,952
56.3
22.98
6.9
4,546
6.2
104,469
8.0
18,956
18.1
5,729
1,072
3,591
15,745
687
16,432
3,937
24.0
12,496
11,973
29.5
Est.
4QE
5.99
17.7
4,470
3.6
-3.3
26,771
21.9
3,889
14.5
1,397
304
899
3,086
0
3,086
20
0.6
3,066
3,066
137.4
Var.
(%)
-2
2
CY16
2Q
3Q
5.85
4.58
-1.7
-6.5
4,322
4,399
3.2
2.9
7.2
1.8
25,281 20,149
1.4
-3.8
5,782
3,080
22.9
15.3
1,507
1,592
212
198
1,900
1,736
5,963
3,026
0
0
5,963
3,026
1,444
551
24.2
18.2
4,519
2,476
4,519
2,476
99.7
61.2
0
31
27
45
10
-4
21 February 2018
4

RESULTS
FLASH
BSE SENSEX
33,704
S&P CNX
10,360
20 February 2018
Results Flash | Sector: Automobiles
Mahindra CIE
Buy
CMP: INR225
TP: INR297
Op. performance above est., higher depreciation and tax restrict PAT
Conference Call Details
Date:
21 Feb 2018
Time:
02:30pm IST
Dial-in details:
+91-22-3938 1074
st
Financials & Valuations (INR b)
2017 2018E 2019E
Y/E Dec
Net Sales
65,200 65,673 70,679
EBITDA
12.6
14.0
15.1
NP
3,633 4,520 5,616
EPS (INR)
9.6
12.0
14.9
EPS Gr. (%)
107.8
24.4
24.3
BV/Sh. (INR)
95.9 107.8 122.7
RoE (%)
10.5
11.7
12.9
RoCE (%)
8.7
10.0
11.2
P/E (x)
23.6
18.9
15.2
EV/EBITDA(x)
11.8
10.3
8.4
Strong performance across segments drives consol. performance
Consol. revenue grew 42.5% YoY to INR18.5b (est. of INR14b). EBITDA
increased ~115% YoY to INR2.3b (est. of INR1.7b), with the margin coming in at
12.3% (est. of 12%). PBT (before exceptional expenses) grew ~270% YoY to
INR1.4b (est. of INR856m).
S/A revenue grew ~40% YoY to INR5.6b (est. of INR4.7b), with the merger of
the gears business accounted for in 4QCY17 (for 2HCY17). EBITDA grew ~71%
YoY (+19% QoQ) to INR583m, with the margin at a multi-quarter high of 10.4%
(est. of 9.6%), led by lower RM cost (50.2% v/s est. of 52.9%). PAT, adjusted for
the exceptional expense (VRS) of INR69m, was in line at INR181m (+66% YoY).
EU business (derived) revenue grew ~32% YoY to INR10.2b. PBIT increased 5x
YoY to INR1b, with the margin expanding ~770bp YoY (+170bp QoQ) to 9.8%.
The term of appointment of Mr Hemant Luthra as Executive Director is expiring
on 31
st
March 2018. Post this, he will continue serving as Non-Executive
Chairman for a period of two years, subject to approval of shareholders.
Key questions for management
Outlook for CY18 and update on new orders.
Update on Caterpillar order in India as well as EU.
Update on Bill Forge’s Mexican plant operations.
Whether the company is on track to attain its 2020 targets.
Valuation and view:
The stock trades at 18.9x/15.2x CY18/19E EPS. We have a
Buy
rating on the stock with a target price of INR297.
CY16
CY17
2Q
3Q
4Q
1Q
2Q
3Q
4Q
13,321 12,042 12,986 15,105 15,095 16,494 18,506
0
-5
5.9
18
13
37
0.0
11,885 10,719 11,922 13,216 13,100 14,442 16,221
1,436 1,323 1,064 1,889 1,995 2,052 2,285
10.8
11.0
8.2
12.5
13.2
12.4
12.3
779
672
380 1,170 1,233 1,334 1,399
CY16
2Q
3Q
4,042 4,007
-2.8
-7.3
398
350
9.8
8.7
172
177
11
20
52
60
267
213
90
0
177
213
64
72
36.4
33.7
113
141
170
141
4.6
49.0
CY17
2Q
3Q
4,495 4,847
11.2
21.0
427
488
9.5
10.1
182
178
18
13
43
27
269
325
0
0
269
325
93
121
34.4
37.3
176
204
176
204
25.1
86.2
CY16
51,153
45,794
5,358
2,706
CY16
4Q
5,615
39.6
583
10.4
228
33
38
360
69
291
144
49.6
146
181
65.7
16,113
25.2
1,470
9.1
710
86
206
880
90
789
274
34.8
515
574
82.0
CY17
65,200
56,979
8,221
5,136
CY17
18,688
16.0
1,794
9.6
715
76
140
1,144
69
1,075
412
38.3
663
706
23.0
Est.
4QE
13,974
12,304
1,671
12.0
856
Est.
4QE
4,710
17.9
452
9.6
184
19
37
287
0
287
101
35.3
186
186
69.6
Var.
(%)
32.4
31.8
36.8
40bp
63.4
Var.
(%)
19.2
28.9
80bp
Quarterly performance
Consolidated (INR m)
Y/E December
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Rep. PBT (before EO exp)
1Q
12,804
-4
11,450
1,354
10.6
785
Standalone (INR m)
Y/E December
Net Sales
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord expense
PBT
Tax
Rate (%)
Reported PAT
Adj PAT
YoY Change (%)
E: MOSL Estimates
1Q
4,042
-2.4
381
9.4
183
10
43
230
0
230
78
34.0
152
152
-52.6
4Q
4,022
-8.4
342
8.5
178
45
50
169
0
169
60
35.4
109
109
88.2
1Q
4,641
14.8
431
9.3
171
26
29
264
0
264
97
36.9
166
166
-2.1
25.5
1.4
-21.1
-2.3
21 February 2018
5

E
CO
S
COPE
Employment grows 2% YoY in 1QFY18
Education and health top job creators
20 February 2018
The Economy Observer
Eight selected sectors (manufacturing, construction, trade, transport, accommodation & restaurant, IT/BPO, education
and health), which constitute ~81% of total employment at units with 10 or more workers, added 70,000 jobs in 1QFY18
– lower than addition of 77,000 jobs in 1QFY17 and average quarterly addition of 104,000 in FY17. Total employment
increased 2% YoY to 21m by end-1QFY18.
Education and health sectors were the top job creators, adding 99,000 and 31,000 workers, respectively, in 1QFY18. The
manufacturing sector reduced the size of its workforce by 87,000 in the quarter.
With real non-farm GVA growth (excluding public administration & defense) of 5.5% in 1QFY18, employment elasticity
turns out to be ~0.37x, higher than ~0.32x in FY17, but slower than average of 0.46x in the recent decade (ending FY15).
Employment generation slows down in 1QFY18…:
According to the Labor
Bureau’s Quarterly Employment Survey (QES), 70,000 workers
(Exhibit 1)
were
added to the eight selected sectors in 1QFY18, lower than +77,000 in the year-
ago period and average quarterly addition of 104,000 in FY17. Total
employment stood at 21m at end-1QFY18, 2% higher than the year-ago levels –
this is in line with growth seen in FY17.
Education, health sectors top job creators:
Exhibit 2
provides the details of
sector-wise change in employment over the past three quarters. The education
sector was the top job creator in 1QFY18, adding 99,000 jobs during the quarter
– higher than the 69,000 jobs created by the sector in entire FY17. This was
followed by the health sector, which added 31,000 jobs in 1QFY18. The
construction sector added 10,000 jobs in the quarter after continuously
reducing its workforce in each of the last five quarters. The manufacturing
sector, which was the primary job creator in the last two quarters, reduced the
size of its workforce by 87,000 in 1QFY18. Of all the eight sectors, employment
in health and IT/BPO sectors grew at the fastest pace of 5.2% in 1QFY18,
followed by the construction sector (+2.9%;
Exhibit 4).
Exhibit 2: Quarterly change in employment in the eight
selected sectors reported under QES (in k)
Jan-17
83
102
2 10
29
7
7 1 3 3 0
3
2
12
18
5 13 2
Apr-17
Jul-17
99
3131
2
Exhibit 1: Total employment up by 70,000 in 1QFY18, lower
than the average quarterly job creation in FY17
(In thou)
Total employment
20,938
20,753 +185
21,008
+70
20,522 +77
20,599 +32 20,631+122
(1)
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
-87
Mfg Cons
Trade Trnsprt A&R IT/BPO
Edu
Health
Data as of the first day of the quarter
Source: Labor Bureau, MOSL
21 February 2018
6

Number of regular employees increases; contract and casual workers down
sharply:
As many as 148,000 regular workers were added to the workforce in
1QFY18
(Exhibit 4),
higher than +112,000 in 1QFY17 and average quarterly
addition of 112,000 in FY17. Contract and casual workers, on the other hand,
declined by 64,000 and 17,000, respectively, during the quarter. The number of
casual workers has been on a declining trend, falling in four of the last five
quarters. It had declined by 232,000 in FY17. On a YoY basis, the number of
contract workers rose by 3.2%, while that of regular workers rose by 2.9% YoY in
1QFY18. The number of casual workers, on the other hand, declined by a sharp
20% YoY in 1QFY18, after falling by 23% in FY17.
Employment elasticity remains low compared to the past:
Since the Labor
Bureau’s QES is based on the sixth economic census, it does not include workers
engaged in crop production and plantation (accounting for ~43% of total
employment in the economy) and public administration & defense (PAD,
employing another ~8m workers). According to the recent data published by the
RBI under the KLEMS study, employment elasticity of non-farm non-PAD sector
averaged 0.46x in the recent decade (ending FY15) and 0.54x over the past three
decades
(Exhibit 2).
With employment growth of 2% and real GVA growth (of
non-farm non-PAD sector) of ~5.5% in 1QFY18, employment elasticity turns out
to be ~0.37x, slightly higher than ~0.32x in FY17, but lower than that in the
decade ending FY15.
Exhibit 4: Change in different types of employees in the last
three quarters
Jan-17
197
172
26
Apr-17
Jul-17
Exhibit 3: YoY growth in employment in all the eight sectors
in 1QFY18
(%)
5.20
5.17
2.91
1.99
1.21
2.45
1.17
0.00
61
2.32
(In thou)
Regular
Contractual
(53)
(123)
Casual
Total
Mfg
Cons Trade Trnsprt A&R IT/BPO Edu Health
A&R = accommodation & restaurant
Source: Labor Bureau, MoSL
21 February 2018
7

Sector Update | 20 February 2018
Aviation
Domestic passenger growth
(YoY; %)
20.6
15.7 16.5
16.9 17.8
19.9
Domestic air passengers increase ~20% in January
Domestic ASK/RPK grew at 16.8/17.9% YoY; domestic PLF at 89.1%
Domestic air passengers in India grew 19.9% YoY to 11.4m in Jan-18 (v/s +17.8% YoY in
Dec-17 and +18.4% YoY in 3QFY18). Passenger growth has been in double-digits for the
last 42 months.
Domestic ASK grew 16.8% YoY in Jan-18 (v/s +16.5% YoY in Dec-17 and +14.2% YoY in
3QFY18). RPK rose 17.9% YoY in Jan-18 (v/s +17.5% YoY in Dec-17 and +18.3% YoY in
3QFY18).
Go Air’s PAX grew 39% YoY, led by ASK/RPK growth of 41.5%/40.3% in Jan-18. It
received seven NEOs in the latter part of 3QFY18, which boosted capacity addition.
IndiGo’s domestic ASK/RPK grew 15%/14.6% in Jan-18 (12.6%/11.8% in Dec-17), after
recording muted growth over the last six months due to engine issues. IndiGo received
th
seven NEOs post 17 Nov-17, which accelerated capacity addition in Jan-18/ Dec-17.
Domestic industry load factor stood at 89.1% in Jan-18 (v/s 89.5% in Dec-17 and 87.8%
in 3QFY18). IndiGo’s load factor stood at 89.7% in Jan-18 (v/s 90.8% in Dec-17 and
89.6% in 3QFY18).
Industry load factor (%)
89.2 89.5 89.1
Domestic air passengers up 19.9% YoY to 11.4m in January
83.5
84.5
84.8
India's domestic air passengers grew 19.9% YoY to 11.4m in January 2018.
Passenger growth has been in double-digits for the last 42 months.
IndiGo’s passengers grew 19.6% YoY in Jan-18 (v/s +15% YoY in Dec-17 and
+12% YoY in 3QFY18).
GoAir’s passengers rose 39% YoY in Jan-18 (v/s +38.4% YoY in Dec-17 and +34%
in 3QFY18).
SpiceJet’s domestic passenger volumes grew 17.7% YoY in Jan-18 (v/s +23% YoY
in Dec-17 and +18% in 3QFY18).
Passenger volume growth for the other airlines was as follows: Jet Airways: +10%
YoY (+16% YoY in 3QFY18) and Air India: +14.5% YoY (+19% YoY in 3QFY18).
IndiGo’s passenger market share stood at 39.8% in Jan-18 (v/s 39.5% in Dec-17
and 39.6% in 3QFY18).
SpiceJet’s market share stood at 12.6% in Jan-18 (v/s 12.7% in Dec-17 and 12.8%
in 3QFY18).
GoAir’s market share stood at 9.6% in Jan-18 (v/s 9.2% in 3QFY18); it seems to
have stabilized in the 8-9% range.
Jet Airways’ market share remained below 20% for the 22
st
consecutive month
at 16.5%. Prior to that, it had a market share of above 20% since July 2014.
Air India’s market share stood at 13.3% in Jan-18 (v/s 13% in Dec-17).
IndiGo’s domestic ASK increased 15% YoY in Jan-18 (v/s +12.6% YoY in Dec-17
and +7.2% YoY in 3QFY18); its domestic ASK share was the highest at 40.5%.
SpiceJet’s domestic ASK grew 13.7% YoY in Jan-18 (v/s 15.7% YoY in Dec-17 and
17.5% YoY in 3QFY18).
Domestic ASK grew 41.5% YoY in Jan-18 (v/s 38% YoY in Dec-17 and 32.2% YoY
in 3QFY18) for GoAir, and 9.8% YoY (v/s 10.5% YoY in Dec-17 and 13.1% YoY in
3QFY18) for Jet Airways.
8
IndiGo’s PAX market share stays highest; Go Air’s share inches up
Passenger market share (%)
Dec-17
IndiGo
Jet
AI
SpiceJet
GoAir
Others
16.7
16.5
13.0
13.3
12.7
12.6
9.6
9.6
8.4
8.2
Jan-18
39.5
39.8
Domestic ASK grows 16.8% YoY in Jan-18 (+14.2% YoY in 3QFY18)
21 February 2018

Domestic RPKs rise 17.9% YoY in Jan-18 (+18.3% YoY in 3QFY18)
IndiGo’s RPK grew 14.6% YoY in Jan-18 (v/s +11.8% YoY in Dec-17 and +9.1% YoY
in 3QFY18), with the highest market share of 41% in January.
SpiceJet’s domestic RPK grew 15.4% YoY in Jan-18 (v/s +18% YoY in Dec-17 and
+20% YoY in 3QFY18), with a market share of 12.1% in January.
GoAir’s domestic RPK grew 40.3% YoY in Jan-18 (v/s +39.8% YoY in Dec-17 and
+35.8% in 3QFY18), with a market share of 9.5% in January.
Air India’s RPK growth stood at 14% YoY, followed by Jet Airways (+12% YoY) in
January.
Domestic industry load factor at 89.1% in Jan-18 (v/s 87.8% in 3QFY18)
SpiceJet’s load factor stood at 95% in Jan-18 (v/s 95.6% in Dec-17 and 94.9% in
3QFY18); has had 90%+ load factor for the last 33 months.
IndiGo’s load factor stood at 89.7% in Jan-18 (v/s 90.8% in Dec-17 and 89.6% in
3QFY18).
GoAir’s load factor stood at 90% in Jan-18 (v/s 92% in Dec-17 and 89.9% in
3QFY18).
Jet reported load factor at 88.9% in Jan-18 (v/s 88.6% in Dec-17 and 85.5% in
3QFY18).
Air India reported load factor at 84.2% in Jan-18 (v/s 81.5% in Dec-17 and 80.4%
in 3QFY18).
21 February 2018
9

In conversation
1. SHREE CEMENTS : Expect 8-10% volume growth in FY19; HM
Bangur, MD
Will be commissioning 3 million tonne Karnataka unit in Q1 of FY19.
Not seeing a price increase as of now but demand is strong.
Plan to have 40 mt capacity little before 2020.
Expect 8-10 percent volume growth in FY19.
Demand in east India looks strong due to low base.
2. MCX : Will look to launch two more products in April 2018;
Mrugank M Paranjape, MD & CEO
Have seen positive increase in volume in the 45-50 days of Q4.
Volumes up 16 percent so far and Q4 average volume is close to pre-
demonetisation levels.
Used to clock about Rs 9,800 crore on bullion pre demonetization. Number
throughout 2017 was roughly in the range of Rs 5,000 crore and has picked up
by about Rs 1,000 crore in last 45 days. However, have a good mix with energy,
base metals and these two segments have done very well.
Hoping to get two more approvals from Sebi before end of FY18.
Will look to launch two more products in April 2018.
3. PI INDUSTRIES : Evaluating opportunities for acquisitions in
pharma space; Mayank Singhal, MD & CEO
Product mix has impacted the margin in Q3 of FY18.
Expect margin to stabilise in second half of FY19.
Will maintain margin at current levels going ahead.
Evaluating opportunities for acquisitions in pharma space.
4. SHOPPERS STOP : Target 7.5-8% like-to-like growth in coming
years; Govind Shrikhande, MD
Will launch 5 new stores in department store format and a dozen stores in
beauty format in FY19.
Believe that FY19 could bring back growth in retail.
Target 10-11 percent revenue growth in the near future.
Private labels to soon contribute 15 percent revenue from 9 percent currently.
5. SADBHAV INFRASTRUCTURE : Expect to report profit by end of
FY19; Nitin Patel, Director
Company is generating net cash every quarter. Therefore, expect to report profit
by end of FY19.
Have already generated cash profit of Rs 87 crore in Q.
8 Special Purpose Vehicles (SPVs) have undergone re-financing.
Operational SPVs have a debt of Rs 7,010 crore.
21 February 2018
10

From the think tank
1. The RBI got this one right
Last Monday, the Reserve Bank of India (RBI) issued a new circular cancelling all
the previous circulars issued in respect of the classification and restructuring of
stressed assets. Over the weekend in Chennai, I heard some expressing concern
that the move was ill-timed and that this “abrupt” withdrawal of the old debt
restructuring schemes was like adding “fuel” to the fire (of uncertainty). Perhaps
they were speaking with the benefit of hindsight after the Punjab National Bank
(PNB) scam surfaced. Of course, at the margin, the PNB scandal raises concerns
that it could be a large rock in a giant iceberg. But, one hopes that the analysis
here gives some comfort that the government’s recapitalization plan steers the
economy clear of even such a “giant iceberg”. The question is whether RBI did the
right thing in upping the ante. I think it did. As the last paragraph of the circular
stated clearly, it was acting in the context of the powers issued in exercise of
powers conferred under Section 35A, 35AA and 35AB of the Banking Regulation
Act, 1949; and, Section 45L of the Reserve Bank of India Act, 1934. Hence, I do not
deem it an arbitrary decision but a systematic one.
2. Privatize public sector banks to prevent future Nirav Modis
The latest scandal involving Punjab National Bank (PNB) and jeweller Nirav Modi
is the newest symptom of an old malady—the government owning and running
banks in India. PNB is not the first public sector bank (PSB) to lend into a hole,
and it certainly won’t be the last. Though there are multiple failures when the
hole in the wallet is as large as Rs11,000 crore, almost all these failures can be
linked to the fundamental problem of the government owning banks. PSBs are
not run like private businesses, which have a residual claimant who either
profits or bears the losses. There is no residual claimant in a PSB and the
competition in the marketplace becomes irrelevant when there is a soft budget
constraint because of the implicit sovereign guarantee. This leads to three
specific incentive problems.
3. Moving towards an investment revival
Is corporate investment finally stirring to life? There are now a few silver linings in
what continues to be a dark sky. These rays of hope deserve more attention than
they are getting right now. In its latest monetary policy statement released in early
February, the monetary policy committee of the Indian central bank said, as part of
its comments on the outlook for the Indian economy, that there are early signs of
“a revival in investment activity”. The panel that sets interest rates believes the
revival in global demand should help strengthen domestic investment. Earlier, the
World Bank had said in its June update on the global economy that gross domestic
capital formation—or investment—would overtake private consumer spending in
fiscal year 2019 as the main driver of Indian economic growth. The International
Monetary Fund (IMF) has also been expecting a private sector investment recovery
in the next fiscal year. Much of this seems to fly in the face of an overwhelming
fact: Indian industry is still struggling with the problem of overcapacity.
21 February 2018
11

4. Strategic impatience essential for it sector to realize full
potential
The story of the technology sector in India has been nothing short of miraculous. A
gravity-defying growth of an industry far removed from its markets is a case study
of entrepreneurial spirit meeting enablers like available talent and infrastructure
(the sophistication of which were not prerequisites but actually followed the
growth of the business). The tenacity and focus with which we built a $150 billion
industry also holds the key to the future. We, as an industry, continue to adapt and
build capabilities to shape our ability to win in the next orbit of growth. We have
embraced new agile and digital ways of working, the ability to learn new
technology skills and the ability to move up the value chain driving a design-first,
business-led conversation. We have built deep relationships with global clients in
different industries and also nurtured a network of alliance-partnerships with
established and emerging platforms.
International
5. The promise of telemedicine
In low- and middle-income countries, insufficient access to medical care
undermines health outcomes and disadvantages entire generations. But, in
some of the world’s hardest-to-reach communities, technology is revolutionizing
patients’ engagement with modern medicine. In a remote corner of Ghana, one
“telemedicine” program illustrates just how effective digital care can be when
coverage is extended to those on the medical margins. In 2011, our
organizations launched Ghana’s first telemedicine pilot program, with the goal
of creating a model for national expansion. Starting in the country’s Amansie
West District in the Ashanti Region, about 330 kilometers (200 miles) northwest
of the capital, Accra, we sought to improve the quality of care in isolated areas,
reduce transport times to hospitals, and lower patient costs. The program,
designed in collaboration with global telecommunications providers,
universities, and NGOs, initially covered 30 rural communities, and connected
some 35,000 people to health-care professionals through a staffed call center.
By linking these communities to a communications hub, nurses, doctors, and
specialists were digitally available 24 hours a day, offering immediate support to
patients and community-based health workers (CHWs).
21 February 2018
12

Click excel icon
for detailed
valuation guide
CMP
(INR)
807
133
3050
739
19396
1607
Valuation snapshot
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
Motherson Sumi
Tata Motors
TVS Motor
Aggregate
Banks - Private
AU Small Finance
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
Indian Bk
PNB
SBI
Union Bk
Aggregate
NBFCs
Aditya Birla Cap
Bajaj Fin.
Capital First
Cholaman.Inv.&F
n
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Sell
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
(INR) Downside FY18E FY19E FY20E FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
1035
158
4031
880
21951
1899
28
18
32
19
13
18
29
21
-16
27
14
25
31
26
35
40
14
28.3 34.7 41.4
0.9
22.7 19.4
4.9
6.2
7.7
7.8
26.7 24.0
150.3 174.1 201.6 6.5
15.8 15.8
20.2 26.8 35.2 54.2 32.7 31.5
459.1 595.2 731.7 -3.0 29.6 22.9
63.1 84.7 111.7 -32.3 34.1 31.9
1,053.
829.4
1,335.0 34.5 27.0 26.8
0
28.2 38.5 51.3 20.1 36.7 33.2
36.6 45.6 54.9 90.4 24.3 20.6
8.0
10.2 11.6 -1.3 27.5 13.6
185.0 200.1 212.6 9.4
8.2
6.2
37.7 43.9 48.4 37.8 16.4 10.1
9.0
12.0 14.9 94.3 33.0 24.3
275.6 369.9 471.3 10.8 34.2 27.4
8.1
12.5 17.5
5.0
54.7 39.6
28.0 57.9 58.5 41.1 107.1 1.1
13.9 25.1 33.9 18.5 80.5 34.9
19.8 45.2 15.1
10.6
14.7
7.4
0.9
5.5
67.0
12.5
3.0
61.1
8.6
32.7
15.8
1.9
18.2
15.3
31.0
9.0
6.6
6.5
80.6
16.5
3.2
78.9
12.2
41.5
22.7
3.8
23.9
21.6
44.6
10.9
10.2
8.2
100.9
21.0
3.9
101.4
16.8
54.2
30.3
4.9
30.8
28.6
27.2
20.3
36.6
42.2
25.5
32.5
45.1
23.3
26.3
18.8
18.8
25.2
31.7
40.2
13.2
46.7
24.7
23.3
21.4
17.5
27.6
32.6
19.0
25.6
33.0
18.7
20.6
17.4
16.1
18.9
23.6
26.0
6.4
25.9
17.0
37.6
17.1
18.2
21.6
14.1
23.1
19.3
16.2
20.6
5.5
25.2
20.7
7.1
13.0
19.8
4.6
5.7
4.7
7.1
6.1
2.5
10.3
8.7
3.5
3.3
6.0
2.9
2.4
6.4
7.2
1.8
10.7
4.4
7.1
2.0
2.0
2.1
1.4
4.1
2.4
1.1
4.2
0.7
4.2
3.0
1.0
2.8
2.9
0.9
0.7
0.7
1.0
0.7
1.2
0.5
0.9
4.3
5.7
2.6
4.0
1.9
15.3
5.0
2.9
4.0
5.0
4.2
6.0
5.5
2.2
7.8
7.2
3.0
3.0
5.2
2.6
2.1
5.5
6.0
1.4
8.0
3.7
6.0
1.8
1.8
2.0
1.3
3.6
2.2
1.1
3.6
0.6
3.6
2.7
0.9
2.4
2.6
0.9
0.7
0.6
0.9
0.6
1.1
0.5
0.8
3.3
4.8
2.2
3.4
1.7
12.6
4.3
2.4
17.3
22.1
24.2
21.0
15.2
10.1
36.2
21.0
17.2
12.6
34.0
14.4
9.9
19.8
19.2
14.7
24.9
17.8
14.1
5.9
10.1
1.4
9.4
16.7
8.1
6.8
17.0
8.9
13.2
12.2
6.9
17.6
11.0
18.3
24.7
25.3
23.5
17.9
12.3
34.6
23.9
17.3
14.4
32.0
14.4
11.8
22.8
25.4
24.3
35.3
21.7
17.2
11.1
10.4
9.5
9.8
16.6
10.1
6.9
19.1
11.9
14.3
13.8
12.7
19.9
13.3
26925 34764
1271 1540
853
714
211
268
3484 3986
709
889
226
297
8725 10972
325
437
369
515
650
741
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
575
532
164
143
92
1864
318
52
1628
67
1045
471
27
309
705
710
188
205
149
2350
405
65
2076
100
1220
680
38
410
23
34
14
43
62
26
27
25
28
48
17
44
42
33
-42.8 43.9 41.1 54.2
-4.4 111.4 43.7 36.2
5.3
22.2 21.4 22.3
-81.6 616.0 53.4 154.7
13.3 19.1 26.1 16.8
18.0 20.3 25.2 27.8
-18.3 32.0 27.6 25.4
0.4
7.0 21.9 17.3
27.0 29.2 28.5 26.7
LP
41.6 37.7
7.9
22.0 26.9 30.5 31.9
33.0 43.7 33.2 29.8
-22.6 97.1 30.4 13.9
24.8 31.2 28.8 17.0
15.6 35.1 29.8 26.7
182.1
Loss
-33.0
16.4
-8.8
978.7
PL
-72.8
NA
42.3
38.9
34.5
26.5
22.1
8.0
5.4
70.7
LP
196.8
19.3
49.5
459.4
LP
2,102
45.2
35.4
30.2
18.7
26.8
18.8
14.0
13.9
42.0
222.3
89.1
14.5
84.7
65.3
158.0
71.3
42.4
34.2
27.5
21.5
26.1
23.4
16.3
25.2
Buy
Neutral
Neutral
Buy
Buy
Buy
Neutral
145
129
311
328
117
270
111
185
150
415
430
215
375
145
28
16
33
31
84
39
30
9.8
-15.6
12.6
34.1
5.7
3.2
-40.5
16.7
1.1
37.3
40.6
8.5
18.0
5.9
23.7
3.7
70.6
46.5
15.7
29.7
15.3
14.8
8.7
NM 113.5
24.7
8.3
9.6
8.1
20.5 13.7
84.0 15.0
NM 18.8
308.7 14.0
44.6
35.9
19.8
21.6
14.6
51.0
42.1
92.5
30.7
26.5
15.2
18.2
11.5
42.9
36.9
81.2
2.0
5.5
-6.5 0.6
2.3
6.8
10.8 11.9
2.9
4.3
1.6
8.4
-16.7 2.7
0.3
5.7
12.6
20.1
13.7
20.4
14.0
32.9
17.6
21.7
12.4
19.8
15.6
20.2
15.8
32.2
16.5
21.1
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
164
1634
679
1333
545
507
1809
436
225
2330
960
1520
720
540
2260
485
37
43
41
14
32
7
25
11
3.7
45.6
34.2
61.8
37.4
9.9
43.0
4.7
5.3
61.7
44.6
73.3
47.5
11.8
49.0
5.4
7.6
82.8
56.8
89.1
59.9
14.6
57.0
6.7
21 February 2018
13

Click excel icon
for detailed
valuation guide
CMP
(INR)
1238
159
514
615
435
381
1201
532
1966
1290
TP % Upside
(INR) Downside
1630
32
240
51
608
18
750
22
575
32
475
25
1750
46
740
39
2500
1750
27
36
EPS (INR)
EPS Gr. YoY (%)
FY18E FY19E FY20E FY18E FY19E FY20E
91.1 105.1 128.3 32.8 15.4 22.1
7.4
11.0 13.5 42.2 47.1 23.2
38.5 44.3 52.6
0.6
15.2 18.7
18.6 24.2 30.0 24.0 29.6 24.1
13.9 19.2 23.0 95.8 38.7 19.4
43.8 44.8 49.3 48.1
2.3 10.2
51.4 69.0 92.3 62.4 34.4 33.7
33.4 39.0 46.0 14.6 16.8 18.1
114.2 140.0 166.8
78.7
104.8 125.9
35.4
42.1
28.2
12.1
12.6
123.6
36.0
9.8
-72.2
-12.4
84.1
19.4
35.5
15.7
10.9
18.4
-7.4
76.0
16.4
17.2
25.5
31.3
-69.0
41.2
-47.5
-33.4
31.8
34.7
-10.8
LP
713.3
LP
102.0
10.0
-7.4
-7.9
2.7
14.3
12.9
4.5
-9.6
10.6
3.1
22.6
33.1
22.8
52.0
12.0
-2.6
48.2
26.1
63.3
34.6
9.6
21.6
16.6
18.8
53.8
21.5
21.4
4.9
12.4
19.9
25.3
31.1
378.7
41.5
235.5
101.9
27.3
97.2
25.3
66.8
113.1
101.0
53.5
3.0
53.0
72.6
18.8
24.8
17.9
19.2
30.5
15.1
14.1
19.2
20.2
22.6
16.2
6.3
37.5
26.9
18.4
58.8
18.6
13.9
24.1
28.5
19.2
13.8
23.7
12.5
10.3
13.8
18.8
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
13.6 11.8
3.8
3.4
21.3 14.5
3.1
2.6
13.4 11.6
2.1
1.8
33.0 25.4
4.6
4.1
31.4 22.6
2.9
2.7
8.7
8.5
1.9
1.7
23.4 17.4
3.2
2.8
15.9 13.6
2.5
2.1
17.2
16.4
28.3
76.4
21.7
31.1
43.4
45.4
72.2
36.6
39.8
44.6
23.9
26.4
62.7
42.3
40.5
16.7
31.0
32.4
14.0
12.3
23.0
50.2
19.3
31.9
29.3
36.0
44.2
27.2
36.3
36.6
20.5
22.2
40.8
34.9
33.4
16.0
27.6
27.0
34.2
26.4
21.9
36.6
9.4
21.0
18.2
22.5
24.0
26.9
26.0
19.2
12.8
38.8
30.3
24.2
44.0
45.1
37.8
37.7
33.3
43.7
35.3
2.3
2.3
4.2
8.9
3.9
1.0
8.6
19.9
1.2
5.9
8.9
8.6
5.1
3.3
5.7
7.8
4.7
2.7
4.9
3.6
2.6
3.4
2.2
4.6
1.6
0.9
3.5
3.3
4.1
2.9
6.0
2.4
2.0
6.5
4.3
3.3
13.9
17.4
21.7
10.6
11.8
10.6
8.0
2.0
2.0
3.6
7.8
3.5
1.0
8.0
16.3
1.2
5.5
7.7
7.6
4.3
3.0
5.3
6.6
4.2
2.4
4.4
3.3
2.5
3.2
2.0
4.1
1.4
0.9
3.0
2.9
3.6
2.6
5.0
2.2
1.7
5.7
3.9
3.0
12.3
15.0
20.3
9.5
10.4
9.3
7.3
ROE (%)
FY18E FY19E
29.9 30.4
15.9 19.7
16.4 16.5
20.2 17.0
10.9 12.5
24.3 21.0
14.7 17.4
16.9 16.9
14.1
14.9
15.0
11.6
17.9
3.4
20.4
50.6
1.7
16.7
24.1
19.4
21.6
13.0
9.1
20.0
12.1
17.1
16.9
11.0
6.2
10.1
2.1
9.4
5.2
2.2
16.4
7.7
14.4
6.6
11.2
6.5
10.8
17.6
9.7
8.0
26.9
33.9
49.9
25.4
29.0
23.6
20.7
15.2
17.5
15.8
15.4
18.0
3.3
28.3
49.8
2.7
20.8
22.7
20.8
21.0
14.1
12.9
20.6
13.4
15.8
16.8
12.2
7.4
12.6
9.6
12.0
15.7
4.4
17.8
13.8
15.9
10.3
20.9
12.0
14.6
15.7
13.5
12.4
29.6
35.8
55.5
26.7
33.2
22.6
21.6
Company
Reco
Indiabulls Hsg
Buy
L&T Fin Holdings Buy
LIC Hsg Fin
Neutral
MAS Financial
Buy
M&M Fin.
Buy
Muthoot Fin
Neutral
PNB Housing
Buy
Repco Home
Buy
Shriram
City
Buy
Union
Shriram Trans. Buy
Aggregate
Capital Goods
ABB
Sell
Bharat Elec.
Buy
BHEL
Sell
Blue Star
Neutral
CG Cons. Elec.
Buy
CG Power & Indu. Neutral
Cummins
Buy
GE T&D
Neutral
Havells
Buy
K E C Intl
Neutral
L&T
Buy
Siemens
Neutral
Solar Ind
Neutral
Thermax
Neutral
Va Tech Wab.
Buy
Voltas
Neutral
Aggregate
Cement
Ambuja Cem.
Neutral
ACC
Neutral
Birla Corp.
Buy
Dalmia Bharat
Buy
Grasim Inds.
Neutral
India Cem
Neutral
J K Cements
Buy
JK Lakshmi Ce
Buy
Ramco Cem
Buy
Orient Cem
Buy
Prism Cem
Buy
Sagar Cements Not Rated
Sanghi Inds.
Buy
Shree Cem
Buy
Ultratech
Buy
Aggregate
Consumer
Asian Paints
Neutral
Britannia
Buy
Colgate
Buy
Dabur
Buy
Emami
Buy
Godrej Cons.
Neutral
GSK Cons.
Neutral
1513
154
93
720
233
82
850
420
508
383
1290
1239
1033
1156
556
558
1240
210
80
780
305
90
1040
435
640
385
1650
1285
1100
1250
700
630
-18
37
-14
8
31
9
22
4
26
0
28
4
6
8
26
13
19.8
7.1
3.0
16.6
5.1
1.1
23.2
10.6
11.4
16.1
49.0
19.8
24.4
28.6
33.2
18.0
30.1
7.9
2.9
24.6
6.5
1.9
31.3
11.6
13.9
18.7
58.1
30.4
29.6
34.7
34.8
20.2
35.0
8.4
4.0
31.2
7.7
3.0
37.1
13.2
17.2
24.1
69.3
34.6
36.7
39.0
38.4
23.0
263
1641
930
2837
1119
158
1029
415
731
147
123
973
114
16913
4133
275
1781
1234
3328
1242
148
1343
470
847
179
159
-
157
22424
5131
5
9
33
17
11
-7
31
13
16
21
29
38
33
24
6.1
7.7
9.8
47.4 62.2 76.9
8.9
42.4 50.6
54.7 77.4 107.6
35.6 119.4 145.0
3.7
7.6
10.4
44.4 56.5 76.9
9.4
18.5 25.0
24.3 30.5 38.8
3.3
5.5
10.3
2.2
4.7
6.3
25.2 50.6 70.6
5.8
8.9
12.0
423.0 435.8 724.2
89.0 136.2 178.4
27.3 42.9
23.6 34.6
19.5 105.1
39.0 51.8
21.4 31.4
37.7 42.3
36.0 23.2
35.2 44.3
27.2 30.0
88.7 44.9
33.4 55.4
39.7 38.7
34.6 19.6
66.2 40.0
31.1 46.4
30.9 41.7
20.2
25.1
19.7
16.2
19.1
14.2
17.4
52.2
56.2
44.6
45.0
43.5
50.3
40.2
1127
4737
1068
341
1044
1052
6482
1270
5995
1365
415
1505
1065
6350
13
27
28
22
44
1
-2
21.6 25.6 30.8
84.2 105.1 131.5
24.0 28.3 33.8
7.6
9.0
10.5
24.0 31.3 37.3
20.9 24.1 27.5
161.0 183.8 215.7
21 February 2018
14

Click excel icon
for detailed
valuation guide
CMP
Reco
(INR)
Buy
1334
Neutral
263
Neutral
349
Neutral
308
Neutral
7555
Buy
22713
Neutral
286
Buy
894
Neutral
9295
Not Rated 176
Buy
1055
Neutral
3215
TP % Upside
(INR) Downside
1585
19
278
6
380
9
345
12
7882
4
28270
24
314
10
1050
18
9303
0
-
1380
31
3515
9
EPS (INR)
EPS Gr. YoY (%)
FY18E FY19E FY20E FY18E FY19E FY20E
23.1 27.9 32.9 17.6 20.7 18.1
9.0
10.2 11.4
6.6
13.7 12.4
8.1
10.7 13.3 -27.7 32.0 24.2
6.4
7.6
9.0
1.2
19.2 18.4
140.0 159.1 192.3 13.2 13.6 20.8
297.1 414.8 547.0 24.5 39.6 31.9
8.9
12.4 16.8 147.7 38.7 35.6
17.7 20.8 24.1
5.7
17.8 15.5
142.1 171.3 200.8 6.9
20.5 17.3
3.5
6.4
9.7
-2.0 83.8 52.1
14.1 17.4 22.9 62.0 23.9 31.2
32.9 57.0 78.7 22.9 73.4 38.1
9.0 18.5 17.3
23.9 25.3 30.1 10.8
5.9 19.0
66.8 88.9 109.9 -10.5 33.2 23.5
54.0 65.8 81.4 -5.8 21.9 23.6
44.5 48.7 53.6 13.2
9.4 10.1
7.6
10.9 19.8 -25.3 43.1 81.5
16.8 21.0 24.4 18.5 25.0 15.8
22.4 27.0 33.0 40.9 20.6 22.0
32.9 44.0 52.7 -17.7 33.9 19.7
74.4 113.2 145.0 2.4
52.2 28.0
1.9
4.9
8.4 -81.8 160.8 71.9
30.6 32.9 41.1 -22.2 7.7 24.7
6.3
7.9
11.0 -12.4 25.2 38.7
49.1 54.9 61.1 42.9 11.9 11.2
21.4 29.2 37.3 33.2 36.6 27.7
47.8 62.6 72.5 29.5 30.9 15.8
19.0 29.1 35.7
7.0
52.7 22.8
32.3 40.2 54.1 -43.0 24.6 34.6
140.1 157.4 180.5 8.5
12.4 14.7
13.3 26.5 33.4 -5.0 99.2 26.1
14.1 40.8 55.7 -56.2 188.8 36.7
13.6 21.9 27.9 -48.1 61.4 27.7
48.0 61.3 78.5 -12.9 27.6 28.0
-16.9 32.7 24.9
5.3
25.4
16.9
13.9
9.5
24.6
14.0
16.0
19.1
21.3
18.2
17.4
LP
24.8
41.2
27.1
Valuation snapshot
P/E (x)
FY18E FY19E
57.8 47.9
29.4 25.8
42.9 32.5
48.4 40.6
54.0 47.5
76.4 54.8
32.0 23.1
50.5 42.9
65.4 54.3
50.6 27.5
75.0 60.5
97.8 56.4
44.9 37.9
23.9
32.4
24.6
12.9
75.1
24.3
26.9
30.8
29.1
81.5
17.2
18.3
49.2
29.4
19.5
27.2
25.3
34.6
34.9
51.2
41.3
28.8
29.2
22.6
24.3
20.2
11.8
52.5
19.5
22.3
23.0
19.1
31.3
15.9
14.6
44.0
21.5
14.9
17.8
20.3
30.8
17.5
17.7
25.6
22.6
22.0
23.5
9.0
22.0
24.7
15.4
13.9
25.2
18.8
22.6
P/B (x)
FY18E FY19E
43.9 43.6
6.4
5.9
6.0
5.9
15.0 14.3
22.7 21.2
30.5 24.4
3.3
2.9
11.8 10.1
36.8 30.8
2.4
2.3
10.5 9.1
16.9 12.6
12.1 11.0
4.8
5.1
6.0
2.8
6.7
5.1
3.4
5.2
2.8
1.2
2.8
2.1
11.8
3.0
3.5
3.6
2.6
6.0
3.7
2.3
3.6
4.8
3.7
2.2
1.3
3.9
3.6
2.1
2.2
3.4
2.1
3.1
4.1
4.4
4.8
2.3
6.1
4.2
3.0
4.6
2.5
1.2
2.4
1.9
13.4
2.6
2.9
3.0
2.3
5.4
3.1
2.0
3.3
4.2
3.3
2.0
1.1
3.3
3.2
1.9
2.0
3.1
2.0
2.8
ROE (%)
FY18E FY19E
76.5 91.4
22.8 23.8
13.8 18.3
33.0 36.0
43.4 46.2
39.9 44.5
10.8 13.3
25.2 25.4
61.2 61.8
4.9
8.5
14.9 16.2
17.3 22.3
26.9 28.9
21.8
16.7
26.4
24.6
8.9
22.7
12.8
16.6
10.0
1.6
16.4
13.2
23.9
10.5
19.7
14.1
10.4
17.2
11.0
4.6
8.8
17.6
12.7
5.5
15.5
23.6
13.5
13.3
11.7
11.2
6.5
10.6
19.7
19.3
25.7
21.6
11.6
23.7
13.6
21.2
13.7
3.9
15.3
13.9
30.5
13.0
21.4
18.3
12.0
17.7
19.0
12.1
13.3
19.9
14.9
8.9
13.4
16.2
13.7
12.3
15.3
12.9
10.7
12.6
Company
HUL
ITC
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
Laurus Labs
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Torrent Pharma
Aggregate
Infrastructure
Ashoka Buildcon
IRB Infra
KNR
Constructions
Sadbhav
Engineering
Aggregate
Logistics
Allcargo Logistics
Concor
Gateway
Distriparks
Aggregate
Media
Dish TV
D B Corp
Den Net.
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
571
2164
1331
574
572
409
602
1013
2162
153
525
116
2418
629
931
518
816
4844
464
724
559
1383
555
2500
1840
820
600
500
600
1100
2575
185
550
175
2500
750
1110
631
940
5000
749
989
675
1400
-3
16
38
43
5
22
0
9
19
21
5
51
3
19
19
22
15
3
61
37
21
1
Buy
Neutral
Buy
Buy
223
222
308
394
290
250
375
460
30
13
22
17
79.9 101.0 42.3
-3.0 -13.6 8.7
-17.3
14.9
30.2
8.6
18.2
28.3
15.8
Buy
Neutral
Buy
178
1293
200
223
1469
237
25
14
19
8.9
41.9
6.2
12.9
51.2
10.6
14.9
58.2
13.1
-9.3
10.3
-9.0
5.3
44.2
22.3
71.3
28.5
15.8
13.5
23.4
14.6
20.0
30.9
32.3
29.1
Buy
Buy
Neutral
73
325
105
101
420
90
39
29
-15
-0.5
18.8
-2.9
1.6
23.0
0.1
3.4
27.6
4.0
PL
-7.6
Loss
LP 109.9 NM 45.4 18.1
22.0 20.1 17.3 14.2
3.2
LP 5,545 NM 1,482.9 2.4
12.9 -11.9 33.2
2.7 20.1 20.9
2.4 -6.3 0.2
21 February 2018
15

Click excel icon
for detailed
valuation guide
CMP
(INR)
708
38
240
92
161
361
1408
101
19
909
571
TP % Upside
(INR) Downside
820
16
47
23
305
27
117
27
215
34
469
30
1760
25
130
28
27
39
1225
35
705
24
Valuation snapshot
ROE (%)
FY18E FY19E
4.5
8.4
-1.2 5.2
15.1 14.6
11.5 10.6
15.3 18.4
8.2 12.2
10.2 15.3
11.6 18.9
-15.8 2.4
26.1 30.9
18.2 20.0
14.0 17.4
14.0
35.3
-3.6
20.2
-0.9
18.4
-1.0
25.2
15.1
15.9
12.3
22.7
11.3
16.1
14.6
24.9
17.3
20.8
28.0
20.2
7.1
10.0
23.9
12.9
12.9
22.5
16.9
23.4
19.2
17.4
25.1
26.9
24.3
14.3
32.1
19.9
15.3
16.1
17.8
16.8
55.7
2.3
19.5
9.8
17.3
4.8
29.7
25.4
16.3
16.8
21.8
12.8
22.0
13.6
20.2
14.4
20.8
24.4
16.2
10.5
12.8
22.9
13.1
13.4
29.8
18.4
25.9
22.2
17.8
23.9
25.8
23.1
13.8
29.0
24.0
18.7
17.6
21.0
Company
Ent.Network
Hathway Cable
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
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
Reco
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
FY18E FY19E FY20E FY18E FY19E FY20E FY18E FY19E FY18E FY19E
8.3
16.4 28.7 -27.7 98.0 75.7 85.6 43.2
3.8
3.5
-0.2
0.8
2.0
Loss
LP 161.9 NM 50.5
2.7
2.6
25.9 28.8 32.4
0.2
11.3 12.6
9.3
8.3
1.3
1.1
11.8 12.1 12.7 59.3
2.6
4.9
7.8
7.6
0.9
0.8
9.9
12.5 15.2 -6.9 26.4 21.5 16.3 12.9
2.5
2.2
8.2
13.5 17.8 27.8 64.9 31.4 43.9 26.6
3.5
3.1
22.1 37.3 51.5
7.8
68.7 37.9 63.6 37.7
6.2
5.4
2.5
5.8
7.9 100.6 137.5 36.4 41.3 17.4
4.3
2.7
-0.9
0.1
0.6
Loss
LP 411.6 NM 153.6 3.7
3.6
27.7 35.8 42.5 11.6 29.1 18.7 32.8 25.4
8.2
7.5
13.7 17.6 21.0
2.1
28.7 19.3 41.8 32.4
7.1
6.0
12.1 43.8 28.1 37.2 25.9
5.2
4.5
19.5
21.6
-11.5
20.7
-0.5
13.7
-0.9
25.5
23.8
57.7
27.0
33.3
7.3
24.0
5.1
14.0
4.3
38.9
41.7
69.4
27.9
32.1
11.9
23.7
5.3
14.7
6.5
43.0
43.4
61.5
127.9
9.6
Loss
39.8
PL
37.6
Loss
165.2
57.4
51.9
66.7
-22.0
17.4
28.2
40.1
-14.7
-7.7
7.4
27.0
-15.0
-22.6
7.1
24.3
19.6
3.4
186.2
44.4
38.8
48.6
18.1
3.1
21.2
2.6
0.8
18.5
31.5
12.9
17.4
14.4
38.6
54.6
LP
15.9
LP
2.2
LP
52.3
74.8
20.4
55.3
9.2
22.0
59.6
4.1
-9.4
-9.4
17.2
-3.6
-7.7
56.7
32.5
13.4
11.8
12.3
29.6
26.6
27.0
27.2
12.1
3.8
10.9
9.7
10.5
13.7
24.6
14.8
16.9
22.8
3.0
-3.8
63.4
-1.0
2.6
4.7
50.2
10.7
4.2
-11.5
1.7
11.3
4.6
28.7
8.3
15.8
21.1
13.2
1.2
5.0
3.3
4.1
17.9
13.7
11.4
31.3
27.6
24.1
26.0
13.2
7.5
13.4
11.2
29.1
15.2
17.2
8.3
16.2
14.3
12.7
14.6
NM
14.7
NM
9.5
NM
14.8
13.8
11.3
15.0
12.0
17.6
41.3
15.9
11.0
9.5
31.4
17.8
9.4
13.9
10.6
17.3
15.2
12.9
65.9
23.5
66.3
51.3
16.9
14.7
20.1
17.6
16.5
21.5
21.3
19.7
17.0
17.2
9.2
9.5
34.7
12.7
13.1
9.3
20.0
9.7
7.9
9.4
9.6
11.0
14.4
25.9
15.3
12.1
10.5
26.8
18.4
10.2
8.8
8.0
15.2
13.6
11.5
50.8
18.5
52.2
40.3
15.1
14.1
18.1
16.1
15.0
18.9
17.1
17.2
14.5
14.0
1.7
6.4
0.8
2.7
1.3
1.7
1.0
3.3
2.1
1.6
1.8
2.6
1.9
6.2
2.2
2.6
1.6
6.1
4.7
1.8
1.0
1.0
3.8
1.9
1.7
14.8
3.7
14.1
9.9
3.0
3.6
5.1
4.1
2.2
6.2
4.4
3.4
2.7
2.9
1.4
4.5
0.8
2.3
1.3
1.5
0.9
2.5
1.9
1.4
1.6
2.2
1.8
5.2
2.0
2.3
1.4
5.2
4.3
1.6
0.9
1.0
3.2
1.7
1.5
15.1
3.2
13.0
8.9
2.7
3.2
4.4
3.5
1.9
4.9
3.8
3.1
2.4
2.8
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
249
316
252
305
67
131
87
377
328
651
344
342
361
339
79
215
71
492
416
778
38
8
43
11
17
64
-18
31
27
20
Buy
Sell
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
454
466
851
196
381
367
297
993
118
362
187
244
919
549
388
1014
188
530
513
416
1228
114
425
230
318
1069
21
-17
19
-4
39
40
40
24
-3
18
23
30
16
37.7
26.5
20.6
12.3
34.7
38.7
9.4
55.9
12.6
26.1
17.6
14.1
60.4
41.2
32.3
32.9
12.8
31.5
35.0
11.1
53.9
11.6
40.9
23.3
16.0
67.5
45.8
33.8
42.3
13.9
36.4
42.4
12.5
54.6
12.2
42.2
24.3
18.9
76.8
Neutral
Buy
Buy
1999
362
831
2185
685
990
9
89
19
30.3
15.4
12.5
39.3
19.5
15.9
51.6
24.9
19.8
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
613
906
334
1135
199
1416
697
866
759
743
675
950
340
1250
219
1400
725
800
800
900
10
5
2
10
10
-1
4
-8
5
21
36.2
61.7
16.6
64.4
12.0
65.7
32.7
43.9
44.6
43.1
40.6
64.1
18.4
70.7
13.3
74.7
40.8
50.4
52.2
53.0
45.9
68.9
20.9
78.6
17.2
86.1
47.8
54.6
60.6
60.5
21 February 2018
16

Click excel icon
for detailed
valuation guide
CMP
(INR)
988
2945
573
291
894
TP % Upside
(INR) Downside
1236
25
2700
-8
700
22
300
3
1100
23
EPS (INR)
EPS Gr. YoY (%)
FY18E FY19E FY20E FY18E FY19E FY20E
36.8 43.6 51.5 30.8 18.4 18.2
130.6 147.3 161.0 -2.1 12.8 9.3
39.2 40.9 47.7 26.8
4.5 16.6
17.9 18.5 21.2
6.0
3.2 14.7
54.2 64.1 85.2
4.0
18.3 33.1
4.2
5.1 11.1
3.5
3.9
7.2
14.0 16.2 17.8
-11.9 -12.9 -11.7
2.4
11.6 23.6
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
26.9 22.7
8.6
6.9
22.6 20.0
7.1
6.1
14.6 14.0
2.9
2.5
16.2 15.7
2.9
2.4
16.5 14.0
2.5
2.2
18.7 17.8
4.7
4.1
2.5
4.2
1.4
12.9
2.6
7.5
1.1
1.2
1.0
1.3
1.8
1.9
2.0
2.7
16.9
6.2
1.6
18.4
4.5
6.0
8.4
7.2
2.0
6.9
3.4
3.6
2.9
7.3
4.0
2.6
5.5
6.0
2.4
3.1
4.6
8.1
1.2
8.8
12.6
ROE (%)
FY18E FY19E
36.0 33.8
30.4 32.9
20.6 19.5
17.2 16.7
15.7 16.4
25.0 23.1
Company
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NHPC
NTPC
Power Grid
Tata Power
Aggregate
Others
Arvind
Avenue
Supermarts
Bata India
BSE
Castrol India
Coromandel Intl
Delta Corp
Eveready Inds.
Interglobe
Indo Count
Info Edge
Kaveri Seed
Manpasand
MCX
Monsanto
Navneet
Education
Oberoi Realty
Quess Corp
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Team Lease Serv.
Trident
TTK Prestige
V-Guard
Reco
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Buy
Buy
418
333
84
632
680
380
110
750
63
14
31
19
-68.7 12.2 84.4 120.0 106.9
-6.1 16.5 9.7
23.9 20.5
Loss Loss Loss NM
NM
-75.8 383.2 102.9 262.7 54.4
-
PL
Loss
LP -443.3
1,571.7
16.2
8.4
10.7
3.1
9.5
4.6
8.6
10.3
34.1
33.4
16.6
8.6
4.3
4.5
34.0
24.1
44.4
17.7
27.1
17.0
35.6
18.5
18.4
17.6
-3.5
27.3
16.4
27.1
32.1
17.7
47.9
25.8
15.4
12.1
16.8
11.1
18.6
11.3
12.7
11.6
17.7
13.6
34.9
94.5
44.7
19.3
27.2
21.2
60.1
33.5
19.7
13.4
52.1
13.8
43.4
36.3
23.7
17.8
34.7
44.2
28.6
31.6
22.8
35.5
49.6
10.2
51.3
51.6
11.6
10.3
22.0
8.8
11.1
9.6
11.9
10.8
28.2
68.8
37.0
17.8
28.9
17.6
42.7
23.5
16.5
10.1
46.3
11.7
29.5
25.7
19.6
13.9
9.8
29.9
23.7
22.6
18.4
26.9
36.1
7.9
40.2
38.8
2.4
2.1
2.3
4.2 17.0 20.4
1.8 -19.4 -24.4
10.4 4.6 21.2
2.7
7.0
1.0
1.2
0.9
1.2
1.6
1.6
1.9
2.6
14.4
5.5
1.3
17.3
3.8
5.4
6.8
6.7
1.6
6.2
3.0
3.3
2.8
6.3
3.5
2.2
4.4
5.0
2.1
2.8
4.1
6.6
1.1
7.8
10.0
-0.6
44.7
10.6
6.7
8.5
10.5
16.5
10.8
14.8
8.0
19.0
14.6
8.5
69.1
22.5
12.6
27.1
46.8
16.0
13.7
23.4
7.4
7.9
32.5
23.9
7.8
21.7
22.6
8.9
14.1
13.4
17.7
12.6
18.0
26.9
-0.2
60.8
10.4
5.5
10.8
11.3
17.5
14.5
17.3
9.4
22.6
15.7
7.4
61.8
23.4
13.2
32.0
42.1
17.4
14.0
27.1
11.8
11.0
34.5
26.9
24.2
21.0
22.9
10.2
15.9
16.0
20.1
14.5
20.7
28.8
Buy
Buy
Sell
Buy
Buy
Buy
Sell
310
981
80
27
164
195
86
401
1408
61
37
210
282
74
29
43
-23
35
28
45
-14
18.5
88.8
4.3
2.4
12.9
16.9
4.9
26.8
95.2
3.6
3.1
14.8
20.4
7.3
31.1 23.8 44.9
103.2 71.1
7.3
4.0
11.4 -15.4
3.2 -18.1 28.5
16.2
7.5
15.1
21.3 20.7 20.9
7.9
-5.8 49.0
14.5 26.3
18.8
23.0
-8.4
63.6
23.8
37.4
21.0
8.7
-5.9
20.4
40.7
42.5
19.3
32.0
12.5
18.5
47.2
41.1
20.6
28.4
Neutral
Sell
Sell
Neutral
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Neutral
396
1186
712
808
190
511
356
393
1263
100
1217
474
390
756
2486
135
473
978
838
2625
1890
280
2151
73
7077
231
402
920
578
950
242
523
382
458
1307
117
1550
664
467
1100
3293
194
608
1300
988
3500
2040
343
2700
114
5281
167
2
-22
-19
18
27
2
7
16
4
16
27
40
20
46
32
44
28
33
18
33
8
22
26
56
-25
-28
11.3
12.6
14.1
17.2
15.9 19.3 22.4 17.8
41.8 45.5 49.4
2.0
7.0
6.6
6.9
2.9
24.1 29.0 30.3 45.1
5.9
8.3
11.2 93.7
11.7 16.7 20.8 -8.7
64.0 76.4 110.4 48.2
7.5
9.9
11.7 -42.2
23.4 26.3 33.4 49.0
34.2 40.6 47.4 79.5
9.0
13.2 17.9 41.6
20.8 29.4 34.9 -16.0
105.0 126.6 149.9 21.9
7.6
9.7
11.4
3.6
13.6 48.2 46.5 22.3 253.5
22.1 32.7 41.6 124.2 47.7
29.3 35.4 41.2 -12.2 20.6
83.1 116.4 147.9 14.5 40.0
82.9 103.0 136.0 -3.5 24.2
7.9
10.4 12.2
9.1
31.6
43.3 59.6 88.1 11.6 37.5
7.2
9.2
11.6
8.4
28.1
137.8 176.1 203.2 4.4
27.8
4.5
6.0
6.7
25.3 32.9
21 February 2018
17

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
Motherson Sumi
Tata Motors
TVS Motor
Banks - Private
AU Small Fin. Bank
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
Indian Bk
PNB
SBI
Union Bk
NBFCs
Aditya Birla Cap
Bajaj Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
M&M Fin.
Muthoot Fin
1 Day (%)
0.6
0.8
0.3
0.4
-0.2
-1.7
-0.6
-0.2
-0.7
0.5
0.7
-2.5
0.8
-0.2
-0.8
0.3
-0.3
0.5
-1.4
-1.6
0.3
-1.9
-0.6
-0.7
0.0
-0.2
-0.2
-1.1
-0.6
0.8
-1.1
0.5
3.6
2.4
3.8
0.1
0.7
1.4
1.3
-0.5
0.3
-1.4
-0.3
-1.5
-0.1
0.0
-1.4
-0.4
-0.2
1.7
-3.3
1M (%)
-2.1
10.1
-4.9
0.5
-2.6
-14.2
-3.8
-0.4
10.6
-5.0
-3.0
-7.2
-6.4
-6.4
-14.8
-11.9
-9.1
-19.9
-9.9
-13.3
-7.5
-11.1
-4.5
-10.2
-10.9
-3.3
-11.5
-1.4
-10.2
-16.6
-11.2
-12.6
-21.6
-14.0
-14.0
-33.9
-12.7
-21.2
-7.2
-4.0
-11.3
1.0
-10.9
-26.7
-4.8
-9.7
-4.9
-8.0
-8.6
-7.3
-12.3
12M (%)
-6.5
41.3
9.2
37.2
-10.8
42.7
7.2
89.4
107.3
-2.1
12.3
7.8
11.5
43.2
38.7
-19.0
52.7
Company
MAS Financial Serv.
PNB Housing
Repco Home
Shriram City Union
Shriram Trans.
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
Siemens
Solar Ind
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
Sagar Cements
Sanghi Inds.
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
1 Day (%)
0.7
0.0