5 April 2018
Market snapshot
Equities - India
Close
Chg .%
Sensex
33,019
-1.1
Nifty-50
10,128
-1.1
Nifty-M 100
19,041
-1.2
Equities-Global
Close
Chg .%
S&P 500
2,645
1.2
Nasdaq
7,042
1.5
FTSE 100
7,034
0.1
DAX
11,958
-0.4
Hang Seng
11,857
-2.3
Nikkei 225
21,320
0.1
Commodities
Close
Chg .%
Brent (US$/Bbl)
68
0.0
Gold ($/OZ)
1,333
0.0
Cu (US$/MT)
6,691
-1.1
Almn (US$/MT)
1,969
0.5
Currency
Close
Chg .%
USD/INR
65.1
0.2
USD/EUR
1.2
0.1
USD/JPY
106.8
0.2
YIELD (%)
Close
1MChg
10 Yrs G-Sec
7.3
-0.04
10 Yrs AAA Corp
7.9
-0.04
Flows (USD b)
4-Apr
MTD
FIIs
0.1
0.0
DIIs
0.0
0.1
Volumes (INRb)
4-Apr
MTD*
Cash
363
329
F&O
8,956
5,693
Note: YTD is calendar year, *Avg
YTD.%
-3.0
-3.8
-9.9
YTD.%
-1.1
2.0
-8.5
-7.4
1.3
-6.3
YTD.%
1.7
2.3
-7.2
-12.7
YTD.%
2.0
2.3
-5.2
YTDchg
0.0
0.0
YTD
2.1
4.0
YTD*
386
8,127
Today’s top research idea
Technology Preview 4QFY18: Looking on expectantly
Gradual growth uptick, tier-2’s outperformance to sustain
In 4Q, YoY revenue trajectory is likely to continue to inch up. We expect such
acceleration in INFO, TCS and TECHM, and also organically for WPRO - across
our top-tier universe. Revenue acceleration in FY19, despite structural
challenges prevailing, is likely to be fuelled by the strong exit from FY18,
especially given the usual weakness associated with 4Q, with client focus on
freezing budgets for the best part of 4Q's first month and a half. Corresponding
aggregate QoQ growth is pegged at 2.9% (~2% in constant currency and 80-
120bp tailwind from cross currency).
We expect aggregate USD revenue growth of 3.5% QoQ across tier-2 IT, 60bp
higher than tier-1. While cross-currency movements will rub off positively
across the board, the INR, which is a key determinant of margins, has not
moved significantly. As a result, barring company-specific turnarounds such as
TECHM (+110bp QoQ), MTCL (+90bp QoQ) and KPIT (+80bp QoQ), we expect
margins to be range-bound.
Research covered
Cos/Sector
Technology
Preview 4QFY18
Grasim Industries
Ecoscope
Capital Goods (Capex)
Key Highlights
Looking on expectantly
Gaining scale via capacity addition
Economic activity growth at a four-month low in February 2018
New project announcements decline sharply in FY18
Piping hot news
Skymet forecasts: Normal rain expected, ups farm prospects
Boosting the prospect of robust foodgrain production in the 2018-19 (July-
June) crop year — the last two years saw record output — private weather
forecaster Skymet on Wednesday predicted a ‘normal’ southwest monsoon …
Chart of the Day:
Ecoscope – Economic activity growth at a four-month low in February 2018
India’s EAI posts healthy growth for the fourth
consecutive month in February 2018…
…on account of a surge in investment activity
(percentage point)
Please refer to our earlier
report
for details
Contribution of different components to EAI’s growth
Research Team (Gautam.Duggad@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

In the news today
Kindly click on textbox for the detailed news link
1
Bankruptcy: RBI gives
provisioning relief to stressed
banks
The Reserve Bank of India has
temporarily relaxed provisioning
norms for lenders to defaulters
undergoing bankruptcy resolution
in a move that could help banks
bolster their financial results for
the year and quarter ended
March. Provisions for accounts …
2
China roils markets with fresh retaliatory tariffs on US goods
Stock markets in India and across the world tumbled by as much as 2% on
Wednesday after China said it will slap fresh retaliatory tariffs on more
than 100 US products, including the politically sensitive soybeans, sparking
fears that an escalating trade war between the world’s largest economies
could swamp some of its fastest growing ones. The benchmark indices
Sensex and Nifty lost more than 1% as investors feared that a full-fledged
trade war would spread to more goods and more nations and will dent
global growth.
3
Reliance Jio, Airtel plan $6
billion warchest for telecom
slugfest
Companies owned by billionaires
Mukesh Ambani and Sunil Bharti
Mittal may raise as much as
Rs36,500 crore ($5.6 billion)
selling bonds as the telecom titans
build a war chest in what investors
hope will be the home stretch in
India’s bruising tariff war. Mittal-
controlled Bharti Airtel Ltd, which
sold its first-ever rupee bond ...
4
Lupin to go for restructuring of
its domestic business in FY19
Drugmaker Lupin Ltd plans to
focus on chronic therapies,
explore in-licensing opportunities
and restructure its domestic
business in the year ahead, a top
company executive said. Lupin,
like other drugmakers, has
suffered from the rollout of goods
and services tax (GST) and price
regulations in India and pricing
pressures in the US, but hopes...
5
Adani, Torrent Power eye
Eletrobras’ power
distribution firms
At least two Indian companies—
Adani Group and Torrent
Power—have shown interest in
acquiring six electricity
distribution firms put on sale by
Brazil’s Centrais Elétricas
Brasileiras, or Eletrobras, two
people aware of the
development said. Given the
limited opportunities in India,
these firms have been attracted
by Latin America’s biggest
utility’s six subsidiaries that are
up for sale and supply electricity
to 13 million people. …
6
India Mulls Partnerships
Between Defence PSUs And
Foreign Firms
In what could be a major policy
amendment, India’s defence
ministry is mulling a strategic
partnership model where
government-run defence
companies will be allowed to
forge joint ventures with foreign
firms. Sources said the
government is seriously
considering involving the …
5 April 2018
7
India pips Japan to become
second largest crude steel
manufacturer
In a major achievement, India
has overtaken Japan to become
the world’s second largest
producer of crude steel in
February, according to the Steel
Users Federation of India (SUFI).
At present, China is the largest
producer of crude steel in the
world, accounting for more than
50% of the production.
2

March 2018 Results Preview | Sector: Technology
Technology
Looking on expectantly
Gradual growth uptick, tier-2’s outperformance to sustain
Expect the gradual, albeit marginal, growth uptick to continue
Our recent report on the sector discussed the cyclical impetus in CY18 that is
likely to drive some revenue acceleration in FY19, even as the structural
challenges prevail. A strong exit from FY18 will only fuel that thesis further,
especially given the usual weakness associated with 4Q, with client focus on
freezing budgets for the best part of 4Q’s first month and a half.
“Strong”, therefore, should be taken in that context – whereby sequential
growth will be contained, but YoY trajectory may continue to inch up. We expect
such acceleration in INFO, TCS and TECHM, and also organically for WPRO –
across our top-tier universe. Corresponding aggregate QoQ growth is pegged at
2.9% (~2% in constant currency and 80-120bp tailwind from cross currency).
TCS, with its recent deal wins, and HCLT, with anticipated IMS recovery, should
lead the pack at 2-2.2% QoQ CC revenue growth.
Our recent IT sector update
Tier-2’s outperformance to sustain (ex-PSYS)
We expect aggregate USD revenue growth of 3.5% QoQ across tier-2 IT, 60bp
higher than tier-1, despite modeling 5% QoQ decline in PSYS revenues (post the
company’s update of anticipated 8m decline in IP revenues).
This will be led by: [1] Cyient (+8.8% QoQ), where boost will come from
Rangsons, [2] LTI (+4% QoQ), which should continue delivering on its
expectation of better 2H v/s 1H, and [3] MTCL (+4.3% QoQ), where the revenue
performance is expected to be similar to 3Q. While ZENT should continue
demonstrating recovery on multiple fronts (US, IMS, Digital Consumer), the
focus away from MVS and products in IMS may weigh on overall revenue.
Company Name
Cyient
HCL Tech
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent
Tata Elxsi
TCS
TechM
Wipro
Zensar
Margin movement to be range-bound, except for TECHM, PSYS, MTCL and
KPIT
While cross-currency movements will rub off positively across the board, the INR,
which is a key determinant of margins, has not moved significantly. As a result,
barring company-specific turnarounds such as TECHM (+110bp QoQ), MTCL (+90bp
QoQ) and KPIT (+80bp QoQ), we expect margins to be range-bound. Performance
will be the worst at PSYS, given the softness in IP-led revenues, which flow directly
down to profits.
5 April 2018
3

Watch out for INFO’s guidance, TCS’ margin outlook and sector’s
commentary on deals, BFS
Guidance for FY19 will understandably supersede the performance of 4Q, and
all eyes will be on INFO come 13th April. We expect INFO to start the year by
guiding for 6-8% growth in constant currency (which will be higher in reported
dollar), and are currently pegging our estimate at the higher end of that band.
Traditional pain points of 1Q seasonality no longer hold for WPRO, and with
weaker areas such as Healthcare and Communications having seen their
bottom, there is a good reason to expect better 1Q guidance than earlier years.
However, there is a risk of offset from client-specific factors like the Energy
account in 3Q. We expect 1QFY19 guidance of 1-3% QoQ CC.
Apart from quantitative guidance, TCS’ commentary on BFS and margins will be
crucial, as softness in both is a downside risk to current valuations.
Opportunities despite valuation catch-up; we prefer INFO, TECHM, CYL,
ZENT and PSYS
Post the sector’s outperformance to the index by as much as 19% since
November 2017, valuations are not cheap, as reflected by the fact that: [1] IT
index's discount to Sensex has almost been eliminated to 2.3%, compared to 10-
year average of ~8%, and [2] almost all companies in our coverage universe are
trading above their 10-year average.
That said, given the benchmarks in valuation set by similar growth companies
such as CTSH and ACN, we believe that there are bottom-up opportunities to
capitalize on momentum improvement. Our top picks are a function of [1]
tactical opportunities from valuation mismatches, which should catch up
gradually with performance (INFO, CYL), and [2] a turnaround of
revenue/margin trajectory, making a case for both earnings growth and
valuation multiples (TECHM, ZENT, PSYS).
Exhibit 1: Expected quarterly performance summary
Sector
Technology
Cyient
HCL Technologies
Hexaware Tech.
Infosys
KPIT Tech.
L&T Infotech
Mindtree
MphasiS
NIIT Tech.
Persistent Systems
Tata Elxsi
TCS
Tech Mahindra
Wipro
Zensar Tech
Sector Aggregate
CMP (INR)
680
968
416
1,140
223
1,418
801
855
883
677
1,005
2,908
617
284
901
RECO
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
Sales (INR M)
Var
Var
Mar-18
% YoY % QoQ
10,644
13.1
8.2
132,016
9.5
3.1
10,414
8.4
3.6
181,318
5.9
1.9
9,328
8.7
2.2
19,648
17.1
4.3
14,385
9.1
4.4
17,412
15.6
4.9
7,738
7.8
2.3
7,491
3.0
-5.4
3,717
14.0
7.6
318,372
7.4
3.0
80,159
7.0
3.1
139,774
-0.1
2.3
8,143
9.6
2.6
960,561
6.6
2.8
EBDITA (INR M)
Var
Var
Mar-18
% YoY % QoQ
1,455
16.5
1.7
30,547
15.3
3.1
1,662
2.4
3.9
49,266
5.8
2.3
1,083
24.4
9.5
3,353
5.1
4.3
2,293
22.7
10.6
2,959
24.1
7.9
1,387
10.1
7.0
951
-27.0
-30.9
929
22.6
-0.6
86,348
6.2
4.2
13,879
54.4
9.7
28,913
3.8
2.9
1,096
87.2
3.9
226,120
9.6
3.7
Net Profit (INR M)
Var
Var
Mar-18
% YoY % QoQ
1,078
37.3
-0.7
23,477
15.9
7.0
1,316
15.5
8.6
38,097
5.7
3.0
730
35.9
18.0
3,373
32.4
19.2
1,665
71.3
17.7
2,492
28.8
15.9
818
10.7
8.0
704
-16.4
-23.2
607
36.3
-3.4
68,590
3.8
5.0
9,575
62.9
1.5
21,612
11.7
11.6
688
562.9
19.8
174,821
10.9
5.8
5 April 2018
4

Grasim Industries
BSE SENSEX
33,019
S&P CNX
10,128
5 April 2018
Update | Sector: Cement
CMP: INR 1,059
TP: INR1187 (+12% )
Neutral
Gaining scale via capacity addition
Value-added products to drive margin improvement
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 (%)
GRASIM IN
657.3
1300 / 872
-6/-13/10
696
10.7
23.0
33.0
Financials Snapshot (INR b)
Y/E Dec
2018E 2019E 2020E
Net Sales
468.4 574.2 662.1
EBITDA
75.6 126.8 151.2
PAT
16.6
55.8
67.7
EPS (INR)
35.6 119.4 145.0
Gr. (%)
-47.5 235.5
21.4
BV/Sh (INR)
702.9 817.3 957.3
RoE (%)
5.2
15.7
16.3
RoCE (%)
7.0
13.5
14.9
P/E (x)
29.8
8.9
7.3
P/BV (x)
1.5
1.3
1.1
EV/EBITDA (x)
5.6
7.7
5.8
Shareholding pattern (%)
As On
Dec-17 Sep-17 Dec-16
Promoter
40.1
40.1
31.3
DII
14.0
13.6
19.7
FII
27.6
26.0
21.8
Others
18.3
20.3
27.2
FII Includes depository receipts
Stock Performance (1-year)
Grasim Inds
Sensex - Rebased
1,300
1,175
1,050
925
800
Grasim Industries (GRASIM) is likely to gain scale in the VSF (increasing
capacity by ~58% over FY18-21) and Chemicals (increasing capacity by ~37%
over FY17-19) segments by way of capacity addition.
VSF demand in India is likely to grow at ~8% over FY17-22 – around 200bp
higher than the global growth rate – due to initiatives undertaken by GRASIM
(e.g. ingredient branding in the form of ‘LIVA’).
VSF commands a stable margin owing to the rising proportion (38%) of high-
margin specialty fiber in its portfolio and the increasing share of domestic
sales (at 77%).
Strong integration, along with access to key raw materials like dissolving
grade pulp, caustic soda and power, is expected to ensure a stable cost curve
for VSF.
Higher integration in chlorine is expected to drive a healthy margin profile for
the Chemicals segment. Additionally, higher investments in chemical plants,
which are in proximity to the consumption center of chlorine, should improve
ECU realizations.
Capacity addition to provide scale
GRASIM is likely to accelerate capacity addition in the VSF (to increase capacity by
~58% to 7,88,000 tonnes over FY17-21) and Chemicals (to increase capacity by 37%
to 1148,000 tonnes over FY17-19) segments to achieve scale benefits and
formidable market shares. Capex toward this expansion is estimated at INR50b.
Notably, this planned expansion is expected to cost at least ~20% lower than the
previous expansion phase, indicating improved return ratios.
VSF to witness healthy demand growth
Management expects VSF demand globally to increase strongly at a CAGR of 6%
over FY17-22, higher than 1% CAGR for cotton and 2% CAGR for PSF. However,
underlying demand for VSF in India is likely to increase at a higher CAGR of 8% due
to business development initiatives by GRASIM in the form of ingredient branding
via its brand LIVA. Globally, the demand share of VSF in overall fibre is likely to
increase from 5.4% in FY17 to 6.05% in FY22.
Margin stability in VSF led by increased domestic and specialty fiber sales
GRASIM has consistently increased the proportion of higher-margin speciality fiber
sales from ~33% in FY16 to ~38% in FY18. This, coupled with increased sales in the
domestic market (from 63% in 3QFY17 to 77% in 3QFY18), has resulted in
structural margin improvement with less price volatility. Management expects to
further increase the domestic share by focusing on expanding VSF application in
the textile value chain.
5 April 2018
5

Integration in VSF to keep cost curve favorable
GRASIM enjoys strong integration across the value chain in the VSF segment
(covering ~80% of costs), which gives it a strong competitive advantage over non-
integrated players in terms of cost curve. GRASIM has access to 55-60% of its key
raw materials – a major benefit as raw material prices are extremely volatile. For the
residual requirement, it has contracts with large suppliers to negotiate better rates.
Caustic soda is supplied through its Chemicals segment, while it has captive power
plants to cater to its entire power requirement.
Application of chlorine VAP to improve Chemicals margins
GRASIM has gained a competitive edge by developing higher-value-added products
from chlorine, allowing it to earn better ECU realizations. Additionally, it intends to
expand the existing set of VAPs and introduce new molecules to reduce the negative
spread earned on chlorine. GRASIM is also setting up caustic soda plants closer to its
chlorine consumption centres (e.g. in the eastern part of the country) to reduce
freight cost, and thus, improve overall ECU realizations.
Valuation and view
GRASIM’s long-term holding discount to its investment in Ultratech has been ~40-
45%. We expect the company to continue maintaining its long-term holding
discount for its 60% and 57% stakes in Ultratech and ABCL, respectively. Hence, we
value its investments in Ultratech and ABCL at a 40% discount to the current market
price, and investments in other group companies at ~50% discount. We, thus, arrive
at a fair value of INR1,187/share, implying a 12% upside from current levels.
Maintain
Neutral.
5 April 2018
6

E
CO
S
COPE
Economic activity growth at a four-month low in February 2018
Better March 2018 to support 4QFY18 real GDP growth
4 April 2018
The Economy Observer
After a decent growth of ~7% YoY in January 2018, India’s economic activity index (EAI) grew at four-month slow pace
of 6.3% YoY in February 2018. It implies average growth of 6.6% in the first two months of 2018, similar to the growth
witnessed in 3QFY18.
Though investments grew strongly at 11.8% YoY in February 2018, the growth was the slowest in four months, which
dragged EAI growth down. Consumption growth was unchanged at 5.9%, while narrower trade deficit supported EAI.
Most of sub-components in investments – cargo traffic, power generation, capital goods imports – grew slower than in
the past few months. Within consumption, weaker fuel consumption was offset by better fiscal spending in February.
Overall, an extremely favorable base is expected to support EAI growth in March 2018. Accordingly, we continue to
expect real GDP growth to improve slightly from 7.2% in 3QFY18 to 7.3% in 4QFY18, implying full-year FY18 growth of
6.7% as against 7.1% in FY17.
Preliminary estimates
reveal that India’s economic
activity grew at a decent
6.3% YoY in February 2018
We expect real GDP growth
to improve slightly from
7.2% YoY in 3QFY18 to 7.3%
in 4QFY18, implying full-
year FY18 growth of 6.7%,
slower than 7.1% in FY17
Economic activity growth at 4-month low in February 2018…:
Preliminary
estimates reveal that India’s economic activity grew at a decent 6.3% YoY in
February 2018, marking the slowest growth in four months
(Exhibit 1).
The
entire slowdown in EAI was on account of investments, as consumption growth
was unchanged and trade deficit narrowed
(Exhibit 2).
…due to strong but weaker-than January 2018 investment growth:
As against
an almost 8-year high growth of 18% YoY in investments in January 2018, the
growth moderated to 11.8% YoY in February 2018, dragging EAI growth down
(Exhibit 3).
Notably, investments grew in double digits for the fourth consecutive
month in February 2018. A look at the key components reveals that while
weaker growth in cargo traffic, power generation and capital goods imports
dragged investments, stronger growth continued in construction, commercial
auto sales and IIP for capital goods
(see Exhibit 8
for the heat map). Further,
trade deficit also narrowed in February 2018, which also supported EAI
(Exhibit
5).
Consumption growth stagnant in February 2018:
Our index for consumption
activity, however, grew at 5.9% YoY for the second successive month in
February 2018
(Exhibit 4).
Details confirm that weaker fuel consumption was
offset by better fiscal spending in February 2018 (see
Exhibit 7
for heat map).
Expect real GDP growth to improve slightly in 4QFY18:
Overall, strong
investments and private consumption – partly on account of a favorable base –
continue to support India’s economic activity. EAI growth averaged 6.6% in
January-February 2018, similar to the growth in 3QFY18. Though there is no
one-to-one correlation between our EAI and official GDP due to
underlying
differences,
our EAI moves in sync with real GDP (ex-discrepancies) estimates
(Exhibit 6).
We expect
real GDP growth to improve slightly from 7.2% YoY in
3QFY18 to 7.3% in 4QFY18, implying full-year FY18 growth of 6.7%, slower than
7.1% in FY17.
Note: Preliminary estimates of Economic Activity Index (EAI) for the month prior to the recently concluded month
are released in the first 1-2 business days of every month. So, February’s EAI is released today.
5 April 2018
7

Sector Update | 4 April 2018
Capital Goods
Capex tracker
New project announcements
dip 52%
New projects (INR b)
YoY %
7,500
5,000
2,500
0
200%
100%
0%
-100%
New project announcements decline sharply in FY18
Stalled projects remain elevated
We highlight key takeaways from the projects data released by the Centre for Monitoring
Indian Economy (CMIE). We use this as a proxy for the Indian capex cycle. CMIE tracks
projects across various stages of announcement, implementation and completion, and
takes into account stalled/shelved projects.
New project announcements at lowest level since FY05
New project announcements stood at INR6.6t in FY18, implying a dip of 52% YoY
and the lowest since FY05. Private sector projects fell to their lowest since FY04 to
INR3.7t (-51% YoY) and accounted for 56% of the total new projects. Even
government projects declined 54% YoY to INR2.9t (the lowest since FY05). Within
the government projects, the central government projects contributed 51% and the
balance was contributed by the state and local governments. A sectorial analysis of
proposals in FY18 indicates a steep decline in Transport Services (-77% YoY;
INR504b) and Manufacturing (-29% YoY; INR587b) and Construction and Real estate
(-45% YoY; INR200b).
Even on a quarterly basis, 4QFY18 saw a decline of 53% in new project
announcements – the seventh consecutive quarter of decline. However, on a
sequential basis, new project announcements showed a revival in 4QFY18 with 62%
growth.
Project completions drop 42% YoY to INR3.7t in FY18
In FY18, project completions declined 42% YoY to INR3.7b – much lower than the
average run-rate of INR6t, and in fact, the lowest in three years. Project completions
have been trending downward post structural reforms like demonetization and GST
(renegotiation of contracts). However, project completions should pick up, going
forward, with normalization in business activity after GST regime stabilization.
Stalled projects remain at elevated
levels (11.4% of the projects)
Stalled projects
% of under implementation
18000
12000
6000
0
18.0%
12.0%
6.0%
0.0%
Stalled projects remain elevated at INR11.6t, accounting for 11.4% of
projects under implementation
Stalled projects remain elevated at INR11.6t, accounting for 11.4% of projects under
implementation. Some of the key reasons for stalled projects are lack of
environmental clearances, low fuel availability, insufficient funds and land
acquisition-related problems. 81% of all stalled projects are private sector projects.
By sector, Power accounts for majority (36%) of the stalled projects, followed by
Manufacturing (31%), Metals (26%), Services (21%) and Construction (10%). A high
number of stalled projects is one of the key reasons for subdued new project
proposals/announcements.
5 April 2018
8

Projects under implementation up 2%, supported by government projects
Projects under implementation grew by a muted 2% YoY to INR101t in FY18. Around
62% of the projects under implementation are from the government sector
(the highest since June 2006), while the share of the private sector is 38%. This is
reflective of the reluctance of the private sector to invest in new capacity, given (a)
constrained demand scenario and resultant underutilization and (b) over-leveraged
balance sheets. Sectors that registered strong growth are Transport Equipment
(+42% YoY), Textiles (+21% YoY) and Transport Services (+8% YoY).
New project announcements on a declining trend for last 7
quarters (-53% YoY in 4QFY18 )
New Projects anncd INRb
12,500
10,000
7,500
5,000
2,500
0
Growth YoY (%)
225%
150%
75%
0%
-75%
New project announcements decline sharply
in FY18 (-52% YoY)
159%
74%
11% 3%
-14% 12% -37% -37%
-1%
New projects Announced
YoY(%)
87%
-12% -16%
-52%
Source: MOSL, Company
Source: MOSL, Company
Stalled projects remain at elevated levels (11.4% of projects
under implementation)
Stalled projects INRb
16000
12000
8000
4000
0
% of under implementation
16.0%
12.0%
8.0%
4.0%
0.0%
81% of the stalled projects are from private sector
Stalled projects (INR b)
% of projects under implementation
12% 11.4%
12%
9% 8%
9% 10%
5%
2% 3% 4%
4% 3% 3%
11% 11.8%
Source: MOSL, Company
Source: MOSL, Company
5 April 2018
9

In conversation
1. MANAPPURAM FINANCE : Expect AUM to reach Rs 20,000
crore at end of FY19; V P Nandakumar, MD & CEO
Gold loans closed at Rs 11,750 crore as on 31st March and is expected to grow
by 10% odd.
The second largest business is microfinance which is at present around Rs 2,500
crore and is expected to cross Rs 3500 crore. Housing finance is at Rs 375 crore
is expected to reach around Rs 750 crore.
Similarly, commercial vehicles and two-wheelers (now at around Rs 700 crore) is
expected to cross Rs 1000 crore. Other allied lending business may reach highs
of around Rs 1200 crore. All put together, company expects AUM to reach
around Rs 20,000 crore asset at the end of FY19.
Tier 1 capital itself is over 28%. Do not think there is a need to raise capital for
another two years.
No plan for stake sale.
2. MAHINDRA FINANCE : Will be comfortable with 6% gross
NPAS on a 90-day basis; Ramesh Iyer, MD
NPAs have come down to 10% from 13% in 1-2 quarters. If it is equalised for
120-day basis, will be around 9%. Have maintained coverage ratio at 55-60%. So,
net NPA is technically sub-4%.
In the next 3-4 quarters, if markets remain like this and the government
continues its focus on rural areas, will come back to 6-7% of gross NPAs.
Will be extremely comfortable with 6% gross NPAs on a 90-day basis. Credit
losses will not be more than 2%. Every month, company repossess 3,000
vehicles. At any time, will have stock of 8,000-10,000 vehicles across the
country. These numbers have gone up.
Have seen big improvement in Maharashtra and Madhya Pradesh. Have not
seen a big correction in Karnataka.
Have decent market share and don’t see growing it further.
3. ARVIND LTD : Engineering business to grow at more than 20-
25% CAGR; Kulin Lalbhai, Executive Director
The demerger process is underway and will be completed around August-
September.
Have got several brands which have reached large scales and two of them will
be more than Rs 1000-crore brands on a standalone basis. There will be another
two to three more brands which at the Rs 500-crore mark. And when brands
reach that kind of scale, anything close to the Rs 300-400 crore mark, they tend
to have double digit EBITDA and return on capital employed above 30%.
The glide path for the business is hitting a 150 bps of improvement year-on-
year. On track on growth guidance of more than 20%, bottom line growing by a
150 bps and return on capital employed in this business growing
disproportionately once the bottom line tracks up.
Business today is on a very strong footing. Company has a very healthy pipeline.
5 April 2018
10

From the think tank
1. Hitting the highway construction target
Over the past three years, a substantial number of national highway projects have
been awarded through the engineering, procurement and construction (EPC) and
hybrid annuity model (HAM) routes rather than the build, operate, transfer (BOT)
mode that was dominant earlier. Given that the EPC and HAM contract structures
require significant—and upfront—“skin in the game” from the government, and
given that about Rs5 trillion of funding is required over the next five years to build
highways under the ambitious Bharatmala project, there could be incipient fiscal
stress if the pace of project awards through these modes continues. It would be
prudent, therefore, to facilitate more private sector funding of greenfield BOT
projects, and, thus, de-risk the fisc. BOT investments have been muted in recent
times owing to the debt-laden balance sheets of sponsors and bloated stressed
assets of public sector banks. Moreover, investors have been chary of
infrastructure projects owing to perceived risks in the public-private partnership
(PPP) framework.
2. Banking sector in FY18: a roller-coaster ride for sure
The banking sector has gone through another tumultuous year, having its ups
and downs. The focus of both the government and the Reserve Bank of India
(RBI) was to make the system robust and ensure it was on the right track. It was
particularly challenging, as all solutions that appeared to have been found
confronted new obstacles that made them look like mirages. First, the NPA
issue, which is at the top of the mind, appears to be still on an unknown road. It
was hoped that the asset quality review process would have been completed by
March 2017. But, these assets have been increasing every quarter, and while it
is now hoped again that March 2018 would be the end of the tunnel, one
cannot be really sure about it. The NPA ratio is close to the 10% mark, while the
stressed asset ratio is above 12%. Second, the Insolvency and Bankruptcy Code
(IBC) came into force and the 270-day norm would be coming up for some of
these cases. There was an evident haste in concluding that the IBC would be a
panacea for NPAs. What has been noticed during the course of the stories
playing out is that the resolution processes are complex and the bidding system
controversial, as promoters have been trying to get back their own assets.
3. India should begin discussing the delimitation question
The finance minister of Kerala, followed by the chief ministers of Karnataka and
Andhra Pradesh, has put an angry spotlight on the debate on how to share the
nation’s tax kitty. In increasingly strident tones, they are complaining that the
southern states are getting short-changed when it comes to dividing the nation’s
tax kitty. There is fear that the 15th Finance Commission might use the 2011
Census to determine the share of each state in the nation’s resources. In doing so,
the richer and less populous states in South India may end up contributing more
than they receive. This is the simplistic version of the debate, and it ignores the
fact that all states are part of a national project of balanced economic
development, as was pointed out in an editorial in this newspaper.
5 April 2018
11

4. Ranbaxy’s demise wake-up call for business families in India
Last week, as the Manipal Health Enterprises Pvt. Ltd and TPG Capital combine
inked a deal to acquire Fortis Healthcare Ltd’s hospital assets and SRL
Diagnostics, it rang the curtain down on one faction of the business dynasty
seeded by Bhai Mohan Singh in 1952 when he bought the then bankrupt
Ranbaxy from cousins Ranjit Singh and Gurbux Singh. At the time of his death in
2006, Mohan Singh couldn’t have imagined that in just over a decade, his
grandsons—Shivinder and Malvinder Singh—would run into the ground what
had been one of the leading business families in India. The rot had started
within a few years of his death when in 2009, Malvinder who was appointed as
chief executive of Ranbaxy in 2006, resigned from the position and a year later,
sold the company, including his family’s 35% holding, to Daiichi Sankyo.
International
5. Irrational humans and rational markets
To many young people, the idea of efficient financial markets—the idea that, in
the words of economist Eugene Fama, “At any point in time, the actual price of a
security will be a good estimate of its intrinsic value”—probably seems like a
joke. The financial crisis of 2008, the bursting of the housing bubble, and
gyrations in markets from gold to bitcoin to Chinese stocks have put paid, at
least for now, to the idea that prices are guided by the steady hand of
rationality. The theory won Fama an economics Nobel Prize in 2013, but he
shared it with Robert Shiller, whose research poked significant holes in the idea
decades ago. But believe it or not, there was a time when efficient markets
theory occupied a place of honour. This is chronicled in my colleague Justin Fox’s
excellent book, The Myth Of The Rational Market: A History Of Risk, Reward,
And Delusion On Wall Street. Though Fama did empirical research that seemed
to support market efficiency, at its core the idea is based on fairly simple logic—
if people consistently buy assets for more than its fundamental value, they will
lose money. If people lose money, they will be pushed out of the market, and
only investors who tend to pay the right price—often referred to as “rational
arbitrageurs” in economics papers—will remain.
5 April 2018
12

Click excel icon
for detailed
valuation guide
CMP
(INR)
798
146
2766
716
19680
1572
28944
1275
871
230
3670
757
219
9015
333
356
645
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.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
L&T Fin Holdings
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
1000
179
3550
880
21951
1899
34485
1540
714
286
4027
889
303
10972
437
515
723
25
23
28
23
12
21
19
21
-18
24
10
17
39
22
31
45
12
28.3
5.4
147.9
20.0
459.1
61.1
814.4
27.9
39.1
8.0
186.1
39.7
9.6
275.1
8.1
25.5
14.1
34.0 40.0
7.2
9.2
167.8 197.2
26.4 34.8
582.9 694.4
84.7 111.7
1,045.3 1,337.1
38.2 51.0
49.5 59.0
9.9
12.1
202.0 221.3
46.9 51.2
12.1 15.1
349.0 457.0
12.5 17.5
56.6 58.7
22.4 32.4
0.9
28.8
4.8
52.8
-3.0
-34.6
32.1
18.8
103.5
-1.3
10.0
45.1
107.8
10.6
5.0
28.8
20.4
18.7
-42.7
-17.0
2.1
-79.9
15.3
17.7
-27.2
0.3
25.7
LP
21.9
29.3
-22.9
25.0
12.1
20.3
33.1
13.5
32.1
27.0
38.6
28.4
37.0
26.5
23.3
8.5
18.0
26.3
26.9
54.7
121.8
58.8
45.1
43.5
93.7
25.2
526.1
22.0
22.5
63.0
7.2
29.0
13.5
26.8
41.5
115.7
28.4
38.3
17.6
27.1
17.5
31.7
19.1
31.9
27.9
33.5
19.3
22.6
9.6
9.3
24.8
30.9
39.6
3.7
44.1
17.1
28.2
26.8
18.7
35.9
42.9
25.7
35.5
45.7
22.3
28.7
19.7
19.1
22.7
32.8
41.2
13.9
45.6
25.2
23.5
20.1
16.5
27.1
33.8
18.6
27.7
33.4
17.6
23.3
18.2
16.2
18.0
25.8
26.6
6.3
28.8
17.4
4.6
6.1
4.3
6.9
6.2
2.4
11.5
8.8
3.6
3.6
6.3
3.1
2.2
6.6
7.4
1.7
10.5
4.5
7.8
1.9
2.0
2.2
1.4
4.0
1.7
1.1
4.5
0.6
4.3
3.1
0.9
2.7
3.0
3.9
5.1
3.9
5.8
5.6
2.2
8.6
7.3
3.1
3.3
5.5
2.8
2.0
5.7
6.2
1.3
8.2
3.7
6.6
1.7
1.8
2.0
1.3
3.5
1.6
1.0
3.9
0.6
3.7
2.8
0.8
2.3
2.7
0.8
0.6
0.6
0.9
0.6
0.9
0.4
0.8
3.1
5.5
2.1
3.8
1.6
14.9
4.2
2.7
3.5
2.3
17.3
24.3
23.9
20.9
15.2
9.8
36.3
20.8
18.3
12.6
34.1
14.6
10.4
19.7
19.2
13.5
25.3
17.7
14.1
5.1
9.8
1.7
9.6
16.2
7.2
6.8
16.6
9.1
11.3
11.9
6.9
17.4
10.5
18.0
27.6
24.6
23.3
17.5
12.4
35.5
23.8
18.7
14.0
32.2
14.8
11.6
21.8
25.4
24.0
32.0
21.6
17.2
9.0
10.3
10.0
10.2
16.2
11.1
6.9
18.4
9.9
13.5
13.2
13.7
19.1
13.0
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
635
490
166
146
91
1885
268
48
1794
58
1078
488
24
306
705
710
188
205
149
2400
405
65
2076
100
1220
680
38
410
11
45
14
40
63
27
51
35
16
73
13
39
60
34
10.7
12.8
7.1
1.1
5.6
66.8
11.1
3.0
60.4
8.8
32.7
15.4
1.9
18.2
15.3
24.7
8.9
7.0
6.8
81.8
18.1
3.2
78.0
10.0
41.5
21.8
4.1
23.4
21.6
44.0
10.9
10.7
8.5
102.3
25.5
3.8
100.2
14.4
54.1
29.3
5.3
30.2
41.1 59.6 41.5
78.2 38.4 19.8
21.4 23.2 18.5
51.2 129.8 20.7
25.9 16.4 13.5
25.0 28.2 23.0
40.8 24.1 14.8
19.2 16.0 15.0
28.4 29.7 23.0
43.6 6.6
5.8
30.5 32.9 26.0
34.7 31.7 22.4
28.9 12.4 5.7
28.9 16.8 13.1
35.1 28.3 20.4
Buy
Neutral
Neutral
Buy
Buy
Buy
Neutral
140
103
262
303
94
247
96
185
150
415
430
215
375
145
32
45
58
42
128
52
52
3.4
-18.8
-2.4
30.3
-5.7
2.9
-38.8
8.9
6.3
21.9
41.6
0.0
18.7
7.6
15.7 -43.1 161.5 75.6
12.1 Loss
LP 91.8
61.3
PL
LP 179.6
47.7
3.7 37.2 14.5
14.3
PL
LP #####
34.0 861.1 553.8 81.6
17.1
PL
LP 125.6
PL
LP 101.3
45.2
35.4
30.2
17.0
28.7
17.7
14.7
14.2
15.0
33.7
41.1 15.7
0.9
NM 16.4
0.6
NM 12.0
0.6
10.0 7.3
0.9
NM 2,788.0 0.6
86.4 13.2
1.0
NM 12.6
0.5
0.0 14.2 0.8
4.0
6.5
2.4
4.5
1.9
18.1
4.8
3.3
4.0
2.6
2.0
5.0
-7.7 3.0
-0.4 4.1
9.7 12.3
-3.0 0.0
-0.3 5.7
-16.0 3.4
-0.8 5.5
12.6
20.1
13.7
20.2
14.0
32.7
18.3
21.7
29.8
13.3
12.4
19.8
15.6
19.8
15.9
31.7
17.5
21.1
30.3
13.7
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
152
1846
636
1489
521
598
1803
496
1290
161
225
2330
960
1520
720
540
2225
485
1630
240
48
26
51
2
38
-10
23
-2
26
49
3.7
5.3
7.6
NA
45.6 61.7 82.8 42.3
34.2 44.6 56.8 38.9
61.3 71.7 86.2 33.3
37.3 48.0 60.5 25.9
9.9 11.6 14.4 21.3
42.7 49.0 57.3
7.3
4.6
5.2
6.6
2.2
90.9 104.6 127.4 32.6
6.7
9.0
11.3 28.2
42.4 41.2 28.4
34.2 40.5 29.9
27.5 18.6 14.3
20.2 24.3 20.8
26.0 14.0 10.9
23.8 60.6 51.5
16.9 42.2 36.8
25.8 108.6 95.1
21.8 14.2 12.3
26.2 24.0 18.0
5 April 2018
13

Click excel icon
for detailed
valuation guide
CMP
(INR)
536
603
466
414
1266
600
2313
1456
TP % Upside
EPS (INR)
(INR) Downside FY18E FY19E FY20E
608
13
38.9 44.3 52.6
750
24
18.6 24.2 30.0
575
23
13.9 19.2 23.0
475
15
44.0 44.7 49.8
1750
38
50.9 67.5 88.1
740
23
32.9 39.0 46.0
2500
8
115.2 138.7 167.3
1750
20
77.5 104.8 125.9
EPS Gr. YoY (%)
FY18E FY19E FY20E
1.8 13.8 18.7
24.0 29.6 24.1
95.8 38.7 19.4
48.9 1.6 11.4
61.0 32.7 30.4
13.0 18.5 18.1
36.6 20.4 20.6
39.8 35.3 20.2
28.0 22.1 22.7
16.2
6.8
19.4
26.9
18.4
58.8
18.6
19.8
14.2
24.1
28.3
19.8
13.8
23.7
23.9
9.7
13.9
18.3
56.8
14.2
19.2
40.1
21.4
41.8
38.1
38.8
27.7
115.9
32.7
39.7
32.5
43.8
33.5
31.7
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
13.8 12.1
2.1
1.9
32.3 24.9
4.5
4.0
33.6 24.2
3.1
2.9
9.4
9.3
2.1
1.8
24.9 18.7
3.4
3.0
18.2 15.4
2.8
2.4
20.1 16.7
2.7
2.4
18.8 13.9
2.6
2.3
30.6 25.0 4.5
3.8
64.2
20.4
26.9
46.9
45.0
69.3
32.0
25.8
38.1
45.2
25.0
26.5
56.5
43.3
39.9
14.7
34.3
31.6
39.2
32.2
103.7
57.0
29.8
55.4
24.6
64.6
32.5
74.5
47.7
37.5
25.9
45.4
51.7
44.4
42.3
18.5
23.6
31.6
35.4
42.4
23.7
23.6
34.8
36.8
21.4
22.6
36.7
35.6
31.9
13.9
29.0
26.3
29.2
24.0
18.2
39.7
8.9
22.6
19.1
26.4
25.8
34.2
23.2
18.7
13.9
35.1
31.5
24.0
7.5
3.6
1.0
9.3
19.6
1.2
5.1
3.7
8.3
8.6
5.4
3.3
5.2
8.0
4.6
2.4
5.5
3.5
2.3
3.2
1.8
4.8
1.5
0.9
3.5
3.5
4.3
2.8
5.4
2.4
2.1
6.5
4.1
3.3
6.5
3.3
0.9
8.6
16.1
1.2
4.7
3.4
7.2
7.6
4.5
3.0
4.7
6.8
4.1
2.1
4.8
3.2
2.2
3.0
1.7
4.3
1.3
0.9
3.0
3.1
3.8
2.7
4.5
2.1
1.8
5.6
3.8
3.0
12.5
15.9
20.7
9.4
10.9
8.6
9.6
6.8
44.5
ROE (%)
FY18E FY19E
16.6 16.5
20.2 17.0
10.9 12.5
24.5 20.9
14.6 17.0
16.7 16.9
14.2 15.1
14.7 17.5
14.6 15.4
11.6
17.8
3.6
20.4
50.2
1.7
16.5
13.9
23.5
18.9
21.7
13.0
9.1
20.0
11.9
17.1
16.9
11.1
6.1
10.1
1.7
8.7
5.2
1.6
15.1
5.6
13.9
3.9
11.9
6.5
9.7
15.2
8.3
7.4
26.8
33.9
49.9
25.4
28.6
-1.8
23.3
20.7
76.1
15.4
17.6
4.0
28.3
49.9
2.7
20.7
14.1
22.3
20.5
21.1
13.9
12.9
20.6
13.6
15.9
17.6
12.3
7.8
12.9
9.6
11.4
15.7
3.9
16.8
12.5
15.5
8.0
21.2
12.0
15.6
17.0
12.5
12.3
29.4
35.8
55.5
26.7
33.1
4.9
22.4
21.6
92.0
Company
LIC Hsg Fin
MAS Financial
M&M Fin.
Muthoot Fin
PNB Housing
Repco Home
Shriram City Union
Shriram Trans.
Aggregate
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Indu.
Cummins
Engineers India
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
Sagar Cements
Sanghi Inds.
Shree Cem
Ultratech
Aggregate
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Future Consumer
Godrej Cons.
GSK Cons.
HUL
Reco
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Neutral
Buy
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Neutral
1273
144
85
777
229
79
735
163
393
503
405
1296
1115
1055
1120
489
618
1240
210
80
780
305
90
1040
200
435
640
385
1670
1285
1100
1350
700
630
-3
46
-6
0
33
14
41
23
11
27
-5
29
15
4
21
43
2
19.8
7.1
3.2
16.6
5.1
1.1
23.0
6.3
10.3
11.1
16.2
48.8
19.8
24.4
28.0
33.2
18.0
30.1
7.8
3.6
24.6
6.5
1.9
31.0
6.9
11.3
13.7
18.9
57.2
30.4
29.6
35.1
35.1
21.3
35.0 12.1 52.0
8.3
12.1 10.0
4.3 135.9 14.2
31.2 36.0 48.2
7.7
8.9 27.1
3.0 -72.2 63.3
36.8 -13.2 34.7
8.2
48.1 9.2
12.9 79.8 9.7
17.0 16.5 22.8
24.3 36.6 16.7
68.6 15.5 17.2
34.6 10.9 53.8
36.7 18.4 21.5
43.5
3.1 25.3
38.5 76.0 5.7
24.3 16.4 18.4
18.1 20.3
12.7
72.9
50.5
102.2
145.0
9.4
72.3
22.7
37.6
8.9
6.5
70.6
11.3
667.7
164.5
29.5
31.3
-74.0
31.2
-47.5
-52.0
20.5
-3.7
-14.3
LP
769.4
LP
59.3
-6.7
-21.8
-15.3
34.2
34.5
470.3
43.4
235.5
145.7
28.9
144.5
26.1
117.8
105.1
101.0
86.0
29.4
64.2
85.1
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Not Rated
Buy
Buy
Buy
237
1529
770
2897
1059
150
999
433
760
141
113
943
119
16298
3884
290
1781
1234
3328
1242
148
1343
470
847
179
159
-
157
18867
5131
23
17
60
15
17
-1
34
9
11
27
41
32
16
32
6.0
47.4
7.4
50.9
35.6
2.7
40.6
6.7
23.4
1.9
2.4
25.2
4.6
358.6
75.1
8.1
63.8
42.3
72.9
119.4
6.6
52.4
16.4
29.5
4.1
4.9
50.6
8.5
464.2
123.3
Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
1138
5024
1089
335
1091
54
1086
6040
1356
1270
5995
1365
415
1505
76
1065
6350
1515
12
19
25
24
38
40
-2
5
12
21.5
84.2
24.0
7.6
23.6
-0.1
20.7
161.0
22.9
25.4 30.5
2.1
105.1 131.5 14.3
28.3 33.8 12.9
9.0
10.5
4.5
31.0 36.9 -11.1
0.3
1.1
Loss
23.8 27.1
9.3
183.8 215.7 3.1
27.9 33.0 16.8
18.2 20.2 53.0 44.8 14.0
24.8 25.1 59.7 47.8 18.5
17.9 19.7 45.5 38.6 22.1
19.2 16.2 44.3 37.1 10.5
31.4 19.1 46.3 35.2 12.5
LP 276.5 NM 180.3 9.1
15.1 14.1 52.5 45.6 10.9
14.1 17.4 37.5 32.9
7.4
21.8 18.2 59.1 48.5 44.8
5 April 2018
14

Click excel icon
for detailed
valuation guide
CMP
Reco
(INR)
Neutral
259
Neutral
382
Neutral
326
Neutral 8359
Buy
22718
Neutral
248
Buy
957
Neutral 9603
Not Rated 160
Buy
964
Neutral 3152
TP % Upside
EPS (INR)
(INR) Downside FY18E FY19E FY20E
278
7
9.0 10.2 11.4
380
0
8.5 10.9 13.6
345
6
6.3
7.4
8.9
7882
-6
140.0 159.1 192.3
27490
21
297.1 415.7 549.8
314
27
8.9 12.4 16.8
1065
11
17.6 20.6 23.7
9303
-3
142.1 171.3 200.8
-
3.5
6.4
9.7
1380
43
14.1 17.4 22.9
3515
12
32.6 56.9 78.5
EPS Gr. YoY (%)
FY18E FY19E FY20E
6.6 13.7 12.4
-24.8 29.3 24.0
0.2 18.3 18.8
13.2 13.6 20.8
24.5 39.9 32.2
147.7 38.7 35.6
5.4 17.0 14.9
6.9 20.5 17.3
-2.0 83.8 52.1
62.0 23.9 31.2
22.1 74.3 38.1
8.9 18.9 17.6
Valuation snapshot
P/E (x)
FY18E FY19E
28.9 25.4
45.1 34.9
51.8 43.8
59.7 52.5
76.5 54.6
27.8 20.0
54.3 46.4
67.6 56.1
46.1 25.1
68.5 55.3
96.6 55.4
46.1 38.8
22.2
29.0
25.7
13.5
78.5
24.7
26.4
33.4
31.2
87.7
17.9
16.7
57.0
31.6
17.2
26.8
25.0
36.1
36.1
49.0
38.1
26.7
28.9
21.5
21.2
21.1
12.1
54.8
19.7
21.8
24.9
18.3
46.7
16.7
13.4
51.2
23.1
13.2
17.5
19.3
31.7
19.8
17.0
23.3
20.9
21.5
37.2
9.6
20.6
24.5
16.5
13.2
24.2
17.3
22.2
P/B (x)
FY18E FY19E
6.3
5.8
6.6
6.4
15.9 15.2
25.1 23.5
30.5 24.4
2.8
2.5
12.2 10.6
38.0 31.8
2.2
2.1
9.6
8.4
16.6 12.4
12.3 11.1
4.6
4.5
6.2
2.9
7.0
4.9
3.3
5.3
2.7
1.0
2.9
1.9
11.2
3.2
3.1
3.5
2.4
5.8
3.8
2.2
3.2
4.5
3.6
2.6
1.4
3.6
3.6
2.2
1.9
3.2
1.9
2.9
4.0
3.8
5.0
2.4
6.4
4.1
2.9
4.7
2.4
1.0
2.5
1.8
13.9
2.8
2.6
2.9
2.2
5.3
3.1
1.9
2.9
3.9
3.2
2.5
1.2
3.1
3.2
2.0
1.7
3.0
1.8
2.7
ROE (%)
FY18E FY19E
22.8 23.8
14.3 18.5
32.7 35.6
43.4 46.2
39.9 44.6
10.8 13.3
24.2 24.5
61.2 61.8
4.9
8.5
14.9 16.2
17.2 22.3
26.6 28.7
22.5
16.4
27.0
24.2
8.9
21.6
12.4
16.0
9.0
1.2
16.4
13.2
19.7
10.5
19.7
14.1
10.1
16.1
11.0
4.6
8.5
17.6
12.3
2.2
15.5
23.6
13.5
12.9
10.8
11.8
6.6
10.9
19.8
19.5
26.2
21.7
11.6
22.8
13.3
20.0
13.9
2.2
15.3
13.9
27.2
13.0
21.4
18.3
12.1
16.8
17.4
12.1
13.2
19.9
14.7
6.9
13.4
16.2
13.7
12.0
13.7
12.8
10.7
12.3
Company
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 Constr.
Sadbhav Engg.
Aggregate
Logistics
Allcargo Logistics
Concor
Gateway Distr.
Aggregate
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hathway Cable
Hind. Media
HT Media
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
550
1894
1388
590
598
395
570
1096
2091
129
548
106
2183
676
825
510
775
5123
481
692
502
1283
555
2500
1840
820
600
500
600
1100
2575
185
550
175
2500
750
1110
613
940
5600
686
989
675
1400
1
32
33
39
0
27
5
0
23
44
0
65
15
11
35
20
21
9
43
43
34
9
24.8
65.4
54.0
43.8
7.6
16.0
21.6
32.9
67.1
1.5
30.6
6.3
38.3
21.4
47.8
19.0
31.0
141.7
13.3
14.1
13.2
48.0
25.6 30.5 15.0 3.1 19.1
89.5 110.6 -12.4 36.9 23.6
65.8 81.4 -5.8 21.9 23.6
48.7 53.6 11.4 11.2 10.1
10.9 19.8 -25.3 43.1 81.5
20.1 23.3 12.7 25.5 15.9
26.2 32.0 35.7 21.3 22.3
44.0 52.7 -17.7 33.9 19.7
114.1 146.1 -7.6 70.0 28.0
2.8
7.3 -85.8 87.8 164.5
32.9 41.1 -22.2 7.7 24.7
7.9
11.0 -12.4 25.2 38.7
42.6 48.5 11.5 11.2 13.7
29.2 37.3 33.2 36.6 27.7
62.6 72.5 29.5 30.9 15.8
29.1 35.7
7.0 52.7 22.8
40.2 54.1 -45.2 29.5 34.6
161.8 186.9 9.8 14.2 15.5
24.3 30.6 -5.0 82.4 25.9
40.8 55.7 -56.2 188.8 36.7
21.5 27.7 -49.6 63.3 28.8
61.3 78.5 -12.9 27.6 28.0
-19.3 34.4 25.5
7.0
24.6
14.0
16.0
8.3
21.3
18.2
17.4
Buy
Neutral
Buy
Buy
260
235
287
392
290
250
375
460
12
6
31
17
2.1
25.4
16.9
13.9
LP 238.0 18.1 125.7
24.8 -3.0 -13.6 9.3
41.2 -17.3 30.2 17.0
27.1 14.9 8.6 28.1
17.2
-16.5
16.3
-8.3
8.5
38.6
15.9
69.8
22.0
16.3
13.5
21.8
14.6
18.4
28.1
29.3
27.1
Buy
Neutral
Buy
151
1241
183
223
1330
237
48
7
30
8.2
44.2
6.2
11.4
51.2
10.6
13.2
58.2
12.9
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
71
314
104
699
37
232
86
101
420
90
820
47
305
117
43
34
-13
17
28
31
36
-0.5
18.3
-2.9
7.2
-0.2
25.9
11.8
1.6
23.0
0.1
15.3
0.8
28.8
12.1
3.4
27.6
4.0
28.7
2.0
32.4
12.7
PL
LP 109.9 NM 44.1 17.6
-10.4 25.8 20.1 17.2 13.7
3.1
Loss
LP 5,545 NM 1,457.6 2.3
-37.2 113.8 86.9 97.5 45.6
3.8
Loss
LP 161.9 NM 48.5
2.6
0.2 11.3 12.6 9.0
8.1
1.3
59.3 2.6
4.9
7.3
7.1
0.8
12.6 -11.9 33.2
2.7 19.6 21.0
2.3 -6.3 0.2
3.5
3.9
7.9
2.5 -1.2 5.2
1.1 15.1 14.6
0.7 11.5 10.6
5 April 2018
15

Click excel icon
for detailed
valuation guide
CMP
(INR)
169
387
1261
89
16
860
574
TP % Upside
EPS (INR)
(INR) Downside FY18E FY19E FY20E
215
27
10.1 13.1 16.0
469
21
8.3 13.5 17.8
1760
40
22.1 37.3 51.5
130
47
2.5
5.8
7.9
27
69
-0.9
0.1
0.6
1225
42
27.7 35.8 42.5
705
23
13.0 17.6 21.0
EPS Gr. YoY (%)
FY18E FY19E FY20E
-5.3 30.5 21.5
29.9 62.3 31.4
7.8 68.7 37.9
100.6 137.5 36.4
Loss
LP 411.6
11.6 29.1 18.7
-2.9 35.4 19.3
9.3 47.4 28.2
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
16.8 12.9
2.7
2.3
46.4 28.6
3.7
3.3
57.0 33.8
5.6
4.8
36.2 15.2
3.7
2.3
NM 126.7 3.1
3.0
31.0 24.0
7.8
7.1
44.2 32.6
7.2
6.1
38.3 26.0 5.2
4.5
10.5
14.5
NM
13.7
NM
8.5
NM
14.6
12.0
9.6
14.4
41.0
10.4
15.6
39.2
14.6
8.7
8.3
30.0
17.7
9.4
11.8
10.1
16.5
14.8
12.2
76.2
19.4
72.2
57.5
17.7
15.1
24.0
17.2
17.5
21.4
23.3
19.7
19.3
16.9
27.2
22.1
15.2
7.8
11.0
28.5
12.3
13.7
8.2
16.7
9.2
8.2
8.1
10.1
26.9
10.1
14.3
24.3
13.9
10.6
9.7
25.5
18.4
9.7
8.0
8.1
14.4
13.4
11.3
58.7
15.3
56.8
45.2
17.2
14.5
21.3
15.8
16.2
19.3
18.7
17.1
16.3
13.4
23.0
19.8
14.3
1.4
3.6
0.7
2.6
1.4
1.5
0.8
3.2
1.7
1.4
1.7
11.2
2.4
1.8
6.2
2.1
2.3
1.5
5.8
4.7
1.7
0.9
1.0
3.6
1.8
1.6
17.1
3.0
15.3
11.0
3.2
3.7
6.0
4.0
2.4
6.2
4.9
3.4
3.1
2.7
8.8
6.9
3.1
1.2
3.0
0.7
2.2
1.3
1.4
0.8
2.4
1.6
1.2
1.5
8.5
2.0
1.7
5.1
1.8
2.0
1.3
4.9
4.3
1.5
0.8
0.9
3.1
1.6
1.5
17.5
2.6
14.2
10.0
2.9
3.4
5.2
3.5
2.1
5.0
4.3
3.1
2.8
2.6
7.0
6.0
2.6
ROE (%)
FY18E FY19E
14.9 18.5
8.3 12.2
10.2 15.3
11.6 18.9
-15.8 2.4
26.1 30.9
17.4 20.2
13.7 17.5
13.8
26.9
-4.0
20.9
-0.3
18.2
-1.0
24.7
14.1
16.0
11.5
30.7
24.1
11.9
16.8
15.0
28.2
18.5
20.7
28.0
18.9
7.4
9.9
23.7
12.8
13.2
22.5
16.9
23.4
19.2
17.8
25.7
26.9
24.6
14.9
32.4
20.3
15.3
16.2
16.5
36.0
30.7
20.9
16.2
29.8
2.4
19.4
9.8
17.2
4.8
29.8
19.8
16.2
14.6
35.9
21.6
12.0
23.0
14.0
20.6
14.4
20.8
24.4
16.1
10.5
11.9
22.9
12.7
12.9
29.8
18.4
25.9
22.2
16.7
24.4
26.1
23.2
14.0
28.4
24.4
18.8
17.8
20.0
33.8
32.8
20.1
Company
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
Aegis Logistics
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
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
201
307
220
295
70
116
72
373
274
560
344
342
361
339
79
215
71
480
416
778
71
11
64
15
13
86
-2
29
52
39
19.2
21.2
-12.7
21.5
-0.2
13.6
-0.9
25.6
22.8
58.2
25.9
27.9
7.7
24.0
5.1
14.0
4.3
40.6
33.4
69.4
26.9 123.8 35.1 3.8
30.3
7.5 31.7 8.9
12.2 Loss
LP 58.8
23.7 45.3 11.5 -1.0
5.3
PL
LP
2.6
14.7 37.0 2.9
4.7
6.5
Loss
LP 50.2
44.6 165.9 58.6 9.8
38.9 50.7 46.4 16.4
61.4 53.4 19.1 -11.5
64.7 42.3 7.4
12.3
46.5
24.6
44.3
13.9
37.8
21.7
12.5
54.6
12.4
28.1
23.5
18.8
74.3
74.2
-17.3
23.9
34.3
43.8
-2.9
-1.2
6.9
27.0
-20.7
-18.3
5.4
23.0
19.6
5.8
52.1
2.9
8.8
61.1
4.9
-17.8
-15.0
17.7
-3.6
-2.5
48.1
25.3
14.3
10.3
7.3
28.5
13.0
7.7
27.5
4.5
16.5
23.1
13.2
1.2
8.3
3.3
8.2
17.9
11.6
12.5
31.3
27.6
24.1
26.0
12.4
8.1
12.5
11.2
29.2
17.9
17.0
8.0
15.9
19.6
18.2
9.6
16.4
Buy
Buy
Sell
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
257
415
328
845
185
344
171
282
990
111
217
176
230
895
303
549
388
999
191
530
257
416
1228
114
283
230
318
1111
18
32
18
18
3
54
50
48
24
3
31
31
38
24
6.3
40.0
21.0
21.6
12.7
39.5
20.7
9.4
55.9
11.7
18.3
17.3
14.0
60.4
9.5
41.2
22.9
34.7
13.3
32.5
17.6
11.1
53.9
11.4
27.2
21.7
16.0
66.6
Neutral
Buy
Buy
2310
299
905
2185
685
990
-5
129
9
30.3
15.4
12.5
39.3
19.5
15.9
51.6 186.2 29.6
24.9 44.4 26.6
19.8 38.8 27.0
48.6 27.2
3.0
4.5
12.7
8.9
7.8
10.5
24.8
15.6
18.5
25.9
18.4
11.6
6.4
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Neutral
Buy
657
959
398
1125
219
1417
780
868
867
675
1003
2907
606
675
950
340
1250
219
1400
725
800
800
900
1236
2700
700
3
-1
-15
11
0
-1
-7
-8
-8
33
23
-7
15
37.0
63.4
16.6
65.4
12.5
66.3
33.4
44.0
44.8
40.0
36.8
131.8
39.8
38.1 42.9 20.9
66.3 71.6
6.0
18.7 21.0 21.2
71.2 79.2
4.2
13.5 17.5
5.1
73.3 86.3 19.5
41.7 48.8 34.2
50.8 54.9 13.0
53.1 61.6 17.9
50.3 60.2
6.1
43.6 51.5 30.8
147.1 161.3 -1.2
42.3 49.3 28.8
5 April 2018
16

Click excel icon
for detailed
valuation guide
CMP
(INR)
282
945
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
(INR) Downside FY18E FY19E FY20E FY18E FY19E FY20E
300
7
17.9 18.8 21.1
5.9
5.0 12.4
1100
16
51.9 63.1 82.6 -0.3 21.6 30.9
5.4
4.9 11.0
581
380
91
750
47
13
19
17
3.6
1.8
14.0 16.2
-10.9 -12.9
2.2 11.0
5.5 -67.5 -49.3 200.6
17.8 -6.1 16.5 9.7
-10.5 Loss Loss Loss
22.8 -77.4 388.0 108.3
PL Loss
LP
30.8
103.1
4.0
3.2
16.6
21.9
7.9
19.2
66.8
-0.9
-17.2
5.0
21.3
-5.8
12.1
-8.4
63.6
48.4
10.0
-5.6
22.2
16.9
22.1
49.0
27.9
23.8
37.4
16.5
8.4
10.5
7.0
9.3
6.0
8.6
11.0
34.1
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
15.7 15.0
2.8
2.3
18.2 15.0
2.6
2.3
18.7 17.9 4.7
4.1
109.2
24.1
NM
284.3
-419.5
15.4
11.3
21.2
11.7
12.8
11.6
17.0
13.5
35.2
215.4 2.3
20.7
4.2
NM
1.2
58.3 13.1
-173 2.4
10.4
10.3
22.5
9.5
11.0
9.5
11.4
10.6
28.4
7.3
1.1
1.2
1.0
1.3
1.8
1.8
2.0
2.8
19.3
6.5
1.6
20.1
4.6
4.6
8.2
7.9
1.8
6.8
3.6
3.5
2.8
7.9
4.3
2.8
5.7
6.3
2.3
3.3
4.1
1.9
8.5
1.1
7.8
4.0
12.4
ROE (%)
FY18E FY19E
17.2 17.0
15.0 16.2
25.2 23.2
Company
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
Tata Chemicals
Team Lease Serv.
Trident
TTK Prestige
UPL
V-Guard
Reco
Neutral
Buy
Buy
Neutral
Buy
Buy
395
336
77
639
2.3
2.1
1.1
4.2 17.0 20.4
1.6 -18.4 -23.4
10.7 4.3 20.2
2.6 -0.6 -1.5
6.8
1.0
1.2
1.0
1.2
1.6
1.5
1.8
2.6
16.5
5.7
1.3
18.9
4.0
4.2
6.6
7.4
1.5
6.2
3.1
3.2
2.6
6.8
3.8
2.3
4.6
5.2
2.0
2.9
3.7
1.8
7.0
1.0
6.9
3.4
9.9
47.4
10.4
5.9
8.6
10.6
16.6
10.8
14.8
8.0
19.0
14.6
8.5
69.1
22.5
12.6
27.1
45.8
15.7
13.7
23.4
7.2
7.9
32.5
24.2
7.2
21.7
23.0
8.9
13.3
13.4
11.3
17.7
10.1
18.0
26.3
26.9
65.8
10.4
5.5
10.3
11.6
17.7
14.5
17.5
9.4
22.6
15.7
7.6
63.8
23.4
11.9
32.0
41.4
17.2
14.0
27.1
12.3
11.3
34.5
26.8
25.0
21.3
24.3
10.2
16.3
14.9
11.5
20.1
16.5
20.7
23.6
28.8
Buy
Buy
Sell
Buy
Buy
Buy
Sell
274
977
81
29
166
196
83
401
1408
61
37
210
282
74
46
44
-24
30
26
44
-11
17.8
86.5
3.8
2.4
13.0
16.9
4.9
26.4
95.2
3.6
3.0
15.2
20.7
7.3
Neutral
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Neutral
399
1358
744
801
208
531
277
383
1389
95
1217
496
373
723
2678
146
497
1014
886
2466
2001
253
707
2274
67
6259
731
227
402
920
578
1070
242
523
332
458
1307
117
1550
664
467
1050
3293
194
608
1300
988
3500
2040
318
940
2700
114
5281
945
167
1
-32
-22
34
17
-1
20
20
-6
24
27
34
25
45
23
33
22
28
11
42
2
26
33
19
70
-16
29
-27
11.3
12.6
15.9
41.9
7.0
24.1
5.9
11.7
62.6
7.4
23.4
34.2
8.8
20.8
105.0
7.7
12.5
22.1
29.9
83.1
77.4
7.9
33.7
43.3
5.7
137.8
43.0
4.5
14.1
17.2
18.8
23.0
33.4 108.2 78.8
16.6
11.2
4.0
4.5
39.7
24.1
33.3
17.8
27.1
17.0
34.6
22.5
18.4
17.6
-6.7
26.8
16.2
27.1
31.7
26.6
14.3
47.9
24.3
15.4
17.9
12.1
46.8
19.1
29.7
22.0
46.8
32.6
22.2
12.8
52.1
14.5
42.5
34.7
25.5
19.1
39.9
45.8
29.6
29.7
25.9
32.0
21.0
52.5
11.8
45.4
17.0
50.8
38.7
17.1
30.6
18.3
37.2
22.9
18.5
9.7
46.3
12.2
26.8
23.9
21.1
15.1
10.0
30.7
23.3
21.2
19.1
26.1
16.1
38.2
6.5
35.5
15.5
38.2
19.3 22.4 17.8 21.0
46.8 52.0
2.2 11.7
6.8
7.1
2.9 -2.8
29.0 30.3 45.1 20.4
7.4
10.4 93.7 25.7
16.7 20.8 -8.7 42.5
75.0 100.0 44.9 19.8
9.8
11.5 -43.2 32.5
26.3 33.4 49.0 12.5
40.6 47.4 79.5 18.5
13.9 18.7 38.2 58.4
30.2 37.0 -16.0 45.0
126.6 149.9 21.9 20.6
9.7
11.4
4.8
26.8
300.0
49.5
27.3
40.0
35.6
22.4
30.5
37.5
81.3
27.8
9.7
32.9
49.8 46.5 11.7
33.1 41.9 124.2
38.1 44.2 -10.5
116.4 147.9 14.5
105.0 138.3 -9.9
9.7
12.2
9.1
44.0 50.3
0.0
59.6 88.1 11.6
10.3 12.8 -14.2
176.1 203.2 4.4
47.2 55.6
8.9
6.0
6.7
25.3
5 April 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 (%)
-1.7
-1.4
-0.9
-0.1
3.0
-1.6
3.2
1.0
-1.5
-1.0
0.8
-1.6
-1.1
-0.1
0.2
3.6
-0.6
0.9
-2.6
-1.6
-1.5
-0.1
-1.6
-0.4
-0.8
-2.0
-0.1
-2.2
1.0
-1.7
-2.2
-3.6
-4.0
-2.5
-1.3
-1.4
-1.4
-1.4
-0.3
0.7
-1.1
-1.9
-2.5
0.6
-1.5
0.4
-0.2
-0.7
-3.0
-1.6
-0.7
1M (%)
-1.8
3.5
-8.6
-8.5
5.4
-0.3
4.4
-4.8
-1.5
10.2
2.5
3.3
-7.8
1.6
4.1
-4.1
-4.6
6.3
-6.8
2.2
0.2
-2.8
0.4
-12.1
-6.8
5.7
-13.2
-1.6
0.6
-8.8
-4.7
1.1
-8.6
-9.8
-4.6
-6.5
-6.0
-7.7
-6.7
11.3
-4.9
2.5
-3.0
11.7
-0.5
10.1
2.6
-0.6
5.6
8.9
6.6
12M (%)
-12.2
73.2
-0.6
33.1
-12.9
17.8
13.5
64.8
62.1
0.3
14.5
17.8
-3.6
48.5
32.9
-24.4
48.3
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
Engineers India
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
Future Consumer
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
1 Day (%)
-0.7
-0.1
4.7
3.4
-1.4
-0.8
-1.9
-0.5
-2.2
-0.9
-1.4
-0.6
-0.8
-1.7
-1.0
-0.3
-2.5
-0.7
-1.5
-1.4
-0.9
-4.5
-1.8
-1.4
0.7
1.0
-2.5
-2.4
-0.1
-1.8
0.6
-2.0
-3.2
-0.7
-2.8
-2.0
-1.7
-1.3
-1.4
0.5
-0.5
-0.7
-0.9
-1.8
0.7
0.6
0.1
-1.9
0.3
0.0
1.9
-2.7
1M (%)
1.4
5.1
4.8
14.5
8.8
-16.7
-6.2
-6.3
2.8
-1.7
-3.7
-8.5
-5.4
-5.9
-1.5
-1.2
-1.3
-3.3
3.4
-7.5
-11.0
0.0
-6.5
-6.4
-15.0
5.7
-9.2
-4.7
-2.6
0.7
2.5
-12.4
-10.6
-2.4
0.7
-1.9
-6.4
1.6
1.7
3.0
3.1
1.0
-8.7
0.8
-11.1
2.3
-1.9
11.1
4.6
6.5
3.9
-10.9
12M (%)
5.1
-16.8
-1.1
32.2
-3.6
-1.0
-23.7
10.1
2.0
-0.9
-23.6
12.7
15.6
7.4
91.4
17.1
-14.3
36.5
14.8
-28.9
49.2
0.2
4.7
3.0
47.1
20.6
-8.7
5.9
-7.0
12.2
0.4
11.0
18.6
67.5
-4.8
-3.5
4.3
48.0
8.3
19.9
3.8
78.9
28.2
16.3
47.7
-8.2
11.3
10.1
27.1
55.8
6.0
-1.7
-2.7
-14.7
1.1
31.6
3.0
-19.3
27.8
-22.6
23.2
-4.0
10.2
-0.7
-18.8
-25.9
-13.8
8.0
-37.0
-15.8
-38.5
56.0
-17.1
53.3
39.4
50.4
17.7
29.4
30.9
-14.3
45.9
8.8
5 April 2018
18

MOSL Universe stock performance
Company
Pidilite Ind.
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
Laurus Labs
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Torrent Pharma
Infrastructure
Ashoka Buildcon
IRB Infra.Devl.
KNR Construct.
Sadbhav Engg.
Logistics
Allcargo Logistics
Concor
Gateway Distriparks
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hathway Cab.
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
1 Day (%)
-0.6
1.5
-0.5
-1.3
-3.0
1.4
-0.8
-0.9
-0.5
-1.6
0.3
-0.2
-1.0
-1.8
-0.9
-0.3
-2.2
1.4
-0.2
-2.5
-1.8
-0.7
-0.5
2.1
-1.8
-1.6
-0.3
-1.9
-2.8
0.9
-1.1
-0.9
-1.6
-1.2
-2.0
0.5
0.0
0.2
-1.2
0.2
-0.1
-1.7
-1.9
1.1
-1.4
0.6
-3.8
-1.3
-3.4
-0.8
1M (%)
7.0
2.2
-6.0
-8.5
-2.9
-0.4
-14.4
-0.9
-5.4
-4.5
-2.2
-2.1
7.8
-6.1
-19.9
0.9
-8.7
-8.3
-0.8
-1.2
-3.7
-4.2
0.9
9.9
-2.5
-6.1
-3.7
13.6
4.4
-5.3
-1.6
-15.8
-5.3
-12.8
-0.9
-5.3
4.0
-3.2
0.1
-3.4
-5.5
1.0
-2.3
-3.2
-13.1
-14.0
-6.3
3.1
-16.4
-2.6
12M (%)
36.3
29.2