14 January 2019
Market snapshot
Equities - India
Sensex
Nifty-50
Nifty-M 100
Equities-Global
S&P 500
Nasdaq
FTSE 100
DAX
Hang Seng
Nikkei 225
Commodities
Brent (US$/Bbl)
Gold ($/OZ)
Cu (US$/MT)
Almn (US$/MT)
Currency
USD/INR
USD/EUR
USD/JPY
YIELD (%)
10 Yrs G-Sec
10 Yrs AAA Corp
Flows (USD b)
FIIs
DIIs
Volumes (INRb)
Cash
F&O
Note: *Average
Close
36,010
10,795
17,656
Close
2,596
6,971
6,918
10,887
10,455
20,360
Close
60
1,288
5,920
1,813
Close
70.5
1.1
108.5
Close
7.6
8.4
11-Jan
-0.10
0.02
11-Jan
278
5,035
Chg .%
-0.3
-0.2
-0.2
Chg .%
0.0
-0.2
-0.4
-0.3
0.6
1.0
Chg .%
-1.1
0.1
0.2
-1.5
Chg .%
0.1
-0.3
0.0
1MChg
-0.01
-0.31
MTD
-0.4
0.2
MTD*
281
9,166
CYTD.%
-0.2
-0.6
-0.8
CYTD.%
4.4
5.9
2.7
3.1
4.6
1.7
CYTD.%
15.3
0.5
-1.1
-2.4
CYTD.%
0.8
0.2
-1.6
CYTDchg
0.2
-0.1
CY18
-4.6
15.9
CYTD*
281
9,166
Today’s top research idea
Infosys: Catching up with leading peers on growth
INFO’s 3QFY19 constant currency revenue growth accelerated to 10.1% (our
estimate: 9.0%) from 4.6% YoY CC five quarter ago. Investments, however,
continued to take a toll, with the adjusted EBIT margin down 70bp QoQ to
23% (our estimate: 23.5%).
Adj. PAT grew 8% YoY to INR39.9b (1% beat) in 3QFY19. INFO announced (a)
buyback of INR82.6b under the open market route at a maximum price of
INR800/share and (b) special dividend of INR4/share, in line with its
announcement of USD2b payout to shareholders.
As we had highlighted in
our recent
report and also in our commentary post
TCS’
earnings announcement,
the scarcity of local talent pool at onsite has
been driving companies toward more sub-contractors (among other
initiatives), thereby impacting margins. INFO missed our margin estimate by
40bp in 2Q and again by 50bp in 3Q (margin now down by 110bp YoY.
Research covered
Cos/Sector
Infosys
Avenue Supermarts
Tata Motors
India Life Insurance
Ecoscope
Key Highlights
Catching up with leading peers on growth
Margin pressures evident; Rich valuations restricting re-rating
JLR’s wholesale volumes decline in a challenging market
Private players’ individual WRP growth recovers after a brief lull
IIP growth slides to 17-month low off an adverse base
Piping hot news
Finance ministry may sell part of SUUTI holding in Axis Bank, ITC
The Finance Ministry may consider selling part of its stake in Axis Bank and
ITC, held through SUUTI, in next few months, an official said.
Chart of the Day: Infosys – Catching up with leading peers on growth
Revenue growth stood at 2.7% QoQ CC and 2.3% QoQ in USD terms ( Cross Currency impact 50bp)
Research Team (Gautam.Duggad@MotilalOswal.com)
Source: MOSL, Company
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
PNB’s stake sale in housing
arm gets delayed
A decline in the market cap of
PNB Housing Finance in the
aftermath of the IL&FS crisis and
Carlyle’s exit from a plan to
jointly divest equity are likely to
delay Punjab National Bank’s
(PNB) bid to pare its stake in the
mortgage lender even beyond
this fiscal, banking sources told
FE...
2
Maruti December sales all time high as discounts fly high to
reduce inventory
India’s largest carmaker, Maruti Suzuki Ltd, pumped up discounts last
month, boosting December retail sales to its highest ever and
considerably trimming its inventory. Maruti’s showroom sales in
December was around 220,000 units, 18.18% higher than around
180,000 units sold in the same month a year ago, according to two
people aware of the development…
3
RBI-Govt parleys: PCA norms
could be eased for some
better-off lenders
The finance ministry and the
Reserve Bank of India are
expected to soon work out some
relaxation in the prompt
corrective action (PCA)
framework for stressed banks…
4
India considering raising
minimum selling price of
sugar
The government is considering
raising the minimum selling price
of sugar, television news channel
ET Now reported on Friday.
Prime Minister Narendra Modi’s
office was directly examining the
proposal, ET Now said quoting
sources…
5
The Reserve Bank of India (RBI)
has raised a red-flag on the spike
in non-performing assets (NPAs)
under the government's flagship
scheme to support micro
enterprises in the country -- the
Pradhan Mantri Mudra Yojana.
According to Finance Ministry
sources, RBI has cautioned the
ministry that the scheme might
turn-out to be the next big
source of NPAs, which have
plagued the banking system...
RBI cautions government
over NPA spike in MUDRA
loans
6
RBI net-seller of dollars in Nov,
unwinding USD 644 mn
The Reserve Bank remained a
net seller of dollars in November
2018, as it sold USD 644 million
of the greenback on a net basis
in the spot market, according to
the latest data from the Central
bank…
7
TCS won’t engage in price war to
win new deals
Tata Consultancy Services Ltd
(TCS) said it won’t engage in a
price war, although some of its
rivals have offered discounts, to
win new deals…
14 January 2019
2

11 January 2019
3QFY19 Results Update | Sector: Technology
Infosys
Buy
BSE SENSEX
36,010
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
S&P CNX
10,795
INFO IN
4,571
2986.8 / 42.4
755 / 522
-1/6/23
6012
87.2
CMP: INR684
TP: INR800 (+17%)
Catching up with leading peers on growth
Financials & Valuations (INR b)
Y/E Mar
2019E 2020E 2021E
Net Sales
828.6
926.9 1,022.2
EBITDA
211.4
231.5
255.3
PAT
162.5
171.4
191.6
EPS (INR)
36.4
39.5
44.1
Gr. (%)
12.4
8.5
11.8
BV/Sh (INR)
150.1
152.2
173.9
RoE (%)
25.0
26.1
27.1
RoCE (%)
25.0
26.1
27.1
P/E (x)
18.8
17.3
15.5
P/BV (x)
4.6
4.5
3.9
Estimate change
TP change
Rating change
Margin under pressure due to investments and secular trends
Highest growth in 10 quarters at lowest-ever margin:
INFO’s 3QFY19 constant
currency revenue growth accelerated to 10.1% (our estimate: 9.0%) from 4.6%
YoY CC five quarter ago. Investments, however, continued to take a toll, with the
adjusted EBIT margin down 70bp QoQ to 23% (our estimate: 23.5%). Notably,
INFO’s EBIT margin has shrank by 210bp over the last eight quarters, during
which the INR has depreciated by ~6%. Adj. PAT grew 8% YoY to INR39.9b (1%
beat) in 3QFY19. INFO announced (a) buyback of INR82.6b under the open
market route at a maximum price of INR800/share and (b) special dividend of
INR4/share, in line with its announcement of USD2b payout to shareholders.
Deals/guidance imply intact revenue momentum:
INFO won 14 large deals in
the quarter with a TCV of USD1.57b, taking the 9MFY18 deal value to USD4.7b
(+2.2x YoY). INFO raised its full-year revenue guidance to 8.5-9.0% QoQ CC,
which implies a 4Q ask-rate of 0.3-1.9% QoQ CC (0.5-2.5% as per INFO). This also
means that YoY growth will accelerate further to 9.8%-11.6% in 4QFY19.
Elevated costs weighing on profitability:
As we had highlighted in
our recent
report
and also in our commentary post TCS’
earnings announcement,
the
scarcity of local talent pool at onsite has been driving companies toward more
sub-contractors (among other initiatives), thereby impacting margins. INFO
missed our margin estimate by 40bp in 2Q and again by 50bp in 3Q (margin now
down by 110bp YoY) and the INR has depreciated by 11% over this period. Like
TCS, the approach is to prioritize revenues over margins – a trade-off due to
limited talent availability.
Valuation and view:
Driven by INFO’s robust show on revenue growth, deal wins
and upgraded guidance, we increase our FY19/20/21 revenue estimate by
0.6/1.1/2.0%. However, given the cost challenges, we trim our FY19/20/21 EBIT
margin estimate by 42/62/44bp to 23.3/22.8/23%. Our earnings estimates are
down by 0.3-1.6% as a consequence. INFO’s impressive catch up on revenue
growth with industry leaders is encouraging, while challenges on the margins are
secular. 3QFY19 performance will make a case for the narrowing of the valuation
gap with leading peers such as TCS, in line with our thesis. Our price target of
INR800 discounts forward earnings by 18x, implying a 17% upside. Maintain
Buy.
4Q
2,805
1.8
1,80,830
5.6
38.6
11.4
49,310
27.3
24.7
5,340
26.3
36,900
-0.2
2.4
8.5
2,04,107
85.1
1Q
2,831
0.9
1,91,280
12.0
38.0
12.0
49,730
26.0
23.7
7,260
26.2
36,120
-2.1
3.6
8.3
2,09,905
86.1
FY19E
2Q
3Q
2,921
2,987
3.2
2.3
2,06,090
2,14,000
17.3
20.3
37.8
37.2
11.8
11.9
53,580
54,100
26.0
25.3
23.7
23.0
7,390
7,530
27.0
29.7
41,100
39,891
13.8
-2.9
10.3
7.9
9.4
9.2
2,17,739
2,25,501
86.0
84.2
FY18
4Q
3,017
1.0
2,17,200
20.1
37.2
12.3
54,028
24.9
22.7
7,081
27.0
41,086
3.0
11.3
9.5
2,31,775
83.9
10,939
7.2
7,05,220
3.0
38.6
11.7
1,90,100
27.0
24.3
31,930
20.9
1,61,030
12.0
32.4
2,04,107
85.5
FY19E
11,756
7.5
8,28,570
17.5
37.5
12.0
2,11,428
25.5
23.3
29,261
26.8
1,62,486
0.9
36.4
2,31,775
85.0
(INR Million)
Est.
3QFY19 Var. (%/bp)
2,949
1.3
1.0
130bp
2,12,911
0.5
19.7
61bp
37.5
-31bp
11.9
3bp
54,554
-0.8
25.6
-34bp
23.5
-47bp
4,238
77.7
27.0
39,546
0.9
-3.8
84bp
7.0
94bp
9.1
2,24,434
0.5
84.3
-5bp
Quarterly Performance (IFRS)
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT Margin (%)
Other income
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
Headcount
Util excl. trainees (%)
1Q
2,651
3.2
1,70,780
1.8
38.8
12.1
45,610
26.7
24.1
8,140
28.2
34,880
-3.2
1.5
7.6
1,98,553
84.5
FY18
2Q
3Q
2,728
2,755
2.9
1.0
1,75,670
1,77,940
1.5
3.0
38.7
38.5
11.9
11.4
47,020
48,170
26.8
27.1
24.2
24.3
8,830
9,620
27.4
2.9
37,260
36,970
6.8
-0.8
3.3
-0.3
8.1
8.1
1,98,440
2,01,691
85.1
85.4
14 January 2019
3

Avenue Supermarts
BSE SENSEX
36,010
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
S&P CNX
10,795
DMART IN
Margin pressures evident
624
979.2 / 13.9
Rich valuations restricting re-rating
1696 / 1063
Revenue growth robust, but no relief on margins:
Revenue grew robustly
-1/1/22
by 33% YoY to INR54.5b (in-line) in 3QFY19. However, the company
1218
continued facing margin pressure (gross margin down 170bp YoY to 14.7%
18.8
13 January 2019
3QFY19 Results Update | Sector: Retail
CMP: INR1,569
TP: INR1,400 (-11%)
Sell
Financials & Valuations(INR b)
Y/E March
2018 2019E
Sales
150.3
200.0
EBITDA
13.5
16.8
NP
8.1
9.6
EPS (Rs)
12.9
15.5
EPS Growth (%)
68.4
19.7
BV/Share (INR)
74.8
90.3
P/E (x)
121.4
101.5
P/BV (x)
21.0
17.4
EV/EBITDA (x)
72.3
58.0
RoE (%)
18.9
18.7
RoCE (%)
15.8
17.8
2020E
258.6
22.4
13.4
21.4
38.6
111.7
73.2
14.0
43.2
21.2
20.3
Estimate change
TP change
Rating change
off a high base), mainly due to its focus on price competitiveness.
Consequently, EBITDA increased by a modest 7.5% YoY to INR4.5b (5% miss),
with the margin contracting 200bp YoY to 8.3%. PAT, too, grew by a
marginal 2.1% YoY (8% miss) to INR2.6b due to lower other income (-37%
YoY) and higher depreciation/finance cost (+33%/36% YoY).
Four new stores added in 3QFY19:
DMART added nine new stores in
9MFY19, (four in 3QFY19), taking its store count to 164. The store addition
trend appears similar to last year – 10 new stores added in 9MFY18. We,
however, note that DMART tends to accelerate store addition toward the
fiscal-end (14 new stores added in 4QFY18). In 4QFY19, too, it is likely to add
13-14 new stores.
Valuations view:
Revenue prospects remain promising (30% CAGR over
FY18-21; 22% SSSG), given continued store additions and benefits from its
EDLC-EDLP (Everyday low cost-Everyday low price) strategy. However,
margin expansion will be restricted by increased price competitiveness by
peers (as indicated by channel checks). We expect EBITDA/PAT CAGR of
30%/31% over FY18-21 (FY20 EBITDA estimate raised by 10% led by revised
growth and margin estimates). However, valuations appear rich at 73x/54x
FY20/21E P/E. We, thus, see limited room for re-rating. Maintain
Sell
with a
TP of INR1,400 (prior: INR1,285), ascribing 65x P/E on FY20E (on the back of
strong competitive moat).
FY19E
2Q
3Q
48,725 54,509
38.9
33.1
44,829 49,976
3,896
4,533
8.0
8.3
444
522
101
149
139
86
3,491
3,949
1,233
1,378
35.3
34.9
0
0
2,257
2,571
2,257
2,571
18.2
2.1
4.6
4.7
FY18
FY19E
(INR m)
FY19E
Var
3QE
(%)
55,267
-1
35.0
50,514
-1
4,753
-5
8.6 -28bp
463
13
110
36
142
-39
4,322
-9
1,526
-10
35.3
-42
0
2,795
-8
2,795
-8
11.0
5.1 -34bp
Quarterly performance
Y/E March
Revenue
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
MI & P/L of Asso. Cos.
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
E: MOSL Estimates
1Q
35,981
35.7
32,949
3,032
8.4
337
243
228
2,680
932
34.8
0
1,748
1,748
47.6
4.9
FY18
2Q
3Q
35,083 40,939
26.3
22.6
31,904 36,721
3,179
4,217
9.1
10.3
351
393
109
110
212
137
2,930
3,851
1,020
1,334
34.8
34.6
0
0
1,910
2,518
1,910
2,518
65.2
65.8
5.4
6.1
4Q
38,100
22.5
35,155
2,945
7.7
465
132
149
2,497
826
33.1
0
1,671
1,671
72.9
4.4
1Q
45,594
26.7
41,367
4,227
9.3
403
100
143
3,866
1,360
35.2
0
2,506
2,506
43.4
5.5
4QE
51,136 150,332 199,965
34.2
26.4
33.0
46,975 136,804 183,148
4,161 13,528 16,817
8.1
9.0
8.4
586
1,590
1,955
133
594
483
99
693
466
3,540 12,037 14,845
1,225
4,158
5,196
34.6
34.5
35.0
0
-185
0
2,315
8,064
9,650
2,315
8,064
9,650
38.5
68.4
19.7
4.5
5.4
4.8
14 January 2019
4

Tata Motors
BSE SENSEX
36,010
S&P CNX
10,795
11 January 2019
Update
| Sector:
Automobiles
CMP: INR180
TP: INR246 (+36%)
Buy
JLR’s wholesale volumes decline in a challenging market
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
Volumes down 16% YoY at Jaguar and 17.9% YoY at Land Rover
TTMT IN
3,397
569.3 / 8.1
441 / 155
12/-30/-63
3727
62.7
Financials Snapshot (INR b)
Y/E March
2018 2019E
Net Sales
2,946 3,148
EBITDA
369.7 349.3
NP
77.1
10.9
Adj. EPS (INR)
22.7
3.2
EPS Gr. (%)
14.5 -85.8
BV/Sh. (INR)
281.0 282.9
RoE (%)
10.0
1.1
RoCE (%)
6.4
5.0
P/E (x)
7.9
55.8
P/BV (x)
0.6
0.6
2020E
3,400
425.7
74.0
21.8
575.8
304.4
7.4
4.8
8.3
0.6
Shareholding pattern (%)
As On
Sep-18 Jun-18 Sep-17
Promoter
37.3
36.4
36.4
DII
17.4
18.7
15.3
FII
18.8
18.3
22.6
Others
26.5
26.7
25.8
FII Includes depository receipts
Stock Performance (1-year)
JLR’s wholesale volumes declined 17% YoY (-8% MoM) to 45.5k units (our
estimate: 50k), including China JV volumes of 5k units (-51% YoY), in Dec’18.
Jaguar volumes were down 16% YoY to 14.1k units (our estimate: 15k), while
Land Rover volumes declined 17.9% YoY to 31.4k units (our estimate: 35k).
JLR’s retail volumes fell 6.4% YoY in Dec’18, led by a 42.4% decline in China
retails, partly offset by volume growth in the UK (+7.8% YoY), the US (+21.4%
YoY) and EU (+7.6% YoY).
Jaguar’s retail volumes grew 7.2% YoY, driven by models like E-pace and I-
Pace. Volumes of other models declined substantially.
LR’s retail volumes declined 11.4% YoY, as growth in Range Rover (+33.6%) and
Range Rover Sport (+32.4%) was more than diluted by a decline across other
models.
Mr Felix Brautigam, Jaguar Land Rover Chief Commercial Officer said,
“We have seen a strong end to the year in North America, Europe and the UK.
Sales were up despite challenging market conditions, including regulatory
changes and diesel uncertainty, which have impacted sales performance
throughout the year. The UK’s performance in particular has been encouraging
in a market segment which is down. Sales of Land Rover models fell by 6.9% as
market conditions in China and Europe and the run-out of the current Evoque
held back performance. With the launch of the all-new compact yet
sophisticated Range Rover Evoque in 2019, we expect to see a boost in
demand.”
The stock trades at 8.3x FY20E consolidated EPS, 2.3x EV/EBITDA and 0.6x
P/BV. Maintain
Buy
with a target price of INR246 (Dec’20E SOTP-based).
14 January 2019
5

Sector Update | 11 January 2019
India Life Insurance
I
nsurance
T
racker
Private players’ individual WRP growth recovers after a brief lull
Private players reported a sharp pick-up of 14% YoY in individual WRP in Dec’18 (-1% YoY
in Nov’18), while industry growth came in at 15% YoY (-6% YoY in Nov-18). Among private
players, Birla Sun Life, Tata AIA, Bajaj Allianz and Reliance Life exhibited robust trends.
Among the listed players, SBI Life reported strong growth (+24% YoY), followed by Max
Life (+7% YoY). HDFC Life and IPRU Life, however, reported a decline of 4% and 5%,
respectively. For FY19 YTD, Max Life/SBI Life/HDFC Life’s individual WRP grew by
20%/14%/9% YoY, while IPRU Life reported an 11% YoY decline. LIC, on the other hand,
reported 16% YoY growth (+5% for FY19 YTD).
Private players’ individual WRP market share improves to ~64%
Private players reported 56% MoM growth in individual WRP, with their market
share expanding 694bp MoM to ~64% in Dec’18. For FY19 YTD, Tata AIA, SBI Life
and Birla Sun Life have gained the maximum market share, while IPRU Life has
ceded the most. SBI Life remains the largest private insurer in terms of both total
and individual WRP, followed by IPRU. On an un-weighted basis, HDFC Life remains
the largest insurer on an FY19 YTD basis.
Individual WRP and FY19 YTD
market share – sorted on Dec-18
Individual
WRP
FY19 YTD
Dec-18 Mkt. sh.
(%)
Grand Total
69,974
100.0
Total Public
25,227
42.3
Total Private
44,748
57.7
SBI Life
12,886
13.7%
ICICI Prudential
6,879
10.8%
HDFC Standard
4,655
7.3%
Max Life
3,781
5.0%
Tata AIA
2,763
2.9%
Birla Sunlife
2,349
2.3%
Bajaj Allianz
1,829
2.4%
Kotak Life
1,780
2.1%
PNB Met Life
1,396
2.0%
Source: Company, MOSL
Performance of key private players
The combined individual WRP market share of the top five private players – SBI Life,
IPRU Life, HDFC Life, Max Life and TATA AIA – stands at ~69% as of FY19YTD. Bajaj
Allianz and more recently Birla SunLife have been showing healthy traction and are
emerging as strong contenders to become the sixth largest insurer. Among key
listed players, on an individual APE basis.
HDFC Life
reported a 4% YoY decline (+9% YoY for FY19 YTD); total un-weighted
premium growth remained robust at ~46% in Dec’18 (~41% YoY growth for FY19
YTD)
SBI Life
reported 24% YoY growth (14% YoY growth in FY19YTD) – lower than
the historical run-rate.
IPRU
reported a 5% YoY decline (-11% YoY for FY19 YTD).
Max Life
reported 7% YoY growth (+20% YoY for FY19 YTD) – lowest during the
current fiscal.
Mutual fund AUM down ~5% MoM to INR22.8t; inflows decline 22% MoM
to INR66b
Mutual fund AUM fell ~5% MoM to INR22.8t, led by a 24.8% MoM decline in money
market schemes, partly offset by growth in ELSS (+4.9% YoY), equity (+2% YoY) and
gold ETF (+1.8% YoY). Income schemes, equity and money market schemes together
formed 80% of the total AUM as of Dec’18 v/s 79% in FY15. Net inflows declined by
22% MoM to INR66b in Dec’18.
14 January 2019
6

E
CO
S
COPE
IIP growth slides to 17-month low off an adverse base
Expect GDP growth to decelerate in 3QFY19
11 January 2019
The Economy Observer
Index of Industrial Production (IIP) rose by just 0.5% YoY in Nov’18, as against 8.4% in the previous month and also much
lower than our estimate/market consensus of 3.8%/3.6%.
IIP growth was the slowest in 17 months, with a broad-based deceleration in industrial activity. Manufacturing activity
contracted by 0.4% in Nov’18, after rising in each of the last 16 months. 13 of the 23 sub-industries witnessed a YoY
slowdown in activity, and notably, as much as 87.9% of the manufacturing sector (by weight) reported sub-5% growth in
the month. Mining and electricity growth also slowed down sharply.
According to the use-based classification, output of capital goods fell by 3.4% YoY, while that of consumer goods and
intermediate goods declined by 0.7% and 4.5%, respectively.
IIP growth weakened to 4.4% in Oct-Nov’18 from 5.3% in 2QFY19. We expect IIP growth to remain subdued in the near
term on account of an adverse base. Overall, we expect real GDP growth to weaken toward ~6.5% in 3QFY19, implying
~7% growth in FY19, lower than market consensus and the RBI’s projection of ~7.4%.
IIP growth slows down to 0.5% YoY…:
IIP growth decelerated sharply to 0.5%
YoY in Nov’18 from 8.4% in the previous month
(Exhibit 1)
– this was the slowest
pace of growth in 17 months. Growth is also significantly lower than our
estimate of 3.8% and market consensus of 3.6%. The slowdown in growth can
primarily be attributed to an adverse base.
...driven by broad-based deceleration in industrial activity:
Deceleration in
industrial activity was broad-based, with all the three components exhibiting
lower growth. Manufacturing activity (~78% weight) contracted by 0.4% in
Nov’18 – this was the first instance of a decline in 16 months. 13 of the 23 sub-
industries witnessed a YoY slowdown, and notably, as much as 87.9% of the
manufacturing sector (by weight) reported sub-5% growth in the month
(Exhibit
3).
While growth in mining decelerated sharply to 2.7% from 7.2% in the
previous month, electricity generation rose by 5.1%, the slowest pace in six
months.
Capital goods and consumer goods output declines:
According to the use-based
classification, capital goods production – a key input in industrial GVA – declined
by 3.4% YoY in Nov’18, as against average growth of 8.9% in 7MFY19. Output of
consumer goods fell by 0.7% YoY on account of a contraction in both consumer
durables and non-durables output. While output of intermediate goods fell
4.5%, growth in infra/construction goods output decelerated to 5% from an
average of 8.7% over Apr-Oct’18.
Expect GDP growth to decelerate in 3QFY19:
IIP growth weakened to 4.4% in
Oct-Nov’18 from 5.3% in 2QFY19. We expect IIP growth to remain subdued in
the near term on account of an adverse base. Overall, we expect real GDP
growth to weaken toward ~6.5% in 3QFY19, implying ~7% growth in FY19, lower
than market consensus and the RBI’s projection of ~7.4%.
14 January 2019
7

In conversation
1. TCS: 2019 TO BE BETTER THAN 2018 IN TERMS OF DEAL
PIPELINE, ORDER BOOK AND VISIBILITY ON MARGIN; Rajesh
Gopinathan, CEO & MD
In 2019 company is going in on the back of a very strong order pipeline, both
bookings as well as the deal pipeline constituting mainly of fairly standard
orders rather than one-off mega orders and have been seeing this demand ramp
up and growth acceleration through the course of the year.
Have always said that Brexit is a mixed bag. Do not know what is going to
happen but whatever happens, today UK and Europe business is growing
upwards of 20% year-on-year for company. The demand environment in UK or
on all major markets have been good.
The pipeline reflects that $5.9 billion of TCV for this quarter is far superior than
what company thought.
Should be growing a lot more in digital. The acquisitions that company made
whether it is W12 or BridgePoint, are going to help in accelerating an integrated
digital-core led digital transmission story.
See no structural challenges to that preferred (margin) band that company is
looking at.
Double digit growth is 100% targeted trajectory and have no intention to get off
it.
2. BANDHAN BANK: EXPECT COST OF FUNDS TO COME DOWN
POST-MERGER WITH GRUH FINANCE; Chandra Shekhar
Ghosh, MD & CEO
Expect cost of funds to come down post-merger with Gruh Finance.
Have been focused on microfinance, affordable housing and micro, small and
medium enterprises (MSMEs).
Had been talking to Gruh Finance over last 2 years.
Housing is a big opportunity with government’s housing for all thrust. Will only
look at the affordable space within housing sector.
Cannot reclassify promoter holding or change tier-3 structure to comply with
RBI norm.
14 January 2019
8

From the think tank
1. INDIA’S DEMOGRAPHIC DIVIDEND WILL PLAY OUT OVER A
LONGER SPAN
A study on demographic dividend in India by United Nations Population Fund
(UNFPA) throws up two interesting facts. One, the window of demographic
dividend opportunity in India is available for five decades from 2005-06 to 2055-
56, longer than any other country in the world. Second, and more interesting, is
the fact that this demographic dividend window is available at different times in
different states because of differential behaviour of the population parameters.
Demographic dividend is said to be occurring when the ratio of the working age
population is high and the dependency ratio in terms of proportion of children
and elderly people low. This advantage can create the space needed to increase
investments in enhancing human capabilities, which, in turn, can have a positive
influence on growth and development.
2. THE OPPORTUNITIES FOR INVESTORS IN STRESSED POWER
ASSETS
In upward economic trend and better distribution connectivity have set India’s
power sector for demand growth, yet it continues to face intrinsic challenges
that could still upset the applecart. Power demand growth is now about 5%
compared with historical rates of 8-10%, while thermal generation capacity has
gone up significantly in the same period, apart from the addition of large
capacity in the renewable energy segment. The resultant low plant load factors
(PLFs) have cascaded financial pressure on banks which now have an exposure
of close to ₹2 trillion to thermal power companies. Notwithstanding the gloom,
there is potential for private sector companies to contribute to recovery in the
sector. The resolution process initiated through the Insolvency and Bankruptcy
Code (IBC) provides an opportunity for the private sector to acquire and re-
engineer operations and power sales from assets, besides earning an internal
rate of return (IRR) of 15-20% on investments.
3. SHELTER FROM THE STORM IN 2019
What would have to happen for this to be a tranquil year economically,
financially, and politically? Answer: a short list of threats to stability would have
to be averted. First, the trade war between the United States and China would
have to be placed on hold. In November and December, financial markets
reacted positively to each hint of a negotiated settlement and negatively to each
mention of renewed hostilities – and for good reason: tariffs that disrupt trade
flows and supply chains do global growth no good. And, as we know, what
happens in financial markets doesn’t stay in financial markets: outcomes there
powerfully affect consumer confidence and business sentiment. Second, the US
economy will have to grow by at least 2%, the consensus forecast incorporated
into investor expectations. If growth comes in significantly lower – whether
because the sugar high from the December 2017 tax cuts wears off, the Federal
Reserve chokes off the expansion, or for some other reason – financial markets
will move sharply downward, with negative implications for confidence and
stability.
14 January 2019
9

Click excel icon
for detailed
valuation guide
Valuation snapshot
Company
Reco
Automobiles
Amara Raja
Buy
Ashok Ley.
Buy
Bajaj Auto
Buy
Bharat Forge
Buy
Bosch
Neutral
CEAT
Buy
Eicher Mot.
Buy
Endurance Tech. Buy
Escorts
Neutral
Exide Ind
Buy
Hero Moto
Neutral
M&M
Buy
Maruti Suzuki
Buy
Motherson Sumi Buy
Tata Motors
Buy
TVS Motor
Neutral
Aggregate
Banks - Private
AU Small Finance Buy
Axis Bank
Buy
DCB Bank
Neutral
Equitas Hold.
Buy
Federal Bank
Buy
HDFC Bank
Buy
ICICI Bank
Buy
IndusInd
Buy
Kotak Mah. Bk Neutral
RBL Bank
Buy
South Indian
Buy
Yes Bank
Buy
Aggregate
Banks - PSU
BOB
Buy
BOI
Neutral
Canara
Neutral
Indian Bk
Buy
PNB
Neutral
SBI
Buy
Union Bk
Neutral
Aggregate
NBFCs
Aditya Birla Cap Buy
Bajaj Fin.
Neutral
Cholaman.Inv.&F
Buy
n
Dewan Hsg. Fin. Buy
HDFC
Buy
HDFC Stand. Life Buy
ICICI Pru Life
Buy
Indiabulls Hsg
Buy
L&T Fin Holdings Buy
LIC Hsg Fin
Buy
MAS Financial
Buy
M&M Fin.
Buy
CMP
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
(INR) (INR) Downside FY18 FY19E FY20E FY18 FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E
756
94
2714
481
19514
1268
20487
1202
754
260
2900
729
7320
161
180
540
834
136
3186
579
21233
1534
24760
1513
745
306
3040
914
8845
191
246
569
10
44
17
20
9
21
21
26
-1
18
5
25
21
19
36
5
27.6
5.4
151.3
18.4
469.8
64.0
799.6
29.1
39.5
8.2
185.1
41.0
266.7
5.4
22.7
13.9
29.0
6.0
155.9
22.6
552.1
70.3
856
36.2
51.7
9.2
173.3
44.1
257.3
5.7
3.2
14.9
37.0
7.8
181.5
27.6
679.9
86.4
1,021
46.2
61.1
11.5
187.2
49.6
321.7
8.4
21.8
21.8
-1.5
23.9
7.3
40.7
-0.7
-30.3
27.0
23.8
88.0
0.4
9.5
49.8
7.3
6.0
14.5
18.7
15.1
5.0
27.8
11.0 30.9
3.1
16.4
22.5 22.2
17.5 23.2
9.9
22.8
7.0
19.3
24.5 27.8
30.9 18.0
12.4 25.0
-6.4
8.0
7.4
12.6
-3.6 25.1
6.3
47.4
-85.8 575.8
6.7
46.6
-13.7 39.4
30
29.2
1,462 118.6
21.3 24.9
576.5 34.6
21.8 48.5
17.6 20.2
-27.3 151.6
14.3 45.6
14.8 20.6
38.0 32.0
-0.4 82.3
9.8
21.7
22.6 49.1
72.4
LP
202.9
133.6
LP
270.8
185.8
552.8
27.2
30.1
11.8
1.2
15.0
18.3
7.3
14.7
16.6
22.2
22.0
15.6
26.1
15.8
17.4
21.3
35.3
18.0
23.9
33.2
14.6
28.2
16.7
16.5
28.5
28.1
55.8
36.3
24.2
48.6
38.4
18.5
19.3
16.5
26.5
47.1
22.0
32.7
27.6
8.5
9.1
28.8
13.0
NM
16.3
11.2
NM
34.7
20.9
56.2
23.3
38.2
15.3
4.1
44.9
63.1
42.0
8.5
12.4
10.5
21.4
19.9
20.4
12.1
15.0
17.4
28.7
14.7
20.1
26.0
12.3
22.6
15.5
14.7
22.8
19.0
8.3
24.8
17.4
37.6
17.6
14.8
14.3
11.1
22.0
18.7
15.1
27.1
20.9
4.7
7.5
19.3
7.5
12.0
5.4
4.8
10.1
9.4
7.3
8.6
18.3
29.3
13.7
4.1
39.0
53.3
39.1
7.4
10.6
8.6
17.5
17.2
3.9
3.4
3.7
4.1
5.4
1.8
6.4
6.6
2.6
3.7
4.6
2.6
4.8
4.8
0.6
7.6
3.0
6.0
2.5
1.9
1.7
1.4
3.9
2.3
3.4
4.0
3.3
0.5
1.4
3.1
0.7
0.6
0.6
0.7
0.7
1.2
0.4
0.9
2.2
7.7
3.0
0.7
4.6
4.5
2.3
2.1
2.1
1.5
3.6
2.6
3.3
2.9
3.3
3.5
4.9
1.6
5.1
5.6
2.2
3.3
4.2
2.3
4.3
4.1
0.6
6.2
2.7
4.7
2.2
1.7
1.5
1.3
3.4
2.1
2.7
3.5
2.9
0.5
1.2
2.7
0.7
0.6
0.6
0.6
0.7
1.1
0.4
0.8
1.9
6.2
2.5
0.6
4.3
3.8
2.0
1.8
1.8
1.3
3.1
2.4
15.8
23.0
22.4
20.9
16.1
10.4
29.5
21.5
19.1
13.1
28.3
14.4
17.0
18.2
1.1
22.7
12.4
14.3
6.8
11.0
9.0
9.0
16.7
5.0
16.5
11.9
12.4
6.2
16.9
10.9
5.6
-0.9
3.5
6.7
-13.8
2.7
2.1
1.6
10.2
22.1
21.5
17.9
15.5
18.6
16.8
25.6
18.7
15.1
17.8
13.9
17.6
26.3
23.4
21.9
17.9
11.6
28.2
23.2
19.2
14.7
28.4
14.5
18.7
23.2
7.4
27.7
15.5
14.0
13.5
12.4
11.1
12.2
16.5
11.8
20.2
12.9
14.7
10.7
17.2
14.2
9.0
4.3
9.9
14.3
6.8
12.3
5.5
9.6
11.3
23.5
20.0
15.9
15.0
19.1
16.0
26.1
18.6
16.2
18.9
14.5
649 740
667 750
179 170
121 160
95
110
2112 2500
379 425
1515 1900
1221 1250
575 600
16
20
184 270
14
13
-5
33
15
18
12
25
2
4
27
47
10.2
1.1
8.0
0.9
4.8
67.8
11.1
60.2
32.5
15.1
1.9
18.4
13.4 17.3 -79.5
17.4 37.9 -92.8
9.7 12.1 13.8
6.3
8.4 -82.3
5.8
8.6 -1.3
79.8 95.9 19.4
8.0 20.2 -34.3
68.8 100.2 25.2
37.4 45.1 21.3
20.9 27.6 27.3
1.8
3.4 -25.5
20.2 24.6 26.3
-1.3
121
103
278
253
81
303
94
140
90
278
350
74
360
80
16
-13
0
38
-8
19
-15
-9.8 9.3
-43.2 -1.8
-63.5 17.1
26.2 22.5
-50.3 -17.7
-5.3 8.7
-56.5 4.5
16.1
PL
LP
8.6 Loss Loss
51.7
PL
LP
52.6 -10.4 -14.2
8.0
PL
Loss
32.3
PL
LP
12.8
PL
LP
PL
LP
5.3
85.6
86.4
NA
35.9
35.5
10.4
51.6
24.0
40.1
4.8
16.6
-24.9
6.0
69.0
37.1
32.0
30.8
97
145
2511 2375
1183 1525
222 325
1988 2310
407 475
356 450
815 1050
142 185
483 560
542 670
453 560
50
-5
29
47
16
17
27
29
31
16
24
24
3.8
43.4
62.3
38.2
42.3
5.5
11.3
90.2
6.8
33.7
19.2
17.4
4.1
65.8
77.2
53.5 54.1 28.9
44.3 51.0 6.2
6.4
7.6 23.7
8.5
9.1 -3.8
95.6 109.7 31.5
11.5 13.4 29.5
46.2 56.4 -11.9
25.3 30.9 27.5
22.8 26.4 146.3
14 January 2019
10

Click excel icon
for detailed
valuation guide
CMP
TP % Upside
(INR) (INR) Downside
537 500
-7
901 1215
35
434 550
27
1640 2000
1190 1400
22
18
EPS (INR)
FY18 FY19E FY20E
43.0 50.3 58.0
49.6 62.2 73.5
32.9 40.0 45.1
Valuation snapshot
ROE (%)
FY19E FY20E
23.8 23.3
15.3 16.0
17.7 17.0
16.6
16.9
15.2
13.5
17.9
3.6
19.3
42.2
18.3
17.2
20.2
19.5
21.3
14.3
10.8
21.6
11.5
12.0
14.0
12.1
6.1
10.9
5.4
6.3
1.3
14.2
6.0
11.2
0.1
10.7
4.5
13.2
8.8
8.8
15.8
17.1
15.7
15.3
17.6
4.4
23.2
42.3
20.2
19.0
18.8
21.0
21.4
14.8
11.7
23.2
13.7
13.7
14.2
12.6
6.9
13.8
8.7
6.4
2.9
13.2
8.5
13.2
7.0
13.3
5.5
16.2
10.1
10.7
Company
Reco
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
Cummins
Buy
Engineers India Buy
GE T&D
Neutral
Havells
Buy
K E C Intl
Neutral
L&T
Buy
Siemens
Neutral
Solar Ind
Neutral
Thermax
Buy
Va Tech Wab.
Neutral
Voltas
Neutral
Aggregate
Cement
Ambuja Cem.
Neutral
ACC
Buy
Birla Corp.
Buy
Grasim Inds.
Neutral
India Cem
Neutral
J K Cements
Buy
JK Lakshmi Ce
Buy
Ramco Cem
Buy
Orient Cem
Buy
Prism Johnson Buy
Sanghi Inds.
Buy
Shree Cem
Buy
Ultratech
Buy
Aggregate
Consumer
Asian Paints
Neutral
Britannia
Buy
Colgate
Buy
Dabur
Neutral
Emami
Buy
Future Consumer Buy
Godrej Cons.
Neutral
GSK Cons.
Neutral
HUL
Buy
ITC
Neutral
Jyothy Lab
Neutral
Marico
Buy
Nestle
Neutral
Page Inds
Neutral
EPS Gr. YoY (%)
P/E (x)
P/B (x)
FY18 FY19E FY20E FY19E FY20E FY19E FY20E
45.6 17.0 15.3
10.7
9.3
2.3
2.0
56.9 25.4 18.3
14.5 12.3 2.1
1.8
13.1 21.3 12.8
10.9
9.6
1.8
1.5
46.2
57.7
22.7
10.0
17.3
17.1
27.2
9.7
23.1
34.4
24.7
20.1
21.5
4.6
22.6
22.4
24.5
17.7
28.8
30.9
17.8
12.5
21.9
11.1
10.9
24.5
52.6
14.4
21.3
33.1
38.3
30.8
19.1
30.9
52.2
14.1
22.9
42.1
37.4
39.6
11.2
31.2
26.8
10.1
9.3
20.9
41.4
13.1
17.3
24.6
30.8
25.6
15.7
29.5
42.6
11.5
18.4
35.8
29.1
30.3
9.5
27.7
22.0
1.7
1.7
3.7
7.1
2.6
0.8
6.4
14.6
5.4
3.3
5.9
10.2
3.0
3.1
4.5
7.4
4.4
1.4
4.1
3.3
2.1
2.7
1.0
18.8
0.5
2.3
2.2
3.3
1.6
3.9
0.9
5.8
3.7
2.4
15.0
19.4
22.4
11.4
8.9
7.4
11.5
8.7
51.9
7.2
5.9
16.9
28.6
27.3
1.5
1.5
3.3
6.3
2.3
0.8
5.7
11.7
5.0
3.0
5.2
8.9
2.5
2.4
4.2
6.2
3.9
1.2
3.7
2.8
2.0
2.5
0.9
17.4
0.5
2.1
2.1
3.0
1.5
3.5
0.9
5.0
3.0
2.2
14.4
18.1
22.3
10.3
8.4
6.5
10.5
7.8
52.5
6.7
5.6
15.5
27.9
22.3
100.8 147.3 162.1 19.5
69.1 109.0 127.9 24.7
24.0
19.8
5.7
2.2
14.5
5.2
23.5
6.3
7.5
11.2
17.9
51.7
19.8
24.4
20.5
24.1
17.3
25.6
6.4
3.2
18.5
6.0
27.3
6.5
10.0
13.2
20.1
59.8
25.1
28.3
28.9
28.0
17.4
1347 985
92
105
69
60
611 620
228 260
841 990
124 155
310 275
688 795
284 330
1370 1660
1058 940
1057 1100
1145 1325
313 315
541 595
-27
14
-13
2
14
18
25
-11
16
16
21
-11
4
16
1
10
32.5 8.1 29.1
7.0 -8.8 11.4
4.0 62.7 46.6
24.8 12.7 27.2
7.4 14.3 15.3
32.8 -11.2 16.2
7.9 14.8 3.7
10.5 30.8 33.9
16.2 17.4 17.5
24.6 51.1 12.4
74.5 22.4 15.7
29.5 10.9 27.1
36.4 18.2 15.9
37.8 -1.2 40.8
33.0 27.6 16.2
19.5 11.9 0.4
16.0 17.7
7.2
77.1
52.0
88.3
5.0
41.8
11.5
26.4
3.5
3.1
3.8
479.2
111.6
30.5
27.7
-35.6
-30.2
-42.0
63.0
6.4
-11.9
LP
302.1
29.5
0.4
-10.9
1.8
1.9
13.5
18.6
7.2
-8.5
Loss
11.4
6.6
24.7
5.5
-12.4
2.0
13.2
30.3
213
1459
560
815
87
700
288
630
77
86
60
15885
3768
208
1804
762
808
95
740
362
740
113
106
85
20577
4639
-2
24
36
-1
9
6
26
18
47
23
41
30
23
6.1
46.9
18.9
47.3
3.3
42.8
7.4
24.0
2.2
1.4
3.7
385.8
85.7
6.2
55.9
30.3
69.4
2.3
41.4
7.6
20.1
0.1
2.3
2.9
349.0
85.8
1.9
16.6
34.4 29.5
19.3 37.9
26.1 18.9
60.5 71.2
18.5 10.8
46.7 27.2
11.7
9.2
-30.0 120.6 38.1 17.3
-3.2
0.9
16.9 16.8
2.4
52.0
38.0 25.0
-16.0 31.0
31.3 23.9
-97.6 6,741.6 1,488.4 21.8
62.2 36.8
37.9 27.7
-20.9 28.2
20.5 16.0
-9.5 37.3
45.5 33.1
0.1
30.0
43.9 33.8
14.2 31.8
27.5 20.9
7.9
16.7
6.4
3.4
9.1
Loss
9.2
23.7
17.5
9.5
10.3
15.5
31.6
20.7
19.1
22.7
16.2
18.5
16.5
LP
17.7
11.1
19.2
12.8
24.0
18.8
10.2
25.5
61.5
63.5
49.4
52.5
32.7
NM
50.7
36.3
61.5
30.4
36.7
51.5
61.2
62.0
51.6
51.7
42.5
44.3
28.0
57.9
43.1
32.7
51.6
27.0
29.6
43.4
55.5
49.4
1402
3099
1323
422
433
44
780
7476
1768
295
199
382
11265
23262
1314
3600
1515
432
570
68
825
7250
2140
295
200
465
11165
26510
-6
16
15
2
32
54
6
-3
21
0
0
22
-1
14
21.1
41.8
25.2
7.8
12.1
-0.2
14.1
166.5
24.5
8.9
4.9
6.4
140.0
311.1
22.8
48.8
26.8
8.0
13.2
-0.1
15.4
205.9
28.8
9.7
5.4
7.4
184.2
375.4
27.2
59.9
31.1
9.5
15.4
0.8
18.1
228.8
34.3
10.9
6.7
8.8
203.0
471.1
25.2 28.5
32.4 36.2
46.6 52.6
23.1 24.4
28.5 30.8
-0.8 11.9
23.8 25.5
24.5 25.2
86.1 101.2
23.3 25.7
16.7 19.4
35.0 37.3
49.2 50.9
44.0 45.2
14 January 2019
11

Click excel icon
for detailed
valuation guide
CMP
(INR)
241
1108
10012
1377
592
TP % Upside
EPS (INR)
(INR) Downside FY18 FY19E FY20E
270
12
10.4 13.9 15.5
1275
15
18.9 18.0 22.2
10520
5
117.8 157.0 191.6
1580
15
14.9 22.0 26.0
655
11
6.7 11.3 15.0
Valuation snapshot
P/B (x)
FY19E FY20E
2.5
2.2
14.1 13.0
33.6 28.0
11.4 9.6
13.6 10.7
13.8 12.7
4.3
4.2
4.3
3.2
6.7
3.6
2.6
5.7
3.1
3.0
1.6
11.6
3.3
2.3
2.6
6.4
2.5
1.7
2.7
5.8
3.5
1.7
0.8
2.2
1.8
1.3
1.2
3.3
3.0
1.1
1.8
3.0
1.8
2.7
6.4
4.6
5.0
3.0
1.1
3.4
0.5
3.7
3.6
3.7
2.6
5.8
3.2
2.4
4.9
2.7
2.6
1.5
10.7
2.9
1.9
2.4
5.7
2.2
1.6
2.4
5.2
3.0
1.5
0.7
1.9
1.6
1.2
1.1
3.1
2.7
1.0
1.6
2.7
1.5
2.4
5.0
4.2
4.2
2.7
1.0
2.9
0.5
ROE (%)
FY19E FY20E
15.3 14.9
24.3 27.2
59.0 58.5
19.8 19.7
26.0 26.9
29.1 31.5
21.5
17.1
18.1
19.6
11.5
18.8
10.0
20.7
13.0
13.5
14.2
21.2
13.7
20.5
8.5
17.5
12.8
3.4
10.8
16.0
13.1
14.5
14.2
16.0
13.8
13.6
10.4
12.9
12.1
2.4
14.5
6.0
14.6
10.4
12.5
29.4
19.2
13.8
14.3
23.3
0.4
19.3
19.3
19.1
22.3
20.0
17.3
12.2
20.2
14.0
14.4
15.9
22.0
16.2
19.9
13.4
18.0
15.1
7.9
13.8
19.0
15.2
14.9
11.7
16.2
12.1
12.1
10.1
13.8
12.6
8.9
18.0
9.7
18.6
12.7
11.9
30.9
20.3
16.0
13.7
29.1
0.9
Company
Parag Milk Foods
Pidilite Ind.
P&G Hygiene
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Shilpa Medicare
Strides Pharma
Sun Pharma
Torrent Pharma
Aggregate
Infrastructure
Ashoka Buildcon
IRB Infra
KNR
Constructions
Sadbhav
Engineering
Aggregate
Logistics
Allcargo Logistics
Concor
Aggregate
Media
Dish TV
D B Corp
Ent.Network
Jagran Prak.
Music Broadcast
PVR
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
Reco
Neutral
Buy
Neutral
Buy
Neutral
EPS Gr. YoY (%)
P/E (x)
FY18 FY19E FY20E FY19E FY20E
383.7 34.3 11.1
17.3 15.6
13.2 -4.7 23.3
61.4 49.8
-11.5 33.3 22.0
63.8 52.3
71.7 47.8 18.1
62.5 52.9
26.1 68.1 31.9
52.2 39.6
10.7 14.1 17.0
47.3 40.5
2.5
-21.1
-7.5
8.7
-39.2
20.6
31.2
-17.3
-10.9
-27.5
-21.8
14.4
18.1
23.3
-43.5
9.8
-0.7
-65.1
-48.5
-2.6
-19.2
34.6
17.5
27.7
5.1
26.2 30.5
-14.3 23.7
0.2
38.7
68.4 97.0
-1.8
4.6
-4.9 36.9
52.2 14.4
59.6 20.7
4.4
22.0
35.6 22.3
37.4 11.6
62.5 33.2
29.9 17.0
-17.6 70.1
19.6 15.0
45.8 35.7
-14.9 138.2
30.0 40.1
-11.5 36.9
15.2 32.4
25.7
9.8
17.4
-8.4
17.9
-0.9
21.1
26.3
25.5
18.0
61.3
20.3
26.4
29.9
25.1
21.9
11.7
54.6
25.3
12.3
31.8
36.8
20.7
50.1
25.3
39.6
26.4
12.2
6.0
15.0
13.9
9.5
20.1
20.2
20.6
13.0
31.1
19.4
19.3
26.2
20.8
18.0
9.6
48.9
19.0
10.5
18.7
32.0
15.2
21.0
18.1
28.9
19.9
10.4
6.5
12.7
14.0
9.5
11.6
22.9
21.7
11.5
8.8
29.5
8.8
19.9
47.8
14.1
22.4
16.8
7.4
10.7
53.1
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
591
1954
1160
770
641
349
511
1504
2590
652
90
1474
781
730
838
6229
387
481
443
1881
595
2500
1415
920
650
430
620
1390
2300
600
140
1374
910
1033
1020
6850
573
533
560
1500
1
28
22
20
1
23
21
-8
-11
-8
56
-7
17
42
22
10
48
11
26
-20
21.9
58.9
53.0
42.7
6.2
17.5
20.3
33.0
64.7
28.5
5.7
19.7
19.0
45.6
32.0
141.7
12.8
11.3
13.5
53.7
28.0
74.3
45.4
42.8
10.5
17.2
19.3
50.3
103.2
29.8
7.7
27.0
30.8
59.2
26.3
169.5
18.7
9.6
17.5
47.6
29.4
97.0
56.2
59.3
20.6
18.0
26.5
57.5
124.6
36.3
9.4
30.1
41.1
69.2
44.8
194.9
25.4
22.8
24.5
65.1
Buy
Neutral
Buy
Buy
130
157
214
222
175
145
275
275
35
-8
28
24
8.4
23.9
19.4
12.9
10.6
26.2
14.3
16.0
12.5
24.0
16.9
15.8
61.8 -26.1
17.5
24.2
Buy
Buy
110
679
132
775
20
14
7.3
17.1
8.8
25.8
9.5 -23.1 21.6
29.6 13.4 51.5
4.7 46.2
7.3
14.4
13.3
12.5
26.2
24.6
45.7
11.2
50.9
11.7
26.2
53.9
16.3
27.8
22.0
8.1
14.2
123.7
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Under
Review
40
50
174 180
587 800
115 135
297 420
1643 1850
589 750
451
-
25
3
36
18
42
13
27
-0.4
17.6
6.8
9.6
9.1
26.7
27.7
12.0
0.9
15.5
11.5
9.8
11.3
30.5
36.2
16.3
3.5
PL
LP
296.7
19.9 -13.8 -11.8 28.0
19.9 -40.5 69.6 72.5
13.0 -9.5 2.0
32.6
14.9 41.1 24.7 31.6
34.3 30.4 14.2 12.6
41.7 11.6 30.5 15.1
20.1 -23.2 34.9
-9.3
23.8
24.0
31.5
9.7
32.3
132.7
Buy
Neutral
Buy
206
274
149
339
272
287
65
-1
93
18.9
21.1
-8.5
25.3
19.3
1.2
27.8 120.5 34.1
25.5 7.2 -8.6
2.8 Loss
LP
14 January 2019
12

Click excel icon
for detailed
valuation guide
CMP
TP % Upside
(INR) (INR) Downside
289 364
26
63
90
43
92
110
19
52
51
-2
117 200
71
197 230
17
475 396
-17
EPS (INR)
FY18 FY19E FY20E
23.4 34.4 28.0
5.1
9.6
7.4
13.1 12.4 10.0
0.3
5.7
6.0
23.7 27.6 24.4
20.4 13.8 23.1
71.9 91.6 66.1
Valuation snapshot
ROE (%)
FY19E FY20E
27.5 19.3
17.3 13.0
15.6 12.1
6.2
6.2
22.8 18.7
8.3 13.8
17.7 11.3
12.9 12.2
17.4
19.2
15.4
15.0
17.0
28.3
11.2
19.8
23.6
7.0
10.9
17.6
22.1
12.5
14.1
25.4
27.9
27.4
17.5
24.4
27.2
25.0
17.7
34.0
24.8
22.2
23.2
15.3
34.1
36.6
21.3
17.2
17.9
26.2
21.8
18.8
14.2
17.9
13.8
22.4
12.6
20.3
22.6
15.1
11.2
18.4
24.8
14.1
14.9
25.7
32.5
29.4
18.8
23.8
26.4
26.1
17.2
29.0
24.8
25.2
23.2
15.7
27.2
39.3
20.8
16.9
17.8
26.0
Company
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
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
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Vodafone Idea
Tata Comm
Aggregate
Utiltites
Coal India
CESC
Reco
Buy
Buy
Buy
Neutral
Buy
Buy
Sell
EPS Gr. YoY (%)
P/E (x)
P/B (x)
FY18 FY19E FY20E FY19E FY20E FY19E FY20E
56.9 46.9 -18.6
8.4
10.3 2.2
1.9
37.0 89.3 -22.8
6.5
8.5
1.1
1.1
31.5 -5.3 -19.0
7.4
9.2
1.1
1.1
LP 2,109 5.8
9.2
8.7
0.6
0.5
238.1 16.2 -11.3
4.2
4.8
0.9
0.8
34.6 -32.3 67.9
14.3
8.5
1.2
1.1
76.5 27.4 -27.8
5.2
7.2
0.8
0.8
73.4 19.2
2.3
9.3
9.1
1.2
1.1
31.1
9.0
11.7
31.2
10.4
4.5
9.6
25.1
16.6
15.5
6.3
4.9
14.4
16.8
10.5
55.1
59.9
59.5
14.7
13.0
16.4
18.8
12.5
20.1
18.7
15.3
16.5
12.9
21.1
22.2
15.1
16.9
16.9
19.6
21.5
8.2
11.6
22.9
11.2
5.0
8.2
21.1
15.2
6.6
5.8
4.2
11.6
13.2
8.9
44.4
47.5
47.3
12.3
11.4
14.6
17.3
10.7
18.6
16.2
14.4
14.6
11.4
19.1
20.4
13.7
14.8
14.7
18.0
5.1
1.6
1.7
4.4
1.6
1.2
1.1
4.6
3.7
1.1
0.7
0.8
3.0
2.0
1.5
14.0
16.7
16.3
2.6
2.8
4.1
4.6
1.9
6.0
4.3
4.0
3.7
1.8
6.4
8.2
3.0
2.6
2.8
5.1
2.7
3.2
0.6
24.0
1.9
6.7
1.0
4.3
1.5
1.6
3.8
1.5
1.0
1.0
4.0
3.2
0.9
0.6
0.7
2.7
1.8
1.3
11.4
14.4
13.9
2.3
2.6
3.6
4.5
1.6
4.8
3.7
3.4
3.2
1.7
4.3
7.8
2.6
2.4
2.5
4.7
2.8
3.4
0.9
14.4
2.4
6.2
0.9
Buy
Buy
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
210 276
337 375
339 340
666 818
171 213
234 244
131 175
271 380
894 1277
71
86
175 239
145 181
216 319
1098 1424
31
11
0
23
25
4
34
40
43
22
37
25
48
30
5.9
49.8
20.4
21.2
11.9
47.4
23.9
9.4
48.4
12.8
23.6
20.2
13.9
60.9
6.7
37.6
29.0
21.4
16.5
51.6
13.7
10.8
53.7
4.6
27.7
29.6
15.0
65.5
9.8 64.5 13.9 44.9
41.0 3.0 -24.4 9.0
29.3 20.5 42.3
1.1
29.0 32.7 1.0
35.8
15.3 34.6 38.8 -7.0
47.2 -12.4 8.9
-8.6
16.0 11.0 -42.7 16.9
12.8 9.2 14.4 19.1
58.7 21.5 11.0
9.3
10.7 -13.6 -64.3 133.9
30.1 -1.2 17.5
8.6
34.5 -9.9 46.4 16.9
18.6 21.8 8.4
23.7
83.0 20.7 7.5
26.7
5.5
4.3
17.6
27.9 180.4 51.0
20.2 39.9 26.5
51.1 30.1
48.6
82.6
22.2
39.5
19.7
93.2
51.4
62.3
79.6
47.9
50.4
90.5
50.9
22.2
16.1
24.8
4.5
21.2
3.1
6.1
19.6
38.0
13.2
19.8
7.2
37.7
-1.0
33.6
7.7
1.3
5.3
6.2
15.7
19.1
12.4
33.1
29.9
29.4
33.4
54.4
5.3
17.8
25.4
8.5
8.7
33.3
13.5
24.2
26.1
25.8
19.6
14.2
12.4
8.5
16.5
8.2
15.7
6.0
13.1
12.7
10.5
9.3
9.9
14.3
14.6
9.3
Neutral
Buy
1237 1300
958 1125
5
17
14.9
12.6
22.5
16.0
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Neutral
Buy
Under
Review
Neutral
Buy
Neutral
Buy
596
941
325
684
211
1730
832
898
1162
547
962
700
1100
400
800
275
1850
1125
1150
1225
750
-
17
17
23
17
30
7
35
28
5
37
38.2
62.6
16.6
32.4
12.7
66.3
34.4
44.0
45.6
40.4
38.7
40.6
72.4
19.8
36.4
16.9
86.2
44.5
58.7
70.3
42.5
45.6
82.8
46.3
19.4
14.1
1842 2000
698 820
328 350
238 300
9
17
7
26
66.0
42.7
17.9
10.6
Buy
Neutral
Buy
Buy
334
277
37
517
380
275
43
670
14
-1
17
30
3.5 -5.8 -4.3 -68.6
13.6 12.3 10.7 -8.1
-9.6 -22.2 -24.4 Loss
1.2
3.9 14.4 -89.0
PL
19.2
62.1
25.7
70.5
28.7
80.1
26.3
54.6
PL
Loss
-10.0 -13.2
Loss Loss
239.1 265.6
Loss Loss
34.1
13.5
11.6
13.7
NM
NM
22.6 26.0
NM
NM
131.2 35.9
-12 -11.4
9.0
9.7
8.1
8.5
-3.9 -3.6
13.7 12.7
-46.5 -46.9
20.2 50.2
-15.9 -21.1
74.4
10.7
76.7
11.2
Buy
Buy
232
681
338
801
46
18
14 January 2019
13

Click excel icon
for detailed
valuation guide
CMP
TP % Upside
(INR) (INR) Downside
70
72
3
26
33
29
148 195
32
194 248
28
75
71
-5
EPS (INR)
FY18 FY19E FY20E
3.0
3.0
4.4
2.4
2.3
2.7
10.7 13.6 15.9
16.5 18.4 20.3
5.3
4.3
7.0
Valuation snapshot
ROE (%)
FY19E FY20E
4.3
6.4
7.7
8.8
10.5 11.6
16.6 16.2
7.1 10.5
16.6 17.5
18.7
9.1
4.7
63.8
19.4
11.1
7.1
-10.1
11.5
13.0
20.5
8.3
23.1
12.1
8.4
11.3
17.8
5.6
16.1
12.3
10.0
21.0
13.7
23.9
21.2
8.4
6.0
57.5
21.2
13.2
8.0
29.4
12.1
13.9
22.0
11.8
24.4
15.7
10.0
15.5
20.6
9.1
18.8
14.3
11.2
25.0
14.2
21.0
Company
JSW Energy
NHPC
NTPC
Power Grid
Tata Power
Aggregate
Others
Avenue
Supermarts
Brigade Enterpr.
BSE
Castrol India
Coromandel Intl
Delta Corp
Indian Hotels
Interglobe
Indo Count
Reco
Neutral
Buy
Buy
Buy
Neutral
EPS Gr. YoY (%)
P/E (x)
P/B (x)
FY18 FY19E FY20E FY19E FY20E FY19E FY20E
-21.2 -2.4 50.0
23.7 15.8 1.0
1.0
-17.3 -7.2 17.8
11.3
9.6
0.9
0.8
-10.9 27.1 17.3
10.9
9.3
1.1
1.0
16.1 11.3 10.3
10.6
9.6
1.6
1.5
3.5 -20.4 64.5
17.6 10.7 1.2
1.1
7.2 22.1 13.7
10.3
9.0
1.7
1.6
68.4
20.0
38.1
1.4
29.3
-4.4
24.9
30.4
19.1
LP
15.5
18.8
17.8
38.8
13.3
58.3
35.7
57.5
33.7
69.7
34.6
28.5
21.4
50.4
13.0
5.6
101.5
12.8
18.1
22.3
21.0
36.5
54.8
NM
9.4
67.3
17.1
35.7
14.2
19.4
32.7
35.9
31.8
30.3
19.6
23.6
15.5
44.2
8.4
16.6
73.2
12.6
14.0
23.3
16.8
28.0
46.0
21.1
8.1
56.7
14.5
25.7
12.5
12.2
24.1
22.8
23.7
17.9
14.6
18.4
12.8
29.4
7.5
15.7
17.4
1.1
0.9
13.8
3.9
3.9
3.8
6.3
1.0
8.3
3.4
3.1
3.2
2.1
2.5
3.0
5.3
1.7
3.0
2.8
1.5
8.4
1.1
3.6
14.0
1.0
0.8
13.0
3.3
3.5
3.5
6.0
0.9
7.5
3.0
3.0
2.9
1.8
2.3
2.5
4.5
1.6
2.5
2.5
1.4
6.5
1.0
3.0
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Under
Review
Neutral
Buy
Buy
1569 1400
204 282
596 800
152 228
463 551
259 320
140 190
1057 1041
55
-
-11
38
34
50
19
23
36
-2
12.9
15.5
21.4
16.2
42.7
6.5
27.5
9.3
3.0
50.2
6.8
10.8 15.9
43.5 33.0
7.0
6.8
22.7 22.0
5.8
7.1
0.7
2.6
58.3 -17.6
6.4
5.9
23.6
32.7
21.1
7.7
-4.0 47.5
6.0 -24.1
2.9 -2.8
38.8 -3.0
89.4 22.9
LP 288.3
35.1
PL
-45.7
-8.2
Info Edge
Kaveri Seed
MCX
Navneet
Buy
Education
Oberoi Realty
Buy
Phoenix Mills
Buy
Quess Corp
Neutral
PI Inds.
Buy
Piramal Enterp. Buy
SRF
Buy
S H Kelkar
Buy
Tata Chemicals Buy
Team Lease Serv. Buy
Trident
Buy
UPL
Buy
1590 1600
557 654
755 875
109
156
1
17
16
44
27
25
4
18
19
16
43
34
27
21
15
20.2
32.0
21.2
5.5
28.1 36.1 16.8
38.4 67.8 2.1
29.3 -14.6 -0.4
8.7
-25.4 40.7
84.9
8.1
-7.9
-0.8
-2.6
32.1
7.3
-6.7
45.0
59.7
7.8
452 574
559 699
721 750
840 988
2296 2735
2047 2366
179 257
698 932
2757 3500
71
86
784 905
12.6 23.3 36.9 21.2
15.8 17.1 23.2 44.2
21.8 20.1 31.6 115.7
26.7 26.5 35.4 -20.2
77.8 75.8 128.6 7.2
79.0 104.4 140.6 -10.3
7.1
7.6
9.8 -2.2
48.2 45.0 54.6 39.7
43.0 62.4 93.9 28.0
5.3
8.4
9.5 -21.8
43.8 47.2 49.8 4.8
14 January 2019
14

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
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
IndusInd
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.
Dewan Hsg.
Cholaman.Inv.&Fn
HDFC
HDFC Stand. Life
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
M&M Fin.
Muthoot Fin
MAS Financial Serv.
ICICI Pru Life
PNB Housing
Repco Home
Shriram City Union
Shriram Trans.
1 Day (%)
-0.2
-0.8
-0.2
-0.3
-0.8
0.3
-0.2
-0.4
1.3
-0.6
-0.8
-0.6
-0.9
-0.5
-2.8
0.1
-0.1
0.5
0.7
-1.1
-0.3
0.1
-0.3
-3.3
0.0
-0.6
-0.6
-1.5
-2.0
-2.8
-1.0
0.4
-0.6
-0.7
0.9
-0.2
-0.2
-1.0
-0.9
0.4
0.0
0.2
-1.9
0.0
-1.3
2.5
1.3
2.6
-0.8
3.7
2.0
0.3
1M (%)
5.6
-8.4
-1.2
-3.5
2.2
0.4
-9.9
4.9
20.6
3.9
-4.5
0.7
0.1
7.4
14.0
-2.1
9.3
10.3
16.6
9.3
14.1
2.5
10.4
-2.4
0.2
3.1
1.0
3.7
11.2
29.3
12.1
14.3
17.6
7.6
27.4
-1.5
3.3
6.9
-0.4
4.3
5.9
17.3
2.9
10.8
9.2
14.6
3.6
15.9
0.2
32.6
6.5
4.2
CYTD (%)
1.8
-8.1
-0.2
-5.4
-0.6
-2.9
-11.6
-5.9
6.7
-2.7
-6.6
-9.3
-1.9
-3.5
4.5
-5.5
4.6
7.5
5.8
-3.5
2.4
-0.5
5.2
-5.2
-2.7
-0.1
1.0
1.2
1.8
-0.9
1.1
3.8
3.3
2.3
9.2
-3.3
-4.9
-11.1
-6.1
0.9
5.0
-4.6
-7.3
-1.1
-4.2
3.9
-10.2
9.8
-2.4
8.5
2.5
-4.0
Company
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
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.
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Johnson
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
Pidilite Ind.
P&G Hygiene
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
1 Day (%)
3.6
-0.4
-0.4
0.0
-0.3
-1.5
-1.3
-0.7
-0.1
-1.7
-1.4
-1.2
0.6
-0.3
-2.4
0.5
0.1
0.7
-1.0
-0.6
-1.2
-1.2
-2.2
0.1
-1.8
-2.3
-0.5
-3.5
-1.3
0.3
0.3
-0.2
0.1
2.4
2.4
0.1
-0.3
-1.0
2.0
-1.4
-1.6
-1.3
0.4
-0.4
-0.6
0.6
-0.1
1.0
0.0
-1.0
-0.3
-0.8
1.8
-0.2
1M (%)
-4.0
16.3
6.1
-4.3
3.8
7.7
9.8
29.6
-0.4
1.3
0.4
12.6
3.6
2.7
25.2
-2.2
0.1
1.7
-4.3
1.7
-1.0
-1.5
5.5
5.2
-0.2
8.8
10.4
-0.6
-3.0
5.9
3.3
6.6
2.2
4.5
1.0
4.9
-1.0
-1.5
7.6
8.8
6.5
5.9
-3.6
1.8
-1.1
4.7
11.2
-3.0
-4.4
1.4
7.9
4.5
1.8
0.9
CYTD (%)
1.1
4.5
-6.0
-1.4
0.3
-0.9
-1.5
5.4
-0.6
-5.7
-4.7
1.0
-2.8
2.9
20.0
-2.0
-5.2
-3.1
-6.4
-1.4
-9.4
-2.1
-2.3
-1.5
-5.1
-3.3
-0.7
-7.7
-5.9
2.1
-0.6
-1.4
-2.1
3.4
-3.8
-4.2
-2.1
-2.7
4.9
-6.8
1.9
1.4
-7.5
-2.9
0.1
1.6
0.0
-6.7
-1.1
0.4
-2.2
5.3
1.9
0.5
14 January 2019
15

MOSL Universe stock performance
Company
Cipla
Divis Lab
Dr Reddy’s
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Shilpa Medicare
Strides Pharma
Sun Pharma
Torrent Pharma
Infrastructure
Ashoka Buildcon
IRB Infra.Devl.
KNR Construct.
Sadbhav Engg.
Logistics
Allcargo Logistics
Concor
Media
Dish TV
D B Corp
Ent.Network
Jagran Prak.
Music Broadcast
PVR
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
Rain Industries
SAIL
Vedanta
Tata Steel
Oil & Gas
Aegis Logistics
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
1 Day (%)
-0.5
-0.8
-0.4
-2.2
-0.3
-0.4
0.5
1.5
0.0
0.1
1.5
0.2
-0.1
1.5
-2.2
-0.3
-0.8
-1.7
-0.6
-1.6
0.6
-1.7
-1.8
-0.5
-1.0
0.6
-0.1
-0.2
0.9
-0.5
-0.8
-0.1
0.6
1.3
-0.2
-0.5
0.7
-1.2
1.0
0.4
-1.5
-0.9
0.6
0.0
1.0
1.6
-0.7
-0.5
0.2
0.8
0.9
-0.7
1M (%)
-1.7
1.8
-4.4
-2.0
8.6
7.5
0.2
-3.2
0.3
2.3
2.6
4.8
5.1
11.4
2.2
8.8
13.2
12.8
5.2
2.5
13.8
0.1
-1.8
0.9
-9.8
9.5
5.1
-5.7
-4.9
0.1
1.3
-3.9
1.7
1.0
-8.9
3.2
1.5
-5.4
2.8
3.4
1.8
5.6
-4.2
6.0
-1.0
8.9
5.7
-1.9
0.3
4.6
4.4
0.2
CYTD (%)
-1.7
1.5
-1.0
-5.8
0.2
-2.5
-2.6
2.8
-0.9
-2.0
0.8
4.2
2.9
6.2
4.1
-4.1
0.4
5.4
1.2
-1.3
4.4
3.3
-5.8
-1.7
-6.0
2.6
-3.3
-5.2
-9.0
-1.4
-9.7
-5.5
-4.0
-4.9
-13.0
-7.5
-2.9
-9.0
2.8
-7.0
-5.9
-0.6
-2.3
-7.7
-4.5
1.3
-1.5
-6.9
-0.2
-3.7
-3.3
-2.1
Company
Retail
Jubilant Food
Titan Co.
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Utiltites
Coal India
CESC
JSW Energy
NHPC Ltd
NTPC
Power Grid
Tata Power
Others