13 September 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
32,159
0.9
Nifty-50
10,093
0.9
Nifty-M 100
18,931
1.0
Equities-Global
Close
Chg .%
S&P 500
2,496
0.3
Nasdaq
6,454
0.3
FTSE 100
7,401
-0.2
DAX
12,525
0.4
Hang Seng
11,242
0.2
Nikkei 225
19,777
1.2
Commodities
Close
Chg .%
Brent (US$/Bbl)
54
0.6
Gold ($/OZ)
1,324
-1.0
Cu (US$/MT)
6,627
-1.5
Almn (US$/MT)
2,104
0.6
Currency
Close
Chg .%
USD/INR
64.0
0.2
USD/EUR
1.2
-0.6
USD/JPY
109.7
1.2
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.6
0.0
10 Yrs AAA Corp
7.5
0.0
Flows (USD b)
12-Sep
MTD
FIIs
-0.1
-0.7
DIIs
0.1
0.7
Volumes (INRb)
12-Sep
MTD*
Cash
321
299
F&O
4,901
4,839
Note: YTD is calendar year, *Avg
YTD.%
20.8
23.3
31.9
YTD.%
11.5
19.9
3.6
9.1
19.7
3.5
YTD.%
-2.4
14.2
20.0
23.5
YTD.%
-5.7
13.2
-6.3
YTDchg
0.0
-0.1
YTD
6.2
7.3
YTD*
290
5,271
Today’s top research idea
L&T: Strong momentum seen in domestic infrastructure spending
We hosted Mr SN Subrahmanyan, MD and CEO of Larsen & Toubro as part of CEO
Track at our 13th Annual Global Investor Conference. Key takeaways from his
presentation:
v
Strong momentum being witnessed across domestic infrastructure verticals –
Rail/Metros, T&D, Water, Smart Cities, Airports, and Ports; Hydrocarbons and
Defense also witnessing recovery.
v
Digitalization and use of technology in construction a key focus area
v
Expect a revival in manufacturing JVs/subsidiaries over the next few years –
investment phase over; time to sweat the assets created.
v
L&T’s projects in the Middle East remain on track and are unaffected by the
fall in oil prices over the past year. Its focus in the Middle East is on social
infrastructure projects like Roads, Metro Rail, T&D and Stadiums.
v
We maintain our BUY rating with a SOTP based price target of INR1,380. Key
risks to our rating are a)sharp slowdown in government infrastructure capex,
b) Sharp fall in oil prices impacting orders and execution in M. east, c)
significant in increase in raw material prices, adversely affecting fixed price
overseas contracts.
Research covered
Cos/Sector
Larsen & Toubro
GST DAY
EcoScope
Strides
Tata Motors
Key Highlights
Strong momentum seen in domestic infrastructure spending
Managing the transition to a new tax regime – an on-the-ground view
Vegetables drive CPI inflation higher in August
Niche approval kicks in; Thesis playing out; reiterate Buy
JLR’s Aug-17 volumes miss estimate
Piping hot news
Inflation quickens in August, even as industrial growth sees mild recovery
v
India’s industrial production recovered to grow only mildly as growth in
manufacturing output remained flat with introduction of goods and services
tax (GST) which continued to disrupt production networks while retail inflation
quickened in August ruling out any rate cut by the central bank …
Chart of the Day: EcoScope (Vegetables drive CPI inflation higher in August)
Retail inflation rises 3.4% in August 2017...
* Excluding F&B and F&L
Source: Central Statistics Office (CSO), MOSL
Research Team (Gautam.Duggad@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

In the news today
Kindly click on textbox for the detailed news link
1
Suggest steps for greater relief
to telcos: Telecom Commission
to inter-ministerial panel
The Telecom Commission (TC) has
asked the inter-ministerial panel
looking into the health of the
telecom sector to consider ways
for giving greater and immediate
relief to telcos, which are facing
high debt levels and falling
revenues…
2
Government identifies over 1 lakh directors for disqualifying as
shell companies crackdown continues
The government today said it has drawn up a list of more than 1 lakh
directors of various companies for disqualifying them, close on the heels of
the deregistration of 2.1 lakh companies earlier this month as part of its
crackdown on shell companies. The Ministry of Corporate Affairs has
MoCA identifies 1,06,578 Directors for disqualification under Section
164(2)(a) of the Companies Act, 2013 as on September 12, 2017, the
Ministry of Finance said…
3
Govt approves BSNL’s plan to
spin off mobile tower business
The government today said it has
drawn up a list of more than 1
lakh directors of various
companies for disqualifying them,
close on the heels of the
deregistration of 2.1 lakh
companies earlier this month as
part of its crackdown on shell
companies…
4
Following up on its pre-election
promise, the Uttar Pradesh
government has initiated the
process of waiver of crop loans
worth Rs7,371 crore in the first
phase, the state government said
in a statement on Tuesday…
Uttar Pradesh waives Rs7,371-
crore farm loans in phase-I
5
Cabinet nod to Rs 3000 crore
project for oil, gas reserves
appraisal
The Union Cabinet today
approved a Rs 3,000 crore project
to acquire seismic data for
prospecting of oil and natural gas
reserves. The Cabinet Committee
on Economic Affairs chaired by
Prime Minister Narendra Modi
approved a project to acquire
48,243 line kilometer (LKM) …
6
Maharashtra govt looks to
revive at least 40 shuttered
cooperative sugar mills
The Maharashtra government is
weighing a unique model to revive
defunct cooperative sugar mills in
the state, possibly by acquiring
them and leasing them out to
those who can turn them around.
Maharashtra is India’s second-
largest producer of sugar…
7
Gujarat sees highest share of
private investment in 2016-17:
RBI
Gujarat accounted for the highest
share in total cost of private
corporate investment for financial
year 2016-17, according to a study
by the Reserve Bank of India (RBI).
Gujarat made up 22.7 per cent of
the aggregate investment…
13 September 2017
2

Detailed Report | Sector: Infrastructure
Larsen and Toubro
BSE Sensex
31,882
S&P CNX
10,006
CMP: INR1,217
TP: INR1,380 (+13%)
Mr S N Subrahmanyan
MD & CEO
Larsen & Toubro
BUY
CEO TRACK
Strong momentum seen in domestic infrastructure spending
Financials Snapshot (INR b)
Y/E March
Sales
EBITDA
Adj PAT *
EPS (INR)*
EPS Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
P/E (x)*
P/BV (x)
EV/EBITDA (x)
Div Yield (%)
* Consolidated
2017E
1,100
110.7
59.2
42.3
43.0
358.8
12.5
8.0
28.8
3.9
23.4
1.2
2018E 2019E
1,208 1,330
128.6 152.7
65.1
78.7
46.5
56.2
9.9
20.9
389.2 427.9
12.4
13.8
7.9
9.5
26.2
21.6
3.4
3.1
19.9
16.5
1.2
1.3
Digitalization a key focus area
n
n
n
n
n
We hosted Mr SN Subrahmanyan, MD and CEO of Larsen & Toubro as part of CEO
th
Track at our 13 Annual Global Investor Conference. Key takeaways from his
presentation:
Strong momentum being witnessed across domestic infrastructure verticals –
Rail/Metros, T&D, Water, Smart Cities, Airports, and Ports; Hydrocarbons and Defense
also witnessing recovery.
Digitalization and use of technology in construction a key focus area
Expect a revival in manufacturing JVs/subsidiaries over the next few years –
investment phase over; time to sweat the assets created.
L&T’s projects in the Middle East remain on track and are unaffected by the fall in oil
prices over the past year. Its focus in the Middle East is on social infrastructure
projects like Roads, Metro Rail, T&D and Stadiums.
Strong momentum seen in domestic infrastructure spending
While private sector capex remains muted, government spending on infrastructure
and defense remains strong. Momentum in orders /execution is being witnessed
across key infrastructure segments:
n
Rail:
The government’s thrust towards the Dedicated Freight Corridors is
evident. L&T has won most of the orders awarded under the Western Dedicated
Freight Corridor. The Indian Railways has planned a capex of INR1.3t in FY18
(+10% YoY; >2x of FY15).
n
Metro Rail:
Metro rail projects are currently under execution in 12 Indian cities
and another 20 cities are looking to build metros with a total spend of ~USD40b
over the next few years. Quite a few cities are opting for underground metro rail
projects, where L&T is focusing; elevated metro rail projects have become
commoditized.
n
Water:
AMRUT and Namami Gange are key central government schemes that
are driving water spending in the country. Water is one of the fastest growing
segments in L&T’s portfolio, with a 25% CAGR over the last few years.
n
Transmission & Distribution.
L&T does annual sales of USD2.6b (50% domestic)
in this segment, which continues to do very well, given the government’s push
to improve power connectivity, reduce AT&C losses, and electrify all villages
over the next few years. L&T intends to participate only as an EPC player and
will not take up any new assets on ownership under the TBCB (tariff-based
competitive bidding) model.
13 September 2017
3

GST DAY
Refer our latest updates on GST
12 September 2017
Managing the transition to a new tax regime – an on-the-ground view
Our ‘GST Day’ event saw participation of stakeholders from across industries. We met with
(a) an indirect tax expert, (b) a participant from the tiles industry, (c) the CEO of Retailers
Association of India, (d) an adhesives distributor and (e) a major distributor of the largest
FMCG company in India to discuss their experience after India entered a new tax regime
under the Goods and Services Tax (GST). Key takeaways from our discussions:
n
GST is the single largest tax reform India has witnessed in its history, combining
multiple taxes into one broad framework.
n
For modern retail, GST is already proving to be a blessing. Longer-term prospects
appear encouraging too.
n
For manufacturers, the reform promises to be a longer-term positive. It should help
crack down on India's vast informal economy, driving trade in favor of the organized
segment. Categories where materials are imported or sourced from large suppliers
should benefit more.
n
However, any major reform is accompanied by some confusion in the initial months of
rollout. In case of GST, there appears to be lack of clarity over (a) division of GST into
CGST, IGST and SGST, (b) transition of credits, (c) route of return filing and (d)
uploading of forms with a large number of line items.
GST – a paradigm shift in tax structure
We hosted Mr Dinesh Kanabar, founder of Dhruva Advisors, and Mr Ritesh
Kanodia, partner at Dhruva Advisors, to understand their views on the Goods &
Services Tax (GST) and their experience as India transitions to a new tax regime.
Key takeaways:
n
n
n
GST is the single largest tax reform India has witnessed in its history, combining
multiple taxes into one broad framework. However, the division of GST into
three categories (CGST, IGST and SGST) appears to have created some confusion
in the marketplace, according to the experts.
The new structure requires all manufacturers, traders and service providers to
comply with the tax norms at the state level. It facilitates complete fungibility of
input tax credits, though.
Macroeconomic impact of GST
Ø
GDP:
GDP growth to reduce to 5.7% in June quarter. Economists believe that this is
primarily due to GST, after effects of demonetization and INR appreciation against
USD
Ø
Inflation:
Initial fears of inflation under GST; however, certain measures like anti-
profiteering and rate parity helped keep inflation under check
n
70 days of GST journey – some teething issues witnessed…
Ø
Ø
Ø
Unclear position in terms of law (e.g. cross charges between distinct entities,
classification and GST rate)
Complexities around place of supply and location of supplier (multiple registrations
across India)
Transition of credits/other transition issues
13 September 2017
4

E
CO
S
COPE
Vegetables drive CPI inflation higher in August
Case for a rate cut remains, with a likely cut in GDP growth forecasts
n
13 September 2017
The Economy Observer
As against our expectation of 3% and market consensus of 3.2%, CPI-based inflation stood at 3.4% YoY in August 2017,
primarily driven by higher vegetable prices. Excluding vegetables, inflation was subdued at 3.1%, only slightly higher
than the six-year low of 2.9% in the previous two months.
n
IIP, on the other hand, grew 1.2% in July, lower than our expectation of +2% and market consensus of +1.6%. Output of
consumer durables and capital goods remained weak.
Overall, we expect inflation to be ~4.5% in March 2018 and average 3.5% for FY18. Furthermore, the market has
converged with our view that 7% GDP growth is unlikely. The RBI too is expected to cut its GDP growth forecasts.
Whether or not the RBI cuts rates will depend on if the focus shifts from inflation to GDP growth. We believe that
inflation is likely to remain under 5% for FY19, but growth may come under pressure. Thus, there is sufficient room for
another rate cut, in our view.
n
n
I. Retail inflation at five-month high of 3.4% in August
n
n
n
n
CPI inflation at five-month high…:
CPI-based inflation rose to a five-month-high
of 3.4% YoY in August 2017 from 2.4% in the preceding month
(Exhibit 1).
This is
higher than our expectation of 3% and market consensus of 3.2%. It was also the
first instance of a higher-than-expected rise in the headline number in five
months; inflation had consistently missed expectations in each of the last four
months.
…largely on account of higher vegetable prices:
Vegetable prices rose 6.2% YoY
in August 2017 (after declining by 3.6% in the preceding month), contributing
~60bp to the rise in the headline inflation number. Excluding vegetables,
inflation was subdued at 3.1%, only slightly higher than the six-year low of 2.9%
in the previous two months.
Core inflation surges to 4.5% in August 2017:
Core
inflation (all items excluding
‘food & beverages’ and ‘fuel & light’) rose to a five-month high of 4.5% in August
2017 from 3.9% in July (Exhibit
3).
Inflation in housing surged to 5.6% from 4.9%
in the preceding month (Exhibit
4),
as the government implemented House Rent
Allowance (HRA) hikes in August. Inflation in fuels (petrol, diesel and lubricants)
rose to 10% from 2.4% in July, pushing up core inflation. Core-core inflation
(excluding petrol/diesel from core inflation) exhibited a relatively mild increase
to 4.4% from 4.1% in July 2017.
Overall, we expect inflation to stand at ~4.5% in March 2018 and average 3.5%
for FY18. Further, the market has converged with our view that 7% GDP growth
is unlikely. The RBI too is expected to cut its GDP growth forecasts. Whether or
not the RBI cuts rates depends on if the focus shifts from inflation to GDP
growth. We believe inflation is likely to remain under 5% for FY19, but growth
may come under pressure. Thus, we believe that there is sufficient room for
another rate cut.
13 September 2017
5

Strides Shasun
BSE SENSEX
31,882
S&P CNX
10,006
12 September 2017
Update
| Sector:
Healthcare
CMP: INR941
TP: INR1,300 (+38%)
Buy
Niche approval kicks in
Thesis playing out; reiterate Buy
n
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 (%)
STR IN
89
1,259/849
5/-27/-15
84.2
1.3
402
68.9
n
n
n
Financials Snapshot (INR b)
2017 2018E 2019E
Y/E Mar
34.8
43.9
54.5
Net Sales
6.4
8.3
11.0
EBITDA
2.9
4.2
6.7
PAT
32.3
47.4
74.8
EPS (INR)
108.2
46.9
57.9
Gr. (%)
303.3 341.1 401.5
BV/Sh (INR)
10.7
14.7
20.2
RoE (%)
7.8
9.2
12.2
RoCE (%)
29.2
19.8
12.6
P/E (x)
3.1
2.8
2.3
P/BV (x)
Shareholding pattern (%)
As On
Jun-17 Mar-17 Jun-16
Promoter
31.1
31.1
31.1
DII
15.5
15.0
11.1
FII
33.9
33.9
36.9
Others
19.5
20.0
20.9
FII Includes depository receipts
Stock Performance (1-year)
Strides Shasun
Sensex - Rebased
1,230
1,130
1,030
930
830
The approval for Potassium Citrate Extended Release (PCER) has triggered long-
awaited approvals for niche molecules for STR, in our view.
Though investors like STR for its (1) niche ANDA pipeline, (2) strong regulatory
compliance, and (3) credible management, they have been concerned over delay in
approvals. In its 1QFY18 results concall, the company had pointed out that the delays
were only procedural and that it had no regulatory issues pending. Yet, there was
skepticism among investors, as STR was not getting approvals despite compliant
manufacturing facilities.
The PCER approval vindicates the company’s stand and would reduce investor
concerns. G-Lovaza is another likely opportunity over the medium term for STR.
We recently
initiated coverage
on STR with a Buy rating. We remain positive, given
STR’s healthy ANDA pipeline for the US market, significant value accretion potential
in API business, and strong growth trajectory in Australia business. We reiterate Buy.
STR’s first extended release tablet approval:
STR received final approval for
Potassium Citrate Extended Release tablets (5mEq, 10mEq, and 15mEq). The
market size for this product is ~USD110m.
Annualized sales of USD30m expected from this niche product:
Only two
companies have final approval for this product and only one sells this product in
the US market. Since there are only two DMF filers for this product, competition
would be limited for a considerable period.
Based on 30% price discount and 55%
market share, we expect STR to garner annual sales of USD30m from this
product.
STR on track with approvals for low competition products:
This molecule reflects
STR’s strategy of developing complex products with limited competition. Its recent
approvals are such that they provide considerable upside in terms of US revenue,
though market size is in the range of USD60m-200m. This is due to limited
competition for those products; STR is well placed to seize the opportunity.
G-Lovaza – another medium-term opportunity:
The other limited-competition
product for STR over the medium term is g-Lovaza. The market size of this product
is about USD300m. Based on competition and price discounts, we expect STR to
have annual sales of USD30m from this product post final approval. We expect 43%
CAGR in US sales over FY17-20 to USD278m.
US ANDA pipeline remains robust:
STR has guided for more such molecules in the
pipeline. With this approval, it has 28 ANDAs pending for approval. STR has
maintained its guidance of 15-20 filings in FY18.
Valuation and view:
We expect 20% CAGR in sales, 25% CAGR in EBITDA, and 44%
CAGR in PAT over FY17-20. We value STR on sum-of-the-parts (SOTP), valuing the
pharma business at 18x FY19E earnings and Solara at an EV of 13x FY19E EBITDA to
arrive at price target of INR1,300. Reiterate
Buy.
13 September 2017
6

Tata Motors
BSE SENSEX
32,159
S&P CNX
10,093
13 September 2017
Update
| Sector:
Automobiles
CMP: INR387
TP: INR542 (+40%)
Buy
JLR’s Aug-17 volumes miss estimate
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 (%)
LR’s volume up 14% YoY, led by Discovery and RR Velar; Jaguar volume down 16%
TTMT IN
3,395.9
571 / 358
0/-28/-44
1613.2
25.0
3565
65.3
n
n
n
Financials Snapshot (INR b)
Y/E March
2018E 2019E 2020E
Net Sales
3,009 3,817 4,238
EBITDA
363.8 562.9 612.2
NP
76.2 203.1 217.9
Adj. EPS (INR)
22.4
59.8
64.2
EPS Gr. (%)
13.3 166.5
7.3
BV/Sh. (INR)
194.7 255.7 321.1
RoE (%)
12.3
26.6
22.2
RoCE (%)
7.3
16.3
15.1
P/E (x)
17.3
6.5
6.0
P/BV (x)
2.0
1.5
1.2
Shareholding pattern (%)
As On
Jun-17 Mar-17 Jun-16
Promoter
34.7
34.7
33.0
DII
16.1
15.5
16.8
FII
23.5
23.2
25.0
Others
25.7
26.6
25.2
FII Includes depository receipts
Stock Performance (1-year)
Tata Motors
Sensex - Rebased
650
600
550
500
450
400
350
n
n
n
n
n
n
JLR’s Aug-17 wholesale volumes grew 4.8% YoY (-13.6% MoM) to 44,420 units
(including China JV at 7,026 units, +87% YoY), below our estimate of 49,456
units.
Jaguar volumes declined 15.8% YoY to 10,978 units (est. of 13,364), led by
lower sales of XE.
Land Rover (LR) volumes rose 14% YoY to 33,442 units (est. of 36,092), led by
the ramp-up of all-new Discovery in North America and China, and the
introduction of RR Velar in the UK and EU.
JLR’s Aug-17 retail volumes rose 4.3% YoY (-16.4% MoM) to 38,519 units, led by
an increase in LR and Jaguar volumes by 5.8% and 0.8%, respectively.
Jaguar’s retail volumes were driven by F-Pace (~4.9k units) and XF (+41.2% YoY)
volumes. Jaguar’s XE volumes declined 29.4% YoY.
LR’s retail volumes increased 5.8% YoY, mainly led by a continued rise in
Discovery Sport (+11.3%) and RR (+2.3%) volumes, while RR Sport and RR
Evoque volumes declined 7.6% and 1.8%, respectively.
Region-wise, China reported strong volumes at 12.09k units (+30% YoY, incl.
China JV volume at 7,026 units), led by the introduction of the long wheel base
Jaguar XFL, and strong sales of F-Pace, Discovery Sport, Range Rover Sport and
Evoque. Retail sales were down in the UK (-11.7%) and EU (9.4%); Rest of world
sales too declined 5.4% YoY.
Andy Goss, Jaguar Land Rover Group Sales Operations Director said “A
promising performance in North America has led to another month of global
growth for Jaguar Land Rover, driven by continuing strong sales of the Jaguar F-
PACE and the new Range Rover Velar. China sales were also buoyant in August,
thanks to the long wheel base Jaguar XFL and the Jaguar F-PACE, as well as
strong sales of the Discovery Sport and Evoque.”
The stock trades at 17.3x/6.5x FY18E/FY19E consolidated EPS. Maintain
Buy
with a target price of INR542 (FY19 SOTP-based) for ordinary shares and
INR413 for DVR (~30% discount to TP for ordinary shares).
13 September 2017
7

In conversation
1. Hope to see business get back to normal in subsequent
quarters: Neuland Laboratories; Suchet Rao, Vice Charman &
CEO
n
n
n
n
Impact because of GST issue in terms of uncertainty of deliveries for our
customers.
Order book strong. With some stabilisation in dollar and GST behind , see the
business get back to normal in the subsequent quarters.
Had one inspection from United States Food and Drug Administration (US FDA)
and one from European Directorate for the Quality of Medicines (EDQM).
Received two minor observations from US FDA which were responded to,
accepted and establishment inspection report (EIR) received.
EDQM audit completed in June with no critical or major observations. Company
in the process to respond to it.
2. Retail biz should grow by 30% in FY18, expect strong export
growth: KEI Industries; Anil Gupta, CMD
n
n
n
n
n
Q1 performance not due to advancement of sales due to GST.
Higher order booking and better execution led to robust Q1 performance.
Saw 20% volume growth in Q1.
Expect retail business to grow by 30% in FY18. Continuing to focus on
developing retail business.
Expect strong export growth going forward.
3. Print business will remain stagnant going ahead: Repro India;
Pramod Khera, ED
n
n
n
n
n
n
n
Shown profit of Rs. 2.5 crore in Q1 results.
Exports hit last year because of macroeconomic situation in African continent.
Expect to post profit in FY18.
Transforming our business. Going from just a printing company to a value-added
provider to publishers. Selling their books.
Books on demand sold through Amazon and other e-commerce channels.
Print business to remain stagnant going ahead.
Recovering debt from export clients.
4. NBCC gives order worth Rs 2150 crore to Shapoorji Pallonji;
Anoop Kumar Mittal, Chairman
n
n
n
n
Construction project of redevelopment of Pragati Maidan.
Have to complete this work in 24 months and revenue booking on project starts
from this month.
Will deliver project by September 2019.
Expect revenue worth Rs. 500 crore in FY18 itself from these projects.
13 September 2017
8

From the think tank
1. What India needs to do to give electric vehicles a push
n
Three large multinationals and the world’s two most populous countries, India
and China, have come forward to secure an all-electric future for the
automobile. After India expressed its desire to go-all electric this year and
backed its intention with a policy push, the Chinese have hopped on board with
an announcement last week that they are working on a timetable to end sales of
fossil fuel-based vehicles. A few manufacturers have also followed suit. Volvo AB
wants all its new cars to run on electricity from 2019. Jaguar Land Rover
Automotive Plc. will only make electric and hybrid cars from 2020 and
Volkswagen AG (VW), the world’s largest car manufacturer, on Tuesday said it is
building batteries that can run automobiles for up to 1,000km. Every fourth car
VW sells will be powered by electricity, it said. VW has been the pioneer of
diesel technology, and a 2015 scandal around cheating on emission tests has
forced it to change tack. The German car maker now wants to emerge as the
leader in green tech. On Friday, the ride-hailing behemoth Uber Technologies
Inc. said all its cars in London would be fully electric or a plug-in hybrid by 2025.
Mint on Tuesday reported that India’s JSW Group is in talks for a partnership
with Volvo for electric vehicles.
2. The changing narrative of the great recession
n
On 15 September 2008, Lehman Brothers Holdings Inc., arguably the biggest
victim of the US subprime-mortgage crisis, filed for bankruptcy. This seminal
event greatly intensified the ongoing economic crisis in the US and led to the
erosion of a record $10 trillion in market capitalization from the global equity
markets. With its ninth anniversary round the corner, a new working paper at
National Bureau of Economic Research (NBER), a leading economic research
organization based in the US, along with independent research work by scholars
at Massachusetts Institute of Technology, is giving rise to a competing theory
that has challenged the broadly concordant reasons for the Great Recession.
Rick Carver, the devilish real estate operator played brilliantly by Michael
Shannon, thunders these lines to his victim-cum-employee Dennis Nash. The
movie is a crisp 112-minute description of what the mortgage crisis meant to
people across the income spectrum. Turns out, the movie was prescient in its
observations and is inspiring research that is challenging the established
consensus on what drove the Great Recession.
3. Taxing cigarettes under GST: is the situation getting out of
control?
n
Existence of illicit markets is a matter of serious concern for any economy since
it has wide adverse effects on trade, government revenue, employment, crime
control and, most importantly, on the security of the country and health of the
people. Illicit trade has emerged as one of the formidable challenges before our
nation. It is a faceless enemy that is unleashing unimaginable damage. A study
by the Ficci Committee Against Smuggling and Counterfeiting Activities
Destroying the Economy (CASCADE) has revealed that in seven manufactured
9
13 September 2017

goods of common consumption, the supply of unaccounted and untaxed goods
increased by 44.4% in a matter of just two years, between 2012 and 2014. This
resulted in sales loss of Rs 1,05,381 crore in 2014. The government’s loss in tax
revenue was to the tune of Rs 39,239 crore. Of this, the maximum loss of
revenue of Rs 9,139 crore was in the tobacco sector.
4. Needed, politics to back real policing
n
Even for a populace inured to the horrors of daily violence against some
member or the other such as that of the national capital, the story of a seven-
year old boy being found in his school with his neck slit in neighboring Gurugram
was shocking. On its heels came the report of a five-year-old girl being raped in
her school and her teacher admonishing her, on being told about the incident,
to keep quiet about it, sweetening the diktat with a chocolate. The outraged
public’s shock is reflected and amplified by the media, which is par for the
course. But when the media’s response turns into a near-frenetic demand for
instant solutions, politicians of all hues join the fray and the authorities rush to
demonstrate remedial action, the result is neither justice nor systemic
improvements to secure the safety of the young. Police investigations cannot
and need not take place in the glare of TV cameras.
International
5. How Warren Buffett broke American capitalism
n
Growing up, I admired nobody more than Warren Buffett, the greatest investor
ever. His achievement is towering. The market is an implacable opponent but
here was a man who beat it year after year, making $75bn out of nothing but
wisdom and charm. There was moral purity in his modesty, his ethics and his
quiet attachment to home in Omaha, Nebraska. What footballer, politician or
thinker could compare? Now 87, Mr Buffett wields huge influence over US
business and finance, usually positive. He pushed companies to expense stock
options, warned of danger in derivatives and taught the public to invest long
term in low-cost index funds. But however much you admire the man, his
influence has a dark side because the beating heart of Buffettism, celebrated in
a thousand investment books, is to avoid competition and minimise capital
investment in the real economy.
13 September 2017
10

Click excel icon
for detailed
valuation guide
Rs
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
28.5
26.0
22.2
46.9
46.8
19.0
53.2
43.6
33.9
27.8
23.2
24.0
45.0
32.8
19.5
54.6
28.8
32.3
26.9
33.8
23.8
32.3
19.0
24.6
36.3
NM
38.1
45.4
13.4
25.4
30.3
23.7
NM
18.0
36.9
9.6
NM
22.7
919.5
16.6
98.6
56.4
46.1
32.8
25.9
18.8
64.5
38.4
18.7
38.7
17.3
28.3
22.9
21.4
33.6
40.4
18.9
38.2
34.9
18.3
24.6
20.7
19.0
24.4
29.0
17.3
44.5
24.8
22.7
22.5
98.6
21.3
26.9
19.6
20.7
28.1
21.3
31.5
30.0
10.2
20.1
24.5
14.9
NM
11.2
8.8
8.2
7.4
24.2
18.7
14.9
17.5
39.8
30.4
24.3
21.2
14.8
52.8
34.0
15.0
27.7
15.9
5.3
5.6
5.0
6.9
7.7
3.0
16.6
8.3
3.4
3.9
7.7
3.0
2.8
6.8
2.3
12.7
4.9
2.2
2.8
2.6
2.3
5.5
2.1
1.3
5.2
0.8
4.9
4.8
1.1
4.0
3.5
0.9
0.7
0.7
0.5
0.9
0.3
0.8
1.3
0.4
0.9
10.8
5.5
3.4
4.3
2.2
19.3
7.1
4.5
4.6
3.1
4.6
5.0
4.5
6.0
6.9
2.6
12.3
6.9
2.9
3.5
6.7
2.7
2.5
6.0
2.0
10.4
4.3
2.0
2.3
2.5
1.8
4.7
2.0
1.3
4.5
0.7
4.4
3.4
1.1
3.4
3.1
0.9
0.7
0.7
0.5
0.9
0.3
0.8
1.2
0.4
0.8
8.8
4.4
3.1
3.7
2.0
15.8
6.4
4.0
4.0
2.7
20.3
23.1
25.3
16.2
15.8
16.9
37.1
20.8
10.6
13.9
35.7
14.2
6.4
20.3
9.8
25.6
17.1
6.9
10.8
9.5
9.9
18.3
10.2
5.6
15.4
-27.0
13.8
12.3
9.5
18.9
11.5
4.0
-6.7
4.2
1.4
10.1
-8.4
3.6
-0.2
2.7
0.9
21.7
15.1
12.0
18.0
14.4
32.5
18.9
25.5
12.4
19.4
17.3
23.2
22.2
19.2
18.0
14.8
37.0
21.6
17.3
14.1
34.6
13.9
10.8
20.1
12.3
25.7
17.4
9.3
11.4
2.6
10.0
18.8
8.9
6.3
17.3
3.5
15.0
13.6
10.8
18.3
12.5
6.1
-5.2
6.2
5.8
10.9
4.6
3.2
7.0
3.0
4.6
24.3
16.1
13.3
18.6
14.1
33.0
19.3
28.2
15.6
18.2
19.9
27.0
24.0
22.8
20.7
17.3
35.4
23.3
18.3
15.0
31.5
14.9
11.5
22.8
26.6
33.6
22.3
14.7
11.8
8.7
10.5
19.6
9.5
6.9
18.5
7.2
16.3
13.9
12.7
19.5
14.2
12.4
3.0
9.1
7.3
11.2
5.4
5.9
11.4
6.1
8.3
25.9
28.0
15.6
19.0
15.6
32.8
18.4
31.3
19.1
18.5
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Aggregate
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Aggregate
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
Aggregate
NBFCs
Bajaj Fin.
Bharat Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
L&T Fin Holdings
LIC Hsg Fin
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Buy
Not Rated
Buy
Buy
Buy
CMP
(INR)
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
24
0
12
10
-1
14
10
4
8
19
-3
25
8
40
-5
28.0
4.6
132.3
26.2
473.1
93.3
612.7
23.5
20.0
8.1
169.1
54.3
5.4
248.6
19.8
11.7
28.2
37.9
5.2
7.0
137.2 163.6
36.5
50.5
547.2 705.7
94.2 126.8
852.9 1,092.8
29.3
37.9
37.1
45.8
9.2
11.0
189.3 199.1
68.5
82.4
9.9
11.8
281.7 374.5
22.4
59.8
14.4
23.7
798
986
118
118
2,933 3,281
1,228 1,353
22,128 21,994
1,778 2,029
32,582 35,854
1,023 1,059
677
732
226
269
3,918 3,818
1,302 1,625
241
-
8,161 8,819
387
542
641
612
Neutral
Neutral
Buy
Buy
Buy
Buy
Neutral
Under Review
Neutral
Buy
Under Review
Buy
Buy
496
188
171
114
1,834
291
57
1,742
82
1,022
540
29
1,852
545
192
201
139
2,000
366
62
-
91
1,153
-
34
2,133
10
2
18
21
9
26
8
11
13
16
15
15.4
7.0
5.0
4.8
56.8
15.3
2.3
47.9
-31.3
26.8
11.9
2.2
73.0
21.8
8.4
1.7
5.4
68.2
14.9
2.8
61.9
3.8
32.4
18.0
2.9
92.3
38.1
10.4
6.1
6.8
82.1
17.0
3.2
76.8
8.2
41.0
23.7
3.7
114.5
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
142
145
338
57
282
127
141
274
134
198
149
360
49
382
150
184
341
140
40
3
6
-12
35
18
30
25
4
6.0
-14.8
18.8
1.5
29.3
-31.6
6.2
0.3
8.1
9.5
-11.2
30.1
6.4
34.4
17.1
5.8
14.6
9.0
20.8
6.6
47.0
8.6
38.3
21.4
11.0
26.8
19.1
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
1,894
968
808
1,188
558
525
1,797
1,291
203
660
1,800
820
925
1,400
630
450
1,900
1,350
200
708
-5
-15
14
18
13
-14
6
5
-1
7
33.6
21.0
24.6
46.0
29.6
8.1
46.8
69.0
5.2
38.2
47.6
31.8
33.3
56.0
37.7
9.9
52.9
86.3
7.3
41.6
62.9
68.7
44.3
67.3
47.1
12.1
59.0
108.4
10.6
48.9
13 September 2017
11

Company
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
Shriram City Union
STF
Aggregate
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Indu.
Cummins
GE T&D
Havells
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Aggregate
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Aggregate
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Reco
Not Rated
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
CMP
(INR)
110
448
518
127
676
165
2,099
1,072
TP
% Upside
(INR) Downside
-
459
2
550
6
117
-8
800
18
134
-19
2,800
33
1,330
24
FY17
8.6
7.1
29.5
25.7
29.1
31.4
84.3
55.6
EPS (INR)
FY18E FY19E
10.8
12.5
13.9
17.8
38.2
44.2
27.2
30.2
34.5
39.3
35.0
40.4
121.7 164.1
80.0 102.4
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
12.8 10.3
2.8
2.5
24.0 25.9 26.9
63.3 32.3
4.0
3.7
6.5
12.0 14.2
17.5 13.6
3.2
2.7
19.4 21.5 21.2
4.9
4.7
0.8
0.7
17.9 17.0 16.8
23.2 19.6
3.7
3.2
17.4 17.5 17.0
5.3
4.7
1.0
0.8
19.9 19.1 19.1
24.9 17.2
2.8
2.4
11.7 15.0 17.6
19.3 13.4
2.2
1.9
11.7 15.0 16.9
21.6 18.1
3.6
3.2
16.8 17.6 18.1
70.7
28.5
61.5
61.2
46.4
20.8
34.9
72.1
53.0
27.6
29.0
15.4
75.5
43.3
26.7
28.8
21.0
36.3
35.9
59.1
51.2
33.1
72.3
18.5
34.2
30.9
61.6
27.1
NM
404.4
49.2
43.9
38.5
59.7
58.6
54.5
42.2
44.6
49.6
32.6
63.5
33.1
37.2
62.1
26.7
28.9
45.0
43.1
42.0
33.5
44.5
46.3
25.0
26.4
12.0
59.3
36.8
19.2
29.6
18.1
33.4
31.3
41.6
37.1
23.7
40.8
17.6
24.0
26.2
44.1
27.0
36.7
31.7
41.1
46.1
33.0
56.6
50.6
47.3
39.6
44.0
43.5
32.2
54.3
29.9
42.6
9.0
5.9
1.0
9.9
25.2
1.3
6.9
10.2
9.7
5.3
3.4
1.6
7.0
7.9
-1.6
3.9
3.4
5.6
4.0
3.0
4.0
2.3
5.0
2.0
1.2
4.1
3.6
4.7
3.4
5.8
8.6
4.8
3.7
15.8
19.2
24.7
11.1
15.3
12.1
6.9
40.5
7.5
7.0
7.9
4.5
1.0
9.3
18.6
1.2
6.4
9.0
8.6
4.5
3.2
1.4
6.1
6.8
-1.7
3.6
3.0
5.0
3.7
2.8
3.8
2.1
4.5
1.8
1.1
3.6
3.4
4.1
3.1
5.0
7.2
4.5
3.4
14.4
15.9
23.4
9.5
13.1
9.4
6.7
39.0
7.4
7.0
12.7
20.6
1.6
18.0
76.4
6.2
21.2
12.4
18.2
21.2
12.5
10.2
9.3
19.8
NM
14.3
16.8
18.0
11.2
5.1
7.9
7.3
7.2
11.5
3.4
14.4
6.0
19.0
-3.2
1.4
18.4
11.6
9.6
28.5
36.9
50.4
28.4
35.8
24.6
22.2
65.6
23.5
21.1
12.6
17.0
3.4
21.4
49.7
3.0
19.7
21.5
18.6
19.5
12.4
11.6
10.3
19.8
-8.8
12.7
17.6
15.8
11.7
7.0
10.6
9.2
11.6
10.9
4.7
14.8
7.9
16.1
8.8
17.0
19.1
10.1
10.3
26.7
34.3
50.8
26.0
32.0
24.2
21.1
73.1
24.8
16.5
15.8
16.9
3.5
29.6
49.7
3.7
22.8
22.7
20.7
20.9
13.8
12.6
13.7
20.9
-11.0
12.8
17.4
16.0
12.9
7.9
13.1
12.2
13.4
13.9
6.6
17.5
12.1
17.5
12.8
22.9
19.1
14.0
12.7
28.1
34.5
58.2
26.3
33.9
22.8
22.6
82.8
26.3
18.4
Sell
Buy
Sell
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Not Rated
Neutral
Neutral
Not Rated
Neutral
Buy
Sell
1,393
197
132
788
217
85
926
413
507
327
1,228
109
1,345
892
17
888
627
561
1,200
215
100
650
250
80
1,170
395
455
295
1,380
-
1,355
900
-
830
800
430
-14
9
-24
-18
15
-6
26
-4
-10
-10
12
1
1
-7
28
-23
19.7
6.9
2.1
12.9
4.7
4.1
26.5
5.7
9.6
11.9
42.3
7.1
17.8
20.6
0.6
30.8
29.8
15.5
22.4
7.4
4.6
17.5
5.0
2.0
27.7
9.3
10.9
13.1
46.5
9.1
22.7
24.2
0.9
30.0
34.6
16.8
31.6
8.2
4.9
26.1
6.4
2.5
35.0
11.3
13.8
16.4
56.2
11.2
33.0
30.0
1.0
33.2
39.8
19.1
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
289
308
1,848 1,622
972
1,150
2,801 3,282
1,254 1,276
192
201
1,040 1,277
429
519
740
806
162
185
110
140
18,910 22,360
4,222 4,936
7
-12
18
17
2
5
23
21
9
14
27
18
17
4.9
7.0
36.1 49.8
29.4 40.9
38.8 68.7
67.9 71.3
5.6
8.0
33.7 39.7
7.0
9.7
27.3 27.4
-1.6
4.4
0.3
3.5
384.4 460.4
96.1 91.5
8.2
65.0
58.9
89.9
102.7
11.8
54.4
16.4
34.4
7.1
5.6
547.8
138.8
Neutral
Buy
Buy
Neutral
Buy
Neutral
Sell
Buy
Neutral
Neutral
1,255
4,319
1,157
306
1,184
938
5,091
1,247
278
418
1,200
4,660
1,285
315
1,310
995
4,500
1,360
280
395
-4
8
11
3
11
6
-12
9
1
-6
21.0 22.2
73.7 85.3
21.2 24.4
7.2
7.7
26.5 26.9
18.9 21.5
156.1 158.1
19.6 22.9
8.4
9.3
11.2
9.8
26.5
104.6
29.8
9.1
33.1
24.7
182.1
27.3
10.3
11.1
13 September 2017
12

Company
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Syngene Intl
Torrent Pharma
Aggregate
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway
Distriparks
Gati
Transport Corp.
Aggregate
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Siti Net.
Sun TV
Reco
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Not Rated
Neutral
Neutral
CMP
TP
% Upside
(INR)
(INR) Downside
330
355
8
7,372 6,160
-16
18,627 19,600
5
251
245
-2
851
810
-5
8,333 8,800
6
135
-
782
875
12
2,604 2,525
-3
FY17
6.3
118.0
238.7
3.6
16.7
132.9
3.5
8.7
26.7
EPS (INR)
FY18E FY19E
6.8
8.2
115.1 133.6
294.7 398.4
9.1
12.5
18.1
20.6
151.6 176.0
3.5
6.4
10.1
15.0
34.5
51.5
P/E (x)
FY17 FY18E
52.5 48.4
62.5 64.1
78.0 63.2
69.5 27.5
50.8 47.1
62.7 55.0
38.2 38.7
89.9 77.7
97.4 75.5
47.2 42.7
23.2
23.7
20.4
19.3
33.4
33.7
35.2
20.3
29.8
14.8
14.8
17.3
70.7
30.9
18.9
17.6
31.5
42.6
29.4
18.5
36.1
21.8
22.7
17.8
41.2
36.8
34.6
13.9
17.8
31.9
79.3
18.2
NM
74.4
10.2
13.5
16.5
61.5
65.7
NM
33.2
24.5
24.4
22.6
16.9
35.1
26.7
26.5
24.0
27.2
70.2
13.6
15.3
51.9
29.9
14.8
23.7
30.4
28.3
20.0
32.1
29.2
22.6
24.9
15.5
32.5
33.2
26.2
7.3
14.4
26.7
59.9
15.6
NM
63.6
9.3
12.6
14.4
42.4
43.6
NM
29.0
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY19E
18.3 15.7 36.7 34.9 37.7
23.6 21.9 39.0 35.5 38.1
31.2 25.0 40.0 39.6 43.1
3.2
2.9
6.0
11.0 13.3
13.2 10.8 28.2 25.2 23.5
39.3 32.6 39.3 64.9 62.8
1.9
1.9
5.2
4.9
8.5
9.0
8.2
10.4 11.0 14.7
19.5 13.6 21.3 18.0 20.3
13.0 12.0 27.5 28.2 29.3
5.0
5.1
6.7
4.7
4.2
7.0
3.6
4.6
2.9
1.6
3.7
3.2
10.3
2.5
3.2
3.3
5.4
5.2
3.1
3.2
7.3
4.7
3.8
2.6
18.3
3.9
2.5
1.9
2.8
4.0
17.0
4.3
1.6
4.7
1.8
0.9
2.4
4.1
6.5
3.6
7.8
4.3
4.4
5.4
3.7
3.9
5.9
3.2
4.1
2.8
1.4
2.9
2.2
12.0
2.4
2.7
3.0
5.0
4.4
2.8
3.2
6.0
4.1
3.5
2.4
13.9
3.7
2.4
1.7
2.4
3.7
13.2
3.8
1.8
4.4
1.5
0.8
2.4
3.8
5.7
3.8
7.2
23.0
23.4
37.7
27.6
12.3
23.0
10.2
23.5
9.7
11.3
24.7
21.1
14.5
8.6
18.1
20.6
17.1
14.4
10.7
18.5
22.2
23.8
16.9
12.6
50.5
10.8
7.3
12.4
16.7
12.4
24.1
25.5
-12.0
6.7
19.0
7.1
17.6
11.2
10.4
-23.5
23.6
19.0
19.2
26.5
24.8
11.1
23.9
12.1
18.1
10.6
2.1
21.6
17.7
23.0
8.2
19.5
13.2
16.6
17.0
14.7
10.0
22.5
19.5
14.0
16.0
48.6
11.3
9.4
19.4
17.8
13.8
24.9
25.8
-5.3
7.2
17.3
6.9
16.5
9.3
14.0
-4.1
25.0
20.4
20.5
25.9
22.1
14.5
26.3
13.2
19.4
14.3
4.9
20.9
18.8
30.9
12.2
19.6
16.0
18.1
20.4
20.2
14.7
20.7
21.5
16.3
16.8
46.8
12.4
12.4
25.4
18.6
15.4
99.2
26.6
0.7
10.7
17.3
6.4
17.4
12.4
18.2
6.2
28.8
Neutral
Neutral
Buy
Buy
Sell
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Not Rated
Neutral
501
1,793
1,190
758
341
478
559
805
2,165
153
582
125
2,430
496
698
981
4,066
597
948
484
470
1,205
510
1,830
1,606
850
330
555
520
680
2,400
220
775
200
2,500
430
905
1,125
4,820
805
1,300
515
-
1,350
2
2
35
12
-3
16
-7
-16
11
44
33
60
3
-13
30
15
19
35
37
7
12
21.6 20.5
75.7 73.5
58.4 52.8
39.3 44.9
10.2
9.7
14.2 17.9
15.9 21.1
39.7 33.6
72.6 79.6
10.3
2.2
39.3 42.9
7.2
8.2
34.4 46.8
16.1 16.6
37.0 47.1
55.8 41.4
129.1 133.6
14.0 21.1
32.3 47.4
26.1 15.1
13.0 16.1
55.2 53.4
25.5
91.6
64.2
50.0
14.2
24.1
26.0
40.0
120.1
5.6
51.7
11.5
54.9
26.8
56.7
56.3
160.6
30.4
74.8
23.3
18.0
67.3
Buy
Not Rated
Neutral
Buy
Not Rated
Not Rated
175
4,225
1,398
235
116
302
212
-
1,214
272
-
-
21
-13
16
9.8
11.2
102.5 129.9
38.0 42.1
6.8
8.4
16.9
9.0
15.9
21.0
13.3
163.2
48.6
12.4
23.9
25.9
Buy
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Buy
Neutral
Neutral
78
372
88
850
264
100
178
396
1,348
26
826
106
450
90
928
350
90
225
469
1,628
32
860
35
21
2
9
33
-10
27
19
21
24
4
1.0
20.4
-8.6
11.4
25.9
7.4
10.8
6.4
20.5
-1.8
24.9
1.3
23.7
-2.7
13.4
28.3
7.9
12.4
9.3
30.9
-0.3
28.5
4.3
27.6
0.3
21.7
33.6
8.1
14.1
14.0
46.9
0.4
35.9
13 September 2017
13

Company
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
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
Idea Cellular
Tata Comm
Aggregate
Utiltites
Reco
Buy
CMP
(INR)
532
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
630
18
23.1 14.7
18.9
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
23.0 36.1
8.8
7.6
24.7 22.6 24.5
40.6 31.1
5.7
5.2
14.0 16.7 21.3
15.5
15.9
NM
18.2
22.2
13.6
NM
21.8
18.0
22.1
11.0
18.1
41.7
22.5
11.8
10.1
32.5
9.4
17.1
9.9
20.8
17.0
13.1
142.4
70.5
75.8
17.3
14.4
19.9
14.0
10.2
13.8
17.8
15.6
13.3
16.5
32.2
18.6
14.2
17.6
15.2
16.6
36.4
24.9
NM
25.6
36.8
11.4
14.1
NM
12.3
23.6
10.9
NM
13.8
10.5
15.4
15.6
15.4
22.8
17.8
14.1
11.8
28.7
14.7
11.9
9.8
16.9
14.3
13.1
96.2
60.0
63.2
14.9
14.0
17.4
14.2
11.5
12.8
15.4
15.0
11.9
14.3
26.9
18.6
13.0
16.5
15.2
16.4
93.3
20.6
NM
80.2
203.8
1.9
4.3
0.4
2.9
1.5
1.9
0.7
2.0
2.1
1.8
3.4
1.8
7.1
2.5
3.6
2.0
6.8
2.4
0.9
0.9
4.4
1.8
1.7
11.7
13.4
13.0
2.8
3.6
4.8
2.9
1.5
4.8
2.9
2.1
1.8
2.5
10.1
5.5
2.3
2.8
2.4
3.8
2.4
4.4
1.1
12.5
2.5
1.6
4.6
0.5
2.4
1.5
1.8
0.8
1.9
1.8
1.7
3.0
1.7
5.7
2.2
3.1
1.8
5.8
2.1
0.9
0.9
3.7
1.6
1.6
10.7
12.2
11.9
2.5
3.2
4.2
2.7
1.4
3.7
2.8
2.2
1.7
2.4
8.1
5.9
2.1
2.7
2.2
3.7
2.4
3.8
1.4
10.8
2.5
14.0
24.4
-7.9
17.3
7.2
12.8
-6.7
9.7
15.7
8.2
32.4
9.6
17.8
11.6
32.4
21.2
21.0
31.4
5.7
10.1
23.2
11.6
13.3
8.2
20.6
17.2
16.2
27.5
26.5
22.0
14.3
40.4
16.8
13.2
13.7
17.0
37.1
32.6
18.4
16.9
17.2
22.9
15.3
31.5
-4.9
21.3
6.5
15.2
-9.1
14.2
18.6
11.2
20.4
11.3
27.6
13.2
23.6
16.0
21.9
15.5
7.5
9.4
23.7
12.3
12.2
11.1
21.3
18.9
16.6
24.9
25.7
19.6
13.0
33.0
17.3
14.5
14.4
17.9
33.5
31.1
17.4
16.1
15.0
22.8
15.4
38.0
0.6
20.8
7.7
15.6
-5.3
20.4
16.2
14.0
21.4
12.4
27.4
14.2
21.7
15.8
20.9
17.0
8.0
10.9
25.5
12.3
12.7
14.0
22.2
19.6
17.3
23.8
23.1
19.3
14.2
29.4
20.1
16.2
15.4
20.7
32.2
33.5
16.9
16.1
17.9
22.0
3.8
19.4
-21.7
33.6
2.8
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Neutral
251
313
146
269
82
135
63
330
683
309
301
194
297
63
180
30
361
591
23
-4
33
10
-23
33
-53
9
-13
16.2
19.7
-20.9
14.8
3.7
10.0
-6.2
15.1
37.9
22.0
22.2
-15.8
21.9
3.5
12.4
-7.7
23.9
65.1
26.3
29.3
2.0
25.7
4.2
12.1
-4.2
37.4
64.3
Neutral
Sell
Sell
Neutral
Buy
Buy
Neutral
Sell
Buy
Buy
Buy
Neutral
534
409
849
199
482
435
1,430
139
331
162
236
823
515
346
691
171
510
458
1,152
113
316
195
274
750
-3
-15
-19
-14
6
5
-19
-18
-5
20
16
-9
48.3
22.6
20.4
8.8
40.7
43.0
44.0
14.8
19.3
16.4
11.4
48.3
34.3
26.5
37.2
11.1
34.1
36.7
49.9
9.4
27.9
16.5
14.0
57.8
41.3
31.3
46.1
13.3
36.3
40.4
56.3
11.7
31.1
19.7
17.9
64.1
Sell
Neutral
1,425
637
850
565
-40
-11
10.0
9.0
14.8
10.6
20.7
12.6
Buy
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
529
864
273
884
122
768
442
605
505
621
1,811
2,487
440
298
791
600
950
250
1,050
140
880
450
610
540
750
1,992
2,350
490
270
950
13
10
-8
19
15
15
2
1
7
21
10
-6
11
-9
20
30.6 35.4
59.8 61.8
13.7 15.7
62.9 62.2
11.9 10.6
55.5 60.2
24.9 28.7
38.9 40.3
38.0 42.3
37.7 43.3
56.3 67.4
133.4 133.6
30.9 34.0
16.9 18.1
52.1 51.9
41.9
65.9
16.5
67.2
13.1
68.0
32.9
43.0
48.7
52.0
79.7
147.7
36.8
19.1
70.0
Buy
Buy
Buy
Buy
405
370
79
698
490
480
110
775
21
30
40
11
11.1
14.9
-1.1
27.2
4.3
17.9
-10.9
8.7
6.6
20.4
-11.3
26.1
6.7
2.5
16.2 19.8
-1.6 -17.3
132.2 14.5
6.9
1.2
13 September 2017
14

Company
Reco
Coal India
Buy
CESC
Buy
JSW Energy
Sell
NTPC
Buy
Power Grid
Buy
Tata Power
Sell
Aggregate
Others
Arvind
Neutral
Avenue Supermarts Neutral
Bata India
Under Review
BSE
Neutral
Castrol India
Buy
Century Ply.
Neutral
Coromandel Intl
Buy
Delta Corp
Buy
Dynamatic Tech
Buy
Eveready Inds.
Buy
Interglobe
Neutral
Indo Count
Neutral
Info Edge
Buy
Inox Leisure
Sell
Jain Irrigation
Under Review
Just Dial
Neutral
Kaveri Seed
Buy
Kitex Garm.
Buy
Manpasand
Buy
MCX
Buy
Monsanto
Buy
Navneet Education Buy
PI Inds.
Buy
Piramal Enterp.
Buy
SRF
Buy
S H Kelkar
Buy
Symphony
Sell
Trident
Buy
TTK Prestige
Neutral
V-Guard
Neutral
Wonderla
Buy
CMP
(INR)
258
1,049
77
170
215
81
TP
% Upside
(INR) Downside
305
18
1,360
30
49
-36
204
20
262
22
68
-16
FY17
14.9
51.9
3.8
13.0
14.2
5.2
EPS (INR)
FY18E FY19E
19.8
22.0
88.9
99.3
3.4
2.7
13.3
16.3
17.4
20.6
6.4
6.7
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
17.2 13.0
6.5
6.2
37.8 47.6 50.5
20.2 11.8
1.3
1.2
6.5
10.6 10.8
20.1 22.9
1.2
1.2
6.3
5.3
4.2
13.1 12.8
1.4
1.3
11.5 10.8 12.4
15.1 12.4
2.3
2.0
16.2 17.3 17.8
15.7 12.7
1.9
1.7
11.2 13.9 12.1
15.3 12.9
2.3
2.1
14.9 16.3 17.4
33.4
141.7
53.1
25.0
28.6
28.9
26.0
64.9
36.2
23.8
26.1
9.5
63.3
71.6
19.2
22.3
30.3
12.8
70.8
45.9
29.6
21.3
22.7
37.9
18.5
35.5
60.4
15.1
47.8
55.2
50.0
32.0
85.5
45.7
24.3
28.1
25.6
17.9
33.8
21.7
22.4
18.8
13.9
45.6
29.7
14.0
21.1
16.9
10.8
44.6
38.8
24.2
18.9
24.9
26.4
19.8
33.9
40.7
12.1
45.8
44.1
29.3
3.0
17.7
7.0
2.1
32.4
7.8
4.4
5.0
5.0
7.7
21.5
2.9
6.1
4.2
1.6
3.0
3.9
3.4
4.5
4.3
8.3
5.3
6.4
3.6
2.9
4.6
22.4
1.8
8.6
13.2
4.6
2.8
15.4
6.2
2.1
29.1
6.5
3.8
3.3
4.1
6.3
19.1
2.3
5.5
3.7
1.6
2.7
4.1
2.8
4.1
4.0
7.5
4.6
5.3
3.3
2.6
4.2
19.8
1.7
7.9
10.8
4.1
10.3
9.1
12.0
17.9 19.3 23.0
13.9 14.4 15.8
8.3
8.5
7.7
115.2 108.9 99.2
31.1 27.7 29.6
17.5 22.5 23.4
8.1
12.5 12.9
15.1 20.7 24.3
37.7 30.8 30.1
86.2 107.5 137.7
34.8 18.6 18.3
10.2 12.7 13.1
5.9
12.5 16.2
8.6
11.7 14.8
14.8 13.4 13.7
13.6 23.3 27.4
29.8 28.6 27.6
7.3
8.5
13.5
9.9
10.7 13.9
31.6 32.5 34.5
26.8 26.0 27.4
32.8 23.4 22.9
9.8
13.0 16.4
16.6 13.7 16.0
13.7 12.9 15.2
43.3 51.6 54.5
13.0 14.5 16.1
19.5 18.0 20.7
27.4 26.9 28.8
9.5
14.8 17.5
413
1,087
717
1,024
390
252
432
198
2,447
306
1,204
123
993
239
106
390
577
238
899
1,139
2,548
165
757
2,754
1,593
257
1,430
100
6,317
198
350
375
882
-
1,100
489
323
523
243
3,334
358
1,312
129
1,130
240
-
465
738
394
926
1,230
3,295
215
894
3,044
1,648
298
1,288
114
5,281
167
393
-9
-19
7
25
28
21
23
36
17
9
5
14
0
19
28
65
3
8
29
30
18
11
3
16
-10
14
-16
-15
12
12.4
7.7
13.5
41.0
13.6
8.7
16.6
3.1
67.6
12.9
46.0
13.0
15.7
3.3
5.5
17.5
19.1
18.6
12.7
24.8
86.2
7.8
33.4
72.6
85.9
7.2
23.7
6.6
132.1
3.6
7.0
12.9
12.7
15.7
42.2
13.9
9.8
24.1
5.9
112.9
13.6
63.9
8.9
21.8
8.0
7.6
18.5
34.0
22.1
20.2
29.4
105.1
8.7
30.4
104.1
80.2
7.6
35.1
8.3
137.8
4.5
11.9
18.6
17.6
19.4
44.6
14.0
12.9
29.0
8.1
166.7
16.3
93.7
10.8
24.7
12.0
10.0
21.1
41.0
26.2
30.9
40.7
126.7
10.8
35.8
144.6
103.0
9.9
42.9
10.4
176.1
6.0
16.0
13 September 2017
15

MOSL Universe stock performance
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
NBFCs
Bajaj Fin.
Bharat Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
STF
Shriram City Union
1 Day (%)
1.7
1.7
0.1
4.2
0.2
1.5
0.4
0.2
2.8
2.1
-0.7
1.7
0.3
0.2
3.1
0.3
0.5
0.6
-0.8
1.4
0.6
0.0
2.0
-2.7
2.7
1.6
0.6
1.2
0.5
2.9
1.6
1.3
0.6
0.7
1.0
2.4
1.0
0.9
-1.4
0.1
4.7
0.9
1.5
0.3
0.9
-0.6
-0.4
0.6
2.1
-0.6
3.0
0.1
0.8
0.1
1.3
1.4
1M (%)
-0.3
15.3
5.2
5.6
-2.2
5.0
10.0
5.5
14.2
11.3
1.9
-3.3
4.2
9.5
3.4
19.6
1.1
8.2
9.5
8.5
4.7
1.4
7.9
7.1
12.9
3.1
10.0
11.4
6.4
-0.6
1.7
4.1
7.4
1.3
7.4
0.9
-2.5
5.5
11.6
23.2
14.5
3.7
33.7
12.7
6.1
12.3
23.9
1.5
28.5
8.9
17.0
7.8
6.5
-0.4
12.5
0.9
12M (%)
-19.0
41.6
-0.7
45.1
-5.8
79.6
43.3
93.1
22.9
11.0
-8.7
26.1
53.2
-30.1
99.8
-16.3
60.3
-2.7
61.4
43.3
19.1
-8.8
45.7
9.7
25.7
82.3
40.5
53.6
-12.4
25.4
17.1
-25.3
30.1
3.7
3.1
8.2
-4.7
73.1
32.5
21.3
11.8
100.2
67.6
28.9
68.4
127.7
17.8
22.5
32.6
48.5
7.4
-16.9
45.2
-8.8
-5.4
Company
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
1 Day (%)
2.1
2.8
1.1
-0.5
2.1
-2.1
1.7
0.7
2.0
3.7
0.9
-3.8
0.6
1.4
0.9
1.0
1.4
4.9
1.3
2.9
-0.5
1.6
2.0
4.1
1.6
2.4
0.4
-0.3
0.3
0.9
1.4
1.5
0.4
0.7
-1.2
4.3
0.9
-0.3
2.3
1.4
0.7
1.9
1.1
-0.2
1.3
0.7
0.4
1.2
0.5
0.8
0.2
-0.9
0.9
2.3
0.9
0.2
1.4
1M (%)
4.2
15.1
5.5
17.5
-3.1
13.0
4.0
6.7
10.5
16.3
8.4
1.1
5.3
2.4
10.8
2.6
1.4
8.7
9.7
5.0
5.0
12.1
18.8
8.9
2.0
2.2
11.9
6.8
-1.5
8.2
7.5
9.7
5.3
10.4
1.1
10.4
3.9
-4.5
8.1
2.2
11.5
3.2
12.8
16.8
6.3
7.9
5.1
3.3
-0.5
7.7
-2.0
5.0
-2.8
7.6
0.0
-1.0
3.1
12M (%)
18.5
64.4
-10.5
54.7
33.9
7.0
-0.3
28.2
24.3
157.1
25.9
-33.2
8.4
41.0
-1.7
8.0
13.6
50.0
10.8
16.8
54.8
54.9
62.5
35.1
32.0
-6.3
28.7
-15.9
3.2
11.9
9.2
8.7
26.4
18.3
5.5
-0.8
16.3
-16.4
35.8
10.0
30.1
14.5
14.5
29.4
-24.6
21.4
24.5
47.8
-3.5
14.1
-20.0
11.0
-37.6
-3.3
15.4
25.3
-1.7
13 September 2017
16

MOSL Universe stock performance
Company
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Syngene Intl
Torrent Pharma
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway Distriparks
Gati
Transport Corp.
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
Titan Co.
1 Day (%)
11.8
0.3
-0.5
1.8
1.5
-0.2
5.3
0.6
0.4
1.5
-0.5
0.7
3.2
-1.1
0.8
2.6
0.0
-0.6
7.3
-0.2
4.1
1.4
-1.1
3.8
-0.4
0.4
-0.4
0.5
2.1
0.1
-0.8
-0.3
2.3
0.5
1.3
1.9
1.3
-1.5
0.3
0.2
0.2
3.3
4.1
3.8
3.4
0.7
3.6
1.5
3.4
1.5
0.3
-0.8
-0.4
0.6
-1.8
0.7
1M (%)
28.4
7.6
1.0
-5.7
14.3
2.6
20.4
2.6
4.1
-0.9
5.4
8.3
7.1
4.7
-0.7
8.6
7.5
20.6
-5.2
9.7
9.3
10.0
1.6
14.8
6.6
0.2
19.0
3.0
14.2
5.2
1.8
16.7
5.0
13.7
15.5
14.5
20.4
30.6
15.1
11.8
18.6
14.6
10.2
10.8
9.8
10.1
12.5
5.4
17.6
17.0
18.6
1.2
11.3
6.5
9.9
4.9
12M (%)
-38.3
-31.0
-12.1
-33.5
6.8
-18.5
-13.5
29.3
-36.0
-5.4
11.2
-5.9
-38.6
-0.2
-27.2
-6.8
-22.9
32.1
-14.4
-17.5
64.9
-14.7
-7.0
25.0
5.3
-6.5
22.2
-6.2
14.3
-27.6
82.7
3.1
78.3
47.4
80.2
54.4
73.9
29.4
32.0
104.5
82.9
41.4
41.6
37.3
32.2
80.6
57.2
90.9
68.2
11.5
-3.2
43.2
57.3
35.8
54.8
Company
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Utiltites
Coal India
CESC
JSW Energy
NTPC
Power Grid
Tata Power
Others
Arvind
Avenue Super.
Bata India
BSE
Castrol India
Century Ply.
Coromandel Intl
Delta Corp
Dynamatic Tech
Eveready Inds.
Interglobe
Indo Count
Info Edge
Inox Leisure
Jain Irrigation
Just Dial
Kaveri Seed
Kitex Garm.
Manpasand
MCX
Monsanto
Navneet Educat.
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Symphony
Trident
TTK Prestige
V-Guard
Wonderla
1 Day (%)
0.4
0.3
0.5
0.6
6.8
0.1
-0.9
-0.6
1.3
2.1
0.5
0.9
-0.1
-1.0
-0.4
0.7
0.3
0.3
3.3
0.2
-0.1
4.3
-0.3
-0.1
0.6
1.3
-0.1
-0.3
0.1
-0.3
-1.3
1.7
1.1
0.6
1.2
-1.4
1.7
2.5
-0.5
-0.1
3.0
-0.1
0.9
4.4
2.3
0.8
2.0
2.3
2.3
2.6
-0.5
1.4
2.7
-0.1
-0.8
0.3
1M (%)
7.3
-1.0
7.5
-10.5
11.5
4.3
-3.1
5.8
5.4
1.6
12.7
-0.3
9.2
2.9
0.2
-2.4
-3.2
-8.6
19.8
9.2
14.2
20.6
0.5
-1.6
5.6
13.1
22.2
12.6
2.7
3.9
-1.2
6.2
20.8
14.4
2.0
-3.3
6.7
3.9
3.4
16.0
14.4
10.0
4.0
13.7
9.4
2.2
8.8
9.0
1.6
7.3
3.1
17.6
32.9
1.1
13.9
3.5
12M (%)
7.7
10.4
37.6
-16.1
-3.7
19.7
-14.5
15.9
24.6
0.5
20.0
5.4
-5.1
23.9
-22.2
27.3
7.6
-4.8
41.2
-22.1
64.5
-2.6
11.0
19.4
8.8
33.2
35.2
-15.8
13.4
71.8
26.6
-17.7
11.0
38.9
-21.3
18.3
-11.0
21.6
-18.2
71.4
-28.8
25.7
22.6
8.9
59.9
-7.9
47.5
-2.0
-14.8
23.4
100.3
29.3
51.6
-12.8
13 September 2017
17

NOTES
13 September 2017
18

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

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not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States.
Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S.
persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional
investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional
investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and
interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S.
registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and
therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in
the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following
representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person
or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of
offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or
appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations
as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to
determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative
products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the
views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time
without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities
mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities
functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not
directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would
be contrary to law, regulation or which would subject MOSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to
certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or
representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
The
person accessing this information specifically agrees to exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or
employees responsible for any such misuse and further agrees to hold MOSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this
information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
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