26 December 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
33,940
0.5
Nifty-50
10,493
0.5
Nifty-M 100
20,834
0.3
Equities-Global
Close
Chg .%
S&P 500
2,683
0.0
Nasdaq
6,960
-0.1
FTSE 100
7,593
-0.1
DAX
13,073
-0.3
Hang Seng
11,653
0.5
Nikkei 225
22,903
0.2
Commodities
Close
Chg .%
Brent (US$/Bbl)
65
0.3
Gold ($/OZ)
1,275
0.7
Cu (US$/MT)
7,085
0.6
Almn (US$/MT)
2,181
2.2
Currency
Close
Chg .%
USD/INR
64.0
0.0
USD/EUR
1.2
-0.1
USD/JPY
113.3
0.0
YIELD (%)
Close
1MChg
10 Yrs G-Sec
7.3
0.06
10 Yrs AAA Corp
8.0
0.10
Flows (USD b)
22-Dec
MTD
FIIs
0.0
-1.0
DIIs
0.1
1.3
Volumes (INRb)
22-Dec
MTD*
Cash
353
335
F&O
4,973
6,656
Note: YTD is calendar year, *Avg
YTD.%
27.5
28.2
45.2
YTD.%
19.9
29.3
6.3
13.9
24.0
19.8
YTD.%
16.8
10.7
28.3
28.0
YTD.%
-5.7
12.8
-3.1
YTDchg
0.8
0.4
YTD
7.4
14.1
YTD*
309
5,740
Today’s top research idea
NHPC – Come on in, the water’s fine
Valuations attractive at 1x BV and 6% dividend yield; initiate with Buy
NHPC is one of the largest hydro power producers in India. It has an installed
capacity of ~6.6GW with attributable equity share of 5.9GW. We expect
~6%/11%/20% CAGR growth in share in capacity/regulated equity/core (ex-
other income) PAT, respectively, over FY17-20E driven by commissioning of
projects, saving in O&M costs and approval of capital cost of five projects.
RoE will improve by 240bps to ~12% by FY20E. The regulatory risk is low,
growth potential is high and there is need to encourage hydro to handle
volatility in solar energy to manage grid.
Valuation is attractive at ~1x P/BV and dividend yield of ~6%. We expect the
stock to get re-rated as RoE improves.
We value the stock at INR37/share based on DCF and initiate the coverage with
a Buy rating.
Research covered
Cos/Sector
NHPC
ONGC
Mahindra Financial Services
Key Highlights
Come on in, the water’s fine
Growth in gas production to continue
On an upward trajectory
Piping hot news
Cummins in talks to acquire Kirloskar Oil Engines in $500 million deal
The Cummins Group, one of the world’s largest manufacturers of engines and
power generation products, is in talks to acquire a controlling stake in Kirloskar
Oil Engines Ltd in a deal valued at over $500 million through one of its Indian
subsidiaries, two people aware of talks between the companies said…
Chart of the Day: NHPC (Initiating Coverage): Come on in, the water’s fine
Regulated equity – INR b
Core (ex-other income) PBT and PAT
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
Overseas investors have pulled
out a massive Rs 7,300 crore from
the country’s stock markets this
month so far, primarily due to
rising crude prices and widening
fiscal deficit. This comes following
an eight-month high inflow of
Rs19,728 crore in November,…
2
Public sector firm NBCC claimed that Shapoorji Pallonji, to which it had
awarded a contract for re-development of ITPO Complex at Pragati
Maidan, had started “fabrication of structure steel works” on its own and
no sub-contractor was appointed. “As informed by M/s Shapoorji Pallonji
(JV), the action for fabrication of structure steel works, like procurement of
structural steel from steel producer has been initiated by them of their
own and no sub-contractor, including the name as appearing in the news
item, has been appointed by them,” NBCC said in a late night BSE filing…
FPIs' net outflow from equities
at Rs 7,300-crore in Dec so far
Shapoorji Pallonji roped in no sub-contractor: NBCC on CBI case
3
Indian Oil, BPCL keen to
acquire GAIL but it wants
merger with ONGC
Indian Oil Corp. Ltd and Bharat
Petroleum Corp. Ltd (BPCL) are
both keen to acquire gas utility
GAIL India Ltd to become fully
integrated energy companies.
Indian Oil and BPCL have
separately indicated to the
petroleum ministry their interest
in taking over GAIL to help add
natural gas transportation,…
4
Natural gas may come under
GST in 2018
It literally took the country by
storm six months back when
dozens of taxes and levies were
rolled into one, but as the new
goods and services tax (GST)
stabilises, its ambit is now likely to
be increased by including natural
gas in next couple of months. On
July 1, when the new national
sales tax was implemented,…
5
Finance ministry asks public
sector banks to close loss-
making branches
The finance ministry has asked
public sector banks (PSBs) to look
at rationalising their domestic and
overseas branches as part of the
reform process to strengthen their
financials. The banks have been
advised to pursue closure of loss
making domestic and
international branches as part of
capital saving exercise, official
sources said. There is no point in
running loss making branches and
putting burden on the balance
sheet, so banks should look at not
only big savings but also small
savings like these for improving
overall efficiency, people in the
know said…
6
Govt likely to give Sebi powers
to regulate private placements
The government is likely to give
the Securities and Exchange Board
of India (Sebi) the power to
regulate private placements by
any Indian entity at a time when
the capital markets regulator is
finalizing norms for crowdfunding,
said two people with direct
knowledge of ongoing discussions
between the regulator,…
7
Piramal Finance eyes
hospitality sector, in talks with
hotel firms
Piramal Finance Ltd, the non-
banking financial arm of Piramal
Enterprises Ltd (PEL), is planning
to invest in the hospitality sector
for the first time and has already
started talks with a few hotel
companies, according to two
people aware of the
development…
26 December 2017
2

22 December 2017
Initiating Coverage | Sector: Utilities
NHPC
Buy
BSE SENSEX
33,940
S&P CNX
10,493
CMP: INR30
TP: INR37(+23%)
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 (%)
Financials Snapshot (INR b)
Y/E Mar
2017
2018E
Net Sales
86.2
90.3
EBITDA
48.4
51.7
PAT
30.3
24.4
EPS (INR)
3.0
2.4
Gr. (%)
25.6
-19.3
BV/Sh (INR) 28.3
28.4
RoE (%)
10.0
8.4
RoCE (%)
7.0
6.2
P/E (x)
9.9
12.4
P/BV (x)
1.0
1.0
NHPC is India’s largest hydro power generator, with a 15% share. The company has an
installed capacity of 6.6GW, with attributable equity share (AES) of 5.9GW (5.1GW at
parent and 51% share in 1.52GW NHDC). NHPC has 3.1GW projects under construction,
which are expected to raise AES in capacity by 53%. Regulated equity in its projects and
operating efficiencies are the key drivers of earnings.
NHPC IN
10,259
35 / 26
6/-18/-20
302.6
4.7
206.6
25.5
Come on in, the water’s fine
Valuations attractive at 1x BV and 6% dividend yield; initiate with Buy
Regulated equity to increase 35%, despite Subhanshiri project being on hold
NHPC is targeting commercialization of the 330MW Kishanganga project from
January 2018 and the 800MW Parbati-II project from December 2018. These two
projects will increase AES in capacity by 19% and attributing regulated equity (ARE)
by 35%. The 2,000MW Subhanshiri project remains on hold for now.
Under-recoveries to decline on natural attrition and approval of five tariff orders
O&M under recoveries have peaked, in our view. Wage bill growth will be muted
due to high natural attrition, while existing manpower can manage new projects.
We expect approval of capex for the five projects over the next few years, which
can boost recurring PAT by ~INR1.5b.
Higher dividend payout is boosting RoE; room for even higher payout/buyback
Capital allocation has improved with a payout of INR113b in four years. Debtor
days have come down after the implementation of the UDAY scheme for DISCOMs.
Net worth (NW) in non-core business has dropped from 51% to 36%, and RoE has
improved from 8.7% to 9.9% over FY13-17. Another 32% of NW can be paid out,
which is not deployed in core business.
Earnings are at inflection after five years of stagnation
We expect core PAT CAGR of ~20% over FY17-20, driven by (a) commercialization
of assets, leading to ~11% CAGR in regulated equity, (b) lower O&M under-
recoveries and (c) approval of pending tariff petitions. Consolidated PAT CAGR of
8% over FY17-20E is diluted by lower other income. RoE will improve by 240bp to
12.4% and re-rate the stock.
Valuations attractive at 1x BV and 6% dividend yield; initiating with Buy
NHPC has low regulatory risk with high growth potential due to the large
untapped water energy potential in India. We expect many regulatory
tailwinds, as the government will need to invigorate investment in hydro
power to handle volatility in solar energy in order to manage grid. Earnings
growth visibility is strong for a few years as two projects are in advance stage
of commissioning. Until a new wave to investment cycle strikes, NHPC will be
high-dividend-yield stock. Valuations are attractive at P/BV of 1x FY19E and
dividend yield of ~6%. We expect the stock to get re-rated as RoE improves.
We value the stock at INR37/share based on DCF and initiate the coverage with
a
Buy
rating.
2019E
107.3
67.8
31.8
3.1
30.3
29.2
10.8
8.0
9.5
1.0
Shareholding pattern (%)
As On
Sep-17 Jun-17 Sep-16
Promoter
74.5
74.5
74.6
DII
10.5
11.1
10.6
FII
4.3
3.8
3.6
Others
10.7
10.6
11.2
FII Includes depository receipts
NHPC
Come on in, the water’s fine
Dhruv.Muchhal@motilaloswal.com
Please click here for Video Link
+
91 22 3027 8033
26 December 2017
3

22 December 2017
Update
| Sector:
Oil & Gas
ONGC
Buy
BSE SENSEX
33,940
S&P CNX
10,493
CMP: INR188
TP: INR227(+21%)
Growth in gas production to continue
Key takeaways from our meeting with management
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 (%)
Gas production growth to continue
ONGC IN
12,833
212/155
3/11/-35
2,412.6
37.7
1,461
31.9
Financials Snapshot (INR b)
Y/E Mar
2017 2018E 2019E
Net Sales
1,421.5 1,509.3 1,742.5
EBITDA
470.6
640.0
743.4
PAT
210.8
244.6
290.7
EPS (INR)
16.4
19.1
22.7
Oil production to remain flat
Gr. (%)
20.8
16.1
18.9
WO26, B127 and Ratna are expected to increase oil production. Oil production
BV/Sh (INR)
172.4
179.0
187.0
from the nominated fields is expected to increase, while that from JVs is
RoE (%)
10.1
10.8
12.4
expected to decline. As a result, we expect flat oil production over FY18-20.
RoCE (%)
8.5
9.4
10.5
P/E (x)
11.4
9.8
8.2
Oil prices are expected to stabilize around current levels, led by normalization
P/BV (x)
1.1
1.0
1.0
of unplanned shutdowns and increased US production of oil from shale.
Shareholding pattern (%)
As On
Sep-17 Jun-17 Sep-16
Promoter
68.1
68.1
68.9
DII
13
12.1
11.9
FII
5
6
5.4
Others
13.9
13.9
13.8
FII Includes depository receipts
Stock Performance (1-year)
ONGC
Sensex - Rebased
270
230
190
150
Gas production growth over the near term is expected to be driven by the
Daman, C26, S1/Vashistha and Bassein fields. Gas produced from S1/Vashistha
is likely to command premium pricing.
Commencement of production from the KG-DWN-98/2 block could see some
delay from the earlier planned mid-2019. A total of 34 wells need to be drilled.
A total of three rigs are expected to be deployed, with each rig drilling one well
in three months.
ONGC had recently acquired a stake in GSPC’s KG basin block. Rig rates for this
block are being renegotiated, post which the fifth well would be drilled by the
company. A plan for further development would be charted after getting data
from the fifth well. We expect further delays in the project.
At current levels, the company does not expect subsidies to return; full
realization is expected to continue.
Reiterating Buy
Current price for gas production from difficult fields stands at USD6.3/mmBtu
(GCV) v/s USD2.89/mmBtu for APM gas. Gas production from S1/Vashistha and
KG-DWN-98/2 would fetch premium pricing, benefiting profitability. Cost-
control measures are also yielding results, in our view. Using Brent of
USD60/bbl, we estimate EBITDA of INR743b and EPS of INR22.7.
The ongoing valuation exercise for HPCL is a cause of concern. An unjustified
premium would be a double-whammy through holding company discount that
investors would attach to ONGC’s stake in HPCL.
The stock is trading at 8.2x its FY19E EPS. We value the stock at INR227, valuing
it at 10x average FY19-20E EPS, adjusted for other income. We reiterate our
Buy
rating on the stock. Our valuation includes a negative value of INR4 for its
stake in the Mozambique block. We also estimate that every USD5/bbl would
result in ~10% change in EPS.
26 December 2017
4

Mahindra Financial Services
BSE SENSEX
33,940
S&P CNX
10,493
22 December 2017
Update
| Sector:
Financials
CMP: INR474
TP: INR562 (+20%)
Buy
On an upward trajectory
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 (%)
Well-equipped for growth; return ratios on an uptrend
MMFS IN
614
481/244
7/35/56
283.8
4.4
856
48.8
Financials Snapshot (INR b)
Y/E March
2018E 2019E 2020E
NII
40.6 47.6 55.7
PPP
25.0 29.5 34.6
PAT
8.3 11.5 14.2
EPS (INR)
13.5 18.7 23.1
BV/Sh.(INR)
147.9 158.9 172.6
ABV/Sh (INR)
120.7 132.7 146.6
RoA on AUM (%)
1.8
2.1
2.2
RoE (%)
10.7 12.2 13.9
Payout (%)
41.0 41.0 41.0
Valuations
P/E (x)
34.8 25.2 20.3
P/BV (x)
3.2
3.0
2.7
Div. Yield (%)
1.0
1.4
1.7
Shareholding pattern (%)
As On
Sep-17 Jun-17 Sep-16
Promoter
51.2
51.9
51.9
DII
10.2
10.5
9.8
FII
32.7
30.5
32.5
Others
5.9
7.2
5.8
FII Includes depository receipts
Stock Performance (1-year)
M & M Fin. Serv.
Sensex - Rebased
480
420
360
300
240
We met the management of Mahindra & Mahindra Financial Services (MMFS) and
came back encouraged by on-the-ground developments in its markets.
Being one of the most widely levered NBFCs to the rural economy, MMFS is
witnessing a clear turnaround in both growth and asset quality, with two successive
normal monsoons (2016 & 2017) as well as the government’s focus on rural
spending.
Over the past five years, MMFS has almost doubled its branch count – however, most
branches are yet to reach full potential. As the company looks to sweat its branch
potential with an improving business environment, we expect 15-18% AUM CAGR
over the medium term. In addition, credit costs are expected to decline ~100bp over
the medium term from ~3% witnessed in FY17.
With the recent capital raise of INR21b, MMFS is well equipped to support strong
loan growth over the medium term. We increase FY18-20 BVPS estimates by 15-20%,
while our EPS estimates are largely unchanged. We roll over our numbers to FY20E to
arrive at a target price of INR562 (SOTP-based). BUY.
Increased farmer cash flow bodes well for MMFS
Over FY12-16, total agricultural production declined 3%, driven by 2% decline in
agricultural area under production coupled with less-than-average rainfall in three
out of the four years. This resulted in subdued farmer cash flows despite higher
MSP for most crops. Consequently, MMFS’ AUM growth declined sharply from
37% in FY12 to 11% in FY16. At the same time, GNPL ratio increased from 3% to
8%+.
However, in FY17, agricultural production increased 9% coupled with 6.6%
WPI inflation. MSP increase for wheat/rice was 4%/7% in FY17, resulting in better
cash flows for farmers. In addition, the farm loan waivers could provide respite to
stressed farmers.
This drove improvement in operating performance. AUM growth
picked up to 14% in FY17 and has sustained at similar levels in 1HFY18. Asset
quality, on an apples-to-apples basis, has improved over the past four quarters too.
Number of NPL contracts declined 7% YoY to 165k, while GNPL ratio declined 70bp
to 10.3% on a 120dpd basis in 1HFY18.
Investments in branch network to bear fruit
Over FY12-15, MMFS almost doubled its branch count from 607 branches to
1,108 branches.
While the company did witness strong AUM growth over FY12-14,
growth slowed down sharply over FY14-16. Our interaction with the management
indicates that branches opened over the past two years are yet to reach optimum
utilization levels. Hence,
MMFS will go slow on branch addition – only 100
branches will be opened over the next two years. Additionally, there are around
200 collection centers today that will be converted to full-fledged branches going
forward.
Improving productivity of existing branches coupled with conversion of
collection centers into branches should drive AUM growth over the medium term,
in our view.
5
26 December 2017

Operating leverage benefits to play out
With growth coming off, MMFS faced the problem of operating de-leverage. C/I
ratio increased 300bp over FY14-16 to 36% and almost 700bp in FY17 to 43%.
Among all the major vehicle finance players, MMFS has the second largest branch
network after STF. Encouraged by visibility of growth, MMFS also increased its
headcount by 11% over the past four quarters. With sustained growth over the
medium term on a largely stable branch network, we expect operating leverage
benefits to play through for the company.
We expect C/I ratio to decline over
300bp to 39% over FY17-20.
Return ratios improving; upgrading estimates to factor in capital raise
The business environment for MMFS seems to be getting better. With improved
macroeconomic conditions (higher farm incomes, increased government spending,
etc), demand is expected to recover. A key feature of the financing business is that
growth and asset quality are highly correlated. The improving business environment
should result in better growth as well as asset quality performance.
We expect
credit costs (% of AUM) to decline from 2.9% in FY17 to 1.8% in FY20.
This should
drive RoA/RoE improvement from 1%/6% to 2.2%/14% over FY17-20.
In addition, on
account of the recent capital raise of INR21b, we upgrade our FY18-20 BVPS
estimates by 15-20%, while our EPS estimates are largely unchanged.
We roll over
our numbers to FY20 to arrive at a target price of INR562 (SOTP-based). BUY.
Exhibit 1: SOTP
SOTP FY20E Based (INR)
Core business
Key Ventures
Mahindra Rural Housing Finance
Mahindra Insurance Brokers
Total Value of Ventures
Less: 20% holding discount
Value of Key Ventures
Target Value Post 20% Holding Co Disc
CMP
Upside - %
Target Price w/o 20% Holding Company Discount
19
24
43
9
34
345
289
19.6
354
0.3
0.4
0.7
0.1
0.5
5.4
4.5
19.6
5.5
30
40
70
14
56
562
470
19.6
576
Source: MOSL, Company
5.4
7.1
12.4
2.5
9.9
100.0
3x BV; 16x PE
1.5x Based on last stake sale value
Value
(INR b)
311
Value
(USD b)
4.9
Value/Sh.
% of total Rationale
(INR)
506
90.1
3x BV; 20x PE
26 December 2017
6

In conversation
1. EICHER MOTORS : FY19 likely to be even better than FY18;
GST benefits flowing through; Vinod Aggarwal, MD & CEO - VE
Commercial Vehicles
With the teething troubles due to GST behind, the benefits have started flowing
through.
There has been lot of optimization of warehouses and this leads to migration
towards high tonnage trucks along with overloading restrictions in various states
has aided growth for the company.
The traction in commercial vehicles has been good for the industry. Although in
the month of November, which is seasonally a weak quarter for the company,
the sales are a bit tepid but it was still good compared to the earlier years.
Moreover, October was a festive month, so sales were good. However,
December will again see good number because of year-end sales.
Demand per se is very good but the company is facing problems with supply of
some parts. The demand is more for better technology and higher tonnage
trucks.
Going forward after March 2018, the company is not expecting any disruptions
and in fact more benefits of GST to flow through.
When commodity prices go up, have to pass on the increase in prices. Have
already passed around 1-2 percent price increases this month for light and
medium duty truck.
2. HAVELLS : Forays into Water Purifier segment, expect 8-10%
market share over next 5 yrs; Narendra Choudhary, Executive VC
Penetration level in water purifier industry is still very low.
Expect water purifier market to grow at the rate of 20 percent CAGR next five
years.
Enough space to grow in this business. With that intent company is coming into
this category.
Over a five years’ time, estimate is that the industry will become more than
8,000 crore and by that time company expects to have 8-10 percent market
share.
See some challenges in Q3 but going forward, expect the normal growth will
come.
3. DALMIA BHARAT : To fund acquisition of Murli Ind via internal
accruals & loans; Mahendra Singhi, Group CEO & Wholetime
Director
Happy that the bankers and creditors have shown full confidence in the
company to buy Murli Industries.
The proposal of infusing Rs 402 crore for payments to lenders, creditors,
workers and employees has now been recommended to NCLT for their approval
and regulatory approval from government.
The funding for this will be through both internal accrual and loans. Payments
will have happen post NCLT approval and other approvals for leasing mines etc.
Once the approval is in place, then a detailed study will be done as to the cost of
making the plant operational. The plant has been unoperational for three years.
26 December 2017
7

However, may have to infuse around Rs 200-300 crore to get plant running
within one-year.
Will be acquiring all assets of Murli Industries like paper etc. This acquisition
would also give company access to Maharashtra market, which is the biggest
cement market in the country.
Confident that with help of expert team, the plant would have the capability of
producing 3 million tonnes.
All the efforts will be made to ensure limestone is available for the next 25-30
years.
The company is also evaluating other acquisitions opportunities from the NCLT
pack.
4. DILIP BUILDCON : Orderbook rises to rs 15,500 cr after two
new EPC projects; Devendra Jain, CEO
Company bagged two EPC contracts valued at Rs 517.81 crore from Ircon
International. Both projects will be completed in 24 months.
Current orderbook stood at Rs 15,500 crore including recent order.
Expect FY18 topline at Rs 7,000 crore and 12-15 percent growth in topline in
FY19.
5. NHPC : Board has decided to apply for Trading Licences;
Mahesh Kumar Mittal, Director-Finance & CFO
Board has taken a decision that company should apply for a trading license
because there are certain trading opportunities available in market which
company wants to explore and avail. So will be applying for the trading license
shortly.
Robust growth in profitability. Have maintained a steady dividend payout rate.
On Moody’s rating upgrade, this will help raise debts at a lower rate.
Finance cost will be down by over Rs 100 crore in FY19.
Regarding revenue model for power trading business, trading margin will be
fixed by CERC and trading volumes will be decided later.
26 December 2017
8

From the think tank
1. India’s time to capitalize on oil and gas sector
The dominance of oil, natural gas and coal in the global energy mix is being
questioned by intensifying carbon policies, technological disruptions in mobility
and, to an extent, changing energy geopolitics. A closer look at India’s energy mix
reflects a clear trend towards gas and renewables, but there is no imminent
danger to demand for oil, forecast to grow at least until 2040. However, oil
companies are under pressure to prepare for a possible low-carbon future. There
is a fear of being too late to embrace newer energy sources, matched by equally
high risks in moving too fast. In such a scenario, oil companies are likely to take a
two-pronged approach: diversify into new sources of energy while capitalizing on
growth opportunities in conventional forms of energy. Today, the major fossil
fuels account for more than 90% of India’s total primary commercial energy
supply (TPCES). At present, India’s import dependence in the oil and gas sector is
significant and the Prime Minister has set a target to reduce dependence on crude
imports by 10% by 2022.
2. India’s self-defeating stand on e-commerce
India’s small and medium enterprises (SMEs), struggling to survive in the
aftermath of demonetization and the introduction of the goods and services tax
(GST), seem now to face the threat of global competition through e-commerce
platforms. In the recently concluded eleventh ministerial conference (MC11) of
the World Trade Organization (WTO) held in Buenos Aires, developed countries
sought to negotiate new global e-commerce rules which could liberalize e-
commerce and benefit SMEs. India, however, has taken an unfavourable stance.
It has cited unfair market access to foreign companies in the currently
‘asymmetrical’ e-commerce space, with its power to hurt domestic e-commerce
platforms, as well as SMEs, as the logic for such a stance. Such a stance,
however, may not be in its own interests. SMEs, which contribute to almost 50%
of India’s exports, can provide the basis for an export-led growth model. The
challenge to the SME-led traditional growth models lies in the barriers that they
face in growing their markets domestically and globally in a cost-effective
manner. SMEs can use the e-commerce route to mitigate the challenges to their
growth, as also to increase their competitiveness.
3. The state is writing cheques it can’t cash
On the 2014 general election campaign trail, Narendra Modi talked up the need to
save the Ganga. It was a shrewd move given the river’s economic and cultural
significance. But the Clean Ganga initiative that he launched after the Bharatiya
Janata Party’s (BJP) electoral victory continues to fail to deliver. A Comptroller and
Auditor General (CAG) report made public earlier this week points out that the
approximately Rs2,500 crore in the Clean Ganga Fund set up by the Modi
government remains unutilized. This failure points to a long-running problem in
Indian governance—the inability of Union ministries and state governments to
cash the cheques the Centre writes.This paper has pointed out the cascading
problems caused by poor state capacity. This is often blamed on inadequate
government spending. The criticism has merit. Consider vital human development
areas such as education and healthcare. In the 2017-18 Union budget, education
spending came to about 3.71% of gross domestic product (GDP), a considerably
9
26 December 2017

lower percentage than, say, peer nations in the Brics (Brazil, Russia, India, China,
South Africa) grouping. This is a persistent trend. Likewise, government healthcare
spending, taking both the Centre and states into account, has hovered around the
wholly inadequate 1.5% of GDP mark.
4. How to boost exports? not by resorting to short-term fixes
The Indian industry cheered the recently released mid-term review of the foreign
trade policy (FTP 2015-20) by the ministry of commerce. The reason was obvious—
the government offered additional export incentives amounting to Rs 8,450 crore
under the Merchandise Exports from India Scheme (MEIS) and Service Exports
from India Scheme (SEIS). Out of this, Rs 4,567 crore has been allocated for MSME
and labour-intensive sectors covering leather, agriculture, carpets, handicraft,
marine, rubber, ceramics, sports goods, medical and scientific products, and
telecommunication equipment. Textiles (ready-made garments and made-ups) will
receive benefit of around Rs 2,743 crore from the above pool. The remaining Rs
1,140 crore has been allocated for SEIS benefits for export of notified services such
as business, legal, accounting, architecture, engineering, education, hospital, and
hotels and restaurants. Overall, industry tariff lines that will receive benefits under
MEIS were increased to 7,914 from 4,914 in the FTP released in 2015.
International
5. The world economy in 2018
All major macroeconomic indicators – growth, unemployment, and inflation –
suggest that 2017 will be the American economy’s best year in a decade. And
the global economy is enjoying broad, synchronized growth beyond what
anyone expected. The question now is whether this strong performance will
continue in 2018. The answer, of course, will depend on monetary, fiscal, trade,
and related policies in the United States and around the world. And yet it is hard
to predict what policy proposals will emerge in 2018. There are relatively new
heads of state in the US, France, and the United Kingdom; German leaders still
have not formed a governing coalition since the general election in September;
and the US Federal Reserve has a new chair awaiting confirmation. Moreover,
major changes in important developing economies such as Argentina, Saudi
Arabia, and Brazil have made the future outlook even murkier.
26 December 2017
10

Click excel icon
for detailed
valuation guide
CMP
(INR)
TP
(INR)
% Upside
EPS (INR)
Downside FY18E FY19E FY20E
3
14
26
16
0
9
15
-1
-8
15
1
11
2
36
-1
28.3
34.2
41.9
4.5
6.2
8.2
155.4 187.9
217.2
19.1
26.0
33.7
457.8 603.0
727.9
82.5
116.9
140.6
814.7 1,062.7 1,334.6
27.6
36.7
48.5
35.8
45.9
57.6
7.9
9.7
11.7
183.1 193.9
213.3
37.8
43.2
47.7
8.9
11.5
14.5
288.1 381.0
447.8
24.6
64.8
68.6
14.9
25.8
34.9
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY19E FY20E FY19E FY20E FY19E FY20E
24.4
18.9
17.7
28.0
33.0
16.7
28.5
36.7
16.3
22.8
19.5
17.3
21.7
25.5
6.5
30.0
17.0
18.0
18.6
25.1
16.2
22.2
18.6
17.0
21.0
9.0
24.3
22.4
8.4
13.3
19.6
7.4
18.6
12.2
8.9
13.0
11.9
24.9
11.7
34.4
28.0
21.1
16.0
18.4
12.9
41.4
29.9
69.6
11.4
17.1
12.2
19.9
14.3
15.3
21.6
27.4
13.9
22.7
27.8
12.9
18.9
17.7
15.6
17.3
21.7
6.1
22.2
14.9
13.8
15.3
14.6
13.1
17.8
14.5
16.4
16.4
5.7
19.4
16.7
6.4
10.5
15.4
5.7
9.7
6.0
7.7
11.0
8.9
7.6
8.5
24.1
20.5
15.4
12.4
15.1
10.6
33.1
25.9
55.6
9.1
13.9
10.4
4.8
5.1
5.1
7.1
6.3
2.9
11.6
9.2
3.2
3.5
6.5
3.1
2.6
7.0
2.2
12.5
3.9
2.1
2.3
2.1
1.7
4.9
2.4
1.2
4.3
0.7
4.3
3.2
1.2
2.8
2.7
1.0
0.8
0.8
1.2
0.9
1.4
0.5
0.9
4.8
6.3
4.6
2.7
3.9
2.1
15.1
6.1
NA
3.7
3.5
2.3
4.1
4.4
4.5
6.0
5.7
2.5
8.7
7.7
2.8
3.1
5.7
2.8
2.3
5.9
1.6
9.3
3.2
1.9
2.1
2.0
1.6
4.2
2.3
1.1
3.6
0.7
3.7
2.9
1.1
2.4
2.4
0.9
0.8
0.7
1.1
0.9
1.3
0.5
0.8
3.7
5.3
3.7
2.3
3.3
1.9
12.4
5.1
NA
3.3
3.0
2.0
17.3
20.4
25.0
20.1
15.2
13.0
35.7
20.5
16.8
12.5
33.7
14.5
9.8
20.5
13.4
26.5
22.8
7.3
11.5
2.6
9.6
18.8
8.8
6.3
16.9
4.0
14.8
12.4
6.7
17.3
13.9
6.4
1.5
3.4
11.6
4.7
7.0
-4.7
7.9
12.5
20.2
15.3
13.2
19.6
14.1
32.8
19.3
22.7
27.6
14.9
17.4
18.1
25.2
26.8
23.2
18.1
16.2
35.0
22.8
18.4
13.7
31.1
14.6
11.4
23.0
28.3
35.6
21.6
10.8
11.8
8.2
10.0
20.4
10.5
6.9
19.0
8.0
16.5
13.7
12.6
19.5
15.4
9.4
4.3
6.1
12.7
7.1
11.4
2.1
10.0
12.3
20.4
19.3
15.4
19.6
15.3
32.8
18.6
22.2
30.7
18.9
17.2
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
Indian Bk
PNB
SBI
Union Bk
Aggregate
NBFCs
Aditya Birla Cap
Bajaj Fin.
Bharat Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
L&T Fin Holdings
LIC Hsg Fin
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Sell
Buy
Neutral
Buy
Not Rated
Buy
Buy
Neutral
833
856
118
134
3,326 4,197
729
844
19,916 19,965
1,948 2,116
30,248 34,653
1,348 1,334
746
688
220
254
3,786 3,819
746
829
250
-
9,700 9,866
422
575
775
764
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
554
195
144
108
1,877
316
55
1,649
78
1,009
515
32
310
680
197
209
146
2,150
355
56
2,000
100
1,179
665
36
382
23
1
45
36
15
12
2
21
28
17
29
14
23
18.4
8.5
1.7
5.5
68.7
13.6
2.8
60.9
4.1
32.1
16.4
1.9
17.8
30.8
10.5
5.7
6.6
84.7
17.0
3.2
78.6
8.7
41.6
23.0
3.8
23.3
40.2
12.8
9.9
8.2
105.4
21.8
3.4
100.8
13.6
51.9
30.8
4.9
29.5
Buy
Neutral
Neutral
Buy
Buy
Buy
Neutral
168
171
370
391
176
320
148
201
201
386
438
250
415
175
20
18
4
12
42
30
18
17.9
3.2
16.1
36.7
8.5
14.6
-13.5
22.6
9.2
30.3
44.0
13.5
26.8
6.0
29.7
17.7
62.1
50.8
16.0
35.8
19.5
Buy
Buy
Under Review
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
187
1,782
997
702
1,293
593
499
1,708
374
1,194
178
568
231
2,300
-
925
1,500
690
500
2,000
370
1,550
240
680
23
29
32
16
16
0
17
-1
30
34
20
3.7
45.7
30.3
32.8
59.2
37.6
9.9
51.6
4.7
83.6
6.9
41.0
5.4
63.7
47.2
43.7
70.4
46.0
12.0
57.1
5.4
105.1
10.4
46.5
7.8
87.0
64.6
56.5
85.9
56.0
15.1
66.0
6.7
131.1
12.9
54.5
26 December 2017
11

Click excel icon
for detailed
valuation guide
CMP
(INR)
475
464
1,348
684
2,064
1,462
TP
% Upside
EPS (INR)
(INR) Downside FY18E FY19E
562
18
13.5
18.7
550
19
42.6
42.0
1,750
30
52.5
66.5
750
10
36.0
41.9
2,650
28
115.6 145.3
1,500
3
15.5
11.8
Valuation snapshot
FY20E
23.1
48.1
88.8
50.0
173.7
9.7
P/E (x)
P/B (x)
ROE (%)
FY19E FY20E FY19E FY20E FY19E FY20E
25.4
20.5
3.2
3.0
10.7
12.2
11.0
9.6
2.4
2.0
23.8
19.9
20.3
15.2
3.6
3.2
15.0
16.7
16.3
13.7
3.2
2.7
18.1
17.9
14.2
11.9
2.4
2.1
14.3
15.9
124.2 151.4
2.6
2.3
15.1
17.4
22.3
18.1
3.9
3.4
17.6
18.6
48.1
23.5
30.7
32.6
41.1
39.9
25.1
37.9
38.5
21.5
23.3
39.7
37.6
35.4
16.6
33.4
28.3
31.9
24.3
20.1
39.2
9.7
17.4
17.6
23.4
22.1
18.4
23.4
17.6
35.6
29.2
22.8
44.0
44.4
38.9
38.1
39.5
40.3
35.6
49.0
26.2
35.3
40.0
52.8
59.6
39.7
21.9
23.5
25.7
34.1
30.3
22.2
30.4
31.1
17.5
19.4
34.9
30.0
32.6
14.7
29.4
23.8
25.5
20.9
18.5
29.3
8.5
15.1
13.7
17.7
17.4
11.0
17.6
11.6
23.7
23.3
18.3
36.5
35.5
32.4
32.5
34.1
36.0
31.4
41.7
23.1
29.4
33.8
43.7
45.2
7.9
4.8
1.0
9.5
22.7
1.3
6.1
9.2
9.3
5.2
3.3
5.7
8.8
4.9
2.9
5.8
3.4
2.6
3.6
2.5
5.3
1.5
1.1
3.7
3.5
4.3
3.1
5.5
2.1
6.7
4.4
2.9
14.0
17.5
22.2
11.0
14.5
9.9
8.5
44.9
7.0
6.5
15.3
22.8
33.0
7.0
4.3
1.0
8.7
18.6
1.3
5.6
8.0
8.2
4.3
3.0
5.2
1.5
4.5
2.5
5.2
3.1
2.5
3.3
2.3
4.7
1.3
1.0
3.1
3.0
3.7
2.7
4.6
1.9
5.7
3.9
2.6
12.0
14.2
20.8
9.8
12.5
8.6
7.6
41.5
6.4
6.4
14.4
20.5
26.4
11.6
17.9
3.3
20.2
51.0
2.1
18.1
21.8
19.5
19.5
12.5
9.1
21.4
12.6
17.5
16.5
11.9
7.0
11.1
7.3
10.3
11.5
3.5
17.5
9.9
16.0
12.3
13.7
6.1
20.0
11.1
12.9
26.9
34.0
48.8
26.0
31.7
23.8
21.4
75.9
24.4
15.5
33.6
39.0
39.8
14.6
18.1
3.3
27.8
49.8
3.3
22.2
22.6
21.2
20.2
13.3
13.1
21.5
13.2
16.4
16.3
12.9
8.0
14.2
12.0
12.7
14.5
6.0
19.2
13.9
17.9
15.6
21.3
11.3
17.4
14.2
14.2
29.4
35.2
55.2
27.3
34.0
22.9
22.6
88.0
25.6
18.3
37.1
40.9
44.4
Company
M&M Fin.
Muthoot Fin
PNB Housing
Repco Home
Shriram City Union
Shriram Trans.
Aggregate
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Indu.
Cummins
GE T&D
Havells
K E C Intl
L&T
Siemens
Solar Ind
Thermax
Va Tech Wab.
Voltas
Aggregate
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Sagar Cements
Shree Cem
Ultratech
Aggregate
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Reco
Buy
Neutral
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
1,378
189
92
796
267
91
877
426
549
378
1,267
1,231
1,178
1,218
617
657
1,230
210
78
685
260
90
1,150
440
620
350
1,440
1,313
1,120
930
745
580
-11
11
-15
-14
-3
-1
31
3
13
-7
14
7
-5
-24
21
-12
20.2
7.1
2.9
16.5
5.2
1.4
25.3
9.4
11.5
14.3
46.8
19.8
26.2
29.9
34.5
17.5
28.7
8.0
3.0
24.4
6.5
2.3
35.0
11.2
14.3
17.6
54.3
31.0
31.3
34.4
37.2
19.6
34.7
8.6
3.9
31.0
7.8
3.0
39.6
14.0
17.7
21.7
65.1
35.3
39.3
37.3
41.9
22.4
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Not Rated
Buy
Buy
268
314
1,721 1,797
1,139 1,435
3,277 3,517
1,133 1,302
183
188
1,086 1,324
446
512
777
853
167
205
116
130
835
-
17,797 21,852
4,287 4,906
17
4
26
7
15
3
22
15
10
23
12
23
14
6.9
52.2
32.2
60.8
81.9
5.8
47.8
12.1
27.1
6.3
2.7
23.4
486.2
102.2
8.4
70.9
56.7
83.7
116.8
10.5
61.8
19.1
35.1
9.1
5.0
47.4
499.3
147.1
10.5
82.4
61.6
111.7
133.5
12.1
79.1
25.2
44.7
15.2
6.6
72.2
751.1
184.0
Neutral
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Buy
1,137 1,280
4,745 6,100
1,091 1,355
354
410
1,313 1,435
987
1,015
6,483 5,400
1,352 1,500
263
280
385
365
317
340
7,868 7,750
24,615 25,580
13
29
24
16
9
3
-17
11
6
-5
7
-1
4
21.6
84.5
23.4
7.7
26.6
21.2
160.8
22.8
9.1
9.2
6.5
128.4
296.6
25.8
106.9
28.1
9.3
33.2
24.5
182.3
27.6
10.0
10.9
7.9
149.0
413.1
31.1
133.8
33.7
10.9
38.6
27.4
206.5
32.4
11.4
13.1
9.4
180.1
544.5
26 December 2017
12

Click excel icon
for detailed
valuation guide
CMP
(INR)
294
945
9,395
228
1,061
3,552
TP
% Upside
EPS (INR)
(INR) Downside FY18E FY19E
275
-6
8.9
12.4
975
3
17.2
20.8
9,267
-1
151.5 176.7
-
3.5
6.4
1,320
24
14.7
18.0
2,970
-16
34.9
53.7
Valuation snapshot
FY20E
16.8
24.0
209.4
9.7
22.3
73.6
P/E (x)
P/B (x)
ROE (%)
FY19E FY20E FY19E FY20E FY19E FY20E
23.7
17.5
3.4
3.0
10.8
13.3
45.5
39.4
12.1
9.9
24.1
23.9
53.2
44.9
36.7
30.7
64.8
62.9
35.7
23.4
3.1
2.9
4.9
8.5
59.1
47.6
10.5
9.1
15.5
16.5
66.2
48.2
18.5
13.8
18.2
20.9
38.8
33.1
11.4
10.1
29.5
30.5
21.2
24.0
23.1
13.6
53.5
17.9
22.2
24.9
20.3
29.0
13.3
14.6
44.4
22.6
14.0
20.4
30.2
20.2
12.1
23.2
22.2
21.2
36.0
10.2
21.2
28.5
17.2
17.8
19.6
18.7
12.3
29.0
16.0
18.0
20.8
16.2
16.9
11.3
10.0
40.2
18.4
11.9
15.2
26.4
16.0
9.8
18.9
17.4
17.3
15.9
12.0
19.3
24.3
16.0
12.8
20.0
17.1
18.4
21.3
11.5
27.5
23.8
20.7
6.9
7.2
10.6
21.2
25.1
12.6
39.6
4.5
5.0
6.7
3.4
6.4
5.2
3.4
5.6
3.0
1.1
2.9
2.4
12.1
2.9
2.9
2.7
5.8
4.6
2.4
3.3
4.7
3.3
2.6
1.4
4.1
3.8
2.0
2.4
3.6
2.5
3.1
15.4
3.3
2.5
4.0
2.9
1.3
0.9
2.6
3.6
6.2
5.3
4.8
3.9
4.3
5.3
2.7
5.9
4.2
3.0
5.0
2.7
1.1
2.4
2.1
13.9
2.6
2.5
2.4
5.3
3.8
2.0
3.0
4.2
2.8
2.4
1.2
3.4
3.4
1.8
2.2
3.4
2.4
2.8
10.9
2.7
2.5
3.6
2.8
1.2
0.8
2.3
3.2
5.3
4.1
4.7
19.9
17.0
26.4
24.6
7.2
23.4
12.1
16.3
8.2
1.6
19.6
14.2
22.0
9.2
18.4
12.0
17.1
14.7
12.9
9.2
18.3
15.3
1.9
14.1
19.1
13.8
11.7
14.1
11.5
9.2
13.6
12.5
22.8
-6.4
6.3
-1.2
15.0
10.2
17.3
8.6
12.4
15.3
-14.2
19.8
19.4
25.7
22.3
11.0
26.1
13.6
21.2
14.1
3.9
18.4
15.5
31.4
12.0
19.2
12.5
17.6
20.5
18.3
13.7
19.9
16.3
7.0
12.9
17.5
12.5
11.3
15.4
14.1
11.7
15.4
34.9
22.2
0.2
10.1
5.2
15.3
10.6
19.3
12.6
17.0
24.8
2.4
Company
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
Torrent Pharma
Aggregate
Infrastructure
Ashoka Buildcon
IRB Infra
KNR Constructions
Sadbhav
Engineering
Aggregate
Logistics
Allcargo Logistics
Concor
Gateway Distriparks
Aggregate
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hathway Cable
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Reco
Neutral
Buy
Neutral
Not Rated
Buy
Neutral
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
529
2,143
1,478
682
540
424
600
1,089
2,333
143
569
132
2,437
600
769
870
4,718
604
837
531
1,364
540
2,500
1,792
900
485
555
600
1,100
2,575
185
650
200
2,500
550
861
1,000
5,000
797
1,214
610
1,400
2
17
21
32
-10
31
0
1
10
30
14
51
3
-8
12
15
6
32
45
15
3
21.6
68.0
52.7
44.6
6.1
17.5
21.1
32.4
60.6
1.9
37.9
6.9
44.2
18.6
44.2
37.6
139.0
18.1
41.8
14.4
50.0
24.9
89.5
64.1
50.3
10.1
23.7
27.0
43.7
115.2
4.9
42.8
9.1
54.9
26.5
55.0
42.7
156.2
29.9
69.2
22.9
61.4
29.7
109.1
79.2
55.3
18.6
26.4
33.3
52.4
144.0
8.4
50.5
13.2
60.6
32.6
64.4
57.1
179.0
37.8
85.3
28.0
78.5
Buy
Neutral
Buy
Buy
254
236
308
414
260
240
320
435
2
2
4
5
1.8
22.9
13.3
14.3
7.1
23.2
14.5
14.5
16.0
19.7
16.0
17.0
Buy
Neutral
Buy
196
1,361
239
215
1,496
282
9
10
18
10.9
42.7
8.8
13.3
55.2
11.6
15.3
68.1
14.0
14.8
24.6
20.5
22.4
36.6
13.4
1,551.2
37.8
54.3
8.2
8.2
12.7
26.7
33.5
18.8
202.7
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
81
340
110
759
41
247
98
171
378
1,440
115
26
106
430
90
910
47
302
113
225
469
1,640
130
27
32
26
-18
20
14
22
16
32
24
14
13
5
0.6
21.7
-2.9
11.6
-0.2
25.6
10.4
11.3
8.7
27.1
3.1
-0.8
2.2
25.4
0.1
20.1
0.8
30.2
11.9
13.4
14.1
43.0
6.1
0.1
3.8
29.6
4.0
31.8
2.0
35.6
13.6
16.2
17.8
57.3
9.2
0.6
26 December 2017
13

Click excel icon
for detailed
valuation guide
CMP
(INR)
996
574
TP
% Upside
EPS (INR)
(INR) Downside FY18E FY19E FY20E
1,005
1
28.1
35.7
41.8
690
20
14.4
17.3
20.6
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY19E FY20E FY19E FY20E FY19E FY20E
27.9
23.8
9.0
8.2
26.4
30.7
33.1
27.8
7.0
6.0
19.1
19.6
26.5
20.9
4.7
4.1
17.9
19.4
10.1
9.2
405.8
10.6
14.3
10.6
NM
9.3
7.1
10.9
10.5
10.3
15.8
24.5
16.8
10.0
9.6
29.1
20.8
11.1
8.9
8.5
15.1
14.8
11.7
64.5
24.0
53.9
45.5
13.6
13.0
19.8
15.3
12.3
14.9
17.1
16.0
12.8
12.4
23.9
17.4
13.1
15.0
12.1
16.2
81.8
19.0
10.0
9.6
45.2
11.6
13.9
10.2
27.2
8.4
6.8
9.4
9.7
9.6
15.0
19.9
14.6
9.4
9.0
25.5
20.5
10.4
8.5
8.8
12.4
13.3
11.0
48.9
18.8
43.1
36.0
12.4
12.6
17.5
13.7
10.1
13.6
13.8
14.5
11.5
10.7
19.8
16.7
11.4
13.6
10.8
15.0
55.6
17.2
1.8
4.5
0.6
2.4
1.5
1.7
1.0
3.2
1.8
1.9
1.6
2.9
2.1
6.0
2.5
2.7
1.7
6.7
5.3
2.0
0.9
1.1
3.9
1.8
1.6
13.6
4.5
14.5
9.5
2.7
3.5
5.1
3.7
1.9
5.4
3.8
2.9
2.2
2.6
8.6
6.3
2.5
2.7
2.4
3.8
3.1
4.4
1.6
3.4
0.6
2.0
1.4
1.6
1.0
2.4
1.6
1.7
1.4
2.4
1.9
5.0
2.2
2.3
1.5
5.6
4.8
1.7
0.9
1.0
3.3
1.6
1.4
13.5
3.9
13.1
8.6
2.5
3.2
4.3
3.3
1.7
4.2
3.4
2.7
2.0
2.5
7.0
5.4
2.2
2.3
2.1
3.4
3.0
4.3
13.6
32.3
-4.7
19.8
8.6
17.8
-6.9
25.2
15.1
17.1
15.3
25.2
12.0
17.8
14.4
25.1
15.8
22.0
27.3
15.1
8.0
10.8
25.2
12.1
13.4
16.5
16.5
23.4
20.9
17.4
25.9
26.4
21.8
14.1
35.6
17.3
14.6
15.1
17.9
33.6
30.6
18.9
17.0
15.3
23.2
2.2
20.2
16.5
42.5
0.1
20.2
10.1
15.9
-4.9
29.7
23.8
16.6
14.9
25.8
12.6
22.1
14.0
25.0
16.6
21.0
24.4
16.7
10.4
12.4
23.7
12.0
13.0
20.9
17.5
25.5
23.8
18.3
25.6
23.4
22.5
14.5
31.8
21.2
17.3
16.4
20.8
32.4
33.5
18.2
16.7
18.4
22.5
3.7
22.8
Company
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Rain Industries
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
PC Jeweller
Titan Co.
Aggregate
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Reco
Buy
Buy
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
268
307
184
264
82
135
85
361
316
711
326
322
209
297
87
187
43
492
394
672
22
5
13
12
6
39
-50
36
25
-5
18.8
22.7
-15.1
20.3
4.7
13.2
-6.4
25.5
25.5
59.4
26.4
33.5
0.5
24.9
5.8
12.7
-4.3
38.9
44.4
65.2
26.9
32.1
4.1
22.9
5.9
13.2
3.1
43.0
46.3
75.8
Buy
Sell
Buy
Neutral
Buy
Buy
Buy
Neutral
Sell
Buy
Buy
Buy
Buy
534
503
822
221
429
410
329
1,118
128
359
193
252
919
643
378
1,011
184
579
541
404
1,219
110
418
227
312
1,077
20
-25
23
-17
35
32
23
9
-14
17
17
24
17
43.1
28.1
22.9
12.1
36.4
36.2
10.0
54.4
9.2
29.8
19.1
15.0
56.7
52.1
31.9
33.6
13.2
42.8
42.6
11.3
53.8
11.5
40.5
22.7
16.7
62.1
55.6
33.6
41.3
15.2
45.6
45.6
12.9
54.5
12.3
42.4
21.9
20.3
69.1
Sell
Buy
Buy
1,769
443
856
1,270
490
850
-28
11
-1
21.4
15.1
12.5
27.4
18.4
15.9
36.2
23.5
19.9
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
570
887
337
1,038
173
1,072
599
736
643
649
958
2,640
493
301
876
600
970
270
1,100
160
1,200
600
670
600
780
1,004
2,450
560
280
1,020
5
9
-20
6
-7
12
0
-9
-7
20
5
-7
14
-7
16
36.0
63.2
16.3
63.8
11.9
62.4
28.5
42.0
43.7
43.3
33.8
131.8
35.8
19.1
52.8
41.9
68.2
17.0
67.8
14.1
71.8
35.1
46.0
50.3
52.4
40.2
151.4
37.7
20.1
72.7
45.9
70.6
19.2
75.7
17.1
78.9
43.5
50.6
56.1
60.8
48.4
158.4
43.1
22.1
80.9
Buy
Neutral
529
364
680
440
29
21
3.8
16.8
6.5
19.2
9.5
21.1
26 December 2017
14

Click excel icon
for detailed
valuation guide
CMP
(INR)
101
679
TP
(INR)
110
780
% Upside
EPS (INR)
Downside FY18E FY19E FY20E
9
-16.1 -18.0
-14.3
15
5.4
18.2
32.8
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY19E FY20E FY19E FY20E FY19E FY20E
NM
NM
1.9
2.9
-26.6 -41.4
37.3
20.7
13.2
9.7
10.1
30.0
2,074.2 95.6
3.3
3.3
0.2
3.5
12.9
10.3
27.2
11.5
10.0
12.4
11.7
27.5
66.0
39.0
19.6
30.2
18.5
38.7
25.3
15.7
11.3
48.9
13.4
28.5
24.1
19.4
15.2
13.0
32.7
26.9
19.4
18.6
28.4
36.6
8.8
45.2
40.0
10.8
9.5
24.5
10.1
9.5
11.9
10.4
19.5
47.8
33.4
16.6
29.2
17.7
30.2
19.9
10.8
9.8
42.1
11.5
21.4
20.2
16.4
12.9
11.1
24.0
23.7
15.4
14.7
23.3
27.2
7.3
39.2
35.7
6.4
1.2
1.4
1.4
1.9
2.0
2.0
3.1
16.5
6.5
1.9
30.5
4.7
5.3
8.9
6.9
2.3
7.0
4.0
4.0
3.6
7.2
4.6
2.5
5.8
6.8
3.1
3.3
4.5
8.8
1.5
9.9
13.0
6.1
1.1
1.4
1.3
1.6
1.7
1.8
2.9
14.0
5.8
1.6
27.7
4.0
4.7
7.2
6.6
1.9
6.4
3.4
3.7
3.4
6.2
3.9
2.2
5.0
5.7
2.8
2.9
4.1
7.1
1.3
8.8
10.3
42.4
10.7
6.3
11.0
17.0
16.0
16.8
7.4
18.2
14.6
9.3
100.3
22.5
12.1
32.1
46.8
17.0
13.7
23.3
8.4
10.0
32.5
26.3
13.8
24.2
23.0
11.7
13.2
11.3
17.7
14.5
18.0
26.9
47.7
11.1
5.0
11.9
17.4
14.6
17.3
10.9
22.9
15.7
8.0
96.1
23.4
12.9
31.5
43.0
18.5
13.7
27.4
13.5
14.4
34.5
27.9
17.7
16.4
22.9
15.3
16.3
15.1
21.5
16.1
20.7
28.8
Company
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NTPC
Power Grid
Tata Power
Aggregate
Others
Arvind
Avenue Supermarts
Bata India
BSE
Castrol India
Coromandel Intl
Delta Corp
Eveready Inds.
Interglobe
Indo Count
Info Edge
Kaveri Seed
Manpasand
MCX
Monsanto
Navneet Education
Oberoi Realty
Quess Corp
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Team Lease Serv.
Trident
TTK Prestige
V-Guard
Reco
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Sell
266
1,049
89
180
203
93
335
1,360
49
211
261
72
26
30
-45
17
28
-23
17.5
89.1
4.0
13.4
17.4
7.3
20.7
102.1
3.3
15.7
20.4
7.5
24.6
110.7
3.6
17.8
21.3
7.8
Neutral
Sell
Sell
Neutral
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Neutral
454
1,153
751
904
201
537
312
440
1,180
121
1,283
551
438
945
2,459
159
471
1,069
957
2,901
1,955
276
2,350
91
7,964
238
425
873
578
1,100
234
523
257
400
1,291
128
1,300
738
492
1,300
3,293
209
580
1,170
890
3,266
1,992
301
2,500
114
5,281
167
-6
-24
-23
22
16
-3
-18
-9
9
6
1
34
12
38
34
32
23
9
-7
13
2
9
6
25
-34
-30
10.5
12.0
15.9
45.3
6.3
24.1
5.7
14.3
63.2
8.0
23.6
34.1
9.9
26.5
105.0
8.4
24.7
31.1
29.9
104.6
76.7
6.6
43.2
8.3
137.8
4.5
16.5
17.5
19.3
46.1
6.7
29.0
8.0
17.4
75.4
10.7
26.2
41.0
15.4
39.2
126.6
10.4
36.1
32.7
35.6
149.7
104.9
9.7
64.2
10.4
176.1
6.0
23.2
24.1
22.4
54.5
6.9
30.3
10.3
22.1
109.1
12.4
30.5
48.1
20.5
46.8
149.9
12.3
42.3
44.5
40.3
188.7
132.7
11.8
86.3
12.6
203.2
6.7
26 December 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
Indian Bk
PNB
SBI
Union Bk
NBFCs
Aditya Birla Cap
Bajaj Fin.
Bharat Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
M&M Fin.
Muthoot Fin
PNB Housing
1 Day (%)
-0.7
-0.2
1.2
0.0
0.1
1.6
0.1
1.7
1.3
-0.5
-0.6
0.5
1.5
0.7
0.4
-0.3
0.7
0.8
-1.3
-0.3
0.5
0.5
-0.1
-0.6
-0.3
-0.3
0.1
0.3
-0.1
0.3
-0.8
0.4
0.0
1.4
1.0
0.1
-1.2
1.8
-0.8
0.0
-0.5
-1.4
-0.6
0.4
-0.7
0.4
-1.0
-0.7
0.3
-1.9
-1.7
1M (%)
5.9
3.8
0.4
2.5
4.7
6.1
0.2
12.4
7.5
8.8
3.4
4.4
4.1
13.9
-1.5
7.8
2.5
9.1
-0.8
-4.8
1.3
-0.8
0.2
1.2
5.0
-1.7
1.6
1.3
0.1
-7.0
-15.6
-7.2
-5.9
-7.1
-4.6
-12.6
-7.5
0.4
3.6
-0.3
0.9
-4.4
-0.4
-0.6
-5.4
1.5
0.3
-5.0
9.7
0.2
-2.9
12M (%)
-4.0
51.6
29.6
59.8
3.5
72.7
42.0
141.1
159.6
28.4
26.2
26.1
41.4
90.8
-10.2
111.2
23.4
85.1
-1.0
63.4
60.1
37.6
-7.6
55.4
28.1
41.5
51.3
70.3
37.6
8.3
58.9
34.4
94.9
47.4
28.1
17.3
Company
Repco Home
Shriram City Union
Shriram Trans.
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
K E C Intl
L&T
Siemens
Solar Ind
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Sagar Cements
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
1 Day (%)
-0.8
0.9
1.8
0.1
1.9
0.8
-0.5
-2.0
-0.4
-0.5
-0.4
0.1
-1.0
1.0
-0.7
-0.4
3.2
-0.6
1.1
-0.4
-1.0
-2.3
0.7
0.5
-0.2
1.9
-1.3
-2.1
0.5
-2.9
-0.6
1.8
-1.3
-0.1
0.2
0.1
1.1
-1.3
-0.2
-1.8
0.2
0.1
-0.9
0.3
-0.6
-0.5
-1.2
2.0
-0.2
-3.4
-0.3
0.4
1M (%)
10.6
2.6
17.0
-2.1
4.7
3.9
16.3
9.8
5.7
1.4
3.0
9.9
24.2
3.7
3.2
0.7
17.1
12.7
5.4
0.7
-0.1
4.6
10.3
-5.2
3.9
8.8
12.8
9.9
2.3
3.0
2.9
3.8
1.5
-3.2
-0.5
5.2
4.7
5.0
3.5
8.0
6.4
2.0
4.7
4.9
3.2
9.0
21.7
13.0
1.5
45.2
-4.5
7.5
12M (%)
30.8
15.3
84.9
33.9
49.0
16.2
78.1
89.5
58.4
9.2
43.6
71.0
180.6
44.3
13.3
76.4
56.8
36.3
111.3
33.5
33.5
82.5
122.0
65.7
64.1
65.9
33.4
49.1
41.7
41.0
34.3
32.6
36.0
30.7
68.8
20.7
33.1
37.4
37.4
30.6
71.3
15.9
14.2
27.3
36.3
83.7
13.8
59.1
40.9
146.0
40.1
88.5
132.5
79.7
33.8
43.9
157.2
62.3
40.2
87.3
115.2
5.3
87.1
70.4
60.4
26 December 2017
16

MOSL Universe stock performance
Company
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
Torrent Pharma
Infrastructure
Ashoka Buildcon
IRB Infra.Devl.
KNR Construct.
Sadbhav Engg.
Logistics
Allcargo Logistics
Concor
Gateway Distriparks
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hathway Cab.
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
Rain Industries
SAIL
1 Day (%)
0.7
-1.3
-1.8
-0.2
-0.1
-0.9
0.2
0.4
-0.8
0.1
1.0
2.5
-0.6
0.0
0.1
-0.9
0.2
-1.2
1.1
0.4
0.4
-0.5
1.2
1.8
3.7
2.4
0.5
-0.3
-0.9
0.1
-0.2
-0.2
-0.1
0.3
-0.7
1.9
-0.1
0.4
10.8
-0.8
1.4
0.0
1.7
1.0
-0.5
-0.2
-0.5
0.3
1.2
-1.4
1M (%)
3.5
9.7
9.9
-2.4
32.1
-4.3
-3.1
6.2
-1.2
14.0
-3.7
5.8
-2.3
12.1
20.8
5.1
6.4
-5.1
1.2
-0.9
7.1
11.3
1.8
13.7
17.0
15.8
0.1
-9.0
5.2
-5.7
22.0
-4.2
18.2
-0.2
-2.5
2.2
2.7
6.3
13.6
2.6
13.9
2.1
3.6
-1.9
6.4
-1.5
0.2
7.3
13.2
4.7
12M (%)
-14.6
33.3
-13.7
3.6
72.2
19.1
7.0
-1.8
-22.7
-22.2
-38.5
20.9
-10.0
10.9
30.7
-39.9
10.9
-19.2
-19.8
-12.9
5.0
63.6
19.8
91.3
59.0
13.2
54.5
6.0
-3.6
-2.3
68.0
2.9
21.3
-9.0
31.9
1.6
37.8
77.6
-31.2
103.9
30.4
65.8
17.7
167.8
68.5
44.3
9.4
579.0
71.8
Company
Vedanta
Tata Steel
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
PC Jeweller
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
NTPC
Power Grid
Tata Power
Arvind
Avenue Super.
Bata India
BSE
Castrol India
Coromandel Intl
Delta Corp
1 Day (%)
-0.1
-0.7
-0.1
0.1
-0.8
7.4
0.6
-0.2
0.0
0.0
1.2
0.2
2.9
0.6
0.6
-0.4
0.4
-0.6
0.3
-0.1
2.2
1.6
-0.8
3.1
4.2
-2.0
-1.1
-0.1
0.7
1.8
0.1
1.2
1.0
1.0
0.7
-0.7
0.0
-0.7
-0.1
3.1
-0.2
-0.2
2.3
-0.5
0.1
0.0
0.1
-0.7
0.1
2.5
1M (%)
2.2
-0.1
5.2
7.6
-2.1
5.1
2.3
3.7
7.3
1.7
2.4
-1.3
7.0
-0.3
-1.3
2.4
22.6
5.4
2.3
5.4
1.6
7.5
0.7
8.1
15.4
1.9
0.2
-0.4
1.0
-1.6
2.0
2.4
0.9
6.1
-3.4
2.1
-2.2
-2.3
1.5
13.4
-1.0
-1.9
0.1
5.2
1.4
0.2
-4.7
3.8
5.4
19.0
12M (%)
46.0
81.1
31.0
57.8
56.1
65.2
54.1
33.9
87.9
45.9
42.4
9.0
-1.0
39.3
74.3
118.2
130.6
176.2
17.9
8.4
65.7
5.4
25.7
58.1
21.1
34.9
48.7
7.9
41.0
14.3
3.9
30.5
-8.2
80.5
7.9
40.8
8.3
-7.7
70.8
52.4
12.1
11.7
24.5
33.7
79.2
11.0
93.6
204.2
26 December 2017
17

MOSL Universe stock performance
Company
Others
Eveready Inds.
Interglobe
Indo Count
Info Edge
Kaveri Seed
Manpasand
MCX
Monsanto
Navneet Educat.
Oberoi Realty
PI Inds.
Piramal Enterp.
Quess Corp
SRF
S H Kelkar
Team Lease Serv.
Trident
V-Guard
1 Day (%)
0.2
3.6
-0.6
0.4
0.7
-2.0
-1.4
0.0
0.3
-1.1
-1.3
1.1
-1.1
0.5
3.5
3.9
-1.5
2.6
1M (%)
8.6
1.3
-1.1
6.5
-1.5
8.0
-1.1
-2.1
-6.7
-7.4
14.6
11.5
17.1
9.9
6.3
12.5
4.4
3.1
12M (%)
105.5
42.8
-22.1
56.3
40.9
60.2
-24.0
8.6
44.2
53.4
15.8
94.9
69.0
31.5
-3.8
167.1
60.9
102.1
26 December 2017
18

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs
Rs

DIFFERENTIATED PRODUCT GALLERY

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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: SEBI Registration: INZ000158836; 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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