7 March 2018
Market snapshot
Equities - India
Close
Chg .%
Sensex
33,317
-1.3
Nifty-50
10,249
-1.1
Nifty-M 100
19,098
-1.2
Equities-Global
Close
Chg .%
S&P 500
2,728
0.3
Nasdaq
7,372
0.6
FTSE 100
7,147
0.4
DAX
12,114
0.2
Hang Seng
12,312
2.7
Nikkei 225
21,418
1.8
Commodities
Close
Chg .%
Brent (US$/Bbl)
65
0.0
Gold ($/OZ)
1,335
1.1
Cu (US$/MT)
6,966
1.3
Almn (US$/MT)
2,129
-0.1
Currency
Close
Chg .%
USD/INR
65.0
-0.2
USD/EUR
1.2
0.6
USD/JPY
106.1
-0.1
YIELD (%)
Close
1MChg
10 Yrs G-Sec
7.8
0.00
10 Yrs AAA Corp
8.4
0.00
Flows (USD b)
6-Mar
MTD
FIIs
0.1
0.1
DIIs
-0.1
-0.3
Volumes (INRb)
6-Mar
MTD*
Cash
332
326
F&O
7,151
8,371
Note: YTD is calendar year, *Avg
YTD.%
-2.2
-2.7
-9.6
YTD.%
2.0
6.8
-7.0
-6.2
5.1
-5.9
YTD.%
-2.1
2.4
-3.3
-5.6
YTD.%
1.7
3.3
-5.8
YTDchg
0.5
0.5
YTD
0.1
2.7
YTD*
399
7,852
Today’s top research idea
Sun Pharma: No data integrity issue at Halol; resolution likely
over coming months
The USFDA inspected Sun Pharma’s (SUNP) Halol plant from 12-23 February
2018. Notably, the number of observations has come down to three this time
from nine in the last inspection that was conducted in December 2016. This
facility contributes 10-13% of US sales for the company.
Given that none of the three observations are serious in nature (not related to
data integrity), we expect resolution of the facility over the coming few
months.
Resolution of the Halol facility is critical for the company, as its US business has
been under pressure after the issuance of the warning letter. Resolution will
provide visibility on key approvals, including Xelpros, Elepsia and Vagifem.
Research covered
Cos/Sector
Sun Pharma
Staffing
Consumer
Key Highlights
No data integrity issue at Halol; resolution likely over coming months
Making hay while the sun shines
Haryana makes Aadhar, invoice mandatory for retail liquor vends
Piping hot news
Commercial coal mining may cut import bill by
₹30,000
cr
The move to allow the private sector to mine coal for commercial use will boost
both production and mining efficiency. Substitution of imported non-coking coal
with domestic production can save about INR30,000 crore of coal imports, …
Chart of the Day: Sun Pharma – No data integrity issue at Halol; resolution likely over
coming months
US generic sales to improve FY19 onward
Source: Company, MOSL
Research Team (Gautam.Duggad@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

In the news today
Kindly click on textbox for the detailed news link
1
PNB bank fraud likely to swell
beyond $2 billion mark
The extent of the unravelling fraud
at India's state-run Punjab
National Bank could rise beyond
the nearly $2 billion mark so far
outlined by the lender, according
to a source involved in the probe
and court documents reviewed by
Reuters. The source, who asked
not to be named, said …
2
State-run banks wrote off Rs 81,683 cr loans in FY17
State-run banks have written off loans worth Rs 81,683 crore during fiscal
2016-17, Parliament was informed on Tuesday. Finance Minister Arun
Jaitley told the Rajya Sabha in a written reply that loans are written off for
tax benefit as well as capital optimisation, while borrowers of such loans
continue to be liable for repayment. “Therefore, write-off does not benefit
borrowers,” the Minister said. The amount written off by public sector
banks (PSBs), including through compromise, during 2016-17 was Rs
81,683 crore, including Rs 20,339 crore by the State Bank of India, Jaitley
said.
3
Torrent Pharma readies €2
billion binding offer for Sanofi’s
European unit
Torrent Pharmaceuticals Ltd is
readying a €2 billion (Rs16,000
crore) bid for Zentiva N.V., the
generic drugs unit of France’s
Sanofi, two people directly aware
of the bidding process said. If
Ahmedabad-based Torrent is
successful, it will be the biggest
outbound transaction by an Indian
drug maker, the previous …
4
Telecom push: Cabinet likely
to take up relaxation in
spectrum holding cap today
The Union Cabinet is likely to take
up on Wednesday the Department
of Telecom’s (DoT) proposal for
relaxation is spectrum holding
cap, which includes removal of the
intra-band cap of 50% spectrum
holding by operators in a circle. It
will also consider the proposal for
allowing operators to hold 35% of
the total spectrum assigned …
5
UltraTech takes fight for
Binani Cement to NCLT after
bid rejection
The Aditya Birla group’s
UltraTech Cement moved the
National Company Law Tribunal
(NCLT) in Kolkata on Tuesday
against the resolution
professional for Binani Cement
after its bid for the cement
company undergoing insolvency
proceedings was rejected. The
Kumar Mangalam Birla …
6
ITC's Aashirvaad becomes Rs
4,000 cr brand, forays into new
segments
FMCG major ITC today said its
Aashirvaad atta has become a Rs
4,000-crore brand in the wheat
flour market, with around 28 per
cent share in the branded segment.
The company as part of its
expansion plans is also expanding
brand Aashirvaad into new
segments as milk and ghee in the
dairy category, besides spices, …
7 March 2018
7
WhatsApp leaks: Sebi asks
Tata Motors to conduct
internal probe
The Securities and Exchange
Board of India has directed Tata
Motors on Tuesday to conduct
an inquiry into the leak of price-
sensitive financial information.
The regulator has asked the
company to take action against
those responsible for the leak
and strengthen its internal
processes. Sebi is investigating
the leak of the company’s …
2

Sun Pharma
BSE SENSEX
33,317
S&P CNX
10,249
6 March 2018
Update
| Sector:
Healthcare
CMP: INR532
TP: INR675(+27%)
Buy
No data integrity issue at Halol; resolution likely over coming months
The US Food and Drug Administration (US FDA) inspected Sun Pharma’s (SUNP) Halol
plant from 12-23 February 2018. Notably, the number of observations has come down to
three this time from nine in the last inspection that was conducted in December 2016.
Given that none of three observations issued in the recent inspection are serious in
nature (two are procedural in nature and one is related to aseptic processing of drug
products), we expect resolution of the facility over the coming months.
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 (%)
SUNP IN
2,399
728 / 433
1/7/-37
1,314.4
20.2
2823.0
45.6
Financials Snapshot (INR b)
2018E 2019E 2020E
Y/E Mar
Net Sales
265.0 306.3 353.6
EBITDA
53.7
77.0
95.9
PAT
32.6
52.6
67.2
EPS (INR)
13.6
21.9
27.9
Gr. (%)
-48.1
61.4
27.7
BV/Sh (INR)
156.7 171.6 192.5
RoE (%)
8.8
13.3
15.3
RoCE (%)
7.9
13.8
16.3
P/E (x)
39.2
24.3
19.0
P/BV (x)
3.4
3.1
2.8
Shareholding pattern (%)
As On
Dec-17 Sep-17 Dec-16
Promoter
54.4
54.4
54.4
DII
14.9
13.9
12.2
FII
17.2
18.2
21.8
Others
13.5
13.6
11.7
FII Includes depository receipts
Stock Performance (1-year)
Sun Pharma.Inds.
Sensex - Rebased
950
800
650
500
350
No data integrity issue – an encouraging sign:
We note that none of the three
observations issued in the recent inspection are related to data integrity –
which is a positive sign for the company, in our view. The first observation
points out the lack of defined area to prevent contamination in operations
related to aseptic processing of drugs. The second observation mentions that
the written procedures for cleaning and maintenance do not clearly provide
details of the methods to disassemble and reassemble equipment. The third
observation is related to written procedure giving details of sampling, testing,
approval and rejection of drug product containers and closures.
Key product approvals linked to Halol facility:
SUNP’s US business has been
under pressure as no products were approved from the Halol facility after the
issuance of the warning letter. Halol facility contributes ~10-13% of US sales for
SUNP (down from >20% at the time of warning letter). Resolution of the Halol
facility is critical for the company as it would provide visibility on key approvals,
including Xelpros, Elepsia and Vagifem. Although the company has already
initiated a process for site transfer of key products (e.g. Xelpros and Elepsia),
we do not expect any approvals over the next 3-6 months. We expect
incremental sales of ~USD100-150m from this facility post resolution. We have
already built in resolution of the Halol facility from early FY19.
Earnings recovery expected from FY19:
We expect a pick-up in US sales from
FY19, driven by Halol resolution and commercialization of Tildrakuzumab in the
US (FY19) and Seciera (2HFY19E). Strategic investments in the specialty
business over the last 2-3 years, coupled with stable growth in the domestic
market and the enhanced focus on complex generics in the US, will help drive
earnings growth over the medium term, in our view.
Maintain Buy; early resolution at Halol critical:
At current valuations, the stock
does not fully value its rich US pipeline and stable cash-generating domestic
business. SUNP has historically commanded 20-25% premium to Indian pharma
peers, typically at 25-27x one-year forward P/E multiples. The company is
trading at ~24x/19x FY19E/20E PER, which is ~15% below 10-year average
valuations. We maintain our
Buy
rating on SUNP with a target price of INR675
@ 24x FY20E PER.
7 March 2018
3

Sector Update | 6 March 2018
Staffing
Making hay while the sun shines
Using cash chest to acquire desirable targets available at discount
Recurrent inorganic forays have been core to Quess Corp’s strategy since inception,
whereas TeamLease has peddled harder only recently. While their approaches are starkly
different, both have been taking advantage of capital availability and valuation
mismatches to achieve their respective goals. We have been optimistic about organic
growth in their corresponding businesses; their inorganic practice is further cementing our
positive stance.
Market anomaly – a wide gap between acquirers and targets
Acquisitions can add 15% to FY20E
EBITDA for Quess Corp
INRm
7,289
6,459
For all the acquisitions carried out by Quess over the last two years, the average
trailing EV/Sales is 0.6x and EV/EBITDA is 7.1x. For TeamLease’s acquisitions, the
average EV/Sales is 1.4x (excluding an outlier) and EV/EBITDA is 10.8x.
Both acquirers, however, have been trading at average one-year forward
multiples that are 2-3 times the trailing multiples of the targets. The targets
have checked the relevant boxes that characterize the acquirers – high growth
and favorable industry dynamics, that too at superior margins.
We find that two reasons are critical to explaining this variance: (i) targets
hitting the glass ceiling and in need of a larger player’s network for expansion,
and (ii) bargaining power of acquirers – few with the means to acquire many.
Both Quess and TeamLease have been taking advantage of this valuation
disparity in fulfilling their respective objectives.
Quess has been looking at diversifying its set of offerings, adding new
dimensions to long-term growth and improving overall margins, as it
successfully has since inception. In the process, it has also added companies that
have immediate visible benefits, like increased addressable market in key
customers, easily executable cross-sell opportunities and ability to pull some
levers and cause turnarounds.
TeamLease, on the other hand, has been making a mark in specialized staffing –
now 6% of revenue (and 24% of EBITDA) from no contribution a year ago. It has
been strengthening its position in employment-related services by also ramping
up on technology investments (Freshersworld and Schoolguru).
Using the cash on books – INR6b for Quess and INR2b for TeamLease, assuming
target multiples don’t move significantly, 15% of higher-quality EBITDA can be
added by both the companies on their FY20 estimates.
Quess would achieve a further diversified (and higher) margin profile along with
multiple revenue and cost synergy benefits, while TeamLease would be able to
take the contribution of specialized staffing to 10% of revenue and 40% of
EBITDA.
830
Same game; different goalposts
*Organic + Closed acquisitions
Specialized staffing can contribute
meaningfully in FY20 for TeamLease
Other HR services
Specialized staffing
General staffing
2%
6%
92%
2%
10%
89%
3%
24%
73%
5%
39%
56%
What the cash will look like
Revenue split
EBITDA split
*If cash utilized to acquire specialized
staffing companies
7 March 2018
4

Valuation and view: Positive on both Quess and TeamLease
Assuming the cash is utilized prudently and effectively, the acquisitions would
also result in the usual benefits of synergy and added dimensions to capitalize
on, thereby only strengthening the opportunity set.
Driven by favorable industry dynamics, business model strengths, impeccable
execution and sustained levels of high growth, we remain positive on both
Quess Corp and TeamLease.
We value Quess using DCF to reach a price target of INR1,250, implying an
upside of 27%. Over FY18-20, we expect 28% revenue CAGR, 37% EBITDA CAGR
and 40% PAT CAGR.
We value TeamLease using DCF to reach a price target of INR2,700, implying
29% upside. Over FY18-20, we expect 25% revenue CAGR, 43% EBITDA CAGR
and 43% PAT CAGR.
7 March 2018
5

Sector Update | 6 March 2018
Consumer
Haryana makes Aadhar, invoice mandatory for retail
liquor vends
Just when the alcoholic beverages sector appeared to get rid of the long-
winding hangover, the Haryana government has come up with a policy that
could bring along with it some side-effects for the sector.
Aadhaar number and issuance of invoice (earlier was required only for
transactions exceeding INR1,000) have been made compulsory for retail
purchases at liquor vends. Moreover, the Haryana government has taken a
populist stance by disallowing opening of liquor vends in villages on requests of
198 Panchayats. The government also revealed that the number of vends in the
state have been brought down from 3,491 in FY17 to 2,323 in FY18.
Haryana also proposed a significant hike of 57% in excise duty on country liquor
and 10% on Indian-made foreign liquor (IMFL). This comes as a minor positive
for IMFL players, in our view.
Our view
The development (which follows the recent route-to-market changes in Punjab
and Haryana) comes a slight jolt to alcoholic beverage players, especially as the
sector appeared to find some relief from (i) receding impact of the highway ban,
(ii) lesser-than-expected impact on margins from the absence of input tax credit
under GST, (iii) prohibition not spreading to more states, unlike earlier fears, (iv)
a benign material cost environment and (v) price increases obtained in key
states for both spirits and beer.
We do not foresee any adverse impact on the earnings prospects of UNSP or
UBBL, provided such policies are restricted only to Haryana, which is not a very
significant market for these companies. Other states following suit could have
adverse implications for the sector, though. Meanwhile, we maintain our
Neutral
rating on UNSP and Buy rating on
UBBL.
7 March 2018
6

In conversation
1. EICHER MOTORS : After 6 years industry will touch new peak
this year; Vinod Aggarwal, MD & CEO-VECV
After six long years of wait since 2011-2012 when the industry was at its peak,
this year industry going to touch new peak.
Positive factors could be from infrastructure, e-commerce and End of Life policy
which is expected to come from the government. Positive sentiments in the
economy - good movement in fast moving consumer goods (FMCG), good
movement in consumer durables and rural economy should also chip in.
Till now YTD growth was 10 percent. Over last two-three months, company is
almost selling 7,000 per month. This month again should be a good number.
Capacity now is between 7,000 and 8,000 so right now company is operating at
almost full capacity.
Expecting good growth next year especially in Q1. Last year Q1 was very
depressed because of the movement from BS-III to BS-IV.
Will try to improve production based on productivity improvement. Setting up a
new plant will take more time. Will take a call on capex plans in next three
months.
2. NMDC : FY19 sales volume expected at 38-39 MT; TRK Rao,
Director-Commercial
Had very good volume growth till Q2 and Q3 saw a decline due to a major
accident.
Price correction for March 2018 was necessary as company wants to focus on
volume growth.
Demand is definitely likely to continue. Have been doing around 30 million
tonne and have reached a figure of 36 million tonne. Next year sales are bound
to be around 38-39 million tonne.
In Karnataka, company has a cap of 12 million tonnes in terms of production.
Will end up with 13 million tonnes of sales this year. Have requested
government and Supreme Court to move the cap to 14 million tonnes.
Steel plant commissioning stands at September-2018.
3. ASHOK LEYLAND : Govt mulling to give Rs 5 lakh for older
vehicles is a positive move; Gopal Mahadevan, CFO
Immediate future looks positive for light commercial vehicle industry. Company
will launch 6-7 light commercial vehicles in next 12 months.
Expect growth to be in the range of 10-15%.
Overloading ban not taken place in most States. Once overloading ban is
applied, will be an additional driver for demand.
Expect higher demand worth 2-3 years of industry volume.
Vehicle scrappage policy a very positive development for the industry. It is
something that the industry has been waiting for. Expect demand of 550,000-
800,000 units due to vehicle scrappage policy.
Reports state that the government is mulling about giving Rs 5 lakh for vehicles
which are over 15 year old. Will have to wait and see for the announcement.
7 March 2018
7

4. AU SMALL FINANCE BANK : Expect loan growth to remain
between 35-40%; Uttam Tibrewal, ED
Expect loan growth to remain between 35-40%.
Incremental cost of borrowing is at 6.7% due to low cost deposits.
Expect high yield to continue due to focus on niche segment.
Rural cash flows are increasing on better monsoon.
Cost-to-income ratio will peak off at current levels and settle around 50-52%.
Informal MSME is moving towards formal sector. MSME portfolio is growing at
45% QoQ.
5. RAMKRISHNA FORGINGS : Expect double-digit growth in north
American truck business till FY20; Naresh Jalan, MD
Probably close to around 25 percent of total revenue come from North America
Class 8 and Class 5 trucks.
Going forward the business is doing well. Foresee that FY19 also is going to
continue to be on the upside trend.
Till FY20 should see double-digit growth in North American truck business.
7 March 2018
8

From the think tank
1. Why India’s banking sector is among the most vulnerable in g-
20 economies today
When the Indian economy and its banking sector emerged relatively unscathed
after the global financial crash of 2008, India’s financial system became the envy
of the world. That seems a distant memory today as the banking sector of the
country reels under one of the worst crises it has faced in a long time. A mounting
pile of bad loans, poor accounting standards and growing evidence of lax
supervision and banking fraud—unearthed over the past few weeks by several
government agencies—highlight the deep rot at the core of India’s financial
system. The broad numbers also tell the same story. In 2009, India had among the
lowest ratio of non-performing assets among the largest economies of the world,
which form the elite G-20 club. Eight years later, it has among the highest ratio of
such assets, as the chart shows.
2. Balancing the costs and benefits of AADHAAR
At its launch nine years ago, Aadhaar was hailed by its proponents as a “game
changer” for governance. Now, the Supreme Court (SC) is considering whether it
should be “game over” for Aadhaar. As with many contentious policy debates,
each side has its preferred narrative: Supporters claim that linking Aadhaar with
social programmes has helped to reduce leakage and improve targeting of
benefits. Detractors argue that savings are minimal and that such linking has
increased the exclusion of genuine beneficiaries—for instance, through failures
to read the fingerprints of elderly recipients or manual labourers or through
power and connectivity failures that prevent authentication. Theoretically, both
arguments are plausible, which makes this essentially an empirical question.
3. Road map for a successful MODICARE
India recently began a bold experiment in the delivery of healthcare that, if
successful, will bring medicine and treatment to 500 million poor and near-poor
Indians. To put that in perspective, when the US—a country of about 320 million—
rolled out its Affordable Care Act (ACA) in 2010, the goal was to extend healthcare
to nearly 50 million. Despite its many successes, the ACA experienced a number of
difficulties, especially during roll-out, and some of those issues lingered for years.
For India, the sheer scale of its programme magnifies its many challenges, including
how to communicate the benefits of the plan, and how to encourage enrolment.
The success of the National Health Protection Scheme (NHPS)—known as
Modicare, after Prime Minister Narendra Modi—depends crucially on whether
people sign up for the service, whether they use it, and whether hospitals
participate.
7 March 2018
9

4. Will the risks in 2018 resemble those of 2013?
India faces the risk of a mini rerun of 2013. On the face of it, this is an absurd
statement. The current account deficit is still moderate, though some hefty upward
revisions are being made. The inflation rate is half of what it was then. The fiscal
deficit of the Union government is not running amok. All of these are true. Yet, the
risk of a significant correction in the Indian rupee and in Indian assets might be on
the cards, again not because of a rising current account deficit but because of a
rising credibility deficit. Let us start with the trade data for January released last
week. India’s trade balance in the first 10 months of the fiscal year 2017-18
amounted to $84.5 billion. It was $59.4 billion for the same period in 2016-17. If
one included services for which data were available only up to December 2017, the
trade deficit is at $80 billion, roughly double of what it was in the previous year.
Export growth has picked up but the recovery in export growth is sluggish thanks to
various factors. Some of it is structural in nature.
International
5. The blockchain pipe dream
Predictions that Bitcoin and other cryptocurrencies will fail typically elicit a
broader defense of the underlying blockchain technology. Yes, the argument
goes, over half of all “initial coin offerings” to date have already failed, and most
of the 1,500-plus cryptocurrencies also will fail, but “blockchain” will
nonetheless revolutionize finance and human interactions generally. In reality,
blockchain is one of the most overhyped technologies ever. For starters,
blockchains are less efficient than existing databases. When someone says they
are running something “on a blockchain,” what they usually mean is that they
are running one instance of a software application that is replicated across many
other devices. The required storage space and computational power is
substantially greater, and the latency higher, than in the case of a centralized
application. Blockchains that incorporate “proof-of-stake” or “zero-knowledge”
technologies require that all transactions be verified cryptographically, which
slows them down. Blockchains that use “proof-of-work,” as many popular
cryptocurrencies do, raise yet another problem: they require a huge amount of
raw energy to secure them. This explains why Bitcoin “mining” operations in
Iceland are on track to consume more energy this year than all Icelandic
households combined.
7 March 2018
10

Click excel icon
for detailed
valuation guide
CMP
Valuation snapshot
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Motherson Sumi
Tata Motors
TVS Motor
Aggregate
Banks - Private
AU Small Finance
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Aggregate
Banks - PSU
BOB
BOI
Canara
Indian Bk
PNB
SBI
Union Bk
Aggregate
NBFCs
Aditya Birla Cap
Bajaj Fin.
Capital First
Cholaman.Inv.&F
n
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Sell
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
Down-
(INR) (INR)
FY18E FY19E FY20E FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
side
799
139
2900
762
18120
1572
27421
1270
860
208
3570
720
230
8619
307
347
645
1035
158
4031
880
21951
1899
34764
1540
714
268
3986
884
303
10972
437
515
741
30
13
39
16
21
21
27
21
-17
29
12
23
32
27
42
49
15
28.3
4.9
150.3
20.2
459.1
63.1
829.4
28.2
36.6
8.0
185.0
37.7
9.6
275.6
8.1
28.0
13.9
34.7
41.4
6.2
7.7
174.1 201.6
26.8
35.2
595.2 731.7
84.7 111.7
1,053.0 1,335.0
38.5
51.3
45.6
54.9
10.2
11.6
200.1 212.6
43.9
48.4
12.2
15.1
369.9 471.3
12.5
17.5
57.9
58.5
25.1
33.9
0.9
7.8
6.5
54.2
-3.0
-32.3
34.5
20.1
90.4
-1.3
9.4
37.8
107.8
10.8
5.0
41.1
18.5
19.9
-42.8
-4.4
5.3
-81.6
13.3
18.0
-18.3
0.4
27.0
LP
22.0
33.0
-22.6
24.8
15.6
182.1
Loss
-33.0
16.4
-8.8
978.7
PL
-72.8
NA
42.3
38.9
34.5
26.5
22.1
8.0
5.4
22.7
26.7
15.8
32.7
29.6
34.1
27.0
36.7
24.3
27.5
8.2
16.4
27.2
34.2
54.7
107.1
80.5
45.2
43.9
111.4
22.2
616.0
19.1
20.3
32.0
7.0
29.2
41.6
26.9
43.7
97.1
31.2
35.1
70.7
LP
196.8
19.3
49.5
459.4
LP
2,102
45.2
35.4
30.2
18.7
26.8
18.8
14.0
13.9
19.4
24.0
15.8
31.5
22.9
31.9
26.8
33.2
20.6
13.6
6.2
10.1
23.9
27.4
39.6
1.1
34.9
15.1
28.3
28.4
19.3
37.8
39.5
24.9
33.1
45.0
23.5
26.0
19.3
19.1
23.9
31.3
38.0
12.4
46.3
24.5
23.0
22.4
16.7
28.5
30.4
18.6
26.0
32.9
18.9
20.4
17.8
16.4
18.8
23.3
24.6
6.0
25.7
16.9
38.1
16.6
17.9
21.4
14.1
23.0
17.9
15.6
21.6
5.2
26.1
20.7
6.8
13.1
20.1
8.1
90.9
7.2
7.2
11.5
14.3
16.3
13.5
29.6
26.5
14.5
19.5
10.7
45.5
35.9
83.3
4.6
6.0
4.5
7.4
5.7
2.4
10.5
8.7
3.5
3.3
6.1
3.0
2.3
6.3
6.9
1.7
10.6
4.4
7.2
2.0
1.9
2.1
1.4
3.9
2.2
1.1
4.4
0.7
4.3
3.0
0.9
2.8
2.9
0.8
0.6
0.6
0.9
0.5
1.1
0.5
0.8
4.2
5.8
2.4
4.3
1.8
16.2
4.8
3.0
3.9
5.2
4.0
6.1
5.2
2.2
7.9
7.2
3.0
2.9
5.3
2.7
2.1
5.4
5.7
1.3
7.9
3.7
6.0
1.7
1.8
1.9
1.3
3.4
2.0
1.0
3.8
0.6
3.7
2.7
0.9
2.4
2.6
0.8
0.6
0.5
0.8
0.5
1.1
0.4
0.8
3.2
4.9
2.1
3.6
1.6
13.4
4.2
2.4
17.3
22.1
24.2
21.0
15.2
10.1
36.2
21.0
17.2
12.6
34.0
14.4
10.4
19.8
19.2
14.7
24.9
17.9
14.1
5.9
10.1
1.4
9.4
16.2
8.1
6.8
17.0
8.9
13.2
12.2
6.9
17.6
10.8
18.3
24.7
25.3
23.5
17.9
12.3
34.6
23.9
17.3
14.4
32.0
14.4
11.7
22.8
25.4
24.3
35.3
21.7
17.2
11.1
10.4
9.5
9.8
15.9
10.1
6.9
19.1
11.9
14.3
13.8
12.7
19.9
13.1
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
583 705
517 710
161 188
142 205
92
149
1852 2400
295 405
50
65
1707 2076
64
100
1082 1220
470 680
26
38
313 410
21
37
17
45
62
30
37
29
22
57
13
45
48
31
10.6
14.7
7.4
0.9
5.5
67.0
12.5
3.0
61.1
8.6
32.7
15.8
1.9
18.2
15.3
31.0
9.0
6.6
6.5
80.6
16.5
3.2
78.9
12.2
41.5
22.7
3.8
23.9
21.6
44.6
10.9
10.2
8.2
100.9
21.0
3.9
101.4
16.8
54.2
30.3
4.9
30.8
41.1 54.9
43.7 35.2
21.4 21.9
53.4 152.9
26.1 16.8
25.2 27.6
27.6 23.6
21.9 16.7
28.5 28.0
37.7 7.4
30.5 33.1
33.2 29.7
30.4 13.4
28.8 17.2
29.8 27.1
42.0
222.3
89.1
14.5
84.7
65.3
158.0
71.3
42.4
34.2
27.5
21.5
26.1
23.4
16.3
25.2
13.8
NM
21.3
8.5
17.2
79.9
NM
296.6
43.0
35.9
18.9
23.2
13.6
54.1
41.0
94.9
Buy
Neutral
Neutral
Buy
Buy
Buy
Neutral
135
103
269
291
98
257
97
185
150
415
430
215
375
145
37
45
55
48
120
46
50
9.8
-15.6
12.6
34.1
5.7
3.2
-40.5
16.7
1.1
37.3
40.6
8.5
18.0
5.9
23.7
3.7
70.6
46.5
15.7
29.7
15.3
2.0
5.5
-6.5 0.6
2.3
6.8
10.8 11.9
2.9
4.3
1.6
8.4
-16.7 2.7
0.3
5.7
12.6
20.1
13.7
20.4
14.0
32.9
17.6
21.7
12.4
19.8
15.6
20.2
15.8
32.2
16.5
21.1
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
158 225
1638 2330
647 960
1431 1520
509 720
538 540
1762 2260
447 485
42
42
48
6
41
0
28
8
3.7
45.6
34.2
61.8
37.4
9.9
43.0
4.7
5.3
61.7
44.6
73.3
47.5
11.8
49.0
5.4
7.6
82.8
56.8
89.1
59.9
14.6
57.0
6.7
7 March 2018
11

Click excel icon
for detailed
valuation guide
TP % Upside
EPS (INR)
Down-
(INR) (INR)
FY18E FY19E FY20E
side
1240 1630
31
91.1 105.1 128.3
160 240
50
7.4
11.0
13.5
512 608
19
38.5 44.3
52.6
589 750
27
18.6 24.2
30.0
433 575
33
13.9 19.2
23.0
380 475
25
43.8 44.8
49.3
1161 1750
51
51.4 69.0
92.3
553 740
34
33.4 39.0
46.0
27
30
114.2 140.0 166.8
78.7
104.8 125.9
CMP
EPS Gr. YoY (%)
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
Company
Reco
FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
32.8
42.2
0.6
24.0
95.8
48.1
62.4
14.6
35.4
42.1
28.2
12.1
12.6
123.6
36.0
9.8
-72.2
-12.4
84.1
19.4
35.5
15.7
10.9
18.4
-7.4
76.0
16.4
17.2
29.5
31.3
-69.0
41.2
-47.5
-33.4
31.8
34.7
-10.8
LP
713.3
LP
102.0
10.0
-7.4
-7.7
2.7
14.3
12.9
4.5
-9.6
10.6
15.4
47.1
15.2
29.6
38.7
2.3
34.4
16.8
22.6
33.1
22.8
52.0
12.0
-2.6
48.2
26.1
63.3
34.6
9.6
21.6
16.6
18.8
53.8
21.5
21.4
4.9
12.4
19.9
38.4
31.1
378.7
41.5
235.5
101.9
27.3
97.2
25.3
66.8
113.1
101.0
53.5
3.0
53.0
74.3
18.8
24.8
17.9
19.2
30.5
15.1
22.1
23.2
18.7
24.1
19.4
10.2
33.7
18.1
19.2
20.2
22.6
16.2
6.3
37.5
26.9
18.4
58.8
18.6
13.9
24.1
28.5
19.2
13.8
23.7
12.5
10.3
13.8
18.8
30.4
23.6
19.5
39.0
21.4
37.7
36.0
35.2
27.2
88.7
33.4
39.7
34.6
66.2
31.1
31.2
20.2
25.1
19.7
16.2
19.1
14.2
13.6
21.4
13.3
31.6
31.2
8.7
22.6
16.6
17.3
17.1
28.4
74.5
21.5
29.5
47.8
45.7
69.6
33.9
38.6
43.9
25.3
26.2
57.1
41.4
41.3
15.7
34.6
32.3
40.0
33.6
96.9
48.9
31.8
39.8
23.0
45.4
30.4
47.0
54.9
36.1
19.9
39.3
46.5
41.5
51.1
57.2
43.4
42.6
45.8
52.0
11.8
14.6
11.6
24.4
22.5
8.5
16.8
14.2
14.1
12.8
23.1
49.0
19.2
30.2
32.3
36.2
42.6
25.2
35.3
36.1
21.7
22.1
37.2
34.1
34.0
15.0
30.8
26.9
28.9
25.6
20.2
34.5
9.5
19.7
18.1
23.0
24.2
28.2
25.8
18.0
13.0
38.1
30.4
23.8
43.0
45.8
36.8
35.7
35.1
45.2
3.8
3.1
2.0
4.4
2.9
1.9
3.1
2.6
2.3
2.4
4.3
8.7
3.8
1.0
9.5
20.0
1.2
5.5
8.6
8.5
5.5
3.3
5.2
7.7
4.8
2.5
5.5
3.5
2.4
3.3
2.0
4.4
1.6
0.9
3.5
3.4
4.1
3.0
5.9
2.3
2.0
6.4
4.3
3.3
13.6
17.7
21.1
10.1
12.5
10.9
3.4
2.6
1.8
3.9
2.7
1.7
2.7
2.2
2.0
2.1
3.7
7.6
3.4
1.0
8.8
16.4
1.2
5.0
7.5
7.5
4.5
3.0
4.8
6.5
4.3
2.2
4.9
3.3
2.3
3.2
1.9
3.9
1.4
0.9
3.0
3.0
3.6
2.8
4.9
2.0
1.8
5.6
3.9
3.0
12.0
15.2
19.8
9.0
10.9
9.6
29.9
15.9
16.4
20.2
10.9
24.3
14.7
16.9
14.1
14.9
15.0
11.6
17.9
3.4
20.4
50.6
1.7
16.7
24.1
19.4
21.6
13.0
9.1
20.0
12.1
17.1
16.9
11.0
6.1
10.1
2.1
9.4
5.2
2.2
16.4
7.7
14.4
6.6
11.2
6.5
10.8
17.6
9.7
8.0
26.9
33.9
49.9
25.4
29.0
23.6
30.4
19.7
16.5
17.0
12.5
21.0
17.4
16.9
15.2
17.5
15.8
15.4
18.0
3.3
28.3
49.8
2.7
20.8
22.7
20.8
21.0
14.1
12.9
20.6
13.4
15.8
16.8
12.2
8.0
12.6
9.6
12.0
15.7
4.4
17.8
13.8
15.9
10.3
20.9
12.0
14.6
15.7
13.5
12.5
29.6
35.8
55.5
26.7
33.2
22.6
Indiabulls Hsg
Buy
L&T Fin Holdings Buy
LIC Hsg Fin
Neutral
MAS Financial
Buy
M&M Fin.
Buy
Muthoot Fin
Neutral
PNB Housing
Buy
Repco Home
Buy
Shriram
City
Buy
1973 2500
Union
Shriram Trans. Buy
1345 1750
Aggregate
Capital Goods
ABB
Sell
1476 1240
Bharat Elec.
Buy
152 210
BHEL
Sell
88
80
Blue Star
Neutral
793 780
CG Cons. Elec.
Buy
235 305
CG Power & Indu. Neutral
79
90
Cummins
Buy
787 1040
GE T&D
Neutral
408 435
Havells
Buy
501 640
K E C Intl
Neutral
407 385
L&T
Buy
1284 1650
Siemens
Neutral
1129 1285
Solar Ind
Neutral
1010 1100
Thermax
Neutral
1180 1250
Va Tech Wab.
Buy
522 700
Voltas
Neutral
623 630
Aggregate
Cement
Ambuja Cem.
Neutral
241 290
ACC
Neutral
1594 1781
Birla Corp.
Buy
858 1234
Dalmia Bharat
Buy
2675 3328
Grasim Inds.
Neutral
1131 1242
India Cem
Neutral
149 148
J K Cements
Buy
1022 1343
JK Lakshmi Ce
Buy
425 470
Ramco Cem
Buy
739 847
Orient Cem
Buy
154 179
Prism Cem
Buy
122 159
Sagar Cements Not Rated 908
-
Sanghi Inds.
Buy
116 157
Shree Cem
Buy
16625 22424
Ultratech
Buy
4137 5131
Aggregate
Consumer
Asian Paints
Neutral
1103 1270
Britannia
Buy
4814 5995
Colgate
Buy
1039 1365
Dabur
Buy
322 415
Emami
Buy
1100 1505
Godrej Cons.
Neutral
1088 1065
-16
38
-9
-2
30
13
32
7
28
-5
28
14
9
6
34
1
19.8
7.1
3.0
16.6
5.1
1.1
23.2
10.6
11.4
16.1
49.0
19.8
24.4
28.6
33.2
18.0
30.1
7.9
2.9
24.6
6.5
1.9
31.3
11.6
13.9
18.7
58.1
30.4
29.6
34.7
34.8
20.2
35.0
8.4
4.0
31.2
7.7
3.0
37.1
13.2
17.2
24.1
69.3
34.6
36.7
39.0
38.4
23.0
20
12
44
24
10
-1
31
11
15
16
30
36
35
24
6.0
8.3
10.9
47.4 62.2
76.9
8.9
42.4
50.6
54.7 77.4 107.6
35.6 119.4 145.0
3.7
7.6
10.4
44.4 56.5
76.9
9.4
18.5
25.0
24.3 30.5
38.8
3.3
5.5
10.3
2.2
4.7
6.3
25.2 50.6
70.6
5.8
8.9
12.0
423.0 435.8 724.2
89.0 136.2 178.4
15
25
31
29
37
-2
21.6
84.2
24.0
7.6
24.0
20.9
25.6
30.8
105.1 131.5
28.3
33.8
9.0
10.5
31.3
37.3
24.1
27.5
7 March 2018
12

Click excel icon
for detailed
valuation guide
CMP
Company
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Laurus Labs
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Torrent Pharma
Aggregate
Infrastructure
Ashoka Buildcon
IRB Infra
KNR
Constructions
Sadbhav
Engineering
Aggregate
Logistics
Allcargo Logistics
Concor
Gateway
Distriparks
Aggregate
Media
Dish TV
D B Corp
Reco
(INR)
TP % Upside
EPS (INR)
Down-
(INR)
FY18E FY19E FY20E
side
6350
-4
161.0 183.8 215.7
1585
23
23.1 27.9
32.9
278
8
9.0
10.2
11.4
380
8
8.1
10.7
13.3
345
12
6.4
7.6
9.0
7882
3
140.0 159.1 192.3
27490
31
297.1 415.7 549.8
314
14
8.9
12.4
16.8
1050
19
17.7 20.8
24.1
9303
0
142.1 171.3 200.8
-
3.5
6.4
9.7
1380
35
14.1 17.4
22.9
3515
16
32.9 57.0
78.7
EPS Gr. YoY (%)
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
3.1
17.6
6.6
-27.7
1.2
13.2
24.5
147.7
5.7
6.9
-2.0
62.0
22.9
9.0
14.1
20.7
13.7
32.0
19.2
13.6
39.9
38.7
17.8
20.5
83.8
23.9
73.4
18.5
17.4
18.1
12.4
24.2
18.4
20.8
32.2
35.6
15.5
17.3
52.1
31.2
38.1
17.3
19.0
23.5
23.6
10.1
81.5
15.8
22.0
19.7
28.0
164.5
24.7
38.7
11.2
27.7
15.8
22.8
34.6
15.5
26.1
36.7
27.7
28.0
25.1
41.2
56.0
28.7
43.3
48.6
54.9
70.8
30.8
49.9
65.7
47.1
72.9
92.1
44.6
23.0
33.9
24.8
13.6
82.9
23.1
26.0
30.8
29.2
NM
18.3
17.4
47.6
30.7
17.1
28.1
24.0
35.5
31.3
48.1
39.2
28.1
29.1
36.1
46.4
25.2
32.8
40.8
48.3
50.6
22.2
42.4
54.5
25.6
58.8
53.1
37.6
21.7
25.5
20.3
12.5
57.9
18.5
21.6
23.0
19.2
58.5
17.0
13.9
42.6
22.5
13.1
18.4
19.3
31.1
15.7
16.6
24.3
22.0
21.9
23.5
8.8
21.3
24.6
15.1
13.3
24.1
19.1
22.5
41.7
14.6
8.2
42.5
6.2
6.1
15.0
23.1
28.2
3.2
11.7
36.9
2.3
10.2
15.9
12.0
4.6
5.3
6.0
3.0
7.3
4.8
3.3
5.2
2.8
1.3
3.0
2.0
11.4
3.1
3.1
3.7
2.4
5.7
3.3
2.2
3.4
4.7
3.7
2.2
1.2
3.7
3.6
2.1
2.1
3.2
2.1
3.0
16.6
3.3
7.4
42.3
5.8
5.9
14.3
21.6
22.6
2.8
10.0
30.9
2.1
8.9
11.9
10.9
4.0
4.6
4.8
2.4
6.7
4.0
2.9
4.6
2.5
1.3
2.6
1.8
13.0
2.8
2.5
3.1
2.2
5.2
2.7
1.9
3.1
4.1
3.2
2.0
1.1
3.2
3.2
1.9
1.9
3.0
2.0
2.8
11.9
2.8
20.7
76.5
22.8
13.8
33.0
43.4
39.9
10.8
25.2
61.2
4.9
14.9
17.3
26.9
21.8
16.7
27.0
24.6
8.9
22.7
12.8
16.6
10.0
-0.7
16.4
13.2
23.9
10.5
19.7
14.1
10.4
16.1
11.0
4.6
8.8
17.6
12.6
5.5
15.5
23.6
13.5
13.3
11.7
11.2
6.5
10.6
21.6
91.4
23.8
18.3
36.0
46.2
44.6
13.3
25.4
61.8
8.5
16.2
22.3
28.9
19.7
19.3
26.2
21.6
11.6
23.7
13.6
21.2
13.7
2.2
15.3
13.9
30.5
13.0
21.4
18.3
12.0
16.8
19.0
12.1
13.3
19.9
14.8
8.9
13.4
16.2
13.7
12.3
15.3
12.9
10.7
12.6
Neutral
6630
Buy
1293
Neutral
257
Neutral
351
Neutral
309
Neutral
7688
Buy
21046
Neutral
275
Buy
883
Neutral
9339
Not Rated 164
Buy
1026
Neutral
3025
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
549
2263
1338
606
631
388
583
1012
2175
161
560
110
2340
658
819
534
775
5037
416
679
532
1349
555
2500
1840
820
600
500
600
1100
2575
185
550
175
2500
750
1110
613
940
5600
749
989
675
1400
1
10
38
35
-5
29
3
9
18
15
-2
58
7
14
36
15
21
11
80
46
27
4
23.9 25.3
30.1 10.8 5.9
66.8 88.9 109.9 -10.5 33.2
54.0 65.8
81.4 -5.8 21.9
44.5 48.7
53.6 13.2 9.4
7.6
10.9
19.8 -25.3 43.1
16.8 21.0
24.4 18.5 25.0
22.4 27.0
33.0 40.9 20.6
32.9 44.0
52.7 -17.7 33.9
74.4 113.2 145.0 2.4 52.2
-0.8
2.8
7.3
PL
LP
30.6 32.9
41.1 -22.2 7.7
6.3
7.9
11.0 -12.4 25.2
49.1 54.9
61.1 42.9 11.9
21.4 29.2
37.3 33.2 36.6
47.8 62.6
72.5 29.5 30.9
19.0 29.1
35.7
7.0 52.7
32.3 40.2
54.1 -43.0 24.6
141.7 161.8 186.9 9.8 14.2
13.3 26.5
33.4 -5.0 99.2
14.1 40.8
55.7 -56.2 188.8
13.6 21.9
27.9 -48.1 61.4
48.0 61.3
78.5 -12.9 27.6
-17.4 33.1
5.3
25.4
16.9
13.9
9.5
24.6
14.0
16.0
19.1
21.3
18.2
17.4
LP
24.8
41.2
27.1
Buy
Neutral
Buy
Buy
223
217
297
393
290
250
375
460
30
15
26
17
79.9 101.0 42.4
-3.0 -13.6 8.5
-17.3 30.2
14.9
8.6
17.6
28.2
15.6
Buy
Neutral
Buy
171 223
1234 1469
202
237
31
19
17
8.9
41.9
6.2
12.9
51.2
10.6
14.9
58.2
13.1
-9.3
10.3
-9.0
5.3
44.2
22.3
71.3
28.5
15.8
13.5
23.4
14.6
19.2
29.4
32.7
28.9
Buy
Buy
67
335
101
420
51
26
-0.5
18.8
1.6
23.0
3.4
27.6
PL
-7.6
LP 109.9 NM
22.0 20.1 17.8
-11.9 33.2
20.1 20.9
7 March 2018
13

Click excel icon
for detailed
valuation guide
TP % Upside
EPS (INR)
Down-
(INR) (INR)
FY18E FY19E FY20E
side
97
90
-7
-2.9
0.1
4.0
710 820
15
8.3
16.4
28.7
34
47
37
-0.2
0.8
2.0
239 305
28
25.9 28.8
32.4
89
117
31
11.8 12.1
12.7
162 215
33
9.9
12.5
15.2
383 469
22
8.2
13.5
17.8
1283 1760
37
22.1 37.3
51.5
100 130
31
2.5
5.8
7.9
17
27
58
-0.9
0.1
0.6
927 1225
32
27.7 35.8
42.5
560 705
26
13.7 17.6
21.0
CMP
EPS Gr. YoY (%)
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
Company
Den Net.
Ent.Network
Hathway Cable
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Rain Industries
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
PC Jeweller
Titan Co.
Aggregate
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
Reco
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
Loss
-27.7
Loss
0.2
59.3
-6.9
27.8
7.8
100.6
Loss
11.6
2.1
12.1
127.9
9.6
Loss
39.8
PL
37.6
Loss
165.9
57.4
51.9
66.7
-22.0
17.4
28.2
40.1
-14.7
-7.7
7.4
27.0
-15.0
-22.6
7.1
24.3
19.6
3.4
186.2
44.4
38.8
48.6
18.1
3.1
21.2
2.6
0.8
18.5
31.5
12.9
LP
98.0
LP
11.3
2.6
26.4
64.9
68.7
137.5
LP
29.1
28.7
43.8
5,545
75.7
161.9
12.6
4.9
21.5
31.4
37.9
36.4
411.6
18.7
19.3
28.1
NM 1,362.5 2.2
85.9 43.4
3.8
NM 45.0
2.4
9.2
8.3
1.3
7.6
7.4
0.8
16.3 12.9
2.6
46.6 28.3
3.7
58.0 34.4
5.7
40.6 17.1
4.2
NM 135.4 3.3
33.4 25.9
8.4
40.9 31.8
6.9
37.0 25.7
5.2
8.4
9.4
32.3
12.2
12.2
8.8
17.5
9.0
7.5
9.5
9.4
10.8
13.6
26.7
15.5
11.6
10.9
27.9
19.0
10.0
8.5
7.9
14.6
13.7
11.5
50.5
17.4
50.6
40.2
15.4
14.5
18.8
16.2
16.2
18.4
20.2
16.8
1.5
6.4
0.7
2.6
1.2
1.6
0.9
3.1
2.1
1.7
1.8
2.5
1.8
6.4
2.2
2.5
1.7
6.3
4.9
1.7
0.9
1.0
3.6
1.8
1.7
14.7
3.5
13.6
9.8
3.0
3.7
5.2
4.1
2.4
6.0
5.2
3.3
2.2
3.5
2.3
1.1
0.7
2.2
3.2
4.9
2.6
3.2
7.6
5.9
4.5
1.3
4.4
0.7
2.2
1.2
1.5
0.8
2.4
1.8
1.4
1.6
2.2
1.7
5.4
2.0
2.2
1.5
5.4
4.4
1.5
0.9
1.0
3.1
1.6
1.5
15.0
3.0
12.6
8.9
2.7
3.3
4.5
3.6
2.1
4.8
4.6
3.0
-6.3
4.5
-1.2
15.1
11.5
15.3
8.2
10.2
11.6
-15.8
26.1
18.2
14.0
14.0
35.3
-3.6
20.2
-0.9
18.4
-1.0
24.7
15.1
15.9
12.3
22.7
11.3
16.1
14.6
24.9
17.3
20.8
28.0
20.2
7.1
10.0
23.9
12.8
12.9
22.5
16.9
23.4
19.2
17.4
25.1
26.9
24.3
14.3
32.1
19.9
15.3
0.2
8.4
5.2
14.6
10.6
18.4
12.2
15.3
18.9
2.4
30.9
20.0
17.4
16.8
55.7
2.3
19.5
9.8
17.3
4.8
29.8
25.4
16.3
16.8
21.8
12.8
22.0
13.6
20.2
14.4
20.8
24.4
16.2
10.5
12.8
22.9
12.7
13.2
29.8
18.4
25.9
22.2
17.8
23.9
25.8
23.1
13.8
29.0
24.0
18.7
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
226
314
234
294
62
123
76
367
314
661
344
342
361
339
79
215
71
480
416
778
52
9
54
15
27
75
-6
31
32
18
19.5
21.6
-11.5
20.7
-0.5
13.7
-0.9
25.6
23.8
57.7
27.0
33.3
7.3
24.0
5.1
14.0
4.3
40.6
41.7
69.4
27.9
32.1
11.9
23.7
5.3
14.7
6.5
44.6
43.4
61.5
38.6 3.0 11.6
54.6 -3.8 14.5
LP
63.4 NM
15.9 -1.0 14.2
LP
2.6
NM
2.2
4.7
9.0
LP
50.2 NM
58.6 9.8 14.3
74.8 4.2 13.2
20.4 -11.5 11.5
55.4 1.7 14.6
9.2
22.0
59.6
4.1
-9.4
-9.4
17.2
-3.6
-7.7
56.7
32.5
13.4
10.3
11.8
29.6
26.6
27.0
27.2
12.1
3.8
10.9
9.7
10.5
13.7
24.6
14.8
11.3
4.6
28.7
8.3
15.8
21.1
13.2
1.2
5.0
3.3
4.1
17.9
11.6
10.6
31.3
27.6
24.1
26.0
13.2
7.5
13.4
11.2
29.1
15.2
17.2
8.3
11.8
16.6
42.5
16.2
10.5
9.9
32.8
18.3
9.2
13.4
10.5
16.6
15.1
12.9
65.5
22.0
64.3
51.1
17.2
15.1
20.8
17.8
17.9
20.9
25.2
19.2
Buy
Sell
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
445 549
441 388
876 1014
199 188
365 530
382 513
309 416
1022 1228
115 114
348 425
185 230
234 318
911 1111
23
-12
16
-6
45
34
35
20
-1
22
24
36
22
37.7
26.5
20.6
12.3
34.7
38.7
9.4
55.9
12.6
26.1
17.6
14.1
60.4
41.2
32.3
32.9
12.8
31.5
35.0
11.1
53.9
11.6
40.9
23.3
16.0
66.6
45.8
33.8
42.3
13.9
36.4
42.4
12.5
54.6
12.2
42.2
24.3
18.9
74.3
Neutral
Buy
Buy
1986 2185
339 685
806 990
10
102
23
30.3
15.4
12.5
39.3
19.5
15.9
51.6
24.9
19.8
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
623 675
932 950
346 340
1147 1250
216 219
1376 1400
825 725
845 800
8
2
-2
9
2
2
-12
-5
36.2
61.7
16.6
64.4
12.0
65.7
32.7
43.9
40.6
64.1
18.4
70.7
13.3
74.7
40.8
50.4
45.9
68.9
20.9
78.6
17.2
86.1
47.8
54.6
7 March 2018
14

Click excel icon
for detailed
valuation guide
TP % Upside
EPS (INR)
Down-
(INR) (INR)
FY18E FY19E FY20E
side
861 800
-7
44.6 52.2
60.6
835 900
8
43.1 53.0
60.5
1035 1236
19
36.8 43.6
51.5
3050 2700
-11
130.6 147.3 161.0
616 700
14
39.2 40.9
47.7
286 300
5
17.9 18.5
21.2
890 1100
24
54.2 64.1
85.2
CMP
EPS Gr. YoY (%)
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
Company
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NHPC
NTPC
Power Grid
Tata Power
Aggregate
Others
Arvind
Avenue
Supermarts
Bata India
BSE
Castrol India
Coromandel Intl
Delta Corp
Eveready Inds.
Interglobe
Indo Count
Info Edge
Kaveri Seed
Manpasand
MCX
Monsanto
Navneet
Education
Oberoi Realty
Quess Corp
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Team Lease Serv.
Trident
TTK Prestige
UPL
V-Guard
Reco
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
17.4
14.4
30.8
-2.1
26.8
6.0
4.0
4.2
16.9
22.8
18.4
12.8
4.5
3.2
18.3
5.1
16.2
14.3
18.2
9.3
16.6
14.7
33.1
11.1
19.3
19.4
28.1
23.4
15.7
16.0
16.4
19.6
16.5
15.8
23.7
20.7
15.1
15.5
13.9
18.6
3.1
3.3
9.0
7.3
3.1
2.8
2.4
4.9
2.7
3.2
7.2
6.3
2.7
2.4
2.1
4.3
2.4
4.2
1.6
10.3
2.6
7.0
1.0
1.2
0.9
1.2
1.6
1.5
1.9
2.6
16.1
5.5
1.3
18.4
4.3
4.9
6.8
6.8
1.6
6.3
3.0
3.3
2.8
6.5
3.6
2.2
4.4
5.2
1.9
2.7
4.1
6.2
1.0
7.5
3.2
10.0
16.1
17.8
36.0
30.4
20.6
17.2
15.7
25.0
17.6
21.0
33.8
32.9
19.5
16.7
16.4
23.1
Buy
Neutral
Buy
Buy
414
332
82
622
680
380
110
750
64
15
34
21
3.5
3.9
14.0 16.2
-10.7 -11.6
2.4
11.6
7.2
17.8
-9.7
23.6
-68.7 12.2 84.4 118.9
-6.1 16.5 9.7 23.8
Loss Loss Loss NM
-75.8 383.2 102.9 258.8
PL
Loss
LP -450.2
16.6
11.1
18.5
11.5
12.7
11.5
16.8
13.7
35.1
106.0 2.4
20.4
4.1
NM
1.3
53.6 12.7
-1,596 2.5
11.4
10.3
21.9
8.9
11.0
9.5
11.3
10.8
28.4
76.9
37.1
17.5
30.6
19.6
39.4
23.5
16.8
9.8
46.9
11.8
29.1
25.9
20.2
14.4
10.0
29.7
24.8
20.4
18.0
26.9
34.1
7.6
38.6
14.9
38.8
7.4
1.1
1.2
1.0
1.3
1.8
1.8
2.0
2.7
18.9
6.2
1.6
19.5
5.0
5.5
8.4
7.3
1.9
6.9
3.4
3.6
2.9
7.5
4.2
2.7
5.4
6.2
2.2
3.1
4.6
7.6
1.2
8.5
3.9
12.6
2.1
2.3
17.0 20.4
-18.1 -20.9
4.6 21.2
-0.6 -0.2
44.7
10.6
6.7
8.5
10.5
16.5
10.8
14.8
8.0
19.0
14.6
8.5
69.1
22.5
12.6
27.1
46.8
16.0
13.7
23.4
7.4
7.9
32.5
23.9
7.8
21.7
22.6
8.9
14.1
13.4
17.7
12.6
18.0
26.3
26.9
60.8
10.4
5.5
10.8
11.3
17.5
14.5
17.3
9.4
22.6
15.7
7.4
61.8
23.4
13.2
32.0
42.1
17.4
14.0
27.1
11.8
11.0
34.5
26.9
24.2
21.0
22.9
10.2
15.9
16.0
20.1
14.5
20.7
23.6
28.8
Buy
Buy
Sell
Buy
Buy
Buy
Sell
306
982
79
28
163
194
82
401
1408
61
37
210
282
74
31
43
-23
34
29
46
-9
18.5
88.8
4.3
2.4
12.9
16.9
4.9
26.8
95.2
3.6
3.1
14.8
20.4
7.3
31.1 23.8 44.9 16.2
103.2 71.1 7.3
8.4
4.0
11.4 -15.4 10.7
3.2 -18.1 28.5 3.1
16.2
7.5 15.1 9.5
21.3 20.7 20.9 4.6
7.9
-5.8 49.0 8.6
14.5 26.3 10.3
18.8
23.0
-8.4
63.6
23.8
37.4
34.1
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
Buy
Neutral
399
1326
715
795
201
569
328
393
1280
98
1233
478
385
762
2562
140
481
970
877
2370
1855
280
2032
70
6796
703
231
402
920
578
950
242
523
382
458
1307
117
1550
664
467
1100
3293
194
608
1300
988
3500
2040
343
2700
114
5281
945
167
1
-31
-19
19
20
-8
16
17
2
20
26
39
21
44
29
39
26
34
13
48
10
23
33
63
-22
35
-28
11.3
12.6
14.1
17.2
33.4 105.7
16.6
8.6
4.3
4.5
34.0
24.1
44.4
17.7
27.1
17.0
35.6
18.5
18.4
17.6
-3.5
27.3
16.4
27.1
32.1
17.7
47.9
25.8
15.4
17.9
12.1
44.9
19.0
28.8
23.6
55.5
33.4
20.0
13.0
52.8
14.0
42.9
36.6
24.4
18.4
35.3
43.8
29.9
28.5
22.4
35.4
46.9
9.7
49.3
16.3
51.6
15.9 19.3
22.4 17.8 21.0
41.8 45.5
49.4
2.0
8.7
7.0
6.6
6.9
2.9
-5.9
24.1 29.0
30.3 45.1 20.4
5.9
8.3
11.2 93.7 40.7
11.7 16.7
20.8 -8.7 42.5
64.0 76.4 110.4 48.2 19.3
7.5
9.9
11.7 -42.2 32.0
23.4 26.3
33.4 49.0 12.5
34.2 40.6
47.4 79.5 18.5
9.0
13.2
17.9 41.6 47.2
20.8 29.4
34.9 -16.0 41.1
105.0 126.6 149.9 21.9 20.6
7.6
9.7
11.4
3.6
28.4
13.6 48.2
46.5 22.3 253.5
22.1 32.7
41.6 124.2 47.7
29.3 35.4
41.2 -12.2 20.6
83.1 116.4 147.9 14.5 40.0
82.9 103.0 136.0 -3.5 24.2
7.9
10.4
12.2
9.1 31.6
43.3 59.6
88.1 11.6 37.5
7.2
9.2
11.6
8.4 28.1
137.8 176.1 203.2 4.4 27.8
43.0 47.2
55.6
8.9
9.7
4.5
6.0
6.7
25.3 32.9
7 March 2018
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
Motherson Sumi
Tata Motors
TVS Motor
Banks - Private
AU Small Fin. Bank
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
Indian Bk
PNB
SBI
Union Bk
NBFCs
Aditya Birla Cap
Bajaj Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
M&M Fin.
Muthoot Fin
1 Day (%)
-0.7
-0.5
-1.4
-0.2
-1.3
0.0
-0.5
-0.9
-1.4
0.8
0.3
-2.5
-0.8
-2.1
-0.7
-1.6
-2.9
-0.9
-1.3
-1.3
-2.2
-1.1
-1.1
-2.6
-1.3
1.2
-3.6
-1.5
-1.6
-1.2
-0.1
-2.5
-6.5
-4.4
-5.0
-2.3
-2.8
-3.7
-1.4
-0.1
-1.2
-1.6
-4.0
-0.9
-1.6
-1.3
0.0
-1.0
-0.2
-0.9
-1.6
1M (%)
4.8
9.9
-7.6
8.7
-7.2
4.5
-0.5
10.3
-3.6
2.3
0.8
-4.5
11.7
-4.1
-13.5
-7.4
-0.7
-3.4
-8.4
-1.8
3.8
-1.4
-2.4
-10.8
-2.1
1.9
-7.1
4.7
-0.8
-4.1
-7.5
-12.5
-27.5
-15.6
-11.0
-39.1
-12.0
-22.6
-0.4
-1.4
-2.0
11.2
0.6
3.4
-1.5
2.0
-4.4
0.2
2.1
-2.6
-3.1
12M (%)
-5.9
54.0
0.7
42.1
-15.2
35.0
18.8
83.5
77.2
-2.2
7.5
8.6
14.2
45.2
29.2
-26.4
51.2
Company
MAS Financial Serv.
PNB Housing
Repco Home
Shriram City Union
Shriram Trans.
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
K E C Intl
L&T
Siemens
Solar Ind
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Sagar Cements
Sanghi Inds.
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
1 Day (%)
-1.5
-3.3
-2.4
-2.2
-1.3
-0.9
-2.0
-2.3
0.3
0.1
-1.5
-1.3
-1.9
-1.0
-2.7
-1.3
-0.9
-1.3
-0.9
-4.9
-0.1
-2.1
-0.6
-2.7
0.4
-0.8
-2.7
0.9
-0.4
1.5
-4.1
-1.3
-3.4
1.0
0.3
1.1
-0.1
-1.7
-0.9
-0.8
0.5
1.4
-2.3
-0.6
-1.4
-0.4
0.3
-0.3
-2.3
-0.6
-0.7
0.0
1M (%)
-2.0
-9.3
-7.7
4.6
-1.5
-8.4
2.1
-4.3
9.8
-3.4
-5.0
-3.2
8.0
-0.8
16.9
-5.2
-9.8
-1.0
2.0
-3.9
6.4
-5.5
-1.5
-14.9
-1.6
6.4
-0.8
-3.5
5.7
1.0
7.4
-0.2
0.4
3.0
-1.7
1.1
-0.7
6.3
-5.5
-4.8
-1.1
7.6
5.0
-2.6
-6.3
-1.0
3.6
9.6
6.1
4.3
1.8
3.6
12M (%)
16.0
-14.6
6.3
44.2
22.8
9.5
-17.8
42.2
26.0
15.4
-9.9
42.7
18.5
141.7
30.0
-5.5
39.5
36.3
-10.3
62.6
6.9
14.5
24.4
41.8
35.1
-10.1
18.3
3.2
13.1
10.8
27.8
21.7
85.6
3.3
8.3
7.4
55.8
14.2
16.1
4.5
34.7
28.1
48.2
-2.8
-4.6
11.3
22.6
47.4
22.4
29.9
34.3
-0.3
3.9
-17.9
7.2
34.2
17.3
-17.5
29.3
-9.8
32.2
-0.4
26.8
7.2
-16.0
-19.3
-7.7
1.7
-30.9
-5.0
-34.2
58.1
1.9
50.0
55.7
45.5
29.1
45.2
37.8
-9.6
49.6
9.0
7 March 2018
16

MOSL Universe stock performance
Company
Prabhat Dairy
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Laurus Labs
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Torrent Pharma
Infrastructure
Ashoka Buildcon
IRB Infra.Devl.
KNR Construct.
Sadbhav Engg.
Logistics
Allcargo Logistics
Concor
Gateway Distriparks
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hathway Cab.
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
1 Day (%)
-1.6
-1.2
-5.1
0.2
1.8
-2.3
0.9
1.4
-0.8
0.6
0.2
-0.3
-1.0
1.6
-2.9
-1.4
-3.7
-4.9
-2.1
1.0
-0.6
0.7
-3.3
-2.9
-1.1
0.1
-1.1
-1.7
-0.4
-1.4
-3.7
-2.4
-4.8
-1.0
-2.5
0.8
-4.7
-1.1
-0.9
-2.9
-5.2
1.1
-0.3
-6.8
1.2
1.5
-1.7
0.1
-1.6
0.8
1M (%)
-9.2
-9.0
-3.4
6.0
6.1
3.5
1.7
8.0
-4.0
3.0
0.9
3.8
41.0
-2.1
-4.0
-4.5
18.2
-11.5
-3.3
5.9
6.0
-19.5
1.2
-3.7
1.1
5.0
-1.5
-1.9
-1.1
-7.6
-5.8
-5.2
-9.5
4.3
-5.3
4.6
-7.2
1.4
-3.8
-0.8
6.4
-3.3
-2.3
-11.4
-1.0
-2.3
-7.7
10.8
-7.7
3.6
12M (%)
26.0
31.7
31.3
-6.6
7.5
-21.9
-9.4
77.1
-11.4
-1.1
33.6
-23.9
-11.4
-38.5
-15.7
-13.0
18.8
15.1
-47.5
4.7
17.0
-35.2
-41.9
-22.2
-1.7
24.5
-5.6
63.3
42.3
0.7
24.4
-19.7
-31.1
-12.0
19.1
-15.1
-3.9
-11.4
5.4
-14.3
-3.6
19.8
-55.2
26.2
10.4
13.3
1.4
86.1
58.9
Company
Nalco
NMDC
Rain Industries
SAIL
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
NHPC Ltd
NTPC
Power Grid
Tata Power
1 Day (%)
-2.6
0.0
-0.6
-2.9
-0.2
0.8
2.4
-0.7
1.4
-2.2
-0.3
0.8
1.1
-0.3
1.7
-0.5
-0.1
-0.6
-1.4
-0.8
2.0
-0.3
-0.7
0.0
-2.1
-0.5
-1.6
-1.1
-4.1
-1.6
-2.0
1.8
-0.3
-1.8
-2.0
-1.5
-0.8
-1.7
-1.8
-0.9
-1.0
0.3
-1.3
-0.3
-0.2
-0.1
-1.6
-0.4
1M (%)
-11.4
-3.8
11.0
-9.4
-2.3
-0.7
-5.3
-2.7
4.7
3.6
-3.2
-5.0
6.4
8.2
0.7
-0.2
-0.2
-4.1
2.0
0.3
-13.3
3.4
3.7
-2.3
-5.9
3.5
4.8
16.1
14.3
0.3
3.5
6.4
7.0
1.8
1.6
-3.0
-3.3
-5.7
-4.1
-3.5
3.4
5.4
-0.8
-4.4
-1.1
-1.4
-0.6
-1.3
12M (%)
-21.3
-16.0
256.0
21.8
18.0
42.2
4.6
12.6
30.2
21.9
5.3
0.7
47.6
19.8
9.8
2.9
-4.4
17.8
39.6
87.0
80.6
84.0
33.2
8.9
58.0
10.9
60.3
97.0
79.1
42.9
109.3
33.4
40.8
23.4
23.4
16.4
-3.5
14.3
7.0
-25.4
-17.9
-5.3
18.8
24.4
-7.4
2.9
-0.1
-0.4
7 March 2018
17

MOSL Universe stock performance
Company
Others
Arvind
Avenue Super.
Bata India
BSE
Castrol India
Coromandel Intl
Delta Corp
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
UPL
V-Guard
1 Day (%)
-0.8
0.6
-0.3
-0.7
0.2
2.6
-3.5
-0.4
-2.1
-1.1
-3.3
-2.0
-3.8
-1.4
-1.1
5.0
-2.4
-0.1
-2.9
-1.6
-1.2
-0.8
-2.6
-0.6
-2.4
-1.9
1M (%)
4.4
19.8
4.7
-3.5
12.2
4.5
1.0
3.9
6.9
3.1
2.0
4.5
3.0
8.5
3.6
2.0
4.6
6.6
-7.1
3.4
7.6
0.0
-2.5
1.5
0.3
8.6
12M (%)
0.5
43.7
-16.1
-2.4
79.0
113.0
62.9
49.4
-42.4
49.1
-4.4
4.2
-31.1
2.9
-3.7
42.2
5.8
27.4
52.2
17.5
-3.4
133.5
-8.8
2.7
31.6
7 March 2018
18

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services,
Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed public company, the details in respect of
which are available on
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited
(BSE), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) & National Securities Depository Limited (NSDL) and is member of Association of
Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry and
adjudge violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice. The matter is closed and MOSL had to pay Rs. 2
lakhs towards penalty for misplacement of original POA of client.
MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in the subject company at
the end of the month immediately preceding the date of publication of the Research Report.
MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act
as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.;
however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though there
might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may have
received any compensation from the subject company in the past 12 months.
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
a)
managed or co-managed public offering of securities from subject company of this research report,
b)
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
c)
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
d)
Subject Company may have been a client of MOSL or its associates during twelve months preceding the date of distribution of the research report.
MOSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOSL has incorporated a Disclosure of Interest Statement in
this document. This should, however, not be treated as endorsement of the views expressed in the report. MOSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result,
the recipients of this report should be aware that MOSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or
brokerage service transactions.
Terms & Conditions:
This report has been prepared by MOSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential 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 of MOSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report
is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied,
is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to
buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOSL will not treat recipients as customers by
virtue of their receiving this report.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the
specific recommendations and views expressed by research analyst(s) in this report.
Disclosure of Interest Statement
Analyst ownership of the stock
Companies where there is interest
No
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Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary trading desk of MOSL or
its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOSL research activity and therefore it can have an independent view with regards to subject company for which Research Team have
expressed their views.
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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
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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.
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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 (BSE/NSE/MSE); 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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