14 June 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
31,103
0.0
Nifty-50
9,607
-0.1
Nifty-M 100
17,882
0.0
Equities-Global
Close
Chg .%
S&P 500
2,440
0.5
Nasdaq
6,220
0.7
FTSE 100
7,500
-0.2
DAX
12,765
0.6
Hang Seng
10,526
0.4
Nikkei 225
19,899
0.0
Commodities
Close
Chg .%
Brent (US$/Bbl)
47
-0.2
Gold ($/OZ)
1,262
-0.5
Cu (US$/MT)
5,686
-1.0
Almn (US$/MT)
1,879
-0.1
Currency
Close
Chg .%
USD/INR
64.4
-0.1
USD/EUR
1.1
-0.1
USD/JPY
110.2
0.1
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.5
0.0
10 Yrs AAA Corp
7.6
0.0
Flows (USD b)
13-Jun
MTD
FIIs
0.0
-0.3
DIIs
0.0
0.3
Volumes (INRb)
13-Jun
MTD*
Cash
239
257
F&O
3,211
4,175
Note: YTD is calendar year, *Avg
YTD.%
16.8
17.4
24.6
YTD.%
9.0
15.6
5.0
11.2
12.0
4.1
YTD.%
-14.5
8.8
2.9
10.2
YTD.%
-5.2
6.3
-5.9
YTDchg
0.0
0.0
YTD
7.6
2.6
YTD*
286
4,750
Today’s top research idea
Cholamandalam Investment & Finance: Prepared,
Equipped and Armed
On path to become one of India’s finest multi-product lenders
v
From a niche vehicle financier, Cholamandalam Investment and Finance
Corporation (CIFC) has transformed into a diversified asset finance play, with
home equity now comprising 28% of the total loan book.
v
Over the past five years, CIFC has delivered 20% AUM CAGR and 30% EPS
CAGR. Additionally, CIFC improved its expense ratio by 60bp to 3.2% over
FY12-17, driven by better use of technology. We believe CIFC is well poised to
reap further benefits of operating leverage due to higher employee
productivity, enhanced use of technology for loan sourcing, and moderation in
recovery expenses.
v
We expect the expense ratio to decline from 3.2% to 2.7% over FY17-20. The
structural decline in opex ratios following productivity improvement should
elevate RoA/RoE from 2.6%/18% in FY17 to 3.0%/20% in FY20.
Research covered
Cos/Sector
Financials
MCX
Results Expectation
Technology
Telecom
Key Highlights
RBI identifies accounts for reference by banks under IBC
Much-awaited SEBI guidelines on options finally out
Manpasand: Revenue, EBITDA and PAT below estimates
Uneasy valuations divergence
Focus on leadership circles, merger with Idea progressing well
Cholamandalam Invest. & Fin. Prepared, Equipped and Armed (Initiating Coverage)
Piping hot news
Quote of the day
Bad loans: 12 cases account for 25% of gross NPAs; RBI sends names for
People don’t buy for logical reasons. They
immediate resolution under Bankruptcy Code; cases possibly include
buy for emotional reasons
Bhushan, Essar Steel, Visa
v
A day after finance minister Arun Jaitley said a total of 81 default cases had
been filed for resolution under the Insolvency and Bankruptcy Code (IBC)...
Chart of the Day: Cholamandalam Investment & Finance
Disb per employee declined over FY13-15 (INR m)
… but has picked up in the past few quarters
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
Sebi permits options trading in
commodity futures
The Securities and Exchange Board
of India (Sebi) on Tuesday laid out
rules for the introduction of
commodity options. The regulator
said it would allow only one
commodity option per exchange
on a pilot basis…
2
Infrastructure road block: Rs 18,000 cr of highways projects slip
behind schedule; lack of clearances blamed
As many as 22 road projects worth Rs 18,300 crore, awarded between July
2015 and October 2016, have slipped behind schedule. Spanning 1,239 km,
these projects have missed the official date for the commencement of
construction, or the so-called appointed date (AD), due to a combination
of factors, including delay in land acquisition, pending financial closure and
environmental clearances…
3
Electricity consumption in
India: power demand to rise
7% CAGR in 5 year
4
Infosys cites activist
shareholders as risk factor in
SEC filing
Infosys has warned that the
company’s performance and
stock, in exchanges both in India
and the US, could be affected
because of actions of activist
shareholders, hinting at the public
interventions in the firm’s affairs
by its founder NR Narayana
Murthy …
Electricity consumption (demand)
in the country will grow at 7.1%
(CAGR) between FY17 and FY22
and then slow to 6% in the
subsequent five years, according
to the Central Electricity Authority
(CEA)…
5
Berger Paints seeks investors’
nod to expand product range
Berger Paints India Ltd said in a
regulatory filing on Monday that it
was seeking shareholders’
approval to expand its product
range, following in the footsteps
of industry leader Asian Paints Ltd,
which has already launched
various new products such as
adhesives, painting implements
and waterproofing solutions …
6
Uttar Pradesh asks NHAI to
build Bundelkhand Expressway
Uttar Pradesh has asked the
central government to build Rs
10,000 -crore Bundelkhand
Expressway besides other big-
ticket road projects after the
double whammy of an Rs Rs
36,500-crore farm loan waiver
plus the 7th Pay Commission pay-
out of a similar amount, all to be
borne in a single financial year,
will leave its coffers strained…
14 June 2017
7
Bad news for farmers: GST to
increase cost of tractor
production
Tractor prices may go up by
around Rs 25,000 after the goods
and services tax is imposed
because the gap between input
and output taxes is wide. In a
recent meeting, the GST Council
addressed the issue of the
inverted duty structure in various
industries, including the tractor
industry...
2

Cholamandalam Investment & Finance
BSE Sensex
31,213
S&P CNX
9,647
Initiating Coverage | Sector: Financials - NBFC
CMP: INR1,040
TP: INR1,250 (+20%)
BUY
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 (%)
Prepared, Equipped and Armed
CIFC IN
156.3
1244 / 805
-1/17/-4
163
2.5
361
46.9
On path to become one of India’s finest multi-product lenders
n
n
Financial Snapshot (INR b)
Y/E March
2017 2018E
NII
23,473 28,492
PPP
14,162 18,035
Adj. PAT
7,187 8,861
EPS (INR)
46.0
56.7
EPS Gr. (%)
26.3
23.3
BV (INR)
274
323
RoAA (%)
2.6
2.8
RoE (%)
18.1
19.0
Valuations
P/E (x)
22.8
18.5
P/BV (x)
3.8
3.2
Div. Yield (%)
0.5
0.6
2019E
33,870
22,200
11,044
70.6
24.6
386
3.0
19.9
14.9
2.7
0.7
n
n
From a niche vehicle financier, Cholamandalam Investment and Finance
Corporation (CIFC) has transformed into a diversified asset finance play, with
vehicle finance (VF) now comprising 69% of the loan book, followed by home
equity (HE; 28%) and new business segments (home loan/MSME financing; ~3%).
Over the past five years, CIFC has delivered 20% AUM CAGR, driven by 19% CAGR
in VF and 25% in HE. However, EPS compounded at 30% over the same time
period. We believe CIFC has built the foundation to achieve 19% AUM CAGR and
23% PAT CAGR over FY17-20.
CIFC also improved its expense ratio by 60bp to 3.2% over FY12-17, driven by
better use of technology. We believe CIFC is well poised to reap further benefits of
operating leverage due to better employee productivity, enhanced use of
technology for loan sourcing and moderation in recovery expenses. We expect the
expense ratio to decline from 3.2% to 2.7% over FY17-20.
The structural decline in opex ratios following productivity improvement should
elevate RoA/RoE from 2.6%/18% in FY17 to 3.0%/20% in FY20. The stock price has
consolidated over the past year, which provides an attractive entry point. We
initiate coverage with a Buy rating and a target price of INR1,250 (3.2x FY19E BV).
Shareholding pattern (%)
As On
Mar-17 Dec-16 Mar-16
Promoter
53.1
53.1
53.1
DII
15.9
16.7
24.4
FII
20.7
17.8
15.3
Others
10.3
12.5
7.2
FII Includes depository receipts
Cholamandalam Investment
& Finance
Prepared, Equipped and Armed
Strong foundation to deliver 18-20% AUM growth over the foreseeable future
CIFC was an early entrant in the loans against property (LAP) business, which has
helped it to navigate the downturn in the CV cycle over 2012-14. The LAP book
has now grown to INR96b (28% of AUM). Conversely, the subsequent pick-up in
the vehicle finance segment over the past 6-8 quarters has helped it to navigate
the slowdown in LAP. CIFC has also started MSME financing and home loans.
Both these segments are growing at a fast pace (albeit off a low base – INR9b
cumulative). Given the sheer market opportunity in home loans, combined with
the fact that most financiers focus on the salaried segment, management
believes that the home loan book could be as big as the home equity book in five
years.
We believe CIFC has enough levers to maintain 18-20% AUM growth
over the foreseeable future without compromising on underwriting standards.
Structural decline in opex ratios to drive improvement in RoA/RoE to 3%/20%
Despite investing in branch expansion and technology, CIFC improved its
expense ratio by 60bp to 3.2% over FY12-17. However,
employee productivity,
as measured by disbursements per employee, declined from INR15.6m in FY13
to INR11.4m in FY15, given increased focus on recoveries. Recovery costs more
than doubled from INR650m in FY13 to INR1.4b in FY15.
However, with stable
asset quality, we expect moderation in recovery costs. Employee productivity
has also picked up over the past two years, but is still below FY13 levels. CIFC has
been able to cut down on overhead expenses with the use of technology.
We
expect further decline in the expense ratio from 3.2% to 2.7% over FY17-20.
Piran Engineer
+
91 22 3980 4393
Piran.Engineer@motilaloswal.com
14 June 2017
3

Stock Performance (1-year)
Diversified asset finance play; ~20% market share in LCV financing
CIFC has emerged a significant player in the commercial vehicle (CV) finance market
by carving a niche in light commercial vehicle (LCV) finance.
It is the largest player in
the LCV finance market, with a market share of ~20%, as per our calculations.
CIFC
has built a diversified vehicle finance portfolio across M&HCVs, LCVs, tractors, used
CVs, etc., making it one of India’s most diversified vehicle finance players. In
addition to product diversification, the overall loan portfolio is also geographically
well spread out, with presence across 25 states – the largest state accounts for just
12% of its loan book. Such diversification provides flexibility in re-orienting the
portfolio based on market opportunity.
Asset quality superior to most peers; NPL recognition ahead of schedule
CIFC enjoys excellent asset quality;
its GNPL ratios of 4.2% in VF and 5.7% in LAP
(90dpd) are better than most of its asset financing peers.
This is due to its
conservative underwriting standards, stringent loan appraisals, and proactive default
detection and action upon early warning signals. CIFC disburses home equity loans at
an average LTV of 55%, lower than most of its peers. With rising stress in this market
in north India, CIFC has scaled back on disbursements there. While the shift to 90dpd
NPA recognition has increased headline NPAs, we do not expect any significant
impact on net credit losses. Additionally,
CIFC is now authorized to use SARFAESI for
defaulters in its LAP segment and has already sent 100+ notices. We expect
resolution of many of these cases in FY18. As a result, credit cost should remain
stable at ~1% over FY18-20.
Valuation and view: Strong performance to support premium valuation
CIFC is set to deliver 18-20% AUM growth over FY17-20, driven by its diversification
into newer segments and geographies.
The structural decline in opex ratios
following productivity improvements, along with stable credit costs, should
elevate RoA from 2.6% in FY17 to 3.0% in FY20.
Asset quality would remain largely
stable and better than most peers. The housing finance business, which is at a
nascent stage, would be a key value driver over the next 3-5 years. The stock has
witnessed some consolidation over the past year, which provides an attractive entry
point. We use an RI model with Rf of 7%, CoE of 13% and terminal growth rate of 5%
to arrive at a target price of INR1,250 (3.2x FY19E BV). Initiate with a
Buy
rating.
Valuation comparison
Price
SCUF
STF
BAF
MMFS
CIFC
2,433
987
1,363
351
1,040
RoA
FY17
2.7
2.0
3.3
1.0
2.6
FY18E
3.6
2.6
3.5
1.7
2.8
FY19E
3.9
2.9
3.6
1.8
3.0
FY17
11.8
11.7
21.7
6.4
18.1
RoE
FY18E
16.2
14.5
24.0
10.9
19.0
FY19E
17.8
16.3
26.2
12.9
19.9
FY17
3.2
2.0
7.8
3.1
3.8
P/B
FY18E
2.8
1.8
6.3
2.9
3.2
FY19E
2.4
1.6
5.0
2.7
2.7
FY17
28.8
17.8
40.6
49.5
22.6
P/E
FY18E
18.7
12.9
29.0
27.1
18.4
FY19E
14.8
10.2
21.4
21.4
14.7
Source: Company, MOSL
14 June 2017
4

Sector Update | 13 June 2017
Financials
RBI identifies accounts for reference by banks under IBC
Credit costs could stay elevated but resolutions likely to accelerate
n
The Reserve Bank of India, in its notification dated 13 of June, 2017, has stated that
its Internal Advisory Committee (IAC) has referred all stressed accounts with total
outstanding exposure of > INR50b and with >= 60% of it classified as NPA (as of FY16),
for resolution under Insolvency and Bankruptcy code (IBC).
th
n
n
Under the recommended criterion, 12 accounts amounting to 25% of current banking
system GNPA (~INR2t) would qualify for immediate reference
For the identified accounts, RBI, under recommendations of the IAC, will issue
directives to banks to file for insolvency proceedings, with such cases being accorded
priority by the NCLT
n
For other NPA accounts that do not qualify under the above criteria, banks are
required to finalize a resolution plan within 6 months, failing which they should file for
insolvency proceedings under IBC
n
n
Details of resolution for other NPA accounts will be released shortly
A separate circular on revised provisioning norms for cases accepted for resolution
under IBC will be issued separately
Time-bound resolution a positive; provisioning expenses likely to remain
elevated
Resolution for identified accounts is likely to involve a combination of
SDR/S4A/5:25/deep restructuring. Targeted cleanup of select large stressed
accounts (in our estimate the top 3-4 accounts from infrastructure and steel sectors
account for ~15% of system GNPAs) with prioritization by the NCLT is a positive
because of the latter’s time-bound resolution mandate. Most of the bigger
corporate lenders, especially ICICI, SBI and BoB have provisioned adequately for
these key accounts and are likely to be the biggest beneficiaries from their
resolution. However, mid-sized PSU banks will continue to suffer from elevated
credit costs. Our interactions with bankers suggest that quick resolution of key
accounts may require larger haircuts, indicating a possibility of deferred provisioning
to enable weaker banks. We expect FY18 provisions to remain elevated.
Exhibit 1:
SBI and BoB are best placed in terms of NSL among PSU banks
NNPA
OSRL
Net other stressed loans
16.7
8.2
2.0
6.6
UNBK
16.2
5.6
2.8
15.9
6.2
3.3
6.3
CBK
14.3
4.9
0.4
12.9
3.5
2.9
6.4
BOI
11.3
3.5
3.4
4.4
INBK
10.2
2.7
2.8
4.7
BOB
7.9
1.8
2.3
3.7
SBIN
Source: MOSL, Company
7.8
PNB
9.0
OBC
14 June 2017
5

Exhibit 2:
Stressed advances (GNPA +OSRL) ratio of various segments
42.9
27.9
23.7
20
18.7
18.6
17.8
17.6
16
15.9
15
12.5
11.7
Source: MOSL, Company, FSR
14 June 2017
6

13 June 2017
Update
| Sector:
Others
MCX
Buy
BSE SENSEX
31,103
S&P CNX
9,607
CMP: INR1,047
TP: INR1,300 (+24%)
Much-awaited SEBI guidelines on options finally out
Expect trading to commence – in gold to start with – from Aug/Sep 2017
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 (%)
n
MCX IN
51
1,420/919
-8/-36/-10
53.4
0.8
485.0
100.0
n
n
Financials Snapshot (INR b)
2017 2018E 2019E
Y/E Mar
2.4
2.7
3.5
Net Sales
0.6
0.8
1.5
EBITDA
1.3
1.6
2.2
PAT
24.8
30.5
42.9
EPS (INR)
6.2
23.1
40.3
Gr. (%)
266.4 282.0 303.8
BV/Sh (INR)
9.9
11.1
14.6
RoE (%)
9.6
10.8
14.2
RoCE (%)
50.1
40.7
29.0
P/E (x)
4.7
4.4
4.1
P/BV (x)
Shareholding pattern (%)
As On
Mar-17 Dec-16 Mar-16
Promoter
0.0
0.0
0.0
DII
36.5
37.5
41.6
FII
22.6
24.0
15.7
Others
40.9
38.5
42.8
FII Includes depository receipts
Stock Performance (1-year)
Multi Comm. Exc.
Sensex - Rebased
1,380
1,260
1,140
1,020
900
The Securities and Exchange Board of India (SEBI) on 13 June 2017 released a circular
to stipulate the necessary guidelines with respect to the product design and risk
management framework for trading in options on commodity futures.
MCX had cited that once the guidelines are out, options should start to get traded
within a span of a month. We expect trading in commodity options (gold to start
with) to commence from August/September 2017.
We believe this welcome move amid tepid volumes on MCX in recent months should
be sentimentally positive for the stock. We were building in contribution from
options in our MCX volumes estimates from 2QFY18, which does not see any change
post the announcement.
SEBI circular link:
http://www.sebi.gov.in/legal/circulars/jun-2017/options-on-
commodity-futures-product-design-and-risk-management-framework_35096.html
Eligibility criteria for selection of commodities:
Options would be permitted on
those commodities that are among the top five futures contracts in terms of total
trading turnover value over the previous 12 months, and their ADT would need to
be at least INR2b for agricultural commodities and INR10b for others. Initially, on a
pilot basis, each exchange shall be allowed to launch options only on one
commodity post the approval of the SEBI.
Contract design specifications:
The underlying asset for the option would be
commodity futures contract of a specified month in which the option will devolve
into. Options would be European style, and the expiry day shall be decided by the
exchange. Position limits are at the same levels as prescribed in earlier circulars.
For MCX, gold likely to be the first:
The top five commodities for MCX in order of
ADT are crude oil, gold, silver, zinc and copper. All of these have ADT of over
INR10b, and hence, would be eligible for the launch of options. For MCX, options
on gold are likely to be launched to begin with.
2HFY18 launch likely to be on track:
MCX had earlier alluded to its readiness for
the launch of options in terms of technology and back-end. It maintained that it
should be able to go live within ~4 weeks once the guidelines are out. We believe
options will commence on MCX by August (latest by September). We model
volumes in options from 2QFY18 – similar to what we had assumed earlier.
Expect impact to be akin to a hockey-stick:
The introduction of options has been
one of the critical reforms awaited to trigger growth of the commodity derivatives
market. While this circular brings the launch a step closer and is sentimentally
positive, the financial impact would be better assessable post launch. A hockey-
stick impact is expected, with cannibalization impact for a brief early
14 June 2017
7

period, followed by significant market growth driving earnings. A written guideline
on the mechanics of CTT levied on options is yet awaited.
Volumes recovery not too far
We have retained our volumes ramp-up estimates for MCX, and factor in the
commencement of options from 2QFY18 – building ~6% volumes from the same this
year, growing gradually thereafter. This should kick-start the recovery in volumes,
which should continue with the entry of new participants such as FIs and new
products such as indices. This drives our expectation of healthier revenue growth in
FY19 (31%), consequently driving earnings growth (~40%). Our price target of
INR1,300 discounts FY19E earnings by 30x. Maintain
Buy.
Current futures volume for
2.5 months into 1QFY18 remains below our estimate (ADT of INR189b v/s estimate
of INR205b), which may put our FY18 earnings estimate at risk.
State of volumes
n
n
n
n
Overall volumes have picked up slightly, from ADT of 183b in May to 201b. This
was 191b in both March and April.
This is being contributed by crude and silver. Crude was at ADT of 53b in March,
50b in April, increased to 56b in May, and now is at 62b in June so far.
Silver has seen some recovery. It was 19b in March, improved to 23b in April,
remained there in May and is thus far up to 27b in June.
Gold has not seen a pick-up – it was 30b in March, April and May, and has
remained at 30b thus far in June.
Exhibit 2: …neither is silver, though June thus far is better
1155
700
765 842
Silver (INR b)
940
835
712 705
Exhibit 1: Gold not manifesting significant recovery…
1341
1543
1385
1136
957
Gold (INR b)
834 909
471
632 661 680 571
513 497 470 447 435 537
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: Crude volumes have not decimated like gold
Crude (INR b)
1576
1469
1259
1547
1638
1265
1388
929
1051
924
1218
947
1291
Exhibit 4: Zinc has grown to become a significant contributor
Zinc (INR b)
800
379
577 558
515 513 482
545 526 555
617
488 479
Source: Company, MOSL
Source: Company, MOSL
14 June 2017
8

RESULTS
FLASH
BSE SENSEX
31,103
S&P CNX
9,607
Manpasand Beverages
13 June 2017
Results Flash | Sector: Others
CMP: INR758
Revenue, EBITDA and PAT below estimates
n
n
Buy
We will revisit our estimates
post earnings call/management
interaction.
n
n
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
Sales
7.0
11.4
EBITDA
1.4
2.3
NP
0.7
1.2
Adj EPS (INR)
12.4
20.3
EPS Gr. (%)
23.2
63.2
BV/Sh (INR)
201.6
216.8
RoE (%)
7.0
8.6
RoCE (%)
8.2
9.9
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
2019E
16.9
3.4
Key questions for management
1.7
n
Major constituents of other expenses that led to a contraction in margins.
29.3
n
Status of new capex and land acquisition.
44.7
n
Ad spend budget for the upcoming season and whether any product launches
237.3
are planned.
12.9
14.7
MANB reported overall revenue of INR2,672m (est. of INR3,272m) in 4QFY17,
as against INR2,078m in 4QFY16, marking YoY growth of 28.6%.
EBITDA margin shrunk 120bp from 20.6% in 4QFY16 to 19.4% (est. of 18.5%) in
4QFY17. EBITDA stood at INR518m (est. of INR605m), as against INR428m in
4QFY16, implying growth of 21%.
Other expenses rose 180bp to 12.4% of net sales, while raw material cost
increased 70bp to 65.7% of net sales.
Accordingly, adj. PAT grew 22.5% from INR256m in 4QFY16 to INR313m (est. of
INR347m) in 4QFY17.
61.0
3.8
30.8
37.4
3.5
19.5
Valuation and view:
We will revisit our estimates post the earnings call. Based on
our current estimates, at CMP of INR758, the stock trades at 37x/26x P/E on
25.8
FY18E/FY19E EPS estimates. Currently, we have a
Buy
rating on the stock, which we
3.2
13.1
will update post interaction with management.
14 June 2017
9

Sector Update | 13 June 2017
Technology
Waning revenue outperformance
TCS
25.0%
20.0%
15.0%
10.0%
5.0%
n
Aggregate peers
Uneasy valuations divergence
Examining the recent premium in some companies’ valuations
n
Over the last couple of months following the full-year earnings announcements, we
observe significant divergence in valuation multiples among top-tier peers and also
among the tier-II counterparts, widening the band range for valuations.
While explicable in some cases, there are instances that confound us, notably: [1] TCS’
19-33% premium over tier-I peers and 8% premium over CTSH, [2] WPRO’s 6%
premium to INFO, despite the former braced for revenue decline in 1Q, following
410bp EBIT margin decline over FY15-17, and [3] breaking away of MTCL, MPHL and
HEXW from PSYS, CYL and ZENT, though the latter set is not lagging in fundamentals /
earnings growth expectations. We are positive on all the three names in the latter set.
n
The unsettling debacle between the Board and the promoters has hurt INFO’s relative
valuations, cessation of which might just be the beginning of a round of catch-up by
INFO with both WPRO and TCS.
Widening margin gap
WPRO EBIT margin (%)
INFO EBIT margin (%)
24.5
25.9
25.0 24.7
24.0 24.2
17.9
20.5
17.2 17.8
n
HCLT’s 20% premium to TECHM is also worth a mention. TECHM’s margin shock in 4Q
contrasted HCLT’s steady expectations, explaining the discount. However, the likely
improvement in trajectory starting 2QFY18 could be an upside trigger at TECHM,
whereas HCLT’s margins would do well to sustain at current levels amid multiple
acquisitions that would get integrated
.
TCS’ recent run will be tested as soon as in 1Q
TCS has run up 11% from the lows of INR2,274 in a little over a month, and now
trades at ~18x FY18E and 17x FY19E EPS. From the near-term perspective, we
believe the current levels are up for test, especially with the elevated margin
pressures in 1QFY18.
n
Near-term margin management will be sternly tested:
TCS has retained its
margin outlook of 26-28% for FY18 after falling marginally short in FY17.
However, 1QFY18 will offer a stern test to the company’s exit margin of 25.7%
with currency, wage hikes and (albeit lower) visa expenses contributing to
headwind of at least 200bp, if not more. We note that among the tier-I IT
companies, TCS is the only company with a full quarter of wage hikes effective in
the June quarter. A couple of citations by TCS that have caveated the retention
of the 26-28% margin band: [1] “over the near-to-medium term, the sharp
movements will not be absorbed”, and [2] “26-28% margin is not a guidance but
internal target, definitely a stretch, but achievable”.
n
The ask rate on revenues is no small matter either:
Our current FY18 revenue
growth estimate (9% YoY CC) already embeds ~USD1.8b incremental revenues,
implying substantial improvement over FY17’s USD1.4b. With the outlook for
the Retail vertical sluggish in FY18, it will be a tall order to achieve the same, let
alone beat it. TCS is unlikely to break away from peers’ performance, even
though the same is demanded by the valuation premium.
22.6 22.0
Likely margin improvement in
Tech Mahindra
HCLT EBIT margin (%)
TECHM EBIT margin (%)
20.4
20.3
19.5
19.4
13.5
11.0
10.9
11.4
14 June 2017
10

Update | 13 June 2017
Telecom
Focus on leadership circles, merger with Idea
progressing well
Weak spectrum/limited investments in weak circles bring risk of market
share loss
We met senior management of Vodafone. Key highlights:
n
Vodafone has decided to adopt a segmental approach until the merger with Idea takes
effect. The company is investing aggressively to protect its market share in the 12
leadership circles. Consequently, the remaining 10 circles (competitive and challenger
circles) with weak spectrum and limited investments remain highly vulnerable to
market share loss to peers, particularly Bharti which has eaten into the company’s
market share in these circles in the last quarter.
n
Overall market is witnessing signs of improvement after RJio starting to charge
subscribers – recharges and usage are regaining momentum, and incoming voice
traffic from RJio is reducing.
n
The risk of ARPU decline (led by down-trading) appears to be mitigating, with: a)
reduction in the usage of second SIMs, mainly of smaller players, b) return of traffic, as
evident from increased recharges and c) Vodafone’s strategy of offering better value
at same price, instead of re-pricing at lower value.
n
n
High capex intensity seen in FY17 should reduce, even as Vodafone continues to
expand 4G coverage.
The outlook for the VoLTE feature phone market remains unviable due to (a) low
ARPU (below INR50) of feature phone users and (2) availability of low-price
smartphones.
n
The progress on the merger with Idea is on track. Post-merger, the combined entity is
expected to be the number 1 or 2 player in 21 circles. Management plans to focus on
the leadership circles until the merger takes effect; the remaining circles are expected
see network and subscriber synergies post-merger. The merged entity will have 4x net
debt to EBITDA, which should reduce to 3x over time.
Exhibit 5: Vodafone India financials metrics
India (INR m )
Service revenue
Revenue
EBITDA
EBITDA margin
1HFY14
185,927
185,927
54,191
29.1%
1QFY16
101,664
1.5
184
(0.2)
2HFY14
191,318
191,318
52,969
27.7%
2QFY16
99,457
(2.2)
178
(3.2)
1HFY15
206,070
206,070
60,198
29.2%
3QFY16
100,030
0.6
175
(1.6)
2HFY15
216,737
216,737
64,210
29.6%
4QFY16
103,951
3.9
177
1.1
1HFY16
218,992
218,992
64,472
29.4%
1QFY17
104,953
1.0
176
(0.3)
2HFY16
224,249
224,249
64,762
28.9%
2QFY17
102,516
(2.3)
171
(3.1)
1HFY17
225,796
225,796
66,273
29.4%
3QFY17
96,037
(6.3)
158
(7.5)
2HFY17
203,716
203,716
50,047
24.6%
4QFY17
88,365
(8.0)
142
(9.9)
India Wireless (INRm)
growth (QoQ)
ARPU (INR)
Growth (%)
Source: Company, MOSL
14 June 2017
11

In conversation
1. Credit demand spurred post demonetisation, says satin credit;
HP Singh, Founder & MD
n
n
n
Credit culture to an extent does get hurt in this process when you give farm loan
waivers
Probably a problematic area for the banking institutions because farmers in that
space are aware that this is the differentiation they get from the banking
community.
Credit demand has spurred post demonetisation.
2. Thermax eyeing acquisition opportunities in european mkts;
aim to improve topline; MS Unnikrishnan, MD & CEO
n
n
n
n
n
Demand slowdown seems to be closer to the bottom now. Sectors that are
consumption oriented are seeing investments happening and there is some
movement visible in areas like commodity and infrastructure, Cement and oil &
gas space
Quarter order intake upwards of Rs 500 crore order from consumption oriented
sectors and that is likely to continue unabated. Even in international markets
company is seeing investments happening in this area, which will improve order
intake going forward
For FY18, confident of seeing an improvement in the topline but said the current
quarter could see some pressure due to GST rollout.
On the acquisition front, they would continue to look at opportunities in
European markets. The recent acquisition in Poland was to support business
foray into Eastern Europe and intention to provide entry into Germany for
standard heating products
Competition in the thermal segment would remain the same but that in
manufacturing would be fierce because the projects are limited.
3. GST positive for CV cycle; ready to invest in any form of new
technology: Ashok Leyland; Vinod Dasari, CEO & MD
n
n
n
Ashok Leyland is significantly ramping up production in electric vehicle (EV)
space. The company has a three-pronged strategy for this business, one of
which is battery swapping
The company has launched India’s first electric bus and will invest Rs 100 crore
initially in EV business.
Government is keen and asking for huge number of buses and the order ranges
from 2,000 to 20,000. He believes that goods and services tax (GST) will be
positive for commercial vehicle (CV) cycle.
14 June 2017
12

From the think tank
1. Monetary policy committee: more questions than answers
n
Last week’s statement of India’s five-meeting-old monetary policy committee
(MPC) raises more questions than answers. That, however, hasn’t prevented
investors—long hungry for a repo rate cut—from factoring easing as early as the
next meeting in August. The May inflation outcome will increase the decibel
level about that expectation. The reality, however, is more nuanced, and the
probability of a rate cut is low and one that soon could be even lower. Investors
are underestimating the risk of the MPC not achieving the ambitious inflation
target of 4% on a sustained basis despite near-term inflation being temporarily
well below that level. In its first nine months, the MPC has gone from cutting
rates and sounding dovish (October) to sounding hawkish and unexpectedly
shifting its stance to neutral from accommodative (February), to slashing its
inflation forecast (last week). A substantial 1.4 percentage-point miss on its
inflation forecast for 4Q FY17 wasn’t enough to justify easing.
2. Three crucial stumbling blocks in farming
n
Imagine a beautiful plant. On soil, close to its roots, there is a small plastic
packet of plant nutrients. While the packet is close to the plant, it cannot be
absorbed unless the cover is removed. It might be the best nutrient imported
from a different continent and brought all the way to the root of the plant, but it
starts showing results only when the plant absorbs it. The farmer is the plant.
Government schemes on agriculture are that packet of nutrients. Suddenly,
farmers in India have a happening life. It is quite similar to a teenager who
suddenly comes from a small town to a cosmopolitan city. A digital wallet,
Smartphone apps, crop insurance, soil health cards, e-markets and best of all, an
American dream that their incomes will double by 2022.
3. Job creation: Here’s why services can’t be the new
manufacturing
n
With very limited jobs creation, new narratives are being fleshed out. There is
the Mudra-loans one which talks of converting job-seekers into job-creators—
according to this, Rs 3.2 lakh crore loans have been given to 7.5 crore persons
over the past three years; how unsustainable these tiny enterprises are is
obvious. The second big narrative revolves around services—the world may
have gone the manufacturing way, but India can create its own path since it has
an advantage in services thanks to its brain-power. There is obviously scope for
charting one’s own path, but to dismiss the global experience is a bad idea. Also
keep in mind that many, though not all, of the problems that afflict Indian
manufacturing—high land prices, poor infrastructure, poor labour laws, etc—
will also hit a services-driven economy. The primary reason why all countries
have gone the manufacturing route before moving to services is simple.
Manufacturing with its emphasis on repetitive tasks is ideally suited to absorb a
largely illiterate and unskilled rural work force.
14 June 2017
13

4. Independent directors must be sackable
n
Sebi’s wants the government to tighten rules relating to the removal of
independent directors in companies. This is not a good idea. Tougher exit rules
— replacing an ordinary resolution, which calls for a simple majority, with a
special resolution, which calls for 75% support, to remove an independent
director — will tilt selection towards pliant individuals guaranteed to make no
trouble. This would defeat the very purpose of having an independent director,
which is to look after the interests of all classses, and not just minority
shareholders. The debate over the actual role of independent directors has
raged for long, and has come into focus again after the boardroom coup at Tata
Sons. Both the Naresh Chandra and the Narayana Murthy panels had envisaged
a greater role for independent directors.
International
5. Emmanuel macron will offer no mercy to theresa may
n
We now have strong and stable leadership — but in France, not Britain. Theresa
May, Britain’s prime minister, will enter the Brexit negotiations gravely
weakened after the UK general election. By contrast, Emmanuel Macron,
France’s president, is poised to emerge from legislative elections with the huge
parliamentary majority that Mrs May once dreamt of. The two leaders will meet
for dinner in Paris on Tuesday night. There are some fond hopes in the Remain
camp in Britain that the combination of a weak May and a strong Macron may
help to get Britain off the hook of a hard Brexit. But that is unlikely. The French
president has little incentive to help the UK out of the mess it is in, even if that
were possible. Indeed, for President Macron, Brexit is looking increasingly like a
historic opportunity rather than a cause for regret.
14 June 2017
14

Click excel icon
for detailed
valuation guide
Rs
Valuation snapshot
P/E (x)
P/B (x)
FY17 FY18E FY17 FY18E
24.4
17.3
18.8
31.0
37.1
17.9
32.7
28.7
20.6
24.1
18.9
20.4
24.3
24.5
14.6
33.2
21.9
21.6
23.6
31.6
20.0
25.0
18.7
17.5
25.1
19.5
30.2
29.3
10.0
16.5
22.8
8.9
10.0
10.6
8.9
9.0
8.7
14.5
14.4
6.1
11.9
29.1
20.9
11.4
43.3
32.9
14.0
17.5
8.4
26.7
13.5
5.5
4.5
4.8
6.6
8.4
3.1
16.5
7.2
3.8
3.9
7.4
3.3
2.8
6.1
2.6
11.0
4.9
2.2
3.1
2.3
2.3
5.1
2.1
1.3
4.5
0.8
4.7
4.6
1.1
3.8
3.2
1.1
0.6
0.7
0.5
1.0
0.4
0.8
1.3
0.5
0.9
7.8
3.8
1.7
14.6
6.6
4.0
3.7
2.6
3.0
2.9
4.7
4.0
4.3
5.8
7.4
2.7
11.7
5.9
3.2
3.5
6.3
3.0
2.5
5.3
2.2
8.7
4.2
2.1
2.8
2.2
2.1
4.4
2.0
1.3
3.9
0.8
4.1
4.0
1.0
3.2
2.9
1.0
0.6
0.7
0.5
0.9
0.4
0.8
1.2
0.5
0.9
6.3
3.2
1.6
12.1
6.0
3.6
3.1
2.3
2.8
2.6
ROE (%)
FY17 FY18E FY19E
20.3
23.3
25.3
16.2
15.8
16.9
40.3
20.8
12.3
14.0
35.7
14.2
6.4
20.3
9.8
25.6
17.1
6.9
10.9
8.9
9.9
17.9
10.1
7.2
16.0
-27.0
13.8
12.3
9.4
18.9
11.4
4.1
-6.7
4.2
1.4
10.1
-8.4
3.6
-0.2
2.7
0.9
21.7
15.1
14.4
30.4
19.3
25.5
19.4
23.9
6.4
19.7
20.8
24.4
24.1
19.9
21.2
16.3
41.9
22.6
16.8
14.5
35.9
14.2
10.8
21.2
16.5
29.2
19.3
9.9
12.4
7.1
10.9
18.2
9.1
7.4
16.5
4.0
14.5
14.6
10.6
17.9
12.9
12.3
6.1
6.8
5.8
10.6
4.6
5.6
8.9
8.1
7.4
24.0
16.7
14.5
30.6
18.3
27.0
19.3
29.0
10.9
20.2
21.2
26.9
25.6
22.5
22.2
17.9
38.5
23.1
17.9
15.8
31.3
14.4
11.5
22.3
27.8
35.9
22.8
15.7
14.0
10.1
12.5
19.0
9.8
9.0
17.3
7.0
15.7
17.3
12.2
19.4
14.5
14.5
9.0
9.4
7.3
11.1
5.4
7.5
10.7
10.5
9.3
26.2
19.5
15.2
30.9
17.4
29.6
19.0
32.2
12.9
20.6
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Aggregate
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Aggregate
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
Aggregate
NBFCs
Bajaj Fin.
Bharat Fin.
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Buy
Not Rated
Buy
Buy
Buy
CMP
(INR)
TP % Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
24
23
21
7
-4
-7
4
7
-4
21
-3
13
10
41
5
28.0
4.6
132.3
26.2
473.1
93.3
613.8
23.5
23.2
8.2
169.1
54.3
5.4
248.6
19.8
11.7
841
1,044
95
117
2,828 3,422
1,166 1,242
24,152 23,287
1,873 1,741
29,180 30,402
883
948
741
711
227
274
3,753 3,622
1,417 1,603
240
-
7,349 8,060
450
635
556
581
34.5
41.8
30.0
5.5
7.1
20.7
150.4 178.2 21.4
37.7
49.7
44.6
650.7 776.2 51.0
104.9 133.9 20.1
892.0 1,135.1 47.5
30.8
37.9
37.6
35.9
44.4
32.0
9.5
11.8
27.9
198.1 201.2 22.2
69.6
81.7
26.1
9.9
11.8
44.8
300.0 370.9 29.6
30.8
65.8
22.7
16.7
26.7
47.3
28.6
23.4
8.8
4.8
5.8
67.1
16.8
3.3
59.4
4.4
32.3
17.6
2.9
90.5
41.2
11.2
7.5
7.3
79.4
19.2
4.3
72.0
8.0
40.5
23.8
3.6
114.0
33.0
29.6
32.4
23.9
29.6
18.7
19.3
29.8
NM
36.3
43.4
13.1
20.5
28.3
28.4
NM
18.6
37.3
10.2
NM
23.9
938.1
19.7
100.2
40.8
32.3
14.9
54.7
35.6
16.7
20.4
11.4
48.8
15.7
Neutral
506
Neutral
207
Buy
153
Buy
115
Buy
1,680
Buy
315
Neutral
58
Buy
1,491
Neutral
86
Buy
974
Under Review 516
Buy
29
Buy
1,494
525
170
210
125
1,790
365
62
1,700
89
1,050
-
31
2,110
4
-18
37
9
7
16
7
14
4
8
8
41
15.4
7.0
4.7
4.8
56.8
16.8
3.0
50.1
-31.3
26.8
11.9
2.2
73.0
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
170
138
349
57
299
149
149
284
151
217
147
380
49
360
150
184
375
174
28
7
9
-13
20
1
24
32
15
6.0
-14.8
18.8
1.5
29.3
-31.6
6.2
0.3
7.6
19.0
13.7
33.0
6.4
33.3
17.1
10.3
19.7
24.6
24.9
22.0
48.9
8.6
38.1
21.4
14.5
25.9
34.5
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Not Rated
Buy
Buy
1,370
677
440
445
1,668
1,155
782
94
345
464
1,550
769
559
421
1,797
1,227
723
-
400
465
13
14
27
-5
8
6
-7
16
0
33.6
21.0
29.6
8.1
46.8
69.0
38.2
8.2
7.1
29.7
47.0
32.4
38.6
10.3
50.7
82.2
44.6
11.1
12.9
34.5
63.6
45.3
45.5
12.5
55.9
101.6
51.2
14.0
16.4
40.0
14 June 2017
15

Click excel icon
for detailed
valuation guide
CMP
(INR)
130
908
188
2,409
971
TP % Upside
(INR) Downside
117
-10
900
-1
134
-29
2,689
1,269
12
31
EPS (INR)
FY18E
27.2
36.0
35.0
130.4
77.4
Valuation snapshot
FY19E
30.2
43.3
40.4
164.7
98.6
P/E (x)
P/B (x)
FY17 FY18E FY17 FY18E
5.1
4.8
0.9
0.8
31.2 25.2
5.0
4.2
6.0
5.4
1.1
1.0
28.6
17.5
18.9
74.0
23.8
69.1
50.2
47.6
20.1
34.5
59.8
51.9
10.7
21.7
27.5
22.9
74.5
40.2
29.8
30.9
23.7
31.8
34.4
47.4
47.7
31.4
63.7
16.5
37.2
30.5
67.9
25.4
NM
326.9
47.1
42.3
36.0
54.7
49.2
50.6
40.2
42.5
49.7
34.2
56.2
36.3
34.2
50.4
18.5
12.6
16.2
58.2
23.0
32.1
36.0
40.0
36.1
31.2
38.3
41.1
NM
19.0
25.6
17.8
54.7
37.7
21.4
29.5
19.7
30.7
30.6
34.9
32.7
22.5
37.0
12.9
22.4
22.1
41.5
22.3
33.9
30.7
37.6
33.5
27.0
49.7
44.2
41.9
37.6
38.5
43.1
31.5
48.4
31.8
42.9
45.6
3.2
2.0
3.3
9.4
4.9
1.1
8.2
25.9
1.2
6.8
8.5
9.5
1.4
4.2
3.2
2.0
6.9
7.4
-1.7
4.2
3.8
4.9
3.9
2.4
3.6
2.1
4.4
1.8
1.3
4.1
4.0
4.5
3.2
5.7
8.9
4.8
3.5
14.5
16.1
23.0
10.6
14.6
12.1
7.2
35.8
8.2
6.4
17.6
2.8
1.7
2.9
8.1
3.8
1.0
7.7
18.6
1.2
6.2
7.5
8.4
1.4
3.6
3.1
1.8
6.0
6.4
-1.9
3.8
3.2
4.4
3.6
2.3
3.6
2.0
4.0
1.6
1.2
3.5
3.6
3.8
2.9
4.9
7.4
4.3
3.2
13.9
15.0
21.7
9.1
11.7
9.4
7.1
34.7
8.1
6.5
15.0
FY17
17.9
17.4
19.9
11.8
11.7
17.2
12.7
20.6
1.5
18.0
76.4
6.2
21.2
12.4
18.2
14.9
21.2
12.6
8.6
9.3
19.8
NM
14.3
16.3
18.0
11.2
5.0
7.5
7.5
7.2
11.5
3.4
14.4
6.0
19.2
-3.2
1.8
20.2
12.0
9.7
28.5
36.9
50.4
28.4
35.8
24.6
22.2
65.6
23.5
21.1
36.7
ROE (%)
FY18E
17.0
18.2
19.1
16.2
14.5
17.7
13.9
16.5
3.3
21.9
54.2
3.4
20.8
20.7
20.4
-3.3
20.3
12.5
10.0
11.0
18.1
-8.8
13.6
17.7
15.1
11.7
6.7
11.0
9.2
11.3
13.1
5.5
17.0
9.2
18.6
9.0
17.2
21.5
13.6
11.8
28.6
35.2
53.2
26.0
33.8
24.5
22.6
72.8
25.6
15.1
35.5
FY19E
16.8
18.5
19.1
17.8
16.3
17.9
15.8
16.8
3.6
30.1
50.3
4.2
23.0
21.5
21.4
15.1
21.2
13.6
11.8
13.7
19.5
-11.0
12.9
17.5
15.3
12.9
7.1
14.2
12.2
13.1
15.1
7.2
18.6
14.7
19.1
12.3
22.6
22.6
15.7
13.7
30.6
37.2
60.3
26.3
32.2
23.0
23.0
82.5
28.9
18.4
38.1
Company
Reco
PFC
Neutral
Repco Home
Buy
REC
Neutral
Shriram
City
Buy
Union
STF
Buy
Aggregate
Capital Goods
ABB
Sell
Bharat Elec.
Buy
BHEL
Sell
Blue Star
Neutral
CG Cons. Elec.
Buy
CG Power & Indu. Sell
Cummins
Neutral
GE T&D
Neutral
Havells
Neutral
Inox Wind
Under Review
K E C Intl
Neutral
L&T
Buy
Pennar Eng.
Not Rated
Siemens
Neutral
Solar Ind
Neutral
Suzlon Energy
Not Rated
Thermax
Sell
Va Tech Wab.
Buy
Voltas
Sell
Aggregate
Cement
Ambuja Cem.
Buy
ACC
Neutral
Birla Corp.
Buy
Dalmia Bharat
Buy
Grasim Inds.
Neutral
India Cem
Neutral
J K Cements
Buy
JK Lakshmi Ce
Buy
Ramco Cem
Buy
Orient Cem
Buy
Prism Cem
Buy
Shree Cem
Buy
Ultratech
Buy
Aggregate
Consumer
Asian Paints
Neutral
Britannia
Buy
Colgate
Buy
Dabur
Neutral
Emami
Buy
Godrej Cons.
Neutral
GSK Cons.
Sell
HUL
Buy
ITC
Buy
Jyothy Lab
Neutral
Marico
Neutral
FY17
25.7
29.1
31.4
84.3
55.6
1,459
165
140
646
223
83
914
343
496
138
258
1,737
133
1,327
829
19
952
687
492
1,200
200
100
610
240
65
950
320
480
-
250
2,000
-
1,355
825
-
850
800
400
-18
21
-29
-6
8
-21
4
-7
-3
-3
15
2
0
-11
16
-19
19.7
6.9
2.0
12.9
4.7
4.1
26.5
5.7
9.6
12.8
11.9
63.3
5.8
17.8
20.6
0.6
30.8
28.9
15.5
25.1
7.2
4.4
17.9
5.6
2.3
29.3
8.9
12.1
-3.2
13.6
68.0
7.5
24.3
22.0
0.9
32.3
34.9
16.0
32.2
8.1
5.0
26.6
6.7
4.5
35.2
10.6
14.5
15.5
16.8
78.3
10.0
33.3
27.5
1.0
34.0
39.8
18.1
232
283
1,611 1,521
921
998
2,467 3,162
1,121 1,234
209
210
1,027 1,322
473
550
693
823
153
185
114
138
18,090 23,316
4,063 4,928
22
-6
8
28
10
0
29
16
19
21
21
29
21
4.9
33.7
29.4
38.8
67.9
5.6
33.7
7.0
27.3
-1.6
0.3
384.4
96.1
6.6
49.2
40.9
66.7
86.9
9.3
46.4
11.4
31.1
4.5
3.7
480.7
121.4
7.2
63.6
58.9
87.1
114.5
12.9
59.5
20.5
37.5
6.8
5.8
621.0
159.1
1,150
3,626
1,075
291
1,126
1,879
5,344
1,103
305
384
317
1,210
4,050
1,180
295
1,250
1,950
4,380
1,215
355
390
335
5
12
10
1
11
4
-18
10
17
2
6
21.0
73.7
21.2
7.2
26.5
37.8
156.1
19.6
8.4
11.2
6.3
23.1
82.1
25.7
7.7
29.2
43.6
169.7
22.8
9.6
8.9
6.9
27.4
101.3
31.1
9.1
34.7
50.0
185.5
27.0
11.5
11.0
8.4
14 June 2017
16

Click excel icon
for detailed
valuation guide
CMP
TP % Upside
(INR)
(INR) Downside
6,690 5,715
-15
16,039 18,000
12
230
245
7
814
762
-6
7,981 8,760
10
793
830
5
2,373 2,415
2
EPS (INR)
FY18E
118.6
313.9
7.4
18.4
155.8
9.7
37.4
Valuation snapshot
FY19E
139.5
400.0
12.3
21.2
181.6
14.7
51.8
P/E (x)
P/B (x)
FY17 FY18E FY17 FY18E
56.7 56.4 21.4 19.7
67.2 51.1 26.9 21.3
63.8 30.9
2.9
2.7
48.7 44.1 12.6 10.3
55.1 51.2 45.5 36.3
91.2 81.7
9.1
8.4
88.8 63.5 17.8 12.3
46.2 40.8 12.8 11.9
25.3
25.0
26.4
15.4
33.4
38.2
34.6
16.2
36.2
18.3
16.1
19.7
71.5
31.2
19.9
31.9
20.5
35.6
22.0
24.2
18.0
42.3
30.7
36.7
15.0
18.2
29.2
83.6
18.3
NM
10.4
11.0
16.9
72.8
NM
32.7
22.0
40.8
12.4
12.4
NM
13.3
21.0
23.6
23.2
13.7
30.9
29.9
27.6
18.0
24.5
89.7
14.0
17.6
47.3
22.4
19.6
31.5
21.1
28.7
20.3
22.4
14.5
33.4
28.3
21.5
7.9
14.6
24.1
40.2
15.5
NM
10.2
10.3
15.0
41.4
NM
27.5
31.0
29.0
8.9
11.3
NM
9.8
5.5
5.3
8.7
3.8
4.6
8.7
3.5
3.6
3.6
2.0
4.0
3.3
15.4
2.6
4.0
5.5
3.8
7.2
5.2
4.3
2.7
18.7
3.2
2.2
2.1
2.8
3.6
17.9
4.3
1.5
1.8
0.7
2.5
7.2
4.2
8.2
8.1
5.8
1.5
3.4
0.4
2.1
4.5
4.5
6.6
3.0
4.1
7.1
3.2
3.3
2.9
1.7
3.1
2.4
18.8
2.4
3.4
5.1
3.3
5.9
4.4
3.7
2.4
14.3
3.1
2.1
1.8
2.4
3.3
12.4
3.8
1.7
1.6
0.7
2.4
6.2
4.6
7.5
6.8
5.3
1.3
2.9
0.4
1.8
FY17
39.0
40.0
5.9
28.2
45.3
10.4
21.3
27.7
23.1
23.4
37.7
28.3
13.6
24.8
10.2
23.5
9.6
11.3
24.7
20.0
21.5
8.6
22.0
17.1
19.2
22.2
25.3
17.9
12.6
50.5
10.8
5.9
12.4
16.7
12.2
24.1
25.5
-12.0
19.3
7.1
17.6
10.4
-23.5
25.0
23.7
14.3
14.0
24.4
-7.9
17.3
ROE (%)
FY18E
36.4
41.6
9.1
25.6
78.9
10.7
19.3
29.2
23.6
20.8
32.3
24.8
13.3
26.1
11.5
19.2
13.3
2.0
22.4
16.4
39.7
11.0
18.9
16.3
16.8
22.5
23.5
16.6
17.2
48.6
11.1
9.9
19.4
17.8
13.7
36.5
26.2
-5.3
16.6
6.9
16.3
16.1
-7.8
27.3
23.8
18.1
15.6
27.2
-5.0
19.7
FY19E
39.0
42.8
13.4
24.0
74.0
14.6
19.7
30.7
24.1
21.0
30.0
22.5
16.1
27.1
12.8
19.2
15.1
5.3
21.3
17.6
54.4
13.2
19.7
19.3
17.9
20.7
24.6
17.6
17.8
46.8
11.7
11.7
25.4
18.6
15.0
44.1
27.6
0.7
15.6
6.6
17.3
20.5
1.5
31.9
23.8
20.6
15.1
25.4
-0.8
18.8
Company
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Lupin
Sanofi India
Sun Pharma
Syngene Intl
Torrent Pharma
Aggregate
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway
Distriparks
Gati
Transport Corp.
Aggregate
Media
Dish TV
D B Corp
Den Net.
Hind. Media
HT Media
Jagran Prak.
PVR
Siti Net.
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Reco
Sell
Buy
Neutral
Neutral
Buy
Neutral
Neutral
FY17
118.0
238.7
3.6
16.7
144.9
8.7
26.7
Neutral
Neutral
Buy
Buy
Sell
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Not Rated
Buy
547
1,889
1,542
604
1,022
542
551
644
2,628
189
631
143
2,456
502
1,177
4,122
536
463
1,214
640
1,900
2,028
750
900
510
500
600
2,625
240
800
200
2,700
480
1,475
4,850
650
-
1,450
17
1
32
24
-12
-6
-9
-7
0
27
27
40
10
-4
25
18
21
19
21.6
75.7
58.4
39.3
30.6
14.2
15.9
39.7
72.6
10.3
39.3
7.3
34.4
16.1
59.2
129.1
26.1
13.0
55.2
26.0
80.0
66.4
44.1
33.1
18.1
20.0
35.8
107.1
2.1
45.0
8.1
51.9
22.4
60.2
131.0
25.4
16.1
59.8
32.1
94.9
79.9
50.2
44.9
23.2
25.0
39.8
144.5
6.1
53.5
11.4
60.1
29.9
73.7
173.4
30.8
18.0
73.2
Buy
Not Rated
Neutral
Buy
Not Rated
Not Rated
177
4,335
1,168
250
125
308
228
-
1,162
310
-
-
29
0
24
9.8
102.5
38.0
6.8
8.4
16.9
12.2
129.9
41.2
11.6
15.9
21.0
14.3
163.2
45.8
14.3
23.9
25.9
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
83
373
84
275
81
182
1,494
30
813
508
106
460
90
360
85
225
1,666
36
860
600
28
23
8
31
5
24
12
18
6
18
1.0
20.4
-8.6
26.4
7.4
10.8
20.5
-1.8
24.9
23.1
2.1
24.1
-2.7
27.1
7.9
12.2
36.1
-0.5
29.5
16.4
3.8
28.7
0.3
29.9
8.3
14.0
54.7
0.1
38.4
19.5
Buy
Sell
Buy
Buy
201
245
123
198
250
235
184
241
25
-4
50
22
16.2
19.7
-20.9
14.8
22.6
21.5
-16.0
20.1
25.9
23.7
-2.5
22.6
14 June 2017
17

Click excel icon
for detailed
valuation guide
CMP
Reco
(INR)
Neutral
65
Under Review 113
Sell
56
Neutral
239
Sell
509
TP % Upside
(INR) Downside
65
0
-
30
-47
225
-6
451
-11
EPS (INR)
FY18E
3.6
12.0
-12.6
24.5
39.5
Valuation snapshot
FY19E
4.0
12.7
0.4
27.4
45.7
P/E (x)
P/B (x)
FY17 FY18E FY17 FY18E
17.6 18.2
1.2
1.2
11.3
9.4
1.6
1.5
NM
NM
0.6
0.7
15.8
9.7
1.5
1.4
13.7 12.9
1.5
1.4
17.3 14.0
1.4
1.3
9.6
16.9
39.1
18.7
8.8
10.2
25.3
11.0
15.3
10.3
19.0
12.3
11.8
96.8
57.7
60.2
17.1
14.2
17.6
15.2
10.2
14.3
21.3
15.8
12.9
17.5
27.3
18.4
12.7
15.3
15.9
16.6
32.7
25.9
NM
28.9
35.6
17.3
17.2
16.3
12.3
14.7
15.1
14.7
10.8
13.9
20.8
14.8
11.8
10.0
23.4
10.0
8.5
8.2
16.7
10.8
10.8
79.6
50.7
52.6
13.7
13.7
15.7
14.8
9.0
13.3
17.4
14.7
13.0
15.0
22.6
17.6
12.1
15.0
13.3
16.2
57.8
22.0
NM
41.5
166.4
14.2
12.2
29.8
11.9
11.9
11.6
12.8
3.0
1.7
6.7
2.1
2.7
2.0
5.2
2.2
0.8
1.0
4.0
1.3
1.6
7.9
10.9
10.4
2.8
3.6
4.3
3.2
1.5
5.0
3.5
2.1
2.0
2.7
8.6
5.8
2.1
2.4
2.4
3.9
2.2
4.7
1.2
13.5
2.5
6.6
2.0
1.0
1.3
2.2
1.8
2.2
2.5
1.6
5.3
1.9
2.4
2.0
4.4
1.9
0.8
0.9
3.4
1.2
1.4
7.4
9.7
9.3
2.4
3.5
3.7
2.8
1.3
3.9
3.1
2.4
1.8
2.6
6.9
5.9
1.9
2.2
2.1
3.7
2.1
4.1
1.4
10.2
2.4
6.5
1.8
1.0
1.3
2.0
1.6
2.1
FY17
7.2
12.4
-6.7
9.7
15.4
8.0
32.4
10.2
17.8
11.9
32.4
22.3
21.0
24.8
5.7
10.4
23.6
11.9
13.2
8.2
20.6
17.2
16.2
27.5
26.5
23.3
14.3
40.4
16.8
13.2
16.1
17.0
37.1
33.5
18.4
16.9
16.3
23.2
6.7
16.2
-1.6
126.2
6.9
37.8
11.4
6.7
11.5
16.2
11.2
15.3
ROE (%)
FY18E
6.7
14.9
-15.2
14.8
11.4
9.4
25.1
11.7
28.5
13.7
21.2
20.2
20.6
20.5
9.3
11.7
22.1
11.8
13.4
9.3
20.2
17.6
17.8
25.4
25.3
21.4
15.6
32.8
18.9
14.0
14.8
18.1
33.7
32.4
16.7
15.5
17.2
22.6
3.7
19.4
-20.8
27.9
1.5
46.2
15.5
3.3
10.9
17.5
14.6
16.3
FY19E
7.3
15.7
0.5
15.3
12.1
11.8
23.3
12.5
27.5
14.6
18.7
19.9
19.5
18.4
9.6
13.0
25.2
11.2
13.4
12.6
20.9
18.5
17.9
26.0
23.5
21.2
15.2
28.3
20.5
15.7
14.7
20.3
32.3
32.3
17.0
15.7
17.4
22.0
6.4
19.1
-27.4
39.1
3.9
52.1
15.0
2.8
12.3
17.8
13.6
17.4
Company
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
Titan Co.
Aggregate
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NTPC
Power Grid
Tata Power
Aggregate
FY17
3.7
10.0
-6.2
15.1
37.0
Neutral
Sell
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Buy
Neutral
699
382
799
165
540
419
1,091
128
295
169
432
1,313
779
357
699
171
632
457
1,067
124
363
229
547
1,264
11
-6
-12
3
17
9
-2
-3
23
35
27
-4
72.5
22.6
20.4
8.8
61.0
41.0
43.1
11.7
19.3
16.4
22.7
106.6
64.5
27.4
38.5
11.2
45.6
41.9
46.7
12.8
34.7
20.6
25.9
121.7
70.3
31.6
46.6
13.4
45.8
43.3
51.8
13.3
37.4
23.9
35.1
127.8
Sell
Neutral
968
521
680
505
-30
-3
10.0
9.0
12.2
10.3
17.9
12.1
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
524
849
241
958
122
796
531
616
553
660
1,536
2,453
393
259
871
620
960
235
1,200
150
850
475
600
470
700
1,607
2,400
500
250
1,020
18
13
-2
25
23
7
-11
-3
-15
6
5
-2
27
-4
17
30.6
59.8
13.7
62.9
11.9
55.5
24.9
38.9
42.8
37.7
56.3
133.4
30.9
16.9
54.9
38.3
61.9
15.4
64.7
13.4
59.7
30.5
41.7
42.5
43.9
68.0
139.7
32.3
17.3
65.5
44.2
67.6
16.7
71.1
15.2
65.0
36.5
45.0
46.1
51.4
80.4
149.6
36.9
19.1
76.0
Buy
Buy
Buy
Buy
364
384
79
751
430
435
110
811
18
13
39
8
11.1
14.9
-1.1
26.0
6.3
17.5
-12.9
18.1
11.5
19.9
-13.6
36.0
Buy
Buy
Buy
Buy
Buy
Sell
259
893
63
160
210
78
316
1,040
88
198
242
67
22
16
40
24
15
-14
14.9
51.9
3.9
13.0
14.2
5.2
18.3
73.4
2.1
13.4
17.6
6.7
20.7
80.6
1.8
16.2
20.5
7.0
14 June 2017
18

Click excel icon
for detailed
valuation guide
CMP
(INR)
377
551
402
300
433
163
2,414
330
1,141
176
1,019
286
106
405
677
411
758
1,047
2,747
189
810
3,012
1,652
288
1,327
6,722
182
371
TP % Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
382
-
531
323
-
229
3,334
368
1,234
229
1,050
240
-
465
653
551
841
1,325
2,841
226
952
3,044
1,816
367
1,288
5,281
167
393
1
32
8
41
38
12
8
30
3
-16
15
-4
34
11
27
3
20
18
1
10
28
-3
-21
-8
6
12.4
13.5
13.6
8.7
16.0
4.2
67.6
12.9
46.0
13.0
15.7
3.3
5.5
17.5
19.1
26.0
13.3
24.8
72.9
7.8
33.4
72.6
85.9
7.2
27.0
106.9
3.6
7.0
16.6
15.6
14.6
9.8
18.3
5.3
112.9
14.4
65.6
14.6
20.3
8.0
7.6
18.5
29.5
31.0
22.0
30.5
89.3
9.4
33.4
104.1
89.0
9.6
35.1
137.7
4.5
11.9
23.6
19.3
15.2
12.9
23.6
7.1
166.7
17.5
88.2
17.6
22.9
12.0
10.0
21.1
36.3
36.7
31.1
42.9
109.3
11.3
38.1
144.6
111.5
12.2
42.9
176.0
6.0
16.0
Valuation snapshot
P/E (x)
P/B (x)
FY17 FY18E FY17 FY18E
30.4
41.0
29.4
34.5
27.1
38.7
35.7
25.6
24.8
13.5
65.0
85.8
19.2
23.2
35.5
15.8
57.0
42.2
37.7
24.3
24.2
41.5
19.2
39.7
49.1
62.9
50.9
53.1
22.6
35.3
27.6
30.5
23.6
30.9
21.4
22.9
17.4
12.1
50.3
35.6
14.0
21.9
22.9
13.3
34.5
34.3
30.8
20.0
24.2
28.9
18.6
29.9
37.8
48.8
40.6
31.1
2.7
5.4
33.3
9.3
4.7
4.1
4.9
8.3
20.4
4.1
6.3
5.0
1.6
3.1
4.6
4.3
3.7
3.9
11.4
6.1
6.8
3.9
3.0
5.1
26.7
10.0
12.1
4.8
2.5
4.8
29.8
7.7
4.2
2.8
4.0
6.7
18.1
3.0
5.7
4.4
1.6
2.8
5.0
3.4
3.4
3.7
10.7
5.1
5.6
3.6
2.7
4.6
22.8
9.0
9.9
4.3
ROE (%)
FY17 FY18E FY19E
10.3
13.9
115.2
31.1
18.2
11.1
15.1
37.7
86.2
34.8
10.2
5.9
8.6
14.8
13.6
29.9
7.7
9.9
30.4
26.8
32.8
9.8
16.6
13.7
56.8
16.5
27.4
9.5
11.5
14.5
114.1
27.7
18.9
11.3
20.7
32.3
110.2
28.8
11.9
12.5
11.7
13.4
20.5
28.7
9.3
11.1
35.9
27.8
25.4
13.0
15.1
16.1
65.0
19.4
26.9
14.8
14.7
15.9
106.8
29.6
21.7
11.5
24.3
31.6
129.8
25.9
12.3
16.2
14.8
13.7
25.4
27.7
13.5
14.6
39.6
28.2
23.8
16.4
17.0
18.2
66.3
22.2
28.8
17.5
Company
Others
Arvind
Bata India
Castrol India
Century Ply.
Coromandel Intl
Delta Corp
Dynamatic Tech
Eveready Inds.
Interglobe
Indo Count
Info Edge
Inox Leisure
Jain Irrigation
Just Dial
Kaveri Seed
Kitex Garm.
Manpasand
MCX
Monsanto
Navneet
Education
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Symphony
TTK Prestige
V-Guard
Wonderla
Reco
Neutral
Under Review
Buy
Neutral
Under Review
Buy
Buy
Buy
Neutral
Buy
Buy
Sell
Under Review
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Neutral
Neutral
Buy
14 June 2017
19

MOSL Universe stock performance
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
NBFCs
Bajaj Fin.
Bharat Fin.
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
STF
Shriram City Union
1 Day (%)
-0.8
1.1
0.0
-0.3
1.0
-1.9
-0.5
0.3
-0.2
1.5
-0.6
-0.5
-1.1
-0.4
-1.5
0.6
-0.2
2.3
-0.9
0.8
0.6
-0.3
0.1
-1.0
0.9
-0.2
-2.2
2.5
0.7
0.9
-0.1
0.7
-2.0
0.7
2.4
0.3
-0.4
-0.1
0.5
-2.5
2.7
0.1
1.5
-0.1
3.2
0.8
-1.6
3.5
-0.9
7.2
-1.6
-1.6
-0.5
1M (%)
-9.2
11.2
-5.8
4.4
2.8
14.8
0.0
9.2
14.7
-7.1
6.1
3.8
-0.4
9.2
4.5
7.7
0.7
9.2
-5.5
0.2
8.5
6.1
-9.9
5.5
2.0
2.2
-7.1
10.9
0.7
-9.0
-23.0
-4.8
-24.4
-15.4
-8.7
-12.0
-4.5
-13.6
4.1
-15.0
2.9
6.5
7.7
9.7
14.4
-0.4
4.4
19.1
-18.5
21.3
-12.4
-1.9
12.8
12M (%)
-1.2
-9.5
9.3
56.6
11.8
113.5
58.4
307.8
44.3
23.5
4.4
21.5
77.7
1.2
93.0
-4.8
120.2
-12.0
103.0
45.6
29.0
23.3
34.6
32.7
28.8
54.1
40.4
16.3
57.3
86.1
-14.3
183.8
67.5
79.2
40.4
27.3
82.7
1.3
116.8
59.3
38.2
65.5
66.0
66.8
5.9
78.1
62.8
21.8
134.2
-16.3
43.4
Company
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
Inox Wind
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
1 Day (%)
-0.3
-0.3
0.6
1.6
-0.9
0.7
1.8
1.1
-0.6
-0.8
-1.1
0.1
-0.8
1.2
0.9
-0.5
-0.4
-0.9
1.1
0.2
0.3
1.1
-0.5
0.4
-0.6
0.6
-0.9
-1.2
-1.0
-0.4
-0.4
0.4
0.0
0.1
-0.4
2.5
1.2
-0.4
-0.8
0.3
0.1
0.5
0.7
0.5
-1.9
1.4
1.3
-0.6
-0.2
0.2
-0.5
-1.4
-1.0
-0.6
1M (%)
-5.7
-8.1
-18.2
-3.2
-6.0
-9.3
-13.1
-5.4
-3.2
-31.8
10.8
-0.1
-3.9
-4.6
2.7
-9.1
-6.6
4.2
13.2
-10.4
-4.0
19.3
-2.2
-2.6
-0.1
-4.2
-6.6
-2.4
-5.9
-8.2
-8.3
-7.7
1.6
-1.8
5.9
3.8
2.7
-1.5
1.2
12.5
11.1
4.6
1.2
-1.9
7.4
-5.8
8.6
5.0
-4.4
9.2
-8.9
-0.2
-4.2
-3.0
12M (%)
20.5
32.1
16.3
49.9
67.1
19.3
14.6
-7.0
38.4
-43.4
89.3
18.6
-10.4
8.8
33.5
11.5
16.8
13.7
52.4
-1.7
4.0
121.0
151.8
30.1
109.4
68.6
30.7
30.3
-9.2
22.0
34.7
19.9
15.7
35.4
24.3
-4.0
11.9
26.2
-5.1
26.1
30.6
35.3
25.2
2.5
17.9
-1.8
16.5
34.5
6.7
-2.7
-2.1
35.9
-1.2
-19.4
14 June 2017
20

MOSL Universe stock performance
Company
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Lupin
Sanofi India
Sun Pharma
Syngene Intl
Torrent Pharma
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway Distriparks
Gati
Transport Corp.
Media
Dish TV
D B Corp
Den Net.
Hind. Media
HT Media
Jagran Prak.
PVR
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
1 Day (%)
-1.3
-1.2
-0.3
-0.5
0.1
-1.1
-0.9
1.5
-0.4
0.7
1.7
2.4
0.6
-0.8
1.2
0.4
-0.7
-0.3
-1.8
-0.6
1.6
0.2
-0.4
1.5
0.4
0.1
-1.1
0.7
0.8
0.5
-0.8
0.0
0.5
0.6
-0.7
-0.2
-1.3
-1.3
-2.6
0.2
-0.5
-0.1
0.1
-1.6
-0.4
-0.8
1.7
-0.7
1.9
0.4
-0.2
-0.5
0.4
1M (%)
4.2
11.3
-2.8
2.9
1.7
-9.1
-16.9
0.0
1.6
-8.9
-6.1
-1.9
-17.9
3.3
-6.5
-3.9
-4.8
-1.3
-1.2
-6.2
25.3
-15.8
1.4
-15.9
-1.9
-2.6
-5.9
-2.0
-5.6
-8.0
-3.5
5.0
-4.1
9.7
0.2
-2.2
-10.2
-6.5
0.9
16.5
-4.3
-6.7
3.7
-4.5
1.1
-3.5
9.5
-0.8
-7.5
-8.5
-0.8
-2.8
-1.8
12M (%)
42.5
69.6
17.3
-42.5
-14.8
14.9
-18.0
2.8
-30.1
9.3
-19.0
-1.9
-28.1
20.4
-9.2
-0.3
-25.9
7.2
-20.8
-26.0
57.2
-9.5
0.4
-5.5
0.8
2.9
7.3
56.9
-19.0
123.0
9.9
75.0
51.6
97.9
40.9
55.6
25.1
28.4
109.3
57.1
41.9
37.2
56.8
23.3
80.2
101.6
87.7
92.0
12.3
18.9
57.6
34.0
-6.8
Company
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
Others
Arvind
Bata India
Castrol India
Century Ply.
Coromandel Intl
Delta Corp
Dynamatic Tech
Eveready Inds.
Interglobe
Indo Count
Info Edge
Inox Leisure
Jain Irrigation
Just Dial
Kaveri Seed
Kitex Garm.
Manpasand
MCX
Monsanto
Navneet Educat.
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Symphony
TTK Prestige
V-Guard
Wonderla
1 Day (%)
0.8
-0.4
-1.9
0.6
-0.6
4.4
1.1
-1.6
-1.7
-0.4
0.6
-0.5
-1.5
-1.2
-1.4
-0.1
-0.5
0.2
0.1
2.4
-0.5
-0.3
-0.2
1.3
1.9
-0.8
1.3
0.2
-0.3
-1.8
0.5
1.2
1.4
0.7
0.1
-0.1
-1.1
-0.2
1.2
-2.8
1.5
2.5
0.4
-1.6
-1.3
-0.4
0.1
-1.2
0.8
-0.6
1.5
0.3
0.0
0.9
1M (%)
5.4
-1.0
0.2
-3.4
-0.6
-5.3
5.4
4.1
7.2
5.0
12.7
-0.9
4.0
-11.1
2.3
-2.8
-0.4
2.6
-14.5
11.9
-6.3
-8.7
-5.6
0.8
1.9
-4.9
-4.8
-3.0
-8.1
17.7
8.5
-3.3
-15.5
3.2
4.4
-11.1
22.3
1.5
5.8
-18.8
24.3
2.7
2.7
-5.3
2.9
13.2
-3.2
15.4
-6.5
-7.5
-9.2
5.6
-12.0
-5.1
12M (%)
43.7
8.0
12.7
12.0
-19.0
-35.9
-16.3
17.8
-0.3
-7.2
-14.4
-3.9
-25.7
-4.0
-7.8
6.2
1.4
-21.1
71.3
-16.0
61.6
-20.1
7.6
38.2
3.1
22.9
2.1
5.6
71.3
67.0
98.6
-2.2
34.3
16.8
-3.3
28.9
29.9
56.8
-36.4
49.8
-9.7
38.9
8.3
16.1
108.9
18.2
121.2
27.5
32.9
11.9
50.4
96.3
-5.2
14 June 2017
21

NOTES
14 June 2017
22

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

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