7 November 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
33,731
0.1
Nifty-50
10,452
0.0
Nifty-M 100
19,808
0.1
Equities-Global
Close
Chg .%
S&P 500
2,591
0.1
Nasdaq
6,786
0.3
FTSE 100
7,562
0.0
DAX
13,469
-0.1
Hang Seng
11,525
-0.7
Nikkei 225
22,548
0.0
Commodities
Close
Chg .%
Brent (US$/Bbl)
64
3.4
Gold ($/OZ)
1,272
-0.3
Cu (US$/MT)
6,937
1.1
Almn (US$/MT)
2,151
-0.7
Currency
Close
Chg .%
USD/INR
64.7
0.2
USD/EUR
1.2
-0.3
USD/JPY
114.1
0.0
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.9
0.0
10 Yrs AAA Corp
7.7
0.0
Flows (USD b)
6-Nov
MTD
0.1
0.6
FIIs
DIIs
0.0
-0.3
Volumes (INRb)
6-Nov
MTD*
Cash
406
430
F&O
4,005
6,356
Note: YTD is calendar year, *Avg
YTD.%
26.7
27.7
38.0
YTD.%
15.7
26.1
5.9
17.3
22.7
18.0
YTD.%
15.7
9.7
25.6
26.2
YTD.%
-4.7
10.1
-2.6
YTDchg
0.4
0.1
YTD
6.1
11.1
YTD*
301
5,548
Today’s top research theme
Economy (FoE): How can India reap its demographic dividends?
v
At a time when other major economies are experiencing an aging population, the
opportunity for India to increase its foothold in the global economy is immense, if
it is able to exploit its demographic dividends. India’s total dependency ratio – a
measure to gauge demographic dividends – has fallen from ~68% in mid-1990s to
~52% in 2015 and is expected to bottom at ~46% by 2040.
v
While a larger working-age population might be necessary, it is not sufficient to
reap demographic dividends. The share of working-age population looking for
work holds the key. During the past decade, while India’s working-age population
has grown at 1.9% per year, its labor force has grown at just 0.9%.
v
Over the next two decades, larger working-age population must be
complemented by a recovery in the labor force participation ratio (LFPR).
Nevertheless, higher LFPR will bring with it the challenge of providing sufficient
good-quality employment opportunities, without which India will not be able to
reap demographic dividends.
Labor force participation ratio holds the key
Research covered
Cos/Sector
Economy
Transport Corporation
Indian Bank
Gujarat Gas
L & T Infotech
GE T&D India
K E C Intl
Zensar Tech
Parag Milk Foods
Siti Networks
Metals Weekly
Results Expectation
Key Highlights
FoE: How can India reap its demographic dividends?
Corner Office — Healthy volume growth led by restocking post GST
Strong operational performance with asset quality improvement
Roller coaster continues
Beat on revenue growth despite ramp-down in India business
Operating performance above expectations
Operating performance above expectations led by margins beat
Waiting for the big guns to start firing
Subdued top-line growth again
Phase 3/4 monetization to boost revenue
Chinese export HRC prices see some weakness
ALPM | BHEL | CSTRL | CIPLA | DBEL | SKB | JYL | TEAM
Chart of the Day: Economy (FoE) – How can India reap its demographic dividends?
India’s TDR and CDR moved in opposite direction during
the last decade
Female labor force participation ratio (FLFPR) in India is
half the world’s average
Source: ILO, MOSL
Research Team (Gautam.Duggad@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

In the news today
Kindly click on textbox for the detailed news link
1
The income-tax department and
the capital markets regulator on
Monday said they will be
scrutinizing the so-called Paradise
Papers—documents obtained by a
global network of investigative
journalists—to see if any Indian
individual or companies were…
2
Moody's revises outlook for BoI, Union Bank and OBC to stable
from negative
Moody's Investors Service has revised outlook of three banks government-
owned banks from negative to stable within weeks of government
announcing plans to infused Rs 2.1 lakh crore capital. The rating company
said that outlook stable from negative for bank of India and its London and
Jersey branch, Union Bank of India and its Hong Kong branch, and for
Oriental Bank of Commerce.…
Sebi, income tax dept to probe
Indians named in Paradise
Papers
3
Everstone Group agrees to buy
Kenstar from Videocon
associate firm
Private equity firm Everstone
Group has agreed to acquire
Kenstar, a brand of air coolers, air
conditioners and other home
appliances, from Century
Appliances Ltd, an associate of the
Videocon Group. The proposed
sale, subject to statutory
approvals and specific
clearances,…
4
India cracks open Iran sea
route to Afghanistan,
bypassing rival
India is in talks with Iran to begin
interim operations at a port in
southeast Iran, officials say,
proceeding cautiously on
developing the facility at a time
when the Trump administration
has laid an aggressive new
approach toward Tehran…
5
Corrected United Spirits books
after takeover: Diageo
Spirits giant Diageo on Monday
said it has corrected many
loopholes in the books of United
Spirits after acquiring it from Vijay
Mallya, and now India’s top spirits
firm is transparent in its
disclosures to regulatory
authorities. United Spirits (USL)
has now strengthened its
corporate governance, compliance
practices and controls systems,
Diageo officials said in the wake of
a media report that the UK firm
may have waived about Rs 10,000
crore of debt owed by Mallya’s
overseas firm – much more than
the Rs 1,225 crore that Diageo
reported to the BSE…
6
SGX will launch derivative
trading in Nifty 50 companies
The Singapore Stock Exchange
(SGX), a key competitor to
domestic bourses, is set to launch
trading in single stock futures
(SSF) in 50 of India’s top
companies that are part of the
Nifty index. SGX may do this in
early 2018, a source close to the
exchange told
BusinessLine…
7
Reliance Communications
skips bond interest payment
With the bulk of its wireless
telephony business shutting down,
Anil Ambani-owned Reliance
Communications (RCom) on
Monday skipped interest payment
to its bond holders. The company
didn’t pay the interest, of about
$9.75 million due on Monday, on
its $300-million bonds that will
mature in 2020…
7 November 2017
2

F
UEL
How can India reap its demographic dividends?
Labor force participation ratio holds the key
n
R
E
NGINES
6 November 2017
F
RIEND
O
F
T
HE
E
CONOMY
n
n
At a time when other major economies are (or will soon be) experiencing an aging population, the opportunity for India
to increase its foothold in the global economy is immense, if it is able to exploit its demographic dividends. India’s total
dependency ratio – a measure to gauge demographic dividends – has fallen (read: improved) from ~68% in the mid-1990s
to ~52% in 2015 and is expected to bottom at ~46% by 2040.
We argue that while a larger working-age population might be necessary, it is not sufficient to reap demographic
dividends. The labor force or the share of working-age population looking for work holds the key. During the past
decade, while India’s working-age population has grown at 1.9% per year, its labor force has grown at just 0.9% per year,
denying the economy of demographic dividends.
Over the next two decades, the larger working-age population must be complemented by a recovery in the labor force
participation ratio (LFPR). Nevertheless, higher LFPR will bring with it the challenge of providing sufficient good-quality
employment opportunities, without which India will not be able to reap its demographic dividends.
Falling TDR seen as an indicator of potential demographic dividends…
“…The demographic dividend is the economic growth potential that can result from
shifts in a population’s age structure, mainly when the share of the working-age
population (15 to 64) is larger than the non-working-age share of the population (14
and younger, and 65 and older)…”,
says
United Nations Population Fund (UNFPA).
In
simple words, a fall in total dependency ratio (TDR, defined as the proportion of the
population aged below 15 years and over 65 to the working-age [15-64 years]
population) is seen as an indication of potential demographic dividend. India’s TDR,
according to United Nations Population Division (UNPD), has fallen from ~68% in
mid-1990s to 52.2% in 2015 and is expected to bottom at 46.2% by 2040, when it
will be the second-lowest among G-20 nations
(Exhibit 1-2).
The next two decades,
thus, provide an immense opportunity to India to reap its demographic dividends
and increase its foothold as a global economic power.
Exhibit 1: Total dependency ratio (TDR) of G-20
countries
(%)
Total dependency ratio
52.2
Exhibit 2: India’s TDR will bottom out by the end of
2040
90
80
70
60
50
40
52.2
46.2
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050
Source: United Nations Population Division (UNDP), MOSL
47.7
(%)
India's total dependency ratio (TDR)
80.7
68.6
7 November 2017
3

C
orner
O
ffice
the
Interaction with the CEO
6 November 2017
Healthy volume growth led by restocking post GST
TCI key beneficiary of shift of trade from unorganized to organized
n
n
n
TCI has raised prices in the freight division and the supply chain division to pass on the
impact of higher diesel prices.
Volume growth in 2QFY18 was healthy, led by restocking by industries post GST
implementation and festive demand.
Implementation of e-waybills in March 2018 will determine the efficiency levels for road
operators.
Transport
Corporation of
India (TCI)
Our view: While the industry is seeking clarity over GST implementation and efficiency gains
from reorganization of warehouses, the real shift of business from unorganized to organized
would happen post the implementation of e-waybills in March 2018.
Road freight operators including TCI have increased prices in 2QFY18 to pass on the
impact of higher diesel prices. While road freight rates have not increased in tandem
with the increase in diesel prices until now, any sharp increases in crude prices would
result in sharper increase in road freight rates in the medium term. The coefficient of
increase in road tariff to increase in diesel price was 0.4-0.5x in the last few months.
This is likely to increase if crude prices firm up further
.
Prices increased to adjust for cost push
Mr Vineet Agarwal —
Managing Director
the implementation of e-waybills, clarity would emerge over the actual turnaround times of trucks and their
respective efficiency levels. At present, four states including Karnataka, Bihar, West Bengal and Gujarat continue to
operate with entry tax mechanism, and do not facilitate free movement of trucks.
Mr Vineet Agarwal has been
the Managing Director of
Transport Corporation of
India (TCI) since July 2011.
He has been Executive
Volume growth healthy, led by festive demand
Director since April 1, 2005.
Volume growth for TCI’s SCM division was healthy in 2QFY18 on early festive season
He has been instrumental in
demand and restocking post GST implementation. The key sectors that contributed to
successfully positioning TCI
demand were primarily in non-auto segments like retail. TCI expects 3QFY18 to be
as the market leader, more
particularly, as a total
slightly sluggish sequentially in the absence of any festive demand and restocking
logistics solutions provider
impact of GST. However, multi-national clients should help in offsetting some of the
offering customized
sluggishness in 3QFY18, given that they have to meet yearly targets.
solutions. Mr Agarwal holds
E-waybill implementation to determine efficiency levels
a BSc degree in Economics
In the present system, the movement of trucks is fairly smooth, as most states have done away with check posts,
and Industrial Management
from the Carnegie
of e-
resulting in improved turnaround times for trucks. However, this could be short-lived – the implementation
Mellon
University, USA.
waybills in phases over January-March 2018 would determine the actual efficiencies gained by road operators. Post
Client enquiries at elevated levels
Client enquiries have increased meaningfully in terms of the multiple services that would be provided by organized
players like TCI. Clients are evaluating the entire value chain and are looking for value addition across each part of
the value chain. Few clients have also resorted to the concept of shared warehouses to seek the benefits of efficient
and effective warehouse management by TCI. However, quite a few clients are seeking clarity and orders would
follow, as clarity emerges over efficiency gains from GST implementation and over input tax credit.
Margins in coastal shipping impacted
Margins in the coastal shipping segment were impacted due to increase in effective tax rate for furnace oil from 13-
14% to 18%, which has not been passed on to the end consumer. Additionally, the effective tax rate for spares has
also increased which has further impacted the margins for the segment in 2QFY18.
GST advantage for unregistered players no threat to organized players’ competitiveness
While transactions between unregistered players are exempt from GST, this is only possible for intra-state
movement in case of road freight. The exemption is not applicable for inter-state movement of goods. Hence, TCI
does not estimate a major benefit for unorganized players – the competitiveness of organized players will remain.
7 November 2017
4

6 November 2017
2QFY18 Results Update | Sector: Financials
Indian Bank
Buy
BSE SENSEX
33,731
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
10,452
INBK IN
Strong operational performance with asset quality improvement
480
n
INBK reported PAT of INR4.5b (13% beat) v/s INR4.05b in 2QFY17, led by
177.7 / 2.7
strong revenue growth and controlled operating expenses.
365 / 190
n
NII grew 21% YoY to INR15.4b (5% beat), led by 13% YoY loan growth and a
33/-4/59
12bp QoQ improvement in the global margin. This, supported by healthy
324
22% YoY growth in other income (36% YoY growth in core fees), helped
17.9
CMP: INR377
TP: INR438(+16%)
Financials & Valuations (INR b)
Y/E March
2018E 2019E
NII
61.2
68.5
OP
49.4
52.1
NP
17.6
21.1
EPS (INR)
36.7
44.0
EPS Gr. (%)
25.4
19.9
BV/Sh. (INR)
329
363
ABV/Sh (INR)
250
282
RoE (%)
11.6
12.7
RoA (%)
0.8
0.8
Div. Payout (%)
23.2
23.2
Valuations
P/E (x)
10.1
8.4
P/ BV (x)
1.1
1.0
P/ABV (x)
1.5
1.3
Div. Yield (%)
2.0
2.4
2020E
81.7
60.0
24.4
50.8
15.5
402
323
13.3
0.8
23.2
7.3
0.9
1.1
2.7
deliver total revenue growth of 21% YoY.
n
C/I ratio moderated 160bp QoQ to 39.1%, led by control on both employee
and other opex, while management guided for a further improvement in
the C/I ratio to 35%-37% by FY19. PPoP growth thus stood at an impressive
37% YoY; however, high provisions and an elevated tax rate against last
year’s lower base dragged net earnings growth to 11% YoY.
n
Fresh slippages declined 50% QoQ to INR3.56b. PCR improved by 500bp
QoQ to 45.7% (65.4% including technical write-offs) on the back of higher
provisions. During the quarter, the bank provided INR1.19b toward IBC-
related accounts (same amount needed for 3Q & 4Q), while it has total
exposure of INR27b spread over eight accounts toward the RBI’s first list.
INBK needs to provide another INR1.35b toward the RBI’s second list (total
exposure: INR8.13b). The bank has guided for a further improvement in PCR
to 66-68% by FY19, while the NNPL ratio is likely to decline to < 3%. Total
net stressed book stands at ~7.8% of advances.
n
Overall loan book grew 13%/8% YoY/QoQ to INR1.39t, while deposits grew
12% YoY/4% QoQ, led by healthy accretion in CASA deposits. CD ratio thus
increased by 250bp QoQ to 70.1%.
Valuation and view:
The focus on balance sheet consolidation and core
operating parameters has led to improving earnings, despite challenging
macros. INBK has a strong capital position with Tier-1 of 11.66%, and is thus
well poised to grow its loan book and benefit from further improvement in
operating leverage. We upgrade FY18/FY19 PAT estimates by 7%/15% to
account for a pick-up in margins and opex control. Maintain
Buy
with a revised
TP of INR438 (1.1x Sept’19E BV compared to earlier TP of INR382 based on 1x
Jun’19E BV in view of improved profitability) based on RI model.
7 November 2017
5

6 November 2017
2QFY18 Results Update | Sector: Metals
Gujarat Gas
Sell
BSE SENSEX
33,731
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
10,452
GUJGA IN
Roller coaster continues; both volume and EBITDA/scm poor
137.7
n
GUJGA reported EBITDA of INR2.0b (-3% YoY, -25% QoQ), below our
131.6 / 2.0
estimate of INR2.3b, led by a lower-than-expected margin. PAT came in at
945 / 487
INR611m (-12% YoY, -41% QoQ), significantly below our estimate, led by
-1/9/51
higher-than-expected interest cost and lower-than-expected other income.
66
39.1
n
PNG volumes strong:
PNG industrial/commercial volumes stood at
CMP: INR956
TP: INR721 (-25%)
Financials & Valuations (INR b)
Y/E Mar
2017 2018E
Net Sales
50.9
62.5
EBITDA
7.4
10.1
PAT
2.2
4.1
EPS (INR)
16.1
29.7
EPS Gr. (%)
7.0
85.1
BV/Sh (INR)
119.5
143.6
RoE (%)
14.0
22.6
RoCE (%)
14.4
19.4
P/E (x)
59.5
32.2
P/BV (x)
8.0
6.7
EV/EBITDA (x)
20.7
15.2
2019E
76.4
12.7
6.1
44.1
48.4
179.5
27.3
25.4
21.7
5.3
11.7
Estimate change
TP change
Rating change
4.0mmscmd (+13% YoY, -9% QoQ), and PNG household volumes at
0.5mmscmd (+5% YoY, +4% QoQ). Sequential decline in volumes was led by
non-inclusion of gas under GST, state bringing in a cut in VAT with a delay,
and flooding-related shutdowns by consumers. According to management,
the volumes lost have been made up for at the exit of the quarter.
n
CNG volumes up 7% YoY:
CNG volumes stood at 1.3mmscmd (+7% YoY, -1%
QoQ). Unless CNG volumes become a larger contributor, the company would
continue witnessing volatility in volumes and margins, in our view.
n
EBITDA/scm stood at INR3.8:
EBITDA/scm rose declined to INR3.8 (-13%
YoY, -21% QoQ), below our estimate of INR4.4, led by higher gas cost. We
have modeled EBITDA/scm at INR4.5/5.0 for FY18/19E.
Valuation and view
n
We expect volume growth to continue in FY18/19, primarily led by the PNG
industrial and commercial segment. For FY18/19E, we model volumes of
6.2/7.0mmscmd and EBITDA/scm of INR4.5/5.0.
n
We understand that with gas not being included under the GST, sales
volumes have been impacted adversely. However, the state government
decreased VAT, resulting in some restoration in volumes.
n
Propane and LPG are emerging as new and significant alternatives in areas
like Morbi.
n
We value the company at 15x (unchanged). At 15x average FY19-20E EPS of
INR48.1, we value GUJGA at INR721, implying a downside of 25%.
Sell.
FY17
FY18E
(INR Million)
FY18
2QE Var (%)
14,836
-6.2
19.9
12,555
-5.3
2,281
-11.2
15.4
725
-5.8
336
48.4
127
-30.1
1,347
-30.7
445
-27.4
33.0
903
-32.3
25.7
6.1
5.6
1.9
1.3
-1.1
3.9
2.7
0.4
3.9
4.4
-12.8
Y/E March
Standalone - Quarterly Earning Model
1Q
12,247
-26.7
10,073
2,173
17.7
632
534
62
1,070
321
30.0
748
27.7
6.1
5.1
1.1
3.5
0.4
4.7
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Reported PAT
YoY Change (%)
Margins (%)
Total volume (mmscmd)
CNG
PNG- Indust./comm.
PNG - Households
EBITDA (INR/scm)
FY17
FY18
2Q
3Q
4Q
1Q
2Q
3QE
4QE
12,370 12,309 14,002 14,780 13,914 16,360 17,463
-21.3
-17.1
1.6
20.7
12.5
32.9
24.7
10,276 10,600 12,539 12,082 11,888 13,909 14,566
2,094 1,709 1,463 2,698 2,027 2,451 2,897
16.9
13.9
10.4
18.3
14.6
15.0
16.6
645
653
643
666
683
746
746
541
539
476
496
499
255
255
52
75
71
78
89
145
145
959
593
415 1,615
934 1,595 2,041
265
170
84
571
323
526
674
27.6
28.6
20.2
35.4
34.6
33.0
33.0
695
423
331 1,044
611 1,069 1,367
150.3
31.5
-63.9
39.4
-12.1 152.7 312.6
5.6
3.4
2.4
7.1
4.4
6.5
7.8
5.2
5.3
6.1
6.1
5.7
6.3
6.5
1.2
1.2
1.2
1.3
1.3
1.3
1.4
3.6
3.7
4.3
4.4
4.0
4.5
4.6
0.4
0.5
0.6
0.4
0.5
0.5
0.5
4.4
3.5
2.7
4.8
3.8
4.2
5.0
50,927 62,517
-16.6
22.8
43,488 52,444
7,440 10,072
14.6
16.1
2,672 2,840
2,090 1,504
371
456
3,050 6,184
839 2,094
27.5
33.9
2,210 4,090
7.0
85.1
4.3
6.5
5.4
6.2
1.2
1.3
3.8
4.4
0.5
0.5
3.8
4.5
7 November 2017
6

RESULTS
FLASH
6 November 2017
Results Flash | Sector: Technology
L&T Infotech
Buy
BSE SENSEX
33,731
S&P CNX
10,452
CMP: INR818
TP: INR850(+8%)
We will revisit our estimates
post earnings call/management
interaction.
Beat on revenue growth despite ramp-down in India business
Revenue beat; flat margins despite wage hike
n
LTI’s 2QFY18 revenue grew 4.4% QoQ to USD271m. In CC terms, revenue
growth was 3.5% QoQ, ahead of our estimate of +2.1%.
n
Gross profit margin at 33.9% was higher by 10bp QoQ, despite the negative
impact of wage hike. Currency tailwinds, the absence of visa expenses and
higher utilization (+190bp QoQ) seem to have offset pressures. With SGA stable
at ~17% of revenue, EBITDA margin was flat at 16.8%.
n
PAT at INR2,729m (+2.1% QoQ) was a tad lower than estimate of INR2,772m,
led by lower other income.
Strength seen in Digital; now 32% of total revenue
n
All verticals other than Insurance (8% YoY CC), Manufacturing (-1% YoY CC) and
Others (-13% YoY CC) saw double-digit growth. BFS grew by 17% YoY CC,
Energy & Utilities by 24% YoY CC, CPG, Retail & Pharma by 29% YoY CC and Hi-
tech, Media & Entertainment by 16% YoY CC – indicating strong momentum in
the business.
n
On a sequential basis, revenue from India declined by 17% CC – we reckon this
is because of the implementation of CBDT in the previous quarter. If we were
to exclude the revenue from India, the quarter, in our view, saw growth of
5.3% QoQ in CC terms.
n
In terms of services, sequential growth was largely driven by Digital, which
grew by ~15% QoQ. It now constitutes to 32% of total revenue.
Valuation and view:
We will revisit our estimates post the earnings call. Outlook on
profitability would be keenly watched, now that headwinds are behind and growth
momentum is in place. Based on current estimates, it trades at 14.1/13.4x
FY18/19E EPS. Maintain
Buy.
Conference Call Details
Date:
6 November
2017
Time:
11:00 IST
Dial-in details:
+91-22-3938 1006
th
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
Net Sales
65.0
68.9
EBITDA
12.3
11.3
NP
9.7
10.0
EPS (INR)
55.5
57.3
EPS Gr. (%)
5.9
3.3
BV/Sh. (INR)
151.3
194.9
RoE (%)
41.6
33.1
RoCE (%)
44.0
31.5
Payout (%)
29.7
20.0
Div. Yield
2.0
1.4
2019E
75.6
12.7
10.6
60.3
5.2
240.7
27.7
29.6
20.0
1.5
Quarterly Performance (Consolidated)
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT Ma rgi n (%)
Other i ncome
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
Headcount
Uti l i ncl . tra i nees (%)
Attri ti on (%)
Offs hore rev. (%)
1Q
231
0.6
15,550
16.6
35.3
15.7
3,050
19.6
16.9
372
21.2
2,359
3.2
35.1
13.5
19,292
77.4
19.5
51.9
FY17
2Q
3Q
240
245
3.7
2.3
16,020 16,667
9.1
12.1
35.4
34.3
16.4
16.2
3,044
3,020
19.0
18.1
16.1
15.3
365
597
21.0
21.2
2,326
2,481
-1.4
6.7
21.3
10.5
13.3
14.2
21,074 20,605
78.7
78.1
18.5
18.1
51.2
52.3
4Q
254
3.7
16,772
7.7
35.8
16.8
3,190
19.0
16.5
503
22.3
2,547
2.7
11.4
14.6
21,023
78.3
16.9
51.3
1Q
259
2.0
16,707
7.4
33.8
17.0
2,799
16.8
14.4
1,084
23.4
2,673
4.9
13.3
15.3
22,321
77.7
53.2
FY18E
2Q
3Q
266
270
2.5
1.6
17,268 17,684
7.8
6.1
33.4
33.8
16.5
16.5
2,915
3,065
16.9
17.3
13.9
14.4
764
611
22.0
22.0
2,467
2,464
-7.7
-0.1
6.0
-0.7
14.1
14.1
22,641 22,911
77.5
78.0
52.2
52.5
FY17
4Q
274
1.4
18,065
7.7
34.3
16.5
3,212
17.8
14.9
562
22.0
2,541
3.1
-0.2
14.5
23,131
78.5
52.7
970
9.3
65,009
11.2
35.2
16.3
12,303
18.9
16.2
1,837
21.4
9,711
5.9
55.5
21,023
7807.5
48.3
FY18E
1,069
10.2
69,725
7.3
33.8
16.6
11,990
17.2
14.4
3,020
22.4
10,144
4.5
58.0
23,131
77.9
52.6
Est.
1QFY18
260
2.2
16,735
7.6
34.7
17.3
2,912
17.4
14.3
689
22.0
2,406
-5.5
2.0
13.7
21,443
76.5
47.7
Var. (% /
bp)
(0.2)
(18)
(0.2)
(18)
(92)
(28)
(3.9)
(65)
9
57.3
11.1
1,048
1,131
4.1
120
548
7 November 2017
7

6 November 2017
2QFY18 Results Update | Sector: Capital Goods
GE T&D India
Neutral
BSE SENSEX
33,731
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg. Val, INRm
Free float (%)
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
Net Sales
40.5
46.5
EBITDA
2.2
4.2
PAT
1.5
2.4
EPS (INR)
5.7
9.4
Gr. (%)
325.3
64.4
BV/Sh (INR)
40.3
46.2
RoE (%)
12.4
21.8
RoCE (%)
15.7
26.3
P/E (x)
70.7
43.0
P/BV (x)
10.0
8.8
Estimate change
TP change
Rating change
S&P CNX
10,452
GETD IN
Operating performance above expectations
256
n
Performance aided by margin improvement:
Sales grew by a muted 4% YoY
103.7/1.6
to INR8.7b in 2QFY18, below our estimate of INR9.3b, impacted by
433 / 277
deferment of sales on account of GST implementation. EBITDA stood at
-1/-2/2
50.0
INR805m, higher than INR349m in 2QFY17 and our estimate of INR700m, led
25.0
by closure of a large order (Champa Kurukshetra phase I) with a better
CMP: INR405
TP: INR440 (9%)
2019E
50.1
4.8
2.9
11.2
19.4
53.2
22.6
28.6
36.0
7.6
n
n
n
margin profile. EBIDTA margin for the quarter stood at 9.3% (+510bp YoY).
Adj. PAT stood at INR475m v/s INR205m in 2QFY17.
EBIDTA margin expansion driven by execution of better-margin order and
cost rationalization:
EBIDTA stood at INR805m, as against profit of
INR349m, with the margin expanding YoY to 9.3% from 4.2%, led by closure
of a large order (Champa Kurukshetra phase I) with a better margin profile,
and also cost-rationalization measures. Management guided for 7-8%
EBIDTA margin on a sustainable basis, despite intense competition in the
sector.
Order inflow declines sharply:
Order intake declined 42% YoY to INR7.3b in
2QFY18, impacted by a delay in finalization of orders on account of GST and
also as 2QFY17 included finalization of a large order from Sterlite Grid and
PGCIL. Order backlog stands at INR81b, providing revenue visibility for the
next two years. Of the total order book, 40% is from PGCIL, 25% from private
and the rest from the state. Key orders bagged in 2Q (all private orders)
were (1) order from Doosan for Jawaharpur and Obra thermal power plant,
(2) 50MW solar project from Marine electricals, (3) disconnector and
earthing switches from ABB and (4) 145kv substation order from CPCL.
Maintaining Neutral:
We maintain our
Neutral
rating, with a revised TP of
INR440, valuing the stock at 33x Dec-19E EPS of INR13.
FY18
2Q
3Q
4Q
8,700 12,700 13,040
4.2
9.3
9.0
805 1,012 1,292
130.6
40.2
17.7
9.3
8.0
9.9
228
228
161
225
220
202
344
250
242
695
814 1,171
220
210
455
31.6
25.8
38.8
475
604
717
131.6
36.3
55.4
475
604
717
131.6
36.3
55.4
FY17
FY18
(INR Million)
MOSL Var.
1QE Vs Est
9,300
-6
11.5
700
15
106
7.5
210
220
310
580
20
210
36.2
370
28
79.8
370
28
79.8
Quarterly Performance
Y/E March
Sales
Change (%)
EBITDA
Change (%)
As of % Sales
Depreciation
Interest
Other Income
PBT
Tax
Effective Tax Rate (%)
Reported PAT
Change (%)
Adj PAT
Change (%)
E: MOSL Estimates
1Q
8,546
11.6
21
-70.3
0.2
217
226
326
-2,425
-455
18.8
-1,970
-2,041.0
360
254.6
FY17
2Q
8,350
-4.3
349
-48.7
4.2
220
240
425
314
109
34.7
205
-43.2
205
-43.2
3Q
4Q
11,623 11,963
62.8
26.9
722 1,097
-235.7
81.7
6.2
9.2
221
224
343
344
522
177
679
705
236
244
34.7
34.6
443
461
-215.4
70.9
443
461
-215.4
70.9
1Q
12,093
41.5
1,055
4,875.9
8.7
224
278
421
974
358
36.8
616
-131.3
616
71.1
40,521 46,532
22.7
14.8
2,230 4,164
-9.0
-9.0
5.5
8.9
873
873
589
589
427
427
1,195 3,129
508
508
42.5
16.2
687 2,621
0.0
0.0
687 2,621
2.0
2.0
7 November 2017
8

K E C International
BSE SENSEX
33,731
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg. Val, INRm
Free float (%)
S&P CNX
10,452
KECI IN
Operating performance above expectations led by margins beat
257.1
n
Revenue performance below estimates:
Consol. revenue grew 3% YoY to
81.2/1.2
INR21.3b in 2QFY18. We note that revenue growth would be been much
338 / 111
better at 5% YoY if not for the GST-led impact. All business segments,
-3/30/132
165
excluding T&D, witnessed growth. T&D business including SAE Tower sales
49.1
declined 4.5% growth YoY. T&D contributed 80% of revenue, followed by
6 November 2017
2QFY18 Results Update | Sector: Capital Goods
CMP: INR316
TP: INR350 (11%)
Neutral
Financials & Valuations (INR b)
Y/E Mar
2017 2018E
Net Sales
85.8
94.6
EBITDA
8.2
9.3
PAT
3.0
3.7
EPS (INR)
11.9
14.3
Gr. (%)
106.1
20.5
BV/Sh (INR)
61.7
73.1
RoE (%)
19.2
19.5
RoCE (%)
11.9
13.8
P/E (x)
26.7
22.1
P/BV (x)
5.1
4.3
2019E
114.6
11.1
4.5
17.6
23.3
87.1
20.2
14.7
17.9
3.6
Estimate change
TP change
Rating change
Cables (11%), Railways (6%), and Solar, Civil and Water (4%). Management
broadly maintained its revenue growth guidance of 10-15% YoY for FY18,
which will be supported by a pick-up in execution of T&D orders in hand and
strong growth in the non-T&D segments.
n
Consol. EBITDA margin expanded 120bp YoY to 10.1%
in 2QFY18, led by an
improved performance from the standalone business. SAE Towers reported
an operating margin of 7.4% in 2QFY18 v/s 14.5% in 2QFY17. Management
raised its FY18 operating margin guidance to 10% from 9-9.5% earlier. Net
profit rose 37.4% YoY, led by execution of better-margin orders and a
reduction in interest cost.
Valuation view
n
KEC is well positioned to capitalize on increased domestic spending in Power
T&D, Railways and Water. Margins have improved over the last two years,
led by the stabilization of new verticals and the completion of loss-making
legacy orders. We raise our estimates for FY18/19 by 9/7% to factor in the
better-than-estimated margin performance in 1HFY18. However, given
expensive valuations, we maintain our
Neutral
rating with a revised target
price of INR350 (17x DEC19E EPS), in line with the five-year average
multiple, taking into consideration a strong pick-up in domestic order
execution, an improved overseas subsidiary performance and a better
business outlook. The stock trades at 22/18x FY18/19E EPS of INR14.3/17.6.
FY17
FY18
FY17 FY18E
2Q
3Q
4Q
1Q
2Q
3QE
4QE
20,742 19,123 28,492 18,568 21,322 21,500 33,184 85,844 94,573
2.6
-7.2
11.3
6.2
2.8
12.4
16.5
0.8
10.2
1,853 1,818 3,011 1,763 2,158 2,105 3,297 8,179 9,324
22.5
8.8
29.2
17.9
16.5
15.8
9.5
20.4
14.0
8.9
9.5
10.6
9.5
10.1
9.8
9.9
9.5
9.9
310
298
408
272
279
334
452 1,297 1,337
596
583
637
631
572
580
782 2,536 2,565
55
70
114
98
57
57
15
289
228
1,003 1,006 2,081
958 1,365 1,248 2,079 4,634 5,650
352
380
625
329
471
437
741 1,587 1,977
35.1
37.8
30.1
34.3
34.5
35.0
35.6
34.2
35.0
650
626 1,455
630
894
811 1,338 3,048 3,672
131.0 139.0
90.5 103.5
37.4
29.6
-8.1
59.2
20.5
650
626 1,455
630
894
811 1,338 3,048 3,672
131.0 139.0
90.5 103.5
37.4
29.6
-8.1
59.2
20.5
(INR Million)
MOSL
Var.
1Q Est Vs Est
23,386
-9%
12.7
2,209
-2%
19.2
9.4
348
665
52
1,248
9%
437
35.0
811
10%
24.7
811
10%
24.7
Quarterly performance (Cons.)
Y/E March
Sales
Change (%)
EBITDA
Change (%)
As of % Sales
Depreciation
Interest
Other Income
PBT
Tax
Effective Tax Rate (%)
Reported PAT
Change (%)
Adj PAT
Change (%)
E: MOSL Estimates
1Q
17,487
-6.9
1,496
6.3
8.6
291
720
50
535
226
42.2
309
83.2
309
83.2
7 November 2017
9

Zensar Technologies
BSE SENSEX
33,731
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
10,452
ZENT IN
Waiting for the big guns to start firing
45
n
Revenue beat despite IM weakness:
ZENT’s 3.3% QoQ CC growth was
35.5 / 0.5
higher than our estimate of +2.3%. In USD terms, revenue grew 3.8% QoQ to
1070 / 736
USD119m. While Application Services grew 5.2% QoQ CC, a decline in
5/-19/-35
Infrastructure Management (IM) dragged growth lower. EBITDA margin
24
51.1
expanded 140bp QoQ to 11.6%, despite a wage hike impact of -150bp; apart
6 November 2017
2QFY18 Results Update | Sector: Technology
CMP: INR835
TP: INR1,020 (+22%)
Buy
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
30.6
31.0
Net Sales
3.8
3.6
EBITDA
2.3
2.4
PAT
52.1
52.8
EPS (INR)
-23.7
1.3
Gr. (%)
325.9
365.9
BV/Sh (INR)
17.2
15.3
RoE (%)
23.2
17.7
RoCE (%)
16.0
15.8
P/E (x)
2.6
2.3
P/BV (x)
2019E
35.6
4.9
3.3
72.7
37.8
422.0
18.4
22.3
11.5
2.0
n
n
Estimate change
TP change
Rating change
n
from other factors, a decline of 150bp on headcount resulted in a 300bp
increase in utilization. PAT at INR608m (13.6% YoY) was better than our
estimate of INR543m, led by the overall operational beat.
Smaller bits driving growth:
90% of incremental growth in 2QFY18 was
driven by geographies other than the US. Performance in the US (72% of
revenue) has been weak for more than a year, and the front-end here
recently saw a refresh. Although growth in several pockets has been strong
enough to offset this weakness this quarter, it would be necessary for the US
to start pumping in order for the overall performance to look decently
upward.
Margins thesis not playing out yet:
While there was a beat on profitability
during the quarter, segmental disclosures indicate -3.4% EBIT margins in IM
– a deterioration of 640bp QoQ. Our margin improvement thesis is hinged
on course correction in this business, giving the company a potential delta of
200bp from this lever alone. However, management commentary indicated
that a positive change in this metric would still be a couple of quarters away.
Valuation view:
ZENT continues exhibiting encouraging changes, as
reflected in higher growth in top clients versus company average, 35% YoY
growth in Digital, and solid control of Oracle ATG pressures through a rapid
portfolio revision. While execution on most fronts cements our view of
severe underlying changes, we deem it necessary for the US and IM business
to improve in order for numbers to speak for the story. Expect 12% revenue
CAGR and cumulative margin expansion of 240bp over FY18-20E post the
clean-up through FY18E. We maintain
Buy
with a revised price target of
INR1,020—discounting forward EPS by 13x.
4Q
112
-4.9
7,433
-0.4
27.7
19.9
585
7.9
6.2
-228
45.5
104
-87.0
-85.2
2.3
8,524
79.2
34.5
1Q
114
2.2
7,367
-2.5
27.6
17.4
748
10.2
7.7
203
32.0
472
354.7
-36.3
10.5
8,567
83.2
37.5
FY18E
2Q
119
3.8
7,626
-1.0
28.8
17.2
884
11.6
9.3
194
26.8
608
29.0
-13.6
13.5
8,414
85.9
37.5
FY17
3Q
120
1.5
7,883
0.2
28.9
16.5
974
12.4
10.1
157
28.0
631
3.7
-21.2
14.0
8,764
82.0
35.7
4Q
123
2.0
8,102
9.0
28.5
16.0
1,014
12.5
10.3
173
28.0
670
6.2
545.4
14.8
8,814
81.0
35.0
459
1.4
30,556
3.1
29.3
16.8
3,819
12.5
10.9
241
31.6
2,349
-24.1
52.1
8,524
79.7
33.2
FY18E
476
3.6
30,978
1.4
28.4
16.8
3,620
11.7
9.4
727
28.5
2,381
1.3
52.8
8,814
83.0
36.4
Est.
2QFY18
117
2.6
7,544
-1.0
26.6
16.0
801
10.6
8.3
203
29.0
543
15.0
-22.9
12.0
8,642
83.0
37.0
Var. (% /
bp)
1.1
112bp
1.1
0bp
217bp
118bp
10.4
99bp
105bp
-4.4
12.0
1395bp
932bp
-2.6
290bp
46bp
Quarterly Performance (Consolidated)
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT Ma rgi n (%)
Other i ncome
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
Headcount
Uti l i za ti on (%)
Offs hore rev. (%)
1Q
114
3.1
7,554
7.2
29.1
15.4
1,037
13.7
12.3
198
32.6
741
5.4
-2.8
16.4
8,238
79.8
31.2
FY17
2Q
116
1.8
7,703
1.8
30.1
15.6
1,111
14.4
12.8
70
29.6
704
-5.0
-22.9
15.6
8,316
80.1
33.8
3Q
118
1.3
7,865
3.9
30.2
16.4
1,085
13.8
12.3
201
30.2
800
13.7
11.9
17.7
8,564
79.5
33.5
7 November 2017
10

RESULTS
FLASH
Parag Milk Foods
BSE SENSEX
33,731
S&P CNX
10,452
06 November 2017
Results Flash | Sector: Consumer
CMP: INR271
TP: INR280 (+4%)
Neutral
We will revisit our estimates
post earnings call/management
interaction.
Subdued top-line growth again; saving in costs elevates margins
Consol. quarterly performance
n
PARAG’s net sales grew 6.7% YoY to INR5b in 2QFY18 (est. of +10%).
n
Gross margin contracted 30bp YoY to 28.1%.
n
Lower other expenses (-330bp YoY) and marginally higher employee costs
(+20bp) led to EBITDA margin expansion of 280bp YoY to 9.9%. EBITDA thus
grew 48% YoY to INR500m (est. of +10%).
n
Adj. PAT grew 94.5% YoY to INR249m (est. of INR189m).
n
Standalone quarterly performance:
PARAG reported net sales, EBITDA and adj.
PAT growth of 6.5%, 36% and 48.5% YoY, respectively.
n
Imputed subsidiary performance:
Sales grew by 17% YoY. EBITDA and adj. PAT
profit stood at INR3m and INR18m v/s loss of INR27m and INR27m,
respectively, in the year-ago period.
Announcements
st
n
Parag Milk Foods appointed Mr Vimal Agarwal as CFO with effect from 21
December 2017. He has previously worked with Pepsico (joined in 2004) in
various corporate finance roles. He has vast experience of over 18 years in the
corporate sector.
n
The company completed expansion of the whey processing facility from 4LLP to
10LLPD, with a capex of INR146m. The board has
approved further expansion
of the whey processing facility
with a
capex of INR177m at the Manchar
facility.
This capex forms part of the total IPO funds (INR1.5b) allotted for
expansion and modernization. It was earlier earmarked for setting up a new
production line of milk-based beverages at Palamaner, which has now been
deferred.
View:
We will review our numbers post the conference call.
(INR Million)
FY17
2Q
3Q
4,728
4,461
0.7
15.1
338
-145
-18.4
-137.8
7.1
-3.2
115
109
51
89
31
20
204
-322
76
-54
37.1
16.8
128
-268
32.0
-284.5
2.7
-6.0
4Q
4,283
3.4
519
29.6
12.1
168
88
59
322
3
0.9
319
98.4
7.5
1Q
4,129
7.7
294
-7.7
7.1
116
79
15
115
9
8.1
105
3.0
2.5
FY18
2Q
3QE
5,045
5,130
6.7
15.0
500
347
47.9
LP
9.9
6.8
129
109
74
62
36
20
333
196
84
53
25.3
27.0
249
143
94.5
LP
4.9
2.8
FY17
4QE
5,532
29.2
560
7.9
10.1
109
41
11
420
152
36.1
269
-15.9
4.9
17,307
5.2
1,030
-30.5
6.0
490
323
127
344
62
18.1
282
-40.4
1.6
FY18E
19,835
14.6
1,700
65.0
8.6
462
256
82
1,064
298
28.0
766
171.8
3.9
FY18
2QE
5,201
10.0
415
10.0
8.0
115
64
23
259
70
27.0
189
32.2
3.6
Var.
-3.0
20.4
Conference Call Details
Date:
7 Nov’17
Time:
04:00pm IST
Dial-in details:
+91-22-3025 7116
th
Financials & Valuations (INR b)
2017 2018E 2019E
Y/E Mar
17.3
19.8
23.1
Net Sales
1.1
1.7
2.1
EBITDA
0.3
0.8
1.0
NP
3.6
9.1
12.5
EPS (INR)
-46.4
152.6
37.0
EPS Gr. (%)
78.2
87.3
99.7
BV/Sh. (INR)
6.0
11.0
13.3
RoE (%)
6.9
10.1
12.0
RoCE (%)
75.0
29.7
21.7
P/E
22.4
13.8
11.3
EV/EBITDA
Consolidated - Quarterly Earning Model
Y/E March
Net Sales
YoY Cha nge (%)
EBITDA
YoY Cha nge (%)
Ma rgi ns (%)
Depreci a ti on
Interes t
Other Income
PBT
Ta x
Ra te (%)
Adj PAT
YoY Cha nge (%)
Ma rgi ns (%)
E: MOSL Es ti ma tes
1Q
3,835
2.6
318
11.8
8.3
98
96
16
140
38
27.2
102
45.5
2.7
(%)
28.4
31.5
7 November 2017
11

6 November 2017
Q2FY18 Results Update | Sector: Media
SITI Network
Neutral
BSE SENSEX
33,731
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg. Val, INRm
Free float (%)
S&P CNX
10,452
SITINET IN
Phase 3/4 monetization to boost revenue
872
n
EBITDA miss led by subdued revenue:
Revenue declined 3% QoQ to
21.7 / 0.3
INR3,523m (in-line) due to a steep 48% QoQ fall in activation revenue.
41 / 23
EBITDA fell 33% QoQ to INR672m (13% miss) on the back of a subdued top
-3/-32/-49
line and a 12% rise in other expense. Margin shrunk 860bp QoQ to 19%. Net
29.1
26.4
loss widened to INR657m (-INR290m in 1QFY18; est. of -INR229m). Adjusted
CMP: INR25
TP: INR27 (+5%)
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
11.9
15.1
Net Sales
2.0
3.7
EBITDA
-1.6
-0.7
PAT
-1.9
-0.8
EPS (INR)
293.3
-56.6
Gr. (%)
6.2
5.3
BV/Sh (INR)
-29.4
-14.2
RoE (%)
-0.8
8.7
RoCE (%)
-13.5
-31.1
P/E (x)
4.1
4.8
P/BV (x)
2019E
17.4
4.9
0.1
0.1
-115.6
5.4
2.4
3.7
199.9
4.7
n
n
Estimate change
TP change
Rating change
n
for one-off expenses (due to restructuring cost), net loss stood at INR608m,
led by weak EBITDA and a 9%/12% QoQ rise in depreciation/finance cost.
Phase 3/4 APRU boosts subscription revenue:
Subscription revenue jumped
21% QoQ (+52% YoY) to INR2,050m (11% beat), led by ~10%/43% rise in
ARPU to INR55/40 in DAS 3/4 markets. However, activation, carriage and
broadband revenues pulled down overall revenues. Activation revenue
decline was led by ~44% QoQ plunge in digital subscriber net adds (to 0.7m
in 2QFY18). Carriage and placement revenue fell 7% QoQ due to a delay in
negotiations. Broadband revenue of INR255m declined marginally by 1%
QoQ (+2% YoY) due to competitive pressure impacting broadband
subscribers (net adds declined by 2k).
Phase 3/4 monetization to steer growth:
Management indicated that ARPU
should improve on the back of a) monetization of Phase 3 and 4 digitization;
increase in Phase 1 and 2 ARPU led by HD and premium content. This,
coupled with reducing churn and increasing collection efficiency, is expected
to boost revenue. Implementation of TRAI order provides latent upside. We
expect revenues/EBITDA CAGR of 19%/43% over FY17-20E.
Maintain Neutral with TP of INR27:
We have cut revenue/EBITDA by 4-5%
for FY18/19E, primarily on the back of weak 2QFY18 results and higher
carriage/ pay channel costs. Consequently, PAT estimates are cut by ~60%
for FY19. Maintain
Neutral,
with a revised DCF-based target price of INR27
(earlier: INR36).
FY18
1Q
2Q 3QE
3,650 3,523 3,717
29.4
21.9 24.5
2,639 2,851 2,905
1,010 672 812
27.7
19.1 21.8
726
792 695
331
371 320
62
40
20
15
-452 -182
0
47
0
15
-499 -182
167
16
15
1,143.5 -3.2 -8.2
137
142 -10
-290 -657 -187
-290 -608 -187
-45.9 29.7 -29.0
-7.9 -17.3 -5.0
Quarterly performance (INR m)
Y/E March
Revenue from Operations
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord expense
PBT
Tax
Rate (%)
MI & P/L of Asso. Cos.
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
1Q
2,820
22.7
2,395
425
15.1
547
297
49
-370
0
-370
65
-17.7
101
-536
-536
45.9
-19.0
FY17
2Q
3Q
4Q
2,890 2,985 3,255
23.6 -13.2
-4.0
2,416 2,434 2,676
473
550
580
16.4 18.4
17.8
572
625
667
280
360
338
24
71
115
-355 -364
-310
0
0
202
-355 -364
-513
22
-30
135
-6.1
8.1
-26.4
93
-71
-31
-469 -263
-617
-469 -263
-361
48.7 -279.7 -584.5
-16.2 -8.8
-11.1
4QE
4,217
29.5
3,041
1,176
27.9
566
256
20
374
0
374
4
1.1
-8
378
378
-204.7
9.0
FY17
11,949
4.2
9,921
2,028
17.0
2,412
1,274
259
-1,399
202
-1,602
193
-12.0
91
-1,885
-1,629
254.3
-13.6
FY18E
15,106
26.4
11,436
3,670
24.3
2,779
1,279
142
-246
47
-293
202
-69.1
261
-756
-707
-56.6
-4.7
2QFY18E Var (%)
3,516
0
-76.9
2,744
4
772
-13
22.0
-289bps
695
320
33
-209
116
0
-209
NM
30
-14.3
-10
0
-229
NM
-229
NM
-51.1
-6.5
7 November 2017
12

Metals Weekly
Chinese export HRC prices see some weakness
n
6 November 2017
Update
n
n
n
n
Indian steel: Long product (TMT Mumbai) prices were unchanged WoW. Sponge iron prices were up ~1%
WoW, while domestic scrap prices were up ~6% WoW. Pellet prices were marginally higher. Domestic iron ore
prices were unchanged. Domestic HRC price were up ~1% WoW, but import HRC price offers were down ~3%
WoW.
Raw materials: Iron ore prices (China cfr) were marginally lower. Thermal coal prices were up ~1% WoW.
Coking coal prices were also up ~1% WoW. China’s pellet import prices were down ~1% WoW, but premium
over iron ore prices remains strong.
Europe: HRC prices were unchanged. Product spreads were marginally lower. CIS HRC export prices were
down ~1% WoW. Rotterdam scrap prices were marginally higher WoW.
China: Local HRC prices were unchanged, but rebar prices were up ~1% WoW. Export HRC prices, however,
were down ~1% WoW and rebar prices were down ~2% WoW. Chinese export HRC prices are down by ~5%
since the end of September.
Base metals: Aluminum (cash LME) prices were down ~1% WoW. Alumina prices were marginally lower WoW.
Zinc (cash LME) was down ~1% WoW. Lead was also down ~1% WoW. Copper was down ~2% WoW. Crude oil
(Brent) prices were up ~3% WoW.
7 November 2017
13

September 2017 Results Preview | Sector: Healthcare
Alembic Pharma
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
ALPM IN
188.5
95 / 1
709 / 470
0 / -25 / -38
CMP: INR503
n
TP:INR510(+1%)
Neutral
Financial Snapshot (INR Billion)
y/e march
2017 2018E 2019E 2020E
Sales
EBITDA
NP
EPS (INR)
EPS Gro. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
EV/Sales (x)
D. Yield (%)
23.3
5.0
15.9
3.1
1.0
25.4
4.4
16.7
2.9
1.0
19.7
3.8
13.2
2.6
1.0
15.9
3.1
10.4
2.2
1.0
31.0
6.1
4.0
21.6
-43.2
23.0
22.1
32.5
5.7
3.7
19.8
-8.3
18.4
17.9
37.2
7.3
4.8
25.5
29.0
20.5
20.2
42.6
9.2
6.0
31.7
24.4
21.6
27.4
n
n
n
100.8 114.6 134.2 159.9
In 2QFY18, we expect Alembic Pharma (ALPM) to post a marginal
decline in sales by ~3% YoY to INR8.5b. International business is
expected to decline 12.4% YoY to INR3.1b owing to lower
contribution from gAbilify, partially offset by new launches,
including Pristiq generic launch. India business is expected to post
modest growth of 3.3% YoY to INR3.8b.
Reported EBITDA is likely to decrease ~15.6%YoY to INR1.5b, with
EBITDA margin contracting 270bpYoY, primarily on account of
poor performance in International business.
We expect reported PAT to decline 16.9% YoY to INR986m.
Given that recent investments in Oncology, Derma and Opthal will
fetch returns only from FY20, high R&D expense, coupled with
pricing pressure in the US, will keep growth in check over the near
term. We maintain Neutral with a TP of INR510 @20x FY19E EPS.
Key issues to watch out
Ø
Contribution of chronic portfolio and growth strategy.
Ø
Performance of US operations amid market pressure.
Ø
Outlook on future ANDA launches/filings.
Y/E March
Quarterly Performance
1Q
7,270
24.6
5,711
1,559
21.4
194
11
14
1,369
333
24.3
16
1,020
46.2
14.0
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Minority Interest & P/L of Asso. Cos.
Adj PAT
YoY Change (%)
Margins (%)
FY17
2Q
8,716
-13.1
6,945
1,771
20.3
206.2
9.6
12
1,567
331.5
21.2
49
1,187
-58.8
13.6
3Q
7,699
-16.4
6,253
1,446
18.8
211
8
10
1,237
393
31.8
-17
861
-68.0
11.2
4Q
7,367
17.8
6,032
1,335
18.1
218
18
20
1,118
165
14.7
23
930
2.2
12.6
1Q
6,482
-10.8
5,468
1,014
15.6
218
9
2
789
155
19.6
-33
667
-34.6
10.3
FY18E
2QE
8,491
-2.6
6,996
1,494
17.6
225.0
14.0
9
1,264
278.2
22.0
0
986
-16.9
11.6
FY17
3QE
8,613
11.9
7,080
1,533
17.8
225
14
9
1,303
287
22.0
0
1,016
18.0
11.8
4QE
8,885
20.6
7,298
1,587
17.9
235
5
13
1,360
332
24.4
0
1,028
10.5
11.6
(INR Million)
FY18E
32,535
4.9
26,842
5,694
17.5
903
42
33
4,781
1,052
22.0
0
3,729
-7.4
11.5
31,013
-1.3
24,904
6,109
19.7
830
51
62
5,290
1,222
23.1
38
4,029
-45.0
13.0
7 November 2017
14

September 2017 Results Preview | Sector: Capital Goods
BHEL
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
BHEL IN
3671.4
307 / 5
122 / 77
-4 / -32 / -20
CMP: INR84
n
n
TP: INR75(-11%)
Sell
Financial Snapshot (INR b)
Y/E March
2017 2018E 2019E 2020E
Net Sales
EBITDA
PAT
EPS (INR)
EPS Gr. (%)
BV/Sh. INR
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div Yield (%)
* Consolidated
62.7
1.0
24.7
0.3
30.9
0.9
11.4
0.6
22.3
0.9
10.5
0.9
19.3
0.9
9.0
1.0
282.2
8.3
4.9
1.3
-169.3
88.0
1.5
0.7
20.0
284.9
15.9
10.0
2.7
102.9
90.1
3.1
2.2
20.0
314.8 352.2
19.4
13.8
3.8
38.5
93.0
4.1
3.0
20.0
23.5
16.0
4.4
38.5
96.3
4.6
3.6
20.0
n
n
n
n
We expect muted revenue growth of 3% YoY, led by lower
availability of orders for execution.
We expect gross margin to expand 540bp YoY to 41%, led by better
product mix. Operating profit is likely to grow 148% YoY to INR3.8b,
driven by better operating leverage and lower other expenses.
We estimate net profit at INR2.6b against profit of INR1.1b in
2QFY17.
During the quarter, BHEL has entered into a technical collaboration
agreement with Kawasaki Heavy Industries for the manufacture of
stainless steel coaches and bogies for metros.
During the quarter, BHEL bagged an EPC order from GACL to supply
15MW solar photovoltaic power plant on EPC basis.
BHEL is L1 in 5GW of orders, which it expects to be finalized in
FY18.
Key issues to watch
Ø
Ø
Continued constraint on execution due to operational issues.
Trends in provisions, particularly for liquidated damages on project
completion.
Quarterly Performance
Y/E March
Sales (Net)
Change (%)
EBITDA
Change (%)
As a % Sales
Interest
Depreciation
Other Income
PBT
Tax
Effective Tax Rate (%)
Reported PAT
Change (%)
Adj. PAT
Change (%)
1Q
56,118
28.7
710
-133.9
1.3
57
2,182
2,493
965
188
19.4
778
129.5
778
129.5
FY17
2Q
66,645
12.2
1,551
-135.4
2.3
50
2,080
1,961
1,382
292
21.1
1,090
-160.3
1,090
-160.3
3Q
63,254
18.7
2,239
-113.9
3.5
263
2,088
1,358
1,245
310
24.9
935
-108.6
935
-108.6
4Q
96,882
-2.9
6,509
-24.9
6.7
3,136
2,139
1,452
2,686
530
19.7
2,156
-57.4
2,156
-57.4
1Q
55,056
-1.9
-883
-224.3
-1.6
657
2,001
4,622
1,080
272
25.2
808
3.9
808
3.9
FY18
2QE
3QE
68,859
62,418
3.3
-1.3
3,846
2,293
147.9
2.4
5.6
3.7
300
350
2,110
2,397
2,000
2,000
3,437
1,546
756
300
22.0
19.4
2,681
1,246
145.9
33.2
2,681
1,246
145.9
33.2
FY17
4QE
98,530
1.7
9,778
50.2
9.9
2,199
3,081
1,910
44,496
1,998
4.5
4,410
104.6
4,410
104.6
282,222
10.8
8,270
-160.5
2.9
3,506
8,488
3,189
6,237
1,320
21.2
4,917
-169.3
4,917
-169.3
FY18E
284,863
0.9
15,869
91.9
5.6
3,506
9,589
3,187
13,305
3,326
25.0
9,979
102.9
9,979
102.9
7 November 2017
15

September 2017 Results Preview | Sector: Oil & Gas
Castrol (India)
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
CSTRL IN
494.6
191 / 3
495 / 354
-4 / -1 / -17
n
CMP: INR356
n
We expect revenue to grow 10% YoY (and decline 4% QoQ) to
TP: INR467 (+31%)
Buy
INR8.4b, led by volumes at 48.5m liters (+6% YoY, -5% QoQ) and
realization at INR172.5/liter (+4% YoY, +1% QoQ).
We expect CSTRL to report EBITDA of INR2.2b (+4% YoY, +4%
QoQ). EBITDA margin would be 26%, lower than 37.7% in 3QCY16.
n
n
Financial Snapshot (INR b)
Y/E Dec
2015 2016 2017E 2018E
Sales
EBITDA
PAT
EPS (INR)
EPS Gr. (%)
BV/Sh.(INR)
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div. Yield (%)
27.7
30.5
18.2
2.5
26.1
29.5
16.9
3.1
28.1
26.8
17.7
2.7
26.7
24.4
17.1
2.8
33.0
9.3
6.4
12.8
33.8
11.6
33.6
9.9
6.7
13.6
6.3
12.0
34.4
9.3
6.3
12.6
-7.4
13.3
99.8
90.3
35.8
9.6
6.6
13.3
5.5
14.6
95.8
95.9
90.3
We estimate net profit at INR1.5b (+8% YoY, +9% QoQ).
The stock trades at 26.7x CY18E EPS of INR13.3. Maintain Buy.
118.4 115.2
87.1
97.0
118.5 115.4 100.0
Key issues to watch for
(a) Volume growth.
(b) Operating margin expansion.
(c) Launch of new products.
(d) Competitive pressure from other players.
Quarterly Performance
Y/E December
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
YoY Change (%)
Margins (%)
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
PAT
YoY Change (%)
Margins (%)
E: MOSL Estimates
1Q
8,521
7.1
6,005
2,516
34.3
29.5
86
4
223
2,649
925
35
1,724
48.4
20.2
CY16
2Q
9,679
5.2
6,535
3,144
15.2
32.5
149
7
202
3,190
1,121
35
2,069
12.1
21.4
3Q
7,589
-2.8
5,488
2,101
-1.2
27.7
107
1
183
2,176
778
36
1,398
-2.4
18.4
4Q
7,791
-1.2
5,627
2,164
3.4
27.8
108
3
389
2,442
884
36
1,558
10.7
20.0
1Q
8,822
3.5
6,189
2,633
4.7
29.8
123
3
185
2,692
902
34
1,790
3.8
20.3
CY17
2Q
8,704
-10.1
6,609
2,095
-33.4
24.1
118
1
155
2,131
752
35
1,379
-33.3
15.8
(INR Million)
CY16
CY17E
3QE
8,366
10.2
6,180
2,186
4.1
26.1
115
4
212
2,279
775
34
1,504
7.6
18.0
4QE
8,531
9.5
6,165
2,366
9.3
27.7
115
7
270
2,513
940
37
1,573
0.9
18.4
33,580
2.2
23,655
9,925
12.5
29.6
450
15
997
10,457
3,708
35
6,749
15.4
20.1
34,423
2.5
25,143
9,280
-6.5
27.0
471
15
822
9,616
3,365
35
6,250
-7.4
18.2
7 November 2017
16

September 2017 Results Preview | Sector: Healthcare
Cipla
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
CIPLA IN
804.5
471 / 7
622 / 479
5 / -7 / -13
CMP: INR585
n
TP: INR520 (-11%)
Neutral
Financial Snapshot (INR Billion)
Y/E MARCH
2017 2018E 2019E 2020E
Sales
EBITDA
NP
EPS (INR)
EPS Gro. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div. Yield (%)
36.8
3.8
20.4
0.4
27.7
3.4
16.8
0.4
22.5
3.0
13.9
0.4
17.6
2.6
11.2
0.4
146.3 168.1 190.0 214.7
24.8
12.8
15.9
-15.5
10.2
8.1
30.1
16.9
21.1
32.7
12.1
9.9
35.7
20.9
26.0
23.2
13.2
11.0
42.7
26.7
33.3
27.9
14.6
12.6
155.7 174.3 197.2 227.4
We expect Cipla’s revenues to grow 15% YoY to INR42.9b in
2QFY18.
n
Export formulation business is expected to grow at ~10% YoY.
Domestic business is expected to grow significantly at 20% YoY,
driven by traction in Respiratory business. Export API sales are
expected to report 10% YoY growth to INR1.2b.
n
EBITDA is likely to grow 13% YoY to INR7.7b, with margin remaining
flat. We expect reported PAT to increase 17.4% YoY to INR4.2b.
n
Unlike other large-cap peers, CIPLA is well poised to deliver robust
growth in the US due to a lower base, coupled with significant
pickup in filing quality and rate (filed 32 ANDAs in FY17, planning to
file 20-25 in FY18E). Maintain Neutral with TP of INR520 @ 20x
FY19E PER.
Key issues to watch out
Ø
Launch of combination inhaler in the UK market (USD450m market
size).
Ø
Margin improvement in Medpro operations (acquired in July 2014).
Ø
Sustained strong growth in domestic formulations (38% of sales).
Quarterly Performance
Y/E March
Net Revenues
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT after EO expense
Tax
Rate (%)
Minority Interest
Reported PAT
YoY Change (%)
Margins (%)
1Q
36,500
-4.9
6,112
16.7
2,038
315
252
4,011
553
13.8
67.6
3,391
-47.8
9.3
FY17
2Q
3Q
37,510
36,472
8.6
17.4
6,807
6,776
18.1
18.6
2,292
2,577
352
593
272
1,535
4,436
5,141
719
1,283
16.2
25.0
173.6
109.8
3,543
3,748
-34.7
8.7
9.4
10.3
4Q
35,820
9.7
5,062
14.1
2,322
334
228
2,634
593
22.5
9.3
2,032
-33.2
5.7
1Q
35,251
-3.4
6,465
18.3
2,134
279
1,514
5,566
1,308
23.5
169.6
4,088
20.6
11.6
FY18E
2QE
42,975
14.6
7,717
18.0
2,400
324
400
5,393
1,122
20.8
112.5
4,159
17.4
9.7
FY17
3QE
42,101
15.4
7,578
18.0
2,425
324
400
5,229
1,088
20.8
112.5
4,029
7.5
9.6
4QE
47,822
33.5
8,338
17.4
1,754
101
-714
5,770
1,050
18.2
55.4
4,665
129.5
9.8
(INR Million)
FY18E
146,300
7.0
24,756
16.9
9,229
1,594
2,287
16,220
3,094
19.1
360.2
12,766
-30.7
8.7
168,149
14.9
30,099
17.9
8,713
1,028
1,600
21,957
4,567
20.8
450.0
16,940
32.7
10.1
7 November 2017
17

September 2017 Results Preview | Sector: Cement
Dalmia Cement
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
DBEL IN
88.8
245 / 4
2847 / 1186
1 / 28 / 31
CMP: INR2,755
n
TP: INR3,272(+19%)
Buy
Financial Snapshot (INR Billion)
Y/E March
2017 2018E 2019E 2020E
Sales
EBITDA
NP
Adj. EPS(INR)
EPS Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
Payout (%)
Valuation
P/E (x)
P/BV (x)
EV/EBITDA (x)
EV/Ton (USD)
71.1
4.9
16.9
186
43.8
4.5
13.8
177
31.2
3.9
12.0
172
24.0
3.4
10.6
172
74.0
19.0
3.4
38.8
81.2
558
7.2
7.3
6.0
84.8
21.9
5.6
62.9
62.4
619
10.7
9.3
3.7
96.0 107.0
24.5
7.9
40.2
707
13.3
10.6
0.0
27.8
10.2
30.3
818
15.1
11.8
3.7
88.3 115.0
2QFY18 cement volumes are estimated to increase 8% YoY to
3.69mt, led by strong growth in eastern operations, partially
offset by weak growth from south operations. Realizations are
estimated to decrease 2% QoQ and increase 3.3% YoY to
INR5,057/ton, led by QoQ pricing weakness in key regions.
n
We estimate cement EBITDA/ton at INR1,217 (-INR178/ton QoQ)
due to a decrease in realization. EBITDA margin is expected to
contract 3pp QoQ to 24.1%.
n
EBITDA is estimated to increase 15% YoY to INR4.5b, translating
into PAT increase of 225% YoY to INR1.0b.
n
The stock trades at P/E of 31.2x/24x on FY19E/FY20E, 12x/10.6x
FY19E/FY20E EV/EBITDA and FY19E/FY20E EV/ton of USD172/USD
172. Maintain Buy.
Key issues to watch out for:
Ø
Volume growth recovery and outlook.
Ø
Cement pricing outlook and sustainability.
Ø
Update on restructuring timelines.
Quarterly Performance (Consolidated)
Y/E March
Sales Dispatches (m ton)
YoY Change (%)
Realization (INR/ton)
YoY Change (%)
QoQ Change (%)
Net Sales
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT after EO Expense
Tax
Rate (%)
Reported PAT (pre minority)
Minority + associate
PAT Adj for EO items
YoY Change (%)
E: MOSL Estimates;
1Q
3.76
21.7
4,727
-8.7
-3.0
17,775
11.1
5,084
28.6
1,338
2,412
766
2,100
911
43.4
1,189
250
940
78.3
FY17
2Q
3Q
3.42
3.56
20.0
20.3
4,897
4,886
-1.6
-2.2
3.6
-0.2
16,747
17,393
18.0
17.6
3,902
4,211
23.3
24.2
1,587
1,593
2,291
2,198
1,102
712
1,125
1,131
662
624
58.9
55.1
463
507
152
151
311
357
149.8
19.2
4Q
4.55
17.3
4,802
-1.4
-1.7
21,850
15.6
5,517
25.2
1,509
1,998
715
2,863
704
24.6
2,159
319
1,736
83.2
1Q
3.99
6.1
5,160
9.2
7.5
20,589
15.8
5,566
27.0
1,532
2,117
700
2,885
889
30.8
1,996
357
1,454
54.7
FY18
2QE
3QE
3.69
3.92
8.0
10.0
5,057
5,257
3.3
7.6
-2.0
4.0
18,677
20,588
11.5
18.4
4,496
5,257
24.1
25.5
1,560
1,550
2,000
2,000
700
700
1,636
2,407
523
963
32.0
40.0
1,112
1,444
100
100
1,012
1,344
225.5
276.6
(INR Million)
FY17
FY18E
4QE
4.94
8.5
5,055
5.3
-3.9
24,957
14.2
6,617
26.5
1,606
1,904
500
3,607
1,271
35.2
2,336
518
1,818
4.7
15.29
19.5
4,843
-3.3
74,044
15.5
19,019
25.7
6,027
8,900
2,988
7,210
2,892
40.1
4,318
870
3,448
589.9
16.54
8.2
5,129
5.9
84,811
14.5
21,935
25.9
6,248
8,021
2,600
10,266
3,593
35.0
6,673
1,075
5,598
62.4
7 November 2017
18

September 2017 Results Preview | Consumer
GSK Consumer
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
SKB IN
42.1
210 / 3
6299 / 4650
-5 / -9 / -31
n
CMP: INR4,990
TP: INR4,630 (-7%)
n
Neutral
We expect GSK Consumer to report net sales of INR11b, up 1.5%
YoY, led by a 6% volume growth in HFD. We have factored in GST
related accounting impact of 7.5% on sales and no impact on
absolute EBITDA.
We estimate EBITDA margin to contract 150bp YoY to 21.2% (over
a very high base in 2QFY17), and PAT to decline 4.6% YoY.
The stock trades at 27.4x FY19E EPS of INR182.1.
Financial Snapshot (INR b)
Y/E December
2017 2018E 2019E 2020E
Sales
EBITDA
Adj. PAT
Adj. EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div. Yield (%)
32.0
6.7
21.5
1.1
31.6
6.6
21.0
1.3
27.4
5.8
18.2
1.5
24.8
5.2
15.5
1.6
39.9
8.3
6.6
0.9
22.2
22.2
35.0
41.9
8.7
6.7
1.3
21.1
21.1
40.0
47.9
9.7
7.7
15.2
22.6
22.6
40.0
54.2
11.1
8.5
10.7
22.2
22.2
40.0
n
156.1 158.1 182.1 201.5
742.4 757.8 854.6 961.9
Key issues to watch for
Ø
HFD volume outlook.
Ø
Outlook for category growth and raw materials.
Ø
Observe if there is any further market share decline.
Ø
Guidance on price increases.
Quarterly Performance
Y/E Mar
1Q
HFD Volume Growth (%)
Net Sales
YoY Change (%)
Total Exp
EBITDA
Margins (%)
YoY Change (%)
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Adj PAT
YoY Change (%)
E: MOSL Estimates
-6.0
9,439
-5.2
7,404
2,035
21.6
-0.6
147
6
592
2,474
868
35.1
1,606
2.9
FY17
2Q
-3.0
10,803
-1.1
8,351
2,452
22.7
3.0
148
6
578
2,876
1,039
36.1
1,837
-0.1
3Q
-17.0
8,604
-11.5
6,927
1,677
19.5
-9.5
171
6
559
2,059
695
33.8
1,364
-8.3
4Q
-1.0
11,019
2.3
8,848
2,171
19.7
1.5
177
9
710
2,695
936
34.7
1,759
8.4
1Q
0.0
9,853
4.4
8,190
1,664
16.9
-18.3
170
5
557
2,045
723
35.3
1,322
-17.7
FY18
2QE
6.0
10,965
1.5
8,641
2,324
21.2
-5.2
170
7
549
2,697
944
35.0
1,753
-4.6
3QE
14.0
9,593
11.5
7,484
2,110
22.0
25.8
172
7
531
2,461
862
35.0
1,600
17.3
4QE
5.0
11,444
3.9
8,881
2,563
22.4
18.1
174
9
643
3,023
1,048
34.7
1,975
12.3
-6.8
39,864
-3.6
31,530
8,335
20.9
-1.0
642
28
2,439
10,104
3,537
35.0
6,566
-4.5
6.0
41,855
5.0
33,196
8,660
20.7
3.9
686
28
2,280
10,226
3,576
35.0
6,650
1.3
FY17
FY18E
7 November 2017
19

September 2017 Results Preview | Consumer
Jyothy Labs
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
JYL IN
181.0
72 / 1
441 / 318
2 / 11 / -2
n
n
n
CMP: INR396
n
TP: INR410 (+3%)
Neutral
Financial Snapshot (INR b)
Y/E March
2017 2018E 2019E 2020E
Net Sales
EBITDA
Adj PAT
Adj PAT for NCD
Adj.EPS (INR)
EPS Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA
Dividend Yield (%)
35.3
6.6
30.0
1.5
40.3
6.7
27.1
1.8
35.6
6.5
23.0
2.0
29.5
6.0
19.7
2.0
16.8
2.5
2.0
1.5
11.2
59.9
21.1
17.3
17.2
2.7
1.8
1.4
9.8
59.5
16.5
13.1
20.9
3.2
2.0
1.6
11.1
13.2
61.5
18.4
14.3
24.6
3.8
2.4
2.0
13.4
20.8
65.7
21.1
16.3
We expect Jyothy Labs’ net sales to grow 8.5% to INR4.5b. We
have factored in GST-related accounting impact of 7.5% on sales
and no impact on absolute EBITDA.
EBITDA margin is likely to expand by 110bp YoY to 16.4%.
We have factored in EBITDA growth of 16.3% YoY to INR741m.
The stock trades at 23x FY19E EV/EBITDA. Speculation around
Henkel deal (deadline for which has been extended till October
31
st
) will overshadow fundamentals in FY18, in our view. Neutral.
175.7 -12.6
Key issues to watch for
Ø
Update on new launches and innovations.
Ø
Update on Henkel call option.
Ø
Pick-up in Henkel brands’ performance.
Quarterly Performance
Y/E March
Net Sales
YoY Change (%)
Other Operating Income
Total Sales
EBITDA
EBITDA Growth %
Margins (%)
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Adjusted PAT
YoY Change (%)
E: MOSL Estimates
1Q
4,244
5.1
3.9
4,248
807
38.8
19.0
133
143
25
555
120
21.6
445
72.6
FY17
2Q
3Q
4,148
3,834
6.5
3.3
4.2
5.2
4,152
3,839
637
507
28.0
-1.3
15.3
13.2
73
73
164
144
31
26
430
314
119
108
27.7
34.3
320
215
61.2
6.6
4Q
4,457
4.1
5.0
4,462
606
-3.5
13.6
83
99
21
446
-629
-141.1
1,087
778.6
1Q
3,559
-16.1
8.0
3,567
437
-45.9
12.2
141
86
18
228
22
9.5
206
-53.6
FY18
2QE
3QE
4,500
4,256
8.5
11.0
4.6
5.7
4,505
4,261
741
690
16.3
36.2
16.4
16.2
81
81
112
123
34
28
583
515
128
113
22.0
22.0
454
402
41.9
86.7
FY17
4QE
4,860
9.0
1.8
4,862
870
43.4
17.9
83
103
43
727
4
0.5
723
-33.5
16,683
4.7
18.3
16,701
2,557
15.1
15.3
363
551
103
1,746
-281
-16.1
2,067
164.4
FY18E
17,175
3.0
20.1
17,195
2,737
7.1
15.9
384
424
123
2,052
267
13.0
1,785
-13.6
7 November 2017
20

September 2017 Results Preview | Sector: Staffing
TeamLease Services
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
TEAM IN
17.1
28 / 0
1771 / 828
8 / 56 / 40
n
CMP: INR1620
n
TP: INR1990 (+23%)
Buy
We expect revenue growth of 26.2% YoY to INR9.1b, led by
continued traction in organic business and the addition of recent
IT staffing acquisitions to the previous year’s base.
The company is expecting a GST-led pick-up in 2HFY18 in the
general staffing business, when growth will start looking brighter
on a YoY basis.
EBITDA margin is expected to be 1.5%, steady on a sequential
basis, and higher by 30bp YoY.
Our PAT expectation of INR146m (+61.3% YoY) factors in a lower
ETR (25.3% in 2QFY18 versus 36.7% in 2QFY17) owing to benefits
from Section 80JJJAA of the Income Tax Act.
Financial Snapshot (INR Billion)
Y/E March
2017 2018E 2019E 2020E
Sales
EBITDA
NP
EPS (Rs)
EPS Growth (%)
BV/Share (Rs)
P/E (x)
P/BV (x)
EV/EBITDA (x)
EV/Sales (x)
RoE (%)
RoCE (%)
30.4
0.4
0.7
38.8
167.6
42.2
7.3
59.2
0.9
19.2
19.0
38.0
0.6
0.6
36.8
-5.1
44.5
6.3
43.6
0.7
15.3
15.2
47.5
0.8
1.0
56.0
52.1
29.2
5.2
30.3
0.5
19.5
19.5
59.4
1.1
1.3
78.3
39.8
20.9
4.2
22.1
0.4
22.1
22.1
n
n
222.9 259.7 315.8 394.1
Key issues to watch for
Ø
Expectations around a GST-led pick-up in the general staffing
business
Ø
Momentum in the IT staffing business
Ø
Penetration of other HR services in existing customers and new
accounts
Consolidated - Quarterly Earning Model
Y/E March
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord expense
PBT
Tax
Rate (%)
Minority Interest & P/L of Asso. Cos.
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
E: MOSL Estimates
1Q
6,878
21.4
6,816
62
0.9
10
2
61
110
0
110
37
33.4
0
74
74
48.7
1.1
FY17
2Q
3Q
7,226
8,147
12.3
29.1
7,140
7,999
86
148
1.2
1.8
10
10
3
3
70
37
143
171
0
0
143
171
52
56
36.7
32.7
0
0
90
115
90
115
57.9
132.1
1.2
1.4
4Q
8,168
23.0
8,022
146
1.8
13
3
57
188
0
188
-196
-103.9
0
384
384
318.7
4.7
1Q
8,530
24.0
8,399
130
1.5
20
2
58
166
0
166
2
1.3
0
164
164
122.7
1.9
FY18
2QE
3QE
9,121
9,728
26.2
19.4
8,983
9,585
137
143
1.5
1.5
12
12
0
0
70
70
195
201
0
0
195
201
49
49
25.3
24.6
0
0
146
151
146
151
61.3
31.3
1.6
1.6
4QE
10,586
29.6
10,400
186
1.8
12
0
70
244
0
244
49
20.3
0
194
194
-49.3
1.8
FY17
30,418
21.4
29,976
442
1.5
43
11
224
612
0
612
-50
-8.2
0
663
663
167.3
2.2
(INR m)
FY18E
37.964
24.8
37,368
597
1.6
47
2
279
828
0
828
198
23.9
0
630
630
-5.1
1.7
7 November 2017
21

In conversation
1. TITAN: fy18 revenue target of INR15,000 crore is achievable; S
Subramaniam, CFO
n
n
n
n
n
n
Company’s main theme has been the focus on wedding jewellery which has
worked very well. Growth is coming largely from the segments where company
was not playing earlier.
Watches doing quite well on the domestic side. Seeing traction in the watches
segment as well.
Quarter on quarter, expect to do well. Expect to gain market share as company
grows.
Rs 15,000 crore revenue target for FY18 is definitely achievable. Achieving 25
percent growth on topline is possible.
Rate of new customer acquisition is strong. Ticket size has gone up from Rs
65,000 per head to Rs 77,000 per head, which is a significant shift.
Fastrack has been doing well in last few quarters. The company has 15 million
customers in watches segment.
2. NIPPON LIFE AMC: Eyeing Investments In Digital Platform,
Inorganic Growth; Sundeep Sikka, ED & CEO
n
n
n
n
Happy with the listing response. Post demonetization, a lot of money came into
the financial sector which found its way into MF industry, so growth will only
improve from the current levels.
The penetration of investors into mutual funds is still low, so there is
expectation of that going up significantly.
According to Toda, the Indian Mutual Fund market is much more attractive than
that of the Japanese market. The interest rates in India, where government
bond yields are around 7 are also much more attractive than Japanese
government bond yields at 0.1 percent. The economic growth in India is also
good along with low inflation - all these factors bode well for India and so expect
more money to come into India from Japan and other countries as well.
Majority of money coming into MF industry is through Systematic Investment
Plans (SIPs) and the number is growing. So structurally, more money will come
into India. Most importantly, it is the retail money that is coming in and so
expect it to be more stable.
3. ZENSAR TECHNOLOGIES: Will See Better Second Half As Far As
Us Biz Is Concerned; Sandeep Kishore, MD & CEO
n
n
n
n
Company has grown strongly on the digital business front.
Will see a better second half as far as US business is concerned.
Q2 did see wage increase and in spite of that expanded gross margin by about
120 bps largely driven through automation and better utilisation.
Margin improved due to better utilisation.
7 November 2017
22

From the think tank
1. DEMONETISATION: A Resounding Success
n
India was transfixed and transformed a year ago on 8 November, when Prime
Minister Narendra Modi, in his resolute war against corruption and black money,
demonetized Rs500 and Rs1,000 currency notes. The political verdict came swiftly
with stunning wins for the Bharatiya Janata Party (BJP) in Uttar Pradesh and
Uttarakhand, and rapid government formation in Manipur and Goa. The prime
minister’s popularity reached new heights and his approval ratings soared to
levels rarely seen in democracies. The people of India recognized that a surgical
strike was required to curtail illicit activities and blessed demonetisation. Thus, in
political terms, demonetisation has already proven to be a resounding success. On
the other hand, in economic terms, a heated debate is under way whether
demonetisation has been a success or not. Several reputed economists have
pronounced their judgements on demonetisation.
2. THE RISE OF THE RETAIL PHOENIX
n
All ground-breaking policies have consequences. Tracing the paths of those
consequences is seldom straightforward, particularly when the impact is felt
across a complex economy as India. We will mark the first anniversary of
demonetisation in India on 8 November 2017, considered as one of the most
radical fiscal decisions taken in Indian economic history. The primary idea
behind the move was to negate the parallel economy built on unaccounted cash
accumulation and lend a boost to digital payments. The government has also
taken several steps to build the digital ecosystem. As we look back today, we
find that it had several consequences, some intended and some unintended.
The adoption rate of online payments surged during demonetisation but
plateaued as soon as cash became available in the system. A positive is that it
has not fallen down to pre-demonetisation levels.
3. INDIA A CURRENCY MANIPULATOR? WHY US THINKING IS
LAUGHABLE
n
Enough Indian economists will tell you the rupee is overvalued and needs to be
at around 68-70 to the dollar to be at its true value. The over-valuation, it goes
without saying, hurts India’s exports; and its origins lie in the massive FPI flows
into the country to take advantage of the booming stock market and high
interest rates on government securities. High flows, in turn, make the rupee
stronger and that gives a further fillip to FPI since they make money on both the
higher interest rates as well as on the exchange appreciation—that makes India
the darling of the global carry trade. And, as long as RBI doesn’t lower interest
rates, it is difficult to see how the rupee’s appreciation can be stemmed—the
central bank is trying to buy dollars, but that doesn’t seem to be helping.
7 November 2017
23

International
4. BITCOIN’S CONTENTIOUS BID FOR LEGITIMACY
n
Instead of bringing clarity, an impressive price surge last week accentuated the
differences within the financial industry about the future of the bitcoins.
Opinions range from those asserting that we are witnessing the birth and
maturation of a new global currency to those who argue that the phenomenon
is a “fraud,” with a large middle either reserving judgment or arguing that it will
last but currently may risk being in the midst of a speculative price bubble. Your
position in this debate will depend to a significant extent on where you come
out on the following three issues. These three factors will likely play an
important role in determining bitcoins’ prospects, both in the short- and longer-
term. You should come to your own conclusions, but my view is that: The
technology underlying cryptocurrencies is here to stay, including in improving
cost-effective payments systems and reducing their security vulnerabilities. Yet
the bitcoin adoption rate may prove slower and bumpier than the predicted by
the strong believers, whose overall number is probably still relatively small
compared with speculators and short-term momentum players
7 November 2017
24

Click excel icon
for detailed
valuation guide
Rs
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
24.7
27.7
24.3
54.3
44.2
19.2
50.8
50.3
35.9
25.0
21.8
25.1
46.4
33.4
23.3
60.1
29.9
34.7
25.9
28.6
24.2
32.2
20.7
19.1
34.3
NM
37.6
43.6
12.6
21.9
30.5
28.7
NM
21.6
42.1
12.9
NM
32.3
1,105.9
21.8
122.2
56.8
46.9
29.8
27.5
21.7
60.7
38.1
17.9
37.3
15.9
27.0
23.6
22.1
38.8
38.6
19.0
37.6
39.9
20.0
25.7
20.2
19.6
25.2
28.8
23.0
47.3
26.2
29.5
21.3
83.4
21.0
26.6
23.2
20.6
27.0
19.4
31.5
31.7
16.8
18.0
25.8
18.0
NM
25.2
10.0
11.0
8.4
23.6
22.5
NM
23.8
39.8
32.5
22.4
21.4
17.1
50.0
34.6
14.7
28.1
14.8
4.6
6.0
5.5
8.0
7.2
3.0
15.8
9.6
3.6
3.5
7.3
3.2
2.9
6.9
2.7
13.9
5.1
2.4
2.7
2.2
2.3
5.5
2.3
1.3
4.8
0.7
4.9
4.6
1.2
3.4
3.5
1.1
0.9
0.9
0.6
1.3
0.4
1.1
1.6
0.6
1.1
10.9
5.6
3.1
4.6
2.6
18.2
7.1
4.3
4.4
2.8
4.0
5.3
4.9
7.0
6.5
2.6
11.9
8.0
3.1
3.2
6.4
2.9
2.6
6.0
2.4
11.4
4.5
2.2
2.2
2.1
1.8
4.8
2.4
1.3
4.3
0.8
4.3
3.3
1.2
2.9
3.1
1.1
1.0
0.8
0.6
1.2
0.4
1.1
1.4
0.6
1.0
6.4
4.5
2.8
3.9
2.3
14.9
6.4
3.8
3.9
2.4
20.3
23.1
25.3
16.2
15.8
16.9
37.1
20.8
10.6
13.9
35.7
14.2
6.4
20.3
9.8
25.6
17.1
6.9
10.8
9.5
9.9
18.3
10.9
7.2
15.3
-27.0
13.8
12.3
9.0
18.9
11.5
4.0
-6.7
4.2
1.4
10.1
-8.4
3.6
-0.2
2.7
0.9
21.6
15.1
12.0
18.0
14.4
32.5
18.9
25.5
12.4
19.1
15.8
23.8
23.3
19.3
17.8
14.8
36.1
21.8
16.8
12.5
33.7
13.5
10.8
20.5
11.0
26.5
17.2
7.6
11.5
2.6
9.6
18.8
8.8
6.3
16.9
4.0
14.8
12.4
6.7
17.3
12.1
6.1
-5.2
3.4
5.8
10.9
4.6
4.7
7.0
-4.7
4.2
20.2
15.3
13.2
19.6
14.1
32.8
19.3
27.6
14.9
17.4
17.7
27.0
25.3
22.9
20.5
17.3
36.4
24.0
18.4
13.7
31.1
14.3
11.5
23.0
27.4
35.6
22.6
11.6
11.8
8.2
10.0
20.4
10.5
6.9
19.0
8.0
16.5
13.7
12.6
19.5
14.1
12.4
3.0
6.1
7.3
11.2
5.4
7.1
11.4
2.1
8.0
20.4
19.3
15.4
19.6
15.3
32.8
18.6
30.7
18.9
17.2
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Aggregate
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Aggregate
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
Aggregate
NBFCs
Bajaj Fin.
Bharat Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
L&T Fin Holdings
LIC Hsg Fin
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Sell
Buy
Neutral
Buy
Not Rated
Buy
Buy
Neutral
CMP
(INR)
691
126
3,212
711
20,894
1,790
31,109
1,181
716
203
3,691
1,364
248
8,302
462
706
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
854
145
3,753
726
22,781
2,029
36,487
1,229
688
254
3,819
1,585
-
9,466
562
764
24
15
17
2
9
13
17
4
-4
25
3
16
14
22
8
28.0
4.6
132.3
13.1
473.1
93.3
612.7
23.5
20.0
8.1
169.1
54.3
5.4
248.6
19.8
11.7
25.6
32.9
5.3
7.0
145.2 175.0
18.3
25.5
540.8 698.6
94.2 126.8
826.7 1,119.2
29.6
39.3
35.8
45.9
7.9
9.7
183.1 193.9
69.5
81.7
9.9
11.8
288.1 381.0
20.0
61.3
14.9
25.8
Neutral
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
534
181
144
117
1,831
316
57
1,648
80
1,009
518
31
320
470
197
209
146
2,150
355
56
2,000
100
1,179
665
36
382
-12
9
45
25
17
12
-2
21
25
17
28
15
19
15.4
7.0
5.0
4.8
56.8
15.3
3.0
48.1
-31.3
26.8
11.9
2.5
14.6
18.1
8.5
1.7
5.5
68.7
13.6
2.8
60.9
4.1
32.1
16.4
1.9
17.8
29.9
10.5
5.7
6.6
84.7
17.0
3.2
78.6
8.7
41.6
23.0
3.8
23.3
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
172
206
406
65
377
144
201
329
176
217
141
386
49
333
150
250
341
175
26
-31
-5
-23
-12
4
24
4
-1
6.0
-14.8
18.8
1.5
29.3
-31.6
6.2
0.3
8.1
9.5
-11.2
16.1
6.4
34.4
17.1
8.5
14.6
-13.5
20.8
6.6
30.3
8.6
38.3
21.4
13.5
26.8
6.0
Buy
Under Review
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
1,819
985
734
1,264
642
494
1,784
1,227
196
607
2,300
-
925
1,500
690
500
2,000
1,550
240
680
26
26
19
7
1
12
26
23
12
32.0
21.0
24.6
46.0
29.6
8.1
46.8
68.6
5.2
38.2
45.7
30.3
32.8
59.2
37.6
9.9
51.6
83.6
6.9
41.0
63.7
47.2
43.7
70.4
46.0
12.0
57.1
105.1
10.4
46.5
7 November 2017
25

Manappuram
M&M Fin.
Muthoot Fin
PNB Housing
Repco Home
Shriram City Union
STF
Aggregate
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Indu.
Cummins
GE T&D
Havells
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Aggregate
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Aggregate
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Not Rated
Buy
Buy
Buy
Buy
Buy
Buy
102
434
490
1,412
615
2,213
1,309
-
481
550
1,750
800
2,650
1,415
11
12
24
30
20
8
8.6
7.1
29.5
31.6
29.1
84.3
55.6
9.2
14.2
38.7
52.5
33.7
115.6
80.6
9.7
19.1
44.4
66.5
38.4
145.3
106.2
11.8
61.2
16.6
44.7
21.1
26.2
23.5
31.7
69.2
29.4
73.8
52.4
47.8
21.4
34.0
70.6
52.2
26.6
28.9
14.6
71.1
51.7
25.3
31.4
19.9
35.7
36.7
57.3
49.8
41.0
77.8
19.0
32.4
29.7
63.5
26.8
NM
440.9
48.8
46.0
39.7
55.3
63.1
49.2
47.3
47.0
51.3
35.3
63.2
31.5
34.8
49.9
64.4
85.0
11.1
30.6
12.7
26.9
18.3
19.1
16.2
25.6
67.3
26.1
36.4
41.0
43.1
43.3
35.6
38.9
43.3
24.2
26.3
11.3
58.5
44.0
18.2
32.2
17.1
32.9
32.1
40.4
34.4
28.6
47.9
18.2
24.3
25.2
45.4
26.9
28.1
34.5
37.0
43.2
32.9
53.9
54.5
44.6
44.3
46.9
45.9
34.8
54.4
29.1
39.8
48.2
66.0
68.9
2.6
3.8
3.0
4.3
3.4
2.9
2.6
5.1
8.8
6.0
1.1
8.5
26.0
1.3
6.7
10.0
9.5
5.1
3.4
1.5
6.6
9.5
-1.5
4.3
3.3
5.5
4.1
2.9
3.9
2.7
5.4
1.9
1.1
4.0
3.8
4.7
3.7
6.3
8.5
5.1
3.7
14.7
20.7
22.3
12.5
16.1
12.5
7.4
41.3
7.1
6.5
17.4
24.3
34.0
2.4
3.5
2.5
3.8
2.9
2.6
2.3
4.4
7.8
4.7
1.1
8.0
19.1
1.3
6.2
8.6
8.4
4.4
3.1
1.3
5.8
8.1
-1.6
3.9
2.8
4.9
3.7
2.8
3.7
2.6
4.9
1.7
1.1
3.5
3.5
4.0
3.3
5.5
7.0
4.5
3.4
14.3
17.1
21.2
10.7
13.8
9.7
7.3
41.2
7.1
6.6
15.2
22.6
27.3
24.0
6.4
19.4
13.8
17.4
11.7
11.7
16.0
12.7
20.6
1.5
18.0
76.4
6.2
21.2
12.4
18.2
21.2
12.5
10.2
9.3
19.8
NM
14.3
16.8
18.0
11.2
5.1
7.9
7.1
7.2
10.8
3.4
14.4
6.1
19.0
-3.2
1.4
18.4
11.6
9.4
28.5
36.9
50.4
28.4
35.8
24.6
22.2
66.5
23.5
21.1
36.7
39.0
40.0
22.3
11.9
21.8
15.0
17.1
14.3
15.1
17.1
11.6
17.9
3.1
20.2
51.0
3.0
18.1
23.9
19.5
19.5
12.4
11.6
9.8
19.8
-8.8
12.7
17.6
15.8
11.6
7.0
11.1
9.2
10.7
10.0
4.4
14.8
8.0
16.0
12.3
17.0
20.8
11.1
10.4
26.9
34.3
48.7
26.0
31.7
23.8
21.1
75.9
24.4
16.5
33.6
35.5
39.6
21.4
14.8
21.2
16.7
16.7
15.9
17.4
17.9
14.6
18.1
4.1
27.8
49.6
3.7
22.2
24.6
21.2
20.9
13.8
12.6
13.8
20.9
-11.0
12.8
17.4
16.0
13.2
8.0
14.2
12.2
13.3
12.9
6.1
17.5
12.3
17.9
15.6
22.9
18.8
14.2
12.6
29.4
34.5
56.2
27.3
34.0
22.9
22.6
88.0
25.6
18.4
37.1
38.1
43.1
Sell
Buy
Sell
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Not Rated
Neutral
Neutral
Not Rated
Neutral
Buy
Sell
1,363
185
99
675
224
88
902
404
499
316
1,223
103
1,267
1,065
16
969
592
553
1,230
210
75
685
260
80
1,150
395
460
295
1,400
-
1,355
900
-
840
800
470
-10
14
-24
1
16
-9
28
-2
-8
-7
14
7
-16
-13
35
-15
19.7
6.3
1.3
12.9
4.7
4.1
26.5
5.7
9.6
11.9
42.3
7.1
17.8
20.6
0.6
30.8
29.8
15.5
20.2
7.1
2.7
16.5
5.2
2.0
25.3
10.4
11.5
13.1
46.5
9.1
21.7
24.2
0.9
30.1
34.6
16.8
28.7
8.0
3.8
24.4
6.5
2.5
35.0
12.5
14.3
16.4
56.6
11.2
33.4
30.0
1.0
33.4
39.8
19.1
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
280
1,797
1,170
3,015
1,288
182
1,000
442
731
177
120
18,761
4,421
314
1,797
1,150
3,272
1,276
198
1,196
485
853
205
140
22,084
4,906
12
0
-2
9
-1
9
20
10
17
16
16
18
11
4.9
6.9
36.1 52.2
28.5 40.9
38.8 62.9
67.8 70.6
5.6
7.5
33.7 39.7
7.0
9.7
27.3 27.1
-1.6
6.3
0.3
3.5
384.4 507.1
96.1 102.2
8.4
70.9
58.9
88.3
101.2
10.8
54.4
16.4
35.1
9.1
5.6
547.8
147.1
Neutral
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Buy
1,162
4,650
1,044
343
1,247
970
5,510
1,240
265
391
314
7,597
20,294
1,280
5,165
1,328
395
1,435
1,015
4,630
1,440
280
410
340
6,160
21,310
10
11
27
15
15
5
-16
16
6
5
8
-19
5
21.0 21.6
73.7 85.3
21.2 23.4
7.2
7.7
26.5 26.6
18.9 21.2
156.1 158.1
19.6 22.8
8.4
9.1
11.2
9.8
6.3
6.5
118.0 115.0
238.7 294.7
25.8
104.6
28.6
9.3
33.2
24.5
182.1
27.6
10.0
11.1
7.9
133.6
398.4
7 November 2017
26

Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Syngene Intl
Torrent Pharma
Aggregate
Infrastructure
Ashoka Buildcon
IRB Infra
KNR Constructions
Sadbhav
Engineering
Aggregate
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway
Distriparks
Gati
Transport Corp.
Aggregate
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Neutral
Neutral
Neutral
Not Rated
Buy
Neutral
271
764
8,851
145
1,140
3,101
280
865
9,200
-
980
2,970
4
13
4
-14
-4
3.6
9.1
16.7 18.1
132.9 151.6
3.5
3.5
8.7
9.9
26.7 34.9
12.5
20.6
176.0
6.4
14.0
53.7
75.0
45.6
66.6
41.0
131.3
116.0
47.9
23.8
25.9
21.7
20.3
40.4
35.4
41.2
26.3
33.0
13.9
15.8
19.2
77.5
32.7
17.8
18.3
35.6
47.8
25.4
20.7
38.7
23.7
25.3
NM
12.1
22.7
28.5
20.8
29.7
42.3
58.4
41.6
115.2
88.8
43.9
25.9
27.0
23.6
17.8
67.6
28.7
31.1
32.4
39.5
65.7
16.4
17.4
60.3
31.7
14.8
27.7
33.1
31.7
19.7
35.9
31.2
26.1
29.3
127.0
10.9
21.3
21.8
17.6
17.6
31.6
32.6
31.6
7.8
13.8
27.0
78.1
17.2
NM
69.6
9.4
9.8
14.3
42.3
51.8
3.5
11.8
41.7
2.1
12.9
23.2
13.2
5.1
5.5
7.0
5.0
5.1
7.4
4.2
5.2
3.2
1.5
3.9
3.5
11.2
2.7
3.0
3.5
6.1
5.9
2.7
3.6
7.8
5.1
4.3
2.6
1.6
4.3
3.2
2.3
2.5
17.7
3.8
2.8
2.0
2.7
3.9
17.2
4.3
1.9
4.5
1.5
1.1
2.6
4.0
6.8
3.1
9.7
34.6
2.0
11.8
16.2
12.3
4.5
4.8
5.6
3.9
4.9
6.2
3.8
5.4
3.1
1.3
3.2
2.4
13.3
2.5
2.5
3.2
5.7
5.0
2.4
3.4
6.4
4.5
3.8
2.4
1.4
3.6
2.8
2.0
2.2
13.5
3.7
2.7
1.8
2.3
3.6
14.1
3.6
2.1
4.2
1.3
1.0
2.7
3.6
6.0
6.0
28.2
39.3
5.2
10.2
21.3
27.5
23.0
23.4
36.7
27.6
12.3
23.0
10.2
22.0
9.7
11.3
24.7
21.1
14.5
8.6
18.0
20.9
17.1
14.4
10.8
18.1
22.2
23.8
16.9
-0.6
14.0
20.7
12.0
11.0
13.7
50.5
10.8
7.3
12.4
16.7
12.3
25.1
24.6
-19.1
6.7
18.2
7.9
18.5
11.2
10.4
11.0
25.2
64.9
4.9
10.7
18.2
28.1
18.4
19.0
26.4
24.8
7.2
23.5
12.1
16.3
8.2
2.1
19.6
17.7
22.0
8.2
18.4
12.0
17.1
17.0
12.9
9.6
22.5
18.3
13.1
1.9
14.0
18.4
13.8
11.7
13.4
48.6
11.5
8.8
19.4
17.8
13.5
19.9
22.8
-6.4
6.3
15.0
10.2
18.6
9.0
12.4
13.3
23.5
62.8
8.5
13.6
20.9
29.3
20.5
20.9
25.7
22.1
11.4
26.0
13.2
21.2
14.1
4.9
18.4
18.8
31.4
12.2
19.2
14.9
17.6
20.4
18.0
13.8
20.7
19.9
15.7
7.1
13.2
16.7
12.5
11.8
15.1
46.8
14.1
11.0
25.4
18.6
16.0
35.2
22.2
0.2
10.1
15.3
10.6
19.0
12.6
17.0
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Not Rated
Neutral
513
1,958
1,242
797
412
503
655
1,050
2,395
143
623
139
2,663
526
657
1,035
4,597
670
821
541
503
1,306
510
1,830
1,606
850
335
555
520
1,100
2,575
220
650
200
2,500
430
861
1,215
5,000
805
1,201
515
-
1,400
0
-7
29
7
-19
10
-21
5
8
53
4
44
-6
-18
31
17
9
20
46
-5
7
21.6 19.8
75.7 72.5
57.3 52.7
39.3 44.9
10.2
6.1
14.2 17.5
15.9 21.1
39.9 32.4
72.6 60.6
10.3
2.2
39.3 37.9
7.2
8.0
34.4 44.2
16.1 16.6
36.9 44.2
56.6 37.3
129.1 139.0
14.0 21.1
32.3 41.7
26.1 15.1
13.0 16.1
55.2 50.0
25.5
93.3
64.1
50.0
10.5
23.6
26.0
43.7
115.2
5.6
42.8
11.0
54.9
26.8
55.0
51.7
156.2
30.4
68.3
23.3
18.0
61.4
Buy
Neutral
Buy
Buy
230
246
271
312
260
240
295
385
13
-2
9
24
-0.5
20.3
12.0
11.0
1.8
22.6
12.7
14.3
7.1
23.9
13.6
14.5
Buy
Not Rated
Neutral
Buy
Not Rated
Not Rated
181
4,100
1,392
267
124
290
213
-
1,496
277
-
-
17
7
4
9.8
10.3
102.5 129.9
38.0 42.7
6.8
8.4
16.9
8.4
15.9
21.0
12.9
163.2
55.2
11.0
23.9
25.9
18.4
40.0
36.7
39.2
14.9
17.1
31.9
77.4
18.7
NM
70.4
9.4
13.8
16.3
59.4
68.3
Buy
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Buy
79
374
92
804
242
102
174
382
1,402
106
430
90
910
302
113
225
469
1,640
34
15
-2
13
25
11
29
23
17
1.0
20.0
-9.3
11.4
25.8
7.4
10.7
6.4
20.5
1.0
21.7
-2.9
11.6
25.6
10.4
12.2
9.0
27.1
2.4
25.4
0.1
20.1
30.2
11.9
13.4
14.2
43.0
7 November 2017
27

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
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
Buy
Neutral
Neutral
Buy
101
25
904
531
130
36
860
630
29
43
-5
19
1.2
-1.9
24.9
12.1
3.0
-0.7
28.8
10.5
5.9
0.4
36.9
16.0
82.7
NM
36.4
43.8
41.9
31.9
16.4
NM
18.1
25.4
13.1
NM
34.2
22.4
18.7
25.2
10.9
20.7
59.0
24.9
10.7
9.8
35.5
9.0
19.2
12.1
23.0
19.3
14.6
161.2
86.9
79.7
17.3
14.2
23.4
14.8
13.1
14.6
19.5
17.8
16.7
17.3
30.7
20.0
14.9
17.7
16.0
17.2
47.0
28.5
NM
69.0
33.4
NM
31.4
50.8
35.3
14.5
14.2
NM
13.2
21.1
10.0
NM
16.3
13.3
11.9
16.5
10.7
17.4
30.3
18.2
9.5
10.4
31.5
12.5
12.7
10.5
18.5
16.8
13.3
75.3
62.7
55.2
14.7
13.4
19.6
14.6
13.2
13.3
17.0
16.4
14.5
15.0
25.6
20.2
12.9
15.7
15.4
17.0
5.4
4.1
8.9
6.0
5.3
2.1
4.4
0.5
2.9
1.8
1.8
0.9
3.7
2.1
2.1
1.9
3.3
2.1
8.0
2.8
3.3
1.9
7.5
2.3
1.0
1.2
4.8
2.0
1.9
13.2
16.4
13.7
2.8
3.5
5.7
3.1
2.0
5.1
3.2
2.4
2.2
2.7
9.6
5.9
2.4
2.8
2.6
3.9
4.7
4.6
8.1
5.5
4.9
1.9
4.7
0.5
2.4
1.7
1.7
1.0
3.1
1.9
1.9
1.9
2.8
1.9
6.6
2.5
2.7
1.7
6.3
2.0
1.0
1.1
4.1
1.8
1.7
12.4
13.3
11.3
2.6
3.4
4.9
3.3
1.7
3.9
3.1
2.7
2.2
2.6
7.8
6.4
2.3
2.7
2.3
4.1
3.1
5.1
1.9
13.4
7.6
-29.4
26.0
17.0
12.6
7.4
24.4
-7.9
17.3
7.2
12.8
-6.7
10.9
9.7
15.7
7.7
32.4
9.6
14.2
11.6
32.4
20.7
21.0
31.4
5.7
10.1
23.2
11.6
13.1
8.2
20.6
17.1
16.2
27.5
26.5
22.0
14.3
40.4
16.8
13.2
13.7
17.0
37.1
32.6
18.4
16.9
17.2
22.9
6.8
16.2
-1.6
48.4
15.0
-11.5
27.0
12.8
13.8
13.6
32.3
-5.5
19.8
8.3
15.5
-9.1
20.5
15.1
17.1
11.2
28.5
11.5
23.9
14.3
31.0
17.2
21.7
17.3
7.9
10.8
23.9
11.9
13.1
16.5
23.4
20.5
17.4
25.9
26.4
21.8
14.1
33.3
17.3
14.6
15.1
17.9
33.6
30.6
18.9
17.0
15.6
24.4
2.2
20.2
-25.6
10.1
23.9
6.8
31.6
16.8
17.4
16.5
42.5
0.6
20.2
10.1
16.2
-5.3
23.4
23.8
16.6
15.4
25.2
12.5
27.0
14.1
24.2
16.9
20.4
16.5
8.8
12.5
25.5
12.3
13.5
20.9
25.5
23.9
18.3
25.6
23.4
22.5
14.5
28.3
20.4
17.3
16.4
20.8
32.4
33.5
18.2
16.7
19.2
23.2
3.7
22.8
-32.6
30.0
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
273
323
163
267
95
131
84
329
339
709
326
322
192
297
87
188
30
362
394
672
20
0
18
11
-8
44
-64
10
16
-5
8.6
19.7
-20.9
14.8
3.7
10.0
-6.2
9.6
15.1
37.9
18.8
22.7
-17.4
20.3
4.5
13.1
-7.7
20.2
25.5
59.4
26.4
33.5
2.0
24.9
5.8
12.9
-4.2
28.2
44.4
65.2
Buy
Sell
Sell
Neutral
Buy
Buy
Neutral
Sell
Buy
Buy
Buy
Buy
525
466
956
220
435
410
1,560
134
371
199
261
934
644
376
712
180
585
554
1,295
112
340
231
275
1,005
23
-19
-26
-18
35
35
-17
-16
-8
16
5
8
48.3
22.6
16.2
8.8
40.7
41.9
44.0
14.8
19.3
16.4
11.4
48.3
49.2
26.8
31.6
12.1
45.9
39.5
49.6
10.7
29.1
19.0
14.1
55.5
52.0
31.4
44.0
13.3
42.9
43.6
54.8
11.6
34.1
22.8
18.0
64.0
Sell
Buy
1,613
785
1,270
850
-21
8
10.0
9.0
21.4
12.5
27.4
15.9
Buy
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
530
849
320
929
156
811
486
691
636
651
865
2,667
460
300
835
600
970
270
1,100
160
880
480
670
600
780
1,004
2,450
560
280
950
13
14
-16
18
2
9
-1
-3
-6
20
16
-8
22
-7
14
30.6 36.0
59.8 63.2
13.7 16.3
62.8 63.8
11.9 11.9
55.5 60.9
24.9 28.5
38.9 42.0
38.0 43.7
37.7 43.3
28.1 33.8
133.4 131.8
30.9 35.8
16.9 19.1
52.1 54.1
41.9
68.2
17.0
67.8
14.1
65.3
33.6
46.0
50.3
52.4
40.2
151.4
37.7
20.1
76.1
Buy
Neutral
Buy
Buy
533
423
101
689
680
440
105
780
28
4
4
13
11.3
14.9
-1.1
10.0
3.8
16.8
-15.5
5.4
6.5
19.2
-14.9
18.2
141.9 3.2
25.1 5.1
NM
1.5
126.8 12.3
7 November 2017
28

Aggregate
Utiltites
Coal India
Buy
CESC
Buy
JSW Energy
Sell
NTPC
Buy
Power Grid
Buy
Tata Power
Sell
Aggregate
Others
Arvind
Neutral
Avenue
Sell
Supermarts
Bata India
Under Review
BSE
Neutral
Castrol India
Buy
Century Ply.
Neutral
Coromandel Intl Buy
Delta Corp
Buy
Dynamatic Tech Buy
Eveready Inds.
Buy
Interglobe
Neutral
Indo Count
Neutral
Info Edge
Buy
Inox Leisure
Sell
Jain Irrigation
Under Review
Just Dial
Neutral
Kaveri Seed
Buy
Kitex Garm.
Buy
Manpasand
Buy
MCX
Buy
Monsanto
Buy
Navneet Education Buy
Quess Corp
Buy
PI Inds.
Buy
Piramal Enterp.
Buy
SRF
Buy
S H Kelkar
Buy
Symphony
Sell
Team Lease Serv. Buy
Trident
Buy
TTK Prestige
Neutral
V-Guard
Neutral
Wonderla
Buy
49.3
287
995
82
179
211
86
335
1,360
51
211
261
72
17
37
-38
18
24
-16
14.9
51.9
3.8
12.0
14.0
7.4
17.5
88.9
4.0
13.5
17.4
7.3
20.7
99.3
3.3
15.7
20.4
7.5
19.2
19.2
21.4
15.0
15.1
11.5
16.8
35.4
146.8
60.0
24.1
30.8
33.7
31.0
91.6
32.8
27.1
28.8
8.7
75.0
78.7
19.8
27.4
29.4
15.9
67.7
41.0
29.1
23.7
83.4
24.8
38.1
19.5
37.5
66.3
42.1
14.1
49.4
62.7
53.9
-422.5
16.4
11.2
20.3
13.3
12.1
11.7
14.1
33.9
94.0
51.6
21.8
33.3
29.8
21.3
49.4
19.6
25.6
19.7
12.7
49.7
32.7
14.4
25.9
16.5
13.3
44.1
38.4
23.9
20.5
30.1
27.7
26.4
20.8
35.7
44.7
44.4
11.3
47.4
50.1
31.5
3.2
7.3
1.2
1.3
1.5
2.2
2.0
2.4
3.2
18.3
7.9
2.0
34.9
9.1
5.2
7.0
4.5
8.8
12.6
2.6
7.2
4.6
1.7
3.7
3.8
4.3
4.3
3.8
8.2
5.8
11.3
7.0
3.2
3.1
4.8
24.6
7.3
1.7
8.9
15.0
4.9
3.4
7.0
1.1
1.3
1.4
1.9
1.8
2.2
3.0
16.1
7.0
2.0
31.7
7.5
4.5
4.7
3.7
7.1
7.3
2.1
6.5
4.0
1.6
3.3
4.0
3.5
4.0
3.9
7.4
5.0
4.6
5.9
3.0
2.8
4.4
21.7
6.3
1.5
8.1
12.2
4.4
6.6
37.8
6.5
6.3
10.5
15.6
17.1
14.4
10.3
17.9
13.9
8.3
115.2
31.1
17.5
8.1
15.1
37.7
51.0
34.8
10.2
5.9
8.6
14.8
13.6
29.8
7.3
10.2
31.5
26.7
19.0
32.8
9.0
16.6
13.7
43.3
19.2
13.0
19.5
27.4
9.5
-0.8
42.4
10.6
6.3
11.0
17.0
16.0
15.7
9.1
18.2
14.4
9.3
99.8
27.7
22.5
12.1
20.7
30.8
46.8
18.6
13.7
12.5
11.7
13.4
23.3
28.6
8.2
10.0
32.5
26.3
21.9
23.0
11.7
13.7
12.9
51.6
15.3
14.5
18.0
26.9
14.8
1.3
47.7
10.8
5.0
11.9
17.4
14.6
16.8
12.0
22.9
15.8
8.0
95.8
29.6
23.4
12.9
24.3
30.1
43.0
18.3
13.7
16.2
14.8
13.7
27.4
27.6
13.4
15.9
34.5
27.9
15.0
22.9
15.3
16.0
15.2
54.5
19.5
16.1
20.7
28.8
17.5
439
1,126
811
989
420
293
514
280
2,216
349
1,244
113
1,176
262
110
478
561
295
430
1,017
2,511
173
834
828
2,762
1,672
272
1,568
1,635
93
6,529
224
377
376
873
-
1,100
467
323
523
257
3,334
358
1,291
118
1,300
240
-
465
738
394
534
1,300
3,295
209
1,040
890
3,266
1,751
298
1,288
1,990
114
5,281
167
393
-14
-22
11
11
10
2
-8
50
3
4
5
11
-9
-3
32
33
24
28
31
21
25
8
18
5
10
-18
22
22
-19
-26
4
12.4
7.7
13.5
41.0
13.6
8.7
16.6
3.1
67.6
12.9
43.2
13.0
15.7
3.3
5.5
17.5
19.1
18.6
6.3
24.8
86.2
7.3
10.0
33.4
72.6
85.9
7.2
23.7
38.8
6.6
132.1
3.6
7.0
12.9
12.0
15.7
45.3
12.6
9.8
24.1
5.7
112.9
13.6
63.2
8.9
23.6
8.0
7.6
18.5
34.1
22.1
9.7
26.5
105.0
8.4
27.7
29.9
104.6
80.2
7.6
35.1
36.8
8.3
137.8
4.5
11.9
18.6
17.5
19.4
46.1
13.3
12.9
29.0
8.0
166.7
16.3
75.4
10.8
26.2
12.0
10.0
21.1
41.0
26.2
15.3
43.4
126.6
10.4
29.1
35.6
149.7
103.0
9.9
42.9
56.0
10.4
176.1
6.0
16.0
7 November 2017
29

MOSL Universe stock performance
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
NBFCs
Bajaj Fin.
Bharat Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
PNB Housing
1 Day (%)
0.0
1.8
-0.3
0.7
-0.4
5.3
-0.2
-1.4
-1.2
-0.8
0.0
2.5
-1.4
1.0
3.3
1.6
-1.2
0.0
-1.4
0.6
0.0
0.1
-2.5
-1.6
-0.9
-0.7
-0.3
-1.1
-1.8
0.1
1.9
0.5
-0.4
8.7
2.1
-3.0
1.2
1.8
-0.9
-0.9
-0.2
2.0
-3.6
-1.1
0.5
0.7
-1.6
-0.3
-0.1
0.1
-1.7
-0.9
1M (%)
-1.7
0.8
2.1
9.7
-0.6
2.5
-1.4
7.3
2.7
-1.0
-0.3
4.8
3.3
5.0
8.8
7.1
5.8
-2.6
-6.4
-0.9
1.8
16.1
0.1
-2.0
8.5
-2.7
0.4
-0.8
-12.4
21.2
45.4
28.8
21.0
39.4
16.7
47.0
28.2
36.2
-5.3
1.5
-3.0
12.9
17.6
-5.7
2.5
-3.2
-1.0
-8.3
0.6
3.2
-0.6
-7.2
12M (%)
-31.4
39.0
14.2
70.6
-2.9
49.1
29.8
99.3
103.4
7.6
12.4
-0.6
25.7
45.3
-9.9
80.0
11.6
40.6
-16.4
52.2
47.2
28.9
-21.3
35.2
24.5
26.2
41.6
53.4
33.7
20.7
93.1
43.9
-6.0
82.3
27.0
52.8
35.5
31.3
83.0
23.8
11.3
13.3
115.9
55.5
28.7
55.5
93.3
13.7
3.6
26.7
42.6
81.8
Company
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
1 Day (%)
1.1
-1.1
-2.4
3.2
3.7
0.3
-1.0
1.0
0.5
-1.0
-0.4
0.5
-0.1
-2.7
1.1
0.8
0.9
-0.7
-0.4
1.4
-1.2
0.3
-2.3
-0.1
0.8
1.4
0.9
-0.9
-0.9
1.2
-0.9
-0.1
1.1
0.9
0.7
-0.1
2.6
0.2
-0.2
2.0
0.3
2.5
-3.4
-2.7
-0.8
-0.2
0.5
1.8
-0.1
1.4
2.2
0.1
1.2
1M (%)
11.3
16.5
-15.4
0.3
8.8
-1.1
5.0
-2.1
2.6
7.0
1.3
3.5
13.3
4.2
4.3
0.5
4.6
0.7
3.4
25.8
9.6
11.8
-0.8
2.9
12.2
3.7
14.4
12.4
0.0
12.6
0.3
6.7
-4.1
8.5
12.6
2.4
10.1
2.9
-0.5
-2.5
-0.2
3.5
6.9
3.3
-4.4
2.1
8.9
33.1
31.4
2.1
6.2
5.2
7.1
12M (%)
56.6
10.0
25.6
27.3
15.0
8.7
25.3
29.3
155.2
29.3
-41.9
13.9
59.0
12.1
13.7
27.8
53.6
16.4
20.5
53.3
51.4
71.5
23.5
16.7
-5.3
21.3
4.2
16.8
11.7
14.8
11.5
40.9
6.1
15.4
4.3
27.3
-6.1
46.3
6.3
12.1
19.3
14.5
28.7
-9.5
9.9
26.1
27.4
30.1
51.3
-21.9
24.4
-33.8
9.7
7 November 2017
30

PFC
Repco Home
REC
STF
Shriram City Union
Capital Goods
ABB
-3.1
0.3
-7.6
0.6
-1.6
-1.3
10.2
-3.3
6.9
24.4
6.2
-0.4
21.1
-14.4
34.3
26.7
-8.4
25.6
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
1.4
1.3
2.5
-0.2
-0.9
0.5
-0.6
17.8
0.5
12.0
21.6
0.7
-8.3
1.5
40.9
28.8
20.4
-16.2
-22.2
-15.2
-28.3
7 November 2017
31

MOSL Universe stock performance
Company
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Syngene Intl
Torrent Pharma
Infrastructure
Ashoka Buildcon
IRB Infra.Devl.
KNR Construct.
Sadbhav Engg.
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway Distriparks
Gati
Transport Corp.
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
Rain Industries
SAIL
Vedanta
Tata Steel
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
1 Day (%)
-1.0
0.3
0.2
0.8
-1.4
-0.3
0.9
-0.7
-2.0
-0.4
-0.7
-0.3
1.0
-0.6
1.0
1.3
-0.7
0.9
-2.0
0.5
-0.5
3.3
0.8
-0.6
-2.8
0.0
-0.1
-1.8
-0.9
2.5
-1.3
-2.7
2.6
-1.6
1.6
0.4
-1.6
0.2
0.4
2.3
6.3
-3.4
0.2
0.0
-1.7
0.6
-0.4
3.6
-2.4
-0.4
-0.9
1M (%)
14.2
10.3
1.1
-1.7
-0.7
13.0
7.0
-2.0
2.1
2.7
3.2
15.9
17.9
30.9
8.5
6.5
0.0
4.8
13.8
12.3
7.8
11.0
-1.5
6.9
-2.2
-3.4
3.9
-2.8
-2.4
6.6
9.8
-0.6
15.4
1.6
8.8
1.3
6.7
4.0
15.7
7.0
81.6
48.8
3.8
2.5
7.3
3.1
5.5
12.3
-2.3
-1.2
8.0
12M (%)
24.5
-4.0
-9.8
5.0
-27.2
7.5
17.4
-22.7
-17.1
-7.1
0.8
45.9
12.6
91.9
18.1
-5.6
-19.2
26.0
15.0
-10.2
57.7
-9.2
-1.3
17.8
5.3
-16.9
26.9
-5.4
14.1
38.0
-28.3
74.1
5.1
72.4
26.6
136.2
68.3
84.2
3.0
555.0
67.1
59.2
75.8
22.4
46.5
74.4
45.0
49.8
34.3
82.4
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
Avenue Super.
Bata India
BSE
Castrol India
Century Ply.
Coromandel Intl
Delta Corp
Dynamatic Tech
Eveready Inds.
Interglobe
Indo Count
Info Edge
Inox Leisure
Jain Irrigation
Just Dial
Kaveri Seed
Kitex Garm.
Manpasand
MCX
Monsanto
Navneet Educat.
PI Inds.
Piramal Enterp.
Quess Corp
SRF
1 Day (%)
19.0
-0.3
0.1
1.6
0.2
2.6
-0.5
0.9
-1.6
-2.1
-0.2
0.7
2.1
-0.7
1.8
6.1
-1.6
2.3
-5.1
-0.1
0.2
-0.7
0.4
-1.6
0.1
1.1
-0.4
-0.3
-0.3
0.5
1.2
2.6
0.3
1.4
1.2
-0.1
-0.4
0.3
-1.1
1.1
-0.3
0.5
0.1
20.0
-0.3
0.4
-0.6
-0.5
1.2
2.6
0.1
-2.2
1M (%)
31.4
4.0
-6.2
20.8
1.0
22.3
1.8
1.5
12.7
12.5
0.9
4.2
9.1
1.1
4.6
11.2
39.4
5.8
36.4
-2.7
3.9
-4.5
6.0
2.2
2.9
6.3
13.5
1.8
9.3
1.1
16.3
13.8
12.1
31.3
5.5
8.9
12.4
2.3
11.0
14.6
11.3
18.2
5.0
33.0
-7.9
-4.4
4.0
5.5
10.3
2.2
0.1
6.1
12M (%)
112.9
13.8
6.8
61.7
-4.3
18.8
29.5
14.4
35.2
57.6
0.3
39.1
14.5
7.1
32.4
-11.7
73.6
16.2
39.7
11.0
-9.0
69.9
30.6
16.9
21.5
14.5
9.9
77.8
-2.1
27.4
99.3
75.3
-28.6
39.6
35.8
-25.7
28.4
7.9
11.3
21.4
40.4
-2.3
22.2
-23.8
7.7
71.0
-1.4
71.4
50.0
-1.8
7 November 2017
32

MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
-1.8
2.6
3.8
0.6
-1.2
0.2
5.4
5.9
14.4
6.9
11.7
4.5
50.3
22.4
10.5
44.9
85.8
68.0
S H Kelkar
Symphony
Team Lease Serv.
Trident
TTK Prestige
V-Guard
Wonderla
-0.2
-0.3
1.1
-3.2
-0.3
-0.1
1.1
2.9
19.8
2.1
-10.1
6.7
17.8
2.1
-11.0
20.6
60.8
62.1
9.2
60.0
0.9
7 November 2017
33

NOTES
7 November 2017
34

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

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
Pending 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 and also sought personal
hearing. The matter is currently pending.
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:
managed or co-managed public offering of securities from subject company of this research report,
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
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Analyst ownership of the stock
Companies where there is interest
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Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
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Analysis in Hong Kong.
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the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following
representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
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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
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information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
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Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
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