17 February 2017
Market snapshot
Equities - India
Sensex
Nifty-50
Nifty-M 100
Equities-Global
S&P 500
Nasdaq
FTSE 100
DAX
Hang Seng
Nikkei 225
Commodities
Brent (US$/Bbl)
Gold ($/OZ)
Cu (US$/MT)
Almn (US$/MT)
Currency
USD/INR
USD/EUR
USD/JPY
YIELD (%)
10 Yrs G-Sec
10 Yrs AAA Corp
Flows (USD b)
FIIs
DIIs
Close
Chg .%
28,301
0.5
8,778
0.6
16,096
1.7
Close
Chg .%
2,347
-0.1
9,771
-0.3
7,278
-0.3
11,757
-0.3
10,455
0.2
19,348
-0.5
Close
Chg .%
55
0.0
1,239
0.4
5,983
-1.1
1,884
-0.8
Close
Chg .%
67.1
0.2
1.1
0.7
113.2
-0.8
Close 1MChg
6.8
0.0
7.8
0.1
16-Feb
MTD
0.0
0.4
0.1
0.6
16-
Volumes (INRb)
Feb
MTD*
Cash
244
276
F&O
7,111
4,810
Note: YTD is calendar year, *Avg
YTD.%
6.3
7.2
12.2
YTD.%
4.8
5.6
1.9
2.4
11.3
1.2
YTD.%
-0.6
7.5
8.3
10.5
YTD.%
-1.3
1.5
-3.2
YTDchg
0.3
0.2
YTD
0.4
1.3
YTD*
243
4,266
Today’s top research ideas
CEAT (Initiating Coverage): Well balanced
CEAT will continue focusing on the consumer-facing passenger segment –
two wheeler (2W)/passenger vehicles (PV), evident from its plan to double
capacity over FY16-18. This is likely to help expand its market share in
2W/PV from 27%/9%.
Its foray into high-margin, export-focused off-highway tyres is likely to drive
the dwindling exports business.
The product mix should improve further in favor of 2W/PV from 38% to 49%
over FY16-19E, partly insulating the company against rubber price volatility
and improving margins.
Over FY17-19E, we expect revenue/PAT CAGR of 11%/ 25%, with a 150bp
margin expansion and a 260bp RoE improvement to 19%. We value the
stock at 10x FY19E EPS, and initiate coverage on CEAT with a Buy rating and
a target price of INR1,406 (implying ~29% upside).
Expanding capacity in PV/2W to bolster growth
Research covered
Cos/Sector
Telecom
Capital Goods
Cadila
Voltas
Key Highlights
Consolidation to change industry dynamics for the better
Bangalore Aero Show; ‘Make in India’ focus visible
Moraiya re-inspection over with no 483s
Operational results above estimates; maintain Neutral
CEAT (Initiating Coverage)
Well balanced; Expanding capacity in PV/2W to bolster growth
Piping hot news
TCS announces buyback; Infosys, Wipro may follow
Barely a week after the US-based software services player Cognizant
Quote of the day
Money, if it does not bring you
happiness, will at least help you be
miserable in comfort
Technology Solutions, which has several delivery centres in India, announced
plans to return $3.4 billion to its shareholders through buyback of shares and
dividends…
Chart of the Day:
Ceat -
Strategic capital allocation in profitable segments
Industry product mix relied on T&B
Shift in product mix to 2W/PV
Source: Company, MOSL
Source: 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 numbers for the detailed news link
1
BMB-SBI merger might get
nod in some months
The Union Cabinet could take a
decision on merging Bharatiya
Mahila Bank (BMB) into State
Bank of India (SBI) in the coming
months. “It will happen soon.
Over the coming few months, you
can expect an approval,” a senior
official in the know told Business
Standard. On Wednesday…
2
Havells India is in advance negotiations with Lloyd Electric and Engineering
to acquire its consumer durables business and get a toehold in the
fastgrowing Indian air conditioners market that is dominated by global
brands, multiple people involved in the talks said. Havells may do the deal
for Rs1,200-1,500 crore, they added. In a market crammed with about two
dozen brands, Lloyd is the third-largest player in the room AC segment
after Voltas and LG. Ever since Havells sold its 80% stake in its
international arm Havells Sylvania Malta BV-one of the top four lighting
brands in Europe and Latin America -for Rs1,070 crore to Shanghai Feilo
Acoustics of China in December 2015…
Havells in Talks to Buy Lloyd Electric's Consumer Business
3
JSPL to set up fertiliser plants
for gas supply
Jindal Steel and Power Ltd (JSPL)
is exploring options to boost the
prospects of the company’s coal
gasification (coal to gas) plant in
Angul, Odisha. JSPL’s Managing
Director and Group CEO, Ravi
Uppal, said: “We are looking
forward to setting up of an
ammonia plant and other gas-
based ancillary industries where
we can supply...
4
India Ratings sees no uptick in
corporate performance next
fiscal
ndia Ratings and Research (Ind-
Ra) does not expect the
performance of Indian companies
to improve substantially in FY18.
Pick-up in capital expenditure by
the private sector is at least
another two fiscal years away…
5
The Reserve Bank of India (RBI)
has proposed that the merchant
discount rate (MDR or charge) on
debit card transactions be
rationalised on the basis of
turnover. Transactions up to Rs
2,000 do not attract a charge but
this is to end on March 31. The
central bank issued draft
guidelines on its website that
propose the MDR be “on the basis
of merchant turnover, rather than
the present slab-rate based on
transaction value”. Besides, there
should be differentiated MDR for
the government and QR-code
related transactions…
RBI proposes lower MDR from
April 1 to keep digi-pay
momentum
6
India’s largest paints company
Asian Paints Ltd on Thursday said
it has agreed to acquire Sri
Lanka’s Causeway Paints Lanka
(Pvt.) Ltd in an all-cash deal. In a
stock exchange filing, Asian Paints
said its Singapore subsidiary
Berger International Pvt. Ltd will
make the acquisition.…
7
Reliance Industries arm
Reliance Retail shuts 60 stores
as losses mount
Reliance Retail, the retail arm of
Reliance Industries, has shut more
than 60 loss-making Reliance
Fresh stores in the country in the
last one year mainly in the value
(food and grocery) retailing as it is
focusing on reducing losses by
shutting unprofitable stores,
sources close to the development
told FE…
Asian Paints to acquire Sri
Lanka’s Causeway Paints
17 February 2017
2

Initiating Coverage | Sector: Automobile
CEAT
Buy
BSE Sensex
28,156
S&P CNX
8,725
CMP: INR1,086
TP: INR1,406 (+29%)
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
M.Cap. (INR b)
M.Cap. (USD b)
1, 6, 12 Rel. Per (%)
Avg Val, (INR m)
Free float (%)
CEAT IN
40.5
1422 / 731
48.4
0.7
-13/25/-6
779
49.2
CEAT, a flagship company of the RPG Group, is the fourth largest tyre manufacturer in
India in terms of revenue (~12% market share). With manufacturing facilities at
Bhandup (bias tyres), Nashik (bias and radial), Halol (radial) and Nagpur (2W/3Ws),
the company’s capacity stands at >900MT/day (95,000 tyres/day). It operates in India
via a robust distribution network of 4,500+ dealers, 33 regional offices, 400+
franchisees, 6 manufacturing facilities and 250+ distributors.
Well balanced
Expanding capacity in PV/2W to bolster growth
Financial Snapshot (INR b)
Y/E Mar
FY17E FY18E FY19E
Sales
64.5 71.1 79.1
EBITDA
6.7
7.8
9.5
NP
3.6
4.4
5.7
EPS (Rs)
89.9 107.6 140.6
EPS Growth (%)
13.2
-4.2 56.5
BV/Share (Rs)
588.6 682.0 804.0
P/E (x)
12.1 10.1
7.7
P/BV (x)
1.8
1.6
1.4
RoE (%)
16.4 16.9 18.9
RoCE (%)
13.3 14.2 16.8
Shareholding pattern (%)
As On
Sep-16 Jun-16 Sep-15
Promoter
50.8
50.8
50.8
DII
FII
Others
7.9
25.5
15.8
5.2
26.1
17.9
7.3
19.3
22.6
We expect CEAT to continue with its strategy of focusing on the consumer-facing
passenger segment – two-wheeler (2W)/passenger vehicles (PV) – which should
reflect in its resource allocation. As a result, we expect its market share to
improve in 2W/PV (where the threat of Chinese competition is relatively low)
from 27%/9% currently.
CEAT plans to double its capacity in its currently capacity-constrained passenger
segment over FY16-18. Its foray into the high-margin, export-focused off-highway
tyres (OHT) business is likely to help drive the dwindling exports business (which
was impacted due to radialisation in the market).
The product mix should improve further, with revenue contribution of 2W/PV
expected to increase from 38% to 48% over FY16-19E. This will partly insulate
CEAT against rubber price volatility and help improve margins.
As a result, we expect revenue CAGR of 11% and PAT CAGR of 25% with a 150bp
margin improvement over FY17-19E. In our view, RoE is likely to improve by
260bp to 19% over FY17-19E, despite a decline in gearing.
We value the stock at 10x FY19E EPS, and initiate coverage on CEAT with a Buy
rating and a target price of INR1,406 (implying ~29% upside from current levels).
Strategic capital allocation in profitable segments
Until FY11, CEAT derived 60% of its revenues from the low-margin truck & bus
(T&B) segment, while the higher-margin segments of 2W and PV contributed
just 14%, leading to multiple years of low margins and profitability. However,
over the past five years, CEAT has been focusing on and allocating resources to
categories like 2W and UV (which is part of the PV segment), where brand
equity leads to better margins and makes it easier to pass on the cost push
(relative to T&B segment). With a view to increase contribution from 2W/PV,
management took a four-pronged approach of: (1) increasing reach (3x increase
in district penetration), (2) expanding capacity for higher-margin segments, (3)
extending presence across OEMs and (4) spending more on marketing &
branding of 2W/PV. These measures resulted in an improvement in the market
share of the 2W segment from 8% in FY11 to 27% in FY16 (second largest after
MRF which commands a 35% market share) and of the PV segment from 4% to
9%. Revenue contribution of 2W/PV increased from 15% in FY11 to 38% in FY16,
leading to an improvement in overall margin from 4% to 13%. We believe CEAT’s
strategy to allocate capital to the profitable categories like 2W, PV and off-
highway tyres is commendable. It is likely to help gain market share, insulate
against volatility in raw material prices and provide high earnings visibility.
3
Well Balanced
CEAT
Niket Shah
+
91 22 3982 5426
Niket.Shah@motilaloswal.com
Please click here for Video Link
17 February 2017

Doubling of capacity in focused segments to drive market share gains
CEAT plans to increase its capacity from 900MTPD to 1,245MTPD over FY17-18.
Around 70% of this new capacity addition (230MTPD of total 345MTPD) will be in
the 2W (170MTPD in FY16 to 290MTPD in FY18) and PV (84MTPD in FY16 to
194MTPD in FY18) segments, which should allow CEAT to maximize
growth/profitability and resolve supply constraints in these segments. The
company’s plan to venture into the OHT segment with capacity of 100MTPD is a
testimony of the fact that it plans to chase high-margin businesses to achieve
profitable growth. With CEAT’s recently announced capex of INR28b by FY22, it
envisages to increase annual capacity in TBR from 110MTPD in FY18 to 310MTPD in
FY22, in 2W from 290MTPD in FY18 to 430MTPD in FY22, and in passenger cars from
190MTPD in FY18 to 340MTPD in FY22. In our view, this will address supply issues
until FY22, boost the 2W/PV businesses further and help improve the market share
of radial within the T&B segment.
International business to get boost from OHT segment
The influx of Chinese tyres and the higher level of radialisation in the markets where
CEAT exports its products have impacted its performance. Thus, the company has
forayed into high-margin export-focused off-highway tyres with capacity of
100MTPD at an outlay of INR6b, which should come on stream in FY18 in a phased
manner. We believe the foray into OHT should be margin-accretive for the
company. ACHL, the company’s Sri Lanka arm, is a market leader in that country
with ~50% share and ~25% EBITDA margin, which are expected to continue growing
at a stable pace.
Product mix improvement to continue, boosting margins
CEAT has improved its product mix in favor of the passenger segment (2W/PV) in
Indian operations from 15% to 38% over FY11-16. With market share gains and
doubling of capacities in both segments over FY16-19E, we expect revenue CAGR of
20%/13% for 2W/PV over FY17-19E. With the first phase of capacity expansion
(INR14b) likely to be completed by 1HFY18, the product mix is expected to improve
further (revenue share of 2W/PV likely to increase from 38% to 48% over FY16-19E),
partly insulating CEAT against rubber price volatility and improving margins.
Valuation and view
After witnessing three years of muted revenue growth, CEAT is expected to come
back on the growth path, driven by new capacity, product mix improvement, unique
ad campaigns for every segment and increasing distribution reach. Improvement in
the product mix in favor of the passenger segment is likely to partly insulate CEAT
against rubber price volatility. We expect sales and PAT CAGR of 11% and 25%,
respectively, and margins to improve by 150bp over FY17-19E. The first phase of
capex of INR14b (to be completed by FY18) is being met entirely by internal
accruals, while the recently announced capex of INR28b (to be incurred over FY18-
22) is expected to be funded via a mix of debt and equity. Despite ongoing capex,
we expect RoE to improve by 260bp to 19%, with strong FCFF generation of INR6.7b
over FY17-19E. Based on superior EPS CAGR v/s peers over FY17-19E and an
improving product mix, we value the stock at a P/E of 10x FY19E EPS (20% premium
to 10-year median P/E). Thus, we initiate coverage on CEAT with a
Buy
rating and a
target price of INR1,406 (~29% upside).
17 February 2017
4

Sector Update | 16 February 2017
Telecom
Consolidation to change industry dynamics for the better
We attended the “Convergence India 2017” telecom conference last week, where
we had an opportunity to meet various industry experts. Based on our discussion
with strategy heads/senior management of telecom companies, network vendors
and regulatory officials, we noted that:
Vodafone-Idea deal:
It can prove to be a big positive for the involved
companies and the sector, but there is a high risk of the merger getting
delayed beyond 12 months. Post-merger, synergies from SG&A/employee cost
(17% of Idea revenue) could come sooner (12 months), but those from
network (30% of revenues) are likely to come much later (over 24 months),
given the high technological complexities and the issue of Vodafone/Idea
having common vendors across various functions (e.g. towers, IT/technology).
Bharti Infratel:
The Vodafone-Idea merger could lead to an overlap at ~40-60%
sites. However, there may be a limited impact from a 2-3 years perspective,
given that it is a long-drawn process and that there are multiple defenses like
termination clause, low impact on Indus Towers (given Vodafone and Idea’s
holding in this JV) and long gestation for network efficiencies.
Bharti Africa:
Recent management changes, restructuring of group holdings
and the chairman’s recent quote on possible sale of the business in a few
African nations hint that we could see some action over the near term in a few
countries like Nigeria. This can substantially reduce our current ~INR100/share
negative value in the target price of INR410.
The regulatory risk on interconnect cost reduction is eminent, as hinted by
most senior bureaucrats.
Key takeaways from “Convergence India 2017” telecom
conference
Vodafone-Idea merger: Could take over 12 months to complete; cost
synergies to come gradually
Regulatory hindrance:
The spectrum and revenue caps of 50% in each circle are
hardly seen as hindrances in the regulatory circles. However, the various
penalties on each company and the Vodafone tax issue could be a hurdle.
Timelines:
Looking at the SSTL-Reliance merger, the Vodafone tax issue and the
multiple penalties, the merger runs the risk of getting delayed beyond 3-4
quarters, even after the valuation decision is made.
Cost synergies:
Cost synergy through SG&A/employee cost (17% of Idea’s
revenues) could be the first target due to its relative ease. In networks, we
understand that site overlaps could be as much as 40-60%. Typically, in a circle,
top cities account for 60-70% of total sites, which may see high overlaps and
limited reduction, given the coverage and capacity requirements. Also, it could
take ~2-3 years to drive network cost synergies given the stickiness and gradual
nature of network rejig.
17 February 2017
5

Bharti Infratel: No knee-jerk impact
Impact of Vodafone-Idea merger:
As per the MSA, all the overlapping sites of
Vodafone and Idea would be converted from tenancy to loading, hurting
revenues. However, there could be some limited near-term impact, as: 1) Indus
Towers (55% of Bharti Infratel’s revenues) could see least tenancy reduction as
Vodafone and Idea hold a 53% combined stake in this joint venture. 2.) The
termination clause will mitigate the impact for at least next 3-5 years. 3)
Reducing tenancies should increase rates as lower tenancies usually have higher
tariffs.
Impact of Single RAN technology:
We understand that Single RAN (which is
assumed to be the biggest risk to loading revenues) does not impact loading
revenues as they are generated when multiple technologies are deployed
irrespective of the space requirement. Therefore, lesser space due to Single RAN
equipment does not impact loading rates.
Bharti Airtel Africa: Sale on the cards?
Sale opportunities:
In our view, Bharti’s focus on country-wise FCF in Africa
implies a sale in a few African countries, possibly in Nigeria and Kenya. The
recent restructuring of Africa holding companies, management change (Africa
MD and Kenya CEO) and the chairman’s recent quote on possible sale of
business in a few African countries also indicate similar possibilities.
Increase in SOTP:
Our SOTP valuation of Bharti factors in ~INR100/share of
negative value, providing a strong trigger point if there are any sale possibilities.
Regulatory impact: IUC reduction likely
Interconnect usage charge (IUC):
There is a strong indication in the regulatory
circles that IUC will be gradually reduced to zero. The current consultation
process on IUC should be over in 2-3 months.
No issues with RJio tariffs:
The TRAI does not find RJio’s tariff and pricing as
predatory. Thus, there are limited obstruction possibilities.
Our view
We remain positive on Bharti given its strong foothold in the industry and the likely
reduction in competitive intensity post the Vodafone-Idea merger. The merger also
makes Idea a good investment proposition. However, given the multiple moving
levers in the transaction, we have put the stock under review.
17 February 2017
6

Sector Update | 16 February 2017
Capital Goods
Refer to our report
on India Defense, Jul-15
Bangalore Aero Show
‘Make in India’ focus visible; Strategic Partnership Model likely to be
approved soon
We met and interacted with global OEMs and officials from the Ministry of Defense
at the recent Bangalore Aero Show. Key highlights:
Various global OEMs (Boeing, Airbus, Lockheed Martin and Rolls Royce) have set
up joint ventures (JVs) in India to strengthen their global supply chain. The
investments are expected to continue growing as these JVs/subsidiaries become
an integral part of the supply chain.
The Ministry of Defense needs to place orders for the important platforms like
aircraft, submarines and helicopters before the global OEMs commit large
investments in the country. This would provide the OEMs with some visibility on
revenues and return on investment.
The new Defense Procurement Procedure (DPP 2016) has some crucial
procedural changes, which are expected to accelerate and simplify the
procurement process. However, await clarity on the Strategic Partnership Model
aimed at encouraging private sector participation in the manufacture of defense
equipment as part of the ‘Make in India’ initiative.
Following the introduction of DPP 2016, 104 Acceptance of Necessity (AON)
were issued, of which 90 were to Indian vendors. Around INR3t of Request for
Proposal (RFP) is expected to be issued, with participation only by Indian
vendors.
The Strategic Partnership Model is expected to be finalized soon and announced
over next 2-3 months. It would have only three segments (aircraft, helicopters
and submarines), as against the earlier proposal that had 10-11 categories. Also,
to ensure frivolous players are eliminated, the qualification of vendors would
depend on their a) capacity, b) capability and c) financial net worth. Any
category with more than two credible players would not be part of the Strategic
Partnership Model.
The company has won orders worth INR78b YTD (INR62b as of Q3FY17). Orders
for LR SAM (4 ships) are expected to be concluded shortly, which, along with
orders for handheld devices (INR5.5b), would take orders to INR150b in FY17.
FY18 orders are estimated at INR150b, with key orders of LR SAM (INR80b; 7
ships) and Aakash Phase 2 (INR60b; Air force, 7 squadrons)
Base orders for radars, communication devices, optronics and spares (currently
at INR30-40b) are expected to continue growing. The orders are supplemented
by large missile system orders.
No constraints on orders for next 2-3 years. However, post that, there is a need
to have large missile system programs.
Sales growth is expected to be 10-12% (likely at the higher end) in FY17. As the
order book continues to strengthen, it expects 12%+ growth in FY18/FY19.
Takeaways from our interaction with BEL’s senior management
17 February 2017
7

It expects to sustain EBITDA margin at 18%+. The impact of pay revision would
be ~200bp initially, but it will be absorbed with higher sales.
The company has lost a few small orders to private sector players. While the
Indian government's intent remains to engage more private players in the
defense sector, BEL does not yet see a threat from any private sector player. Of
the INR150b of orders targeted to be won in FY17, 20% would be on competitive
basis, where margins would be lower than those on nomination basis.
17 February 2017
8

Cadila Health
BSE SENSEX
28,156
S&P CNX
8,725
16 February 2017
Update
| Sector:
Healthcare
CMP: INR429
TP: INR510(+19%)
Buy
Moraiya re-inspection over with no 483s
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
CDH IN
1,023.7
440 / 305
19/14/16
439.2
6.6
341
25.2
Following the re-inspection from 6-15 February 2017, the Moraiya facility received
zero 483s.
There are ~60-70 pending ANDAs from the Moraiya facility, including key products
like Asacol HD, Prevacid ODT, Lialda, Toprol XL and Transdermals.
We expect US sales to increase to ~USD950m in FY19 from ~USD550m in FY17, led by
70+ approvals from Moraiya/other facilities and contribution from the acquisition of
Steynl (USD58m of annual sales).
We raise FY18E/19E EPS by ~5%, factoring in faster product approvals and better
margins. We thus derive a new target price of INR510, at 22x FY19E PER (v/s INR425,
at 22x 1HFY19E PER).
Financials Snapshot (INR b)
Y/E March
2017E 2018E 2019E
Sales
94.6 117.4 141.7
EBITDA
19.5 28.2
35.4
Net Profit
12.3 18.1
23.6
Adj. EPS (INR)
12.0 17.7
23.0
EPS Gr. (%)
-22.2 47.2
30.4
BV/Sh. (INR)
59.9 73.2
91.9
RoE (%)
21.4 26.5
27.9
RoCE (%)
14.9 18.3
20.6
P/E (x)
35.8 24.3
18.6
P/BV (x)
7.2
5.9
4.7
Shareholding pattern (%)
Dec-16 Sep-16 Dec-15
As On
Promoter
74.8
74.8
74.8
DII
7.2
7.1
7.3
FII
10.0
10.1
7.0
Others
8.0
8.0
10.9
FII Includes depository receipts
Stock Performance (1-year)
Cadila Health.
Sensex - Rebased
455
405
355
305
Moraiya re-inspection concludes successfully:
Cadila Healthcare (CDH)
announced today that its Moraiya facility was re-inspection by the USFDA from
6-15 February 2017. At the end of the inspection, no 483 observations were
issued. Notably, this plant is under warning letter status since December 2015.
Post successful inspection (with zero 483s), we expect product approvals from
this facility to start immediately.
Key facility now out of woods:
Moraiya (50% of current sales) holds the key for
CDH’s business, given that ~70 pending ANDAs (out of ~200 total pending
ANDAs) are filed from this facility. We believe that the successful resolution
would pave the way for approval of key products (such as Asacol HD, Prevacid
ODT, Lialda, Toprol XL and Transdermals) over coming months. Post Moraiya
resolution, all the facilities of CDH are USFDA-compliant.
Big boost to US business; roadblock cleared for key approvals:
Post successful
resolution of the Moraiya facility, we expect ~80 ANDA approvals until FY19 for
CDH. Around ~50% of these are expected to come from the Moraiya facility
and the rest from Baddi and SEZ facilities. Driven by these approvals and the
contribution from the acquisition of Steynl, we expect US sales to grow to
USD950m by FY19 from ~USD550m at end-FY17. Strong launch momentum,
coupled with limited competition launches (like Asacol HD & Lialda), should
drive significant margin improvement (expect FY19 EBITDA margins to be
>24%), in our view. Also, CDH will save remediation cost of USD5-10m post
Moraiya resolution.
Premium multiple backed by strong growth outlook:
With the re-inspection of
Sun Pharma’s Halol plant resulting in some new observations (and eventually a
delay in resolution by 6-9 months), the street was concerned about the fate of
CDH’s Moraiya facility. We thus believe that Moraiya resolution is a significant
positive for CDH as all the key oral, injectable and transdermal fillings are from
this facility. We maintain our
Buy
rating with a target price of INR510 @22x
FY19E PER (v/s INR425 @22x 1HFY19E). We increase FY18E/19E EPS by ~5%,
factoring in faster product approvals and better margins.
17 February 2017
9

16 February 2017
3QFY17 Results Update | Sector: Capital Goods
Voltas
Neutral
BSE SENSEX
28,301
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
8,778
VOLT IN
Operational results above estimates; maintain Neutral
331
Results above expectations:
3QFY17 revenue declined 7% YoY to INR11.8b
89.3 / 1.4
(est. of INR11.7b). EBIDTA increased 58% YoY to INR890m (est. of INR575m),
406 / 218
-4/-10/27
with margin expanding 310bp to 7.5% (est. of 4.9%). Adj. net profit rose 48%
552
YoY to INR815m (est. of INR505m).
69.7
CMP: INR345
TP: INR365(+6%)
Financials & Valuations (INR b)
2016 2017E
Y/E Mar
Net Sales
58.6
58.5
EBITDA
4.4
5.3
PAT
3.9
4.3
EPS (INR)
11.7
13.1
Gr. (%)
14.0
12.8
BV/Sh (INR)
72.4
81.8
RoE (%)
15.3
17.1
RoCE (%)
14.8
16.5
P/E (x)
32.6
25.9
P/BV (x)
4.7
4.2
2018E
66.3
5.8
5.3
15.9
20.9
93.1
18.2
17.5
21.4
3.7
Estimate change
TP change
Rating change
Quarterly Performance (Consolidated)
FY15
Y/E March
Sales
Change (%)
EBITDA
Change (%)
As of % Sales
Depreciation
Interest
Other Income
Extra-ordinary Items
PBT
Tax
Effective Tax Rate (%)
Reported PAT
Change (%)
Adj PAT
Change (%)
2Q
9,847
-8.9
777
79.8
7.9
69
44
188
0
853
351
UCP sales fell 4.6% YoY to INR4.1b
due to the demonetization impact. VOLT
remained the market leader with a share of 21.7%. EBIT margin contracted
120bp YoY to 10.6% due to negative operating leverage.
EMP revenue declined 3% YoY to INR7.0b,
led by weak progress in certain
new orders and prevailing sluggish pace of execution. EBIT margin for the
segment expanded 440bp YoY to 3.9%, led by positive closure of a few
international projects and execution of better-margin new orders.
Order inflow driven by domestic business; book-to-bill ratio at 1.4x:
VOLT’s
order inflow – albeit down 9% YoY to INR4.5b in 3QFY17 – continues to be
supported by orders wins from the domestic market. The company
continues to selectively book projects above the threshold margins of 4-5%.
Order book stands at INR42b (+19% YoY) and book-to-bill at 1.4x.
Management expects legacy orders to be completed by end-FY17 and
margins to revert back to 5% levels in FY18.
Maintain Neutral.
We marginally raise estimates for FY17/18 by 4/3% to
factor in above-estimated performance in EMP segment. At CMP of INR345,
VOLT trades at 26x/21x/18x FY17/FY18/FY19E EPS of INR13.1/15.9/18.8.
Maintain
Neutral (given
limited upside of 6%) and SOTP-based TP of INR365.
(INR Million)
FY17
Var.
FY16
FY17
FY16
FY17
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
3QE Vs Est
9,511 14,900 15,585 10,401 12,659 18,888 18,500 9,672 11,805 18,538 58,574 58,515 11,688
1%
-15.0
1.9 -11.3
5.6 33.1
26.8
18.7 -7.0
-6.7
-1.9
13.0
-0.1 -10.6
574 1,430 1,313
645
563 1,853 1,995 687
890 1,700 4,369 5,272
575 55%
-16.0
35.7
-0.4 -17.0
-1.9
29.5
52.0
6.4
58.0
-8.2
6.6 20.7
-1.4
6.0
9.6
8.4
6.2
4.4
9.8
10.8
7.1
7.5
9.2
7.5
9.0
4.9
70
81
59
64
65
80
66
63
60
79
278
268
85
44
58
34
33
37
59
48
33
22
51
153
154
45
304
303
248
477
249
478
357 658
597
339 1,176 1,951
300
-445
-12
0
0
-22 -279
-9
0
0
0
106
0
-
1,210 1,606 1,468 1,025
732 2,471 2,248 1,249 1,405 1,909 5,220 6,802
745 89%
147
413
452
378
195
664
651 505
437
719 1,599 2,313
220
36.9
647
28.9
647
29.5
26.7
573
-46.6
551
-12.3
26.9
28.9
1,764 1,576
47.9
53.7
1,485 1,567
27.1
52.8
40.4
697
7.8
697
7.8
31.1
815
42.2
815
47.9
37.7
30.6 34.0
1,270 3,620 4,349
-28.0
-7.4 20.1
1,270 3,515 4,349
-14.5
3.9 23.8
29.5
505
-6.8
505
-2.9
61%
61%
41.2 12.1
25.7 30.8
502 1,074 1,193 1,025
18.1 73.7
17.0
-7.0
499 629 1,168 1,025
18.1
9.2
39.9
-7.9
17 February 2017
10

In conversation
1. HPCL: Oil market over-supplied, prices may not rise
significantly; MK Surana, CMD
There is a surplus overhang of petrol and diesel in the world market as far as the
inventories are concerned. Believe that crude prices will not go substantially
higher.
The production in US has increased and there are additions from Libya and
Nigeria. There is surplus inventory which hasn’t been soaked up completely.
The market is still oversupplied. Believe that the crude prices will continue to
hover between in USD 55-60 per barrel in near future.
Product prices are not only the function of crude prices but also of relative
demand and supply. Gross refining margins (GRMs) have been disappointing in
the last three to four 3-4 quarters.
Expect the GRMs of HPCL to be in the range of USD 5.5-6 per barrel.
2. PNB Housing: See NIMS at 3%; cash crunch effect to subside
from Feb; Sanjaya Gupta, MD
Net Interest margin will remain around the same level of 3% going forward.
The company has always targeted spreads in the range of 200-208 basis points,
and that will also remain unchanged going forward.
Demonetisation affected the company negatively, however, we expect the
effects will subside from the month of February and things will crawl back to
normalcy.
Loan against portfolio (LAP) remained 18% of the entire portfolio, however,
gross non-performing asset (NPAs) on LAP were lower than the housing
portfolio.
The demands were lower than the previous quarter by about 13-14% but the
portfolio qualities stood firmly.
3. Future Consumer: Eyeing over 80% growth in FY18; Kishore
Biyani, CEO
Looking at adding another 30 stores, Big Bazaar, to the existing 2,000 stores.
The company is looking at geographical expansion, with various joint ventures
which are happening to go along with a lot of new product launches.
Much of sales growth will also come out of new stores which are expanding.
Hoping that some of the brands will start reaching 2,00,000 outlets by next year.
Had a growth of 20%+ in the previous quarter, growth to be higher going
forward into the next year.
17 February 2017
11

From the think tank
1. The defence needs more firepower. by PK Vasudeva
India’s defence budget has been hiked by a measly 6 per cent to ₹2,74,114 crore
for 2017-18, dashing hopes for any major jump in military modernisation this
year despite heightened tensions with Pakistan and China. The defence outlay
works out to just 1.63 per cent of the GDP, the lowest such figure since the 1962
war with China. Though this figure has been steadily declining in percentage
terms as the economy expands, military experts contend it should be about 3
per cent of the GDP to ensure the armed forces are capable of tackling the
“collusive threat” from Pakistan and China.
2. Oil companies merger to create giant PSU could lead to mega-
employee union threat. by Bhamy V Shenoy
Since oil prices are extremely volatile, it is claimed that integrated operations
give better earnings stability. This again is disproved when we look at the recent
period when oil prices dropped from above $100/barrel to below $30/barrel.
Earnings stability: While operating income of the super majors has declined
from $109.1 billion to a loss of $4.9 between 2010 and 2015, downstream
operating income has not been able to compensate for such a massive loss
despite a significant increase. It is true that better downstream results have
softened the shock of the oil-price drop. But it is not enough to give what is
generally understood as earnings stability.
3. Digital Payments: Slowdown expected, here’s why we must
push harder to stay relatively cashless. by the financial express
Though it was always clear people would go back to making cash payments once
the central bank was able to print enough to replace the demonetised currency,
the switch away from digital payments has been a lot slower than expected—
that is, a large portion of those who switched to digital out of compulsion have
decided to stay on thanks to the convenience. Based on representative data
from four banks put out by RBI on a weekly basis, the use of debit/credit cards
at outlets has fallen from Rs 16.8 crore a day in December to Rs 14 crore in the
first 12 days of this month, but that is much higher than the Rs 11.7 crore in
November.
4. Using municipal bonds to bolster city finances. by Livemint
The ambitious plans for urban renewal in India are currently built on the
quicksand of weak city finances. The news that Pune is getting ready to launch
the biggest Indian municipal bond issue thus needs to be welcomed—but with
caution. This newspaper has always stuck to the Ambedkarite argument that
cities rather than villages are the future. They will drive economic growth,
innovation, social mobility and individual freedom. But it is no secret that our
cities are becoming increasingly unlivable.
17 February 2017
12

5. Transforming cities of din. by Arvind Subramanian
Economic Survey 2017-18 pre sents four striking findings about urbanisation in
the country and the challenges being faced by Indian cities. Magnitude of India's
urbanisation is not unusual but the pattern is: Contrary to perception, the level
and evolution of the country's urbanisation are similar to those of other countries.
Broadly , urbanisation has increased with per-capita GDP , so that the difference
in the level of urbanisation between, say , India and China can be attributed
mainly to the different levels of development (see RsPerCapita GDP and
Urbanisation').
International
6. Donald Trump, Vladimir putin and a fatal attraction. by Philip
Stephens
Donald Trump imagined he could do as he pleased in the White House. It fell to
the ninth federal circuit court in Seattle to draw the limits of the president’s
authority at home by overturning an executive order barring migrants from
seven Muslim-majority nations. Now the enforced departure of national security
adviser Michael Flynn has mapped some of the constraints on the conduct of
foreign policy. You could say the president has been humbled, except that
humility and Mr Trump will never sit comfortably in the same sentence.
17 February 2017
13

Click excel icon
for detailed
valuation guide
CMP
(INR)
850
94
2,789
1,078
21,858
25,263
660
410
211
3,126
1,316
200
6,027
446
422
TP
% Upside
EPS (INR)
(INR) Downside FY16 FY17E FY18E
1,087
114
3,432
1,110
22,049
29,172
732
469
205
3,190
1,506
-
6,808
653
462
28
22
23
3
1
15
11
14
-3
2
14
13
46
9
28.7
3.9
131.8
28.1
483.3
492.9
20.7
11.1
7.4
158.3
53.6
4.2
177.6
36.9
9.1
29.2
4.8
136.2
25.7
489.0
625.6
24.2
21.8
8.2
175.2
60.7
6.2
247.5
12.8
11.9
37.7
6.4
160.6
37.5
639.6
870.8
30.2
32.8
9.7
190.7
75.0
9.7
307.5
35.5
15.4
Valuation snapshot
P/E (x)
FY17E FY18E
29.1
19.5
20.5
42.0
44.7
40.4
27.3
18.8
25.6
17.8
21.7
32.3
24.4
35.0
35.5
27.4
35.1
19.5
29.2
18.0
23.3
16.2
20.3
27.3
Loss
30.2
33.2
7.2
18.1
23.8
22.1
Loss
12.4
52.8
9.5
18.3
21.0
31.4
16.8
21.1
32.0
18.5
9.9
48.9
38.6
12.0
14.7
26.4
34.4
11.6
22.5
14.6
17.4
28.7
34.2
29.0
21.9
12.5
21.7
16.4
17.6
20.6
19.6
12.6
27.4
19.0
19.7
16.0
25.4
15.1
19.4
15.6
15.7
22.5
5.3
24.5
23.5
6.4
14.8
18.7
9.1
7.4
8.1
12.5
9.0
6.1
11.1
12.5
4.6
11.6
24.5
19.4
8.6
39.1
36.3
9.7
12.3
23.5
26.2
10.0
P/B (x)
FY17E FY18E
5.8
4.2
5.8
6.4
8.8
14.3
5.3
2.1
3.6
6.6
1.6
2.2
5.5
1.8
8.6
4.0
2.1
2.0
2.6
1.6
4.0
1.3
1.5
4.0
0.6
3.8
3.6
0.7
3.7
2.8
1.1
0.5
0.6
0.7
1.0
0.3
0.8
1.2
0.5
0.8
6.6
4.2
1.5
13.9
5.6
3.0
2.6
2.9
2.6
2.2
4.8
3.6
5.0
5.5
7.4
10.3
4.4
1.8
3.2
5.6
1.5
2.0
4.6
1.6
6.9
3.5
2.0
1.8
2.4
1.5
3.5
1.2
1.4
3.4
0.6
3.3
3.2
0.6
3.1
2.5
1.0
0.5
0.6
0.7
0.9
0.3
0.7
1.1
0.4
0.8
5.4
3.4
1.3
11.4
5.0
2.6
2.2
2.8
2.5
1.9
ROE (%)
FY16 FY17E FY18E
25.8
20.9
33.2
18.7
19.4
35.8
22.4
6.1
14.1
43.6
15.4
4.5
19.9
18.3
24.1
18.8
17.1
11.8
13.3
6.0
18.3
11.3
16.6
6.6
10.9
11.2
9.3
19.9
13.7
Loss
Loss
Loss
Loss
5.5
1.2
Loss
7.6
7.0
-2.7
21.1
24.9
15.1
31.5
20.9
27.1
19.6
10.8
11.4
15.1
21.6
23.1
30.0
15.9
18.8
41.2
21.2
11.4
14.2
40.1
14.3
7.7
22.8
5.2
26.4
14.7
6.3
10.9
11.3
9.4
18.6
10.4
7.4
15.5
Loss
13.5
12.6
9.7
22.1
12.0
5.0
Loss
4.9
1.4
10.4
1.7
3.9
7.0
2.8
4.0
22.5
30.0
16.6
31.0
19.6
26.0
19.1
11.4
7.7
19.8
23.1
26.3
31.0
20.6
23.4
41.3
21.8
15.6
14.9
36.8
13.6
10.3
23.2
13.3
27.9
18.3
10.3
11.8
9.9
10.4
19.3
9.9
8.9
16.4
11.6
14.5
14.4
10.0
22.6
13.6
11.5
7.0
7.2
5.8
10.2
4.8
6.8
9.0
9.7
6.9
24.1
19.4
16.6
32.1
19.6
28.9
19.5
12.2
9.7
20.3
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
Eicher Mot.
Endurance
Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Aggregate
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Aggregate
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
Aggregate
NBFCs
Bajaj Fin.
Bharat Fin.
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Not Rated
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Buy
493
138
177
83
1,327
279
62
1,320
69
792
413
20
1,436
535
134
240
105
1,510
345
68
1,535
75
940
450
21
1,575
9
-3
36
27
14
24
10
16
9
19
9
6
10
34.5
6.8
6.2
2.8
48.6
16.7
38.4
8.6
18.9
9.0
2.5
60.4
14.1
7.1
6.1
4.6
56.9
17.2
3.1
48.4
Loss
26.3
12.4
2.8
79.3
25.0
8.6
6.9
5.5
68.3
17.9
3.9
58.7
13.0
32.3
17.5
3.1
97.0
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
166
125
296
81
289
121
141
270
142
221
123
300
49
330
114
185
350
172
33
-2
1
-39
14
-6
31
29
21
Loss
Loss
Loss
Loss
14.8
4.9
Loss
15.7
19.7
7.5
Loss
23.9
1.5
30.4
6.6
6.7
8.6
8.5
18.3
17.1
36.7
6.4
32.2
19.6
12.7
21.6
30.5
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Not Rated
Buy
Buy
1,092
837
305
384
1,393
832
551
101
290
347
1,276
883
405
348
1,580
1,015
693
-
323
409
17
6
33
-9
13
22
26
11
18
23.9
23.8
25.0
6.7
32.6
55.7
32.9
3.5
11.9
20.3
34.1
45.2
30.7
7.9
36.1
69.5
37.6
3.8
8.4
29.7
44.6
43.2
35.6
9.8
38.4
86.2
44.7
4.3
11.1
34.7
17 February 2017
14

Click excel icon
for detailed
valuation guide
CMP
(INR)
131
633
143
1,902
944
TP
% Upside
EPS (INR)
(INR) Downside FY16 FY17E
117
-11
23.8
24.0
752
19
24.0
25.7
134
-6
28.5
29.4
2,500
1,225
31
30
80.4
53.3
91.2
58.1
Valuation snapshot
P/E (x)
FY17E FY18E
5.5
5.1
24.6
16.8
4.9
4.1
20.8
16.3
16.0
66.7
24.6
27.7
41.6
245.2
33.5
49.3
48.3
9.0
15.6
27.7
12.1
71.1
38.4
Loss
34.6
18.7
29.2
31.6
41.6
43.1
32.7
58.8
14.6
22.4
25.9
65.5
23.5
Loss
-150.7
39.6
39.8
32.2
47.9
44.9
41.9
36.5
44.2
43.6
32.3
44.0
31.8
47.6
44.1
55.5
14.6
12.1
13.8
47.1
20.8
26.8
34.8
39.7
29.2
26.9
36.1
10.6
13.4
23.1
10.3
47.0
32.7
30.5
30.4
14.3
24.5
25.8
34.1
31.2
17.1
37.4
11.9
15.4
22.7
31.7
21.3
42.1
34.9
26.3
28.7
23.7
42.3
38.9
35.2
32.1
36.3
37.5
28.5
39.4
28.0
40.2
37.9
44.5
P/B (x)
FY17E FY18E
0.9
0.8
3.6
3.0
0.9
0.7
2.5
1.9
2.8
7.9
4.5
1.1
31.5
0.9
7.1
5.9
9.4
1.7
2.4
2.9
1.8
6.5
6.6
Loss
4.0
2.5
4.3
3.4
1.7
3.2
2.0
4.1
1.7
1.3
3.3
3.4
4.4
2.9
4.8
7.2
4.4
3.6
14.6
17.2
21.9
9.5
13.1
9.1
7.6
30.3
8.4
7.2
13.3
18.8
2.2
1.7
2.4
6.8
3.9
1.1
21.4
0.9
6.5
5.3
8.5
1.5
2.1
2.6
1.5
5.6
5.7
Loss
3.7
2.3
3.8
3.1
1.7
3.3
1.8
3.7
1.5
1.2
2.9
3.3
3.7
2.7
4.3
5.8
3.9
3.0
12.8
13.6
20.5
8.1
11.1
7.7
6.6
31.5
7.4
6.6
11.4
16.2
FY16
18.3
17.0
21.0
12.3
12.2
17.7
11.1
15.6
Loss
52.1
3.1
24.9
5.9
19.0
27.9
13.5
9.9
14.2
11.8
20.2
Loss
12.5
9.7
15.3
7.6
8.3
8.5
5.9
5.5
9.2
3.9
6.3
0.3
19.5
6.2
0.7
14.5
11.0
9.6
34.7
55.9
68.9
33.3
43.4
23.4
30.8
82.4
29.3
9.1
36.9
40.9
ROE (%)
FY17E
16.8
15.7
18.8
12.7
12.3
17.3
11.9
19.7
4.0
94.3
3.9
22.6
11.7
19.5
21.2
16.6
10.8
14.5
9.2
18.4
Loss
12.1
8.9
15.4
10.8
5.9
7.5
6.0
7.2
12.0
5.8
13.3
5.2
20.3
Loss
-3.1
19.9
11.7
11.1
32.5
42.9
54.9
28.3
33.8
22.4
25.1
67.6
28.4
15.7
33.3
35.9
FY18E
16.2
19.6
19.5
16.1
14.7
17.8
14.4
19.0
4.0
73.3
5.9
23.2
20.7
23.6
15.3
16.8
12.0
14.6
11.9
18.6
Loss
12.6
16.7
16.4
12.2
7.1
10.4
10.9
10.4
13.1
7.6
13.6
10.5
18.9
6.6
13.1
24.4
14.5
12.8
32.3
39.1
60.1
27.3
33.0
22.2
24.7
78.4
28.1
17.2
32.4
39.2
Company
PFC
Repco Home
REC
Shriram City
Union
STF
Aggregate
Capital Goods
ABB
Bharat Elec.
BHEL
CG Cons. Elec.
Crompton Grv.
Cummins
GE T&D
Havells
Inox Wind
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
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
Reco
Neutral
Buy
Neutral
Buy
Buy
FY18E
25.5
37.7
35.3
130.5
77.9
Neutral
Buy
Sell
Buy
Sell
Neutral
Neutral
Buy
Neutral
Buy
Buy
Not Rated
Neutral
Neutral
Not Rated
Sell
Buy
Neutral
1,229
1,525
154
190
66
891
297
432
174
164
1,470
127
1,208
730
17
846
495
345
1,190
1,800
115
205
45
990
340
440
175
175
1,620
-
1,340
800
-
781
645
370
-3
18
-25
8
-32
11
15
2
1
7
10
11
10
-8
30
7
15.8
56.9
Loss
1.9
2.1
27.2
3.0
7.8
20.7
7.4
44.7
8.8
16.9
18.4
Loss
23.5
16.3
11.7
18.4
61.9
5.5
4.6
0.3
26.6
6.0
8.9
19.4
10.5
53.1
10.5
17.0
19.0
Loss
24.4
26.5
11.8
26.1
73.3
5.7
5.5
1.7
30.5
11.0
12.0
16.5
12.3
63.7
12.4
25.7
22.3
0.6
27.9
34.5
14.0
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
236
1,456
705
1,899
1,027
164
844
388
682
133
92
15,325
3,718
246
1,339
869
2,246
1,067
138
938
455
815
167
112
19,006
4,058
4
-8
23
18
4
-16
11
17
20
25
22
24
9
5.5
37.6
20.4
21.5
48.3
4.4
14.5
0.4
23.4
3.0
0.1
238.5
79.3
5.7
33.7
21.5
32.3
70.2
7.3
32.6
5.9
29.0
Loss
-0.6
387.1
93.5
6.9
46.7
41.2
50.7
86.5
10.7
37.2
12.2
31.9
3.2
2.6
582.8
129.6
Neutral
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
970
3,231
907
266
1,082
1,607
5,088
847
267
361
268
6,194
1,035
3,775
1,115
300
1,260
1,655
5,300
865
295
365
300
6,840
7
17
23
13
16
3
4
2
11
1
12
10
18.7
70.1
22.7
7.1
25.2
33.2
167.1
19.0
7.7
4.1
5.6
119.9
20.2
71.9
21.7
7.3
24.5
36.8
157.7
19.3
8.4
7.6
6.1
111.5
22.9
83.0
25.8
8.3
29.8
42.8
178.8
21.5
9.5
9.0
7.1
139.2
17 February 2017
15

Click excel icon
for detailed
valuation guide
CMP
(INR)
14,318
214
671
7,017
130
783
2,310
TP
% Upside
(INR) Downside
16,910
18
215
1
720
7
8,250
18
-
1,044
33
2,885
25
EPS (INR)
FY17E
235.6
7.0
16.6
145.7
6.4
10.7
28.6
Valuation snapshot
P/E (x)
FY17E FY18E
60.8
46.9
30.4
22.1
40.4
36.7
48.1
41.9
20.2
19.7
73.4
50.9
80.7
49.2
40.3
34.8
23.7
25.3
16.2
33.0
35.8
32.2
16.2
37.7
Loss
22.4
18.3
77.2
33.1
23.3
28.7
23.7
38.0
22.1
25.9
17.1
40.8
34.3
29.5
13.0
10.9
29.1
52.0
17.9
Loss
Loss
10.2
10.2
17.5
61.1
Loss
28.8
42.5
34.1
10.9
15.3
Loss
Loss
19.7
23.4
13.6
30.8
25.4
24.2
14.4
22.6
62.5
19.0
15.9
48.0
18.7
18.2
23.6
18.5
30.7
16.5
20.2
14.6
32.2
27.0
16.5
6.9
8.8
22.1
27.8
15.9
44.0
-46.1
9.2
10.1
15.4
35.6
14.1
24.4
29.5
24.6
8.2
10.7
Loss
9.9
P/B (x)
FY17E FY18E
25.1
19.8
2.4
2.2
10.4
8.5
13.0
11.2
1.7
1.6
8.8
7.6
15.2
11.8
11.8
10.3
5.4
5.6
4.1
4.8
7.2
3.6
4.1
3.6
2.2
4.6
3.1
17.3
2.7
4.9
5.1
4.5
7.7
5.3
6.1
2.3
18.1
2.9
2.2
2.0
1.7
3.2
Loss
4.6
0.9
2.7
1.8
0.7
3.4
6.2
4.0
7.2
10.0
5.9
1.7
3.0
0.5
2.1
4.4
4.7
3.2
4.4
5.9
3.2
3.6
3.2
1.9
3.6
2.2
20.6
2.4
4.0
4.6
3.8
6.3
4.4
5.0
2.1
13.8
2.7
2.1
1.8
1.4
2.9
10.4
4.0
0.9
2.9
1.5
0.7
3.0
5.4
2.7
6.6
8.1
5.1
1.4
2.5
0.6
1.8
FY16
46.0
19.5
29.9
30.8
10.3
15.1
19.8
31.9
38.8
23.8
32.5
11.5
32.8
12.8
28.6
18.8
Loss
16.4
21.6
22.1
5.9
22.9
14.2
16.5
23.3
34.4
25.8
12.8
55.5
10.1
10.1
5.1
15.4
11.4
NM
22.6
Loss
Loss
21.9
7.7
24.7
18.7
0.1
23.4
27.0
18.2
11.6
20.7
Loss
Loss
ROE (%)
FY17E
41.3
10.8
28.0
29.0
8.9
12.6
20.8
29.3
24.8
24.4
29.0
14.7
21.4
11.2
26.7
10.0
Loss
20.5
19.9
22.4
8.4
22.9
17.8
20.0
22.2
26.0
23.6
12.0
50.5
8.6
7.6
12.4
16.7
11.0
38.2
27.0
Loss
Loss
19.3
7.7
20.7
10.6
Loss
25.1
31.3
17.3
16.1
20.9
Loss
16.4
FY18E
42.2
10.5
25.4
28.8
8.5
16.0
24.0
29.6
24.7
22.0
26.5
14.1
25.5
13.2
26.5
14.9
3.3
18.9
16.6
43.0
13.5
23.9
19.4
22.3
22.5
29.2
24.9
14.9
48.6
10.3
12.9
19.4
17.8
13.3
46.1
27.1
2.1
-6.1
17.8
7.1
20.6
16.3
23.5
27.3
30.3
20.6
18.8
25.2
Loss
19.6
Company
Reco
Page Inds
Buy
Parag Milk
Neutral
Pidilite Ind.
Neutral
P&G Hygiene Buy
Radico Khaitan Not Rated
United Brew
Buy
United Spirits Buy
Aggregate
Healthcare
Alembic Phar Neutral
Alkem Lab
Neutral
Aurobindo
Buy
Biocon
Sell
Cadila
Buy
Cipla
Neutral
Divis Lab
Neutral
Dr Reddy’s
Neutral
Fortis Health Buy
Glenmark
Neutral
Granules
Buy
GSK Pharma
Neutral
IPCA Labs
Neutral
Lupin
Buy
Sanofi India
Buy
Sun Pharma
Buy
Syngene Intl
Not Rated
Torrent Pharma Buy
Aggregate
Logistics
Allcargo
Buy
Logistics
Blue Dart
Not Rated
Concor
Neutral
Gateway
Buy
Distriparks
Gati
Not Rated
Transport Corp. Not Rated
Aggregate
Media
Dish TV
Buy
D B Corp
Buy
Den Net.
Neutral
Hathway Cab. Buy
Hind. Media
Buy
HT Media
Neutral
Jagran Prak.
Buy
PVR
Buy
Siti Net.
Neutral
Sun TV
Neutral
Zee Ent.
Buy
Aggregate
Metals
Hindalco
Buy
Hind. Zinc
Neutral
JSPL
Neutral
JSW Steel
Buy
FY16
208.6
6.7
14.8
129.9
6.9
11.3
16.7
FY18E
305.1
9.7
18.3
167.7
6.6
15.4
47.0
550
2,006
657
1,095
429
583
734
2,927
199
934
128
2,666
524
1,440
4,081
649
495
1,256
630
1,850
1,050
750
425
550
815
3,050
240
990
160
2,700
540
1,850
5,200
850
-
1,700
15
-8
60
-31
-1
-6
11
4
21
6
25
1
3
28
27
31
35
38.2
64.7
33.9
23.2
15.4
18.8
41.9
132.3
Loss
24.9
5.5
44.2
10.5
50.4
103.2
19.6
11.1
59.7
23.2
79.3
40.5
33.2
12.0
18.1
45.4
77.7
Loss
41.6
7.0
34.5
15.8
61.8
142.2
27.4
13.0
56.8
27.9
85.7
48.1
35.6
16.9
24.1
51.0
129.4
3.2
49.2
8.0
55.5
27.9
79.0
172.8
35.1
16.1
76.3
162
4,182
1,234
258
121
185
191
-
1,309
314
-
-
18
6
22
10.5
84.4
40.1
11.4
3.2
13.5
9.5
102.5
36.0
8.8
9.3
16.9
11.1
129.9
45.8
15.7
17.6
21.0
88
378
82
36
269
82
188
1,270
38
724
519
115
450
75
47
355
85
215
1,533
40
735
600
31
19
-8
31
32
4
14
21
6
1
15
6.5
16.2
Loss
Loss
24.6
7.3
10.5
25.5
Loss
21.1
10.6
1.7
21.1
Loss
Loss
26.5
8.0
10.8
20.8
Loss
25.1
12.2
3.2
23.9
1.9
-0.8
29.4
8.2
12.2
35.7
2.7
29.7
17.6
188
302
93
187
240
307
88
226
28
2
-5
21
12.0
19.8
Loss
Loss
17.2
19.8
Loss
Loss
22.9
28.2
Loss
19.0
17 February 2017
16

Click excel icon
for detailed
valuation guide
CMP
(INR)
65
137
60
263
470
TP
% Upside
EPS (INR)
(INR) Downside FY16 FY17E
83
28
2.7
3.6
179
31
8.4
12.2
28
-54
Loss
Loss
279
6
10.8
18.9
401
-15
7.7
17.4
Valuation snapshot
P/E (x)
FY17E FY18E
18.1
12.1
11.2
11.1
Loss
Loss
13.9
8.4
27.1
10.7
19.6
12.6
11.8
20.6
15.8
18.6
9.9
8.6
24.6
8.2
12.2
15.4
16.9
10.7
11.3
76.2
77.3
45.9
49.7
14.3
14.5
15.8
16.1
11.2
12.7
18.6
13.5
11.1
16.2
24.7
18.1
15.5
14.4
13.8
16.5
32.4
20.6
Loss
87.2
40.9
18.5
17.0
14.9
14.1
14.1
12.1
23.0
13.2
14.9
11.8
9.4
24.8
8.4
8.6
9.2
14.3
9.9
10.0
43.6
39.5
43.8
43.5
12.0
13.0
14.1
14.9
9.5
11.9
13.9
13.9
8.6
13.6
20.3
16.8
13.8
12.9
11.1
15.1
46.4
19.1
Loss
23.6
100.5
15.9
11.5
18.8
11.9
11.8
P/B (x)
FY17E FY18E
1.2
1.1
1.8
1.7
0.7
0.8
1.4
1.3
3.8
3.0
1.6
1.4
3.1
1.1
1.9
2.1
2.6
2.1
5.1
2.3
1.1
1.3
3.8
1.2
1.5
7.9
3.1
9.1
8.0
2.2
3.7
3.8
3.4
1.6
4.8
3.1
2.1
1.5
2.6
9.5
5.7
2.9
2.3
2.6
3.9
2.1
3.3
1.6
-93.9
2.4
6.5
1.9
1.1
1.5
2.1
2.6
1.0
1.7
1.9
2.3
1.8
4.5
1.9
1.1
1.2
3.2
1.1
1.3
8.7
2.9
8.0
7.3
2.0
3.2
3.3
3.0
1.4
4.0
2.7
2.0
1.3
2.4
7.5
4.8
2.5
2.1
2.2
3.4
2.0
2.9
1.9
31.5
2.4
6.5
1.7
1.1
1.4
1.9
ROE (%)
FY16 FY17E
5.4
6.9
15.9
13.5
Loss
Loss
7.9
11.7
4.6
12.6
4.9
7.9
31.6
4.0
7.6
11.7
22.4
13.6
18.4
22.6
10.4
9.6
14.0
12.0
11.4
13.4
6.3
21.3
16.8
16.5
21.5
28.9
24.7
21.0
45.3
27.4
12.3
19.0
19.5
46.3
37.1
23.4
20.3
24.0
24.4
7.4
12.7
12.6
-91.6
9.3
42.2
3.1
15.5
11.9
14.6
27.5
5.3
14.1
12.0
27.9
25.9
22.1
31.0
9.5
8.6
24.4
11.6
13.0
10.4
4.2
21.2
16.2
15.7
27.3
26.5
23.2
14.0
41.8
17.1
14.1
14.2
17.5
42.5
33.8
20.1
17.0
20.0
23.7
6.7
15.7
Loss
-75.4
5.8
35.2
4.8
7.7
10.8
16.0
FY18E
9.7
15.6
Loss
17.1
31.3
11.4
23.4
4.6
13.7
13.5
20.7
20.7
19.3
24.7
12.7
13.8
24.2
11.4
13.4
19.9
7.7
19.3
16.8
16.5
26.7
25.0
22.5
15.9
36.2
21.0
14.4
16.5
18.9
41.3
31.1
20.0
17.0
21.1
22.7
4.5
15.9
Loss
402.2
2.3
41.0
6.5
6.0
11.9
16.8
Company
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
Cairn India
GAIL
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
Shopper's Stop
Titan Co.
Aggregate
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NTPC
Power Grid
Reco
Buy
Buy
Sell
Neutral
Sell
FY18E
5.3
12.3
Loss
31.1
43.8
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Neutral
Buy
Neutral
670
287
503
164
532
376
1,056
106
335
194
386
1,065
778
-
446
163
620
458
1,032
114
382
204
460
1,057
16
-11
-1
17
22
-2
8
14
5
19
-1
55.2
11.4
18.0
7.9
38.0
20.3
29.7
7.6
28.7
13.6
11.2
93.0
56.6
14.0
31.8
8.8
53.8
43.5
43.0
12.9
27.5
12.6
22.8
99.2
55.5
12.5
38.1
11.0
45.0
39.9
42.6
12.7
39.0
21.1
26.9
107.9
Neutral
Neutral
Neutral
977
317
424
1,008
300
420
3
-5
-1
15.0
5.8
8.0
12.8
4.1
9.2
22.4
8.0
9.7
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Buy
469
843
216
1,012
132
687
468
576
423
629
1,466
2,447
504
481
944
600
980
220
1,250
150
800
530
550
470
730
1,780
2,500
550
560
1,250
28
16
2
24
14
16
13
-4
11
16
21
2
9
17
32
30.7
40.1
12.9
59.0
14.1
52.4
35.9
34.5
45.7
37.2
49.7
123.2
35.1
36.1
68.2
32.8
58.1
13.7
62.8
11.7
54.2
25.1
42.6
38.2
38.9
59.3
135.2
32.5
33.4
68.6
39.1
64.7
15.3
67.8
13.8
57.5
33.7
41.4
49.3
46.2
72.1
145.3
36.6
37.2
85.0
Buy
Buy
Under
Review
Buy
366
320
108
741
410
435
-
811
12
36
11.9
11.8
8.6
11.3
15.6
Loss
8.5
7.9
16.7
Loss
31.4
9
1.6
Neutral
Buy
Buy
Buy
Buy
318
855
61
170
201
315
970
83
199
238
-1
13
36
17
19
22.6
27.8
7.6
12.3
11.5
17.2
50.2
4.1
12.0
14.3
20.0
74.5
3.3
14.3
17.1
17 February 2017
17

Click excel icon
for detailed
valuation guide
CMP
(INR)
TP
% Upside
EPS (INR)
(INR) Downside FY16 FY17E FY18E
Valuation snapshot
P/E (x)
FY17E FY18E
15.8
13.4
27.8
45.6
32.4
50.1
21.1
43.7
20.2
21.0
12.0
49.5
95.8
16.8
25.5
19.6
16.2
46.4
39.4
33.5
27.5
18.7
41.3
47.3
50.1
47.5
52.6
17.3
34.9
31.1
26.1
17.2
26.1
18.0
15.3
9.6
44.1
29.4
12.2
23.7
16.1
13.6
29.9
27.3
26.3
22.4
15.4
30.5
36.4
38.6
37.2
30.8
P/B (x)
FY17E FY18E
2.4
2.3
2.6
4.9
35.7
8.7
3.7
6.0
6.7
14.4
3.4
5.3
3.8
1.4
3.9
3.3
4.4
3.4
4.3
9.7
7.7
2.9
5.3
25.7
50.1
11.3
4.8
2.3
4.5
32.1
7.0
3.3
4.9
5.4
12.6
2.5
4.9
3.3
1.4
3.4
3.1
3.5
3.1
4.0
9.2
6.0
2.6
4.8
21.9
38.6
9.3
4.3
ROE (%)
FY16 FY17E FY18E
17.6
15.5
16.9
12.9
13.1
76.0
36.3
14.9
4.7
16.2
176.5
48.9
9.2
14.9
4.0
21.1
20.7
35.5
11.4
3.5
26.4
29.2
17.0
12.6
35.0
17.2
26.3
15.8
10.4
11.3
118.4
18.2
18.5
15.1
37.8
72.8
33.8
11.1
3.8
8.6
16.5
17.3
29.9
8.6
11.4
28.8
31.7
16.5
13.5
56.8
16.6
26.1
9.5
14.0
13.4
108.8
29.8
20.4
20.7
33.1
88.1
30.2
11.5
11.5
11.7
15.5
19.8
28.7
9.6
15.2
35.9
30.1
17.4
16.6
65.0
19.7
27.4
14.8
Company
Reco
Aggregate
Others
Arvind
Buy
Bata India
Buy
Castrol India
Buy
Century Ply.
Buy
Coromandel Intl Under Review
Dynamatic Tech Buy
Eveready Inds. Buy
Interglobe
Neutral
Indo Count
Buy
Info Edge
Buy
Inox Leisure
Sell
Jain Irrigation Under Review
Just Dial
Buy
Kaveri Seed
Buy
Kitex Garm.
Buy
Manpasand
Buy
MCX
Buy
Monsanto
Under Review
PI Inds.
Buy
SRF
Buy
S H Kelkar
Buy
Symphony
Sell
TTK Prestige
Neutral
V-Guard
Neutral
Wonderla
Buy
377
496
416
229
344
2,952
250
825
165
839
239
93
438
460
421
692
1,114
2,294
861
1,543
309
1,277
5,403
214
368
430
483
499
211
-
3,388
287
1,010
205
1,075
207
-
443
577
551
843
1,400
-
959
1,825
371
1,053
4,896
179
392
14
-3
20
-8
15
15
22
25
28
-14
1
25
31
22
26
11
18
20
-18
-9
-16
7
14.0
11.2
9.6
7.5
11.8
19.4
9.2
55.2
13.4
13.0
8.4
2.2
20.4
24.9
23.6
10.1
23.4
60.1
22.1
73.7
5.5
15.6
100.7
3.7
10.6
13.5
10.9
12.8
4.6
16.3
67.6
12.4
39.3
13.7
16.9
2.5
5.5
17.2
23.4
26.0
14.9
28.3
68.4
31.3
82.4
7.5
27.0
107.8
4.5
7.0
21.8
14.2
13.4
8.8
20.0
112.9
13.9
54.1
17.1
19.0
8.2
7.6
18.5
28.6
31.0
23.1
40.8
87.2
38.4
99.9
10.1
35.1
139.9
5.8
11.9
17 February 2017
18

MOSL Universe stock performance
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
NBFCs
Bajaj Fin.
Bharat Fin.
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
STF
Shriram City Union
1 Day (%)
0.3
1.1
-0.1
5.9
-1.3
2.2
-0.5
0.7
1.0
0.9
1.2
3.0
2.8
2.1
2.8
1.0
3.0
2.3
2.0
0.4
-0.7
0.4
0.3
0.1
1.0
4.3
-2.7
0.3
1.7
1.5
1.2
-0.2
3.6
0.6
0.8
0.7
0.0
5.0
2.1
3.6
0.0
-0.3
2.3
0.2
2.1
0.9
4.6
3.0
-1.5
2.2
1.0
0.5
1M (%)
-5.0
9.8
2.4
15.0
2.5
13.1
12.9
13.6
13.8
1.1
8.6
2.1
5.9
-15.3
10.2
3.4
14.1
16.6
10.5
6.4
3.6
-3.1
8.5
10.7
8.3
9.7
2.5
8.0
4.0
8.6
6.2
8.7
17.0
4.4
9.7
5.7
2.9
19.1
24.5
5.7
16.4
10.9
8.8
1.9
28.6
1.0
14.6
-5.1
-4.1
0.0
-1.8
3.2
12M (%)
0.9
7.4
19.4
38.6
35.0
35.1
242.2
66.6
24.6
9.3
5.5
62.6
48.1
52.5
21.6
86.7
84.9
36.4
41.7
22.6
58.1
-0.7
28.1
25.6
95.9
26.8
46.4
73.3
54.7
236.6
47.9
94.3
72.9
24.8
82.2
70.2
97.7
59.8
29.4
35.0
34.0
235.0
42.5
90.4
82.6
9.1
69.2
16.7
33.8
Company
Capital Goods
ABB
Bharat Elec.
BHEL
CG Cons. Elec.
Crompton Grv.
Cummins
GE T&D
Havells
Inox Wind
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Radico Khaitan
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Aurobindo
1 Day (%)
4.8
0.0
0.9
0.1
1.6
0.7
0.6
3.0
1.1
3.1
-0.7
-1.7
0.7
0.8
3.0
0.2
1.8
2.1
0.3
1.0
-0.2
-0.6
2.1
7.3
2.6
1.9
3.8
1.1
2.2
-0.6
1.1
-1.2
1.1
2.9
0.6
-1.4
-0.2
-0.5
-0.3
-2.5
1.4
1.2
0.3
0.7
0.1
0.5
0.0
8.4
-0.1
-0.1
0.7
1.8
3.2
1M (%)
9.3
-0.3
19.4
17.6
2.1
5.0
-4.2
13.2
-4.6
9.5
1.9
-16.9
2.6
3.6
12.8
2.7
0.0
0.0
10.6
9.1
3.0
8.0
20.4
21.1
20.3
5.6
13.0
4.7
2.2
4.1
11.5
3.7
9.2
-0.6
-3.9
0.8
2.9
1.6
2.4
7.2
5.3
3.9
5.0
1.6
-20.0
5.7
3.9
10.0
-3.5
18.3
-8.3
20.2
-6.7
12M (%)
11.7
36.3
48.7
55.1
0.8
-26.2
52.9
-25.0
55.3
32.7
-12.8
21.2
13.3
24.7
12.0
-6.0
49.1
22.1
18.6
92.0
171.0
50.2
130.3
94.0
49.9
84.4
0.3
40.9
50.0
33.2
15.3
23.2
8.1
9.0
3.9
34.1
-9.5
5.3
35.4
33.1
20.9
22.3
33.3
15.7
20.1
33.8
-0.6
-0.3
-8.1
53.7
4.4
17 February 2017
19

Company
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Lupin
Sanofi India
Sun Pharma
Syngene Intl
Torrent Pharma
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway Distriparks
Gati
Transport Corp.
Media
Dish TV
D B Corp
Den Net.
Hathway Cab.
Hind. Media
HT Media
Jagran Prak.
PVR
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Oil & Gas
BPCL
Cairn India
GAIL
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
1 Day (%)
3.6
19.9
1.8
3.5
0.6
3.5
0.8
4.5
-0.5
0.6
0.6
-0.3
4.3
3.9
1.8
0.5
0.2
0.3
0.4
0.5
-2.3
1.9
0.5
-1.7
2.1
0.0
-0.7
0.4
0.1
-0.5
0.7
-0.3
1.7
3.1
3.3
2.0
-0.2
0.7
2.3
6.1
2.1
-0.7
4.7
1.7
0.8
1.2
2.2
0.4
3.8
-0.4
-0.2
1.1
1.3
1M (%)
9.7
23.0
-0.7
-0.7
-1.9
3.9
4.9
18.0
-2.2
-3.3
-4.5
-1.6
0.9
-17.6
-5.5
-11.0
-5.7
2.9
10.1
-0.1
16.9
0.8
5.9
-3.9
-3.6
0.5
0.1
4.1
3.6
1.5
37.2
7.9
8.7
5.9
17.6
-1.1
-7.2
-5.1
2.4
8.0
2.5
0.3
7.1
12.4
20.3
8.7
6.5
15.3
-2.7
-2.5
-2.1
6.3
-1.1
12M (%)
143.7
37.9
11.3
-24.4
2.3
32.2
32.7
17.2
-15.7
-13.2
-17.9
-4.1
-21.5
31.8
-1.6
3.1
-26.4
6.5
11.2
12.3
36.4
22.9
21.5
10.0
1.1
-1.6
4.2
20.7
73.4
14.2
114.2
43.2
189.2
82.7
56.9
81.2
105.2
53.2
70.7
268.6
91.9
78.7
129.7
56.0
27.5
130.5
99.0
98.2
80.1
39.5
46.0
55.9
14.6
Company
Retail
Jubilant Food
Shopper's Stop
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
Others
Arvind
Bata India
Castrol India
Century Ply.
Coromandel Intl
Dynamatic Tech
Eveready Inds.
Interglobe
Indo Count
Info Edge
Inox Leisure
Jain Irrigation
Just Dial
Kaveri Seed
Kitex Garm.
Manpasand
MCX
Monsanto
PI Inds.
SRF
S H Kelkar
Symphony
TTK Prestige
V-Guard
Wonderla
1 Day (%)
0.4
-0.3
2.7
0.6
1.7
3.0
3.0
1.3
0.2
2.6
0.3
1.1
1.3
2.4
1.3
1.7
1.3
1.4
0.2
-0.9
0.6
1.6
-0.6
0.8
2.1
0.7
-0.2
2.3
1.6
0.7
0.3
0.1
1.9
1.0
0.6
-0.5
0.1
0.7
-1.6
2.8
1.4
-0.6
0.7
1.4
0.3
-2.3
0.9
-0.1
0.6
-0.1
3.5
-1.8
1M (%)
17.0
8.7
17.0
-5.2
1.5
8.3
5.9
-7.9
1.1
-3.5
10.7
-0.8
1.2
3.6
8.3
3.5
-0.5
4.8
15.2
-10.1
54.0
9.8
1.5
24.1
-5.5
-0.2
0.8
0.8
4.1
4.5
28.9
5.6
1.1
6.1
-5.5
-9.9
-1.4
5.7
-1.2
17.3
1.2
1.6
23.3
-6.0
1.9
5.3
-5.4
-3.5
9.0
-3.6
31.5
3.8
12M (%)
-5.3
-12.1
21.4
16.4
2.6
-5.1
-6.4
9.3
-33.1
38.9
-15.3
3.1
-21.6
7.9
19.1
-8.7
9.1
16.2
-12.0
2.4
111.2
0.0
101.7
-3.5
33.2
44.0
36.4
5.9
6.4
55.7
103.5
83.6
17.7
-1.5
-11.1
11.1
27.5
83.5
-1.3
31.4
7.6
57.2
50.6
15.4
49.5
42.4
38.8
24.9
27.9
156.0
6.8
17 February 2017
20

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS

DIFFERENTIATED PRODUCT GALLERY

Disclosures
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