7 December 2017

Market snapshot Today’s top research Idea

Equities - Close Chg .% YTD.% : Expanding share in electricals sector Sensex 32,597 -0.6 22.4

Nifty-50 10,044 -0.7 22.7 Upgrade to Buy

Nifty-M 100 19,552 -1.0 36.2  Continuously entering new categories to drive growth: HAVL has consistently Equities-Global Close Chg .% YTD.% identified and entered new product categories over the years. Key categories S&P 500 2,629 0.0 17.4 where it has made a successful entry include lighting in 2003, premium fans in Nasdaq 6,776 0.2 25.9 FTSE 100 7,348 0.3 2.9 2005, water heaters in 2010, REO Switches in 2012, air coolers in 2014, re- DAX 12,999 -0.4 13.2 launch of the Standard brand in 2016 (target of INR10b by FY20) and entry into Hang Seng 11,163 -2.8 18.8 EHV cables. Nikkei 225 22,177 -2.0 16.0  GST rate cuts to accelerate market share gains from unorganized sector: The Commodities Close Chg .% YTD.% government has cut GST rates across electrical categories from 28% to 18%, Brent (US$/Bbl) 61 -2.1 10.6 and this should accelerate the shift toward the organized sector, especially in Gold ($/OZ) 1,263 -0.2 9.6 categories like cables/wires, fans, switches and lighting, where the share of the Cu (US$/MT) 6,518 0.1 18.0 unorganized segment is high. Almn (US$/MT) 2,002 -1.6 17.5  EESL threat recedes: Our recent meeting with EESL indicates that its focus has Currency Close Chg .% YTD.% USD/INR 64.5 0.2 -5.0 now shifted to electric vehicles, smart meters and solar rooftops from fans and USD/EUR 1.2 -0.1 12.1 lighting. This should benefit electrical players like Havells. USD/JPY 112.2 -0.4 -4.0 YIELD (%) Close 1MChg YTDchg Research covered 10 Yrs G-Sec 7.0 -0.03 0.5 10 Yrs AAA Corp 7.7 -0.03 0.2 Cos/Sector Key Highlights Flows (USD b) 6-Dec MTD YTD EcoScope RBI keeps rates unchanged; maintains neutral stance FIIs -0.2 -0.4 8.0 Havells India Expanding share in electricals sector DIIs 0.2 0.6 13.4 TVS Motor Co. Apache RR310: First BMW partnership product launched Volumes (INRb) 6-Dec MTD* YTD* Granules India Gearing up for next phase of growth Cash 289 300 307

F&O 6,774 5,039 5,665 Note: YTD is calendar year, *Avg Piping hot news

RBI raises inflation forecast, leaves interest rate unchanged  The Reserve ’s (RBI) monetary policy committee (MPC) kept the key interest rate unchanged on Wednesday, noting risks to inflation, but expressed optimism that the slowdown in economic growth had bottomed out

Chart of the Day: EcoScope – RBI keeps rates unchanged; maintains neutral stance

RBI keeps policy rates unchanged Liquidity surplus continues to decline (% of NDTL)

Source: RBI Source: RBI

Research Team ([email protected]) Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/Institutional -Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital. In the news today

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CBI chargesheets IRB chief, 17 files consent plea with Sebi on Rajiv Bansal’s severance pay others for cheating bid Infosys Ltd has filed a consent plea with capital markets regulator The Central Bureau of Securities and Exchange Board of India (Sebi), regarding an ongoing probe Investigation (CBI) on Wednesday by the regulator related to the company’s decision to give a generous filed a chargesheet against severance payment to its former chief financial officer (CFO) Rajiv Bansal, a Virendra Mhaiskar, chairman and move that had drawn the ire of some proxy advisory companies as well as managing director of IRB experts. On Wednesday, Infosys in a notice to exchanges said that the Infrastructure Developers Limited, company had submitted a settlement agreement based on an undertaking and 17 others for criminal that it would neither admit nor deny the findings of the regulator’s conspiracy and attempting to investigation… cheat the state by grabbing…

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Union Budget 2018: Industry RBI monetary policy: MDR lobby groups seek US-like tax charges linked to merchant reforms in India revenue Industry lobby groups on The Reserve Bank of India (RBI) on Wednesday asked finance minister Wednesday revised merchant Arun Jaitley to bring down discount rate (MDR) charges, or corporate tax rates to make India the commission paid by a 5 an attractive destination for merchant to a bank for facilitating investment in view of the US digital transactions, to encourage Reserve Bank warns of risks to Congress approving a major tax small businesses to start accepting ‘unregulated’ crypto- overhaul… card payments… currencies In the wake of a significant spurt in the valuation of many virtual currencies and the rapid growth in the Initial Coin Offerings (ICOs), 6 7 the Reserve Bank of India has reiterated its concerns regarding

the potential economic, financial, NMDC mulls tungsten mining Indian Oil prepares for shift to operational, legal and security- From doubling its iron ore output a less carbon-intensive future related risks associated with in five years to seeking more The country’s largest refiner crypto-currencies. The RBI has diamond mines in Madhya Indian Oil Corp. Ltd is making a been cautioning the public about Pradesh as well as planning a joint strategic shift to a less carbon- the risks involved in dealing with venture foray in Vietnam for intensive future by getting into crypto-currencies, including tungsten mines, NMDC Ltd is clean energy and related bitcoins, litecoins, bbqcoins and pursuing a multiple-pronged infrastructure, while keeping dogecoins . The central bank also growth strategy. Addressing refinery expansion plans flexible underscored that it has not given presspersons at the company for course correction, said any licence/authorisation to any headquarters in , on chairman Sanjiv Singh in an entity/company to operate such the upcoming diamond jubilee interview… schemes or deal in crypto- year celebrations… currencieswith VCs…

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6 December 2017

ECOSCOPE The Economy Observer RBI keeps rates unchanged; maintains neutral stance No rate action expected in remaining part of FY18

 The Monetary Policy Committee (MPC) decided to maintain status quo on rates and its policy stance in its fifth bi- monthly monetary policy meeting held today. The decision to hold rates was taken with a majority of 5-1 votes and was in line with market expectations.  As far as the economic forecasts are concerned, the RBI increased its inflation forecast for 2HFY18 slightly to 4.3-4.7% from 4.2-4.6% earlier. However, it maintained its FY18 real GVA growth forecast at 6.7%. The central bank expects a sharp acceleration in growth to 7% in 3Q and further to 7.8% in 4Q, from 6.1% in 2QFY18.  We expect inflation to rise towards 5% by March 2018, primarily on account of low base. On the other hand, we expect real GVA to rise more slowly than the RBI’s expectations. The combination of higher inflation due to low base and weak growth is unlikely to allow the RBI to change rates in the remaining part of FY18.

 RBI keeps rates unchanged, in line with expectations: The Monetary Policy Committee (MPC) kept policy rates unchanged – repo rate at 6%, reverse repo rate at 5.75%, and marginal standing facility (MSF) rate at 6.25% (Exhibit 1) – in its fifth bi-monthly policy meeting today. This was in line with our as well as market expectations. The decision to hold rates was taken with a majority of 5-1 votes. Like the last meeting, Dr Ravindra Dholakia voted for a 25bp cut in this meeting also. The MPC continued with its ‘neutral’ policy stance.  Inflation projections nudged up slightly…: The RBI increased its inflation projections for 2HFY18 slightly to 4.3-4.7% from 4.2-4.6% earlier. It cited upside risks to inflation owing to a firming up of three-month ahead and one-year ahead household inflation expectations as well as expected pass-through of the increase in input prices to output prices by firms. Further, a possibility of fiscal slippage and global financial stability also pose risks. The RBI stated that these risks could be offset by seasonal moderation in prices of fruits & vegetables and the recent lowering of GST rates.  …while growth forecasts maintained: The RBI had cut its GVA growth projection for FY18 to 6.7% from 7.3% in the previous policy meeting. It retained this projection, expecting GVA growth to accelerate to 7% in 3Q and further to 7.8% in 4Q from 6.1% in 2QFY18. The central bank believes that risks in GVA forecasts emerge from increases in oil prices and shortfall in agricultural production, which could be offset by revival in credit demand. We believe that the RBI’s 2HFY18 estimates are on the higher side.  No rate action expected in remaining part of FY18: We expect inflation to rise to 4.3% in November 2017 and move further up to touch 5% by March 2018, primarily on account of low base. Core inflation, however, is likely to be capped at ~4.7%, up from 4.4% in the past two months. On the other hand, we believe that RBI’s GVA forecasts are highly ambitious and will be substantially under- achieved. Overall, the combination of higher inflation due to low base and weak growth is unlikely to allow the RBI to change rates in the remaining part of FY18.

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7 December 2017 Update | Sector: Capital Goods Havells India

BSE SENSEX S&P CNX 32,802 10,118 CMP: INR507 TP: INR590(+16%) Upgrade to Buy

Expanding share in the electrical sector in India Entry into durables adds another leg of growth

Stock Info Continuously entering new categories to drive growth: Havells India (HAVL) has Bloomberg HAVL IN consistently identified and entered new product categories over the years (see Equity Shares (m) 625.0 Exhibit 1). Some of the key categories where it has made a successful entry include 52-Week Range (INR) 564/311 1, 6, 12 Rel. Per (%) 4/0/24 lighting in 2003, premium fans in 2005, water heaters in 2010, REO Switches in M.Cap. (INR b) 316.3 2012, air coolers in 2014, re-launch of the Standard brand in 2016 (target of M.Cap. (USD b) 4.9 INR10b by FY20) and EHV cables. The recent acquisition of Lloyd gives HAVL a Avg Val, INRm 656 strong foothold in the fast growing durables segment – the aim is to double Free float (%) 38.4 revenue in the next three years through new product launches, expansion of existing product portfolio and increased channel penetration (in talks with large Financials Snapshot (INR b) format stores to stock Lloyd products). Y/E Mar 2018E 2019E 2020E GST rate cuts to accelerate market share gains from the unorganized sector: The Net Sales 83.2 100.4 114.7 EBITDA 10.7 13.6 15.8 government has cut GST rates across electrical categories from 28% to 18% and Adj PAT 7.2 8.9 10.5 this should accelerate the shift towards the organized sector, especially in Adj EPS (INR) 11.5 14.3 16.8 categories like cables/wires, fans, switches and lighting, where the share of the EPS Gr. (%) 20.5 23.9 17.7 unorganized segment is high. Implementation of the E-waybill from April 2018 BV/Sh(INR) 59.0 67.2 76.8 would further accelerate this transition. Media reports suggest a cut in rates from RoE (%) 19.5 21.2 21.9 28% to 18% for durables as well – this would have a positive impact on Lloyd’s sales RoCE (%) 19.7 21.9 22.8 in air-conditioners for the upcoming summer season in 2018. Payout (%) 42.8 42.8 42.8 EESL threat recedes; LED bulb prices stabilizing: The market has been concerned Valuations on the impact of EESL’s bulk sourcing on prices of fans, lighting products and P/E (x) 44.3 35.7 30.4 durables (air conditioners, washing machines and refrigerators). Our recent P/BV (x) 8.6 7.6 6.6 EV/EBITDA (x) 29.0 22.5 19.0 meeting with EESL indicates that its focus has now shifted to electric vehicles, Div Yield (%) 0.8 1.0 1.2 smart meters and solar rooftops from fans and lighting (LED bulbs, streetlights). This is positive for electrical companies like HAVL that can leverage their strong Shareholding pattern (%) channel relationships to drive sales. We believe the change in EESL’s stance is As On Sep-17 Jun-17 Sep-16 driven by (a) installation issues with durables unlike LED lamps, which are ‘plug and Promoter 61.6 61.6 61.6 play’, (b) regular servicing requirements of durables, and (c) high cost of raising DII 3.5 3.2 2.9 product awareness with the customer. FII 25.7 26.3 26.7 Margins revert to normalized levels post demonetization/GST disruption: HAVL’s Others 9.3 8.9 8.8 EBITDA margin had dipped to 12.7% in 3QFY17, as discounts/schemes were offered FII Includes depository receipts to counter the impact of demonetization. EBITDA margin further dipped to 10% in Stock Performance (1-year) 1QFY18 on GST-related destocking and delays in passing on RM cost hikes to the Havells India channel. With all the demonetization-related schemes being rolled back and price Sensex - Rebased hikes taken, EBITDA margin has bounced back to 15.8% in 2QFY18 and should 600 sustain at the historical 13.5-14%. We expect sales growth to accelerate, led by (a) 525 450 lighting, consumer durables, and Lloyd Electric, and (b) market share gains in 375 cables/wires and switches. 300 Upgrade to Buy; retain TP at INR590 (35x Dec’19 EPS): We expect HAVL to report 21% EPS CAGR over FY17-20, with EBITDA margin expanding 40bp to 13.8%. With the Lloyd acquisition, HAVL has turned itself into a complete electricals and Aug-17 Nov-17 Nov-16 Mar-17 May-17 durables behemoth, and is well positioned to tap into the under-penetrated Indian market. Our target price is based on 35x Dec’19 EPS (in line with Crompton

Consumer Electricals).

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6 December 2017 Update | Sector: Automobiles TVS Motor Company

BSE SENSEX S&P CNX 32,597 10,044 CMP: INR734 TP: INR764 (+4%) Neutral

Apache RR310: First BMW partnership product launched Launch price of INR205k at over 40% premium to Bajaj Dominar/RE Classic

Stock Info th  TVS Motor (TVSL), on 6 December 2017, launched Apache RR 310, the first Bloomberg TVSL IN Equity Shares (m) 475 product from its partnership with BMW. This marks its foray in the super- 52-Week Range (INR) 747/346 premium category, both in the domestic and international markets. 1, 6, 12 Rel. Per (%) 9/31/83  The motorcycle is priced at ~INR205k (ex-showroom), implying a premium of M.Cap. (INR b) 350.3 over 40% to Bajaj Dominar. M.Cap. (USD b) 5.4  Average volumes for 250-500cc segment are ~66.5k/month including Royal Avg Val, INRm 658.0 Enfield and ~2.7k/month excluding Royal Enfield. Free float (%) 42.6  It is the first motorcycle rolled out under the TVS badge, as part of TVSL’s Financials Snapshot (INR b) partnership with BMW Motorrad, co-developed alongside BMW G310R. Y/E Mar 2018E 2019E 2020E Apache RR 310 uses the same liquid-cooled, 312cc single-cylinder engine as Net Sales 149.8 186.6 223.7 BMW G310R. EBITDA 11.6 18.9 24.7  It offers an attractive alternative to the entry-level performance motorcycles, PAT 7.1 12.3 16.6 EPS (INR) 14.9 25.8 34.9 and will compete with a wide range of motorcycles, including the KTM RC 390, Gr. (%) 27.0 73.1 35.0 Mahindra Mojo, Bajaj Dominar and Royal Enfield. BV/Sh (INR) 62.0 83.0 111.9  It was designed to be a motorcycle that can cater to daily usage as well as RoE (%) 26.5 35.6 35.8 weekend riding or track days. TVSL further believes that the bike will take the 26.8 38.7 42.4 RoCE (%) position of the company to a new level. P/E (x) 49.2 28.4 21.1  P/BV (x) 11.8 8.8 6.6 Both anti-lock braking system (ABS) and electronic fuel injection (EFI) system, will be available as standard in TVS Apache RR 310.  TVSL expects to sell 10,000 Apache RR310 bikes worldwide in the first year (v/s

our estimate of ~15k in FY19).  Deliveries will commence by end-December. Bookings are expected to start soon (no timeline has been confirmed by TVS yet).

BMW Motorrad tie-up provides additional revenue stream, technological edge ” TVS Apache RR 310 is another step  BMW G310R and GS exports have clocked average monthly volumes of ~1.9k in in our effort to deliver beyond YTD FY18. Management has guided for 2-2.5k units per month in FY18 (v/s our customers’ expectations and estimate of 2.25k/month in FY18 and 6.25k/month in FY19). offering them a chance to upgrade  Launch of these models in India is slated for 2HFY19. We believe this would not from premium to super-premium be a threat for Apache RR310 volumes due to the significant price differential, category. TVS Apache RR 310 is a as globally BMW G310R is priced at USD4,750 (~INR306k). testimony to our Racing DNA and  This tie-up would give TVSL an additional revenue stream in the form of R&D capabilities, positioned to fulfill contract manufacturing for BMW Motorrad. the ever-growing aspirations of the Valuation view: We have been positive on TVSL since our coverage initiation in new age customers globally.” Nov’13. We also like continued improvement in its competitive positioning and - Mr. KN Radhakrishnan, President financial performance. Our EPS estimates are one of the highest on the street & Chief Executive Officer, TVS Motor Company (~18/~29% higher than Bloomberg consensus for FY19/20). However, valuations at 28.4x/21.1x FY19E/FY20E EPS already reflect large part of the earnings drivers, leaving no margin of safety for execution risk. Our TP is INR764 (~20x Mar-20E EPS + INR67/share for value in NBFC investment post 20% HoldCo discount).

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6 December 2017 Update | Sector: Healthcare Granules India

BSE SENSEX S&P CNX 32,802 10,118 CMP: INR124 TP: INR200(+61%) Buy

Gearing up for next phase of growth

JV to be under pressure, but long-term prospects intact

Stock Info We recently hosted the management of Granules India (GRAN) at our Midcap Bloomberg GRAN IN Conference. We surmise that the JV business will be impacted in the near term due to Equity Shares (m) 216.0 deferral of sales by a key client, though the company maintains its medium-term revenue 52-Week Range (INR) 157/98 growth guidance (of 20-25% CAGR) from Omnichem JV. GRAN plans key filings (4-6 1, 6, 12 Rel. Per (%) -8/-15/-13 ANDAs) in 1HCY18 in the US. The impact of ramp-up in production in traditional business M.Cap. (INR b) 27.1 will be visible over the next 12-18 months. M.Cap. (USD b) 0.4  Avg Val, INRm 265.0 GRAN-Omnichem JV – near-term hiccups; medium-term guidance maintained: This is Free float (%) 51.8 a 50:50 JV between GRAN and Ajinomoto’s subsidiary, Omnichem. Omnichem would be transferring large-scale production of intermediates and APIs to the Financials Snapshot (INR b) JV. Procurement from one of the key client has got deferred by two years, due Y/E Mar 2017 2018E 2019E to which sales growth in the near term will get impacted. The company Sales 14.4 16.5 21.7 EBITDA 3.0 3.3 4.6 maintains its 5-year revenue growth guidance (of 20-25% CAGR) through the NP 1.7 1.6 2.3 Omnichem JV. EPS (INR) 7.2 6.9 9.1  Base business – augmented capacity to fuel growth; focus on formulations to boost EPS Gr. (%) 32.3 -5.1 32.2 margins: Currently, API capacity is running at 100% utilization and PFI capacity BV/Sh. (INR) 39.5 55.1 61.5 at 75-80% utilization. GRAN had planned to increase its API capacity by ~40% RoE (%) 21.1 14.2 15.5 and PFI capacity by >20% (expansion plan to get over in FY18), which will also RoCE (%) 17.9 14.2 15.9 P/E (x) 17.1 18.1 13.7 help fuel growth in formulations (as the company is dependent on backward P/BV (x) 3.1 2.2 2.0 integration). This will help grow the base business at mid-to-high teens till at least FY20 (~27% CAGR over FY17-20E v/s ~7% in FY17). Shareholding pattern (%)  US business – plans niche foray into Rx business: GRAN is planning to file ~25 As On Sep-17 Jun-17 Sep-16 Promoter 48.2 53.4 51.0 ANDAs in the US till FY19. Of these, 12-15 complex ANDAs will be filed from its DII 1.6 1.5 0.9 US-based Virginia facility and rest from India facility located in Gagilapur. The FII 19.8 12.2 8.2 company has already filed two complex generic ANDAs from its Virginia facility Others 30.4 32.9 39.9 in March/April 2017 (market size: USD500m). In one product, GRAN could be FII Includes depository receipts the only generic player in the near term (TAD of January 2018).

Stock Performance (1-year)  Expect PAT CAGR of >25% till FY20, despite full R&D expensing: We expect GRAN to Granules India report ~27% PAT CAGR over FY17-20. This is after assuming R&D expense of Sensex - Rebased 160 USD12m. This strong growth will be driven primarily by ramp-up of base 140 business (on the back of capacity expansion), shift in product mix, Omichem JV, and OTC business expansion. Though FY19 will be the first year of US business 120 sales, the full impact of investments in US business will be visible from FY20 100 onwards. 80  Stock trading at 13.7x FY19E EPS; US business ramp-up key growth driver: GRAN trades at 13.7x FY19E EPS (despite assuming >10% equity dilution). We believe Jun-17 Sep-17 Dec-16 Dec-17 Mar-17 the stock has the potential to deliver >50% return in 12-18 months on the back of multiple re-rating (to >18x forward earnings) and strong PAT CAGR of ~27%

till FY20E. At 18x 1HFY20E EPS, fair value of the stock works out to INR200. We have cut our FY18/19E EPS by 10-12% as we factor in impact of loss of sales in JV business and lower margins.

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In conversation

1. CESC: Awaiting NCLT & Shareholders nod for demerger; apparels to see major thrust; Sanjiv Goenka,Chairman  Shareholder meeting to discuss the demerger is scheduled for December 15 and will be convened by NCLT. Now depends on NCLT to give the final order and shareholders the consent. Already have got clearance from SEBI and stock exchanges.  Post this approval, the demerger would be effective from October 1, 2017.  Spencer’s consistently improving month on month and quarter on quarter, the and Bengaluru region are not doing well. However, October has been the first month of profit before tax (PBT) positive for Spencer's. Plan to aggressively grow in Bengal, UP and Andhra Pradesh but will grow sensibly and profitably.  Apparels will be a major area of thrust because it’s a high margin business.

2. GODREJ GROUP: Indian ECO on strong footing; see double- digit growth for FMCG biz; Adi Godrej, Chairman  Indian economy on a very strong footing and expect it to be the fastest growing economy going forward. The government has taken some good reforms which will be very valuable in the long-term.  On outlook for realty estate sector and realty business in wake of RERA, will be difficult for weak companies to survive. Several realty companies had approached them with whom company does joint ventures and control operation but do not buy land parcels.

 Have witnessed price hikes and good demand for Vikhroli project and also for some other projects. This is true with all good projects in the country and is expected to continue as the economy starts picking up.  GST has done well for economy. The GDP growth in Q2 improved and with the statistics department likely to revise the numbers upwards, Q3 GDP growth would be huge, especially on a lower base.  Complaints about GST are mainly coming from people who used to evade taxes in the past.  On FMCG business, Q3 would see a strong growth on a low base and should continue doing excellent going forward as well.  Possible to maintain a volume growth of 10 percent going forward as well.  Agro business also has a strong future. It is a R&D based organization and with government giving tremendous emphasis on agri sector, the sector will also do well in terms of production. However, prices for the farmers is a bit of a worry but the government is taking initiative to double farm incomes as well.  There is a visibility of farm distress but that is more in terms of prices than outcome of a drought like situation. So rural demand for FMCG products is good.

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3. WOCKHARDT: Aim to become a research-based co in 10 years; no plans to sell assets; Habil F Khorakiwala, Founder  Company continues to see decent growth across all geographies.  Working on a drug discovery programme for antibiotics and all products are moving into phase III clinical trial. Within next 2-3 years at least 1-2 products would be in Indian as well as global markets.  With regards to the USFDA observations, going ahead with remedial actions and plan to offer the facilities sometime next year for inspection.  No plans to divest any businesses and neither do promoters have any intention of divesting their stake in the company.  Although no plans to sell assets to raise money, there is an enabling board resolution in place to raise money of about Rs 1000 crore. As of now no plans to exercise the action.  In a transformative stage to become a research-based company in next 10- years.

4. DOLLAR IND: Hopeful of achieving close to 15% EBITDA margin in next 2-3 QUARTERS; Vinod Kumar , MD  EBITDA margins improving and going to improve further in the coming times.  Hopeful on catching up to an EBITDA margin of close to 15 percent in next two- three quarters.  Everybody now GST compliant, things have already started improving and that is why have targeted a turnover of Rs 580 crore in second half of the current fiscal.

7 December 2017 8

From the think tank

1. The tasks for the 15th finance commission  The 15th Finance Commission led by N.K. Singh held its first meeting this week. The tasks before it are unique in the sense that it has to make its recommendations after the rules of fiscal federalism have been profoundly reset by the introduction of the goods and services tax (GST). This is the first finance commission that will do its work under the new tax system. The impact of GST on federal public finances is still not clear. For example, the fact that the new tax, which is a destination levy, will shift the incidence of taxation from production to consumption means that the distribution of indirect taxes between different states could change significantly. The ambiguity about the revenue-neutral GST rate also puts a big question mark on the health of public finances at all levels over the medium term. These issues need to be framed against the larger challenge of increasing the Indian tax to gross domestic product ratio.

2. Behind GDP data, some signs of concern  The recent release of second-quarter (Q2) gross domestic product (GDP) data for 2017-18 is encouraging at first glance as both the supply side (gross value added, or GVA, at basic price went up from 5.6% to 6.1%) and demand side (expenditure method data rose from 5.7% to 6.3%) have notched up higher growth over the previous quarter. A comparison of the relevant quarters (Q2 2016-17 with Q2 2017-18) shows a slowdown, with GVA down from 6.8% to 6.1% and GDP growth down from 7.5% to 6.3%. A critical look at the data shows that on the supply side, growth is supported by mining, which recorded a 5.5% growth as compared with 1.3% in Q2 of 2016-17. Similarly, trade, hotel transport and communications have recorded improvements, along with public administration and defence.

3. Revolutionizing the Indian housing dream  The government launched the “Housing For All by 2022” programme in 2015, with the Pradhan Mantri Awas Yojana (Pmay) as a key anchor scheme. Pmay envisages building 20 million urban units by 2022. Global examples indicate that affordable housing activities generate direct and indirect employment in the medium term and sustained consumption in the long term. A 2014 study by the National Council of Applied Economic Research indicates that every additional rupee of capital invested in the housing sector adds Rs1.54 to the gross domestic product (GDP) and every Rs1 lakh invested in residential housing creates 2.69 new jobs in the economy.

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4. The need to rethink skilling India  Young and aspirational, the millennial generation that makes up about 40% of India’s population has long been regarded as the saviour and driver of future economic growth. Yet, the gap between the productive labour force and the employment and entrepreneurial opportunities available to them continues to widen. The fourth Industrial Revolution has already made its mark on certain sectors. The economic turmoil that could be brought on by further large-scale disruption should be a cause of concern. India’s status as an information technology (IT) powerhouse has fostered the false hope that the nation could be saved from future disruption. It should be noted, however, that the global appeal of the Indian IT industry has been the labour cost arbitrage available to multinational corporations looking to capitalize on a young, educated, English- speaking population. Low wages cannot drive economic growth or foster innovation, and the sector’s professionals are easily replaceable if they ask for higher pay or wish to move up the ladder

International

5. Who's afraid of the us fed?  The answer to the above question seems to be: “Certainly not the financial markets.” At least, that’s what the Bank for International Settlements (BIS) is saying. In its quarterly review released on 3 December, the bank has tried to analyse what is fuelling market optimism, despite the US Federal Reserve starting to tighten its monetary policy. Simply put, the policy doesn’t seem to be working, at least in the financial markets. In spite of the Fed Funds rate rising by 75 basis points (bps) since December 2016 and despite the Fed certain to raise rates again at its 12-13 December meet, financial conditions as measured by the Chicago Fed’s National Financial Conditions Index (NFCI) are now at a 24-year low, which means they are at their loosest since July 1993

7 December 2017 10

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CMP TP % Upside EPS (INR) P/E (x) P/B (x) ROE (%) Company Reco (INR) (INR) Downside FY17 FY18E FY19E FY17 FY18E FY17 FY18E FY17 FY18E FY19E Automobiles Amara Raja Buy 764 856 12 28.0 28.3 34.2 27.3 27.0 5.0 4.4 20.3 17.3 18.1 Ashok Ley. Buy 115 134 17 4.6 4.5 6.2 25.2 25.5 5.5 5.0 23.1 20.4 25.2 Buy 3,109 4,197 35 141.1 155.4 187.9 22.0 20.0 5.3 4.7 26.9 25.0 26.8 Buy 696 844 21 13.1 19.1 26.0 53.3 36.4 7.9 6.8 16.2 20.1 23.2 Bosch Neutral 19,220 19,965 4 473.1 457.8 603.0 40.6 42.0 6.7 6.1 15.8 15.2 18.1 CEAT Buy 1,702 2,116 24 93.3 82.5 116.9 18.2 20.6 2.9 2.5 16.9 13.0 16.2 Eicher Mot. Buy 28,205 34,722 23 612.7 814.7 1,062.7 46.0 34.6 14.4 10.8 37.1 35.7 35.0 Endurance Tech. Buy 1,225 1,334 9 23.5 27.6 36.7 52.2 44.4 10.0 8.4 20.8 20.5 22.8 Escorts Sell 649 688 6 20.0 35.8 45.9 32.5 18.1 3.3 2.8 10.6 16.8 18.4 Exide Ind Buy 203 254 25 8.1 7.9 9.7 24.9 25.6 3.5 3.2 13.9 12.5 13.7 Hero Moto Neutral 3,500 3,819 9 169.1 183.1 193.9 20.7 19.1 6.9 6.0 35.7 33.7 31.1 M&M Buy 1,370 1,658 21 54.3 75.0 85.7 25.2 18.3 3.2 2.9 14.2 14.5 14.6 Mahindra CIE Not Rated 236 - 5.4 9.9 11.8 44.0 23.9 2.7 2.5 6.4 10.8 11.5 Buy 8,601 9,866 15 248.6 288.1 381.0 34.6 29.9 7.2 6.2 20.3 20.5 23.0 Buy 397 575 45 19.8 24.6 64.8 20.0 16.1 2.3 2.0 9.8 13.4 28.3 TVS Motor Neutral 734 764 4 11.7 14.9 25.8 62.5 49.2 14.5 11.8 25.6 26.5 35.6 Aggregate 29.2 24.6 5.0 4.4 17.2 17.9 22.8 Banks - Private Buy 530 680 28 15.4 18.4 30.8 34.5 28.8 2.3 2.0 6.9 7.3 10.8 DCB Bank Neutral 183 197 8 7.0 8.5 10.5 26.2 21.5 2.7 2.2 10.8 11.5 11.8 Equitas Hold. Buy 139 209 51 5.0 1.7 5.7 27.5 80.0 2.1 2.0 9.5 2.6 8.2 Buy 108 146 35 4.8 5.5 6.6 22.4 19.4 2.1 1.7 9.9 9.6 10.0 HDFC Bank Buy 1,802 2,150 19 56.8 68.7 84.7 31.7 26.2 5.4 4.7 18.3 18.8 20.4 ICICI Bank Buy 299 355 19 15.3 13.6 17.0 19.6 22.0 2.2 2.3 10.9 8.8 10.5 IDFC Bank Neutral 53 56 5 3.0 2.8 3.2 17.7 19.2 1.2 1.2 7.2 6.3 6.9 IndusInd Buy 1,654 2,000 21 48.1 60.9 78.6 34.4 27.1 4.8 4.3 15.3 16.9 19.0 J&K Bank Buy 75 100 34 -31.3 4.1 8.7 NM 18.0 0.7 0.7 -27.0 4.0 8.0 Kotak Mah. Bk Buy 999 1,179 18 26.8 32.1 41.6 37.2 31.2 4.8 4.3 13.8 14.8 16.5 RBL Bank Buy 509 665 31 11.9 16.4 23.0 42.8 31.1 4.5 3.2 12.3 12.4 13.7 South Indian Buy 31 36 16 2.5 1.9 3.8 12.5 16.7 1.2 1.1 9.0 6.7 12.6 Buy 306 382 25 14.6 17.8 23.3 21.0 17.2 3.3 2.8 18.9 17.3 19.5 Aggregate 30.0 25.3 3.5 3.0 11.5 11.9 13.9 Banks - PSU BOB Buy 166 201 21 6.0 17.9 22.6 27.7 9.3 1.1 1.0 4.0 6.4 9.4 BOI Neutral 182 201 10 -14.8 3.2 9.2 NM 57.4 0.8 0.9 -6.7 1.5 4.3 Canara Neutral 363 386 6 18.8 16.1 30.3 19.3 22.5 0.8 0.7 4.2 3.4 6.1 IDBI Bk Neutral 59 49 -16 1.5 6.4 8.6 38.4 9.1 0.5 0.5 1.4 5.8 7.3 Indian Bk Buy 380 438 15 29.3 36.7 44.0 13.0 10.3 1.3 1.2 10.1 11.6 12.7 OBC Neutral 121 150 24 -31.6 17.1 21.4 NM 7.1 0.3 0.3 -8.4 4.6 5.4 PNB Buy 172 250 45 6.2 8.5 13.5 27.6 20.2 1.0 0.9 3.6 4.7 7.1 SBI Buy 312 415 33 0.3 14.6 26.8 1,049.7 21.4 1.5 1.4 -0.2 7.0 11.4 Union Bk Neutral 155 175 13 8.1 -13.5 6.0 19.2 NM 0.5 0.5 2.7 -4.7 2.1 Aggregate 117.8 20.6 1.0 1.0 0.9 4.6 7.7 NBFCs Aditya Birla Cap Buy 187 231 24 0.0 3.7 5.4 NA 50.4 NA 4.8 0.0 12.5 12.3 Bajaj Fin. Buy 1,675 2,300 37 32.0 45.7 63.7 52.3 36.6 10.0 5.9 21.6 20.2 20.4 Bharat Fin. Under Review 984 - 21.0 30.3 47.2 46.9 32.5 5.5 4.5 15.1 15.3 19.3 Capital First Buy 681 925 36 24.6 32.8 43.7 27.6 20.8 2.9 2.6 12.0 13.2 15.4 Cholaman.Inv.&Fn Buy 1,278 1,500 17 46.0 59.2 70.4 27.8 21.6 4.6 3.9 18.0 19.6 19.6 Dewan Hsg. Buy 586 690 18 29.6 37.6 46.0 19.8 15.6 2.3 2.1 14.4 14.1 15.3 GRUH Fin. Neutral 504 500 -1 8.1 9.9 12.0 62.0 51.1 18.6 15.2 32.5 32.8 32.8 HDFC Buy 1,649 2,000 21 46.8 51.6 57.1 35.2 32.0 6.5 5.9 18.9 19.3 18.6 HDFC Stand. Life Buy 368 370 1 4.5 4.7 5.4 82.3 78.1 NA NA 25.5 22.7 22.2 Hsg Buy 1,172 1,550 32 68.6 83.6 105.1 17.1 14.0 4.1 3.7 25.5 27.6 30.7

7 December 2017 11

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CMP TP % Upside EPS (INR) P/E (x) P/B (x) ROE (%) Company Reco (INR) (INR) Downside FY17 FY18E FY19E FY17 FY18E FY17 FY18E FY17 FY18E FY19E L&T Fin Holdings Buy 168 240 43 5.2 6.9 10.4 32.1 24.2 3.8 3.3 12.4 14.9 18.9 LIC Hsg Fin Neutral 555 680 23 38.2 41.0 46.5 14.5 13.5 2.5 2.2 19.1 17.4 17.2 Manappuram Not Rated 100 - 8.6 9.2 9.7 11.6 10.9 2.5 2.3 24.0 22.3 21.4 M&M Fin. Buy 444 500 13 7.1 14.2 19.1 62.7 31.4 3.9 3.6 6.4 11.9 14.8 Muthoot Fin Neutral 432 550 27 29.5 42.6 42.0 14.6 10.1 2.7 2.2 19.4 23.8 19.9 PNB Housing Buy 1,319 1,750 33 31.6 52.5 66.5 41.7 25.1 4.0 3.6 13.8 15.0 16.7 Repco Home Buy 610 800 31 29.1 36.0 41.9 20.9 17.0 3.4 2.8 17.4 18.0 17.6 Shriram City Union Buy 2,079 2,650 27 84.3 115.6 145.3 24.6 18.0 2.7 2.4 11.7 14.3 15.9 STF Buy 1,343 1,500 12 22.2 15.5 11.8 60.5 86.8 2.7 2.4 11.7 15.1 17.4 Aggregate 33.1 26.4 5.3 4.5 16.1 17.2 17.9 Capital Goods ABB Sell 1,344 1,230 -8 19.7 20.2 28.7 68.2 66.4 8.7 7.7 12.7 11.6 14.6 Bharat Elec. Buy 179 210 17 6.3 7.1 8.0 28.4 25.2 5.9 4.5 20.6 17.9 18.1 BHEL Sell 90 78 -14 1.3 2.9 3.0 67.5 30.8 1.0 1.0 1.5 3.3 3.3 Blue Star Neutral 759 685 -10 12.9 16.5 24.4 59.0 46.1 9.6 9.0 18.0 20.2 27.8 CG Cons. Elec. Buy 273 260 -5 4.7 5.2 6.5 58.4 52.7 31.8 23.3 76.4 51.0 49.8 CG Power & Indu. Neutral 82 90 9 4.1 1.4 2.3 20.1 57.1 1.2 1.2 6.2 2.1 3.3 Buy 861 1,150 34 26.5 25.3 35.0 32.5 34.0 6.4 5.9 21.2 18.1 22.2 GE T&D Neutral 404 440 9 5.7 9.4 11.2 70.5 42.9 10.0 8.8 12.4 21.8 22.6 Havells Buy 510 590 16 9.6 11.5 14.3 53.4 44.3 9.7 8.6 18.2 19.5 21.2 K E C Intl Neutral 313 350 12 11.9 14.3 17.6 26.4 21.9 5.1 4.3 19.2 19.5 20.2 L&T Buy 1,190 1,450 22 42.3 49.0 57.5 28.1 24.3 3.3 3.0 12.5 13.1 14.0 Neutral 1,129 1,313 16 17.8 19.8 31.0 63.4 57.2 5.9 5.2 9.3 9.1 13.1 Solar Ind Neutral 1,131 1,120 -1 20.6 26.2 31.3 54.9 43.1 10.1 8.5 19.8 21.4 21.5 Thermax Neutral 1,081 930 -14 30.8 29.9 34.4 35.0 36.2 4.8 4.4 14.3 12.6 13.2 Va Tech Wab. Buy 596 745 25 29.9 34.5 37.2 19.9 17.3 3.3 2.8 16.9 17.5 16.4 Neutral 601 580 -4 15.5 17.5 19.6 38.9 34.3 6.0 5.3 18.0 16.5 16.3 Aggregate 36.9 31.7 3.8 3.5 10.3 11.0 12.1 Cement Ambuja Cem. Neutral 261 314 20 4.9 6.9 8.4 53.5 37.6 2.7 2.6 5.1 7.0 8.0 ACC Neutral 1,689 1,797 6 36.1 52.2 70.9 46.8 32.4 3.7 3.5 7.9 11.1 14.2 Birla Corp. Buy 1,126 1,435 27 28.5 32.2 56.7 39.4 35.0 2.6 2.5 7.1 7.3 12.0 Dalmia Bharat Buy 3,038 3,517 16 38.8 60.8 83.7 78.4 50.0 5.4 4.9 7.2 10.3 12.7 Grasim Inds. Neutral 1,096 1,302 19 67.8 81.9 116.8 16.2 13.4 1.6 1.5 10.8 11.5 14.5 India Cem Neutral 164 188 14 5.6 5.8 10.5 29.2 28.1 1.0 1.0 3.4 3.5 6.0 J K Cements Buy 998 1,324 33 33.7 47.8 61.8 29.6 20.9 4.0 3.4 14.4 17.5 19.2 JK Lakshmi Ce Buy 412 512 24 7.0 12.1 19.1 59.2 33.9 3.5 3.2 6.1 9.9 13.9 Ramco Cem Buy 685 853 24 27.3 27.1 35.1 25.1 25.3 4.4 3.8 19.0 16.0 17.9 Orient Cem Buy 164 205 25 -1.6 6.3 9.1 NM 26.1 3.4 3.0 -3.2 12.3 15.6 Prism Cem Buy 113 130 15 0.3 2.7 5.0 413.2 41.1 5.9 5.3 1.4 13.7 21.3 Sagar Cements Not Rated 818 - -1.9 23.4 47.4 NM 35.0 2.2 2.1 -0.6 6.1 11.3 Shree Cem Buy 17,000 21,852 29 384.4 486.2 499.3 44.2 35.0 7.7 6.4 18.4 20.0 17.4 Ultratech Buy 4,034 4,906 22 96.1 102.2 147.1 42.0 39.5 4.6 4.1 11.6 11.1 14.2 Aggregate 37.0 29.6 3.5 3.1 9.3 10.6 12.9 Consumer Neutral 1,104 1,280 16 21.0 21.6 25.8 52.5 51.2 13.9 13.6 28.5 26.9 29.4 Britannia Buy 4,756 5,845 23 73.7 84.5 106.9 64.5 56.3 21.2 17.5 36.9 34.0 35.2 Colgate Buy 1,038 1,325 28 21.2 23.4 28.6 48.9 44.4 22.2 21.1 50.4 48.7 56.2 Buy 341 410 20 7.2 7.7 9.3 47.1 44.1 12.4 10.6 28.4 26.0 27.3 Buy 1,274 1,435 13 26.5 26.6 33.2 48.0 47.9 16.5 14.1 35.8 31.7 34.0 Godrej Cons. Neutral 1,002 1,015 1 18.9 21.2 24.5 53.0 47.3 12.9 10.1 24.6 23.8 22.9 GSK Cons. Neutral 6,100 5,400 -11 156.1 160.8 182.3 39.1 37.9 8.2 8.0 22.2 21.4 22.6 HUL Buy 1,274 1,500 18 19.6 22.8 27.6 64.9 55.8 42.5 42.3 66.5 75.9 88.0 ITC Neutral 251 280 11 8.4 9.1 10.0 29.9 27.6 6.8 6.7 23.5 24.4 25.6 Jyothy Lab Neutral 368 365 -1 11.2 9.2 10.9 32.8 40.1 6.1 6.3 21.1 15.5 18.3

7 December 2017 12

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CMP TP % Upside EPS (INR) P/E (x) P/B (x) ROE (%) Company Reco (INR) (INR) Downside FY17 FY18E FY19E FY17 FY18E FY17 FY18E FY17 FY18E FY19E Neutral 306 340 11 6.3 6.5 7.9 48.7 47.1 17.0 14.8 36.7 33.6 37.1 Nestle Neutral 7,676 7,750 1 123.7 128.4 149.0 62.1 59.8 24.6 22.2 40.9 39.0 40.9 Page Inds Buy 22,144 25,580 16 238.7 296.6 413.1 92.8 74.6 37.1 29.7 40.0 39.8 44.4 Parag Milk Neutral 245 275 12 3.6 8.9 12.4 67.9 27.4 3.1 2.8 6.0 10.8 13.3 Pidilite Ind. Buy 835 975 17 16.7 17.2 20.8 49.9 48.5 12.9 10.7 28.2 24.1 23.9 P&G Hygiene Neutral 9,671 9,267 -4 132.9 151.5 176.7 72.7 63.8 45.6 37.8 39.3 64.8 62.9 Prabhat Dairy Not Rated 166 - 3.5 3.5 6.4 47.1 47.8 2.4 2.3 5.2 4.9 8.5 United Brew Buy 1,021 1,320 29 8.7 14.7 18.0 117.6 69.6 11.6 10.1 10.2 15.5 16.5 Neutral 3,352 2,970 -11 26.7 34.9 53.7 125.4 96.0 25.1 17.5 21.3 18.2 20.9 Aggregate 47.9 43.7 13.2 12.3 27.6 28.2 29.5 Healthcare Alembic Phar Neutral 513 540 5 21.6 21.6 24.9 23.8 23.7 5.1 4.4 23.0 19.9 19.8 Alkem Lab Buy 2,094 2,500 19 74.6 68.0 89.5 28.1 30.8 5.6 4.9 21.9 17.0 19.4 Buy 1,280 1,606 26 57.3 52.7 64.1 22.3 24.3 7.2 5.8 36.7 26.4 25.7 Aurobindo Buy 654 900 38 39.3 44.6 50.3 16.6 14.7 4.1 3.2 27.6 24.6 22.3 Neutral 518 485 -6 10.2 6.1 10.1 50.8 84.9 6.4 6.1 12.3 7.2 11.0 Cadila Buy 419 555 32 14.2 17.5 23.7 29.5 24.0 6.2 5.2 23.0 23.4 26.1 Neutral 596 600 1 15.9 21.1 27.0 37.5 28.2 3.8 3.4 10.2 12.1 13.6 Divis Lab Neutral 1,020 1,100 8 39.9 32.4 43.7 25.5 31.5 5.1 5.2 22.0 16.3 21.2 Dr Reddy’s Neutral 2,195 2,575 17 72.6 60.6 115.2 30.2 36.2 3.0 2.9 9.7 8.2 14.1 Fortis Health Buy 145 185 28 10.3 1.9 4.9 14.0 77.0 1.3 1.2 10.0 1.6 3.9 Glenmark Neutral 537 650 21 39.3 37.9 42.8 13.7 14.1 3.4 2.8 24.7 19.6 18.4 Granules Buy 124 200 62 7.2 8.0 11.0 17.1 15.5 3.1 2.2 21.1 17.7 18.8 GSK Pharma Neutral 2,448 2,500 2 34.4 44.2 54.9 71.2 55.4 10.3 12.2 14.5 22.0 31.4 IPCA Labs Neutral 530 550 4 16.1 18.6 26.5 33.0 28.6 2.7 2.5 8.6 9.2 12.0 Jubilant Life Buy 687 861 25 36.9 44.2 55.0 18.6 15.5 3.1 2.6 18.0 18.4 19.2 Lupin Buy 809 1,000 24 56.6 37.6 42.7 14.3 21.5 2.7 2.5 20.9 12.0 12.5 India Buy 4,345 5,000 15 129.1 139.0 156.2 33.6 31.3 5.8 5.3 17.1 17.1 17.6 Shilpa Medicare Buy 610 797 31 14.0 18.1 29.9 43.5 33.7 5.3 4.6 14.4 14.7 20.5 Strides Shasun Buy 800 1,214 52 32.3 41.8 69.2 24.8 19.1 2.6 2.3 10.8 12.9 18.3 Buy 512 610 19 26.1 14.4 22.9 19.6 35.6 3.4 3.2 18.1 9.2 13.7 Syngene Intl Not Rated 539 - 13.0 16.1 18.0 41.4 33.4 8.4 6.8 22.2 22.5 20.7 Torrent Pharma Neutral 1,302 1,400 8 55.2 50.0 61.4 23.6 26.0 5.1 4.5 23.8 18.3 19.9 Aggregate 23.8 27.9 4.0 3.6 16.8 12.9 15.4 Infrastructure Ashoka Buildcon Buy 242 260 8 -0.5 1.8 7.1 NM 133.6 2.7 2.5 -0.6 1.9 7.0 IRB Infra Neutral 210 240 14 20.3 22.9 23.2 10.3 9.2 1.4 1.2 14.0 14.1 12.9 KNR Constructions Buy 277 295 6 12.0 13.3 14.1 23.2 20.8 4.4 3.7 20.7 19.1 17.0 Sadbhav Buy 368 435 18 11.0 14.3 14.5 33.6 25.8 3.8 3.4 12.0 13.8 12.5 Engineering Aggregate 20.9 17.5 2.3 2.1 11.0 11.8 11.6 Logistics Allcargo Logistics Buy 176 215 22 9.8 10.9 13.3 17.9 16.2 2.4 2.2 13.7 14.1 15.4 Blue Dart Not Rated 4,100 - 102.5 129.9 163.2 40.0 31.6 17.7 13.5 50.5 48.6 46.8 Concor Neutral 1,300 1,496 15 38.0 42.7 55.2 34.2 30.4 3.6 3.4 10.8 11.5 14.1 Gateway Buy 241 282 17 6.8 8.8 11.6 35.5 27.5 2.6 2.5 7.3 9.2 11.7 Distriparks Gati Not Rated 131 - 8.4 15.9 23.9 15.7 8.3 2.1 1.9 12.4 19.4 25.4 Transport Corp. Not Rated 293 - 16.9 21.0 25.9 17.3 13.9 2.7 2.3 16.7 17.8 18.6 Aggregate 30.4 25.5 3.7 3.5 12.3 13.6 16.1 Media Dish TV Buy 82 106 30 1.0 0.6 2.2 79.7 132.9 17.8 15.7 25.1 12.5 34.9 D B Corp Buy 356 430 21 20.0 21.7 25.4 17.8 16.4 4.1 3.4 24.6 22.8 22.2 Den Net. Neutral 106 90 -15 -9.3 -2.9 0.1 NM NM 2.2 2.4 -19.1 -6.4 0.2 Ent.Network Neutral 730 910 25 11.4 11.6 20.1 63.9 63.1 4.1 3.8 6.7 6.3 10.1

7 December 2017 13

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CMP TP % Upside EPS (INR) P/E (x) P/B (x) ROE (%) Company Reco (INR) (INR) Downside FY17 FY18E FY19E FY17 FY18E FY17 FY18E FY17 FY18E FY19E Hind. Media Buy 242 302 25 25.8 25.6 30.2 9.4 9.5 1.5 1.3 18.2 15.0 15.3 HT Media Neutral 99 113 14 7.4 10.4 11.9 13.4 9.5 1.0 0.9 7.9 10.2 10.6 Jagran Prak. Buy 164 225 37 10.7 11.3 13.4 15.4 14.5 2.5 2.5 18.5 17.3 19.3 Music Broadcast Buy 391 469 20 6.4 8.7 14.1 60.8 45.1 4.1 3.7 11.2 8.6 12.6 PVR Buy 1,269 1,640 29 20.5 27.1 43.0 61.8 46.9 6.1 5.5 10.4 12.4 17.0 Prime Focus Buy 101 130 29 1.2 3.1 6.1 82.3 32.7 5.4 4.6 7.6 15.3 24.8 Siti Net. Neutral 26 27 5 -1.9 -0.8 0.1 NM NM 4.2 4.8 -29.4 -14.2 2.4 Sun TV Buy 842 1,005 19 24.9 28.1 35.7 33.9 30.0 8.2 7.6 26.0 26.4 30.7 Zee Ent. Buy 569 630 11 12.1 10.5 16.0 47.0 54.4 6.4 5.9 17.0 12.8 16.8 Aggregate 42.3 36.7 5.3 4.9 12.6 13.4 17.2 Metals Hindalco Buy 232 326 41 8.6 18.8 26.4 27.1 12.3 1.8 1.6 7.4 13.6 16.5 Hind. Zinc Neutral 286 322 13 19.7 22.7 33.5 14.5 12.6 3.9 4.2 24.4 32.3 42.5 JSPL Buy 159 209 32 -20.9 -15.1 0.5 NM NM 0.5 0.5 -7.9 -4.7 0.1 JSW Steel Buy 242 297 22 14.8 20.3 24.9 16.4 11.9 2.6 2.2 17.3 19.8 20.2 Nalco Neutral 76 87 14 3.7 4.7 5.8 20.5 16.3 1.4 1.4 7.2 8.6 10.1 NMDC Buy 128 187 46 10.0 13.2 12.7 12.9 9.7 1.8 1.7 12.8 15.6 16.2 SAIL Sell 76 43 -43 -10.1 -6.4 -4.3 NM NM 0.8 0.8 -9.9 -6.9 -4.9 Rain Industries Buy 351 492 40 9.6 25.5 38.9 36.5 13.8 3.9 3.1 10.9 25.2 29.7 Vedanta Buy 282 394 40 15.1 25.5 44.4 18.6 11.1 1.7 1.6 9.7 15.1 23.8 Neutral 668 672 1 37.9 59.4 65.2 17.6 11.2 2.0 1.8 15.7 17.1 16.6 Aggregate 24.8 14.7 1.7 1.7 7.0 11.4 15.3 Oil & Gas BPCL Buy 491 643 31 48.3 43.1 52.1 10.2 11.4 3.1 2.7 32.4 25.2 25.8 GAIL Sell 456 378 -17 22.6 28.1 31.9 20.2 16.2 2.0 1.9 9.6 12.0 12.6 Buy 854 1,011 18 16.1 22.9 33.6 53.2 37.3 7.2 6.2 14.0 17.8 22.1 Gujarat St. Pet. Neutral 203 184 -9 8.8 12.1 13.2 23.0 16.7 2.5 2.3 11.6 14.4 14.0 HPCL Buy 405 579 43 40.7 36.4 42.8 10.0 11.1 3.0 2.6 32.4 25.1 25.0 IOC Buy 389 554 43 41.9 39.5 43.6 9.3 9.8 1.8 1.6 20.7 17.2 16.9 IGL Buy 324 404 25 8.8 10.0 11.3 36.8 32.3 7.7 6.5 21.0 22.0 21.0 Neutral 1,105 1,219 10 44.0 54.4 53.8 25.1 20.3 5.9 5.3 24.5 27.3 24.4 MRPL Sell 121 110 -9 14.8 9.2 11.5 8.2 13.1 2.1 1.9 31.4 15.1 16.7 Buy 348 418 20 19.3 29.8 40.5 18.0 11.7 1.0 0.9 5.7 8.0 10.4 ONGC Buy 176 231 31 16.4 19.0 22.8 10.7 9.3 1.0 1.0 10.1 10.8 12.5 PLNG Buy 244 312 28 11.4 15.0 16.7 21.5 16.3 4.5 3.8 23.2 25.2 23.7 Reliance Ind. Buy 928 1,077 16 48.3 56.7 62.1 19.2 16.4 2.0 1.8 11.6 12.1 12.0 Aggregate 14.0 13.0 1.8 1.7 13.1 12.9 13.5 Retail Jubilant Food Sell 1,709 1,270 -26 10.0 21.4 27.4 170.8 79.7 14.0 13.1 8.2 16.5 20.9 PC Jeweller Buy 400 490 22 10.7 15.1 18.4 37.5 26.6 4.7 4.1 14.6 16.5 17.5 Titan Co. Buy 775 850 10 9.0 12.5 15.9 85.8 61.9 16.2 13.1 20.6 23.4 25.5 Aggregate 75.5 52.7 11.6 9.8 15.3 18.5 20.9 Technology Cyient Buy 584 600 3 30.6 36.0 41.9 19.0 16.2 3.1 2.8 16.2 17.4 18.3 HCL Tech. Neutral 857 970 13 59.8 63.2 68.2 14.3 13.6 3.6 3.4 27.5 25.9 25.6 Hexaware Neutral 335 270 -19 13.7 16.3 17.0 24.5 20.5 5.9 5.1 26.5 26.4 23.4 Infosys Buy 990 1,100 11 62.8 63.8 67.8 15.8 15.5 3.3 3.6 22.0 21.8 22.5 KPIT Tech Neutral 161 160 -1 11.9 11.9 14.1 13.5 13.6 2.0 1.8 14.3 14.1 14.5 L&T Infotech Buy 973 950 -2 55.5 61.6 66.0 17.5 15.8 6.4 4.9 41.6 35.2 29.6 Buy 539 600 11 24.9 28.5 35.1 21.7 18.9 3.5 3.4 16.8 17.3 21.2 Neutral 725 670 -8 38.9 42.0 46.0 18.6 17.2 2.5 2.8 13.2 14.6 17.3 NIIT Tech Neutral 636 600 -6 38.0 43.7 50.3 16.7 14.5 2.2 2.2 13.7 15.1 16.4 Persistent Sys Buy 649 780 20 37.7 43.3 52.4 17.2 15.0 2.7 2.6 17.0 17.9 20.8 Tata Elxsi Buy 910 1,004 10 28.1 33.8 40.2 32.3 26.9 10.1 8.2 37.1 33.6 32.4 TCS Neutral 2,631 2,450 -7 133.4 131.8 151.4 19.7 20.0 5.9 6.3 32.6 30.6 33.5

7 December 2017 14

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CMP TP % Upside EPS (INR) P/E (x) P/B (x) ROE (%) Company Reco (INR) (INR) Downside FY17 FY18E FY19E FY17 FY18E FY17 FY18E FY17 FY18E FY19E Tech Mah Buy 472 560 19 30.9 35.8 37.7 15.3 13.2 2.5 2.4 18.4 18.9 18.2 Neutral 282 280 -1 16.9 19.1 20.1 16.7 14.8 2.7 2.6 16.9 17.0 16.7 Zensar Tech Buy 838 1,020 22 52.1 52.8 72.7 16.1 15.9 2.6 2.3 17.2 15.3 18.4 Aggregate 17.5 17.3 4.0 4.2 22.9 24.4 23.2 Telecom Buy 484 680 41 11.3 3.8 6.5 42.7 128.9 2.9 2.8 6.8 2.2 3.7 Bharti Infratel Neutral 370 440 19 14.9 16.8 19.2 24.9 21.9 4.4 4.4 16.2 20.2 22.8 Idea Cellular Buy 93 110 18 -1.1 -16.1 -18.0 NM NM 1.4 1.8 -1.6 -26.6 -41.4 Tata Comm Buy 665 780 17 10.0 5.4 18.2 66.7 122.6 11.9 12.9 48.4 10.1 30.0 Aggregate 44.8 -307.6 2.9 3.1 6.6 -1.0 0.2 Utiltites Buy 265 335 26 14.9 17.5 20.7 17.7 15.1 6.7 6.4 37.8 42.4 47.7 CESC Buy 979 1,360 39 51.9 89.1 102.1 18.9 11.0 1.2 1.1 6.5 10.7 11.1 JSW Energy Sell 79 49 -38 3.8 4.0 3.3 20.5 19.5 1.2 1.2 6.3 6.3 5.0 NTPC Buy 175 211 20 12.0 13.4 15.7 14.7 13.0 1.5 1.4 10.5 11.0 11.9 Power Grid Buy 200 261 30 14.0 17.4 20.4 14.3 11.5 2.1 1.8 15.6 17.0 17.4 Sell 88 72 -18 7.4 7.3 7.5 11.8 12.0 2.0 1.8 17.1 16.0 14.6 Aggregate 15.9 13.4 2.3 2.1 14.4 15.7 16.8 Others Arvind Neutral 428 425 -1 12.4 10.5 16.5 34.6 40.7 3.1 3.0 10.3 7.4 10.9 Avenue Sell 1,121 873 -22 7.7 12.0 17.5 146.1 93.6 18.2 16.0 17.9 18.2 22.9 Supermarts Bata India Sell 733 578 -21 13.5 15.9 19.3 54.2 46.1 7.1 6.4 13.9 14.6 15.7 BSE Neutral 914 1,100 20 41.0 45.3 46.1 22.3 20.2 1.8 1.9 8.3 9.3 8.0 Buy 392 467 19 13.6 12.6 13.3 28.8 31.0 32.7 29.6 115.0 100.3 96.1 Coromandel Intl Buy 502 523 4 16.6 24.1 29.0 30.2 20.8 5.1 4.4 17.5 22.5 23.4 Delta Corp Buy 244 257 5 3.1 5.7 8.0 79.9 43.1 6.1 4.1 8.1 12.1 12.9 Eveready Inds. Buy 437 400 -8 12.9 14.3 17.4 33.9 30.5 11.0 8.8 37.7 32.1 31.5 Interglobe Neutral 1,136 1,291 14 43.2 63.2 75.4 26.3 18.0 11.5 6.6 51.0 46.8 43.0 Indo Count Neutral 113 128 14 13.0 8.0 10.7 8.7 14.0 2.6 2.2 34.8 17.0 18.5 Buy 1,249 1,300 4 15.7 23.6 26.2 79.7 52.8 7.7 6.9 10.2 13.7 13.7 Kaveri Seed Buy 518 738 42 19.1 34.1 41.0 27.2 15.2 3.5 3.7 13.6 23.3 27.4 Manpasand Buy 385 492 28 6.3 9.9 15.4 60.6 38.7 3.8 3.6 7.3 8.4 13.5 MCX Buy 905 1,300 44 24.8 26.5 39.2 36.5 34.2 3.4 3.5 10.2 10.0 14.4 Monsanto Buy 2,455 3,293 34 86.2 105.0 126.6 28.5 23.4 8.0 7.2 31.5 32.5 34.5 Navneet Education Buy 160 209 31 7.3 8.4 10.4 21.9 19.0 5.4 4.6 26.7 26.3 27.9 Quess Corp Buy 938 1,170 25 10.0 31.1 32.7 93.8 30.2 12.7 5.1 19.0 24.2 16.4 PI Inds. Buy 965 890 -8 33.4 29.9 35.6 28.9 32.3 8.2 6.8 32.8 23.0 22.9 Piramal Enterp. Buy 2,727 3,266 20 72.6 104.6 149.7 37.6 26.1 3.2 2.9 9.0 11.7 15.3 SRF Buy 1,786 1,992 12 85.9 76.7 104.9 20.8 23.3 3.3 3.0 16.6 13.2 16.3 S H Kelkar Buy 259 301 16 7.2 6.6 9.7 35.8 39.2 4.6 4.3 13.7 11.3 15.1 Team Lease Serv. Buy 2,080 2,300 11 38.8 43.0 66.4 53.6 48.3 9.3 7.8 19.2 17.6 22.2 Trident Buy 87 114 31 6.6 8.3 10.4 13.1 10.5 1.6 1.4 13.0 14.5 16.1 TTK Prestige Neutral 6,841 5,281 -23 132.1 137.8 176.1 51.8 49.6 9.3 8.5 19.5 18.0 20.7 V-Guard Neutral 232 167 -28 3.6 4.5 6.0 65.0 51.9 15.5 12.7 27.4 26.9 28.8

7 December 2017 15

MOSL Universe stock performance

Company 1 Day (%) 1M (%) 12M (%) Company 1 Day (%) 1M (%) 12M (%) Automobiles Muthoot Fin -1.4 -11.8 44.9 Amara Raja -1.6 10.5 -17.1 PNB Housing 1.1 -6.3 52.4 Ashok Ley. 0.4 -9.0 46.8 PFC -0.8 -14.1 -8.7 Bajaj Auto -1.7 -3.2 13.9 Repco Home 0.0 -0.9 8.4 Bharat Forge -0.2 -2.0 55.3 REC -0.5 -8.9 13.9 Bosch -3.6 -8.0 -6.2 STF -2.2 2.7 45.8 CEAT -0.9 -4.7 34.4 Shriram City Union 0.1 -5.3 11.8 Eicher Mot. -2.5 -9.3 25.6 Capital Goods Endurance Tech. 0.0 3.7 116.9 ABB -1.4 -1.4 27.9 Escorts -2.0 -9.4 103.2 Bharat Elec. -1.6 -3.2 35.1 Exide Ind -0.1 -0.3 14.4 BHEL 0.3 -8.6 5.8 Hero Moto -0.6 -5.2 9.5 Blue Star 1.5 12.5 57.3 M&M -1.4 0.4 16.6 CG Cons. Elec. 0.1 22.2 86.9 Mahindra CIE -0.1 -5.1 25.2 CG Power & Inds Sol. -2.4 -6.3 24.4 Maruti Suzuki 1.2 3.6 67.3 Cummins -1.0 -4.5 11.0 Tata Motors -1.4 -14.0 -10.1 GE T&D -1.1 0.0 28.4 TVS Motor -0.4 3.9 106.5 Havells 0.7 2.4 53.7 Banks - Private K E C Intl -0.1 -0.8 121.3 Axis Bank -0.7 -0.7 16.0 L&T -1.4 -2.7 31.0 DCB Bank -1.0 1.2 69.2 Pennar Eng. -4.1 -9.2 -42.4 Equitas Hold. -0.6 -4.0 -13.8 Siemens -3.1 -10.9 0.3 Federal Bank -0.3 -7.6 55.4 Solar Ind -1.2 6.2 71.4 HDFC Bank -1.1 -1.6 51.1 Suzlon Energy 0.4 -15.0 -6.6 ICICI Bank -2.0 -5.3 26.1 Thermax -0.8 11.5 30.1 IDFC Bank -1.2 -7.1 -19.6 Va Tech Wab. -0.5 0.7 21.4 IndusInd -0.7 0.4 53.0 Voltas -3.4 8.8 97.4 J&K Bank -1.1 -6.9 22.9 Cement Kotak Mah. Bk -0.1 -0.9 36.0 Ambuja Cem. 0.4 -6.8 24.2 RBL Bank -0.2 -1.7 46.2 ACC 0.0 -6.0 25.2 South Indian -1.4 -0.6 62.1 Birla Corp. 0.0 -3.8 73.3 Yes Bank -0.8 -4.3 28.3 Dalmia Bharat -0.7 0.7 97.5 Banks - PSU Grasim Inds. -2.0 -14.9 49.9 BOB -2.3 -3.5 2.3 India Cem -1.9 -9.9 43.5 BOI -1.1 -11.3 55.8 J K Cements 0.5 -0.2 36.1 Canara -2.8 -10.6 19.0 JK Lakshmi Ce 0.1 -6.9 8.5 IDBI Bk 0.0 -8.9 -13.8 Ramco Cem -0.3 -6.3 19.3 Indian Bk -2.0 0.6 57.1 Orient Cem 0.0 -7.2 26.7 OBC -2.2 -15.9 2.1 Prism Cem 0.3 -6.3 26.7 PNB -2.2 -14.5 28.1 Sagar Cements -0.3 -4.5 20.0 SBI -2.2 -5.1 20.5 Shree Cem 0.1 -9.4 9.7 Union Bk -3.6 -12.0 8.4 Ultratech -1.9 -8.8 11.9 NBFCs Consumer Aditya Birla Cap -1.7 -9.9 Asian Paints -0.9 -5.0 18.2 Bajaj Fin. -1.9 -7.9 86.3 Britannia -0.2 2.3 58.4 Bharat Fin. -1.1 -0.1 37.3 Colgate 0.8 -0.5 12.4 Capital First -2.0 -7.2 26.3 Dabur -0.5 -0.5 21.6 Cholaman.Inv.&Fn -1.9 1.1 39.7 Emami -1.1 2.1 24.0 Dewan Hsg. -2.0 -8.8 131.9 Godrej Cons. 2.4 3.2 36.9 GRUH Fin. -0.2 2.0 64.9 GSK Cons. 0.3 10.7 22.0 HDFC -1.8 -7.6 32.6 HUL 1.0 2.7 52.1 HDFC Stand. Life 1.7 ITC -1.0 -5.0 9.2 Indiabulls Hsg -1.3 -4.5 60.4 Jyothy Lab 2.0 -5.8 -0.1 L&T Fin.Holdings -1.7 -14.0 95.1 Marico -1.0 -2.3 20.4 LIC Hsg Fin -3.1 -8.5 -1.1 Nestle -0.2 1.0 22.5 Manappuram -2.7 -1.8 34.9 Page Inds 3.3 9.1 66.1 M&M Fin. 0.6 2.4 60.6 Parag Milk -0.2 -9.5 -8.5

7 December 2017 16

MOSL Universe stock performance

Company 1 Day (%) 1M (%) 12M (%) Company 1 Day (%) 1M (%) 12M (%) Pidilite Ind. 0.2 9.3 30.9 Hind. Zinc -3.1 -11.5 3.6 P&G Hygiene -1.2 9.3 44.3 JSPL -3.9 -2.4 123.8 Prabhat Dairy 4.7 14.9 66.1 JSW Steel -2.5 -9.3 47.2 United Brew -3.4 -10.4 19.5 Nalco -2.6 -19.4 23.3 United Spirits -1.3 8.1 74.8 NMDC -2.8 -1.9 3.9 Healthcare Rain Industries 0.7 6.8 525.1 Alembic Phar -0.5 0.1 -18.5 SAIL -3.0 -9.4 48.4 Alkem Lab -0.8 6.9 23.4 Vedanta -2.3 -16.8 23.0 Ajanta Pharma -4.7 3.1 -31.9 Tata Steel -1.2 -5.7 59.7 Aurobindo -2.4 -18.0 -10.6 Oil & Gas Biocon 1.0 25.7 69.3 BPCL -1.5 -6.4 20.1 Cadila -1.2 -16.6 6.1 GAIL -1.3 -2.1 41.4 Cipla -0.2 -9.1 3.6 Gujarat Gas 1.0 -10.6 58.2 Divis Lab -0.4 -2.9 -11.6 Gujarat St. Pet. -0.5 -7.6 35.6 Dr Reddy’s -0.7 -8.3 -31.2 HPCL -1.6 -6.7 39.1 Fortis Health -3.4 1.1 -14.4 IOC -0.7 -5.3 31.6 Glenmark -1.8 -13.8 -38.3 IGL -1.2 3.8 94.6 Granules -1.4 -11.2 10.1 Mahanagar Gas 0.0 -13.7 47.1 GSK Pharma -0.8 -8.1 -11.3 MRPL -1.0 -9.5 20.8 IPCA Labs 0.1 0.8 -4.8 Oil India -1.9 -6.2 6.1 Jubilant Life -0.6 4.8 -1.4 ONGC -1.5 -11.5 -11.7 Lupin -0.1 -21.8 -47.1 PLNG -2.1 -6.4 27.5 Sanofi India -0.9 -5.5 2.4 Reliance Ind. 1.8 -0.7 84.9 Shilpa Medicare -4.0 -8.9 -5.9 Retail Strides Shasun -1.9 -2.6 -26.5 Jubilant Food -2.1 5.9 99.7 Sun Pharma -2.3 -5.5 -27.5 PC Jeweller 2.6 6.6 122.0 Syngene Intl -2.5 7.2 -6.3 Titan Co. -2.3 -1.2 139.6 Torrent Pharma 1.2 -0.4 -3.2 Technology Infrastructure Cyient 0.5 10.2 17.3 Ashoka Buildcon -2.4 5.1 65.0 HCL Tech. 1.4 1.0 9.2 IRB Infra.Devl. 0.6 -14.7 12.2 Hexaware -2.7 4.5 65.2 KNR Construct. 0.7 2.2 74.7 Infosys 0.6 6.7 2.4 Sadbhav Engg. -0.6 18.1 34.8 KPIT Tech 4.2 3.2 22.2 Logistics L&T Infotech -1.0 19.9 50.5 Allcargo Logistics -0.2 -2.7 6.7 Mindtree -0.1 11.0 17.4 Blue Dart -0.3 0.0 -11.2 Mphasis 0.3 4.9 40.2 Concor 1.0 -6.6 46.3 NIIT Tech -0.3 0.0 49.8 Gateway Distriparks -2.0 -9.5 4.8 Persistent Sys -0.2 -0.4 8.0 Gati -0.3 5.5 10.6 Tata Elxsi -2.7 5.2 31.9 Transport Corp. -0.9 0.9 71.8 TCS -0.1 -1.3 20.1 Media Tech Mah 1.2 2.4 1.4 Dish TV 1.6 3.1 -6.0 Wipro -0.4 -5.7 23.4 D B Corp 1.0 -4.9 2.0 Zensar Tech 0.2 0.4 -14.6 Den Net. 0.3 15.4 69.8 Telecom Ent.Network -1.2 -8.3 4.3 Bharti Airtel -1.3 -9.2 47.1 Hind. Media -1.4 0.1 -6.9 Bharti Infratel -2.2 -12.7 -3.0 HT Media 0.8 -2.8 40.1 Idea Cellular -0.3 -7.5 25.2 Jagran Prak. 0.1 -5.5 -3.9 Tata Comm -0.7 -3.4 4.1 Music Broadcast 0.9 1.2 Utiltites PVR -0.1 -9.5 17.0 Coal India -0.1 -7.7 -13.5 Prime Focus 0.7 -0.4 46.1 CESC -1.0 -1.7 66.4 Siti Net. -0.4 1.4 -26.4 JSW Energy -2.8 -4.0 34.8 Sun TV -1.6 -6.9 77.4 NTPC -0.8 -2.2 7.3 Zee Ent. 0.1 7.1 28.1 Power Grid 0.1 -5.0 9.5 Metals Tata Power -1.6 2.3 16.3 Hindalco -3.4 -15.1 32.3

7 December 2017 17

MOSL Universe stock performance

Company 1 Day (%) 1M (%) 12M (%) Others Arvind 1.2 -2.4 24.4 Avenue Super. -0.6 -0.4 Bata India 1.1 -9.6 76.5 BSE -0.9 -7.6 Castrol India -0.6 -6.8 -1.5 Century Ply. 0.5 5.0 83.3 Coromandel Intl -0.4 -2.4 97.4 Delta Corp 0.0 -12.7 123.5 Dynamatic Tech -0.5 -9.3 -31.3 Eveready Inds. -0.3 25.2 102.7 Interglobe -1.4 -8.7 34.1 Indo Count -3.3 0.0 -27.8 Info Edge -1.4 6.2 43.1 Inox Leisure 0.3 4.2 25.3 Jain Irrigation -2.9 6.0 33.3 Just Dial 0.8 6.1 33.7 Kaveri Seed -0.9 -7.7 23.8 Kitex Garm. -1.4 -4.4 0.7 Manpasand 0.7 -10.5 25.4 MCX -0.2 -11.0 -26.9 Monsanto -1.0 -2.2 8.4 Navneet Educat. -0.2 -7.7 47.9 PI Inds. 1.0 16.6 16.1 Piramal Enterp. -1.0 -1.3 62.4 Quess Corp -0.4 12.6 47.9 SRF -2.5 6.8 17.4 S H Kelkar 0.5 -4.6 -13.0 Symphony -1.5 0.2 35.2 Team Lease Serv. 0.8 27.3 141.6 Trident 0.7 -6.9 54.5 TTK Prestige -0.7 4.8 30.8 V-Guard 0.2 3.6 89.2 Wonderla -0.3 -6.4 8.1

7 December 2017 18

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY RECENT INITIATING COVERAGE REPORTS

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DIFFERENTIATED PRODUCT GALLERY

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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id: [email protected], Contact No.:022-30801085.

Registration details of group entities.: MOSL: SEBI Registration: INZ000158836; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products 13 December 2016 20