Economy News Corporate News

SEPTEMBER 16, 2008

Economy News Equity 4 Call rates hardened yesterday to touch a high of 12.5% as liquidity in the % Chg money market came under strain due to outflows towards payment for 15 Sep 08 1 Day 1 Mth 3 Mths advance tax and debt auction. Call rates closed at 10.50-10.60%, off a high of 12.50%, the highest since April 17, 2006. It had ended at 9.80- Indian Indices BSE Sensex 13,531 (3.4) (8.1) (12.1) 10% on Saturday (BS) Nifty 4,073 (3.7) (8.1) (10.9) 4 The rupee hit a two-year low of Rs.46 / USD in early morning trade BSE Banking 6,792 (3.4) (1.6) (6.4) yesterday. Latest data shows that the Reserve Bank of India (RBI) had BSE IT 3,597 (5.5) (7.7) (18.5) pumped in $7 billion, on a net basis, in the forex markets during April- BSE Capital Goods 11,367 (4.0) (6.4) (6.1) July 2008 to stem the slide in the value of the rupee. (BS) BSE Oil & Gas 8,814 (3.3) (13.6) (12.0) NSE Midcap 5,313 (4.3) (8.5) (13.6) 4 Expressing optimism that the improved industrial growth in July would BSE Small-cap 6,380 (4.9) (10.3) (16.8) continue in the days ahead, former head of the PM's economic panel, C. World Indices Rangarajan, has said that, inflation may come down to 10% by Dow Jones 10,918 (4.4) (6.4) (11.0) December from over 12 per cent at present (BS) Nasdaq 2,180 (3.6) (11.1) (11.9) FTSE 5,204 (3.9) (4.6) (10.2) Corporate News Nikkei 12,215 0.9 (10.9) (17.0) Hangseng 19,353 (0.2) (14.1) (19.5) 4 Emami Ltd has more than doubled the open offer price for Zandu Pharmaceutical Works to Rs.15000 per share from Rs.7315 per share Value traded (Rs cr) earlier. (BL) 15 Sep 08 % Chg - Day 4 Reliance Capital is raising $1 billion from foreign investors for its foray Cash BSE 4,349 (13.3) into the private equity business. The fund will invest in the Indian equity Cash NSE 11,936 (4.1) market after concluding the capital raising plan by December 2008 Derivatives 61,186 6.4 according to Sam Ghosh, chief executive officer (BS) Net inflows (Rs cr) 4 State Bank India (SBI) has lined up an information technology spend 12 Sep 08 % Chg MTD YTD of Rs.30bn over the next two years to ensure robust net banking, mobile banking and ATM systems to help shift 50% transactions from branches FII (856) (39) (3,535) (33,105) to alternative channels. (BS) Mutual Fund 210 (514) 212 10,412 4 Titagarh Wagons is poised to take joint control of Cimmco Birla, a sick FII open interest (Rs cr) wagon unit promoted by the S K Birla Group. A fresh proposal has been 12 Sep 08 % Chg placed before the BIFR to revive the company. (BL) FII Index Futures 12,955 0.8 4 Educome has tied up with Intel, Dell and Acer to drive up the use of FII Index Options 22,255 (1.5) technology in classroom teaching and learning in schools across India (BL) FII Stock Futures 19,844 (5.5) FII Stock Options 1,341 2.5

Advances / Declines (BSE) 15 Sep 08 A B S Total % total

Advances 11 235 47 293 12 Declines 193 1489 395 2,077 87 Unchanged - 22 9 31 1

Commodity % Chg

15 Sep 08 1 Day 1 Mth 3 Mths

Crude (NYMEX) (US$/BBL) 92.3 (3.6) (18.9) (31.5) Gold (US$/OZ) 786.7 2.8 (1.3) (11.9) Silver (US$/OZ) 11.1 2.3 (15.2) (37.0)

Debt / forex market 15 Sep 08 1 Day 1 Mth 3 Mths

10 yr G-Sec yield % 8.44 8.34 9.23 8.39 Re/US$ 46.06 45.55 43.41 43.03

Sensex 21,100

18,975

16,850

14,725

12,600 Source: ET = Economic Times, BS = Business Standard, FE = Financial Express, Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 BL = Business Line, ToI: Times of India, BSE = Bombay Stock Exchange MORNING INSIGHT September 16, 2008

INITIATING COVERAGE ZEE ENTERTAINMENT ENTERPRISES LTD (ZEEL) Saurabh Gurnurkar [email protected] +91 22 6621 6310 PRICE: RS.217 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.254 FY10E: EV/EBITDA: 12X; P/E: 17.0X

Zee Entertainment (ZEEL) is one of India's top three broadcasters with a network of sixteen television channels including its flagship channel- the Hindi general entertainment channel (GEC), Zee TV. Zee TV, is a strong and still-stable number two in India's biggest TV genre despite recent competition from three new entrants. ZEEL's key competitive strength, in our opinion is its bouquet of competitively-priced channels that encompass various genres of broadcasting, and also enjoy strategic positioning in their target markets. In projected financials we estimate a 17.5% CAGR in revenues over FY08- Stock details 10E as they grow to Rs.25.3bn in FY10E from Rs.18.3bn in FY08. Within the BSE code : 505537 revenue streams expect advertising revenues to grow at a CAGR of 19% to NSE code : ZEEL Rs.13.2bn in FY10E from the Rs.9.3bn in FY08, subscription revenues on the Market cap (Rs bn) : 94.08 Free float (%) : 58.46 other hand are expected to grow at a CAGR of 17% to Rs.10.1bn in FY10E 52-wk Hi/Lo (Rs) : 410/205 from the Rs.7.4bn in FY08. Avg. Daily Vol BSE+NSE : 1065711 Shares o/s (mn) : 433.6 ZEEL recorded a 730bps EBITDA margin increase in FY08 despite Rs.320mn of losses from its Zee Next channel. We estimate the company's margins to further increase 330bps by FY10E to 32.8% on the back of ad revenue Summary table growth and a ramp-up in subscription revenues, aided by increasing DTH

(Rs mn) FY08 FY09E FY10E contributions. We estimate an EPS CAGR of 20% over FY08-10E; an EPS of Rs.10.4 in FY09E and Rs.12.8 in FY10E from Rs.8.8 in FY08. Sales 18,354 21,994 25,335 Growth (%) 27.4 19.8 15.2 We arrive at a price target of Rs.254 (20x FY10 earnings) for the ZEEL stock. EBITDA 5,423 6,958 8,318 Our target multiple is at a 20% discount to ZEEL's three- year average EBITDA margin (%) 29.5 31.6 32.8 trading multiple (25x) while in line with its five -year average trading Recurring PAT 3,833 4,517 5,536 Net debt (cash) 815 (576) (3,066) multiple. A discount is justified in our opinion after factoring in the EPS (Rs) 8.8 10.4 12.8 increased competitive intensity through new GEC launches, accompanying Growth (%) 61.6 17.8 22.6 fragmentation of the Indian TV broadcasting industry and also our own CEPS 9.4 11.0 13.4 expectations of a slower ad-revenue growth trajectory. DPS (Rs) 2.0 2.0 2.0 ROE (%) 14.0 15.0 16.4 While our arrived target price, points to a limited upside from current ROCE (%) 19.8 22.5 24.2 levels, we note that ZEEL, in our view, is possibly one of the better EV/Sales (x) 5.3 4.4 3.8 broadcasters to play the significant subscription revenue opportunity being EV/EBITDA (x) 18.0 13.8 11.6 P/E (x) 24.5 20.8 17.0 ushered in by the changing distribution landscape in India. This, in addition P/Cash Earnings 23.1 19.7 16.2 to the relative positioning of ZEEL's bouquet and currently stable P/BV (x) 3.3 3.0 2.6 positioning of its flagship GEC property despite new competition, keep us

Source: Company, sanguine about its longer term prospects and explains our ACCUMULATE Kotak Securities - Private Client Research rating. At the same time concerns on the macro environment, its impact on ad revenue trends and elevated competitive intensity for its flagship GEC will likely weigh on the stock, in the near term.

Investment rationale q Optimistic outlook for Indian M&E industry, over the longer term; television estimated to grow at a faster rate within segments: The health of the Indian M&E industry is largely influenced by the economic growth profile of the country. We opine rising incomes, low media-penetration, increasing consumerism and consistent economic growth expectations underpin a secular long-term trajectory for the industry. Within this, the TV segment driven by structural changes in the distribution format is expected to grow from the current Rs.216bn to a projected Rs.400bn by 2010E, supported by a healthy macro environment.

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q Is growth in advertising spends likely to slow down? According to FICCI- PwC, Indian advertising spend on television is expected to register 20% CAGR over 2007-12E, to reach Rs.200bn in the terminal year. Expectations of a slowdown in GDP growth have given rise to apprehensions on sustainability of TV ad spends. While we do expect a moderation in ad spend trends given the slowing economy, we do not expect ad spends to come off sharply either. A large increase in new advertisers, widening of the advertiser base and increasing competitive intensity in key advertising industries will likely keep ad-spends resilient, in our opinion. According to data made available by Adex India advertising revenues of TV broadcasters have grown 26% YoY in H1CY08. We are nevertheless already building in a moderation in advertising revenue growth for ZEEL's properties in FY09E and FY10E.

q For ZEEL, advertising revenues are still doing well- strong positioning and its bouquet strategy augurs well: ZEEL management has not witnessed any slowdown and has maintained its forecast of a 25-30% YoY increase in overall revenues for FY09E. We believe the strong market positioning of ZEEL's properties and stable property ratings augur well for ZEEL's ad revenue growth rates that are expected to outpace the broader industry, in the medium term.

In our opinion with Zee TV's strong positioning and its bouquet of channels, ZEEL is in a position to capitalize on the macro drivers of favorable demographics, rising incomes, increasing consumerism and relative under-penetration of media. Also ZEEL's bouquet with its ability to offer advertising packages across its range of channels is opening up new markets for advertisers- old and new.

q Subscription revenues- we expect a 17% CAGR over FY08-10E. Pay revenues- a huge opportunity, expect domestic subscriptions to spur growth led by increasing DTH penetration: ZEEL's advertising revenues have grown an average of 32% over FY06-08 while the subscription revenue stream's growth has been lower at 19%. Going forward over FY08-10E we expect ZEEL's subscription revenues to register 17% CAGR over FY08-10E to Rs.10.13bn; more in step with estimated ad revenue growth. This growth is expected to be driven by a revamp of the domestic cable distribution business and strong growth in the DTH subscriber base.

We have assumed a 10% CAGR in international subscription revenues and no increases in domestic-channel pricing. We expect ZEEL's domestic subscriptions to achieve a 24% CAGR over FY08-10E, despite the mandated cable pricing freeze, spurred by the growth in DTH revenues. While initial CAS off-take has been muted, the opportunity in our opinion will be led by a strong traction in DTH services, which is expected to have 21mn subscribers by FY11E, up from 6.1mn currently.

q Financials- Revenues to grow at 17.5% CAGR over FY08-10E; margins to expand as leverage from subscription revenues kicks in: In projected financials we estimate a 17.5% CAGR in revenues over FY08-10E as they grow to Rs.25.3bn in FY10E from Rs.18.3bn in FY08. Within the revenue streams expect advertising revenues to grow at a CAGR of 19% to Rs.13.2bn in FY10E from the Rs.9.3bn in FY08, subscription revenues on the other hand are expected to grow at a CAGR of 17% to Rs.10.1bn in FY10E from the Rs.7.4bn in FY08. We also estimate an EPS CAGR of 20% over FY08-10E; an EPS of Rs.10.4 in FY09E and Rs.12.8 in FY10E from Rs.8.8 in FY08.

On the margin front, we are estimating a 330bps increase in EBITDA margins over FY08-10E as we envisage operating leverage from the growing subscription revenue stream that does not have significant associated costs. We note that any possible divesture of Zee Next and financials from ZEEL's film business (ZES) are not factored into our estimates

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q Valuations close to lower end of recent trading ranges; pricing in the impact of rising competitive intensity and a slower ad revenue trajectory: At present, ZEEL trades at 17x 1-year forward earnings, after 12m of underperformance vis-a-vis the broader market on account of concerns on increasing competition and lower ad revenue growth rates in the backdrop of a slowing economy. Additionally, expected losses of Zee Next have also weighed on the stock's performance, in our opinion. ZEEL has traded at an average of 20x one year forward earnings over the last five years. For the past three years though the stock has traded at an average of 25x one year forward earnings; reflective of the higher valuation it enjoyed given its rating gains and accompanying accelerated growth trajectory over the period. Current valuations are close to the lower end of the last three years' trading range of the ZEEL stock and limit the likelihood of potential downside from the current levels, in our opinion.

Recommendation We initiate coverage on the q We arrive at a price target of Rs.254 for the ZEEL stock using a target multiple ZEEL stock with an of 20x FY10 earnings. Our target multiple of 20x is at a 20% discount to ZEEL's ACCUMULATE rating and a three- year trading average while in line with its five year trading average. A dis- target price of Rs.254 count to the recent trading range is justified in our opinion after factoring in the increased competitive intensity through new GEC launches, accompanying fragmentation of the Indian TV broadcasting industry and also our own expectations of a slower ad-revenue growth trajectory. DCF based valuation methodol- ogy with a WACC of 12.3% validates the arrived target price of Rs.254. At our target price of Rs.254, the stock will trade at 20x FY10E EPS and 14x FY10E EBITDA. We initiate coverage on the ZEEL stock with an ACCUMULATE rating and a target price of Rs.254.

Key Concerns q A sharp slowdown in the economic growth trajectory, which will impact advertising revenue growth and company financials negatively q Loss in ratings and competitive positioning q Hyper-competition impacting player and industry profitability negatively q Lower than estimated pick-up in the subscription revenue stream

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INITIATING COVERAGE ZEE NEWS LTD (ZNL) Saurabh Gurnurkar [email protected] +91 22 6621 6310 PRICE: RS.46.3 RECOMMENDATION: BUY TARGET PRICE: RS.59.4 FY10E: EV/EBITDA: 8.7X; P/E:14X

Zee News (ZNL), a part of the Zee network is a leading regional and news network with four news and six regional channels. ZNL's main regional channels are Zee Marathi, Bangla and Gujarati that enjoy strong competitive positioning in their markets. Zee News was India's first Hindi news channel and is the only pay channel in its genre. ZNL's recent investments- Zee Telugu and Kannada have shown good traction and are expected to break even in the succeeding quarters. We opine regional advertising in India has not been able to get its Stock details proportionate share of advertising spends in spite of the high audience BSE code : 532794 segmentation they provide to advertisers. We believe this scenario, will NSE code : ZEENEWS likely change, with advertisers taking increasing note of markets such as Market cap (Rs bn) : 11.03 Maharashtra, Karnataka, Gujarat, AP and TN given their increasing Free float (%) : 45.9 prosperity, demographics and the high C&S penetration. We also believe 52-wk Hi/Lo (Rs) : 38/92 Avg. Daily Vol. BSE+NSE : 1430824 the current trend of growth in regional markets outpacing the overall Shares o/s (mn) : 239.8 market will likely be a secular trend underpinned by rising incomes and increasing consumerism in these centers that will make them attractive target markets. Summary table For ZNL the competitive positioning of its bouquet and a systematic scale (Rs mn) FY08 FY09E FY10E up across properties while maintaining reasonable financial discipline offer Sales 3,675 4,788 6,080 opportunities in the market-place. Earnings growth for ZNL, in our opinion Growth (%) 52.8 30.3 27.0 is likely to be driven by revenue momentum due to stable ratings for its EBITDA 678 889 1,278 assets and also currently loss-making businesses contributing to the EBITDA margin (%) 18.4 18.6 21.0 bottom line. Of the current loss-making ventures, Zee Telugu and Zee Net profit 371 534 779 Kannada are expected to breakeven in FY09E as per management guidance. Net debt (cash) 128 240 58 Gains from this though would be offset by start up losses in new channels EPS (Rs) 1.5 2.2 3.3 (Tamil, Telugu news and Bengali movies), in our opinion. On the back of Growth (%) 396.3 43.9 45.9 CEPS 1.9 2.6 3.7 the above we expect EBITDA to grow at a CAGR of 37% over FY08-10E, DPS (Rs) 0.4 0.4 0.4 aided by an EBITDA margin expansion of 260bps over the period. ROE (%) 19.1 23.6 28.2 In projected financials we estimate a 28% CAGR in revenues over FY08-10E ROCE (%) 29.6 32.5 39.2 as they grow to Rs.6.08bn in FY10E from Rs.3.57bn in FY08. Within the EV/Sales (x) 3.0 2.4 1.8 EV/EBITDA (x) 16.5 12.7 8.7 revenue streams we expect advertising revenues to grow at a CAGR of P/E (x) 29.8 20.7 14.2 30% to Rs.4.9bn in FY10E from the Rs.2.84bn in FY08. Subscription P/Cash Earnings 24.2 17.7 12.5 revenues on the other hand are expected to grow at a CAGR of 24% to P/BV (x) 5.3 4.5 3.6 Rs.1.06bn in FY10E from the Rs.668mn in FY08. We also estimate an EPS CAGR of 45% over FY08-10E; an EPS of Rs.2.2 in FY09E and Rs.3.3 in FY10E Source: Company, Kotak Securities - Private Client Research from Rs.1.5 in FY08. At a forward P/E of 14x, ZNL is the least expensive stock in the media broadcast space and amongst the few names in the segment that are seeing a strong growth momentum. We initiate coverage on the ZNL stock with a BUY rating and a DCF-based target price of Rs.59.4, achievable over a 12-month horizon. Our DCF model uses a WACC of 13.6% and terminal growth of 4%. At our target price of Rs.59.4, the stock will trade at 18x FY10E EPS and 11x FY10E EBITDA.

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q Is growth in advertising spend likely to slow down? We believe moderation is likely, not a sharp pull-back. According to FICCI-PwC, Indian advertising spend on television is expected to register 20% CAGR over 2007-12E, to reach Rs.200bn in the terminal year. Expectations of a slowdown in GDP growth have given rise to apprehensions on sustainability of TV ad spends. While we do expect a moderation in ad spend trends given the slowing economy, we do not expect ad spends to come off sharply either. A large increase in new advertisers, widening of the advertiser base and increasing competitive intensity in key advertising industries will likely keep ad-spends resilient, in our opinion. According to data made available by Adex India advertising revenues of TV broadcasters have grown 26% YoY in H1CY08, ahead of the 16- 17% expansion in the overall ad pie.

While we opine that a sharp drop in GDP growth will result in a portion of advertisers' TV budgets shifting to lower cost promotional activity, we also believe that any slowdown in ad spends will affect new channels more, as they depend solely on ad revenues. We are nevertheless already building in a moderation in advertising revenue growth for ZNL's mature properties in FY09E and FY10E.

q ZNL's focus- regional markets and the news genre are expected to grow at rates higher than industry. The ZNL bouquet has six channels in the regional entertainment genre (GEC) and four in the news genre. We opine both these niches are likely to see good growth given their relative advantages. While regional media offers the benefits of market segmentation and cost effective reach to advertisers, the news genre has seen consistent growth and will likely evince greater interest in the run-up to the general elections, scheduled for 2009.

q ZNL's addressable opportunity is large and we see it as a good play on the regional growth story: It is estimated that close to 20-25% of the overall ad market for TV broadcasting is regional i.e. close to Rs.20bn. Of this Rs.20bn more than 50-55% is the ad market in south India, according to industry. Cur- rently, ZNL is present in all key regional markets, except Tamil where it aims to launch its channel soon. Post this expansion ZNL will become the most diverse regional player in broadcasting with its properties spanning c70% of the addressable market.

In our opinion, ZNL has a bouquet of strong regional properties diversified across the GEC and news genres; its bouquet comprises mature assets and also new properties, which through effective execution have gained advertiser interest and also widened ZNL's addressable market.

q Strong competitive positioning of the ZNL bouquet and systematic scale up provide an opportunity: Within ZNL's regional channels, Marathi and Bangla are leaders in their target markets. Its recent launches- Telugu and Kannada have also consistently gained market share and are attracting advertiser interest. Gujarati too has gained share, monetization of these gains; we believe lies ahead given the lag effect of improved ratings on revenues. Zee News, India's first Hindi news channel though has been facing pressure from increasing clutter in the Hindi news genre has seen significant investment towards content revamp aimed at emerging as a clear No.3.

Zee News has followed a strategy of scaling up its canvas by adding newer channels in geographies where it has a successful flagship (ex: Bangla and Marathi) in an attempt to accentuate its network effect. The strength of the ZNL bouquet also enables better distribution reach, lesser distribution cost and multiple platforms for advertisers, in our opinion.

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Financials q Advertising growth expected to be healthy, driven by monetization of market gains; subscription revenues will add to profitability. Expect a 45% CAGR in EPS over FY08-10E, driven by stability of mature assets and contribution of currently loss making businesses to profitability: In projected financials we estimate a 28% CAGR in revenues over FY08-10E as they grow to Rs.6.08bn in FY10E from Rs.3.57bn in FY08. Within the revenue streams we expect advertising revenues to grow at a CAGR of 30% to Rs.4.9bn in FY10E from the Rs.2.84bn in FY08. Subscription revenues on the other hand are expected to grow at a CAGR of 24% to Rs.1.06bn in FY10E from the Rs.668mn in FY08. We also estimate an EPS CAGR of 45% over FY08-10E; an EPS of Rs.2.2 in FY09E and Rs.3.3 in FY10E from Rs.1.5 in FY08. q Current valuations appear favorable vis-à-vis the growth on offer and also on comparison with peers: At the CMP of Rs.46.3, the ZNL stock trades at 14x FY10E EPS and 8x FY10E EBITDA. The ZNL stock currently trades close to historic trough valuations on forward P/E terms; while in terms of relative valuations the stock is trading at a discount to Sun TV (a regional broadcaster) on both the P/E and EV/EBITDA metrics. The ZNL stock also looks attractively valued on a relative basis, more so given the projected growth on offer- a 45% CAGR in EPS over FY08-10E.

Recommendation We initiate coverage on the ZNL We have valued the ZNL stock using the two-stage DCF based valuation methodol- stock with a BUY rating and a ogy that gives us a price target of Rs.59.4, an upside of 28% over a 12-month ho- price target of Rs.59.4 rizon. Our DCF model uses a WACC of 13.6% and terminal growth of 4%. At our target price of Rs.59.4, the stock will trade at 18x FY10E EPS and 11x FY10E EBITDA. We initiate coverage on the ZNL stock with a BUY rating and a target price of Rs.59.4, over a 12-month horizon.

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Bulk Deals Trade details of bulk deals Date Scrip name Name of client Buy/ Quantity Avg. Sell of shares price (Rs)

15-Sep Ahmednagar F Warhol Limited B 2,640,000 87.00 15-Sep Ahmednagar F Copthall Mauritius International Ltd S 447,258 87.00 15-Sep Ahmednagar F Citigroup Global Markets Mauritius S 2,182,310 87.00 15-Sep Anjani Synth Narendra Vallabhji Bahuva S 60,154 46.01 15-Sep Anuh Pharma L P Shah Holding Trades Pvt Ltd B 27,000 232.90 15-Sep Anuh Pharma Prafulla Lalitkumar Shah S 27,000 232.90 15-Sep Clarus Manak Chand Jain B 15,200 3.84 15-Sep Diamon Cable Merrill Lynch Cap Mkts Espana S.A. S.V. B 125,000 259.99 15-Sep Gemstone Inv Ankit Rajendra Sanchaniya S 18,300 55.50 15-Sep Gemstone Inv Prem Mohanlal Parikh S 20,000 55.50 15-Sep Guj Hotels L Russell Investments Ltd B 19,197 61.19 15-Sep Jaipan Indus VHM Impex Private Ltd B 64,355 139.74 15-Sep Jumbo Bag Lt Dharmendra J Madhani S 61,700 46.94 15-Sep Koff Br Pict Bharathi Milind Aglave B 30,000 38.32 15-Sep Koff Br Pict Laxmi Cap Broking Pvt Ltd B 89,037 38.92 15-Sep Koff Br Pict Pravin D Gala S 45,376 38.13 15-Sep Niraj Cement Ayodhyapati Investment Pvt Ltd B 90,000 41.00 15-Sep Shloka Info Vhm Impex Private Ltd B 19,440 62.14 15-Sep Tutis Tech Sumit J Jain S 100,000 23.21 15-Sep Vikas Gran R S Shares And Securities Ltd B 35,916 17.99 15-Sep Webel Sl Ene Novel Apartments Private Limited B 61,274 248.42 15-Sep Webel Sl Ene Sohanlalcagarwal S 50,000 250.00

Source: BSE

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Gainers & Losers Nifty Gainers & Losers Price (Rs) % change Index points Volume (mn)

Gainers HDFC 2,204 1.0 1.0 1.5 Maruti Suzuki 721 2.5 0.8 1.2 BPCL 348 0.9 0.2 0.6 Losers ONGC 961 (6.1) (21.7) 3.4 Reliance Ind 1,887 (2.4) (10.8) 5.0 DLF Ltd 433 (7.1) (9.3) 5.8

Source: Bloomberg

Forthcoming events Company/Market Date Event

16-Sep Tata Tea and Janaagraha holds press conference Star Den & MGM organizes a press conference

Source: Bloomberg

Research Team Dipen Shah Awadhesh Garg Saurabh Agrawal Siddharth Shah IT, Media, Telecom Pharmaceuticals, Hotels Metals, Mining Telecom [email protected] [email protected] [email protected] [email protected] +91 22 6621 6301 +91 22 6621 6304 +91 22 6621 6309 +91 22 6621 6307 Sanjeev Zarbade Apurva Doshi Saday Sinha Shrikant Chouhan Capital Goods, Engineering Logistics, Textiles, Mid Cap Banking, Economy Technical analyst [email protected] [email protected] [email protected] [email protected] +91 22 6621 6305 +91 22 6621 6308 +91 22 6621 6312 +91 22 6621 6360 Teena Virmani Saurabh Gurnurkar Sarika Lohra K. Kathirvelu Construction, Cement, Mid Cap IT, Media, Telecom NBFCs Production [email protected] [email protected] [email protected] [email protected] +91 22 6621 6302 +91 22 6621 6310 +91 22 6621 6313 +91 22 6621 6311

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