27 August 2021

Market snapshot Today’s top research idea Equities - Close Chg .% CYTD.% Larsen & Toubro: Rightly placed to benefit from macro Sensex 55,949 0.0 17.2 improvement Nifty-50 16,637 0.0 19.0  L&T’s core E&C business remains best placed to benefit from any capex upcycle, Nifty-M 100 27,416 0.2 31.5 supported by its leaner asset-light business model and diversified segments. Equities-Global Close Chg .% CYTD.%  On account of the pandemic, order inflows have been weaker, especially if S&P 500 4,473 -0.5 19.1 adjusted for a one-time big ticket size order (HSR project) and weak state Nasdaq 14,959 -0.5 16.1 finances. However, things should start to improve as we move past the pandemic. FTSE 100 7,125 -0.4 10.3  While the other capital goods stocks are factoring in strong order inflows over the DAX 15,794 -0.4 15.1 next 3–5 years and trading at elevated multiples, L&T’s stock has been an Hang Seng 8,937 -1.5 -16.8 underperformer (adjusted for subsidiary valuations). We do not see any strong fundamental reasons to justify such a stark difference in stock price performance. Nikkei 225 27,742 0.1 1.1  Over the next two years, we see multiple catalysts emerging for L&T, including (a) Commodities Close Chg .% CYTD.% asset monetization for Hyderabad Metro and Nabha Power, (b) FCF generation of Brent (US$/Bbl) 70 -1.1 36.6 USD1.5–2.0b p.a. in the core business, (c) an improvement in order inflows prior Gold ($/OZ) 1,792 0.1 -5.6 to the elections, and (d) improved execution, aided by a better working capital Cu (US$/MT) 9,363 0.0 20.8 cycle. Almn (US$/MT) 2,638 0.0 33.6  Our TP for L&T stands at INR1,950. Adj. for the valuation of subsidiaries, the core Currency Close Chg .% CYTD.% business is available at FY23E PE of 13.5x v/s the long-term one-year forward USD/INR 74.2 0.0 1.6 average PE multiple of 22x. We maintain a Buy rating. L&T is our top pick in the USD/EUR 1.2 -0.2 -3.8 wider Capital Goods sector as a proxy to play India’s capex story. USD/JPY 110.0 0.0 6.6 Research covered YIELD (%) Close 1MChg CYTD chg 10 Yrs G-Sec 6.3 0.01 0.4 Cos/Sector Key Highlights 10 Yrs AAA Corp 7.0 0.01 0.4 Larsen & Toubro Rightly placed to benefit from macro improvement Flows (USD b) 26-Aug MTD CY21 FIIs -0.27 0.52 7.16 EcoScope States’ fiscal deficit at only 16.5% of BEs for 1QFY22 DIIs 0.14 0.87 2.76 Piping hot news Volumes (INRb) 26-Aug MTD* YTD* Cash 580 679 763 New rules on drones to usher in growth opportunities, spur innovation: Nasscom F&O 1,00,074 59,823 46,498 The new rules for operating drones in the country will usher in new growth opportunities and enable startups and SMEs to create innovative use cases and Note: *Average applications in various sectors like e-commerce, mining and emergency response,

IT industry body Nasscom said. Chart of the Day: Larsen & Toubro (Rightly placed to benefit from macro improvement)

Our SoTP-based TP stands at INR1,950/share Business segment Mar’23E (INR) Remarks Core E&C 1,097  20x Core E&C EPS v/s long-term average of 22x LTI, LTTS, and MTCL 747  20% discount to current m-cap Finance holdings 73  20% discount to current m-cap Development projects 35  P/Inv. based approach Total 1,950

Source: MOFSL, Company

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

Kindly click on textbox for the detailed news link

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Indian aviation market to be Centre mulls ways to let , Airtel pay AGR dues over 'very large' by FY30; to 20 years accommodate both Indian, The government is exploring ways to allow Vodafone Idea and Bharti Middle East carriers Airtel pay their adjusted gross revenue (AGR) dues over 20 years, and The impact on competition from may seek a legal opinion on a possible mechanism, government officials the Gulf airlines has been a key said. Separately, the process to finalise a relief package for the sector is concern for Indian carriers but as picking up pace. Any government bid to relax the AGR payment tenure the market is expected to be very needs to take into account the Supreme Court ruling, which mandated large by the financial year 2030, it telcos to pay their dues over 10 years, through March 31, 2031. can accommodate Indian as well as Middle Eastern carriers without strategic conflicts.

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The world economy's supply ED cracks whip on NBFCs, chain problem keeps getting fintechs over high-cost micro loans, shady deals worse 5 A supply chain crunch that was The Enforcement Directorate (ED) meant to be temporary now looks on Thursday said that it has Expense on R&D for Covid-19 like it will last well into next year initiated an investigation against a drugs, vax, devices will count as the surging delta variant handful of non-banking financial as CSR upends factory production in Asia companies (NBFCs) and fintech Research and development of and disrupts shipping, posing digital lending platforms which new vaccines, drugs and medical more shocks to the world provide small-ticket loans using devices related to Covid-19 by economy. mobile applications. companies in the normal course of business will be regarded as corporate social responsibility (CSR) for three financial years, till FY22-23, the ministry of 6 7 corporate affairs (MCA) said through a document.

Ola Electric plans a billion-dollar Microsoft warns thousands of fundraise cloud customers of exposed Ola Electric Mobility, the two- databases wheeler maker controlled by Microsoft on Thursday warned Bhavish Aggarwal, is in talks to thousands of its cloud computing raise as much as $1 billion from customers, including some of the strategic and financial investors, world's largest companies, that two people aware of the matter intruders could have the ability said. to read, change or even delete their main databases, according to a copy of the email and a cyber security researcher.

27 August 2021 2

26 August 2021 Update | Sector: Capital Goods

Larsen & Toubro

BSE SENSEX S&P CNX 54,949 16,637 CMP: INR1,595 TP: INR1,950(+22%) Buy

Rightly placed to benefit from macro improvement TP increase driven by IT subs

 L&T remains best story to play capex upcycle: L&T’s core E&C business

Stock Info remains best placed to benefit from any capex upcycle, supported by its Bloomberg LT IN leaner asset-light business model and diversified segments. Therefore, Equity Shares (m) 1,402 M.Cap.(INRb)/(USDb) 2240.3 / 30.2 although the Buildings and Power segments were weaker in FY21, this was 52-Week Range (INR) 1677 / 826 largely offset by strong orders from the international Power T&D and 1, 6, 12 Rel. Per (%) -6/-3/21 Hydrocarbons segments. L&T’s capability to win large ticket size projects, such 12M Avg Val (INR M) 5387 as airports and high-speed rail (HSR), has been remarkable and has Free float (%) 100.0 compensated for its exit from the Roads sector.

Financials Snapshot (INR b)  Business model only strengthens in past few years; await macro upturn: Y/E Mar 2021 2022E 2023E Since its last five-year plan announced in 2016, L&T has been strengthening its Sales 1,360 1,568 1,774 business model by exiting non-core businesses, going asset-light (no exposure EBITDA 156 183 214 PAT 69 91 113 to road HAMs), and sharpening its focus on receivables rather than just EBITDA (%) 11.5 11.7 12.1 execution. L&T continues to maintain high liquidity on its balance sheet. On EPS (INR) 49.1 64.9 80.4 account of the pandemic, order inflows have been weaker, especially if EPS Gr. (%) -22.4 32.0 24.0 adjusted for a one-time big ticket size order (HSR project) and weak state BV/Sh. (INR) 540 569 630 Ratios finances. However, things should start to improve as we move past the Net D/E 1.5 1.5 1.4 pandemic. In fact, surprisingly, other capital goods stocks are factoring in RoE (%) 9.1 11.4 12.8 strong order inflows over the next 3–5 years and trading at elevated multiples, RoCE (%) 5.0 5.7 6.2 Payout (%) 43.7 30.0 30.0 while L&T’s stock has been an underperformer, especially when adjusted for Valuations subsidiary valuations. We do not see any strong fundamental reasons to P/E (x) 32.5 24.6 19.8 justify such a stark difference in stock price performance. P/BV (x) 3.0 2.8 2.5 EV/EBITDA (x) 19.2 16.7 14.5  Catalysts to watch out for: Over the next two years, we see multiple catalysts Div Yield (%) 2.8 1.5 1.9 emerging for L&T, including (a) asset monetization for Hyderabad Metro and FCF Yield (%) 10.6 -1.0 -0.1 Nabha Power, (b) FCF generation of USD1.5–2.0b p.a. in the core business, (c)

Shareholding pattern (%) an improvement in order inflows prior to the elections, and (d) improved As On Jun-21 Mar-21 Jun-20 execution, aided by a better working capital cycle – as the government Promoter 0.0 0.0 0.0 focuses on capex towards economic growth and job creation. If the macro DII 32.5 33.2 36.0 improves, the strong FCF generation should enable L&T to hike dividend FII 24.0 23.1 19.9 Others 43.5 43.7 44.0 payouts as there is hardly any capex requirement beyond the maintenance FII Includes depository receipts capex.  Increase TP to INR1,950, largely driven by MTM of listed IT subs: In the past Stock Performance (1-year) month, L&T Infotech has rallied ~18%, ~28%, and L&T Technology Larsen & Toubro Services ~11%. Factoring in the current market prices of the listed subsidiaries Sensex - Rebased 1,900 (after applying an unchanged holding company discount of 20%), our TP for 1,550 L&T now stands at INR1,950. Adj. for the valuation of subsidiaries, the core 1,200 business is available at FY23E PE of 13.5x v/s the long-term one-year forward 850 average PE multiple of 22x. We maintain a Buy rating. L&T is our top pick in

500 the wider Capital Goods sector as a proxy to play India’s capex story.

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26 August 2021

ECOSCOPE

The Economy Observer

States’ fiscal deficit at only 16.5% of BEs for 1QFY22

Combined spending grows only 9.4% YoY in 1QFY22

 Based on the monthly accounts available for 16 states (together accounting for ~76% of all states), total receipts of all states grew 29.7% YoY in 1QFY22, while total spending grew slowly at 18% YoY in 1QFY22. With this, states have achieved 16.8%/16.7% of their receipts/spending of FY22 budget estimates (BEs), better than 13.6%/15.4% of 1QFY21 BEs. States’ fiscal deficit during 1QFY22 accounted for 16.5% of FY22 BEs, lower than 25% of 1QFY21 BEs, but higher than average 10.1% of BEs in the three years prior to the COVID-19 outbreak.  States’ total taxes grew 44.7% YoY in 1QFY22, supported by a favorable base (down 35.4% YoY in 1QFY21). States’ own non-tax revenue receipts grew at a strong pace. However, ‘grants from the Centre’ declined by 3.6% YoY in 1QFY22 due to a massive growth (51% YoY) in 1QFY21. Within states’ own taxes, the collection of stamp duty and registration charges more than doubled in 1QFY22, with all states showing sharp increases, except Odisha (OD).  Just like receipts, states’ spending too grew sharply in 1QFY22 due to a low base. Capital spending of states grew 143.1% YoY in 1QFY22 due to a 57% YoY contraction in 1QFY21. Revenue spending by states grew 10.8% YoY in 1QFY22 from a growth of 3.1% YoY in 1QFY21.  Individual analysis of states suggests that six out of 16 states – CT, HR, KL, MP, RJ, and TS – had already achieved a quarter of their full-year fiscal deficit target in 1QFY22. In fact, KL has already exhausted 74% of its FY22 BE, while the fiscal deficit for the others was in the 23-31% range. Two states – Jharkhand (JH) and OD – have run fiscal surpluses in 1QFY22, and the fiscal deficit of remaining eight states was less than 15% of 1QFY22 BEs (only 2% of BEs in MH).  Combining finances of states with the central government for 1QFY22 suggests that total receipts of the general government grew 115% YoY in 1QFY22 on the back of 39% YoY contraction in 1QFY21. Combined spending (after adjusting for ‘grants from the Center to states’) grew only 9.4% YoY in 1QFY22 from a growth of 1.6% YoY in 1QFY21. While capex grew 58% YoY on the back of a low base, the three-year CAGR has been just 5% YoY in 1QFY22.  A sharp contraction in 1QFY21 leads to optically very-high growth in fiscal receipts/spending in 1QFY22. From a two-year CAGR (1QFY20-1QFY22) perspective, general government receipts have grown faster (14% YoY) than spending (5% YoY). Although the two-year CAGR of total spending by the Center and states (unadjusted) was ~6% each, growth in receipts was very different at just 2% for states, but 37% for the Center (partly explained by higher cess on fuel items).  Lastly, because of strong growth in combined receipts, but weak spending growth, the fiscal deficit of the general government was only 17.6% of 1QFY22 BEs vis-à-vis 57.6% in 1QFY21 and an average of 44% in the prior three years. The fiscal deficit of the general government was 8% of GDP in 1FY22 (assuming ~30% of nominal GDP growth in 1QFY22) vis- à-vis 21.1% of GDP in 1QFY21.

On an aggregate basis, total In this note, we analyze the finances of 16 states that have published their fiscal receipts of all states grew accounts data up to Jun’21. These include: Chhattisgarh (CT), (GJ), Haryana by 29.7% YoY in 1QFY22, (HR), Himachal Pradesh (HP), JH, Karnataka (KA), Kerala (KL), Madhya Pradesh (MP), following a 19.9% YoY (MH), OD, Punjab (PB), Rajasthan (RJ), Tamil Nadu (TN), Telangana (TS), contraction in 1QFY21 and 7% YoY growth in 4QFY21 Uttar Pradesh (UP), and Uttarakhand (UK). Together these 16 states account for ~76% of total spending of all states taken together.

States’ receipts grew ~30% YoY in 1QFY22…: On an aggregate basis, total receipts of all states grew by 29.7% YoY in 1QFY22, following a 19.9% YoY contraction in 1QFY21 and 7% YoY growth in 4QFY21 (Exhibit 1), implying growth in receipts in the last quarter on account of a low base. Please see Exhibit 12 in Appendix 1 at the end of the report for state-wise details on total receipts.

27 August 2021 4

In conversation

Berger Paints: To hike price from September increases Lucknow plant capex to Rs 800 crore; Abhijit Roy, MD & CEO  Will see strong double-digit growth in Q2  Next price increase will be in effect from September 1  Q2 will see some margin pressure  Price increases so far at around 6-6.5%  Q1 volume grew in double-digits even on Q1FY20 levels  Will see volume growth in teens in Q2FY22  Lucknow plant will be on stream by March  Increased Lucknow capex plan to Rs 800 crore now from Rs 650 crore earlier  Covered for raw material inflation now, Q3 should be good  New projects will give us an additional 2% growth

M&M Finance: 30,000-40,000 customers, who didn’t pay earlier, have started making payments; Ramesh Iyer, VC & MD  Expect price of new vehicles to rise in the near future  July collections were above 95%  Seeing bounce-back of collections as things are normalising  Next 3 quarters will be very important; footfalls at dealerships are high  30,000-40,000 customers, who didn’t pay earlier, have started making payments  Expect disbursements to be strong in the coming quarters  Demand is seen in all products except HCVs and taxi/school bus operators  AUM growth could remain subdued in Q2FY22

Shree Renuka: FRP increase for sugarcane reasonable; expects UP government to raise advisory price; Atul Chaturvedi, Executive Chairman  Government has been reasonable in price increase for sugarcane  Expect minimum support price for sugarcane to increase to Rs 31/kg now  State advisory price is now the elephant in the room. For sugar, SAP in UP hasn’t been increased for 4 years now  May see an increase in SAP in UP this year ahead of the state polls. Expect a rise in state advisory price in UP by Rs 10-15/kg  Ethanol thrust is the biggest game-changer for the sugar sector

27 August 2021 5

Kaveri Seed: Expect a good season for Rabi crop; C Mithun Chand, ED  Looking for the inorganic opportunities due to cash in the balance sheet  Promoters will not participate in the buyback  Looking at R&D programmer or technology tie-up in inorganic opportunity  Monsoon has been late and erratic  Expect a good season for Rabi crop

Dhanuka Agritech: Expect rebound in September owing to good monsoon; targets margin of 17.5% in FY22; MK Dhanuka, MD  Irregular monsoon has impacted business  July and August have not done as well as expected  Expect to see a rebound in September  Target single-digit volume growth for the year  Lower prices may impact margin by 100-150 bps

27 August 2021 6

Click excel icon for detailed Valuation snapshot valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%) Company Reco (INR) (INR) Downside FY21 FY22E FY23E FY21 FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E Automobiles Amara Raja Neutral 667 820 23 37.9 36.2 45.8 -2.1 -4.5 26.5 18.4 14.6 2.5 2.2 14.0 16.0 Buy 209 290 39 11.5 18.0 23.1 38.1 56.8 28.3 11.6 9.0 1.0 0.9 8.7 10.4 Ashok Ley. Buy 118 155 32 -1.0 1.8 6.7 -188.0 LP 279.5 67.0 17.7 4.8 4.0 7.3 24.8 Neutral 3692 4250 15 167.8 196.1 226.9 -6.8 16.8 15.7 18.8 16.3 4.1 4.0 22.2 25.1 Balkrishna Inds Neutral 2276 2600 14 60.9 79.7 94.9 22.7 30.8 19.0 28.6 24.0 6.2 5.2 23.5 23.5 Buy 727 965 33 1.9 21.9 30.8 -78.5 - 40.3 33.2 23.6 5.5 4.6 17.6 21.2 Bosch Neutral 13656 16650 22 335.4 481.7 595.6 -20.6 43.6 23.6 28.3 22.9 3.7 3.3 13.7 15.2 CEAT Buy 1276 1775 39 114.3 74.0 121.2 100.2 -35.2 63.7 17.2 10.5 1.4 1.3 8.7 12.9 Eicher Mot. Buy 2579 3250 26 50.7 78.0 121.2 -24.3 54.0 55.4 33.1 21.3 5.4 4.5 17.4 23.1 Endurance Tech. Buy 1692 1950 15 36.0 48.6 64.9 -5.4 34.9 33.7 34.8 26.1 5.9 5.1 18.0 21.0 Escorts Neutral 1343 1270 -5 86.3 83.7 83.6 59.8 -3.0 -0.1 16.0 16.1 2.3 2.1 15.6 13.6 Exide Ind Buy 157 215 37 8.9 10.4 13.6 -10.0 16.3 31.0 15.2 11.6 1.8 1.6 11.8 13.8 Hero Moto Buy 2648 3400 28 148.4 178.2 215.6 -3.0 20.1 21.0 14.9 12.3 3.2 2.9 22.6 25.1 M&M Buy 781 900 15 33.8 38.9 45.1 12.8 15.1 15.8 20.1 17.3 2.4 2.2 12.5 13.1 Mahindra CIE Buy 229 295 29 2.8 15.6 17.7 -70.1 452.6 13.6 14.7 12.9 1.6 1.5 11.6 12.1 Buy 6609 8200 24 145.3 187.7 304.7 -22.7 29.2 62.3 35.2 21.7 3.6 3.2 10.0 14.7 MRF Neutral 76544 83730 9 - 2,941.9 3,861.9 -10.2 -2.3 31.3 26.0 19.8 2.2 2.0 8.9 10.7 Motherson Sumi Buy 213 285 34 3.4 7.7 11.7 -8.2 127.8 51.5 27.5 18.2 4.7 4.0 18.2 23.6 Buy 284 400 41 0.6 3.2 34.7 -102.2 462.7 994.3 89.7 8.2 1.9 1.6 2.2 21.1 TVS Motor Neutral 509 625 23 12.9 25.2 32.9 -0.9 95.5 30.6 20.2 15.5 4.7 3.8 25.7 27.0 Aggregate 33.7 38.9 66.8 26.9 16.1 3.2 2.8 11.8 17.3 Banks - Private AU Small Finance Buy 1353 1400 3 38.0 30.8 44.2 67.9 -19 43.5 43.9 30.6 5.9 5.0 14.4 17.6 Buy 746 925 24 22.4 45.1 60.9 271.0 101 35.2 16.6 12.2 2.0 1.7 12.8 15.2 Neutral 265 330 25 13.7 15.6 32.5 -36.5 14 108.5 17.0 8.2 2.2 1.9 13.8 24.9 DCB Bank Neutral 84 100 19 10.8 9.2 13.6 -0.7 -14.5 47.5 9.1 6.2 0.7 0.6 7.8 10.6 Equitas Hold. Buy 116 160 38 11.2 8.6 15.8 57.6 -23.9 85.0 13.5 7.3 1.1 1.0 8.3 14.2 Buy 78 110 41 8.0 9.3 12.5 2.8 16.9 33.7 8.4 6.3 0.9 0.8 11.3 13.8 HDFC Bank Buy 1555 1800 16 56.6 66.2 79.3 17.8 16.9 19.9 23.5 19.6 3.7 3.2 16.7 17.3 ICICI Bank Buy 698 835 20 24.2 30.8 39.0 97.0 27.2 26.7 22.7 17.9 2.9 2.5 13.8 15.3 IndusInd Buy 1001 1200 20 39.9 65.0 94.3 -41.4 62.6 45.1 15.4 10.6 1.6 1.4 11.1 14.4 Kotak Mah. Bk Neutral 1698 1900 12 50.4 55.3 67.3 12.2 9.7 21.7 30.7 25.2 3.5 3.1 11.5 12.4 RBL Bank Buy 163 235 44 8.5 4.4 26.3 -14.6 -47.8 493.9 36.7 6.2 0.8 0.7 2.1 11.6 SBI Cards Buy 1088 1200 10 10.5 17.7 29.4 -25.3 68.8 66.2 61.5 37.0 13.1 9.9 23.6 30.5 Aggregate 31.2 29.0 30.5 23.0 17.6 3.1 2.7 13.5 15.3 Banks - PSU BOB Buy 74 100 35 1.6 11.0 17.0 35.6 588.2 53.9 6.7 4.4 0.5 0.4 7.2 10.3 Buy 123 175 43 26.6 36.1 48.0 92.3 35.7 32.9 3.4 2.6 0.4 0.3 12.1 14.5 Punjab Natl.Bank Neutral 36 45 26 1.9 5.3 8.4 225.5 175.4 57.2 6.7 4.3 0.4 0.4 6.0 8.8 SBI Buy 411 600 46 25.1 39.0 50.4 13.3 55 29.3 10.5 8.2 1.2 1.1 13.1 14.6 Union Bank (I) Buy 34 55 64 4.5 7.9 11.8 -140.6 73 50.1 4.3 2.8 0.3 0.3 8.2 11.4 Aggregate 68.4 78 37 9 6.4 0.8 0.8 9.6 11.8 NBFCs Neutral 2385 2820 18 36.9 42.9 54.0 15.9 16.3 26.0 55.6 44.1 6.8 5.9 13.1 14.4 Aditya Birla Cap Buy 106 140 32 4.7 5.5 6.7 22.8 18.5 21.8 19.2 15.8 1.7 1.5 9.3 10.2 Bajaj Fin. Buy 6935 7700 11 73.5 117.7 168.6 -16.3 60.2 43.3 58.9 41.1 9.7 8.0 17.9 21.4 Can Fin Homes Buy 516 660 28 34.2 34.8 39.8 21.3 1.7 14.2 14.8 13.0 2.3 1.9 16.4 16.1 Cholaman.Inv.&F Buy 531 650 22 18.5 21.5 29.4 44.0 16.5 36.7 24.7 18.0 3.9 3.3 17.0 19.7 n H D F C Buy 2700 3290 22 54.5 63.7 71.6 10.8 16.9 12.4 42.4 37.7 4.1 3.8 12.8 13.0 HDFC Life Insur. Neutral 699 725 4 6.7 7.2 8.5 4.8 6.5 18.8 97.5 82.1 4.6 3.9 15.4 17.8 ICICI Pru Life Buy 652 700 7 6.7 6.7 8.0 -10.1 0.5 18.4 97.0 82.0 2.8 2.4 15.0 16.2 IIFL Wealth Mgt Buy 1499 1775 18 42.0 57.0 68.0 82.0 35.8 19.3 26.3 22.0 5.1 4.9 18.5 22.7 IndoStar Neutral 288 355 23 -17.3 14.4 19.6 -50.7 LP 35.7 19.9 14.7 0.9 0.9 4.7 6.1

27 August 2021 7

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CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%) Company Reco (INR) (INR) Downside FY21 FY22E FY23E FY21 FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E L&T Fin Holdings Buy 81 110 35 3.8 5.9 8.2 -54.7 53.1 39.6 13.8 9.9 1.0 0.9 7.5 9.7 LIC Hsg Fin Buy 386 525 36 54.2 35.6 52.7 13.8 -34.3 48.1 10.9 7.3 0.9 0.8 8.9 11.5 Manappuram Fin. Buy 161 220 36 20.4 22.6 26.0 16.3 10.9 15.1 7.1 6.2 1.5 1.3 23.6 22.3 MAS Financial Buy 752 1000 33 26.3 28.2 32.6 -13.8 7.6 15.3 26.6 23.1 3.2 2.9 12.9 13.2 Max Financial Buy 1025 1250 22 11.0 14.1 18.0 -24.2 28.7 27.2 72.4 57.0 3.1 2.6 18.8 19.9 M&M Fin. Buy 155 175 13 2.7 5.6 19.2 -81.5 106.4 241.1 27.6 8.1 1.3 1.1 4.6 14.7 Muthoot Fin Buy 1485 1825 23 92.8 107.4 126.8 23.3 15.8 18.1 13.8 11.7 3.2 2.6 25.3 24.3 Piramal Enterp. Buy 2567 3100 21 62.6 107.9 130.5 -355.3 72.2 20.9 23.8 19.7 1.7 1.6 7.6 8.5 PNB Housing Neutral 652 760 17 55.3 56.8 71.6 43.8 2.7 26.1 11.5 9.1 1.1 1.0 10.3 11.8 Repco Home Fin Buy 293 440 50 46.0 46.6 56.3 2.6 1.4 20.7 6.3 5.2 0.8 0.7 13.0 13.8 SBI Life Insurance Buy 1152 1250 8 14.6 14.6 16.7 2.4 0.2 14.4 79.0 69.0 2.7 2.3 16.8 17.4 Shriram City Buy 2052 2150 5 153.2 169.0 202.3 1.1 10.3 19.7 12.1 10.1 1.5 1.3 13.0 13.9 Union Shriram Trans. Buy 1265 1600 26 98.3 92.3 129.9 -10.9 -6.1 40.8 13.7 9.7 1.3 1.2 10.6 12.9 Aggregate 12.7 23.1 28.5 28.6 22.3 3.4 3.0 11.7 13.5 Capital Goods ABB Buy 1732 2000 15 11.9 20.5 29.0 -28.4 72.6 41.8 84.6 59.6 9.3 8.4 11.0 14.0 Bharat Elec. Buy 181 205 13 8.5 9.5 10.3 15.1 11.9 8.9 19.1 17.6 3.6 3.2 18.8 18.3 BHEL Sell 52 40 -23 -7.8 -2.0 1.2 84.5 Loss LP NM 43.0 0.7 0.7 -2.7 1.6 Sell 981 695 -29 21.4 25.2 27.7 -8.0 17.9 9.9 38.9 35.4 5.8 5.5 14.9 15.6 Engineers India Buy 70 95 37 5.4 6.1 7.0 -20.1 12.0 14.6 11.4 10.0 2.7 2.6 22.0 24.5 K E C Intl. Buy 392 500 27 21.5 23.4 31.1 -2.3 8.9 32.6 16.8 12.6 2.6 2.2 15.5 17.4 Larsen & Toubro Buy 1595 1950 22 82.5 64.9 80.4 21.2 -21.3 24.0 24.4 19.7 2.8 2.5 11.4 12.8 Neutral 2210 2050 -7 21.3 31.7 38.0 -32.6 49.0 19.9 69.7 58.1 7.6 6.9 10.9 11.9 Thermax Neutral 1372 1215 -11 22.0 30.7 40.4 16.5 39.9 31.5 44.6 33.9 4.4 4.1 9.9 11.9 Aggregate -28.3 59.2 30.3 31.9 24.5 3.1 2.9 9.8 11.7 Consumer

Durables Blue Star Sell 776 730 -6 10.4 15.2 23.5 -31.9 45.8 54.4 51.0 33.0 7.8 7.0 15.3 21.1 CG Cons. Elec. Buy 461 530 15 8.4 9.7 11.4 20.7 14.8 18.1 47.7 40.4 12.7 10.7 26.6 26.4 Neutral 1216 1120 -8 16.5 20.2 22.4 40.4 22.9 11.1 60.2 54.2 12.6 10.8 20.9 20.0 Orient Electric Buy 322 395 23 5.6 6.5 8.7 52.3 15.2 34.4 49.5 36.8 12.4 10.0 25.0 27.2 Neutral 958 1065 11 15.9 17.2 22.2 -5.1 8.5 29.0 55.6 43.1 5.8 5.3 10.5 12.3 Whirlpool India Buy 2026 2650 31 27.8 32.5 47.5 -25.9 16.9 46.1 62.3 42.6 8.1 7.0 13.0 16.4 Aggregate 9.5 18.1 23.3 55.8 45.3 9.5 8.3 17.0 18.3 Chemicals Alkyl Amines Neutral 3957 3665 -7 57.9 59.0 73.7 57.0 1.9 25.0 67.1 53.7 20.1 15.9 33.5 33.1 Atul Neutral 8889 10000 13 218.0 258.8 290.0 -2.3 18.7 12.1 34.3 30.6 5.9 5.0 18.4 17.7 Buy 2085 2350 13 56.9 69.4 78.2 27.0 21.9 12.7 30.1 26.7 9.0 7.0 34.4 29.6 Fine Organic Neutral 2853 3134 10 37.5 50.5 78.3 -31.0 34.7 55.2 56.5 36.4 10.3 8.6 19.5 25.8 Galaxy Surfact. Buy 3082 3620 17 85.2 91.0 103.9 31.1 6.7 14.2 33.9 29.7 7.1 6.0 22.7 21.9 Navin Fluo.Intl. Neutral 3600 4040 12 51.2 57.5 95.8 -37.3 12.4 66.5 62.6 37.6 9.4 7.8 16.0 22.6 NOCIL Buy 260 340 31 5.2 12.1 14.2 -34.0 133.4 17.1 21.4 18.3 3.1 2.8 15.1 16.1 Vinati Organics Buy 1780 2220 25 26.2 33.6 44.7 -19.3 28.4 32.9 52.9 39.8 10.1 8.4 20.6 22.9 Aggregate 3.5 20.4 21.5 39.3 32.3 8.2 6.8 20.8 21.0 Cement Ambuja Cem. Neutral 398 385 -3 9.0 11.9 13.9 24.2 32.4 16.2 33.3 28.7 3.6 3.3 11.2 11.9 ACC Buy 2274 2480 9 78.4 112.2 116.8 8.5 43.1 4.1 20.3 19.5 3.0 2.6 15.6 14.4 Birla Corp. Buy 1268 1740 37 73.0 67.4 93.7 11.3 -7.7 39.1 18.8 13.5 1.7 1.5 9.1 11.6 Dalmia Bhar. Buy 2042 2480 21 54.8 59.7 79.2 377.1 8.9 32.7 34.2 25.8 2.8 2.5 8.4 10.2 Grasim Inds. Neutral 1440 1590 10 67.9 102.3 110.3 -23.1 50.5 7.9 14.1 13.0 2.1 2.0 5.5 5.2 India Cem Neutral 159 190 20 7.2 5.9 8.3 947.7 -18.2 41.1 27.0 19.1 0.9 0.8 3.2 4.4 J K Cements Buy 3157 3585 14 91.0 108.6 133.1 45.5 19.4 22.5 29.1 23.7 5.5 4.6 20.6 21.2 JK Lakshmi Ce Buy 701 800 14 33.5 35.0 43.8 48.7 4.2 25.3 20.1 16.0 3.4 2.9 18.2 19.4 Ramco Cem Neutral 969 1000 3 32.3 36.5 41.4 26.5 13.2 13.2 26.5 23.4 3.6 3.1 14.3 14.3

27 August 2021 8

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CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%) Company Reco (INR) (INR) Downside FY21 FY22E FY23E FY21 FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E Shree Cem Neutral 26581 28550 7 640.8 750.3 850.8 47.2 17.1 13.4 35.4 31.2 5.4 4.7 16.4 16.1 Ultratech Buy 7307 8770 20 190.4 237.5 305.7 31.0 24.7 28.8 30.8 23.9 4.0 3.7 14.5 16.4 Aggregate 16.6 28.6 17.7 24.8 21.1 3.3 3.0 13.2 14.0 Consumer Neutral 3040 3070 1 33.4 36.4 45.4 15.4 8.9 24.8 83.5 66.9 20.9 18.9 26.1 29.7 Britannia Buy 3929 4370 11 76.8 71.4 88.3 31.0 -7.1 23.7 55.1 44.5 19.8 18.2 41.3 42.6 Colgate Neutral 1653 1770 7 38.1 39.8 42.2 26.8 4.5 6.1 41.6 39.2 38.6 38.6 92.8 98.4 Buy 606 715 18 9.6 10.2 12.7 11.0 6.8 24.0 59.2 47.8 13.2 11.9 22.9 26.1 Buy 592 660 11 16.3 17.1 18.8 31.1 5.5 9.7 34.5 31.5 13.1 12.9 40.5 41.3 Godrej Cons. Buy 1040 1140 10 17.3 18.9 22.7 21.9 9.5 20.2 55.0 45.8 10.7 10.1 20.0 22.8 HUL Buy 2667 2840 7 34.8 38.4 47.5 11.5 10.4 23.7 69.4 56.1 13.2 13.2 19.0 23.6 ITC Neutral 205 225 10 10.6 12.2 14.4 -14.8 15.3 17.6 16.8 14.3 3.8 3.7 24.0 26.2 Jyothy Lab Neutral 159 168 6 5.8 5.1 6.3 28.7 -11.7 22.5 30.9 25.2 4.1 4.0 13.2 16.0 Buy 521 635 22 9.0 10.0 11.8 10.4 10.9 18.7 52.3 44.1 14.8 13.9 33.0 32.5 Nestle Neutral 20047 18600 -7 217.4 239.7 276.2 7.6 10.2 15.3 83.6 72.6 94.3 92.4 113.6 128.6 Page Inds Neutral 30457 30100 -1 305.3 396.7 497.6 -0.8 29.9 25.4 76.8 61.2 35.2 32.7 45.8 53.5 Pidilite Ind. Neutral 2226 2150 -3 22.2 26.3 31.9 -7.3 18.7 21.2 84.6 69.9 17.2 14.6 22.0 22.6 P&G Hygiene Buy 13574 15530 14 156.1 224.2 295.8 13.4 43.6 31.9 60.5 45.9 56.0 49.9 96.9 115.0 Tata Consumer Buy 853 850 0 9.5 11.1 15.0 20.8 17.0 35.9 77.1 56.7 5.2 4.9 6.9 8.9 United Brew Sell 1433 1130 -21 4.6 16.3 21.6 -71.8 257.5 32.4 87.8 66.3 9.8 9.1 11.6 14.2 Buy 685 800 17 6.4 11.1 14.6 -41.6 75.2 31.2 61.5 46.9 10.1 8.3 16.4 17.7 Buy 850 920 8 7.5 14.2 23.9 -30.7 89.4 68.3 59.8 35.5 9.1 7.3 16.2 22.8 Aggregate 1.9 13.1 20.8 49.8 41.2 11.2 10.6 22.4 25.7 Healthcare Alembic Phar Neutral 736 970 32 59.9 40.8 50.8 36.3 -31.9 24.4 18.0 14.5 2.5 2.2 15.4 17.0 Alkem Lab Buy 3861 4030 4 134.1 145.5 164.4 40.5 8.5 13.0 26.5 23.5 5.3 4.5 21.6 20.8 Buy 2231 2780 25 73.9 80.3 97.9 44.6 8.6 21.9 27.8 22.8 5.6 4.7 21.7 22.4 Aurobindo Buy 698 900 29 54.0 56.3 62.8 9.9 4.2 11.6 12.4 11.1 1.6 1.4 14.0 13.8 Neutral 341 390 14 5.5 6.9 10.6 -10.6 25.4 52.5 49.2 32.3 5.0 4.5 10.5 14.7 Cadila Buy 541 670 24 19.8 24.3 25.4 34.8 22.5 4.6 22.3 21.3 3.2 2.9 16.5 14.3 Neutral 911 1000 10 30.0 35.4 39.9 52.7 18.1 12.7 25.7 22.9 3.6 3.1 13.8 13.6 Divis Lab Buy 4845 5750 19 75.6 103.5 135.4 54.4 36.9 30.9 46.8 35.8 11.5 9.3 26.8 28.8 Dr Reddy’s Neutral 4503 5200 15 143.6 191.3 218.1 9.3 33.3 14.0 23.5 20.6 3.7 3.2 16.8 16.6 Gland Pharma Buy 3879 4460 15 60.9 86.7 110.9 29.0 42.2 28.0 44.8 35.0 8.7 6.9 21.4 22.0 Glenmark Neutral 513 600 17 35.0 39.6 44.9 42.3 13.1 13.4 13.0 11.4 1.8 1.6 14.7 14.6 GSK Pharma Neutral 1516 1550 2 29.4 34.7 38.0 4.4 18.0 9.6 43.7 39.9 15.0 13.1 34.3 32.8 Granules India Buy 326 440 35 22.3 23.4 27.4 66.8 5.0 17.1 13.9 11.9 3.0 2.4 23.7 22.3 IPCA Labs Buy 2515 2400 -5 88.7 88.2 100.2 73.6 -0.6 13.6 28.5 25.1 5.6 4.7 21.6 20.5 Jubilant Buy 610 830 36 54.1 48.8 56.2 -9.5 -9.8 15.0 12.5 10.9 1.8 1.5 15.0 15.0 Pharmova Buy 667 800 20 18.3 24.1 30.5 285.4 31.3 26.8 27.7 21.8 9.6 7.0 41.0 37.3 Lupin Neutral 937 1040 11 26.0 30.6 41.2 11.5 17.6 34.7 30.7 22.7 2.8 2.6 9.6 11.9 Solara Active Buy 1632 2050 26 45.0 82.4 103.4 93.2 83.1 25.4 19.8 15.8 3.1 2.5 23.1 24.0 Pharma Strides Pharma Buy 582 840 44 22.2 -8.1 38.3 45.9 PL LP NM 15.2 2.0 1.8 -2.7 12.3 Buy 760 900 18 25.0 29.5 33.6 52.6 17.9 13.8 25.8 22.6 3.5 3.1 14.4 14.4 Torrent Pharma Neutral 3051 2800 -8 74.9 80.4 95.2 33.5 7.3 18.4 37.9 32.1 8.0 6.9 22.1 23.0 Aggregate 34.9 15.3 18.8 27.3 23.0 4.2 3.6 15.3 15.8 Infrastructure Ashoka Buildcon Buy 98 160 63 14.6 14.1 15.8 5.5 -3.2 12.2 7.0 6.2 0.8 0.7 12.4 12.5 IRB Infra Neutral 163 150 -8 3.3 5.2 9.5 -82.3 55.6 84.1 31.3 17.0 0.8 0.8 2.6 4.7 KNR Buy 307 330 8 9.0 12.5 17.5 24.1 38.8 39.9 24.6 17.6 3.9 3.2 17.3 20.1 Constructions Aggregate 18.1 13.2 1.3 1.2 7.4 9.3 Media

27 August 2021 9

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CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%) Company Reco (INR) (INR) Downside FY21 FY22E FY23E FY21 FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E PVR Neutral 1300 1500 15 -91.6 -81.9 28.6 -384.7 Loss LP NM 45.4 5.9 5.2 -31.4 12.2 Sun TV Buy 475 620 30 38.6 45.3 48.0 10.8 17.5 5.9 10.5 9.9 2.5 2.2 24.6 23.7 Zee Ent. Neutral 168 215 28 11.1 12.0 13.9 101.7 8.8 15.5 14.0 12.1 1.5 1.4 11.0 11.7 Aggregate -18.6 20.7 39.1 17.8 12.8 2.2 2.0 12.3 15.6 Metals Hindalco Buy 424 520 23 24.6 44.9 50.0 40.7 82.6 11.3 9.4 8.5 1.8 1.5 21.0 19.5 Hind. Zinc Neutral 315 300 -5 18.9 23.6 25.6 17.3 25.1 8.1 13.3 12.3 3.9 3.7 30.2 31.0 JSPL Buy 372 495 33 61.4 74.0 45.9 - 20.4 -37.9 5.0 8.1 1.0 0.9 21.2 11.2 JSW Steel Buy 672 840 25 32.8 93.8 87.0 262.5 186.2 -7.2 7.2 7.7 2.4 2.0 39.9 28.2 Nalco Buy 79 107 36 5.4 9.4 11.1 629.4 74.4 17.7 8.4 7.1 1.3 1.2 15.6 16.9 NMDC Buy 149 220 48 22.5 38.2 28.5 47.0 69.8 -25.4 3.9 5.2 1.3 1.2 35.0 23.3 SAIL Buy 115 175 52 13.1 37.0 24.9 - 183 -32.6 3.1 4.6 0.8 0.7 30.0 17.2 Neutral 1375 1565 14 69.0 329.2 190.3 661.9 377 -42.2 4.2 7.2 1.6 1.4 46.5 20.8 Vedanta Neutral 288 300 4 25.9 42.9 36.5 195.3 66 -14.8 6.7 7.9 1.6 1.5 24.6 19.6 Aggregate 175.0 128.5 -21.7 6.1 7.8 1.7 1.5 27.3 18.8 Oil & Gas Aegis Logistics Neutral 269 365 36 6.7 10.1 13.3 124.3 51.1 31.3 26.6 20.3 4.1 3.6 16.4 19.0 BPCL Buy 467 615 32 63.2 32.4 40.5 165.6 -48.7 24.9 14.4 11.5 2.1 1.8 13.6 17.1 Buy 135 170 26 5.9 7.6 8.2 -29.6 28.4 8.7 17.8 16.4 8.5 7.7 50.3 49.5 GAIL Buy 143 200 40 10.9 16.8 16.3 -34.0 54.8 -2.8 8.5 8.7 1.2 1.1 15.5 13.8 Buy 708 860 22 18.5 21.7 29.0 6.9 17.3 33.4 32.6 24.4 8.4 6.4 29.0 29.7 Gujarat St. Pet. Buy 346 500 44 16.4 18.3 20.1 -16.5 11.2 10.0 19.0 17.2 2.3 2.1 12.9 12.6 HPCL Neutral 256 295 15 70.0 37.3 43.3 192.8 -46.6 15.9 6.8 5.9 1.0 0.9 14.5 15.7 IOC Buy 106 157 49 23.7 17.3 17.0 130.8 -27.1 -1.5 6.1 6.2 0.8 0.8 13.7 12.6 IGL Neutral 524 510 -3 14.4 17.3 18.2 -11.5 20.1 5.3 30.4 28.8 5.5 4.8 19.2 17.8 Buy 1117 1315 18 62.7 86.6 80.0 -21.9 38.1 -7.6 12.9 14.0 2.9 2.6 24.5 19.8 MRPL Sell 42 42 -1 -1.4 0.8 7.5 -91.2 LP 904.2 56.2 5.6 1.0 0.9 1.7 16.2 Buy 180 200 11 19.4 25.4 26.8 -15.2 31.3 5.2 7.1 6.7 0.7 0.7 10.6 10.5 ONGC Buy 115 150 30 16.1 23.2 25.6 23.8 44.1 10.0 5.0 4.5 0.6 0.6 12.9 13.0 PLNG Buy 227 310 36 19.7 20.1 23.3 6.5 2.0 16.4 11.3 9.7 2.7 2.4 24.6 25.8 Reliance Ind. Buy 2231 2485 11 67.7 88.7 113.7 1.1 30.9 28.2 25.2 19.6 1.9 1.8 7.9 9.3 Aggregate 34.2 8.0 17.8 15.2 12.9 1.5 1.4 10.1 10.9 Retail Avenue Neutral 3845 3220 -16 17.0 22.8 38.7 -15.5 34.6 69.3 168.4 99.4 17.6 14.8 11.4 16.8 Supermarts Aditya Birla Buy 201 270 35 -7.1 -3.0 0.0 3,769.5 Loss LP NM - 9.0 9.0 -13.1 0.0 Fashion Burger King Buy 170 210 23 -4.3 -1.9 0.1 66.9 Loss LP NM 1,136.9 10.8 10.7 -11.9 0.9 Jubilant Food. Buy 3829 3630 -5 17.5 34.3 50.5 -22.5 96.4 47.2 111.6 75.8 31.6 24.9 28.3 32.9 Shoppers Stop Neutral 244 245 0 -32.0 -15.0 1.1 117.4 Loss LP NM 217.1 -381.3 503.8 -218.7 - Buy 1816 2065 14 11.0 17.8 29.9 -35.4 61.4 68.0 102.0 60.7 19.5 17.2 20.0 30.1 Neutral 943 850 -10 -5.1 1.8 9.5 -270.1 LP 419.6 513.2 98.8 13.2 11.5 2.8 13.3 V-Mart Retail Buy 3533 3920 11 -3.4 1.2 43.0 -112.6 LP 3,620.6 3,058.5 82.2 7.7 7.1 0.3 9.0 Westlife Develop Neutral 526 540 3 -6.7 -3.6 3.7 - Loss LP NM 140.7 19.3 17.0 -12.5 12.8 Aggregate -69.5 218.6 111.9 176.8 83.4 17.4 15.1 9.8 18.1 Technology Cyient Buy 943 1090 16 33.8 45.0 54.4 0.1 33.2 20.9 20.9 17.3 3.5 3.2 16.8 19.4 HCL Tech. Buy 1168 1180 1 43.8 49.3 58.9 7.5 12.5 19.6 23.7 19.8 4.8 4.5 21.1 23.6 Buy 1727 1770 2 45.6 52.6 65.6 17.1 15.5 24.7 32.8 26.3 10.5 10.0 30.6 39.0 L & T Infotech Neutral 5131 4280 -17 107.0 121.1 147.8 23.6 13.2 22.0 42.4 34.7 10.5 8.9 26.8 27.7 L&T Technology Buy 3855 3380 -12 62.8 87.3 109.1 -19.0 38.9 25.0 44.2 35.3 10.0 8.4 24.4 26.0 Mindtree Neutral 3494 2620 -25 67.4 83.6 100.8 75.7 24.1 20.6 41.8 34.7 11.3 9.6 29.3 30.0 Buy 2742 2770 1 64.2 77.7 99.0 1.7 21.0 27.3 35.3 27.7 7.2 6.5 21.6 25.1 Neutral 4958 4760 -4 78.8 116.9 153.6 4.4 48.3 31.4 42.4 32.3 10.2 8.3 26.2 28.4 Persistent Sys Neutral 3214 3130 -3 59.0 84.0 104.2 32.4 42.4 24.0 38.3 30.8 7.6 6.5 21.3 22.6

27 August 2021 10

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CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%) Company Reco (INR) (INR) Downside FY21 FY22E FY23E FY21 FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E TCS Neutral 3671 3400 -7 86.7 107.2 125.7 0.6 23.6 17.3 34.3 29.2 14.9 14.0 44.6 49.4 Tech Mah Neutral 1449 1220 -16 51.7 61.0 71.7 6.9 18.0 17.5 23.8 20.2 4.6 4.1 20.5 21.7 Neutral 629 580 -8 18.8 20.8 25.2 14.3 11.1 20.8 30.2 25.0 6.2 6.2 21.0 25.0 Zensar Tech Buy 446 470 5 15.3 17.5 22.6 31.0 14.3 29.3 25.5 19.7 3.8 3.4 15.8 18.3 Aggregate 7.5 17.4 20.0 32.7 27.3 9.5 8.9 29.1 32.7 Telecom Buy 587 720 23 -1.3 5.1 9.7 -82.5 LP 90.7 115.2 60.4 5.2 4.8 4.6 8.3 Neutral 215 250 16 18.5 21.7 21.9 -1.0 17.7 1.0 9.9 9.8 3.3 3.1 35.2 32.5 Vodafone Idea 6 -8.4 -10.1 -11.0 11.7 Loss Loss NM NM -0.3 -0.2 55.1 38.0 Tata Comm Neutral 1392 1380 -1 46.5 48.6 61.2 340.2 4.5 25.9 28.6 22.7 26.4 12.2 171 73.4 Aggregate Loss Loss Loss -23 -23.5 31.8 -47.3 -138.8 201.5 Utiltites Buy 137 185 35 20.6 25.7 28.8 -23.9 24.5 12.1 5.4 4.8 2.0 1.7 37.6 36.1 CESC Buy 758 890 17 100.1 104.1 111.1 2.4 4.1 6.7 7.3 6.8 0.9 0.9 13.5 13.5 Indian Energy Neutral 441 410 -7 7.2 9.2 10.6 19.9 28.2 15.6 48.1 41.6 21.5 18.6 47.8 47.9 Exchange JSW Energy Sell 238 180 -24 4.9 5.7 6.8 -4.7 16.9 20.8 42.0 34.8 2.6 2.5 6.3 7.2 NHPC Neutral 26 28 6 3.0 3.1 3.6 4.5 2.7 16.0 8.6 7.4 0.8 0.7 9.1 10.0 NTPC Buy 113 140 24 15.7 16.0 17.6 13.6 1.9 10.0 7.1 6.4 0.8 0.8 12.0 12.4 Power Grid Buy 173 205 18 17.9 18.9 19.8 16.0 5.6 5.0 9.2 8.7 1.6 1.5 18.0 17.5 Neutral 473 485 3 22.9 29.2 33.8 -18.2 27.4 15.8 16.2 14.0 2.0 1.8 13.2 13.8 Buy 126 156 24 3.9 5.5 6.4 4.3 40.2 16.8 22.8 19.6 1.8 1.7 8.2 9.1 Aggregate -1.3 9.7 9.9 8.1 7.4 1.3 1.2 16.0 16.4 Others BSE Buy 1102 1430 30 30.9 46.9 71.0 24.1 51.8 51.2 23.5 15.5 2.1 2.0 8.8 12.9 Concor Buy 654 780 19 9.6 17.2 22.4 -42.0 78.7 30.1 38.0 29.2 3.7 3.6 10.1 12.5 Coromandel Intl Buy 768 1050 37 45.3 52.7 57.8 24.6 16.3 9.7 14.6 13.3 3.6 3.0 27.0 24.6 EPL Buy 229 320 40 8.0 10.0 12.4 17.8 24.4 24.5 23.0 18.4 3.8 3.4 17.5 19.3 Indiamart Inter. Buy 7078 8610 22 96.6 119.5 129.9 86.5 23.7 8.7 59.2 54.5 11.1 9.4 20.5 18.7 Indian Hotels Buy 138 183 33 -7.1 -3.4 2.0 -359.5 Loss LP NM 69.1 5.1 4.9 -12.0 7.2 Interglobe Neutral 1747 1600 -8 -151.7 -181.8 51.2 2,249.3 Loss LP NM 34.1 -9.7 -13.6 204.1 -33.2 Neutral 5796 5230 -10 21.3 32.0 42.3 27.5 49.9 32.4 181.3 136.9 15.6 14.5 8.8 10.4 Buy 624 760 22 16.3 21.3 24.8 25.0 30.2 16.5 29.3 25.2 5.2 4.6 18.8 19.4 Kaveri Seed Buy 593 710 20 51.6 37.0 54.7 19.7 -28.3 47.9 16.0 10.8 2.5 2.1 16.7 21.1 Lemon Tree Hotel Buy 39 57 47 -1.6 -1.1 1.2 1,232.4 Loss LP NM 33.1 3.6 3.3 -9.7 10.4 MCX Buy 1498 1940 30 44.2 39.3 55.6 -4.8 -11.1 41.6 38.1 26.9 5.0 4.6 13.6 17.8 Quess Corp Buy 830 1000 21 14.9 28.7 47.9 -18.6 92.9 67.2 28.9 17.3 3.4 2.7 16.1 22.2 PI Inds. Buy 3141 3720 18 48.6 63.2 86.0 61.7 30.2 36.1 49.7 36.5 7.7 6.4 16.6 19.2 SIS Buy 467 600 28 23.7 20.8 28.8 -1.7 -12.4 38.5 22.5 16.2 1.5 1.2 15.7 18.2 SRF Neutral 9059 8075 -11 196.9 270.0 312.5 29.0 37.2 15.7 33.5 29.0 6.5 5.4 21.4 20.4 Neutral 826 810 -2 10.1 36.7 45.6 -68.2 264.9 24.2 22.5 18.1 1.4 1.3 6.4 7.6 Team Lease Serv. Buy 3922 4200 7 51.9 74.9 104.9 6.1 44.4 40.1 52.4 37.4 8.6 7.0 17.8 20.5 Trident Buy 20 25 23 0.7 1.5 1.7 3.2 121.3 13.5 13.8 12.2 2.5 2.1 20.0 19.0 UPL Neutral 720 760 6 45.4 59.4 68.7 29.9 30.9 15.7 12.1 10.5 1.7 1.4 23.2 22.5

27 August 2021 11

Index and MOFSL Universe stock performance

Index 1 Day (%) 1M (%) 12M (%) Index 1 Day (%) 1M (%) 12M (%) Sensex 0.0 5.9 43.2 Nifty 500 0.1 3.2 47.5 Nifty-50 0.0 5.1 44.0 Nifty Midcap 100 0.2 -0.6 58.9 Nifty Next 50 0.3 1.4 43.4 Nifty Smallcap 100 0.2 -4.5 70.4 Nifty 100 0.1 4.6 44.0 Nifty Midcap 150 0.2 -0.6 58.0 Nifty 200 0.1 4.0 45.7 Nifty Smallcap 250 0.2 -5.0 70.1 Company 1 Day (%) 1M (%) 12M (%) Muthoot Fin 0.3 -4.6 23.0 Automobiles -0.5 -3.7 20.5 Manappuram Fin. -0.6 -16.7 2.2 Amara Raja Batt. -1.3 -7.9 -10.3 MAS Financial Serv. 2.9 -5.7 -7.9 Apollo Tyres 0.7 -6.0 58.2 Max Financial 0.4 -8.3 65.5 -1.2 -3.1 65.4 ICICI Pru Life -0.5 0.9 45.2 Bajaj Auto 0.1 -3.8 19.8 ICICI Sec 1.2 -1.9 38.3 Balkrishna Inds 0.1 -2.5 63.2 Company 1 Day (%) 1M (%) 12M (%) Bharat Forge -0.6 -7.3 45.8 IIFL Wealth Mgt 0.1 13.7 36.3 Bosch -1.5 -8.9 -4.5 PNB Housing -3.0 -5.3 130.5 CEAT -0.2 -5.7 35.6 Repco Home -0.8 -17.4 72.8 0.0 0.6 14.6 SBI Life Insuran -0.3 7.0 37.3 Endurance Tech. 2.6 2.2 45.7 Shriram City Union 0.7 15.5 116.6 Escorts 0.2 16.3 19.3 Shriram Trans. -0.2 -8.1 74.2 Exide Inds. -1.6 -11.7 -7.4 Capital Goods 0.7 0.9 69.0 Hero Motocorp -1.0 -5.8 -16.3 ABB 0.2 1.2 80.4 M & M 1.2 3.6 27.4 Bharat Elec. 0.8 -1.8 62.1 Mahindra CIE 2.6 -14.7 52.3 BHEL -2.0 -17.1 30.2 Maruti Suzuki -1.6 -8.7 -5.7 Cummins -0.7 15.2 106.4 MRF -0.7 -5.4 29.0 Engineers India -0.1 -8.4 -0.7 Motherson Sumi 0.9 -7.5 82.9 K E C Intl 0.5 -8.0 20.0 Tata Motors 0.0 -3.0 106.3 L&T 0.1 -0.2 64.6 TVS Motor Co. -2.0 -12.9 8.9 Siemens 1.0 11.9 79.5 Banks-Private 0.2 0.6 43.3 Thermax 0.8 -3.2 72.0 AU Small Fin. Bank 0.1 14.7 84.3 Consumer Durables 0.4 -0.9 54.2 Axis Bank 1.0 -1.3 61.0 Blue Star -0.9 -8.3 24.6 Bandhan Bank 0.2 -11.0 -11.1 CG Cons. Elec. 0.3 -1.5 76.9 DCB Bank -2.8 -18.3 -9.4 Havells 1.0 4.6 87.3 Equitas Holdings -2.2 -6.9 110.3 Voltas -0.3 -6.7 47.6 Federal Bank -2.9 -10.4 37.9 Whirlpool India 2.4 -8.8 -10.2 HDFC Bank -0.1 8.4 39.1 Orient Electric 0.5 -9.1 60.0 ICICI Bank 1.1 3.2 79.4 Chemicals IndusInd Bank -0.5 2.0 76.3 Alkyl Amines 0.4 -10.3 185.5 Kotak Mah. Bank 0.0 -2.5 18.2 Atul -0.2 -2.1 50.7 RBL Bank 0.7 -18.1 -18.8 Deepak Nitrite -0.2 8.5 181.0 SBI Cards 2.2 7.0 31.5 Fine Organic 0.7 -4.2 4.1 Banks-PSU -0.8 -6.2 49.5 Galaxy Surfact. -0.4 0.3 63.7 BOB -1.4 -7.0 52.9 Navin Fluo.Intl. -0.4 -3.0 68.6 Indian Bk -0.6 -12.0 88.1 NOCIL -1.4 -1.1 91.8 PNB -1.6 -9.0 1.3 Vinati Organics -1.8 -8.7 62.7 SBI -1.3 -3.0 95.8 Cement -0.8 -2.9 90.4 Union Bk 0.1 -6.9 10.0 Ambuja Cem. 0.3 -2.5 80.1 Company 1 Day (%) 1M (%) 12M (%) ACC 0.2 -4.0 62.6 NBFCs 0.2 5.2 52.8 Birla Corp. -0.1 -15.7 98.5 Aditya Birla Cap -0.1 -9.7 62.6 Dalmia Bhar. 0.6 -8.2 175.9 Bajaj Fin. -0.1 12.5 90.3 Grasim Inds. -0.6 -7.2 115.5 Cholaman.Inv.&Fn 3.7 7.8 116.3 India Cem -1.3 -19.3 30.0 Can Fin Homes 1.9 -7.5 31.4 J K Cements -0.1 1.4 111.7 HDFC 0.0 9.6 48.7 JK Lakshmi Ce 0.0 -1.6 149.3 HDFC Life Insur. 1.7 5.4 18.1 Ramco Cem -0.3 -13.7 33.7 Indostar Capital -1.1 -17.3 -12.4 Shree Cem 1.2 -5.0 22.5 L&T Fin.Holdings 1.4 -7.4 21.8 Ultratech -1.0 -4.2 79.1 LIC Hsg Fin 0.4 -12.8 29.6 Consumer 0.6 6.0 23.1 M&M Fin. 5.5 6.1 8.5 Asian Paints 0.0 -0.8 54.2

Note: Sectoral performance are of NSE/BSE Indices

27 August 2021 12

Index and MOFSL Universe stock performance

Company 1 Day (%) 1M (%) 12M (%) Company 1 Day (%) 1M (%) 12M (%) Britannia 2.3 12.9 2.6 Oil & Gas 0.7 5.5 22.9 Colgate -0.2 -8.4 17.2 Aegis Logistics -0.1 -14.8 31.0 Dabur 1.0 1.8 22.2 BPCL 1.3 2.4 13.8 Emami 0.7 5.8 66.5 Castrol India 1.3 -5.9 10.0 Godrej Cons. -0.1 6.5 52.5 GAIL -1.6 1.0 43.0 HUL 0.8 13.5 22.2 Gujarat Gas -0.5 -1.1 116.7 ITC -0.8 -3.0 5.0 Gujarat St. Pet. -0.8 1.6 58.3 Jyothy Lab -0.1 -8.3 6.9 HPCL -0.9 -6.5 21.9 Marico 1.9 -2.9 40.8 IOC -0.5 0.9 20.0 Nestle 0.7 10.9 23.8 IGL -0.1 -4.1 26.8 Page Inds -1.8 -7.5 50.8 Mahanagar Gas -0.6 -2.0 10.0 Pidilite Ind. 0.5 -4.1 51.8 MRPL -0.1 -5.7 24.3 P&G Hygiene 3.5 6.2 32.2 Oil India 2.2 11.7 84.3 Tata Consumer 2.1 9.9 55.6 ONGC -0.2 0.9 41.8 United Brew 0.0 -0.2 35.8 PLNG -0.3 4.0 -8.2 United Spirits 0.3 4.2 19.1 Reliance Ind. 1.3 7.4 4.4 Varun Beverages 2.4 13.2 66.4 Retail Healthcare -0.5 -6.1 19.8 Aditya Bir. Fas. 1.4 -7.6 34.6 Alembic Phar -1.5 -19.2 -25.7 Avenue Super. 1.5 10.3 59.6 Alkem Lab 1.1 12.8 36.9 Burger King -0.2 -3.4 Ajanta Pharma -0.8 0.7 38.6 Jubilant Food 0.1 7.6 84.4 Aurobindo 0.2 -26.7 -19.5 Shoppers St. 1.6 -1.7 32.6 Biocon -1.8 -12.5 -13.1 Titan Co. -0.3 5.4 60.2 Cadila -0.3 -10.8 39.3 Trent 2.7 5.8 45.2 Cipla -0.2 -4.1 21.8 V-Mart Retail -1.4 5.3 70.4 Divis Lab -0.3 -1.5 51.5 Westlife Develop 2.6 -3.9 40.8 Dr Reddy’s -1.1 -16.7 1.5 Technology -0.1 13.7 87.8 Gland Pharma 0.8 -3.4 Cyient -0.8 -4.1 146.3 Glenmark -1.4 -18.1 4.7 HCL Tech. 1.1 16.8 63.8 GSK Pharma -0.5 -12.2 -4.5 Infosys -0.6 7.7 81.6 Granules -1.4 -13.5 5.4 L&T Infotech 0.8 18.0 107.7 IPCA Labs 1.3 12.8 25.3 L&T Technology 0.1 12.0 150.0 Jubilant Pharmo -0.3 -12.3 -19.0 Mindtree -0.4 28.6 197.9 Laurus Labs -1.4 2.4 189.9 Mphasis -1.8 5.9 128.6 Lupin -0.4 -20.0 -4.2 Coforge -0.7 5.1 154.3 Solara Active -3.2 -5.5 68.4 Persistent Sys -0.5 -1.1 205.2 Strides Pharma -0.1 -24.5 -4.6 TCS 0.3 14.7 62.8 Sun Pharma -1.1 8.1 44.8 Tech Mah -0.9 29.4 97.8 Torrent Pharma -0.1 -0.9 10.8 Wipro -0.3 6.5 131.2 Infrastructure -0.4 1.4 38.8 Zensar Tech 2.7 14.7 151.6 Ashoka Buildcon -0.6 -4.2 28.2 Telecom -3.4 3.8 18.2 IRB Infra.Devl. 1.0 -0.3 26.0 Bharti Airtel -4.2 7.9 14.1 KNR Construct. 2.9 13.4 132.6 Indus Towers -2.4 -3.9 7.3 Media -1.2 -10.3 -3.3 Idea Cellular -6.5 -28.8 -33.9 PVR -1.7 -2.2 -1.7 Tata Comm -0.7 3.2 59.5 Sun TV -1.8 -13.0 -2.0 Utiltites 0.9 4.3 59.9 Zee Ent. -1.3 -18.3 -20.5 Coal India -1.1 -4.6 -3.2 Metals -1.3 0.3 113.8 CESC -0.3 -9.7 18.7 Hindalco -1.6 6.0 118.9 Indian Energy Ex 2.8 0.3 130.6 Hind. Zinc -0.4 -3.6 39.2 JSW Energy 5.0 -1.1 318.4 JSPL -1.1 -8.1 67.6 NHPC Ltd 0.0 2.5 18.7 JSW Steel -1.8 -4.6 135.1 NTPC -1.1 -5.6 9.7 Nalco -3.1 -5.6 110.1 Power Grid -1.3 -0.7 24.6 NMDC -4.8 -14.9 54.5 Tata Power -0.3 2.5 100.5 SAIL -3.4 -11.1 178.5 Torrent Power 0.0 1.2 35.0 Tata Steel -1.1 5.9 223.4 Others Vedanta -0.8 5.9 122.8 BSE 2.2 -12.5 124.4 Coromandel Intl -0.8 -15.9 -4.6

27 August 2021 13

Index and MOFSL Universe stock performance

Company 1 Day (%) 1M (%) 12M (%) Concor 1.6 -0.7 65.9 EPL Ltd 0.6 -5.6 -22.1 Indiamart Inter. 0.8 -2.9 94.4 Godrej Agrovet -0.2 -4.3 25.8 Indian Hotels -0.6 -5.8 31.4 Interglobe 1.8 0.4 48.6 Info Edge 0.0 13.7 78.3 Kaveri Seed 2.4 -15.5 -6.4 Lemon Tree Hotel -0.9 -3.8 26.0 MCX 2.6 -11.6 -11.8 Piramal Enterp. 0.2 14.0 79.0 PI Inds. 0.3 2.0 56.0 Quess Corp -0.3 4.0 120.6 SIS 3.3 -9.9 20.8 SRF 1.5 15.6 112.8 Tata Chemicals 0.5 9.0 147.0 Team Lease Serv. -0.5 -2.1 68.8 Trident -0.5 19.0 202.8 UPL -0.8 -12.2 45.9

27 August 2021 14

N O T E S

27 August 2021 15

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The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.

For Singapore: In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets services license and an exempt financial adviser in Singapore, as per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of which some of whom may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately discontinue any use of this Report and inform MOCMSPL.

Disclaimer: The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the m edia or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non- investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.

Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, -400025; Tel No.: 022 71934200/ 022-71934263; Website www.motilaloswal.com. CIN No.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.

Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579 ;PMS:INP000006712. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL. Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance Officer: Name: Neeraj Agarwal, Email ID: [email protected], Contact No.:022-71881085.

* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench.

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