Morning Call

22 August 2019 Indices Close Previous Chg.% Markets extend declines for second day SENSEX 37,060.4 37,328.0 -0.72%  Indian shares fell notably on Wednesday amid mixed global cues NIFTY 10,918.7 11,017.0 -0.89% NIFTY 500 8,864.5 8,957.4 -1.04% and in the absence of any stimulus package from the Modi

NIFTY MID 100 15,481.9 15,728.3 -1.57% government to arrest economic slowdown. Rising oil prices also

dented sentiment.

TTM CY19E CY20E  The benchmark S&P BSE Sensex ended the session down 267.64 Nifty EPS 472 618 709 Nifty PE 23 18 15 points, or 0.72%, at 37,060.37, with financial and metal stocks pacing the declines. The broader NSE Nifty index dropped 98.30 Market depth Advance Decline T/O(bn) points, or 0.89%, to finish at 10,918.70. Shares of Tata Motors NSE 450 1396 281 plunged as much as 9.6% amid global recession fears after BSE 627 1849 20 China's Geely Automobile Holdings posted a 40% slump in first-

Spot Currency Close Previous Chg.% half profit and forecast an uncertain outlook for vehicle demand

USD/INR 71.55 71.71 0.22% for the rest of the year. EURO/INR 79.45 79.45 0.01%  Indiabulls Housing Finance plunged 9% to extend declines for JPY/INR 0.67 0.68 0.60% the fifth straight session after global rating agency Moody's GBP/INR 86.82 86.58 -0.27% G-Sec 10yr 6.57 6.59 0.29% downgraded its long-term corporate family rating. Yes Bank,

which owns 12.79% stake in CG Power and Industrial Solutions, ` Net Invest 21 Aug MTD CYTD gave up 8.6%.

FII’s (USD mn) -110.1 -18900.7 -15399.1 DII’s (USD mn) 50.6 48678.5 56517.9 Industry Buzz

Nifty Gainers Chg.% Nifty Losers Chg.%  The government is planning to boost domestic production of HEROMOTOCO 1.64 TATAMOTORS -9.57 chemicals and petrochemicals to cut down imports and make MARUTI 0.97 IBULHSGFIN -8.94 India a manufacturing hub for the sector, a top ministry official . INFY 0.82 YESBANK -8.64 TECHM 0.72 GRASIM -4.69 said on August 21. Net imports of chemicals and petrochemicals EICHERMOT 0.53 TATASTEEL -4.54 touched a whopping INR 1.21 lakh crore annually in 2018-19,  the official added. Addressing an event organised by the Indian

 FII Derivatives Buy (bn) Sell (bn) Net (bn) Chamber of Commerce (ICC), chemicals and petrochemicals INDEX FUT 34 35 -1 IND.OPTIONS 2,699 2,708 -9 secretary P Raghavendra Rao said there is a need to increase the STOCK FUT 124 127 -3 capacity utilisation in this industry from the current level of 75- ST. OPTIONS 53 54 -1 80 per cent and cut unnecessary imports. In a joint report, ICC

and FutureStation Advisors said that total production of chemicals and petrochemicals stood at 478.82 lakh tonne during 2017-18. India is the sixth largest producer in the world.

 As per the notification issued on August 21, the Reserve Bank of India (RBI) has permitted the processing of e-mandates on cards for recurring merchant payments from September 1, 2019. This means that the customer need not go through the two-factor authentication process every time a similar transaction is carried out with the same merchant. The two- factor authentication involves a customer-generated password and a one-time-password provided by the issuer to

complete a transaction. But now the customer can combine this process with the e-mandate and allow automatic processing of such transactions.  The Securities and Exchange Board of India (SEBI) is currently not in favour of minimum public shareholding for listed companies being hiked to 35% from the current 25% and has communicated its view to the Finance Ministry. A higher public shareholding, or “float”, has the potential to create more liquidity in shares. As well, the decision would allow the government to sell another 10% in state-owned companies, leading to a potential windfall.

Corporate Buzz  LIC Housing Finance: Fidelity Management to sell stake in the company, the book size at $200 million.  HPCL: Chief Financial Officer R Kesavan said that the company will fund INR 32,000 crore of its capital expenditure plan via debt and the debt ratio is expected to be below 2:1 at the peak of capex. He also stated that the state refiner plans to spend INR 74,200 crore on capex for the next five years.  Coffee Day Enterprises clarifies: Reports of ITC considering buying a stake in the company are incorrect.  NMDC: Company cut iron ore lump, fines prices by INR 200 per tonne from August 20.  Redington India: ICICI Prudential Life sold 2.05% stake in the company on August 20.  Kansai Nerolac Paints (KNPL): Business Transfer Agreement has been entered into by and between Nerofix Private Limited (incorporated in terms of the joint venture agreement, paid-up equity share capital of which is held by KNPL and Polygel in the ratio of 60:40), Polygel, Promoters of Polygel and KNPL.  Infosys: Company expanded strategic partnership with Google Cloud to help clients accelerate their digital transformation with Cloud.  BHEL: India Ratings & Research has affirmed the company's long-term issuer rating at 'AA+'. However, the outlook has been revised from 'Stable' to 'Negative'.  Aspira Pathlab & Diagnostics: Company approved the issue and allotment of up to 38 lakh equity shares at an issue price INR 26 per share to strategic investors not forming part of promoter or promoter group, on a preferential basis.  NCL Industries: CRISIL reaffirmed long term and short term credit rating.  NTPC: Government accepted company’s request for surrendering coal block in Odisha. The mine was allotted for developing 1,320 MW Bilhaur thermal power plant at Uttar Pradesh, the company said in a statement adding, it’s now is being developed as a solar plant. Moreover, it has signed a power purchase agreement with the state government.  LIC Housing Finance: An undisclosed institutional shareholder of the company has sought to raise between $200-$211 million through an offering of about 3.37 crore shares. The offering will be at priced between INR 425.15-449.50 per share, the terms show.  Future Enterprises clarified that post the investigation Directorate of Revenue Intelligence has issued show cause notice in the matter. The company said that it is confident of no violation of any regulations for imports of garments under South Asian Free Trade Area Rules.  Redington India: ICICI Prudential Life Insurance decreased stake from 7.4% to 5.3% in the company.  MSTC: Uttar Pradesh government has extended the agreement with for e-tendering cum e-auction of minor minerals blocks (sand and morrum) and insipu rocks blocks for another one year. Signed two selling agency agreements with Chhattisgarh State Power Generation and Jindal Power, with a combined projected volume of business estimated to be INR 115 crore.

 JMT Auto Q1: Consolidated loss at INR 0.85 crore against loss at INR 9.2 crore; revenue falls to INR 121.55 crore versus INR 141.2 crore YoY.

Global Commentary  After showing an early move to the upside, stocks remained firmly positive throughout the trading session on Wednesday. With the upward move on the day, the major averages more than offset the pullback seen in the previous session. The major averages pulled back off their highs of the session but held on to strong gains. The Dow jumped 240.29 points or 0.9% to 26,202.73, the Nasdaq advanced 71.65 points or 0.9% to 8,020.21 and the S&P 500 climbed 23.92 points or 0.8% to 2,924.43.  Asian stocks ended mixed on Wednesday as trade worries resurfaced and investors awaited cues from Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium on Friday and the Group of Seven (G7) summit to be held in southwestern France this weekend. The benchmark Shanghai Composite Index ended marginally higher at 2,880.33, while Hong Kong's Hang Seng Index edged up 0.2% to 26,270.04. Japanese shares fell slightly as trade tensions resurfaced and political uncertainty in Italy and Britain added to concerns over the state of the global economy. The Nikkei 225 Index ended down 58.65 points, or 0.3%, at 20,618.57, while the broader Topix closed 0.6% lower at 1,497.51.  European stock markets closed in the green on Wednesday, recovering from yesterday’s losses, on hopes that Italy will postpone early elections and boosted by company merger news. On Wednesday, the Italian center-left Democratic Party said it was ready to hold talks with the anti-establishment 5-Star Movement, rising expectations of a new coalition. Autos shares were among the best performers, after Il Sole 24 Ore newspaper reported that merger talks between Fiat Chrysler and Renault are back on the table. The DAX 30 gained 152 points, or 1.3% to 11,803; the FTSE 100 surged 79 points, or 1.1% to 7,204, boosted by a weaker pound on little hopes of a Brexit deal agreement with the EU, ahead of the meetings between the UK PM Johnson with German Chancellor Angela Merkel on Wednesday and with French President Emmanuel Macron on Thursday; the FTSE MIB added 362 points, or 1.8% to 20,847; the CAC 40 rose 91 points, or 1.7% to 5,436; and the IBEX 35 went up 83 points, or 1% to 8,702.

Global Macro  The budget surplus in the UK narrowed to GBP 2.0 billion in July 2019 from GBP 4.2 billion in the same month of the previous year and compared to market expectations of a GBP 2.65 billion surplus. Excluding state-controlled banks, the public sector had a borrowing surplus of GBP 1.3 billion, GBP 2.2 billion less surplus than in July 2018. Tax receipts were slightly up, while government spending increased 4.2% on the back of purchases of goods and services and staff costs. For the first four months of the financial year starting in April, Britain has borrowed GBP 16.0 billion, up 60% compared with a year ago.  The International Monetary Fund cautioned that monetary policy easing is unlikely to lead to currency devaluations that are adequate enough to cause a sustained improvement in a country's trade balance. The IMF view comes at a time when the US President Donald Trump has accused China and the European Union of engaging in currency manipulation to benefit their exporters. Trade wars and currency devaluation concerns are set to be intensively discussed later this week when global central bankers will gather in Jackson Hole, Wyoming.

 The U.S. economy had about 501,000 fewer jobs as of March 2019 than the Bureau of Labor Statistics initially calculated in its survey of business establishments. That’s the largest revision since the waning stages of the Great Recession in 2009. The newly revised figures indicate the economy didn’t get a huge boost last year from President Trump’s tax cuts and higher federal spending. They also signal the economy is a bit weaker than previously believed and could give the Federal Reserve even greater reason to cut interest rates in September.

Outlook  Markets likely to remain volatile.

NIFTY – Daily

Supports / Resistances S1 S2 R1 R2

NIFTY 10700 10500 11200 11700

Trading Range 10700 11 200

Outlook:

In short term Nifty was consolidated in the range of 11,100 – 12,100 levels and breached the support at 11,100 levels and began a short term downtrend. We expect, NIFTY to continue the down trend towards 10,700 levels.

BANK NIFTY – Daily

Supports / Resistances S1 S2 R1 R2

BANK NIFTY 27500 26700 29500 30500

Trading Range 27500 28500

Outlook:

In short term Bank Nifty was in uptrend from 27,500 levels and got resistance around 30,600 levels and retraced to 28,500 levels. We expect, in coming day’s Bank Nifty will continue its downtrend towards 27,500 levels.

S1 S2 PIVOT R1 R2 Trading guidelines

ADANIPORTS 346 344 350 352 357

 ASIANPAINT 1580 1571 1587 1596 1604 This model is based on the premise that the PIVOT is the most important AXISBANK 660 653 667 675 682 price level that decides the intraday trend. Much like how the door or a

BAJAJ-AUTO 2736 2717 2754 2772 2790 window hangs by a hinge and sways in the wind, the intraday trend also BAJAJFINSV 7042 6971 7188 7258 7404 hangs by this PIVOT LEVEL and swings because of the demand-supply, BAJFINANCE 3225 3198 3274 3301 3349 volatility and market sentiments prevailing in the market. Hence its BHARTIARTL 352 349 356 359 363

BPCL 321 317 330 334 343 importance in intraday trading.

BRITANNIA 2350 2272 2377 2455 2482  Wait for the market price to stabilize after opening in the first 30 minutes

CIPLA 462 458 470 474 482 of trading. COALINDIA 185 183 190 192 198  Opening Price is considered around close of previous day. Avoid BUYING DRREDDY 2485 2470 2506 2520 2542 if prices open abnormally high and avoid selling if prices open too low. EICHERMOT 15795 15667 16037 16165 16408  GAIL 119 117 124 126 130 If the market price is stable above the pivot level after 20-30 minutes of opening, then GO LONG and book profit near the resistant level (R1 & GRASIM 678 669 704 713 739 HCLTECH 1059 1054 1071 1077 1089 R2)

HDFC 2051 2038 2075 2088 2112  If the market price is stable below the pivot level after 20-30 minutes of HDFCBANK 2212 2200 2227 2239 2254 opening, then GO SHORT and book profit near the support level (S1 & S2) HEROMOTOCO 2684 2644 2703 2742 2761

HINDALCO 174 171 176 179 182 HINDUNILVR 1843 1830 1849 1863 1869 Stop loss IBULHSGFIN 450 436 486 499 535 ICICIBANK 407 405 413 416 421 Since you are aware of the 'potential returns' at the time of initiating an intraday

INDUSINDBK 1337 1320 1375 1392 1430 trade (difference between the entry price and profit targets), you should set up INFRATEL 244 241 250 254 259 an appropriate STOP LOSS around 1% above / below of the trade price or a level

INFY 794 788 799 805 810 comfortable to you, to protect yourself if the market turns and goes against you. IOC 119 118 122 123 126

ITC 239 237 243 245 249

JSWSTEEL 215 212 220 223 229 Alternate strategy KOTAKBANK 1496 1485 1507 1518 1529

LT 1291 1277 1317 1331 1356 If you have already initiated a trade with clear-cut profit targets and a stop loss M&M 513 507 524 530 542 level, and find during the course of the trading day that the market turns and

MARUTI 6183 6095 6230 6318 6365 goes the other way and crosses the TREND LEVEL, then trade again: For instance, NTPC 117 116 118 119 120 if your first trade was a LONG trade and the market price drops through the ONGC 119 116 122 125 128 TREND LEVEL to lower price levels, then GO SHORT and if your first trade was a POWERGRID 203 202 205 206 209 RELIANCE 1265 1260 1272 1277 1284 SHORT trade and the market price rises through the TREND LEVEL to higher price

SBIN 272 270 279 281 288 levels, then GO LONG.

SUNPHARMA 410 405 418 422 430 TATAMOTORS 105 101 114 119 128 S1, S2 are the immediate support levels. TATASTEEL 334 330 346 350 362 TCS 2173 2168 2188 2193 2207 R1, R2 are the immediate resistance levels. TECHM 671 667 673 677 679 TITAN 1047 1035 1072 1084 1109 ULTRACEMCO 3820 3771 3947 3996 4123 UPL 526 519 535 542 550 VEDL 138 136 140 142 144 WIPRO 250 249 253 254 256 YESBANK 62 60 67 69 73 ZEEL 339 336 346 349 355

Valuation Matrix - MidCaps & SmallCaps Sales PAT EBIDTA Dividend Target Mk. Cap (INR (INR EPS EPS Growth (%) P/E PEG Margin PAT Margin (%) RoE (%) EV/EBIDTA EV/Sales Price/Book CMP Yield (%) Company Name Price (USD bn) bn) (%) (INR) Reco (INR) bn) CAGR FY19- FY20E FY21E FY20E FY21E FY20E FY21E 21E FY20E FY21E FY20E FY20E FY21E FY20E FY21E FY20E FY21E FY20E FY21E FY20E FY21E FY20E FY21E FY20E FY21E Amara Raja 620 702 MP 1.5 73.0 5.6 32.5 36.3 14.7 11.7 13.2 19.1 17.1 1.5 15.0 15.1 7.6 7.7 15.6 15.6 9.7 8.7 1.5 1.3 2.9 2.6 1.2 1.3

ARVIND 50 63 BUY 0.2 76.5 2.3 10.5 10.6 -0.7 1.0 9.3 4.8 4.8 5.0 9.9 10.0 3.0 3.3 8.6 8.4 5.1 4.6 0.5 0.5 0.4 0.4 4.6 5.1

AU Small Finance 696 700 OP 2.9 25.2 5.8 19.5 25.9 49.4 33.0 40.4 35.7 26.8 0.8 36.7 38.7 23.0 23.7 15.6 16.8 - - - - 5.2 4.2 0.2 0.2

Balkrishna Indus 729 697 SELL 2.0 55.0 8.0 42.9 50.0 6.0 16.5 11.7 17.0 14.6 0.9 25.8 26.6 14.5 15.2 15.6 16.0 10.0 8.7 2.6 2.3 2.7 2.4 1.0 1.1

Berger paints 367 346 OP 5.0 65.3 6.1 6.4 7.6 41.7 18.8 21.8 57.2 48.2 2.6 16.8 17.1 9.4 9.6 23.7 24.4 32.1 27.4 5.4 4.7 12.7 11.1 0.6 0.7

Birla Soft 63 118 BUY 0.2 21.7 1.8 6.6 8.7 -53.1 31.3 -19.9 9.5 7.3 0.2 14.5 15.4 8.3 9.4 17.6 20.2 3.8 3.1 0.6 0.5 - - 2.7 3.5

CEAT 917 917 OP 0.5 72.8 2.8 69.6 73.5 -11.9 5.5 8.5 13.2 12.5 2.3 9.7 10.1 3.9 3.6 9.9 10.0 6.6 5.8 0.6 0.6 1.2 1.1 1.5 1.4

City Union Bank 200 223 OP 2.1 24.4 7.7 10.5 12.4 9.9 18.0 13.9 19.1 16.2 0.9 - - 31.7 32.4 14.8 15.2 - - - - 2.6 2.3 0.5 0.5

Cyient 429 530 MP 0.7 46.7 4.7 42.9 47.4 0.7 10.4 5.7 10.0 9.1 0.9 14.7 15.1 10.1 10.2 17.8 17.8 6.3 5.6 0.9 0.8 1.7 1.5 3.6 4.3

DCB Bank 211 241 BUY 0.9 17.2 4.0 12.7 16.0 20.5 26.6 23.4 16.7 13.2 0.5 - - 23.0 24.5 12.2 13.6 - - - - 1.9 1.7 0.5 0.7

Emami 297 345 BUY 1.9 29.4 5.5 11.7 13.8 70.9 18.4 43.9 25.5 21.5 1.2 27.6 28.0 18.6 19.6 25.1 26.9 16.6 14.9 4.6 4.2 6.0 5.4 1.7 2.0

Escorts 459 500 MP 0.8 64.7 4.5 37.6 37.6 -33.4 21.2 -17.9 12.2 12.2 0.6 11.7 11.7 0.1 0.1 15.2 15.2 7.6 7.6 0.8 0.8 1.6 1.4 0.7 0.8

Gabriel 94 135 MP 0.2 22.5 1.0 7.4 8.6 - 16.7 14.2 12.7 10.9 0.6 8.5 8.9 4.6 4.9 15.9 16.0 6.5 5.7 0.6 0.5 2.0 1.7 2.0 2.2

Geojit 23 24 MP 0.1 3.3 0.5 2.1 2.4 - 14.3 26.9 10.8 9.4 0.7 29.0 29.5 15.1 15.3 6.3 6.1 2.9 2.4 0.8 0.7 - - - -

Greaves Cotton 122 149 MP 0.4 21.7 1.9 8.6 9.7 23.6 13.1 19.8 14.2 12.6 1.0 14.2 14.8 9.6 9.7 20.5 21.8 8.5 7.5 1.2 1.1 3.1 2.6 4.9 5.0

Havells India 677 747 OP 5.9 112.5 8.9 14.4 17.5 15.9 22.0 18.2 47.1 38.6 1.8 12.0 12.9 7.9 8.4 19.6 21.2 29.9 24.6 3.6 3.1 8.7 7.6 0.8 1.0

Heidelberg 198 212 BUY 0.6 23.1 2.9 12.6 14.5 29.3 15.3 22.1 15.7 13.7 0.9 23.9 24.2 12.4 13.4 22.0 21.4 8.2 7.6 2.0 1.8 3.3 2.8 1.8 2.0

Hexaware Tech 378 390 OP 1.6 55.6 6.5 21.6 24.7 10.1 14.2 12.1 17.5 15.3 1.1 15.5 15.7 11.7 11.6 25.2 24.9 12.1 10.3 1.9 1.6 4.1 3.5 2.0 2.0

Indian Bank 180 216 OP 1.3 100.3 11.8 24.2 39.8 260.3 64.8 124.3 7.4 4.5 0.1 - - 11.8 17.1 6.4 9.9 - - - - 0.5 0.5 2.5 3.4

JK Cements 1028 1228 BUY 1.1 56.2 4.2 58.1 60.7 38.2 4.4 28.5 17.7 16.9 3.9 17.6 18.2 7.6 7.2 13.5 13.7 9.3 7.7 1.6 1.4 2.5 2.2 0.9 0.9

JK Lakshmi cement 441 359 BUY 0.5 42.8 2.1 18.1 22.2 167.2 22.9 125.7 24.4 19.9 0.9 13.8 13.7 4.9 5.5 12.6 14.1 8.1 7.5 1.1 1.0 2.3 2.0 0.4 0.5

Kajaria 489 598 BUY 1.1 33.2 2.8 17.8 21.4 26.7 20.3 22.5 27.5 22.8 1.1 15.8 16.3 8.4 9.1 16.6 17.6 15.0 12.8 2.4 2.1 4.7 4.1 0.8 0.9

Kaveri Seed 444 546 BUY 0.4 9.1 2.3 39.3 42.7 15.4 8.8 13.6 11.3 10.4 1.2 26.3 26.4 25.8 27.0 23.0 22.2 10.1 9.1 2.7 2.4 2.4 2.1 1.9 2.1

KEC International 289 351 BUY 1.1 127.5 5.8 22.4 26.3 18.3 17.5 16.8 12.9 11.0 0.6 10.4 10.4 4.5 4.7 21.0 20.6 6.8 6.0 0.7 0.6 2.6 2.2 1.1 1.3

KVB 59 68 MP 0.7 36.2 4.1 5.4 9.1 2.6 68.5 85.5 10.9 6.5 0.1 - - 11.3 18.5 6.3 10.8 - - - - 0.7 0.6 1.5 2.1

LVB 44 - - 0.2 7.5 -5.6 -19.5 -4.0 30.2 79.5 -66.0 -2.3 -11.1 -0.1 - - -74.6 -2.5 -45.2 -11.4 - - - - 1.1 1.4 - -

LIC Housing Fin 471 556 BUY 3.4 51.8 26.6 52.9 61.4 9.8 16.2 12.9 8.9 7.7 0.5 - - 51.4 52.1 15.6 16.0 - - 35.5 31.0 1.3 1.2 1.9 2.2

Lumax Ind 1202 1554 BUY 0.2 18.0 0.7 84.5 105.1 -40.5 18.5 -2.7 14.2 11.4 0.6 9.4 9.8 4.0 4.5 17.6 18.1 7.5 6.3 0.7 0.6 - - 1.8 2.1

Mindtree 708 711 MP 1.7 77.0 6.5 39.0 49.3 0.5 13.0 3.6 18.2 14.4 1.1 14.0 15.3 8.5 9.5 18.7 21.3 10.2 8.5 1.4 1.3 3.1 2.7 2.6 2.8

MINDA 321 375 BUY 1.2 64.7 3.3 12.2 16.7 12.4 36.3 23.8 26.2 19.2 0.5 12.2 12.6 5.1 5.7 17.3 18.8 11.7 9.6 1.4 1.2 4.0 3.3 0.4 0.5

Motherson Sumi 98 128 MP 4.4 696.2 17.6 5.5 7.0 70.7 15.8 17.4 17.7 13.9 0.9 8.2 9.2 2.5 3.0 15.3 17.5 7.4 6.1 0.6 0.6 2.6 2.3 1.9 2.2

NIIT - Tech 1375 1417 BUY 1.2 41.7 4.6 75.2 88.5 13.7 17.6 16.4 18.3 15.5 0.9 17.9 18.1 11.1 11.5 20.6 21.3 10.0 8.8 1.8 1.6 3.5 3.0 1.7 2.0

ORIENT CEMENT 87 120 BUY 0.3 28.0 1.3 6.3 7.9 25.2 45.3 84.7 13.8 11.0 0.2 15.7 16.0 4.8 5.5 11.3 12.8 6.8 6.1 1.1 1.0 1.6 1.4 1.3 1.6

Page Indus. 18264 18335 MP 2.9 31.3 4.3 386.7 460.9 9.5 19.2 14.2 47.2 39.6 2.1 22.0 22.4 13.7 14.1 49.6 48.2 29.5 25.2 6.5 5.7 21.9 18.4 1.0 1.3

Persistent System 555 566 MP 0.6 35.1 3.6 46.7 52.5 5.0 12.6 9.3 11.9 10.6 0.8 15.8 16.3 10.3 10.7 15.0 15.8 5.7 5.1 0.9 0.8 1.7 1.5 2.6 2.8

PI Indus 1120 1282 BUY 2.2 34.4 5.2 37.6 46.6 24.5 22.4 25.2 29.8 24.0 1.1 21.1 23.4 15.1 15.5 20.9 21.8 21.2 16.9 4.5 3.7 5.7 4.8 0.5 0.5

RANE HOLDINGS LTD 893 1243 MP 0.2 27.8 1.5 100.3 124.3 49.0 24.0 30.8 8.9 7.2 0.3 11.6 11.8 5.4 5.8 13.0 14.0 7.6 6.1 0.7 0.7 - - - -

RBL Bank 390 566 BUY 2.5 59.0 10.3 23.0 32.2 12.9 39.9 26.0 17.0 12.1 0.3 - - 17.4 19.5 12.0 14.3 - - - - 1.9 1.7 0.8 1.1

Repco Home Fin 316 402 BUY 0.3 5.3 2.5 40.6 46.3 8.3 14.1 7.9 7.8 6.8 0.5 - - 48.1 48.2 15.5 15.2 - - 21.2 18.6 1.2 1.0 0.9 1.0

Shriram City Union 1384 1412 MP 1.3 40.4 10.5 159.9 178.7 6.7 11.7 8.5 8.7 7.7 0.7 - - 26.0 26.4 15.3 15.2 - - 5.7 5.1 1.3 1.1 1.4 1.7

SIB 11 15 MP 0.3 36.6 3.8 2.1 2.9 51.4 42.1 46.6 5.5 3.9 0.1 36.1 35.3 10.3 12.8 6.9 9.3 - - - - 0.4 0.4 3.7 4.7

Solar Industries 1089 1239 BUY 1.4 28.9 3.1 34.4 42.5 20.8 23.6 21.3 31.7 25.6 1.1 20.4 20.6 10.8 11.2 22.8 23.7 17.6 14.6 3.6 3.0 6.9 5.8 0.5 0.6

Somany Ceramics 292 400 BUY 0.2 18.6 0.6 15.7 21.2 76.3 35.1 39.3 18.6 13.8 0.4 9.6 10.3 3.4 4.2 9.8 12.1 9.8 8.2 0.9 0.8 1.9 1.7 0.9 0.9

Supreme Industries 1127 1124 OP 2.0 62.0 4.6 36.2 43.1 -7.3 15.7 10.5 31.1 26.1 1.7 13.7 14.2 7.4 7.9 20.2 21.5 16.5 14.2 2.3 2.1 6.0 5.4 1.4 1.6

Trident 58 73 BUY 0.4 54.7 4.4 8.7 9.6 16.6 9.9 14.5 6.6 6.1 0.6 19.7 20.2 8.0 8.4 13.6 13.7 4.6 4.2 0.9 0.9 0.9 0.8 3.8 4.1

TTK Prestige 5784 6152 MP 1.2 23.6 2.2 158.7 189.5 20.8 20.8 28.0 36.4 30.5 1.5 14.1 15.0 9.3 9.8 17.9 17.9 23.4 20.4 3.4 3.1 6.0 5.3 0.8 1.0

TVS Motor 369 375 MP 2.5 198.1 7.5 15.8 17.9 11.8 13.8 10.0 23.4 20.6 1.5 8.4 8.4 3.8 3.8 21.0 20.5 11.4 10.2 1.0 0.9 4.5 3.9 1.1 1.3

V-Guard Ind. 234 282 BUY 1.4 29.3 2.1 5.0 6.1 - 21.2 24.6 46.5 38.4 1.8 9.7 10.2 7.3 7.8 21.6 22.3 35.1 29.3 3.4 3.0 9.7 8.2 0.5 0.6

VA Tech Wabag 279 308 MP 0.2 32.4 1.2 21.9 28.9 14.3 31.8 22.7 12.7 9.7 0.3 8.3 8.7 3.7 4.1 10.5 12.7 7.4 6.0 0.6 0.5 1.3 1.2 2.3 2.8

Vinati Organics 2073 1933 OP 1.5 13.4 3.4 64.1 78.2 16.6 22.0 19.3 32.3 26.5 1.2 38.0 37.1 25.5 24.5 27.8 25.8 20.9 17.5 7.9 6.5 8.1 6.5 0.3 0.3

Zensar Tech 225 307 BUY 0.7 45.1 3.5 15.4 19.1 10.2 24.3 -47.7 14.7 11.8 0.5 13.8 14.3 7.8 8.6 17.0 18.2 8.1 6.9 1.1 1.0 2.3 2.0 1.4 1.7

Note : OP - Outperformer, MP - Marketperformer, UP - Underperformer

#NII (Net Interest Income)

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