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INDIA DAILY
March 12, 2019 India 11-Mar 1-day 1-mo 3-mo

Sensex 37,054 1.0 2.5 3.6
Nifty 11,168 1.2 3.1 4.0
Contents Global/Regional indices

Dow Jones 25,651 0.8 0.9 4.6
Daily Alerts Nasdaq Composite 7,558 2.0 1.9 6.5
Company alerts FTSE 7,131 0.4 (0.0) 3.6

Nikkei 21,452 1.5 2.8 (0.7)
Bajaj Consumer Care: Stepping it up; announced two new product launches
Hang Seng 28,503 1.0 1.2 8.8
 A new beginning or another half-hearted attempt in the making? KOSPI 2,153 0.7 (1.7) 3.4
 Cooling hair oils (Rs11 bn) and sunscreen (Rs3 bn) are sizable markets Value traded – India
Cash (NSE+BSE) 373 353 270
 Challenges - low base rate of NPD success and BJCOR's own unexciting 12,19
Derivatives (NSE) 6,815 5,470
history 4
Deri. open interest 3,272 3,235 3,393
Sector alerts
Real Estate: Screening the annuity trends
Forex/money market
 Incremental supplies constrained in Top-3 cities, could help improve Change, basis points
vacancies 11-Mar 1-day 1-mo 3-mo
Rs/US$ 69.8 5 (73) (207)
10yr govt bond, % 7.6 (4) (1) (12)
Net investment (US$ mn)
8-Mar MTD CYTD
FIIs 161 246 3,129
MFs (69) (120) 1,210
Top movers
Change, %
Best performers 11-Mar 1-day 1-mo 3-mo
RECL IN Equity 134 1.8 10.0 31.6
POWF IN Equity 112 2.7 12.0 31.3
YES IN Equity 236 1.7 36.9 26.6
PNB IN Equity 86 2.4 20.3 21.3
HPCL IN Equity 263 5.4 12.5 20.1
Worst performers
RCOM IN Equity 5 (8.5) (5.3) (65.8)
RPWR IN Equity 12 0.0 11.2 (56.8)
RELI IN Equity 132 1.6 17.4 (55.3)
IDBI IN Equity 45 3.5 3.6 (26.7)
UT IN Equity 2 3.2 39.1 (22.0)
kspcg.research@kotak.com
Contact: +91 22 6218 6427
For Private Circulation Only. FOR IMPORTANT INFORMATION ABOUT KOTAK SECURITIES’ RATING SYSTEM AND OTHER DISCLOSURES.
REFER TO THE END OF THIS MATERIAL.
ADD
Bajaj Consumer Care (BAJAJCON)
Consumer Staples MARCH 11, 2019
UPDATE
Coverage view: Cautious
Stepping it up; announced two new product launches. BJCOR has announced two Price (`): 349
new product launches in the past two weeks—(1) Cool Almond Drops hair oil (CADHO) Fair Value (`): 405
and (2) NoMarks sunscreen. BJCOR needs to find material success outside its core
BSE-30: 37,054
ADHO portfolio for the stock to rerate, in our view. Base rate of success in new
launches is generally low and BJCOR’s track record isn’t exactly promising, either. That
said, the stock isn’t pricing in any upside from new launches and continues to offer
good margin of safety. We remain constructive.
C o mpan y d ata an d valuatio n summary
Bajaj Consumer Care
Stock data Forecasts/Valuations 2019E 2020E 2021E
52-week range (Rs) (high,low) 0-334 EPS (Rs) 15.4 17.0 18.5
Market Cap. (Rs bn) 51.4 EPS growth (%) 7.8 10.1 9.1
Shareholding pattern (%) P/E (X) 22.6 20.5 18.8
Promoters 66.9 Sales (Rs bn) 9.1 10.3 11.5
FIIs 23.5 Net profits (Rs bn) 2.3 2.5 2.7
MFs 5.1 EBITDA (Rs bn) 2.8 3.2 3.6
Price performance (%) 1M 3M 12M EV/EBITDA (X) 17.6 15.3 13.4
Absolute (1.2) 1.3 (26.2) ROE (%) 47.2 53.0 57.3
Rel. to BSE-30 (2.9) (3.9) (33.7) Div. Yield (%) 4.0 4.0 4.3
A new beginning or another half-hearted attempt in the making?
With 90%+ of its operating revenues and 95%+ of operating profits (per our estimates)
continuing to come from its flagship product ADHO, BJCOR remains a one-trick pony. The
company’s ‘Vision 2020’ targets aggressive diversification of revenue base. BJCOR has invested
heavily in building soft infrastructure by ramping up its sales and marketing team, R&D
capabilities and distribution in the past few years to set a platform to achieve the diversification
goals. Progress on diversification, however, had so far been slow. Step up in the pace of new
launches, in this backdrop, is encouraging.
Cooling hair oils (Rs11 bn) and sunscreen (Rs3 bn) are sizable markets
CADHO is BJCOR’s second foray into the cooling hair oils segment; its first foray ‘Kailash
Parbat’, we note, did not succeed. The cooling hair oil segment is Rs11 bn in size (consumer-
level; AC Nielsen MAT Jan 2019) with the top two brands Navratna (owned by Emami) and
Himgange (G K Burman Herbal) commanding a combined 90%+ share of the market. BJCOR
has priced its offering CADHO at a premium to the base variants of both Navratna and
Himgange. We also note that the market leader Emami had launched the almond variant of its
brand Navratna in mid-CY2016.
Sunscreen, Rs3 bn in size at consumer level spends, is a new category entry for BJCOR. Rohit Chordia
Sunscreen is a fairly fragmented category but is growing well in the teens.
Challenges—low base rate of NPD success and BJCOR’s own unexciting history Jaykumar Doshi
Even as we like BJCOR’s recent aggression on new launches, we note that we do not bake in
any upside from the optionality of success in a new launch or two. We would prefer waiting for Aniket Sethi
delivery, for two reasons—(1) the generally industry-level low base rate of success in new
launches; very few companies have a high success ratio and even fewer companies have a
consistent track record of new launch success, and (2) BJCOR’s track record on NPD success has
been underwhelming; most of its product launches in the past few years have failed to achieve
critical mass in terms of revenues. Rather subdued performance of the acquired NoMarks
portfolio post acquisition does not lend much confidence, either.
Contact: +91 22 6218 6427
For Private Circulation Only. FOR IMPORTANT INFORMATION ABOUT KOTAK SECURITIES’ RATING SYSTEM AND OTHER DISCLOSURES, REFER TO THE END OF THIS MATERIAL.
Bajaj Consumer Care Consumer Staples
Exhibit 1: BJCOR's two new launches
Source: Company
KOTAK INSTITUTIONAL EQUITIES RESEARCH 3

Consumer Staples Bajaj Consumer Care
Exhibit 2: Consolidated profit model, balance sheet, cash model of Bajaj Consumer Care, March fiscal year-ends, 2015-21E
IGAAP Based on Ind-AS

2015 2016 2017 2018 2019E 2020E 2021E
Profit model
Net operating revenues 8,256 7,997 7,969 8,285 9,125 10,302 11,513
EBITDA 2,392 2,737 2,636 2,539 2,771 3,165 3,628
Other income 316 287 394 244 207 263 263
Interest expense (1) (2) (10) (12) (9) (8) (6)
Depreciation (49) (49) (53) (74) (71) (80) (89)
Pretax profits 2,658 2,973 2,966 2,698 2,898 3,340 3,796
Tax (555) (632) (636) (587) (623) (835) (1,063)
Net income 2,102 2,340 2,330 2,111 2,275 2,505 2,733
Extraordinary items (376) (376) (148) — — — —
Reported profit 1,727 1,964 2,182 2,111 2,275 2,505 2,733
Recurring Earnings per share (Rs) 14.3 15.9 15.8 14.3 15.4 17.0 18.5
Balance sheet
Total shareholder's equity 4,886 4,811 4,942 4,925 4,715 4,734 4,804
Total borrowings — 100 150 135 135 135 135
Deferred tax liability 5 8 8 7 7 7 7
Total liabilities and equity 4,891 4,918 5,100 5,067 4,857 4,876 4,947
Net fixed assets 771 786 1,182 1,301 1,451 1,421 1,550
Investments 1,843 2,754 3,395 3,087 2,788 2,590 2,392
Cash 1,342 603 123 134 103 389 578
Net current assets (148) 54 (47) 102 72 33 (17)
Other non-current assets — 106 13 11 11 11 11
Goodwill/intangibles 1084 616 434 432 432 432 432
Total assets 4,891 4,918 5,100 5,067 4,857 4,876 4,947
Free cash flow
Operating cash flow, excl. working capital 1,932 2,205 2,049 1,944 2,179 2,366 2,608
Working capital changes 135 (276) 71 (143) 29 37 48
Capital expenditure (8) (168) (358) (181) (221) (51) (217)
Free cash flow 2,059 1,761 1,762 1,620 1,988 2,352 2,438
Ratios (%)
Revenue growth 22.9 NM (0.4) 4.0 10.1 12.9 11.7
Gross margin 61.7 62.7 66.2 67.5 66.8 67.5 67.5
EBITDA margin 29.0 34.2 33.1 30.6 30.4 30.7 31.5
EPS growth 22.4 11.3 (0.4) (9.4) 7.8 10.1 9.1
RoE 41.7 48.3 47.8 42.8 47.2 53.0 57.3
RoCE 46.5 54.8 51.6 48.5 54.4 63.4 72.1
Source: Company, Kotak Institutional Equities estimates
4 KOTAK INSTITUTIONAL EQUITIES RESEARCH

NEUTRAL
Real Estate
India MARCH 11, 2019
UPDATE
BSE-30: 37,054
Screening the annuity trends. India’s commercial real estate business continues to be
dominated by the Top-3 cities (out of Top-8), that account for 63% of overall
absorption and inventory. Bengaluru continues to lead with 94% yoy growth in
absorption and single-digit vacancy of 9% yielding rentals of Rs68/sq. ft per month
(+3% yoy). Constrained supply will likely see vacancy levels further improve and possibly
lead to improved rentals (especially in Bengaluru). Prestige and Brigade among our
coverage universe have exposure to commercial real estate in Bengaluru, while DLF has
a large exposure in Gurugram.
Incremental supplies constrained in Top-3 cities, could help improve vacancies
 Commercial real estate absorption across Top-8 cities in India was at 52 mn sq. ft with
incremental supply closely mirroring the demand at 51 mn sq. ft in CY2018. Total available
supply across the Top-8 cities is estimated at 784 mn sq. ft of which 663 mn sq. was
occupied as of December 2018 resulting in vacancy of 15%. Rentals growth remained
constrained in MMR and NCR while Bengaluru saw 3% yoy growth in rentals in CY2018.
Against the annual absorption of 52 mn sq. ft, incremental supply to be commissioned over
the next three years stands at 157 mn sq. ft (52 mn sq. ft per annum).
 Bengaluru. Bengaluru saw the highest absorption at 18.5 mn sq. ft (against supply of 15
mn sq. ft) across all metropolitan cities in India in CY2018. Of total available supply of 180
mn sq. ft, 164 mn sq. ft is currently occupied across the city leading to a vacancy of only 9%
as of December 2018.
Rentals in Bengaluru have grown at a CAGR of 5% over the past 5 years although growth in
CY2018 was a tad lower at 3% yoy. Current rentals are in the range of Rs68-70/sq. ft per
month. Upcoming supply in Bengaluru is estimated to be at 10 mn sq. ft, 5.3 mn sq. ft and
1.8 mn sq. ft in CY2019, CY2020 and CY2021 respectively.
 National Capital Region (NCR). NCR came in close to MMR in terms of absorption at 6.7
mn sq. ft in CY2018; however, higher supply at 9 mn sq. ft kept the vacancy levels at 30%.
NCR has unoccupied commercial inventory of 44 mn sq. ft against total available supply of
150 mn sq. ft. Gurgaon, which contributes 60% of the vacancy in NCR, has rentals at
Rs80/sq. ft per month, which have remained flat over the past two years. Rentals in the
range of Rs45-50/sq. ft per month in Noida and Greater Noida are at a discount to Gurgaon,
which have shown slight appreciation of 2% yoy. Future supply in NCR is expected to remain
highest across metropolitan cities over the next few years—35 mn sq. ft in CY2019, 23 mn
sq. ft in CY2020 and 10 mn sq. ft in CY2021.
 Mumbai Metropolitan Region (MMR). Absorption of commercial real estate in MMR was
Murtuza Arsiwalla
at 8 mn sq. ft (-18.4% yoy) against supply of 7.6 mn sq. ft (-29.4% yoy) in CY2018.
Absorption varied across submarkets with Mumbai showing the highest absorption at 4.9
mn sq. ft followed by Navi Mumbai and Thane at 2.5 mn sq. ft and 0.6 mn sq. ft respectively
Samrat Verma
during the year. Vacancy in MMR remained elevated at 17% as of December 2018 with a
total of 140 mn sq. ft leased out of 168 mn sq. ft. Rentals in Mumbai, highest across cities,
remained flat at Rs146-147/sq. ft per month along with Navi Mumbai and Thane showing no
change over the last one year at Rs65 and Rs74/sq. ft per month. MMR is likely to see
additional supply of 15.5 mn sq. ft till end-CY2021 with much of supply concentrated in
Mumbai. At current absorption rate (8 mn sq. ft per annum), vacancy in Mumbai will likely
improve by 6 percentage points to 11% by CY2021.
Contact: +91 22 6218 6427
For Private Circulation Only. FOR IMPORTANT INFORMATION ABOUT KOTAK SECURITIES’ RATING SYSTEM AND OTHER DISCLOSURES, REFER TO THE END OF THIS MATERIAL.
India Real Estate
Pune, another upcoming IT hub in India, has seen a steady decline in vacancy from 9% in
December 2017 to 7% in December 2018 with absorption of 5.5 mn sq. ft over CY2018
against supply of 4.4 mn sq. ft. Vacant commercial inventory stood at 5.5 mn sq. ft as of
December 2018. Pune is expected to see additional supply of 4.8/1.9/1.6 mn sq. ft in
CY2019/20/21 respectively. In light of the robust demand, commercial rents in Pune have
increased at a CAGR of 4.5% over the past 5 years, though improved by 1.5% in CY2018.
Exhibit 1: Commercial real estate inventory has grown at 9% CAGR in the Top-3 cities over the past
nine years
Details of inventory, absorption, vacancies, supply and rentals, December year-ends, 2009-18 (mn sq. ft, Rs/sq.
ft per month)
Growth
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1-year 5-year 9-year
Inventory (mn sq. ft)
Bengaluru 79 95 105 111 118 133 143 155 165 180 9.1 8.8 9.6
MMR 74 89 106 116 128 138 143 150 161 168 4.7 5.7 9.6
NCR 60 73 79 89 100 114 126 133 141 150 6.4 8.5 10.8
Top-8 cities 346 407 452 494 543 602 646 687 732 784 7.0 7.6 9.5
Vacancy (%)
Bengaluru 25 23 19 15 15 14 13 12 12 9 (23.5) (9.4) (10.4)
MMR 33 33 31 25 24 24 20 18 18 17 (5.8) (7.1) (7.4)
NCR 38 37 31 32 28 31 31 30 30 30 (0.8) 1.0 (2.7)
Top-8 cities 30 29 25 22 21 20 19 17 17 15 (7.4) (5.6) (7.3)
Rentals (Rs/sq. ft per month)
Bengaluru 45 47 52 53 53 54 57 62 66 68 3.0 5.1 4.7
MMR
Mumbai 153 151 150 149 147 146 147 146 146 147 0.7 — (0.4)
Navi Mumbai 53 52 55 57 60 60 61 63 64 65 1.6 1.6 2.3
Thane 63 63 64 65 69 71 72 75 74 74 — 1.4 1.8
NCR
Gurugram 68 69 70 71 72 73 76 79 80 80 — 2.1 1.8
New Delhi 121 116 121 124 125 125 126 124 126 125 (0.8) — 0.4
Noida 46 45 48 49 50 49 49 49 51 52 2.0 0.8 1.4
Supply (mn sq. ft)
Bengaluru 12 16 9 6 8 14 10 12 11 15 41.6 14.2 2.3
MMR 17 15 17 10 12 10 5 7 11 8 (29.4) (8.1) (8.3)
NCR 12 13 6 10 11 15 12 7 8 9 20.2 (3.2) (3.2)
Top-8 cities 70 62 45 42 50 58 45 40 46 51 12.5 0.7 (3.4)
Absorption (mn sq. ft)
Bengaluru 9 14 12 9 6 13 11 11 9 18 94.3 23.3 7.8
MMR 9 10 13 14 10 9 8 9 10 8 (18.4) (3.5) (0.9)
NCR 7 9 8 7 11 7 7 6 6 7 12.9 (9.0) (1.1)
Top-8 cities 38 50 41 47 45 47 46 29 40 52 32.3 3.2 3.6
Source: PropEquity, Kotak Institutional Equities
Exhibit 2: Incremental supply of 163 mn sq. ft has a lower contribution from Bengaluru and MMR
Details of existing inventory and incremental supply, December year-ends, 2018-24 (mn sq. ft)
Inventory Supply
2018 2019 2020 2021 2022 2023 2024 2019-24
Bengaluru 180 9.9 5.3 1.8 0.4 17
MMR 168 6.2 8.8 0.6 1.9 0.2 18
NCR 150 35.3 23.0 10.1 2.6 — 0.4 71
O thers 285 34.8 18.5 2.9 0.1 — — 56
Top-8 784 86.2 55.5 15.3 5.0 0.2 0.4 163

Real Estate India
Exhibit 3: MMR saw absorption of 8 mn sq. ft in CY2018; rentals remain flat

Supply, absorption and vacancy in MMR, December year-ends, 3QCY08-4QCY18 (mn sq. ft, %)
Cumulative Supply (mn sq ft) Cumulative Occupancy (mn sq ft) Vacancy (%) [RHS]
180 35%
160
30%
140
25%
120
100 20%
80 15%
60
10%
40
5%
20
0 0%
4QCY08
1QCY09
3QCY09
4QCY09
2QCY10
3QCY10
1QCY11
2QCY11
4QCY11
1QCY12
3QCY12
4QCY12
3QCY13
2QCY14
1QCY15
4QCY15
3QCY16
4QCY16
2QCY17
3QCY17
1QCY18
2QCY18
4QCY18
3QCY08
2QCY09
1QCY10
4QCY10
3QCY11
2QCY12
1QCY13
2QCY13
4QCY13
1QCY14
3QCY14
4QCY14
2QCY15
3QCY15
1QCY16
2QCY16
1QCY17
4QCY17
3QCY18
Exhibit 4: Vacancy levels remain highest in NCR as supply has outstripped commercial real estate absorption
Supply, absorption and vacancy in NCR, December year-ends, 3QCY08-4QCY18 (mn sq. ft, %)
160 40%
140 35%
120 30%
100 25%
80 20%
60 15%
40 10%
20 5%
0 0%
4QCY08
2QCY09
1QCY10
3QCY10
1QCY11
2QCY11
4QCY11
2QCY12
1QCY13
3QCY13
1QCY14
2QCY14
4QCY14
2QCY15
3QCY15
1QCY16
3QCY16
2QCY17
4QCY17
2QCY18
3QCY18
3QCY08
1QCY09
3QCY09
4QCY09
2QCY10
4QCY10
3QCY11
1QCY12
3QCY12
4QCY12
2QCY13
4QCY13
3QCY14
1QCY15
4QCY15
2QCY16
4QCY16
1QCY17
3QCY17
1QCY18
4QCY18

India Real Estate
Exhibit 5: Demand-supply equilibrium has kept vacancy at low levels in Bengaluru

Supply, absorption and vacancy in Bengaluru, December year-ends, 3QCY08-4QCY18 (mn sq. ft, %)
200 30%
180
25%
160
140
20%
120
100 15%
80
10%
60
40
5%
20
0 0%
2QCY09
3QCY09
2QCY10
3QCY10
2QCY11
3QCY11
3QCY12
4QCY12
3QCY13
4QCY13
3QCY14
4QCY14
4QCY15
1QCY16
4QCY16
1QCY17
4QCY17
1QCY18
3QCY08
4QCY08
1QCY09
4QCY09
1QCY10
4QCY10
1QCY11
4QCY11
1QCY12
2QCY12
1QCY13
2QCY13
1QCY14
2QCY14
1QCY15
2QCY15
3QCY15
2QCY16
3QCY16
2QCY17
3QCY17
2QCY18
3QCY18
4QCY18

Kotak Institutional Equities: Valuation summary of KIE Universe stocks
9
Fair O/S ADVT

Price (Rs) Value Upside Mkt cap. shares EPS (Rs) EPS growth (%) P/E (X) EV/EBITDA (X) P/B (X) RoE (%) Dividend yield (%) 3mo
Company Rating 11-Mar-19 (Rs) (%) (Rs bn) (US$ bn) (mn) 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E (US$ mn)
Automobiles & Components
Amara Raja Batteries REDUCE 745 700 (6) 127 1.8 171 29 35 40 4.9 21 14.7 26 21 18.6 13 11.0 9.4 3.8 3.3 2.9 15.7 16.6 16.6 0.6 0.7 0.8 4.8
Apollo Tyres BUY 218 310 42 125 1.8 541 16 21 25 20 33 17 13.5 10.2 8.7 7.7 6.6 5.4 1.2 1.1 1.0 9.1 11.2 11.9 1.4 1.4 1.4 7.5
Ashok Leyland BUY 93 140 50 273 3.9 2,926 6.7 8.0 8.0 12.7 18 -0.2 13.8 11.7 11.7 8.8 7.2 7.5 3.3 2.8 2.4 25 26 22 2.2 2.6 2.6 32
Bajaj Auto REDUCE 3,001 2,400 (20) 868 12.4 289 147 162 171 5.0 10.3 5.2 20 18.5 17.6 15 13 11.9 4.1 3.7 3.3 21 21 19.7 2.0 2.2 2.3 21
Balkrishna Industries BUY 907 950 5 175 2.5 193 42 49 53 11.1 17 9.6 22 18.6 17.0 11.5 10.1 9.1 3.7 3.1 2.7 18.1 18.2 17.1 0.6 0.6 0.7 9.3
Bharat Forge SELL 534 445 (17) 248 3.6 466 23 25 25 43 6.9 2.0 23 22 21 13 12 11.5 4.6 3.9 3.5 21 19.6 17.5 0.9 1.0 1.1 11.6
CEAT ADD 1,144 1,150 1 46 0.7 40 67 80 91 3.2 19 13.9 17.1 14.4 12.6 9.7 8.6 7.7 1.6 1.5 1.3 9.9 10.8 11.2 0.6 0.7 0.8 9.5
Eicher Motors SELL 22,972 18,400 (20) 627 9.0 27 855 963 1,039 7.8 12.7 8.0 27 24 22 19 17 15 8.8 6.9 5.6 37 32 28 0.1 0.1 0.0 39
Endurance Technologies SELL 1,168 925 (21) 164 2.4 141 36 42 50 25 16 19 32 28 23 15 13 10.8 6.3 5.3 4.4 19.6 19.1 19.1 0.4 0.6 0.7 2.6
Escorts BUY 741 1,050 42 63 1.3 89 57 66 72 47 15 8.9 13.0 11.2 10.3 7.7 6.5 5.6 2.2 1.9 1.7 17.1 17.0 16.1 1.2 1.3 1.5 19.6
Exide Industries SELL 226 220 (3) 192 2.8 850 9.1 10.2 11.5 10.9 12.2 12.7 25 22 19.7 14 12 10.7 3.2 3.0 2.7 13.7 14.0 14.5 1.3 1.5 1.8 6.8
Hero Motocorp SELL 2,815 2,400 (15) 562 8.0 200 168 173 181 (9.1) 2.9 4.5 16.7 16.3 15.6 9.9 9.5 8.8 4.3 3.9 3.5 27 25 24 3.0 3.1 3.2 30
Mahindra CIE Automotive ADD 240 265 10 91 1.3 378 14.5 16 18 48 11.2 9.3 16.6 14.9 13.6 9.4 8.3 7.4 2.1 1.9 1.6 13.7 13.3 12.7 — — — 0.5
Mahindra & Mahindra BUY 681 1,000 47 847 12.1 1,138 46 50 54 22 8.3 8.7 14.7 13.6 12.5 10.9 9.0 8.1 2.2 2.0 1.8 16.2 15.5 15.0 1.4 1.5 1.6 43
Maruti Suzuki ADD 7,082 7,500 6 2,139 30.6 302 254 297 347 -0.8 17 17 28 24 20 15 12 10.0 4.5 4.0 3.5 17.2 17.8 18.4 0.9 1.0 1.2 83
Motherson Sumi Systems SELL 172 125 (27) 543 7.8 3,158 5.5 6.7 7.6 0.1 22 13.8 32 26 23 11.3 9.5 8.2 4.9 4.3 3.8 16.5 17.9 17.9 0.9 1.0 1.1 17.0
MRF REDUCE 57,713 56,000 (3) 245 3.5 4 2,672 3,214 3,590 0.1 20 11.7 22 18.0 16.1 9.1 7.8 6.7 2.3 2.0 1.8 11.0 11.8 11.8 0.1 0.1 0.1 6.7
Schaeffler India REDUCE 5,489 5,300 (3) 91 1.3 31 144 179 211 14.9 24 18 38 31 26 11.3 8.6 7.0 6.3 5.3 4.5 17.9 18.8 18.7 0.1 0.2 0.2 0.5
SKF ADD 1,935 2,050 6 99 1.4 51 67 82 97 17 22 17 29 23 20 18 15 12 4.7 4.1 3.5 16.4 17.3 17.5 0.6 0.7 0.9 1.3
Tata Motors BUY 182 280 54 619 8.2 3,396 (9.4) 19 30 (147) 301 57 NM 9.6 6.1 5.5 4.2 3.6 0.9 0.9 0.8 NM 9.4 13.1 — — — 47
Timken SELL 582 550 (6) 44 0.6 68 19 22 25 39 16 15.0 31 27 23 19 16 14 4.7 4.0 3.4 16.6 16.2 15.8 0.2 0.2 0.2 0.2
TVS Motor SELL 507 350 (31) 241 3.4 475 14.6 18 19 4.7 22 7.7 35 29 27 17 15 14 7.2 6.2 5.4 22 23 22 0.9 1.0 1.1 13.1
Varroc Engineering BUY 645 950 47 87 1.2 135 32 42 61 (4.1) 32 43 20 15.3 10.7 9.4 7.6 5.6 2.6 2.3 1.9 13.2 14.8 17.5 — — — 0.3
WABCO India SELL 6,302 6,100 (3) 120 1.7 19 183 222 230 27 22 3.6 35 28 27 24 19 18 6.5 5.3 4.5 21 21 17.9 0.2 0.2 0.2 0.6
Automobiles & Components Neutral 8,637 123.3 (18.5) 45 17 26 18.2 15.5 10.3 8.4 7.2 3.1 2.8 2.4 11.9 15.3 15.8 1.0 1.1 1.2 406
Banks
Axis Bank REDUCE 735 670 (9) 1,888 27.0 2,567 18 46 53 1,555 161 14.4 41 15.9 13.9 — — — 3.1 2.6 2.2 7.0 16.2 16.2 0.4 0.9 1.1 108
Bank of Baroda ADD 116 140 21 307 4.4 2,652 10.4 25 29 214 143 16 11.1 4.6 4.0 — — — 1.0 0.7 0.6 6.6 15.7 13.8 — — — 24
Canara Bank ADD 259 280 8 195 2.8 733 9.4 53 68 116 458 30 28 4.9 3.8 — — — 1.4 0.9 0.7 1.9 10.1 11.8 — — — 19.0
City Union Bank ADD 188 200 6 138 2.0 732 9.5 10.6 12.3 7.1 11.0 16 19.7 17.8 15.3 — — — 3.1 2.8 2.4 15.7 15.4 15.8 0.9 1.0 1.2 2.3
DCB Bank BUY 200 210 5 62 0.9 308 10.3 12.7 17 29 24 33 19.5 15.7 11.8 — — — 2.3 2.1 1.8 11.7 13.0 15.3 0.5 0.6 0.8 4.9
India Daily Summary - March 12, 2019

Equitas Holdings BUY 132 180 37 45 0.6 340 6.1 9.7 13.4 558 60 39 22 13.5 9.8 — — — 1.9 1.7 1.4 8.7 12.5 15.0 — — — 4.4
Federal Bank BUY 91 110 21 181 2.6 1,972 6.1 8.3 10.1 36 37 22 15.1 11.0 9.0 — — — 1.5 1.4 1.3 9.4 11.9 13.3 1.5 2.0 2.5 15.9
HDFC Bank ADD 2,128 2,200 3 5,794 82.9 2,595 78 93 110 15 20 18 27 23 19.3 — — — 4.0 3.5 3.1 16.6 16.2 16.8 0.7 0.8 1.0 73
ICICI Bank BUY 376 430 14 2,422 34.6 7,072 8.3 27 32 (12.9) 223 19 45 13.9 11.7 — — — 2.5 2.1 1.8 5.0 15.0 15.8 0.4 1.4 1.7 95
IDFC First Bank NR 50 — — 240 3 3,404 (3.3) 1.6 2.6 (229) 149 66 NM 32 19.0 — — — 1.3 1.3 1.2 NM 4.0 6.4 — 0.5 0.8 11.3
IndusInd Bank BUY 1,515 1,700 12 913 13.1 600 56 75 94 (7) 35 25 27 20 16.1 — — — 3.3 3.0 2.6 14.2 15.0 16.4 0.4 0.6 0.7 42
J&K Bank BUY 46 90 96 26 0.4 557 7.1 9.6 18 95 35 84 6.5 4.8 2.6 — — — 0.6 0.5 0.4 6.2 8.0 13.5 3.1 4.2 7.6 0.8
Karur Vysya Bank ADD 70 85 22 56 0.8 799 2.3 4.4 8.6 (51) 89 96 30 15.9 8.1 — — — 1.1 1.0 0.8 2.7 4.9 9.1 0.8 1.6 3.2 1.6
Punjab National Bank ADD 86 95 11 326 4.7 2,761 (15) 13.0 15 67 188 18 NM 6.6 5.6 — — — 1.7 1.0 0.8 NM 11.2 11.6 — — — 27
RBL Bank SELL 643 515 (20) 274 3.9 420 20 28 34 35 35 22 32 23 19.1 — — — 3.8 3.4 3.0 12.2 14.7 15.8 0.5 0.6 0.8 11.0
KOTAK INSTITUTIONAL EQUITIES RESEARCH
State Bank of India BUY 287 370 29 2,564 36.7 8,925 7.4 38 51 201 412 35 39 7.6 5.6 — — — 1.7 1.3 1.0 3.0 13.9 16.2 0.1 0.2 0.2 78
Ujjivan Financial Services BUY 336 350 4 41 0.6 121 15 25 31 2,480 62 23 22 13.5 11.0 — — — 2.1 1.9 1.6 10.1 14.6 15.7 0.4 0.7 1.0 10.5
Union Bank ADD 83 90 9 97 1.4 1,169 0.3 11.2 29 101 3,653 160 276 7.4 2.8 — — — 1.1 0.7 0.5 0.1 5.6 13.3 0.1 2.0 5.3 11.9
YES Bank SELL 236 200 (15) 547 7.8 2,303 18 18 23 (1.5) 0.1 30 13.1 13.1 10.1 — — — 2.0 1.8 1.5 15.2 13.5 15.6 1.3 1.3 1.6 177
Banks Attractive 16,115 230.5 750 166 26 35 13.1 10.4 1.9 1.7 1.5 5.6 12.9 14.2 0.5 0.8 1.0 719
Source: Company, Bloomberg, Kotak Institutional Equities estimates


Fair O/S ADVT
Building Products
Astral Poly Technik SELL 1,217 720 (41) 146 2.1 120 18 22 26 20 25 17 69 55 47 36 30 26 11 9.5 8.0 18.3 18.7 18.3 0.1 0.1 0.1 1.3
Building Products Cautious 146 2.1 20 25 17 69 55 47 36 30 26 11 9.5 8.0 16.4 17.2 16.9 0.1 0.1 0.1 1.3
Capital goods
ABB SELL 1,266 1,005 (21) 268 3.8 212 12.0 17 25 12.7 44 44 106 73 51 55 45 32 6.7 6.0 5.4 6.7 8.6 11.1 0.4 0.5 15.8 2.7
Ashoka Buildcon BUY 137 205 49 39 0.6 282 10.2 11.0 11.2 21 7.3 1.8 13.4 12.5 12.3 9.0 8.3 7.6 1.8 1.6 1.4 14.0 13.4 12.2 0.9 1.0 1.0 0.5
Bharat Electronics BUY 91 100 9 223 3.2 2,437 5.7 5.8 5.2 (2.9) 2.5 (11.6) 16.0 15.6 17.7 9.9 8.3 8.3 2.5 2.3 2.1 16.5 15.4 12.6 2.2 2.2 2.0 13.6
BHEL REDUCE 70 65 (8) 244 3.5 3,482 3.0 2.7 4.2 29 (9.4) 53 23 26 16.8 13 10.8 7.3 0.8 0.8 0.7 3.3 3.0 4.5 2.3 1.7 2.4 10.3
Carborundum Universal SELL 390 315 (19) 74 1.1 189 13.7 17 19 20 22 14.3 28 23 20 16 13 11.1 4.3 3.8 3.4 15.7 17.3 17.7 1.1 1.3 1.5 0.5
Cochin Shipyard BUY 382 555 45 50 0.7 132 35 37 39 16 6.4 6.9 11.0 10.3 9.7 4.6 4.5 5.3 1.5 1.4 1.3 13.8 13.8 13.5 2.7 2.8 3.0 0.4
Cummins India REDUCE 749 720 (4) 208 3.0 277 28 32 37 16 15 15 27 23 20 22 19 16 4.9 4.6 4.2 18.8 20 22 2.0 2.3 2.7 8.1
Dilip Buildcon BUY 599 775 29 82 1.2 137 59 54 63 26 (8.0) 16 10.2 11.1 9.6 6.8 5.8 5.2 2.5 2.0 1.7 28 20 19.4 0.2 0.2 0.2 3.4
IRB Infrastructure BUY 155 250 62 54 0.8 351 27 30 16 21 8.6 (45) 5.7 5.2 9.4 6.5 7.1 8.7 0.8 0.7 0.7 15.7 14.9 7.6 2.0 2.4 2.5 4.6
Kalpataru Power Transmission BUY 416 530 27 64 0.9 153 31 35 43 58 14.6 22 13.6 11.8 9.7 8.1 6.5 5.3 2.1 1.8 1.5 16.3 16.1 16.9 0.4 0.4 0.4 0.4
KEC International BUY 274 360 32 70 1.0 257 20 25 31 11.8 24 23 13.7 11.0 8.9 8.0 6.8 5.6 2.9 2.3 1.9 23 23 23 0.8 1.0 1.2 1.5
L&T BUY 1,348 1,530 14 1,890 27.0 1,401 63 67 77 22 6.3 14.8 21 20 17.5 18 17 15 3.3 3.0 2.7 16.4 15.5 16.1 1.6 1.7 1.9 57
Sadbhav Engineering BUY 234 280 19 40 0.6 172 13.8 17 17 7.3 26 -0.6 17.0 13.5 13.6 12.0 9.6 8.4 1.9 1.7 1.5 12.0 13.4 11.8 0.0 0.0 0.0 0.8
Siemens SELL 1,056 995 (6) 376 5.4 356 29 34 40 14.1 20 17 37 31 26 22 18 15 4.2 3.8 3.5 11.8 13.1 14.0 0.8 0.9 1.1 9.1
Thermax REDUCE 1,028 990 (4) 122 1.8 113 27 38 43 29 42 12.4 39 27 24 27 19 17 27 19 17 10.7 13.9 14.2 0.8 1.0 1.2 1.2
Capital goods Neutral 3,829 54.8 20 8.7 12.6 21 19.8 17.6 2.6 2.4 2.2 12.2 12.2 12.6 1.4 1.5 2.8 719
Commercial & Professional Services
SIS REDUCE 833 800 (4) 61 0.9 73 27 36 43 19 36 19 31 23 19.3 18 14 11.3 5.1 4.3 3.6 17.7 20 20 0.3 0.4 0.5 0.4
TeamLease Services SELL 3,024 2,000 (34) 52 0.7 17 59 76 99 37 29 30 51 40 31 52 40 31 9.5 7.7 6.2 20 21 22 — — — 0.8
Commercial & Professional Services Cautious 113 1.6 26 33 23 38 28 23 25 19 16 6.5 5.3 4.4 17.1 18.8 19.0 0.2 0.2 0.3 1.2
Commodity Chemicals
Asian Paints REDUCE 1,420 1,225 (14) 1,362 19.5 959 24 30 36 19 25 19 58 47 39 36 29 24 14 13 11 26 29 30 0.8 1.0 1.2 28
Tata Chemicals ADD 590 700 19 150 2.1 255 40 48 53 (22) 18 11.8 14.6 12.4 11.1 6.8 5.5 4.8 1.2 1.2 1.1 8.9 9.8 10.3 2.5 2.9 2.9 6.8
Commodity Chemicals Neutral 1,512 21.6 2.1 23 17 45 37 31 26 21 18 7.0 6.4 5.9 15.6 17.6 18.7 0.9 1.2 1.4 35
Conglomerate
Godrej Industries RS 522 — — 277 4.0 336 16 20 — 8.9 24 33 26 40 44 4.3 3.8 13.9 15.1 0.3 0.3 3.0
Conglomerate Neutral 277 4.0 8.9 24 52 42 40 44 6.8 5.9 13.1 14.2 0.2 0.2 3.0
Construction Materials
ACC SELL 1,604 1,280 (20) 301 4.3 188 54 68 79 9.9 27 15 30 24 20 16 13 10.9 2.9 2.6 2.4 10.1 11.6 12.2 0.9 0.9 0.9 15.0
Ambuja Cements REDUCE 233 190 (19) 463 6.6 1,986 7.2 9.4 11.2 (4.8) 31 19 33 25 21 10.0 8.3 7.0 2.1 2.0 1.8 6.6 8.1 9.1 0.6 1.2 1.2 8.1
Dalmia Bharat ADD 1,078 1,170 2 207 2.9 192 6.6 35 50 (55) 421 44 174 33 23 14 10.6 9.2 2.1 2.0 1.8 1.2 6.2 8.3 — — — 0.0
Grasim Industries ADD 828 930 12 544 7.8 657 65 74 98 37 13.6 33 12.7 11.2 8.4 7.6 7.0 5.9 0.9 0.9 0.8 7.3 7.9 9.7 0.7 0.7 0.7 15.9
India Cements REDUCE 104 84 (19) 32 0.5 308 3.0 6.4 9.0 (7.9) 112 42 35 16.3 11.5 9.4 7.7 6.7 0.6 0.6 0.6 1.8 3.7 5.0 1.0 1.0 1.0 8.1
J K Cement ADD 828 770 (7) 64 0.9 70 31 61 62 (28) 97 1.9 27 13.6 13.3 11.3 9.9 8.0 2.4 2.1 1.9 10.3 16.5 14.8 1.0 1.0 1.0 0.3
JK Lakshmi Cement ADD 342 325 (5) 40 0.6 118 3.1 22 31 (31) 624 37 111 15.3 11.2 13 7.4 6.0 2.8 2.4 2.0 2.5 16.8 19.5 0.6 0.6 0.6 0.4
Orient Cement ADD 88 80 (9) 18 0.3 205 0.1 6.2 10.4 (97.5) 11,412 67 1,631 14.2 8.5 13 7.0 5.1 1.8 1.7 1.5 0.1 12.4 18.5 1.7 2.3 2.3 0.1
Shree Cement SELL 17,980 11,750 (35) 626 9.0 35 339 512 642 (15) 51 25 53 35 28 23 16 13 6.5 5.6 4.7 12.7 17.0 18.2 0.3 0.3 0.3 5.9
UltraTech Cement SELL 4,049 2,550 (37) 1,112 15.9 275 79 128 166 (10.7) 62 30 51 32 24 22 16 13 4.0 3.6 3.2 8.1 12.0 13.8 0.2 0.2 0.2 20
Construction Materials Cautious 3,423 49.0 4.2 42 28 32 23 17.8 12 10.1 8.4 2.3 2.1 1.9 7.0 9.2 10.7 0.5 0.5 0.5 74

10
Fair O/S ADVT
11
Consumer Durables & Apparel
Crompton Greaves Consumer SELL 230 200 (13) 144 2.1 627 6.0 7.2 8.5 16 21 17 38 32 27 24 20 17 13 9.9 7.6 39 35 32 0.9 1.1 — 1.6
Havells India SELL 743 520 (30) 464 6.6 625 13.4 17 20 21 23 18 55 45 38 36 29 24 11 9.6 8.4 21 23 24 0.6 0.8 0.9 13.1
Page Industries SELL 23,833 22,300 (6) 266 3.8 11 397 479 578 28 21 21 60 50 41 38 32 26 27 22 17 48 48 47 1.1 0.9 1.1 18.9
TCNS Clothing Co. BUY 810 830 2 50 0.7 64 21 22 26 37 3.4 20 39 37 31 26 20 16 8.8 6.9 5.5 26 21 19.7 — — — 0.4
Vardhman Textiles ADD 1,090 1,230 13 63 0.9 56 124 129 139 20.8 4.1 7.5 8.8 8.4 7.8 7.0 6.7 5.9 1.1 1.0 0.9 13.4 12.6 12.4 1.8 2.8 2.8 0.3
Voltas SELL 625 500 (20) 207 3.0 331 16 18 22 (5.2) 11.8 20 38 34 28 28 25 21 4.8 4.3 3.9 13.2 13.4 14.5 0.5 0.6 0.7 10.3
Whirlpool SELL 1,576 1,220 (23) 200 2.9 127 33 40 46 20 21 15 48 39 34 30 24 21 9.3 7.9 6.9 21 22 22 0.3 0.5 0.9 1.4
Consumer Durables & Apparel Cautious 1,393 19.9 17 16 40 35 30 26 22 19 7.4 6.4 18.3 18.6 18.9 0.7 0.8 46
Consumer Staples
Bajaj Consumer Care ADD 349 405 16 51 0.7 148 15 17 19 7.8 10.1 9.1 23 21 18.8 18 15 13 11 11 11 47 53 57 4.0 4.0 4.3 0.4
Britannia Industries REDUCE 3,133 2,935 (6) 753 10.8 240 50 60 71 19 21 18 63 52 44 41 35 29 18 15 12 31 31 30 0.6 0.7 0.9 13.9
Colgate-Palmolive (India) ADD 1,272 1,400 10 346 5.0 272 27 32 37 16 16 17 46 40 34 27 23 20 20 18 15 46 47 48 1.3 1.5 1.8 9.7
Dabur India REDUCE 442 390 (12) 781 11.2 1,762 8.8 10.3 11.9 12.8 17 16 50 43 37 42 35 30 14 12 10 27 30 30 0.8 1.0 1.2 15.9
GlaxoSmithKline Consumer RS 7,123 — — 300 4.3 42 218 240 265 31 10.1 10.6 33 30 27 23 20 18 7.5 6.7 6.1 25 24 24 1.3 1.5 1.8 2.9
Godrej Consumer Products REDUCE 723 700 (3) 739 10.6 1,022 15 18 21 6.6 19 16 48 40 35 33 28 24 9.7 8.5 7.4 22 23 23 0.8 0.9 1.0 12.0
Hindustan Unilever REDUCE 1,715 1,600 (7) 3,712 53.1 2,160 29 34 39 18 18 13.8 59 51 44 41 35 30 46 39 32 83 83 79 1.2 1.4 1.6 41
ITC ADD 293 325 11 3,589 51.3 12,275 9.8 11.0 12.2 10.4 11.3 11.8 30 27 24 19 17 15 6.5 6.2 5.8 21 22 24 1.9 2.3 2.6 54
Jyothy Laboratories ADD 188 210 12 69 1.0 364 5.5 6.2 7.2 24 13.8 16 34 30 26 24 20 17 5.2 4.5 4.0 16.2 16.0 16.4 0.5 0.8 1.1 0.9
Marico ADD 348 380 9 449 6.4 1,291 7.2 8.8 10.3 14.5 23 17 48 39 34 34 28 24 16 15 13 35 40 42 1.4 1.6 1.8 8.9
Nestle India REDUCE 10,293 10,600 3 992 14.2 96 167 194 220 31 16 13.7 62 53 47 36 31 27 27 25 23 45 49 51 1.1 1.3 1.5 13.9
Tata Global Beverages ADD 202 220 9 128 1.8 631 7.3 8.7 9.8 — 18 13.0 28 23 21 16 14 12 1.8 1.7 1.6 6.5 7.4 8.0 1.5 1.7 2.0 5.6
United Breweries REDUCE 1,381 1,390 1 365 5.2 264 24 30 37 59 26 23 58 46 37 29 25 21 11 9.3 7.7 21 22 23 0.3 0.4 0.5 13.3
United Spirits REDUCE 574 550 (4) 417 6.0 727 10.9 13.3 17 44 22 25 53 43 35 33 27 22 13 8.6 5.9 27 24 20 — 0.3 0.4 13.7
Varun Beverages BUY 814 900 11 149 2.1 183 16 19 26 39 22 33 51 42 31 17 15 11.8 7.4 6.4 5.4 15.5 16.5 18.7 0.3 0.1 0.2 1.1
Consumer Staples Cautious 12,840 183.7 16 15 14.2 44 38 33 29 25 22 12 10 9.4 27 28 28 1.3 1.5 1.7 206
Diversified Financials
Bajaj Finance REDUCE 2,790 2,250 (19) 1,612 23.1 575 67 90 118 54 34 31 42 31 24 — — — 8.3 6.7 5.4 22 24 25 0.2 0.3 0.4 60
Bajaj Finserv ADD 6,784 6,500 (4) 1,080 15.4 159 242 307 384 38 27 25 28 22 17.7 — — — 4.4 3.7 3.1 17.5 18.3 19.1 0.2 0.2 0.2 21
Bharat Financial Inclusion NA 955 — — 134 1.9 139 63 68 86 93 8.1 27 15.1 14.0 11.1 — — — 3.4 2.7 2.1 25 21 21 — — — 7.9
Cholamandalam BUY 1,370 1,475 8 214 3.1 156 76 91 111 30 20 22 17.9 15.0 12.3 — — — 3.7 3.0 2.5 21 21 21 0.7 0.8 1.0 5.7
HDFC ADD 1,898 2,125 12 3,264 46.7 1,676 54 60 71 (29) 11.6 18 35 32 27 — — — 4.4 4.0 3.7 13.3 13.2 14.4 1.1 1.2 1.4 76

IIFL Holdings REDUCE 379 410 8 121 1.7 319 26 28 33 (9.0) 9.4 17 14.6 13.3 11.4 — — — 2.1 1.9 1.7 15.6 15.1 15.9 1.5 1.6 1.9 1.2
L&T Finance Holdings REDUCE 145 145 0 289 4.1 1,996 11.7 13.0 15.0 59 11.2 16 12.4 11.2 9.7 — — — 2.1 1.8 1.6 17.7 17.7 17.7 1.4 1.7 1.6 13.1
LIC Housing Finance BUY 502 590 18 253 3.6 505 46 54 63 4.8 17 17 11.0 9.4 8.0 — — — 1.7 1.4 1.2 16.2 16.0 16.4 1.4 1.7 1.9 12.7
Magma Fincorp BUY 118 145 23 32 0.5 237 11.3 15 18 16 35 18 10.5 7.7 6.6 — — — 1.2 1.0 0.9 12.1 14.3 14.9 1.4 1.9 2.3 0.2
Mahindra & Mahindra Financial ADD 446 475 7 276 3.9 614 22 27 33 25 23 23 20 16.6 13.4 — — — 2.8 2.5 2.3 13.6 14.9 16.4 1.1 1.4 1.7 10.6
Muthoot Finance ADD 595 550 (8) 238 3.4 400 48 45 50 11.3 (6.0) 11.2 12.4 13.2 11.9 — — — 2.6 2.3 2.0 23 18.3 17.9 1.9 1.7 1.9 10.0
PNB Housing Finance REDUCE 876 950 9 147 2.1 167 62 70 83 (3.5) 12.8 19 14.1 12.5 10.5 — — — 2.0 1.8 1.6 15.1 14.8 15.6 0.4 0.4 0.4 2.3
Shriram City Union Finance ADD 1,730 1,950 13 114 1.6 66 146 158 188 45 8.2 19 11.9 11.0 9.2 — — — 1.9 1.7 1.5 16.2 15.4 16.0 1.1 1.1 1.4 0.4
Shriram Transport BUY 1,259 1,475 17 286 4.1 227 109 128 147 57 18 15 11.6 9.8 8.5 — — — 1.9 1.7 1.5 16.9 17.3 17.2 1.2 1.4 1.8 21
Diversified Financials Neutral 8,060 115.3 8.0 18 21 25 21 17.7 3.7 3.3 2.9 14.9 15.4 16.2 0.8 0.9 1.1 242


Fair O/S ADVT
Electric Utilities
CESC BUY 721 800 11 96 1.4 133 63 97 107 (6.8) 55 10.4 11.5 7.4 6.7 7.1 5.8 5.3 0.8 0.7 0.7 6.7 10.0 10.2 1.6 1.5 1.6 4.7
JSW Energy REDUCE 68 67 (2) 112 1.6 1,640 4.3 5.4 5.7 42 25 5.6 15.8 12.7 12.0 6.1 5.2 4.7 0.9 0.9 0.8 6.2 7.2 7.1 — — — 0.8
NHPC ADD 25 28 10 255 3.6 10,260 2.7 2.7 3.5 10.4 0.9 28 9.4 9.3 7.3 8.1 8.0 6.8 0.8 0.8 0.8 9.1 8.8 10.9 5.9 5.4 7.2 2.3
NTPC BUY 151 190 25 1,248 17.9 8,245 13.0 14.7 17 3.9 12.8 14.1 11.6 10.3 9.0 9.5 8.4 7.1 1.1 1.1 1.0 10.2 10.8 11.4 2.6 2.9 3.3 23
Power Grid BUY 194 235 21 1,017 14.5 5,232 18 21 24 16 17 11.5 10.6 9.1 8.1 7.5 6.9 6.5 1.7 1.5 1.4 16.7 17.6 17.6 3.1 3.7 4.1 17.1
Tata Power BUY 72 85 19 194 2.8 2,705 4.4 5.2 7.6 (18.3) 19 46 16.4 13.8 9.5 10.0 10.4 9.9 1.2 1.1 1.0 7.5 8.2 10.9 — — — 6.1
Electric Utilities Attractive 2,922 41.8 7.8 15 15 11.3 9.8 8.5 1.2 1.1 1.0 10.7 11.4 12.2 2.8 3.1 3.5 54
Fertilizers & Agricultural Chemicals
Bayer Cropscience SELL 4,316 3,550 (18) 148 2.1 34 94 114 135 7.4 21 19 46 38 32 28 23 19 7.3 6.4 5.5 17.0 18.0 18.6 0.4 0.5 0.6 0.5
Dhanuka Agritech ADD 441 435 (1) 22 0.3 49 20 24 28 (22.1) 21 17 22 18.3 15.6 16 13 10.2 3.1 2.7 2.4 14.7 15.8 16.4 1.0 1.2 1.4 0.1
Godrej Agrovet ADD 517 540 4 99 1.4 189 11.4 16 20 (1.0) 38 26 45 33 26 22 17 14 5.2 4.5 3.9 12.2 14.6 15.9 0.4 0.5 0.6 0.6
Kaveri Seed SELL 434 515 19 27 0.4 66 34 34 37 7.3 0.1 8.3 12.6 12.6 11.7 9.3 8.7 7.5 3.0 2.6 2.3 26 22 21 1.8 2.3 2.3 10.6
PI Industries BUY 1,011 970 (4) 140 2.0 138 30 39 46 13.9 27 19 33 26 22 24 19 15 6.2 5.2 4.3 20.0 21 21 0.5 0.6 0.7 1.4
Rallis India ADD 164 195 19 32 0.5 195 8.8 10.5 11.1 1.7 20 5.4 18.7 15.5 14.7 12 10.3 9.2 2.5 2.3 2.1 13.8 15.4 15.0 2.2 2.4 2.7 0.9
UPL ADD 897 775 (14) 457 6.5 507 45 55 62 6.0 21 12.9 19.8 16.4 14.5 11.9 10.4 9.1 4.2 3.5 2.9 23 23 22 1.0 1.2 1.4 21
Fertilizers & Agricultural Chemicals Attractive 925 13.2 5.5 21 14.5 25 20 17.7 15 13 11.1 4.6 3.9 3.3 18.8 19.4 18.9 0.8 1.0 1.1 35
Gas Utilities
GAIL (India) BUY 352 455 29 793 11.3 2,255 29 33 34 40 13.8 5.9 12.3 10.8 10.2 7.9 6.9 6.5 1.8 1.7 1.5 15.3 16.0 15.5 3.1 3.3 3.6 22
GSPL SELL 173 170 (2) 98 1.4 564 15 14.3 13.6 31 (7.6) (4.6) 11.2 12.1 12.7 4.6 4.6 4.4 1.7 1.5 1.4 16.1 13.2 11.4 1.3 1.2 1.2 1.1
Indraprastha Gas SELL 298 250 (16) 209 3.0 700 11.9 13.7 15 16 14.7 11.3 25 22 19.6 16 14 12 5.2 4.5 4.0 22 22 22 0.9 1.3 1.6 8.9
Mahanagar Gas ADD 891 950 7 88 1.3 99 57 62 64 19 7.6 4.2 15.5 14.4 13.9 9.0 8.3 7.7 3.7 3.3 3.0 25 24 23 2.5 3.1 3.6 4.2
Petronet LNG BUY 239 270 13 359 5.1 1,500 15 18 20 11.2 15 11.8 15.5 13.4 12.0 10.3 8.7 7.7 3.4 3.1 2.8 23 24 24 3.2 3.7 4.6 9.5
Gas Utilities Attractive 1,546 22.1 29 12.4 6.8 14.0 12.5 11.7 8.7 7.6 7.1 2.3 2.1 1.9 16.5 16.9 16.5 2.7 3.0 3.4 46
Health Care Services
Apollo Hospitals ADD 1,204 1,275 6 168 2.4 139 23 30 37 177 30 21 52 40 33 19 16 14 4.8 4.4 4.0 9.6 11.7 12.9 0.5 0.6 0.8 14.7
Aster DM Healthcare BUY 154 240 55 78 1.1 505 6.1 8.3 11.9 120 37 44 26 18.6 12.9 11.9 9.7 7.7 2.5 2.2 1.9 10.3 12.7 16.1 — — — 0.3
Dr Lal Pathlabs SELL 1,031 945 (8) 86 1.2 83 24 28 33 17 15 18 43 37 32 26 23 19 9.1 7.7 6.5 23 22 22 0.5 0.5 0.6 1.4
HCG BUY 203 260 28 18 0.3 85 (2.5) 0.9 3.4 (261) 137 263 NM 218 60 19 15 12 3.5 3.4 3.3 NM 1.6 5.6 — — — 0.2
Narayana Hrudayalaya BUY 222 265 19 45 0.7 204 1.9 4.5 7.5 (25) 139 64 117 49 30 19 15 12 4.2 3.9 3.4 3.7 8.3 12.2 — — — 0.2
Health Care Services Attractive 395 5.6 72 38 34 47 34 25 18 15 12 4.3 3.9 3.5 9.3 11.7 13.8 0.3 0.4 0.5 16.8
Hotels & Restaurants
Coffee Day Enterprises NR 289 — — 61 0.9 211 7.6 10.1 12.5 127 34 24 38 28 23 12 10.8 9.9 2.4 2.2 0.0 6.5 8.1 9.2 — — — 1.0
Jubilant Foodworks BUY 1,372 1,450 6 181 2.6 132 24 32 42 67 33 30 56 42 33 28 22 17 14 11 8.1 28 28 28 0.1 0.2 0.3 48
Lemon Tree Hotels ADD 88 80 (9) 70 1.0 786 0.5 1.2 2.0 162 157 68 186 72 43 45 26 19 8.1 7.3 6.8 4.5 10.6 16.3 — — 1.1 0.5
Hotels & Restaurants Attractive 312 4.5 88 42 33 60 42 32 23 18 14 6.6 5.7 5.0 11.0 13.6 15.7 0.1 0.1 0.4 50
Insurance
HDFC Life Insurance ADD 390 435 12 786 11.2 2,007 6.5 8.1 9.8 18 24 21 60 48 40 — — — 15 13 12 26 29 31 0.4 0.5 0.6 4.4
ICICI Lombard SELL 980 720 (27) 445 6.4 454 26 32 36 35 24 15 38 31 27 — — — 8.3 6.9 5.8 23 24 23 0.6 0.7 0.9 4.1
ICICI Prudential Life BUY 344 480 39 494 7.1 1,436 8.9 10.3 12.3 (21) 16 20 39 33 28 — — — 6.5 5.6 4.8 18.1 18.1 18.7 0.4 0.5 0.6 9.1
Max Financial Services BUY 429 530 24 115 1.6 268 6.3 6.4 6.5 37 1.8 1.8 68 67 66 — — — 8.3 8.0 7.8 0.5 0.5 0.5 4.0
SBI Life Insurance BUY 622 790 27 622 8.9 1,000 12.7 14.3 16 10.8 12.4 12.1 49 43 39 — — — 8.2 7.1 6.1 18.0 17.5 17.0 0.3 0.4 0.4 15.7
Insurance Attractive 2,464 35.2 6.8 18 17 47 40 34 8.8 7.7 6.7 18.6 19.1 19.4 0.3 0.4 0.4 37

12
Fair O/S ADVT
13
Internet Software & Services
Info Edge ADD 1,799 1,720 (4) 220 3.1 121.6 24 32 39 6.8 35 20 75 55 46 59 42 34 8.3 7.5 6.7 12.3 14.2 15.4 0.4 0.5 0.5 6.1
Just Dial ADD 551 545 (1) 36 0.5 67.4 30 31 33 39 5.1 6.8 18.6 17.7 16.6 10.5 9.3 8.2 3.8 3.2 2.8 20 19.8 17.9 0.5 0.6 0.6 12.7
Internet Software & Services Attractive 255 3.7 16 23 15 53 43 37 40 31 27 7.2 6.4 5.6 13.6 14.8 15.2 0.5 0.5 0.5 18.8
IT Services
HCL Technologies ADD 1,004 1,140 14 1,362 19.5 1,409 73 78 82 17 6.7 6.3 13.8 12.9 12.2 9.1 8.1 7.2 3.1 2.7 2.4 25 22 21 0.8 3.1 3.3 27
Hexaware Technologies REDUCE 337 345 2 100 1.4 302 19 21 25 17 10.9 16 17.5 15.7 13.6 13 10.7 9.0 4.3 3.7 3.3 27 25 26 2.5 2.5 3.0 6.4
Infosys ADD 711 760 7 3,107 44.4 4,350 36 40 44 11.2 10.6 10.9 19.8 17.9 16.1 14 12 10.9 4.6 4.2 3.9 24 24 25 3.6 3.1 3.4 82
L&T Infotech ADD 1,648 2,000 21 286 4.1 175 86 96 112 35 11.9 16 19.2 17.2 14.8 14 12.0 10.0 6.0 4.9 4.0 35 31 30 1.5 1.6 1.8 4.3
Mindtree ADD 927 1,000 8 152 2.2 165 45 52 61 31 14.1 17 20 17.9 15.3 13 11.1 9.4 4.7 4.1 3.5 25 24 24 1.5 1.7 2.0 22
Mphasis REDUCE 994 900 (9) 185 2.6 193 56 63 65 29 11.1 3.7 17.6 15.9 15.3 13 10.9 10.2 3.7 3.2 3.0 20 22 20 2.0 2.5 3.0 4.5
TCS REDUCE 2,015 1,825 (9) 7,560 108.1 3,829 83 91 100 23 10.3 9.6 24 22 20 18 16 14 7.5 7.0 6.7 33 33 34 1.6 3.2 3.5 86
Tech Mahindra ADD 807 875 8 712 10.2 891 49 56 64 13.8 16 14.5 16.6 14.4 12.5 9.9 8.3 7.0 3.2 2.8 2.4 21 21 20 1.1 1.3 1.4 34
Wipro REDUCE 260 265 2 1,567 22.4 6,009 15 18 20 19 19 9.2 17.2 14.4 13.2 11.2 9.3 8.6 2.7 2.5 2.4 17.0 17.8 18.3 0.6 3.8 4.2 31
IT Services Cautious 15,033 215.0 16 10.8 9.9 20 18.2 16.6 14 12 11.2 4.8 4.4 4.1 24 24 24 1.9 3.1 3.4 297
Media
DB Corp. ADD 200 220 10 35 0.5 184 16 21 24 (10.5) 31 18 12.7 9.7 8.2 6.6 5.0 4.2 2.0 1.8 1.7 14.9 19.5 21 2.0 5.0 6.3 0.3
DishTV ADD 38 30 (21) 70 1.0 1,925 0.2 1.4 2.4 145 593 71 191 28 16.1 4.2 3.4 2.7 14 10 7.3 7.9 43 53 — — — 10.4
Jagran Prakashan REDUCE 109 110 1 32 0.5 311 8.9 11.1 13.0 (8.1) 25 17 12.3 9.9 8.4 5.1 4.3 3.6 1.7 1.7 1.6 13.4 17.6 20 4.6 8.3 8.3 0.2
PVR RS 1,540 NA - 72 1.0 47 37 51 65 38 37 28 41 30 24 15 11.9 10.1 6.0 5.1 4.3 15.5 18.3 19.8 0.2 0.3 0.4 8.7
Sun TV Network REDUCE 617 600 (3) 243 3.5 394 38 39 42 31 2.7 7.4 16.3 15.9 14.8 10.8 10.3 9.5 4.5 4.0 3.6 30 27 26 2.4 2.8 3.2 21
Zee Entertainment Enterprises ADD 453 400 (12) 435 6.2 960 17 20 22 14.7 15 11.9 26 23 20 16 14 12 5.1 4.4 3.9 20 21 20 1.0 1.2 1.5 70
Media Attractive 888 12.7 20 19 16 23 19.1 16.6 10.2 9.0 8.0 4.6 4.1 3.6 20 21 22 1.4 1.9 2.2 110
Metals & Mining
Hindalco Industries BUY 201 275 37 451 6.5 2,229 27 27 29 24 (1.3) 7.8 7.4 7.5 6.9 5.0 4.8 4.3 0.7 0.7 0.6 10.5 9.5 9.3 0.6 0.6 0.6 24
Hindustan Zinc REDUCE 271 235 (13) 1,146 16.4 4,225 20 20 21 (6.0) (0.1) 7.3 13.6 13.7 12.7 8.4 7.8 7.0 3.4 3.1 2.8 24 23 23 7.4 3.7 3.9 3.1
Jindal Steel and Power REDUCE 171 145 (15) 165 2.4 968 4.4 4.4 13.2 152 (0.1) 198 38 38 12.9 6.9 6.9 5.9 0.5 0.5 0.5 1.5 1.4 4.1 — — — 27
JSW Steel REDUCE 293 265 (9) 707 10.1 2,406 31 19 23 17 (38) 16 9.3 15.1 13.0 6.3 8.3 7.5 2.2 1.9 1.7 25 13.5 14.0 1.1 1.1 1.1 27
National Aluminium Co. BUY 54 78 43 102 1.5 1,933 9.7 6.7 7.0 236 (31.3) 4.4 5.6 8.1 7.8 2.5 3.6 3.4 1.0 1.0 1.0 17.3 11.9 12.5 11.0 11.0 11.0 9.4
NMDC REDUCE 111 110 (1) 351 5.0 3,164 13.5 9.4 10.1 15 (31) 7.6 8.2 11.8 11.0 4.9 7.2 6.6 1.3 1.3 0.0 16.8 11.0 11.4 5.0 5.0 5.0 6.1
Tata Steel ADD 521 535 3 591 8.5 1,205 87 68 81 29 (21.7) 19 6.0 7.6 6.4 5.6 6.5 6.3 0.9 0.9 0.8 16.7 12.1 13.4 1.9 1.9 1.9 60
Vedanta BUY 177 275 55 658 9.4 3,717 18 29 30 (14.7) 59 2.8 9.6 6.0 5.9 5.6 4.4 4.1 1.1 1.0 0.9 10.9 16.9 16.4 9.6 9.6 9.6 36

Metals & Mining Attractive 4,172 59.7 15 (6.7) 11.3 9.1 9.7 8.8 5.9 6.1 5.6 1.3 1.2 1.1 14.1 12.4 12.8 4.8 3.8 3.8 28



Fair O/S ADVT
Oil, Gas & Consumable Fuels

BPCL SELL 387 275 (29) 840 12.0 1,967 30 33 35 (25) 10.6 6.5 12.9 11.7 10.9 9.4 8.6 8.0 2.0 1.9 1.7 16.5 16.8 16.4 3.1 3.4 3.7 22
Coal India BUY 243 290 19 1,511 21.6 6,207 26 27 28 128 5.7 1.0 9.4 8.9 8.8 6.7 6.2 5.7 5.9 6.2 6.4 64 67 71 8.2 10.3 10.3 24
HPCL SELL 263 185 (30) 401 5.7 1,524 31 27 29 (26) (12.3) 7.3 8.5 9.7 9.0 7.5 8.7 8.7 1.5 1.4 1.3 18.8 15.1 15.0 4.8 4.2 4.5 19.6
IOCL SELL 154 120 (22) 1,493 21.4 9,479 16 15 17 (22) (4.4) 8.7 9.6 10.0 9.2 5.6 5.8 5.5 1.2 1.2 1.1 13.4 12.0 12.2 4.2 4.0 4.3 30
Oil India BUY 178 235 32 202 2.9 1,135 29 30 31 17.7 4.8 0.8 6.1 5.8 5.8 4.5 4.2 4.1 0.7 0.7 0.6 11.5 11.4 11.0 7.4 7.7 7.8 4.3
ONGC BUY 153 215 41 1,963 28.1 3,752 24 26 26 40 5.3 0.5 6.3 6.0 5.9 3.4 3.1 2.9 0.8 0.8 0.7 13.3 13.0 12.2 5.2 5.6 5.6 27
Reliance Industries SELL 1,304 1,070 (18) 7,718 110.4 5,922 67 78 89 13.0 17 14.2 19.5 16.6 14.6 13 10.7 8.9 2.4 2.1 1.8 11.8 12.3 12.5 0.5 0.5 0.6 160
Oil, Gas & Consumable Fuels Attractive 14,128 202.1 15.0 7.7 7.2 12.2 11.3 10.6 7.7 7.1 6.4 1.7 1.6 1.5 14.3 14.2 13.9 2.7 3.0 3.1 287
Pharmaceuticals
Aurobindo Pharma ADD 751 785 5 440 6.3 584 41 61 64 (1.5) 48 5.4 18.2 12.3 11.7 12 8.6 7.9 3.2 2.6 2.2 18.9 21 18.5 0.7 0.8 1.0 28
Biocon SELL 623 370 (41) 374 5.3 601 11.6 16 19 88 42 14.9 54 38 33 28 20 17 5.9 5.3 4.7 11.7 14.7 14.3 0.7 0.9 1.1 15.5
Cipla BUY 540 600 11 435 6.2 805 19 25 32 6.1 34 28 29 22 17.0 16 12 9.9 2.8 2.5 2.3 9.9 12.1 13.2 0.7 0.9 1.2 15.7
Dr Reddy's Laboratories REDUCE 2,626 2,450 (7) 436 6.2 166 115 132 165 95 14.2 25 23 19.9 16.0 14 10.0 7.8 3.1 2.7 2.4 14.2 13.6 14.8 0.7 0.8 0.9 39
Laurus Labs BUY 364 400 10 39 0.6 106 11.0 20 27 (30.6) 80 35 33 18.4 13.6 14 8.9 7.2 2.4 2.2 1.9 7.6 12.4 13.7 — — — 0.4
Lupin REDUCE 795 850 7 360 5.1 450 24 35 48 (38) 47 39 34 23 16.4 15 11.0 8.3 2.5 2.3 2.1 7.6 10.5 12.5 0.3 0.7 0.9 22
Sun Pharmaceuticals ADD 459 475 3 1,102 15.8 2,406 18 22 27 16 23 23 26 21 17.2 13 10.6 8.6 2.7 2.4 2.1 10.7 12.0 12.5 0.5 0.9 1.2 76
Torrent Pharmaceuticals ADD 1,790 1,950 9 303 4.3 169 48 60 79 20 24 32 37 30 23 16 14 11.9 6.0 5.3 4.6 16.0 17.7 20 1.2 1.3 1.5 6.1
Pharmaceuticals Neutral 3,489 49.9 11.6 31 22 27 21 17.1 15 11.2 9.2 3.1 2.8 2.4 11.4 13.2 14.2 0.6 0.9 1.1 202
Real Estate
Brigade Enterprises BUY 220 290 32 30 0.4 136 21 26 32 85 25 25 10.7 8.6 6.8 8.8 7.2 5.5 1.2 1.1 0.9 11.6 13.0 14.4 1.1 1.1 1.1 0.5
DLF ADD 177 200 13 316 4.5 1,784 7.0 8.2 8.7 (71) 17.4 5.2 25 21 20 21 23 25 1.0 1.0 1.0 3.8 4.7 4.8 1.1 1.1 1.1 17.5
Godrej Properties SELL 705 400 (43) 162 2.3 216 7.1 23 24 (35) 231 4.2 99 30 29 166 27 27 4.7 4.1 3.6 5.8 14.6 13.3 — — — 2.8
Oberoi Realty BUY 478 470 (2) 174 2.5 340 47 35 56 273 (26) 60 10.1 13.7 8.5 11.2 14 5.9 1.9 1.6 1.4 22 12.8 17.7 0.4 0.4 0.4 3.0
Prestige Estates Projects ADD 203 270 33 76 1.1 375 10.6 12.9 20 7 22 58 19.2 15.8 10.0 10.4 9.9 7.6 1.9 1.7 1.5 9.0 11.3 15.8 0.7 0.7 0.7 1.0
Sobha REDUCE 442 495 12 42 0.6 95 26 33 39 14.8 24 18 16.8 13.5 11.5 11.9 9.9 9.0 1.9 1.7 1.5 10.1 13.5 14.3 1.6 1.6 1.6 1.3
Sunteck Realty REDUCE 425 360 (15) 62 0.9 140 17 20 36 14.2 13.0 84 24 22 11.7 21 18 8.5 2.1 1.9 1.7 8.9 9.3 15.1 0.2 0.2 0.2 1.7
Real Estate Neutral 861 12.3 (30) 9.8 32 20 18.7 14.1 17 16 11.7 1.6 1.5 1.3 7.7 7.9 9.5 0.7 0.7 0.7 28
Retailing
Aditya Birla Fashion and Retail BUY 226 235 4 174 2.5 773 2.1 3.2 5.2 35 54 63 109 71 44 31 24 19 14 12 9.2 13.6 17.9 24 — — — 3.9
Avenue Supermarts SELL 1,482 915 (38) 925 13.2 624 15 20 26 25 32 29 96 73 56 55 42 32 16 13 11 18.7 20 21 — — — 0.0
Titan Company REDUCE 1,068 900 (16) 948 13.6 888 17 21 25 33 26 18 63 50 42 42 33 27 16 13 11 27 28 27 0.4 0.5 0.7 37
Retailing Cautious 2,047 29.3 30 30 26 78 60 48 45 35 28 16 13 11 20 22 22 0.2 0.2 0.3 41
Speciality Chemicals
Castrol India SELL 165 145 (12) 163 2.3 989 7.2 7.8 8.4 4.2 9.0 7.9 23 21 19.6 15 13 12.0 14 12 11 65 62 60 3.0 3.2 3.5 3.1
Pidilite Industries REDUCE 1,138 1,025 (10) 578 8.3 508 18 23 28 (2.8) 31 20 64 49 41 41 32 27 14 12 10 24 27 28 0.6 0.7 0.8 10.4
S H Kelkar and Company BUY 154 210 37 22 0.3 145 6.3 8.3 9.8 (14.6) 32 18 24 18.4 15.6 16 12 11.0 2.4 2.2 2.0 10.3 12.5 13.5 1.1 1.3 1.8 0.4
SRF BUY 2,375 2,300 (3) 137 2.0 57 102 127 144 27 24 13.2 23 18.7 16.5 13 11.0 9.7 3.4 2.9 2.5 15.4 16.7 16.4 0.6 0.6 0.7 13.9
Speciality Chemicals Neutral 900 12.9 5.2 23 14.7 39 32 28 23 20 17 8.8 7.7 6.6 23 24 24 1.1 1.2 1.3 28

14
Fair O/S ADVT
15
Telecommunication Services
Bharti Airtel ADD 334 380 14 1,334 19.1 3,997 (10.0) (11.0) (5.4) NM NM NM NM NM NM 9.7 8.7 7.2 2.1 2.4 2.6 NM NM NM 1.8 1.8 1.8 32
Bharti Infratel REDUCE 320 275 (14) 591 8.5 1,850 14.0 13.3 14.9 1.7 (5.2) 12.6 23 24 21 8.9 9.3 8.5 3.6 3.6 3.5 15.5 14.9 16.6 3.6 3.4 3.8 16.2
Vodafone Idea NR 34 — — 299 4.3 4,359 (10.7) (2.4) (6.9) NM NM NM NM NM NM 33 11.8 10.3 0.4 0.6 0.7 NM NM NM — — — 11.0
Tata Communications ADD 612 580 (5) 174 2.5 285 (4.2) 3.0 5.2 NM 172 72 NM 204 118 11.1 9.9 9.2 NM NM 1,349 NM NM NM 1.1 1.2 1.2 4.0
Telecommunication Services Cautious 2,399 34.3 NM 10.8 25 NM NM NM 12 9.6 8.2 1.6 1.5 1.7 NM NM NM 1.9 1.8 1.9 63
Transportation
Adani Ports and SEZ BUY 351 390 11 728 10.4 2,071 21 23 29 16 7.2 27 16.4 15.3 12.1 13 10.8 9.5 3.0 2.6 2.2 19.5 18.1 19.5 0.4 0.5 0.5 26
Container Corp. SELL 494 460 (7) 301 4.3 609 14.9 17 20 2.0 17 16 33 28 24 19 16 13 3.0 2.8 2.7 9.3 10.2 11.2 1.5 1.7 1.6 8.5
Gateway Distriparks BUY 129 180 39 14 0.2 109 6.4 3.7 6.2 (16.0) (42) 68 20 35 21 22 8.9 7.6 1.3 2.4 2.1 6.6 4.8 10.8 — 2.3 2.3 0.3
Gujarat Pipavav Port BUY 91 115 27 44 0.6 483 4.6 5.4 6.5 12.3 17 20 19.7 16.8 14.0 10.0 8.5 7.1 2.1 2.1 2.1 11.0 12.6 14.9 4.3 5.0 6.0 0.6
InterGlobe Aviation BUY 1,302 1,235 (5) 500 7.2 383 (5) 36 80 (109) 786 123 NM 36 16.3 NM 22 8.9 7.2 6.1 4.6 NM 18.2 32 — 0.1 0.6 18.9
Mahindra Logistics REDUCE 499 470 (6) 36 0.5 71 12.0 16 21 22 33 33 42 31 24 23 17 13 7.2 6.1 5.0 18.7 21 23 — — — 0.2
Transportation Attractive 1,622 23.2 (25) 38 43 29 21 15.0 19 13 9.7 3.6 3.2 2.7 12.3 15.1 18.3 0.6 0.7 0.9 54
KIE universe 110,702 1583.2 16 30 17 23 17.9 15.4 11.4 10.1 8.9 2.8 2.5 2.3 11.9 13.9 14.7 1.4 1.7 1.9
KIE universe (ex-Oil, Gas & Consumable Fuels) 96,574 1381.2 16 37 19 27 19.6 16.4 13 11.2 9.8 3.0 2.7 2.5 11.3 13.9 14.9 1.3 1.6 1.8
Notes:
(a) We have used adjusted book values for banking companies.
(b) 2019 means calendar year 2018, similarly for 2020 and 2021 for these particular companies.
(c) Exchange rate (Rs/US$)= 69.91


Disclosures
Kotak Institutional Equities Research coverage universe

Distribution of ratings/investment banking relationships
Percentage of companies covered by Kotak Institutional
70%
Equities, within the specified category.
60%
Percentage of companies within each category for which Kotak
Institutional Equities and or its affiliates has provided
50%
investment banking services within the previous 12 months.
40% * The above categories are defined as follows: Buy = We

expect this stock to deliver more than 15% returns over the
29.1% 29.6% next 12 months; Add = We expect this stock to deliver 5-15%
30%
returns over the next 12 months; Reduce = We expect this stock
22.2% to deliver -5-+5% returns over the next 12 months; Sell = We
19.2%
20% expect this stock to deliver less than -5% returns over the next
12 months. Our target prices are also on a 12-month horizon
basis. These ratings are used illustratively to comply with
10%
3.9% applicable regulations. As of 31/12/2018 Kotak Institutional
1.5% 1.0% 0.0% Equities Investment Research had investment ratings on 203
0% equity securities.
BUY ADD REDUCE SELL
Source: Kotak Institutional Equities As of December 31, 2018
Ratings and other definitions/identifiers

Definitions of ratings
BUY. We expect this stock to deliver more than 15% returns over the next 12 months.
ADD. We expect this stock to deliver 5-15% returns over the next 12 months.
REDUCE. We expect this stock to deliver -5-+5% returns over the next 12 months.
SELL. We expect this stock to deliver <-5% returns over the next 12 months.
Our Fair Value estimates are also on a 12-month horizon basis.
Other definitions
Coverage view. The coverage view represents each analyst’s overall fundamental outlook on the Sector. The coverage view will consist of one of the following
designations: Attractive, Neutral, Cautious.
Other ratings/identifiers
NR = Not Rated. The investment rating and fair value, if any, have been suspended temporarily. Such suspension is in compliance with applicable regulation(s)
and/or Kotak Securities policies in circumstances when Kotak Securities or its affiliates is acting in an advisory capacity in a merger or strategic transaction
involving this company and in certain other circumstances.
CS = Coverage Suspended. Kotak Securities has suspended coverage of this company.
NC = Not Covered. Kotak Securities does not cover this company.
RS = Rating Suspended. Kotak Securities Research has suspended the investment rating and fair value, if any, for this stock, because there is not a sufficient
fundamental basis for determining an investment rating or fair value. The previous investment rating and fair value, if any, are no longer in effect for this stock
and should not be relied upon.
NA = Not Available or Not Applicable. The information is not available for display or is not applicable.
NM = Not Meaningful. The information is not meaningful and is therefore excluded.

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Kotak Securities Limited is a corporate trading and clearing member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE), Metropolitan Stock
Exchange of India Limited (MSE), National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange(MCX). Our businesses include stock broking, services rendered
in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management.
Kotak Securities Limited is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Kotak Securities Limited
is also registered with Insurance Regulatory and Development Authority as Corporate Agent for Kotak Mahindra Old Mutual Life Insurance Limited and is also a Mutual Fund Advisor
registered with Association of Mutual Funds in India (AMFI). Kotak Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014.
We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI,
Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise letters or levied minor penalty on KSL for certain operational
deviations. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point
of time.
We offer our research services to primarily institutional investors and their employees, directors, fund managers, advisors who are registered with us
Details of Associates are available on website i.e. www.kotak.com
Research Analyst has served as an officer, director or employee of subject company(ies): No
We or our associates may have received compensation from the subject company(ies) in the past 12 months.
We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months. YES. Visit our website for more details
We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our
associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the
past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.
Our associates may have financial interest in the subject company(ies).
Research Analyst or his/her relative's financial interest in the subject company(ies): No
Kotak Securities Limited has financial interest in the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: YES
Nature of Financial interest: Holding equity shares or derivatives of the subject company.
Our associates may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of
Research Report.
Research Analyst or his/her relatives has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of
publication of Research Report: No
Kotak Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of
Research Report: No
Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report.
A graph of daily closing prices of securities is available at https://www.moneycontrol.com/india/stockpricequote/ and http://economictimes.indiatimes.com/markets/stocks/stock-quotes.
(Choose a company from the list on the browser and select the"three years" icon in the price chart).
Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051, Telephone No.: +22
43360000, Fax No.: +22 67132430. Website: www.kotak.com / www.kotaksecurities.com. Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg,
Malad (East), Mumbai 400097. Telephone No: 42856825. SEBI Registration No: INZ000200137(Member of NSE, BSE & MSE) AMFI ARN 0164, PMS INP000000258 and Research Analyst
INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97. Compliance Officer Details: Mr. Manoj Agarwal. Call: 022 - 4285 8484, or Email: ks.compliance@kotak.com. Investments in securities
market are subject to market risks, read all the related documents carefully before investing.
In case you require any clarification or have any concern, kindly write to us at below email ids:
Level 1: For Trading related queries, contact our customer service at ‘service.securities@kotak.com’ and for demat account related queries contact us at ks.demat@kotak.com or call us
on: Toll free numbers 18002099191 / 1800222299 and 18002099292
Level 2: If you do not receive a satisfactory response at Level 1 within 3 working days, you may write to us at ks.escalation@kotak.com or call us on 022-42858445 and if you feel you
are still unheard, write to our customer service HOD at ks.servicehead@kotak.com or call us on 022-42858208.
Level 3: If you still have not received a satisfactory response at Level 2 within 3 working days, you may contact our Compliance Officer (Name: Mr. Manoj Agarwal) at
ks.compliance@kotak.com or call on 91- (022) 4285 8484.
Level 4: If you have not received a satisfactory response at Level 3 within 7 working days, you may also approach CEO (Mr. Kamlesh Rao) at ceo.ks@kotak.com or call on
91-(022) 4285 8301.
First Cut notes published on this site are for information purposes only. They represent early notations and responses by analysts to recent events. Data in the notes may not have been
verified by us and investors should not act upon any data or views in these notes. Most First Cut notes, but not necessarily all, will be followed by final research reports on the subject.
There could be variance between the First cut note and the final research note on any subject, in which case the contents of the final research note would prevail. We accept no liability
for the contents of the First Cut Notes.
For further disclosure please view https://kie.kotak.com/kinsite/index.php

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INDIA DAILY

March 12, 2019 India 11-Mar 1-day 1-mo 3-mo

Contents Global/Regional indices

Company alerts FTSE 7,131 0.4 (0.0) 3.6

Rs/US$ 69.8 5 (73) (207)

10yr govt bond, % 7.6 (4) (1) (12)

Net investment (US$ mn)

8-Mar MTD CYTD

FIIs 161 246 3,129

MFs (69) (120) 1,210

Best performers 11-Mar 1-day 1-mo 3-mo

RECL IN Equity 134 1.8 10.0 31.6

POWF IN Equity 112 2.7 12.0 31.3

YES IN Equity 236 1.7 36.9 26.6

PNB IN Equity 86 2.4 20.3 21.3

HPCL IN Equity 263 5.4 12.5 20.1

RCOM IN Equity 5 (8.5) (5.3) (65.8)

RPWR IN Equity 12 0.0 11.2 (56.8)

RELI IN Equity 132 1.6 17.4 (55.3)

IDBI IN Equity 45 3.5 3.6 (26.7)

UT IN Equity 2 3.2 39.1 (22.0)

A new beginning or another half-hearted attempt in the making?

Exhibit 1: BJCOR's two new launches

KOTAK INSTITUTIONAL EQUITIES RESEARCH 3

IGAAP Based on Ind-AS

Source: Company, Kotak Institutional Equities estimates

4 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Incremental supplies constrained in Top-3 cities, could help improve vacancies

Source: PropEquity, Kotak Institutional Equities

Source: PropEquity, Kotak Institutional Equities

6 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Exhibit 3: MMR saw absorption of 8 mn sq. ft in CY2018; rentals remain flat

Source: PropEquity, Kotak Institutional Equities

KOTAK INSTITUTIONAL EQUITIES RESEARCH 7

Exhibit 5: Demand-supply equilibrium has kept vacancy at low levels in Bengaluru

8 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Fair O/S ADVT

India Daily Summary - March 12, 2019

Source: Company, Bloomberg, Kotak Institutional Equities estimates

KOTAK INSTITUTIONAL EQUITIES RESEARCH 9

India Daily Summary - March 12, 2019

Source: Company, Bloomberg, Kotak Institutional Equities estimates

10 KOTAK INSTITUTIONAL EQUITIES RESEARCH

India Daily Summary - March 12, 2019

Source: Company, Bloomberg, Kotak Institutional Equities estimates

KOTAK INSTITUTIONAL EQUITIES RESEARCH 11

India Daily Summary - March 12, 2019

Source: Company, Bloomberg, Kotak Institutional Equities estimates

12 KOTAK INSTITUTIONAL EQUITIES RESEARCH

India Daily Summary - March 12, 2019

Source: Company, Bloomberg, Kotak Institutional Equities estimates

KOTAK INSTITUTIONAL EQUITIES RESEARCH 13

India Daily Summary - March 12, 2019

Oil, Gas & Consumable Fuels

Source: Company, Bloomberg, Kotak Institutional Equities estimates

14 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Source: Company, Bloomberg, Kotak Institutional Equities estimates

India Daily Summary - March 12, 2019

KOTAK INSTITUTIONAL EQUITIES RESEARCH 15

Kotak Institutional Equities Research coverage universe

40% * The above categories are defined as follows: Buy = We

Source: Kotak Institutional Equities As of December 31, 2018

Ratings and other definitions/identifiers