July 27, 2018 - i.marketsmojo.com · Corporate Snippets & Economy Updates Corporate News...

July 27, 2018

IndianMarkets CMP %chg1d %chg3m %chg6m %chgytdNifty 11,167 0.3 4.4 0.9 6.0 Sensex 36,985 0.3 5.8 2.6 8.6 BSE Small Cap 16,306 0.3 (10.6) (15.7) (15.2) Midcap 15,763 0.8 (6.8) (11.6) (11.6) USD/INR 68.67 0.2 (2.8) (7.5) (7.0) Developed/EmergingmarketsDow Jones 25,527 0.4 5.0 (4.1) 3.3 S&P 500 2,837 (0.3) 6.3 (1.2) 6.1 Nasdaq 7,401 (1.4) 11.2 5.4 15.7 Nikkei 22,619 0.1 0.7 (4.3) (0.6) Hang Seng 28,640 (0.5) (5.4) (13.6) (4.3) Bovespa 79,405 (1.0) (8.1) (7.2) 3.9 DAX 12,809 1.8 1.8 (4.0) (0.8) FTSE 7,663 0.1 2.1 0.0 (0.3) SGX Nifty 11,252 0.3 4.9 1.6 6.6

Topgainers Toplosers UnderlyingSecurity CMP %chg Underlyingsecurity CMP %chgShriram Trans. 1,411 9.9 Info Edge 1,395 (5.3) REC 107 9.0 Vakrangee 49 (4.9) Bank Of India 96 8.4 Dish Tv 67 (3.7) Canara Bank 279 7.7 Yes Bank 370 (3.4) Ambuja Cem. 224 7.2 TVS Motor 522 (3.3)

Recenteco.data Actual Cons. Upcomingeco.Data Cons. PreviousCanada CPI 0.1 0.1 US Advance GDP 4.1 2.0 Canada Retail Sales 2.0 1.0 US Unemploy Claims 215K 207K

Germany PPI 0.3 0.3 Germany Import Prices 0.3 1.6

UK Retail Sales (0.5) 0.1 US Flash Mfg PMI 55.1 55.4

US Housing Starts 1.17M 1.32M Germany Flash Mfg PMI 55.5 55.9

FIIs&DIIscashactivity(Rscr) Previousday MTD YTDFII Equity 2,454 (2,666) (7,505) DII Equity (2,716) 5,512 74,115 FII Debt 108 394 (40,941) DII Debt (1,145) 24,379 164,180

Milestone entry into August series! It's when ordinary people rise above the expectations and seize theopportunitythatmilestonestrulyarereached.‐MikeHuckabee

The Indian equity market achieved yet another milestone as both the frontline indices ended at record closing highs. It has taken the Sensex many months to add the last 1000 points. The rally was mostly led by PSU banks and financial stocks. There was some expected volatility in the last hour of trade due to the expiry of the July F&O contracts. Rollovers were much higher than the three-month average. A quiet start is in store. US indices closed mixed and Asian markets are treading cautiously. The Vodafone-Idea merger has been approved by the government, making it the largest telecom provider in the country. The European Central Bank kept interest rates unchanged, and confirmed its plans to end its bond purchase program by December 2018. Bank of Baroda, ICICI Bank, Reliance Industries, Schneider and Welspun are set to declare their Q1 earnings today.

Nifty intra-day movement Banknifty intra-day movement

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11,140

11,160

11,180

11,200

09:15 11:20 13:25 15:30 26,800

27,000

27,200

27,400

27,600

09:15 11:20 13:25 15:30 Sectoral movement

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0.0

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4.0

6.0

IT Auto FMCG Energy Realty Media Pharma FinServices

Infra Bank

% chg 1d % chg 5d

Corporate Snippets & Economy Updates

Corporate News

Hindalco’s Novelis to buy Aleris in $2.6 billion deal with assumption of debt

Adani Ports signs a long-term regasification pact with GAIL for Dhamra LNG terminal

IFB Industries to acquire industrial laundry equipment biz of Ramsons Garment for Rs 35 crore

HPCL unlikely to buy Iran oil until India gets waiver from U.S

PetronetLNG CEO expects BPCL Kochi plant to boost gas purchase Economy News

Gross bad loans of PSBs hit 15% of advances in FY18

Government's Rs 11,336 crore capital infusion in 5 PSBs to be credit positive: Moody's

India may register healthy growth rates in exports in FY19: Suresh Prabhu

Cement demand likely to grow by around 6% in FY19: ICRA

28% GST slab may become virtually hollow shell over next year or so: Subramanian

Results table Rsmn Revenue YoY% PAT YoY%Bharat Financial Inclusion Ltd. 6,113 35.4 1,421 194.8 Biocon Ltd. 11,238 20.4 1,378 47.2 Cholamandalam Investment & Finance Company Ltd. 15,970 28.1 2,853 37.8

Colgate-Palmolive (India) Ltd. 10,413 (6.9) 1,895 39.0 Dr. Reddys Laboratories Ltd. 37,365 12.1 4,678 723.6 Tata Coffee Ltd. 4,222 14.8 312 (30.5) The Lakshmi Vilas Bank Ltd. 7,270 (5.6) (1,239) (287.3) Wabco India Ltd. 7,473 32.0 748 37.9 Yes Bank Ltd. 22,191 22.7 12,604 30.5 Bharti Airtel Ltd. 2,00,800 (8.6) 3,143 (5.4) Container Corporation Of India Ltd. 15,683 6.9 2,524 2.4

Maruti Suzuki India Ltd. 2,24,594 13.6 19,753 26.9 ITC Ltd. 1,08,746 (21.2) 28,187 10.1 Jindal Stainless (Hisar) Ltd. 21,332 (11.5) 794 6.7 Bayer CropScience Ltd. 8,318 12.8 1,472 31.8 CESC Ltd. 21,590 (1.1) 1,820 2.2 Grindwell Norton Ltd. 3,811 5.7 436 43.9 Heidelberg Cement India Ltd. 5,402 5.2 511 218.7 Petronet LNG Ltd. 91,692 42.5 5,870 34.1 Tata Power Company Ltd. 73,134 14.0 13,662 - Eveready Industries (India) Ltd. 3,833 7.2 184 35.3 Schaeffler India Ltd. 5,149 4.0 613 13.5 Quess Corp Ltd. 19,684 51.7 528 17.1 Shriram Transport Finance Company Ltd. 37,325 19.8 5,729 24.5

Essel Propack Ltd. 6,354 8.9 419 20.5 Force Motors Ltd. 8,905 5.3 409 36.6 Tata Metaliks Ltd. 4,675 15.5 304 (0.8)

Source:ACEEquity,BloombergQuint

Jul 27: Japan Tokyo Core CPI, Australia PPI, France Flash GDP, France

Consumer Spending, US Advance GDP, US Revised UoM Consumer Sentiment, India Foreign Exchange Reserves.

Upcoming Events

Analyst:TarangBhanushali,RahulJain

RESULT UPDATE Q1 FY19

Larsen & Toubro Ltd. - BUY

July 26, 2018

GovernmentandPSUordersleadgrowth

LT’sQ1numberswerestrongerthanestimatesledbystrongexecutioninthe domestic infrastructure segment and international hydrocarbonsegment.RevenuegrowthwasalsoboostedbychangeinaccountingnormsandrevenuebookedonsaleofKattupalliport.Excludingtheone‐offs,corerevenuegrowthstoodat12%yoy inQ1 ledbydomestic infrastructure,hydrocarbonandservicesbusiness.Ontheoperatingfront,one‐offbenefitsof Kattupalli port sale and revenue booking of its inhouse real estateproject(duetoaccountingchanges)wasoffsetbyhigherECLprovisioning(change in accounting policies) and provision for disputed real estatecontract.ReportedOPMwashigherby166bpsyoyto10.3%,quitehigherthan street estimates. Margin expansionwas led by heavy engineering,hydrocarbonsandservices.Adjustedfornon‐recurringhitofex‐servicesEBIT margin at 7.5% was better than expected. Working capitalrequirementincreasedsequentiallyto20%,inlinewiththemanagementguidanceof19‐20%.Orderinflowforthequarterwashigherby36.7%yoyledbyserviceorders,hydrocarbonandheavyengineering.Orderbookwashigherby3.3%yoy toRs.2,717bn,withshareof infrasegmentrising to78%.L&ThascompletedthesaleofKatupalliPort,andaconsiderationofRs3.5bnhasflownthroughinSales,EbitdaandPBT.

ForFY19,managementhasmaintaineditsgrowthguidanceof10‐12%inorder inflow and 12‐15% in revenues, coupled with 25bps of marginexpansion. Themanagement expects infrastructure andhydrocarbon todrivegrowth,bothinorderinflowandexecution.Domesticgrowthwasprimarily driven by the public sector (70‐75% orders), whereas theprivatesectorisyettopickup.RecenttransferofroadassetsthroughtheInvIT routewould enable IDPL to explorenewgrowthopportunities inBOT/HAMprojects.LTplanstoachieveitsRoEtargetof18%byFY21onthebackofhigherexecution,margin improvementandsaleofnon‐coreassets.WemaintainourBUYratingwitharevisedtargetpriceofRs.1,590.

CMP(Rs)1,320 12‐mtsTarget(Rs)1,590 Upside20.4%Stock data (As on July 25, 2018) Sector: Capital Goods

Stock performance

40

90

140

Jul‐17 Nov‐17 Mar‐18 Jul‐18

LT Sensex

Figure 1: Result table (Consolidated) (Rsmn) Q1FY19 Q1FY18 %yoy Q4FY18 %qoqNetsales 282,835 238,109 18.8 406,781 (30.5)Operatingprofit 29,133 20,567 41.6 53,905 (46.0)OPM(%) 10.3 8.6 166bps 13.3 ‐295bpsOtherincome 2,440 3,849 (36.6) 4,328 (43.6)Depreciation (6,449) (5,513) 17.0 (4,924) 31.0Interest (3,648) (3,651) (0.1) (4,181) (12.8)PBT 21,477 15,253 40.8 49,128 (56.3)Tax (9,346) (4,597) 103.3 (14,580) (35.9)PAT 12,131 10,655 13.8 34,548 (64.9)Other 17 (1,730) ‐ (2,873) ‐ReportedPAT 12,148 8,925 36.1 31,675 (61.6)Source:Company,IIFLResearch

Shareholding pattern (%)

Promoter ‐

FII+DII 57.6

Others 42.4

Sensex: 36,858

52Weekh/l(Rs): 1,470/1,115

Marketcap(Rsmn): 1,849,991

Enterprisevalue(Rsmn): 2,844,698

6mAvgt/o(Rsmn): 245.9

FV(Rs): 2

Divyield(%): 1.2

Bloombergcode: LTIN

BSEcode: 500510

NSEcode: LT

Larsen & Toubro Ltd

Core segment revenue growth inline Corerevenuegrowthof12%wasinline,ledbyInfra(9%),defence(36%)and hydrocarbon (38%). Growthwaswitnessed in overallmarkets asdomestic execution sustained the growthmomentum at 13% yoy andinternationalsalespickedupto11%yoy.Revenuesfromothersegmentjumped 45.6% and that from development assets jumped 80.7% yoy.DevelopmentprojectsdivisionwasboostedbysalesofKattupalliportandother segment was boosted by higher revenue booking in real estatedivision.DevelopmentprojectsrevenuewasalsoboostedbyincreaseinPLFsand realizationat itsNabhaPowerplant.TheMMHbusinesshasnowbeenreclassifiedunderthe‘Infrastructure’segment.Revenuesgrew10%yoyledbystrongdomesticexecution(13%yoy);whileinternationalrevenuesgrew4%yoy.ThegrowthhasbeenprimarilydrivenbyHeavyCivil,WaterandTransportationinfrastructurebusinesses.MarginsinthissegmentwasimpactedbyECLprovisioningandjobmix.Powerrevenuewere lower due to lower orderbook. However, margins improved onaccountofsomeECLwritebacks.TheDefence&Aerospacebusinesshasnowbeenreclassifiedintoanewsegment.Thisnewsegmentgrew35.5%yoyand the companymanaged to registerpositiveEBIT.Hydrocarbonsegment registered strong operating performance led by robustexecutioninboth,domesticandinternationalsegments. Figure 2: Margins impacted by one-offs Segment Q1FY19 Q1FY18 BpsyoyInfrastructure 6.8 7.1 (30)Power 4.1 1.3 280HeavyEngineering 36.1 12.3 2,380DefenceEngineering 11.1 (4.4) 1,550Electricalandautomation 13.3 10.3 300Hydrocarbon 7.0 6.8 20IT&Technologyservices 24.8 21.5 330DevelopmentProjects 30.4 (4.1) 3,450Others 26.5 21.3 520Source:Company,IIFLResearch

Figure 3: Segmental results Q1FY19 Q1FY18 %yoy Q4FY18 %qoqSales(Rsm) Infrastructure 123,314 113,540 8.6 243,493 (49.4)Power 10,806 17,641 (38.7) 15,068 (28.3)HeavyEngineering 3,773 3,695 2.1 5,039 (25.1)DefenceEngineering 7,336 5,413 35.5 9,642 (23.9)Electricalandautomation 13,237 12,684 4.4 16,431 (19.4)Hydrocarbon 35,163 25,492 37.9 35,591 (1.2)IT&Technologyservices 33,558 25,663 30.8 31,524 6.5FinancialServices 30,576 22,945 33.3 27,221 12.3DevelopmentProjects 14,945 8,272 80.7 12,170 22.8Others 13,732 9,428 45.6 16,257 (15.5)Less:Intersegment (3,603) (4,875) (26.1) (5,653) (36.3)Total 282,835 239,898 17.9 406,781 (30.5) EBIT(Rsm) Infrastructure 6,645 6,171 7.7 30,803 (78.4)Power 335 126 164.8 520 (35.7)HeavyEngineering 1,104 185 495.8 791 39.5DefenceEngineering 477 (589) (181.1) 875 (45.4)Electricalandautomation 1,318 781 68.8 2,657 (50.4)Hydrocarbon 2,090 1,410 48.2 1,791 16.7IT&Technologyservices 7,606 4,920 54.6 5,658 34.4FinancialServices 7,288 3,581 103.5 4,087 78.3DevelopmentProjects 3,880 (492) (888.7) (1,993) (294.7)Others (4,172) 1,385 (401.2) 6,866 (160.8)Total 26,570 17,478 52.0 52,055 (49.0)Source:Company,IIFLResearch

Larsen & Toubro Ltd

Figure 4: Segmental results (Contd.) Q1FY19 Q1FY18 %yoy Q4FY18 %qoqEBITmargins(%) bpsyoy bpsqoqInfrastructure 5.4 5.4 (5) 12.7 (726)Power 3.1 0.7 238 3.5 (36)HeavyEngineering 29.3 5.0 2,424 15.7 1,355DefenceEngineering 6.5 (10.9) 1,739 9.1 (257)Electricalandautomation 10.0 6.2 380 16.2 (622)Hydrocarbon 5.9 5.5 41 5.0 91IT&Technologyservices 22.7 19.2 349 17.9 472FinancialServices 23.8 15.6 823 15.0 882DevelopmentProjects 26.0 (5.9) 3,191 (16.4) 4,234Others (30.4) 14.7 (4,507) 42.2 (7,262)Blended 9.4 7.3 211 12.8 (340)Source:Company,IIFLResearchFigure 5: Infrastructure segment continued to account for a large share of total order book

Source:Company,IIFLResearch

Figure 6: Share of service orders remained higher in Q1

Source:Company,IIFLResearch Figure 7: Large hydrocarbon orders in Q1 led to higher share of export ordres

Source:Company,IIFLResearch

78%

2%3%4%

10%

1% 2%

Infrastructure

HeavyEngg

Power

DefenceEngg.

Hydrocarbon

E&A

Others

54%

4%

0.3%

13%

4%

22%

0.4%

3% Infrastructure

HeavyEngg

Power

Hydrocarbon

E&A

Services

Defence&Engg

Others

65 64 63 69 65 64 65 71 66

35 36 37 31 35 36 35 29 34

0%10%20%30%40%50%60%70%80%90%100%

Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19

Domestic International

Larsen & Toubro Ltd

Figure 8: Financial summary Y/e31Mar(Rsm) FY16 FY17 FY18 FY19E FY20ERevenues 1,019,753 1,093,118 1,196,832 1,352,420 1,514,710yoygrowth(%) 10.8 7.2 9.5 13.0 12.0Operatingprofit 104,628 111,305 135,714 147,375 168,425OPM(%) 10.3 10.2 11.3 10.9 11.1Pre‐exceptionalPAT 41,387 63,641 78,814 81,248 94,053ReportedPAT 42,360 64,878 80,072 81,279 94,084yoygrowth(%) (11.2) 53.2 23.4 1.5 15.8

EPS(Rs) 29.5 45.4 56.2 58.0 67.1P/E(x) 44.7 29.1 23.5 22.8 19.7Price/Book(x) 4.2 3.7 3.3 3.0 2.7EV/EBITDA(x) 25.6 24.6 21.0 19.8 18.0Debt/Equity(x) 2.0 1.9 1.9 1.9 1.8RoE(%) 9.7 13.5 14.9 13.8 14.3RoCE(%) 7.5 7.1 8.2 8.0 8.3Source:Company,IIFLResearch

Analyst:RajivMehta,SachitDamani


Yes Bank – BUY

July 27, 2018

Earnings delivery to remain strong

CMP(Rs)370 12‐mtsTarget(Rs)434 Upside17.2%Stock data (As on July 26, 2018) Sector: Financials

Stock performance

75

100

125

Jul-17 Nov-17 Mar-18 Jun-18

YES SENSEX

Figure 1: Result table Y/e31Mar(Rsm) Q1FY19 Q4FY18 %qoq Q1FY18 %yoyTotal Interest Income 65,780 57,430 14.5 46,542 41.3 Interest expended (43,589) (35,887) 21.5 (28,449) 53.2 NetInterestIncome 22,191 21,542 3.0 18,093 22.6Other income 16,941 14,210 19.2 11,322 49.6 TotalIncome 39,132 35,752 9.5 29,415 33.0Operating expenses (14,586) (14,398) 1.3 (12,369) 17.9 Provisions (6,257) (3,996) 56.6 (2,858) 118.9 PBT 18,290 17,358 5.4 14,188 28.9 Tax (5,687) (5,564) 2.2 (4,529) 25.6 ReportedPAT 12,603 11,794 6.9 9,659 30.5Source:Company,IIFLResearch

Shareholding pattern (%) Promoter 20.0

FII+DII 67.7

Others 12.3

Sensex: 36,985

52 Week h/l (Rs): 393/285

Market cap (Rs mn) : 852,192

Enterprise value (Rs mn): -

6m Avg t/o (Rs mn): 4,407

FV (Rs): 2

Div yield (%): 0.7

Bloomberg code: YES IN

BSE code: 532648

NSE code: YESBANK

Sustained impressive asset growth; higher quality of growth and funding cost spike impacted NII growth Yes Bank sustained loan growth at 50%+ yoy in Q1 FY19, and the quality of growth remained comforting too. Corporate portfolio’s rating profile was stable (nearly 80% rated A & above), overall exposure mix remains granular across sectors and retail loan growth was diversified and predicated on low-risk underwriting. The ratio of RWA/Total Assets moderated sequentially adjusted for the increased charge of operational risk. Domestic corporate book grew 41% yoy, representing sustained market share gains by the bank through participation in refinancing/NCLT opportunities and deepening engagements. The international book grew 3x yoy on a lower base and now comprises 9% of the loan book. Retail portfolio grew 2x yoy (disbursements up 80% yoy) and its share in advances reached 14%. This booked is well-spread across vehicle loans (40% share), mortgages (30%), consumer loans (16%) and equipment financing (11%). CASA ratio corrected materially for second successive quarter reflecting a slowdown in accretion rate and acceleration in business growth. As absolute growth remains strong at 36% yoy, the CASA/Branch metric continues to improve.

Versus our expectation of a stable NIM delivery, Yes Bank’s margin declined 10bps qoq to 3.3%. This was caused by multiple factors a) quicker re-pricing of non-retail TDs, b) portfolio mix shift towards high-rated domestic corporate assets and international loans, c) borrowings through AT-1 and Tier-2 bonds at higher rates, d) decline in CASA ratio and e) slower re-pricing of loan book. International advances earn a lower NIM at <2%. Management expects NIM to recover by 20 bps over the next three quarters with significant MCLR hikes taken in recent past re-pricing the advances.

Yes Bank

Figure 2: Business mix Y/e31Mar(Rsm) Q1FY19 Q4FY18 %qoq Q1FY18 %yoyLoans 21,47,201 20,35,339 5.5 13,99,718 53.4 Deposits 21,33,945 20,07,382 6.3 15,02,409 42.0 Investment 8,29,532 6,83,989 21.3 5,21,362 59.1 Total assets 33,25,493 31,24,456 6.4 22,21,452 49.7 Source:Company,IIFLResearch Figure 3: Key Ratios Particulars Q1FY19 Q4FY18 chgqoq Q1FY18 chgyoyNIM(%) 3.3 3.4 (0.1) 3.7 (0.4)CASA(%) 35.1 36.5 (1.3) 36.8 (1.7)C/D(%) 100.6 101.4 (0.8) 93.2 7.5Non-int inc (%) 43.3 39.7 3.5 38.5 4.8 CosttoIncome(%) 37.3 40.3 (3.0) 42.0 (4.8)Provisions/Income (%) 16.0 11.2 4.8 9.7 6.3 BV (Rs) 114.1 111.8 2.3 97.9 16.2 RoE(%) 19.4 18.8 0.6 17.4 2.0RoA (%) 1.6 1.6 - 1.8 (0.2) CAR(%) 17.3 18.4 (1.1) 17.6 (0.3)GrossNPA(%) 1.3 1.3 0.0 1.0 0.3NetNPA(%) 0.6 0.6 (0.1) 0.4 0.2Source:Company,IIFLResearch Robust fee growth and moderation in cost growth translate into impressive PPOP growth; NPL accruals were high Non-interest income grew 50% yoy and contributed 43% in total revenue. The largest component of corporate fees grew by phenomenal 66% yoy, being largely linked to the gross activity in corporate loan segment. Corporate Trade & Cash Management fees also grew by strong 60% yoy driven by sustained traction in issuances of LCs/BGs. Retails fees exhibited healthy growth of 29% yoy on the back of brisk momentum in trade & remittances, processing fees and general banking fees. Even adjusted for non-recurring or lumpy fee items in the Forex, DCM and Securities fee line, the overall growth in Yes Bank’s non-interest income was significant. Opex growth moderated further to 18% yoy underpinned

by calibrated branch and employee addition. This coupled with strong revenue growth led to a sharp decline in cost/income and an impressive PPOP growth of 44% yoy. NPL accrual rate increased in the quarter to annualized 1.3% of advances as gross slippages increased sequentially from Rs3.8bn to Rs5.6bn. Of this, Rs3.2bn exposure could get upgraded/recovered by the end of current quarter as the bank is holding marketable/liquid collateral. During the quarter, Yes Bank recovered Rs1.8bn from one account in the 1st NCLT list. There was no ARC sale and there was redemption of Rs1bn worth of SRs. There was some spike in the provision for loan losses on account of higher delinquencies and the bank improving PCR by 5ppt to 55%. While the management intends to raise PCR to 60%, it expects credit cost for FY19 to be in the range of 50-70bps (much lower than 76bps incurred in FY18). Management’s confidence stems from a) negligible standard restructured book (under all forms), b) expectation of significant redemptions from SR portfolio, c) little possible impact of Feb 12 RBI guidelines, d) thorough internal assessment of large and medium exposures and e) shift in corporate loan mix towards better rated assets. Yes Bank opted to utilize RBI’s dispensation for amortizing the MTM hit on bond portfolio as of quarter-end over four quarters. Accordingly, the bank provided for Rs927mn in Q1 FY19 and carried forward the remaining amount of Rs2.78bn. Valuation attractive; Retain BUY The bank is confident of sustaining a higher trajectory of loan growth for the next couple of years. For this purpose, it plans to raise equity capital of up to US$1bn around March-April 2019. As NIM recovers, revenue growth momentum will become stronger. Opex growth should trail income growth and credit cost could moderate too from current levels. We estimate an earnings CAGR of 30%+ pa over FY18-20. Valuation is attractive at 2.2x P/ABV and 12.4x P/E on FY20 estimates.

Yes Bank

Figure 4: Financial summary Y/e31Mar(Rsm) FY16 FY17 FY18 FY19E FY20ETotal operating income 72,789 99,541 1,29,609 1,66,394 2,17,723 yoy growth (%) 31.2 36.8 30.2 28.4 30.8 Op. profit (pre-prov) 43,025 58,375 77,481 1,01,755 1,34,340 Net profit 25,395 33,301 42,246 55,206 73,393 yoy growth (%) 26.1 31.1 26.9 30.7 32.9 EPS (Rs) 12.1 14.6 18.3 22.4 29.8 Adj.BVPS (Rs) 64.2 91.9 106.1 145.1 168.2 P/E (x) 30.6 25.4 20.2 16.5 12.4 P/BV (x) 5.8 4.0 3.5 2.6 2.2 ROE (%) 19.9 18.6 17.7 17.6 18.3 ROA (%) 1.7 1.8 1.6 1.5 1.6 Dividend yield (%) 0.5 0.6 0.7 0.9 1.2 CAR (%) 16.5 17.0 18.4 18.4 16.4 Source:Company,IIFLResearch

Analyst:HemantNahata

RESULT UPDATE Q2 CY18

Ambuja Cements Ltd - Accumulate

July 27, 2018

Robust show a one-off; challenges ahead

Ambuja Cements (ACEM) revenue grew 7%yoy, in linewith ourestimateof6%.Dispatchesstoodat6.37mtpa(ourest.6.35mtpa)butrealizationsequentially improved3%;againstourestimateof+2%. Sequential realization improvement was largely due to a)better pricing scenario in key eastern markets and b) higherpremiumproductdispatches.Operatingefficienciescontractedbymere 218bps yoy,much lower than our estimate of 500bps.Theupbeat margins were partially because of a) improvement inrealization,b)lowerRMcost(inventoryadjustment)and3)sharpreductioninOtheroverheadcost.Betteroperationalperformancecoupled with higher other income boosted PAT to Rs5.0bn,significantlybetterthanourandstreetestimates.Goingforward,webelieve ACEM would find it difficult to replicate a repeatperformance givendip inbothRM and other overhead costsnotstructuralinnature.Weretainoura1yrPTofRs244butupgradetoAccumulateonbackofrecentcorrectioninthestockprice.High-premium products drive realizations ACEM dispatches for Q1 increased by 6%, lagging far behind the growth rate reported by the industry. However, realization improvement of 3%qoq was due to higher premium product sales (generally selling rate +10% when compared to normal product), which we believe could turn out to be structural in nature. Though, we remain cautious on volume growth prospects as we don’t see ACEM attaining industry growth rate till Rajasthan plant is operational. We see premium products of Holcim majors making inroads and could lead to better realization in the coming quarters.

CMP(Rs)224 12‐mtsTarget(Rs)244 Upside9.17%Stock data (As on July 26, 2018) Sector: Cement

Stock performance

60708090

100110120

Jul-17 Nov-17 Mar-18 Jul-18

AMBUJACEM Sensex

Result table Rsmn Q2CY18 Q2CY17 yoy(%) Q1CY18 qoq(%)Revenue 30,169 28,545 5.7 28,626 5.4 Operating Profit 6,223 6,510 (4.4) 5,071 22.7 OPM(%) 20.6 22.8 -218 bps 17.71 291 bps Other Income 1,911 560 241.3 507 276.8 Depreciation (1,364) (1,439) (5.2) (1,393) (2.0) Interest (192) (165) 16.4 (257) (25.4) Exceptional item - - - - - PBT 6,578 5,466 20.3 3,928 67.5 Tax (1,586) (1,544) 2.7 (1,211) 31.0 PAT 4,993 3,922 27.3 2,718 83.7 Source:Company,IIFLResearch

Shareholding pattern (%) Promoter 63.6 FII+DII 29.3 Others 7.2

Sensex: 36,831

52 Week h/l (Rs): 292 / 189

Market cap (Rsmn) : 422,247

Enterprise value (Rs mn): 406,983

6m Avg t/o (Rs mn): 611

Bloomberg code: ACEM IS

BSE code: 500425

NSE code: AMBUJACEM

FV (Rs): 2

Div. Yeild (%) 1.5

Ambuja Cements Ltd

EBITDA/ton at Rs. 977/ton; Far better than our estimate OPM for ACEM stood at 20.6%, 218bps contraction yoy, much lower than our estimate of -500bps. Higher realization along with cost reduction in RM and other overheads arrested the fall in operational efficiency despite significant hardening in pet coke, coal and diesel prices. Going forward, we believe ACEM would find it difficult to sustain this operational performance as we don’t see any dip in both RM and other overhead costs, that are structural in nature.Higher other income coupled with lower depreciation translated in 27.3% yoy jump in PAT stood to Rs5bn higher than our and street estimate. Table 1: Key Matrix

KeyMatrix Q2CY18 Q2CY17 yoy(%) Q1CY18 qoq(%)Volume 6.37 6.05 5.3 6.22 2.4 Ton/Expenditure 3,759 3,642 3.2 3,787 (0.7) Realization 4,736 4,718 0.4 4,602 2.9

Financial summary Y/e(Rsm) CY15 CY16 CY17 CY18E CY19ERevenues 94,614 92,382 1,04,571 1,15,130 1,29,166 yoy growth (%) (5.2) (2.4) 13.2 10.1 12.2 Operating profit 15,315 16,531 19,401 21,184 26,330 OPM (%) 16.2 17.9 18.6 18.4 20.4 Pre-exceptional PAT 8,075 9,405 12,530 13,851 17,596 Reported PAT 8,075 9,405 12,530 13,851 17,596 yoy growth (%) (46.0) 16.5 33.2 10.5 27.0 EPS (Rs) 5.2 4.7 6.3 7.0 8.9 P/E (x) 43.0 47.3 35.5 32.1 25.3 Price/Book (x) 6.7 4.7 4.4 4.1 3.8 EV/EBITDA (x) 20.9 26.1 21.5 19.0 14.7 Debt/Equity (x) 0.0 0.0 0.0 0.0 0.0 RoE (%) 7.9 6.4 6.4 6.6 7.8 RoCE (%) 11.7 9.0 8.5 9.5 11.1 Source:Company,IIFLResearch

Analyst:BhaveshGandhi


Dr Reddys’ – REDUCE

July 27, 2018

Better quarter

CMP(Rs)2,135 12‐mtsTarget(Rs)1,950 Downside8.7%Stock data (As on July 26, 2018) Sector: Pharmaceuticals

Stock performance

6080

100120140

Jul-17 Jan-18 Jul-18

DRRD Sensex

Figure 1: Result table (Rsmn) Q1FY19 Q4FY18 %qoq Q1FY18 %yoyNet sales 37,365 35,539 5.1 33,332 12.1 RM & other costs (5,619) (5,579) 0.7 (6,793) (17.3) Purchase of goods (4,430) (4,488) (1.3) (2,799) 58.3 Staff costs (8,371) (8,005) 4.6 (8,073) 3.7 Other exp (11,257) (11,831) (4.9) (12,435) (9.5) OPM(%) 20.6 15.9 472bps 9.7 1,088bpsDepreciation (2,787) (2,763) 0.9 (2,592) 7.5 Interest (195) (178) 9.6 (215) (9.3) PBT 5,210 3,144 65.7 805 547.2 Tax (532) (492) 8.1 (237) 124.5 PAT 4,761 2,721 75.0 666 614.9 Source:Company,IIFLResearch

Shareholding pattern (%) Promoter 26.8

FII+DII 44.3

Others 28.9

Sensex: 36,985

52 Week h/l (Rs): 2,725/1,888

Market cap (Rs mn) : 349,430

Enterprise value (Rs mn): 334,428

6m Avg t/o (Rs mn): 1,160

FV (Rs): 5

Div yield (%): 1.0

Bloomberg code: DRRD IN

BSE code: 500257

NSE code: DRREDDYS

Suboxone, India drive an improved quarter Dr Reddys’ reported a better than expected quarter with revenue and EBIDTA growth of 5% qoq and 36% qoq respectively. US sales jumped 10% qoq driven by Suboxone which was approved in mid-June 2018 even as pressure persists on key molecules. India sales surged 30% yoy and in line with estimate on a weak GST base of last year. Prop product sales declined qoq as Q4 FY18 included a one-time Rs160mn income from Encore Dermatology. EU revenues declined yoy despite an 11% INR depreciation due to higher erosion in key products. Gross margin improved 140bps qoq and 200bps yoy on Suboxone and higher India sales yoy. Q1 call: Guides to double digit growth in India, EM Key highlights of Q1 call 1) Double digit growth in domestic business and emerging markets in FY19 but US to remain unpredictable 2) INR depreciation, operating leverage and Suboxone led to gross margin improvement 3) Would submit response on Copaxone CRL and believe there may be additional queries from FDA; Suboxone launch in H2 FY19 4) Have a CRL and responding on Nuvaring and stick to H1 CY19 launch 5) Slightly less steeper price erosion qoq seen in the US portfolio 6) Sold anti-biotic assets in the quarter and would cut down on number of urban and outdated sites without any impact on revenues 7) Salary increase deferred till July and firm guidance in Q2 but focus on cost optimization would continue 8) Less than Rs10bn capex in FY19 on site for injectables and routine spending. Dependence on few products persists; retain –ve bias While dependence on Suboxone and Nuvaring has been well highlighted, recent Mylan price cut on Copaxone list price would impact the market size of an important future launch. Retain –ve bias and PT of Rs1,950

Dr Reddys’

Figure 2: Revenue mix Rsmn Q1FY19 Q4FY18 %qoq Q1FY18 %yoyGlobalGenerics 30,636 27,836 10.1 27,455 11.6North America 15,903 14,487 9.8 14,946 6.4 Europe 2,016 1,711 17.8 2,075 (2.8) India 6,074 6,138 (1.0) 4,687 29.6 Emerging markets 6,643 5,500 20.8 5,747 15.6 Pharmaservices&APIs 5,409 6,251 (13.5) 4,651 16.3

Proprietary products 1,162 1,262 (7.9) 1,053 10.4 Total 37,207 35,349 5.3 33,159 12.2 Source:Company,IIFLResearch Figure 3: Financial summary Y/e31Mar(Rsm) FY16 FY17 FY18 FY19E FY20ERevenues 155,683 141,961 142,810 143,171 164,354 yoy growth (%) 5.1 (8.8) (0.6) 0.3 14.8 Operating profit 35,853 24,722 23,512 25,771 36,158 OPM (%) 23.0 17.4 16.5 18.0 22.0 Reported PAT 21,306 12,921 9,468 11,845 19,158 yoy growth (%) (3.9) (39.4) (26.7) 25.1 61.7 EPS (Rs) 124.9 77.9 57.0 71.4 115.4 P/E (x) 17.1 27.4 37.4 29.9 18.5 P/BV (x) 2.9 2.9 2.8 2.7 2.4 EV/EBITDA (x) 9.6 14.0 15.4 13.2 9.2 Debt/Equity (x) 0.1 0.1 0.1 0.2 0.2 ROE (%) 17.8 10.1 8.2 8.8 13.3 ROCE (%) 21.0 12.2 10.2 9.6 14.0 Source:Company,IIFLResearch

Analyst:HemantNahata,NavneetDaga

DERIVATIVE STRATEGY

Rollovers Analysis – July 2018

July 27, 2018

Record high, Robust rollovers

Figure 1: Market-wide rollovers highest ever

Source:NSE,IIFLResearch

Figure 2: Nifty Options Matrix: Max OI Call/PUT – 11500/11000 strike


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MnCall OI Put OI

Figure 3: Sector-wise rollovers

Source:Bloomberg,NSE,IIFLResearch

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PSU Bk. Prv. Bk Capital Gd Cement Fetilizers FMCG IT Infra Realty Media Metals Oil & Gas Pharma Power Textiles Telecom Others

%July D June D May D

Dramatic shift in sentiment and price action, from June series lows (below10,600 levels) to fresh all-time highs at 11,170, with close at peak pointwere the hallmark of the series. Nifty/BankNifty ended the penultimate day with gains of 5.4/4.1% on eoebasis. Monthly highlights include a) visible signs of markets decouplingfrom emerging market correction b) Hint of FII short covering c) signs ofmidcaps stock revival. Nifty/BankNifty posted strong rollovers and stoodat 74/77% (2.17cr/23.25 lakhs shares) as against 64/71.8%(1.91cr/19.6 lakhs shares) of prior month. Market-wide rollovers stoodat 90% (highest ever). Total aggregate OI at start of August series standsat ~470cr, a drop of ~4% from prior month, attributed to SEBI new rulesof physical settlement of 46stocks. FIIs index futures long/short rollsstood at 64.8/51.3% higher than 4mnths averages of 52.4% for longrollovers, FII’s long to short ratio of index futures at start of series standsat 1.4x levels. Option matrix for August series indicates max OI buildup at 11,500 calls(2.3mn shares) & 11,000 puts (3.2mn shares). With improving globalequity markets, VIX is trading close to its lowest point, and the technical


Figure 4: Strong Rollovers

Scrip LTPRollover

(%)

%change

eoeRollcost

Tv18Brdcst 49 99.1 (5.0) 0.62 Ubl 1,095 99.1 (2.5) 0.28 Wockpharm 570 98.9 (8.8) 0.56 Orientbank 74 98.8 3.1 0.47 Beml 793 98.5 (0.7) 0.70 Syndibank 43 98.5 10.2 0.46 Canfinhome 353 98.4 5.3 0.33 Idbi 59 98.3 18.0 0.85 Boschltd 18,700 98.1 8.3 0.56 Jpassociat 15 98.1 (4.7) 0.66 Adanipower 26 98.1 69.7 0.95 Siemens 968 98.0 1.3 0.76 Source:NSE,IIFLResearch Figure 5: Weak Rollovers

Scrip LTPRollover

(%)

%change

eoeRollcost

Bpcl 389 57.6 6.0 (0.87) Concor 648 66.5 5.9 0.34 Cholafin 1,544 66.8 5.3 0.76 Ptc 77 68.4 4.9 0.26 Ioc 159 68.8 2.9 0.16 Relcapital 395 69.1 1.5 (0.19) Igl 295 70.4 21.8 0.54 Cummins 676 71.2 4.4 (1.52) Apollotyre 287 71.6 13.9 (0.78) Indusindbk 1,960 72.2 0.0 (0.10) Nifty 11,167 73.7 5.5 0.30 Balramchin 68 74.2 3.7 0.51 Source:NSE,IIFLResearch

Figure 6: High cost of carry

Scrip LTP Rollover(%)

%change

eoe

RollCost

Suzlon 8 94.5 5.4 1.28 Adanipower 26 98.1 69.7 0.95 Ifci 16 91.0 9.9 0.93 Andhrabank 33 97.4 4.1 0.92 Idfcbank 38 94.0 (0.8) 0.92 Albk 44 96.8 8.4 0.90 Idfc 45 92.9 (0.9) 0.88 Pel 2,684 95.4 6.2 0.85 Idbi 59 98.3 18.0 0.85 Gmrinfra 18 92.5 17.0 0.84 Nbcc 67 89.6 (6.9) 0.82 Pnb 81 92.4 11.1 0.80 Source:NSE,IIFLResearch Figure 7: Low cost of carry

Scrip LTP Rollover(%)

%change

eoe

RollCost

Chennpetro 297 82.9 1.1 (5.52) Infibeam 182 78.4 17.9 (3.45) Ofss 3,882 95.5 (6.6) (2.79) Cummins 676 71.2 4.4 (1.52) Niitech 1,262 93.6 18.9 (1.43) Hexaware 452 97.4 (1.3) (1.40) Mcx 838 95.5 15.4 (1.18) Indigo 1,009 90.8 (8.3) (1.14) Tvsmotor 522 92.0 (6.3) (1.01) Dcbbank 168 92.9 3.4 (1.01) Ramcocem 721 91.7 5.4 (0.88) Bpcl 389 57.6 6.0 (0.87) Source:NSE,IIFLResearch

Figure 8: 6months Nifty movement

Source:NSE,Bloomberg,IIFLResearchFigure 9: 6months Bank nifty movement

Source:NSE,Bloomberg,IIFLResearch

10000

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August series VAP rolls @ 11,157

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26-Feb 26-Mar 26-Apr 26-May 26-Jun 26-Jul

August series VAP rolls @ 27,217


Participation-wise rollover position Figure 10: Index future long rolls


Figure 11: Index future short rolls


Figure 12: Stock future long rolls

Source:NSE,IIFLResearch Figure 13: Stock future short rolls


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Figure 14: Index call options long rolls

Source:NSE,IIFLResearch Figure 15: Index put options long rolls


Figure 16: Index call options short rolls

Source:NSE,IIFLResearch Figure 17: Index put options short rolls


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Figure 18: Derivative rollover details JulyD JuneD MayD

ScripName Rolled(%)

%pricechgeoe

No.ofsharesrolled

Rolled(%)

%pricechgeoe

No.ofsharesrolled

Rolled(%)

%pricechgeoe

No.ofsharesrolled Inference

NIFTY 74% 5.5 21,739,650 64% (1.4) 19,163,775 63% 1.1 19,587,825 Long Build-up BANKNIFTY 78% 4.1 2,325,440 72% (2.3) 1,960,960 75% 7.8 2,878,720 Long Build-up SectorAverage 74% 24,065,090 65% 21,124,735 64% 22,466,545 Automobiles Two & Three Wheeler HEROMOTOCO 83% (9.8) 2,137,000 70% (0.8) 1,313,200 83% (5.8) 1,318,200 Short Build-up BAJAJ-AUTO 86% (1.6) 3,683,250 89% (1.2) 2,906,750 87% (4.7) 2,114,000 Short Build-up TVSMOTOR 92% (6.3) 8,967,000 90% (5.0) 6,811,000 85% (9.5) 4,423,000 Short Build-up EICHERMOT 86% (0.6) 228,475 86% (7.7) 205,100 84% (1.4) 179,825 Short Build-up SectorAverage 89% 15,015,725 87% 11,236,050 85% 8,035,025 FourWheeler ASHOKLEY 88% (8.0) 82,724,000 89% (16.2) 77,756,000 89% (9.0) 57,714,000 Short Build-up M&M 88% 1.5 14,725,000 85% (1.6) 15,080,000 81% 7.6 15,292,000 Short Covering MARUTI 88% 7.1 2,056,650 86% 2.7 2,208,600 87% (4.6) 2,644,875 Short Covering TATAMOTORS 91% (1.9) 79,483,500 89% (6.8) 91,258,500 83% (14.5) 89,673,000 Long Unwinding TATAMTRDVR 93% (9.2) 28,543,200 91% (6.7) 25,082,400 65% (8.8) 27,465,700 Short Build-up ESCORTS 91% 7.6 4,007,300 86% (11.4) 4,495,700 88% (2.9) 4,343,900 Short Covering SectorAverage 90% 211,539,650 89% 215,881,200 81% 197,133,475 AutoAncillaries BHARATFORG 94% 4.1 7,588,800 89% (7.1) 8,851,200 89% (15.7) 8,714,400 Short Covering EXIDEIND 85% 10.2 8,636,000 80% (4.3) 7,492,000 80% 6.7 6,864,000 Long Build-up MOTHERSUMI 93% 9.8 12,280,000 82% (9.2) 14,260,800 82% (12.4) 13,025,600 Short Covering BOSCHLTD 98% 8.3 127,170 93% (5.5) 135,390 93% (6.5) 129,400 Short Covering AMARAJABAT 77% 8.9 998,900 71% (8.8) 1,405,600 71% (4.9) 1,545,600 Short Covering SectorAverage 90% 29,630,870 83% 32,144,990 83% 30,279,000 Banking&FinancialServices PSU Banks ALBK 97% 8.4 12,683,000 80% (2.0) 11,572,000 80% (11.3) 14,880,000 Long Build-up


JulyD JuneD MayD

ScripName Rolled(%)

%pricechgeoe

No.ofsharesrolled

Rolled(%)

%pricechgeoe

No.ofsharesrolled

Rolled(%)

%pricechgeoe


ANDHRABANK 97% 4.1 21,606,000 84% (13.9) 20,683,000 84% (2.5) 19,380,000 Long Build-up BANKBARODA 87% 22.9 61,936,000 87% (17.4) 71,636,000 87% (0.4) 53,924,000 Short Covering BANKINDIA 85% 12.3 20,196,000 82% (13.6) 28,386,000 82% 0.2 24,642,000 Short Covering CANBK 88% 12.1 11,762,000 87% (3.2) 12,698,000 87% 1.4 12,942,400 Short Covering ORIENTBANK 99% 3.1 13,074,000 82% (11.4) 12,786,000 82% (8.0) 13,572,000 Long Build-up PNB 92% 11.1 84,155,500 88% (13.0) 84,903,500 88% (8.1) 67,032,500 Short Covering SBIN 81% 11.9 74,934,000 79% (4.7) 73,989,000 79% 15.6 71,943,000 Long Build-up SYNDIBANK 99% 10.2 25,137,000 87% (20.1) 26,379,000 87% (7.2) 25,371,000 Short Covering UNIONBANK 93% 6.6 32,496,000 88% (12.0) 32,964,000 88% 0.2 29,176,000 Short Covering KTKBANK 91% 11.8 15,187,500 90% (11.8) 20,367,000 90% 2.7 21,303,200 Short Covering INDIANB 79% 2.1 2,078,000 62% 1.8 2,266,000 62% 9.3 2,686,000 Short Covering SectorAverage 89% 375,245,000 85% 398,629,500 85% 356,852,100 PrivateBanks AXISBANK 89% 7.3 39,771,600 84% (7.6) 39,048,000 84% 10.6 43,718,400 Long Build-up FEDERALBNK 90% 12.3 67,254,000 83% (7.3) 63,585,500 83% (12.7) 75,922,000 Long Build-up HDFCBANK 80% 2.9 19,706,500 73% (0.4) 19,384,000 73% 11.5 22,969,000 Long Build-up ICICIBANK 85% 5.3 125,400,000 81% (5.0) 92,958,250 81% 2.5 77,924,000 Long Build-up IDBI 98% 18.0 52,730,000 86% (23.7) 54,930,000 86% (2.0) 54,540,000 Short Covering KOTAKBANK 76% (2.0) 11,412,000 65% 0.3 10,048,000 65% 12.6 15,765,600 Short Build-up INDUSINDBK 72% 0.0 5,198,100 75% 0.6 6,168,300 75% 3.9 7,481,700 Short Covering YESBANK 85% 12.3 47,393,500 84% (4.1) 46,728,500 84% (1.8) 45,946,250 Long Build-up SOUTHBANK 88% (15.3) 142,440,018 92% (11.0) 149,399,628 92% (7.5) 154,901,034 Long Unwinding IDFCBANK 94% (0.8) 161,216,000 77% (3.4) 194,887,000 77% (13.8) 190,133,000 Long Unwinding DCBBANK 93% 3.4 4,500,000 85% (12.4) 6,358,500 85% (5.0) 7,038,000 Short Covering RBLBANK 83% 5.0 5,298,000 77% 5.1 3,878,400 77% (0.9) 3,839,400 Long Build-up SectorAverage 89% 682,319,718 82% 687,374,078 82% 700,178,384 - FinancialInstitution&Brokerage ‐ HDFC 88% 8.6 24,473,500 85% 2.5 23,353,000 85% (0.9) 23,469,000 Long Build-up IDFC 93% (0.9) 125,307,600 78% (8.2) 150,414,000 78% (8.6) 150,427,200 Long Unwinding IFCI 91% 9.9 58,525,000 81% (16.9) 63,800,000 81% (10.2) 65,374,000 Short Covering LICHSGFIN 89% 11.6 9,828,500 93% (1.0) 12,013,100 93% (12.8) 13,757,700 Short Covering PFC 84% 9.1 72,810,000 91% (8.4) 86,346,000 91% (2.9) 95,088,000 Short Covering


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ScripName Rolled(%)

%pricechgeoe

No.ofsharesrolled

Rolled(%)

%pricechgeoe

No.ofsharesrolled

Rolled(%)

%pricechgeoe


RELCAPITAL 69% 1.5 8,712,000 80% (6.9) 8,418,000 80% (2.1) 9,438,000 Long Build-up SRTRANSFIN 86% 8.8 3,682,200 93% (10.4) 4,264,800 93% (11.3) 3,445,200 Short Covering M&MFIN 92% 13.0 9,438,750 94% (6.3) 8,458,750 94% (4.8) 8,673,750 Long Build-up L&TFH 92% 20.0 25,938,000 80% (12.7) 30,307,500 80% 2.9 28,219,500 Short Covering BHARATFIN 85% 1.3 4,163,500 92% 0.5 5,543,500 92% 2.4 5,615,000 Short Covering IBULHSGFIN 80% 14.2 13,038,000 77% (8.5) 16,820,000 77% (4.4) 14,044,400 Short Covering BAJFINANCE 85% 18.1 5,086,500 80% 7.8 4,866,500 80% 11.5 4,698,500 Long Build-up DHFL 92% (2.0) 26,467,500 89% 4.2 25,951,500 89% (1.3) 24,195,000 Short Build-up CAPF 92% (2.0) 7,186,400 88% (7.1) 7,905,600 88% (8.4) 8,562,400 Long Unwinding EQUITAS 96% 4.1 22,004,000 89% (18.1) 19,712,000 89% 8.8 21,182,400 Long Build-up MUTHOOTFIN 88% 9.1 1,501,500 74% (3.9) 1,651,500 74% (12.1) 2,067,000 Short Covering UJJIVAN 85% 6.2 3,864,000 88% (5.7) 4,324,800 88% (3.2) 5,856,000 Short Covering MFSL 95% 11.0 2,419,200 91% (13.4) 3,118,800 91% (3.3) 2,838,800 Short Covering BAJAJFINSV 82% 20.3 630,500 84% (3.2) 730,000 84% 13.2 662,875 Short Covering CANFINHOME 98% 5.3 3,735,000 80% (11.1) 3,781,250 80% (13.4) 4,365,000 Short Covering CHOLAFIN 67% 5.3 889,000 80% (4.0) 863,500 80% (9.5) 982,000 Long Build-up ICICIPRULI 78% 11.8 4,829,500 82% (11.7) 7,862,400 82% (2.0) 4,278,300 Short Covering MANAPPURAM 81% 7.4 14,250,000 87% (10.5) 18,690,000 87% (9.8) 18,420,000 Short Covering REPCOHOME 96% 15.2 357,300 80% (7.8) 549,000 80% (0.8) 551,700 Short Covering SREINFRA 92% (14.9) 16,842,000 92% (17.5) 20,125,000 92% (15.9) 16,723,000 Long Unwinding SectorAverage 89% 465,979,450 83% 529,870,500 83% 532,934,725 - Capitalgoods&Engineering ‐ BHEL 87% 1.4 43,260,000 87% (16.6) 47,850,000 87% (3.1) 46,342,500 Short Covering CROMPGREAV 98% 11.9 28,788,000 81% (9.5) 31,704,000 81% - - Short Covering LT 81% 5.7 12,123,750 82% (9.9) 16,748,250 82% 1.7 12,698,250 Short Covering SIEMENS 98% 1.3 1,133,000 92% (8.6) 1,105,000 92% (4.0) 1,166,500 Long Build-up VOLTAS 79% 11.2 3,619,000 83% (5.3) 4,901,000 83% (14.3) 2,705,000 Short Covering HAVELLS 87% 18.4 4,324,000 88% (3.9) 4,205,000 88% (0.2) 4,534,000 Long Build-up ENGINERSIN 89% 10.8 6,744,500 69% (8.1) 9,488,500 69% (15.2) 9,908,500 Short Covering BEL 92% (3.4) 33,551,100 85% (9.3) 30,739,500 85% (12.7) 33,016,500 Short Build-up BEML 99% (0.7) 1,720,500 81% (13.7) 1,901,500 81% (11.2) 1,835,500 Long Unwinding CUMMINS 71% 4.4 613,200 81% (7.7) 842,800 81% (6.0) 687,100 Short Covering VGUARD 94% 5.7 1,641,000 80% (11.3) 2,622,000 80% (7.1) 3,141,000 Short Covering


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SectorAverage 90% 137,518,050 83% 152,107,550 83% 116,034,850 Cement ACC 86% 17.9 1,658,800 69% (4.7) 1,885,600 69% (11.4) 3,753,600 Short Covering AMBUJACEM 83% 11.2 14,387,500 85% (2.2) 12,047,500 85% (15.3) 16,287,500 Long Build-up GRASIM 79% 2.1 5,220,000 86% (3.5) 5,105,250 86% (2.7) 5,151,750 Long Build-up INDIACEM 83% 10.2 19,582,500 82% (20.9) 23,247,000 82% (10.4) 23,149,000 Short Covering ULTRACEMCO 81% 11.6 1,898,200 87% (0.6) 1,923,400 87% (8.2) 2,040,000 Short Covering DALMIABHA 85% 15.8 359,100 84% (17.6) 709,500 84% (9.3) 543,300 Short Covering SHREECEM 83% 13.0 97,800 93% (8.2) 80,900 93% (2.0) 58,800 Long Build-up RAMCOCEM 92% 5.4 728,000 78% (11.2) 880,000 78% (4.5) 842,400 Short Covering SectorAverage 83% 43,203,900 83% 44,999,150 83% 50,983,950 Fertilizers&Chemicals TATACHEM 87% 0.8 3,323,250 90% (7.0) 3,390,000 90% 2.6 4,299,000 Short Covering UPL 78% 5.1 15,290,400 86% (14.3) 13,495,200 86% (5.7) 10,064,400 Long Build-up KSCL 87% 10.8 1,243,500 83% 0.4 1,894,500 83% 0.7 2,086,500 Short Covering GSFC 82% 7.9 13,752,000 88% (12.9) 15,354,000 88% (9.8) 15,858,000 Short Covering SectorAverage 81% 33,609,150 87% 18,779,700 87% 16,449,900 FMCG COLPAL 89% (6.1) 2,145,500 85% (8.3) 2,177,000 85% 15.2 1,754,900 Long Unwinding DABUR 96% (2.1) 18,565,000 95% 1.1 14,725,000 95% 7.3 13,642,500 Short Build-up HINDUNILVR 82% 4.2 8,903,400 84% 0.2 8,571,600 84% 8.1 8,504,400 Long Build-up ITC 84% 10.2 73,756,800 79% (4.1) 79,128,000 79% (0.5) 78,093,600 Short Covering TATAGLOBAL 85% (9.4) 14,143,500 84% (1.0) 12,348,000 84% (7.6) 16,256,250 Short Build-up TITAN 90% 2.6 13,204,500 66% (7.1) 14,537,250 66% (7.2) 12,952,500 Short Covering BATAINDIA 90% 11.0 3,034,900 86% 6.3 2,374,900 86% (0.2) 2,250,600 Long Build-up JUBLFOOD 77% 2.4 3,590,000 88% 8.8 3,421,500 88% (0.7) 2,495,500 Long Build-up BRITANNIA 92% 5.2 811,600 94% 3.5 726,200 94% 10.2 780,200 Long Build-up MARICO 92% 9.6 5,457,400 88% 3.3 4,466,800 88% 0.8 4,841,200 Long Build-up PIDILITIND 95% 8.4 3,666,000 85% (11.2) 3,541,000 85% 6.6 3,127,000 Long Build-up ASIANPAINT 79% 13.0 4,491,000 82% (2.3) 5,008,800 82% 12.9 4,969,200 Short Covering UBL 99% (2.5) 1,431,500 81% (4.1) 1,418,200 81% 3.0 1,239,000 Short Build-up


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MCDOWELL-N 90% (12.1) 10,871,250 89% (1.7) 9,830,000 89% (4.9) 2,435,750 Short Build-up PCJEWELLER 82% (38.3) 7,132,500 79% (18.2) 7,195,500 79% (30.0) 6,573,000 Long Unwinding BERGEPAINT 89% 13.5 1,359,600 74% (5.8) 1,634,600 74% 7.8 2,050,400 Short Covering GODFRYPHLP 97% 8.6 494,900 84% (4.9) 461,300 84% (13.7) 530,400 Long Build-up NESTLEIND 94% 5.6 227,500 86% 1.2 250,300 86% 7.2 267,600 Short Covering KAJARIACER 85% (10.4) 2,425,000 88% (12.0) 1,640,000 88% 1.5 1,484,600 Short Build-up SectorAverage 86% 173,286,850 81% 171,815,950 81% 162,764,000 IT HCLTECH 82% 4.7 8,941,100 68% (0.1) 9,870,700 68% (15.3) 11,303,600 Short Covering OFSS 95% (6.6) 63,600 55% 5.5 49,350 55% (5.9) 72,750 Short Build-up INFY 85% 6.5 23,112,600 85% 7.3 27,893,400 85% 4.7 31,402,800 Short Covering TCS 84% 6.8 9,972,000 79% 5.8 10,943,500 79% (0.8) 11,133,000 Short Covering TECHM 85% (2.7) 15,578,400 90% (6.8) 16,446,000 90% 3.1 13,417,200 Long Unwinding WIPRO 86% 5.6 29,594,400 88% (1.8) 27,424,800 88% (6.9) 28,255,200 Long Build-up HEXAWARE 97% (1.3) 4,471,500 88% 4.4 4,338,000 88% 2.6 4,500,000 Short Build-up MINDTREE 78% (0.3) 4,218,000 84% (5.5) 3,823,200 84% (5.9) 2,992,800 Short Build-up KPIT 97% 8.4 4,410,000 67% (4.4) 4,234,500 67% 11.9 7,726,500 Long Build-up NIITECH 94% 18.9 1,248,000 75% (5.0) 1,167,750 75% (2.9) 1,236,000 Long Build-up TATAELXSI 87% 13.7 1,670,400 81% 3.9 1,160,000 81% 1.6 1,684,800 Long Build-up INFIBEAM 78% 17.9 38,672,000 89% (9.1) 42,324,000 89% 1.7 33,896,000 Short Covering SectorAverage 83% 141,952,000 85% 149,675,200 85% 147,620,650 Infrastructure GMRINFRA 92% 17.0 213,030,000 83% (16.0) 259,020,000 83% (10.6) 262,260,000 Short Covering ADANIPORTS 81% 10.9 7,565,000 48% (7.7) 7,425,000 48% (1.2) 12,705,000 Long Build-up IRB 96% 1.8 17,022,500 82% (12.1) 17,960,000 82% (12.1) 18,672,500 Short Covering NCC 90% 1.3 43,000,000 81% (24.2) 45,520,000 81% (5.1) 34,832,000 Short Covering HCC 92% 1.8 35,586,000 84% (26.7) 43,002,000 84% (35.4) 41,439,000 Short Covering SectorAverage 92% 280,617,500 81% 329,925,000 81% 328,469,500 Construction DLF 91% 2.7 30,340,000 88% (11.8) 32,442,500 88% (4.2) 33,792,500 Short Covering JPASSOCIAT 98% (4.7) 184,688,000 91% 4.3 182,376,000 91% (21.1) 176,358,000 Short Build-up


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GODREJIND 89% 2.7 1,338,000 84% (0.3) 1,465,500 84% (0.2) 1,894,500 Short Covering NBCC 90% (6.9) 23,040,000 88% (21.4) 21,744,000 88% (12.0) 18,234,000 Short Build-up SectorAverage 96% 239,406,000 90% 238,028,000 90% 230,279,000 Media&Entertainment DISHTV 88% (5.1) 48,336,000 80% (2.8) 59,296,000 80% (2.3) 46,039,000 Long Unwinding SUNTV 88% (1.6) 5,068,000 87% (15.1) 6,770,000 87% 4.8 5,486,000 Long Unwinding ZEEL 87% (3.2) 9,292,400 86% (3.1) 7,881,900 86% (4.3) 7,003,100 Short Build-up TV18BRDCST 99% (5.0) 54,561,500 83% (8.4) 66,300,000 83% (13.3) 76,729,500 Long Unwinding SectorAverage 93% 117,257,900 82% 140,247,900 82% 135,257,600 Metals HINDALCO 87% (6.6) 35,598,500 79% (5.6) 34,919,500 79% 0.1 35,070,000 Short Build-up HINDZINC 76% - 9,232,000 91% (8.2) 9,363,200 91% (7.4) 15,564,800 Short Covering JINDALSTEL 89% (7.0) 29,648,250 88% (8.6) 30,816,000 88% (8.8) 29,769,750 Long Unwinding JSWSTEEL 96% (2.1) 62,841,000 97% (2.9) 62,691,000 97% 1.3 63,357,000 Short Build-up SAIL 87% (9.1) 75,228,000 89% 6.7 83,148,000 89% - 90,984,000 Long Unwinding VEDL 90% (5.9) 42,883,750 88% (7.4) 48,833,750 88% (14.5) 43,690,500 Long Unwinding TATASTEEL 92% (0.7) 41,241,070 89% (4.7) 42,391,194 89% (0.4) 27,363,190 Long Unwinding NMDC 90% (1.3) 22,686,000 85% (12.0) 24,930,000 85% (4.8) 25,884,000 Long Unwinding COALINDIA 76% 1.7 14,293,400 84% (12.0) 18,497,600 84% 1.9 17,778,200 Short Covering NATIONALUM 75% 0.2 43,896,000 85% (11.9) 47,736,000 85% (11.3) 38,856,000 Short Covering SectorAverage 89% 333,651,970 88% 355,590,244 88% 349,461,440 Oil&Gas GAIL 77% 15.8 13,092,303 78% (8.9) 12,689,586 78% 7.9 13,860,399 Long Build-up ONGC 78% 5.9 31,950,000 73% (13.7) 42,600,000 73% (1.6) 45,510,000 Short Covering PETRONET 87% 12.0 16,182,000 88% (6.0) 16,944,000 88% (3.6) 17,322,000 Short Covering RELIANCE 87% 17.5 44,633,000 84% 3.2 48,375,000 84% (5.5) 39,859,000 Short Covering BPCL 58% 6.0 5,767,200 74% (9.2) 11,959,200 74% 4.8 7,767,000 Short Covering HINDPETRO 88% 5.9 20,895,525 83% (15.4) 27,538,875 83% 5.2 26,808,075 Short Covering IOC 69% 2.9 19,923,000 78% (11.3) 32,037,000 78% 8.0 31,692,000 Short Covering IGL 70% 21.8 3,357,750 75% (8.6) 6,300,250 75% (10.3) 7,658,750 Short Covering OIL 94% 3.6 2,399,694 62% (6.8) 2,528,856 62% (8.2) 2,443,881 Short Covering


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CASTROLIND 79% (0.5) 8,957,200 81% (3.3) 9,651,600 81% (11.2) 10,175,200 Long Unwinding MGL 98% 12.3 1,434,000 82% (2.3) 1,485,600 82% (8.1) 2,055,000 Short Covering MRPL 89% 1.7 5,089,500 76% (13.4) 7,038,000 76% (14.9) 5,382,000 Short Covering CHENNPETRO 83% 1.1 1,504,500 72% 3.8 1,794,000 72% (11.3) 2,962,500 Short Covering SectorAverage 80% (0.5) 175,185,672 79% 220,941,967 79% 213,495,805 Pharma AUROPHARMA 94% (3.0) 18,931,000 92% 8.0 19,740,000 92% (11.6) 22,654,200 Long Unwinding BIOCON 90% (9.3) 9,003,600 88% (7.3) 8,640,000 88% 0.3 9,296,100 Short Build-up CIPLA 76% 4.5 7,122,000 74% 14.5 7,639,000 74% (12.5) 10,820,000 Short Covering DIVISLAB 84% 7.6 2,154,400 73% (4.5) 2,748,800 73% (10.6) 3,221,600 Short Covering DRREDDY 88% (6.3) 4,912,500 88% 18.5 4,404,250 88% (6.8) 4,495,500 Short Build-up LUPIN 88% (9.5) 11,691,400 77% 16.5 9,996,700 77% (2.8) 12,993,000 Short Build-up SUNPHARMA 92% (2.1) 40,223,700 92% 18.1 41,332,500 92% (6.3) 57,453,000 Long Unwinding GLENMARK 94% (0.6) 4,205,000 86% 6.9 4,429,000 86% (5.4) 4,906,400 Long Unwinding WOCKPHARMA 99% (8.8) 2,916,000 82% (8.5) 2,963,700 82% (14.0) 2,833,200 Long Unwinding STAR 83% (9.1) 3,864,800 82% (2.7) 3,873,600 82% (37.3) 2,499,600 Long Unwinding AJANTPHARM 95% 6.8 633,500 77% 1.6 860,000 77% (29.1) 893,000 Short Covering CADILAHC 93% (1.8) 8,942,400 91% 4.6 7,200,000 91% (11.7) 9,411,200 Short Build-up GRANULES 92% 26.4 11,915,000 83% (0.5) 11,570,000 83% (27.1) 15,970,000 Long Build-up TORNTPHARM 88% 6.9 543,500 76% (0.6) 590,000 76% 1.1 403,500 Short Covering PEL 95% 6.2 1,890,822 93% 7.6 2,035,782 93% (8.2) 2,204,298 Short Covering SectorAverage 90% (1.8) 128,949,622 87% 128,023,332 87% 160,054,598 Power CESC 94% 3.0 5,236,000 92% (13.4) 6,114,900 92% (4.3) 5,676,550 Short Covering NTPC 80% (2.0) 34,828,000 85% (6.7) 44,480,000 85% (2.6) 42,892,000 Long Unwinding POWERGRID 83% (1.6) 41,976,000 86% (11.8) 57,332,000 86% 1.2 47,748,000 Long Unwinding PTC 68% 4.9 15,568,000 85% (14.1) 17,584,000 85% (2.7) 21,408,000 Short Covering RECLTD 84% 7.4 39,270,000 87% (15.6) 40,926,000 87% (5.9) 34,512,000 Short Covering RELINFRA 91% 1.3 7,182,500 84% (8.7) 6,483,100 84% (1.5) 6,068,400 Long Build-up RPOWER 98% 2.0 45,383,000 85% (12.8) 48,789,000 85% 1.3 49,595,000 Short Covering TATAPOWER 93% 0.7 46,539,000 87% (11.9) 43,497,000 87% (5.5) 40,275,000 Long Build-up ADANIPOWER 98% 69.7 146,260,000 87% (23.1) 101,840,000 87% (17.1) 101,240,000 Long Build-up


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NHPC 92% 7.5 23,301,000 80% (14.9) 29,592,000 80% (4.0) 27,432,000 Short Covering TORNTPOWER 97% 4.4 1,779,000 64% (11.3) 1,668,000 64% 10.4 2,625,000 Long Build-up SUZLON 94% 5.4 271,350,000 82% (15.4) 286,605,000 82% (17.8) 290,410,000 Short Covering SectorAverage 92% 7.5 678,672,500 84% ‐ 684,911,000 84% 669,881,950 Textile ARVIND 86% 11.6 4,358,000 87% (0.3) 4,746,000 87% (7.1) 7,554,000 Short Covering PAGEIND 92% 5.9 59,500 74% 7.6 49,300 74% 5.5 53,300 Long Build-up SRF 96% 0.2 854,000 66% (15.0) 708,500 66% (16.7) 418,000 Long Build-up RAYMOND 96% (6.1) 4,602,400 90% (9.1) 4,819,200 90% (11.4) 4,854,400 Long Unwinding SectorAverage 91% 0.2 9,873,900 86% ‐ 10,323,000 86% 12,879,700 Telecom BHARTIARTL 95% (5.4) 47,390,900 87% 1.2 46,506,900 87% (8.7) 46,772,100 Short Build-up IDEA 95% 0.2 133,441,000 91% (7.8) 130,214,000 91% (10.1) 135,604,000 Long Build-up RCOM 98% 3.8 85,092,000 79% (28.7) 84,112,000 79% 11.0 72,604,000 Long Build-up TATACOMM 96% (2.4) 3,239,200 84% (5.3) 3,252,000 84% (0.4) 3,904,000 Long Unwinding INFRATEL 81% 1.0 6,281,500 58% (0.2) 5,004,800 58% (5.5) 6,160,800 Long Build-up SectorAverage 96% 1.0 275,444,600 85% ‐ 269,089,700 85% 265,044,900 Others CENTURYTEX 94% 3.5 5,328,950 94% (5.5) 5,992,800 94% (22.4) 6,330,500 Short Covering ASIANPAINT 79% 13.0 4,491,000 82% (2.3) 5,008,800 82% 12.9 4,969,200 Short Covering ADANIENT 93% 80.8 41,012,000 84% (9.6) 12,804,000 84% (13.9) 11,432,000 Long Build-up APOLLOTYRE 72% 13.9 6,996,000 74% (5.4) 8,382,000 74% (5.8) 8,643,000 Short Covering JISLJALEQS 95% 0.9 42,138,000 82% (23.4) 37,404,000 82% (10.1) 36,783,000 Long Build-up MRF 91% 7.8 23,730 82% (3.7) 25,170 82% (1.0) 27,600 Short Covering UBL 99% (2.5) 1,431,500 81% (4.1) 1,418,200 81% 3.0 1,239,000 Short Build-up APOLLOHOSP 86% (7.4) 1,075,500 77% 6.5 645,000 77% (11.8) 1,121,000 Short Build-up JUSTDIAL 97% 4.9 3,333,400 83% (7.5) 3,197,600 83% 32.2 2,002,000 Long Build-up CEATLTD 85% 9.1 1,365,000 86% (8.2) 1,629,600 86% (11.7) 1,506,400 Short Covering JETAIRWAYS 88% (7.5) 6,720,000 83% (19.5) 6,730,800 83% (33.4) 6,267,600 Long Unwinding CONCOR 67% 5.9 2,021,250 83% (11.3) 3,010,000 83% 6.6 1,444,375 Short Covering PVR 94% (19.6) 871,200 72% 5.2 843,200 72% (5.4) 1,131,200 Short Build-up


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INDIGO 91% (8.3) 4,632,000 90% (9.8) 4,908,600 90% (18.6) 3,946,200 Long Unwinding BALKRISIND 87% 20.5 1,039,200 83% (10.2) 1,252,800 83% (10.7) 1,020,800 Short Covering BALRAMCHIN 74% 3.7 8,358,000 91% (8.1) 14,238,000 91% 10.9 12,873,000 Short Covering MCX 95% 15.4 3,608,500 91% (15.2) 3,481,100 91% 12.4 3,254,300 Long Build-up SectorAverage 89% ‐ 134,445,230 84% ‐ 110,971,670 84% 103,991,175 - StockTotal 90% 4,682,805,257 84% 4,900,565,681 84% 4,788,081,727

GrandTotal 90% 4,706,870,347 84% 4,921,690,416 84% 4,810,548,272


Technical Track

In Friday’s session, Nifty leapt towards uncharted zone; however after scaling a morning peak of 11,180, it entered in negative territory mainly on account of profit taking. Bulls took charge in the last half an hour and Nifty eventually settled at 11,167 (up 35 points). Forming fifth consecutive ascending high and low, however Nifty’s breadth turned flat at uncharted zone with half of Nifty50 constituents settling lower. Public banks outperformed the most with Nifty PSU Bank Index rising 5.5%; while IT index corrected for the straight fourth session. Nifty’s record close ensures shift of immediate support to 11,070 zone. On the higher side, it could make an attempt to surpass zone of 10,200. Meanwhile, forming a large bullish candle, BankNifty surpassed multiple hurdle zone near 27,200. Within the banking space, ongoing recovery in public banks is likely to continue. Outperformers Underperformers

CompanyCMP(Rs)

52‐wkhigh

Deviation% Company

CMP(Rs)

52‐wkLow

Deviation%

Marico 365 366 (0.3) Bajaj Auto 2,619 2,605 (0.5) Bata 915 919 (0.5) Rajesh Exp. 566 560 (1.1) Bajaj Finserv 7,035 7,088 (0.7) TVS Motor 522 515 (1.3)

HDFC Bank 2,193 2,220 (1.2) UCO Bank 18 18 (2.2) Infosys 1,373 1,394 (1.5) NTPC 153 150 (2.3)

Proximity to 20-DMA Proximity to 50-DMA

CompanyCMP(Rs) 20‐DMA

Deviation% Company

CMP(Rs) 50‐DMA

Deviation%

Adani Ent, 198 137 44.5 Adani Ent, 198 129 53.5 Adani Power 26 20 30.0 Adani

Power 26 19 36.8

BOB 139 120 15.8 Bajaj finance 2682 2305 16.4

Shriram Trans. 1411 1228 14.9 GSK

Pharma 3162 2720 16.3

L&T Fin. 178 155 14.8 Bajaj Finserv 7035 6100 15.3

*Basedondeviationfrommovingaverages

High Delivery stocks Low Delivery stocks

Company%

DeliveryCMP(Rs) %chg Company %Delivery

CMP(Rs) %chg

TTK Prestige 89.0 5,988 1.7 Wockhardt 7.0 570 (0.9)

Natco Pharma 81.0 780 0.5 Adani Power 8.0 26 (0.4)

Dabur India 79.0 373 0.5 Can. Bank 9.0 279 7.7 Concor 78.0 648 0.1 Rajesh Exp. 10.0 566 (0.6) Power Grid 73.0 182 3.5 IDBI 11.0 59 (0.2) Spurt in Volumes Company(mn) Day'sVol. 2‐weekAvg.Vol 10‐DMA CMP(Rs) %chgAdani Power 63 53 23 26 (0.4) Suzlon 97 47 7 8 (3.1) Adani Ent, 42 30 161 198 (1.0) PNB 46 28 77 81 2.0 Idea Cellular 26 24 53 57 3.5 Index Pivot Index Lastclose Support Pivot Resistance

Nifty 11,167 11,134 11,160 11,194 Sensex 36,985 36,872 36,967 37,081 Nifty Bank 27,406 27,149 27,302 27,559 Nifty IT 14,468 14,408 14,484 14,544 Intra-day advance decline Sectoral trend (based on 10 DMA)

40

340

640

940

1,240

1,540

09:15 11:20 13:25 15:30

Advance Decline

(0.9)(0.6)

(0.3)0.5

0.7 1.5 1.5 1.5

1.7 2.0

2.4

(2.0) (1.0) 0.0 1.0 2.0 3.0

ITAuto

MediaEnergy

PharmaInfra

FMCGMetalBank

RealtyFin Services

(%)

Corporate Action Track

Prominent bulk deals GMR Infra: Albula Investment Fund sold 3.02crore shares or 0.5

percent equity at Rs 18.01 each.

ShriramTransportFinanceCo.:Association De Bienfaisance bought 12.14 lakh shares or 0.5 percent equity at Rs 1,379.36 each.

Just Dial: Acadian Emerging Markets Small Cap Equity Fund Llc bought 3.47 lakh shares or 0.5 percent equity at Rs 565.52 each.

Forthcoming corporate action

Company FaceValue(Rs.) Purpose Ex‐Date Record

DateHIL 10 AGM/Dividend- Rs 12.50 27-Jul-18 - PRAJIND 2 AGM/Dividend- Rs 1.62 27-Jul-18 - INSECTICID 10 AGM/Dividend- Rs 2 27-Jul-18 - ALEMBICLTD 2 AGM/Dividend- Re 0.20 27-Jul-18 - ADVANIHOTR 2 AGM/Dividend Re 0.20 27-Jul-18 - JSWENERGY 10 AGM 27-Jul-18 - KALYANI 10 AGM 27-Jul-18 - ADANIGREEN 10 AGM 27-Jul-18 - ADANIENT 1 AGM/Dividend Re 0.40 27-Jul-18 - CRISIL 1 Interim Dividend - Rs 6 27-Jul-18 30-Jul-18 BHARATFORG 2 AGM/Dividend- Rs 2.50 27-Jul-18 - ADANITRANS 10 AGM 27-Jul-18 - BRITANNIA 2 AGM / Dividend- Rs 25 27-Jul-18 - SIYSIL 2 AGM/Dividend- Rs 2 27-Jul-18 - RJL 10 AGM 27-Jul-18 - KARMAENG 10 AGM 27-Jul-18 - TRENT 1 AGM/Dividend- Rs 1.15 27-Jul-18 - MANALIPETC 5 AGM / Dividend- Re 0.50 27-Jul-18 - HONAUT 10 Dividend- Rs 32 27-Jul-18 30-Jul-18 GSCLCEMENT 10 AGM 30-Jul-18 - DTIL 10 AGM/Dividend- Rs 8 30-Jul-18 -


DateCLEDUCATE 10 AGM 30-Jul-18 -

AVANTIFEED 1 Dividend- Re 6 (Rate Revised) 30-Jul-18 -

AUBANK 10 AGM/Dividend- Re 0.50 30-Jul-18 - ASAHIINDIA 1 AGM/Dividend- Rs 1.50 30-Jul-18 - DHANUKA 2 AGM / Dividend- Rs 3.50 30-Jul-18 - ALLSEC 10 AGM/Dividend- Rs 5 30-Jul-18 - ZENSARTECH 10 AGM / Dividend - Rs 7 30-Jul-18 - WONDERLA 10 AGM/Dividend- Rs 1.50 30-Jul-18 - WEIZMANIND 10 AGM/Dividend- Re 0.50 30-Jul-18 - WEIZFOREX 10 AGM/Dividend- Re 1 30-Jul-18 - TIINDIA 1 Dividend- Re 0.50 30-Jul-18 - SRF 10 AGM 30-Jul-18 - SPIC 10 AGM 30-Jul-18 - PIIND 1 AGM/Dividend- Rs 2.50 30-Jul-18 - TNPETRO 10 AGM/Dividend Re 0.50 30-Jul-18 - LUPIN 2 AGM/Dividend Rs 5/- 30-Jul-18 - NCC 2 Dividend- Re 1 30-Jul-18 - NBVENTURES 2 AGM/Dividend Rs 1.50/- 30-Jul-18 - KALPATPOWR 2 AGM/Dividend- Rs 2.5 30-Jul-18 - JMCPROJECT 10 AGM/Dividend- Rs 3 30-Jul-18 - CADILAHC 1 AGM/Dividend- Rs 3.50 31-Jul-18 - KKCL 10 Interim Dividend- Rs 7 31-Jul-18 1-Aug-18 ROSSELLIND 2 AGM 31-Jul-18 - MINDAIND 2 AGM 31-Jul-18 - PRSMJOHNSN 10 AGM 31-Jul-18 - HIKAL 2 AGM/Dividend- Re 0.50 31-Jul-18 - GABRIEL 1 AGM/Dividend- Re 0.90 31-Jul-18 - LSIL 1 AGM 31-Jul-18 - GKWLIMITED 10 AGM 31-Jul-18 - QUICKHEAL 10 AGM/Dividend- Rs 3 31-Jul-18 -



DateGSKCONS 10 AGM / Dividend- Rs 75 31-Jul-18 - NESCO 2 AGM/Dividend- Rs 2.30 31-Jul-18 - BLUECOAST 10 AGM 1-Aug-18 - AEGISCHEM 1 AGM/Dividend- Re 0.75 1-Aug-18 - DHUNINV 10 AGM/Dividend- Rs 1.50 1-Aug-18 - APARINDS 10 AGM/Dividend- Rs 9.50 1-Aug-18 - AARTIDRUGS 10 AGM/Dividend- Re 1 1-Aug-18 - CLNINDIA 10 AGM / Dividend- Rs 5 1-Aug-18 - GALAXYSURF 10 AGM/Dividend- Rs 7 1-Aug-18 - ELGIRUBCO 1 AGM 1-Aug-18 - GMMPFAUDLR 2 AGM / Dividend- Rs 1.90 1-Aug-18 -

EMKAY 10 AGM/Final Dividend Rs 1.50 /Special Dividend Re 0.50

1-Aug-18 -

ESABINDIA 10 AGM/Dividend- Re 1 1-Aug-18 - GPPL 10 AGM / Dividend- Rs 1.70 1-Aug-18 - GRANULES 1 Interim Dividend- Re 0.25 1-Aug-18 2-Aug-18 EXCELINDUS 5 AGM/Dividend- Rs 12.5 1-Aug-18 - HIRECT 2 AGM 1-Aug-18 - INDIGRID 100 Distribution 1-Aug-18 2-Aug-18 IRB 10 Interim Dividend 1-Aug-18 2-Aug-18 INEOSSTYRO 10 AGM/Dividend- Rs 4 1-Aug-18 - IVP 10 AGM/Dividend- Rs 2 1-Aug-18 - JETAIRWAYS 10 AGM 1-Aug-18 - NDGL 10 AGM/Dividend- Rs 2.50 1-Aug-18 - NEWGEN 10 AGM / Dividend- Rs 2 1-Aug-18 - NRBBEARING 2 AGM / Dividend- Rs 1.20 1-Aug-18 - RATNAMANI 2 AGM/Dividend- Rs 6 1-Aug-18 - MCLEODRUSS 5 AGM/Dividend- Re 0.50 1-Aug-18 - MRF 10 AGM/Dividend- Rs 54 1-Aug-18 - TTL 10 AGM 1-Aug-18 - TVSELECT 10 Dividend- Rs 1.50 1-Aug-18 2-Aug-18


DateSAKSOFT 10 AGM/Dividend- Rs 3.50 1-Aug-18 - SUNDRMBRAK 10 AGM 1-Aug-18 - SHK 10 AGM/Dividend- Rs 1.75 1-Aug-18 - SWELECTES 10 AGM/Dividend- Rs 4 1-Aug-18 - TATACOMM 10 Dividend- Rs 4.50 1-Aug-18 - SKIPPER 1 AGM/Dividend- Rs 1.65 1-Aug-18 - TCIFINANCE 10 AGM 1-Aug-18 - SMLISUZU 10 AGM / Dividend- Rs 1.50 1-Aug-18 - UFO 10 AGM/Dividend- Rs 12.50 1-Aug-18 - WABAG 2 AGM/Dividend-Rs 4 1-Aug-18 -


Insider – Promoter/Director and Key Managerial activity Company Nameofthe

Acquirer/Disposer Buy/Sell No.ofshares

DateofIntimation

Ginni Filaments Shishir Jaipuria Buy 61,933 26-Jul-18 Jagsonpal Pharma Rajpal Singh Kochhar Buy 2,803 26-Jul-18

Jagsonpal Pharma Rajpal Singh Kochhar Buy 8,833 26-Jul-18

GTPL Hathway Gujarat Digi Com Buy 10,000 26-Jul-18 Indo Rama Synthetics (India)

Mr. Om Prakash Lohia Buy 80,180 26-Jul-18

Prozone Intu Properties Mr. Akhil Chaturvedi Sell 35,750 26-Jul-18

Ruchi Soya Industries Apl International Sell 172,890 26-Jul-18

The Motor & General Finance

Associated Traders & Engineers Buy 56 26-Jul-18

Man Infraconstruction Vatsal P. Shah Buy 11,525 26-Jul-18

Page Industries Nari Genomal Sell 2,442 25-Jul-18 Page Industries Ramesh Genomal Sell 2,434 25-Jul-18 Page Industries Ramesh Genomal Sell 4 25-Jul-18 Page Industries Sunder Genomal Sell 2,385 25-Jul-18 Page Industries Nari Genomal Sell 5 25-Jul-18 kwality limited Sanjay Dhingra Sell 3,150,000 25-Jul-18 20 Microns Eriez Industries Buy 14,591 25-Jul-18 20 Microns Eriez Industries Buy 17,734 25-Jul-18 Sarla Performance Fibers

Madhusudan Jhunjhunwala & Sons Huf

Sell 30,000 25-Jul-18

Sarla Performance Fibers

Madhusudan Jhunjhunwala & Sons Huf

Sell 16,300 25-Jul-18

Wonderla Holidays

Kochouseph Chittilappilly Buy 3,000 25-Jul-18

Sadbhav Infras Project Sadbhav Engineering Buy 654 25-Jul-18

Donear Industries Ajay V. Agarwal Huf Buy 1,083 25-Jul-18

Cosmo Films Ashok Jaipuria Buy 13,500 25-Jul-18

Company NameoftheAcquirer/Disposer Buy/Sell No.of

sharesDateofIntimation

Aarti Industries Chandrakant Vallabhaji Gogri Sell 2,000 25-Jul-18

GTPL Hathway Gujarat Digi Com Buy 15,000 25-Jul-18 CL Educate Satya Narayanan .R Buy 3,000 25-Jul-18 Jagsonpal Pharma Rajpal Singh Kochhar Buy 4,794 25-Jul-18

Jagsonpal Pharma Rajpal Singh Kochhar Buy 10,020 25-Jul-18


Ruchi Soya Industries

Arandi Investments Private Sell 50,600 25-Jul-18


Maha Kosh Papers Ltd Sell 287,875 25-Jul-18


Associated Traders & Engineers Buy 1,444 25-Jul-18

Technocraft Industries (India)

Ashrit Holdings Buy 352 25-Jul-18

Shalimar Paints Sarika Jhunjhnuwala Buy 2,000 25-Jul-18 Man Infraconstruction Vatsal P. Shah Buy 3,115 25-Jul-18

20 Microns Eriez Industries Buy 21,106 24-Jul-18 20 Microns Eriez Industries Buy 15,606 24-Jul-18 Indo Rama Synthetics (India)

Mr. Om Prakash Lohia Buy 99,871 24-Jul-18

GTPL Hathway Gujarat Digi Com Buy 52,000 24-Jul-18 Wonderla Holidays

Kochouseph Chittilappilly Buy 19,771 24-Jul-18

Wonderla Holidays

Kochouseph Chittilappilly Buy 229 24-Jul-18

Liberty Shoes Arpan Gupta Sell 11,376 24-Jul-18 AXISCADES Engineering Tech

Jupiter Capital Private Buy 10,000 24-Jul-18

Shakti Pumps (India) Vintex Tools Private Buy 7,000 24-Jul-18


Maha Kosh Papers Ltd Sell 300,000 24-Jul-18


Company NameoftheAcquirer/Disposer Buy/Sell No.of

sharesDateofIntimation



Arandi Investments Private Sell 180,093 24-Jul-18


Associated Traders & Engineers Buy 989 24-Jul-18

MEP Infrastructure Developers

A J Tolls Private Buy 150,000 24-Jul-18

LEEL Electricals Fedders Sales Private Buy 26,434 24-Jul-18

K.M.Sugar Mills Mrs. Uma Devi Jhunjhunwala Sell 9,400 23-Jul-18

K.M.Sugar Mills Marvel Business Buy 145,510 23-Jul-18 Signet Industries Mukesh Sangla Buy 85,271 23-Jul-18 Signet Industries Saurabh Sangla Buy 92,970 23-Jul-18 Sadbhav Infrastructure Project

Sadbhav Engineering Buy 19,616 23-Jul-18

Nandan Denim Chiripal Exim Llp Buy 150,565 23-Jul-18 Technocraft Industries (India)

Ashrit Holdings Buy 516 23-Jul-18

Cosmo Films Gayatri & Annapurna Buy 21,668 23-Jul-18 Ruchi Soya Industries Apl International Sell 207,917 21-Jul-18

Sharda Motor Industries Ajay Relan Buy 1,888 20-Jul-18

Derivatives Diary

Index snapshot

Futures %Chg Spot BasisNext

Month OIinshs OI%Chg PCROI PCRVol ATMIV's RolloversMaxcallbuild‐up

Maxputbuild‐up

Nifty 11,201 0.3 11,167 34.00 11,216 277,566 32.8 1.70 1.40 10.6 4.2% 11,500 11,000 Bank Nifty 27,437 1.2 27,406 31.00 27,446 57,254 49.9 1.36 1.13 12.8 1.5% 27,500 26,500 Nifty/BankNifty posted strong rollovers and stood at 74/77%

(2.17cr/23.25 lakhs shares) as against 64/71.8% (1.91cr/19.6 lakhs shares) of prior month.

FII’s index futures long to short ratio starts at 1.4x at start of august series.

Market-wide rollovers stood at 90% (highest ever).

Option matrix for August series indicates max OI buildup at 11,500 calls (2.3mn shares) & 11,000 puts (3.2mn shares).

Nifty open interest distribution

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

1050

0

1060

0

1070

0

1080

0

1090

0

1100

0

1110

0

1120

0

1130

0

1140

0

1150

0

1160

0

1170

0

1180

0

(mn) Call Put

Securitiesinbanperiod: Adanient

Futures open interest gainers Scrip OI(lacs) %OIChg CMP(Rs) %Chg ActionOfss 1 15.2 3,774 (3.0) Short Build up Albk 127 9.9 45 4.7 Long Build up GRANULES 119 6.2 99 6.5 Long Build up Andhrabank 216 4.2 33 3.1 Long Build up Tvsmotor 90 2.6 517 (4.3) Short Build up Orientbank 131 2.3 74 1.4 Long Build up CHOLAFIN 9 2.0 1,556 3.9 Long Build up

Futures open interest losers Scrip OI(lacs) %OIChg CMP(Rs) %Chg ActionBpcl 58 (38.6) 386 (2.5) Long Unwinding ICICIPRULI 48 (35.8) 414 3.0 Short Covering Concor 20 (34.7) 650 0.5 Short Covering Ptc 156 (32.8) 77 1.3 Short Covering Igl 34 (32.7) 297 0.7 Short Covering VGUARD 16 (30.7) 205 1.0 Short Covering Amarajabat 10 (28.9) 793 0.4 Short Covering

FIIs derivative activity Tradingturnover IndexFut* StockFut* IndexCalls* IndexPuts*FIIs 15,571 10,110 1,229 (88,258) DIIs 1,865 26,589 (10) (5,071) Prop 4,371 (7,416) 65,575 118,187 HNI Clients (21,807) (29,283) (66,794) (24,858)

*number of lots

Commodities & Currencies Cues

Commodities Gold remained on the defensive as US and EU have agreed to start negotiations towards tariff free trade (excluding autos). Retaliatory tariffs placed by Europe on US goods will be reviewed and provisions to reform the WTO will be looked at as well. Although there is no concrete outcome as of yet, this development is far more reassuring to market sentiment and is preferred to the alternative scenario of lobbing punitive and potentially harmful tariffs on one another. Oil futures inched higher after Saudi Arabia reported that it will temporarily suspend oil shipments through the Red Sea in the wake of an attack by Yemen’s Iran-aligned Houthi movement. FX In the currency markets, investors are pricing in prospects of a rate hike by BOE in August. However, the gains in Pound remained limited given the uncertainty over Brexit. Meanwhile, Euro derived cues from ECB policy statement, where the central bank reiterated its intent to end asset purchases by the end of this year, though interest rates are expected to remain unchanged till June 2019. In Asia, China’s state-owned banks are reported to be stabilising Renminbi by selling dollars in the yuan forwards market.

Commodities(US$terms)

LastPrice

%chg1d

%chgytd Currencies

Lastprice

%chg1d

%chgytd

Gold (troy oz) 1,224 0.1 (6.0) USD/INR 68.70 0.0 (7.0) Silver (troy oz) 15.4 0.3 (8.9) EUR/INR 80.40 0.0 (4.8) Copper (MT) 6,270 (0.3) (13.5) GBP/INR 90.50 0.0 (4.7) Aluminium (MT) 2,060 (0.4) (9.2) JPY/INR 0.62 0.2 (8.3)

Zinc (MT) 2,565 (0.7) (22.7) EUR/USD 1.16 0.0 (3.0) Lead (MT) 2,160 (0.2) (13.2) GBP/USD 1.31 0.0 (3.0) Nickel (MT) 13,780 0.0 8.0 USD/JPY 111.00 0.0 1.5 WTI Crude (bbl) 69.6 (0.1) 15.1 USD/CNY 6.81 0.0 (4.4) Br. Crude (bbl) 74.3 (0.3) 11.1 USD/Real 3.75 (1.0) (11.6) NG (mmBtu) 2.80 0.0 (5.9) USD Index 94.70 0.0 2.8

CommodityDynamics Latest Weekago 1mago 6mago 1yragoSPDR Gold ETF (tonnes) 800 798 825 848 795 iShares Silver ETF (mn oz) 328 328 319 314 344 LME Cu Stocks ('000 MT) 252 256 303 309 303 LME Al Stocks ('000 MT) 1,208 1,204 1,122 1,081 1,372 LME Zn Stocks ('000 MT) 246 235 249 178 267 LME Pb Stocks ('000 MT) 127 129 132 138 154 LME Ni Stocks ('000 MT) 259 261 274 362 376 US Crude stocks (mn bbl) 405 411 427 412 483 US Oil Rig Count 858 863 863 747 764

Commodity v/s Currency Speculative positions on CME

86

88

90

92

94

96

175

185

195

205

215

Jan-

18

Feb-

18

Mar

-18

Apr-

18

May

-18

Jun-

18

Jun-

18

Jul-1

8

CRB Index (LHS)Dollar Index (RHS)

(100)

100

300

500

700

Jan-

18

Feb-

18

Mar

-18

Apr-

18

May

-18

Jun-

18

Jul-1

8

('000 lots)

Gold SilverCopper Crude

Global Economic Indicator

Key Global Economic Indicators

CountryLatestQtr

GDPYoY(%)Interestrate(%)

Inflationrate(%)

Joblessrate(%)

Export(%)

Import(%)

CAbalance(%)

DebttoGDPratio(x)

MoneySupply(%) MfgPMI IIP(%)

1YrFwdPE(x)

US 2.0 2.0 2.9 4.0 11.7 8.3 (2.3) 77.4 4.2 55.5 3.8 16.4 Euro Zone 2.5 0.0 2.0 8.4 14.1 - 3.6 86.8 4.4 55.1 2.4 14.0 China 6.7 4.4 1.9 3.8 11.2 14.1 0.9 18.9 8.0 51.5 6.0 11.6 Canada* 2.5 1.5 2.5 6.0 0.0 3.5 (3.2) 98.2 3.5 57.1 - 15.8 Japan 1.1 (0.1) 0.7 2.2 6.7 2.5 4.0 223.8 2.7 51.6 4.2 16.3 UK 1.2 0.5 2.4 4.2 1.5 2.3 (3.9) 90.4 1.8 54.4 0.8 13.7 Germany 1.6 0.0 2.1 3.4 3.6 4.3 8.1 65.7 4.4 57.3 3.1 13.1 France 2.2 0.0 2.0 9.2 0.4 4.0 (0.4) 97.0 4.4 53.1 (0.9) 14.6 Italy 1.4 0.0 1.3 10.7 (0.8) 1.7 2.8 131.5 4.4 53.3 2.1 11.6 Russia 1.3 7.3 2.3 4.7 29.2 8.8 3.0 11.8 10.3 49.5 2.2 - India 7.7 6.3 5.0 8.8 17.6 21.3 (1.9) 68.7 10.2 53.1 3.2 19.1 Australia 3.1 1.5 2.1 5.4 8.1 12.6 (2.3) 47.1 2.5 57.4 - 15.9 Spain 3.0 0.0 2.3 16.7 (0.2) 2.5 1.9 96.7 4.4 53.4 1.6 12.7 Brazil 1.2 6.5 4.4 12.7 2.1 13.7 (0.5) 74.0 8.0 49.8 (6.6) 12.0 Mexico 1.3 7.8 4.7 3.2 10.9 11.5 (1.3) 51.5 9.3 52.1 0.3 17.6 South Africa 0.8 6.5 4.6 26.7 13.0 11.8 (3.2) 50.1 5.7 - - 15.1 South Korea 2.9 1.5 1.5 3.7 (0.1) 10.7 4.5 38.2 6.6 49.8 0.9 9.0 Saudi Arabia 1.2 2.5 2.1 6.1 (9.8) (19.8) 3.1 17.0 0.6 - - 15.6 *GDPMonthly

Allocation & View – Assets & Sectors

Strategic and Tactical Asset Allocations across Model Portfolios StrategicAssetAllocation(SAA)isthelongtermassetallocationstrategyfor a client that is arrived at on the basis of risk assessment andinvestmentobjectives.Therearethreemodelportfoliosthathaveassetallocationstosuitdifferentriskprofiles.Themodelportfolioshavebeenoptimized using historical risk and returns across asset classes. Everymonth the IIFLW investment Committee formalizes monthly tacticalviewsonthemarketsandtheirimpactonvariousassetclasses.TacticalviewsoneachassetarewithaoneyeartimehorizonandTacticalAsset Allocation (TAA) is a +/‐ 5%‐10% change to a Client’s broaderStrategicAssetAllocation.

Asset Class View AssetClass TacticalViewFixedIncome NeutralEquity OverweightRealEstate NeutralUSDollar NeutralGold UnderweightLiquidAssets Underweight

Sector View for listed equities Sector WeightAgriculture OverweightAutoComponents OverweightAutomobile‐4Ws OverweightAutomobile‐2Ws NeutralAviation OverweightCapitalGoods‐BTG UnderweightCapitalGoods–T&D OverweightCement UnderweightConsumerDiscretionary OverweightHousingfinance UnderweightMedia NeutralMFI's OverweightPrivateBank OverweightPSUBank UnderweightFMCG UnderweightInfrastructure OverweightIT NeutralLogistics OverweightMetals&Mining OverweightOil&GasE&P OverweightOilMarketing UnderweightGasUtilities NeutralPharma UnderweightTelecom OverweightPowerUtilities Neutral

Asset Allocation

ModelPortoliosConservative Balanced Aggressive

(%) (%) (%)AssetAllocations SAA TAA SAA TAA SAA TAAEquity 14 14 49 49 76 76FixedIncome 76 76 40 46 8 20RealEstate 0 0 5 0 10 0Alternatives 5 0 5 0 5 0LiquidAssets 5 10 1 5 1 4Total 100 100 100 100 100 100

SAA–StrategicAssetAllocation;TAA–TacticalAssetAllocationSource:IIFLResearch

IIFL Wealth Research bags 2 Best Analyst Awards

IIFLWealthResearchhasbaggedtwoprestigiousawardsattheZeeBusinessMarketExcellenceAwards2016.

PrayeshJainwasconferredtheBestAnalystAwardforAutosectorandBhaveshGandhibaggedtheBestAnalystAwardforPharmasector.

Besidesthetwinawards,IIFLWealthResearchwasalsonominatedinthecategoriesofOil/Gas,BankingandIndustrials.

IIFLWealthResearch,asyouknow,hasalwaysprideditselfonitsuniquevaluepropositioninaswarmingmarketspaceofcut‐throatcompetition,amongotherthings,onourwealthofactionableideas,tailoredportfolioapproachandthoroughresearchinlinewithclientneedsandpriorities,distinctivepracticeoffollowingupwithCallSuccesspostrecommendationsandavastcoverageuniverseofasmanyas300companies(comprising70%ofIndia'sequitymcap).

Inthepast,theresearchteamhaswonZeeBizAwardsunderdifferentcategories;Bloomberghasratedourresearchasthemostaccurate,whilewehavetwicebeenwinnersofBusinessStandardSmartPortfolios,havingreceivedawardsatthehandsofluminariesincludingPresidentPranabMukherjee,PrimeMinisterNarendraModiandMinisterofStatePiyushGoyal.

Recommendation parameters for fundamental reports:

Buy=>15%+

Accumulate=5%to15%

Reduce=‐10%to5%

Sell=>‐10%

ABOUT IIFL Wealth Management Limited IIFLWealthManagementLimited(hereinafterreferredasIIFLW),aCompanyincorporatedunderCompaniesAct,1956,isregisteredwithSEBIasPortfolioManagerandasaStockBroker.IIFLWisalsoregisteredwithAMFIasadistributorofmutualfunds.IIFLWprovideswealthmanagementservicestovariousHNI/UltraHNIclientsandinteraliadistributesvarioussecuritiesandfinancialproducts,includingmutualfunds,alternativeinvestmentfunds,debenturesandstructuredproducts.IIFLWhasmadenecessaryapplicationforregisteringitselfasaDepositoryParticipant.Contact Details -CorporateOffice–IIFLCentre,KamalaCity,SenapatiBapatMarg,LowerParel,Mumbai–400013,Regd.Office–IIFLWHouse,SunInfotechPark,RoadNo.16V,PlotNo.B‐23,MIDC,ThaneIndustrialArea,WagleEstate,Thane–400604Tel:(91‐22)39585600.Fax:(91‐22)46464706E‐mail:[email protected]:www.iiflw.com.Registration Details - 1]CINNo.:U74140MH2008PLC177884;2]SEBIPMSRegn.NoINP000002676:3]NationalStockExchangeofIndiaLtd.SEBIRegn.No.:INZ000011437,BombayStockExchangeLtd.SEBIRegn.No.:INZ0000114374]AMFIRegnNo.:59563

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h) AsIIFLWanditsassociatesareengagedinvariousfinancialservicesbusiness,itmighthave:‐

(a)receivedanycompensation(exceptinconnectionwiththepreparationofthisReport)fromthesubjectcompanyinthepasttwelvemonths;(b)managedorco‐managedpublicofferingofsecuritiesforthesubjectcompanyinthepasttwelvemonths;(c)receivedanycompensationforinvestmentbankingormerchantbankingorbrokerageservicesfromthesubjectcompanyinthepasttwelvemonths;(d)receivedanycompensationforproductsorservicesotherthaninvestmentbankingormerchantbankingorbrokerageservicesfromthesubjectcompanyinthepasttwelvemonths;(e)engagedinmarketmakingactivityforthesubjectcompany;IIFLWanditsassociatescollectivelydonotown(intheirproprietaryposition)1%ormoreoftheequitysecuritiesofthesubjectcompany/iesmentionedinthereportasofthelastdayofthemonthprecedingthepublicationoftheresearchreportanddoesnothavematerialconflictofinterestattimeofpublicationoftheresearchreport;

i) TheResearchAnalyst/sengagedinpreparationofthisReportorhis/herdependentrelative;

(a)doesnothaveanyfinancialinterestsinthesubjectcompany/iesmentionedinthisreport;(b)doesnotown1%ormoreoftheequitysecuritiesofthesubjectcompanymentionedinthereportasofthelastdayofthemonthprecedingthepublicationoftheresearchreport;(c)doesnothaveanyothermaterialconflictofinterestatthetimeofpublicationoftheresearchreport.

j) TheResearchAnalyst/sengagedinpreparationofthisReport:‐

(a)hasnotreceivedanycompensationfromthesubjectcompanyinthepasttwelvemonths;(b)hasnotmanagedorco‐managedpublicofferingofsecuritiesforthesubjectcompanyinthepasttwelvemonths;(c)hasnotreceivedanycompensationforinvestmentbankingormerchantbankingorbrokerageservicesfromthesubjectcompanyinthepasttwelvemonths;(d)hasnotreceivedanycompensationforproductsorservicesotherthaninvestmentbankingormerchantbankingorbrokerageservicesfromthesubjectcompanyinthepasttwelvemonths;(e)hasnotreceivedanycompensationorotherbenefitsfromthesubjectcompanyorthirdpartyinconnectionwiththeresearchreport;(f)hasnotservedasanofficer,directororemployeeofthesubjectcompany;(g)isnotengagedinmarketmakingactivityforthesubjectcompany.

WesubmitthatnomaterialdisciplinaryactionhasbeentakenonIIFLWbyanyregulatoryauthorityimpactingEquityResearchAnalysis.Agraphofdailyclosingpricesofsecuritiesisavailableathttp://www.nseindia.com/ChartApp/install/charts/mainpage.jsp,www.bseindia.comandhttp://economictimes.indiatimes.com/markets/stocks/stock‐quotes.(Chooseacompanyfromthelistonthebrowserandselectthe“threeyears”periodinthepricechart).ForResearchrelatedqueries,writeto:AmarAmbani,[email protected].

July 27, 2018 - i.marketsmojo.com · Corporate Snippets & Economy Updates Corporate News...

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