Peerless Master Picks Masterpicks … · COMPANY SECTOR BRITANNIA Consumer Staples GODREJ...

PeerlessSecuritiesLimited

Peerless MasterMarch, 2018 Edition.

| Peerless Master Picks

Peerless Master PicksMarch, 2018 Edition.

Picks

Peerless Securities Limited

Stock Picks for March, 2018

28th February, 2018

COMPANY SECTOR

BRITANNIA Consumer Staples

GODREJ PROPERTIES Realty

INFOSYS IT

SUPREME

INDUSTRIES Plastics

ASHOK LEYLAND Commercial Vehicles

*CMP indicates closing price as on 28th

Note: All price target for 12 months period.


Stock Picks for March, 2018

CMP

(INR) RATING

MARKET

CAP(INR CR)

Consumer Staples 4994 BUY 59730

780 BUY 16993

1173 ACCUMULATE 256450

1189 BUY 15116

Vehicles 142 ACCUMULATE 41359

*CMP indicates closing price as on 28th February, 2018

All price target for 12 months period.

POTENTIAL

TARGET

POTENTIAL

UPSIDE

5500 10.13%

950 21.79%

1280 9.12%

1450 21.95%

160 13.07%


Market Outlook

Indian markets faced a significant sell-off since start of February and benchmark Nifty corrected around 7.5

life highs and with a deeper correction in mid and small cap stocks.

Rising bond yields is a concern for markets uptrend with US 10

are perilously close to 3 percent level commonly seen

up by 2.9 per cent in its latest reading. That strokes the inflation fear and fears of accelerated Fed tightening cycle in ne

term. Given the valuation in US markets, any surge in yield

is hurting all markets globally.

A rising rate cycle could put a snag in the equity Bull Run, We think markets can still rise along with an uptrend in

interest rates… up to a point. Markets can absorb rising interest rate in a growing economy to a certain extent. They can

go in tandem as long as it does not impact economic expansion. If economic growth indicators starts weakening in

coming days with rising interest rates, that would pose a real

In India, We will see a strong acceleration in corporate earnings going ahead. The GST has been a positive for large

corporate entities and their margins. The Indian economy is clearly recovering and multiple real

show the acceleration. There will be tricky hand

but surging earnings could allow markets to move up despite the multiple (P/E) fade. This could be always tricky a

create volatility. The macro could not support any further multiple expansion.

We recommend sticking investors to companies which are in steady earnings growth trajectory for generate alpha and use

current volatility to upgrade the quality of portfol

auto, discretionary & non discretionary consumption, organised retail, infra, healthcare & hospitality, and auto ancillary

universe.


off since start of February and benchmark Nifty corrected around 7.5

life highs and with a deeper correction in mid and small cap stocks.

Rising bond yields is a concern for markets uptrend with US 10-year Treasury yields hovering around 2.80

are perilously close to 3 percent level commonly seen as critical. US yields have spiked as the average hourly wages went

up by 2.9 per cent in its latest reading. That strokes the inflation fear and fears of accelerated Fed tightening cycle in ne

term. Given the valuation in US markets, any surge in yield would impact market inversely. The risk


n absorb rising interest rate in a growing economy to a certain extent. They can


coming days with rising interest rates, that would pose a real challenge to current market valuation.


corporate entities and their margins. The Indian economy is clearly recovering and multiple real

show the acceleration. There will be tricky hand-off, as rising interest rates could force some P/E multiple compression,

but surging earnings could allow markets to move up despite the multiple (P/E) fade. This could be always tricky a

The macro could not support any further multiple expansion.


current volatility to upgrade the quality of portfolio and invested in growth stocks.We are overweight in Private banking,


off since start of February and benchmark Nifty corrected around 7.5 percent from

year Treasury yields hovering around 2.80-2.90 per cent

as critical. US yields have spiked as the average hourly wages went

up by 2.9 per cent in its latest reading. That strokes the inflation fear and fears of accelerated Fed tightening cycle in near

The risk-off sentiment in US


n absorb rising interest rate in a growing economy to a certain extent. They can


challenge to current market valuation.


corporate entities and their margins. The Indian economy is clearly recovering and multiple real economy data points

off, as rising interest rates could force some P/E multiple compression,

but surging earnings could allow markets to move up despite the multiple (P/E) fade. This could be always tricky and


We are overweight in Private banking,



UPDATE ON JANUARY 2018 STOCK

How Benchmark Index

OPEN:11044 HIGH: 10276

STOCK CALL INITATED

AT (INR)

M&M 751

GRASIM 1166

HINDUSTAN UNILEVER 1368

CROMPTRON GREAVES

CONSUMER ELECTRICALS 276

ASHOK LEYLAND 119

PERSISTENT SYSTEMS 718


UPDATE ON JANUARY 2018 STOCK

How Benchmark Index- Nifty moved in February

HIGH: 10276 CLOSE:10493

CALL INITATED DATE

POTENTIAL

TARGET RATING

PRICE(28 FEB

2018)

29-Dec-17 860 ACCUMULATE

29-Dec-17 1350 BUY

29-Dec-17 1550 ACCUMULATE

29-Dec-17 320 BUY

29-Dec-17 145 BUY 141.5

29-Dec-17 830 BUY 855.00

UPDATE ON JANUARY 2018 STOCK PICKS

February 2018

CLOSE:10493

PRICE(28 FEB

2018) REMARKS

728 OPEN

1153 OPEN

1318 OPEN

232 OPEN

141.5 OPEN

855.00 CLOSED


Britannia Industries Ltd.Sector: Consumer Staples |NSECODE:BRITANNIA

India’s second largest biscuit maker, Britannia Industries Ltd., is in a

sweet spot, as its increasing market share and possible margin expansion is

likely to guarantee a healthy performance in the long run.

We initiated coverage on the stock with accumulate rating price of Rs

5,500, implying an upside potential of 11% from current levels.

The company is well positioned to gain market share in biscuit

at 32 percent now and is expected to move up by 100

year over the next three to four years.

Launch of premium products, increasing distribution in the 'Hindi' belt and

gradual shrinking of the unorganised sector after

will help expand market share.

Moreover, falling input costs give a push to the company's erstwhile

margin compression. We expect agricultural inflation to remain soft over

the next two to three years, which, along with supply chain

will aid in margin recovery.

Technical Study Technical Study Technical Study Technical Study • The stock after consolidation for 12 weeks started its upmove breaking

above 4800 with good volumes and taking support at its

13wema(weekly exponential moving average). Thereafter it started its

higher top higher bottom formation on weekly chart.

• The stock also has given v pattern recovery and breakout of the pattern

• with momentum indicators Weekly Stochastics and Directional

Indicator showing positive trend in medium term

• We expect the stock price to reach v pattern breakout target of Rs 5500

in next 12 month period.


Britannia Industries Ltd. Sector: Consumer Staples |NSECODE:BRITANNIA

Britannia Industries Ltd., is in a

sweet spot, as its increasing market share and possible margin expansion is

likely to guarantee a healthy performance in the long run.

We initiated coverage on the stock with accumulate rating price of Rs

5,500, implying an upside potential of 11% from current levels.

The company is well positioned to gain market share in biscuits, which is

at 32 percent now and is expected to move up by 100-150is basis points

Launch of premium products, increasing distribution in the 'Hindi' belt and

gradual shrinking of the unorganised sector after goods and services tax

Moreover, falling input costs give a push to the company's erstwhile

margin compression. We expect agricultural inflation to remain soft over

the next two to three years, which, along with supply chain efficiencies,

The stock after consolidation for 12 weeks started its upmove breaking

above 4800 with good volumes and taking support at its

13wema(weekly exponential moving average). Thereafter it started its

higher top higher bottom formation on weekly chart.

ck also has given v pattern recovery and breakout of the pattern

with momentum indicators Weekly Stochastics and Directional

Indicator showing positive trend in medium term

We expect the stock price to reach v pattern breakout target of Rs 5500

Company Data

Market Cap (cr)

52 week high (Rs)

52 week low (Rs)

3m average volume NSE (Mn.)

Beta

Face value ( RS )

Key Financials

Category

Net Sales (Cr)

EBITDA (Cr)

PAT (Cr)

Net

ProfitMargin (%)

Book Value (Rs.)

EPS

P/BV

RoNW(%)

RoCE(%)

BUY | PERIOD: 12 Months

CMP: Rs 4994 | Target: Rs 5500

0%

17.70%

15.18%

6.07%

5.75%4.59%

Q3 FY 17

Company Data

Market Cap (cr) 59,730

52 week high (Rs) 5065.8

52 week low (Rs) 3045.30

3m average volume NSE (Mn.) 0.17

Beta 0.62

Face value ( RS ) 2.00

Key Financials

FY17 FY16 FY15

8577 8097 7296

1251 1141 740

843 749 622

ProfitMargin (%) 10.0% 9.42% 8.67%

Book Value (Rs.) 215 141 103

70.31 62.44 51.90

15.72 18.88 20.95

32.6% 44% 50.3%

22.3% 24.4% 25.2%



0%

50.70%

Q3 FY 17-18 Shareholdings

Promoters

ForeignPromoter

ForeignInstitutions

GeneralPublic

NBanksMutualFun

ds

FinancialInstitution

s

Others


Godrej Properties Ltd.Sector: Realities |NSECODE:GODREJPROP

For Q3FY18, Godrej Properties Ltd’s revenue from operation grew by

21% YoY to Rs627.03cr as against Rs518.25cr in Q3FY17. The

company’s EBITDA margin has decreased by 1,591bps YoY to 7.4% as

against 23.3%, led by a rise of 46.7% YoY in the cost of sales.

company’s adj. PAT decreased by 59.3% YoY to Rs30.31cr as against

Rs74.4cr on the back of higher cost of sales and 10.59% YoY rise in

effective tax rate to 44.98%. Profit after tax and share of associates came

in at Rs25.94cr. Following recent updates

company.

� The company has added three new projects in January, 2018 with a

total area of 5.25mn sq.ft. The company has a total develop

of ~150mn sq.ft as of Q3FY18.

� Gurgaon market is picking up.

� Launch pipeline is looking robust.\

� EBITDA margin was impacted due to contribution from low margin

BKC segment and GST impact.

� Huge consolidation is occurring in the real estate sector post GST and

RERA reforms.

� Vikhroli land parcel monetisation will begin soon, the company is

awaiting approvals.

� Most of the micro markets are end user markets (70

are not property investors. Therefore the risk of competition from

investors in property is low. Technical OutlookTechnical OutlookTechnical OutlookTechnical Outlook � Price is following strong pattern of upward parallel channel in higher

top higher bottom formation. In all upmove, price is moving in strong

bullish candle formation with low volume sideways consolidative

correction. This shows inherent strength in the sto

� It has also taken double bottom support around its 720 levels and

moved above momentum indicator level of 7wema(7 weekly moving

average) which shows strength in the stock.

� Price is likely to reach target of Rs 950 following the pattern of

channel target in a time frame of 1 year.


Godrej Properties Ltd. NSECODE:GODREJPROP

For Q3FY18, Godrej Properties Ltd’s revenue from operation grew by

21% YoY to Rs627.03cr as against Rs518.25cr in Q3FY17. The

company’s EBITDA margin has decreased by 1,591bps YoY to 7.4% as

against 23.3%, led by a rise of 46.7% YoY in the cost of sales. The

company’s adj. PAT decreased by 59.3% YoY to Rs30.31cr as against

Rs74.4cr on the back of higher cost of sales and 10.59% YoY rise in

effective tax rate to 44.98%. Profit after tax and share of associates came

in at Rs25.94cr. Following recent updates has come regarding the

The company has added three new projects in January, 2018 with a

total area of 5.25mn sq.ft. The company has a total develop-able area

EBITDA margin was impacted due to contribution from low margin

Huge consolidation is occurring in the real estate sector post GST and

Vikhroli land parcel monetisation will begin soon, the company is

Most of the micro markets are end user markets (70-80%) i.e. buyers

are not property investors. Therefore the risk of competition from

Price is following strong pattern of upward parallel channel in higher

top higher bottom formation. In all upmove, price is moving in strong

bullish candle formation with low volume sideways consolidative

correction. This shows inherent strength in the stock.

It has also taken double bottom support around its 720 levels and

moved above momentum indicator level of 7wema(7 weekly moving

average) which shows strength in the stock.

Price is likely to reach target of Rs 950 following the pattern of

get in a time frame of 1 year.

Company Data

Market Cap (cr)

52 week high (Rs)

52 week low (Rs)


Beta

Face value ( RS )

Category

Net Sales (Cr)

EBITDA (Cr)

PAT (Cr)

Net

ProfitMargin (%)

EPS (RS)

Book Value (Rs.)

P/BV

RoNW(%)

RoCE(%)

BUY | PERIOD: 12

CMP: Rs 780

22.62%

51.27%

9.60%

5.95%

5.48%5.00%

Q3 FY 17-

Company Data

Market Cap (cr) 16993

52 week high (Rs) 911

52 week low (Rs) 357


Beta 1.15


Key Financials

FY17 FY16 FY15

Net Sales (Cr) 240.3 239.4 403.4

113.6 33.3 143.7

124.2 30 127.9

ProfitMargin (%) 27.1% 8.9% 24.7%

5.77 1.44 6.42

Book Value (Rs.) 89.87 97.17 96.22

4.29 3.05 2.61

6.39% 1.43% 6.66%

6.36% 1.43% 6.62%



22.62%

-18 Shareholdings

ForeignInstitutions

ForeignPromoter

GeneralPublic

FinancialInstitutions

NBanksMutualFunds

Others

CentralGovt


Infosys Ltd. Sector: IT |NSECODE:INFY

Infosys expects strong macro to translate into better fiscal 2019. Ramp

of deal wins will propel growth in banking vertical. Challenges remain in

retail and telecom; other verticals strong. Infosys

digital. We do not expect any meaningful changes to strategy or

organisation structure. Tailwinds such as the weakening rupee vis

vis the dollar works in the favour of IT sector. The weakening rupee

would boost the margin of Infy which earns more than 60 percent of its

revenue from US markets.

Banking, financial services and insurance (BFSI),retail, technology, and

communication verticals-expected to contribute 64

Infy –to be one of the biggest beneficiaries of US tax reforms.

Technical OutlookTechnical OutlookTechnical OutlookTechnical Outlook

The stock is in long term uptrend over supertrend and is following up in

upward parallel channel. After taking support around its parallel channel

support , price consolidated and recently broke above the downtrending

line which suggests trend reversal to uptrend.

Pattern wise structure seems to be u pattern formation and major technical

indicators indicates strength in the stock. U pattern is likely to be

completed in medium term.

We expect price target of 1280 in medium term which is completion of

pattern formation.


Infosys expects strong macro to translate into better fiscal 2019. Ramp-up

of deal wins will propel growth in banking vertical. Challenges remain in

retail and telecom; other verticals strong. Infosys has strong capabilities in

digital. We do not expect any meaningful changes to strategy or

organisation structure. Tailwinds such as the weakening rupee vis-à-

vis the dollar works in the favour of IT sector. The weakening rupee

n of Infy which earns more than 60 percent of its

Banking, financial services and insurance (BFSI),retail, technology, and

expected to contribute 64-70% of the revenue of

ficiaries of US tax reforms.

The stock is in long term uptrend over supertrend and is following up in

upward parallel channel. After taking support around its parallel channel

support , price consolidated and recently broke above the downtrending

uptrend.

Pattern wise structure seems to be u pattern formation and major technical

indicators indicates strength in the stock. U pattern is likely to be

We expect price target of 1280 in medium term which is completion of U-

Company Data

Market Cap (cr)

52 week high (Rs)

52 week low (Rs)


Beta

Face value ( RS )

Key Financials

Category

Net Sales (Cr)

EBITDA (Cr)

PAT (Cr)

Net

ProfitMargin (%)

EPS (RS)

Book Value (Rs.)

P/BV

RoNW(%)

RoCE(%)

ACCUMULATE


51.27%

9.60%

5.95%

5.48%5.00%

Q3 FY 17

Company Data


52 week high (Rs) 1221



Beta 0.42


Key Financials

FY17 FY16 FY15

59289 53983 47300

18938 17657 16386

13818 15786 12164

ProfitMargin (%) 23.3% 29.2% 25.7%

60.16 68.73 105.9

Book Value (Rs.) 296.2 248.9 418.7

3.45 4.89 5.29

20.3% 27.6% 25.3%

20.2% 27.6% 25.3%

ACCUMULATE | PERIOD: 12 Months


22.62%

5.00%


ForeignInstitutions

ForeignPromoter

GeneralPublic


NBanksMutualFunds

Others

CentralGovt


Supreme Industries Ltd.Sector: Plastic Products|NSECODE:SUPREMEIND

Supreme Industries Limited (SIL) is the most prominent plastic piping

product player in India, with a market share of 14% in the organized

domestic market.

The organized market currently accounts for 60% of the total market. Under

GST regime, the shift in market share to the organized from the

unorganized sector will benefit the largest players like Supreme with (300

plastic product and916 partner) gain market share at a faster pace going

forward.

Further, the company makes a conscious effort to enhance its existing

offerings in its product basket as well as make new offerings across

industries (infrastructure, affordable housing,

Government infuses a significant outlay for their progress.

Te expansion of its overall capacity beyond FY2018, surge in Government

pending in key sectors where SIL has a strong presence and the fact that it’s

significant. Technical OutlookTechnical OutlookTechnical OutlookTechnical Outlook

� The stock has been in long term uptrend and following higher top higher

bottom formation. It also has been taking strong support around its

200ema and bounces back strongly to make new high over

term. Currently the stock is around its long term 200ema from where

upmove is likely

� Momentum indicators are at oversold zone and historically the stock

bounces back from such points. Trend indiator MACD is just on

formation of positive signal as it has given positive crossover. ROC has

also turned above positive zone and showing strength to move up from

current level

� The stock is expected to break above its previous high as we expect

price target of Rs 1450 in medium term from current support zone


Supreme Industries Ltd. Sector: Plastic Products|NSECODE:SUPREMEIND

Supreme Industries Limited (SIL) is the most prominent plastic piping

product player in India, with a market share of 14% in the organized

The organized market currently accounts for 60% of the total market. Under

GST regime, the shift in market share to the organized from the

unorganized sector will benefit the largest players like Supreme with (300

partner) gain market share at a faster pace going

Further, the company makes a conscious effort to enhance its existing

offerings in its product basket as well as make new offerings across

industries (infrastructure, affordable housing, Agriculture, etc) wherein the

Government infuses a significant outlay for their progress.

Te expansion of its overall capacity beyond FY2018, surge in Government

pending in key sectors where SIL has a strong presence and the fact that it’s

The stock has been in long term uptrend and following higher top higher

bottom formation. It also has been taking strong support around its

200ema and bounces back strongly to make new high over medium

term. Currently the stock is around its long term 200ema from where

Momentum indicators are at oversold zone and historically the stock

bounces back from such points. Trend indiator MACD is just on

t has given positive crossover. ROC has

also turned above positive zone and showing strength to move up from

The stock is expected to break above its previous high as we expect

price target of Rs 1450 in medium term from current support zone

Company Data

Market Cap (cr)

52 week high (Rs)

52 week low (Rs)


Beta

Face value ( RS )

Key Financials

Category

Net Sales (Cr)

EBITDA (Cr)

PAT (Cr)

Net

ProfitMargin (%)

EPS (RS)

Book Value (Rs.)

P/BV

RoNW(%)

RoCE(%)


CMP: Rs 1189

51.27%

9.60%

5.95%

5.48%5.00%

Q3 FY 17

Company Data


week high (Rs) 1476



Beta 0.71


Key Financials

FY17 FY16 FY15

4978 3326 4691

585 338 475

379 213 315

ProfitMargin (%) 8.5% 7.16% 7.42%

29.86 16.78 24.85

Book Value (Rs.) 122.2 96.1 88.4

8.92 7.68 7.62

24.4% 17.4% 28%

22.3% 15.1% 21.6%



22.62%

51.27%

5.00%


ForeignInstitutions

ForeignPromoter

GeneralPublic


NBanksMutualFunds

Others

CentralGovt


Ashok Leyland Ltd.Sector: Commercial Vehicles |NSECODE:ASHOKLEY

Ashok Leyland is a dominant player in HCV and LCV and expects a

growth of over 15 percent in FY 18-19 while demand picks up in global

markets along with domestic is set to improve the overall top line

bottom line of the company.With the new line of products, it may

continue to improve the business line and see a jump in volumes as well.

The stock is unfolding the growth story in terms of business and same is

being replicated in terms of price behavior. Any correction in Ashok

Leyland is seen an opportunity for long-term investors to buy.

Technical OutlookTechnical OutlookTechnical OutlookTechnical Outlook

� Ashoke Leyland stock price has been in its classical uptrend as it has

been moving up strongly after breakout of W pattern above 110

levels. The structure has taken above 1 year to complete the

breakout and such long term breakout projects Fibonnacci target

price of 200% and 261% of Rs 164.

� Momentum indicators of the stock RSI and Stochastic are showing

strength which adds positive signal for

buy signal for the stock.

� We expect price target of Rs 160 in time frame of 1 year.


Ashok Leyland Ltd. Sector: Commercial Vehicles |NSECODE:ASHOKLEY

Ashok Leyland is a dominant player in HCV and LCV and expects a

19 while demand picks up in global

markets along with domestic is set to improve the overall top line and

bottom line of the company.With the new line of products, it may

continue to improve the business line and see a jump in volumes as well.

The stock is unfolding the growth story in terms of business and same is

ior. Any correction in Ashok

term investors to buy.

Ashoke Leyland stock price has been in its classical uptrend as it has

been moving up strongly after breakout of W pattern above 110

he structure has taken above 1 year to complete the

breakout and such long term breakout projects Fibonnacci target

Momentum indicators of the stock RSI and Stochastic are showing

strength which adds positive signal for the stock. MACD has given

We expect price target of Rs 160 in time frame of 1 year.

Company Data

Market Cap (cr)

52 week high (Rs)

52 week low (Rs)


Beta

Face value ( RS )

Key Financials

Category

Net Sales (Cr)

EBITDA (Cr)

PAT (Cr)

Net

ProfitMargin (%)

EPS (RS)

Book Value (Rs.)

P/BV

RoNW(%)

RoCE(%)

ACCUMULATE

CMP: Rs 141.50

22.62%

51.27%

9.60%

5.95%

5.48%5.00%


Company Data


52 week high (Rs) 142.20

52 week low (Rs) 80.75


Beta 2.09


Key Financials

FY17 FY16 FY15

20933 19632 14234

1665 1558 341

1223 721 334

ProfitMargin (%) 6.10% 3.83% 2.46%

4.24 2.54 1.20

Book Value (Rs.) 21.53 15.79 14.40

3.93 6.88 5.11

19.9% 16.0% 8.17%

16.0% 8.82% 8.17%

ACCUMULATE | PERIOD: 12 Months

CMP: Rs 141.50 | Target: Rs 160

22.62%

18 Shareholdings

ForeignInstitutions

ForeignPromoter

GeneralPublic


NBanksMutualFunds

Others

CentralGovt


RATING PARAMETER

BUY

ACCUMULATE

REDUCE

SELL

NOTE

TECHNICAL CALL RATING PARAMETER

BUY A condition that indicates a good time to buy a stock. The exact c

the indicator that an analyst isusing.

SELL A condition that indicates a good time to sell a stock. The exact circumstances of the signal will be determined by

the indicator that an analyst isusing.An instru

specified price. They serve to either protect your profits or limit yourlosses.

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Disclaimer

We expect the stock to deliver more than 15% returns over the next 12months

We expect the stock to deliver 6% - 15% returns over the next 12months

We expect the stock to deliver 0% - 5% returns over the next 12months

We expect the stock to deliver negative returns ov

Target prices are for a period of 12-month perspective. Returns stated in the rating parameter are for our internalbenchmark.

TECHNICAL CALL RATING PARAMETER

A condition that indicates a good time to buy a stock. The exact circumstances of the signal will be determined by

the indicator that an analyst isusing.

A condition that indicates a good time to sell a stock. The exact circumstances of the signal will be determined by

the indicator that an analyst isusing.An instruction to the broker to buy or sell stock when it trades beyond a

specified price. They serve to either protect your profits or limit yourlosses.

DISCLOSURE / DISCLAIMER in 1995, is a subsidiary of Peerless General Finance & Investment Co Ltd. PSL is a corporate trading

member of Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange of India Limited (MSEI) & National Stock Exchange king, services rendered in connection with distribution of primary market issues and financial products like

mutual funds and fixed deposits, and depositoryservices.

Peerless Securities Ltd is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). We are registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014.

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 observatiadvise/warning/ deficiency letters/ or levied minor penalty on PSL 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 oftime.

ces to clients as well as our prospects.

This document is not for public distribution and has been furnished to you solely for your information and must not be reprodother person. Persons into whose possession this document may come are required to observe these restrictions.

This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed f an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the

general information of clients of Peerless SecuritiesLtd.Itdoesnotconstituteapersonalrecommendationortakeintoaccountthepartic

have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness rless Securities Ltd, nor any person connected with it, accepts any liability arising from the use of this document.

The recipients of this material should rely on their own investigations and take their own professional advice. Price and value of theto in this material may go up or down. Past performance is not a guide for futureperformance.

including those involving futures, options and other derivatives as well as non-investment grade securities and are not suitable for all investors. Reports based on technical analysis centres on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company'sfundamentals.

Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavour to updatinformation discussed in this material, there may be regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and

looking statements are not predictions and may be subject to change without notice. Our proprietary trading and te companies may make investment decisions that are inconsistent with the recommendations expressedherein.

PSL shall not be liable for any delay or any other interruption which may occur in presenting the data due to any reason inclreasons or snags in the system, break down of the system or any other equipment, server breakdown, maintenance shutdown, breacommunication services or inability of the PSL to present the data. In no event shall PSL be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data presented by the PSL through thisreport.

and our affiliates/associates, group companies, officers, directors, and employees, Research Analysts may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities

brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company (ies) or act as advisor or lender / borrower to such company (ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of Research Report or at the time of public appearance. Peerless Securities Ltd (PSL) may have proprietary long/short position in the above mentioned scrip(s) and therefore may be considered as interested. The views provided herein are general in nature and does not consider risk appetite or investment objective of particular investor; readers are requ

onal advice before investing. This should not be construed as invitation or solicitation to do business with PSL. Peenot provide any promise or assurance of favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice beforeinvesting.

that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations

Details of Associates and group companies are available on our website i.e. www.peerlesssec.co.in

ector or employee of

subject company(ies): No Research Analyst’s financial interest in the

Peerless Securities Limited has financial interest in the subject company (ies): Yes

15% returns over the next 12months



We expect the stock to deliver negative returns over the next 12months

month perspective. Returns stated in the rating parameter are for our internalbenchmark.

ircumstances of the signal will be determined by

A condition that indicates a good time to sell a stock. The exact circumstances of the signal will be determined by

ction to the broker to buy or sell stock when it trades beyond a

General Finance & Investment Co Ltd. PSL is a corporate trading member of Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange of India Limited (MSEI) & National Stock Exchange of India Limited

king, services rendered in connection with distribution of primary market issues and financial products like

ry Limited (NSDL) and Central Depository Services (India) Limited

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

y on PSL for certain operational deviations. We have not been debarred from doing business by t oftime.

This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any

. This report is not to be construed f an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the

general information of clients of Peerless SecuritiesLtd.Itdoesnotconstituteapersonalrecommendationortakeintoaccounttheparticularinvestmentobjectives,

h its accuracy or completeness rless Securities Ltd, nor any person connected with it, accepts any liability arising from the use of this document.

lue of the investments referred

investment grade securities - involve substantial risk ovement and trading volume, as

Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavour to update on a reasonable basis the compliance or other reasons that prevent us from doing so. Prospective investors and

looking statements are not predictions and may be subject to change without notice. Our proprietary trading and te companies may make investment decisions that are inconsistent with the recommendations expressedherein.

PSL shall not be liable for any delay or any other interruption which may occur in presenting the data due to any reason including network (Internet) reasons or snags in the system, break down of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of

uding without limitation direct or the PSL through thisreport.

ctors, and employees, Research Analysts may: (a) from time to time, have long or short action involving such securities

brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company (ies) discussed herein st with respect to any recommendation and

ss Securities Ltd (PSL) may tioned scrip(s) and therefore may be considered as interested. The views provided herein are

general in nature and does not consider risk appetite or investment objective of particular investor; readers are requested to take independent onal advice before investing. This should not be construed as invitation or solicitation to do business with PSL. Peerless Securities Ltd does

group in any manner. The investor is requested ake professional advice beforeinvesting.

that all of the views expressed in this report accurately reflect his or her personal views about the subject company ed to specific recommendations


Research Analyst has actual/beneficial ownership ofpreceding the date of publication of Research Report:No

Peerless Securities Ltd has actual/beneficial ownership of 1% or more securities of the subject company (ipreceding the date of publication of Research Report: No

We or our associates may have received compensation from the subject company (ies) in the past 12 months. We or our associatecompensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or oassociates may have received any compensation for products or services other than investment banking or merchant bankingfrom the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits(ies) or third party in connection with the research report. Our associates may hav

Our associates/Group Companies may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at timmediately preceding the date of publication of ResearchRep

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 years" icon in the price chart)."

Analyst Certification

I/We, author/s (Research Team) and the name/s subscribed to this report, hereby certify that all of the views expressed in threflect my/our views about the subject issuer(s) or securities. I/we (Research Analyst) also certify that no part of my/our cdirectly or indirectly related to the specific recommendation(s) or view(s) in thisubject company. Also I/we or my/our relative or PSL or its associates does not have beneficial ownership of 1% or more in thend of the month immediately preceding the date of publication of the research report. Since associates/group of PSL is engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject coreport. I/we have not served as officer/director etc in the subject company.

Name E-mail

Amartya Ray [email protected]

Kaushik Hore [email protected]

Peerless Securities Limited: Registered Office:

Telephone No.: 033 4050 2700, Fax No.: 033 2243 6941. Website:

SEBIRegistrationNo.: NSE INB/INE/INF 230821137, BSE INB010821131, BSE Currency

IN-DP-NSDL-96-99, DP

CIN:U67120WB1995PLC067616

Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to the risk factors including their financial condition, suitability to risk return profile and the like and take professional advisecurities are subject to market risk, please read all the related documents carefully before iDisclosure Document (refer to SEBI website) prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.

Compliance Officer: Mr. Raj Kumar Mukherjee. Call: 033

Peerless Securities LimitedRegistered Office:

1, Chowringhee Square, 2nd Floor, Kolkata-

Phone: +91-33-4050-2700/6450-2002/2243


Research Analyst 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

Peerless Securities Ltd 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

We or our associates may have received compensation from the subject company (ies) in the past 12 months. We or our associatefor investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or o

associates may have received any compensation for products or services other than investment banking or merchant bankingfrom the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits(ies) or third party in connection with the research report. Our associates may have financial interest in the subject company(ies).

Our associates/Group Companies may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at timmediately preceding the date of publication of ResearchReport.

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 www.nseindia.com(Choose a company from the list on the browser and select the "three

I/We, author/s (Research Team) and the name/s subscribed to this report, hereby certify that all of the views expressed in threflect my/our views about the subject issuer(s) or securities. I/we (Research Analyst) also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or PSL may have financial interest in the subject company. Also I/we or my/our relative or PSL or its associates does not have beneficial ownership of 1% or more in th

receding the date of publication of the research report. Since associates/group of PSL is engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject coreport. I/we have not served as officer/director etc in the subject company.

[email protected]

[email protected]

: Registered Office: Peerless Mansion, 1 Chowringhee Square, 2nd Floor, Kolkata 700069.

033 4050 2700, Fax No.: 033 2243 6941. Website: www.peerlesssec.co.in

NSE INB/INE/INF 230821137, BSE INB010821131, BSE Currency- SEBI registered; AMFI ARN 2103, NSDL:

99, DP ID: IN300958; CDSL: IN-DP-CDSL-505-2009; Research Analyst INH300002365,

CIN:U67120WB1995PLC067616

Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. Investments in

securities are subject to market risk, please read all the related documents carefully before investing. Please read the SEBI prescribed Combined Risk ) prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into

ideration all the risk factors before actually trading in derivative contracts.

Mr. Raj Kumar Mukherjee. Call: 033-4050-2700, Email: [email protected]

Securities Limited

700 069

2002/2243-5942, Fax: +91-33-2243 6941

1% or more securities of the subject company(ies) at the end of the month immediately

es) at the end of the month immediately

We or our associates may have received compensation from the subject company (ies) in the past 12 months. We or our associates may have received 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

e financial interest in the subject company(ies).

Our associates/Group Companies may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month

a company from the list on the browser and select the "three

I/We, author/s (Research Team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research report accurately ompensation was, is, or will be

s report. I/we or my/our relative or PSL may have financial interest in the subject company. Also I/we or my/our relative or PSL or its associates does not have beneficial ownership of 1% or more in the subject company at the

receding the date of publication of the research report. Since associates/group of PSL is engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/s mentioned in this

Peerless Mansion, 1 Chowringhee Square, 2nd Floor, Kolkata 700069.

SEBI registered; AMFI ARN 2103, NSDL:

Research Analyst INH300002365,

Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all ce before investing. Investments in

nvesting. Please read the SEBI prescribed Combined Risk ) prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into

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