Kotak Research Report Best Stocks Sectors

January 2014
Investment Strategist
Dear investors,
It has been a good month on Dalal Street in December, driven by the RBIs monetary policy and the
state election results. Markets are now in wait and watch mode ahead of the general elections in
2014.
The BSE Sensex fumped to a record high of 21,484 in the first half of the month, but soon fell to
20,600 levels on profit-taking. It ended the month, however, with 1.68 gains. The CNX Nifty too
followed a similar trend, soaring to 6,300 levels, led by technology stocks.
For the first time in nearly seven months, foreign institutional investors (FIIs) turned net buyers in
the debt market, investing nearly $857 million in December, according to data from Securities and
Exchange Board of India. In the equity market, FIIs continued to buy $2.6 billion worth stocks. This
is up from $1.1 billion in November. However, domestic institutional investors (DIIs) remained net
sellers, selling securities worth Rs 7,586 crore.
Overall, in the calendar year 2013, FIIs were net buyers, purchasing $20 billion-worth stocks, but
sold $7.9 billion in the debt market. The US Federal Reserve finally announced a marginal cut of $10
billion in its $85-billion bond-buying programme. However, the markets took the taper in stride. The
rupee too held steady, and gained 0.78 in the month.
On the domestic front, wholesale price inflation fumped to a 14-month high of 7.5 in November
while retail inflation rose to 11.2. This was largely due to a rise in food prices. Despite that, the
Reserve Bank of India surprised the Street by holding interest rates unchanged in its mid-quarter
monetary policy review, citing the likelihood of a fall in food prices and the need to wait for more
data.
The current account deficit too narrowed significantly to 1.2 of the Gross Domestic Product (GDP)
in the July-September quarter 2013 from 4.9 in the quarter-ended June, led by a sharp decline in
gold imports. This is the lowest since the December quarter of Fy11.
Going forward, high inflation continues to remain a risk. Any rise could mean a rise in interest rates
by the RBI in its third quarter monetary policy review on January 28. Markets will also eye any
reform measures by the government ahead of the general elections later in the year.
Thank you, and happy investing'
B. Gopkumar
Executive Jice President
IN THI5 I55UE
MonIhIy fundamenIaI OuIIook
MonIhIy DerivaIive OuIIook
MonIhIy TechnicaI OuIIook
forex InsighI esearch & AnaIysis
Clobal markels conlinued lhe rally during December
monlh as il was supporled by slrong economic dala
poinls which provided a slrong ground lor led lo slarl
reducing lhe monlhly assel purchases by $!0 bn a
monlh lrom 20!4.
Supporl @ 6!50, buying on dips
NllTY. lhe monlh remained highly volalile belween lhe
broader range ol 6!50 and 6350.
Though Pupee has nol seen any slellar lrend over lhe
monlh ol December bul il has seen ils share ol see
lrend.
0ue Moulh Porlolio
Lalesl |uudaueulal Slock Recouueudaliou
Preerred Picks |uudaueulal
Yield lo Malurily (YJM) o lax ree bouds
Jradiug iu secoudary uarkels
Mulual |uud Recouueudalious
Coupauy |ixed 0eposils & |orlhcouiug |P0s
1
5
6
8
9
12
14
25
26
27
E5EACH TEAM
fundamenIaI Desk
Dipen 5hah 5aurabh AgravaI uchir Khare AmiI AgarvaI
lT, Media Melals, Mining Capilal Coods, Lngineering Logislics, Transporlalion
5anjeev Zarbade 5aday 5inha iIvik ai 1ayesh Kumar
Capilal Coods, Lngineering 8anking, N8lC, Lconomy lMCC, Media Lconomy
Teena Virmani Arun AgarvaI 5umiI Pokharna K. KaIhirveIu
Conslruclion, Cemenl Aulomobiles Oil and Cas Produclion
TechnicaI Desk
DerivaIive Desk
5hrikanI Chouhan AmoI AIhavaIe Premshankar Ladha
ahuI 5harma MaIay Gandhi PrashanIh LaIu 5ahaj AgravaI
Sectoral Indices
Change in the Global Indices
Sensex
21,143
As on 30-Dec-13
20,792
As on 29-Nov-13
Dow Jones
16,504
(2.6%)
As on 30-Dec-13
16,086
As on 29-Nov-13
DAX
9,552
(1.6%)
As on 30-Dec-13
9,405
As on 29-Nov-13
CAC 40 index
4,276
(-0.5%)
As on 30-Dec-13
4,295
As on 29-Nov-13
Hang Seng
23,245
(-2.7%)
As on 30-Dec-13
23,881
As on 29-Nov-13
Nasdaq
4,154
(2.3%)
As on 30-Dec-13
4,060
As on 29-Nov-13
FTSE
6,731
(1.2%)
As on 30-Dec-13
6,651
As on 29-Nov-13
IBEX
9,902
(0.7%)
As on 30-Dec-13
9,838
As on 29-Nov-13
FTSE MIB
18,968
(-0.3%)
As on 30-Dec-13
19,021
As on 29-Nov-13
Nifty
6,291
(1.9%) (1.7%)
As on 30-Dec-13
6,176
As on 29-Nov-13
SHCOMP
2,098
(-5.5%)
As on 30-Dec-13
2,221
As on 29-Nov-13
NIKKEI
16,291
(4.0%)
As on 30-Dec-13
15,662
As on 29-Nov-13
SECTOR As on 30 Dec -2013 29-Nov-2013 % change
CNX midcap 8,011 7,682 4.3%
BSE midcap 6,657 6,326 5.2%
BSE small cap 6,530 6,100 7.1%
FMCG 6,571 6,562 0.1%
Capital Goods 10,243 9,817 4.3%
Banking 12,986 12,730 2.0%
PSU 5,891 5,809 1.4%
Oil & Gas 8,788 8,651 1.6%
Auto 12,252 12,322 -0.6%
Tech 9,067 8,414 7.8%
Healthcare 9,945 9,501 4.7%
Metal 9,985 9,411 6.1%
Realty 1,431 1,356 5.5%
India
China
Hong Kong
Japan
Germany
Spain
France
Italy
UK
USA
GLOBAL & SECTORAL INDICES
1
lu.esreu '|ae|s Iauua|, 2014
MONTHLY fUNDAMENTAL OUTLOOK
Clobal markels conlinued lhe rally during December monlh as il was
supporled by slrong US economic dala poinls which provided a
slrong ground lor US led lo slarl reducing lhe monlhly assel
purchases by $!0 bn a monlh lrom 20!4. Surprisingly, lhis was laken
posilively by lhe domeslic markels and concerns aboul lund
oulllows were over-looked. There was a sharp increase in lll buying
lor lhe monlh in comparison wilh lasl monlh. Markels also cheered
lhe oulcome ol slale eleclion resulls and P8l's slalus quo on inleresl
rales.
On lhe economic lronl, llP conlinued lo disappoinl and was
impacled by slowdown in consumplion. On lhe olher hand CPl
inllalion has remained slicky averaging !0 lor nearly 2 years (CPl
lor Nov is !!.24). Lven lhough lhe economy has slowed down
signilicanlly, rale ol moderalion in inllalion is nol happening on
expecled lines, largely due lo high lood inllalion (especially
vegelables), suggesling a very slicky inllalion. However, P8l chose lo
wail lor anolher round ol dala lor re-calibraling policy rales and il
kepl repo, reverse repo and CPP unchanged.
Domeslic markels were quile slrong during lasl monlh and were
supporled by loreign liquidily. We believe lhal, locus ol lhe markels
in lhe near lerm will conlinue lo remain on global liquidily, Q3lY!4
resulls as well as on P8l policy. Over lhe medium-lo-long lerm,
inilialives lo improve domeslic economic dala poinls and reduce
inleresl rales will be imporlanl lriggers. lurlher progress on lasl
lracking inlraslruclure projecls would be posilive and lrom lhal
per specl i ve, pol i l i cal
developmenls will be
closely walched.
Al currenl valualions ol
!4.5-!5x consensus lY!5
earnings, valualions are
nol undemanding. Mosl
ol lhe delensive slocks are
richly valued, whereas
slocks wilh low valualions
do nol have adequale
growlh visibilily. Thus, we
conlinue lo recommend a
seleclive and balanced
approach lowards seclors.
We do like selecl slocks in seclors like lT, Media and privale seclor
banks. Wilhin bealen-down 'domeslically-orienled' and
'inveslmenl-led' seclors, one can look al slocks having slrong
balance sheels and elhical managemenls. Key risks lo our
recommendalion would come lrom decline in loreign inllows, sharp
currency deprecialion, spike in oil prices and polilical uncerlainly.
GIobaI markeIs Iraded !irm during Ihe monIh
US markels remained in locus during lhe monlh on beller lhan
expecled non-larm payrolls reporl and US led meeling scheduled
during lhe monlh. Jobless rale lell lo 7 againsl expeclalions ol
7.2. Llevaled consumer conlidence, beller lhan expecled
economic dala and jobless rale conlirmed lhal US economy is on a
lirmer looling. This led lo led announcing unwinding ol ils slimulus
program. ll reduced ils monlhly assel purchases by USD !0 billion lo
USD 75 billion and also indicaled lhal ils key inleresl rale would slay
al rock bollom even longer lhan previously promised. During lhe
monlh, Senale Democrals and Pepublicans had also reached a deal
lo reduce aulomalic spending culs and lhe delicil levels by $23bn
over lwo years.
Luropean markels remained volalile lill mid Dec,!3 as inveslor
remained caulious over lhe liming ol lhe U.S. lederal Peserve's
reduclion ol ils slimulus program. However, beller lhan expecled
unemploymenl rale and annual rale ol inllalion eased concerns lhal
euro zone is al lhe risk ol enlering dellalion. S&P revised ils credil
raling oullook lo slable lrom negalive on Spain while Moody
upgraded Creece by lwo nolches rellecling good progress wilh
liscal consolidalion.
China wilnessed a spike in lhe money markels rales which were
reclilied by emergency sleps laken by People's bank ol China by
injecling liquidily inlo lhe linancial syslem. ln Japan, core inllalion
dala rose lo a !5-year high in November, while relail sales beal
eslimales, lhereby suggesling lhal Prime Minisler Shinzo Abe's
radical economic policies are working lo slimulale lhe economy.
Thal saw lhe yen hil lresh live-year lows againsl bolh lhe greenback
and euro.
AI currehI valuaIiohs o! 14.5-15x
cohsehsus FY15 earhihgs,
valuaIiohs are hoI
uhdemahdihg. MosI o! Ihe
de!ehsive sIocks are richly
valued, whereas sIocks wiIh low
valuaIiohs do hoI have adequaIe
growIh visibiliIy. 1hus, we
cohIihue Io recommehd a
selecIive ahd balahced approach
Iowards secIors.
Markel perlormance - seclor wise (December 20!3)
5ource. b|oomber
8enchmark indices - lndia
5ource. b|oomber
2
IIP OcI reporIed de-grovIh o! 1.8% vs. grovIh
o! 2.0% in 5ep
AcIion packed monIh !or Indian markeIs
lnduslrial produclion in lhe monlh ol Ocl reporled de-growlh ol
!.8 vs. growlh ol 2.0 in Sep. On m-o-m basis, llP lndex
reporled a growlh ol !.3compared lo 50 bps lasl monlh. llP
change monlh on monlh is primarily due lo sharp jump in capilal
goods (6.3, m-o-m, 2.3 y-o-y). The cumulalive growlh lor
lhe period April-Oclober 20!3-!4 over lhe corresponding period
ol lhe previous year slands al 0.04 as compared lo !.2 in
same period lasl year.
lndian markels wilnessed an aclion packed monlh as markels
cheered lhe slale eleclion oulcome, P8l's slalus quo on inleresl
rales as well as posilive global cues and remained lirm lor lhe
monlh. ln lhe slale assembly eleclions in - Delhi, Pajaslhan,
Madhya Pradesh, Mizoram and Challisgarh, 8JP emerged as
winner in lhree slales - Pajaslhan, MP and Challisgarh while
Aam Aadmi Parly along wilh Congress has lormed lhe
governmenl in Delhi.
Winler session ol lhe parliamenl also commenced during lhe
monlh, lhough il was a shorl session ol jusl !0 days wherein lhe
landmark Lokpal bill was passed. On lhe relorm side, CCLA is
likely lo lake up proposal lor Mega Power planls lo help large
power planls which are disadvanlaged by lhe slale
governmenls' policies lhal seek lavorable power purchase
agreemenls. Covernmenl is working lowards a bailoul program
lo revive slalled road projecls by rescheduling lhe premium
payable lo NHAl by making il back-ended. There is however a
disagreemenl belween road developers and planning
commission over lhe discounl rale used lo calculale nel presenl
value ol lhe projecl. llP8 has also given clearance lo Tesco's
proposal lo pick up Tala-owned Trenl Hypermarkels lhal could
pave lhe way lor many such inveslmenls in lndian relail.
Thus going ahead in 20!4, pre-eleclion and posl-eleclion cues
along wilh P8l's aclion on inleresl rales and liscal silualion are
likely lo decide markel direclion. Clobal cues coming lrom US
wilh beginning ol led's QL lapering and US debl ceiling deadline
will also decide markel direclion going lorward.
The Mining, Manulacluring, and Lleclricily segmenls recorded y-
o-y growlh rales ol -3.5, -2.0 and !.3 respeclively.
Consumplion slowed down signilicanlly, wilh Consumer
durables and Consumer non-durables have recorded growlh ol -
!2.0 and !.8 respeclively, wilh lhe overall growlh in
Consumer goods being -5.!.
llP growlh has averaged less lhan !in pasl 24 monlhs, which
averaged over 7.9 in previous 2 years (2009-!!). This signals
we are in a long haul ol slow induslrial recovery phase and 2009-
!0 jump was more ol blip and suslained recovery is slill a long
way lo go. ln pasl 5 years, llP growlh has grown by jusl 3.6 vs.
double digil growlh in previous 5 years. On lhe olher hand CPl
inllalion has remained slicky averaging !0 lor nearly 2 years
(CPl lor Nov is !!.24). Lven lhough lhe economy has slowed
down signilicanlly, rale ol moderalion in inllalion is nol
happening on expecled lines, suggesling a very slicky inllalion.
The growlh ol eighl core seclor induslries slowed lo !.7 in
November againsl 5.8 in lhe same monlh lasl year. Produclion
ol lhese induslries declined 0.6 per cenl in Oclober lhis year and
rose 5.8 per cenl in November, 20!2. This was due lo poor
showing by nalural gas, lerliliser and pelroleum relinery seclors.
According lo lhe dala released by lhe governmenl, lhe oulpul ol
eighl inlraslruclure induslries in April-November grew by a mere
2.5 percenl againsl 6.7 percenl in lhe same period ol lhe lasl
liscal.
WPl lor lhe monlh ol Nov,!3 inched up lo 7.52 as compared lo
7 lor lhe monlh ol Ocl,!3 as vegelable and lruil prices
increased while prolein-rich ilems like eggs also became dearer.
The index lor lood prices rose by 20 driven by higher prices ol
vegelables, rice and lruils. Lnergy cosls were up !! due lo
higher prices ol high speed diesel, liquelied pelroleum gas and
oil. Manulaclured goods prices rose 3.
Core indusIries daIa disappoinIed in Nov,13
WPI aIso conIinues Io sIay aI higher IeveIs
IIP grovIh (%)
5ource. b|oomber, No|e. ||| row|h :|nce Apr|| 2009 ha: been recomp||ed u:|n new :er|e: o| W||
Pupee/US$
5ource. b|oomber
3
5IaIus quo mainIained in moneIary poIicy meeI
P8l has chosen lo wail lor anolher round ol dala lor re-
calibraling policy rales and il kepl repo, reverse repo and CPP
unchanged.
P8l is however concerned on lhe dismal hope on economic
revival and slales lhal, lhe pick-up in real CDP growlh in Q2,
albeil modesl, was driven largely by robusl growlh ol agricullural
aclivily, supporled by an improvemenl in nel exporls. However,
lhe weakness in induslrial aclivily persisling inlo Q3, slill
lacklusler lead indicalors ol services and subdued domeslic
consumplion demand suggesl conlinuing headwinds lo growlh.
We believe lhal, lhe lighlening ol governmenl spending in Q4 lo
meel budgel projeclions, will add lo lhese headwinds.
Also, even lhough P8l mainlained slalus quo, il slaled ils policy
reaclion lunclion lhal il lhe expecled sollening ol lood inllalion
does nol malerialize or il inllalion excluding lood and luel does
nol lall, lhe P8l will acl, including on oll-policy dales il
warranled, so lhal inllalion expeclalions slabilize and an
environmenl conducive lo suslainable growlh lakes hold. The
Peserve 8ank's policy aclion on lhose dales will be approprialely
calibraled. The nexl policy meeling is scheduled on 24lh Jan
20!4, lhere is a possibilily ol early move (as soon as WPl, CPl and
llP dala are available - likely by !4lh January 20!4).
ln view ol suslained high inllalion (bolh lood and core inllalion)
resulling in negalive real inleresl rale lor savers, we believe lhal,
lhe probabilily ol a 25bps increase in rales in remainder ol lhe
currenl liscal, very much exisls.
8renl Crude (US$/bl)
5ource. b|oomber
ecommendaIion
Domeslic markels were quile slrong during lasl monlh and were
supporled by loreign liquidily. We believe lhal, locus ol lhe
markels in lhe near lerm will conlinue lo remain on global
liquidily, Q3lY!4 resulls as well as on P8l policy. Over lhe
medium-lo-long lerm, inilialives lo improve domeslic economic
dala poinls and reduce inleresl rales will be imporlanl lriggers.
lurlher progress on lasl lracking inlraslruclure projecls would be
posilive and lrom lhal perspeclive, polilical developmenls will be
closely walched.
Al currenl valualions ol !4.5-!5x consensus lY!5 earnings,
valualions are nol undemanding. Mosl ol lhe delensive slocks
are richly valued, whereas slocks wilh low valualions do nol have
adequale growlh visibilily. Thus, we conlinue lo recommend a
seleclive and balanced approach lowards seclors. We do like
selecl slocks in seclors like lT, Media and privale seclor banks.
Wilhin bealen-down 'domeslically-orienled' and 'inveslmenl-
led' seclors, one can look al slocks having slrong balance sheels
and elhical managemenls. Key risks lo our recommendalion
would come lrom decline in loreign inllows, sharp currency
deprecialion, spike in oil prices and polilical uncerlainly.
lll & Mulual lund inveslmenl (Ps Cr)
5ource. b|oomber
fII buying jumped up sharpIy !or Ihe monIh
llls remained nel buyers lor lhe monlh on improving economic
dala lrom global markels as well as on announcemenl ol slale
eleclion resulls. lll buying increased sharply during lhe monlh ol
Dec,!3 as compared lo Nov,!3 and llls boughl slocks worlh Ps
!53.4 bn during Dec,!3 (lill 30lh Dec). However, mulual lunds
remained nel sellers lor lhe monlh and sold slocks worlh Ps 5.7
bn (lill 26lh Dec). lor lhe calendar year lill dale, lll's have
remained nel buyers lo lhe lune ol Ps !!23 bn and mulual lunds
remained nel sellers lo lhe lune ol Ps 22! bn.
lnllalion ()
5ource. b|oomber
4
Pre!erred picks
5ource. ro|a| 5ecur|||e: - |r|va|e C||en| |e:earch
5ecIor 5IocksAuIomobiIesajaj AuIo, ApoIIo Tyres
anking lClCl 8ank, HDlC 8ank
CemenI Crasim lnduslries
ConsIrucIion lP8 lnlra, lL&lS Transporlalion Nelwork
Engineering Creaves Collon, Vollas, Va Tech Wabag,
Llgi Lquipmenl, 8lue Slar
fMCG Pidilile lnduslries
In!ormaIion TechnoIogy TCS, lnlosys
LogisIics & TransporIaIion Adani Porl, Cujaral Pipavav Porl
Media TV!8
Midcap Kajaria Ceramics Lld
NfC lDlC
OiI & Gas Cairn lndia, Oil lndia
Pover NTPC
eaI EsIaIe Phoenix Mills
Cuslouer salisacliou is our priorily. Jo serve you beller, iu addiliou lo brauch
oullels, you cau also coulacl our ceulralized service desk lo address you queries or coucerus.
Ccntact DetaiIs cf cur CentraIized DeaIing Desk:
Call Joll |ree . 18002099191 or 1800222299.
Euail |d . 8rcking keIated queries service.securilieskolak.cou.
DF reIated queries ks.deualkolak.cou.
websile . Regisler a query / couceru ou Kolaksecurilies.cou lhrough lhe Solve your
0uery secliou uuder lhe Cuslouer Service lab.
|u case your queries / couplaiuls are uuresolved or uore lhau 48 hours, you uay escalale lhe ualler lo us
al ks.escalalioukolak.cou (Excludiug already execuled lrades)
ûy 0ueries1
Password Secrecy
Your useruaue aud password should be kepl couideulial aud secure.
Shariug o your user id, password aud your accouul iuorualiou could
lead lo uisuse o your accouul.
Jo avoid uisuse, please eusure lhal you chauge your password
regularly.
|u case o auy query, please eel ree lo coulacl us al our loll ree
uuubers 18002099191 or 1800222299. ^llerualively, You uay also
coulacl your uearesl Kolak Securilies Brauch.
5
Nilly opened lhe December series on a posilive nole. The posilive
senlimenl around lhe slale eleclions helped lhe index lesl all
lime high level ol 64!5. Nilly lailed lo suslain in new lerrilory
and selling pressures push lhe index back lo 6!00-6!50 levels.
linally il bounced back and closed lhe series al 6290, gains ol
near 3 percenl. 8ank-Nilly also lraded wilh a posilive bias in lhe
lirsl hall ol lhe series bul lailed lo slage a slrong bounce back.
December series saw volalilily lalling draslically lrom 25 lo mulli
monlh low level ol !5. Pharma, lT and Melal slocks perlormed in
lhe previous series. 8lSl, Peally, Capilal goods and Telecom
consolidaled in a range wilh no suslainable gains.
for queries and !eedback you can e-maiI us aI ksderivaIive.deskkoIak.com
Nilly Oplions Concenlralion is seen al 6500 Calls and 6200-
6300 Pul oplions. lmplied ATM volalilily remains in lhe range ol
!3-!5.
8uy 6300 Slraddle @ 220 wilh SL placed @ !70 and Targel ol
270-300
8uy Nilly call oplions on lhe index @ 6300 wilh SL ol 6!50 on
closing basis
Melals
8anking
linancials
lT
8uy
8uy
8uy
8uy
HlNDALCO
KAPUPVYSYA
lDlC
TCS
8uy in lhe range ol !20-!25 wilh SL
placed @ !!5 closing and Targel @
!35/!50
Accumulale 8UY in lhe range ol
!080-!!00 wilh SL ol !060 and
largel ol !!50-!200
8uy in lhe range ol !05-!07 lor
Targel ol !20 and SL ol !00 closing
basis
8uy in lhe range ol 2!50-2!70 lor
2300 on lhe higher side and SL
placed al 2!00
Lxpecl lhe slock lo break lrading range ol
!!5-!25
Lxpecl wave C lo unlold wilh lhe slock
expecled lo lesl recenl high levels
Prelerred pick in lhe linancials space wilh
slock seen making higher high and higher
lows (up-lrend)
Slock remains in an uplrend aller having
made bollom al 2000 levels. Lxpecl
momenlum lo conlinue lor lhe currenl
series. Pupee also remains in a range.
Looking ack
ecommendaIion
We expecl nilly lo conlinue lo lrade wilh posilive bias lor lhe
medium lerm. Any meaninglul correclions can be boughl inlo
lor a slrong bounce back. Slock seleclion remains crilical in lhe
currenl environmenl owing lo lhe sensilivily ol lhe markel lo
any global and domeslic developmenls.
lor lhe currenl series we expecl Nilly lo lind supporl al 6!50, on
lhe higher side 6400 and 6570 can be expecled. 8reach ol 6!50
cash resull in selling pressure. 8elow 6!50, slrong supporl is
seen al 6000 levels. Open inleresl concenlralion is seen al 6200-
6300 pul and 6500 call oplions. This is also indicalive ol supporl
al lower levels ol lhe index. Slrong supporl lor 8ank-Nilly is
seen al !!050.
We remain posilive selecl slocks in lhe 8lSl and Capilal goods
space. lClC8ank, lDlCand lClC8ank remain our prelerred picks.
LT has underperlormed signilicanlly and we expecl il lo gain
lrom currenl levels. Melals, lT and Pharma seclors are expecled
lo lrade wilh posilive bias wilh buying advisable only on
correclions. Hindalco lrades in a range ol !!5-!25, break oul ol
lhis range is expecled wilh upside largels seen al !40/!55 levels.
lrom lhe lT pack, expecl TCS lo oulperlorm, supporl is seen al
2!00 wilh largels seen al 2270-2300.
Looking Ahead
MONTHLY DEIVATIVE OUTLOOK
Nilly Oplions Concenlralion
5ource. n:e|nd|a.com
5ECTO PO5ITION 5TOCK ATIONALE VIEW
5Iock 5peci!ics
CL - Call Luropean PL - Pul Luropean
Slrike Price - Slrike price lor lhe conlracl

0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
6000 6100 6200 6300 6400 6500 6600
O
p
e
n

I
n
t
e
r
e
s
t

(
m
n
)
Strike Price
CE PE
6
for queries and !eedback you can e-maiI us aI ksIechnicaI.deskkoIak.com
MonIhIy 5napshoI
Monlhly High . 64!5
Monlhly Low . 6!30
Monlhly Close . 6304
Change . 2.!
NllTY. lhe monlh remained highly volalile belween lhe broader
range ol 6!50 and 6350. However, recovery in lhe second parl
remained weak in lerms ol speed. The markel has laken 7 days lo
relrace 6!30 levels bul while reversing il has laken !0 days, which
means correclion is due in lhe near lerm. The level ol 6!30 will acl as
an inlermediale supporl lor lhe markel and below lhal il may lall lo
5900 levels where il has supporl ol 200 days SMA.
A close above 6360 will be posilive lor lhe markel as in lhal case il
will conlinue lhe lormalion ol higher lop higher bollom. ll il is
lriangle lype ol consolidalion lhen lhe chances ol hilling 6!70 is nol
ruled oul bul lrom lhere nilly will recover gradually lowards 6320
levels. ln briel in lhe coming monlh lhe markels are inilially going lo
remain in a range ol 6!70-6330 and on lhe dismissal ol 6!30 real
weakness will come.
8uying inlo index slocks is highly advisable around 5900/5950 wilh a
view ol nexl lew weeks.
Seclor Specilic. in lhe coming monlh we can expecl aclivily oul ol
Telecom , Melal and PSU banks. However, buying is advisable on
dips or al major supporls. Privale banks are nol displaying any major
lrend, in lacl repealedly lhey are linding prolil laking al mulli
resislance levels. Capilal goods and lnlra slocks have picked up
aclivily bul again buying is advisable il lhey recover lrom major
supporls. Delensive seclors are going lo display slock specilic
aclivily. Keep a bollom up approach inslead ol lop down.
ecommendaIions.
!. 8uy Pul oplions il nilly breaks 6!30. Or 8uy Call oplions il Nilly
closes above 6360
2. 8uy Pul Oplions around 6300/6320. Slop Loss 6360
3. 8uy Call oplions belween 5950/5900 wilh a slop loss al 5880.
Nilly Monlhly charl
5ource. b|oomber
MONTHLY TECHNICAL OUTLOOK
Trend WaIch
Shorl Term . Up
Medium Term . Up
Long Term . Up
LeveIs Io WaIch
Supporl . 6!70, 6!30, 6060, 5970,9!0.
Pesislance . 6320,6345,6360,64!5,6480
7
5ecIoraI Viev
MONTHLY TECHNICAL OUTLOOK
5ECTOAL INDICE5 DECEME NOVEME 5EPTEME AUGU5T
AUTO MODLPATL OUTlLOW VLPY STPONC lNlLOW STPONC lNlLOW lNLlNL
8ANKLX lNLlNL lNLlNL STPONC lNlLOW VLPY STPONC OUTlLOW
CONSUMLP DUPA8LLS lNLlNL VLPY STPONC OUTlLOW MODLPATL OUTlLOW VLPY STPONC OUTlLOW
CAPlTAL COODS MODLPATL lNlLOW VLPY STPONC lNlLOW VLPY STPONC lNlLOW VLPY STPONC OUTlLOW
lMCC MODLPATL OUTlLOW MODLPATL OUTlLOW STPONC lNlLOW STPONC OUTlLOW
HLALTH CAPL VLPY STPONC lNlLOW lNLlNL lNLlNL MODLPATL lNlLOW
lT VLPY STPONC lNlLOW lNLlNL VLPY STPONC OUTlLOW VLPY STPONC lNlLOW
MLTAL VLPY STPONC lNlLOW STPONC lNlLOW STPONC lNlLOW VLPY STPONC lNlLOW
OlL&CAS lNLlNL MODLPATL OUTlLOW STPONC OUTlLOW MODLPATL OUTlLOW
POWLP STPONC lNlLOW STPONC lNlLOW VLPY STPONC lNlLOW VLPY STPONC OUTlLOW
PSU lNLlNL STPONC lNlLOW VLPY STPONC lNlLOW VLPY STPONC OUTlLOW
PLALTY VLPY STPONC lNlLOW MODLPATL lNlLOW VLPY STPONC OUTlLOW VLPY STPONC OUTlLOW
Money fIov
AuIo. Accumulalion can be done in Tala molors and
Heromoloco.
ankex. Supporl longs can be seen in HDlCbank.
Consumer DurabIes. Supporl buying lo be seen in Tilan
Company and Jubilanl loods.
fMCG. Al deep supporl longs can be seen in lTC and
Hindunilever.
HeaIIhcare. lniliale long posilion al good supporl levels in
Lupin, Sunpharma and Dr. Peddy.
MeIaI . Signs ol inllow suslaining. Long side lrades can be seen
in SSLT and Tala Sleel
OiI&Gas. Longs can be seen in ONCCand Cairn india.
IT. Longs lo be laken al deep supporl levels in lnlosys, TCS and
wipro.
eaIIy. One can use supporl levels lo iniliale long side lrades in
DLl, lbrealeslale.
Pover. 8uy side lrades lo be seen in CLSC and JSWenergy on
breakouls.
CapiIaI Goods. Supporl levels lo be used lo iniliale long side
lrades in LT and 8hel.
basis, which by passes lhe base ellecl ol previous year, we
lind lhal manulacluring improved 2, mining 3 bul
eleclricily conlracled 4 and lhe overall llP grew !, in
similar lines like lasl monlh. Hence, il can be argued lhal
high base ol same monlh lasl year, was also a reason lor lhe
negalive prinl in lhe llP. Having said, il is also a lacl lhal
induslrial aclivily remains weak and evens a growlh ol
3/5 on lhe llP is nol impressive lor a developing nalion
like lndia.
Consumer price index rose lo !!.24 in November lrom
!0.!7 in Oclober. lnllalion in lhe lood and beverages
segmenl was !4.72 compared wilh !2.56 in lhe
previous monlh. The Wholesale Price lndex (WPl) inllalion
lor lhe monlh ol November rose lo 7.52 versus 7 in
Oclober. WPl inllalion has reached lhe highesl level since
Seplember 20!2. The WPl lor lhe monlh ol Seplember was
revised upwards lo 7.05 versus 6.46 provisional. While
lhe manulaclured producls inllalion rose lo 2.64 versus
2.50 in Oclober, lhe luel &Power inllalion also exhibiled
a rise lo !!.08 versus !0.33 in Oclober. The lood
inllalion rose lo a whopping !9.93 versus !8.!9 in
Oclober. lnllalionary pressures can remains slicky lor a
while as base ellecl remains unlavourable lill lhe end ol
lY!4. However, a beller kharil harvesl lollowed by an
expecled robusl Pabi sowing is expecled lo bring down
lood inllalion in lhe coming monlhs. Hence, we can see
WPl peak oul by Q4 ol lY!4 and lhen gradually drop oll in
lhe lY!4, assuming lhal oil prices slay benign.
fOEX IN5IGHT E5EACH & ANALY5I5
8
U5 DoIIar Io remain supporIed cIose Io 61.00l61.50 IeveIs on spoI
Though Pupee has nol seen any slellar lrend over lhe monlh ol
December bul il has seen ils share ol see lrend. Over lhe lirsl hall
ol December, Pupee slrenglhened lrom 62.50 levels lowards
60.80, as euphoria surrounded lhe oulcome ol lhe slale eleclion
resulls. However, lhrough our daily and weekly reporls, we
repealedly warned againsl exlrapolaling lhe slale eleclion
oulcome inlo lhe nalional polls. We said lhal lhe upsurge in lhe
equily markel is a "hope lrade" based primarily on sea ol
liquidily being pumped by US led and 8ank ol Japan and lhen
subslanlial credil growlh in China. The lolly levels where lhe
global equily and risk assels are currenlly lrading al musl pay
sincere lhanks lo rellalion ellorls ol lhe cenlral banks and lheir
governmenl. The assel inllalion is lherelore becoming over
dependenl on lhe liquidily and credil and less on lhe slill lragile
global economic oullook. Hence, in lhal backdrop, lhe
imporlance ol lhe llow ol liquidily should nol be
undereslimaled. Therelore, lhe lrajeclory ol US cenlral bank's
monelary policy and lhen lhe liscal policy in China is key in
delermining lhe vulnerabilily ol lhe global linancial markels. ln
case, US led moves ahead wilh lhe complele removal ol lhe
monelary slimulus and also Chinese governmenl shows more
willingness in conlrolling lhe growlh ol credil in lhe economy,
lhen we can see rise in risk aversion in lhe equily, commodily and
credil markels. ln case ol a rise in lhe risk aversion, we will nol be
surprised il lhe speculalive money llow, which has chased riskier
assels over 20!3, can gel redirecled lowards bullion, US Dollar
and developed world sovereign bonds.
Over lhe lasl one monlh lollowing have been lhe major
developmenls in lhe domeslic and global linancial markels.
Japan reporled a !.2 percenl on-year rise in inllalion in
November, marking a lresh live-year high. The November
consumer price index (CPl) was above expeclalions lor a !.!
percenl and up lrom Oclober's 0.9 percenl rise. Core CPl -
excluding lood and energy prices - rose 0.6 percenl on year
in November, ils highesl level in !5 years. However, il needs
lo be slressed lhal Japanese are seeing a record increase in
prices ol lood and energy prices on lhe coslly imporls, due
lo a weak Yen. However, wage growlh remains anemic and
due lo lack ol inleresl income, overall income growlh is
missing. lncase lhe wage growlh conlinue lo lag behind,
lhen over lhe course ol medium-lerm, we can see adverse
ellecls ol high prices on consumplion and economy. Japan
is walking a lighl rope, in so much lhal a weak Yen can
boosl exporls, which is yel lo meaninglully rellecl on lhe
numbers, due lo weak volumes ol exporls. However, lurlher
deprecialion ol Yen can hurl consumplion down lhe road.
lor lhe monlh ol Oclober induslrial produclion conlracled
by !.8, led by 2 conlraclion in manulacluring and 3.55
conlraclion in mining. However, on a monlh on monlh
U5DlIN. TECHNICAL CHAT
5ource. b|oomber
lndian Pupee is ranged belween 60.70/6!.00 and 63.50/64.00
on spol. ll appears lhal a rounded bollom is in lormalion wilh an
wuql possibilily ol a double bollom. Hence, il is advisable lo buy
lhe pair closer lo 6!.00 on spol, wilh slop and reverse below
60.50 and aim lor a move lo 64.00.
9
ONE MONTH POTfOLIO - DECEME
Nifty : 6176
5Iock Mcap
(s mn)
CurrenI
Price (s.)
PE (x) l PAV (x)*
fy14 fY15E
CommenI
Source . Kolak Securilies - Privale Clienl research, * P/A8V ralio lor lClCl 8ank
lClCl 8ank *
TCS
8ajaj Aulo
Crasim lnd
lDlC*
Cairn lndia
Tv!8
Marico
NllT Lld
8lue Slar
CPPL
!,234,043
3,923,24!
570,486
244,070
!57,678
6!9,02!
39,376
!39,!04
3,698.2
!4,670
27,53!
!,069
2,004
!,974
2,659
!04
324.0
23
2!6
22
!63
57.0
!.7
2!.5
!5.7
9.9
!.0
5.3
NM
27.7
!6.9
23.6
!7.8
!.5
!8.6
!3.9
8.4
0.9
5.3
20.9
25.4
5.5
!5.5
!3.9
NlM is on lhe improvemenl lrajeclory on back ol
healhy liabilily lranchise & beller ALM. Pobusl assel
qualily (nel NPA al 0.73), while lower risk on SML
book as il conslilules -5 ol lolal porllolio.
Managemenl locus on slable growlh wilh
improving slruclural prolilabilily reinlorces our
exisling posilive oullook on lhe slock.
The managemenl has mainlained ils oplimism on
lhe demand scenario, backed by higher clarily in
decision making by clienls, no delays in decision
making and limely scale-ups. Consislenl high
volume growlh rellecls elleclive demand generalion
inilialives and ellicienl execulion.
We expecl company's domeslic 2Wvolumes lo
receive boosl lrom good monsoons and new
launches. 8enelils ol currenl lavorable currency
movemenl will spread lo lY!5 and we lhereby
expecl L8lTDA margins lo slay slrong.
Volume gain in cemenl and VSl is likely lo aid
revenue growlh. Cemenl prices have slarled
recovering and VSl prices have largely slabilized,
lhereby aiding margins lor lulure. Slock is available
al allraclive valualions and provides good upside
lrom currenl levels.
8eing a niche player, il is well posilioned lo benelil
lrom lhe long-lerm opporlunilies in inlraslruclure
segmenls. Assel qualily (CNPA. 32bps) has held up
well, slrong loan loss reserve (!.95) provides
sullicienl cushion lo ils lulure earnings. lDlC did
manage well ils spread despile high inleresl rale
environmenl and we expecl il lo remain slable as
bulk rales are down meaninglully lrom lhe levels
seen during Sep 20!3.
We believe lhe key lriggers lor Cairn lndia in lhe
immediale near lulure are !). Crude oil prices
remains al elevaled levels, 2). Pupee deprecialion
againsl dollar, 3). Produclion ramp-up approval by
COl and 4). Any signilicanl commercial discovery.
Slrong play on DAS, wilh upswing in nel
dislribulion income. Slock lrades well below our lair
value assessmenl ol Ps 30/ share.
!8 PAT CACP, valualions al 25X lY!5 PLP are
inexpensive relalive lo peers. Slock likely lo see
benelils ol Marico-Kaya in coming monlhs.
Lxpecled improvemenl in lLS enrolmenls and
revenues should help improve revenue growlh and
margins, going ahead. Prior inveslmenls in cloud
campus are expecled lo improve revenue prospecls
as well as prolilabilily.
Markel leader in Cenlral AC, lmproving earnings
oullook
Company has reporled slrong numbers lor
Q3CY!3.CPPL is also adding capacily in ils conlainer
segmenl lrom currenl 0.85 mn TLUs lo !.5 mn TLUs
by CY!5L.
10
Performance of 1 month Portfolio December
ecommended LeveIs CurrenI IeveIs eIurns%
NllTY 6!76 6,305 2.09
Pl
lClCl 8ank* !069 !!92 !!.5!
TCS 2004 2!76 8.58
8ajaj Aulo !974 !9!5 -2.99
Crasim 2659 272! 2.33
lDlC* !04 !!5 !0.58
Cairn 324 326 0.46
TV!8 23 24 3.9!
Marico 2!6 2!9 !.39
NllT 22 26 !8.64
8lue Slar !63 !59 -2.45
CPPL 57 63 !0.79
Cash - lDlC
Cash - lClCl
Cash - NllT
Cash - CPPL
k1ukNS %
Nifty 2.09
FcrtfcIic 5.6J
ONE MONTH POTfOLIO - DECEME
0.90
7.30
-0.49
1.39
0.90
2.47
4.34
-0.08
7.30
1.04
2.31
11.31
8.38
-2.99
2.33
10.38
0.46
3.91
1.39
18.64
-2.43
10.79
-3.00 0.00 3.00 10 .00 13.00 20.00
8ANk NII1
lClCl 8ank*
CNk I1
1CS
CNk Auto
8a[a[ AuLo
CNk N|fty
Craslm
8ANk NII1
lulC*
8SL C|| & Gas
Calrn
CNk Med|a
1v18
8SL IMCG
Marlco
CNk I1
nll1
8SL CCNSUMLk DUkA8LLS
8lue SLar
CNk SLkVICL
CL
11
ONE MONTH POTfOLIO - 1ANUAY
Nifty : 6304
5Iock Mcap
(s mn)
CurrenI
Price (s.)
PE (x) l PAV (x)*
fy14 fY15E
CommenI
Source . Kolak Securilies - Privale Clienl research, * P/A8V ralio lor lClCl 8ank
lClCl 8ank *
TCS
8ajaj Aulo
Crasim lnd
lDlC*
Cairn lndia
Tv!8
LNlL
lP8 lnlra
8lue Slar
Pidilile lnd
!,267,520
4,256,05!
550,545
249,2!0
!66,623
6!7,!!!
40,746
!5,698
30,763.6
!4,!98
!4,529
!,098
2,!74
!,905
2,7!5
!!0
323.0
24
334
93
!58
286
!.8
23.4
!5.!
!0.!
!.!
5.3
NM
!8.9
7.7
22.9
28.3
!.6
20.!
!3.4
8.6
!.0
5.3
2!.6
!8.3
6.8
!5.0
23.4
NlM is on lhe improvemenl lrajeclory on back ol
healhy liabilily lranchise & beller ALM. Pobusl assel
qualily (nel NPA al 0.73). Lower risk on SML book
as il conslilules ~5 ol lolal porllolio.
Managemenl locus on slable growlh wilh
improving slruclural prolilabilily reinlorces our
exisling posilive oul look on lhe slock.
The managemenl has mainlained ils oplimism on
lhe demand scenario, backed by higher clarily in
decision making by clienls, no delays in decision
making and limely scale-ups. Consislenl high
volume growlh rellecls elleclive demand
generalion inilialives and ellicienl execulion.

We expecl company's domeslic 2Wvolumes lo
receive boosl lrom good monsoons and new
launches. 8enelils ol currenl lavorable currency
movemenl will spread lo lY!5 and we lhereby
expecl L8lTDA margins lo slay slrong.
Volume gain in cemenl and VSl is likely lo aid
revenue growlh Cemenl prices have slarled
recovering and VSl prices have largely slabilized,
lhereby aiding margins lor lulure Slock is available
al allraclive valualions and provides good upside
lrom currenl levels
8eing a niche player, il is well posilioned lo benelil
lrom lhe long-lerm opporlunilies in inlraslruclure
segmenls. Assel qualily (CNPA. 32bps) has held up
well, slrong loan loss reserve (!.95) provides
sullicienl cushion lo ils lulure earnings. lDlC did
manage well ils spread despile high inleresl rale
environmenl and we expecl il lo remain slable as
bulk rales are down meaninglully lrom lhe levels
seen during Sep 20!3.
We believe lhe key lriggers lor Cairn lndia in lhe
immediale near lulure are !). Crude oil prices
remains al elevaled levels, 2). Pupee deprecialion
againsl dollar, 3). Produclion ramp-up approval by
COl and 4). Any signilicanl commercial discovery.
Slrong play on DAS, wilh upswing in nel
dislribulion income Slock lrades well below our lair
value assessmenl ol Ps 30/ share
Pure-play on radio, posilively exposed lo
regulalory changes Lxpecl slrong quarlerly earnings
on back ol leslive season, polilical adverlising

Company has an excellenl order book and expecls
lo benelil lrom new order inllows. Toll revenues are
likely lo grow led by commissioning ol new projecls
Slock is lrading al allraclive valualions
Markel leader in Cenlral AC lmproving earnings
oullook
Markel leader in lndian adhesives markel lmproved
earning / margin oullook
Name o! the Company Mkt Latest Price as Latest Latest Price Upside EP5 (s) PE (x) oE (%) PlAV(x)*
fY14 fY15E fY14 fY15E fY14 fY15E fy14 fY15E Cap eport On Iatest price eco as on (Dovn
(s mn) Date eport target* 31-Dec side)
(s) (s) (s) (%)
8anking
^llahabad Bauk 47,525 01Nov13 92 84 RE0uCE 95 (11.6) 23.5 24.3 4.0 3.9 11.0 10.9 1.0 0.9
ûdhra Bauk 35,086 270ec13 63 60 RE0uCE 63 (4.3) 15.8 16.9 4.0 3.7 10.7 10.8 0.7 0.8
^xis Bauk 536,974 310ec13 1,286 1,370 ^CCuM 1,300 5.4 129.4 151.6 10.0 8.6 17.1 17.6 1.7 1.5
Bauk o Baroda 266,225 120ec13 689 650 RE0uCE 646 0.7 99.9 109.7 6.5 5.9 13.2 13.3 1.1 1.0
h0|C Bauk 1,584,323 170cl13 651 730 BuY 666 9.6 36.4 45.7 18.3 14.6 22.1 23.5 3.8 3.2
|C|C| Bauk 1,266,782 280cl13 1,022 1,322 BuY 1,099 20.3 84.8 99.3 13.0 11.1 13.9 14.5 1.8 1.6
|udiau Bauk 49,918 11Nov13 96 103 ^CCuM 116 (11.3) 24.4 27.2 4.8 4.3 9.4 9.9 0.7 0.7
|udiau 0verseas Bauk 41,085 160ec13 49 46 RE0uCE 52 (10.8) 4.5 6.0 11.5 8.6 4.0 5.1 0.7 0.7
auuu & Kashuir Bauk 69,665 230ec13 1,420 1,400 RE0uCE 1,436 (2.5) 239.7 267.3 6.0 5.4 22.2 21.3 1.3 1.1
Puujab Nalioual Bauk 212,492 11Nov13 522 570 ^CCuM 626 (9.0) 116.2 125.6 5.4 5.0 12.1 12.0 0.9 0.8
Slale Bauk o |udia 1,185,392 14Nov13 1,697 1,819 ^CCuM 1,767 3.0 174.2 211.3 10.1 8.4 11.6 12.8 1.7 1.6
uuiou Bauk o |udia 71,785 180ec13 115 122 ^CCuM 130 (6.4) 27.7 34.3 4.7 3.8 10.7 12.1 0.7 0.6
N8FCs
h0|C Lld 1,168,056 220cl13 821 874 ^CCuM 795 10.0 37.5 44.3 21.2 17.9 21.9 22.9 4.6 4.1
|0|C 165,755 05Nov13 113 140 BuY 110 27.7 13.0 15.5 8.4 7.1 13.7 14.5 1.1 1.0
L|C housiug |iuauce 104,144 01Nov13 225 276 BuY 219 25.9 24.4 28.0 9.0 7.8 17.6 17.5 1.6 1.4
Mahiudra & Mahiudra |iuaucial Services 153,431 220cl13 280 273 RE0uCE 321 (14.9) 18.4 21.2 17.4 15.1 21.5 21.1 3.8 3.2
ShrirauJrausporl |iuauce Co 150,662 300cl13 573 700 ^CCuM 673 4.1 59.6 63.0 11.3 10.7 18.3 16.9 1.9 1.6
Autc & Autc AnciIIary
^pollo Jyres 54,029 310ec13 101 120 BuY 107 11.9 14.2 15.0 7.5 7.1 19.1 17.0 4.6 4.0
^shok Leylaud 45,902 08Nov13 17 19 ^CCuM 17 10.1 0.5 34.5 3.2 37.7 11.1
Bajaj ûlo Lld 553,000 170ec13 1,902 2,265 BuY 1,911 18.5 125.6 141.6 15.2 13.5 40.6 36.3 10.4 8.7
Eicher Molors Lld 134,348 11Nov13 4,136 4,056 RE0uCE 4,976 (18.5) 151.4 225.7 32.9 22.0 21.2 25.7 16.3 10.5
Escorls Lld 16,822 250cl13 96 112 BuY 138 (18.6) 21.0 17.2 6.6 8.0 14.2 10.4 4.7 5.8
hero MoloCorp Lld 415,060 240cl13 2,085 2,128 RE0uCE 2,075 2.5 104.7 141.9 19.8 14.6 42.5 51.2 10.4 9.1
Maruli Suzuki |udia Lld 509,767 290cl13 1,513 1,608 ^CCuM 1,764 (8.8) 84.2 100.5 20.9 17.6 12.9 13.7 8.9 7.6
Jala Molors 1,194,694 11Nov13 384 415 ^CCuM 376 10.3 43.4 53.7 8.7 7.0 30.5 29.3 4.8 3.9
J S Molors 36,084 280cl13 51 56 ^CCuM 76 (26.3) 5.1 6.2 14.9 12.3 18.4 19.1 9.0 7.4
CapitaI 6ccds
^BB Lld 146,917 07Nov13 645 478 SELL 693 (31.1) 11.5 18.4 60.3 37.7 9.1 13.3 26.8 18.9
^|^ Eugiueeriug 44,970 05Nov13 428 410 RE0uCE 478 (14.3) 29.7 35.3 16.1 13.6 19.6 20.1 9.9 8.1
^lslouJ&0 |udia Lld 48,314 06Nov13 160 144 RE0uCE 202 (28.8) 5.3 5.9 38.1 34.3 13.4 13.6 17.1 15.1
Bajaj Eleclricals Lld 22,121 13Nov13 160 148 SELL 224 (33.9) 3.6 12.5 62.2 17.9 2.1 5.8 18.0 8.7
Bharal Eleclrouics 82,352 280cl13 1,063 1,363 BuY 1,029 32.4 117.9 133.2 8.7 7.7 14.2 14.3 3.5 2.6
BhEL 432,874 07Nov13 140 147 RE0uCE 177 (16.9) 15.5 14.0 11.4 12.6 11.6 9.9 6.9 5.4
Blue Slar 14,227 26Nov13 145 180 BuY 158 13.7 6.9 10.5 22.9 15.1 12.4 17.4 9.8 7.6
Crouplou reaves 82,574 11Nov13 107 102 RE0uCE 129 (20.7) 6.8 8.5 18.9 15.1 11.5 12.9 10.9 9.0
Cuuuius |udia 132,820 11Nov13 405 425 ^CCuM 479 (11.3) 21.7 25.2 22.1 19.0 24.2 23.7 18.0 14.1
0iauoud Power |uraslruclure 2,206 19Nov13 48 54 ^CCuM 59 (8.9) 20.6 21.8 2.9 2.7 12.0 11.6 5.2 4.9
Elgi Equipueul Lld 13,430 13Nov13 82 90 ^CCuM 85 5.9 4.0 4.9 21.3 17.3 13.9 15.2 11.8 9.8
Eugiueers |udia Lld 55,976 NR 166 19.7 8.4 26.4 2.8
reaves Collou 16,370 190ec13 65 80 BuY 67 19.3 5.9 6.8 11.4 9.9 18.3 18.4 6.5 5.1
havells |udia Lld 95,065 310cl13 750 690 RE0uCE 790 (12.7) 35.7 40.6 22.1 19.5 27.6 25.5 12.2 10.8
Kalpalaru Power Jrausuissiou 13,769 05Nov13 79 85 ^CCuM 90 (5.2) 10.0 11.9 9.0 7.5 8.1 8.9 4.9 4.5
Larseu & Joubro 987,306 210cl13 872 960 ^CCuM 1,070 (10.3) 51.6 61.8 20.7 17.3 13.4 14.4 14.7 12.6
Sieueus |udia 219,503 27Nov13 610 460 SELL 663 (30.6) 4.9 16.3 135.3 40.7 4.3 13.7 52.2 20.1
Suzlou Euergy 15,418 01Nov13 10 N^ RS 10
Jheruax 84,603 08Nov13 628 635 RE0uCE 711 (10.7) 26.4 32.4 26.9 21.9 9.7 11.3 16.4 13.2
Jiue Jechuoplasl Lld 8,078 20Nov13 33 47 BuY 39 21.6 4.4 5.5 8.8 7.0 10.7 12.0 5.3 4.7
a Jech wabag Lld 14,734 270ec13 551 580 ^CCuM 556 4.3 34.0 48.6 16.4 11.4 12.0 15.4 7.5 5.0
ollaup Lld 4,104 01Nov13 364 400 ^CCuM 406 (1.6) 33.0 44.0 12.3 9.2 8.0 10.0 7.0 4.6
ollas Lld 38,355 13Nov13 90 98 ^CCuM 116 (15.6) 5.9 7.2 19.7 16.1 11.5 12.8 13.2 10.8
Cement
^CC 208,257 240cl13 1,157 1,250 ^CCuM 1,109 12.7 58.2 73.4 19.1 15.1 14.4 16.8 11.4 8.8
rasiu |uduslries 248,929 310cl13 2,806 3,515 BuY 2,715 29.5 267.7 315.6 10.1 8.6 11.8 12.5 4.5 3.9
|udia Ceueuls 18,466 08Nov13 53 50 SELL 60 (16.9) 1.7 3.6 35.4 16.7 1.3 2.7 4.8 4.0
Shree Ceueul 151,282 280cl13 4,431 4,767 ^CCuM 4,342 9.8 210.3 241.1 20.6 18.0 17.5 17.0 9.3 8.1
ullraJech Ceueul 483,363 210cl13 1,963 2,040 ^CCuM 1,764 15.6 91.2 105.5 19.3 16.7 15.3 15.4 10.6 0.6
12
EVlEIDTA(x)
*P/8V lor 8anking & N8lC's
LATE5T fUNDAMENTAL 5TOCK ECOMMENDATION
Ccnstructicn
B R Euergy Sysleus 9,047 14Nov13 107 102 RE0uCE 126 (18.8) 18.7 19.9 6.7 6.3 10.7 10.7 6.4 6.7
|L&|S Jrausporlaliou Nelwork Lld 27,217 260ec13 133 171 BuY 140 22.1 21.1 25.3 6.6 5.5 10.8 11.8 9.5 9.1
|RB |uraslruclure 0evelopers 30,793 18Nov13 88 122 BuY 93 31.7 12.0 13.6 7.7 6.8 11.6 11.9 6.9 6.4
Kuuar |uraprojecls 4,901 18Nov13 171 180 ^CCuM 176 2.1 33.7 36.8 5.2 4.8 17.1 16.0 4.6 4.1
aiprakash ^ssociales 119,549 18Nov13 45 62 BuY 54 13.9 2.3 2.0 23.7 27.2 3.8 3.3 10.5 9.3
Nagarjuua Couslrucliou 8,531 160ec13 28 30 ^CCuM 33 (9.8) 2.1 2.2 15.8 15.1 2.2 2.2 7.2 7.0
Pralibha |uduslries Lld 2,309 13Nov13 23 25 ^CCuM 24 3.5 5.6 6.2 4.3 3.9 8.6 8.8 5.2 5.1
Puuj Lloyd Lld 9,525 07Nov13 28 27 RE0uCE 29 (6.1) 3.0 3.6 9.6 8.0 3.5 4.0 6.7 6.5
Siuplex |uraslruclures 4,284 20Nov13 65 63 RE0uCE 86 (27.0) 10.9 12.5 7.9 6.9 4.1 4.6 5.6 5.4
uuily |uraprojecls 2,019 14Nov13 24 27 ^CCuM 27 (0.9) 9.8 10.6 2.8 2.6 8.3 8.3 4.3 4.2
FMC6
odrej Cousuuer Producls Lld 277,576 13Nov13 845 837 RE0uCE 858 (2.4) 22.9 27.7 37.5 31.0 20.3 21.2 22.5 19.2
hiuduslau uuilever 1,232,604 290cl13 589 550 SELL 571 (3.6) 16.6 18.3 34.4 31.2 110.0 85.2 25.2 21.7
|JC Lld 2,490,475 280cl13 337 338 RE0uCE 322 5.0 11.0 12.1 29.3 26.6 40.1 38.6 20.0 18.4
Marico Lld 139,555 300cl13 212 233 ^CCuM 217 7.5 7.8 8.5 27.8 25.5 21.2 18.7 19.3 17.1
Pidilile |uduslries 145,161 300ec13 290 323 ^CCuM 286 13.0 10.1 12.2 28.3 23.4 28.3 28.3 19.3 15.9
Infcrmaticn 1echncIcgy
eouelric Lld 6,424 220cl13 83 94 ^CCuM 103 (8.3) 15.3 16.8 6.7 6.1 31.5 26.7 2.0 1.8
hCL Jechuologies 891,360 180cl13 1,085 1,137 ^CCuM 1,263 (9.9) 81.6 87.8 15.5 14.4 21.9 18.3 10.1 9.1
|uosys Jechuologies 1,993,777 140cl13 3,275 3,592 BuY 3,486 3.1 182.2 208.0 19.1 16.8 25.1 24.3 14.3 12.0
|uolech Eulerpises 37,924 180cl13 240 264 ^CCuM 341 (22.7) 24.6 27.1 13.9 12.6 19.2 18.2 7.5 6.6
KP|J Cuuuius |uosysleus 32,772 240cl13 145 169 BuY 171 (1.4) 15.4 17.1 11.1 10.0 24.2 21.6 6.5 5.4
Mphasis Lld 91,842 090ec13 396 413 RE0uCE 440 (6.1) 41.3 10.7 16.8 6.1
N||J LJ0 4,546 210cl13 20 24 BuY 28 (13.0) 1.3 4.0 21.2 6.9 3.3 9.7 7.5 5.3
N||J Jechuologies 21,176 170cl13 286 326 BuY 361 (9.7) 38.9 41.8 9.3 8.6 19.9 18.6 5.0 4.2
0racle |iuaucial Services Solware 276,211 25Nov13 3,099 3,428 ^CCuM 3,298 3.9 153.5 158.8 21.5 20.8 16.1 14.4 15.1 18.3
Jala Cousullaucy Services (JCS) 4,251,571 170cl13 2,218 2,338 ^CCuM 2,172 7.6 93.0 107.9 23.4 20.1 49.4 44.3 16.9 14.8
wipro Jechuologies 1,368,195 230cl13 515 542 ^CCuM 559 (3.1) 31.5 34.9 17.8 16.0 25.3 23.3 12.2 10.5
eusar Jechuologies 15,372 240cl13 260 301 BuY 357 (15.6) 56.5 58.1 6.3 6.1 28.5 23.3 3.7 2.8
Lcgistics
^daui Porl & Special Ecououic oue 311,344 290cl13 146 172 BuY 155 10.7 9.8 11.3 15.9 13.8 24.2 22.2 13.2 10.5
^llcargo lobal Logislics 14,500 18Nov13 100 120 BuY 116 3.4 14.0 15.9 8.3 7.3 10.3 10.6 4.9 4.5
Blue 0arl Express 14,500 210cl13 2,750 2,430 RE0uCE 3,383 (28.2) 81.5 90.0 41.5 37.6 40.7 33.7 4.3 3.3
Coulaiuer Corporaliou o |udia 142,340 290cl13 750 790 ^CCuM 730 8.2 52.1 56.3 14.0 13.0 14.6 14.1 9.5 8.4
aleway 0islriparks Lld 15,136 300cl13 113 138 BuY 140 (1.5) 13.5 15.3 10.4 9.2 16.9 17.0 6.4 5.8
ujaral Pipavav Porl Lld ( PPL) 26,797 200ec13 60 68 ^CCuM 63 7.6 3.2 4.1 19.8 15.4 11.2 12.6 12.8 11.1
Media
0B Corp 53,527 100ec13 271 308 BuY 295 4.4 15.4 17.6 19.1 16.8 25.4 25.2 11.0 9.5
0ish J |udia Lld 64,532 240cl13 52 58 ^CCuM 61 (4.4) 0.7 86.6 27.6 14.1 10.3
Eulerlaiuueul Nelwork (EN|L) 15,627 14Nov13 341 384 BuY 328 17.2 17.7 18.3 18.5 17.9 15.4 13.9 9.4 8.1
hJ Media 18,270 NR 78 7.8 10.0 9.9 5.8
J 18 Broadcasl 40,784 240ec13 24 30 BuY 24 25.8 0.3 1.1 79.5 21.7 1.6 5.7 33.7 13.1
agrau Prakashau 27,195 01Nov13 85 94 ^CCuM 90 4.0 5.5 6.7 16.4 13.5 18.0 19.5 8.1 6.5
Suu J Nelwork 149,838 12Nov13 400 442 ^CCuM 380 16.2 18.7 22.1 20.3 17.2 24.6 26.0 9.2
ee Eulerlaiuueul Eul 270,515 28Nov13 252 256 RE0uCE 277 (7.4) 9.2 10.7 30.1 25.9 20.9 21.1 20.9 17.6
MetaIs & Mining
hiudalco 253,144 21Nov13 121 106 SELL 123 (13.5) 13.0 13.6 9.4 9.0 10.3 9.7 8.6 7.0
hiuduslau iuc 559,852 250cl13 134 136 SELL 133 2.6 15.9 15.8 8.3 8.4 17.9 15.7 4.4 3.8
S^|L 299,257 13Nov13 63 51 SELL 72 (29.6) 6.7 7.5 10.8 9.7 6.6 7.0 11.5 9.3
Jala Sleel Lld 429,935 14Nov13 358 391 ^CCuM 424 (7.8) 41.9 55.2 10.1 7.7 11.9 14.3 5.7 5.7
0iI & 6as
Cairu |udia Lld 617,521 230cl13 332 361 ^CCuM 324 11.5 60.8 60.6 5.3 5.3 19.4 15.7 1.6 1.2
Caslrol |udia Lld 155,193 29Nov13 300 330 ^CCuM 314 5.2 9.6 11.2 32.7 28.0 52.9 61.1 21.9 19.0
ujaral Slale Pelrouel Lld ( SPL) 34,221 060ec13 62 69 ^CCuM 61 13.1 9.0 7.6 6.8 8.1 15.4 11.5 3.6 4.1
|udrapraslha as (| L) 37,618 07Nov13 287 315 ^CCuM 269 17.2 25.1 24.7 10.7 10.9 21.1 18.0 5.0 4.5
Maugalore Reiuary & Pelrocheuicals (MRPL) 74,372 300cl13 40 45 ^CCuM 42 6.0 1.6 6.5 26.5 6.6 4.3 15.6 7.3 4.8
0il |udia Lld 293,547 13Nov13 462 595 BuY 488 21.8 58.8 60.9 8.3 8.0 16.3 15.3 3.5 3.3
Pelrouel LN 91,538 230ec13 120 135 ^CCuM 122 10.6 10.3 12.3 11.8 9.9 16.0 16.7 7.4 6.0
Fcwer
NJPC 1,129,702 110ec13 136 165 BuY 137 20.4 11.8 13.6 11.6 10.1 11.7 12.5 9.9 8.7
Jala Power Coupauy Lld 216,774 18Nov13 79 84 ^CCuM 91 (8.0) 2.0 4.3 45.7 21.2 4.2 8.3 6.7 6.5
keaI state
Phoeuix Mills Lld 32,975 310cl13 234 291 BuY 228 27.8 10.4 11.5 21.9 19.8 8.3 8.6 18.4 16.3
Shipping
^B Shipyard Lld 13,942 22Nov13 270 250 SELL 274 (8.7) 2.9 2.2 94.4 124.5 0.8 0.6 10.2 10.3
E Shippiug Coupauy 48,328 NR 318 38.1 8.3 8.2 3.8
Pipavav 0eeuce & 0shore Eugg 30,551 130ec13 43 45 RE0uCE 44 1.8 0.2 2.0 221.0 22.1 0.7 6.7 12.4 11.8
Shippiug Corporaliou o |udia 17,999 230ec13 40 46 ^CCuM 43 8.2 2.4 17.7 1.8 21.8 11.1
13
Source. Kolak Securilies - Privale Clienl Pesearch - All recommendalions are wilh a 9-!2 monlh perspeclive lrom lhe dale ol lhe reporl/updale. lnveslors are requesled lo use lheir discrelion while deciding lhe liming, quanlily ol inveslmenl as well as lhe exil. *
ligures lor CY!3 &Cy!4 ** linancials are lor lY!3 &lY!4 - Seplember year end *** linancials are lor lY!3 &lY!4 - Oclober year end # ligures lor lY!4 &lY!5 - Seplember year ending NP = Nol Paled. The inveslmenl raling and largel price, il any, have been
suspended lemporarily. Such suspension is in compliance wilh applicable regulalion(s) and/or Kolak Securilies policies in circumslances when Kolak Securilies or ils alliliales is acling in an advisory capacily in a merger or slralegic lransaclion involving lhis
company and in cerlain olher circumslances. NM= Nol Meaninglul in circumslances when Kolak Securilies or ils alliliales is acling in an advisory capacily in a merger or slralegic lransaclion involving lhis company and in cerlain olher circumslances. NM= Nol
Meaninglul NM=Nol Meaninglul
Name o! the Company Mkt Latest Price as Latest Latest Price Upside EP5 (s) PE (x) oE (%) EVlEIDTA(x)
fY14 fY15E fY14 fY15E fY14 fY15E fy14 fY15E Cap eport On Iatest price eco as on (Dovn
(s mn) Date eport target* 31-Dec side)
(s) (s) (s) (%)
LATE5T fUNDAMENTAL 5TOCK ECOMMENDATION
14
CMP
!07
Targel Price
!20
52 wk High/Low
!!3 / 55
Markel Cap (Ps Mn)
54,03!
Shares Oulslanding (Mn)
504
APOLLO TYE5 UY
PEfEED PICK5 - fUNDAMENTAL
December 3!, 20!3
GeographicaI evenue Mix
ubber Price - Per 100 Kg
5hare HoIding PaIIern (%)
Source. Company
Source. Company, Kolak Securilies Privale Clienl Pesearch
Source. 8loomberg Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
fINANCIAL5 (5 MN) fY13 fY14E fY15E
VALUATION PAAMETE5 fY13 fY14E fY15E
PICE PEfOMANCE (%) 1M 3M 6M
Sales !27,946 !33,889 !46,!!2
Crowlh () 5.3 4.6 9.!
L8lTDA !4,567 !6,423 !7,585
L8lTDA margin () !!.4 !2.3 !2.0
P8T 8,587 9,652 !0,684
Nel prolil 6,!26 7,!36 7,544
LPS (Ps) !2.2 !4.2 !5.0
Crowlh () 49.5 !6.5 5.7
CLPS (Ps) 20.0 22.6 24.2
8ook value (Ps/share) 67.5 80.8 95.2
Dividend per share (Ps) 0.5 0.5 0.5
POL () !9.3 !9.! !7.0
POCL () !8.! !8.6 !8.6
Nel cash (debl) (23,332) (20,937) (!6,5!8)
Nel Working Capilal (Days) 55.! 6!.9 63.4
P/L (x) 8.8 7.6 7.2
P/8V (x) !.6 !.3 !.!
LV/Sales (x) 0.6 0.6 0.5
LV/L8lTDA (x) 5.3 4.6 4.0
33.2 60.8 89.7
Lasl reporl on 3!-Dec-!3 (Price.!0!)
INVE5TMENT AGUMENT
ln lhe near lerm, we believe lhe weakness in demand in lndia
and Soulh Alrica lo largely gel ollsel by demand revival lrom lhe
Luropean region. Company has indicaled lhal lhey expecl double
digil revenue growlh lrom lhe Luropean operalions.
On lhe posilive side lhough, soll nalural rubber prices will aid
margins
Cooper Tire announced lhal lhey have lerminaled lhe merger
agreemenl wilh Apollo Tyres.
Cooper Tires hold Apollo Tyres guilly ol breaching lhe agreemenl
and said lhal lhey will pursue legal aclion againsl Apollo Tyres lor
recovering break-up ol USD!!2.5mn and olher damages.
We believe lhe deal gelling lerminaled lo be posilive lor lhe slock
price ol Apollo Tyres. Now lhal lhe agreemenl slands lerminaled,
we expecl lhe slock lo gel re-raled.
Sharp increase in NP prices will signilicanlly impacl lhe
company's L8lTDAmargin leading lo lower earnings
APTY operalions are spread across lhree dillerenl geographies
and lhe company has presence in mosl ol lhe producl segmenls
wilhin lhe lyre induslry. APTY generales ~60ol lhe revenues
lrom lndia while lhe balance ~40 coming lrom operalions in
Lurope and Soulh Alrica.
I5K5 & CONCEN5
ACKGOUND
15
CMP
!9!!
Targel Price
2265
52 wk High/Low
2229 / !656
Markel Cap (Ps Mn)
552,937
289
A1A1 AUTO ACCUMULATE
December 3!, 20!3
5aIes VoIumes (UniIs)
Geography Mix (%)
Source. Company
Source. Company, Kolak Securilies Privale Clienl Pesearch
Sales !99,973 2!0,363 24!,276
Crowlh () 2.4 5.2 !4.7
L8lTDA 36,352 45,480 5!,8!0
L8lTDA margin () !8.2 2!.6 2!.5
P8T 42,662 50,728 57,8!0
Nel prolil 30,436 36,332 40,978
LPS (Ps) !05.2 !25.6 !4!.6
Crowlh () (!.6) !9.4 !2.8
CLPS (Ps) !!0.8 !3!.8 !48.3
8ook value (Ps/share) 273.! 346.0 434.9
POL () 43.7 40.6 36.3
POCL () 60.3 56.! 50.7
Nel cash (debl) 55,409 78,622 99,767
Nel Working Capilal (Days) (!0.9) (!0.7) (!!.5)
P/L (x) !8.2 !5.2 !3.5
P/8V (x) 7.0 5.5 4.4
LV/Sales (x) 2.5 2.3 !.9
LV/L8lTDA (x) !3.7 !0.4 8.7
(3.2) (3.9) (0.7)
Lasl reporl on !8-Ocl-!3 (Price.2!53)
INVE5TMENT AGUMENT
Managemenl sees 2HlY!4 lo be beller in lerms ol volume
growlh. Company expecls lhe 2Wdomeslic induslry volumes lo
grow by 5 in 2HlY!4.

ln exporls, lhe company expecls lhal lhe recenl pick-up in volumes
lo suslain. Company is looking al 5 exporl volume growlh in ly!4.

On hedging, lhe company said lhal lhey are largely hedged lor
lY!4 exposure and slarled laking cover lor lY!5 (!HlY!5). ln
2HlY!4, lhe company expecls lo realize ~Ps60-6!/$, al lhe currenl
lNP rale.

We expecl company's domeslic 2Wvolumes lo receive boosl
lrom good monsoons and new launches. 8ajaj Aulo has planned 6
new launches under lhe Discover brand in 2HlY!4.
Lower lhan expecled volume growlh lor 8AL could signilicanlly
impacl our sales and prolilabilily eslimales.
A price war by players lo caplure markel share can have negalive
impacl on margins and prolilabilily lor lhe company.
8AL is amongsl lhe lop 2Wplayers in lndia and has loolprinls across
various geographies. 8AL has in all lhree planls, lwo al Waluj and
Chakan in Maharashlra and one planl al Panl Nagar in Ullranchal.
I5K5 & CONCEN5
ACKGOUND
16
CMP
324
Targel Price
332
52 wk High/Low
350 / 268
Markel Cap (Ps Mn)
6!8,543
!9!!
CAIN INDIA LTD ACCUMULATE
December 3!, 20!3
renI Crude OiI Price (U5$lbbIs)
Dividend YieId l PayouI aIios (%)
Source. Company
Source. Company,
Sales !75,242 !93,782 20!,609
Crowlh () 47.8 !0.6 4.0
L8lTDA !38,0!4 !42,208 !4!,68!
L8lTDA margin () 78.8 73.4 70.3
P8T !22,9!5 !24,92! !24,526
Nel prolil !20,564 !!6,!77 !!5,8!0
LPS (Ps) 63.! 60.8 60.6
Crowlh () 5!.7 -3.6 -0.3
CLPS (Ps) 74.4 72.8 72.2
Dividend per share (Ps) !!.5 !2.2 !2.!
POL () 23.6 !9.4 !5.7
POCL () 30.6 33.! 25.8
Nel cash (debl) 55,568 283,375 337,899
Nel Working Capilal (Days) 94.8 63.4 59.0
P/L (x) 5.! 5.3 5.3
P/8V (x) !.3 0.9 0.8
LV/Sales (x) 3.2 !.7 !.4
LV/L8lTDA (x) 4.! 2.4 2.0
(0.0) !.5 !!.6
Lasl reporl on 23-Ocl-!3 (Price.332)
INVE5TMENT AGUMENT
Cairn lndia Lld (ClL) is one ol lhe biggesl privale exploralion and
produclion companies in lndia. Cairn is a privale L&P company
so nol liable lo share under-recoveries like ONCC, OlL.
M8Ahave gross recoverable oil reserves and resources ol more
lhan !.76 billion barrels (ClL nel inleresl !.23 8n bbls), which
includes !.27 bn lrom M8Aand olher lields balance is
exploralion upside. This is 25-30 years ol produclion.
KC-ONN-2003/! block. ClL has successlully compleled drilling
ol one appraisal well (Nagayalanka-!z-ST) and expecls lo submil
DoCand lDP in lY!5.
Soulh Alrica. The company has slarled lhe inlerprelalion ol lhe
recenlly acquired 3Dseismic survey dala. Cairn plans lo acquire
3,000 line-km ol 2Dseismic dala in CY20!4.
Any delays and cosl overruns, lhough cosl recoverable, could
impacl NAV ol lhe projecl.
Any major decline in crude oil prices due lo lall in global oil
demand, will have a corresponding impacl on ClL's realizalions.
Cairn lndia is parl ol lhe Vedanla Croup, a globally diversilied
nalural resources group wilh wide ranging inleresls in aluminium,
copper, zinc, lead, silver, iron ore, elc.
I5K5 & CONCEN5
ACKGOUND
17
CMP
67
Targel Price
80
52 wk High/Low
87 / 53
Markel Cap (Ps Mn)
!6,374
244
GEAVE5 COTTON LIMITED UY
December 3!, 20!3
GrovIh raIe in 3W indusIry
evenue mix (%)
Source. Company
Source. Company
Sales !8,733 !8,908 20,038
Crowlh () 7.0 0.9 6.0
L8lTDA 2,423 2,3!0 2,605
L8lTDA margin () !2.9 !2.2 !3.0
P8T 2,00! 2,046 2,334
Nel prolil !,555 !,452 !,657
LPS (Ps) 6.4 5.9 6.8
Crowlh () 8.7 (6.6) !4.!
CLPS (Ps) 8.0 7.7 8.7
Dividend per share (Ps) !.6 !.6 !.6
POL () 22.4 !8.3 !8.4
POCL () !9.! !6.2 !6.3
Nel cash (debl) 392 !,274 2,828
Nel Working Capilal (Days) 53.8 54.6 56.0
P/L (x) !0.5 !!.3 9.9
P/8V (x) 2.4 2.! !.8
LV/Sales (x) 0.9 0.8 0.7
LV/L8lTDA (x) 6.6 6.5 5.!
5.3 2!.5 7.6
Lasl reporl on !9-Dec-!3(Price.65)
INVE5TMENT AGUMENT
The company is lhe sole supplier ol lighl diesel engines lo OLMs
like Piaggio, M&M and Alul Aulo. Piaggio is lhe prime clienl
accounling lor lhe bulk ol aulomolive engines revenue.
We eslimale 3W's lo accounl lor roughly 70-80 ol aulo
revenues and around 50 ol lolal revenue lor lhe company and
hence is an imporlanl variable lo monilor. The company is lhus a
play on lhe 3Wsegmenl (passenger and cargo) which in lurn is
driven by rising urbanizalion and usage ol lighl cargo vehicles lor
inlra-cily lransporlalion.
Pevenue growlh dependenl on success in making lurlher inroads
in lo OLMs like Tala Molors, M&M, Piaggio and TVS.
Valualions are reasonable lor a company wilh high relurn ralios
ol ~20.
High dependence on single clienl
Creaves Collon Limiled was eslablished in !859 and is one ol
lndia's repuled engineering companies.
The company is parl ol lhe 8 M Thapar group wilh Mr Karan
Thapar as lhe Non-Lxeculive Chairman ol lhe company
I5K5 & CONCEN5
ACKGOUND
18
CMP
!099
Targel Price
!322
52 wk High/Low
!238 / 757
Markel Cap (Ps Mn)
!,268,392
!!54
ICICI ANK UY
December 3!, 20!3
Trend in earnings (s bn)
Trend in AsseI uaIiIy
Source. Company
Source. Company.
lnleresl income 400.8 444.! 506.4
lnleresl expense 262.! 279.6 3!6.0
Nel inleresl income !38.7 !64.5 !90.4
Crowlh () 29.2 !8.7 !5.7
Olher income 83.5 93.4 !04.7
Cross prolil !32.0 !57.9 !8!.7
Nel prolil 83.3 97.9 !!4.6
Crowlh () 28.8 !7.6 !7.!
Cross NPA () 3.3 3.! 3.0
Nel NPA () 0.8 !.0 !.0
Nel inleresl margin () 3.0 3.2 3.2
CAP () !8.7 !9.8 !8.6
PoL () !3.! !3.9 !4.5
PoAA () !.6 !.7 !.8
LPS (Ps) 72.2 84.8 99.3
Adjusled 8VPS (Ps) 558.8 6!8.4 692.6
P/L (x) !5.2 !3.0 !!.!
P/A8V (x) 2.0 !.8 !.6
2.8 24.3 2.6
Lasl reporl on 28-Ocl-!3(Price.!022)
INVE5TMENT AGUMENT
We like lhe qualily ol liabilily lranchise - CASAmix al 43.2 (Q2lY!4),
one ol lhe besl in lhe induslry.
NlM is on lhe improvemenl lrajeclory on lunding cosl gains and
improvemenl in lhe inlernalional spread, lor lhe lirsl lime, il has
crossed 3mark during lY!3 (3.!!in lY!3, 3.3! in Q2lY!4), an
improvemenl ol 38bps YoY. lmprovemenl in liabilily lranchise &beller
ALM are aiding in reporled beller margins.
Lower risk arising lrom lhe SML porllolio, as il conslilules only ~5 ol
lolal porllolio. While relail piece has wilnessed insignilicanl nel
slippage, corporale segmenl conlinues lo perlorm well.
Credil cosl is slighlly higher lhan managemenl's guidance (~82bps in
H!lY!4) bul beller perlormance on opex and NlM will lake care ol lhis,
provision coverage ralio is heallhy al 73.! (Q2lY!4), providing
cushion lo ils lulure earnings.
Pelail book slands al ~36 ol lolal book, highly vulnerable lo
syslemwide delerioralion in relail assel qualily.
Largesl privale seclor banks (3507 branches in Q2lY!4) wilh 4.2
markel share in domeslic loans.
Aller conscious slralegy ol de-growing lheir 8/S during recenl
economic
I5K5 & CONCEN5
ACKGOUND
19
CMP
!!0
Targel Price
!40
52 wk High/Low
!85 / 76
Markel Cap (Ps Mn)
!66,!67
!5!6
IDfC UY
December 3!, 20!3
Trend in earnings (s bn)
Trend in eIurn aIios
Source. Company
Source. Company, Kolak Securilies - Privale Clienl Pesearch
Nel lnleresl lncome 25,640 30,669 34,230
Crowlh () 22.3 !9.6 !!.6
Non-lnl lncome 8,830 9,200 9,500
Tolal lncome 34,470.0 39,869.0 43,730.0
Operaling Prolil 29,440 29,865 35,477
Nel Prolil !8,360 !9,720 23,405
Crowlh () !8.! 7.4 !8.7
Cross NPA () 0.2 0.9 !.3
Nel NPA () 0.! 0.4 0.5
NlMs () 4.! 3.5 3.6
PoA () 2.8 2.7 2.8
PoL () !4.0 !3.7 !4.5
DPS (Ps) 2.5 2.5 2.5
LPS (Ps) !2.0 !3.0 !5.5
8V (Ps) 90.3 !00.5 !!3.0
Adj. 8V (Ps) 90.! 99.! !!!.!
P/L (x) 9.! 8.4 7.!
P/A8V (x) !.2 !.! !.0
5.4 24.5 (!4.5)
Lasl reporl on 05-Nov-!3(Price.!!3)
INVE5TMENT AGUMENT
ll is presenl in lhe niche inlraslruclure linancing space and is well
posilioned lo benelil lrom lndia's large inlraslruclure opporlunily.
Despile higher proporlion ol loan growlh coming lrom relinancing
opporlunilies having lower margins, il has managed lo improve ils
spreads on back ol declining lunding cosls.

Assel qualily is besl in class -CNPA/NNPA al 0.32/0.20
(Q2lY!4). Moreover, il carries sullicienl provision buller (~2 ol
loans) lo provide lor any likely lulure increase in CNPA.
Average spread (rolling LTM) has remained slable al 2.4 (Q2lY!4)
as managemenl look lhe conscious decision ol nol growing lhe loan
book when lunding cosls spiked during recenl limes.

ln prevailing macro-environmenl, higher non-power assels and
slrong capilalizalion makes il a lower-risk play. We believe, lalling
wholesale lunding rales along wilh improvemenl in lhe oullook on
capilal markel relaled business are lulure calalysl lor lhe slock.
Conlinued moderalion in inlraslruclure capex cycle and delay in
projecl commissioning due lo policy/approval delays or due lo lack ol
luel-availabilily can impacl lhe lending business.
Lslablished in !997 as a specialized lnlraslruclure linancier lo
encourage privale seclor inveslmenls in lhe inlraslruclure space.
Aparl lrom lending business, il has diversilied inlo non-lund based
producl ollerings like assel managemenl, privale equily and debl
linance/syndicalion.
I5K5 & CONCEN5
ACKGOUND
20
CMP
!40
Targel Price
!7!
52 wk High/Low
229 / 97
Markel Cap (Ps Mn)
27,2!7
!94
IL&f5 TAN5POTATION NETWOK UY
December 3!, 20!3
Order book break up (%)
5egmenIvise evenue reak up (%)
Source. Company
Sales 66,448 66,773 72,303
Crowlh () !8.5 0.5 8.3
L8lTDA !8,404 20,362 23,587
L8lTDA margin () 27.7 30.5 32.6
P8T 7,684 6,!84 7,447
Nel prolil 5,202 4,094 4,9!!
LPS (Ps) 26.8 2!.! 25.3
Crowlh () 4.7 (2!.3) 20.0
CLPS (Ps) 3!.6 28.4 35.!
8ook value (Ps/share) !87.4 203.7 224.2
POL () !6.2 !0.8 !!.8
POCL () !2.2 !0.5 !0.3
Nel cash (debl) (!32,!68) (!58,826) (!80,650)
Nel Working Capilal (Days) 59 27 22
P/L (x) 5.2 6.6 5.5
P/8V (x) 0.7 0.7 0.6
LV/Sales (x) 2.5 2.9 3.0
LV/L8lTDA (x) 9.0 9.5 9.!
9.7 37.0 4.0
Lasl reporl on 26-Dec-!3 (Price.!33)
INVE5TMENT AGUMENT
lL&lS Transporlalion nelworks Lld (lTNL) revenues lor lhe
quarler were beller lhan our eslimales led by higher margins and
lower lhan expecled lax provisions.
lTNL's leverage is expecled lo increase lo 4.4x in lY!4 lrom 3.!x
in lY!2 due lo increase in pace ol execulion ol projecls. 8ul
inleresl rale cycle reversal lo benelil lhe company
8ased on currenl order book and porllolio ol projecls, we expecl
conslruclion revenues lo remain slrong while complelion ol work
on under conslruclion projecls is expecled lo increase lhe loll
revenues lrom lY!4 onwards
Company had issued prelerence shares worlh Ps 4 bn during lhe
quarler and is also planning a righls issue.
Delays in linancial closure ol recenlly awarded projecls
Lower lhan expecled loll revenues or slowdown in lrallic growlh
Lxeculion delays or slower lhan expecled decline in inleresl rale
lL&lS Transporlalion Nelworks Lld has lhe largesl road 8OT
assel porllolio wilh a pan lndia presence
I5K5 & CONCEN5
ACKGOUND
21
CMP
!37
Targel Price
!65
52 wk High/Low
!66 / !2!
Markel Cap (Ps Mn)
!,!29,629
8245
NTPC UY
December 3!, 20!3
GeneraIion CapaciIy (MW)
fueI-vise capaciIy mix (%)
Source. Company
Sales 657 680 726
Crowlh () 5.8 3.5 6.7
L8lTDA !7! !70 !95
L8lTDA margin () 3!.2 3!.3 32.3
P8T !49 !33 !49
Nel prolil !26 98 !!2
LPS (Ps) !2.2 !!.8 !3.6
Crowlh () 9.2 (3.0) !4.6
Adj CLPS (Ps) !6.3 !6.6 !8.7
8ook value (Ps/share) 97.5 !04.6 !!2.7
POL () !6.4 !!.7 !2.5
POCL () 9.4 6.6 7.!
Nel cash (debl) (25!) (43!) (44!)
Nel Working Capilal (Days) 0.4 !9.9 33.0
P/L (x) !!.2 !!.6 !0.!
P/8V (x) !.4 !.3 !.2
LV/Sales (x) !.7 !.7 !.6
LV/L8lTDA (x) 6.6 6.7 5.8
(7.0) (7.!) (3.8)
Lasl reporl on !!-Dec-!3 (Price.!36)
INVE5TMENT AGUMENT
lnslalled capacily ol 36000 MWplus in lhermal power generalion.
Capacily addilion is expecled lo weaken in lY!4-!5, posl lhe
sharp increase in lY!3. However, in a scenario ol increasing
dislress in lhe power ulililies seclor due lo laclors like onerous
conlraclual lerms, shorlage ol coal and adverse lorex movemenl,
NTPC's prolils are slill growing al relalively sleadly albeil modesl
pace.
The company's revised plan lor capacily addilion lor !2lh plan
slands al !4000 MWconsisling ol !!878 MWol new projecls
and 2!60 MWspillover projecls lrom lhe !!lh plan. As ol now, a
lolal ol 20000 MWol projecls are under conslruclion.
However sedale earnings growlh may acl as a dampener lor
absolule relurns.
ln addilion lo coal supply, delerioraling linancial heallh ol lhe
SL8s remain a major concern lor lhe seclor.
Largesl power generalion capacily in lndia.
Works on a regulaled relurn model.
Assured POL ol !5.5.
I5K5 & CONCEN5
ACKGOUND
22
CMP
286
Targel Price
323
52 wk High/Low
3!5 / 2!!
Markel Cap (Ps Mn)
!46,488
5!3
PIDILITE INDU5TIE5 LTD ACCUMULATE
December 3!, 20!3
DomesIic 5aIes (s bn)
evenue mix (%)
Source. Company
Sales 36,579 42,770 50,639
Crowlh () !8.7 !6.9 !8.4
L8lTDA 6,005 7,256 8,676
L8lTDA margin () !6.4 !7.0 !7.!
P8T 5,828 7,072 8,495
Nel prolil 4,233 5,!4! 6,!76
LPS (Ps) 8.3 !0.! !2.2
Crowlh () 27.7 2!.5 20.!
CLPS (Ps) 9.7 !!.6 !3.7
POL () 28.5 28.3 28.3
POCL () 22.6 23.8 24.3
Nel cash (debl) 996 2,!23 3,855
Nel Working Capilal (Days) 2!.2 22.7 23.6
P/L (x) 34.3 28.2 23.5
P/8V (x) 8.8 7.3 6.!
LV/Sales (x) 3.9 3.3 2.7
LV/L8lTDA (x) 23.7 !9.4 !6.0
(5.0) !3.8 6.9
Lasl reporl on 30-Dec-!3 (Price.290)
INVE5TMENT AGUMENT
Pidilile is lndia's leading player in consumer and speciallies
chemicals space. The company enjoys 60 markel share in
lndian Adhesives and Sealanls markel.
PlL has a robusl nelwork ol over 4000 dislribulors spread across
lndia including lier l, lier ll and lier lll cilies. Pidilile lhrough ils
subsidiaries is presenl in 55 counlries and derives !3ol ils
revenues lrom overseas business.
We projecl revenue growlh al !7.6 CACP belween lY!3-!5L
in consolidaled revenues lrom Ps. 36.5 bn in lY!3 lo Ps 50.6 bn
in lY!5L on back ol !) resilienl domeslic demand across seclors
lor adhesives and sealanls and 2) slrong brand perceplion in
domeslic adhesive markel leading lo higher relail sales.
We recommend 'Accumulale' on company's slock wilh a largel
price ol Ps 323.
Sharp increase in VAM prices.
Slowdown in domeslic consumer and induslrial demand.
lncorporaled in lhe year !959.
Signilicanl player in domeslic markel
I5K5 & CONCEN5
ACKGOUND
23
CMP
2!72
Targel Price
2338
52 wk High/Low
2259 / !252
Markel Cap (Ps Mn)
4,25!,!82
!957
TATA CON5ULTANCY 5EVICE5 ACCUMULATE
December 3!, 20!3
Number o! EmpIoyees
GeographicaI evenue reak up (%)
Source. Company
Sales 629,895 8!0,575 904,446
Crowlh 28.8 28.7 !!.6
L8lTDA !80,87! 245,384 272,553
L8lTDA margin 28.7 30.3 30.!
P8T !8!,254 242,624 280,903
Nel prolil !39,4!6 !82,075 2!!,236
LPS (Ps) 7!.2 93.0 !07.9
Crowlh 3!.! 30.6 !6.0
CLPS 77.5 !00.4 !!5.8
8ook Value (Ps / Share) 209.8 277.8 357.4
Dividend per Share (Ps) 22.0 22.0 25.0
POL 48.0 49.4 44.3
POCL 59.9 63.5 57.!
Nel cash (debl) 2!,997 92,488 2!9,456
Nel working capilal (Days) 99.9 98.0 96.0
P/L (x) 30.5 23.4 20.!
P/8V (x) !0.4 7.8 6.!
LV/Sales (x) 6.7 5.! 4.5
LV/L8lTDA (x) 23.4 !6.9 !4.8
8.4 !2.7 43.!
Lasl reporl on !7-Ocl-!3 (Price.22!8)
INVE5TMENT AGUMENT
The developed economies are now slabilizing and lhis may
provide more demand opporlunilies, going ahead.
The managemenl has mainlained ils oplimism on lhe demand
scenario, backed by higher clarily in decision making by clienls,
no delays in decision making and limely scale-ups.
Consislenl high volume growlh rellecls elleclive demand
generalion inilialives and ellicienl execulion.
Our largel valualions lor TCS are al a premium lo lhose ol peers.
ln lhe pasl several quarlers, TCS has reporled induslry leading
growlh rales wilh suslained margins.
Adelay in recovery ol major user economies may impacl our
projeclions.
Asharp apprecialion ol rupee beyond our assumed levels may
impacl our earnings eslimales lor lhe company.
TCS, a Tala group company, is lhe largesl company by revenues
in lhe lT service exporls induslry ol lndia.
I5K5 & CONCEN5
ACKGOUND
24
CMP
24
Targel Price
30
52 wk High/Low
39 / !6
Markel Cap (Ps Mn)
40,823
!7!2
TV18 OADCA5T UY
December 3!, 20!3
NeI disIribuIion income (s mn)
evenue ComposiIion - TV18 roadcasI (fY15E)
Source. Company
Sales !6,704 20,!95 22,945
Crowlh NM 20.9 !3.6
L8lTDA !,05! !,28! 3,!74
L8lTDA margin 6.3 6.3 !3.8
P8T (365) 567 2,63!
Nel prolil (323) 525 !,956
LPS (Ps) (0.2) 0.3 !.!
Crowlh NM NM 272
CLPS 0.! 0.6 !.5
8ook Value (Ps / Share) !9.2 !9.5 20.6
Dividend per Share (Ps) - - -
POL () (!.6) !.6 5.7
POCL () 2.0 2.5 6.6
Nel cash (debl) (2,!!7) (2,387) (853)
Nel working capilal (Days) 47 56 58
P/L (x) (!26.2) 77.7 20.9
P/8V (x) !.2 !.2 !.2
LV/Sales (x) 2.4 !.9 !.6
LV/L8lTDA (x) 38.6 29.7 !!.8
5.! 2!.! (!.0)
Lasl reporl on 24-Dec-!3 (Price.24)
INVE5TMENT AGUMENT
Amongsl mosl exposed broadcasling plays lo ride DAS. TV!8
8roadcasl has signilicanlly under-monelized broadcasling assels
(subscriplion revenues aboul 30 ol Zee Lnlerlainmenl). 8eing a
relalively new broadcasler in several genres, carriage lees paid
by lhe company are also high. TV!8 lherelore slands lo benelil
signilicanlly lrom DAS rolloul.
Subscriplion revenues/ carriage lees della lo creale signilicanl
swing in L8lTDA/ cash llows. We expecl an L8lTDAswing ol Ps
58n over lY!3-lY!7L (resulling lrom changes in nel dislribulion
income, ol which lrend is shown in adjoining charl), leading lo a
more slable balance sheel and growlh palh lor lhe company.
Nearer-lerm, we lhink lhe company shall see signilicanl lraclion
in earnings posl !HlY!4 (reslrucluring ol news operalions).
Pisks relaling lo oplions (lor purchase ol LTV slake and lor sale
ol Viacom!8 slake), DAS rolloul delays, uncerlainly in LTV
lurnaround
Tv!8 8roadcasl, promoled by Nelwork!8, is amongsl lhe largesl
TV broadcasling companies in lndia, wilh presence in news as
well as enlerlainmenl.
I5K5 & CONCEN5
ACKGOUND
25
Company Name 5eries ating Tenure Int Date CMP Accrued Int YieId
lowe| f|uauce Co|po|a|ou (201213) 2023 /// 10 ,ea|s 4Iau 910.00 71.41 9.98
lNE134E07331
Ru|a| E|ec|||ca|ou Co|po|a|ou L|r|ed!|auc|e 1('ep13) 0 /// 20 ,ea|s 10ec 960.00 7.45 9.33
lNE020b07F!0
lowe| f|uauce Co|po|a|ou (201213) 2028 /// 15 ,ea|s 4Iau 925.00 73.10 9.29
lNE134E07349
Fous|u 8 u|bau 0e.e|opreu Co|p Ld!|auc|e1(Cc,2013) //+ 20 ,ea|s 25Cc 985.00 16.41 9.01
lNE031/07956
lNE031/07931
lNE031/07949
Ru|a| E|ec|||ca|ou Co|po|a|ou L|r|ed (201213) N1 /// 10 ,ea|s 10ec 905.05 6.24 8.90
lNE020b07Cw6
Ru|a| E|ec|||ca|ou Co|po|a|ou L|r|ed!|auc|e 2(2013) N3 /// 10 ,ea|s 10ec 883.05 5.94 8.88
lNE020b07CY2
Fous|u 8 u|bau 0e.e|opreu Co|p Ld N3 //+ 15 ,ea|s 5Va| 1024.00 67.14 8.85
lNE031/07832
Ru|a| E|ec|||ca|ou Co|po|a|ou L|r|ed (201213) N2 /// 15 ,ea|s 10ec 892.50 6.38 8.82
lNE020b07C\4
NFlC Ld (Cc,2013) N6 /// 20 ,ea|s 1/p| 1024.00 6.08 8.82
lNE848E07567
N!lC (0ec, 2013) N6 /// 20 ,ea|s 160ec 1012.00 4.04 8.81
lNE733E07II9
Ru|a| E|ec|||ca|ou Co|po|a|ou L|r|ed!|auc|e 1('ep13) N9 /// 15 ,ea|s 10ec 1000.00 7.52 8.79
lNE020b07F'2
Fous|u 8 u|bau 0e.e|opreu Co|p Ld (2013) N4 //+ 10 ,ea|s 16feb 974.99 64.26 8.79
lNE031/07857
Ru|a| E|ec|||ca|ou Co|po|a|ou L|r|ed 2022 /// 10 ,ea|s 1Iu| 993.65 40.09 8.74
lNE020b07CC9
lud|au Ra||wa, f|uauce Co|po|a|ou L|r|ed (2013) N3 /// 10 ,ea|s 15Cc 920.00 15.25 8.73
lNE053f07561
lud|a lu|as|ucu|e f|uauce Co Ld (201222, 10 Lacs) /// 10 ,ea|s 22Iau 975.00 67.87 8.70
lNE787F07131
Ru|a| E|ec|||ca|ou Co|po|a|ou L|r|ed 2027 /// 15 ,ea|s 1Iu| 996.09 41.05 8.70
lNE020b07CF7
Fous|u 8 u|bau 0e.e|opreu Co|p Ld N2 //+ 10 ,ea|s 5Va| 1030.00 67.97 8.68
lNE031/07840
Ru|a| E|ec|||ca|ou Co|po|a|ou L|r|ed!|auc|e 1('ep13) N8 /// 10 ,ea|s 10ec 980.00 7.14 8.68
lNE020b07FR4
lud|au Ra||wa, f|uauce Co|po|a|ou L|r|ed N2 /// 15 ,ea|s 15Cc 975.05 17.43 8.64
lNE053f07538
/s ou 31 0erbe|, 2013
YIELD TO MATUITY (YTM) Of TAX fEE OND5
TADING IN 5ECONDAY MAKET5
DiscIaimers.
Kolak Securilies Limiled (KSL) may have laken proprielary long/shorl posilion in lhe above menlioned scrip and lherelore should be considered as inleresled. Analysl holding. Nil. The views provided herein are
general in nalure and does nol consider risk appelile or inveslmenl objeclive ol parlicular inveslor, clienls are requesled lo lake independenl prolessional advice belore invesling. This should nol be conslrued as
invilalion or solicilalion lo do business wilh KSL". lor more delails please reler lhe issue documenl.
Debl inveslmenls are subjecl lo risk. Pasl perlormance is no guaranlee lor lulure perlormance. This documenl has been prepared by Kolak Securilies Limiled and is meanl lor sole use by lhe recipienl and nol lor
circulalion. This documenl is nol lo be reporled or copied or made available lo olhers. ll should nol be considered lo be laken as an oller lo sell or a solicilalion lo buy any securily. The inlormalion conlained
herein is lrom sources believed reliable. We do nol represenl lhal il is accurale or complele and il should nol be relied upon as such
YTM (Yield To Malurily). Annualized yield lhal would be realized on a bond il lhe bond was held unlil malurily dale
Accrued lnleresl. lnleresl earned on a bond lill dale lor lhe currenl linancial year lrom lhe dale ol allolmenl/lasl inleresl paymenl dale
Please nole lhal lhe lace value ol lhe above menlioned bonds is Ps !000 respeclively
Pecord Dale lor lhe above menlioned bonds in mosl cases is !5 days prior lo inleresl paymenl dale. To know record dale lor a specilic bond, please reler oller documenl.
CMP (Currenl Markel Price) is lhe closing price as on December 3!, 20!3
26

Absolule Pelurns lor period less lhan ! year, CACP lor ! year & above
Large Cap funds
8irla Sun Lile lronlline Lquily lund - Plan A - Crowlh 3,265 9.2! 4.74 20.82
lClCl Prudenlial locused 8luechip Lquily lund - Pel - Crowlh 4,397 !0.2! 5.53 23.0!
Kolak 50 - Crowlh 668 4.03 !.65 !5.04
S8l Magnum 8luechip lund - Crowlh 690 7.38 4.23 !8.7!
UTl Lquily lund - Crowlh 2,226 7.53 4.93 20.68
Mid Cap funds
lranklin lndia Prima lund - Crowlh 769 7.35 6.78 24.42
lDlC Slerling Lquily lund - Peg - Crowlh !,237 4.76 5.89 25.04
S8l Lmerg 8uss lund - Crowlh !,240 -6.58 9.27 29.03
OpporIunisIic funds
Coldman Sachs lndia Lquily lund - Crowlh !23 7.92 - -
lranklin lndia High Crowlh Companies lund - Crowlh 486 9.27 5.64 2!.5!
Kolak Selecl locus lund - Crowlh 303 6.!8 3.43 -
Peliance Lquily Opporlunilies lund - Crowlh 4,7!5 4.35 6.6! 26.76
EL55 funds
Axis Long Term Lquily lund - Crowlh 640 !6.59 !0.08 -
DSP 8lackPock Tax Saver lund - Crowlh 684 6.60 3.2! !9.79
HDlC Long Term Advanlage lund - Crowlh 776 !0.95 3.!6 2!.49
ecommended Equity funds AUM 1 Year 3 Years 5 Years
AUM is as ol Seplember 20!3 & Average Malurily ol Schemes is as ol November 20!3
Tracker as on December 30lh, 20!3
eIurns
for any queries and !eedback you can emaiI us aI service.securiIieskoIak.com
MUTUAL fUND ECOMMENDATION5
Please reer lhe uargiu reporls, debil uailers aud olher couuuuicaliou
seul by Kolak Securilies Liuiled (KSL).
Margiu reporl iuorus lhe uargiu available iu your accouul or lhal is
shorl iu your accouul.
0ebil uailer iuorus lhe debil (i auy) iu your accouul aud requires you
lo clear lhe saue.
Requesl you lo iuslaully raise lhe uargiu aud / or clear lhe debil wheu
lhere is a shorlall / debil iu your accouul. 0elay (i auy) uay coupel us
lo liquidale your posiliou/s.
|uporlauce o Margiu Reporl / 0ebil Mailers
27
The lixed Deposils lisl is nol comprehensive bul conlains lew lixed Deposils currenlly available lor Public. lnveslors should read lhe lixed deposil applicalion lorms belore
applying lor lhe same.
CapitaI Gain onds INTEE5T ATE l TENUE
PLC 54LC Capilal Cain 8onds 6.00'payable annually, 3 year
NHAl 54LC Capilal Cain 8onds 6.00' payable annually, 3 year
COMPANY'5 NAME NON CUMULATIVE INTEE5T ATE
1Y 2Y5 3Y5 5Y5
HDlC LlMlTLD Pegular Deposils 8.90(M) 8.90(M) 8.65(M) 8.65(M)
(Maximum Limil. Less lhan Ps. ! Crore) 8.95(Q) 8.95(Q) 8.70(Q) 8.70(Q)
9.05(H) 9.05(H) 8.80(H) 8.80(H)
9.25(A) 9.00(A) 9.00(A)
DLLWAN HOUSlNC llN. LTD (Aashray Deposils) 9.80(M) 9.80M) 9.80(M) 9.80(M)
9.88Q) 9.88(Q) 9.88(Q) 9.88(Q)
!0.00(H) !0.00(H) !0.00(H) !0.00(H)
!0.25(A) !0.25(A) !0.25(A) !0.25(A)
LlC HOUSlNC llNANCL LTD 9.00 9.00(!8 monlhs) 9.40 9.60
9.25(24 monlhs)
MAHlNDPA & MAHlNDPA llNANCL SLPV LTD 8.90(Q) 9.65(Q) 9.90(Q) 9.40(Q)
9.00(H) 9.75(H) !0.00(H) 9.50(H)
SHPlPAM Trans llNANCL CO.LTD(UNNATl) 8.95(Q) 9.4!(Q) !0.34(Q) !0.34(Q)
(Maximum Limil. Less lhan Ps. !0 Crore) 9.05(H) 9.52(H) !0.47(H) !0.47(H)
9.25(Y) 9.75(Y) !0.75(Y) !0.75(Y)
COMPANY fIXED DEPO5IT5
NCDs l onds Lead Manager Lead roker
NHAl Tax lree 8onds Kolak Securilies Limiled is one ol lhe 8roker
IPO'sl fPO's LMs
Lngineers lndia Limiled lPO Kolak/ lDlC/ lClCl Sec
This documenl is nol lor public dislribulion and has been lurnished lo you solely lor your inlormalion and musl nol be reproduced or redislribuled lo any olher person. Persons inlo
whose possession lhis documenl may come are required lo observe lhese reslriclions.
This malerial is lor lhe personal inlormalion ol lhe aulhorized recipienl, and we are nol soliciling any aclion based upon il. This reporl is nol lo be conslrued as an oller lo sell or lhe
solicilalion ol an oller lo buy any securily in any jurisdiclion where such an oller or solicilalion would be illegal. ll is lor lhe general inlormalion ol clienls ol Kolak Securilies Lld. ll does
nol conslilule a personal recommendalion or lake inlo accounl lhe parlicular inveslmenl objeclives, linancial silualions, or needs ol individual clienls.
We have reviewed lhe reporl, and in so lar as il includes currenl or hislorical inlormalion, il is believed lo be reliable lhough ils accuracy or compleleness cannol be guaranleed. Neilher
Kolak Securilies Limiled, nor any person connecled wilh il, accepls any liabilily arising lrom lhe use ol lhis documenl. The recipienls ol lhis malerial should rely on lheir own
invesligalions and lake lheir own prolessional advice. Price and value ol lhe inveslmenls relerred lo in lhis malerial may go up or down. Pasl perlormance is nol a guide lor lulure
perlormance. Cerlain lransaclions-including lhose involving lulures, oplions and olher derivalives as well as non-inveslmenl grade securilies - involve subslanlial risk and are nol
suilable lor all inveslors. Peporls based on lechnical analysis cenlers on sludying charls ol a slock's price movemenl and lrading volume, as opposed lo locusing on a company's
lundamenlals and as such, may nol malch wilh a reporl on a company's lundamenlals.
Opinions expressed are our currenl opinions as ol lhe dale appearing on lhis malerial only. While we endeavor lo updale on a reasonable basis lhe inlormalion discussed in lhis
malerial, lhere may be regulalory, compliance, or olher reasons lhal prevenl us lrom doing so. Prospeclive inveslors and olhers are caulioned lhal any lorward-looking slalemenls are
nol prediclions and may be subjecl lo change wilhoul nolice. Our proprielary lrading and inveslmenl businesses may make inveslmenl decisions lhal are inconsislenl wilh lhe
recommendalions expressed herein.
Trading in currency derivalives markel is a high risk area and requires skill, experience and knowledge ol currency derivalives markels and lhe recipienls ol lhis malerial should rely on
lheir own invesligalions and lake lheir own independenl prolessional advice or advice ol a qualilied experl belore making any lrading decision.
Slaled here levels ol supporl and resislance musl nol be conslrued as an inveslmenl advice or endorsemenl lor any linancial inslrumenl and lhe levels may go up or down. There exisls
no guaranlee lhal lhe markel would behave in accordance wilh lhe inlormalion slaled here prepared by Kolak Securilies Limiled. Pasl perlormance is nol a guide lor lulure
perlormance.
Kolak Securilies Limiled has lwo independenl equily research groups. lnslilulional Lquilies and Privale Clienl Croup. This reporl has been prepared by lhe Privale Clienl Croup . The
views and opinions expressed in lhis documenl may or may nol malch or may be conlrary wilh lhe views, eslimales, raling, largel price ol lhe lnslilulional Lquilies Pesearch Croup ol
Kolak Securilies Limiled.
Kolak Securilies Limiled is also a Porllolio Manager. Porllolio Managemenl Team (PMS) lakes ils inveslmenl decisions independenl ol lhe PCCresearch and accordingly PMS may have
posilions conlrary lo lhe PCCresearch recommendalion.
We and our alliliales, ollicers, direclors, and employees world wide may. (a) lrom lime lo lime, have long or shorl posilions in, and buy or sell lhe securilies lhereol, ol company (ies)
menlioned herein or (b) be engaged in any olher lransaclion involving such securilies and earn brokerage or olher compensalion or acl as a markel maker in lhe linancial inslrumenls
ol lhe company (ies) discussed herein or acl as advisor or lender / borrower lo such company (ies) or have olher polenlial conllicl ol inleresl wilh respecl lo any recommendalion and
relaled inlormalion and opinions.
Kolak Securilies Limiled generally prohibils ils analysls lrom mainlaining linancial inleresl in lhe securilies or derivalives ol any ol lhe companies lhal lhe analysls cover. The analysl lor
lhis reporl cerlilies lhal all ol lhe views expressed in lhis reporl accuralely rellecl his or her personal views aboul lhe subjecl company or companies and ils or lheir securilies, and no
parl ol his or her compensalion was, is or will be, direclly or indireclly relaled lo specilic recommendalions or views expressed in lhis reporl.
No parl ol lhis malerial may be duplicaled in any lorm and/or redislribuled wilhoul Kolak Securilies' prior wrillen consenl.
KSL reserves lhe oplion lo provide all or any ol lhe reporl and lhe righl lo suspend or vary lhe whole or any parl ol lhe same lor any reason, al any lime al ils sole discrelion.
This research reporl booklel may nol conlain lew ol lhe reporls issued in lhe previous monlh. To read resl ol lhe reporls, please reler lo lhe "Lquily Pesearch" seclion available in lhe
lrading seclion ol www.kolaksecurilies.com or www.kolaksec.com.
SL8l Peg No. NSL lN8/lNl/lNL 230808!30, 8SL lN8 0!0808!53/lNl 0!!!33230/lNL 0!!20725!, OTC lN8 200808!36, MCXSX lNL 260808!30, AMll APN 0!64. Mulual lund
lnveslmenls are subjecl lo markel risks, please read lhe oller documenl carelully prior lo invesling. lnveslmenls in securilies are subjecl lo markel risk, please read lhe SL8l prescribed
Combined PDDprior lo invesling. Mulual lund lnveslmenls are subjecl lo markel risks, please read lhe oller documenl carelully prior lo invesling.
This message w/allachmenls (message) may be privileged, conlidenlial or proprielary, and il you are nol an inlended recipienl, please nolily lhe sender, do nol use or share il and
delele il. Unless specilically indicaled, lhis message is nol an oller lo sell or a solicilalion ol any inveslmenl producls or olher linancial producl or service, an ollicial conlirmalion ol any
lransaclion, or an ollicial slalemenl ol Kolak Securilies Limiled (KSL). Subjecl lo applicable law, KSL may monilor, review and relain e-communicalions (LC) lraveling lhrough ils
nelworks/syslems. The laws ol lhe counlry ol each sender/recipienl may impacl lhe handling ol LC, and LC may be archived, supervised and produced in counlries olher lhan lhe
counlry in which you are localed. This message cannol be guaranleed lo be secure or error-lree Kolak Securilies has been awarded 8esl 8roker in lndia by linanceAsia lor 2009, 8esl
Perlorming Lquily 8roker (Nalional) by UTl Ml - CN8CTV!8 linancial Advisor Awards lor 2009 &2008, 8esl 8rokerage lirm in lndia award by Asiamoney lor 2008, 2007 and 2006.
lor Mulul lund reporl by Kolak Mahindra 8ank
ln lhe preparalion ol lhe malerial conlained in lhis documenl, Kolak Mahindra 8ank, has used inlormalion lhal is publicly available, including inlormalion developed inhouse. Some ol
lhe malerial used in lhe documenl may have been oblained lrom members/persons olher lhan lhe Kolak Mahindra 8ank and/or ils alliliales and which may have been made available
lo Kolak Mahindra 8ank and/or ils alliliales. lnlormalion galhered & malerial used in lhis documenl is believed lo be lrom reliable sources. Kolak Mahindra 8ank however does nol
warranl lhe accuracy, reasonableness and/or compleleness ol any inlormalion. lor dala relerence lo any lhird parly in lhis= malerial no such parly will assume any liabilily lor lhe
same. Kolak Mahindra 8ank and/or any alliliale ol Kolak Mahindra 8ank does nol in any way lhrough lhis malerial solicil any oller lor purchase, sale or any linancial
lransaclion/commodilies/producls ol any linancial inslrumenl deall in lhis malerial. All recipienls ol lhis malerial should belore dealing and or lransacling in any ol lhe producls
relerred lo in lhis malerial make lheir own invesligalion, seek appropriale prolessional advice We have included slalemenls/opinions/recommendalions in lhis documenl which
conlain words or phrases such as "will", "expecl" "should" and similar expressions or varialions ol such expressions, lhal are "lorward looking slalemenls". Aclual resulls may diller
malerially lrom lhose suggesled by lhe lorward looking slalemenls due lo risks or uncerlainlies associaled wilh our expeclalions wilh respecl lo, bul nol limiled lo, exposure lo
markel risks, general economic and polilical condilions in lndia and olher counlries globally, which have an impacl on our services and / or inveslmenls, lhe monelary and inleresl
policies ol lndia, inllalion, dellalion, unanlicipaled lurbulence in inleresl rales, loreign exchange rales, equily prices or olher rales or prices, lhe perlormance ol lhe linancial markels
in lndia and globally, changes in domeslic and loreign laws, regulalions and laxes and changes in compelilion in lhe induslry. 8y lheir nalure, cerlain markel risk disclosures are only
eslimales and could be malerially dillerenl lrom whal aclually occurs in lhe lulure. As a resull, aclual lulure gains or losses could malerially diller lrom lhose lhal have been eslimaled
Kolak Mahindra 8ank (including ils alliliales) and any ol ils ollicers direclors, personnel and employees, shall nol liable lor any loss, damage ol any nalure, including bul nol limiled lo
direcl, indirecl, punilive, special, exemplary, consequenlial, as also any loss ol prolil in any way arising lrom lhe use ol lhis malerial in any manner. The recipienl alone shall be lully
responsible/ are liable lor any decision laken on lhe basis ol lhis malerial. The inveslmenls discussed in lhis malerial may nol be suilable lor all inveslors. Any person subscribing lo or
invesling in any producl/linancial inslrumenls should do so on lhe basis ol and aller verilying lhe lerms allached lo such producl/linancial inslrumenl. linancial producls and
inslrumenls, are subjecl lo markel risks and yields may llucluale depending on various laclors allecling capilal/debl markels. Please nole lhal pasl perlormance ol lhe linancial
producls and inslrumenls does nol necessarily indicale lhe lulure prospecls and perlormance lhereol. Such pasl perlormance mayor may nol be suslained in lulure. Kolak Mahindra
8ank (including ils alliliales) or ils ollicers, direclors, personnel and employees, including persons involved in lhe preparalion or issuance ol lhis malerial may, (a) lrom lime lo lime,
have long or shorl posilions in, and buy or sell lhe securilies menlioned herein or (b) be engaged in any olher lransaclion involving such securilies and earn brokerage or olher
compensalion in lhe linancial inslrumenls/producls/commodilies discussed herein or acl as advisor or lender / borrower in respecl ol such securilies/linancial
inslrumenls/producls/commodilies or have olher polenlial conllicl ol inleresl wilh respecl lo any recommendalion and relaled inlormalion and opinions. The said persons may have
acled upon and/or in a manner conlradiclory wilh lhe inlormalion conlained here. No parl ol lhis malerial may be duplicaled in whole or in parl in any lorm and or redislribuled
wilhoul lhe prior wrillen consenl ol Kolak Mahindra 8ank. This malerial is slriclly conlidenlial lo lhe recipienl and should nol be reproduced or disseminaled lo anyone else Mulual
lund inveslmenls are subjecl lo markel risks. Please read lhe oller documenl carelully belore invesling.
Dl5CLAlNER

Kotak Research Report Best Stocks Sectors

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Kotak Research Report Best Stocks Sectors

Uploaded by

Copyright:

Available Formats

January 2014

You might also like