Monthly Market Outlokk Product Update Jan 2017

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Sharekhan
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Product Review (Dec)
Second level
Third level &
Fourth level
Market Outlook (Jan)
Fifth level
1/4/2017 1
Fundamental Research Offerings
Top Picks Folio
Second level
Stock Ideas/Viewpoints
Third level
Wealth Creator
Fourth level
Fifth level
1/4/2017 2
Sharekhans
Click Top
to edit Master textPicks
stylesFolio
Second level
An all-weather
Third level balanced portfolio
Fourth level
Fifth level
1/4/2017 3
Top Picks folio
A well-balanced portfolio of thoroughly researched
10-12 companies
Sharekhans
Top Picks Folio Prefers sustainable business model, focuses on near-
term triggers without losing sight of long-term wealth
creation

Careful selection of stocks to deliver superior risk
adjusted returns and outperform benchmark indices
Key Objectives
Second level
To maximise shareholders returns with minimum risk
and outperform the benchmark indices
Third level Only thoroughly researched and fundamentally strong
How is our Fourth level stocks included, no place for market rumoured, lousy or
grapevine stocks
portfolio different? Fifth level
Delivered superior returns consistently across equity
cycles since inception
Actively tracked and reviewed every month without

We religiously exception; generally in initial days of the month
follow the process Explains all changes/revisions in the folio for better
understanding of investors
1/4/2017 4
Superior returns across Market Cycles
(on absolute as well as relative basis)
Beating the benchmark indices consistently (absolute
returns in %; not annualised)
Sharekhan 700
Cumulative returns
(since April 2009)
(Top Picks) Sensex Nifty CNX MIDCAP
600
CY2016 8.8 1.8 3.2 7.1
500

CY2015
CY2014
13.9
63.6
-5.1
29.9
-4.1
30.9
6.5
55.1
400
300
CY2013 12.4 8.5 6.4 -5.6
CY2012
Second
35.1 26.2
level
29.0 36.0
200
100
CY2011
Third-21.2level-21.7
-20.5 -25.0
Apr-09
Apr-10
Apr-11
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Aug-09
Dec-09
Aug-10
Dec-10
Aug-11
Dec-11
Aug-12
Dec-12
Aug-13
Dec-13
Aug-14
Dec-14
Aug-15
Dec-15
Aug-16
Dec-16
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
CY2010 16.8 11.5 12.9 11.5
CY2009 Fourth
116.1 76.1 level
72.0 114.0 Sharekhan Top Picks Sensex Nifty
Fifth level
Consistent outperformance (absolute returns in %; not annualised) %
1 mth 3 mth 6 mth 1 year 3 year 5 year
Top Picks -1.4 -7.8 1.2 8.8 102.8 207.7
Sensex -0.1 -4.4 -1.4 1.8 25.5 71.8
Nifty -0.4 -4.9 -1.1 3.2 29.6 77.9
CNX MIDCAP -3.7 -6.9 3.9 7.1 76.9 127.2
Note: The returns are based on the assumption that at the beginning of each month an equal amount was invested in each stock of
the Top Picks basket
1/4/2017 5
Top Picks for December 2016
Sharekhans top pick baskets performed better than the broader indices in CY2016; Three changes in portfolio

The Sharekhan Top Picks sustained its winning run in the year 2016 also. Initiated in January 2009, our basket of
carefully picked 12 companies has managed to beat the benchmark Indian stock indices consistently for eight
consecutive years. The cumulative returns over the past eight years have far exceeded the returns from
Nifty/Sensex and the CNX Midcap 100 Index without taking undue risks (70-75% invested in Large Cap index stocks
at any point of time).

At times, unexpected events like demonetisation of high currency notes and its widespread fallout on some
sectors do lead to minor under-performance for a short period of time. December was one such occasion, with the
Second level
Sharekhan Top Picks portfolio declining by 1.4% compared to the 0.1-0.5% decline in Nifty/Sensex and a 3.7% fall
in the CNX Midcap Index. However, the performance for the full year 2016 was still ahead of all the benchmark
Third level
indices. Moreover, we expect the performance to pick up, as the portfolio has now been readjusted in line with
the changing market dynamics.
Fourth level
Three changes made in the portfolio in view of reducing exposure to consumption driven stocks
Accordingly, we are makingthree
Fifth levelthis month. We are reducing exposure to the Auto sector (weakness
changes
to persist in near term due to adverse effect of demonetisation on consumer demand) by removing TVS Motor
and replacing it with HCL Technologies. We believe that IT Services sector has been derated significantly and
offers a buying opportunity now.
Other two changes are: Introduction of Balrampur Chini and RBL Bank in place of Emami (near term outlook
dented by slowdown in consumer demand) and Finolex Cables (booking profit). Balrampur Chini is our
preferred pick to play the uptrend in sugar cycle, whereas RBL Bank is well capitalised to sustain its strong
growth track record.
1/4/2017 6
Well Balance Portfolio
CMP* PER (x) RoE (%) Price Upside
Name
Balrampur Chini
(Rs)
125
FY15
13.8
FY16E
7.4
FY17E
8.6
FY15
18.7
FY16E
30.1
FY17E
22.1
target
(Rs)#
150
(%)
20
Bharat Electronics 1,374 24.2 21.4 18.7 15.5 13.8 13.7 1,660 21
Glenmark Pharma 889 23.5 17.3 15.4 25 25.7 22.7 1,150 29

Grasim Industries
HCL Tech**
861
825
16.5
20.5
12.4
14.3
11
12.2
9.5
21.7
10.9
26.4
10.6
25.9
1,150
965
33
17
HDFC Bank 1,200 24.7 20.2 16.5 18.3 19.1 20.1 1,415 18

Indian Oil Corp
Second
324
level
11.8 10.7 9.2 18.4 18.1 18.7 355 10
IndusInd Bank 1,107 28.8 22.3 17 16.1 16.7 17.6 1,460 32
Maruti Suzuki
Third
5,323
level
35.2 21.3 19.5 18 23.4 21.7 6,430 21
PI Industries Fourth
832 37.5level28.1 23.6 29.2 30 27.6 955 15
RBL Bank 335 37.2 28.8 20.5 11.2 12 13.7 375 12
Zee Entertainment 452
Fifth
44.3
level
34 25 22.1 25.4 28.1 600 33
*CMP as on 30th December, 2016 # Price target for next 6-12 months ** FY16 of HCL Tech is for 9 months period from July 01, 2015 to
March 31, 2016
Easy to follow with revision done at the beginning of the month (usually changes in 2 stocks on an
average); for simplicity, we recommend equal weightage in each stock and assume the same to calculate
monthly performance.
Please note the returns shown do not include transaction cost.
1/4/2017 7
Stock
Click to Ideas/ViewPoints
edit Master text styles
Make an informed decision
Second level
Third level
Fourth level
Fifth level
1/4/2017 8
Sharekhan's Stock Ideas
Click to edit Master title

Identify right stocksstyle
across sectors
through bottom-up approach
Key objectives
Focus on generating absolute returns
Click to edit Master text styles with a time frame of 6-12 months and a
favorable risk-reward ratio
Second level
Third level
Closely tracked stocks with regular
Fourth level interaction with companies
Fifth level management to stay abreast of the
business outlook
Focussed approach
Regular updates and news with view on
stocks through Investors Eye and also
Fundamental News & Analysis (FNA)
1/4/2017 9
Sharekhan's Stock Ideas
Click to edit Master

and reward, title style
We put great emphasis on investors risk
so in line with the upside
potential of a stock and the associated
Risk and reward risks, we review our rating regularly
Click to edit Master textalsostyles
This allows investors to churn their
portfolio by switching from one stock to
Second level another to optimise the overall return
Third level
Fourth level Our last 25 Stock Ideas generated 62%
Fifth level returns on an aggregate basis.
Some of the blockbuster Stock Ideas of

Track record
2016: Bajaj Finance (up 371%), TVS
Motor (up 292%), Finolex Cables (up
248%),Gabriel India (up 229%) & LIC
Housing Finance (up 141%)
1/4/2017 10
Top 10 Stock Ideas delivered almost 3.5x returns

Company Reco. Initiation Date
Initiation
Price (Rs)
CMP* (Rs) Returns (%)
Bajaj Finance Buy 21-May-14 1780 8393 371

TVS Motor Company Buy 30-Apr-14 92 361 292

Finolex Cables
Gabriel India
Buy
Buy
22-Apr-14
16-Apr-14
119
32.7
415
107
248
229
Second level
LIC Housing Finance
Supreme Industries
Buy
Buy
28-Mar-14
09-Jan-14
232
420
559
904
141
115
Third Buy
Firstsource Solutions level 03-Feb-14 24 38 57
Rico Auto Industries Buy
Fourth level 29-Oct-14 39 54 39
PTC India Financial Services Buy 29-May-14 27 38 39
PI Industries
BuyFifth level
17-Dec-15 610 832 36
*CMP as on Dec 30, 2016
19 out of 25 stocks initiated in last 34 months have generated positive return, an aggregate
return of 228% (top ten ideas have generated aggregate return of 349.8%)
1/4/2017 11
Second levelViewPoint
Third level
Fourth level
Fifth level
1/4/2017 12
Sharekhan's ViewPoints

The idea is to arm investors with
Key Objectives knowledge to help you take informed
decisions in the market
Focus on generating absolute returns of
Second level 20-25% in a short time
Third level
Fourth level Stocks with strong business
Fifth level fundamentals and adequate
understanding through management
Focused Approach
interaction/meeting
Regular updates and news flow on

stocks through updates and also FNA
1/4/2017 13
ViewPoints closed with strong returns
Total
Date of Reco Date of
Viewpoint Closure Returns
initiation Price closure
Out of 172 ViewPoint reports
25-Sep-14 Click to edit Master title style
Indo Count Industries 172.0 16-Feb-15
price
422.0
(%)
145.3 initiated in the last 34

months, about 94 calls were
26-Mar-14 FIEM Industries 409.0 7-Jan-15 886.0 116.6
25-Jun-14 JK Tyre 64.1 23-Dec-14 138.0 115.4

closed with the average
return of 25.5%
1-Sep-14 Salzer Electronics 136.0 11-Mar-15 257.0 89.0
14-Aug-14 Force Motors 687.0 23-Sep-14 1,281.0 86.5 Top 15 call closures
5-Feb-14 Second level
Power Finance
Corporation 146.0 22-Aug-14 269.0 84.2 generated aggregate return of
19-Mar-14 JK Lakshmi Cement about 82.6%
Third97.0level
23-May-14 178.0 83.5
25-Aug-14 Marico Kaya 488.0 26-Nov-14 876.0 79.5
3-Sep-14 Gulf Oil Lubricants

Fourth
313.0
level 541.0
16-Dec-14 72.8
14-Mar-14 Arvind Fifth

143.0 level241.0
30-Jul-14 68.5
24-Sep-14 TCPL Packaging 255.0 13-Nov-14 425.0 66.7
28-Mar-14 MRPL 45.0 21-May-14 75.0 66.7
12-Dec-14 Welspun India 340.0 4-Jun-15 545.0 60.3
24-Jan-14 Bharti Infratel 172.0 15-Jul-14 262.0 52.3
14-May-14 Tata Communications 290.0 29-Jul-15 439.0 51.4
1/4/2017 14
Balrampur Chini Mills
Reco Price Rs123 CMP Rs124.8 View: Positive

The Indian sugar companies are in a sweet spot, as sugar prices have firmed up to Rs35-36 per kg in the domestic market (from
the lows of Rs20 per kg in July 2015) due to a demand-supply mismatch in the international market. Further, 2016-17 sugar
production is expected to be flat or marginally lower, as Maharashtra and Karnataka are expected to post lower production vis-
-vis Uttar Pradesh. This is likely to keep sugar prices stable at the current levels in the near term. The upsurge in the domestic
sugar prices is positive for UP-based sugar companies such as Balrampur Chini Mills (BCML) with large production capacity,
better leverage position and strong relationship with cane farmers.
Buoyed by the spike in sugar prices and better sugar recovery (in the range of 10.5-11% vs 9.5-10% in earlier years), BCML is

expected to post blockbuster operating performance in FY2017. BCML registered a revenue growth of 48.3% YoY and OPM of
20.3% in H1FY2017 (as against an operating loss in H1FY2016). As the global demand-supply mismatch exists, the domestic sugar
prices are likely to remain firm at the current level in the near term. Therefore, the OPM is expected to remain at about 16.0%
Second level
in FY2018, which is higher than some of the earlier years (FY2014-FY2016).
As on September 30, 2016, BCMLs debt-to-equity ratio stood at 0.59x (down from 1.39x as on March 31, 2016) due to a debt
reduction of almost Rs1,000 crore in the last six months. The substantial portion of remaining debt is interest-free debt or low-
Third level
cost debt. Hence, we expect the interest cost to reduce substantially in the near term.
In the event of a sugar up cycle, BCML is a better play due to its relatively higher production capacity and better leverage
Fourth level
position compared to the peers. The stock is trading at much lower valuations currently as compared to what it was trading
during the sugar up cycle of sugar season 2008-10. We have a positive view on BCML and expect it to deliver 18-20% return in
the next 6-12 months.
Key risk -
Fifth level
Any significant increase in the global sugar production or a decline in the sugar recovery rate.
Particulars (Rs. Cr.) FY14 FY15 FY16 FY17E FY18E

Net sales (Rs.cr) 2664.9 2987.0 2756.7 3506.9 3479.5
EBITDA margin (%) 8.2 4.2 15.2 18.4 16.3
PAT (Rs. Cr) 8.4 (57.9) 220.6 410.3 355.7
EPS (Rs.) 0.3 (2.4) 9.0 16.8 14.5
PE (x) - - 13.6 7.3 8.5
EV/EBITDA (x) 19.3 36.0 10.7 6.2 6.5
1/4/2017 15
Gujarat State Petronet (GSPL)
Reco Price Rs139 CMP Rs139 View: Positive

Affordable LNG prices (spot price of $7-8/mmbtu and RasGas contracted long-term price of $7/mmbtu), and doubling of LNG
capacity in Gujarat to 30mmt would substantially improve Gujarat State Petronets (GSPL) transmission volume over FY2017-
FY2019E. Petronet LNG has already commissioned its 5mmt Dahej expansion and GSPC/Swan Energys 5mmt terminal at
Mundra/Pipavav is likely to get commissioned in FY2018/FY2019. Therefore, we expect GSPLs volume to grow at a CAGR of 6-
7% over FY2016-FY2019.
PNGRBs notification for lower volume divisor of 75% of capacity or actual volumes, whichever is higher, instead of the earlier
assumption of 100% is likely to materially improve GSPLs transmission tariff from the current levels of Rs1.08/scm. Therefore,

we expect around 10-15% increase in the transmission tariff for GSPLs pipeline in FY2018.
PNGRB has authorised the consortium, led by GSPL (52% stake) and includes IOCL (26%), BPCL and HPCL (11% stake each), as the
successful bidder for three inter-state pipelines - Mallavaram-Vijapur-Bhilwara pipeline (MVBPL, length of 1,881 km), Mehsana-
Second level
Bhatinda pipeline (MBPL, length of 1,670 km) and Bhatinda-Srinagar pipeline (BSPL, length of 740 km). Recently, the
government of Gujarat has sought a capital grant of 40% for these pipelines, and if approved by the Central Government, it
could improve the economics of GSPLs proposed investment in the cross-country pipelines.
Third level
Long-term volume growth drivers from Power (LNG subsidy scheme for stranded gas-based power plants), Fertilisers (gas price
pooling), Petrochemicals/Refining (commissioning of new capacities by OMCs) and CGD sectors remain intact. We expect strong
Fourth level
earnings CAGR of 18% and RoE expansion of 156BPS to 13.3% over FY2016-FY2018E. Excluding the value of Gujarat Gas (GSPL
stake at 25.76%), the companys core business is trading at an attractive valuation of 10x FY2018E EPS. We expect around 15-
20% upside from the current levels
Fifth level
Key risk - Delay in the revision of the transmission tariff and lower than-expected volumes
Particulars (Rs. Cr.) FY15 FY16 FY17E FY18E

Net sales (Rs.cr) 1,065 992 1,051 1,262
EBITDA margin (%) 87.2 87.3 87.4 89.0
PAT (Rs. Cr) 423 445 480 619
EPS (Rs.) 7.5 7.9 8.5 11.0
RoE (%) 12.2 11.7 11.5 13.3
PER (x) 18.6 17.7 16.4 12.7
1/4/2017 16
Kaveri Seeds (KSCL)

Kaveri seeds is one the leading seed manufacturing company with a diversified seed portfolio. The company has a strong
presence in Cotton seeds (constitute around 60% of the sales), Maize and Rice.
Kaveri Seed has reported a topline growth of 2.2% YoY for Q2FY17. The growth comes in despite Q2 traditionally being a soft
quarter for the company. A drop in inventory levels for the quarter, coupled with a reduction in other expenses resulted in the
operating profit coming in at Rs3.4 crore as against a loss in Q2FY2016. PAT for the quarter stood at Rs7.7 crore as against a
loss in Q2FY2016 due to a higher other income

A normal monsoon for 2016 after two years of drought has resulted in enhanced agricultural activities. Adequate water reserves
in the key reservoirs would lead to a good Rabi sowing season with the acreages likely to increase.
Also, cotton prices have been rising and are expected to remain buoyant due to supply issues (cotton acreage dropped this
year). This is likely to prompt farmers to return to cotton next year, which in turn would have a positive rub-off on demand for
Second level
cotton seeds. Further, Kaveris management expects a 10% YoY growth in topline for Q3FY17 and also expects to increase its
market share in Maharashtra.
Third level
Kaveri Seeds Topline and EPS are likely to grow by 20% and 27% CAGR respectively over FY2016-FY2019E driven by a good
monsoon across the country, decreasing White Fly attacks, rising cotton prices and gross margin improvement in FY2018 led by
good production of cotton seeds. Also the non-cotton portfolio growing steadily. We have a Positive view on the stock.
Fourth level
Risks: Any change in the Governments policy towards cotton seed and/or below-average monsoon next fiscal year may impact
Kaveri Seeds performance.
Fifth level
Key Financials (Rs Cr) FY15 FY16 FY17E FY18E FY19E
Net sales 1,115.6 849.0 705.4 845.8 1,014.3
EBIDTA 306.6 192.0 185.3 245.4 295.1
Adj PAT 301.9 177.1 177.7 236.4 285.0
EBIDTA Margin (%) 27.48 22.61 26.27 29.01 29.09
EPS 44.1 25.9 25.9 34.5 41.6
P/E 9.1 15.5 15.4 11.6 9.6
RoE 39.76 19.34 16.56 18.33 18.34
1/4/2017 17
Re-Iterate - Indian Oil Corporation.

Post the OPECs decision to cut oil production by 1.2mbpd, the Singapore complex GRMs have declined sharply by 24% to around
$6/bbl in December so far compared to the average of $8/bbl in November. The diesel cracks have declined to $10.4/bbl (vs
average of $13.1/bbl in November), gasoline cracks are marginally down to $10/bbl (vs average of $10.4/bbl in November),
naphtha cracks have declined to $0.2/bbl (vs average of $2.7/bbl in November) and fuel oil cracks are down to $5.1/bbl (vs
average of $3.9/bbl in November).
In line with the recent correction in the refining margins, we have lowered our FY2018 GRM assumption for IOCL to $5.2/bbl
from $5.6/bbl earlier. Consequently, we have reduced our FY2018E EPS by 4.5% to Rs35.4. However, we continue to maintain

our FY2017E EPS at Rs30.2, given the likely benefit of inventory gains from the higher crude oil prices in Q3FY2017 and
Q4FY2017. We expect IOCL to report strong earnings in Q3FY2017 on the back of a sharp recovery in GRM (Singapore complex
GRMs averaging at around $7/bbl in Q3FY2017 till date vs $5.1/bbl in Q2FY2017), coupled with inventory gains due to higher oil
Second level
prices [Quarter-to-Date (QTD), average Brent oil price is at $50.6/bbl vs $47/bbl in Q2FY2017]. Moreover, marketing segment
earnings are also expected to witness material improvement due to 14%/7.8% YoY increase in MS/HSD domestic consumption
during the October to November period owing to demonetisation.
Third level
Given our expectation of higher crude oil price environment, IOCL would benefit from inventory gains while the refining
margins also remain healthy despite the recent correction. Moreover, ~6-7% growth in the domestic consumption of HSD/MS and
stabilisation of the Paradip refinery is expected to drive 10%/17% earnings growth in FY2017E/FY2018E. IOCL is trading at an
Fourth level
attractive valuation of 8.7x FY2018E EPS, underpinned by strong earnings growth outlook, resilient RoE of 18-19% and low net
D/E (FY2016 net D/E at 0.64x). We maintain our positive view on IOCL and expect ~15-20% upside from the current level.
Key risk -
Fifth level
Volatility in oil prices could result in inventory losses and thus impact earnings of the company

Net sales (Rs.cr) 449,507 355,927 350,985 407,430
EBITDA margin (%) 2.3 6.5 9.7 9.0
PAT (Rs. Cr) 6,578 13,318 14,669 17,201
EPS (Rs.) 13.5 27.4 30.2 35.4
RoE (%) 9.6 18.4 18.1 18.7
PER (x) 22.8 11.3 10.2 8.7
1/4/2017 18
Re-Iterate - Suven Life Sciences
Reco Price Rs180 CMP Rs 174 View: Positive

CRAMS business to gain traction: Suven Life Sciences (Suven) has posted revenue CAGR of 27% during the past five years,
which included the supply of three key intermediates for the pre-launch phase during FY2015. Suven had generated over
Rs2.2bn revenue during FY2015 from the supply of key intermediates to a US-based client and two European clients for their
innovative products (passing through the pre-launch phase). Since these products are likely to be launched in FY2017-FY2018,
Suven expects to get repeat orders for these intermediates for a longer period (management has indicated Rs30 crore in
FY2017).

FY2017 & FY2018 will be exciting: Suven will witness following key developments during FY2017-FY2018 (a) repeat orders for
three key intermediates (Rs30 crore contribution to come in FY2017; which may increase in future if it gets repeat order for all
three products) (b) Phase 2a clinical trials for SUVN-502 are expected to be completed by December 2017, which may open up
Second level
out-licensing opportunity (c) few of the ANDAs filed during the past few years may see approvals by FY2018 and (d) the newly
set-up Vizag facility will see a ramp-up (current capacity utilisation is around 55%).
Third level
Prudent policy of expensing R&D through P&L, sturdy balance-sheet: Suven follows a prudent policy of writing off R&D
expenses in the year of occurrence. Also, it has not resorted to borrowings to invest in R&D development. The company utilised
Fourth level
its strong cash & bank balance of Rs250 crore for capex and innovation, which limits the financial risk
Key risk - Fifth

Decline in commercial supplieslevel
for three molecules and failure of SUVN 502 molecule
Net sales (Rs.cr) 520.9 499.5 605.5 729.1

EBITDA (Rs Cr) 177.7 142.6 211.3 271.1
PAT (Rs. Cr) 108.8 95.0 142.8 187.9
EPS (Rs.) 8.5 7.5 11.2 14.8
RoE (%) 19.4 15.2 18.6 22.6
PER (x) 21.1 24.1 16.1 12.2
1/4/2017 19
Re-Iterate - Aditya Birla Fashion & Retail
Reco Price Rs138 CMP Rs137.7 View: Positive

For Q2FY2017, Aditya Birla Fashion & Retails (ABFRL) overall revenue grew by 13% YoY, mainly led by a 22% YoY growth in
Pantaloons and 5% YoY growth in Madura Fashion & Lifestyle (MFL). But, MFL witnessed a 10% YoY decline in revenue on a like-
to-like basis due to inventory correction and prolonged end of season sale. However, the Operating Profit Margin (OPM) of 8.8%
was down by only ~70BPS, led by lower discounting in the Madura business and reduced operating leverage in the Pantaloons
business.
Demonetisation has had an adverse effect on ABFRLs operations, particularly the wholesale business of Madura. The wholesale
channel, as in most distribution businesses, has significant dealings in cash, which will impede the companys ability to absorb

incremental inventory. Also, footfalls in the Pantaloons business would be affected in Q3FY2017 and early part of Q4FY2017 due
to a slowdown in overall discretionary consumption. Since 45% of the companys business happens in cash, H2FY2017
performance is expected to be much lower in comparison to H1FY2017.
Second level
With expectations of a stable macro-economic environment over the next 6-9 months, FY2018 is expected to be better for the
branded apparel players. With a strong presence in the Mens and Womens apparel space, we expect ABFRL to be one of the
key beneficiaries of improving discretionary consumption trend.
Third level
Expected recovery in the macro-economic environment, better Pantaloons performance and an improved performance by some
of recent acquisitions would be the key triggers for ABFRL in the near term. The recent correction in the stock price could be
Fourth level
seen as a good entry point in view of its long-term growth prospects. We maintain our Positive view on ABFRL and expect 15-
20% upside from the current level.
Key risk - Extended pain in sales
dueFifth level
to demonetisation
Particulars (Rs. Cr.) FY14 FY15 FY16 FY17E FY18E

Net sales (Rs.cr) 1661 1851 6060 5994 7119
EBITDA margin (%) 2.0 3.9 6.5 7.1 8.3
PAT (Rs. Cr) (187.7) (228.1) (104.1) (5.4) 75.9
EPS (Rs.) (20.1) (24.5) (1.4) (0.1) 1.0
RoE (%) (64.8) (49.3) (16.2) (0.6) 7.8
EV/EBITDA (x) 70.5 34.9 30.8 30.1 21.5
1/4/2017 20
Re-Iterate - Ashoka Buildcon
Higher OPM, lower interest & depreciation costs boost standalone profitability: Ashoka Buildcons standalone net revenue

declined by 5% YoY to Rs442.8 crore in Q2FY2017. The topline was impacted by lower construction revenue due to delay in
execution of few projects. However, the companys standalone Operating Profit Margin (OPM) expanded by 226BPS to 15.8% on
account of early completion of the Munger T&D project. Further, lower depreciation charge (IND AS impact) and reduced
interest cost (fall in interest rate) led to a 45% YoY growth in standalone net profit to Rs45.3 crore.
Robust outlook for next two years: The companys strong order book of Rs5,520 crore (3.1x its FY2016 construction revenue),
along with the target order intake of ~Rs5,000 crore in H1FY2017 is expected to lift its construction revenue going forward.

Further, the companys toll revenue has risen by 9% YoY for H2FY2017, spurred by traffic growth in key projects and toll
revision in few projects. Over the last one and half years, the company has been able to reduce its interest cost by 150BPS,
with consolidated debt (2.2x) and standalone debt (0.1x) at comfortable level. In addition, refinancing of key project debt and
minimum equity requirement (Rs200 crore) over the next two years are likely to aid earnings growth going forward.
Second level
Demonetisation, foray into gas distribution and exit for SBI-Macquarie: The NHAI would compensate 23 days toll revenue
loss. The companys success in its maiden City Gas Distribution (CGD) venture would determine future bidding in the segment.
The company would hire independent agencies for valuing SBI-Macquaries stake in Ashoka Concessionarie (ACL) for their exit in
Third level
January-February 2018.
Valuation and outlook: We believe that the near to medium-term levers in terms of improving execution, opportunity of
Fourth level
lucrative order wins in H2FY2017 and strengthening of the balance sheet are well placed for Ashoka Buildcon. Consequently, we
maintain our positive view on the stock (with an upside potential of 20-25% from here).
Fifth level
Key risk - Delay in execution and inability to grab projects in the near term remain key risks.

Net sales (Rs.cr) 2,319.7 2,614.5 2,953.7 3,345.2
EBITDA margin (%) 22.0 29.5 29.1 32.0
PAT (Rs. Cr) 81.5 115.5 82.1 131.2
EPS (Rs.) 5.1 6.2 4.4 7.0
RoE (%) 6.2 7.2 4.3 6.7
PER (x) 28.4 23.7 33.3 20.8
1/4/2017 21
Wealth
Second level Creator
Third level
Generating meaningful
Fourth level wealth in a multi-year rally
Fifth level
www.sharekhan.com
1/4/2017 22
Sharekhan's Wealth Creator
Click to edit Master title

A well balanced style
portfolio of 16-18 quality
companies to create meaningful wealth
Sharekhans Wealth
Creator Portfolio in multi-year rally in the Indian stock
market
Capturing the long-term triggers over a
Second level period of 3-4 years
Third level
Fourth level Careful selection of quality stocks
against a backdrop of reviving macro
Fifth level environment and improving policy
Focused Approach reforms
It is actively tracked and reviewed
every month; timely changes/revisions
are made to the portfolio and
communicated to the investors
1/4/2017 23
Wealth Creator: ahead of broader indices
Since inception
Returns (%) (as on 30th December 2016)
(Aug 21, 2014)
Wealth Creator Folio (weighted average returns) 7.7

- Large cap (64%) 6.1
- Mid cap (36%) 10.4
Second level
Sensex 1.0
Nifty 3.7
Third levelCNX Midcap 28.4
Fourth level
Despite tough market conditions, the Sharekhans Wealth Creator portfolio continues to outperform the
Fifth
broader indices in the month level 2016 with cumulative weighted average returns of 7.7% as
of December
against 1.0% and 3.7% return in Sensex/Nifty.
We are not making any changes in the current portfolio and expect it to maintain the leading performance
in the new year.
1/4/2017 24
Wealth Creator Folio
Sr No Scrip Weights Price as on Target Price Potential Upside
1
Axis Bank
(%)
LargeCaps (64% weightage)
8%
30-Dec-16
450
Mar-19
1210
(%)
168.9
2 Larsen & Toubro 8% 1349 3800 181.6
3 Maruti Suzuki 8% 5323 8750 64.4
4 Britannia 8% 2882 5400 87.4
5
6
IndusInd Bank
Sun Pharmaceuticals
8%
8%
1107
630
1950
1650
76.1
162.0
7
8 Second level
Tata Consultancy Services
TVS Motors
8%
8%
2362
361
5100
725
115.9
101.0
Third
Midcapslevel
(36% weightage; 4% each)
9 Capital First 4% 573 1485 159.3
10 Fourth level 4%
V-Guard Ltd 162 310 90.9
Indian Oil Corporation 326 580
11
12
Fifth level4%
IRB Infra 4% 196 650
78.1
231.2
13 Network 18 Media 4% 33 135 304.2
14 Gabriel India 4% 107 200 86.1
15 Century Plyboard 4% 168 440 161.8
16 Triveni Turbine 4% 119 265 123.6
17 PI Industries 4% 832 1900 128.3
* Pls note we see scope for upward revision in target price (3-year) of some of the stock depending on the
extent of economic recovery and will keep updating on the same.
1/4/2017 25
Second level
Third level
Think Investment
Fourth level
Think Portfolio
Fifth level
1/4/2017 26
Objective
Create wealth
Click for customers
to edit Masterthrough the power
title style
of equity
Outperform Nifty Index by investing in quality
Second
stocks level
for long term
Third level
Fourth level
Fifth level
1/4/2017 27
Key Features
Best 10 stocks of the day
Long only Balanced and concentrated Portfolio
ClickCompanies
Quality to edit Master
backed text stylesresearch
by In-depth
Second level
Actively managed
Third level and monitored
Fourth level
Centralised advice and
Fifth level execution under
Fully invested at all times
No lock-in
1/4/2017 28
Sample Portfolio
SCRIP NAME TARGET POTENTIAL UPSIDE (%)
Click to
BAJAJHLDNG
edit Master
2737
title style
52
L&TFH 124 46
Click to edit Master95text
FEDERALBNK styles 43
EXIDEIND
Second level 242 35
Third level
TVSMOTOR 455 25
M&M Fourth level 1450 23
Fifth level
UPL 800 25
RELIANCE 1300 22
BEL 1660 22
HCLTECH 965 18
1/4/2017 29
Power Portfolio Performance as on 29th Dec 2016

Portfolio Nifty No of
Total Active OP/UP
Portfolios
Click to Return
edit Return
Master text styles Outperforming
(%)
(%) (%) Portfolios
Second level
1554 Third level
1.03 -2.25 3.27 1069
Fourth level
Fifth level
1/4/2017 30
Power Portfolio Performance as on 29th Dec 2016
Click
Client
to edit Master title style
TOP FIVE
Start Date Portfolio Return(%) Nifty (%) Outperformance (%)
Client 1 2015-07-21 13.18 -5.02 18.20
Client 2 2016-03-15 25.62 7.72 17.90
Click
Client to edit Master
3 2015-09-30 23.72 text styles
6.60 17.12
Client 4 2016-03-21 21.19 4.33 16.86
Second level
Client 5 2016-03-16 23.53 7.18 16.35
Third level
Fourth level BOTTOM FIVE
Client Fifth
Start Date level Return(%) Nifty (%) Outperformance (%)
Portfolio
Client 1 2016-12-07 -6.79 -0.83 -5.96
Client 2 2016-12-07 -6.70 -0.83 -5.87
Client 3 2016-12-07 -6.54 -0.83 -5.72
Client 4 2016-12-06 -6.39 -1.33 -5.06
Client 5 2016-12-06 -6.25 -1.33 -4.92
1/4/2017 31
Power Portfolio # Offering
Min Ticket Size
Rs. 300000
(At time of Investment)
Top Up facility Rs. 100000 & in multiples of same
Click to edit Master text
Brokerage
styles
Delivery 0.50% + Stat cost
Second level
Account Opening Charges Rs. 499 (Annual)
Third level
Fourth level 1% of Corpus + Service Tax
Fifth level (currently 15%)
AMC (Upfront & Annual)
Wealthtiger Investment Advisors
Pvt. Ltd
Profit Sharing Nil
1/4/2017 32
Alpha Delivery Picks & Actionable Ideas
Click to
New Alpha
edit delivery
1-2 months Master titlebased
based Ideas style
on Short
term triggers (Results/ corporate action/Policy)
Delivery
&/or reported flows. Each Idea will have a
Picks
Click toFundamental
edit Master text styles
Rationale/Key Triggers Points .
Second level
ThirdActionable
level Ideas focus on generating absolute
returns
Actionable Fourth with a time frame of 6-12 months and a
level
favorable
Fifth levelrisk-reward ratio. Stocks are closely
Ideas tracked with regular interaction with companies
management to stay abreast of the business
outlook.
1/4/2017 33
New Alpha Delivery Picks
Second level
Third level
Fourth level
Fifth level
1/4/2017 34
Alpha Delivery Picks

About New Alpha Delivery Picks:
Delivery based Ideas for short
Second
term based level Triggers.
on Research
Third level
Each Idea Fourth
willlevel have a
Fundamental Rationale
Fifth level / Key
Triggers Points.
1/4/2017 35
Alpha Delivery Picks - Rules
New Alpha Delivery Picks
Ideas
Ideas based on Stock Ideas, Viewpoints,
Stock Update, Market Analysis
Weightage(%) 7
Stop
Click to
Loss (%) edit Master text styles
Max -10
Min -5
Second level Max -20
Profit Potential(%)
Third level Min -10
Time Frame Fourth level Max - 2 Months
Trail Stop loss Fifth5%
level
trailing Stop loss on 5% rise in stock price
A) Pre defined / Trail Stop loss is hit
Exit Rules B) Unexpected Event/ News/ Outcome
C) Time frame
Performance Reporting Daily
1/4/2017 36
Products Performance Alpha Delivery Picks - Dec16
Sr No Click to edit Master title style

Scrip Name Buy Date Close Date Buy Price Sell Price Return
Call
Result
1 IOC 30-Nov-16 14-Dec-16

Click to edit Master text304.5 300.1
styles -1.42% Loss
2 Petronet LNG
30-Nov-16 22-Dec-16 382.5 356.0 -6.92% Loss
Second level
3 SBI
Third 12-Dec-16
level 23-Dec-16 268.1 248.0 -7.48% Loss
4
Exide Inds Fourth level
27-Dec-16 175.2 Open
Fifth level
5 UltraTech Cement 27-Dec-16 3114.9 Open
6 Hindalco 28-Dec-16 155.6 Open
7 Zee Entertainment 28-Dec-16 443.9 Open
1/4/2017 37
Products Performance New Alpha Delivery Picks Dec16
Click to
Summary edit Master title style
Dec-16
Initated Open Calls Profit Booked Loss Booked

5 4 - 3
Second level
Third level
New Alpha
Fourth levelDelivery Picks Performance
Fifth level
Profit
No of Calls Open Calls Loss Booked
Financial Year Booked
FY 2016 2017 60 4 38 18
1/4/2017 38
Products Performance Actionable Ideas Dec16
Sr No Company Initiation Date Initiation Price Target

1
ClickCESCto edit 14-Dec-16
Master title627style 720
2 Godrej Consumers 15-Dec-16 1455 1665
3 ClickMarico
to edit Master text styles 246
28-Dec-16 290
Second level
Summary Dec-16
Total Third
Initiated
level Calls Profit Booked Loss Booked
3 3
Fourth level - -
Summary Fifth level
Avg Profit Unrealized
Loss Calls Not
No of Calls Open Calls Profit Booked Booked per Profit / Loss Strike Rate
Booked Initiated
Idea Per Idea
264 64 172 24 3 15.00% -1.91% 88%
1/4/2017 39
Market Outlook: Year 2017

Darkest
Click toBefore Dawn text styles
edit Master
Second level
Post two years of impasse,
Year 2017 Third
would level
be rewarding
Fourth level
for equity Fifth
investors
level
1/4/2017 40
Click toThe
editswirling
Master dark clouds
text styles
Second level
Third level
Fourth level
Fifth level
1/4/2017 41
Global scenario has changed dramatically
Rout in bond markets globally; with sharp surge in US Bond Yields

Strengthening of US Dollar and an unexpectedly sharp surge in commodity
prices
3000
Click to edit Master text styles 3.0
2.5
2500 Second level
2.0
2000
Third level
1.5
Fourth level
1.0
1500 Fifth level
0.5
1000
Dec-15
Feb-16
Mar-16
Apr-16
Oct-16
Nov-16
Dec-16
Jan-16
Jun-16
Jul-16
Aug-16
Sep-16
May-16
0.0
Oct-16
Jan-16
Feb-16
Mar-16
Apr-16
Jun-16
Jul-16
Dec-16
May-16
Aug-16
Sep-16
Nov-16
Aluminium USD/MT Copper (USD/2MT)
ZINC (USD/MT) US Generic Bond Yield % UK Generic Bond Yield %
1/4/2017 42
Fund flow out of Emerging Markets
Stronger USD resulting in funds flowing out of emerging markets in general
India witnessing selling pressure from FPIs in equity as well as Indian debt market.
60
Click to edit Master text styles 30000
20000
55
Second level 10000
50
Third level 0
45
Fourth level -10000
40
Fifth level -20000
35
-30000
Jan-16
Jun-16
Jul-16
Oct-16
Dec 2016 *
Feb-16
Mar-16
Apr-16
Aug-16
Sep-16
Nov-16
May-16
30
Oct-16
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
Jun-16
Jul-16
Dec-16
May-16
Aug-16
Sep-16
Nov-16
Equity Debt
Brent Crude (USD/Barrel)
1/4/2017 43
US economy: Rate hikes and improving Economy
US Economy shows improving trend with falling jobless claims and rising
consumer confidence
US Federal Reserve hikes interest rate with outlook of three more hikes in
2017; unnerves financial markets globally
Uncertainty on policies of President Trump adds to volatility
50
Second level 400
45 Third level 360

40
Fourth level 320
35
Fifth level 280
30
25 240
20 200
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
US Consumer Confidence Index Jobless Claims ('000)
1/4/2017 44
Rate hikes in US = Better times for EM, US Equity
Historically US and EM equity markets have rallied during interest rate up cycle in the

USA which can be seen from past three experiences spread over past three decades
Post initial volatility the equities rally post first two hikes as reversal in interest rates
are driven by improving US economy and rising inflation both positive for equities

Strong US economy = Strong Global economy and Trade; eventual trigger for EM rally
Will
Second level
history repeat itself?
Third level
1400
1200
9
7
1000 Fourth level 5
800
600
Fifth level 3
1
400 -1
200 -3
0 -5
Nasdaq Index (1/5th Scale) MSCI EM Index US FED Interest Rate
1/4/2017 45
Click tovalue emerges
edit Master for long
text styles
term investors
Second level
Third level
Fourth level
Fifth level
1/4/2017 46
Market factoring near term events An opportunity !
From investors perspective, the volatile phase offers an opportunity to gradually buy into quality
stocks at reasonable prices.
The recent correction of ~8-10% (in the benchmark indices, several individual stocks have corrected
more) is already discounting a large part of the expected impact on FY2017 corporate earnings and
the subsequent partial spillover of the adverse impact of recent events on FY2018 earnings
estimates.
Second level
Consensus Earnings Estimates (Bloomberg)
2400
Third level
2200
2000
Fourth level
1800
Fifth level
1600
1400
Jul-16
Oct-16
Aug-16
Sep-16
Nov-16
FY17 FY18 FY19
1/4/2017 47
Strong FY18E earnings not factored in
Almost all the Sensex sectors (except Chemicals, Healthcare and Oil & Gas) are expected to perform
better in FY2018E compared to FY2017E performance.
Second level
Third level
Fourth level
Fifth level
1/4/2017 48
Valuation Turn
Valuations turn Reasonable
reasonable
Hurt by the FII outflows as well as the recent correction linked to demonetisation, Indian equity
markets are now trading at attractive valuations of ~15x (one-year forward earnings)
Current valuations are below the historic average PE multiple.

25.0
Second level
22.0
Third level
19.0
16.0
Fourth level
13.0 Fifth level
10.0
7.0
Dec-08
Dec-10
Dec-12
Dec-14
Dec-16
+1 sd PER Avg PER -1 sd
1/4/2017 49
Events Galore; Volatility could Persist
Important events in immediate future that could materially impact
equity markets.
Q3 Results Season: Keenly watch for impact of demonetisation

outlook
and Click to edit Master text styles
ahead
UnionBudget
Second level(Feb 1): High hopes of fiscal stimulus to
2017-18
Third level
support economy
Fourth level
UP elections (Feb 2017): Would be seen as referendum on
Demonetisation Fifth level
Pace of remonetisation: Key to normalisation of consumer
demand
Anointment of President Trump and the policy roadmap spelt out
1/4/2017 50
Dont follow the Herd
Second level
Money is not made following the
Third level
Consensus View
Fourth level
Fifth level
1/4/2017 51
Consensus Vs Contrarian
High expectations driven consensus view tends to overestimate and could very well be
the case this time too.
US economy: High on hopes; scope for disappointment (forget 3 rate hikes)
Consensus view:
Expectations are running high on Mr Trumps ability to roll out an effective fiscal
Second level
policy framework. Infra spending and tax cuts to boost economic growth, coupled with
lower corporate taxes would boost corporate earnings and US equity markets, whereas
Third
the US bond market level
is likely to remain weak.
Contrarian view: Fourth level
First, expecting the new
FifthUSlevel
President to quickly come out with a resurrection
plan, followed by the US Congress not delaying or diluting the proposals, and expecting
immediate benefits from the fiscal policies is perhaps too optimistic.
So, bonds could reverse their losses in 2017 and the US equity markets could underperform
given the premium valuations and high expectations of a turnaround in the US economy and
corporate earnings. FORGET THREE RATE HIKES.
1/4/2017 52
Consensus Vs Contrarian
Consumer demand destruction post demonetisation, market leadership to move away
from Retail/Consumer businesses; Expect Private Banks, NBFC and Auto stocks to lead
the rally again in 2017
Consensus view:

Enough has been written on trucks being off road, traders out of business and consumer
demand plummeting post the move to suck out 86% of currency through demonetisation in
Second level
India. Consequently, the consumer demand and retail focused businesses would suffer and
underperform in 2017.
Third level
Contrarian view:
Fourth level
Despite the despondency andlevel
Fifth the initialplunge in demand the recovery in consumer
demand could surprise positively because bulk of high denomination currency has come back
into the banking system (indicates limited loss of wealth generally); stable prices of
consumer goods; price hikes announced by auto cos (Maruti, Bajaj Auto etc) and some
consumer companies indicates pricing power.
Consequently quality names in Pvt. Banking, NBFC and Consumer space would continue
their winning streak in 2017 once the valuations adjust over the next few week/months.
1/4/2017 53
Conclusion & Investment Recommendation
Risk-reward turning favorable: We opine investors should use the current volatile phase to
systematically buy into quality stocks over the next few months, and the corporate earnings are
expected to revive strongly from a low base (resulting from flattish growth in the past couple of
years).
Sector preferences:
We are positive on Financials (especially private banks and select NBFCs) and some
Second level
pockets of Consumer stocks (especially Auto/Auto Ancillaries) which could under perform
in the near term, but we expect these two important sectors to give handsome gains over
FY2017.
the whole of Third level
We are also selectively positive on Oil & Gas, IT Services and Defence related
Fourth level
companies (including some construction companies).
We also recommend Fifth level
carefully chosen Midcap picks through a bottom-up research to
generate alpha for your portfolio.
Factoring all that, Valuations (already corrected) would turn more favorable over the next
couple of quarters.
Follow our model portfolios and/or advisory products to build a quality portfolio.
1/4/2017 54
Second level
Thank You
Third level
Fourth level
Fifth level
1/4/2017 55
Disclaimer
This document has been prepared by Sharekhan Ltd. (SHAREKHAN) and is intended for use only by the person or entity to which it is addressed to. This Document may
contain confidential and/or privileged material and is not for any type of circulation and any review, retransmission, or any other use is strictly prohibited. This Document

is subject to changes without prior notice. Kindly note that this document is based on technical analysis by studying charts of a stocks price movement and trading
volume, as opposed to focusing on a companys fundamentals and as such, may not match with a report on a companys fundamentals.(Technical specific) This document
does not constitute an offer to sell or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Though disseminated
to all customers who are due to receive the same, not all customers may receive this report at the same time. SHAREKHAN will not treat recipients as customers by virtue
of their receiving this report.
The information contained herein is obtained from publicly available data or other sources believed to be reliable and SHAREKHAN has not independently verified the
accuracy and completeness of the said data and hence it should not be relied upon as such. While we would endeavour to update the information herein on reasonable
basis, SHAREKHAN, its subsidiaries and associated companies, their directors and employees (SHAREKHAN and affiliates) are under no obligation to update or keep the

information current. Also, there may be regulatory, compliance, or other reasons that may prevent SHAREKHAN and affiliates from doing so. This document is prepared for
assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Recipients of this report should also be aware that past
performance is not necessarily a guide to future performance and value of investments can go down as well. The user assumes the entire risk of any use made of this
information. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the
Second level
securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such
an investment. The investment discussed or views expressed may not be suitable for all investors. We do not undertake to advise you as to any change of our views.
Affiliates of Sharekhan may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
Third level
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other
jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject SHAREKHAN and affiliates to any
registration or licencing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category
of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Fourth level
The analyst certifies that the analyst has not dealt or traded directly or indirectly in securities of the company and that all of the views expressed in this document
accurately reflect his or her personal views about the subject company or companies and its or their securities and do not necessarily reflect those of SHAREKHAN. The
Fifth level
analyst further certifies that neither he nor his relatives has any direct or indirect financial interest nor have actual or beneficial ownership of 1% or more in the securities
of the company nor have any material conflict of interest nor has served as officer, director or employee or engaged in market making activity of the company.
Further, the analyst has also not been a part of the team which has managed or co-managed the public offerings of the company and no part of the analysts compensation
was, is or will be, directly or indirectly related to specific recommendations or views expressed in this document.
Either SHAREKHAN or its affiliates or its directors or employees / representatives / clients or their relatives may have position(s), make market, act as principal or engage
in transactions of purchase or sell of securities, from time to time or may be materially interested in any of the securities or related securities referred to in this report and
they may have used the information set forth herein before publication. SHAREKHAN may from time to time solicit from, or perform investment banking, or other services
for, any company mentioned herein. Without limiting any of the foregoing, in no event shall SHAREKHAN, any of its affiliates or any third party involved in, or related
to, computing or compiling the information have any liability for any damages of any kind.
Compliance Officer: Ms. Namita Amod Godbole; Tel: 022-6115000; For any queries or grievances kindly email
igc@sharekhan.com or contact: myaccount@sharekhan.com
1/4/2017 56

Monthly Market Outlokk Product Update Jan 2017

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Click to edit Master title style

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Actively tracked and reviewed every month without

Click to edit Master text styles

Click to edit Master title style

Click to edit Master text styles

Click to edit Master text styles

Please note the returns shown do not include transaction cost.

Click to edit Master title

Click to edit Master

Some of the blockbuster Stock Ideas of

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Bajaj Finance Buy 21-May-14 1780 8393 371

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PTC India Financial Services Buy 29-May-14 27 38 39

*CMP as on Dec 30, 2016

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Regular updates and news flow on

145.3 initiated in the last 34

25-Jun-14 JK Tyre 64.1 23-Dec-14 138.0 115.4

25-Aug-14 Marico Kaya 488.0 26-Nov-14 876.0 79.5

3-Sep-14 Gulf Oil Lubricants

14-Mar-14 Arvind Fifth

24-Sep-14 TCPL Packaging 255.0 13-Nov-14 425.0 66.7

28-Mar-14 MRPL 45.0 21-May-14 75.0 66.7

12-Dec-14 Welspun India 340.0 4-Jun-15 545.0 60.3

24-Jan-14 Bharti Infratel 172.0 15-Jul-14 262.0 52.3

14-May-14 Tata Communications 290.0 29-Jul-15 439.0 51.4

Click to edit Master title style

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Particulars (Rs. Cr.) FY14 FY15 FY16 FY17E FY18E

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Particulars (Rs. Cr.) FY15 FY16 FY17E FY18E

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Particulars (Rs. Cr.) FY15 FY16 FY17E FY18E

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Key risk - Fifth

Net sales (Rs.cr) 520.9 499.5 605.5 729.1

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Particulars (Rs. Cr.) FY14 FY15 FY16 FY17E FY18E

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Particulars (Rs. Cr.) FY15 FY16 FY17E FY18E

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Wealth Creator Folio (weighted average returns) 7.7

Fully invested at all times

Click to edit Master title style

Click to edit Master title style

Sr No Click to edit Master title style

1 IOC 30-Nov-16 14-Dec-16

6 Hindalco 28-Dec-16 155.6 Open

7 Zee Entertainment 28-Dec-16 443.9 Open

Initated Open Calls Profit Booked Loss Booked

Sr No Company Initiation Date Initiation Price Target

264 64 172 24 3 15.00% -1.91% 88%

Click to edit Master title style

Rout in bond markets globally; with sharp surge in US Bond Yields