Kotak Securities - Investment Strategist - Unzipping Growth - June 2014

Dear investors,
What a month it has been' For a change, the traditional idiom Sell in May and go away was not
valid. The BSE Sensex and NSE Nifty indices :oomed to touch lifetime highs, buoyed by the formation
of a stable government at the centre led by the BJPs Narendra Modi. Profit-taking soon dragged the
indices lower.
The 30-share Sensex gained 8 for month to end above 24,000-levels, while the 50-share Nifty
fumped over 500 points to close above 7,200. This is despite the 1,500-point gain on the Sensex on
the day of election results, and the subsequent drop. The rupee too rose 2.5 against the dollar to
Rs-59-to-a-dollar levels. Foreign Institutional Investors infected $ 2.3bn in Indian equities.
The best part about this bull-run was that the rally was broad-based, midcaps and smallcaps leading
the gains. The BSE midcap index fumped 15.6, while the BSE Smallcap index surged 20 in May.
The BSE 500 too rose 10 in the month.
Leading the rally from the forefront were sectors that would benefit from an improvement in the
economy and government decision-making realty and power sector stocks. The Realty index :oomed
35.6 while the Power index fumped 28. Banks too rallied in the run-up to the election results. The
laggards in the rally were IT and pharma sectors, the indices for which ended in red.
With the election results out of the way, the focus is now on the economy. Government data suggests,
the economy grew at 4.6 in the quarter ended March 2014. This puts the average economic growth
for FY2013-14 at 4.7, below the 5 mark.
Inflation and poor productivity remain the key factors. Inflation measured by the Wholesale Price
Index (WPI) eased in April to 5.2, but retail inflation hit a three-month high of 8.95. This may
cause the Reserve Bank of India (RBI) to keep rates unchanged in its monetary policy review in June.
Industrial productivity measured by the IIP continued to contract in March, bringing the overall IIP
data down to -0.1 in FY14 from 1.1 in the previous year.
The good news is current account deficit the amount India owes to the world in foreign currency
reduced by more than half to $1.2 billion or 0.2 of the GDP in the March quarter from 3.6 or $18
billion the previous year. This has helped bring CAD to 1.7 of the GDP for the full year 2013-14,
well under the RBIs comfort level of 2.5.
For this reason, all eyes now are on the new Narendra Modi-led government for reform measures
and policies that could help fuel the economy.
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
May 20!4 was one ol lhe besl monlhs lor lndian equily
markels, wilh benchmark indices giving relurns ol more
lhan 8 lor lhe period.
Supporl @ 7400, buying on dips
As per daily charl lhe nilly is lorming sideways bul
lriangle sorl ol lormalion/correclion.
lndian eleclorale gave a slrongesl mandale since mid-
eighlies, whereby elecling a single polilical parly in
majorily.
|uveslor Educaliou Nole
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
7
9
8
12
14
23
24
25
E5EACH TEAM
fundamenIaI Desk
Dipen 5hah uchir Khare AmiI AgarvaI 1ayesh Kumar
lT, Media Capilal Coods, Lngineering Logislics, Transporlalion Lconomy
5anjeev Zarbade 5aday 5inha iIvik ai 5umiI Pokharna
Capilal Coods, Lngineering 8anking, N8lC, Lconomy lMCC, Media Oil and Cas
Teena Virmani Arun AgarvaI K. KaIhirveIu
Conslruclion, Cemenl Aulomobiles Produclion
TechnicaI Desk
DerivaIive Desk
5hrikanI Chouhan AmoI AIhavaIe Premshankar Ladha
ahuI 5harma MaIay Gandhi PrashanIh LaIu 5ahaj AgravaI
AbouI Ihe cover
"lndia is hopelul lhal armed wilh a decisive mandale, lhe new
governmenl would lake bold relorms lo calapull lhe economy back lo a
high growlh lrack"
Sectoral Indices
Change in the Global Indices
Sensex
24,217
As on 30-May-14
22,418
As on 30-April-14
Dow Jones
16,717
(0.8%)
As on 30-May-14
16,581
As on 30-April-14
DAX
9,943
(3.5%)
As on 30-May-14
9,603
As on 30-April-14
CAC 40 index
4,520
(0.7%)
As on 30-May-14
4,487
As on 30-April-14
Hang Seng
23,082
(4.3%)
As on 30-May-14
22,134
As on 30-April-14
Nasdaq
4,243
(3.1%)
As on 30-May-14
4,115
As on 30-April-14
FTSE
6,845
(1.0%)
As on 30-May-14
6,780
As on 30-April-14
IBEX
10,799
(3.2%)
As on 30-May-14
10,459
As on 30-April-14
FTSE MIB
21,630
(-0.7%)
As on 30-May-14
21,783
As on 30-April-14
Nifty
7,230
(8.0%) (8.0%)
As on 30-May-14
6,696
As on 30-April-14
SHCOMP
2,039
(0.6%)
As on 30-May-14
2,026
As on 30-April-14
NIKKEI
14,632
(2.3%)
As on 30-May-14
14,304
As on 30-April-14
SECTOR As on 30 - May-14 30- April -14 % change
CNX midcap 10,141 8,784 15.5%
BSE midcap 8,467 7,323 15.6%
BSE small cap 9,016 7,490 20.4%
FMCG 6,864 6,763 1.5%
Capital Goods 14,717 12,118 21.4%
Banking 16,954 14,707 15.3%
PSU 8,055 6,493 24.0%
Oil & Gas 10,854 9,548 13.7%
Auto 14,494 13,372 8.4%
Tech 8,455 8,752 -3.4%
Healthcare 10,315 10,757 -4.1%
Metal 12,293 9,981 23.2%
Realty 1,894 1,397 35.6%
India
China
Hong Kong
Japan
Germany
Spain
France
Italy
UK
USA
GLOBAL & SECTORAL INDICES
1
lu.esreu '|ae|s Iuue 2014
MONTHLY fUNDAMENTAL OUTLOOK
May 20!4 was one ol lhe besl monlhs lor lndian equily markels,
wilh benchmark indices giving relurns ol more lhan 8 lor lhe
period. The oulcome ol lhe eleclions and expeclalions ol beller
economic growlh in lhe lulure, propelled markels higher. Mid cap
slocks perlormed even beller, wilh lhe index gaining !5 lor lhe
monlh. Prediclably, domeslic cyclical seclors oulperlormed lhe
delensive and exporl orienled seclors signilicanlly. A subdued llP
number and expeclalions ol lower-lhanexpecled monsoons did lillle
lo dampen senlimenls. Clobal markels also remained largely lirm led
by improving economic dala-poinls, receding lears ol deceleralion in
Chinese economic growlh, a climb-down in Pussia- Ukraine slandoll
and likely slimulus measures by LC8.
Lconomic dala-poinls remained weak lhough lhe business
senlimenl has markedly improved especially aller lhe governmenl
lormalion. ln ils monelary policy, lhe P8l has kepl inleresl rales
unchanged. We believe lulure rale aclion will depend on lhe
upcoming budgel as well as lhe progress ol lhe monsoon, aparl lrom
lhe inllalion lrajeclory.
ln lhe shorl lerm, wilh lhe big polilical evenl oul ol lhe way, growlh,
valualions, monsoons, elc will lake cenler-slage and may provide
beller levels lo own slocks. Valualions have reached lhe long-lerm
average al aboul !6x lY!5 consensus eslimales on lhe Sensex.
Over lhe medium-lo-long lerm, lhe decisive mandale in lavour ol
lhe 8JP is posilive lor lhe economy as well as lhe markels. We do
expecl slrong relorm inilialives lrom lhe Covernmenl in lhe monlhs
lo come. Thus, we remain
posilive on lhe domeslic
inlraslruclure and cyclical
seclors over lhe medium-
lo-long lerm. However,
aller lhe sleep run-up in
several ol lhese slocks, we
recommend invesling in
slocks havi ng slrong
balance sheels and elhical
managemenls. On lhe
olher hand, we are
p o s i l i v e o n s e l e c l
exporlori enled slocks
based on i mprovi ng
demand scenar i o i n
developed economies. We expecl rupee lo remain in a range. Key
risks lo our recommendalion geo-polilical concerns globally, decline
in loreign inllows, sharp currency deprecialion and spike in oil prices.
A good monIh !or gIobaI equiIies
lT was a good monlh lor global equily inveslors as markels edged
higher led by improving economic dala-poinls and receding
concerns on Chinese economic as also on lhe Pussia-Ukraine
slandoll. lor lhe monlh, lhe Dow Jones, Nasdaq, lTSL and Nikkei
rose !.2, 2.9, 0.3 and 3 respeclively.
On lhe US economic lronl, lhe lnslilule lor Supply Managemenl's
laclory index rose lo 54.9 in April lrom 53.7 lhe monlh belore. The
US Labor Deparlmenl reporled lhe crealion ol 288,000 jobs in April
lrom an upwardly revised 203,000 in March, wilh lhe jobless rale al
6.3. The numbers were beller lhan eslimales. lederal Peserve
Chair Janel Yellen said lhal lhe US economy is on lrack lor solid
growlh lhis quarler. The Commerce Deparlmenl reporled lhal, CDP
declined al a ! annualized rale in lhe lirsl quarler as againsl
expeclalions ol a 0.4 conlraclion. However, markels look lhis in
lheir slride, blaming lhe inclemenl wealher lor lhe weak dala, we
undersland.
While lhe economic dala was broadly posilive, lhe weakness in lhe
!0-year US
Treasury yield was surprising as il broke below a key supporl ol 2.5
during lhe monlh, viewed by some as signaling an economic
slowdown and a reason lo sell riskier assels.
On lhe Lurozone lronl, lhe Pussia-Ukraine slandoll conlinued lo
simmer accompanied by violenl clashes among rival groups.
However, by lhe end ol lhe monlh, Pussia slruck a more concilialory
lone regarding lhe silualion in Ukraine. Pisk ol dellalion conlinued
lo worry LU policymakers prompling lhe LC8 presidenl lo hinl al a
possible slimulus in June.
On lhe Asian lronl, lhe Chinese HS8C llash PMl reading slood al
48.3, marking a lourlh slraighl monlh ol conlraclion, while lhe
counlry's ollicial PMl lor April came in al 50.4. China's exporls rose
0.9 percenl in April lrom lhe year-ago period, much beller lhan lhe
!.7 percenl dip expecled, and versus a lall ol 6.6 percenl in March.
lmporls, meanwhile, climbed an annual 0.8, againsl a lorecasl lor
a 2.3 drop and compared lo an !!.3 slump in March. The dala in
China seems lo indicale lhal, lhe economic growlh is slabilizing
alleasl.
Ih Ihe shorI Ierm, wiIh Ihe
big poliIical evehI ouI o!
Ihe way, growIh,
valuaIiohs, mohsoohs, eIc
will Iake cehIer-sIage ahd
may provide beIIer levels Io
owh sIocks. ValuaIiohs have
reached Ihe lohg-Ierm
average aI abouI 16x FY15
cohsehsus esIimaIes
oh Ihe Sehsex.
Markel perlormance - seclor wise (May 20!4)
5ource. b|oomber
8enchmark indices - lndia
5ource. b|oomber
2600
3440
4280
5120
5960
6800
7640
8500
10850
13200
15550
17900
20250
22600
24950
Sensex

(LHS)
Nifty

(RHS)
2
5marI gains !or Indian equiIies as 5ensex Iraded
aI record highs
lor lhe monlh, lhe Sensex ended wilh smarl gains ol 8.
Clearly, lormalion ol a slable governmenl was lhe main driver lor
lhe markels. The rally slarled wilh exil polls which showed slrong
gains lor lhe NDA. The aclual polls oulcome look even lhe mosl
oplimislic by surprise.
Seclor-wise, domeslic cyclical and inlraslruclure seclors
oulperlormed lhe markel while delensive seclors like lT, lMCC
and Pharma underperlormed. Mid-caps especially in lhe cyclical
seclors like Capilal Coods, Peally, Cemenl and slale owned
banks conlinued lo allracl inveslor inleresl.
To address lhe issues perlaining lo Pharma induslry, lhe
governmenl will spend aboul Ps 30 bn lo double lhe number ol
drug regulalors lo !,000 in lhree years and sel up lesling labs al
porls lo ensure lhal pharmaceulical exporl shipmenls meel
global qualily slandards.
The P8l relaxed gold imporl norms under lhe 80.20 rule lhus
allowing premier exporl houses lo imporl lhe commodily, which
led lo a spurl in jewellery slocks.
PosI a sIrong mandaIe, boId re!orm iniIiaIives
expecIed !rom Ihe nev governmenI.
The decisive verdicl in lhe eleclions has raised hopes lurlher,
aboul slrong and swill decisions by lhe new Covernmenl lo
improve lhe CDP growlh. One ol lhe prerequisiles is lo sel lhe
liscal house in order (reduce subsidies and waslelul expendilure),
lhe governmenl is well aware ol lhis.
While we are cognizanl ol lhe lacl lhal, lhese relorms will lake
lime lo yield resulls, inilialion ol lhe same will also be a boosler
lor lhe senlimenls, according lo us.
We expecl lhe Covernmenl lo announce relorm inilialives lo
revive inveslmenls in lhe economy, correcl lhe liscal imbalance
and allack inllalion lhrough supply side inilialives. Signs ol
beller governance slandards will also be welcomed by lhe
markels.
Some ol lhe inilialives are lisled below .
!. lncrease public inveslmenls and encourage privale
inveslmenls in inlraslruclure,
2. Lnsure beller Covernance - reduce procedural and
adminislralive bolllenecks,
3. lmplemenl CST, DTC
4. Conlrol inllalion by laking elleclive sleps lo ease lhe supply
side conslrainls,
5. Peduce liscal Delicil - Conlrol waslelul subsidies,
6. Lnsure more employmenl opporlunilies while addressing
lhe issue ol employabilily
We undersland lhal, lhis is nol an exhauslive lisl and several
more issues need lo be addressed il lndia has lo become a lorce
among all lhe emerging economies and allracl more loreign
inveslmenls.
The announcemenl ol lhe council ol minislers is a posilive in lhe
sense lhal, il is smaller in size. While lhere may be addilions,
going ahead, we slill believe lhal, responsibililies will be wilh a
relalively smaller sel ol minislers, which may ensure lower
procedural hassles and quick decision-making.
Earnings 5eason - evenue grovIh !or Ihe quarIer
signaIing boIIoming ouI o! economic grovIh
Aggregale sales in lhe lhree monlhs ended 3! March rose al lhe
laslesl pace in seven quarlers al 6.63 and prolil growlh
slabilized, based on an analysis ol 275 ol lhe 8SL 500 companies.
HDlC's quarlerly numbers indicaled a moderalion in loan
growlh and NlMs. Conlrary lo lhe assel qualily delerioralion
sullered by PN8, lhe perlormance ol S8l and 8ank ol 8aroda was
much superior. Tala Sleel's numbers showed smarl margin gains
lrom lndian operalions even as lhe Luropean operalions
disappoinled.
8ajaj Aulo's numbers lurned oul lo be weak in parl, on accounl
ol high operalional expendilure. On lhe olher hand, Maruli
Suzuki reporled gains on operalional lronl and also provided a
posilive oullook on lulure. On lhe lMCC side, lTC ended lhe
liscal wilh a robusl linancial perlormance. L&T reporled slrong
perlormance in Q4 on lhe back ol execulion, cosl managemenl
and order wins.
Economic daIa-poinIs provide IiIIIe cause !or cheer
llP conlracled by 0.5 in March 20!4, a lad beller lhan
eslimales. lor lhe liscal lY!4 (Apr-Mar), llP growlh remained
marginally negalive. ln lacl, llP growlh lor pasl 24 monlhs has
averaged below !. P8l's monelary lighlening measures
combined wilh a deceleralion in inveslmenl cycle ensured
signilicanl demand moderalion as seen in llP numbers (de-
growlh in consumer goods, and durables).
CPl inllalion regislered a prinl ol 8.59 lor April 20!4.
lmporlanlly, core CPl (ex lood and luel) remained slicky as il lell
marginally by ~!0 bps lo 7.8 in April.
Trade delicil was broadly unchanged al $!0.!bn in April as
compared lo $!0.5bn in March. Lxporls grew 5.3 in April aller
conlracling 3.2 in March. lmporls conlinued lo conlracl
prinling (-)!5 in April. Non-oil non-gold imporls conlracled
marginally by 0.5 compared lo an average conlraclion ol
6.7 over lhe lasl one year.
3
Pupee/US$
5ource. b|oomber
lnllalion ()
5ource. b|oomber
Monsoon may be sub-par
The lndian Meleorological Deparlmenl (lMD) has said lhal lhe
Soulh Wesl monsoon will hil lhe Kerala coasl on June 5. The
Soulhwesl monsoon is a vilal delerminanl ol lood inllalion in lhe
second hall ol lhe year and is crucial lor a good Kharil harvesl.
ln ils lirsl lorecasl, lhe lMD had said lhal lhe monsoon will be 95
per cenl ol lhe Long-Period Average (LPA).
We need lo walch lhis dala closely as a sub-par inllalion can have
an impacl on lood inllalion as well as on lhe P8l's monelary
policy slance.
lll & Mulual lund inveslmenl (Ps Cr)
5ource. b|oomber
MoneIary poIicy
The P8l's policy announcemenls largely mel expeclalions wilh
lhe repo rale (8) and CPP (4) remaining unchanged. The
50bps reduclion in SLP lo 22.5 will only add lo lhe excess
liquidily lying wilh banks and may nol lead lo lower rales. ll is,
however, a signal lhal, P8l will provide liquidily il demand rises.
The policy has reileraled lhe P8l's locus on conlaining and
moderaling inllalion.
This is clearly indicaled by lhe slalemenl lhal, il "remains
commilled lo keeping lhe economy on a disinllalionary course,
laking CPl inllalion lo 8 per cenl by January 20!5 and 6 per cenl
by January 20!6".
We expecl lhal, lhe P8l will lurlher moderale ils policy slance in
lhe nexl meeling wilhoul reducing rales. lor lY!5, we expecl
rales lo moderale by 50 bps and C-Sec yield is likely lo be aboul
8 by liscal end.
foreign !und !Iov remained sIrong during Ihe monIh
ecommendaIion
llls remained nel buyers lor lhe monlh and boughl slocks worlh
Ps.!65bn during May, 20!4. ln recenl monlhs, lndia has
emerged as a prelerred deslinalion lor overseas inveslors given
slrong likelihood ol economic growlh bolloming oul, large
domeslic markel, slable polilical environmenl (compared lo
Pussia, Thailand and Vielnam) and mosl imporlanlly hopes ol a
regime change lhal would shake lhe economy ol ils slupor.
However, mulual lunds buying was marginally posilive lor lhe
monlh al Ps.3.06 bn. lor lhe calendar year lill dale, llls remained
nel buyers lo lhe lune ol Ps.222bn while lhe Mls conlinued lo
remain sellers lo lhe lune ol Ps.!03.9bn.
Over lhe medium-lo-long lerm, lhe decisive mandale in lavour
ol lhe 8JP is posilive lor lhe economy as well as lhe markels. We
do expecl slrong relorm inilialives lrom lhe Covernmenl in lhe
monlhs lo come. Thus, we remain posilive on lhe domeslic
inlraslruclure and cyclical seclors over lhe medium-lo-long lerm.
However, aller lhe sleep run-up in several ol lhese slocks, we
recommend invesling in slocks having slrong balance sheels and
elhical managemenls. On lhe olher hand, we are posilive on
selecl exporl-orienled slocks based on improving demand
scenario in developed economies. We expecl rupee lo remain in
a range. Key risks lo our recommendalion geo-polilical concerns
globally, decline in loreign inllows, sharp currency deprecialion
and spike in oil prices.
-4
0
4
8
12
16
4
Pre!erred picks
DomesIic CycIicaIs l InvesImenI orienIed secIors
ExporI orienIed l De!ensive secIors
5ource. ro|a| 5ecur|||e: - |r|va|e C||en| |e:earch
5ource. ro|a| 5ecur|||e: - |r|va|e C||en| |e:earch
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al ks.escalalioukolak.cou (Excludiug already execuled lrades)
ûy 0ueries1
5ecIor 5Iocks
Aulomobiles Maruli, 8ajaj Aulo, Tala Molors
8anking, N8lCs lClCl 8ank, lDlC, S8l
Capilal Coods, Lngineering Lngineers lndia, Thermax, L&T
Cemenl, Conslruclion, Peal Lslale lL&lS Transporlalion, Phoenix Mills
Logislics, Transporlalion Adani Porl, Cujaral Pipavav Porl, CONCOP
Oil & Cas Cairn, MPPL
Power NTPC, Tala Power
5ecIor 5Iocks
lMCC Dabur
lT TCS, Wipro, Ceomelric, KPlT
Media LNlL
5
Nilly opened lhe April series al around 6700 levels. Nilly
remained volalile belore lhe mega evenl. lV's were al all lime
highs and Nilly lraded wilh a posilive bias closer lo lhe evenl.
Nilly made a high ol 7563 belore consolidaling around 7300
levels. The euphoric rally look mosl slocks lo signilicanl highs
wilh each seclor lrying lo oulperlorm lhe olher.
for queries and !eedback you can e-maiI us aI ksderivaIive.deskkoIak.com
Nilly Oplions Concenlralion is seen al 7500 Pul and 8000 Call
oplions. lmplied ATM volalilily remains in lhe range ol !4-!6.
8uy ATM Calls and Puls.
8lSl
PHAPMA
8UY
8UY
lDlC
DP Peddy
8uy around !32-!35 wilh a SL ol
!25 lor a largel ol !55/!60
8uy al 2400 levels wilh a SL ol 2360
lor a largel ol 2500
Signilicanl long buildup in open inleresl
long seen. lmmediale supporl ol !25
remains crilical above which one can
lrade long.
The slock has bounced back lrom ils
major supporl ol 2340. Signilicanl space
seen on lhe upside uplo 2500 levels.
Looking ack
ecommendaIion
Pollover in Nilly lulures remains quile neulral indicaling some
prolil booking. lmmediale range lor lhe index is seen al 7400-
7750. Oplions concenlralion is seen al 7500 pul and 8000 call
oplions. We remain posilive on lhe index as long as il suslains
above 7400, below 7400 caulion advised.
8uying is advised lronlline majors wilh locus on Capilal goods
and Melal slocks.
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
6
for queries and !eedback you can e-maiI us aI ksIechnicaI.deskkoIak.com
MonIhIy 5napshoI
Monlhly High . 7563.5
Monlhly Low . 6638.55
Monlhly Close . 7229.95
Change . !2.50
Wilh a close above 7565, which was highesl ol lhe day ol eleclion
resulls day lhe nilly has opened an upside ol almosl 300 poinls more
in lhe near lerm. The markel can lesl 7865/26400 in lhe near lerm
belore budgel. However, lo expecl anylhing above given levels will
require eilher lime wise or price wise correclion. Technically,
belween 7750-7850 one should be a prolil laker in lhe markel as
lhe risk reward ralio lor lhe medium lerm will nol lavor lrader as well
as medium lerm inveslors. On lhe down side 7490/7500 will acl as a
major supporl.
8uy Calls oplions il lhe nilly lalls lo 7550/7560 wilh a slop loss al
7500 lor lhe largel 7700/7800. Or buy nilly pul oplions il il moves
lo 7830/7850 wilh a slop loss al 7885.
Nilly Monlhly charl
5ource. b|oomber
MONTHLY TECHNICAL OUTLOOK
Trend WaIch
Shorl Term . Up
Medium Term . Up
Long Term . Up
LeveIs Io WaIch
Supporl . 7560-7485-7440-7390-7340
Pesislance . 7685-7720-7750-7790-7860
8SL Pealily, 8SL Power and 8SL melal seclors are inlo break oul
mode and will allracl buying al each major supporls.
8SL Pharmaceulicals and Technology seclors mighl display bullish
aclivily "il lhey breaks and suslain above previous weeks highesl
levels".
8SL Oil & Cas and PSU lndex are exhibiling major prolil laking.
8uying is advisable only on slrong reversal lrom lower levels.
8SL Capilal goods & lnlra and Aulo indices are inlo conlinualion
lormalion and slock specilic aclivily will remain in lhe markel lor il.
"8SL mid cap index is slill inlo slrong hands and il will oulperlorm
lhe Sensex/Nilly in lhe long run. 8e a buyer inlo lrending slocks
lrom lhe same baskel."
5ecIor speci!ic.

1 4 : J F M A M J
Lo g R S
So u r c e : w w w . Sp id e r So f t w a r e n d ia . C o m
6 0 0 0
6 2 0 0
6 4 0 0
6 6 0 0
6 8 0 0
7 0 0 0
7 2 0 0
7 4 0 0
7 6 0 0
C r
5 0 . 0 0
1 0 0
1 5 0
2 0 0
4 0 . 0 0
5 0 . 0 0
6 0 . 0 0
7 0 . 0 0
8 0 . 0 0
Pr ic e
Vo l
R S ( 1 4 , E, 9 )
N SE N if t y [ N 5 9 9 0 1 ] 7 6 7 2 . 4 0 , 7 7 0 0 . 0 5 , 7 5 8 9 . 0 5 , 7 6 1 9 . 5 0 , 1 5 8 2 0 3 8 0 1 6 - 0 . 4 8 %
D ly
4
6
9
6 0 0 2 . 9 5
2 2 / 0 4 / 1 4 T u e
O p 6 8 2 2 . 9 0
H i 6 8 3 8 . 0 0
Lo 6 8 0 6 . 2 5
C l 6 8 1 5 . 3 5
Q t 7 9 . 2 8
R s 6 8 . 0 8
R s 6 8 . 8 4
fOEX IN5IGHT E5EACH & ANALY5I5
7
A correcIive upmove viIhin a primary dovn Irend.
lndian eleclorale gave a slrongesl mandale since mid-eighlies,
whereby elecling a single polilical parly in majorily. Aslrong and
slable governmenl has boosled senlimenl in lndia. Now
inveslors are walching closely as lo whelher lhe hope lranslales
inlo realily or nol. Larly leelers are quile posilive as lhe
governmenl has swung inlo aclion even belore il was sworn in
and lhey have made all lhe righl noises lill dale. We keep our
lingers crossed. Pupee had a prolilic monlh ol May as lhe
currency apprecialed by 200 poinls, lowards levels ol 58.30/35.
llls have poured in nearly USD 6 billion ol porllolio money inlo
lhe lndian debl and equily markels. ln lacl, aller a long lime we
have seen llls express conlidence in lhe lndian debl inslrumenls
as lhey boughl USD3.34 billion in May ilsell. There is slill anolher
USD !0 billion ol unulilized quola available lor llls lo buy inlo in
lhe lndian debl markel. However, due lo suslained buying ol US
Dollar by lhe lndian Cenlral bank and prolil laking by large
speculalors in lhe onshore and ollshore markels has propelled
lhe pair back above 59.00 handle on spol. The nexl major lrigger
lor lhe Pupee is going lo be lhe Union 8udgel. lndian
governmenl needs lo presenl a credible road map lowards liscal
consolidalion. lnllalion remains a major concern and ways lo
lackle inllalion over long lo medium lerm is a lunclion ol supply
as well as sound monelary and liscal policies. On one hand, lndia
needs lo build adequale inlraslruclure lor imporl subslilulion
and smoolh movemenl ol goods and services wilhin lhe counlry
and on lhe olher hand, COl needs lo locus on shrinking public
expendilure and increasing suslainable revenue measures.
Monelary policy also needs lo be adequalely supporlive ol
inllalion priorily. Pampanl monelizalion ol debl and loreign
currency can cause buildup ol inllalionary pressures down lhe
road. However, lhe man presiding over lhe lunclions ol P8l is one
ol lhe besl minds in lhe world righl and lhal in ilsell ollers hope
and provides conlidence. Over lhe lasl lew weeks lollowing have
been lhe major developmenls in lhe domeslic and world
economies.
lndian's currenl accounl balance conlracled lo USD!.3
billion in Q4lY'!4 lrom USD 4.! billion in lhe previous
quarler and USD !8.2 billion in lhe same quarler previous
liscal year. However, belore we rejoice in lhe headline dala,
we need lo aware ol qualily ol lhe dala and lhal leaves
much lo desired. Lxporls conlracled !.3 in Q4 aller a
slrong 7.5 growlh in Q3 and imporls conlracled !2.3in
Q4. The balance ol paymenl (8oP) sharply jumped lo USD
7.057 billion in lhe lourlh quarler ol 20!3-!4 lrom USD
2.68 billion in lhe same period in 20!2-!3. However, on a
quarler-on-quarler basis, il has massively shrunk lrom USD
!9.!03 billion in lhe December quarler due lo a massive
easing in lhe capilal accounl in lhe period. Over lhe lasl lew
monlhs we have wrillen exlensively aboul lhe poor qualily
ol exlernal balance and much ol lhe improvemenl is oplical
and also a lunclion ol economic slowdown. Once lhe
growlh picks up, we expecl imporl bill lo lick higher bul in
U5DlIN. WeekIy charI
5ource. b|oomber
case lhe new governmenl can lake righl policy inilialives
and also prod lhe slale governmenls inlo righl regulalory
aclion, lhen over lhe medium-long lerm a chunk ol non-oil
and non-gold imporls can be subslilulion. Lxporls are going
lo be a lunclion ol global growlh and our compeliliveness.
Conlrolling inllalion lhrough lighl monelary and liscal
policy, can help bring down bullion imporls, household may
rolale savings lrom physical assels lo linancial assels.
P8l has begun lo gradually unwind lhe reslriclions lhal il
had placed on Pupee and Cold markel. P8l has allowed
"slar lrading houses" and privale jewelry exporlers, which
had been barred lrom imporling gold since July 20!3, lo
resume imporls, wilh immediale ellecl. However 80.20
scheme remains in place. P8l has allowed banks more
llexibilily in speculalive lrading in lhe Pupee markel. Al lhe
same lime, P8l has allowed exporler and imporlers lo hedge
on lhe basis on pasl-perlormance limils. There is now lalk ol
unwinding ol reslriclions placed on exchange lraded
derivalives.
A morning doji slar lormalion on lhe weekly charls indicales
lhal a shorl lerm bollom is in place and lhere is scope lor lurlher
upmove in lhe coming days. The pair laces minor resislance
around lhe monlhly average around 59.30/35 levels on spol and
lherealler a bigger supply can be expecled around 59.60/65
levels and lhen belween 59.80/60.!0 levels on spol. We view
lhe recenl upmove as an inlermediale correclion wilhin a
primary down lrend. Therelore, lhere is always a risk ol lhe pair
lailing lo reach ils largel zones during such correclive moves.
Hence, one needs lo walch closely how lhe pair behaves when il
enlers lhe supply zone ol 59.60/60.00 on spol. lncase lhe pair
slarls ollering reversal signs, one can look lo sell around lhose
levels, il nol, lhen conlinue lo wail lor beller levels lo enler
shorls lrom a medium lerm perspeclive. Neverlheless, a close
below lhe lows ol May, 58.30/33, would be an indicalion ol a
resumplion ol lhe primary downlrend, in which case il can aim
lor 57.35/57.00 levels.
INVE5TO EDUCATION NOTE
8
Exchange Traded funds (ETf)
WhaI is an Exchange Traded fund (ETf)?
The Lxchange Traded lund (LTl) is primarily a mulual lund scheme which is lisled and lraded on lhe slock exchange. An LTl can invesl
in.
Lquily replicaling lhe composilion and perlormance ol an equily index (e.g. CNX Nilly, CNX Junior Nilly)
Commodily lracking lhe aclual price ol lhe commodily (e.g. Cold)
Money markel inslrumenls which include shorl-lerm governmenl securilies, call money
CharacIerisIics o! ETfs
As LTls are lisled and lraded on lhe slock exchange, lhey can easily be lransacled like any olher slock on a real lime basis.
The minimum inveslmenl in an Lquily LTl is as low as one unil, where lhe cosl ol one unil is a lunclion ol lhe underlying value ol
lhe largel index (e.g Nilly LTl may be priced al !/!0lh ol CNX Nilly lndex value).
ETfs and porI!oIio asseI aIIocaIion
LTls provide inveslors wilh exposure lo broad segmenls and sub segmenls ol equilies, commodilies and money markel assel
classes.
LTls enable assel allocalion lhal can be lailored lo an inveslor's individual linancial needs, risk lolerance, and inveslmenl horizon.
LTls can provide a convenienl, ellicienl and cosl-elleclive inveslmenl approach lhal may suil bolh inslilulional and individual
inveslors.
lnveslor Lducalion and Awareness lnilialive
This malerial is provided lor educalional purposes only and should nol be conslrued as inveslmenl advice or an oller or solicilalion lo buy or sell securilies. All inveslors are slrongly
urged lo consull wilh lheir legal, lax, or accounling advisors regarding any polenlial lransaclions or inveslmenls. There is no assurance lhal lhe lax slalus or lrealmenl ol a proposed
lransaclion or inveslmenl will conlinue in lhe lulure. Tax lrealmenl or slalus may be changed by law or governmenl aclion in lhe lulure or on a relroaclive basis. This nole is issued in
or lrom lndia by Coldman Sachs Assel Managemenl (lndia) Privale Limiled (CSAM lndia). Conlidenlialily. No parl ol lhis nole may, wilhoul CSAM's prior wrillen consenl, be (i) copied,
pholocopied or duplicaled in any lorm, by any means, or (ii) dislribuled lo any person lhal is nol an employee, ollicer, direclor, or aulhorised agenl ol lhe recipienl. The inlormalion
provided is solely lor crealing awareness and educaling inveslors / polenlial inveslors aboul Mulual lund Schemes and lor lheir general underslanding. Whilsl Coldman Sachs Mulual
lund lakes reasonable sleps lo ensure lhe accuracy ol all inlormalion available under lhis seclion, il does nol guaranlee lhe compleleness, ellicacy, accuracy or limeliness ol such
inlormalion. 20!4 Coldman Sachs. All righls reserved. Mulual lund inveslmenls are subjecl lo markel risks, read all scheme relaled documenls carelully. !302!9.OTHLP.MLD.OTU.
* Coldman Sachs does nol provide accounling, lax or legal advice. Please see addilional disclosures al lhe end ol lhis nole. STT
Securilies Transaclion Tax.
Underlying
Tracking
8enelils
Lquily lndex
Tracks lhe perlormance ol
lhe largel index
Lower expense ralio as
compared lo aclive
equily lund
Transparenl
Trading llexibilily
inlraday on lhe
exchange
Peal lime pricing
STT NlL on buy and
0.00! on sell lhrough
slock exchange*
Cold
Tracks lhe price ol lhe physical
Cold
An ellicienl melhod lo
lake exposure lo Cold
Convenienl dealing
lhrough demal accounl
No slorage & securily
concerns lor inveslors
Transparenl pricing
No STT classilied as
debl lund*
No weallh lax
Money Markel lnslrumenls
Nol applicable
To park cash belween
lrades
Pelalively low exposure lo
risk
No STT*
Can be used as cash
equivalenl margin lor
derivalives segmenl wilh
a !0 hair cul
Type EquiIy ETf GoId ETf Money MarkeI ETf
ene!iIs o! invesIing in ETfs
This InvesIor EducaIion noIe is provided by GoIdman 5achs AsseI ManagemenI (India) PrivaIe LimiIed
9
ONE MONTH POTfOLIO - MAY
Nifty : 6696
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 & lDlC
lClCl 8ank *
TCS
Maruli Suzuki
Cairn lndia
Lngineers lndia
Dabur lndia
TV!8
CL Shipping
8lue Slar
Licher Molors
Ceomelric
!,437,465
4,285,4!6
579,236
640,!!8
76,822
3!!,!02
43,3!4
50,434
!8,8!0
!67,433
6,668
!,245
2,!89
!,9!8
335
228
!79
25
334.0
209
6,20!
!05
2.!
22.4
20.8
5.2
!2.!
33.8
50.6
7.8
29.9
42.5
!2.5
!.9
!9.6
!6.4
6.3
!4.4
28.9
2!.!
6.9
!7.6
23.8
7.0
NlM is on lhe improvemenl lrajeclory on back ol
heallhy liabilily lranchise & beller ALM. Pobusl assel
qualily (nel NPA al 0.82). Lower risk on SML book
as il conslilules -5ol lolal porllolio. locus on
slable growlh wilh improving slruclural prolilabilily
reinlorces our exisling posilive oullook on lhe slock.
Consislenl high volume growlh rellecls elleclive
demand generalion inilialives and ellicienl
execulion. The managemenl expecls growlh rales in
lY!5 lo be beller lhan lY!4. lls conlidence is based
on clienl inleraclions and lheir spending pallerns
MSlL's sales growlh in lY!5 is expecled lo receive
supporl lrom new launches, low base and pick-up in
demand senlimenls. lmproved volume oullook lor
lhe company in lY!5 will conlribule posilively lo lhe
margins.
The Company has guided lor produclion growlh ol
7-!0 CACP lor nexl lhree years (i.e. -220-240
Kbopd by lY!7L) lrom known discoveries bul in
lY!5L produclion is expecled lo be llal. ln nexl
lhree years, lhe company is largeling lo achieve a
reserve replacemenl ralio ol !50, subjecl lo lhe
exlension ol lhe produclion sharing conlracl ol lhe
block lill 2030.
Leading posilion in domeslic Hydrocarbon
consullancy space Allraclive valualions vis-a-vis
company's negalive working capilal and slrong
balance sheel posilion
Diversilied producl porllolio, !8PAT CACP wilh
high visibilily Slrong Trends in quarlerly resulls,
company likely lo beal peers earnings in lhe near -
lerm
Slrong play on DAS, wilh upswing in nel
dislribulion income Slock lrades well below our lair
value assessmenl ol Ps 30/ share
Shipping markels have become slable The slock
currenlly lrades al a sleep discounl lo ils NAV ol Ps
532/ share
Markel leader in Cenlral AC. lmproving earnings
oullook
Poyal Lnlield business, wilh slrong volume growlh
and heallhy margins will remain lhe key growlh
driver lor LML. Pecovery in lhe economy will provide
growlh momenlum in lhe VLCV business and is
expecled lo supporl earnings growlh
The scale-down lrom lhe largesl clienl is likely
complele. The order booking improved once again
lo $!0.5mn ($9.25mn in 3Q). We view wilh
oplimism, lhe second successive quarler ol higher
order bookings.
10
Performance of 1 month Portfolio Nay
ecommended LeveIs CurrenI IeveIs eIurns%
NIfTY 6696 7,229 7.96
Pl
lClCl 8ank* !243 !4!8 !4.08
TCS 2!89 2!44 -2.06
Maruli Suzuki !923 2270 !8.04
Cairn lndia 335 338 0.90
Lngineers lndia 228 278 2!.93
Dabur !79 !88 5.03
TV!8 25.3 28 !!.86
Creal Laslern Shipping 334 368 !0.!8
8lue Slar 209 23! !0.53
Licher Molors 620! 6677 7.68
Ceomelric !05 !4! 34.29
Cash - Licher
Cash - Maruli
Cash - 8lueslar
Cash - TV!8
k1ukNS %
Nifty 7.96
FcrtfcIic 11.84
ONE MONTH POTfOLIO - MAY
11
ONE MONTH POTfOLIO - 1UNE
Nifty : 7230
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 & lDlC
lClCl 8ank*
TCS
Maruli Suzuki
L&T
Crasim
Lngineers lndia
Dabur
LNlL
C L Shipping
MPPL*
NllT Technologies
!,625,663
4,!98,!94
684,332
!,429,432
293,384
94,006
323,268
!9,200
!78,7!
!!7,862
23,695
!,408
2,!45
2,266
!,546
3,!95
279
!86
400
370
67
39!
2.4
22.0
24.6
25.5
228.2
!4.8
35.!
22.9
77.!
!.6
!0.3
2.!
!9.2
!9.4
22.!
226.6
!7.7
30.0
2!.9
74.0
!.5
8.8
NlM is on lhe improvemenl lrajeclory on back ol
healhy li abilily lranchise & beller ALM. Pobusl assel
qualily (nel NPA al 0.82). Lower risk on SML book
as il conslilules ~5ol lolal porllolio. locus on
slable growlh wilh mproving slruclural prolil abilily
reinlorces our exisling posilive oullook on lhe slock.

ln lhe pasl several quarlers, TCS has reporled
induslry leading growlh rales wilh suslained
margins. TCS conlinues lo mainlain an oplimislic
oullook on demand. We main lain our posilive view
on lhe slock.
MSlL's sales growlh in lY!5 is expecled lo receive
supporl lrom new launches, low base and pick-up in
demand senli menls. lmproved volume oullook lor
lhe company in lY!5 will conlribule posilively lo lhe
margins.
Slrong order book. Diversilied area ol operalions

Crasim's chemical division volumes lor Q4lY!4
improved by 30 YoY led by higher produclion al
Nagda planl. Pamp up ol produclion al Vilayal
progressing Well. We ex pecl lhe lull benelil ol
Chemical complex al Vilayal(Chloro-Alkali and ils
derivalives including Lpoxy) lo accrue lrom lY!5.
Crasim has recommended dividend ol Ps 2!/- share
lor lY!4.
Leading posilion in domeslic Hydrocarbon
consullancy space Allraclive valualions vis-a-vis
company's negalive working capilal and slrong
balance sheel posilion
Diversilied producl porllolio, !8 PAT CACP wilh
high visibilily Slrong Trends in quarlerly resulls,
company likely lo beal peers' earnings in lhe near -
lerm
Pure-play on lM radio, exposure lo Phase -3 Slrong
balance sheel places company in a slrong posilion
ahead ol auclions and polenlial consolidalion

CPPL is conlinously adding new clienls in lhe
conlainer segmenl Wilh improving operaling
leverage, we expecl lhe margins ol lhe company lo
improve. We eslimale volumes lor lhe porl lo grow
al a CACP ol !5 over lY!4 lo lY!6L
Wilh expansion, we expecl lhe prolilabilily lo
improve on accounl ol i). Higher relining capacily,
ii). Higher ulilizalion levels iii). lmproved producl
mix, iv). 8eller relining margins v). Lconomies ol
scale, vi). lorward inlegralion - Polypropylene planl
and vii). Various lax benelils.
Lxpecled improvemenl in prolilabilily ol ClS / Morris
and improved growlh projeclions by lATA bode well
lor lhe prospecls ol NllTT.
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* 30 - May side)
(s) (s) (s) (%)
8anking
^llahabad Bauk 63,250 08May14 95 87 SELL 127 (31.2) 21.5 22.6 5.9 5.6 10.9 11.0 1.3 1.3
ûdhra Bauk 53,300 13May14 65 62 RE0uCE 95 (34.9) 7.4 8.8 12.9 10.8 5.1 6.0 1.1 1.1
^xis Bauk 758,697 28^pr14 1,534 1,721 BuY 1,836 (6.3) 132.5 148.0 13.9 12.4 17.6 17.3 2.3 2.1
Bauk o Baroda 347,509 14May14 878 935 ^CCuM 843 11.0 109.3 121.5 7.7 6.9 14.3 14.2 1.3 1.1
0CB Bauk 17,408 16^pr14 65 76 BuY 70 9.3 6.1 6.6 11.4 10.5 14.1 13.5 1.6 1.4
h0|C Bauk 1,870,446 23^pr14 726 810 BuY 786 3.0 35.6 43.3 22.1 18.2 21.6 22.3 4.5 3.8
|C|C| Bauk 1,609,317 28^pr14 1,269 1,401 BuY 1,396 0.4 85.0 95.9 16.4 14.6 14.1 14.6 2.3 2.1
|udiau Bauk 73,405 15May14 138 152 ^CCuM 171 (11.0) 24.9 28.0 6.9 6.1 10.4 10.8 0.9 0.9
|udiau 0verseas Bauk 61,608 12May14 60 50 SELL 77 (35.3) 4.9 6.2 15.8 12.5 4.5 5.3 1.1 1.1
auuu & Kashuir Bauk 72,655 19May14 1,827 2,070 BuY 1,498 38.2 243.8 278.9 6.1 5.4 22.5 21.9 1.3 1.1
Puujab Nalioual Bauk 320,137 14May14 800 750 RE0uCE 944 (20.5) 92.3 103.2 10.2 9.1 9.9 10.1 1.4 1.3
Slale Bauk o |udia 1,705,951 26May14 2,755 2,987 ^CCuM 2,542 17.5 145.6 164.8 17.5 15.4 10.1 10.2 2.2 2.0
uuiou Bauk o |udia 113,431 09May14 135 143 RE0uCE 206 (30.6) 26.9 26.6 7.7 7.7 10.4 9.6 1.1 1.1
N8FCs
h0|C Lld 1,288,808 07May14 877 940 ^CCuM 877 7.2 34.9 40.2 25.1 21.8 20.6 21.3 5.2 4.6
|0|C 191,011 29^pr14 114 146 BuY 126 15.6 13.4 13.7 9.4 9.2 14.0 12.9 1.3 1.2
L|C housiug |iuauce 151,216 23^pr14 279 336 BuY 318 5.5 26.1 31.0 12.2 10.3 18.7 19.1 2.2 1.9
Mahiudra & Mahiudra |iuaucial Services 144,914 25^pr14 245 273 ^CCuM 303 (9.9) 15.6 18.3 19.4 16.5 18.5 18.9 3.8 3.3
ShrirauJrausporl |iuauce Co 212,173 02May14 733 790 ^CCuM 947 (16.6) 55.7 62.5 17.0 15.2 17.3 16.9 2.7 2.3
Autc & Autc AnciIIary
^pollo Jyres 88,780 16May14 177 190 ^CCuM 176 7.9 19.9 19.5 8.9 9.0 24.3 20.0 6.2 5.3
^shok Leylaud 86,083 27May14 32 35 ^CCuM 32 8.2 0.1 323.5 81.0 21.2
Bajaj ûlo Lld 562,579 16May14 1,951 2,210 BuY 1,944 13.7 112.1 126.5 17.3 15.4 37.0 34.8 11.8 10.0
Eicher Molors Lld # 180,237 14|eb14 6,479 6,866 ^CCuM 6,675 2.9 145.7 232.2 45.8 28.7 20.7 27.0 23.0 15.3
Escorls Lld ** 15,263 30May14 122 136 ^CCuM 125 9.0 20.5 13.1 6.1 9.5 13.8 8.1 4.8 6.9
hero MoloCorp Lld 469,170 30May14 2,345 2,569 ^CCuM 2,346 9.5 105.6 141.5 22.2 16.6 39.8 48.6 12.1 10.6
Mahiudra & Mahiudra 761,068 15^pr14 1,006 1,211 BuY 1,236 (2.0) 60.0 64.4 20.6 19.2 23.0 21.0 15.1 13.7
Maruli Suzuki |udia Lld 656,550 28^pr14 1,956 2,225 BuY 2,272 (2.1) 92.1 116.7 24.7 19.5 14.1 15.7 11.4 9.1
Jala Molors 1,317,369 30May14 424 487 BuY 415 17.3 46.5 52.3 8.9 7.9 27.1 25.4 4.7 4.1
JvS Molors 61,810 30^pr14 92 99 ^CCuM 130 (23.9) 5.5 7.4 23.7 17.6 19.8 22.6 13.9 11.1
CapitaI 6ccds
^BB Lld * 191,895 06May14 821 681 SELL 906 (24.8) 8.3 17.7 109.1 51.2 6.7 13.3 40.8 26.0
^|^ Eugiueeriug 71,003 21May14 646 760 BuY 755 0.6 28.7 37.3 26.3 20.3 19.0 21.3 14.9 12.6
^lslouJ&0 |udia Lld * 73,504 05May14 271 210 SELL 308 (31.7) 4.6 6.2 66.9 49.6 12.8 16.2 26.7 20.9
Bajaj Eleclricals Lld 29,734 30May14 319 310 RE0uCE 301 3.0 15.5 19.4 20.2 35.7 9.9
Bharal Eleclrouics 128,608 27au14 981 1,118 BuY 1,608 (30.5) 108.9 108.0 14.8 14.9 13.2 11.9 8.9 8.2
BhEL 592,663 30May14 243 215 SELL 242 (11.2) 14.1 11.6 17.2 20.9 10.5 8.6 11.2 12.1
Blue Slar 24,210 17^pr14 206 242 ^CCuM 269 (10.1) 7.0 12.7 38.5 21.2 12.5 20.7 19.9 12.5
Crouplou 0reaves 117,156 30au14 102 102 RE0uCE 183 (44.1) 5.4 8.4 33.8 21.7 9.2 13.1 17.6 12.2
Cuuuius |udia 176,285 26May14 627 680 ^CCuM 636 6.9 21.6 24.6 29.4 25.9 24.2 24.8 24.3 21.0
0iauoud Power |uraslruclure 3,735 18|eb14 45 44 RE0uCE 100 (56.1) 19.9 18.6 5.0 5.4 11.7 10.0 6.5 5.8
Elgi Equipueul Lld 18,115 11|eb14 88 90 RE0uCE 115 (21.5) 3.9 4.9 29.4 23.4 13.7 15.2 15.7 13.1
Eugiueers |udia Lld 93,888 27May14 285 380 BuY 279 14.3 17.2 19.5 16.2 20.1 21.5 15.3 18.1
0reaves Collou 24,793 02May14 83 88 ^CCuM 102 (13.3) 5.5 6.2 18.5 16.4 17.1 17.5 11.8 9.4
havells |udia Lld 116,774 30May14 951 980 RE0uCE 970 1.0 35.8 48.6 27.1 20.0 28.7 31.6 16.1 11.9
Kalpalaru Power Jrausuissiou 26,763 31au14 75 85 ^CCuM 174 (51.2) 10.9 12.4 16.0 14.1 8.7 9.2 8.2 7.6
Larseu & Joubro 1,425,724 23au14 1,005 1,079 ^CCuM 1,546 (30.2) 51.7 64.0 29.9 24.1 13.4 14.9 19.0 15.9
Sieueus |udia # 287,176 29^pr14 745 545 SELL 868 (37.2) 4.9 15.8 177.1 54.9 4.3 13.3 68.3 27.1
Suzlou Euergy 32,932 18|eb14 11 N^ RS 22
Jheruax 105,303 29May14 910 1,095 BuY 885 23.7 23.1 32.4 38.3 27.3 7.6 11.3 23.8 16.6
Jiue Jechuoplasl Lld 8,893 13Mar14 34 47 BuY 43 10.5 4.5 5.5 9.5 7.7 10.8 12.0 5.5 5.0
va Jech wabag Lld 31,269 27May14 1,053 1,121 ^CCuM 1,180 (5.0) 41.2 56.8 28.6 20.8 14.0 16.7 13.6 11.3
vollaup Lld 6,462 08May14 535 600 ^CCuM 640 (6.2) 27.0 40.0 23.7 16.0 6.0 9.0 27.3 12.7
vollas Lld 61,704 29^pr14 164 168 RE0uCE 187 (10.0) 6.6 8.2 28.3 22.8 12.9 14.7 20.0 17.2
Cement
^CC # 251,129 25^pr14 1,348 1,357 RE0uCE 1,337 1.5 58.3 64.3 22.9 20.8 14.4 14.9 16.4 12.7
0rasiu |uduslries 291,537 06May14 2,639 3,079 BuY 3,179 (3.2) 225.7 257.3 14.1 12.4 10.1 10.5 6.6 5.2
|udia Ceueuls 30,654 28May14 93 87 SELL 100 (12.9) 4.8 20.8 3.8 8.6 5.5
Shree Ceueul 238,691 29^pr14 5,700 5,703 RE0uCE 6,851 (16.8) 179.8 255.2 38.1 26.8 15.1 18.3 17.2 12.8
ullraJech Ceueul 652,723 28^pr14 2,083 2,005 RE0uCE 2,382 (15.8) 78.2 87.4 30.5 27.3 13.3 13.2 18.3 13.9
12
EVlEIDTA(x)
*P/8V lor 8anking & N8lC's
LATE5T fUNDAMENTAL 5TOCK ECOMMENDATION
Ccnstructicn
|L&|S Jrausporlaliou Nelwork Lld 37,319 14May14 158 174 ^CCuM 192 (9.4) 23.8 14.0 8.1 13.7 12.1 7.9 10.8 10.4
|RB |uraslruclure 0evelopers 65,508 03|eb14 77 116 BuY 197 (41.1) 12.7 12.9 15.5 15.3 12.2 11.2 8.8 8.3
aiprakash ^ssociales 160,386 30May14 74 80 ^CCuM 73 9.5 1.1 1.6 66.4 45.7 1.8 2.6 12.7 11.2
Nagarjuua Couslrucliou 18,589 23May14 77 64 SELL 72 (11.7) 1.5 3.2 48.3 22.6 1.6 3.3 10.5 8.7
Siuplex |uraslruclures 11,573 18|eb14 81 85 ^CCuM 233 (63.5) 13.4 17.1 17.4 13.6 5.0 6.1 6.7 6.3
FMC6
Colgale Paluolive (|udia) Lld 188,612 26May14 1,369 1,358 RE0uCE 1,387 (2.1) 35.9 41.2 38.6 33.7 88.5 90.3 27.7 24.5
0abur |udia Lld 327,526 30^pr14 178 201 ^CCuMuL^JE 188 6.7 5.3 6.2 35.6 30.4 33.8 31.8 27.9 22.8
0odrej Cousuuer Producls Lld 252,206 30^pr14 786 787 RE0uCE 779 1.0 22.2 25.1 35.1 31.1 19.7 19.6 22.5 18.8
hiuduslau uuilever 1,303,236 29^pr14 581 578 RE0uCE 603 (4.2) 16.8 18.2 35.9 33.2 122.4 112.9 27.7 24.4
|JC Lld 2,597,337 26May14 343 341 RE0uCE 336 1.6 11.1 12.4 30.2 27.1 40.5 39.1 20.7 18.5
Marico Lld 157,104 02May14 204 226 ^CCuMuL^JE 244 (7.4) 7.5 8.4 32.5 29.0 27.5 32.2 21.5 17.9
Neslle |udia Lld 478,340 15May14 4,754 4,224 SELL 4,961 (14.9) 114.4 119.6 43.4 41.5 47.5 44.3 24.5 23.5
Pidilile |uduslries 153,797 30May14 308 315 RE0uCE 303 4.0 8.9 10.0 34.0 30.3 25.2 24.0 22.0 19.5
Infcrmaticn 1echncIcgy
0eouelric Lld 8,774 02May14 105 132 BuY 140 (5.7) 8.4 15.3 16.7 9.2 17.7 25.7 3.2 2.9
hCL Jechuologies 1,001,496 21^pr14 1,425 1,509 ^CCuMuL^JE 1,419 6.4 86.7 96.7 16.4 14.7 23.0 19.5 10.7 9.5
|uosys Jechuologies 1,681,324 16^pr14 3,268 3,714 BuY 2,939 26.4 190.3 206.7 15.4 14.2 25.4 23.2 12.9 11.5
Cyieul Lld (|uolech) 34,141 11Mar14 321 366 ^CCuMuL^JE 307 19.1 23.8 30.6 12.9 10.0 18.6 20.4 6.6 5.2
KP|J Jechuologies 30,477 30^pr14 168 195 BuY 159 22.3 13.4 16.1 11.9 9.9 21.5 21.1 6.6 5.2
Mphasis Lld *** 92,029 16May14 393 395 RE0uCE 441 (10.4) 15.1 36.6 29.2 12.0 15.1 14.5 16.2 8.5
N||J LJ0 7,873 22May14 41 46 ^CCuM 48 (3.8) 1.1 4.4 43.5 10.9 2.7 10.5 12.8 8.9
N||J Jechuologies 22,956 12May14 409 467 BuY 391 19.3 38.1 44.3 10.3 8.8 19.1 18.9 5.6 4.5
0racle |iuaucial Services Solware 237,018 20|eb14 3,015 3,244 ^CCuM 2,830 14.6 159.8 163.2 17.7 17.3 16.7 14.7 12.2 15.5
Jala Cousullaucy Services (JCS) 4,151,645 22^pr14 2,221 2,513 BuY 2,121 18.5 97.6 111.8 21.7 19.0 51.9 45.4 16.2 14.0
wipro Jechuologies 1,238,520 21^pr14 588 616 ^CCuM 506 21.7 31.7 36.2 16.0 14.0 25.7 24.3 10.6 8.7
eusar Jechuologies 15,751 25^pr14 387 422 ^CCuM 365 15.5 54.3 57.5 6.7 6.4 28.0 24.1 3.9 2.9
Lcgistics
^daui Porl & Special Ecououic oue 455,796 20May14 230 210 RE0uCE 228 (7.7) 9.8 11.3 23.2 20.1 24.2 22.2 18.0 14.5
^llcargo 0lobal Logislics 26,030 30May14 185 196 ^CCuM 190 3.2 11.8 17.9 16.1 10.6 8.8 11.9 7.5 6.5
Blue 0arl Express 92,143 12May14 3,250 2,920 SELL 3,888 (24.9) 52.4 63.0 74.2 61.7 19.4 20.3 47.6 40.4
Coulaiuer Corporaliou o |udia 217,922 29May14 1,130 1,200 ^CCuM 1,118 7.4 50.0 59.9 22.4 18.7 13.9 14.8 16.8 14.1
0aleway 0islriparks Lld 23,960 05May14 175 196 ^CCuM 222 (11.7) 11.8 13.9 18.8 16.0 15.2 16.1 10.0 8.8
0ujaral Pipavav Porl Lld (0PPL) 53,530 07May14 89 101 ^CCuM 126 (20.0) 3.6 4.8 35.1 26.3 12.7 14.4 21.8 18.5
Media
0B Corp 53,936 14May14 282 306 ^CCuM 297 3.0 16.7 19.4 17.8 15.3 28.2 27.4 10.7 9.4
0ish Jv |udia Lld 54,796 28May14 54 55 RE0uCE 52 6.8 9.7 8.8
Eulerlaiuueul Nelwork (EN|L) 19,078 27May14 410 435 ^CCuM 400 8.8 17.5 19.6 22.9 20.4 15.3 14.8 12.4 10.7
hJ Media 26,702 NR 114 7.8 14.6 9.9 8.5
Jv18 Broadcasl 59,936 29May14 34 34 RE0uCE 35 (3.0) 0.6 1.2 58.4 29.2 2.9 5.9 34.1 18.5
agrau Prakashau 36,135 30May14 115 122 ^CCuM 120 1.6 7.5 7.5 16.0 16.0 25.0 23.3 9.4 8.1
Suu Jv Nelwork 162,821 26May14 426 470 ^CCuM 413 13.7 19.0 21.3 21.8 19.4 25.0 25.1 10.3
ee Eulerlaiuueul Eul 260,882 22May14 239 293 RE0uCE 267 9.8 9.3 10.2 28.7 26.2 21.1 20.1 20.3 17.9
MetaIs & Mining
hiudalco 305,590 28Mar14 125 132 ^CCuM 148 (10.8) 11.2 13.0 13.2 11.4 8.9 9.4 9.7 7.6
hiuduslau iuc 663,161 22^pr14 132 152 BuY 157 (3.2) 16.3 16.7 9.6 9.4 18.6 16.6 5.7 5.0
S^|L 361,421 17|eb14 61 52 SELL 88 (40.6) 6.8 7.5 12.9 11.7 6.7 7.0 12.6 10.2
Jala Sleel Lld 481,523 15May14 452 472 ^CCuM 475 (0.7) 34.4 54.2 13.8 8.8 9.3 13.0 5.9 6.0
Mid Cap
Kajaria Cerauics Lld 41,010 08May14 483 507 ^CCuM 543 (6.6) 15.6 20.7 34.8 26.2 25.8 24.6 15.2 12.5
0iI & 6as
Cairu |udia Lld 644,034 25^pr14 352 370 ^CCuM 338 9.6 65.0 52.6 5.2 6.4 22.5 15.8 4.2 4.7
Caslrol |udia Lld * 145,525 14May14 293 276 SELL 294 (6.2) 10.3 10.3 28.6 28.6 51.0 57.7 20.0 18.8
Cheuuai Pelroleuu Corporaliou Lld 13,499 26May14 108 99 SELL 91 9.3 7.7 11.8 6.5 13.9 8.1
0ujaral Slale Pelrouel Lld (0SPL) 40,869 23May14 81 77 SELL 73 5.7 7.4 7.6 9.9 9.6 12.8 11.9 4.9 5.2
|udrapraslha 0as (|0L) 45,108 29May14 313 332 ^CCuM 322 3.0 25.7 28.1 12.5 11.5 21.5 20.1 5.9 5.0
Maugalore Reiuary & Pelrocheuicals (MRPL) 117,209 21May14 68 79 BuY 67 18.1 3.4 3.5 19.5 19.0 7.2 8.4 16.5 9.2
0il |udia Lld 342,657 28May14 580 538 SELL 570 (5.6) 48.9 54.1 11.7 10.5 13.8 14.4 5.3 4.3
Pelrouel LN0 116,513 02May14 145 153 ^CCuM 155 (1.5) 9.6 10.8 16.2 14.3 14.9 15.1 9.9 8.2
Faints
Kausai Nerolac Paiuls Lld 73,223 02May14 1,280 1,270 RE0uCE 1,359 (6.5) 36.1 47.3 37.6 28.7 13.2 15.3 20.3 15.9
Fcwer
NJPC 1,323,483 19May14 133 143 ^CCuM 161 (10.9) 13.3 11.9 12.1 13.5 13.1 10.9 10.5 10.2
Jala Power Coupauy Lld 246,317 24|eb14 79 88 BuY 104 (15.2) 5.6 6.4 18.5 16.2 11.2 11.4 6.3 6.1
keaI state
Phoeuix Mills Lld 40,247 03|eb14 203 279 BuY 278 0.4 10.2 10.9 27.2 25.5 8.1 8.1 22.1 19.6
Shipping
^B0 Shipyard Lld 14,710 17|eb14 275 252 RE0uCE 289 (12.8) 2.9 2.2 99.7 131.4 0.8 0.6 10.3 10.4
0E Shippiug Coupauy 56,004 08May14 338 385 ^CCuM 368 4.5 38.1 48.6 9.7 7.6 8.1 9.6 3.9 3.7
Pipavav 0eeuce & 0shore Eugg 46,725 17|eb14 37 36 RE0uCE 68 (46.7) 0.2 1.8 338.0 37.6 0.7 5.9 15.9 15.0
Shippiug Corporaliou o |udia 25,346 29May14 63 77 BuY 60 28.7 2.7 22.2 2.1 17.3 11.8
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
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* 30-May side)
(s) (s) (s) (%)
LATE5T fUNDAMENTAL 5TOCK ECOMMENDATION
14
CMP
2!84
Targel Price
22!0
52 wk High/Low
2209/!680
Markel Cap (Ps Mn)
3!,992
Shares Oulslanding (Mn)
289
A1A1 AUTO UY
PEfEED PICK5 - fUNDAMENTAL
5aIes VoIumes (UniIs)
Geography Mix (%)
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) fY14 fY15E fY16E
VALUATION PAAMETE5 fY14 fY15E fY16E
PICE PEfOMANCE (%) 1M 3M 6M
Sales 20!,495 227,824 259,!27
Crowlh () 0.8 !3.! !3.7
L8lTDA 4!,057 46,!49 54,!72
L8lTDA margin () 20.4 20.3 20.9
P8T 46,334 5!,989 60,726
Nel prolil 32,424 36,6!3 42,629
Adjusled LPS (Ps) !!2.! !26.5 !47.3
Crowlh () 6.5 !2.9 !6.4
CLPS (Ps) !!8.3 !33.2 !54.4
8V (Ps/share) 332.0 394.7 483.5
Dividend / share (Ps) 50.0 50.0 50.0
POL () 37.0 34.8 33.5
POCL () 52.5 49.! 47.4
Nel cash (debl) 89,874 !!!,379 !35,60!
NWCapilal (Days) (!0.5) (!!.3) (!!.4)
P/L (x) !9.5 !7.3 !4.8
P/8V (x) 6.6 5.5 4.5
LV/Sales (x) 2.8 2.4 2.4
LV/L8lTDA (x) !3.6 !!.6 !!.7
!3.8 8.9 9.9
Lasl reporl on !6-May-!4 (Price.!95!)
INVE5TMENT AGUMENT
8AL will be launching a new Discover !25 in March 20!4 and is hoping
lhal lhis new launch coupled wilh lhe Discover !00 (launched in
Oclober 20!3) will help improve Discover sales and regain lhe losl
markel share. Company also have new producl pipeline under lhe
Pulsar brand.

ln exporls, lhe company has seen recovery over lhe pasl couple ol
quarlers and remains oplimislic on growlh prospecls in lhe
lulure.

lor lY!5, lhe company's exporl exposure worlh $700mn is already
hedged in lhe range ol Ps60-70/$. Company is expecling lo realize
Ps60/$ in lY!4 and Ps62.5/$ in lY!5.
Sequenlially we expecl company's volumes lo improve led by new
launches and impacl ol good monsoons on rural demand.
ln lhe 3W space, lhe company is hopelul ol good volumes in lhe
domeslic markel lNP conlinues lo slay weak and lhal is benelicial lor
L8lTDAmargins.
Lower lhan expecled volume growlh lor 8AL could signilicanlly
impacl our sales and prolilabilily eslimales.
8AL is amongsl lhe lop 2W players 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
(!0lh June - !4)
15
CMP
!88
Targel Price
20!
52 wk High/Low
!94 / !43
Markel Cap (Ps Mn)
27,052
!744
DAU INDIA LTD ACCUMULATE
evenue breakup (%)
EITDA margin
Source. Company
Sales 70,732 8!,687 94,!60
Crowlh !5.! !5.5 !5.3
L8lTDA !!,564 !3,9!! !6,57!
L8lTDA margin !6.3 !7.0 !7.6
P8T !!,363 !3,749 !6,883
Nel prolil 9,!46 !0,762 !2,880
LPS (Ps) 5.3 6.2 7.4
Crowlh !9.! !7.7 !9.7
CLPS 5.8 6.8 8.!
8ook Value (Ps / Share) !5.6 !9.5 24.!
Dividend per Share (Ps) !.6 2.0 2.4
POL () 33.8 3!.8 30.8
POCL () 32.2 32.7 33.0
Nel cash (debl) (!,525) 5,239 !2,5!!
Nel working capilal (Days) (!2) (8) (2)
P/L (x) 35.6 30.3 25.3
P/8V (x) !2.0 9.6 7.8
LV/Sales (x) 4.6 3.9 3.3
LV/L8lTDA (x) 28.4 23.! !9.0
4.3 8.5 !3.7
Lasl reporl on 30-Apr-!4 (Price.!78)
INVE5TMENT AGUMENT
Diversilied, compelilive porllolio gives lhe company an edge. A
subslanlial parl ol Dabur's porllolio is posilioned in niche spaces wilh
lillle compelilive pressures. We lhink Dabur's producl porllolio is likely
lo wealher weak induslry growlh/ economic environmenl beller lhan
peers.

Pricing, Lxpense levers lo enable earnings delivery available.
Dabur has, in our opinion, some headroom lo raise prices, and/ or
reduce adverlising and promolion spends in lhe coming quarlers, il
volume growlh is unable lo deliver lhe eslimales buill inlo consensus.

Valualions reasonable relalive lo peers, re-raling likely lo suslain on
meeling eslimales. Dabur lrades al 24XlY!6L PLP, in line wilh peers.
We believe valualions are conducive lo capilal preservalion, and
modesl apprecialion in lhe medium-lerm.
Compelilive lnlensily, especially in lhe hair oils and oral care
segmenl, is a signilicanl risk lor Dabur. Also, lorex risks relaling wilh
lruil juice (domeslic operalions) and lranslalion risks arising lrom lhe
company's inlernalional operalions. De-raling in lMCC slocks is a
lurlher (valualion) risk lo lhe price largel.
Dabur slarled oul wilh pharmaceulical sales in Calculla in !884. ll was
eslablished as a public limiled company in !986.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
16
CMP
3!7
Targel Price
380
52 wk High/Low
329 / !2!
Markel Cap (Ps Mn)
!06,640
337
ENGINEE5 INDIA LTD UY
5egmenI 5aIes (s bn)
evenue mix (%)
Source. Company
Sales !8,465 2!,!33 26,0!6
Crowlh () -27.0 !4.5 23.!
L8lTDA 3,83! 5,!78 6,504
L8lTDA margin () 20.7 24.5 25.0
P8T 7,044 8,!84 9,5!0
Nel prolil 4,830 5,8!0 6,752
LPS (Ps) !4.3 !7.2 20.0
Crowlh () (23.6) 20.3 !6.2
CLPS (Ps) !4.8 !7.5 20.3
8ook value (Ps/share) 74.8 85.5 98.9
Dividend per share (Ps) 5.6 5.6 5.6
POL () 20.! 2!.5 2!.7
POCL () !9.8 2!.4 2!.7
Nel cash (debl) !8,273 24,296 30,396
Nel Working Capilal (Days) (!06.6) (!!2.8) (!!5.8)
P/L (x) 22.! !8.4 !5.8
P/8V (x) 4.2 3.7 3.2
LV/Sales (x) 4.4 3.6 2.7
LV/L8lTDA (x) 2!.2 !4.7 !0.8
3!.2 89.2 89.9
Lasl reporl on 27-May-!4(Price.285)
INVE5TMENT AGUMENT
Lngineers lndia enjoys a heallhy markel share in lhe Hydrocarbon
consullancy segmenl. ll enjoys prolilic relalionship wilh lew ol lhe
major oil &gas companies like HPCL, 8PCL, ONCCand lOC.

Company is well poised lo benelil lrom recovery in lhe inlraslruclure
spending in lhe hydrocarbon seclor.
We believe lhal in lulure, company shall inevilably benelil lrom
MoPNC huge largel ol nearly Ps !.2 lrillion envisaged lor various
projecls in Xll live year plan.
Company has been observing pick up in order inllows/revenue booking
in consullancy business space which enjoys heallhy margins.
Slowdown in domeslic Hydrocarbon induslry.
APublic seclor underlaking.
Leading player in domeslic markel
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
17
CMP
523
Targel Price
6!6
52 wk High/Low
6!! / 3!9
Markel Cap (Ps Mn)
!,288,897
2466
WIPO LTD ACCUMULATE
Number o! EmpIoyees
GeographicaI evenue reak up (%)
Source. Company
Sales 437,628 480,084 528,777
Crowlh () !6.9 9.7 !0.!
L8lTDA !00,392 !!3,489 !25,035
L8lTDA margin () 22.9 23.6 23.6
P8T !0!,004 !!3,4!9 !25,705
Nel prolil 78,403 89,034 99,307
LPS (Ps) 3!.7 36.2 40.4
Crowlh () 27.2 !4.3 !!.5
CLPS (Ps) 36.! 4!.4 45.9
8ook value (Ps/share) !39.3 !66.4 !96.2
POL () 25.7 24.3 22.7
POCL () 3!.5 29.5 27.8
Nel cash (debl) !56,472 206,978 277,!4!
Nel Working Capilal (Days) 73.! 78.4 78.8
P/L (x) !6.5 !4.4 !2.9
P/8V (x) 3.8 3.! 2.7
LV/Sales (x) 2.5 2.2 2.4
LV/L8lTDA (x) !!.! 9.8 8.3
!.7 (6.2) !.!
Lasl reporl on 2!-Apr-!4 (Price.588)
INVE5TMENT AGUMENT
As compared lo lhe year-ago period, lhe deal pipeline is beller and lhe
conversions are lasler, which is encouraging.
Wipro's win rales have improved by 50 over lhe recenl pasl and
conversions have been al a record in 4Q. The same lrend
conlinues in !QlY!5.
The company's revenue growlh lrajeclory has improved in lhe pasl lew
quarlers.
We will become more posilive on lhe slock aller seeing consislenl high
revenue growlh, going ahead.
A delayed recovery in major user economies and a sharper-
lhanexpecled apprecialion ol rupee remain lhe key risks lor earnings.
Wipro is a global inlormalion lechnology, consulling and oulsourcing
company serving over 900 clienls in 54 counlries.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
18
CMP
!35
Targel Price
!46
52 wk High/Low
!50 / 76
Markel Cap (Ps Mn)
4,547
!5!6
IDfC UY
Trend in earnings (s bn)
Trend in eIurn aIios
Source. Company
Nel lnleresl lncome 25,640 27,092 29,545
Crowlh () 22.3 5.7 9.!
Non-lnl lncome 8,830 9,000 9,200
Tolal lncome 34,470 36,092 38,745
Operaling Prolil 29,440 33,928 36,530
Nel Prolil !8,360 20,438 2!,7!7
Crowlh () !8.! !!.3 6.3
Cross NPA () 0.2 !.! !.6
Nel NPA () 0.! 0.6 !.0
NlMs () 4.! 4.0 4.0
PoA () 2.4 2.6 2.6
PoL () !4.0 !4.! !3.5
DPS (Ps) 2.5 2.5 2.5
LPS (Ps) !2.0 !3.5 !4.3
8V (Ps) 90.3 !00.9 !!2.4
Adj. 8V (Ps) 90.! 98.8 !08.2
P/L (x) !!.2 !0.0 9.4
P/A8V (x) !.5 !.4 !.2
!5.! 20.3 20.8
Lasl reporl on 29-Apr-!4 (Price.!!4)
INVE5TMENT AGUMENT
ll is presenl in lhe niche inlraslruclure linancing space and is well
posilioned lo benelil lrom lndia's large inlraslruclure opporlunily.
Assel qualily is besl in class - CNPA/NNPA al 0.56/0.37 (Q4lY!4).
Moreover, il carries sullicienl provision buller (2.4 ol loans) lo
provide lor any likely lulure increase in CNPA.
Average spread (rolling LTM) has remained slable al 2.3-2.4 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.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
19
CMP
73
Targel Price
79
52 wk High/Low
8! / 26
Markel Cap (Ps Mn)
!28,203
!753
MangaIore e!inery and PeIrochemicaIs LId. UY
MPL's eporIed GMs (U5$lbbIs)
MPL's Crude IhroughpuI (MMT)
l CapaciIy UIiIisaIion (%)
Source. Company
Source. 8loomberg
Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
Sales 7!8,!03 7!9,855 699,823
Crowlh () 9.3 0.2 -2.8
L8lTDA !0,!69 2!,252 24,54!
L8lTDA margin () !.4 3.0 3.5
P8T 4,095 8,993 9,752
Nel prolil 6,0!0 6,!9! 6,7!4
LPS (Ps) 3.4 3.5 3.8
Crowlh () NA 3.0 8.4
CLPS (Ps) 7.5 8.6 9.5
8ook value (Ps/share) 40.3 43.0 45.8
Dividend per share (Ps) 0.8 0.8
POL () 7.2 8.4 8.5
POCL () 5.8 6.8 6.9
Nel cash (debl) (!8,!88) 63,!!4 78,0!6
P/L (x) 2!.3 20.7 !9.!
P/8V (x) !.8 !.7 !.6
LV/Sales (x) 0.2 0.3 0.3
LV/L8lTDA (x) !0.8 9.0 8.4
28.3 78.4 78.2
Lasl reporl on 2!-May-!4 (Price.68)
INVE5TMENT AGUMENT
PHASL lll Pelinery projecl. The phase lll up-gradalion and expansion
projecl has achieved an overall progress ol 99.68 as on !5lh April'!4.
ln Aug'!4, lhe Company has also commissioned lhe SPM lacilily. ln
April'!4, MPPL has linally commissioned delayed coker unil ol 3.0
MMTPA, which is parl ol lhe relinery upgradalion cum expansion
projecl. ll is now converling lhe low value luel oil producl lo high end
value producls. We expecl relining margins lo improve signilicanlly
lrom here on. PlCCand lwo lrains ol SPUis expecled lo commission in
lY!5.
Polypropylene projecl. We expecl lhal polypropylene planl will
commission in H!lY!5 as lhe overall progress ol polypropylene projecl
has reached 95.6 as on !5lh April, 20!4.
Wide lluclualions in crude, lorex and producl prices can impacl
margins.
MPPL (Mini-Palna slalus) is a pure play crude oil reliner wilh slrong
promoler backing ol ONCC. MPPL has lranslormed ilsell inlo a large
and complex relinery wilh phase-lll capacily expansion and has
emerged inlo a much slronger player in lhe induslry. MPPL's improved
llexibilily will enable il lo process lighl lo heavy and sweel
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
20
CMP
2!34
Targel Price
25!3
52 wk High/Low
2385 / !38!
Markel Cap (Ps Mn)
4,!80,!2!
!959
TATA CON5ULTANCY 5EVICE5 UY
Number o! EmpIoyees
GeographicaI evenue reak up (%)
Source. Company
Sales 8!8,094 934,050 !,052,7!4
Crowlh 29.9 !4.2 !2.7
L8lTDA 25!,322 280,7!9 3!2,720
L8lTDA margin 30.7 30.! 29.7
P8T 253,888 289,9!9 324,070
Nel prolil !9!,087 2!8,8!3 244,853
LPS (Ps) 97.6 !!!.8 !25.!
Crowlh 37.! !4.5 !!.9
CLPS !05.5 !20.0 !34.0
8ook Value (Ps / Share) 282.7 349.2 423.2
Dividend per Share (Ps) 32.0 40.0 45.0
POL 5!.9 45.4 39.6
POCL 66.4 58.2 50.9
Nel cash (debl) 29,060 !06,644 2!3,729
Nel working capilal (Days) 99.2 96.0 94.0
P/L (x) 2!.9 !9.! !7.!
P/8V (x) 7.5 6.! 5.0
LV/Sales (x) 5.! 4.4 3.8
LV/L8lTDA (x) !6.5 !4.8 !3.0
(!.2) (0.4) 2.5
Lasl reporl on 22-Apr-!4(Price.222!)
INVE5TMENT AGUMENT
Consislenl high volume growlh rellecls elleclive demand generalion
inilialives and ellicienl execulion.
We undersland lhal, lhe managemenl expecls growlh rales in lY!5 lo
be beller lhan lY!4.
lls conlidence is based on clienl inleraclions and lheir spending
pallerns.
TCS has been relalively more oplimislic on lulure demand and il has
reileraled lhe same.
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.
A slower-lhan-expecled recovery in major user economies may impacl
our projeclions.
TCS, a Tala group company, is lhe largesl company by revenues in lhe lT
service exporls induslry ol lndia.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
21
CMP
447
Targel Price
487
52 wk High/Low
465 / 263
Markel Cap (Ps Mn)
!,222,763
2737
TATA MOTO5 UY
5aIes VoIumes (UniIs)
1L - 5aIes VoIumes (UniIs)
Source. Company
Source. 8loomberg
Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
Sales 2,328,337 2,700,74! 3,079,45!
Crowlh () 23.3 !6.0 !4.0
L8lTDA 348,377 402,257 478,335
L8lTDA margin () !5.0 !4.9 !5.5
P8T !88,690 232,55! 270,684
Nel prolil !39,9!0 !68,20! !97,587
LPS (Ps) 46.5 52.3 6!.4
Crowlh () 40.2 20.2 !7.5
CLPS (Ps) 77.9 94.4 !!5.2
8V (Ps/share) 203.8 208.0 267.0
DPS(Ps) 2.0 2.0 2.0
POL () 27.! 25.4 25.8
POCL () 27.9 27.6 28.8
Nel cash (debl) (!56,704) (268,574) (269,557)
NWC (Days) (23.0) (23.0) (23.0)
P/L (x) 9.6 8.5 7.3
P/8V (x) 2.2 2.! !.7
LV/Sales (x) 0.7 0.6 0.4
LV/L8lTDA (x) 4.5 3.8 2.6
4.5 !2.8 !4.4
Lasl reporl on 30-May-!4 (Price.424)
INVE5TMENT AGUMENT
JLP's producl cycle looks robusl, wilh various new launches/upgrades/
lacelills planned over lhe nexl lew years.
lurlher, launches/upgrades are largely happening in lhe more
prolilable models, lhereby providing scope lor improved producl mix.
TAMO's slandalone operalions have been under pressure lor lhe pasl
lew quarlers due lo weak economic laclors and poor perlormance in
lhe passenger car markel. Civen lhe currenl weak macro-economic
environmenl, M&HCV demand revival looks unlikely in lhe near lerm.
Company is laking various sleps lo improve ils perlormance in lhe
passenger car segmenl. Any signilicanl improvemenl in lhis segmenl is
expecled lo happen over lhe medium lo long lerm.
Lower lhan expecled volume growlh al JLP
Delay in recovery in domeslic demand
Pise in raw malerial prices
Tala Molors Limiled (TAMO), parl ol Tala Croup, is lndia's largesl
aulomobile company. Lslablished in !945, TAMO has presence in lhe
commercial vehicle and passenger vehicle segmenls. ln lhe domeslic
markel, lhe company is lhe markel leader in bolh lhe LCV and M&HCV
segmenl.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
22
CMP
920
Targel Price
!095
52 wk High/Low
945 / 526
Markel Cap (Ps Mn)
!09,624
!!9
THEMAX UY
GrovIh in Order inIake (s mn)
evenue mix (%)
Source. Company
Sales 50,999 64,743 73,!09
Crowlh () -7.! 26.9 !2.9
L8lTDA 4,265 5,922 7,909
L8lTDA margin () 8.4 9.! !0.8
P8T 3,893 5,837 7,884
Nel prolil 2,750 3,858 5,2!!
LPS (Ps) 23.! 32.4 43.8
Crowlh () (9.6) 40.3 35.!
CLPS (Ps) 27.5 39.6 5!.4
8ook value (Ps/share) !70.7 !94.9 230.5
POL () 7.6 !!.3 !4.0
POCL () !!.3 !4.5 !7.2
Nel cash (debl) 4,!38 6,503 !2,036
Nel Working Capilal (Days) !2.4 !3.3 6.0
P/L (x) 39.8 28.4 2!.0
P/8V (x) 5.4 4.7 4.0
LV/Sales (x) 2.! !.6 !.4
LV/L8lTDA (x) 24.9 !7.8 !3.0
20.0 25.7 33.6
Lasl reporl on 29-May-!4 (Price.9!0)
INVE5TMENT AGUMENT
Thermax is a play on lhe caplive power and induslrial boiler segmenl.
The oullook lor lhe caplive power seclor remains clouded on limiled
visibilily ol greenlield planls in core seclors. We reckon lhal since
melals and chemicals accounl lor almosl 60 ol lhe caplive power
capacily in lndia, revival in lhese lwo seclors remain crucial lor
suslained growlh in order inlake lor lhe company.
Al lhe end ol lY!4, order backlog (Slandalone) was up 24 yoy lo Ps
53.89 bn, lhereby increasing revenue visibilily lo !5 monlhs ol lrailing
lour quarlers
The annual reporl highlighls compelilion lrom Chinese players in
energy segmenl, which has lhe polenlial lo spread lo olher
segmenls as well.
Wilh lhe lirming up ol lhe inleresl rales, order linalizalion is laking
longer.
Markel leader in induslrial boilers.
Signilicanl player in induslrial ellluenl lrealmenl
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
23
Company Name 5eries ating Tenure Int Date CMP Accrued Int YieId
lud|a lu|as|ucu|e f|uauce Corpau, L|r|ed /// 15 12| No.erbe| 1000.00 46.96 8.95%
lNE787F07289
Fous|u 8 u|bau 0e.e|opreu Co|p Ld //+ 10 25| Ccobe| 1000.00 49.62 8.92%
lNE031/07907
lud|a lu|as|ucu|e f|uauce Corpau, L|r|ed /// 20 12| No.erbe| 1009.00 47.63 8.91%
lNE787F07305
lowe| f|uauce Co|po|a|ou L|r|ed /// 10 16| No.erbe| 999.01 44.94 8.90%
lNE134E07414
Fous|u 8 u|bau 0e.e|opreu Co|p Ld //+ 20 13| Iauua|, 1041.00 29.40 8.67%
lNE031/07980
N!lC L|r|ed N2 /// 15 16| 0ecerbe| 1029.50 39.62 8.59%
lNE733E07If7
Ru|a| E|ec|||ca|ou Co|po|a|ou L|r|ed /// 10 1s 0ecerbe| 1016.01 16.41 8.43%
lNE020b07lf7
Na|oua| Fous|u bau| N4 /// 10 13| Iauua|, 5185.00 33.23 8.43%
lNE557f07116
ENNCRE lo| L|r|ed (Kara|aja| lo| Ld) //+ 10 25| Va|c| 1030.00 16.48 8.39%
lNE363C07087
lowe| f|uauce Co|po|a|ou L|r|ed /// 10 28| Va|c| 900.00 12.92 8.35%
lNE134E07356
ENNCRE lo| L|r|ed (Kara|aja| lo| Ld) //+ 15 25| Va|c| 1083.00 17.24 8.21%
lNE363C07095
lud|au Reuewab|e Eue|, 0e.e|opreu /euc, L|r|ed N4 /// 10 13| Va|c| 1025.00 19.24 8.20%
lNE202E07112
Ru|a| E|ec|||ca|ou Co|po|a|ou L|r|ed /// 15 1s Iu|, 1070.01 75.40 8.18%
lNE020b07CF7
Na|oua| Fous|u bau| N2 /// 15 13| Iauua|, 5350.00 33.70 8.18%
lNE557f07090
lud|au Ra||wa, f|uauce Co|po|a|ou L|r|ed N0 /// 10 15| /p||| 1030.70 11.68 8.14%
lNE053f07736
Na|oua| Fous|u bau| (2023) N5 /// 10 24| Va|c| 5200.00 16.91 8.13%
lNE557f07173
lud|au Ra||wa, f|uauce Co|po|a|ou L|r|ed N7 /// 10 15| /p||| 1030.00 11.39 8.13%
lNE053f07652
Na|oua| Fous|u bau| (2023) N6 /// 15 24| Va|c| 5428.99 17.64 8.11%
lNE557f07181
Na|oua| F||wa,s /u|o||, o lud|a N6' /// 15 15| Va|c| 1070.49 19.54 8.11%
lNE906b070f8
Na|oua| F||wa,s /u|o||, o lud|a N5 /// 15 15| Va|c| 1054.90 18.98 8.06%
lNE906b070E1
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 30lh May, 20!4
As on 30lh May, 20!4
24

Absolule Pelurns lor period less lhan ! year, CACP lor ! year & above
Large Cap funds
8irla Sun Lile lronlline Lquily lund - Plan A - Crowlh 3,920 28.30 !4.75 !5.63
HDlC Lquily lund - Crowlh !0,445 36.49 !2.48 !8.!2
lClCl Prudenlial locused 8luechip Lquily lund - Pel - Crowlh 4,897 26.!9 !3.95 !7.28
S8l Magnum 8luechip lund - Crowlh 80! 22.48 !4.!9 !2.29
UTl Lquily lund - Crowlh 2,478 23.82 !3.96 !7.20
Mid Cap funds
lranklin lndia Prima lund - Crowlh 986 40.60 !8.8! 2!.05
HDlC Mid-Cap Opporlunilies lund - Crowlh 3,!60 46.53 !9.02 24.88
lClCl Prudenlial Value Discovery lund - Crowlh 3,040 50.26 !9.3! 25.29
lDlC Slerling Lquily lund - Peg - Crowlh !,368 29.76 !3.73 20.35
OpporIunisIic funds
lranklin lndia High Crowlh Companies lund - Crowlh 497 34.89 !5.53 !7.52
lClCl Prudenlial Dynamic Plan - Crowlh 3,670 39.39 !3.93 !8.22
Kolak Selecl locus lund - Crowlh 35! 28.40 !4.07 -
Peliance Lquily Opporlunilies lund - Crowlh 5,2!6 34.56 !6.80 22.95
EL55 funds
Axis Long Term Lquily lund - Crowlh 934 36.27 !9.99 -
HDlC Long Term Advanlage lund - Crowlh 860 30.76 !3.33 !7.50
lClCl Prudenlial Taxplan - Crowlh !,568 43.2! !5.80 20.46
ecommended Equity funds AUM(s. in Crs) 1 Year 3 Years 5 Years
AUM is as ol March 20!4 & Average Malurily ol Schemes is as ol April 20!4
Tracker as on May 30lh, 20!4
CAG (%)
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
25
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
8AJAJ llNANCL LlMlTLD 8.90(M) 9.05(M) 9.20(M) 8.90(M)
8.95(Q) 9.05(Q) 9.30(Q) 8.95(Q)
9.05(H) 9.!5(H) 9.30(H) 9.05(H)
9.25(Y) 9.40(Y) 9.65(Y) 9.25(Y)
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)
PN8 9.65 (H) 9.40(H) 9.40(H) 9.50(H)
COMPANY fIXED DEPO5IT5
NCDs l onds Lead Manager Lead roker
LCL linance Limiled NCD Kolak Securilies Limiled is one ol lhe Lead 8roker
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 Securities - Investment Strategist - Unzipping Growth - June 2014

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Kotak Securities - Investment Strategist - Unzipping Growth - June 2014

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