APRIL 19, 2010

Economy News Equity

4 THE government may put pressure on steel companies to limit price hike % Chg
as it fears a major revision could add to the inflationary pressure,but the 16 Apr 10 1 Day 1 Mth 3 Mths
industry is not happy with the attempt to regulate prices. (ET)
Indian Indices
4 Britain joined Germany in calling for a probe of Goldman Sachs Group SENSEX Index 17,591 (0.3) 0.1 0.6
Inc after the US Securities and Exchange Commission (SEC) said it was NIFTY Index 5,263 (0.2) (0.0) 0.7
suing the company for fraud. (BS) BANKEX Index 10,554 (0.0) 1.2 3.4
4 Within seven days of 3G spectrum auction, the government has netted Rs BSET Index 5,500 (0.5) (0.2) 2.9

230 bn, with one provisional bid for pan-India spectrum touching Rs 57.1 BSETCG INDEX 13,984 (0.6) (0.1) (1.6)
bn on Saturday. In a nutshell, the government has already mopped BSEOIL INDEX 10,090 (0.5) (0.8) (4.2)
around 66% of the budgeted Rs 350 bn. (FE) CNXMcap Index 7,891 (0.4) 3.8 1.5
BSESMCAP INDEX 9,017 (0.2) 6.1 0.5

Corporate News World Indices

Dow Jones 11,019 (1.1) 2.6 2.7
4 P&G has filed a petition for contempt of court against HUL in Kolkata Nasdaq 2,481 (1.4) 4.5 6.9
High Court on the latest Rin commercial. P&Gs contention is that the FTSE 5,744 (1.4) 1.7 4.2
latest Rin commercial showcases several similar elements from the Nikkei 11,102 (1.5) 0.7 1.3
previous commercial where Rin openly took on Tide. (ET) Hangseng 21,865 (1.3) 0.9 (0.5)

4 Emami Group is close to acquiring an Egyptian personal care products Value traded (Rs cr)
manufacturer. The move is part of the groups corporate strategy to 16 Apr 10 % Chg - Day
bolster Emami's growth at an accelerated pace of 50-60 % CAGR over
the next three years. (ET) Cash BSE 4,237 (7.1)
Cash NSE 12,599 (18.2)
4 A leading private oil refiner is willing to build a well-head refinery at Derivatives 75,830 2.9
Cairn India's Barmer oilfield after the Rajasthan government has agreed
to give tax concessions, officials in the know said. Cairn India and some Net inflows (Rs cr)
state owned oil companies could also be equity partners, a Rajasthan 15 Apr 10 % Chg MTD YTD
government official said on condition of anonymity. (ET)
FII 343 (44) 5,064 24,876
4 HDFC Bank, the country's second-largest private bank, has moved to the Mutual Fund (258) (29) (902) (6,738)
top of the pile in the retail banking segment, displacing ICICI Bank as the
recovery in demand and robust economic growth helped the bank to FII open interest (Rs cr)
lend more to customers buying cars, homes and two-wheelers. HDFC 15 Apr 10 % Chg
Bank saw record lending of Rs 40 bn in March in Auto, Homes & Credit FII Index Futures 14,410 4.0
Cards. (ET) FII Index Options 39,699 0.6
4 Unitech Group, which runs the country's second-largest developer, FII Stock Futures 29,988 0.3
Unitech Ltd, launched a Rs 3.0 bn venture capital fund to raise funds for FII Stock Options 974 1.8
its slum redevelopment projects in Mumbai, a top group executive said.
(BS) Advances / Declines (BSE)
16 Apr 10 A B S Total % total
4 Videocon Group, a diverse business coglomerate, is planning to double
capacity of its proposed power plant project at Pipavav in Gujarat. The Advances 66 709 176 951 37
group's power arm, Videocon Power, is in the process of setting up a Declines 137 1111 254 1,502 59
1200 MW coal fired power project at Pipavav for an outlay of Rs 60 bn. Unchanged 0 79 11 90 4
"We have acquired land for the project and have also achieved financial Commodity % Chg
closure. We are looking at doubling the power capacity by Pipavav. The
company has already begun the necessary spadework and have already 16 Apr 10 1 Day 1 Mth 3 Mths
placed order with BHEL (Bharat Heavy Electricals Ltd) for machineries for Crude (NYMEX) (US$/BBL) 82 (1.7) 1.4 3.6
1200 MW," Venugopal Dhoot, chairman said. (BS) Gold (US$/OZ) 1,137 (1.9) 2.6 (0.2)
4 In a first, two Indian drug firms, Lupin Ltd and Dr Reddy's Ltd, have Silver (US$/OZ) 18 (3.7) 4.0 (5.8)
made it to the list of top 10 generic companies in the fiercely competitive
US market, placed eighth and tenth, respectively, in 2009. These Debt / forex market
16 Apr 10 1 Day 1 Mth 3 Mths
companies have improved their standing in the $34-billion US generic
market despite their apparent failure in getting market exclusivity under 10 yr G-Sec yield % 7.84 7.89 7.76 7.63
the highly-lucrative-yet-risky route of Para IV filings. (FE) Re/US$ 44.3 44.4 45.6 45.6

Sensex
18,000

15,750

13,500

11,250

9,000
Source: ET = Economic Times, BS = Business Standard, FE = Financial Express, Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10
BL = Business Line, ToI: Times of India, BSE = Bombay Stock Exchange
 MORNING INSIGHT April 19, 2010

COMPANY UPDATE NAGARJUNA CONSTRUCTION COMPANY (NCC)

Teena Virmani
teena.virmani@kotak.com
+91 22 6621 6302 PRICE : RS.173 RECOMMENDATION : ACCUMULATE
TARGET PRICE : RS.175 FY11E P/E: 19.2X
q Overall scenario improving in Andhra Pradesh so execution likely to im-
prove
q Construction for Dubai Harmony project has commenced
q Strong order inflow in fiscal 2010 to enhance revenue visibility going
forward
q BOT projects commissioning slightly delayed
q We continue to remain positive on the company but stock price rise
since our last recommendation make us downgrade the stock to ACCU-
MULATE from BUY earlier.

Key highlights about the company

Summary table Scenario improving in Andhra Pradesh

(Rs mn) FY09 FY10E FY11E NCC is currently executing projects worth Rs 10bn for irrigation related works in
Andhra Pradesh. These projects have faced delays on account of several issues such
Revenues 41,514 48,987 56,335
% change YoY 19.5 18.0 15.0
as death of AP Chief Minister, lack of funding with the government, formation of a
EBITDA 3,737 4,899 5,633 separate state Telangana and unrest related to this issue. Situation has now eased
% change YoY 3.9 31.1 15.0 in AP with funds to the tune of Rs 150 bn approved for irrigation projects for FY11.
Other Income 42 70 50 This would help in clearing the pending payments also. As per initial estimates, a
Depreciation 533 559 679
sum of nearly Rs. 40 bn will go towards clearing the pending bills of contractors for
EBIT 3,245 4,410 5,005
% change YoY 2.3 35.9 13.5
work they have completed.
Net interest 964 1,244 1,506
Along with this, AP government has appointed a Telangana committee which will
Profit before tax 2,282 3,166 3,499
% change YoY (6.9) 38.8 10.5
examine the situation in AP in reference to creation of a separate state or maintain-
Tax 743 1,076 1,190 ing the present status of united AP. This committee will submit its report by 31st,
as % of PBT 32.6 34.0 34.0 Dec, 2010. We thus don't expect further delays due to unrest for construction
Net income 1,539 2,090 2,309 companies executing projects in AP.
% change YoY (5.0) 35.8 10.5
Shares OS (m) 228.9 256.6 256.6 Company has got receivables to the tune of Rs 400-450mn which were pending
EPS (reported) (Rs) 6.7 8.1 9.0 with the government at the end of Q3FY10. We expect the pace of execution from
P/E (x) 25.7 21.2 19.2
these projects to improve going forward with easing of funding situation with the
EV/EBITDA(x) 13.6 9.8 9.1
RoE (%) 9.4 10.7 9.9
government.
RoCE (%) 12.0 13.8 13.5
Commencement of construction in real estate NCC harmony
Source: Company, Kotak Securities - Private
Client Research project in Dubai
NCC has commenced construction for real estate project NCC Harmony in Dubai.
Company would construct six floors and then would raise the demand from buyers
and investors for further construction. Though construction has commenced, but
overall scenario in Dubai will still take one-two years to reach previous levels.

Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 2
 MORNING INSIGHT April 19, 2010

Status of BOT projects

NCC is executing 5 road projects on BOT basis. Out of these 5 BOT projects, two
projects are already operational.
n Brindavan Infrastructure Project is already operational
n Western UP tollway project was likely to be completed by March, 2010 but it
faced certain delays and now it is expected to commence by June, 2010.
n Bangalore elevated tollway project has been inaugurated and has also started
commencing toll collection from Feb, 2010. Average toll collection per day from
this project is approximately Rs 20 lakh.
n Orai Bhognipur project is likely to be completed by May, 2010 as against earlier
expectation of March, 2010.
n Pondicherry Tindivaram project is on schedule and is expected to get opera-
tional by July, 2010.
Going forward, company is likely to bid for upcoming road BOT projects and is con-
fident of bagging atleast two to three projects worth Rs 30-40bn in the road seg-
ment. We expect company to fund the equity requirements for the new projects ei-
ther through securitization of receivables from commissioned projects or through
stake sale in their existing BOT projects.

Machilipatnam project outlook

Company had earlier bagged the Machilipatnam project in consortium with
Maytas, Srei Infrastructure finance and Sarat Chatterjee & Co as members. Project
had faced a lot of delays due to issues related to Maytas Infra and exit of Srei Infra-
structure Finance and Sarat Chatterjee & Co. Now the port would be developed by
Navayuga Engineering. Though NCC also has a stake in this project but company is
examining the viability of this project and may also exit from this. We have not in-
cluded valuations from this project in the overall target valuation for the company.

Robust order inflow in fiscal 2010

Company has witnessed an excellent order inflow in fiscal 2010 with an increase
witnessed primarily in buildings and irrigation related projects followed by power
and international related segment. Due to higher proportion of road projects likely
to be awarded in FY11, we expect FY11 to be better than FY10 in terms of order
inflows. NCC also maintains its revenue guidance of Rs 48bn and Rs 55bn of rev-
enues on standalone and consolidated basis respectively.

Financial outlook
n We maintain our revenue estimates and expect revenues to grow at a CAGR of
16.5% between FY09-FY11.
n Operating margins of the company have shown an improvement in 9MFY10
and correspondingly we expect operating margins to improve in FY10 as com-
pared to FY09. We maintain our estimates and expect margins to be 10% for
FY10 and FY11.
n With strong revenue growth and excellent margins, we expect net profits to
grow at a CAGR of 23% between FY09-FY11.

Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 3
 MORNING INSIGHT
We recommend
ACCUMULATE on NCC with a
price target of Rs.175
Kotak Securities - Private Client Research
April 19, 2010
Valuation and recommendation
n At current market price of Rs 173, stock is trading at 21.2x and 19.2x P/E and
9.8x and 9.1x EV/EBITDA multiples on FY10 and FY11 estimates.
n Adjusted with subsidiary valuations, stock is trading at 16.3x and 14.8x P/E on
FY10 and FY11 respectively.
n We maintain our price target of Rs 175 based on sum of the parts methodol-
ogy.
n Stock price rise since our last recommendation at Rs 149 makes us downgrade
the stock to ACCUMULATE from BUY earlier.
Sum of the parts valuation(FY11)
Per share Rationale
Core business valuation 135 Based on 15x one year forward P/E multiple
BOT projects 15 Based on NPV and P/BV methodology
Bangalore mysore project 1
Meerut Muzaffpur project 2
Bangalore elevated corridor 6
Orai Bhognipur project 4
Pondicherry tindivaram project 2
Power projects 3 Based on P/BV methodology
Himachal Sorang 2
NCC Power project 1
Real estate 21 Based on P/BV of 1x of investments
Land bank development 13
Vizag development 2 Sum of the parts valuation(FY11)
Jubilee hills,Hyd 3
Telapur project,Hyd 4
Total value per share 175
Source: Kotak Securities
Please see the disclaimer on the last page For Private Circulation 4
 MORNING INSIGHT April 19, 2010

COMPANY UPDATE SHRIRAM TRANSPORT FINANCE COMPANY (STFC)

Sarika Lohra
sarika.lohra@kotak.com
+91 22 6621 6313 PRICE : RS.558 RECOMMENDATION : ACCUMULATE
TARGET PRICE : RS.610 FY11E P/ABV: 3.0X; P/E: 12.0X
q Well capitalized for swift business ramp up; expect healthy growth in its
AUM- well capitalized with a CAR of 17% (added Rs 5.8bn through QIP
route, equity dilution of close to 5%),
q Strong traction in income from CV trading business - comes as extra top-
ping
q NIM improved during FY10; interest rate hardening likely during FY11
notwithstanding, expect NIM to remain stable
q Valuation skills and relationship based model check defaults; improving
freight rates to aid recoveries, - asset quality to remain healthy
q We are tweaking our earnings estimates for FY11, and accordingly revis-
ing our price target for the stock to Rs.610 (FY11 P/ABVx of 3.25x).
Steady return ratios are the key catalyst for re-rating.

Summary table Strong business model - well capitalized for swift business ramp
up; expect healthy growth in AUM
(Rs bn) FY09 FY10E FY11E
n STFC has a strong pan-India presence through its network of over 480
Interest Income 37.2 44.9 51.2
Interest expenses 19.8 23.0 25.4
branches; it controls significant market share of over 20% in the pre-owned CV
NII 17.4 21.9 25.7 (largely LCVs) financing segment. The company provides finance to small and
Other Income 0.1 0.3 0.7 individual truck owners to buy pre-owned CVs, usually 5-12 year old. It holds
Total Income 17.5 22.2 26.5 expertise in loan origination, valuations and collections. The strong relationship
Optg Profit 12.7 16.8 20.4
based business model developed over three decades is difficult to be imitated by
PAT 6.1 8.5 11.3
Gross NPA (%) 2.1 2.0 1.5
competitors. It further endeavors to expand its market share with its new initia-
Net NPA (%) 0.8 0.7 0.7 tives of vehicle trading through Automalls and tie-ups with over 500 private fin-
NIM (%) 8.92 9.19 9.28 anciers.
RoA (%) 3.12 3.43 3.90
RoE (%) 29.53 27.81 26.54 n The company has raised Rs. 5.75bn ($ 125mn) through a qualified institutional
Divi. Payout (%) 1.05 1.28 1.79 placement route, leading to an equity dilution of close to 5%. STFC has healthy
EPS (Rs) 29.98 36.44 47.05 liquidity in its balances sheet, with a CAR of 17% and cash and cash equivalents
BV (Rs) 113.83 158.73 195.79
(liquid investments) amounting to Rs.59.61bn (during 9MFY10).
Adj. BV (Rs) 106.79 152.23 187.87
P/E (x) 18.61 15.31 11.86 n STFC is gearing up for a faster advances growth in the backdrop of improved
P/ABV (x) 5.23 3.67 2.97
freight rates and the broad base revival seen in automobile demand. We expect
Source: Company, Kotak Securities - Private a 27% yoy growth in STFC's AUM to Rs. 294bn (including both off books and
Client Research
on book assets) during FY10 and 20% yoy growth to Rs.354bn in FY11.
n STFC has also forayed into equipment financing business, which will largely fo-
cus on construction equipments. Initial capital requirement for the new com-
pany would be close to Rs. 1-1.5bn. We opine that the company is expected to
benefit from huge infrastructure spending envisaged during the eleventh five
year plan estimated at approximately $500bn

Strong traction in income from CV trading business - comes as

extra topping
n STFC who had efficiently created a market for pre-owned CVs through its
unique marketing strategies has introduced a new CV trading platform through
its subsidiary called "Shriram Automall". Automalls will be engaged in the busi-
ness of creating infrastructure for facilitating trading in pre-owned commercial
vehicles.

Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 5
 MORNING INSIGHT April 19, 2010

n STFC will also set up Auto Malls in different parts of the country, refurbish and
sell pro-owned commercial, vehicles under the name "New Look", provide
web-based computerized touch screen kiosks in all the branches across the
country under the name 'One Stop', and will also provide a host of other busi-
ness services to the trucking community in the courtly under one roof. The sub-
sidiary will be earning fee income for these services rendered.
n The first such mall has become operational during Q4FY10. It is further planning
to open close to 50-60 Automalls across India. Its fee based from CV trading
business for Q3FY10 stood at Rs.73.9mn and Rs.223.6mn for 9MFY10.

RoA & RoE (%) NIM improved during FY10; interest rate hardening likely during
FY11 notwithstanding, expect NIM to remain stable
ROA (% - LHS)
RoE (% - RHS) n STFC is present in the high yield pre-owned CV financing segment; it has been
able to maintain attractive NIM of around 8-9%. On the back of softening of
5.0 35.0
interest rates, STFC's NIM is likely to remain steady at 9.2% (8.9% in FY09) as
3.8 30.0 cost of funds had eased during FY10.
2.5 25.0 n Although, with the tightening of liquidity in the system, sign of interest rates
1.3 20.0 hardening are evident. The 10-year G-sec yields have moved close to 8%. We
- 15.0
opine that, by reducing its reliance on bulk borrowings and considering fund
raising through NCD route STFC will be advantageous for STFC as it will aid
FY2010E
FY2011E
FY 2005
FY2006
FY2007
FY2008
FY2009

stable NIM. Additionally, sell down of loan book to banks (assets classified as
priory sector lending) will also help contain cost of funds.

Source: Company, Kotak Securities - Private

Valuation skills and relationship based model check defaults;
Client Research improving freight rates to aid recoveries, - asset quality to re-
main healthy
n STFC's valuation capabilities and assets backed lending with adequate cover are
the key factors which helps check significant delinquencies. Vehicles are reposes
in cases of deliberate defaults. The relationship based and community referral
based model also helps in keeping a check on cases of borrow and runaway.
n With improving economic activity and steady freight rates; incremental delin-
quencies will be arrested. We expect SFTC's asset quality performance to im-
proved going forward. During 9MFY10, the company has also increased provi-
sion coverage to 73% (61% in FY09) leading to Net NPA of 0.7% (0.8% in
FY09) and Gross NPA of 2.4%.

Gearing up for higher business growth; superior returns ratios

remain key re-rating catalyst recommend accumulating the stock
at dips
We recommend ACCUMULATE n We continue to maintain our positive outlook for STFC and therefore tweaking
on Shriram Transport Finance our FY11 earnings estimates for STFC in the wake of higher business growth
Company with a price target of and except stable interest margins. Improvement in asset quality and superior
Rs.610 return ratios (RoE of 27.8% in FY10 and 26.5% in FY11) will also support stock
valuation.
n At the current market price the stock trades at P/E of 11.8x and P/ABVx of 3.0x
its FY11 earnings estimates. Given the healthy run up in the stock since our ear-
lier recommendation we recommend accumulating the stock at declines with a
revises price target of Rs. 610. We value the company on dividend discount
model, and at our price target the stock trades at P/ABVx of 3.25x its FY11
earnings estimates.

Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 6
 MORNING INSIGHT April 19, 2010

Bulk deals Trade details of bulk deals

Date Scrip name Name of client Buy/ Quantity Avg.
Sell of shares price
(Rs)

16-Apr ACIL Cot Inds Abhijai Investment B 61,749 30.1

16-Apr Choksi Lab Shashank Khade B 26,199 19.2
16-Apr Core Projects Shentracon Trexim Private Limited B 500,000 254.0
16-Apr Devika Prot Mrunal Agency & Finance Pvt. Ltd. S 62,539 30.2
16-Apr DMC Intl Atul Mittal B 141,800 18.5
16-Apr DMC Intl Mukeshkumar Gupta S 142,150 18.5
16-Apr Ecoplast Jignaal Keshvora B 15,000 38.0
16-Apr Ecoplast Nareshchandjain B 18,723 37.2
16-Apr Ecoplast Kizhepata Narayana Kutty S 36,000 38.1
16-Apr Expo Gas Latin Manharlal Sec.Pvt.Ltd. S 44,180 21.5
16-Apr Integra Ind Sharad Shah B 7,818 477.2
16-Apr Kilpest India Rekha Bhandari B 75,199 17.2
16-Apr Kilpest India BP Fintrade Private Limited B 39,041 17.3
16-Apr Mahalaxmi Rub Bhavik Rajesh Khandhar Share & Stock B 78,569 127.2
16-Apr Max India New Asia Fund S 1,723,895 184.1
16-Apr Modison Met Prakashchandramodi B 465,388 27.4
16-Apr Modison Met Neha Investments Private Limited S 444,444 27.5
16-Apr Omkar Overs Avanikaushik Kanakia B 25,000 68.7
16-Apr Orbit Corp Clsa (Mauritius) Limited B 600,000 322.5
16-Apr Oregon Comm Sonalbhupendrabhai Kamodia B 5,000 216.0
16-Apr Oregon Comm Jigeshamrutlal Hirani S 16,600 220.1
16-Apr Pochiraju Inds Ashokchinubhai Shah S 153,764 24.8
16-Apr Polypro Fibrils Forever Merchants Private Limited B 65,000 42.0
16-Apr Prime Sec Trinity Infratech Pvt Ltd B 401,828 47.2
16-Apr Priyadarshini Pradeepkr Aggarwal B 109,564 29.8
16-Apr Rainbow Papers Sarswati Vincom Ltd B 111,000 156.4
16-Apr Rainbow Papers Devkant Synthetics India Pvt. S 90,000 156.5
16-Apr Rollatainers Gulshan Investment Company Limited B 104,258 332.9
16-Apr Rollatainers Olympia Builders Pvt Ltd B 100,000 335.0
16-Apr Rollatainers W.Ld. Investment Pvt. Ltd. S 200,000 333.5
16-Apr Sark Sys Mag Impex Private Limited B 57,000 33.8
16-Apr Sark Sys Sanjeetkumar Chourasia B 92,000 33.9
16-Apr Sark Sys Sweta Tibrewala B 100,000 33.7
16-Apr Sark Sys Mv Tradecom Private Limited S 199,999 33.9
16-Apr Sark Sys Jignesh Shah S 50,000 32.2
16-Apr Shalibhadra Fin Bp Fintrade Private Limited B 26,726 23.8
16-Apr Shilpa Medicare Safe Enterprises B 150,000 325.2
16-Apr Shilpa Medicare Beechport Investments Limited S 300,000 325.3
16-Apr Solvay Pharma Santosh Tripathi B 397,839 3,054.1
16-Apr Solvay Pharma Bhavook Tripathi S 397,244 3,054.2
16-Apr Southern Ispat Jignasanjeev Shah B 59,800 24.1
16-Apr Tanla Solutions Copthall Mauritius Investment Limited B 3,570,414 46.0
16-Apr Tanla Solutions Merrill Lynch Cap Mkts Espana Sa Sv S 3,185,284 46.0
16-Apr Tatamotors-Dvr HDFC Mutual Fund Ltd
Ac HDFC Top Two Hundred Fund B 349,200 548.2
16-Apr Tatamotors-Dvr Tata Sons Limited S 600,000 548.5
16-Apr Techtran Poly Dheerajkumarlohia B 64,962 19.5
16-Apr Vikas Globalone Vikas Garg B 75,000 31.8
16-Apr Vikas Globalone Rakhi Gupta S 75,000 31.8
16-Apr Welspun India Artistic Finance Pvt Ltd B 490,331 99.0
16-Apr Welspun India Internationalsynthfabsp Ltd S 504,000 99.0

Source: BSE

Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 7
 MORNING INSIGHT April 19, 2010

Gainers & Losers Nifty Gainers & Losers

Price (Rs) chg (%) Index points Volume (mn)

Gainers
ITC Ltd 269.1 2.4 5.7 3.0
Tata Steel 695.7 1.4 2.0 4.3
ICICI Bank 922.5 0.5 1.7 4.5
Losers
Reliance Ind 1,084 (0.6) (3.8) 4.2
Infosys Tech 2,789 (0.5) (2.2) 0.8
BHEL 2,494 (1.4) (1.9) 0.4

Source: Bloomberg

Forthcoming events Company/Market

Date Event

19-Apr ETC Networks, Hero Honda, Midas Pharma, Modern Steel, Sesa Goa,
Sonata Software, TCS earnings expected
20-Apr Axis Bank, Ballarpur Ind, BOC India, Great Offshore, GTL, HCL Tech, Jindal Saw,
Manali Petro, Reliance Indl Infra, Zee Ent. earnings expected
21-Apr HCL Tech, Hindustan Zinc, Piramal Healthcare, Pennar Ind, Polaris Soft, TVS Motors
United Spirits, Zee News, earnings expected

Source: BSE

Research Team
Dipen Shah Apurva Doshi Saday Sinha Jayesh Kumar
IT, Media Logistics, Textiles, Mid Cap Banking, Economy Economy
dipen.shah@kotak.com doshi.apurva@kotak.com saday.sinha@kotak.com kumar.jayesh@kotak.com
+91 22 6621 6301 +91 22 6621 6308 +91 22 6621 6312 +91 22 6652 9172
Sanjeev Zarbade Saurabh Gurnurkar Sarika Lohra Shrikant Chouhan
Capital Goods, Engineering Media, IT NBFCs Technical analyst
sanjeev.zarbade@kotak.com saurabh.gurnurkar@kotak.com sarika.lohra@kotak.com shrikant.chouhan@kotak.com
+91 22 6621 6305 +91 22 6621 6310 +91 22 6621 6313 +91 22 6621 6360

Teena Virmani Saurabh Agrawal Arun Agarwal K. Kathirvelu

Construction, Cement, Mid Cap Metals, Mining Automobiles Production
teena.virmani@kotak.com agrawal.saurabh@kotak.com arun.agarwal@kotak.com k.kathirvelu@kotak.com
+91 22 6621 6302 +91 22 6621 6309 +91 22 6621 6143 +91 22 6621 6311

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