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Opening Bell

January 28, 2016

Results: Dabur, Mahindra Life, Jyothy Lab,


Symphony, Emami, Vedanta, Alok, Titan,
Glenmark, Airtel, Maruti, Century Ply, Firstsource
Index Movement (past one month)
8200

30000

8000

28000

7800

26000

7600
7400

BSE (RHS)

Sensex
Nifty

27-Jan

22-Jan

20-Jan

22000
18-Jan

14-Jan

12-Jan

8-Jan

6-Jan

7200

Key Developments
For Q3FY16, we expect Vedanta to report a subdued performance
due to lower commodity prices. We expect EBITDA margins to
decline 1250 bps YoY and 430 bps QoQ to 19.9%
For Q3FY16E, Maruti Suzukis volumes grew ~15.5% YoY to ~3.74
lakh units led by new launches/facelifts. We expect revenues to
grow 20.8% YoY to | 15197 crore. EBITDA margins may expand 380
bps YoY to 16.5% aided by better product mix & operating leverage.
PAT is estimated to grow 74.5% YoY to | 1,400 crore
Bharti Airtel is expected to report 3.3% QoQ revenue growth as
robust voice volumes and data volume growth are likely to be offset
by a reduction in tariffs. EBITDA margins are expected at 39.3% for
Indian operations and 20.2% for African operations
Dabur is expected to post revenue of | 2233 crore (7.7% YoY
growth). The Nepal border blockade is likely to impact Real fruit
juice sales, in particular, and, overall volumes for the company.
Domestic & international businesses are likely to grow 2.2% and
22.1%, respectively. The estimated operating margin is 18.7% with
19.7% YoY earnings growth to | 339.6 crore

24000

.
4-Jan

Markets Yesterday
Domestic markets ended flat with the focus remaining firmly on the
Federal Reserve's first meeting of the year later in the day. However,
most expect no change amid increasing concerns over weaker
global growth and stressed markets
US markets tumbled as stocks came under pressure late in the
session on the heels of the Federal Reserve's first monetary policy
announcement of the new year

Todays Highlights

31-Dec

Market Outlook
Indian markets are likely to open higher on account of positive
European and Asian cues. Uncertainties related to China and crude
prices along with F&O expiry are likely to lead to volatility in the
markets.

NSE (LHS)

Close Previous Chg (%) MTD(%) YTD(%) P/E (1yr fwd)


24,492 24,486
0.0
-6.2
-6.2
15.3
7,438
7,436
0.0
-6.4
-6.4
15.1

Institutional Activity
FII (| cr)
DII (| cr)

CY13
112,221
-73,385

CY14 YTD CY15 Yesterday Last 5 Days


99,525
17,137
-367
-3,923
-30,570
66,249
500
4,374

World Indices Monthly performance


U.K.
5,990
-4.2%
Dow Jones
15,944
-7.9%

Kospi
1,897
-4.7%
Germany
9,881
-7.9%

BSE
24,492
-5.2%
Nikkei
17,196
-8.6%

NSE
7,438
-5.4%
Nasdaq
4,468
-11.5%

France
4,380
-6.1%
Shanghai
2,736
-24.6%

Nifty Heat Map


NTPC
Sun
Pharma
SBI
Bank of
Baroda
Ultratech
Coal India
HDFC
Bank
NMDC
ACC
Tech M.

143.8
4.2%
821.2
1.7%
184.4
0.8%
130.0
0.4%
2,751.6
0.0%
304.1
-0.3%
1,035.7
-0.5%
80.1
-0.7%
1,230.4
-1.2%
503.1
-2.2%

Power
Grid

138.3

Tata
Motors

337.1

Maruti
Indusind
Bank
Cipla
HCL Tech
ONGC
BPCL
Axis Bank
Asian
Paints

3.9%
1.3%
4,112.0
0.7%
908.3
0.1%
580.5
0.0%
836.0
-0.3%
218.4
-0.6%
870.6
-0.8%
415.4
-1.3%
858.6
-2.3%

Dr Reddy
ITC
TCS
Bharti
Airtel
Tata
power
IDFC
L&T
Vedanta
Ltd
Hindalco
Ambuja
Cement

2,973.0
2.4%
313.0
1.1%
2,319.8
0.7%
297.8
0.1%
61.3
-0.1%
41.2
-0.4%
1,107.8
-0.6%
63.8
-0.9%
71.1
-1.3%
191.9
-2.6%

ICICI Securities Ltd. | Retail Equity Research

IDEA
Tata Steel
ICICI
Bank
Yes Bank
M&M
HDFC Ltd
Lupin

109.5
2.4%
257.6
1.1%
237.3
0.5%
678.1
0.1%
1,176.7
-0.1%
1,170.0
-0.4%
1,689.2
-0.6%

Kotak
Bank

674.6

Hero
Moto

2,482.5

BHEL

-0.9%
-1.7%
139.6
-3.9%

PNB
Wipro
GAIL
Infosys
Cairn
India
RIL

93.8
2.1%
552.6
1.0%
358.3
0.4%
1,138.5
0.1%
118.7
-0.2%
999.4
-0.5%

Grasim
Ind

3,423.8

Bajaj
Auto

2,302.9

HUL
United
Spirits

-0.6%
-1.1%
767.9
-2.0%
2,586.8
-4.2%

Markets Today
Close Previous
Commodities
Gold (|/10 gm)
Silver (|/kg)
Crude ($/barrel)
Copper ($/tonne)
Currency
USD/INR
EUR/USD
USD/YEN
ADRs
HDFC Bank
ICICI Bank
Tata Motors
Infosys
Dr Reddys Labs

Change (%) MTD(%)

YTD(%)

26,731
34,816
32.8
NA

26,373
34,227
33.1
NA

1.4
1.7
-0.8
NA

6.9
5.6
-11.9
-2.3

6.9
5.6
-11.9
-2.3

68.05
1.09
118.79

67.84
1.09
118.68

0.3
0.0
0.1

-2.8
0.3
1.2

-2.8
0.3
1.2

57.6
7.0
24.7
17.4
43.5

56.5
7.1
25.2
17.5
43.0

2.0
-0.6
-1.9
-0.6
1.2

-6.7
NA
-12.8
4.0
-5.7

-8.4
NA
-14.4
4.6
-7.1

Exchange Cash Turnover (| crore)

Sectoral Index

10000
5000
0

19-Jan

20-Jan

21-Jan
BSE Cash

2,657
15,223

15000

2,615
13,706

22-Jan
25-Jan
NSE Cash

27-Jan

NSE Derivative Turnover (| crore)


400000.00
200000.00
0.00

19-Jan

20-Jan

21-Jan
22-Jan
NSE Derivative

422,129

4.00%
6.75%
5.75%
5.41%
-6.2bln $
21.35bln $
352.1bln $
7.00%
6.90%
31.12bln $
9.80%
10.60%
-34.2bln $
9.77bln $
5.20%
-11.09%
-1.99%
-1.42%

365,028

4.00%
6.75%
5.75%
5.61%
-8.2bln $
20.01bln $
350.37bln $
7.40%
7.30%
29.8bln $
-3.20%
-4.40%
-37.4bln $
9.78bln $
8.17%
-9.15%
-0.73%
-1.36%

3,498
17,412

N/A
N/A
N/A
Dec
Q3
Nov
2014
Q2
12M
Nov
Nov
Nov
Q3
Nov
Dec
Dec
Dec
Dec

398,971

RBI Cash Reserve Ratio


RBI Repo Rate
RBI Reverse Repo Rate
CPI YY
Current Account Balance
Exports - USD
FX Reserves, USD Final
GDP Quarterly yy
GDP Annual
Imports - USD
Industrial Output yy
Manufacturing Output
Trade Deficit - RBI
Trade Deficit Govt - USD
WPI Food yy
WPI Fuel yy
WPI Inflation yy
WPI Manufacturing Inflation yy

20000
3,007
18,082

Prior Values

354,837

Latest

274,319

Period

3,089
18,064

Key Economic Indicator

263,891

KEY ECONOMICINDICATORS

3,063
16,295

Key Data Points

25-Jan

27-Jan

Sectoral Performance Monthly Returns (%)

Sector

Close

Previous

Auto

16797.55

16775.17

Banks

17641.59

17662.39

-20.8 -0.1177644

7597000

BSE Small Cap

11792.74

11901.39

-108.65 -0.9129186

66926000

Capital Goods

12346.23

12431.39

-85.16

Consumer Durables

11895.66

11918.74

-23.08 -0.1936446

241000

8304.6

8368.14

-63.54 -0.7593085

1023000

FMCG

Change

% Change

Volume

22.38 0.1334115

1580000

-0.68504

8698000

Healthcare

17870.57

18140.06

-269.49

-1.485607

1830000

IT

11396.98

11501.95

-104.97 -0.9126279

1254000

Metals

6789.62

6766.95

22.67 0.3350106

6047000

Mid Cap

10993.02

11070.76

-77.74 -0.7022101

64406000

Oil & Gas

9034.06

9051.59

-17.53 -0.1936676

1422000

Power

1801.05

1772.47

28.58 1.6124391

12821000

PSU

6140.24

6098.82

41.42 0.6791478

14933000

Real Estate

1202.37

1189.49

12.88

1.082817

7741000

IT
Consumer Durables
Oil & Gas
Healthcare
Power
Mid Cap
FMCG
Auto
Banks
BSE Small Cap
Metals
PSU
Real Estate
Capital Goods
-20.0

-0.9
-0.9
-4.4
-5.5
-6.4
-7.0
-7.1
-8.0
-8.1
-8.3
-8.3
-9.1
-9.7
-13.3
-15.0

-10.0
(%)

-5.0

Key News for Today

Company/
Industry
Telecom
Sector

News

View

Trai
has
come
out
with
recommendations on pricing spectrum
in the 700, 800, 900, 1800, 2100, 2300,
2500 bands according to spectrum
availability from the government

The recommendations came with a pan-India pricing


of | 11500 crore for the 700 MHz band, which is priced
at 4x the pan India price of 1800 MHZ band of
spectrum. The prices lead to a total spectrum cost of
~5.5 lakh crore if the entire quantum to be auctioned
was to be valued. The dearness of the most essential
input spectrum has been the reason for the massive
debt of the telecom sector in India. If players bid in
auctions at such high prices, it will continue to impact
their debt laden financials

ICICI Securities Ltd. | Retail Equity Research

Impact

0.0

Mahindra
Lifespace

The minimum alternate tax (MAT) This is positive for players like Mahindra Lifespace as
levied on special economic zone (SEZ) this will not only lead to better demand absorption but
developers and units may finally be also improve their cash flow
removed in the coming Budget.
Currently, MAT is levied at 18.5% on
book profit, with the effective rate
touching 20%, factoring in surcharges

Road sector The Cabinet Committee on Economic


Affairs (CCEA) has approved the hybrid
annuity model (HAM) for building
roads to fast-track highway projects,
reviving the public-private-partnership
(PPP) mode and attract more
investments in the sector

This would be positive for players like Ashoka


Buildcon, PNC Infratech, Sadbhav Engineering, etc
from our coverage universe as the equity
committment required would be less and they will get
a bigger chunk of EPC orders from these projects.
Further, according to industry players, going ahead,
the government is looking to award 10 projects under
HAM encompassing 500 km worth ~| 11000 crore
providing good opportunities for players

Key developments (Continued)

We expect Century Plyboard to post 9.1% YoY revenue growth to | 416.7 crore on account of moderate growth of
7.0% in plywood and allied division to | 300.6 crore as the sluggishness in demand continues. The EBITDA margin is
expected to decline 220 bps at 16.7% in the absence of low cost of inventory. On the bottomline front, we expect it to
grow 3.5% YoY to | 42.9 crore in Q3FY16
We expect Jyothy Laboratories to post revenue growth of 11.8% YoY to | 380.1 crore. We expect the soaps &
detergent and homecare segments to grow 12.9% and 4.8%, respectively. The estimated operating margin is 13%
with 24.8% YoY growth in earnings to | 37.1 crore
Power Grid reported strong Q3FY16 results, which were above our and consensus estimates primarily driven by
higher revenue, which grew 24.2% YoY to | 5,407 crore and lower than anticipated operating expenses during the
quarter. PAT increased 31.3% YoY during the quarter to | 1,613 crore (above our estimate)
Colgate Palmolives Q3FY16 net sales increased 1.8% YoY to | 1006.4 crore. Operating margins improved 326 bps to
22.8% on back of lower RM and A&P expense. PAT grew 21.8% YoY to | 159.4 crore on account of higher EBITDA
Aurobindo Pharma has received generic approval from USFDA for PF Prisms anti- fungal Vfend tablets. It expects to
launch this product in Q4FY16. Annual sales of this drug are US$103 million. Four generic companies have already
received USFDA approval of gVfend
United Spirits Q3FY16 revenues came in higher than our expectations. However, higher contribution from traded
goods and increase in advertisement & promotional expense led to a miss in profitability estimates. Net revenue was
at | 2650 crore (I-direct estimate: | 2230 crore). EBITDA came in lower at | 269 crore (I-direct estimate: | 314 crore).
PAT excluding exceptional items was at | 83 crore (I-direct estimate: profit of | 143 crore).
Titan Companys Q3FY16 revenues are likely to witness 7.9% YoY growth to | 3135.2 crore, which would be mainly
driven by 9% growth in the jewellery segment. EBITDA margins are likely to decline marginally by 40 bps YoY to
9.12% on account of lower making charges on gold jewellery and higher proportion of discounted sales in watches
and eyewear segment. Consequently, PAT is expected to be marginally higher by 4.2% YoY to | 198.7 crore
HDFC's PAT for Q3FY16 increased 6.7% YoY to | 1520 crore. NII grew 9% YoY to | 2103 crore higher than | 2078
crore expected mainly led by higher-than-expected growth at 12.7% YoY. However, NIM declined 10 bps QoQ to
3.85%. Spreads remained stable at 2.31%. Net loans grew 12.7% YoY to | 248097 crore led by individual loans
growing 14% YoY to | 173738 crore forming 70% of book. Asset quality was maintained with GNPA flat at 0.72%,
(GNPA - | 1786 crore)
IDFC Bank's PAT came in at | 242.2 crore, higher than our estimate of | 193 crore, primarily led by higher non-interest
income at | 217.9 crore. NII came in line with our estimate at | 386.3 crore. On the asset quality, the bank reported
GNPA at |1462 crore, with GNPA ratio of 3.09%. Net NPA ratio was at 0.98% in Q3FY16.
Sagar Cements revenues declined 3% YoY to | 121.9 crore led by 6.5% YoY declined in volumes. However, the
EBITDA margin improved to 10% vs. 5% in Q3FY15 mainly due to 5.0% YoY increase in realisation. PAT for the
quarter was at | 3.12 crore

ICICI Securities Ltd. | Retail Equity Research

Sensex Chart

Technical Outlook

We said, "Strength above the candle required


to continue positive bias..." The index did
recover from a flat opening but failing to
strengthen above Monday's candle, shaved of
all gains, and settled flat. This was despite 1%
gain in the Power & Realty Index and
marginally positive A/D ratio, as heavyweights
HUL, RIL and the HDFC twins proved losers.
The action formed a second consecutive Bear
candle, the high-low of which was enclosed
inside Monday's range. Such a Harami candle
indicates indecisive market, till it breaks
decisively beyond the two-day range. On
January Expiry today, the bias can still be
positive on strength/close above Monday.
However, weakness/close below Monday
would be negative.

Pivot Points

CNX Nifty Technical Picture

Index/Stocks
SENSEX
NIFTY
ACC
ADANI ENTER.
ADANI PORT
ADITYA BIRLA
AJANTA PHARMA
ALLAHABAD BANK
AMARA RAJA BATT.
AMBUJA CEMENT
AMTEK AUTO
ANDHRA BANK
APOLLO HOSP.ENT.
APOLLO TYRES
ARVIND
ASHOK LEYLAND
ASIAN PAINTS
AUROBINDO PHARMA

Close
24492.39
7437.75
1230.35
73.25
215.35
863.00
1219.85
54.95
821.95
191.90
38.10
53.25
1392.00
145.60
313.70
88.30
858.55

S1
24465.35
7426.90
1222.25
72.30
213.20
848.45
1222.45
54.60
811.15
189.40
37.85
53.15
1371.20
145.35
310.00
87.95
848.55

S2
24418.45
7412.35
1216.60
71.60
211.20
839.30
1213.95
53.80
801.45
187.80
37.50
52.65
1364.20
144.30
307.50
87.20
845.05

R1
24364.20
7395.85
1211.00
70.95
209.20
830.20
1205.45
53.05
791.75
186.20
37.15
52.20
1357.20
143.25
305.00
86.45
841.60

R2
24559.10
7456.00
1233.25
73.50
216.00
865.55
1239.40
56.20
823.75
192.65
38.50
54.10
1400.30
147.45
314.75
89.45
861.85

Trend
Neutral
Neutral
-ve
-ve
-ve
-ve
+ve
+ve
-ve
-ve
Neutral
+ve
-ve
+ve
-ve
+ve
-ve

801.30

790.55

785.90

781.25

804.55

-ve

Nifty Call Put Strike (No. of shares in lakh) Jan 2016


7000
7100
7200
7300
7400
7500
7600
7700
7800

13

11

19

20

9
12
13

5
4

15

4
25.0

20.0

15.0

10.0

5.0

0.0
5.0
Put Call

ICICI Securities Ltd. | Retail Equity Research

10.0

15.0

20.0

25.0

Short Term
Range Bound
0
7240
7600
7543
7985

Advances / Declines
Advances
1349
838

BSE
NSE

Declines
1213
687

Daily Technical Calls


1. Buy Sun Pharma above 821.00
2. Sell Hindalco below 71.20

*All recommendations are of Jan Future

See Momentum Pick for more details


Buy ITC JAN Fut at 314.50-315.00
View: Bullish
Strategy: Buy Future
Target 1: 316.9 Target 2: 318.50
Stop Loss: 312.5
Market Lot: 1600
CMP : 313.1

17

Intraday
Range Bound
0
7419-7390
7477-7520
0
0

Intraday Derivative Strategy

1
0
0

10
9

Nifty
Trend
Trend Reversal
Support
Resistance
20 Days EMA
200 days EMA

Sell VOLTAS JAN Fut at 278.80-279.30


View: Bearish
Strategy: Sell Future
Target 1: 276.9 Target 2: 273.50
Stop Loss: 281.3
Market Lot: 1600
CMP : 282.1

See Daily Derivatives for more details

Unchanged
186
86

Results/Events Calendar

11

Monday

US Labor Mkt Condt Index


0
0
0
0

18

01

26

Monday

20

January
Tuesday

Axis Bank
Gandhi Special Tubes
Ultratech Cement
KPIT, South Indian Bank
Gati

27

January
Tuesday

03

February
Tuesday

Amara Raja, Majesco


Escorts, Tata Com
Grindwell Norton
Bayer Cropscience
Shree Cement, Navneet

09

February
Monday

January
Wednesday

January

Wednesday

United Spirits, HDFC Ltd


Colgate, MPS, IDFC, KPR
Godrej Cons,Tata Coffee
HT Media, Bharti Infratel
Kajaria, Graphite, Sagar,HEG

02

Monday

January
Wednesday

EC Industrial Prod WDA YoY


Karur Vyasa Bank
Everest Industries
0
0

0
0
0
0
0

February

GSK Consumer Healthcare


TV Today
IPCA Lab
0
0

Tuesday

HCL Technologies
Greenply Industries
Reliance Industries Ltd
0
0

January

Tech Mahindra, TCI


Ajanta Pharma
Jindal Saw
Emmbi Industries
Aban Offshore, VIP

08

19

Monday

HDFC Bank, Somany


Kansai Nerolac
Vardhaman Textiles
Kitex, Swaraj Engines
Mcleod Russel, Kaya Ltd

13

January

India CPI YoY


India Industrial Prod YoY
Federal Bank
TCS, Indusind Bank
DCB Bank

January

TTK Prestige
Mindtree
Wipro, Asian Paints
Rallis India, Kotak Bank
0

25

12

January

February

Wednesday

Shree Cement, LMW


Bajaj Finance
Bajaj Finserv
IOCL, CCL Products
Mangalam Cement

10

February
Tuesday

February
Wednesday

Wonderla Holidays
ACC Cement
NHPC, Ambuja India Cement
Bata India
Bajaj electricals

Timken, Dr. Reddy's Labs


Ramco Cement
Britannia, Apollo Tyres
Motherson Sumi, SAIL
CESC, Star Ferro, Hindalco

Major Economic Events this Week

14

January
Thursday

India Wholesale Prices YoY


US Initial Jobless Claims
US Continuing Claims
Infosys, Cyient
0

21

January
Thursday

Raymonds,Interglobe Aviation
VST Ind, Reliance Cap
Biocon, Alembic Pharma
Exide, Hindustan Zinc
Essel Propack, Idea Cellular

28

January

Thursday

Dabur, Mahindra Lifespace


Jyothy Labs, Symphony
Emami, Vedanta, Alok
Titan,Firstsource,CenturyPly
Glenmark, Airtel, Maruti

04

February
Thursday

Bajaj Auto, Styrolution ABS


Hawkins Cooker, GSPL
Gillete India,Trent,Talwalkars
JK Lakshmi, Heidelberg
Tata Steel, Torrent Pharma

11

February
Thursday

Chennai Petro
Page Industries
Voltas
Ashok Leyland
0

15

Friday

Indian Hotels, TV18


ZEE Entertainment
Pipavav Defence
Hindustan Unilever
NIIT Tech, Oberoi Realty

22

Saturday

January
Saturday

Persisitent Systems Ltd


Unichem Labs
Siyaram Silk Mills
PC Jewellers
0

30

January
Friday

06

Friday

Saturday

February
Saturday

JK Cement
P&G Hygiene and Healthcare
Jet Airways
Kewal Kiran Clothing
VA Tech Wabag

13

February
Friday

Nestle India, M&M


BPCL
Apollo Hospitals
0
0

January

EPC Industries, EIH


IDFC Holding
Relaxo Footwear
Marico
0

February

Tata Power, Cox & Kings


NRB Bearings
Lupin, Cadila
PTC India, Orient Cement
Divi's Lab, Eicher, Bosch

12

23

Friday

V-Guard Industries, Irb Infra


Taj GVK, eClerx, JSW Steel
CARE, Indoco, PVR, Pidilite
Shoppers Stop, Wabco
Yes Bank, Infoedge, NTPC

05

January

LIC Housing Finance


0
0
0
0

January

Cairn India
ITC
Ashoka Buildcon
DB Corp
0

29

16

January

February
Saturday

0
0
0
0
0

Q3FY16E Result Preview

Date
26-Jan
26-Jan
27-Jan
27-Jan

Event
Markit US Services PMI
Markit US Comp PMI
New Home Sales
Industrial Profits YoY

Country
US
US
US
CH

Period
Jan P
Jan P
Dec
Dec

Actual
53.7
53.7
544k
-4.7%

Date
28-Jan
28-Jan
28-Jan
28-Jan
28-Jan
28-Jan
29-Jan
29-Jan
29-Jan

Event
FOMC (Lower Bound)
FOMC (Upper Bound)
Initial Jobless Claims
Continuing Claims
GDP YoY
Eight Infrastructure Ind
Fiscal Deficit INR Crore
GDP Annualized QoQ
CPI Core YoY

Country
US
US
US
US
UK
IN
IN
US
EC

Period
27-Jan
27-Jan
23-Jan
16-Jan
4Q A
Dec
Dec
4Q A
Jan A

Expected
0.3%
0.5%
--------

0063

ICICI Securities Ltd. | Retail Equity Research

Expected
54.0
-500k
--

Chg(%)
Revenue
EBITDA
Q3FY16E
YoY
QoQ Q3FY16E
Dabur India Ltd
2,233.0
7.7
6.7
417.1
Titan Company
3,135.2
8.2
18.1
285.9
Maruti Suzuki
15,197.4 20.8
9.1 2,505.3
Symphony
187.2 23.6
45.1
61.5
Vedanta Ltd
14,613.8 -24.0 -11.8 2,903.2
Firstsource Sol
832.0 10.8
5.0
108.0
Glenmark
1,841.4
8.2
-1.8
397.6
Bharti Airtel
24,633.2
6.0
3.3 8,575.4
Revenue = NII; EBITDA = PPP for Banks and NBFC
Company

Previous
0.3%
0.5%
--2.1%
-1.3% Recent Releases
72277.0 Date
2.0% 27 Jan 2016
-27 Jan 2016

Report
Result Update Persistent Systems
Result Update HDFC Bank

27 Jan 2016

Initiating Coverage Bharat Electronics

27 Jan 2016

Result Update Unichem Laboratories

27 Jan 2016

Result Update Supreme Industries

Chg(%)
Chg(%)
PAT
YoY
QoQ Q3FY16E
YoY
QoQ
20.4
4.2
339.6 19.7
-0.5
3.6
41.0
198.7
4
36.7
57.3
10.4 1,400.0 74.5
14.2
27.9
81.1
48.3 34.1
67.8
-52.8 -27.4
-281.0
PL
PL
15.4
9.7
71.0 23.4
14.7
49.7
-1.1
264.7 130.6
32.1
10.1
3.9 1,297.1 -9.7
-14.8

Pankaj Pandey

Head Research
ICICIdirect.com Research Desk,
ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai 400 093
research@icicidirect.com

ICICI Securities Ltd. | Retail Equity Research

pankaj.pandey@icicisecurities.com

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