(Kotak) Friday Flash, June 05, 2020 PDF

India Strategy
Friday Flash INDIA

June 5, 2020
Unlock the rally. The BSE-30 Index gained 6% in the past week. Markets embraced the reopening of economic
BSE-30: 33,981
activity across India (except in containment zones) with exuberance. Bajaj Finance (+18%), SBI (+10%) and Tech
Mahindra (+10%) were the top gainers while Asian Paints (-1%) and NTPC (-1%) lost the most in the BSE-30 Index.
On the economy front, real GDP growth moderated to 3.1% in 4QFY20 from a downward revised print of 4.1% in
3QFY20. FPIs bought equities worth US$2.7 bn over the past five trading sessions while DIIs bought US$1.02 bn
worth of equities in the same period.
Market highlights for the week ending Thursday, June 4, 2020

• Largest gainers: Vodafone India (+48%), S H Kelkar & Company (+28%), Union Bank (+25%)
• Largest losers: Tata Communications (-4%), JK Lakshmi Cement (-3%), Ambuja Cements (-2%)
Relative performance of global indices in US$ terms (% change week) Flows in emerging markets (US$ mn)
Russia Date India Indonesia Philippines Korea Taiwan Thailand

Japan
US (DOW) % Change 1 week
28-May-20 264 30 (9) 18 (267) (24) Sanjeev Prasad
US (SPX) 29-May-20 159 6 19 (21) (349) 173
Shanghai
sanjeev.prasad@kotak.com
UK 1-Jun-20 919 — 5 135 505 44 Mumbai: +91-22-4336-0830
Taiwan
Mexico 2-Jun-20 1,044 61 23 (45) 31 66
Hong Kong 3-Jun-20 287 107 (7) 90 569 —
Thailand Sunita Baldawa
France Total 2,672 203 31 176 489 259 sunita.baldawa@kotak.com
India
Australia Mumbai: +91-22-4336-0896
Germany
Korea Source: Bloomberg, NSDL, Kotak Institutional Equities
Singapore Anindya Bhowmik
Malaysia
Indonesia
anindya.bhowmik@kotak.com
Brazil Mumbai: +91-22-4336-0897
Philippines
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0
.Source: Bloomberg, Kotak Institutional Equities
FOR REG AC CERTIFICATION, SEE THE END OF THE TEXT OF THIS REPORT, PRECEDING THE DISCLOSURES. FOR OTHER IMPORTANT DISCLOSURES, REFER TO THE END OF THIS MATERIAL.
KIE LARGE-CAP. MODEL PORTFOLIO
Kotak Institutional Equities Model Portfolio

Price (Rs) KIE weight Price (Rs) KIE weight
Company 4-Jun-20 (%) 4-Jun-20 (%)
Automobiles & Components Insurance
Bajaj Auto 2,817 2.2 ICICI Prudential Life 383 2.0
Hero Motocorp 2,329 2.3 SBI Life Insurance 794 1.9
Mahindra & Mahindra 478 2.6 Insurance 3.9
Automobiles & Components 7.1 IT Services
Banks HCL Technologies 579 3.1
Axis Bank 394 4.0 Infosys 708 7.8
HDFC Bank 1,002 8.5 IT Services 11.0
ICICI Bank 348 9.5 Metals & Mining
State Bank of India 174 2.8 Hindalco Industries 143 2.3
Banks 24.8 Tata Steel 320 2.2
Capital Goods Metals & Mining 4.5
L&T 931 2.7 Oil, Gas & Consumable Fuels
Capital Goods 2.7 Reliance Industries 1,580 12.9
Consumer Staples Oil, Gas & Consumable Fuels 12.9
Britannia Industries 3,450 2.1 Pharmaceuticals
Colgate-Palmolive (India) 1,347 1.8 Cipla 661 2.3
Hindustan Unilever 2,121 2.9 Pharmaceuticals 2.3
United Breweries 948 2.0 Real Estate
United Spirits 578 2.1 DLF 156 1.8
Consumer Staples 11.0 Real Estate 1.8
Diversified Financials Retailing
HDFC 1,764 8.6 Titan Company 971 1.8
Diversified Financials 8.6 Retailing 1.8
Gas Utilities Telecommunication Services
GAIL (India) 97 1.8 Bharti Airtel 572 3.3
Gas Utilities 1.8 Bharti Infratel 219 2.5
Telecommunication Services 5.8
BSE-30 33,981 100
Source: Companies, Kotak Institutional Equities estimates
Kotak Institutional Equities Research 2

KIE MID-CAP. MODEL PORTFOLIO
Kotak Institutional Equities Model Portfolio

Fair
Price Value Upside Mkt cap. EPS (Rs) PER (X) PBR (X) RoE (%)
Company Sector Rating (Rs) (Rs) (%) (Rs bn) (US$ mn) 2020 2021E 2022E 2020 2021E 2022E 2020 2021E 2022E 2020 2021E 2022E
Apollo Hospitals Health Care Services BUY 1,364 1,820 33 190 2,510 24 23 49 58 59 28 5.4 5.1 4.6 10 9 17
Ashok Leyland Automobiles & Components BUY 46 90 97 134 1,777 1 1 5 48 37 9 1.6 1.5 1.4 3 4 16
CESC Electric Utilities BUY 608 820 35 81 1,067 84 101 114 7 6 5 0.6 0.6 0.5 9 10 10
Cholamandalam Diversified Financials BUY 143 265 86 117 1,547 13 12 19 11 12 8 1.5 1.4 1.2 15 12 16
Escorts Automobiles & Components BUY 977 1,000 2 87 1,584 55 51 65 18 19 15 2.5 2.0 1.8 14 10 12
Equitas Holdings Banks BUY 47 100 114 16 211 6 6 10 8 8 5 0.6 0.6 0.5 8 7 10
Federal Bank Banks BUY 46 80 75 91 1,203 8 6 7 6 7 7 0.7 0.6 0.6 11 8 9
Jubilant Foodworks Hotels & Restaurants ADD 1,683 1,750 4 222 2,939 24 9 30 71 189 56 19.7 19.4 14.9 26 10 30
Kalpataru Power Transmission Capital Goods BUY 213 470 121 33 435 25 25 39 8 8 5 1.0 0.9 0.8 12 11 15
Kansai Nerolac Commodity Chemicals BUY 392 450 15 211 2,795 10 6 13 39 69 31 5.6 5.4 4.9 15 8 17
Max Financial Services Insurance ADD 461 550 19 124 1,644 10 10 28 46 45 16 — — — 13 15 40
Narayana Hrudayalaya Health Care Services BUY 285 380 33 58 770 4 3 11 71 94 27 5.0 4.8 4.0 7 5 16
Petronet LNG Gas Utilities BUY 254 300 18 381 5,047 17 18 22 15 14 11 3.4 3.2 2.9 24 23 27
Prestige Estates Projects Real Estate ADD 164 410 150 66 870 14 14 14 12 12 12 1.2 1.1 1.0 11 10 9
PVR Media BUY 1,069 1,625 52 55 726 33 (33) 59 33 (33) 18 2.9 3.2 2.7 11 (9) 16
Shriram City Union Finance Diversified Financials BUY 632 1,975 212 42 552 171 182 204 4 3 3 0.6 0.5 0.5 16 15 15
SRF Speciality Chemicals ADD 3,791 3,900 3 218 2,883 144 174 207 26 22 18 4.4 3.7 3.1 18 18 19
Shriram Transport Diversified Financials BUY 613 1,100 79 139 1,840 132 93 131 5 7 5 0.8 0.7 0.6 18 11 14
Thermax Capital Goods BUY 729 870 19 87 1,150 24 29 36 30 25 20 2.6 2.4 2.2 9 10 11
Varun Beverages Consumer Staples BUY 610 800 31 176 2,329 16 14 29 38 42 21 5.3 4.6 3.9 18 12 20

SENSEX VALUATION SUMMARY
Valuation summary of BSE-30 sectors, March fiscal year-ends, 2020E-22E (based on current constituents)
Mcap. Adj. mcap. EPS growth (%) Free-float PER (X) EV/EBITDA (X) Price/BV (X) Div. yield (%) RoE (%)
(US$ bn) (US$ bn) 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E
Automobiles & Components 48 25 (14.4) (15) 34.7 19 22.3 16.8 13.0 14.0 10.1 3.0 2.8 2.5 2.2 1.9 2.2 14.6 11.6 14.3
Banks 177 135 73 47 20 21 14.7 12.3 — — — 1.9 1.7 1.5 0.0 0.8 0.9 9.7 12.7 13.4
Capital Goods 17 15 8 (36.2) 76.9 14.0 22.0 12.4 15 17 12 2.2 1.8 1.7 1.1 1.7 2.5 15.4 8.2 13.3
Commodity Chemicals 21 10 28.5 18.2 18.3 56 48 40 36 31 27 14.7 13.1 11.7 0.9 1.1 1.3 26.0 27.4 29.0
Consumer Staples 120 53 13.1 7.1 16.5 31 30 26 29 27 23 12.4 8.2 7.9 1.8 2.4 2.8 31.1 22.1 24.8
Diversified Financials 59 48 76 (36.8) 34.6 18 28 23 — — — 3.2 3.4 3.1 1.0 1.0 1.2 17.3 11.7 14.1
Electric Utilities 24 11 8.0 15.3 9.4 8.0 7.0 6.4 7.8 6.9 6.0 1.0 0.9 0.8 4.0 4.6 5.1 12.6 13.3 13.3
IT Services 171 76 4.0 (6.6) 13.0 18.9 20.5 18.1 14 14 13 5.8 5.3 4.9 2.7 3.1 3.5 28.8 24.6 25.6
Metals & Mining 5 3 (109.9) 172.1 1,088.0 (35.6) 49.3 4.2 8.2 8.3 4.7 0.6 0.5 0.5 3.2 3.4 3.4 (1.6) 1.1 11.8
Oil, Gas & Consumable Fuels 138 70 (14) (29.2) 58.3 20.3 23.7 16.1 9.5 11.4 8.0 1.5 1.4 1.3 1.2 0.5 0.8 8.4 5.7 8.2
Pharmaceuticals 16 7 3.8 15 25 29 25.7 20.5 15.7 13.6 11.1 2.6 2.4 2.2 1.4 0.8 1.0 8.9 9.4 10.6
Telecommunication Services 41 15 NM NM NM NM NM NM 10.9 8.6 6.9 4.0 4.1 3.9 0.3 1.0 1.0 NM NM NM
BSE-30 Index 837 469 8.5 4 29.3 21 20.0 15.7 12.4 12.7 9.9 2.6 2.4 2.2 1.4 1.7 2.0 12.1 11.5 13.5
BSE-30 Index (ex-energy) 699 398 16.3 12 24.6 21 19.5 15.7 13.9 13.2 10.8 3.1 2.8 2.5 1.5 1.9 2.2 13.6 13.8 15.5
Source: Bloomberg, Kotak Institutional Equities estimates

NIFTY VALUATION SUMMARY
Valuation summary of Nifty-50 sectors, March fiscal year-ends, 2020E-22E (based on current constituents)
Mcap. Adj. mcap. EPS growth (%) Free-float PER (X) EV/EBITDA (X) Price/BV (X) Div. yield (%) RoE (%)
(US$ bn) (US$ bn) 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E
Automobiles & Components 58 31 (20) (44) 167 26 48.8 16.7 9.2 10.2 6.7 2.3 2.3 2.1 1.8 1.5 1.8 8.9 4.8 11.9
Banks 177 135 73 47 20 21 14.7 12.3 — — — 1.9 1.7 1.5 0.0 0.8 0.9 9.7 12.7 13.4
Capital Goods 17 15 8 (36) 77 14 22.0 12.4 15 17 12 2.2 1.8 1.7 1.1 1.7 2.5 15.4 8.2 13.3
Commodity Chemicals 21 10 29 18 18 56 47.8 40.4 36 31 27 14.7 13.1 11.7 0.9 1.1 1.3 26.0 27.4 29.0
Construction Materials 30 17 33 (9) 51 23 25.1 16.9 9.1 8.5 6.3 2.0 1.9 1.7 0.5 0.6 0.6 9.2 7.7 10.6
Consumer Staples 131 58 14 8 16 32 31.0 27.2 30 28 24 12.8 8.6 8.2 1.8 2.2 2.6 31.2 22.7 25.1
Diversified Financials 70 52 62 (31) 41 18 27.6 21.5 — — — 3.1 3.2 2.9 0.8 0.9 1.0 16.1 11.6 14.5
Electric Utilities 24 11 8 15 9 8 7.0 6.4 7.8 6.9 6.0 1.0 0.9 0.8 4.0 4.6 5.1 12.6 13.3 13.3
Fertilizers & Agricultural Chemicals 4 3 23 30 18 18 13.9 11.8 8.4 7.5 6.6 2.0 1.8 1.6 1.4 1.9 2.2 10.9 12.9 13.6
Gas Utilities 6 2 (18) (14) 17 8 9.9 8.5 6.1 7.0 6.0 1.0 0.9 0.9 6.7 4.1 4.6 11.3 9.2 10.0
IT Services 188 80 4 (7) 12 18 20.0 17.7 13 13.5 12.0 5.1 4.6 4.3 2.6 2.9 3.6 26.5 22.5 23.3
Media 3 2 9 (27) 24 11 15.8 12.7 8 10 8 2.0 1.9 1.8 2.2 2.7 2.7 17.8 12.3 14.0
Metals & Mining 20 11 (67) (49) 341 16 28.8 6.6 6.7 8.0 5.2 0.7 0.7 0.6 3.7 3.7 3.7 4.2 2.1 8.7
Oil, Gas & Consumable Fuels 170 80 (22) (14) 35 18 18.9 14.0 8.8 9.6 7.2 1.5 1.4 1.3 2.3 2.1 2.4 9.8 8.1 10.1
Pharmaceuticals 32 18 20 8 25 28 26.0 20.8 15 14.1 11.4 3.1 2.8 2.5 1.1 0.7 0.9 11.1 10.9 12.2
Retailing 11 5 (4) (4) 68 60 62.6 37.3 36 38 24 12.5 11.4 9.7 0.6 0.8 1.1 20.8 18.3 25.9
Telecommunication Services 47 18 NM NM 82 NM NM 30.3 10.0 8.1 6.7 3.9 3.9 3.7 0.9 1.8 1.8 (0.6) 6.8 11.8
Transportation 9 3 20 (21) 21 14 18.1 14.9 12 11.9 10.2 2.7 2.4 2.1 3.8 1.1 1.1 19.0 13.3 14.2
Nifty-50 Index 1,018 553 1.4 1 32.4 21 20.3 15.4 11.0 11.2 8.8 2.4 2.2 2.0 1.6 1.9 2.2 11.8 11.0 13.3
Nifty-50 Index (ex-energy) 847 472 11.1 5 31.6 21 20.5 15.6 12.0 11.8 9.4 2.8 2.6 2.3 1.5 1.8 2.1 12.6 12.1 14.5
Source: Bloomberg, Kotak Institutional Equities estimates

GLOBAL VALUATION SUMMARY
Valuation summary of global indices, calendar year-ends, 2019-21E
Earnings growth (%) P/E (X) P/B (X)

Index 2019 2020E 2021E 2019 2020E 2021E 2019 2020E 2021E
IBOV Index Brazil 6.9 (3.1) 18.4 13.4 13.9 11.7 1.9 1.4 1.4
CAC Index France (1.6) (20.2) 31.0 16.2 20.3 15.5 1.4 1.5 1.4
DAX Index Germany (10.8) (1.8) 30.1 18.0 18.3 14.1 1.5 1.5 1.4
HSI Index Hong Kong (1.9) (13.7) 15.6 9.7 11.3 9.8 1.0 1.0 0.9
Nifty Index India 1.4 0.8 32.4 20.6 20.3 15.4 2.4 2.2 2.0
JCI index Indonesia 4.8 (15.6) 20.0 12.7 15.1 12.6 1.6 1.7 1.6
NKY Index Japan (15.6) (6.6) 21.2 19.0 20.3 16.8 1.7 1.6 1.5
KOSPI Index Korea (35.2) 5.2 29.7 14.5 13.8 10.7 0.8 0.9 0.8
FBMKLCI Index Malaysia (2.9) (11.5) 14.1 17.5 19.7 17.3 1.6 1.5 1.4
MEXBOL Index Mexico (4.0) (9.7) 35.2 14.5 16.1 11.9 1.8 1.0 0.9
PCOMP Index Philippines 12.6 (19.5) 24.0 14.3 17.8 14.3 1.5 1.5 1.4
SHCOMP Index Shanghai 4.6 10.5 10.9 12.7 11.5 10.4 1.4 1.3 1.2
FSSTI Index Singapore (0.4) (23.4) 8.6 10.5 13.7 12.6 0.9 0.9 0.9
TWSE Index Taiwan (9.4) 0.3 11.9 16.8 16.8 15.0 1.7 1.8 1.7
SET Index Thailand (6.3) (24.3) 15.9 14.5 19.2 16.5 1.5 1.6 1.5
UKX Index UK (15.7) (16.5) 33.1 15.3 18.3 13.8 1.6 1.5 1.5
SPX Index USA 2.0 (11.9) 19.9 20.2 22.9 19.1 3.4 3.4 3.2
MXEF INDEX EM (12.0) (11.8) 21.4 13.1 14.8 12.2 1.4 1.4 1.3
MXMS INDEX EM Asia (12.4) (3.9) 19.9 14.6 15.2 12.6 1.5 1.6 1.5
Notes:
(a) Data for India is as per KIE estimates.
(b) 2019 column refers FY2020 for India. For other countries, numbers are on CY basis.
Source: Bloomberg

BSE-30 INDEX KEY PARAMETERS
Key indicators of the BSE-30 Index

BSE-30 Index P/B, EV/EBITDA and 12-month forward rolling P/E
P/E (X) P/B (X) RoE (%) (RHS)
Sensex 10X 12X 15X 18X
45,000 3.5 20
24
40,000 3.0
35,000 20 2.5
30,000 2.0
16
25,000 15
1.5
20,000 12
1.0
15,000
8
0.5
10,000
4 0.0 10
5,000
Jun-09
Jun-14
Jun-19
Jun-10
Jun-11
Jun-12
Jun-13
Jun-15
Jun-16
Jun-17
Jun-18
Jun-20
Jun-20
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-15
Jun-16
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-17
Jun-18
Jun-19
Jun-20
EV/EBITDA (X)
15 Sensex M3 adj. P/E (X, RHS) Poly. (M3 adj. P/E (X, RHS))
45,000 4.0
40,000 3.6
12
35,000 3.2
30,000 2.8
9 2.4
25,000
2.0
20,000
1.6
6 15,000 1.2
10,000 0.8
5,000 0.4
3 0 0.0
Jun-11
Jun-16
Jun-09
Jun-10
Jun-12
Jun-13
Jun-14
Jun-15
Jun-17
Jun-18
Jun-19
Jun-20
Jun-15
Jun-17
Jun-19
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-16
Jun-18
Jun-20
Source: RBI, Kotak Institutional Equities

NIFTY-50 INDEX KEY PARAMETERS
Key indicators of the Nifty-50 Index

Nifty-50 Index P/B, EV/EBITDA and 12-month forward rolling P/E
Nifty 10X 12X 15X 18X P/E (X)

P/B (X) RoE (%) (RHS)
14,000 24 3.5 20
12,000 3.0
20
10,000 2.5
16
8,000 2.0
15
6,000 12 1.5
4,000 1.0
8
2,000 0.5
0 4 0.0 10
Jun-09
Jun-14
Jun-19
Jun-10
Jun-11
Jun-12
Jun-13
Jun-15
Jun-16
Jun-17
Jun-18
Jun-20
Jun-20
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-13
Jun-14
Jun-09
Jun-10
Jun-11
Jun-12
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
EV/EBITDA (X) Nifty M3 adj. P/E (X, RHS) Poly. (M3 adj. P/E (X, RHS))
15
14,000 3.6
12,000 3.2
12 2.8
10,000
2.4
8,000 2.0
9
6,000 1.6
1.2
6 4,000
0.8
2,000 0.4
3 0 0.0
Jun-10
Jun-11
Jun-15
Jun-16
Jun-20
Jun-09
Jun-12
Jun-13
Jun-14
Jun-17
Jun-18
Jun-19
Jun-10
Jun-12
Jun-17
Jun-19
Jun-09
Jun-11
Jun-13
Jun-14
Jun-15
Jun-16
Jun-18
Jun-20
Source: RBI, Kotak Institutional Equities

MARKET PERFORMANCE
• PERFORMANCE OF GLOBAL INDICES

• PERFORMANCE OF SECTOR INDICES
• PRICING PERFORMANCE OF SENSEX SECTORS
• TOP GAINERS AND LOSERS (STOCKS UNDER KOTAK COVERAGE)
• TECHNICAL INDICATORS
GLOBAL INDICES PERFORMANCE
Performance of BSE-30 Index versus global indices (adjusted for currency changes) (%)
Russia Brazil
Japan India
US (DOW) % Change 1 week Mexico
US (SPX) Indonesia
Shanghai Singapore
UK UK
Taiwan Philippines
Mexico Thailand
Hong Kong France
Thailand Russia
France Australia
India Hong Kong
Australia US (DOW)
Germany Germany
Korea Malaysia
Singapore Japan
Malaysia US (SPX)
% Change 6 months
Indonesia Shanghai
Brazil Taiwan
Philippines Korea
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 (35) (30) (25) (20) (15) (10) (5) 0 5
Brazil Indonesia
India India % Change YTD
Mexico UK
Indonesia % Change 1 year
Singapore
Singapore
Philippines Russia
Thailand Thailand
UK France
Hong Kong Philippines
Malaysia Hong Kong
Australia Australia
France US (DOW)
Russia Korea
Shanghai
Germany
Korea
Germany Shanghai
US (DOW) Malaysia
Japan Taiwan
US (SPX) Japan
Taiwan US (SPX)
(35) (30) (25) (20) (15) (10) (5) 0 5 10 15 20 (30) (25) (20) (15) (10) (5) 0
Source: Bloomberg, Kotak Institutional Equities

SECTORAL INDICES PERFORMANCE
Sectoral indices performance (%)
FMCG Realty
% Change 1 week % Change 6 months
Capital goods Metal
Healthcare Capital goods
Sensex Auto
NIFTY O&G
BSE Midcap BSE Midcap
Auto Sensex
Banks NIFTY
Metal BSE Smallcap
BSE Smallcap FMCG
O&G IT
Realty Healthcare
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 (40) (30) (20) (10) 0 10 20 30
Metal Realty
Banks % Change 1 year Metal % Change YTD
Realty Capital goods

BSE Smallcap Auto
O&G Sensex
Auto BSE Midcap
BSE Midcap NIFTY
NIFTY O&G
Sensex BSE Smallcap
IT IT
FMCG FMCG
Healthcare Healthcare
(40) (30) (20) (10) 0 10 20 30 (40) (30) (20) (10) 0 10 20 30
Source: Bloomberg, BSE, Kotak Institutional Equities

BSE-30 INDEX SECTORAL PERFORMANCE
Market performance of sectors in BSE-30 Index
Mcap. Change (%) Relative change (%)

(Rs bn) (US$ bn) 1d 5d 1m 3m 6m 1yr YTD 1d 5d 1m 3m 6m 1yr YTD
Automobiles & Components 3,594 48 0.8 5.4 18.8 (3) (15) (17) (16) 1.1 (0.1) 10.8 9.4 2 (3) 2
Banks 13,342 177 (2.5) 6.6 4.8 (26.2) (32.5) (30.0) (33.1) (2.1) 1.0 (2.2) (16.6) (18.9) (17.4) (18.8)
Capital Goods 1,306 17 (3.2) 2.8 9.4 (20.9) (27.6) (41) (28) (2.8) (2.6) 2.1 (10.6) (12.9) (30.1) (13.0)
Commodity Chemicals 1,567 21 (4.8) (0.6) (2.6) (11.6) (5.0) 15 (8) (4.5) (5.8) (9.1) (0.1) 14.2 35.6 11.1
Consumer Staples 9,097 120 0.2 4.6 4.4 1.0 (0.9) 3 3 0.6 (0.9) (2.5) 14.1 19.2 22 25
Diversified Financials 4,447 59 (4.0) 11.6 4.9 (30.5) (30.8) (26) (34) (3.6) 5.8 (2.0) (21.4) (16.8) (12.2) (19.7)
Electric Utilities 1,827 24 1.6 3.2 5.2 (13) (14) (22) (16) 2.0 (2.2) (1.8) (1.6) 4 (8) 2
IT Services 12,950 171 2.2 3.9 8.4 (2.3) (0) (3) (4) 2.6 (1.6) 1.2 10.5 20 15 17
Metals & Mining 363 5 0.8 8.3 16.9 (15) (22) (36) (32) 1.2 2.6 9.1 (4.1) (6) (24) (18)
Oil, Gas & Consumable Fuels 10,432 138 2.0 7.3 11.1 15 (3.0) 3.5 (0.7) 2.4 1.7 3.7 30.5 16.6 22.0 20.5
Pharmaceuticals 1,187 16 3.9 7.8 6 22 12 20 14 4.3 2.1 (0.8) 38 34 42 39
Telecommunication Services 3,123 41 3.8 1.7 8 11 24 62 26 4.2 (3.6) 0.3 25 49 92 52
BSE-30 Index 60,113 795 (0.4) 5.5 7.1 (11.5) (16.8) (15.2) (17.6)

TOP GAINERS AND LOSERS
Top gainers and losers (stocks in Kotak Institutional Equities universe)

1-week performance 1-month performance
Top Gainers Top Losers Top Gainers Top Losers
1 Vodafone Idea 48.3 1 Tata Communications (4.3) 1 Vodafone Idea 107.2 1 Shriram Transport (18.0)
2 S H Kelkar and Company 27.9 2 JK Lakshmi Cement (2.5) 2 Jindal Steel and Power 60.9 2 Sadbhav Engineering (15.3)
3 Union Bank 24.6 3 Ambuja Cements (2.4) 3 HCG 54.1 3 Shriram City Union Finance (14.3)
4 DB Corp. 24.4 4 Bharti Infratel (2.2) 4 Escorts 43.0 4 Sunteck Realty (14.2)
5 Orient Cement 24.1 5 PI Industries (2.1) 5 Orient Cement 42.7 5 Ashoka Buildcon (12.2)
6 TCNS Clothing Co. 23.9 6 Info Edge (1.9) 6 Tata Power 41.2 6 Karur Vysya Bank (9.9)
7 KEC International 23.3 7 Shriram City Union Finance (1.6) 7 Zee Entertainment Enterprises 40.5 7 AU Small Finance Bank (8.4)
8 Varroc Engineering 22.0 8 Dr Lal Pathlabs (1.3) 8 Mahindra & Mahindra 34.0 8 Ashok Leyland (7.2)
9 Oberoi Realty 21.8 9 Max Financial Services (1.1) 9 Motherson Sumi Systems 32.2 9 Mahindra & Mahindra Financial (7.1)
10 PVR 20.9 10 Asian Paints (0.6) 10 Vedanta 30.6 10 Bank of Baroda (6.7)
CYTD performance 1-year performance

Top Gainers Top Losers Top Gainers Top Losers
1 Aurobindo Pharma 66.2 1 IndusInd Bank (72.5) 1 Avenue Supermarts 81.1 1 Sadbhav Engineering (83.8)
2 Escorts 55.1 2 Lemon Tree Hotels (66.0) 2 Bharti Airtel 62.4 2 RBL Bank (82.3)
3 Bayer Cropscience 51.5 3 RBL Bank (64.5) 3 Escorts 61.9 3 YES Bank (81.7)
4 Dhanuka Agritech 41.8 4 Varroc Engineering (62.5) 4 Torrent Pharmaceuticals 55.5 4 PNB Housing Finance (75.8)
5 Vodafone Idea 39.8 5 Sunteck Realty (61.8) 5 Nestle India 51.2 5 IndusInd Bank (74.7)
6 Dr Reddy's Laboratories 39.1 6 Sadbhav Engineering (61.4) 6 Tata Consumer Products 50.5 6 DCB Bank (71.4)
7 Cipla 38.5 7 DCB Bank (60.4) 7 Dr Reddy's Laboratories 50.0 7 Lemon Tree Hotels (69.1)
8 Biocon 34.0 8 Karur Vysya Bank (58.4) 8 Dhanuka Agritech 48.1 8 Karur Vysya Bank (68.9)
9 Rallis India 33.3 9 Bank of Baroda (58.0) 9 Rallis India 47.5 9 Sunteck Realty (68.2)
10 Avenue Supermarts 31.3 10 Equitas Holdings (56.3) 10 Indraprastha Gas 46.6 10 Varroc Engineering (68.1)

TECHNICAL INDICATORS
Volume momentum analysis
Avg daily value Institutional participation in

traded total turnover
Date Sensex (US$ mn) FII% MF%
Jan-19 36,257 4,722 14.2 7.4
Feb-19 35,867 4,844 16.3 7.3
Mar-19 38,673 5,902 17.5 7.9
Apr-19 39,032 5,262 13.4 7.1
May-19 39,714 5,570 16.2 7.0
Jun-19 39,395 4,879 15.6 6.8
Jul-19 37,481 4,807 14.1 8.1
Aug-19 36,563 5,103 16.6 8.7
Sep-19 38,667 5,745 14.7 7.5
Oct-19 40,129 5,654 14.2 7.6
Nov-19 40,794 6,223 16.7 6.9
Dec-19 41,254 4,868 14.3 6.7
Jan-20 40,723 5,298 13.7 8.4
Feb-20 38,297 6,222 16.1 7.6
Mar-20 29,468 6,983 18.2 9.3
Apr-20 33,718 5,221 12.5 6.1
May-20 32,424 7,415 13.1 5.7

EARNINGS MOMENTUM
• UPGRADES/DOWNGRADES IN EARNINGS IN PAST MONTH

• TOP CHANGES IN TARGET PRICES IN THE PAST MONTH
• CHANGES IN RATINGS IN THE PAST MONTH
CHANGES IN EARNINGS ESTIMATES
Changes in earnings estimates in the past one month

FY2020 earnings upgrades (KIE) (1 month) FY2020 earnings downgrades (KIE) (1 month)
Company % Change Company % Change
1 Jindal Steel and Power 553.5 1 InterGlobe Aviation (173.3)
2 Aditya Birla Fashion and Retail 157.7 2 Lemon Tree Hotels (116.0)
3 Dr Reddy's Laboratories 63.8 3 BPCL (38.5)
4 JSW Steel 48.7 4 Mahindra & Mahindra Financial (35.9)
5 Polycab 40.5 5 Bajaj Finserv (27.7)
6 Bayer Cropscience 24.6 6 Kalpataru Power Transmission (25.9)
7 Tata Power 22.9 7 Jagran Prakashan (24.2)
8 JK Lakshmi Cement 22.3 8 Equitas Holdings (24.1)
9 Bharti Airtel 20.7 9 Cholamandalam (21.7)
10 Lupin 14.5 10 UPL (18.9)
11 Crompton Greaves Consumer 11.7 11 Biocon (17.2)
12 TVS Motor 8.2 12 Embassy Office Parks REIT (16.6)
13 Bajaj Finance 7.5 13 Astral Poly Technik (15.3)
14 CEAT 7.1 14 Dilip Buildcon (15.2)
15 Hindustan Zinc 7.0 15 Mahindra Logistics (15.1)
16 Amara Raja Batteries 6.5 16 DCB Bank (14.9)
FY2021 earnings upgrades (KIE) (1 month) FY2021 earnings downgrades (KIE) (1 month)
Company % Change Company % Change
1 InterGlobe Aviation 1,056.4 1 Jindal Steel and Power (195.5)
2 Bayer Cropscience 12.3 2 JSW Steel (173.7)
3 Britannia Industries 12.1 3 Lemon Tree Hotels (154.7)
4 Hindustan Zinc 8.6 4 Apollo Tyres (74.8)
5 Aurobindo Pharma 5.3 5 Jagran Prakashan (67.9)
6 Dr Reddy's Laboratories 4.8 6 Mahindra Logistics (62.0)
7 Tata Power 3.8 7 L&T Finance Holdings (58.3)
8 L&T Infotech 2.6 8 Info Edge (48.4)
9 Torrent Pharmaceuticals 2.3 9 JK Lakshmi Cement (45.6)
10 Nestle India 1.1 10 Equitas Holdings (43.1)
11 Orient Cement (41.8)
12 United Spirits (38.9)
13 Federal Bank (38.3)
14 DCB Bank (36.8)
15 S H Kelkar and Company (35.2)
16 Just Dial (34.4)
17 Dilip Buildcon (34.1)
18 Kalpataru Power Transmission (32.9)
19 Crompton Greaves Consumer (32.2)
20 Dr Lal Pathlabs (28.6)
21 Jubilant Foodworks (24.6)
22 UPL (24.5)
23 BPCL (24.1)
Source: Kotak Institutional Equities estimates

CHANGES IN TARGET PRICES
Changes in target prices in the past one month

Upgrades in target prices (1 month) Downgrades in target prices (1 month)
Company % Change Old New Company % Change Old New

1 Motherson Sumi Systems 37.5 80 110 1 Lemon Tree Hotels (45.7) 70 38
2 Bharti Airtel 15.0 600 690 2 Apollo Tyres (38.9) 180 110
3 L&T Infotech 13.8 1,625 1,850 3 Equitas Holdings (37.5) 160 100
4 Britannia Industries 13.8 2,900 3,300 4 DCB Bank (34.8) 230 150
5 Bayer Cropscience 13.3 3,000 3,400 5 S H Kelkar and Company (32.1) 140 95
6 Hindustan Zinc 13.2 190 215 6 UPL (31.4) 510 350
7 Dr Lal Pathlabs 9.3 1,080 1,180 7 Mahindra Logistics (30.4) 395 275
8 Cipla 8.3 600 650 8 L&T Finance Holdings (26.1) 115 85
9 Lupin 7.1 840 900 9 Kalpataru Power Transmission (20.5) 591 470
10 UltraTech Cement 6.7 3,750 4,000 10 JSW Steel (20.0) 225 180
11 Aurobindo Pharma 5.8 690 730 11 JSW Energy (18.7) 80 65
12 Biocon 5.0 200 210 12 Schaeffler India (17.9) 3,900 3,200
13 Torrent Pharmaceuticals 4.4 2,250 2,350 13 Aditya Birla Fashion and Retail (16.7) 180 150
14 Indraprastha Gas 4.1 365 380 14 Orient Cement (15.4) 65 55
15 Polycab 3.6 700 725 15 Dilip Buildcon (14.7) 580 495
16 Dr Reddy's Laboratories 3.3 3,000 3,100 16 KEC International (14.3) 399 342
17 InterGlobe Aviation 2.8 900 925 17 Info Edge (13.8) 2,470 2,130
18 Avenue Supermarts 1.4 1,460 1,480 18 Crompton Greaves Consumer (11.9) 210 185
19 Embassy Office Parks REIT (11.1) 450 400
20 BPCL (10.2) 490 440
21 Dabur India (9.1) 440 400
22 Just Dial (8.7) 460 420
23 JK Lakshmi Cement (8.3) 300 275
24 TVS Motor (8.3) 240 220

CHANGES IN RATINGS
Changes in ratings over the past one month
Rating Rating
Company name Current Previous Company name Current Previous
Amara Raja Batteries Downgraded REDUCE BUY Apollo Tyres Upgraded BUY ADD
Aurobindo Pharma Downgraded REDUCE ADD CEAT Upgraded BUY REDUCE
Lupin Downgraded ADD BUY JSW Energy Upgraded BUY ADD
Metropolis Healthcare Downgraded SELL ADD L&T Finance Holdings Upgraded ADD REDUCE
Polycab Downgraded ADD BUY
Torrent Pharmaceuticals Downgraded REDUCE ADD
United Spirits Downgraded ADD BUY

FLOWS
• TREND IN EQUITY FLOWS

• FII FLOWS IN OTHER EMERGING MARKETS
• EQUITY ISSUANCES
• DELIVERY POSITION ANALYSIS
• NIFTY DELIVERY
TREND IN FLOWS
Net investments by FIIs, DIIs and MFs in the cash market (US$ mn) Net foreign flows in the derivatives market (US$ mn)
FIIs-cash FII-debt DIIs MFs Index Futures Stock Futures
CY2000 1,469 NA NA (147)
CY2005 (670) (663)
CY2001 2,741 NA NA (1,063)
CY2006 293 (3,767)
CY2002 738 NA NA (619)
CY2007 (1,123) (12,680)
CY2003 6,702 1,008 NA 110
CY2008 3,901 1,356
CY2004 8,627 692 NA (257)
CY2005 10,901 (1,236) NA 3,034
CY2009 (1,560) (2,232)
CY2006 8,338 883 NA 3,379 CY2010 (2,271) (2,779)
CY2007 18,518 2,425 6,039 1,390 CY2011 (5) (1,081)
CY2008 (12,918) 2,705 16,639 3,253 CY2012 1,530 (3,815)
CY2009 17,639 1,160 5,325 (1,154) CY2013 119 1,429
CY2010 29,321 10,050 (4,754) (5,939) CY2014 1,390 (5,466)
CY2011 (512) 8,546 5,943 1,295
CY2015 (1,324) 951
CY2012 24,548 6,862 (10,854) (3,805)
CY2013 19,986 (8,031) (12,942) (3,780) CY2016 2,101 (2,526)
CY2014 16,162 26,252 (5,090) 3,901 CY2017 (3,180) (1,768)
CY2015 3,274 7,560 10,315 10,872 CY2018 (4,961) 7,765
CY2016 2,903 (6,459) 5,425 6,976
CY2019 (344) 2,759
CY2017 8,014 22,970 14,043 18,322
CY2018 (4,557) (6,745) 15,896 17,365 CY2020 (6) 1,832
CY2019 14,234 3,489 5,971 7,509 Jan (1,355) (762)
CY2020 (2,665) (14,146) 11,294 5,483 Feb (434) 459
Jan 1,373 (1,569) 311 437
Mar 1,447 1,733
Feb 414 2 2,348 1,398
Mar (8,390) (8,192) 7,459 4,023 Apr 524 188
Apr (31) (1,584) (107) (1,050) May (156) 12
May 1,719 (2,712) 1,501 675 Jun (32) 202
Jun 2,249 (91) (218) -
Notes:
(a) DII -Domestic Institutional Investors (Includes Bank, DFIs, Insurance, New Pension Scheme and MF).

FPI FLOWS IN OTHER EMERGING MARKETS
FPI flows in the cash markets for the various countries (US$ mn)
Year India Indonesia Philippines S.Korea Taiwan Thailand
2000 1,469 96 (122) 11,506 7,094 (857)
2001 2,741 435 87 6,799 9,742 (143)
2002 738 873 (50) (2,068) 1,127 282
2003 6,702 1,168 (80) 12,446 16,585 (632)
2004 8,627 2,126 277 10,168 7,666 104
2005 10,901 (1,732) 354 (3,547) 23,971 2,949
2006 8,338 1,942 721 (12,642) 17,240 2,068
2007 18,518 3,600 1,357 (29,270) 2,205 1,548
2008 (12,918) 1,753 (1,138) (36,641) (15,484) (4,792)
2009 17,639 1,384 424 24,682 15,680 1,136
2010 29,321 2,396 1,225 19,823 9,593 2,689
2011 (512) 2,956 1,331 (8,542) (9,066) (164)
2012 24,548 1,712 2,558 15,084 4,913 2,503
2013 19,986 (1,806) 678 4,875 9,188 (6,210)
2014 16,162 3,766 1,256 5,684 13,190 (1,091)
2015 3,274 (1,580) (1,194) (3,626) 3,345 (4,372)
2016 2,902 1,259 83 10,480 10,956 2,240
2017 8,014 (2,960) 1,095 8,267 6,114 (796)
2018 (4,557) (3,656) (1,080) (5,676) (12,182) (8,913)
2019 14,234 3,465 (240) 924 9,590 (1,496)
2020 (2,665) (484) (1,087) (20,747) (20,480) (5,874)
Jan 1,373 1 (164) (165) (751) (562)
Feb 414 (340) (179) (3,000) (4,659) (627)
Mar (8,390) (375) (303) (10,544) (12,077) (2,450)
Apr (31) (560) (325) (3,964) 818 (1,439)
May 1,719 552 (166) (3,302) (5,051) (984)
Jun 2,249 237 49 228 1,239 189

EQUITY ISSUANCES
Market performance of recent equity issuances Forthcoming equity issuances

Issue Amount Issue price Current price Perf. Issue Company Issue
Company type (Rs mn) (Rs) (Rs) (%) month Angel Broking Ltd. IPO
Vishwaraj Sugar IPO 600 60 77 29 Sep-19 Annai Infra Developers Ltd. IPO
IRCTC IPO 6,380 310 1,432 362 Sep-19 Antony Waste Handling Cell Ltd. IPO
Sterling & Wilson Solar IPO 28,496 780 157 (80) Aug-19 Apeejay Surrendra Park Hotels Ltd. IPO
Spandana Sphoorty Financial IPO 11,898 856 565 (34) Aug-19 Bajaj Energy Ltd. IPO
Affle India IPO 4,590 745 1,484 99 Jul-19 Barbeque-Nation Hospitality Ltd. IPO
Indiamart Intermesh IPO 4,755 973 2,332 140 Jun-19 Burger King India Ltd. IPO
Polycab India IPO 13,453 538 767 43 Apr-19
Chemcon Speciality Chemicals Ltd. IPO
Metropolis Healthcare IPO 12,043 880 1,450 65 Apr-19
Coldex Ltd. IPO
Rail Vikas Nigam IPO 4,769 19 17 (6) Mar-19
Computer Age Management Services Ltd. IPO
MSTC IPO 2,110 115 119 4 Mar-19
Easy Trip Planners Ltd. IPO
Chalet Hotels IPO 16,412 280 161 (43) Jan-19
Xelpmoc Design IPO 231 66 46 (30) Jan-19 Emami Cement Ltd. IPO
Aavas Financiers IPO 16,403 821 1,136 38 Sep-18 Equitas Small Finance Bank Ltd. IPO
Garden Reach Shipbuilders & Engineers IPO 3,436 118 149 27 Sep-18 Esaf Small Finance Bank Ltd. IPO
Ircon International IPO 4,669 471 342 (27) Sep-18 Home First Finance Co.India Ltd. IPO
Creditaccess Grameen IPO 11,312 422 475 13 Aug-18 Indian Railway Finance Corp.Ltd. IPO
HDFC AMC IPO 28,003 1,100 2,744 149 Jul-18 Indian Renewable Energy Development Agency Ltd. IPO
TCNS IPO 11,251 716 409 (43) Jul-18 Likhitha Infrastructure Ltd. IPO
Varroc Engineering IPO 19,552 967 157 (84) Jun-18
Mazagon Dock Shipbuilders Ltd. IPO
RITES IPO 4,605 179 239 33 Jun-18
Montecarlo Ltd. IPO
Indostar Capital Finance IPO 18,440 572 285 (50) May-18
Mukesh Trends Lifestyle Ltd. IPO
Lemon Tree Hotels IPO 10,387 56 22 (61) Mar-18
National Commodity & Derivatives Exchange Ltd. IPO
ICICI Securities IPO 34,801 520 388 (25) Mar-18
Mishra Dhatu Nigam IPO 4,350 87 200 130 Mar-18 Penna Cement Industries Ltd. IPO
Sandhar Technologies IPO 5,125 332 147 (56) Mar-18 Powerica Ltd. IPO
Hindustan Aeronautics IPO 40,633 1,190 599 (50) Mar-18 Puranik Builders Ltd. IPO
Karda Constructions IPO 774 180 186 3 Mar-18 Rossari Biotech Ltd. IPO
Bandhan Bank IPO 44,730 375 233 (38) Mar-18 Route Mobile Ltd. IPO
Bharat Dynamics IPO 9,523 418 239 (43) Mar-18 Samhi Hotels Ltd. IPO
H.G. Infra Engineering IPO 4,620 270 199 (26) Feb-18 Satyasai Pressure Vessels Ltd. IPO
Aster DM Healthcare IPO 9,801 190 100 (48) Feb-18 Shri Bajrang Power & Ispat Ltd. IPO
Galaxy Surfactants IPO 9,371 1,480 1,327 (10) Jan-18 Shriram Properties Ltd. IPO
Amber Enterprises IPO 5,996 859 1,497 74 Jan-18
Shyam Steel Industries Ltd. IPO
Newgen Software Technologies IPO 4,246 245 150 (39) Jan-18
Stove Kraft Ltd. IPO
Apollo Micro Systems IPO 1,560 275 83 (70) Jan-18
T&T Infra Ltd. IPO
Astron Paper IPO 700 50 31 (39) Dec-17
Uti Asset Management Co.Ltd. IPO
Future Supply Chain IPO 6,497 664 133 (80) Dec-17
Shalby IPO 5,048 248 69 (72) Dec-17
Notes:
(a)Issues where offer document filed with Sebi, up till 21.02.2020.
Source: Bloomberg, Prime Database, Media reports, Kotak Institutional Equities Source: Prime Database

BSE AND NSE DELIVERY PERCENTAGE
BSE and NSE delivery percentage
BSE and NSE delivery %

55
50
45
40
35
30
25
20
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-09
Jun-10
Jun-11
Jun-20
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19

ECONOMIC INDICATORS
10
12
14
0
2
6
8
4
10
5
6
7
8
9
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15 Dec-15
Key economic parameters
Kotak Institutional Equities Research

Mar-16 Jun-16
Sep-16 Dec-16

Mar-17 Jun-17
Headline CPI (%)

ECONOMIC INDICATORS
Sep-17 Dec-17
10-y G-sec yield (%)
Mar-18 Jun-18
Sep-18 Dec-18
Mar-19 Jun-19
Sep-19 Dec-19
5.76
Mar-20 Jun-20
5.91
55
60
65
70
75
80
10
30
90
50
70
110
130
Jun-14 Jun-13
Dec-14 Dec-13
Jun-14
Jun-15
Dec-14
Dec-15
Jun-15
Jun-16
Dec-15
Dec-16
Jun-16
INR/US$
Jun-17 Dec-16
Dec-17 Jun-17
Brent crude (US$/bbl)
Dec-17
Jun-18
Jun-18
Dec-18
Dec-18
Jun-19
Jun-19
Dec-19
Dec-19
75.48
Jun-20
38.26
Jun-20
25
200
500
800
300
400
600
700
1,100
1,300
1,500
1,700
700
900
Jun-14
Jun-14
Dec-14
Dec-14
Jun-15
Jun-15
Dec-15
Dec-15
Prices of key commodities
COMMODITIES
Kotak Institutional Equities Research

Jun-16
Jun-16

Dec-16
Dec-16
Jun-17 Jun-17
Steel (US$/ton)
Gold (US$/OZ)
Dec-17 Dec-17
Jun-18 Jun-18
Dec-18 Dec-18
Jun-19 Jun-19
Dec-19 Dec-19
Jun-20 Jun-20
10
25
40
15
20
30
35
0
5
40
60
80
140
100
120
Jun-13
May-14
Dec-13
Nov-14
Jun-14
May-15
Dec-14
Nov-15
Jun-15
May-16
Dec-15
Nov-16 Jun-16
May-17 Dec-16
Silver (US$/OZ)
Nov-17 Jun-17
Indonesian coal price (US$/ton)
Dec-17
May-18
Jun-18
Nov-18
Dec-18
May-19
Jun-19
Nov-19
Dec-19
May-20
26
Jun-20
COMMODITIES
Prices of key commodities
3,000 4,000
LME Aluminium (US$/ton) LME Zinc (US$/ton)
3,500
2,500
3,000
2,000 2,500
2,000
1,500
1,500
1,000 1,000
Jun-18
Jun-19
Jun-14
Jun-15
Jun-16
Jun-17
Jun-20
Dec-15
Dec-14
Dec-16
Dec-17
Dec-18
Dec-19
Jun-17
Jun-18
Jun-20
Jun-14
Jun-15
Jun-16
Jun-19
Dec-18
Dec-14
Dec-15
Dec-16
Dec-17
Dec-19
12,000 3,000
LME Copper (US$/ton) LME Lead (US$/ton)
10,000 2,500
8,000 2,000
6,000 1,500
4,000 1,000
2,000
500
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19

KOTAK VALUATION SUMMARY
VALUATION SUMMARY
Kotak Institutional Equities Universe
Fair O/S ADVT

Price (Rs) Value Upside Mkt cap. shares EPS (Rs) EPS growth (%) P/E (X) EV/EBITDA (X) P/B (X) RoE (%) Dividend yield (%) 3mo
Company Rating 4-Jun-20 (Rs) (%) (Rs bn) (US$ bn) (mn) 2020 2021E 2022E 2020 2021E 2022E 2020 2021E 2022E 2020 2021E 2022E 2020 2021E 2022E 2020 2021E 2022E 2020 2021E 2022E (US$ mn)
Automobiles & Components
Amara Raja Batteries REDUCE 661 620 (6) 113 1.5 171 39 33 41 36.7 (14.8) 25.4 17 20.0 16.0 10.2 10.6 8.6 3.1 2.8 2.4 18.9 14.6 16.3 1.7 1.2 1.6 9.9
Apollo Tyres BUY 103 110 7 59 0.8 572 8.3 2.3 8.7 (41.9) (72.0) 273.3 12.3 44.1 11.8 6.1 6.4 4.6 0.6 0.6 0.6 4.8 1.4 4.9 2.9 1.3 2.6 9.9
Ashok Leyland BUY 46 90 97 134 1.8 2,936 1.0 1.2 5.1 (86.2) 29.3 309.3 47.5 36.8 9.0 13.0 10.9 4.5 1.6 1.5 1.4 3.4 4.3 16.2 0.7 0.8 3.3 27
Bajaj Auto BUY 2,817 3,000 6 815 11 289 176 158 190 15.0 (10.1) 20.0 16.0 17.8 14.8 12.9 13.7 10.7 4.1 3.7 3.4 24 22 24 4.3 3.4 4.0 31
Balkrishna Industries SELL 1,133 1,030 (9) 219 2.9 193 50 53 59 25.6 6.0 11.4 22.7 21.5 19.3 15.1 12.4 10.6 4.3 3.8 3.4 19.6 18.7 18.7 1.8 1.9 2.1 11.0
Bharat Forge SELL 341 365 7 159 2.1 466 13 16 22 (41.6) 21.6 40.4 26.3 21.6 15.4 14.0 12.2 9.6 2.8 2.6 2.3 10.9 12.4 15.8 1.6 1.8 1.8 13.5
CEAT BUY 904 940 4 37 0.5 40 63 60 78 1.9 (4.6) 30.7 14.4 15.1 11.6 7.6 7.7 6.7 1.3 1.2 1.1 8.9 8.0 9.8 1.3 1.3 1.3 1.8
Eicher Motors ADD 17,273 19,500 13 472 6.2 27 770 747 979 (5.6) (2.9) 31.0 22.4 23.1 17.6 17.4 16.5 13.1 5.4 4.5 3.8 26 21 23 0.2 — — 52
Endurance Technologies BUY 788 850 8 111 1.5 141 40 40 50 11.1 (1.6) 26.3 20 19.9 15.8 9.5 8.9 7.1 3.6 3.2 2.7 18.6 15.9 17.2 0.8 0.9 1.1 2.4
Escorts BUY 977 1,000 2 87 1.6 89 55 51 65 0.4 (5.9) 27.1 17.9 19.0 15.0 12.4 11.4 8.5 2.5 2.0 1.8 14.0 10.5 12.0 0.3 0.8 1.0 36
Exide Industries BUY 171 165 (4) 146 1.9 850 9.6 8.2 10.2 6.6 (14.6) 23.5 17.8 20.8 16.9 10.2 11.2 9.3 2.3 2.1 2.0 13.2 10.6 12.3 2.0 2.3 2.3 6.1
Hero Motocorp ADD 2,329 2,150 (8) 465 6.2 200 167 141 166 (1.2) (15.7) 17.4 13.9 16.5 14.1 8.9 10.4 8.5 3.2 3.0 2.8 25 18.9 21 4.0 3.9 4.3 48
Mahindra CIE Automotive BUY 103 100 (3) 39 0.5 378 9.4 5.9 9.6 (34.9) (37.7) 63.3 10.9 17.5 10.7 5.3 7.2 4.9 0.8 0.8 0.7 8.0 4.7 7.2 — — — 0.2
Mahindra & Mahindra BUY 478 625 31 595 7.9 1,138 32 32 41 (32.5) (1.1) 27.9 14.9 15.1 11.8 9.3 9.1 7.3 1.4 1.3 1.2 9.9 9.0 10.7 1.3 1.3 1.7 39
Maruti Suzuki SELL 5,690 4,300 (24) 1,719 22.7 302 187 133 226 (24.7) (28.8) 69.8 30 43 25 18.6 21.2 12.4 3.5 3.4 3.1 11.9 8.1 12.7 1.1 0.8 1.0 128
Motherson Sumi Systems ADD 101 110 9 320 4.2 3,158 3.7 1.9 6.0 (27.5) (47.6) 211.3 27.3 52.2 16.8 7.5 9.3 4.9 2.8 2.8 2.3 10.5 5.4 15.2 1.5 1.3 1.7 29
MRF SELL 61,600 62,000 1 261 3.5 4 2,523 2,915 3,674 (5.4) 15.5 26.0 24 21.1 16.8 10.0 9.1 7.2 2.2 2.0 1.8 9.4 9.9 11.2 0.1 0.1 0.1 10.4
Schaeffler India SELL 3,375 3,200 (5) 106 1.4 31 118 109 142 (18.3) (7.7) 31.0 29 31 24 15.3 16.2 12.5 3.6 3.2 2.9 13.0 10.9 12.8 — — — 0.5
SKF ADD 1,465 1,550 6 72 1.0 49 58 52 65 (10.7) (10.8) 25.6 25 28 22 19.0 21.6 16.5 3.8 4.8 4.1 15.2 16.9 18.2 0.8 7.4 0.7 0.8
Tata Motors BUY 99 130 32 354 4.3 3,598 (7.9) (19.7) 6.4 (46.3) (149.9) 132.4 NM NM 15.4 4.6 5.7 3.5 0.6 0.7 0.6 NM NM 4.3 — — — 82
Timken SELL 904 825 (9) 68 0.9 75 31 32 39 57.4 3.8 20.9 29 28 23 18.3 16.0 13.0 4.3 3.8 3.3 16.1 14.4 15.1 0.1 0.1 0.1 0.6
TVS Motor SELL 355 220 (38) 169 2.2 475 13.0 9.1 15.0 (7.9) (30.1) 65.6 27 39 24 13.7 15.6 11.3 4.7 4.4 3.9 17.7 11.6 17.5 1.0 1.1 1.1 15.9
Varroc Engineering BUY 157 540 245 21 0.3 135 15 29 46 (54.0) 88.2 58.7 10.2 5.4 3.4 4.3 3.0 2.0 0.6 0.6 0.5 6.4 10.9 15.0 — — — 0.6
Automobiles & Components Neutral 6,540 86.6 (21.4) (31.5) 115.9 24.7 36.1 16.7 9.5 10.2 6.8 2.3 2.2 2.0 9.4 6.2 12.1 1.6 1.4 1.7 555
Banks
AU Small Finance Bank SELL 474 515 9 145 1.9 304 22.2 16.3 23.5 69.9 (26.4) 44.0 21 29 20 — — — 3.4 3.2 2.7 17.9 10.7 13.7 0.0 — — 8.3
Axis Bank BUY 394 600 52 1,113 14.7 2,822 5.8 36 42 (68.3) 523.2 16.3 68 11.0 9.4 — — — 1.4 1.4 1.3 2.1 11.4 12.0 0.0 1.4 1.6 219
Bandhan Bank ADD 233 270 16 376 5.0 1,610 18.1 18.4 19.3 10.9 1.6 4.7 12.9 12.7 12.1 — — — 2.5 2.1 1.8 22.1 17.8 15.8 0.0 0.0 0.0 46
Bank of Baroda ADD 43 105 145 198 2.6 4,582 0.8 23.4 27 (50.0) 2,763.0 13.9 52 1.8 1.6 — — — 0.4 0.4 0.3 0.7 15.5 15.6 0.4 10.9 12.5 21
City Union Bank ADD 138 240 74 101 1.3 735 10.0 11.8 13.5 8.1 17.3 14.3 14 11.7 10.2 — — — 2.0 1.8 1.6 14.4 15.0 15.2 1.3 1.5 1.7 3.3
DCB Bank BUY 68 150 120 21 0.3 310 10.9 10.7 11.6 3.6 (1.9) 9.0 6.3 6.4 5.9 — — — 0.7 0.6 0.6 11.2 10.0 9.9 0.0 1.6 1.7 2.5
Equitas Holdings BUY 47 100 114 16 0.2 342 6.1 6.0 9.7 (4.3) (1.1) 61.6 7.7 7.8 4.8 — — — 0.6 0.6 0.5 7.8 7.1 10.5 — — — 10.3
Federal Bank BUY 46 80 75 91 1.2 1,993 7.7 6.1 6.9 23.6 (21.1) 13.0 5.9 7.5 6.6 — — — 0.7 0.6 0.6 10.9 8.1 8.6 0.0 3.0 3.4 17.6
HDFC Bank BUY 1,002 1,050 5 5,496 72.7 5,483 48 48 52 23.7 0.1 8.4 21 21 19 — — — 3.3 2.9 2.6 16.4 14.5 14.1 0.0 0.9 1.0 281
ICICI Bank BUY 348 470 35 2,252 29.8 6,474 12.3 25 28 134.9 105.3 13.0 28 13.8 12.2 — — — 2.1 1.9 1.7 7.1 13.3 13.5 0.0 1.4 1.6 242
IndusInd Bank ADD 415 600 45 288 3.8 694 64 27 73 16.3 (57.1) 167.0 7 15.2 5.7 — — — 0.9 0.9 0.8 14.9 5.4 13.3 0.0 1.0 2.6 169
Karur Vysya Bank BUY 25 80 219 20 0.3 799 3.4 7 13 27.2 104.1 95.1 7 3.7 1.9 — — — 0.4 0.3 0.3 4.1 8.0 14.5 3.3 7.1 13.9 0.4
Punjab National Bank NR 31 — — 292 3.9 4,604 2 6 10 110.2 149.0 80.1 14 5.6 3.1 — — — 0.6 0.5 0.4 2.4 7.0 10.2 0.0 0.0 0.0 12.3
RBL Bank BUY 122 270 121 62 0.8 509 9.9 11 20 (51.1) 8.2 84.0 12 11.4 6.2 — — — 0.6 0.6 0.6 5.6 5.1 8.8 0.0 1.2 2.1 60
State Bank of India BUY 174 420 141 1,553 20.6 8,925 24 45 55 2,356.7 87.9 23.3 7 3.9 3.2 — — — 0.9 0.7 0.6 9.2 15.2 16.0 0.1 0.1 0.1 202
Ujjivan Financial Services BUY 180 490 173 22 0.3 121 26.9 34 44 117.0 24.9 31.6 7 5.3 4.1 — — — 1.0 0.9 0.7 15.7 17.0 19.3 1.7 2.3 3.3 11.3
Ujjivan Small Finance Bank BUY 28 37 33 48 0.6 1,728 2 2 2 38.5 (5.6) (1.9) 15 15.4 15.7 — — — 1.6 1.6 1.5 14.0 10.0 9.2 1.4 1.3 1.3 0.0
Union Bank RS 29 — — 187 2.5 3,423 0 11 15 101.2 5,126.7 36.8 143 2.7 2.0 — — — 0.4 0.3 0.3 0.2 13.2 13.2 0.0 5.5 7.5 1.8
Banks Attractive 12,773 169.0 95.6 120.4 29.0 22 10.2 7.9 1.4 1.1 1.0 6.1 11.1 12.7 0.0 1.1 1.3 1,374
Kotak
KotakInstitutional
InstitutionalEquities Research
Equities Research 29
29
VALUATION SUMMARY
Fair O/S ADVT

Building Products
Astral Poly Technik SELL 928 765 (18) 140 1.9 151 16.4 18 25 25.6 11.7 37.7 57 51 37 31.6 27.9 20.8 9.3 8.0 6.7 17.8 17.0 19.8 0.1 0.2 0.3 1.4
Building Products Cautious 140 1.9 26.6 11.7 37.7 56 51 37 31.6 27.9 20.8 9.3 8.0 6.7 16.5 15.8 18.2 0.1 0.2 0.3 1.4
Capital goods
ABB SELL 835 795 (5) 177 2.3 212 18 14 21 46.3 (19.1) 46.5 48 59 40 30.3 37.1 24.3 5.0 4.8 4.5 9.9 8.4 11.6 0.6 0.8 0.9 1.5
Ashoka Buildcon BUY 52 155 198 15 0.2 281 12.9 11.9 13.2 8.6 (7.9) 11.2 4.0 4.4 3.9 4.0 3.7 3.2 0.6 0.5 0.5 15.3 12.6 12.7 3.9 3.6 4.0 0.5
Bharat Electronics BUY 73 113 55 177 2.3 2,437 6.2 7.5 7.0 (20.2) 20.9 (6.9) 11.8 9.7 10.5 6.9 6.0 5.6 1.8 1.6 1.5 15.7 17.6 15.2 3.7 4.5 4.2 15.1
BHEL REDUCE 27 41 54 93 1.2 3,482 2.7 2.6 3.8 (24.0) (2.6) 48.7 10.1 10.4 7.0 2.6 2.8 2.2 0.3 0.3 0.3 2.9 2.8 4.1 4.8 4.3 5.8 16.4
Carborundum Universal ADD 245 345 41 46 0.6 189 13.7 16.3 19.0 4.7 19.2 16.1 17.9 15.0 12.9 10.9 8.7 7.3 2.5 2.2 2.0 14.4 15.6 16.3 1.7 2.0 2.3 0.3
Cochin Shipyard BUY 240 615 156 32 0.4 132 48 56 50 30.6 17.6 (10.8) 5.0 4.3 4.8 (1.0) (0.1) 1.3 0.8 0.7 0.7 17.7 18.3 14.6 5.0 5.8 5.6 1.1
Cummins India BUY 379 520 37 105 1.4 277 26 26 29 (0.2) (2.6) 12.2 14.4 14.8 13.2 13.8 13.8 12.2 2.4 2.3 2.1 17.2 15.8 16.8 3.5 3.4 3.8 8.5
Dilip Buildcon BUY 275 495 80 38 0.5 137 30 27 45 (45.3) (10.8) 64.8 9.0 10.1 6.2 4.4 4.9 3.1 1.0 0.9 0.8 12.2 9.8 14.2 0.2 0.2 0.3 1.1
IRB Infrastructure BUY 65 154 137 23 0.3 351 22 16 16 (7.1) (29.8) 3.8 2.9 4.1 4.0 5.5 6.4 6.4 0.3 0.3 0.3 11.9 7.7 7.5 4.2 3.8 2.3 1.2
Kalpataru Power Transmission BUY 213 470 121 33 0.4 153 25 25 39 (16.4) 0.1 53.3 8.4 8.4 5.5 3.8 3.8 3.2 1.0 0.9 0.8 12.0 11.1 15.2 1.5 1.5 2.1 1.3
KEC International BUY 238 342 44 61 0.8 257 22.0 25 31 16.3 13.4 24.4 10.8 9.5 7.7 6.5 5.9 4.8 2.2 1.8 1.5 22 21 22 1.4 1.1 1.4 1.6
L&T BUY 931 1,220 31 1,306 17.3 1,403 66 42 75 8.0 (36.2) 76.9 14.0 22 12.4 15.5 16.9 12.4 2.2 1.8 1.7 16.1 9.0 13.9 1.1 1.7 2.5 76
Sadbhav Engineering BUY 42 137 229 7 0.1 172 7.2 11.7 13.6 (33.4) 61.1 16.3 5.7 3.6 3.1 4.6 2.6 2.1 0.3 0.3 0.3 5.9 9.0 9.6 — — — 0.3
Siemens SELL 1,113 1,000 (10) 397 5.2 356 26 33 38 (14.9) 28.2 14.7 43 33 29 28.4 22.0 19.4 4.1 3.8 3.5 9.9 11.8 12.5 0.7 0.8 1.0 28
Thermax BUY 729 870 19 87 1.1 113 24 29 36 (33.9) 18.5 24.8 30 25 20 18.3 19.9 15.8 18.3 19.9 15.8 8.8 9.9 11.5 1.0 1.1 1.4 1.7
Capital goods Neutral 2,597 34.4 (2.5) (16.2) 40.9 14.8 17.6 12.5 1.7 1.6 1.4 11.7 8.8 11.5 1.5 1.9 2.4 1,374
Commercial & Professional Services
SIS REDUCE 397 405 2 58 0.8 149 15 16 20 5.0 3.8 25.7 26 25 20 12.1 12.2 10.6 4.3 3.7 3.1 17.1 15.6 16.8 0.9 0.2 0.2 0.4
TeamLease Services SELL 1,787 2,300 29 31 0.4 17 68 89 112 18.6 29.8 26.9 26 20 15.9 22.5 16.7 12.4 4.7 3.8 3.1 19.5 21 21 — — — 0.5
Commercial & Professional Services Cautious 89 1.2 9.3 12.7 26.2 26 23 18.3 14.1 13.3 11.1 4.3 3.7 3.1 16.7 15.9 16.8 0.6 0.1 0.2 0.8
Commodity Chemicals
Asian Paints REDUCE 1,634 1,825 12 1,567 20.7 959 28.9 34.2 40.5 28.5 18.2 18.3 56 48 40 35.8 31.2 26.8 14.7 13.1 11.7 27 29 31 0.9 1.1 1.3 68
Berger Paints SELL 504 430 (15) 489 6.5 971 7.5 8.6 10.2 46.6 14.6 19.1 67 59 49 43.3 36.9 31.3 17.0 14.6 12.6 27 27 28 0.6 0.6 0.8 10.8
Kansai Nerolac BUY 392 450 15 211 2.8 539 9.9 5.7 12.5 14.6 (42.6) 120.1 39 69 31 26.4 41.0 20.5 5.6 5.4 4.9 14.8 8.0 16.5 0.8 0.8 1.1 1.9
Tata Chemicals ADD 316 320 1 80 1.1 255 31.7 31.0 37.5 (26.2) (2.1) 21.0 10.0 10.2 8.4 4.8 4.7 3.9 0.6 0.6 0.6 6.4 6.0 7.0 3.5 3.4 4.2 8.1
Commodity Chemicals Neutral 2,348 31.1 14.9 7.6 24.8 48 45 36 28.5 26.6 21.9 7.8 7.2 6.6 16.0 16.0 18.3 0.9 1.0 1.3 89
Construction Materials
ACC BUY 1,269 1,400 10 238 3.2 188 72.3 52.3 72.7 35.8 (27.7) 39.2 17.6 24 17.4 8.0 10.3 7.7 2.1 2.0 1.9 12.3 8.3 11.1 1.1 2.1 2.9 24
Ambuja Cements BUY 187 190 2 371 4.9 1,986 10.6 7.5 10.7 49.1 (29.5) 43.3 17.7 25 17.5 6.0 8.1 5.6 1.5 1.5 1.4 9.0 6.0 8.1 0.8 0.8 0.8 13.6
Dalmia Bharat BUY 563 1,000 78 106 1.4 192 17.2 11.4 30.2 8.6 (34.0) 165.0 33 49 18.7 5.9 5.9 4.4 1.0 1.0 0.9 3.1 2.0 5.1 — — — 2.3
Grasim Industries BUY 605 865 43 398 5.3 657 74.4 71.4 90.1 18.9 (4.0) 26.1 8.1 8.5 6.7 4.9 4.2 3.3 0.7 0.6 0.6 8.4 7.5 8.8 1.2 1.2 1.2 22
J K Cement BUY 1,161 1,500 29 90 1.2 77 82.3 78.6 115.5 141.3 (4.5) 46.9 14.1 14.8 10.1 8.7 8.2 6.5 2.8 2.4 2.0 21 17.3 21 0.9 0.9 0.9 1.5
JK Lakshmi Cement BUY 239 275 15 28 0.4 118 23.5 10.7 23.3 478.2 (54.5) 118.0 10.2 22 10.2 4.8 6.3 4.3 1.7 1.6 1.4 17.4 7.2 14.3 1.0 0.7 1.5 1.1
Orient Cement BUY 55 55 (1) 11 0.2 205 4.2 2.5 5.4 82.1 (41.2) 117.3 13.1 22 10.2 6.0 6.9 5.1 1.0 1.0 0.9 8.0 4.5 9.5 1.4 3.6 3.6 0.5
Shree Cement REDUCE 21,397 15,500 (28) 772 10.2 36 435.2 355.3 633.7 34.6 (18.3) 78.3 49 60 34 20.8 23.7 16.3 6.0 5.6 4.9 13.9 9.6 15.5 0.5 0.5 0.5 18.9
UltraTech Cement BUY 3,804 4,000 5 1,098 14.5 289 132.9 115.8 202.7 45.2 (12.8) 75.0 29 33 18.8 13.6 14.2 9.3 2.8 2.6 2.3 10.5 8.2 13.1 0.3 0.4 0.5 36
Construction Materials Cautious 3,113 41.2 39.3 (15.3) 51.8 21 24 16.0 8.4 8.3 6.2 1.9 1.8 1.6 9.2 7.3 10.1 0.6 0.7 0.8 119
Kotak
KotakInstitutional
30
VALUATION SUMMARY
Fair O/S ADVT

Consumer Durables & Apparel
Crompton Greaves Consumer SELL 230 185 (19) 144 1.9 627 7.9 5.7 7.9 33.1 (28.2) 38.5 29 40 29 25 31 22 9.8 7.8 6.5 39 21 24 0.0 0.0 1.1 3.4
Havells India SELL 568 475 (16) 355 4.7 626 11.8 8.7 13.8 (6.6) (26.1) 58.5 48 65 41 33 42 28 8.2 7.7 6.9 17.3 12.2 17.7 1.8 0.5 0.8 17.9
Page Industries REDUCE 19,574 15,250 (22) 218 2.9 11 327 273 389 (7.4) (16.5) 42.3 60 72 50 39 45 34 25.1 21.7 17.7 44 32 39 0.8 0.7 1.0 10.5
Polycab ADD 767 725 (6) 114 1.5 149 52 40 51 53.2 (21.7) 27.0 14.9 19.0 15.0 10 12 10 3.0 2.6 2.3 23 14.6 16.2 0.7 0.5 0.7 2.5
TCNS Clothing Co. ADD 409 380 (7) 25 0.3 65 11 10 16 (47.7) (7.0) 62.8 38 41 25 13 13 9.5 4.1 3.8 3.5 11.0 9.7 14.6 - - - 0.2
Vardhman Textiles ADD 740 1,000 35 43 0.6 56 92 120 130 (28.9) 30.0 8.5 8.1 6.2 5.7 6.1 4.7 4.1 0.7 0.7 0.6 9.0 11.0 11.0 4.1 4.1 4.1 0.3
Voltas SELL 566 440 (22) 187 2.5 331 16.2 10.3 17.8 3.4 (36.5) 73.0 35 55 32 28 53 26 4.4 4.1 3.8 12.8 7.7 12.5 0.7 0.5 0.8 18.9
Whirlpool SELL 2,052 1,540 (25) 260 3.4 127 40 26 47 24.8 (34.0) 78.5 51 78 44 35 53 31 10.3 9.5 8.5 22 12.7 21 0.4 0.4 0.9 2.3
Consumer Durables & Apparel Cautious 1,347 17.8 4.7 (19.4) 34 42 29 23 27 20 5.6 5.1 16.8 12.3 15.6 1.0 0.6 56
Consumer Staples
Bajaj Consumer Care BUY 145 280 93 21 0.3 148 15.3 15.8 17.7 1.6 3.3 12.1 9.5 9.2 8.2 7.2 6.9 6.0 4.2 3.7 3.2 46 42 42 6.9 7.6 8.3 0.7
Britannia Industries REDUCE 3,450 3,300 (4) 830 11.0 240 59 76 82 22.1 28.4 8.6 59 46 42 45 34 32 18.8 15.9 12.7 32 37 33 1.0 0.8 1.0 40
Colgate-Palmolive (India) ADD 1,347 1,450 8 366 4.8 272 28 30 36 5.9 7.4 19.7 48 44 37 30.1 28.2 24.1 23.0 22.9 21.7 51 52 60 2.1 2.1 2.6 21
Dabur India REDUCE 462 400 (13) 817 10.8 1,767 8.6 9.3 10.6 6.1 7.6 13.9 54 50 44 45 41 34 12.4 11.4 10.5 25 24 25 0.6 1.3 1.5 23
Godrej Consumer Products BUY 655 615 (6) 670 8.9 1,022 13.8 14.8 18.6 (4.8) 7.7 25.2 48 44 35 32 30 24 8.5 7.6 6.8 18.6 18.1 20 0.9 1.1 1.4 17.9
Hindustan Unilever ADD 2,121 2,300 8 4,979 65.9 2,160 31 35 44 10.9 12.8 25.7 68 60 48 51 42 34 57.0 11.5 11.0 86 32 23 1.2 1.5 1.9 239
ITC BUY 200 255 27 2,460 32.6 12,300 11.5 11.3 12.5 12.8 (1.8) 10.8 17.5 17.8 16.0 11.9 12.6 11.3 3.9 3.8 3.7 22 21 23 3.2 5.0 5.6 80
Jyothy Laboratories ADD 110 170 55 40 0.5 367 5.8 6.5 7.4 4.7 11.9 13.0 18.8 16.8 14.8 13.1 11.8 10.4 2.9 2.7 2.6 15.8 16.7 17.8 3.2 3.6 4.1 0.5
Marico BUY 333 350 5 430 5.7 1,290 8.1 8.2 9.4 12.4 1.5 13.7 41 41 36 29 28 24 14.2 13.5 12.8 35 34 37 2.0 2.1 2.4 16.5
Nestle India REDUCE 17,197 16,000 (7) 1,658 21.9 96 204 241 282 22.6 17.9 17.3 84 71 61 58 48 42 85.8 70.1 58.0 70 108 104 2.0 1.1 1.3 40
Tata Consumer Products ADD 382 385 1 350 4.6 922 8.0 8.2 10.9 13.9 2.9 33.2 48 47 35 26 24 20 2.5 2.5 2.4 6.9 5.4 6.9 0.7 0.9 1.1 26
United Breweries ADD 948 1,430 51 251 3.3 264 17.9 25.5 32.6 (15.8) 42.2 27.8 53 37 29 27 20 16 7.0 6.0 5.1 14.0 17.4 18.9 0.2 0.3 0.5 10.0
United Spirits ADD 578 620 7 420 5.6 727 11.5 9.3 14.8 21.7 (19.4) 59.9 50 62 39 29 34 24 10.5 9.0 7.3 23 15.5 21 0.0 0.0 0.0 32
Varun Beverages BUY 610 800 31 176 2.3 289 16.2 14.4 29.1 51.9 (11.3) 102.1 38 42 21 14 14 10 5.3 4.6 3.9 17.6 11.7 20 0.1 0.2 0.3 2.4
Consumer Staples Cautious 13,468 178.2 12.7 7.4 18.8 42 39 33 29 28 23 10.9 8.1 7.6 26 21 23 1.5 2.0 2.3 549
Diversified Financials
Bajaj Finance BUY 2,313 2,600 12 1,392 18.4 600 104 66 126 50 (37) 92 22 35 18.4 — — — 4.3 3.9 3.3 20 11.5 19.3 0.4 0.3 0.5 281
Bajaj Finserv BUY 5,137 7,000 36 817 10.8 159 212 238 392 5 12 65 24 22 13.1 — — — 2.6 2.4 2.1 12.2 11.6 16.9 0.3 0.3 0.3 68
Cholamandalam BUY 143 265 86 117 1.5 820 12.8 12.1 18.7 (15) (5.8) 54.3 11.1 11.8 7.6 — — — 1.5 1.4 1.2 14.7 11.5 15.7 1.2 0.9 1.4 21
HDFC BUY 1,764 2,150 22 3,056 40.4 1,732 103 65 74 80.1 (37) 14.6 17.2 27 24 — — — 3.5 3.3 3.0 22 12.5 13.2 1.2 1.3 1.5 192
IIFL Wealth REDUCE 950 1,200 26 83 1.1 85 34.0 35.9 58.2 (25) 5.8 62.1 28 26 16.3 — — — 2.8 2.7 2.6 9.9 10.3 16.2 2.7 2.5 4.0 0.3
L&T Finance Holdings ADD 58 85 46 116 1.5 2,005 8 5 9 (24.1) (38) 72.6 6.9 11.0 6.4 — — — 0.8 0.8 0.7 14.7 7.0 11.3 3.3 2.5 2.8 15.5
LIC Housing Finance ADD 245 475 94 124 1.6 505 53.2 72.1 83.1 16 35.6 15.2 4.6 3.4 2.9 — — — 0.8 0.7 0.6 15.4 18.2 18.1 3.6 4.9 5.6 20
Muthoot Finance ADD 911 900 (1) 365 4.8 401 72 66 77 46.9 (8) 16.9 12.6 13.7 11.8 — — — 3.1 2.6 2.3 27 21 21 1.9 1.7 2.0 24
PNB Housing Finance NR 205 — — 34 0.5 169 66.9 77.6 88.6 (6) 16.0 14.2 3.1 2.6 2.3 — — — 0.4 0.4 0.3 14.1 14.6 14.8 3.6 4.2 4.8 1.7
Shriram City Union Finance BUY 632 1,975 212 42 0.6 66 171 182 204 13.9 6 12.3 3.7 3.5 3.1 — — — 0.6 0.5 0.5 16.4 15.2 15.0 3.4 3.6 4.1 0.2
Shriram Transport BUY 613 1,100 79 139 1.8 227 132.2 93.2 130.7 17 (29.5) 40.2 4.6 6.6 4.7 — — — 0.8 0.7 0.6 17.6 11.0 13.9 3.0 2.3 3.2 50
Diversified Financials Neutral 6,377 84.4 35.1 (21.3) 36.0 15.3 19.4 14.3 2.4 2.3 2.0 15.4 11.9 14.4 1.1 1.1 1.4 696
Kotak
KotakInstitutional
31
VALUATION SUMMARY
Fair O/S ADVT

Electric Utilities
CESC BUY 608 820 35 81 1.1 133 84 101 114 (7) 19.9 12.3 7.2 6.0 5.4 5.7 5.1 4.6 0.6 0.6 0.5 8.9 9.9 10.3 1.9 2.0 2.1 6.0
JSW Energy BUY 42 65 55 69 0.9 1,640 6.3 5.3 5.2 49 (17) (1.8) 6.6 8.0 8.1 4.5 4.2 3.5 0.6 0.6 0.5 8.9 7.2 6.6 — — — 1.0
NHPC ADD 20 27 35 201 2.7 10,045 3.4 3.4 3.7 34.3 2 6.8 5.9 5.8 5.4 5.5 5.9 5.4 0.6 0.6 0.6 10.8 10.5 10.6 8.5 7.7 8.3 2.4
NTPC BUY 95 150 58 941 12.5 9,895 12.3 14.4 15.5 9.4 16.9 7.9 7.7 6.6 6.1 9.0 7.6 6.1 0.8 0.8 0.7 10.9 11.8 11.7 3.9 4.5 4.9 28
Power Grid BUY 169 235 39 885 11.7 5,232 20.2 23 25 6 13.5 11.1 8.4 7.4 6.6 6.8 6.4 6.0 1.4 1.2 1.1 17.0 17.4 17.5 4.2 4.7 5.3 36
Tata Power BUY 43 55 29 115 1.5 2,705 4.4 4.9 6.5 110 11 31.8 9.6 8.6 6.5 7.1 6.3 5.7 0.6 0.6 0.5 6.9 7.1 8.7 — — — 12.4
Electric Utilities Attractive 2,292 30.3 13.0 12.6 9.9 7.8 6.9 6.3 0.9 0.8 0.8 11.5 12.0 12.1 4.0 4.4 4.8 86
Fertilizers & Agricultural Chemicals
Bayer Cropscience SELL 5,399 3,400 (37) 243 3.2 45 129.3 134.2 149.9 64.7 3.8 11.7 42 40 36 32 29 25 9.4 7.9 6.7 24 21 20 0.5 0.5 0.6 1.9
Dhanuka Agritech SELL 575 470 (18) 27 0.4 48 28.0 30.3 33.4 18.1 8.5 10.1 20.6 19.0 17.2 16.3 14.4 12.6 3.7 3.2 2.8 19.1 17.9 17.1 1.0 1.1 1.2 0.3
Godrej Agrovet SELL 371 375 1 71 0.9 192 11.5 12.9 17.0 0.8 11.8 32 32 29 22 19 15 12 3.2 2.9 2.7 10.4 10.7 12.9 1.5 1.2 1.6 0.9
Rallis India ADD 224 230 3 44 0.6 195 9.0 10.6 14.2 7.4 17.1 33.7 24.8 21.2 15.8 17.0 14.5 11.1 3.1 2.8 2.5 13.1 13.9 16.5 1.1 1.2 1.3 1.9
UPL SELL 422 350 (17) 322 4.3 765 23.2 30.3 35.7 22.7 30.4 17.8 18 13.9 11.8 8.4 7.5 6.6 2.0 1.8 1.6 11.5 13.5 14.3 1.4 1.9 2.2 38
Fertilizers & Agricultural Chemicals Attractive 922 12.2 26.4 22.2 18.9 27 22 18.7 12.8 11.3 9.7 3.6 3.2 2.8 13.1 14.3 15.0 0.9 1.1 1.3 46
Gas Utilities
GAIL (India) BUY 97 150 54 439 5.8 4,510 11.5 9.8 11.4 (17.9) (14.5) 16.7 8.5 9.9 8.5 6.1 7.0 6.0 1.0 0.9 0.9 11.5 9.4 10.4 6.7 4.1 4.6 21
GSPL SELL 211 225 7 119 1.6 564 17.0 14.2 13.1 20.4 (16.1) (7.9) 12.4 14.8 16.1 5.6 6.2 6.3 1.8 1.6 1.5 15.4 11.5 9.7 1.2 1.0 1.2 1.9
Indraprastha Gas SELL 505 380 (25) 353 4.7 700 16.7 17.4 20.7 39.2 4.2 18.5 30.1 28.9 24.4 22.8 21.4 17.9 7.1 6.1 5.3 26 23 23 0.8 0.8 1.1 22
Mahanagar Gas ADD 1,025 1,300 27 101 1.3 99 76.8 84.0 89.4 36.7 9.4 6.5 13.3 12.2 11.5 8.6 7.5 6.7 3.6 3.1 2.7 29 27 25 3.2 3.7 4.4 9.7
Petronet LNG BUY 254 300 18 381 5.0 1,500 16.8 17.8 22.3 11.7 6.1 25.3 15.1 14.3 11.4 8.7 8.1 6.6 3.4 3.2 2.9 24 23 27 3.9 4.5 6.1 11.3
Gas Utilities Attractive 1,394 18.4 (1.5) (5.9) 16.4 13.2 14.0 12.0 8.5 8.8 7.6 2.0 1.8 1.7 14.9 13.0 14.0 3.7 3.1 3.8 65
Health Care Services
Apollo Hospitals BUY 1,364 1,820 33 190 2.5 139 23.6 23 49 39 (2) 112 57.8 58.9 27.8 14.4 16.3 12.0 5.4 5.1 4.6 9.6 8.9 17.4 0.6 0.7 1.4 23
Aster DM Healthcare NR 100 — — 50 0.7 505 6.9 8.8 10.6 4 27.5 21 14.5 11.4 9.4 6.0 5.1 4.4 1.8 1.6 1.4 13.3 15.0 15.8 — — — 0.4
Dr Lal Pathlabs SELL 1,535 1,180 (23) 128 1.7 83 27.1 26.1 37.7 13.4 (3.5) 44.5 56.7 58.8 40.7 35.1 36.2 25.3 12.4 10.8 9.1 23 19.6 24 0.5 0.5 0.7 4.1
HCG BUY 120 140 17 11 0.1 89 (7.7) (6.4) (1.8) (128) 16 72 NM NM NM 9.6 8.1 5.3 2.1 1.8 1.9 NM NM NM — — — 0.6
Metropolis Healthcare SELL 1,450 1,240 (14) 73 1.0 50 29.2 28.9 40.0 22.0 (1.2) 39 49.6 50.2 36.2 30.6 29.7 21.9 13.9 11.9 9.8 31 26 30 0.5 0.6 0.8 5.9
Narayana Hrudayalaya BUY 285 380 33 58 0.8 204 4.0 3.0 10.6 37.6 (24) 250 71.5 94.1 26.9 18.2 19.2 11.3 5.0 4.8 4.0 7.3 5.2 16.2 — — — 1.9
Health Care Services Attractive 510 6.7 15 4 75 48.0 46.4 26.4 14.6 14.5 11.0 5.4 4.7 4.2 11.2 10.1 15.7 0.4 0.5 0.8 36
Hotels & Restaurants
Jubilant Foodworks ADD 1,683 1,750 4 222 2.9 132 24 9 30 (2) (62.3) 240 71.4 189.4 55.7 24.6 32.0 19.4 19.7 19.4 14.9 26 10.3 30 0.4 0.2 0.6 37
Lemon Tree Hotels BUY 22 38 75 17 0.2 790 -0.1 -0.9 0.6 (118) (655) 161 NM NM 39.3 13.3 27.4 10.6 2.1 2.3 2.2 NM NM 5.7 — 0.0 1.0 0.7
Hotels & Restaurants Attractive 239 3.2 (18) (85) 868 79.1 518.0 53.5 22.2 31.3 17.5 12.2 12.6 10.5 15.5 2.4 19.6 0.3 0.2 0.6 37
Insurance
HDFC Life Insurance ADD 518 530 2 1,045 13.8 2,009 6.4 3.7 5.6 1.4 (42.4) 50.5 80.3 139.3 93 — — — 14.9 14.2 13.3 20 10.4 14.8 0.0 0.2 0.3 44
ICICI Lombard SELL 1,282 875 (32) 583 7.7 454 26.3 30.8 35.7 14 17 16 48.8 41.6 36 — — — 9.5 7.9 6.7 21 21 20 0.3 0.2 0.6 12.2
ICICI Prudential Life BUY 383 475 24 549 7.3 1,436 7.4 9.7 12.2 (6) 30.8 25.5 51.5 39.4 31 — — — 7.3 6.4 5.5 14.8 17.2 18.7 0.2 0.4 0.0 18.7
Max Financial Services ADD 461 550 19 124 1.6 270 10.1 10.3 28.1 452 2 173 45.6 44.6 16.4 — — — — — — 12.7 14.5 40 0.0 0.2 1.4 15.5
SBI Life Insurance BUY 794 1,000 26 794 10.5 1,000 14.2 14.9 15.6 7.2 4.9 4.5 55.8 53.2 51 — — — 9.9 8.6 7.5 18.4 17.3 15.8 0.0 0.3 0.3 15.8
Insurance Attractive 3,095 41.0 8.4 2.7 32.3 59.0 57.4 43 10.0 8.8 7.2 17.0 15.3 16.6 0.0 0.2 0.2 106
Kotak
KotakInstitutional
32
VALUATION SUMMARY
Fair O/S ADVT

Internet Software & Services
Info Edge SELL 2,522 2,130 (16) 309 4.1 122.0 27.4 20.5 37.6 6.2 (25.4) 83.6 91.9 123.3 67.1 74.3 108.7 54.0 11.8 11.1 9.9 13.6 9.3 15.6 0.3 0.2 0.4 13.7
Just Dial BUY 405 420 4 26 0.3 64.9 42.0 24.3 33.0 31.4 (42.2) 35.9 9.6 16.7 12.3 4.0 9.5 5.5 2.0 2.1 1.8 24 12.2 16.1 0.0 0.0 0.0 17.6
Internet Software & Services Attractive 335 4.4 16.3 (34.2) 65.7 55.2 83.9 50.6 45.6 74.8 41.2 8.6 8.5 7.5 15.6 10.1 14.8 0.3 0.2 0.3 31
IT Services
HCL Technologies ADD 579 570 (2) 1,571 20.8 2,710 40.8 38.1 42.9 11.4 (6.6) 12.5 14.2 15.2 13.5 8.8 8.9 7.7 3.2 2.7 2.4 24 19.5 19.0 0.9 1.8 2.4 41
Hexaware Technologies REDUCE 260 260 0 78 1.0 302 21.2 18.8 21.1 9.9 (11.2) 12.2 12.2 13.8 12.3 8.9 8.9 7.6 2.8 2.5 2.2 25 19.2 19.2 3.3 2.3 3.9 2.4
Infosys BUY 708 700 (1) 3,014 39.9 4,256 38.9 36.2 40.5 10.0 (7.1) 12.0 18.2 19.6 17.5 12.7 12.8 11.3 4.6 4.3 4.0 25 23 24 2.5 3.7 4.2 106
L&T Infotech ADD 1,861 1,850 (1) 324 4.3 175 86.6 83.5 101.0 0 (3.6) 21.0 21.5 22.3 18.4 15.2 14.7 12.8 6.0 5.3 4.5 30 25 26 1.4 1.7 1.9 3.4
Mindtree REDUCE 935 760 (19) 154 2.0 165 38.3 46.9 55.3 (16) 22 18 24.4 19.9 16.9 12.9 11.2 9.4 4.9 4.2 3.6 19.5 23 23 3.2 1.5 1.8 12.4
Mphasis REDUCE 880 750 (15) 164 2.2 187 63.5 56.2 62.2 13 (11.5) 10.6 13.9 15.7 14.2 9.2 9.8 8.6 2.8 2.6 2.4 21 17.4 17.9 4.0 4.0 4.0 4.5
TCS REDUCE 2,094 1,705 (19) 7,857 104.0 3,752 86.2 82.6 92.0 4 (4.2) 11.3 24.3 25.3 22.8 17.6 18.1 16.2 9.1 8.5 7.9 36 35 36 3.2 3.2 3.5 117
Tech Mahindra BUY 582 630 8 507 6.7 880 45.9 35.4 48.0 (3.9) (22.8) 35.6 12.7 16.4 12.1 7.7 8.2 6.3 2.3 2.2 2.0 19.2 13.8 17.2 2.6 2.6 2.9 35
Wipro REDUCE 216 195 (10) 1,236 16.3 5,848 16.6 15.8 17.1 11.1 (5.0) 8.3 13.0 13.7 12.7 7.8 7.8 7.0 2.3 1.9 1.8 17.3 15.1 14.9 0.7 0.9 3.9 18.8
IT Services Cautious 14,905 197.2 4.3 (6.5) 12.6 19.2 20.5 18.2 13.2 13.4 11.9 5.1 4.6 4.2 26 22 23 2.6 2.9 3.5 341
Media
DB Corp. REDUCE 75 135 80 13 0.2 175 18.0 18.7 18.6 14.6 4.1 (0.5) 4.2 4.0 4.0 2.0 1.7 1.8 0.7 0.7 0.7 16.9 17.4 17.4 16.7 20.1 22.7 0.2
Jagran Prakashan REDUCE 40 35 (13) 11 0.2 281 7.0 3.3 7.0 (20.9) (52) NA 5.8 12.1 NA 1.8 2.3 NA 0.6 0.6 NA 10.3 4.9 9.9 11.1 4.9 12.4 0.1
PVR BUY 1,069 1,625 52 55 0.7 51 32.7 -32.7 59.3 (24) (200) 281 32.7 NM 18.0 10.3 33.4 7.6 2.9 3.2 2.7 10.7 NM 16.2 0.3 (0.3) 0.6 32
Sun TV Network REDUCE 405 525 29 160 2.1 394 37.8 41.4 43.8 4 9.5 5.7 10.7 9.8 9.3 7.4 6.6 6.1 2.7 2.4 2.2 26 26 25 4.9 5.5 6.0 13.4
Zee Entertainment Enterprises REDUCE 206 145 (30) 198 2.6 960 17.9 13.1 16.2 8.6 (27.1) 24.4 11.5 15.8 12.7 7.8 9.7 7.5 2.0 1.9 1.8 18.5 12.6 14.6 2.2 2.7 2.7 48
Media Attractive 437 5.8 3.6 (19.2) 30.9 11.2 13.9 10.6 6.9 8.1 6.2 2.1 2.0 1.8 18.3 14.1 17.1 3.6 3.9 4.5 93
Metals & Mining
Hindalco Industries BUY 143 225 58 320 4.2 2,224 21.3 10.3 19.8 (13.6) (51.6) 92 6.7 13.8 7.2 5.0 6.5 4.8 0.5 0.5 0.5 7.9 3.6 6.7 0.8 0.8 0.8 28
Hindustan Zinc BUY 171 215 25 724 9.6 4,225 16.1 11.5 15.3 (14.5) (28.4) 32.7 10.6 14.9 11.2 5.7 7.5 5.7 1.8 2.2 2.2 18.4 13.2 19.4 9.6 6.7 8.9 2.0
Jindal Steel and Power BUY 137 200 46 140 1.9 1,020 (7.7) (9.0) 14.6 (343) (18) 262 NM NM 9.4 6.4 7.4 4.9 0.4 0.4 0.4 NM NM 4.7 — — — 33
JSW Steel ADD 192 180 (6) 464 6.1 2,402 10.1 (0.4) 14.8 (68.3) (104) 4,298.7 19.0 NM 12.9 9.0 11.4 6.9 1.3 1.3 1.2 6.8 NM 9.5 1.1 1.1 1.1 29
National Aluminium Co. SELL 31 24 (21) 57 0.8 1,866 0.4 0.3 1.8 (95) (23) 430.1 71.0 92.1 17.4 6.4 9.1 6.6 0.5 0.5 0.5 0.8 0.6 3.1 2.7 1.1 5.8 4.7
NMDC ADD 85 105 23 261 3.5 3,062 15.5 11.7 10.6 5.2 (24.7) (9) 5.5 7.3 8.0 3.6 4.8 5.4 0.9 0.9 0.8 17.7 12.5 10.7 9.1 6.8 6.2 7.8
Tata Steel BUY 320 430 34 363 4.8 1,146 (8.9) 6.0 71.4 (110) 167 1,088 NM 53.2 4.5 8.2 8.3 4.7 0.6 0.6 0.5 NM 1.1 12.4 3.1 3.1 3.1 65
Vedanta BUY 104 110 5 388 5.1 3,717 9.3 5.3 13.1 (39) (43) 150.0 11.2 19.9 7.9 5.4 6.7 4.9 0.6 0.6 0.6 5.4 3.0 7.5 9.6 9.6 9.6 42
Metals & Mining Attractive 2,718 36.0 (52.5) (39.0) 165.4 13.3 21.8 8.2 6.3 7.7 5.3 0.8 0.8 0.8 6.0 3.7 9.3 5.6 4.6 5.2 37
Kotak
KotakInstitutional
33
VALUATION SUMMARY
Fair O/S ADVT

Oil, Gas & Consumable Fuels
BPCL BUY 357 440 23 775 10.3 1,967 14 26 33 (60.4) 78.8 28.4 24.9 13.9 10.8 16.4 10.2 8.6 2.1 2.0 1.8 8.1 14.7 17.4 4.6 3.6 4.6 46.4
Coal India BUY 140 230 64 864 11.4 6,163 26 23 24 (8) (12.1) 3.9 5.4 6.2 5.9 4.7 5.3 4.6 2.7 2.6 2.4 55.1 43.2 42.3 10.7 14.3 14.3 25.3
HPCL BUY 195 250 28 298 3.9 1,524 23 26 26 (43.2) 16.9 0.2 8.7 7.4 7.4 8.5 8.5 8.6 1.0 0.9 0.9 11.8 12.9 12.0 4.6 5.4 5.4 20.9
IOCL BUY 86 130 51 809 10.7 9,181 9.5 15.2 15.5 (46.9) 59.7 2.0 9.0 5.6 5.5 4.9 4.3 4.1 0.7 0.7 0.6 7.9 12.1 11.8 6.0 8.9 9.0 19.9
Oil India SELL 89 70 (22) 97 1.3 1,084 21 1 7 (32) (93.9) 418.0 4.3 71.0 13.7 2.1 6.6 4.6 0.3 0.3 0.3 7.9 0.5 2.4 10.1 0.6 2.9 3.7
ONGC SELL 85 60 (29) 1,068 14.1 12,580 15 0 7 (35) (99.2) 5,537.4 5.5 668.2 11.9 3.0 6.4 4.2 0.4 0.4 0.4 8.0 0.1 3.6 8.2 0.9 3.5 35.2
Oil, Gas & Consumable Fuels Attractive 13,274 175.6 (23.0) (14.3) 34.4 14.4 16.8 12.5 8.6 9.5 7.3 1.4 1.3 1.2 9.8 8.0 10.0 2.4 2.1 2.5 621.0
Pharmaceuticals
Aurobindo Pharma REDUCE 759 730 (4) 445 5.9 586 48 51 56 19.3 6 8.8 15.7 14.8 13.6 9.6 9.0 7.9 2.6 2.3 2.0 16.8 15.5 14.8 0.4 1.0 1.2 62.7
Biocon SELL 394 210 (47) 472 6.2 1,202 6.2 7.9 9.5 2 27 20.3 63 50 42 29.4 22.2 18.2 6.4 5.8 5.3 10.6 11.7 12.7 0.2 0.7 0.8 37.8
Cipla BUY 661 650 (2) 533 7.0 806 19.2 27 32 1.1 39 20 34 24.8 20.6 16.8 13.9 11.6 3.3 3.0 2.7 9.9 12.2 13.2 1.2 0.8 0.9 68.8
Dr Reddy's Laboratories SELL 3,999 3,100 (22) 664 8.8 166 176 147 188 76 (16) 27.5 23 27.2 21.3 13.1 15.1 11.7 4.3 3.8 3.3 13.9 13.9 15.5 0.6 0.6 0.8 64.2
Laurus Labs ADD 470 540 15 50 0.7 107 23.9 34.7 38 117.9 45 10 20 13.6 12.4 10.8 8.6 7.3 2.8 2.3 2.0 15.3 17.3 16.0 (1—) — — 8.5
Lupin ADD 908 900 (1) 411 5.4 450 22 32 46 3.6 46 44 42 29 19.8 16.2 12.6 9.2 3.2 3.0 2.6 7.4 10.4 13.3 0.7 0.5 0.8 43.7
Sun Pharmaceuticals ADD 495 480 (3) 1,187 15.7 2,406 16.7 19.2 24 3.8 15 25 30 26 20.6 15.7 13.6 11.1 2.6 2.4 2.2 9.3 9.4 11.2 1.4 0.8 1.0 84.6
Torrent Pharmaceuticals REDUCE 2,366 2,350 (1) 400 5.3 169 57 70 86 22.6 22 22 41 34 27 19.7 16.9 14.5 8.3 7.1 6.1 20.1 21.2 22.2 1.8 1.0 1.3 28.2
Pharmaceuticals Neutral 4,163 55.1 18.9 13 23 29 26 21.0 15.3 13.7 11.2 3.5 3.1 2.8 11.9 12.1 13.2 0.9 0.8 0.9 398.6
Real Estate
Brigade Enterprises BUY 111 280 152 23 0.3 204 8.3 10 18 (29) 17 82 13.3 11.4 6.3 11.0 7.4 4.5 1.0 0.9 0.8 7.7 8.5 14.1 2.3 2.3 2.3 0.5
DLF BUY 156 230 47 387 5.1 2,475 4.5 6.9 10.6 (24) 51 54 34 22.8 14.8 32.2 36.6 21.5 1.1 1.0 1.0 3.2 4.6 6.8 1.3 1.3 1.3 20.9
Embassy Office Parks REIT ADD 369 400 9 284 3.8 772 9.9 12.3 14.1 110 24 15 37 30 26 18.1 16.9 15.5 1.3 1.4 1.5 3.4 4.4 5.4 6.6 7.2 8.1 3.2
Godrej Properties SELL 790 610 (23) 199 2.6 252 10.7 10.9 17.7 (2.7) 2 62.2 74 72 45 62.1 116.3 105.7 4.1 3.9 3.6 7.4 5.6 8.4 — — — 5.5
Oberoi Realty ADD 374 575 54 136 1.8 364 22 34 38 (4.0) 55.5 12 17.3 11.1 9.9 16.1 9.7 8.3 1.6 1.4 1.2 9.4 13.1 13.1 0.5 0.5 0.5 3.4
Prestige Estates Projects ADD 164 410 150 66 0.9 378 13.9 13.9 14 59.9 (0) 2 12 12 11.5 6.1 5.9 5.5 1.2 1.1 1.0 11.3 10.1 9.5 0.9 0.9 0.9 1.7
Sobha BUY 210 465 122 20 0.3 95 30 35 44 (5) 19.4 22.9 7.1 5.9 4.8 4.9 3.8 3.5 0.8 0.7 0.7 12.1 13.1 14.4 3.3 3.3 3.3 1.3
Sunteck Realty BUY 159 320 101 23 0.3 140 12.2 11.3 25 (24.6) (7) 118 13 14.0 6.4 11.7 12.7 5.1 0.7 0.7 0.6 5.9 5.2 10.5 0.6 0.6 0.6 0.7
Real Estate Neutral 1,138 15.1 6.7 31.3 33.9 28 21 15.8 15.9 14.1 11.3 1.3 1.3 1.3 4.8 6.2 7.9 2.3 2.5 2.7 37.1
Retailing
Aditya Birla Fashion and Retail BUY 125 150 20 97 1.3 773 (2.1) (4.2) 2.7 (151.4) (96.4) 165.1 NM NM 46 10.0 13.1 7.8 8.9 12.7 9.9 NM NM 24.3 — — — 3.4
Avenue Supermarts SELL 2,414 1,480 (39) 1,564 20.7 628 21.0 22 39 45.1 5.8 74.1 115 109 62 72 72 42 13.7 12.5 10.4 15.8 12.2 18.2 — — — 14.6
Titan Company BUY 971 1,260 30 862 11.4 888 16.1 16 26 (4.3) (3.7) 67.8 60 63 37 36 38 24 12.5 11.4 9.7 22.1 19.1 28.1 0.6 0.8 1.1 51.5
Retailing Cautious 2,523 33.4 (5.0) (3.5) 101.8 98 101 50 44 48 29 13.2 12.1 10.1 13.6 12.0 20.2 0.2 0.3 0.4 69.5
Speciality Chemicals
Castrol India BUY 123 180 47 121 1.6 989 8.4 9.4 10.1 16.8 12.0 8.2 14.7 13.1 12.1 9.7 8.7 8.0 8.9 7.8 7.0 65.3 63.5 60.9 4.5 6.1 6.7 2.5
Pidilite Industries REDUCE 1,498 1,425 (5) 761 10.1 508 24.8 28 33 40.1 14.0 17.2 60 53 45 45 39 33 15.5 13.2 11.3 27.9 26.9 26.9 0.6 0.6 0.8 21.0
S H Kelkar and Company BUY 66 95 45 9 0.1 141 4.6 4.6 6.2 (24.3) (1.0) 35.8 14.1 14.3 10.5 7.6 7.2 5.6 1.1 1.1 1.0 7.8 7.6 9.8 3.1 1.5 2.7 0.6
SRF ADD 3,791 3,900 3 218 2.9 57 144 174 207 28.6 21.2 18.8 26.4 21.8 18.3 16.2 13.2 11.1 4.4 3.7 3.1 18.1 18.4 18.6 0.4 0.4 0.5 13.4
Speciality Chemicals Neutral 1,110 14.7 27.4 15.1 15.5 37 32 28.0 24.7 21.3 18.4 9.2 7.9 6.8 24.7 24.4 24.2 1.0 1.2 1.4 37.5
Kotak
KotakInstitutional
34
VALUATION SUMMARY
Fair O/S ADVT

Telecommunication Services
Bharti Airtel BUY 572 690 21 3,123 41.3 5,455 (6.7) 5.7 14.5 NM NM NM NM 101.2 39.6 10.9 8.6 6.9 4.0 4.1 3.9 NM 4.0 10.0 0.3 1.0 1.0 167.2
Bharti Infratel BUY 219 185 (15) 405 5.4 1,850 16.5 16.5 17.7 25.7 0.2 6.9 13.3 13.2 12.4 5.5 5.3 5.0 3.0 3.0 2.9 21.7 22.5 23.9 4.9 7.3 7.8 24.2
Vodafone Idea RS 9 — — 247 3.3 28,736 (22.3) (4.0) (6.2) NM NM NM NM NM NM 21.1 10.3 9.5 1.1 2.1 (4.0) NM NM NM — — — 36
Tata Communications BUY 479 425 (11) 137 1.8 285 10.0 7.9 15.1 47.7 (21.2) 90.1 47.7 60.5 31.8 7.6 7.7 6.5 567.0 57.1 20.9 NM 171 96.1 1.6 1.6 1.6 1.2
Telecommunication Services Cautious 3,912 51.8 NM 65.2 51.6 NM NM NM 11.3 8.6 7.2 3.4 3.8 4.4 NM NM NM 0.8 1.6 1.6 228.4
Transportation
Adani Ports and SEZ BUY 339 385 14 689 9.1 2,032 23.9 18.8 22.8 19.7 (21.4) 21.2 14.2 18.1 14.9 12.0 11.9 10.2 2.7 2.4 2.1 19.4 14.1 15.1 3.8 1.1 1.1 22.7
Container Corp. BUY 390 400 2 238 3.1 609 16.6 19.3 24.3 1.5 16.5 26.0 24 20 16 12.6 11.1 8.7 2.3 2.1 2.0 9.7 10.9 12.9 0.6 2.1 2.7 9.7
Gateway Distriparks BUY 82 162 97 9 0.1 109 3.9 6.0 9.2 (42.8) 55.9 51.7 21.2 13.6 9.0 5.7 4.6 3.7 0.6 0.5 0.5 2.9 4.1 6.0 3.7 3.7 3.7 0.1
GMR Infrastructure BUY 20 26 33 118 1.6 6,036 (3.1) (1.8) (0.8) (25.4) 40.9 55.9 NM NM NM 15.7 18.2 16.5 (4.4) (7.0) (5.4) 106.6 55.8 25.2 — — — 4.4
Gujarat Pipavav Port BUY 63 117 87 30 0.4 483 6.2 5.7 7.2 44.9 (8.2) 26.7 10.2 11.1 8.7 5.5 4.9 4.2 1.5 1.5 1.5 14.7 13.4 16.9 8.5 7.9 10.0 0.4
InterGlobe Aviation SELL 1,116 925 (17) 429 5.7 383 (6.5) (189.9) 66.4 (258.9) (2,828.8) 135.0 NM NM 16.8 5.7 (10.9) 2.8 7.3 (159.8) 2.8 NM NM 253.3 (0.0) 0.0 0.0 43
Mahindra Logistics ADD 296 275 (7) 21 0.3 71 8.9 5.9 10.3 (29.0) (34.2) 75.8 33 51 29 13.7 15.6 11.1 3.9 3.7 3.3 12.2 7.5 12.2 — — — 0.3
Transportation Attractive 1,535 20.3 1.6 (177.1) 368.5 37 NM 17.9 10.8 18.5 8.1 3.5 3.7 3.2 9.6 NM 17.8 2.0 1.0 1.1 80
KIE universe 103,293 1366.7 (4.7) 10.3 38.5 24 21.5 15.5 11.4 11.6 9.1 2.4 2.2 2.0 10.0 10.1 12.7 1.6 1.8 2.1
Notes:
(a) We have used adjusted book values for banking companies.
(b) 2020 means calendar year 2019, similarly for 2021 and 2022 for these particular companies.
Kotak
KotakInstitutional
35
DISCLOSURES
"Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report
accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations
or views expressed in this report: Sanjeev Prasad, Sunita Baldawa, Anindya Bhowmik."
Kotak Institutional Equities Research coverage universe

Distribution of ratings/investment banking relationships
Percentage of companies covered by Kotak Institutional
70%
Equities, within the specified category.
60%
Percentage of companies within each category for which Kotak
Institutional Equities and or its affiliates has provided
50% 47.1%
investment banking services within the previous 12 months.
40% * The above categories are defined as follows: Buy = We

expect this stock to deliver more than 15% returns over the next
12 months; Add = We expect this stock to deliver 5-15% returns
30%
over the next 12 months; Reduce = We expect this stock to
23.0%
deliver -5-+5% returns over the next 12 months; Sell = We
20% 17.2% expect this stock to deliver less than -5% returns over the next
12.7% 12 months. Our target prices are also on a 12-month horizon
basis. These ratings are used illustratively to comply with
10%
3.9% applicable regulations. As of 31/03/2020 Kotak Institutional
2.0% 1.5%
0.0% Equities Investment Research had investment ratings on 204
0% equity securities.
BUY ADD REDUCE SELL
Source: Kotak Institutional Equities As of March 31, 2020

RATINGS AND OTHER DEFINITIONS/IDENTIFIERS
Definitions of ratings
BUY. We expect this stock to deliver more than 15% returns over the next 12 months.
ADD. We expect this stock to deliver 5-15% returns over the next 12 months.
REDUCE. We expect this stock to deliver -5-+5% returns over the next 12 months.
SELL. We expect this stock to deliver <-5% returns over the next 12 months.
Our Fair Value estimates are also on a 12-month horizon basis.
Our Ratings System does not take into account short-term volatility in stock prices related to movements in the market. Hence, a particular Rating may not strictly be in accordance with the
Rating System at all times.
Other definitions
Coverage view. The coverage view represents each analyst’s overall fundamental outlook on the Sector. The coverage view will consist of one of the following designations: Attractive,
Neutral, Cautious.
Other ratings/identifiers
NR = Not Rated. The investment rating and fair value, if any, have been suspended temporarily. Such suspension is in compliance with applicable regulation(s) and/or Kotak Securities
policies in circumstances when Kotak Securities or its affiliates is acting in an advisory capacity in a merger or strategic transaction involving this company and in certain other circumstances.
CS = Coverage Suspended. Kotak Securities has suspended coverage of this company.
NC = Not Covered. Kotak Securities does not cover this company.
RS = Rating Suspended. Kotak Securities Research has suspended the investment rating and fair value, if any, for this stock, because there is not a sufficient fundamental basis for
determining an investment rating or fair value. The previous investment rating and fair value, if any, are no longer in effect for this stock and should not be relied upon.
NA = Not Available or Not Applicable. The information is not available for display or is not applicable.
NM = Not Meaningful. The information is not meaningful and is therefore excluded.

DISCLAIMER
Copyright 2020 Kotak Institutional Equities (Kotak Securities Limited). All rights reserved.
Note that the research analysts contributing to this report may not be registered/qualified as research analysts with FINRA; and
Such research analysts may not be associated persons of Kotak Mahindra Inc and therefore, may not be subject to NASD Rule 2711 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
Any U.S. recipients of the research who wish to effect transactions in any security covered by the report should do so with or through Kotak Mahindra Inc and (ii) any transactions in the securities covered by the research by U.S. recipients must be effected only through Kotak
Mahindra Inc at vinay.goenka@kotak.com.
This report is distributed in Singapore by Kotak Mahindra (UK) Limited (Singapore Branch) to institutional investors, accredited investors or expert investors only as defined under the Securities and Futures Act. Recipients of this analysis / report are to contact Kotak Mahindra (UK)
Limited (Singapore Branch) (16 Raffles Quay, #35-02/03, Hong Leong Building, Singapore 048581) in respect of any matters arising from, or in connection with, this analysis / report. Kotak Mahindra (UK) Limited (Singapore Branch) is regulated by the Monetary Authority of
Singapore.
Kotak Securities Limited and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We along with our affiliates are leading underwriter of securities and participants in virtually all securities trading markets in India. We
and our affiliates have investment banking and other business relationships with a significant percentage of the companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection
processes. Investors should assume that Kotak Securities Limited and/or its affiliates are seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing
this material may participate in the solicitation of such business. Our research professionals are paid in part based on the profitability of Kotak Securities Limited, which include earnings from investment banking and other business. Kotak Securities Limited generally prohibits its
analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Additionally, Kotak Securities Limited generally prohibits its analysts and persons reporting to
analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are
contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein.
In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additionally, other important information regarding our relationships with the company or companies that are the subject of
this material is provided herein.
This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any action based on this material. It is for the general information of clients of Kotak
Securities Limited. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, clients should consider whether it is
suitable for their particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is
not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur. Kotak Securities Limited does not provide tax advise to its clients, and all investors are strongly advised to consult with their tax advisers regarding any potential investment.
Certain transactions -including those involving futures, options, and other derivatives as well as non-investment-grade securities - give rise to substantial risk and are not suitable for all investors. The material is based on information that we consider reliable, but we do not represent
that it is accurate or complete, and it should not be relied on as such. Opinions expressed are our current opinions as of the date appearing on this material only. We endeavor to update on a reasonable basis the information discussed in this material, but regulatory, compliance, or
other reasons may prevent us from doing so. We and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material, may from time to time have "long" or "short" positions in, act as principal in, and buy or sell the
securities or derivatives thereof of companies mentioned herein. Kotak Securities Limited and its non US affiliates may, to the extent permissible under applicable laws, have acted on or used this research to the extent that it relates to non US issuers, prior to or immediately following
its publication. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment. In addition, investors in securities such as ADRs, the value of which are influenced
by foreign currencies affectively assume currency risk. In addition options involve risks and are not suitable for all investors. Please ensure that you have read and understood the current derivatives risk disclosure document before entering into any derivative transactions.
Kotak Securities Limited established in 1994, is a subsidiary of Kotak Mahindra Bank Limited. Kotak Securities is one of India's largest brokerage and distribution house.
Kotak Securities Limited is a corporate trading and clearing member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE), Metropolitan Stock Exchange of India Limited (MSE), National Commodity and Derivatives Exchange (NCDEX) and Multi
Commodity Exchange(MCX). Our businesses include stock broking, services rendered in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management.
Kotak Securities Limited is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Kotak Securities Limited is also registered with Insurance Regulatory and Development Authority as Corporate Agent for
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We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations
have issued advise letters or levied minor penalty on KSL for certain operational deviations. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time.
We offer our research services to primarily institutional investors and their employees, directors, fund managers, advisors who are registered with us
Details of Associates are available on website i.e. www.kotak.com
Research Analyst has served as an officer, director or employee of subject company(ies): No
We or our associates may have received compensation from the subject company(ies) in the past 12 months.
We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months. YES. Visit our website for more details
We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received any compensation for products or services other than investment
banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.
Our associates may have financial interest in the subject company(ies).
Research Analyst or his/her relative's financial interest in the subject company(ies): No
Kotak Securities Limited has financial interest in the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: YES
Nature of Financial interest: Holding equity shares or derivatives of the subject company.
Our associates may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report.
Research Analyst or his/her relatives has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No
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Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report.
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First Cut notes published on this site are for information purposes only. They represent early notations and responses by analysts to recent events. Data in the notes may not have been verified by us and investors should not act upon any data or views in these notes. Most First Cut
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India Strategy

Friday Flash INDIA

Market highlights for the week ending Thursday, June 4, 2020

Russia Date India Indonesia Philippines Korea Taiwan Thailand

.Source: Bloomberg, Kotak Institutional Equities

Kotak Institutional Equities Model Portfolio

Kotak Institutional Equities Research 2

Kotak Institutional Equities Model Portfolio

Source: Companies, Kotak Institutional Equities estimates

Kotak Institutional Equities Research 3

Source: Bloomberg, Kotak Institutional Equities estimates

Kotak Institutional Equities Research 4

Source: Bloomberg, Kotak Institutional Equities estimates

Kotak Institutional Equities Research 5

Valuation summary of global indices, calendar year-ends, 2019-21E

Earnings growth (%) P/E (X) P/B (X)

Kotak Institutional Equities Research 6

Key indicators of the BSE-30 Index

Kotak Institutional Equities Research 7

Key indicators of the Nifty-50 Index

Nifty 10X 12X 15X 18X P/E (X)

Kotak Institutional Equities Research 8

• PERFORMANCE OF GLOBAL INDICES

Source: Bloomberg, Kotak Institutional Equities

Kotak Institutional Equities Research 10

Sectoral indices performance (%)

Realty Capital goods

(40) (30) (20) (10) 0 10 20 30 (40) (30) (20) (10) 0 10 20 30

Source: Bloomberg, BSE, Kotak Institutional Equities

Kotak Institutional Equities Research 11

Market performance of sectors in BSE-30 Index

Mcap. Change (%) Relative change (%)

Source: Bloomberg, Kotak Institutional Equities

Kotak Institutional Equities Research 12

Top gainers and losers (stocks in Kotak Institutional Equities universe)

CYTD performance 1-year performance

Source: Bloomberg, Kotak Institutional Equities

Kotak Institutional Equities Research 13

Volume momentum analysis

Avg daily value Institutional participation in

Source: Bloomberg, Kotak Institutional Equities

Kotak Institutional Equities Research 14

• UPGRADES/DOWNGRADES IN EARNINGS IN PAST MONTH

Changes in earnings estimates in the past one month

Kotak Institutional Equities Research 16

Changes in target prices in the past one month

Company % Change Old New Company % Change Old New

Source: Kotak Institutional Equities estimates

Kotak Institutional Equities Research 17

Changes in ratings over the past one month

Source: Kotak Institutional Equities estimates

Kotak Institutional Equities Research 18

• TREND IN EQUITY FLOWS

Source: Bloomberg, Kotak Institutional Equities

Kotak Institutional Equities Research 20

Source: Bloomberg, Kotak Institutional Equities

Kotak Institutional Equities Research 21

Market performance of recent equity issuances Forthcoming equity issuances

Kotak Institutional Equities Research 22

BSE and NSE delivery percentage

BSE and NSE delivery %

Kotak Institutional Equities Research 23

Kotak Institutional Equities Research