DSJ

Contents Vol. 31 No.
9 • APR 4 - 17, 2016
10 Equity Market
Market View 10
Recommendations
Choice Scrip 12
Low Priced Scrip 14
Hot Chips 15
18 Analysis
DHFL
Bet On DHFL As Housing Sector
Readies To Shine
24 Capital Column
Friendly Markets, Unfriendly Political
Oppositions―Will He Make It In FY 17
Special Report
Bitter Pill For Pharma Sector: What Does
It Mean For The Individual Investors 65
Go Rural, Invest In Rural Sector Stocks 70
Road Ahead For Indian Pharma

Companies Following Govt Crackdown 73
Subscribers can access the complete databank consisting

Regulars of more than 3500 companies on our website www.DSIJ.in
Editor’s Keyboard 06 Query Board 76
Company Index 07 Reviews 79
Trackpad 08 Letter to the editor 80
Technicals 16 Kerbside 82
4 DALAL STREET INVESTMENT JOURNAL I APR 4 - 17, 2016 DSIJ.in

From The Editor’s Keyboard
LETS THINK LARGE WITH

LARGE-CAPS
the United States of America as he gears up to
leave for another round of overseas trips. While
some critics of Modi may say his foreign trips
so far have not brought in much for the country,
recently the Prime Minister clarified things are
moving towards a positive direction and
changes are being spoken about and felt. We
believe in the same and we have reasons. The
country has been sitting on immense potential
and things are looking brighter in comparison
to situation as it used to be during last 10 years
or so, I must mention here.
Have you had time to check the stock prices of

the PSU banks of late—they look tempting and
one may indulge into buying these stocks in
smaller quantities now. Keep some money to
invest in these stocks once their fourth quarter
results come out and the stock prices move
further downward bringing in the golden
opportunity to invest in large amount in these
B
y the time you read this piece of editorial, we would potential stocks. Indian banking system from this new
have already welcomed the new financial year amid financial year is going to look healthier, brighter and
much optimism. The markets at the time of writing stronger, I am sure of. So don’t miss the bus.
this have shredded some of their weights but not
dangerously. Some kind of profit-booking activities have In this issue we have also come up with special reports on
been witnessed after an almost one-week long rally. I find the pharmaceutical sector and recent happenings. The
this kind of markets’ behaviour as obvious and I am sure you government crackdown on 344 FDC drugs have dented
all will agree with me. stock prices of some of the pharma majors but I believe, this
is going to help the countrymen and investors both from a
Meanwhile, we have focussed on large-caps this issue. Our long-term perspective. We have also talked about agriculture
research team after exhaustive studies have identified six sector and monsoon impact on the economy this time.
picks which you may like to bet your money in and
comfortably. As many as 250 large-cap stocks also have been Please take time off to go through the pages of your favourite
talked about in this issue, the first of the financial year investment instrument.
2016-17. It is an accepted principle that large-caps are wiser
instruments of investments most of the time but then, one Let’s all have a wonderful new financial year ahead when
needs to weigh the sectors before investing the hard-earned profit will do all the talking. After all, money matters and
money. Here we have identified the chosen few which you matters a lot.
may not afford to miss. Our efforts in Dalal Street
Investment Journal have always been towards the aim to see ing.
Happy investing, Happy reading.
your money grow and this issue is yet another such initiative
from us.
V B PADODE
Prime Minister Narendra Modi has now decided to woo the Editor-in-Chief
investors and industries in Saudi Arabia, Europe and also in

facebook.com/DSIJin twitter.com/DSIJ
Vol. 31. No. 9 • APR 4 - 17, 2016

enquiry@dsij.in linkedin.com/in/DalalStreetInvestmentJournal
Founder & Editor-In-Chief Marketing & Sales
Recommendations
V B Padode Vice President - Marketing
S. S. Dhillon
Executive Editor
Joydeep Ray Mumbai:
Farid Khan Company/Scheme Price Page
Reco. Column
Deputy Editors (`) No
(AGM-Sales)
Amit Bhanot (Delhi)
Nitin Zimur
Adani Enterprises Buy 67.15 Low Priced Scrip 14
Consulting Editor (Sr. Manager- Sales)
Rajesh Shrivastava Harshad Wadivkar Apollo Tyres Buy 172.00 Cover Story 64
Research
(Manager - Online Sales) Berger Paints Buy 242.00 Cover Story 64
Karan Bhojwani (Sr. Research Analyst) Bengaluru: DCM Shriram Buy 141.00 Kerbside 82
Abhijeet Gosavi (Research Analyst) N K Vishwanatha
Chirag Gothi (Research Analyst) (Sr. Manager-Sales)
DHFL Buy 185.25 Analysis 18
Lohit Bharambe (Research Associate) Finolex Cables Hold 288.00 QueryBoard 76
Delhi:
Graphics Mohamed Rizwan Gabriel India Hold 91.00 Reviews 79
Vipin Bendale (Senior Manager- Media Sales)
Godrej Consumer Products Buy 1329.00 Choice Scrip 12
Subscription & Customer Care
Mutual Funds : Hemant Rustagi
Utkarsh Sawale Hindalco Inudstries Sell 83.25 Technicals 17
Arvind Manor Tax: Jayesh Dadia
IDBI Bank Buy 68.20 Hot Chips 15
Indian Hotels Buy 103.00 Kerbside 82
DSIJ Private Limited JK Infraprojects Hold 274.00 Reviews 79

LIC Housing Finance Buy 487.00 Cover Story 63
Managing Director Mahindra Lifespace Dev. Buy 428.00 Technicals 17
Rajesh V Padode
Maruti Suzuki India Buy 3728.00 Cover Story 62
Product Manager Navin Fluorine International Buy 1730.50 QueryBoard 76
Manoj Singh Gautam
Omkar Speciality Chemicals Buy 180.00 Kerbside 82
Technology PFC Exit 172.00 QueryBoard 77
Avinash Shinde
Vishal Dolas PI Industries Buy 570.00 Cover Story 62
Vijaya Joshi Reliance Defence and Eng. Buy 68.00 Hot Chips 15
SUBROS Buy 89.20 Kerbside 82
For Customer Service
020-49072626 OR service@DSIJ.in Timken India Hold 430.15 QueryBoard 78
Torrent Power Buy 223.00 Cover Story 63
Mumbai Office
419-A, 4th Floor, Arun Chambers, Tardeo, Tube Investments of India Hold 390.25 QueryBoard 78
Next to AC Market Mumbai - 400034
022-43476012/16/17 Uflex Hold 171.80 QueryBoard 77
Pune Office BP - Book Profit • BPP - Book Partial Profits • BL - Book Loss
C-305, 3rd Floor, Trade Center,
North Main Road
Near Axis Bank, Opposite Lane no. 6, Printer and Publisher: Nitin Sawant, Editor: V B Padode for DSIJ Pvt Ltd. on behalf of
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published from 419-A, 4th Floor, Arun Chambers, Tardeo, Next to AC Market, Mumbai
Bengaluru - 400034 All rights reserved. While all efforts are made to ensure that the
information published is correct and up-to-date, Dalal Street Investment Journal holds no
#447, 4th floor, (next to HDFC Bank), responsibility for any errors that might occur. All material contained herein is based on
17th cross, Sector 4, HSR Layout fundamental and technical analysis and other in-house methods, which though reliable,
Bengaluru - 560034 09448258239 are not infallible. The information given in the magazine is of an advisory nature. Readers
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To advertise, mail us on ads@dsij.in Mumbai only. Dalal Street Investment Journal is a member of INS/ABCs.
DSIJ.in APR 4 - 17, 2016 I DALAL STREET INVESTMENT JOURNAL 7

Trackpad Wassup
Declining Exports, Jacking Up Investment And Better Monsoon Key Challenges: FM
F
inance Minister Arun Jaitley, who is on his Australia tour,
has clearly jotted down key three challenges before the
government that would be the key in pushing Indian
economy. While meeting with Foreign Minister of Australia, Julie
Bishop, Jaitley said; “the economic reforms are widely accepted in
India especially the reforms in taxation and Foreign Direct
Investment (FDI) among others.” While elaborating about the
challenges he said; “India faces three major challenges now viz.
boosting Exports in view of shrinking global trade, increase in
private investment and better hope for monsoon this year after
insufficient rains in last two consecutive years.
Pushing hard for investment into the country, Jaitley said that
there is lot of scope for foreign investment in India in various
sectors which have now been opened for FDI including Railways,
defence and manufacturing among others and invited Australian
businesses to invest and make in India.
Julie Bishop seemed convinced to FM’s appeal and said that
Australia can play a major role in providing various services to thanked the Australian Foreign Minister for concluding the
India especially in field of innovations, R&D and designing, Administrative Arrangements on civil nuclear cooperation to
vocational training and skill development among others. Jaitley facilitate the flow of Uranium.
GAIL Drills First Exploratory Well In Cambay Basin

P
ublic Sector gas transporter, GAIL has now entered into
exploration activity in a big way with company starting
drilling the first exploratory well as Operator in its NELP-IX
Block CB-ONN-2010/11 in Cambay Basin. Company started
spudding, technical term for drilling, recently in the well situated
in Dugari village of Anand District of Gujarat. GAIL is the lead
operator of the block with 25 per cent participating interest, while
other partners in this block are Bharat Petro Resources, Engineers
India, Monnet Ispat Energy and Bharat Forge Infrastructure. As
per the information filed by the company, drilling of target depth
of 2,500 meters of this well is scheduled to be completed in 40 to 45
days followed by testing for another 10 to 15 days and it will target
Cambay Shale and Olpad formations. The consortium will drill
eight exploratory wells in the initial Exploration Phase as per
minimum work commitment of Production Sharing Contract
(PSC). Importantly this phase will continue till March 2017 while
Acquisition, Processing and Interpretation (API) of 2D and 3D
Seismic Data have already been completed.
SAIL Appoints CEOs of Three Steel Plants

I
n a major shuffle biggest producer of steel of the country, SAIL has appointed new Chief Executive Officers (CEO) to head its three
steel plants at Burnpur, Rourkela and Durgapur. R.K. Rathi has taken charge as CEO, ISP, Burnpur while Ashwini Kumar and A.K.
Rath have taken charge as CEO of Rourkela and Durgapur Steel Plant respectively.
Also, M. Ravi has been declared as the CEO designate for Bhilai Steel Plant and would take charge of the plant with the superannuation of
the present incumbent. Important to note that steel sector is going through a rough phase due to decline in demand and company is
hoping that this new team will strengthen SAIL’s thrust on ramping up production from new units, aggressive cost reduction and
improvement in product mix in these three plants, which have recently completed modernisation and expansion program.

RBI Cancels Registration Of 22 NBFC’s Tata Sons To Increase Stake In AirAsia
India
R
eserve Bank of India has cancelled registration of 22
Non-Banking Financial Companies (NBFC’s) on March 30
T
including that of Amazon Capital and Mascot Commerce. ata Sons will soon control 49 per cent stake in AirAsia India,
Following the cancellation of registration certificates, these having inked an agreement with Telestra Tradeplace to acquire
companies cannot transact the business of a non-banking financial all its remaining shareholding in the airline. So from a
institution NBFCs whose registration have been cancelled include three-way venture (it started with AA Bhd holding 49 per cent, Tata
Akansha Consultancy Services, Bini Commercial Enterprises, Sons 30 per cent and Telestra 21 per cent), AirAsia India will
Kundan Leasing and Finvest, Raseera Investments, Limtex Impex, eventually become a play between the Tatas and the Malaysian parent.
Dignity Motors Finance, Nirankar Investments, and Surin The remaining 2 per cent equity will be acquired by two directors
Investments. Earlier this month, the RBI had canceled registration currently on the airline’s board, in their individual capacities
of six other NBFCs.
DSIJ Event
IAP Events In The Month Of March Saw Warm Response From The Investors In
Mumbai & Pune.
I
AP team of DSIJ held an Investors’
awareness programme at Christ Institute
of Management in Lavasa on March 14 for
the benefit of students of the esteemed
institute. Students took liking to the concept of
building portfolio for long term. Merits of
equity investing and financial planning were
discussed with the students and students
appreciated the benefits of the same. Speaker,
Yogesh Supekar shared several wealth creating
stories with the students.
Post the Lavasa event, the IAP team headed for

Mumbai for a similar event scheduled on
March 18. The event here witnessed a large
number of seasoned investors participating in the discussions. on stock markets were shared by the audience and overall the
Several matured investors with more than a decade experience in event was a great hit with the kind of engagement the audience
stock markets’ investment shared their views on the markets. The had with the speakers.
event saw investors curiously talking about markets’ levels and the
correct strategies to be adopted in the current volatile markets. After engaging with the investors in Mumbai region the IAP team
headed for Pune - ninth most populated city in India and second
From Church Gate in country’s commercial capital, the IAP team largest city in Maharashtra after Mumbai. The event held on
headed for New Mumbai - Vashi for an event on March 19. Investors March 26 saw large number of investors attending the event. The
in Vashi appreciated BSE’s efforts of conducting more than 8114 session was highly interactive and the speakers made a strong case
Investor Awareness Programmes across India. Supekar presented a for higher equity allocation in a staggered manner. After an
case for strong equity markets in coming years based on macro extremely lively IAP event at Tilak Road area, the speakers from
economic data , increasing urbanisation trend and demography DSIJ , BSE & IIFL discussed equity market with investors in
situation in India where almost 64% of the Indian population is a Hadapsar - an eastern suburb of Pune. Here the audience threw
working age population. Gaurav Modi representing DSIJ shared “8 lots of questions to the speakers and thus the interactive sessions
Golden Rules of Investing” and various important empirically tested had turned very interesting.
aspects on portfolio management.
With these events the current IAP wave comes to an end and we
Post Vashi event, the IAP team interacted with the investors in shall update readers on the coming IAP events. Till then - happy
Thane. The event on March 20 was attended by some of the and safe investing and watch out this space for the next round of
intelligent and market-savvy investors in the town. Great insights IAP events.

Market View Equity
The New Financial Year Kicks Off Amid Much Economic,
Socio-political Activities
W
hile you read this piece of interest rate unchanged forecasting inflation slowdown. On March 29, Janet Yellen, US
market analysis, Reserve risks and growth concerns. Therefore, the Fed Chairperson remarked that there will
Bank of India would governor’s monetary policy will act as key be no rate increase in upcoming Fed
have come out with its driver for Indian equity markets in forthcom- meeting. The US markets too witnessed
quarterly review and ing time period. upwards movement during the last
there are all the chances of the apex bank fortnight. The Dow Jones index, S&P 500
slashing repo rate as per expectations of the Crude oil price is still hovering at low level increased by 2.21 per cent and 2.49 per cent
markets, investors. The RBI review report will at about USD 38 per barrel. Meanwhile, respectively. Meanwhile, European
kickstart the new financial year, a crucial year there is swelling supply glut which is markets remained cautious. DAX and
for the markets and also the ruling NDA ensuring crude oil prices at low levels. The CAC 40 decreased by 0.46 per cent and
government. The beginning of the financial supply from Kuwait and Saudi Arabia are 2.37 per cent respectively.
year 2016-17 will also mark the release of not in position to cut their oil output.
profit and loss data of the companies listed Decision has been taken by Kuwait and The month of April will also kickoff a
with the country’s bourses. They will be Saudi Arabia to resume oil production at political fever. From April 4, the first phase
releasing their crucial annual profit and loss the jointly operated three lakh barrel per of state elections will take place in the states
account along with their fourth quarter data. day oil fields at Khafji comes at a time of Assam and West Bengal followed by
when production is supposed to be frozen. Tamilnadu, Kerala and Pondicherry. These
During last fortnight, the Indian markets five state collectively make up about 51 seats
witnessed bullish trend. The Sensex and During the mid of March, US Federal out of 255 seats in RajyaSabha. Outcome of
Nifty 50 reported increase by 2.66 per cent Reserve kept interest rate steady. The Fed these polls will also play a crucial role in the
and 3.15 per cent respectively. From the decision is all about status quo as global NDA government attempts to table and
sectoral point of view, auto, realty, metal crude oil scenario and Chinese economy pass vital Bills in Parliament. DS
and IT indices witnessed rise of about 5 per

cent in last fifteen days. The Bankex too rose
by 4.46 per cent over the past fortnight. International Markets
Considering institutional investment, Indices
29th Mar. 15th Mar. Gain/
foreign institutional investors (FIIs) 2016 2016 Loss (%)
remained net buyer in equity markets after Dow Jones Ind 17633.11 17251.53 2.21
Indian equity markets witnessed bottom out S&P 500 2055.01 2,015.93 1.94
in end of February month. NASDAQ 4846.62 4,728.67 2.49
FTSE 100 6105.9 6,139.97 -0.55
There are many research houses predicting DAX 9887.94 9,933.85 -0.46
about rate cut of about 25 to 50 basis CAC 40 4366.67 4,472.63 -2.37
points. During the union budget speech, Hang Seng 20366.3 20,288.77 0.38
union finance minister Arun Jaitley set Nikkei 17103.53 17,117.07 -0.08
target for current fiscal year is 3.9 per cent Shanghai 2919.83 2,864.37 1.94
of GDP. The government already set fiscal
deficit target of 3.5 per cent of GDP for Performance Of Indices Net Investment In Equity Markets (`/Cr)
financial year 2017. 30th Mar. 16th Mar. Gain/ Date FIIs DIIs
Indices
2016 2016 Loss (%)
29-Mar-16 2249.28 -556.69
The government already reset interest rates SENSEX 25338.58 24682.48 2.66
28-Mar-16 1066.43 -2494.44
payable on small savings and declared that 0.4 Nifty 7735.2 7498.75 3.15
Mid-Cap 10547.24 10179.85 3.61 23-Mar-16 1130.31 -1022.58
per cent to 1.3 per cent reduction across all
scheme for first quarter of the upcoming Small-Cap 10493.25 10239.25 2.48 22-Mar-16 1480.07 -930.37
financial year. There will be headroom for Auto 17999.84 17134.37 5.05 21-Mar-16 1887.85 -618.77
more interest rate cuts from RBI in the Bankex 18389.08 17603.37 4.46 18-Mar-16 939.21 -403.37
coming time. RBI is likely to approach policy FMCG 7648.39 7501.01 1.96
17-Mar-16 695.89 -168.38
IT 11312.98 10830.14 4.46
easing with caution and go for a measured cut 16-Mar-16 -27.41 -680.16
Metal 7599.02 7284.74 4.31
in the first monetary policy for the new fiscal 15-Mar-16 1260.06 -302.31
Power 1761.24 1703.4 3.40
year. On earlier policy meet i.e. on February 2, Total 10681.69 -7177.07
Realty 1225.34 1173.37 4.43
RBI governor Raghuram Rajan left the key

Recommendations Equity
GCPL’s acquisition diversifying its opera-
tional base apart from India and Indonesia.
The company’s strategy to increase stake in
subsidiaries which will generate more
income in coming term.
GODREJ CONSUMER PRODUCTS
On financial front, GCPL’s revenue
IT’S A BUY
increased by 5.39 per cent to `2356 crore in
Q3FY16 as compared to same period in
previous fiscal year. The company’s EBITDA
too rose by 14.96 per cent to `458 crore in
Q3FY16 on yearly basis. Its EBITDA margin
CHOICE I
ndian FMCG sector is passing through expanded by 162 basis points to 19.44 per
a defining moment in history with the cent in Q3FY16 as compared to same period
S C R I P
ever changing buyer demographics, in previous financial year. GCPL’s net profit
innovative strategies and products will boosted by 22.53 per cent to `323 crore in
be churned out to gain their attention Q3FY16 on yearly basis. The company’s Net
as they become an integral revenue-driver. profit margin expanded by 192 basis points
The consumer durables market is expected to to 13.71 per cent in Q3FY16 as compared to
reach USD 20.6 billion by 2020. Urban same period in previous fiscal year.
markets account for the major share with 65
1 Ye a r I n ve st m e n t H o r i zo n per cent of total revenues in the consumer Considering nine month financials, GCPL’s
durables sector in India. The government’s top line increased by 88.92 per cent to `6699
budget for FY17 is also focused on pro rural. crore in 9MFY16 as compared to same
The positive sentiments across the sector period in previous fiscal year. The company’s
would benefit companies like Godrej EBITDA too rose by almost double to `1181
Consumer Products (GCPL). crore in 9MFY16 on yearly basis. Its bottom
line also rose by 809 crore in 9MFY16 as
GCPL is engaged in the manufacturing of compared to same period in previous
household and personal care products. Its financial year.
range of personal care products comprises
HERE IS WHY hand washes, a hand sanitiser and a personal On segmental revenue front, GCPL earned
Boost in consumer demand
mosquito repellent spray. GCPL also around 51.24 per cent from Soap segment
manufactures hair colour, household insecti- and remaining 48.76 per cent from Personal
Company has Strong financials cides, liquid detergents and soaps. Care segment as of FY15. On geographical
Acquisition of DGH Phase Mauritius segment wise, the company earned about
GCPL has increased its equity stake from 51 52.51 per cent from India and remaining
Best of LAST ONE Year
per cent to 90 per cent in DGH Phase 47.49 per cent from outside India as of FY15.
Name of Reco CMP Gain Mauritius through its subsidiary. DGH On the valuation front, GCPL’s stock is trading
Company Price (`) (`) (%) Phase Two, an investment holding company, at trailing twelve months (TTM) PE multiple
Can Fin Homes 615.00 1118.00 81.79 owns Style Industries, Kenya. Style of 41.88x times which is slightly higher than
Vakrangee 132.00 192.00 45.45 Industries is located in Nairobi, Kenya and is industry PE of 37.83x times. The company’s
Shemaroo Entertainment 219.00 300.00 36.99 into hair accessories among other busi- dividend yield is reported to be of 0.48 per
Kajaria Ceramics 722.00 944.00 30.75 nesses. Financially, DGH posted revenue of cent as of FY15. Hence, we recommend our
Aarti Industries 429.00 502.00 17.02
USD 2.7 million (`180 million) in FY15. readers to BUY the stock. DS
(Closing price as of Mar 29, 2016)

Note: The stocks recommended under this section are fundamentally strong stocks. However investors are advised to wait for the
correct opportunity to enter these stocks considering the market sentiment right now.
Monthly Stock Market Returns Shareholding Pattern Last Five Quarters (`/Cr)
BSE Code: 532424 31/12/2015 Particulars Dec-15 Sep-15 Jun-15 Mar-15 Dec-14
CMP: `1329
FV: `1 Total Income 2356.14 2244.94 2097.66 2092.02 2235.71
Promoter 63.28
BSE Volume: 8839
Date: 29/03/2016 Other Income 24.82 19.08 18.25 19.41 13.52
FII 28.66
Operating Profit 482.84 426.17 333.55 406.27 411.94
DII 1.81
Interest 24.16 25.02 26.53 24.09 25.26
Others 6.25 Net Profit 340.74 296.22 212.29 277.06 289.70
Total 100 Equity 34.05 34.05 34.05 34.04 34.04

Recommendations Equity
emerged as India’s leading coal importer, it
has ventured into multiple sectors as
forward and backward integration.
Adani Enterprises recently concluded final

Adani Enterprises shareholders’ agreement on landholder
compensation agreement for its USD 7.45
SET FOR NEXT WAVE OF GROWTH

billion coal mine project in Queensland,
Australia. It’s a big positive for the company
going forward. In a separate development
Adani Enterprises’ wholly owned
subsidiary Adani Aero Defence Systems &
I
nfrastructure sector is the key driver Technologies and NASDAQ listed Alpha
for the Indian economy. The sector is Design Technology have signed the
highly responsible for propelling statement of intent to cooperate and work
India’s overall economic growth and together in the field of Unmanned Aircraft
it enjoys intense attention of the Systems (UAS) in India, aligned to the
current government. Infrastructure sector government’s ‘Make in India’ initiative.
includes power, both conventional &
PRICED SCRIP non-conventional sources, extraction of On financial front, the net revenue from
resources, transmission services of gas & operations of company reached `10,408
electricity, urban infrastructure crores in Q3FY16 compared to `17,849
development along with agro progress. crores in Q3FY15 a decrease of 41.69 per
cent year on year (YoY). The EBITDA stood
India would need in excess of USD 500 at `467 crores this quarter compared to
1 Year Investment Horizon billion to spend on infrastructure `3265 crores in Q3FY15, a decrease of 85.69
development on key sectors namely power, per cent YoY. The EBITDA margin stood at
agro and urban infra over the next five 4.49 per cent in Q3FY16 compared to 18.29
years. Therefore, Adani Enterprise fits the per cent same period last year. The net profit
bill perfectly in order to take advantage of for the quarter stood at 196 crores compared
this massive opportunities arising out of to `444 crores same period last year, a
HERE IS WHY these current infrastructure projects and all decrease of 55.89 per cent YoY. The net profit
Adani Enterprises approval of coal project in Australia
the future ones as well. margin stood at 1.88 per cent this quarter
compared to 2.49 per cent in Q3FY15.
Solar power push Adani Enterprises Limited is an
Venturing in defence production infrastructure company, a flagship entity of Last year Adani Exports Limited got
the Adani group which was the erstwhile demerged into three separate entities
Best of LAST ONE Year Adani Exports Limited. The Company is namely Adani Ports and SEZ, Adani
Name of Reco CMP Gain engaged in coal trading, coal mining, oil & Transmission and Adani Enterprises.
Company Price (`) (`) (%) gas exploration, transmission and gas Therefore, the financials of Adani
Ashok Leyland 67.00 107.00 59.70 distribution. Its segments include Trading, Enterprises are not comparable on a yearly
Nandan Denim 77.00 117.00 51.95 Power, Agro and Others. Adani Enterprises basis due to the demerger effect. On
Waterbase 68.00 98.50 44.85
is a trading firm dealing in myriad valuation basis, the stock of company is
commodities. Over a period of time, coal trading at trailing twelve month (TTM) P/E
KEI Industries 67.00 95.50 42.54
has become its main stay and after it of 15.80 compared to industry P/E of 15.90. DS
Emmbi Industries 46.00 63.60 38.26
(Closing price as of Mar 29, 2016) Note: The stocks recommended under this section are fundamentally strong stocks. However investors are advised to wait for the
correct opportunity to enter these stocks considering the market sentiment right now.
Monthly Stock Market Returns Shareholding Pattern Last Five Quarters (`/Cr)
(31/12/2015) Particulars Sep-15 Jun-15 Mar-15 Dec-14 Sep-14
Total Income 10408.48 11389.86 11274.79 16140.92 17849.84
Promoters 74.99
Other Income 202.32 454.24 268.71 366.73 225.09
BSE Code: 512599 FII's 0
CMP: `67.15 Operating Profit 653.80 796.48 932.97 3463.63 3490.65
FV: `1 DII 13.77
BSE Volume: 310098 Interest 331.49 383.97 407.29 1882.60 1902.93
Date: 29/03/2016 Others 11.24 Net Profit 188.64 341.86 386.72 1133.73 432.19
Total 100 Equity 109.98 109.98 109.98 109.98 109.98

IDBI BANK CMP - `68.20
BSE CODE Volume Face Value

500116 902,934 `10
I
DBI Bank provides personalised banking and financial solutions to its clients in the
retail and corporate banking arena through its network of branches and automated
teller machines (ATMs). Union Finance Minister Arun Jaitley in his annual budget
2016-17 announced that the government is looking to divest its investment in IDBI which
C H I P S currently holds 80.16 per cent. Recently, IDBI Bank has allotted 15.8 crore equity shares,
equivalent to 7.16 per cent stake, on preferential basis to LIC of India, which now holds
over 14 per cent stake in the state-run lender. On financial front, IDBI’s net revenue from
15 Days Investment Horizon operations decreased by 7.23 per cent to `7362 crores in Q3FY16 as compared to same
period in previous financial year. The net interest income (NII) this quarter has increased
by 8.74 per cent YoY. The bank reported a net loss of `2184 crores in Q3FY16 against net
profit of `103 crore in Q3FY15.
Last Seven Days’ Volume Table Scrip’s Movement
(No. of Shares)
Days Volume
17-Mar-16 913358
The scrips in this 18-Mar-16 568681
column have been 21-Mar-16 1551830
recommended 22-Mar-16 747965

23-Mar-16 1891528
with a 15-day 28-Mar-16 751186
investment horizon 29-Mar-16 902934
in mind and carry

high risk. Therefore, RELIANCE DEFENCE AND ENGINEERING CMP - `68
investors are advised to BSE CODE Volume Face Value
take into account their 533107 12,55,031 `10
R
eliance Defence and Engineering (RDEL) has developed an integrated shipbuilding;
risk appetite before defence ship production and offshore construction. The company operates India’s
investing, largest integrated shipbuilding facility in Gujarat. RDEL has delivered seventh
offshore supply vessel (OSV) to Oil and Natural Gas Corp (ONGC). The company took
as fundamentals may over Pipavav Defence and Offshore Engineering Company in the month of January 2016.
or may not back the Its total value of seventh OSV from series of 12 indigenously designed and built ships,
valued at `700 crore. RDEL formed joint venture (JV) with Rafael, to take up projects
recommendations. worth USD 10 billion (`663 billion). The company’s new formed JV will operate for
specialised areas including air- to-air missiles. The government ruled out 100 per cent
Hot Chips of Last One Month privatisation in defence production on Defence Expo 2016 held at Goa. Prevailing positive
Reco. Peak Likely sentiment across defence sector will improve in future term.
Price After Gain Scrip’s Movement
(`) Reco* (%) Last Seven Days’ Volume Table
(No. of Shares)
Issue No 7, MAR 7 - 20, 2016
Days Volume
BEML 949.00 1111.00 17.07
17-Mar-16 517036
Sadbhav Engineering, 209.00 284.00 35.89
18-Mar-16 479750
Issue no 8 ,March 21 - April 3, 2016
21-Mar-16 573183
Bajaj Electricals 188.00 199.50 6.12
22-Mar-16 861823
Hexaware Technologies 268.00 272.00 1.49
23-Mar-16 346770
*Highest price after our recommendations
28-Mar-16 758704
29-Mar-16 1255031

Technicals Equity
Nifty Index Chart Analysis
A step taken by RBI may decide many steps for Nifty
NIFTY WEEKLY CHART
April, 2016. On the weekly time frame, Nifty index
formed a ‘Bullish Marabuzo’ Candlestick pattern; this
indicates that buyers controlled the price from the
opening to the close of the week. This pattern is
considered as very bullish pattern, since it was a
truncated week relevance of this pattern is of lower
magnitude as we had only three trading session in a
week. At present, the zone of 7730-7750 is acting as a
stiff resistance levels which are also 61.8 per cent of
previous up-move from 6863 to 9119.20 levels. Now
going forward the zone of 7730-7750 will act as a crucial
resistance zone for the index. In case, if Nifty succeeds to
hold above this resistance zone than it’s likely to witness
further up-move up to levels of 7990-8100. If index fails
to clear the resistance zone of 7730-7750 it’s likely to
enter into a sideways to corrective phase. In this case, the
Ever since the low of 6825 was registered on the Budget day there zone of 7550-7600 will act as a strong support zone for
has been no looking back for the bulls as the Nifty index marked its the index. If this support zone is pierced along with volumes it’s
winning streak for the fourth consecutive week and the index has likely to witness further downside up to levels of 7345. The coming
added about 900 points from the low on the back of consistent two weeks are very critical for the market as two important events
buying from Foreign Institutional Investors (FIIs), FIIs bought are scheduled first one is Future and Option expiry for the March
more than 15,000 crores worth of equity shares and another series and second one is RBI Monetary policy. Traders will keep a
element which is offering the cause some assistance is the hopes of close eye on development of these two events as these are likely to
rate cut in the upcoming RBI monetary policy which is due on 5th provide further steam to the markets.
Here are the key levels to watch out for the medium term
Ideas Nifty Levels Action to be Initiated Probable Targets
Resistance for the medium term 7730-7750 Close above 7730-7750 on the weekly chart would give further momentum to the bulls. 7990-8100
Support for the medium term 7330-7350 Close below 7550-7600 on the weekly chart would trigger sell-off. 7345-7300.
NIFTY DAILY CHART

weakening. On the daily chart the index has filled the
downside gap which was formed on 7th January, 2016. In
addition, the index is hovering near to its important long
term moving average i.e. the 200-day EMA which is
placed at levels of 7780, this 200-day EMA act as an
important trigger. It act as an important support if the
index trades above this moving average and on other
hand if the index trades below this moving average its act
as an resistance point. In this case, the 200-day EMA will
act as an important resistance point as the index has been
trading below 200-day EMA since a long time. Overall,
the zone of 7750-7780 will act as a strong resistance for
the Nifty and failure to hold above these levels will create
strong possibility of negative bias. However, if Nifty
succeeds to trade above the zone of 7750-7780 it will open
gates for levels of 7850 and 7970. On the downside
On the daily time frame, Nifty has formed a ‘Doji’ Candle against immediate support for Nifty is placed around 7640, if trades below
previous days stalled or Deliberation pattern. The Doji pattern this level it will open up for levels of 7530 which is 61.8 per cent
implies tug-of-war between buyers and seller’s whereas the previous retracement levels of previous fall from 7979 to 6826 levels.
day’s deliberation pattern provides early warning that the uptrend is However, the major support for Nifty is placed around levels of

7400. At present the index is trading above its important short- EMA (7780). This indicates that trend for the short-medium term is
medium term moving average i .e. 21-day EMA (7496), 50-day in the favour of bulls and the long term on the daily chart is in the
EMA (7466) and 100-day EMA (7589). On the other hand it is favour of the bear’s. Here are key levels to watch out for the
trading below its important long term moving averages i.e. 200-day short term
Here are the key levels to watch out for in the short term
Ideas Nifty Levels Action to be Initiated Probable Targets
Resistance for the short term 7750-7780 Close above 7750-7780 on the daily chart would give further momentum to the bulls. 7850-7970
Support for the short term 7640 Close below 7640 on the daily chart would trigger panic sell-off. 7530-7400
Conclusions (After Putting All Studies Together) The short term trend is in the favour of the bulls; as it’s trading above important short term
moving averages. The Intermediate trend has been shifted towards bulls, however, if the index trades below 7400 it’s likely to witness shift to the
bears. The Long term trend is down as index has been forming lower top and lower bottom pattern on the weekly chart and it has been trading
below its 200 day EMA on the daily chart.
STOCK RECOMMENDATIONS
MAHINDRA LIFESPACE DEVELOPERS ..... BUY …... CMP `428

BSE Code : 532313 Target 1 ..... `462 | Target 2 ..... `475 | Stoploss....`400(CLS)
The stock is currently trading at `428. Its 52-week high/low
stands at `560/ `401 were made as on September 21, 2015 and
June 19, 2015. On the daily time frame after registering high
of `560 the stock entered into a corrective phase and formed
sequence of lower top lower bottom pattern. At present, the
stock prices have witnessed a bounce back from its crucial
support zone around levels of `410-418 as defined by the
horizontal trend line and it has formed a reversal candlestick
pattern as well. The momentum oscillator RSI has formed a
positive divergence. Positive divergence occurs when the
prices move in the downward direction but an indicator starts
to rise. Considering the bounce back of stock prices from the
vital support zone as defined the horizontal trend line and the
observation of positive divergence on RSI, traders can initiate
a long position in the stock with stop loss of `400 for a price
target of `462-475.
.
HINDALCO INUDSTRIES .................... SELL …............. CMP `83.25
BSE Code : 500440 Target 1..... `72 | Target 2 .....`65 | Stoploss .... `95 (CLS)
The stock is currently trading at `83.25. Its 52-week high/low
stands at `145.10/ `58.80 were made as on May 11, 2015 and
February 12, 2016. On the daily time frame, the stock after
registering its 52-week low in the month of February, 2016
has formed sequence of higher top higher bottom. The stock
has multiple resistances in the zone of `92-95. At present, the
stock tested its multiple resistance zone and post testing it
witnessed a huge sell-off and during this process it formed a
bearish pattern i.e. ‘Bearish Engulfing’ Candle as on March
28, 2016. The momentum oscillator has seen a sharp decline
from the overbought zone. Considering the bearish
candlestick set up formed on the daily chart and sharp
decline in the prices from the supply zone we recommend to
short sell this stock with stop loss of `95 for a target price of
`72-65.
Disclaimer : Above recommendations are based on various technical parameters and any fundamental input has not been been considered for the recommendations. Follow strict stop loss for the recommendation.

Analysis Equity
substantial housing shortage. The Technical
Group on Housing Shortage estimated
housing shortage in urban India to be at
18.78 million by 2012, with 95 per cent
shortage in the Economically Weaker
Sections (EWS)/ Low Income Group
segments. Besides urban areas, there is
also a looming housing shortage in rural
India, where approximately 68 per cent of
India’s population resides. Rural housing
shortage is estimated at 43.9 million in
2012 by the Working Group on Rural
Housing Shortage. More than 90 per cent of
this lies with the lower income and
marginalised groups.
Bet On DHFL As Housing Sector Small family, happy family: Nuclearisation

refers to formation of nuclear families from
Readies To Shine joint families and is primarily driven by
employment related migration. This will
increase the overall number of households,
The dream of a home is fundamental to human existence, thereby increasing the demand for housing
representing the bedrock of any progressive society. And, units. The break-up of joint families into
this for sure benefits the housing finance entities like formation of nuclear families is largely
DHFL. In turn, it brightens the investors holding stocks of triggering the need for new homes and
benefiting the housing sector.
such companies.
Rising Per Capita Income: Increase in per
C
ontributing about 5 to 6 OPPORTUNITIES & CHALLENGES capita income leads to creation of increasing
per cent of India’s Gross Population Growth: India’s population wealth and positively impacts disposable
Domestic Product (GDP) grew at a CAGR of 1.6 per cent during 2001 incomes. This results in a significant
share and capital formation, to 2011. Any increase in population will investment multiplier effect on the Indian
the housing sector is have a direct bearing on requirement of economy, further leading to increasing
the second largest employment generating housing units. Increase in working consumerism and wealth creation and
sector in India next to agriculture. population will lead to greater demand for positively impacting savings.
It is perceived as the third-most impactful housing. The requirement for households is
industry in India in terms of its effects on likely to rise with a change in age mix, Further, mortgage lending has significantly
other industries. It directly impacts over 250 growing number of nuclear families, contributed to growth in housing construction
ancillary industries such as cement, steel, continuous urbanisation and growing and consumption activities. The Indian home
transport, construction, paint, brick, penetration of finance. loan market witnessed a 20 per cent listed
building materials, and consumer Housing Shortage: Rapid pace of growth in FY2014 with total housing credit
durables. It is expected to soon overtake
other industrial sectors in terms of its
GDP contribution. The housing sector in DHFL will raise `125 crore through private
the country remains on course with placement of debentures. The company said the
double digit growth, attributed mainly
to a large population base, rising income proposed fund raising is an upward revision of
levels and rapid urbanisation. Even then the its earlier plan of `25 crore. With this, the recent
housing finance market remains relatively
under-developed by global standards. government initiatives will also help the
India’s housing sector has a strong growth company to foray into the housing finance
potential in the coming decade, as it thrives
upon tremendous growth opportunities segment.
linked with the country’s development
cycle and socio-economic transformation. urbanisation owing to rural-urban dues at `900,000 crore, as compared to 19 per
Few of these opportunities are being migration is putting a strain on urban cent growth in FY2013 with credit dues at
discussed below: infrastructure in India and leading to `750,000 crore, according to rating agency

ICRA. Retail home loans reported an 18 per
cent growth in FY2014, compared to 15 per DHRUV DESAI, COO, Tradebulls Securities
cent in FY2013. Looking at the strong growth
of the sector this time we will look into the
financials of Dewan Housing Finance
“The real estate industry will get a huge push after the
(DHFL). government in Budget 2016 announced several schemes which
will spur demand for first time home buyers and affordable
ABOUT COMPANY: housing. The government also proposed to provide relief to
National Housing Bank (NHB)-registered millions of families living in rented houses in the country. To
Dewan Housing offers home loans to low
and middle income segments in Tier II fuel housing activity under the Pradhan Mantri Awas Yojna,
and III cities. Promoted by Wadhawan through which the government has been trying to address the
Group in 1984, it is the second largest housing needs of the poor, strong push has been given by
housing finance company in India after incentivizing developers of 100% Income Tax exemption on
LIC Housing Ltd. Almost 94 per cent of its
total lending is to individuals (retail).
construction of houses up to 30 sq meters in metros and 60 sq
meters in non-metros. We feel this would kick start the real
THEIR BUSINESS: estate in Tier 1 and Tier 2 cities and will make it easier for the
DHFL being the second largest player in developer to attract foreign and domestic investment for
the housing finance industry is well placed
housing projects. The government has also tried to address
to benefit from continued growth in India’s
mortgage market. Niche presence in tier II supply side concerns on the housing front. This will bring in
& III cities and stronghold in the low and much greater supply, spur construction activity and
middle income segments ensures lower employment connected to it. Overall we feel that the housing
competition for the company as this sector will get a push from both supply and demand side.”
segment is undeserved and commands a
higher yields compared to normal home
loans because of lower ticket size. The company also launched a product been introduced, specifically focussed on
Wealth2Health, an innovative deposit lending for housing. Some of the highlights
DHFL enjoys several long‐term earnings product with liquidity to meet medical in last year were to bring housing loans of
growth drivers like strong presence in emergency. It offers a host of health related up to `50 lakh under Affordable Housing
relatively less competitive tier‐II and tier‐ features & benefits to the customer apart and bringing housing loans up to `28 lakh
III cities, presence across the income from good returns. It functions like a in urban and `25 lakh in other centres
spectrum, widespread reach, rising average normal deposit when the customer is well, under priority sector lending. The
ticket size, robust asset quality and stable but when the customer is unwell, it works government also relaxed foreign direct
cost of funds etc. Further, strong domain like a health fund and pays for health investment (FDI) norms in construction
knowledge, large customer base and related expenses. and housing sector as well as easing exit
increased geographical reach, expected norms for global investors.
improvement in net interest margins The company has established a track record The government is committed towards
(NIMs) coupled with stable asset quality of raising capital (both equity and debt) at ‘Housing for All by 2022,’ involving
provides additional comfort. regular intervals to fund business growth. construction of 2 crores houses in urban
The company continues to have India and 4 crores houses in rural India.
In a bid to look at something beyond comfortable capitalization levels. Recently During FY2014, projects for building 15.69
housing finance: DHFL has bought 50 per company said that it will raise `125 crore lakh houses and dwelling units for
cent stake in DLF Pramerica Life Insurance through private placement of debentures. economically weaker and lower income
business, a joint venture with US‐ based The company said the proposed fund portion of the population got sanctioned by
Prudential Financial, a leading raising is an upward revision of its earlier the National Housing Bank (NHB).
multinational in the life insurance plan of `25 crore.
business in FY2014. During the quarter, Further, the recently passed Real Estate Bill
DHFL has also got the government With this the recent government initiatives in Parliament will also help the housing
approval to start Mutual Fund business. will also help the company to foray into the finance sector as the move will cheer
These initiatives will be synergistic housing finance segment. homebuyers and developers alike. The Real
with existing business of DHFL and will Estate Bill will give the confidence to the
lead to increase in other income for the GOVERNMENT INITIATIVES buyers as the Bill will regulate the whole
company. Also, it has applied for small The central government has been at the process from starting the construction to
finance bank license for which the forefront in pushing India’s housing sector. allocating the house after completion.
approval is awaited. Many new initiatives and policies have Further it will also increase the restriction on

Analysis Equity
HARSHIL MEHTA, CEO, DHFL
Harshil Mehta, CEO of DHFL spoke to Mayuresh Deshmukh on the road ahead
How the recent initiatives by principal payments, inclusion of housing businesses (life insurance and asset
government for real estate and loans up to `50 lakh under affordable management) will also benefit from the
housing sector can help the housing and placement of home loans up legacy and expertise of a 138-year old
housing finance industry as a to `28 lakh in urban and 25 lakh in other financial institution like Prudential
whole? centres under Priority/sector lending are Financial, Inc. (PFI), and DHFL’s strong
Recent initiatives by the Government to other key initiatives that will encourage knowledge of the Indian retail financial
boost real estate sector bodes well for the people to opt for home loans. services market will add to creating
housing finance industry as well. The significant long-term value for
vision to ensure “Housing for All by 2022” DHFL has forayed into the Life shareholders.
is a step towards creating an enabling and insurance business and now you
supportive environment for expanding got approval for Mutual Fund What are your views on the FY17
credit flow and increasing home business, so how these initiatives numbers? Are you confident
ownership. This will help create an will create synergies for the enough to sustain the level of
ecosystem of opportunities for the company in coming future? growth witnessed in the previous
potential home buyer as well as housing At DHFL, we are committed to the cause of fiscal?
finance companies like DHFL which is at financial inclusion by broadening the DHFL registered a 23.48% growth in its
the forefront in catering to the financial range of products and services available to Assets under Management (AUM)
needs of the under-banked masses in the customers across India, especially in Tier 2 year-on-year to `65,962 crore up from
semi-urban areas through our strong and Tier 3 cities/towns. We see great `52,637 crore as on December 31, 2014.
linkages with these segments. synergy in this tie-up with Pramerica Life The company has diversified into the SME
Insurance and Pramerica Asset Managers lending segment last year as part of the
Government decision to develop 100 smart as this will help us emerge as a one stop strategy to grow our AUM and further
cities is also likely to boost demand for the shop for our customer’s financial needs, leverage the SME customer base to grow
affordable housing segment which will extending beyond home loans. The JV Life our home loan business. Our SME lending
generate demand for home loans. Budget Insurance and Mutual Fund Company will business currently stands at `1,200 crore
provisions like tax sops to individual benefit from the strong nationwide contributing 2% to the AUM. We intend to
borrowers for home loan interest and distribution network of DHFL. Both grow this vertical at 25-30% year-on-year.
developers. This increased confidence in `5716 crores in FY15 compared to `4670 EBITDA increased to `5428 crore from
system will also provide boost to housing crores same period last year an increase of `4529 crore, representing a growth of 20
finance as the demand for loan will increase 22.39 per cent YoY. The interest expenses per cent year on year (YoY). The EBITDA
with demand for house. The government’s stood at `4460 crores compared to `3783 margin stood at 90.75 per cent for FY15
initiatives with good positioning of DHFL crores in FY14 an increase of 17.90 per compared to 91.12 per cent same period
into the industry will place DHFL into the cent YoY. The net interest income (NII) last year. The net profit of the company
sweet spot in near future. stood at `1256 crores this year compared to stood at `621 crores compared to `529
`888 crores in FY14 an increase of 41.51 crores in FY14, an increase of 17.45 per
FINANCIALS: per cent YoY. The net interest margin stood cent YoY. The net profit margin stood at
Financially, DHFL has been facing positive at 2.89 per cent for FY15. The capital 10.39 per cent in FY15 compared to 10.64
growth with revenue increasing by adequacy ratio which considers ratio of per cent same period last year.
compounded annual growth rate (CAGR) bank’s capital to its risk stood at 16.56 per
of 32.77 per cent over the period of five cent. The Gross and Net non performing The total debt of the company for
years. During the same period company’s assets (NPA’s) of company stood at 1 and FY15 stood at `40526 crores compared to
EBITDA (earnings before interest, 0.7 per cent respectively. The Asset under `33890 crores in FY14 an increase of 19.58
depreciation and amortization) increased Management (AUM) of company stood at per cent YoY. The total debt was 74.17 per
by CAGR of 32.72 per cent. Financing cost `56,884 crores against `44,676 crores in the cent of total assets in FY15 compared to
witnessed a CAGR of 35.59 per cent in last previous financial year. 77.27 per cent same period last year.
5 years. Profit after Tax (PAT) too
witnessed a CAGR of 18.57 per cent in the The company’s total revenue from On quarterly basis, the company’s net
last five years. operations for FY15 increased by 20.36 per revenue from operations reached `1885
cent and reached to `5979 crore from crores in Q3FY16 compared to `1527 crores
The interest income of company stood at `4968 crores in the previous fiscal. in Q3FY15 an increase of 23.5 per cent YoY.

The EBITDA stood at `1707 crores this Dewan Housing Finance Corp. On valuation basis the stock of the
quarter compared to `1383 crores in BSE Code: 511072 CMP (`) : 185.25
company is trading at trailing twelve month
Q3FY15, an increase of 23.39 per cent YoY. Particulars Amonut (Rs. Crore)
(TTM) P/E of 7.73 compared to industry
The EBITDA margin stood at 90.54 per cent Net Sales 6925.39
P/E of 26.11. The EPS for FY15 stood at
compared to 90.62 per cent same period last % Change 19.14%
`47.19 compared to `41.11 same period
year. The net profit for the quarter stood at Operating Profit 6281.05
last year.
186 crores compared to `160 crores same % Change 18.84%
period last year, an increase of 16.43 per cent Net Profit 701.82
In last one year, LIC Housing, HDFC,
YoY. The net profit margin stood at 9.86 per % Change 16.93%
Indiabulls Housing, Dewan Housing have
cent this quarter compared to 10.46 per cent Equity 291.77
grown their assets faster than the banking
in Q3FY15. EPS (Rs.) 36.66
system as demand from smaller cities more
FV (Rs.) 10.00
than offset the slowdown in metros. In the
The NII this quarter stood at `426 crores CMP (Rs.) 185.25
past year, shares of these companies have
compared to `354 crores in Q3FY15 an P/E (x) 5.05
rewarded investors with an average of 25
increase of 20 per cent YoY. The net interest Dividend Yield (%) 1.62
per cent, beating the broader indices by a
margin (NIM) is at 2.9 per cent compared Book Value (Rs) 173.89
wide margin.
to 2.8 per cent same period last year. (Trailing Four Quarter Data)
The gross NPA’s are at 0.84 per cent this CONCLUSION
quarter compared to 0.77 per cent same The company’s credit rating was also The recent initiatives by the union
period last year. The outstanding loans upgraded to the highest order of rating government will help the housing sector in
portfolio stood at `59 crores this quarter ‘CARE AAA’ (Triple A) by CARE in FY15. the near future. Supported by grip in business
compared to 48 crores in Q3FY15 an The borrowing profile of DHFL consists of growth, steady NIMs and strong asset quality
increase of 23 per cent YoY. The 61.4 per cent from Banks and Multilateral of DHFL, the expectations of core earnings
disbursements stood at `6.4 cores Agencies, 28 per cent from capital market growth is strong in near future. DS
compared to 5 crores same period last year and 10.60 per cent from Fixed Deposit and
an increase of 31 per cent YoY. National Housing Bank combined. (Closing price as of Mar 28, 2016)

Broker’s Blurb Equity
‘Are We At The Cusp Of A Major Multi Year Bull’
Kunal Bothra, head of advisory at LKP Securities believes, there are enough reasons for
a multi-year uptrend in the stock markets in India
was that the major economic centers of the For basics, the number series starts from 0
world were completely out of synch with and 1, and the subsequent numbers are
each other not just statistically but also derived if you sum the last two numbers in
structurally. the sequence. Hence the sequence would be
0,1,1,2,3,5,8,13,21,34,55…..and so on.
This desynchronisation could probably give
you an understanding, why even after the In one of my most amazing observations, I
RBI started its series of surprise rate cuts have happened to observe something
early 2015 the Indian markets started to peculiar about this numerical pattern in
crack and could not sustain. The entire Indian indices. It’s the key index Nifty.
theme of Liquidity driving the markets
which has been the key since the uptrend Since inception, from 1994 onwards,
started in 2014 was in question. we have seen the behavior of prices
and the chart below gives you an eye-view of
In this confounding environment, let me try the price movements since the last 2
to show something, which would bring about decades.
some level of
calmness in this
storm, and a
sense that all is
M
ost of us spend too much time in not random, at
the last 24 hours rather than the least in the
last so many years. However, LONG TERM.
when you want to unravel the paths to the Remember,
future or project it, the only point of There is always a
reference you have is history. pattern hidden
somewhere and
Start of the year 2016, world witnessed fear understanding
gripping the minds of investors, and lot of the long term
the unknown getting known. Let’s put some trend generally
key historical global factors into perspective helps in better
to understand some parts of this intriguing decision making.
jigsaw puzzle. Tabulating the above series of significant
The basic rules of technical analysis, or more tops and bottoms over the last 2 decades
One of the key reasons, why I believe, we aptly, market analysis are price and volume. gives us something like this:
need to look at the globe first, and then put
into context Indian market scenario is However, one of the third dimension to this
because, in 2015, the global economies were market dynamics is the key element. It is
completely desynchronised. Europe extremely difficult to predict it, as only a few
struggled to grow with many parts still in indicators have the strength to provide
recession, China till 2015 wasn’t able to insight into the time dimension.
accelerate its growth rate since 2008, forget
about sustaining it. The United States growth One such indicator which supports in
gave some hope to the global economy that identifying the time dimension is the
maybe; just maybe the giant is waking up Fibonacci number series.
gradually. Japan, was already in deep The difficult part is to assign a target of this
recession. Fed taking out the QE3, which Now, let’s not get into the debate whether the probable bottom*. However, as a long term
means a lot of the liquidity based life support Fibo series is valid or not… We will answer investor, over the next few years, it would
for emerging markets was withdrawn, etc. that maybe later… but the topic on hand is not be a bad idea to increase your exposure
In a nutshell, what we have witnessed then more intriguing. to equities, significantly.

Very quickly, lets us look at one other major chart of USDINR which is at a multi-year History is always a relentless master.
support zone: It has no present, only the past
running into future. - John F Kennedy
CONCLUSION
Nifty long term chart indicating a
movement in sync with the Fibonacci
numbers.
If this is true than the major bottom for
the 8 year sideways market could
happen in 2016.
It also indicates that we could be headed
towards a 13- year MEGA BULL
Market of our lifetimes.
It’s not the Fibonacci numbers itself that
is important, it’s the relationship
between them that matters. DS
If the support trend line breaks over the next few months and a possibility of gradual appreciation,
then this could gel into very well with the Fibonacci pattern on Nifty, and a probable multi-year Disclaimer: The above opinion is that of the
uptrend in equities as well. author and is for reference only.
(The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Dalal Street Investment Journal.)
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DSIJ.in `16320 `24480 APR 4 - 17, 2016 I DALAL STREET INVESTMENT JOURNAL 23
Capital Column Money
Friendly Markets, Unfriendly Political
Oppositions―Will He Make It In FY 17
Tanya Sinha makes a journey across Modi government’s divestment agenda and talks
about the road ahead in the new financial year.
A
mong Prime Minister Narendra
Modi’s biggest challenges after he
took charge in May last year was to
find a way quickly reign in India’s widening
fiscal deficit.
The new government announced an

ambitious divestment plan during April,
2015 under which it would aim at selling
minority stakes in the state-owned
companies to help plug the hole. But, of the
`63, 425 crore worth stakes targeted to sale
in the last financial year 2014-15, the
government only could manage to raise
`31, 350 crore, less than half of the target.
Something which definitely did not please
the captain of the ship, Modi and his
trusted lieutenant, Arun Jaitley, the union
finance minister. So the target for the next
fiscal year has been revised and Jaitley has
been asked to emphasis on the process and
ensure, this time its bull’s eye, say sources
in the Raisina Hills.
The government planned to raise `434 the stocks, overhang, lack of flexibility in even larger at `69,500 crore. In the
billion by selling its stakes in the public divestment of stocks, etc. With a view to four-and-a-half month of this financial
sector units (PSUs) and `150 billion address these problems, during last two year, the government has raked in Rs12,
through sale of its stake in non- quarters of 2014-15, a rolling plan 536crore from four share sales. Nothing
government companies, which mainly approach was adopted with advance much happened since then. The vast
included residual stake sale in the erstwhile preparation/planning, fast tracking the majority of this revenue—around `9,300
government companies. By the time you approval process, maintaining secrecy so as crore was earned on August 24, when the
read this, the fiscal year 2015-16 has ended to avoid hammering of stocks and government sold 10 per cent in Indian Oil
and the government failed to make any concluding disinvestment of Government Corporation (IOC). This was the biggest
significant progress on disinvestment even of India (GoI) shareholdings in the CPSEs planned sale for the year.
as Sensex has been comfortable in the in a time bound and focused manner. As a
25,000 range. The cabinet has so far only result, the Government could achieve the The Modi government is banking among
cleared the stake sale in ONGC, Coal India highest ever disinvestment receipts of other things on its ambitious divestment
and NHPC. `24,349 crore in a single FY 2014-15, that programme to pare fiscal deficit—the
too only in last six months period of the amount of money it borrows to fund its
In the pre 2014-15 periods, the approach to financial year. This is even higher than the expenses—from 4.5 per cent of gross
disinvestment was based on identification annual average of `9,593 crore in 2000- domestic product in 2013-14 to 4.1 per cent
of stocks on an annual plan basis. This 2014. in 2014-15. However, like the previous UPA
often resulted in problems like delay in government, the new NDA regime too is
approaching the markets, hammering of This financial year the divestment target is unlikely to meet its divestment target. It

recently approved share-sale plan in the whether investors would be ready to invest IDBI, we are evaluating whether it is
three state-owned companies—Coal India in ONGC, an oil and gas exploration entity possible to effect a transformation like we
(CIL), National Hydroelectric Power at a time when oil prices have seen an have done for Axis Bank.”
Corporation (NHPC) and Oil and Natural unprecedented decline is another question.
Gas Corporation (ONGC). This will help it Speculation is rife the government might
scoop up `44,000 crore, which looks close Also, the government would need active cut its stake in the infra lender-turned-
to the government’s target of raising participation from public-sector financial commercial bank to below 49 per cent,
`43,425 crore from stake sale in public institutions such as Life Insurance which may mean ceding absolute control in
sector companies in the current financial Corporation (LIC) to make the stake sale in the bank.
year. However, even the most optimistic Coal India and ONGC, etc. a success. For
empathisers say the government is likely to instance, in 2011-12, LIC invested around So far government has been able to sell stake
miss the target. `12,000 crore to pick part of ONGC shares in six PSUs –
that were on offer. However, this time PSU’s ` Cr.
The government plans to sell 10 per cent around analysts expect the life insurance Rural Electrification Corp `1,608
stake in Coal India, 5 per cent in ONGC major to stay away from such an indulgence Power Finance Corp `1,671
and 11.36 per cent NHPC which will fetch as its premium collection has failed to gain Dredging Corp of India Ltd ` 53.33
`23,000 crore, `18,000 crore and `2,800 speed so far this year—a sign of increasing
Indian Oil Corp ` 9,369
crore, respectively, at current market prices competition from a litany of private sector
Engineers India Ltd ` 640
(it currently holds stakes of 89.65 per cent players that are trying to defeat life
NTPC ` 5,030
in Coal India, 85.96 per cent in NHPC and insurance behemoth on its own turf.
68.94 per cent in ONGC).
Another factor which will decide the In order to bring in more money
The track record of the government in success of this year’s stake sale is government needs to make `13.7 trillion (1
meeting divestment target is far from participation from the global investors. trillion = 1 lakh crore) this year, much
impressive—it missed target for the last However, considering the dip in inflows higher than the 12.06 trillion they made in
financial years (last year, it raised only from FIIs to the Indian market in recent 2015-16. This translates to a growth rate of
`16,027 crore against a target of `40,000 times, participation from global players 14 per cent, something which has not been
crore). So far this year, it has managed to including sovereign wealth funds may be a witnessed since 2013-14. This sound
raise only `1,700 crore, by divesting 5 per dampener. possible, but only when inflation was an 8 to
cent of Steel Authority of India (SAIL) stakes. 9 per cent, and inflation increases revenues
Now the Modi government’s ambitious easily. Now, inflation is at 5 per cent, and
A clutch of factors may hinder the targets are looking even more daunting. getting 14 per cent, that means getting a
government from meeting its target in the Whether this year’s divestment plan is substantially higher chunk of revenues from
next fiscal year as well. Its plan to scoop up going to be a boon or a bane will also be someplace.
`23,000 crore via sale of 10 per cent in Coal dependent on how well finance ministry
India is too big to be achieved. This will be and divestment department are going to From Gandhinagar in Gujarat to his office
the first time the central government is market the salability of the public-sector in South Block in Delhi, it has been a long
going to make such a huge offering (the biggies that are on the block. way for the Prime Minister, changing his
largest share sale so far is Coal India’s post, position and career. Meanwhile,
`15,000-crore IPO in October 2010) and if The government is planning to lower its expectations of the people, some of whom
the market has the appetite to absorb such stake in IDBI Bank as it wants the troubled are engaged in stock investments and
a humongous offer is yet to be seen. The lender to transform the way Axis Bank did, trading also have risen since he came to
government may also find it hard to Minister of State for Finance Jayant Sinha power almost two years back. So far, not
overcome the stiff resistance from trade said earlier. “We’ll consider transforming much of these expectations have been met
unions that are vehemently opposed to IDBI Bank in a manner similar to the way by the PM and his team. Time has come to
stake sale in Coal India. Axis Bank was done,” Sinha told reporters face the real challenge and raise money to
on the sidelines of an event, in response to strengthen the country’s economy and fill
Another concern is about ONGC. Crude a question on the shortfall likely in the up the drying exchequer. Will he deliver or
oil prices have been trading at historic lows divestment target and the options available not—we will have to wait and watch at least
of late amid worries of a supply glut (prices before the government. during the first six months of the fiscal year
have already dipped below $50 per barrel, 2016-17. Remember, five states are going on
which is a multi-year low) after OPEC “We still have quite a number of polls this April-May and a crucial state like
decided not to cut production in the last opportunities even on divestment side,” he Uttar Pradesh will be voting to elect its new
week of November. Non-OPEC member, said, but admitted that they may have to government during early 2017. Modi has to
Russia, another top oil producer, too halve the target from more than `64,000 prove his point that ‘acche din aanewale hai.’
indicated it will not pare production. So crore. “The FM has already said that for So far, it has not come for many. DS

Interview GRUH Finance
In this interview, Sudhin Choksey,

Managing Director, GRUH Finance Ltd.,
elaborates about the current status
of the housing finance industry and
what lies ahead with reference to the
government’s plans to boost
infrastructure development
The Declining Interest Rates Put A

Pressure On The Margins’
G
RUH Finance Limited, a band depending on individual credit What is your take on the government’s
subsidiary of HDFC Ltd., is score. Excerpts from the interview: announcement regarding Smart Cities,
a housing finance company AMRUT and Housing for All 2022? How
(HFC) recognised by the There is slowdown in credit growth in is it going to increase the opportunities
National Housing Bank. economy despite assertive actions for you?
The company offers loans to individuals taken by the RBI and the government. The government’s announcements
for purchase, construction, repairs, In such a scenario, how do you see your regarding these three campaigns are part
renovation of dwelling units. It also loan book growing in FY16? of an ambitious goal-setting for its
offers loans to the self-employed segment It is true that there has been a slowdown development programmes. These
for cases where formal income proofs are in the overall credit growth in the programmes will evolve gradually over a
not available. The income of such economy coupled with very low level period, maybe the next couple of decades.
applicants is appraised based on field of activities in the real estate sector Hence, as a strategy, these are laudable
investigation and surrogate income proof. with a huge pile-up of inventory and, as a programmes for a developing country
result, the demand for home loans has moving towards the status of a developed
The company also offers loans to been low for the past 18 – 24 months. country. As a result of implementation of
professionals for purchase of office Our loan asset growth has been in the these programmes, the opportunities will
premises. The rate of interest is based on vicinity of 25 per cent as on September certainly benefit all stakeholders
credit score methodology wherein each 30, 2015. Considering the weakness in associated with these programmes and
applicant is evaluated based on individual the real estate sector in particular, we those engaged in the real estate sector.
credit criteria. Depending on the loan expect our loan asset growth to be in
product selected, the customer can the vicinity of 20–25 per cent by What is the geographical segregation
therefore get a rate of interest within a March 2016. of your loan book and what are the

250
LARGE
CAPS
steps you are taking to have a pan-India margins? Sep 2014 0.39%
presence? The declining interest rates always put a Dec 2014 0.57%
The geographical segmentation of our loan pressure on the margins and absolute Mar 2015 0.34%
book as on September 30, 2015 has been as revenue. This has been our experience Jun 2015 0.52%
follows: when the interest rates declined earlier in Sep 2015 0.58%
State Loan Assets the year 2000. As a result of low credit
off-take, the yield on lending declines at a We expect our gross NPAs to hover around
Gujarat 36.72%
faster rate than borrowing costs apart from 0.50-0.60 per cent by March 2016.
Maharashtra 34.15%
Madhya Pradesh 13.95% pressure on account of increased
competition chasing fewer opportunities. What is the current NIM of the company
Karnataka 06.12%
and what is the target for FY16?
Rajasthan 04.10%
The asset quality in general has been The current NIM ratio of the company is at
Chhattisgarh 02.38% under stress for the entire industry. What 4.03 per cent and we shall endeavour to
Tamil Nadu 02.49% has been your experience and how do maintain NIM at a level above 4 per cent.
Uttar Pradesh 00.09% you see it for FY16?
We commenced our operation from The asset quality has generally been under Do you have any fund-raising plans in
Gujarat in 1988, moved to Maharashtra stress for the entire banking and financial near future?
(1995), Rajasthan, Madhya Pradesh and industry and we also experienced similar Our liability profile generally consists of
Karnataka (2005), and Tamil Nadu and pressure. Our gross NPAs have moved as borrowings from National Housing Bank
Chhattisgarh (2007). We have just opened follows: (NHB) by way of refinance, line of credit
an office each in the states of Uttar Pradesh Mar 2013 0.32% from the banks, private placement of
(Lucknow), Jharkhand (Ranchi) and Bihar Jun 2013 0.46% non-convertible debentures, commercial
(Patna). Sep 2013 0.41% paper, and retail public deposits. The
policymakers have recently permitted
Dec 2013 0.46%
For the year till date, the RBI has cut HFCs to raise money by way of foreign
Mar 2014 0.27%
interest rate by 125 basis points. How is currency loan and we shall explore this
it going to affect your revenue and
Jun 2014 0.44% opportunity.
Methodology
To come out with “250 Large-Caps” companies, we have considered four factors. Two from profit and loss account
that are ‘sales’ and ‘net profit’, one market data that is ‘market capitalisation’, and one investors return data that is
‘dividend’. We ranked every data and then gave equal weight-age of 25 basis points to each parameter so that
ranking does not get skewed due towards any one factor. One would wonder why we have taken dividend as a
parameter. This is to ensure that investor-friendly companies get a good chance to be represented in this list. Also,
to give effect of different face value, we took dividend as percentage to ensure that face value (FV) of 1 or 2 put
them at a disadvantage over companies having FV of 10. Since we have pulled out the data in last week of
December 2015, all the data available of companies in that period has been included in our study.
DSIJ.in APR 4 - 17, 2016I DALAL STREET INVESTMENT JOURNAL 29

250
Financial Snapshot LARGE
CAPS
Rank Rank
1 Tata Consultancy Services 2 Infosys
BSE Code: 532540 Price (`): 2366 Face Value (`): 1 Book Value (`): 258.51 BSE Code: 500209 Price (`): 1142.5 Face Value (`): 5 Book Value (`): 443.48
Last Five Year Consolidated Financial Results (` Cr) Last Five Year Consolidated Financial Results (` Cr)
Particulars Mar-15 Mar-14 Mar-13 Mar-12 Mar-11 Particulars Mar-15 Mar-14 Mar-13 Mar-12 Mar-11
Net Sales 94648.41 81809.36 62989.48 48893.83 37324.51 Net Sales 53319 50133 40352 33734 27501
Operating Profit 27711.62 26789.53 19218.14 14863.48 11782.36 Operating Profit 18313 16054 13903 12631 10181
Interest 104.19 38.52 48.49 22.23 26.48 Interest 12 9 5 4 2
Profit After Tax 20059.7 19331.87 14075.69 10523.45 9189.79 Profit After Tax 12373 10656 9429 8332 6835
Basic EPS (`) 101.35 97.69 71.01 53.09 46.28 Basic EPS (`) 108.15 186.29 164.84 145.66 119.49
Equity 195.87 195.87 195.72 195.72 195.72 Equity 572 286 286 286 286
Rank Rank
3 Larsen & Toubro 4 Housing Development Finance Corp.
BSE Code: 500510 Price (`): 1185.8 Face Value (`): 2 Book Value (`): 435.6 BSE Code: 500010 Price (`): 1158.75 Face Value (`): 2 Book Value (`): 286
Net Sales 92004.58 85128.4 74498 64313.11 52043.78 Net Sales 48315.69 40753.17 35948.18 30275.78 25783.67
Operating Profit 16768.49 15067.81 13502.4 11505.37 9774.88 Operating Profit 28873.54 25500.59 21817 17819.29 13169.14
Interest 7276.45 6494.26 4642.28 3008.34 1931.42 Interest 18710.29 16607.89 14295.52 11551.92 7876.07
Profit After Tax 4964 4875.4 5252.38 4690.96 4455.15 Profit After Tax 6950.92 6487.51 5465.25 4489.77 3704.83
Equity 185.91 185.38 123.08 122.48 121.77 Equity 314.94 312.1 309.27 295.39 293.37
Rank Rank
5 HCL Technologies 6 State Bank Of India
BSE Code: 532281 Price (`): 822.45 Face Value (`): 2 Book Value (`): 166.04 BSE Code: 500112 Price (`): 180.35 Face Value (`): 1 Book Value (`): 216.17
Particulars Jun-15 Jun-14 Jun-13 Jun-12 Jun-11 Particulars Mar-15 Mar-14 Mar-13 Mar-12 Mar-11
Net Sales 36701.22 32143.66 25581.06 20830.55 15730.43 Net Sales 207974.34 189062.44 167976.14 147197.39 113636.44
Operating Profit 9612.04 8712.69 6012.27 3901.67 2755.17 Operating Profit 25854.57 21325.54 25881.82 24468.95 19919.75
Profit After Tax 7301.95 6507.76 4044.58 2427.08 1646.63 Profit After Tax 17517.37 14489.47 18322.99 15829.45 11179.94
Equity 281.2 140 139.37 138.66 137.74 Equity 746.57 746.57 684.03 671.04 635
Rank Rank
7 ITC 8 Wipro
Net Sales 38834.81 35317.08 29901.27 26525.43 22574.7 Net Sales 46951 43423.8 37430 37187.8 31038.5
Profit After Tax 9765.63 8990.62 7418.39 6322.39 5069.42 Profit After Tax 8714 7990.9 6182.3 5596.9 5265.3
Basic EPS (`) 12.06 11.18 9.39 8 6.48 Basic EPS (`) 35.09 32.24 24.98 22.81 21.58
Equity 801.55 795.32 790.18 781.84 773.81 Equity 493.7 493 492.4 491.5 490.6
Rank Rank
9 Hindustan Unilever 10 Maruti Suzuki India
Equity 216.35 216.27 216.25 216.15 215.95 Equity 151 151 151 144.5 144.5
Note: Book value is in rupees per share Share price data is of Mar 11, 2016

Financial Snapshot
Rank Rank
11 ICICI Bank 12 HDFC Bank
Net Sales 54964 49479.25 44884.59 37994.86 30081.4 Net Sales 50666.49 42555.02 35861.02 28193.4 20043.33
Equity 1159.45 1154.99 1153.56 1152.69 1151.74 Equity 501.3 479.81 475.88 469.34 465.23
Rank Rank
13 Coal India 14 Hero MotoCorp
Last Five Year Consolidated Financial Results (` Cr) Last Five Year Standalone Financial Results (` Cr)
Equity 6316.36 6316.36 6316.36 6316.36 6316.36 Equity 39.94 39.94 39.94 39.94 39.94
Rank Rank
15 Oil & Natural Gas Corporation 16 Sun Pharmaceutical Industries
Operating Profit 48265.71 56643.49 48989.27 53284.41 46115.41 Operating Profit 8414.36 7552 5284.33 3675.83 2317.91
Profit After Tax 17672.96 26653.02 23990.26 28428.91 22824.97 Profit After Tax 5488.21 3879 3475.87 3043.28 1910.6
Equity 4277.75 4277.75 4277.75 4277.75 4277.75 Equity 207.12 207.12 103.56 103.56 103.56
Rank Rank
17 Bharat Petroleum Corporation 18 Bajaj Auto
Equity 723.08 723.08 723.08 361.54 361.54 Equity 289.37 289.37 289.37 289.37 289.37
Rank Rank
19 Axis Bank 20 NMDC
Interest 21341.26 18702.97 17513.39 13969.18 8588.61 Interest - 1.85 13.2 1.48 1.51
Equity 474.1 469.84 467.95 413.2 410.55 Equity 396.47 396.47 396.47 396.47 396.47

250
LARGE
CAPS
Rank Rank
21 Mahindra & Mahindra 22 Reliance Industries
Net Sales 71948.59 74000.93 68693.49 59398.94 36863.78 Net Sales 375435 434460 397062 358501 265811
Operating Profit 9318.32 10625.25 9504.73 7724 6418.67 Operating Profit 45977 43800 40912 40702 40587
Interest 3156.69 2953.93 2297 1799.57 1135.43 Interest 3316 3836 3463 2893 2411
Profit After Tax 2592.68 4323.38 3645.74 2775.96 3197.79 Profit After Tax 23640 22548 20886 19717 19272
Equity 295.7 295.16 295.16 294.52 293.62 Equity 2943 2940 2936 2979 2981
Rank Rank
23 Asian Paints 24 Dr. Reddys Laboratories
Equity 95.92 95.92 95.92 95.92 95.92 Equity 85.2 85.1 84.9 84.8 84.6
Rank Rank
25 Lupin 26 Bosch
BSE Code: 500257 Price (`): 1857.55 Face Value (`): 2 Book Value (`): 196.17 BSE Code: 500530 Price (`): 18042.1 Face Value (`): 10 Book Value (`): 2,339.81
Equity 89.9 89.68 89.51 89.33 89.24 Equity 31.4 31.4 31.4 31.4 31.4
Rank Rank
27 Hindustan Zinc 28 Hindustan Petroleum Corporation
Last Five Year Standalone Financial Results (` Cr) Last Five Year Consolidated Financial Results (` Cr)
Profit After Tax 8178 6904.62 6899.48 5526.04 4900.49 Profit After Tax 1488.87 1079.62 500.49 175.96 1702.04
Equity 845.06 845.06 845.06 845.06 845.06 Equity 338.63 338.63 338.63 338.63 338.63
Rank Rank
29 Motherson Sumi Systems 30 Aurobindo Pharma
Operating Profit 3220.3 2707.7 1798.2 1038.8 936.9 Operating Profit 2660.33 2155.21 889.49 586 1034.67
Profit After Tax 1291.5 1096.8 450.7 196.3 442.9 Profit After Tax 1571.26 1169.07 291.4 -124.14 563.06
Basic EPS (`) 9.78 8.67 7.56 6.69 10.07 Basic EPS (`) 53.96 40.24 10.09 -4.24 19.36
Equity 88.2 88.2 58.8 38.8 38.8 Equity 29.2 29.15 29.12 29.11 29.11

250
CAPS
Rank Rank
31 Bank Of Baroda 32 Nestle India
Particulars Mar-15 Mar-14 Mar-13 Mar-12 Mar-11 Particulars Dec-14 Dec-13 Dec-12 Dec-11 Dec-10
Equity 442.3 429.42 421.26 411.12 391.55 Equity 96.42 96.42 96.42 96.42 96.42
Rank Rank
33 Grasim Industries 34 Siemens
BSE Code: 500300 Price (`): 3591.45 Face Value (`): 10 Book Value (`): 2,510.74 BSE Code: 500550 Price (`): 1033.6 Face Value (`): 2 Book Value (`): 143.76
Particulars Mar-15 Mar-14 Mar-13 Mar-12 Mar-11 Particulars Sep-15 Sep-14 Sep-13 Sep-12 Sep-11
Profit After Tax 2427.43 2851.43 3704.14 3531.43 2895.19 Profit After Tax 1183.3 603.2 194 343.2 845.4
Equity 91.86 91.83 91.78 91.71 91.7 Equity 71.2 71.2 71.2 68.1 68.1
Rank Rank
35 Indiabulls Housing Finance 36 Bharti Airtel
Net Sales 6291.52 5253.86 4460.97 785.51 326.24 Net Sales 92135.1 85863.5 76947 71505.8 59601.8
Profit After Tax 1978.23 1510 1227.91 249.99 78.83 Profit After Tax 4586 2498.3 1916.3 4265.5 5904.9
Equity 71.11 66.81 62.5 155.69 155.69 Equity 1998.7 1998.7 1898.8 1898.8 1898.8
Rank Rank
37 Punjab National Bank 38 Indian Oil Corporation
BSE Code: 532461 Price (`): 81.9 Face Value (`): 2 Book Value (`): 219.18 BSE Code: 530965 Price (`): 386 Face Value (`): 10 Book Value (`): 282.95
Net Sales 48709.82 44958.09 43070.6 37495.4 27551.24 Net Sales 450078.57 488792.62 462084.29 408923 309797.02
Equity 370.91 362.07 353.47 339.18 316.81 Equity 2427.95 2427.95 2427.95 2427.95 2427.95
Rank Rank
39 Tech Mahindra 40 Godrej Consumer Products
Interest 29.9 79.9 103 102.6 111.3 Interest 112.46 119.91 87.32 72.59 48.58
Profit After Tax 2658.6 3062.4 811 542.1 745.8 Profit After Tax 976.43 819.3 845.43 751.24 514.71
Equity 480.4 233.5 128.1 127.5 126 Equity 34.04 34.04 34.03 34.03 32.36

Financial Snapshot
Rank Rank
41 Eicher Motors 42 Ambuja Cements
Particulars Dec-14 Dec-13 Dec-12 Dec-11 Dec-10 Particulars Dec-14 Dec-13 Dec-12 Dec-11 Dec-10
Basic EPS (`) 227.07 145.69 120.1 114.4 70.13 Basic EPS (`) 9.59 8.27 8.39 8 8.26
Equity 27.1 27.04 27 26.99 26.94 Equity 309.95 309.17 308.44 306.87 305.97
Rank Rank
43 ACC 44 MRF
Particulars Dec-14 Dec-13 Dec-12 Dec-11 Dec-10 Particulars Sep-14 Sep-13 Sep-12 Sep-11 Sep-10
Equity 187.75 187.75 187.75 187.75 187.75 Equity 4.24 4.24 4.24 4.24 4.24
Rank Rank
45 Britannia Industries 46 JSW Steel
Equity 23.99 23.99 23.91 23.89 23.89 Equity 241.72 241.72 223.12 223.12 223.12
Rank Rank
47 LIC Housing Finance 48 Bharti Infratel
Profit After Tax 1397.52 1321.41 1054 916.33 969.29 Profit After Tax 1992.4 1517.9 1002.5 749.1 551.48
Equity 100.93 100.93 100.93 100.93 94.93 Equity 1893.8 1889.3 1888.7 580.8 580.8
Rank Rank
49 Oil India 50 Ultratech Cement
Equity 601.14 601.14 601.14 240.45 240.45 Equity 274.4 274.24 274.18 274.07 274.04

250
LARGE
CAPS
Rank Rank
51 GAIL (India) 52 Oracle Financial Services Software
Interest 651.83 668.71 437.31 366.43 377.86 Interest - - 0.15 0.19 0.21
Equity 1268.48 1268.48 1268.48 1268.48 1268.48 Equity 42.31 42.07 42.03 41.99 41.95
Rank Rank
53 Piramal Enterprises 54 Cadila Healthcare
Net Sales 5122.61 4502.74 3520.19 2158.87 1673.08 Net Sales 8651.3 7224 6357.7 5263.3 4630.6
Profit After Tax 2690.39 -497.52 -217.48 115.26 12883.67 Profit After Tax 1186.1 836.2 689.9 681.2 736.1
Basic EPS (`) 165.17 -29.06 -13.17 6.46 767.32 Basic EPS (`) 56.08 39.24 31.91 31.87 34.72
Equity 34.51 34.51 34.51 34.51 33.58 Equity 102.4 102.4 102.4 102.4 102.4
Rank Rank
55 Rural Electrification Corporation 56 Titan Company
Equity 987.46 987.46 987.46 987.46 987.46 Equity 88.78 88.78 88.78 88.78 44.39
Rank Rank
57 UPL 58 Power Finance Corporation
Interest 517.04 485.29 428.96 414.64 312 Interest 15715.66 13219.2 11004.43 8482.19 6581.16
Equity 85.72 85.72 88.52 92.36 92.36 Equity 1320.04 1320.04 1320.02 1319.93 1147.77
Rank Rank
59 Bharat Electronics 60 NTPC
Operating Profit 1686.86 1362.6 1288.04 1233 1319.13 Operating Profit 19726.2 22599.15 21357.06 18383.29 16847.25
Equity 80 80 80 80 80 Equity 8245.46 8245.46 8245.46 8245.46 8245.46

250
CAPS
Rank Rank
61 Canara Bank 62 Adani Enterprises
Profit After Tax 2858.02 2589.52 2951.83 3247.27 3877.49 Profit After Tax 2298 2645.66 1217.57 2020.33 2825.9
Equity 475.2 461.26 443 443 443 Equity 109.98 109.98 109.98 109.98 109.98
Rank Rank
63 Dabur India 64 Cummins India
Equity 175.65 174.38 174.29 174.21 174.07 Equity 55.44 55.44 55.44 55.44 39.6
Rank Rank
65 Cipla 66 Cairn India
Equity 160.59 160.58 160.58 160.58 160.58 Equity 1874.85 1907.63 1910.24 1907.4 1901.92
Rank Rank
67 Bharat Forge 68 Rajesh Exports
Equity 46.56 46.56 46.56 46.56 46.56 Equity 29.53 29.53 29.53 29.53 29.53
Rank Rank
69 Yes Bank 70 Aditya Birla Nuvo
Net Sales 11572.01 9981.35 8294 6307.36 4041.75 Net Sales 26516.01 25893.39 25490.2 21840.29 18187.77
Profit After Tax 2005.36 1617.78 1300.68 977 727.14 Profit After Tax 1491.08 1221.8 1183.89 1010.15 907.97
Equity 417.74 360.63 358.62 352.99 347.15 Equity 130.14 130.08 120.21 113.52 113.51

Financial Snapshot
Rank Rank
71 Bharat Heavy Electricals 72 Colgate-Palmolive (India)
Interest 92.43 133.46 127.61 53.07 56.38 Interest - - - 1.51 1.61
Equity 489.52 489.52 489.52 489.52 489.52 Equity 13.6 13.6 13.6 13.6 13.6
Rank Rank
73 Zee Entertainment Enterprises 74 Divis Laboratories
Operating Profit 1481.6 1385 1100.4 877.9 910.2 Operating Profit 1210.95 1085.99 860.78 747.32 528.03
Interest 10.3 15.8 8.6 5 8.8 Interest 2.88 2.96 2.59 4.61 2.26
Profit After Tax 975.5 890 718.2 590.6 625.1 Profit After Tax 851.52 773.34 602.01 533.26 429.27
Equity 96 96 95.4 95.9 97.8 Equity 26.55 26.55 26.55 26.55 26.52
Rank Rank
75 Tata Motors 76 Glaxosmithkline Consumer Healthcare
Equity 643.73 643.73 638.02 634.7 634.6 Equity 42.06 42.06 42.06 42.06 42.06
Rank Rank
77 Marico 78 Tata Power Company
Profit After Tax 584.88 504.1 405.69 322.06 291.45 Profit After Tax 408.82 -33.31 98.72 -968.29 2181.91
Basic EPS (`) 8.89 7.53 6.14 5.16 4.66 Basic EPS (`) 0.62 -1.1 -0.36 -4.58 86.82
Equity 64.5 64.49 64.48 61.49 61.44 Equity 270.42 237.23 237.23 237.23 237.23
Rank Rank
79 Max Financial Services 80 Shree Cement
Particulars Mar-15 Mar-14 Mar-13 Mar-12 Mar-11 Particulars Jun-15 Jun-14 Jun-13 Jun-12 Jun-11
Equity 53.3 53.25 53.1 52.91 46.5 Equity 34.84 34.84 34.84 34.84 34.84

250
LARGE
CAPS
Rank Rank
81 Bajaj Finance 82 Power Grid Corporation Of India
Equity 50 49.75 49.54 41.32 36.63 Equity 5231.59 5231.59 4629.73 4629.73 4629.73
Rank Rank
83 Havells India 84 Exide Industries
Equity 62.44 62.39 62.39 62.39 62.39 Equity 85 85 85 85 85
Rank Rank
85 Kotak Mahindra Bank 86 Pidilite Industries
Basic EPS (`) 39.43 32 29.31 24.74 21.26 Basic EPS (`) 10 8.77 8.27 6.39 6.13
Equity 386.18 385.16 373.3 370.34 368.44 Equity 51.27 51.26 51.26 50.77 50.61
Rank Rank
87 Glaxosmithkline Pharmaceuticals 88 Reliance Infrastructure
Profit After Tax 476.41 481.67 561.88 428.59 578.27 Profit After Tax 1313.66 1566.44 1958.7 1260.26 1229
Equity 84.7 84.7 84.7 84.7 84.7 Equity 262.99 262.99 262.99 262.99 267.42
Rank Rank
89 Apollo Tyres 90 Container Corporation Of India
BSE Code: 500877 Price (`): 167.6 Face Value (`): 1 Book Value (`): 99 BSE Code: 531344 Price (`): 1147.55 Face Value (`): 10 Book Value (`): 385.23
Equity 50.9 50.4 50.4 50.4 50.4 Equity 194.97 194.97 129.98 129.98 129.98

Financial Snapshot
Rank Rank
91 Torrent Pharmaceuticals 92 IndusInd Bank
Equity 84.62 84.62 42.31 42.31 42.31 Equity 529.45 525.45 522.68 467.51 465.77
Rank Rank
93 Tata Chemicals 94 Glenmark Pharmaceuticals
Interest 454.03 579.46 463.91 427 350.83 Interest 190.15 188.59 160.01 146.57 160.46
Profit After Tax 807.39 -807.67 610.51 1039.51 846.04 Profit After Tax 475.24 545.6 628.29 464.31 457.83
Basic EPS (`) 23.41 -40.51 15.72 32.88 25.65 Basic EPS (`) 17.52 19.99 22.89 17.02 16.77
Equity 254.76 254.76 254.76 254.76 254.76 Equity 27.13 27.12 27.09 27.05 27.03
Rank Rank
95 Shriram Transport Finance Company 96 Mahindra & Mahindra Financial Services
Interest 4705.71 4233.12 3092.06 2560.16 2319.63 Interest 2643 2280.96 1670.59 1139.88 666.18
Equity 226.88 226.88 226.86 226.3 226.16 Equity 112.83 112.71 112.6 102.69 102.45
Rank Rank
97 Wockhardt 98 Idea Cellular
Interest 55.21 83.35 215.37 269.02 267.1 Interest 1060.21 965.59 1044.53 1105.73 516
Equity 55.04 54.88 54.79 54.72 54.72 Equity 3597.84 3319.63 3314.32 3308.85 3303.27
Rank Rank
99 Union Bank Of India 100 Adani Ports and Special Economic Zone
Profit After Tax 1757.46 1669.56 2131.15 1755.76 2069.03 Profit After Tax 2324.49 1741 1588.35 1111.15 916.17
Equity 635.78 630.31 596.79 550.55 524.33 Equity 414.01 414.01 400.68 400.68 400.68

250
LARGE
CAPS
Rank Rank
101 Steel Authority Of India 102 Essar Oil
BSE Code: 500113 Price (`): 42.65 Face Value (`): 10 Book Value (`): 106.94 BSE Code: 500134 * Delisted Now Face Value (`): 10 Book Value (`): 25.62
Profit After Tax 2158.02 2652.34 2329.08 3593.36 5014 Profit After Tax 1521.47 125.8 -1180.44 -1285.48 -251.69
Basic EPS (`) 5.22 6.42 5.64 8.7 12.14 Basic EPS (`) 10.5 0.87 -8.64 -9.41 -1.84
Equity 4130.53 4130.53 4130.53 4130.53 4130.4 Equity 1449.52 1449.52 1365.67 1365.67 1365.67
Rank Rank
103 Bank Of India 104 Coromandel International
Equity 664.91 642.26 595.9 573.78 546.48 Equity 29.13 28.32 28.31 28.26 28.18
Rank Rank
105 TVS Motor Company 106 Amara Raja Batteries
Equity 47.51 47.51 47.51 47.51 47.51 Equity 17.08 17.08 17.08 17.08 17.08
Rank Rank
107 Godrej Industries 108 Emami
Equity 33.59 33.12 33.52 31.76 31.76 Equity 22.7 22.7 15.13 15.13 15.13
Rank Rank
109 DLF 110 Bajaj Finserv
Equity 356.39 356.29 339.74 339.68 339.51 Equity 79.56 79.56 79.56 72.34 72.34

Financial Snapshot
Rank Rank
111 Reliance Capital 112 The Federal Bank
Net Sales 8811 7468 7480 6582 5438 Net Sales 7487.77 7005.7 6246.32 5581.72 4052.03
Operating Profit 3947 3416 3234 2828 1810 Operating Profit 1529.57 1201.75 1209.89 1164.3 903.89
Interest 2648 2508 2348 2255 1470 Interest 5056.33 4727.76 4208.94 3606.67 2304.49
Profit After Tax 1007 683 703 329 233 Profit After Tax 1012.09 828.92 850.21 771.51 588.47
Equity 252 243 245 245 245 Equity 171.33 171.06 171.06 171.05 171.05
Rank Rank
113 Petronet LNG 114 Mphasis
Equity 750 750 750 750 750 Equity 210.14 210.14 210.13 210.11 210.04
Rank Rank
115 Gujarat Fluorochemicals 116 ABB India
31-Mar-15 Last Five Year Consolidated Financial Results (` Cr) 31-Dec-14 Last Five Year Standalone Financial Results (` Cr)
Equity 10.99 10.99 10.99 10.99 10.99 Equity 42.38 42.38 42.38 42.38 42.38
Rank Rank
117 Tube Investments Of India 118 Tata Global Beverages
Equity 37.43 37.38 37.33 37.26 37.13 Equity 61.84 61.84 61.84 61.84 61.84
Rank Rank
119 Supreme Industries 120 Voltas
Particulars Jun-15 Jun-14 Jun-13 Jun-12 Jun-11 Particulars Mar-15 Mar-14 Mar-13 Mar-12 Mar-11
Equity 25.41 25.41 25.41 25.41 25.41 Equity 33.07 33.07 33.07 33.07 33.07

250
LARGE
CAPS
Rank Rank
121 Castrol India 122 Vedanta
Particulars Dec-14 Dec-13 Dec-12 Dec-11 Dec-10 Particulars Mar-15 Mar-14 Mar-13 Mar-12 Mar-11
Profit After Tax 474.56 508.57 447.39 481.03 490.31 Profit After Tax -11373.48 10339.38 -131.03 2107.77 4222.45
Basic EPS (`) 9.6 10.28 9.05 19.45 19.83 Basic EPS (`) -52.77 21.24 26.24 31.01 48.58
Equity 247.28 494.56 494.56 247.28 247.28 Equity 296.5 296.5 86.91 86.91 86.91
Rank Rank
123 Bayer CropScience 124 Mindtree
Net Sales 3723.3 3245.2 2725.3 2272.3 2137.3 Net Sales 3561.9 3031.6 2361.8 1915.2 1509
Operating Profit 603.4 495.8 428.8 298 243.6 Operating Profit 792.7 659.6 487.4 331.5 202
Interest 4.6 4.8 3.7 1.7 8.3 Interest 0.1 0.4 1 0.5 0.4
Profit After Tax 383 289.5 1161.7 139 131.6 Profit After Tax 536.3 450.8 339.3 218.5 101.6
Equity 36.6 36.6 39.5 39.5 39.5 Equity 83.7 41.7 41.5 40.5 40
Rank Rank
125 Apollo Hospitals Enterprise 126 Procter & Gamble Hygiene & Health Care
Equity 69.56 69.56 69.56 67.23 62.36 Equity 32.46 32.46 32.46 32.46 32.46
Rank Rank
127 NHPC 128 E.I.D. Parry (India)
Equity 11070.67 11070.67 12300.74 12300.74 12300.74 Equity 17.58 17.58 17.58 17.37 17.32
Rank Rank
129 Syndicate Bank 130 Hindalco Industries
Interest 16094.25 13080 11666.23 10183.03 7067.93 Interest 4183.74 2737.11 2241.82 1788.17 1876.83
Equity 662.06 624.58 601.95 601.95 573.29 Equity 206.5 206.46 191.51 191.51 191.49

250
CAPS
Rank Rank
131 Videocon Industries 132 Shriram City Union Finance
Profit After Tax 4966.47 -3103.15 -1363.5 -279.87 415.72 Profit After Tax 575.35 535.41 449.39 338.08 240.59
Basic EPS (`) 153.06 -88.75 -44.93 -9.99 17.97 Basic EPS (`) 86.7 89.76 81.1 64.56 48.57
Equity 334.46 318.76 303.01 301.95 229.41 Equity 65.91 59.28 55.42 52.37 49.54
Rank Rank
133 JSW Energy 134 Thermax
Equity 1640.05 1640.05 1640.05 1640.05 1640.05 Equity 23.83 23.83 23.83 23.83 23.83
Rank Rank
135 IDBI Bank 136 Welspun India
Profit After Tax 957.26 1166.2 1906.29 2013.12 1563.51 Profit After Tax 544.29 83.83 224.82 -16.27 3.22
Basic EPS (`) 5.87 7.18 14.17 15.66 15.88 Basic EPS (`) 53.73 9.14 22.48 -1.5 0.16
Equity 1603.96 1603.94 1332.75 1278.38 984.57 Equity 100.46 100.35 100.03 89.01 88.98
Rank Rank
137 Redington (India) 138 Neyveli Lignite Corporation
Equity 79.94 79.9 79.83 79.72 79.27 Equity 1677.71 1677.71 1677.71 1677.71 1677.71
Rank Rank
139 Reliance Communications 140 The Jammu & Kashmir Bank
BSE Code: 532712 Price (`): 52.9 Face Value (`): 5 Book Value (`): 151.68 BSE Code: 532209 Price (`): 62.4 Face Value (`): 1 Book Value (`): 126
Net Sales 24787 24262 23586 22133 24898 Net Sales 7061.13 6767 6136.8 4835.58 3713.13
Operating Profit 7518 7726 7159 6490 9149 Operating Profit 820.19 1750.49 1526.38 1200.93 934.52
Interest 2755 3019 2499 1630 1133 Interest 4408.59 4081.89 3820.07 2996.74 2169.21
Profit After Tax 620 1137 744 988 1505 Profit After Tax 508.48 1181.08 1054.89 803.08 615.33
Equity 1244 1032 1032 1032 1032 Equity 48.48 48.48 48.48 48.48 48.48

Financial Snapshot
Rank Rank
141 State Bank Of Bikaner and Jaipur 142 Berger Paints India
Equity 70 70 70 70 50 Equity 69.33 69.3 69.26 69.23 69.2
Rank Rank
143 United Breweries 144 National Aluminium Company
Equity 26.44 26.44 26.44 26.44 25.45 Equity 1288.62 1288.62 1288.62 1288.62 1288.62
Rank Rank
145 Corporation Bank 146 AIA Engineering
Equity 167.54 167.54 152.91 148.13 148.13 Equity 18.86 18.86 18.86 18.86 18.86
Rank Rank
147 Central Bank Of India 148 IDFC
Operating Profit 902.3 -983.51 1335.12 546.4 1674.61 Operating Profit 7942.59 7648.85 7303.79 5667.32 4206.54
Profit After Tax 618.3 -1251.51 1030.12 546.4 1267.85 Profit After Tax 1749.87 1824.19 1842.43 1550.81 1279.09
Basic EPS (`) 4.02 -9.37 8.42 6.59 25.89 Basic EPS (`) 10.72 11.89 12.12 9.99 8.55
Equity 1658.27 1350.44 1044.58 736.12 404.14 Equity 1592.78 1516.29 1514.73 1512.36 1460.95
Rank Rank
149 Hexaware Technologies 150 Indian Bank
Equity 60.19 59.98 59.31 58.67 29.04 Equity 480.29 464.85 429.77 429.77 429.77

250
LARGE
CAPS
Rank Rank
151 Kansai Nerolac Paints 152 CRISIL
Interest 0.02 0.45 0.02 0.09 0.14 Interest - - - - -
Equity 53.89 53.89 53.89 53.89 53.89 Equity 7.14 7.07 7.02 7.01 7.1
Rank Rank
153 Biocon 154 IIFL Holdings
Net Sales 3089.8 2877.3 2485.3 2086.5 1806 Net Sales 3653.69 2821.9 2658.11 1879.28 1472.04
Operating Profit 748.9 743 595.7 586.6 628.1 Operating Profit 2227.65 1657.16 1366.62 795.23 612.1
Profit After Tax 528.4 430.8 512.7 342.5 375 Profit After Tax 476.36 291.38 279.34 136.07 214.73
Equity 100 100 100 100 100 Equity 62.05 59.24 59.05 57.8 57.28
Rank Rank
155 CESC 156 Sanofi India
Equity 132.56 124.94 124.94 124.94 124.94 Equity 23.03 23.03 23.03 23.03 23.03
Rank Rank
157 Vardhman Textiles 158 Abbott India
Equity 62.52 62.52 62.52 62.52 62.52 Equity 21.25 21.25 21.25 21.25 13.68
Rank Rank
159 Page Industries 160 The Great Eastern Shipping Company
Equity 11.15 11.15 11.15 11.15 11.15 Equity 150.78 150.78 152.32 152.29 152.29

Financial Snapshot
Rank Rank
161 Balkrishna Industries 162 UCO Bank
BSE Code: 502355 Price (`): 601 Face Value (`): 2 Book Value (`): 235.47 BSE Code: 532505 Price (`): 35.5 Face Value (`): 10 Book Value (`): 111
Equity 19.33 19.33 19.33 19.33 19.33 Equity 1075.59 1014.71 752.63 664.71 627.52
Rank Rank
163 Crompton Greaves 164 Dewan Housing Finance Corporation
Interest 144.34 136.62 95.49 56.7 34.34 Interest 4693 3810.99 3130.25 1799.23 973.13
Profit After Tax 206.36 258.67 -36.87 367.6 881.02 Profit After Tax 621.29 529 451.85 306.36 265.13
Basic EPS (`) 3.34 3.9 -0.56 5.82 13.85 Basic EPS (`) 42.65 41.19 35.24 26.22 25.39
Equity 125.35 125.35 128.3 128.3 128.3 Equity 145.68 128.42 128.22 116.84 104.43
Rank Rank
165 The Ramco Cements 166 Reliance Power
Equity 23.81 23.8 23.8 23.8 23.8 Equity 2805.13 2796.63 2805.13 2805.13 2805.13
Rank Rank
167 Tata Communications 168 Ajanta Pharma
Profit After Tax 135.83 160.38 -650.91 -783.97 -697.92 Profit After Tax 309.86 233.88 112.11 77.26 50.71
Basic EPS (`) 4.71 5.64 -21.87 -27.88 -27.26 Basic EPS (`) 35.23 66.52 47.87 65.98 43.31
Equity 285 285 285 285 285 Equity 17.59 17.58 11.71 11.71 11.71
Rank Rank
169 Bajaj Holdings & Investment 170 Muthoot Finance
Interest - - 0.01 0.01 - Interest 2107.98 2629.65 2823.32 2372.35 1039.92
Profit After Tax 413.83 318.45 253.69 198.47 816 Profit After Tax 670.52 780.07 1004.24 892.02 494.18
Equity 111.29 111.29 111.29 111.29 111.29 Equity 397.97 371.71 371.71 371.71 320.21

250
LARGE
CAPS
Rank Rank
171 PI Industries 172 Alembic Pharmaceuticals
Profit After Tax 245.89 188 97.34 103.59 65.1 Profit After Tax 282.72 235.51 165.25 130.13 85.39
Basic EPS (`) 18 13.81 35.93 41.36 58.19 Basic EPS (`) 15.73 12.49 8.77 6.9 15.53
Equity 13.66 13.61 13.55 12.52 11.19 Equity 37.7 37.7 37.7 37.7 11
Rank Rank
173 SRF 174 Godfrey Phillips India
Net Sales 4539.85 4018.06 3782.95 4001 3473.54 Net Sales 2586.95 2478.88 2097.59 1910.5 1628.36
Interest 137.58 96.12 99.8 117.17 89.72 Interest 19.15 29 26.93 31.65 13.62
Equity 57.42 57.42 57.42 57.42 60.5 Equity 10.4 10.4 10.4 10.4 10.4
Rank Rank
175 Oriental Bank Of Commerce 176 Torrent Power
31-Mar-15 Last Five Year Standalone Financial Results (` Cr) 31-Mar-15 Last Five Year Consolidated Financial Results (` Cr)
Basic EPS (`) 25.93 38 45.51 39.13 51.51 Basic EPS (`) 7.61 2.23 8.18 26.51 22.32
Equity 299.85 299.85 291.76 291.76 291.76 Equity 472.45 472.45 472.45 472.45 472.45
Rank Rank
177 Tata Steel 178 L&T Finance Holdings
Profit After Tax -3955.5 3663.97 -7362.39 4948.52 8856.05 Profit After Tax 850.71 594.84 729.19 454.8 392.36
Basic EPS (`) -40.42 37.01 -72.67 55.49 93.71 Basic EPS (`) 4.33 3.03 4.25 2.65 2.76
Equity 971.21 971.21 971.21 971.21 958.54 Equity 1720.29 1718.45 1716.76 1714.76 1417.02
Rank Rank
179 Sintex Industries 180 KRBL
Equity 42.44 31.12 31.12 27.11 27.11 Equity 23.54 23.58 24.19 24.31 24.31

Financial Snapshot
Rank Rank
181 National Buildings Construction Corp. 182 Cyient
Net Sales 4662.14 4039.74 3232.29 3447.69 3146.05 Net Sales - - 1873.06 1553.13 1188.31
Equity 120 120 120 120 90 Equity 56.18 55.98 55.8 55.71 55.64
Rank Rank
183 Andhra Bank 184 SJVN
Equity 602.85 589.61 559.58 559.58 559.58 Equity 4136.63 4136.63 4136.63 4136.63 4136.63
Rank Rank
185 Ceat 186 Indraprastha Gas
Equity 40.45 35.96 34.24 34.24 34.24 Equity 140 140 140 140 140
Rank Rank
187 Blue Dart Express 188 Arvind
Interest 11.21 0.03 0.01 - 0.01 Interest 417.43 354.47 315.34 309.1 236
Equity 23.73 23.73 23.73 23.73 23.73 Equity 258.24 258.17 258.04 254.63 254.4
Rank Rank
189 IRB Infrastructure Developers 190 City Union Bank
Equity 351.45 332.36 332.36 332.36 332.36 Equity 59.66 54.27 47.44 40.82 40.5

250
LARGE
CAPS
Rank Rank
191 Allcargo Logistics 192 Allahabad Bank
Equity 25.21 25.21 25.21 26.04 26.1 Equity 571.38 544.61 500.03 500.03 476.22
Rank Rank
193 Cholamandalam Investment & Finance 194 Lakshmi Machine Works
Equity 143.67 143.19 143.11 132.55 119.28 Equity 11.27 11.27 11.27 11.27 11.27
Rank Rank
195 Gujarat State Fertilizers & Chemicals 196 Gillette India
Last Five Year Standalone Financial Results (` Cr) Last Five Year Standalone Financial Results (` Cr)
Basic EPS (`) 10.05 8.59 13 19.01 94.03 Basic EPS (`) 48.52 15.78 26.74 23.24 26.44
Equity 79.7 79.7 79.7 79.7 79.7 Equity 32.59 32.59 32.59 32.59 32.59
Rank Rank
197 Akzo Nobel India 198 PC Jeweller
Last Five Year Standalone Financial Results (` Cr) Last Five Year Standalone Financial Results (` Cr)
Net Sales 2527 2417.9 2232 1987.8 1096.8 Net Sales 6348.52 5324.83 4018.42 3041.93 1977.06
Equity 46.7 46.7 46.7 36.8 36.8 Equity 179.1 179.1 179.1 133.97 44.66
Rank Rank
199 Bombay Burmah Trading Corporation 200 Edelweiss Financial Services
Equity 13.95 13.95 13.95 13.95 13.95 Equity 79.18 76.91 76.38 75.68 75.2

Financial Snapshot
Rank Rank
201 Kajaria Ceramics 202 Strides Shasun
Equity 15.89 15.12 14.72 14.72 14.72 Equity 59.62 59.57 58.8 58.38 57.75
Rank Rank
203 Engineers India 204 Alstom T&D India
Equity 168.47 168.47 168.47 168.47 168.47 Equity 51.21 51.21 47.82 47.82 47.82
Rank Rank
205 Jubilant Life Sciences 206 Ashok Leyland
Profit After Tax -40.16 137.64 188.78 45.69 227.23 Profit After Tax 334.81 29.38 433.71 565.98 631.3
Basic EPS (`) -3.63 7.06 9.59 0.91 14.42 Basic EPS (`) 1.18 0.11 1.63 2.13 4.75
Equity 15.93 15.44 15.93 15.93 15.93 Equity 284.59 266.07 266.07 266.07 133.03
Rank Rank
207 Zensar Technologies 208 Bajaj Corp
Equity 44.33 43.77 43.58 43.41 43.3 Equity 14.75 14.75 14.75 14.75 14.75
Rank Rank
209 Future Retail 210 State Bank Of Travancore
Equity 82.84 46.32 46.32 43.42 41.23 Equity 59.25 50 50 50 50

250
LARGE
CAPS
Rank Rank
211 eClerx Services 212 Bank Of Maharashtra
Interest 0.66 0.98 - - - Interest 8789.73 8447.19 6579.59 4696.46 3594.3
Equity 30.35 30.18 29.88 29.06 28.85 Equity 1063.18 839.1 661.48 589.59 481.71
Rank Rank
213 ISGEC Heavy Engineering 214 Ipca Laboratories
Equity 7.35 7.35 7.37 7.37 7.37 Equity 25.24 25.24 25.24 25.17 25.14
Rank Rank
215 SKF India 216 Jyothy Laboratories
Interest - - - - 0.76 Interest 13.77 55.27 68.22 23.83 2.15
Equity 52.73 52.73 52.73 52.73 52.73 Equity 18.1 18.1 16.13 8.06 8.06
Rank Rank
217 Aban Offshore 218 Aarti Industries
Net Sales 4040.84 3936.26 3672.7 3162.92 3347.22 Net Sales 2907.96 2632.49 2096.25 1673.31 1453
Interest 1091 1140.63 1188.45 989.09 933.6 Interest 137.97 117.84 95.37 71.84 56.21
Equity 11.55 8.7 8.7 8.7 8.7 Equity 44.3 44.3 39.56 39.56 38.36
Rank Rank
219 Vakrangee 220 IFCI
Equity 50.35 50.35 50.25 25.02 23.71 Equity 1662.04 1662.04 1662.04 737.84 737.84

Financial Snapshot
Rank Rank
221 JK Tyre & Industries 222 Honeywell Automation India
Profit After Tax 323.89 255.62 196.82 -38.22 62.55 Profit After Tax 114.2 86.16 85.17 107.14 105.05
Basic EPS (`) 14.54 64.06 49.51 -7.79 16.05 Basic EPS (`) 129.19 97.47 96.35 121.2 118.81
Equity 45.36 41.06 41.06 41.06 41.06 Equity 8.84 8.84 8.84 8.84 8.84
Rank Rank
223 Persistent Systems 224 Vijaya Bank
BSE Code: 533179 Price (`): 599.2 Face Value (`): 10 Book Value (`): 175 BSE Code: 532401 Price (`): 31.6 Face Value (`): 10 Book Value (`): 68.95
Interest 0.34 0.05 0.04 - - Interest 9981.25 8623.15 7173.88 6084.59 3897.28
Profit After Tax 290.63 249.28 187.62 141.78 139.74 Profit After Tax 439.41 415.91 585.61 581 523.82
Equity 80 40 40 40 40 Equity 859.12 859.12 495.54 495.54 472.67
Rank Rank
225 Clariant Chemicals (India) 226 DB Corp
Basic EPS (`) 353.82 62.55 38 114.04 42.17 Basic EPS (`) 17.23 16.71 11.9 11.03 14.1
Equity 26.66 26.66 26.66 26.66 26.66 Equity 183.65 183.49 183.37 183.31 183.28
Rank Rank
227 Kirloskar Oil Engines 228 Symphony
Equity 28.92 28.92 28.92 29.13 29.13 Equity 7 7 7 7 7
Rank Rank
229 Pfizer 230 Bata India
Net Sales 1853.32 1111.81 1048.84 1093.29 1252.45 Net Sales 2694 2065.17 1842.45 1549.05 1275.77
Basic EPS (`) 21.93 74.01 168.62 61.86 75.85 Basic EPS (`) 36 29.71 26.78 40.28 13.75
Equity 45.75 29.84 29.84 29.84 29.84 Equity 64.26 64.26 64.26 64.26 64.26

250
LARGE
CAPS
Rank Rank
231 IL&FS Transportation Networks 232 DCM Shriram
Profit After Tax 400.11 456.59 541.02 538.88 449.73 Profit After Tax 210.8 242.38 202.89 11.92 -14.27
Basic EPS (`) 16.85 22.63 26.86 25.57 22.2 Basic EPS (`) 12.98 14.87 12.23 0.72 -0.86
Equity 246.72 194.27 194.27 194.27 194.27 Equity 32.48 32.61 33.18 33.18 33.18
Rank Rank
233 Prestige Estate Projects 234 Atul
Equity 375 350 350 328.07 328.07 Equity 29.66 29.66 29.66 29.66 29.66
Rank Rank
235 Sundram Fasteners 236 Gruh Finance
Equity 21.01 21.01 21.01 21.01 21.01 Equity 72.68 36.03 35.7 35.3 35.16
Rank Rank
237 Solar Industries (India) 238 Trent
Profit After Tax 156.33 129.5 126.43 111.41 82.96 Profit After Tax 129.43 -18.73 -37.94 -46.42 2.52
Basic EPS (`) 81.45 65.44 64.26 58.42 43.64 Basic EPS (`) 38.92 -5.58 -8.08 -13.86 3.72
Equity 18.1 18.1 18.1 17.32 17.32 Equity 33.23 33.23 33.23 27.25 20.06
Rank Rank
239 KEC International 240 The South Indian Bank
Basic EPS (`) 6.26 2.6 2.53 8.14 8 Basic EPS (`) 2.28 3.78 3.75 3.54 2.59
Equity 51.42 51.42 51.42 51.42 51.42 Equity 135.02 134.39 133.85 113.37 113.01

250
CAPS
Rank Rank
241 Gujarat Mineral Development Corp. 242 Kalpataru Power Transmission
Interest 1.69 0.13 - 7.45 15.28 Interest 372.76 282.1 194.09 187.51 146.93
Equity 63.6 63.6 63.6 63.6 63.6 Equity 30.69 30.69 30.69 30.69 30.69
Rank Rank
243 PTC India 244 MMTC
Profit After Tax 393.37 450.03 242.62 259.42 176.77 Profit After Tax 77.73 59.51 -62.49 42.64 112.26
Basic EPS (`) 8.66 12.19 6.7 6.92 5.63 Basic EPS (`) -0.42 -0.18 -1.11 0.57 0.26
Equity 296.01 296.01 296.01 294.97 294.97 Equity 100 100 100 100 100
Rank Rank
245 Wabco India 246 Rallis India
Operating Profit 223.65 193.36 206.68 231.99 206 Operating Profit 283.13 270.03 224.51 212.46 208.45
Equity 9.48 9.48 9.48 9.48 9.48 Equity 19.45 19.45 19.45 19.45 19.45
Rank Rank
247 Alstom India 248 Kaveri Seed Company
Basic EPS (`) 26.31 34.31 27.31 24.98 29.07 Basic EPS (`) 43.81 30.63 94.78 42.4 31
Equity 67.23 67.23 67.23 67.23 67.02 Equity 13.78 13.75 13.7 13.7 13.7
Rank Rank
249 Century Plyboards (India) 250 The Karnataka Bank
Equity 22.22 22.22 22.22 22.22 22.22 Equity 188.45 188.41 188.34 188.28 188.19

Cover Story
F
or the first time in the evaluate their potential in a new light. of capable management bodies and support
history of Indian stock the interests of minority shareholders.
markets, Sensex has Now things will be changed soon after the Anecdotally, during early economic
been trading at below recent corrections. Most of the quality recovery phase, largecaps tend to benefit
the PE as compared to largecaps are available at present at decent more than midcaps due to large scale of
BSE midcap and valuations and offer good entry points for operation, high degree of financial and
smallcap indices. Large long-term investors. Given the fact that operating leverage and stronger balance
caps have been laggards corporate earnings growth is still a couple sheets.
while midcap and smallcap stocks have of quarters away, still we can bet on
been resilient. Since January 29, 2015, the largecaps which will provide more stability Large-cap stocks are generally considered
Sensex has fallen 15.5 per cent, dragged compared to midcap stocks in volatile safer investment instruments, since they
down by poor earnings in commodities, market conditions. Investors and traders typically represent large, well-established
capital goods and public sector banks and gave a thumbs up to India’s budget after it companies that are expected to continue as
the Chinese and Greek debacles. Midcaps has shown commitment to fiscal discipline, profitable businesses but the rule is not
and smallcaps have fallen only 3.4 and 8.7 while hoping that RBI could cut rates universally applicable. For example, DLF,
per cent respectively which means broader further. Unitech, Jindal Steel and Power, Jaiprakash
markets outperformed the benchmark Associates or Suzlon Energy where
indices. One reason could be, over the last There are several largecap stocks available investors lost their money heavily despite
two years plenty of domestic fund houses in the markets and those at present remain those being large cap stocks. So the rule is,
and FIIs entered into the mid-cap and a buying opportunity at the current there is no such rule.
small category and second reason is valuations. Look for investment in those
medium and smaller companies have also companies that have a sound business Large-cap stocks usually offer less potential
been reporting better results than some of generating a RoCE (Return on Capital for high growth and returns than mid- or
their large cap counterparts which is in Employed) that is consistently higher than small-cap companies. This is not always
turn making the institutional investors their cost of capital-these are run by a team necessarily the case, since some large-cap

firms, such as Infosys, TCS, Tata Motors,
Ashok Leyland or Asian Paints, still offer
excellent potential returns because of their
presence in high-growth market sectors.
Small and midcap stocks usually come with
both higher profit potential and higher risk
levels.
COMPETITIVE ADVANTAGES IN
LARGE-CAP STOCKS
Because of their large size and resources,
large-cap stocks are typically expected to
weather the ups and downs of the business
cycle better than smaller companies. This
makes them potentially sound “building robust foreign fund inflows have been returns in the high-double digits from the
block” or “core” investment choices for fuelling the rally in the domestic equity market.
many long-term investors. market. Retail investors are the major
participants in midcap and smallcap There may be a few opportunities in the
The universe of small and midcap stocks is segments. mid-cap space, but if you are looking for
much larger than the typical large cap undervalued stocks, there are far more
stocks. However, these small and midcap After the stock markets had crashed down opportunities in the large-cap space. Over
stocks are less liquid than large cap stocks. in the fourth quarter of FY08 and then the last two years, plenty of domestic fund
If you hold a largecap stock then, you can after if you were invested in the stock houses and FIIs entered into the mid-cap
easily encash your equity investment markets and you remained invested and smallcap categories, as a result of which,
whenever money is required. throughout this period, you might be these stocks appear to have crossed the rich
surprised to see the return due to BSE 200 valuation zone. Traditionally, large-cap
Another potential advantage of large-cap was outperformed above all four indices and stocks trade at premium to mid-caps, but
stocks is dividend income. Dividends are even Sensex also given returns at par with mid-cap valuation went above large cap in
the portion of a company’s profits that are BSE 200. the recent past. Therefore, we believe these
paid out to shareholders. Because total fund houses and FIIs are likely to move into
returns are based on not only the price If you observe longer duration 13 years large caps now and begin the switch from
appreciation of an investment, but also the CAGR period from FY04-16 then above all mid caps purely on valuations.
reinvestment of capital gains and dividends, four indices have given a return in double
dividend income may help support returns digit. However whole point here will be mid There is no reason to rush into the midcap
during a declining or flat market. and smaller market cap stocks usually have and smallcap stocks now at higher a
higher risk levels and in the longer time valuation. From here on, the large-cap
While past performance is no guarantee of horizon period, if you were not getting companies should do better than midcap
future results, however they may have long much beyond return as compared to Sensex and smallcap ones. Investors should not
track records and hold dominant positions then it will not make sense to take such pour money into midcap and smallcap
in their industry which gives confidence to higher risk. stocks, unless they have a longer investment
the investors. horizon of 5-8 years. We are not suggesting
Different periods say different story In the Indian equity markets, high quality investors to completely offload their midcap
FY14-16 FY12-16 FY09-16 FY04-16 small and mid cap stocks is limited and their and smallcap stocks purely on the basis of
2 Years 5 years 8 years 13 years valuations have run up to an extent. high valuations. There are many midcap and
CAGR CAGR CAGR CAGR Therefore, in the long run their gap becomes smallcap companies which traded at high
Sensex 6.2 5.5 6.2 16.4 narrow. valuations due to maintain strong
BSE 200 9.9 6.4 6.7 17.3 earnings growth.
BSE MidCap 21.9 8.6 6.4 20.0 One more important point: Is investing
BSE SmallCap 21.6 4.7 3.7 20.7 in equity always supposed to give You can start accumulating largecap
Source: BSE double-digit returns year-on-year? stocks where results are looking strong or
It is clear from the above table; we can see The answer is no. However, in the long-term where the government policy impetus is
that BSE MidCap and BSE SmallCap indices you may get double-digit returns on likely to drive growth. However, we believe
gave fabulous return during a two years CAGR basis. Such an exorbitant that not all large-caps will outperform
CAGR period from FY14-16. During a expectation is built after Indian stock and all mid-caps underperform. Hence,
beginning of that period a new government market gave extraordinary return in 2014 investors need to take a stock-specific and
took charge at the centre and then after and it’s illogical to expect year-on-year bottom-up approach.

Cover Story
PI Industries
BSE Face Market Cap
CODE 523642 Value `1 CMP `570.00 Free Float
(` Crore)
3281
PI Industries (PI), a leading agro-chemical company, has a One Year Share Price Chart
varied business model with focus on fast-growing custom
synthesis and manufacturing (CSM) business, which
contributes 60 per cent of its revenues. To sustain the growth
momentum, the company has expanded its manufacturing
capacity in Jambusar at a cost of `300 crore. We believe that this
expansion would be able to improve its revenue mix in favour of
the relatively high-margin CSM business. On the agro-chemical
front, the company is concentrating on a few niche products
which have the ability to become blockbusters in future. It has
only 25-30 products in the market i.e. one third of its peers and
plans to launch two new products every year which will help it
to increase its market share. LAST FIVE QUARTERS (`/Cr)
Dec-15 Sep-15 Jun-15 Mar-15 Dec-14
Revenue growth in 9M FY16 stood at 8 per cent driven by Total Income 516.1 450.6 559.3 545.1 510.9
Other Income 5.1 4.5 4.5 8.1 5.9
3 per cent growth in domestic agri-input and 11 per cent
Operating Profit 109.9 89.2 140.3 103.4 100.1
upside in custom synthesis exports. EBITDA grew by 18 per
Interest -0.2 -2.9 -1.4 -2.3 -1.0
cent to `325.4 crore. Margins stood higher at 22 per cent,
Net Profit 72.5 58.2 87.3 60.3 62.2
representing a growth of 194 bps. PAT grew by 19 per cent at
Equity 13.7 13.7 13.7 13.7 13.7
`218.1 crore.
Maruti Suzuki India

BSE Face Market Cap
(` Crore)
49551
Maruti Suzuki India has maintained its market leadership One Year Share Price Chart
despite the increase in competitive intensity. It has managed to
increase its market share from around 45 per cent in FY15 to 47
per cent in 9MFY16. Around 8 per cent appreciation in
Japanese yen in the last three months is bound to hit operating
margin, given that about one-fifth of its cost (including royalty)
is yen-denominated. It will impact the operating margin for
FY17. This event already factored in the stock price. Work on
the Gujarat plant is running as per schedule and Phase 1 with
the capacity of 250,000 units per year is likely to be
commissioned by March 2017. Undoubtedly, in the long run,
higher capacity will kick in the benefits of operating leverage to
get profitability back on track. LAST FIVE QUARTERS (`/Cr)
Total Income 15,113.4 14,070.9 13,597.0 13,944.7 12,704.7
For nine months ended December 31, 2015, the company
Other Income 31.5 137.1 172.0 319.9 129.0
net profit grew by 41.65 per cent of `3,437.78 crore and revenue
Operating Profit 2,201.6 2,406.5 2,361.1 2,484.2 1,721.5
registering growth of 16.76 per cent at `42,440.54 crore.
Interest 24.4 17.8 19.0 102.7 30.0
EBITDA reported growth of 46.05 per cent at `6,628.56 crore
Net Profit 1,019.3 1,225.6 1,192.9 1,284.2 802.2
along with EBITDA margin expanded by 313 bps at
Equity 151.0 151.0 151.0 151.0 151.0
15.62 per cent.

LIC Housing Finance
BSE Face Market Cap
(` Crore)
14758
LIC Housing Finance (LICHF), promoted by LIC of India, is the One Year Share Price Chart
second largest Housing Finance Company (HFC) in India after
HDFC Ltd. Including banks; it ranks third after HDFC and
SBI... Since FY07, we observe that the company has increased its
loan book at an aggressive pace of more than 25 per cent CAGR
as against industry growth of around 15-17 per cent.
Consequently, LICHF’s market share has almost doubled in the
last seven years to around 10 per cent. The growth has been
predominantly led by the individual loan book, which accounts
for around 97.4 per cent of total book.
For nine months ended December 31, 2015, the company’s net
profit grew by 20.3 per cent at `1212.77 crore and its net interest LAST FIVE QUARTERS (`/Cr)
income (NII) reported growth of 32.81 per cent at `2,227.29 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14
crore. Total Income 3,156.7 3,089.4 2,965.5 2,860.6 2,735.8
Other Income 17.5 24.7 19.6 28.1 35.6
Asset quality is a major driver for growth for the company,
Net Profit 418.9 411.7 382.1 378.2 344.4
GNPA ratio for the industry is around 0.8 per cent while
Net NPA 0.32% 0.32% 0.33% 0.22% 0.31%
LICHF’s Q2FY16 ratio is below industry levels at 0.6 per cent
Equity 100.9 100.9 100.9 100.9 100.9
with absolute GNPA at `683 crore.
Torrent Power
BSE Face Market Cap
(` Crore)
3754
Torrent Power is one of the leading brands in the Indian power One Year Share Price Chart
sector, promoted by Torrent Group. Torrent is an integrated
utility engaged in the business of power generation,
transmission and distribution of electricity with operations in
the states of Gujarat, Maharashtra and Uttar Pradesh.Three of
Torrent Power’s gas-based plants – SUGEN, UNOSUGEN and
DGEN – are currently operating at sub-optimal levels. SUGEN,
which has a long-term off-take agreement with RasGas, is likely
to benefit the most from Petronet’s negotiation. Recently the
company has abstaining from gas auctions due to high prices
which is wise decision for them.For nine months ended
December 31, 2015, the company reported consolidated net
profit jumped four and half fold to `790.68 crore and revenue LAST FIVE QUARTERS (`/Cr)
grew by 17 per cent at `9,133.89 crore. EBITDA reported
Total Income 3,075.6 3,221.5 3,063.1 2,750.1 2,617.9
growth of 78.7 per cent at `2,486.56 crore along with EBITDA
Other Income 50.9 115.2 60.1 134.2 75.1
margin expanded by 940 bps at 27.22 per cent.Recently it has
entered into a contract with a leading WTG manufacturing
Interest 251.4 318.6 283.9 286.8 281.1
group for development of the 197.40 MW Wind Power Project
Net Profit 372.0 245.2 173.5 181.6 68.8
in Gujarat and expected to be commissioned progressively by
Equity 480.6 480.6 472.5 472.5 472.5
March 2017.

Cover Story
Apollo Tyres
BSE Face Market Cap
(` Crore)
4924
Apollo Tyres is well placed to benefit from the radialisation One Year Share Price Chart
story in India. At present, the company enjoys a market share of
around 28 per cent in truck & bus tyres. The company is
investing towards more diversified, rapid growth areas coupled
with larger scale of business for coming years. It will invest as
much as `4,000 crore in FY17 to double capacity at its
manufacturing facility in Chennai to cater largely to the
domestic market. Once Hungary facility came on stream in
January 2017 then it will target to scale up business in Europe
and US.
Recently it entered into the two-wheeler tyre segment,

launching the Apollo Acti series for motorcycles and scooters LAST FIVE QUARTERS (`/Cr)
while the initial plan is to concentrate on the domestic Dec-15 Sep-15 Jun-15 Mar-15 Dec-14
replacement market. In 9mFY16, it’s consolidated profit grew by Total Income 2,949.5 3,061.8 2,870.8 3,111.7 3,116.0
Other Income 6.8 65.9 25.4 -5.9 11.1
27 per cent `848 crore while net sales decline to `8742 crore as
against of `9592 crore in the same period of the last year.
Interest 19.4 24.0 24.3 34.8 45.5
However, a higher mix of radial tyres would support margins.
Net Profit 278.5 278.7 290.6 307.5 184.2
Therefore EBITDA grew by 5 per cent at `1541 crore.
Equity 50.9 50.9 50.9 50.9 50.9
Berger Paints
BSE Face Market Cap
(` Crore)
4202
Berger Paints is the second largest company in decorative paint one year share price chart
segment with a market share of 18 per cent just after Asian
paints. The company is focusing more on high value water
based paints to improve its product mix for better margins.
Government initiatives that will benefit paint Industry such as
`98000 crore has been approved by the union cabinet for
development of 100 smart cities and rejuvenation of 500 others.
Further under the ‘Housing for All’ scheme, the government
plans an estimated 20 million houses in urban areas by 2022.
Berger Nippon JV - JV will address four-wheeler space
(cars & UVs) and three wheeler and this JV will open up a new
business stream. Berger will bring its relationships while
Nippon will bring the technology. LAST FIVE QUARTERS (`/Cr)
Total Income 1,177.2 1,128.1 1,050.5 1,126.2 1,110.4
For nine months ended December 31, 2015, the company’s
Other Income 9.9 6.9 10.2 9.1 6.2
net profit grew by 33.16 per cent at `260.12 crore and
revenue reported growth of 8.4 per cent at `3,121.51 crore.
Interest 7.6 10.2 14.2 11.5 11.8
EBITDA reported growth of 28.76 per cent at `455.28 crore
Net Profit 89.0 77.3 58.1 82.1 67.0
along with EBITDA margin expansion by 231 bps at
Equity 69.4 69.4 69.3 69.3 69.3
14.59 per cent.

Special Report
APIs combined in a single dosage form.
This FDC combination includes mainly
cough syrups, pain killers and anti-diabetic
medicines.”
He further adds, “The committee took 6220

samples to investigate, in which only 963
have found to be irrational and that too
after studying the samples for over a year.
However, the committee decided to ban
only 344 FDCs. This decision is likely to hit
the industry by around `3,200 crore or 3.5
percent of the domestic pharmaceutical
market.”
Shah is of the view that if all these samples

are found irrational FDCs and are banned,
then the industry would have to suffer
losses of `10,000 crore.
Concurs Rishabh Parakh, Chief Gardener

of Money Plant Consultancy, a leading
Tax & Investment advisory, who estimates
Bitter Pill For Pharma Sector: the pharma companies to face losses of
over `1,000 crore. “The losses could even
What Does It Mean For The go to an extent of `10,000 crore, in case the
Government decides to ban
more drugs.”
Individual Investors Recently, the Delhi high court stayed a
Indian pharma companies have not quite been able to digest the ‘bitter government order that banned drugs
dose’ by the health ministry which has imposed a ban on the sale of made by Abbott India and Macleods
344 fixed-dose combinations (FDC) in the country on March 10. The ban Pharma. Reports suggest that some of the
has not gone down too well with the industry which, in turn, has led to a medicines on which the ban on sale has
tumble in pharmaceutical stocks in the last two weeks. Let’s see how this been lifted include Pfizer’s Corex cough
decision is likely to impact the healthcare and pharma space and what lies syrup, Glaxo’s Piriton expectorant, P&G’s
ahead for the sector. Will investors also have to swallow a bitter dose- Vicks Action 500 extra, Reckitt’s D’Cold,
Mahalakshmi Hariharan finds out Piramal’s Saridon, Glenmark’s Ascoril and
Alex cough syrups, Abbott’s Phensedyl
A
ll is not well for the pharma sector The companies whose products are being cough syrup and Alembic’s Glycodin
following the Government’s impacted by the recent FDC ban by the cough syrup.
decision on 10 March to ban sales drug controller include Pfizer, Glenmark,
of over 300 fixed-dose combinations (FDC) Procter and Gamble (P&G) and Cipla, An interim relief was given to Pfizer’s cough
in the country with immediate effect citing Glaxo Smithkline, Reckitt Benckiser, syrup ‘Corex’ on March 14. Later the same
health risks, based on a report by a Abbott Healthcare, Piramal, Lupin, was granted to over 30 companies, including
six-member committee headed by Mankind Pharma and Wockhardt, Alembic Glaxo Smithkline, Reckitt Benckiser, Abbott
Chandrakant Kokate. Pharmaceutical, Ajanta Pharma, Macleods Healthcare, Piramal, Lupin, Mankind
Pharmaceuticals, Dr Reddy’s, Laborate Pharma and Wockhardt. Reports suggest
The Government’s notification of banning Pharmaceuticals, Alkem Laboratories, that other companies that have moved the
over 300 fixed dose combination drugs, Khandelwal Laboratories, Micro Lab Ltd, high court include Alembic Pharmaceutical,
including cough syrup compositions was FDC Ltd, Coral Laboratories Ltd and Eris Ajanta Pharma, Macleods Pharmaceuticals,
on the ground that they pose ‘risk’ to Lifesciences Pvt Ltd. Dr Reddy’s, Laborate Pharmaceuticals,
humans and safer alternatives were Alkem Laboratories, Khandelwal
available. The drugs were immediately Explains Digesh Shah, Equity Research Laboratories Pvt Ltd, Micro Lab Ltd, FDC
banned after an expert committee found Analyst at Veracity Financial Services, Ltd, Coral Laboratories Ltd and Eris
that they posed health risks. “FDC is a combination of two or more Lifesciences Pvt Ltd.

Special Report
Full Value NLEM 15 - New FDC’s WPI
COMPANY MAT VAL % MAT VAL % MAT VAL % MAT VAL %
In Crs
Total
Impact In Crs Impact In Crs Impact In Crs Impact
The FDC ban was being talked
IPM 98042 4177 4.3 754 0.8 2889 2.9 534 0.5 about for some time though the
SUN PHARMA 5426 100 1.8 28.9 0.5 44 0.8 27 0.5 timing took everybody by
CIPLA 4886 127 2.3 71.6 1.3 23 0.4 32 0.6 surprise. The financial hit is
ZYDUS CADILA 3811 96 1.8 52.8 1 16 0.3 27 0.5
very significant. We are not sure
MANKIND 3656 176 3.2 1.7 0 160 3 14 0.3
LUPIN 3405 105 1.9 24.3 0.4 63 1.2 18 0.3
if the Government will back
RANBAXY 3218 109 2 50.2 0.9 41 0.8 18 0.3 down but are waiting to see the
GSK 3198 63 1.2 9.2 0.2 25 0.5 29 0.5 outcome of the court stay. In
ABBOTT 3149 493 9.1 5.5 0.1 469 8.6 19 0.3 the medium term the
HEALTHCARE companies will devise plans to
ALKEM 3045 138 2.5 40.5 0.7 75 1.4 22 0.4
recover lost ground but in the
PFIZER 2872 382 7 50.6 0.9 307 5.7 24 0.4
MACLEODS 2829 361 6.7 9.6 0.2 338 6.2 13 0.2
short term the financial hit is
INTAS 2771 83 1.5 21.9 0.4 48 0.9 13 0.2 substantial”.
ARISTO 2425 80 1.5 1.4 0 62 1.1 17 0.3
DRL 2421 51 0.9 24.1 0.4 12 0.2 15 0.3
Sujay Shetty
SANOFI INDIA 2358 55 1 28.3 0.5 10 0.2 17 0.3 Partner, Leader, Pharma & Life Sciences at PwC
GLENMARK 2347 150 2.8 34.2 0.6 107 2 9 0.2
TORRENT 2272 39 0.7 12.1 0.2 12 0.2 15 0.3 impact companies such as Pfizer, Abbott,
ABBOTT INDIA 1973 25 0.5 17.8 0.3 1 0 6 0.1 Sun Pharma, Alchem, Ipca Labs and the
USV 1952 63 1.2 6.1 0.1 48 0.9 9 0.2 impact could be between 5-10 percent of
MICRO 1842 100 1.8 19.4 0.4 71 1.3 10 0.2 the sale. I believe the recent fall in Lupin
Source: AIOCD-AWACS Ltd was on the back of US Food and Drug
Administration (USFDA). Some of the
IMPACT ON SHARE PRICES
Says Sujay Shetty, Partner, Leader, Pharma companies that could escape from the hit
& Life Sciences at PricewaterhouseCoopers Since the time the ban is imposed, BSE of FDC ban are Lupin, Biocon, JB Chem
(PwC) India, “The FDC ban was being Healthcare Index has plunged by almost including others,” says Shah.
talked about for some time though the three percent. Shares of Lupin have fallen
timing took everybody by surprise. The by almost 16 percent, since 10 March to “The immediate ban on FDC by the
financial hit is very significant. We are not trade at `1,524 per share, on 23 March, Government has already affected and
sure if the Government will back down but while Pfizer stocks have fallen by almost 12 definitely has a negative impact as the
are waiting to see the outcome of the court percent to close at `1,712 per share, during volume from such medicines is high. But
stay. In the medium term the companies the same period. It touched a low of more of the sentimental impact on the
will devise plans to recover lost ground but `1,611 per share on 18 March. stock price has already been factored in as
in the short term the financial hit is A recent report by HDFC Securities says, we did observe weakness in the stock price
substantial.” “The Pharma sector has been well before the news came out,” he adds.
underperforming in the broader market
“Companies that are likely to be seriously over the last few weeks and the sector has However, on the positive side, Shah
affected include Macleods Pharma, Pfizer slipped into sharp decline. Major believes that as the Pharma industry
and Abbott mainly because these participants in the pharma sector such as research oriented, the launch of the new
companies have some of their flagship Lupin, Sun Pharma, Genmark pharma and drug products may result in the shift of
products which will be affected. For Auro Pharma are depicting a negative volume. “I am of the view that the recent
instance, Corex cough syrup from Pfizer, trend, along with other participants like ban of the FDC will have a temporary
Lupin’s anti-diabetic drug called Wockhardt and Cipla. The underlying trend impact on the market sentiment but there
Gluconorm –PG with sales of `46.5 of CNX Pharma sector is sideways with are some positive sides of the pharma
crore, which are banned will have adverse weak bias.” industry that will have a larger positive
impact on the companies,” adds Parakh. impact over and above the FDC issue in the
Corex recorded sales of `176 crore While companies like Pfizer, Abbott, Sun long run.”
for the first nine months of the fiscal year Pharma, Alchem and Ipca Labs are likely to
ended on 31 December 2015. Another see an impact in their sales, following the BULLISH ON INDIA’S FUTURE IN
banned cough syrup brand Phensedyl, FDC ban, there could be some other who HEALTHCARE SEGMENT
marketed by Abbott, accounts for around may also escape the hit. According to reports from the Department
three percent of Abbott’s $1 billion of Pharmaceuticals, PwC, McKinsey and
India revenue. “The sale ban for pharma companies may TechSci Research, the revenue of the Indian

Companies that are likely to be seriously
Despite the current issues, the industry affected include Macleods Pharma, Pfizer
does have several strengths. We only and Abbott mainly because these companies
foresee a growth in the Indian have some of their flagship products which
Pharmaceutical industry. According to me, will be affected. For instance, Corex cough
this kind of legacy issue provides an syrup from Pfizer, Lupin’s anti-diabetic drug
excellent buying opportunity having a called Gluconorm –PG with sales of `46.5
long-term time horizon. So investors crore, which are banned, will have adverse
should start accumulating pharma stocks”. impact on the companies.”
Digesh Shah Rishabh Parakh
Equity Research Analyst at Veracity Financial Services Chief Gardener of Money Plant Consultancy
Pharmaceutical Industry has grown five FDC Ban Impact On Share Price
times from $5bn to $30bn in 2005 and 2015,
respectively. Going forward, the revenue in
this space is expected to touch $55bn in
2020, and grow at around 15 per cent on
annual basis and it may even outperform
the global pharma industry.
Shah observes that in the last decade,

between the year 2005 and 2015, the
industry did go through various legacy * Rebase to 0
issues…but despite that the sector did well.
“Despite the current issues, the industry
does have several strengths. We only foresee
a growth in the Indian Pharmaceutical
industry. According to me, this kind of
legacy issue provides an excellent buying
opportunity having a long-term time
horizon. So investors should start believes that the pharma sector will stay produce more than 50 per cent of the WHO
accumulating pharma stocks,” he notes. evergreen as always, as we would always demand for DPT/BCG.”
need drugs…and better drugs. “The ban is a
Last year, the Union Cabinet gave its nod for good opportunity for investors to pick He adds, “Our manufacturing costs to
the amendment of the existing Foreign pharma stocks, if they further fall, as the produce drugs in India are approximately
Direct Investment (FDI) policy in the future of the sector looks bright.” 30 to 40 per cent lower than that in the US.
pharmaceutical sector in order to allow FDI Pharmaceutical stocks will continue to be
up to 100 per cent under the automatic route. Talking about the rapid progression of driven by their companies’ strong
pharma sector in India, Parakh says, “Today, performance, free cash flows and the future
Shah is of the view that the recent outcome the Indian Pharma companies are rapidly outlook. Global consultancy company,
of budget stating 10 per cent tax rebate on progressing in both the domestic and McKinsey & Co too has pegged Indian
income from the worldwide exploitation of overseas market. In fact, the country has pharma sector to grow to $55 billion by
pattern developed and registered in India, already become the most sought after nation 2020.”
will too have a positive impact on the sector. for multinational companies to manufacture
their products here in India. There are a lot of The only flip side for these companies will
Parakh opines that although this move to mergers and acquisitions happening in this be a need to overcome challenges in terms
ban FDC will be great for the health of the space since quite some time now and India of competition or price wars and these
citizens of the country, when it comes to the has been placed amongst the top global challenges will be even more for those
financial health of an investor, it surely will pharmaceutical producers in the world. We companies who are more focused on the
affect them negatively. However, he also export to more than 150 countries and Indian territory, notes Parakh. DS

Guest Column
The Promise of “Sabka Saath, Sabka grow 19 per cent. Areas such as
irrigation and rural housing have been
Vikas”: Eyes on Execution Now accorded higher priority apart than

initiatives such as crop insurance, etc. Note
Given that the government is continuing its fiscal prudence moves despite that nature of such spending is capacity
headwinds from rural and exports, it is important that monetary policy steps enhancing and hence will not be
are taken with aggressive rate cuts, says Vikas Khemani, President & CEO of inflationary.
Edelweiss Securities
This extra spending on rural economy was
done at the expense of defence capex. In
G
oing into the FY17 budget, the the projections of excise duty collections FY16, defence capex was scaled back to
government was expected to deal and oil subsidy provisions suggests zero per cent YoY growth (versus 16 per
with a large number of conflicting budgeting has been done assuming crude cent YoY budgeted growth). This scale
objectives – pushing growth, allaying rural oil price of ~USD45/barrel. This provides back in growth now implies only 5.5 per
distress, maintaining fiscal consolidation, sizeable cushion to the overall fiscal math. cent capex CAGR over FY11-16. The trend
lending impetus to infrastructure, reviving In case the government does manage to of subdued defence capex has continued in
investor sentiment through reforms, achieve its asset sales targets FY17 too, with only six per cent growth
among others. Given these, I would say (disinvestments + telecom auctions), it will being budgeted.
that the budget has done a good job. The
finance minister (FM) enunciated the However, I think more important is the government’s intention to fix
government’s 9-point programme to the sector structurally through better appointments, providing more
propel the country on growth path.
autonomy and fixing accountability. This will go a long way in putting
Overall, the budget hinges on 4 key the economy on structural growth path.
parameters – continued fiscal
consolidation to maintain policy ensure consolidation without hurting Infrastructure: Sizable jump - The
credibility, shifting focus to rural/ aggregate demand. government’s focus on urban
agriculture economy as it suits both infrastructure continues with substantial
economically and politically, continuing Rural focus: On the expenditure front, spending on national highways and Indian
infrastructure spending, and fixing the government’s spending is focused on rural/ Railways. If one adds the budgetary
economy through small/incremental steps agriculture sector, given substantially support and internal resources of NHAI
in several areas (rural, financial reforms, higher allocation for development schemes and Railways, total spending in these 2
infrastructure) rather than big bang in rural areas. In fact, this rural push critical areas has moved up from ~0.7 per
reforms. started in FY16 itself. For instance, in cent of GDP in FY15 to 1.2 per cent in
FY16, while the government met its overall FY16 and projected to reach 1.5 per cent in
Fiscal consolidation: Government has expenditure target, the mix of spending FY17. This is a sizeable jump and should
met its target thereby exhibiting its clearly tilted towards rural. Spending on help support demand in the economy.
commitment to fiscal prudence. While rural development has beaten the budget
there was a reasonable case for boosting estimates, especially in schemes such as Banking: Fixing it structurally - There
was some disappointment with regards to
The government remains committed to enhancing the ease of doing the lower-than-expected provision allocated
business and de-bottlenecking projects. Overall, while the reforms for bank recapitalisation (INR25000cr),
though the government stated it would
are all incremental their sum is greater than their parts and provide more if the need arises. However, I
cumulatively it amounts to extremely significant reforms over a think more important is the government’s
period of time. intention to fix the sector structurally
through better appointments, providing
public spending amid weak private sector rural roads (PMGSY), NREGA and even more autonomy and fixing accountability.
demand (exports and rural demand both the food subsidy bill. We estimate the This will go a long way in putting the
are anaemic), the government prioritised government has achieved 7 per cent higher economy on structural growth path.
credibility given uncertain global market spending for rural/agri sectors compared
conditions. More importantly, the fiscal to Budgeted in FY16. This trend is Taxation: Incremental and structural
math looks credible. While the revenue expected to continue in FY17 too. For changes have been proposed to the taxation
targets from telecom auctions and instance, overall development spend in regime. To boost revenues a lot of tinkering
disinvestments are clearly optimistic, tax FY17 is expected to grow 14-15 per cent was done with the tax structure, both direct
revenues have been budgeted YoY. But, within this development spend, and indirect, instead of which the FM could
conservatively. More specifically, a look at rural/agri focused spending is projected to have just hiked the tax rate rather than

levying additional cess - luxury tax,
environment tax, etc. Some of these tactical
moves such as collecting tax at source on
purchases increase the burden on citizens.
Clearly, the intent was to make a political

statement rather than revenue collection
around taxing the rich. Levying tax on
dividend in the hands of recipient is in a
way taxing the same income three times,
which is quite regressive.
This wealth transfer, which aims at

reducing inequality, is justified
especially given that wealth is being
transferred by creating productive assets
(irrigation, rural housing, etc.) rather than
just doling out freebies. However, the method
is a little disappointing. Instead of increasing
such a large number of excise duties, the
government could have just increased the
income tax rate for the top bracket.
However, it was very heartening to see some

measures to remove the discretions provided
to the tax officers and provide a dispute
resolution mechanism. This will go long way
in facilitating the ease of doing business in
India and curb corruption at lower levels.
Others: First, there was focus on reforms

as well. The proposal to provide statutory
backing to the AADHAR platform to to make provision for Monetary Policy Third, no provision was made for GST
avoid legal hurdles through a bill in Committee (MPC) are some of the other compensation to the states and neither has
Parliament is a step in the right direction. issues that are high on agenda. The service tax been hiked as was widely
Over the long run, this could have huge government remains committed to anticipated. Both these moves suggest that
benefits as it will reduce leakages and enhancing the ease of doing business and one might have to wait for the GST bill a
ensure that public resources reach the poor de-bottlenecking projects. Overall, while little longer.
and needy. The FM also mentioned the the reforms are all incremental their sum is
government will try to pass the Bankruptcy greater than their parts and cumulatively it Overall, fiscal prudence remains the
code, again a salutary step. This will help amounts to extremely significant reforms overarching theme of the Union
create a formal insolvency resolution over a period of time. Budget with focus incrementally shifting
towards fighting the rural distress.
A look at the projections of excise duty collections and oil subsidy From growth perspective in FY17,
provisions suggests budgeting has been done assuming crude oil price the Budget is a growth enabler. But sticking
of ~USD45/barrel. This provides sizeable cushion to the overall fiscal to fiscal target of 3.5 per cent opens
up further room for rate cuts and
math. In case the government does manage to achieve its asset sales rating upgrade.
targets (disinvestments + telecom auctions), it will ensure
consolidation without hurting aggregate demand. Given that the government is continuing its
fiscal prudence moves despite headwinds
process for businesses, either by coming up Second, corporate tax was left unchanged at from rural and exports, it is important that
with a viable survival mechanism or 30% versus last year’s indications of a one per monetary policy steps are taken with
ensuring their speedy liquidation will likely cent cut in the current Budget as a part of the aggressive rate cuts. Else, tight fiscal and
see the light of the day in the current process to take the tax rate to 25 per cent. monetary policy will continue to weigh on
parliament session. Review of the FRBM This tax rate was not lowered, despite aggregate demand. The ball is now in the
framework and amendment of the RBI Act reduction in exemptions. RBI’s court. DS

Special Report
Go Rural, Invest In Rural Sector Stocks
A highly-speculative budget
was tabled by country’s
finance minister this
February—conditions do
apply in the budget
document when it comes to
achieving the targets, good
monsoon is expected, the
govt claims. But will it
shower money then for
investors of stocks related
to rural sector? Our
RESEARCH TEAM says it
here:
T
wo poor monsoons in a row as dwindled. In 2013-14, 4.7 per cent growth account of it being the second successive
well as spells of unseasonal was recorded in agriculture. After the UPA year of lower-than-normal monsoon rains”.
rain have certainly posed a handed over the reins to the NDA, it has Therefore, the Modi government has tried
negative ripple effect on the grown by merely 1.1 per cent in 2015-16 hard to refurbish its image by placing a
economy while lack of rural after -0.2 per cent growth in the last year. renewed focus on the farm sector in union
demand affected consumption growth, There were alarming reports about acute budget 2016-17 by increasing funds for
pushed back the long-awaited economic rural distress and a slump in rural demand crop insurance and irrigation schemes
recovery. Also, there is no denying the fact after two successive droughts and BJP’s targeting rural voters. The change in
that development of rural areas is slow due humiliating defeat in the Bihar assembly strategy became even more imperative
to improper provision of infrastructure in elections last November, apart from a given that assembly elections will take
comparison to urban areas. string of losses in local body polls in place in states such as Assam, Kerala, West
various states, including Gujarat – Bengal, Tamil Nadu, Punjab and Uttar
First two annual budgets tabled by the indicates that its hold on the rural voter Pradesh over the next two years. Most of
NDA government led by Prime Minister base has been slipping. these states have large rural population,
Narendra Modi focused more on capital whose main occupation is agriculture.
expenditure instead of required focus on As per the Economic Survey 2016-17
rural development. Since the government report, “Growth in the agriculture sector in Focus on rural development and
has come to power at the Centre, the state 2015-16 continued to be lower than the agriculture and a good monsoon in FY17
of agriculture and the rural economy have average of the last decade, mainly on can alter this entirely. With the focus

Jaitley as sectoral growth rate of
agriculture nosedived to minus 0.2 per cent
in 2014-15, from 4.2 per cent in
2013-14. For 2015-16, the growth rate is
estimated to be a dismal 1.1 per cent, and is
likely to be revised downwards if winter
crop yields take a hit.
Agriculture sustains nearly half of all

households in India and needs a new
paradigm, said the 2015-16 Economic
Survey. The survey urged the government to
spend on efficient irrigation technologies,
support less water intensive crops like pulses
and oilseeds, create a national market for
farm produce, and revamp the dismal
research and extension services.
Aiming to double farmers’ income by

2022, finance minister Arun Jaitely
announced a series of measures including
higher allocation for Pradhan Mantri
Krishi Sinchai Yojna (PMKSY), creation
of long-term irrigation fund under
NABARD, providing soil health cards
to 14 crore farmers and increasing the
agri-credit target to `9 lakh crore for the
next fiscal.
Some key policy measures announced for

the sector in Budget:
- Allocation for Agriculture and Farmers
welfare is `35,984 crore.
- The ‘Pradhan Mantri Krishi Sinchai
Yojana’ has been strengthened and will
be implemented in mission mode.
Under this scheme 28.5 lakh hectares
will be brought under irrigation.
coming back to rural sector, be it in to `36,000 crore in 2016-17, a jump of - Implementation of 89 irrigation
agriculture, rural development or irrigation, nearly 56 per cent year on a year to year projects under AIBP, which are
the outlook has turned for the better for the basis (YoY) while raising the agri-credit languishing for a long time, this will
rural-focused firms, including the FMCG target to `9 lakh crore for the next fiscal, help to irrigate 80.6 lakh hectares.
companies. against the target of `8.5 lakh crore in These projects require `17,000 crore
2015-16. The budget clearly aims at next year and `86,500 crore in the next
In the budget, the government announced greater investment in the agriculture five years.
it will stick to its fiscal deficit target of and allied sectors and will give a much - A dedicated Long Term Irrigation
3.5 per cent for the year 2016-17 which needed impetus to the farming sector. Fund will be created in NABARD with
is an extremely important signal that The government tries to address issues an initial corpus of about `20,000 crore.
the RBI is likely to go for a 50 basis points of optimal utilisation of water - Programme for sustainable
rate cut in FY17 and out of this 25 bps resources; create new infrastructure for management of ground water resources
cut may be affected in the first bi-monthly irrigation; conserve soil fertility with with an estimated cost of `6,000 crore
monetary policy review meet on balanced use of fertiliser; and provide value will be implemented through 3
April 05, 2016 amid slackening economic addition and connectivity from farm multilateral funding.
recovery. to markets. - 2,000 model retail outlets of Fertilizer
companies will be provided with soil
The overall budget for the agriculture sector Reviving the farm sector was a major and seed testing facilities during the
was raised from `22,958 crores in 2015-16 challenge for Finance Minister Arun next three years.

Special Report
Amount in Crore
- Unified agricultural marketing Budget Allocations on Select 2014-15 % of 2015-16 % of 2016-17 % of

ePlatform to provide a common Heads (Actuals) GDP (RE) GDP (BE) GDP
e- market platform for wholesale Agriculture and Irrigation 31497 0.25 25988 0.19 47912 0.32
markets. Social Sectors including Edu and Health 136431 1.09 139619 1.03 151581 1.01
- Allocation under Pradhan Mantri Rural Development and Drinking Water 81908 0.66 90185 0.66 101775 0.68
Gram Sadak Yojana increased to Infrastructure & Energy 185139 1.48 180610 1.33 221246 1.47
`19,000 crore. subsidies 258258 2.07 257801 1.90 250433 1.66
- To reduce the burden of loan Of which (I) Food Subsidy 117671 0.94 139419 1.03 134835 0.90
repayment on farmers, a provision of (ii) Fertiliser Subsidy 71075 0.57 72437 0.53 70000 0.46
`15,000 crore has been made in the
(iii) Petroleum Subsidy 60269 0.48 30000 0.22 26947 0.18
BE 2016-17 towards interest
Defence Spending 218694 1.75 224636 1.66 249099 1.65
subvention.
Source: Budget speech, Annex-III-A and Expenditure Budget, vol. I, 2016-17
- Allocation under Prime Minister Fasal
Bima Yojana `5,500 crore.
- To make dairying more remunerative Last 115 years of the data we have analysed, Therefore, we believe investors should
to the farmers, four new projects will there were only four occasion when two focus on stocks in sectors that are relatively
be taken up `850 crore has been set consecutive droughts have happened, i.e. more levered to rural markets, which will
aside for four dairying projects - 1904–1905, 1965–1966, 1986–1987 and definitely show better signs of earnings
Pashudhan Sanjivani, Nakul Swasthya 2014-2015. Also, successive drought years growth going forward. Investors can look
Patra, E-Pashudhan Haat and are greater in number than successive flood for rural-related sector like two-wheeler,
National Genomic Centre for years on the macro level. Statistical data fast-moving consumer goods (FMCG) and
indigenous breeds. shown that large-scale monsoon failures NBFCs that actually cater to low-income
are generally not likely to repeat in housing. There are micro-lending
Abnish Kumar - Director Amrapali Aadya consecutive three years. So the whole math companies which also cater to that segment
says, “Massive budgetary allocations for should work. of the market.
irrigation and rural project have the
capacity to restart a U shape recovery. Categories of drought years all over India
Irrigation will eliminate the dependence on Type of DY Drought years over All India
monsoon for agriculture and can change Drought yr 1902 1904 1907 1913 1915 1920 1941 1966 1968 1974 1982 1986 1987 2004 2014
cropping pattern by encouraging farmer to Moderate drought yr 1905 1911 1918 1951 1965 1979 2002 2015
cultivate more economic crop. Further Severe drought yr 1972 2009
improvement in rural infra can provide Note: DY – drought years, red underlined years are El Niño years
better market link.”
“Budgetary allocations towards rural Monsoon seems to be the
The outlays on agriculture, rural infrastructure development, farmer
development and social sectors have been welfare, minimum support price, only respite that Indian
showcased in the Budget as the
government’s commitment to farmers and
agriculture credit, crop insurance, and
other such tools will surely provide
companies can look
the poor. The fact is that there was a cut in much needed boost to the rural economy forward to this year. Falling
the nominal outlays for agriculture and and aid farmers and eventually agricultural
irrigation in last year’s budget by almost growth. We should focus on water rupee, high fiscal deficit ,
`5,500 crore. Given the widespread conservation by building more dams and flight of foreign funds and
agrarian distress, the government has been better irrigation facilities. We can also
forced to increase the outlay for agriculture address the inconsistent monsoon issue poor earnings, these have
and irrigation from 0.19 per cent of GDP in by planting and cultivating crops, which
2015-16 to 0.32 per cent of GDP in can easily grow in dry conditions or been the only themes in
2016-17, to reverse the damage which we require less water; rather than relying on the India story for many
can see above table: consistent rainfall.” opines Himanshu
Kesaria, Founding Partner of Fine quarters now. However, a
The effectiveness of this budget depends
upon the monsoon this year. The good
Food Products.
good monsoon might bring
monsoon will give boost to the agricultural Now we can see the growth potential in the good tidings, at least for
sector as this year allocation will help it to rural segment is high after the government
grow. On the other hand, if monsoon does enhancing allocation under various scheme some companies.
not turn out to be good then the whole and linking it with asset creation to address
scenario can change. the issues of rural and farm distress. (with inputs from Mayuresh Deshmukh and
Abhijeet Gosavi)

Special Report
GOVERNMENT ACTION
Finally taking stock of the matter
government decided to ban 344 FDCs
following recommendations of expert
committee headed by Dr C K Kokate,
former president of Pharmacy Council of
India. FDCs have been highly popular in
the Indian pharmaceutical market over the
past few years.
GLOBAL PRACTICE
Globally developed economies of US and
Europe have stopped the approval of FDCs
as they are perceived to cause long term
damage to patients consuming the drug.
Fixed dosage drugs are therefore, not
approved anywhere else in the world except
for few developing markets. Thus, this was
a step taken in the right direction.
RATIONALE BEHIND THE BAN

The government through Drugs Controller
Road Ahead For Indian Pharma General of India (DCGI) banned 344 fixed
dose combination (FDC) drugs, including
Companies Following Govt Crackdown several antibiotics and analgesics, saying
Lohit Bharambe and Abhishek Kumar scan through Health Ministry’s ban
er
order affecting dozen of pharma companies. They have a reason or two to
pok esp e rson, Pfiz
believe more such clampdown is on the cards. S
WHAT IS FDC CONTROVERSY? cWe have received an interim
It is indeed its widely being deemed positive injunction suspending the operation
FDCs (fixed dose drug combinations) are a by the medical fraternity in India in the of the said notification banning the
combination of two or more active drugs in long run a change from their previous hard
manufacture for sale, sale and
a single dosage form. According to USFDA, stand on the issue.
distribution of fixed dose
combination product as ‘a product
combination of Chlopheniramine
composed of any combination of a drug. It Pharmaceutical manufacturers, however,
is widely accepted that most drugs should continue to reap the benefits of huge sales,
Maleate + Codeine Syrup till the next
be formulated as single compounds. Fixed and therefore continue to promote date of hearing. We are awaiting the
ratio combination products are acceptable combinations with vigour. In India, a Order from the Honourable Delhi High
only when the dosage of each ingredient variety of FDCs combinations are easily Court. Corex has a well-established
meets the requirement and when the available. These combinations are an easy efficacy and safety profile in India for
combination has a proven advantage over way to sell two drugs when one (or even more than 30 years and has both
single compounds.’ none) may be needed for the patient. The Central and State licenses and
‘combined’ pills are marketed with slogans approvals. Pfizer makes every effort
DEMERITS OF FDCS: like ‘Ibuprofen for pain and Paracetamol to maintain the highest standards of
― Dosage alteration of one drug is not for fever’. regulatory and quality compliance in
possible without alteration of the other the manufacture and distribution of
drug. POSITIVES OF FDCS: Corex.❞
― Increased chances of adverse drug On a positive side FDCs, according to
effects and drug interactions compared WHO, such combinations of drugs are
with both drugs given individually. being used in the treatment of a wide range that a government-appointed panel of
― Irrational FDCs expose patients to of conditions and are particularly useful in experts had found the combinations lacked
unnecessary risk of adverse drug the management of HIV/AIDS, malaria ‘therapeutic justification.’ According to the
reactions. and tuberculosis, which are considered to government appointed expert committee,
― Imprudent use of antibiotic FDCs can be the foremost infectious disease threats in noted that “it is necessary and expedient in
rapidly give rise to resistant strains of the world today. public interest to regulate by way of
organisms. prohibition of manufacture for sale, sale and

Special Report
c We at Piramal have the highest level of responsibility towards the health drugs case is in Delhi High Court.
and safety of the consumers and will continue to make every effort to
On March 10, the government’s banned
maintain the highest standards. We will study the reply proposed to be filed
FDC drugs, extending to about 6000
by the government on 28th March and further represent our case to High
brands quoting health risks, based
Court in detail at the next date of hearing from the High Court. ❞ on a report by a six-member committee
Kedar Rajadnye – COO Consumer Products, Piramal headed by Chandrakant Kokate. The
Kokate panel submitted its report on
distribution for human use” of the drugs. anti-diabetic medicine Tripride, and January 20, 2015 and termed 963 FDCs
gastro-intestinal drug Zenflox, besides ‘irrational’, posing health threats.
BANNED DRUGS & COMPANIES HIT cough syrups Phensedyl and Corex.
Health ministry banned 344 fixed dose Government’s decision to ban FDC drugs Though there were 963 drugs categorised
combination (FDC) drugs including has impacted more than 400 small and big under irrational one, out of which about
painkillers, anti-diabetic, respiratory and pharmaceutical companies in Gujarat. The 344 drugs banned and remaining list of
gastrointestinal medicines. According to ban covers more than 2000 brands drugs has been kept aside. Meanwhile,
the Pharmaceutical Wholesalers manufactured by these firms. Central Drugs Standard Control
Association (PWA), there might be 7 per Consequences of the actions has led to Organization (CDSCO) moved remaining
cent of domestic drug market which would
in turn loss of `7000 crore. Considering c This ban can have severe financial implications on the industry, both in
excise duty, VAT, sales tax paid by the short term and in the long term as it will send negative signals about the
chemists, cost of packing materials, labor, Indian regulatory regime. Pharmaceutical industry is a very important
logistics, the forthcoming losses incurred by industry for India and the government should be very sensitive in dealing
the pharma industry will reach to `20,000 with it.❞
crore. Out of the total banned drugs 90 per Sameer Sah – Khaitan & Co.
cent have been affected are domestic
drug units. immediate removal of famous brands like drugs to the category as ‘require further
‘Vicks’, Corex cough syrup, D’Cold etc from deliberations’ and final list would be
There is large number of companies the shelves. In the near term, people available in coming six months.
affected due to the recent FDC ban. The list dependent on these branded drugs may
includes Pfizer, Glenmark Pharmaceuticals, have a problem but on a longer term The DGCI has now submitted the ‘B’ list
Procter and Gamble (P&G) and Cipla, horizon it augurs well for the patients as consisting 1200 FDCs mentioned in the list
Glaxo Smithkline, Reckitt Benckiser, they would not be exposed to harmful to the Kokate committee. Out of total B list
Abbott Healthcare, Piramal, Lupin, effects on the drugs. around 100 plus drugs would fall under the
Mankind Pharma and Wockhardt, Alembic banned category.
Pharmaceutical, Ajanta Pharma, Dr. MORE SUCH BAN?
IMPACT OF BANNED PRODUCTS
c Technically there are two point which justify the ban. One, the science ON CONSUMERS, HOSPITALS:
has long been moving to higher level of personalized medication driven by a The World Health Organisation had
fact that genetic and environmental factors lead to different responses to approved only 350 formulations of fixed
generalized combinations of molecules. Hence they have to anyway be dose combinations to treat prevalent
reduced in usage and time the pharma cos moved to pharmacogenomics. diseases. Meanwhile, many of the
Second, the pipeline has been dry for a long time driven by a fact that there pharmaceuticals companies developed
is an easier way to come up with a product by making combinations than to more than 6000 combinations which is
invest in research and development. quite very high compared to the approved
combinations.
Having said this, the approach, scope and speed of enforcing the ban may
still be debated. How were the drugs shortlisted, the data behind, the FDC drugs have more side effects than
resultant inventory and associated losses in the supply chain – are a few normal components. However, many of the
variables which indicate a degree of “impulse” about the decision.❞ doctors have viewpoint as FDC
drugs are advantages being in the
Abhimanyu Kumar – CEO – PreventiNe Life Care combination format rather than in
single components.
Reddy’s Laboratories, Alkem Laboratories, Indian Health Ministry took a significant The FDC scrutiny panel appointed by
Coral Laboratories. step as ban of about 344 drugs, there are the government has found that these
Government ban on FDC drugs includes about 1200 FCD drugs has been sent by medicines involve risk to human being.
top brands viz. analgesics Zerodol and Drug Controller General of India (DGCI) The panel also pointed that there are
Sumo, dermatology drug Panderm Plus, to the panel. Right now, the recent banned various benign alternatives available in

the market. c FDCs are not an ideal situation. The promise of convenience they offer
has many setbacks. One must be reasonably sure that in such a combination
Many doctors always try to give drugs to one molecule does not interfere with the absorption of the other. In such a
patients considering combination drugs combination to fine tune a clinical situation occasionally one needs to
instead of single drugs. After the increase the dose of one molecule and not the other. This is difficult with an
government’s FDC ban made hospital FDC. This is not the favoured combination of a scientific mind and it is high
community in ambiguous mode as they are time they come under scrutiny.❞
confused over the implementation of
banned drugs. Dr. Altaf Patel– Director of Medicine, Jaslok Hospital & Research Center
Pharmaceutical companies those which regulation. But it has been often noticed
FUTURE COURSE OF ACTION: have exposure towards the FDC ban that, business interest comes first
According to Kokate panel, there will not moved in the Delhi High court. and citizen’s safety and health takes the
be any material impact of banned drugs. As backseat.
there are more than one lakh formulations CONCLUSION
are available in the market. The similar Therefore, it is quite clear from the fact the Clarity needs to emerge sooner or later
formulation of drugs will cater need of India being one of the world’s major on this important issue as investors in
customers and hospitals. generic drugs exporter needs to refit the these pharma companies may lose out
entire structure and bring in more money due to ban as there already b
There is a law that prohibits pharmacists transparency and stringent laws in order to attered share prices taking a further beating
for selling drugs to customers without deal with such issues. in the days to come. The government’s
Doctor’s prescription. The government has recent ban on FDCs coupled with the
to ensure that banned drugs which should Unapproved FDCs and the ones posing risk impact of linking drug prices to wholesale
not be sold in the market. to patients at large should be banned with price index (WPI) and bringing a larger
immediate effect and patients transferred to number of medicines under price control
Considering overall pharmaceutical appropriate single drugs. Public health has wiped out substantial market
market, there will be no impact if they are should be of prime concern to the capitalisation of the entire sector at large
banned as there are over one lakh authorities, not manufacturers’ commercial and ultimately negatively hurting
formulations available in the market. concerns, should be the focal point of the the investor.
c Fixed dose drug combination itself may not be harmful. Sometimes, it is Indian medical experts and drug
useful if combination is rational. There are several instances when it is manufacturer alongside regulatory
irrational (eg Two NSAID’s). When more than two drugs with the effect are authorities should come together and
combined – which has no benefit but may cause side effects. In some other work towards a comprehensive drug
instances the combination may be irrational leading to serious adverse policy for India. A robust and clear
legislation thus would help in achieving
effects. Fixed dose combinations have a disadvantage of taking away of the
the desired objectives and would also add
flexibility of doses of each medicines. Before manufacturing or banning all
more value to India’s claim of being one of
these factors should be taken into account not only the commercial
the major hubs for drug manufacturing in
interest.❞ the world.
Dr. PM Bhujang – President, Association of Hospital DS
Give us a missed call TODAY on
DEMOCRATIZING WEALTH CREATION 08080970909

(Toll Free)
Portfolio Advisory Services (PAS) For more information,

Contact us today
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QueryBoard
Investment Horizon
Query-Specific
NAVIN FLUORINE INTERNATIONAL FINOLEX CABLES

Please throw some light on Navin Fluorine
International’s business and what’s the company’s I have bought Finolex Cables at `240 per share. Is it
future plan? good for a long term investment?
- S. S. KHER - -Vikas Jain
BUY HOLD
BSE/NSE Code 532504/ NAVINFLUOR BSE/NSE Code 500144/ FINCABLES
Face Value `10 Face Value `2
CMP `1730.50 CMP `288
52-Week High ` 2,025 / Low `772 52-Week High `305 / Low `201
Your Current --- Your Current --

Profit/(Loss) Profit/(Loss)
N F
avin Fluorine International (NFIL), part of Arvind Mafatlal inolex Cables (FCL) is India’s largest manufacturer of
Group of Company is one of India’s leading manufacturer of electrical which constitutes 85 per cent of revenue and
refrigerant gas (R22) and world’s leading manufacturer of telecommunication cables contribute by 11 per cent. The
Boron Trifluoride (BF3) along with other fluorine compounds. FY15 company has posted 38 per cent growth in net profit of `52.73
revenue stream comprises of refrigerants by 34 per cent to the total crore in Q3FY16 as compared to `381.9 crore in Q3FY15. Total
sales of the company of which 42 per cent was from exports and the income has marginally increased to `596.34 crore in Q3FY16 as
rest was from domestic market. Specialty chemicals contribute 39 against `582.73 crore in the same period of the last year. Its
per cent whereas balance comes through CRAMS and bulk fluorides. operating profit grew by 19.36 per cent at `78.30 crore for the
Recently, American autoparts maker Honeywell has entered into a quarter along with operating profit margin expanded by 208 bps at
supply agreement and technology license with NFIL to produce 13.35 per cent. In 9MFY16, the company’s net profit grew by 9.1
Solstice YF, an automobile refrigerant with a global warming per cent at `165.63 crore. Its revenue marginally declined by 0.59
potential of less than 1. NFIL will manufacture Solstice YF in India per cent at `1,780.30 crore. However electrical & communication
exclusively for Honeywell. Small-scale production is expected to cables biz witnessed strong volume growth of 15 and 20 per cent
begin by the end of 2016. Solstice YF, also known as HFO-1234YF, is respectively in 9MFY16. Operating profit grew by 15 per cent at
a next-generation Hydrofluoro-Olefin (HFO) refrigerant that is a `226.75 crore along with EBITDA margins improved by 170bps to
near drop-in replacement for R-134a, a hydrofluorocarbon (HFC) 12.7 per cent led by lower cost. FCL is likely to benefit from higher
with a global warming potential (GWP) of 1,300, for use in vehicle infra outlay by government and revival in discretionary spending.
air conditioning systems globally. As per management, more than 8 By leveraging its high brand recall and strong distribution network,
mn cars on the road today safely use Solstice YF. This number is FCL is diversifying its product portfolio; with a CAPEX of `125
expected to grow to more than 18 mn cars by the end of 2016.On crore plans to manufacture fans (2laks units/month). We believe
valuation front, the company is trading at around 24 times price to the launch of new products like fans, new range of switches and
earnings on TTM basis with EPS of 73.25 per share. The company LED lighting could be the next growth driver for the company.
enjoys stress-free balance sheet with low gearing ratio. Therefore, we recommend to hold this counter.
Readers are requested to send only one query at a time so that more readers get a chance. For complaints regarding non-receipt of
dividend, bonus, rights and other matters, investors may write to www.investor.sebi.gov.in
Company Name: DEMOCRATIZING WEALTH CREATION
Vol. No. 31 No. 9

Query:
Send in your queries:
DSIJ Pvt. Ltd.
419-A, 4th Floor, Arun
Name: Chambers, Tardeo, Next to
AC Market
Address:
Mumbai - 400034
E-mail: Email:editorial@DSIJ.in

PFC UFLEX
I am holding Ulflex at `140. Can I hold for another
I hold PFC at `250 per share. Should I hold or exit? one year?
-Joseph - Mukesh
EXIT HOLD
BSE/NSE Code 532810/PFC BSE/NSE Code 500148/UFLEX
CMP `172 CMP `171.80
52-Week High `291/ Low `140 52-Week High `201.70/ Low `112

P I
FC is a specialised institution for power sector financing Uflex is engaged in the manufacture and sale of flexible
through both equity and debt in India. It is primarily focused packaging products and flexible packaging solutions. The
on the thermal and hydroenergy generation areas. It has also company looks to target 30 per cent of its packaging segment’s
initiated financing of projects based on renewable energy sources. revenue from export markets in the next three years as against at
present 18-20 per cent. Overall packaging business accounts for 44
Its standalone net profit marginally grew by 2.60 per cent of `1,582 per cent of total revenue of Uflex, which is also into production of
crore led by higher provisions and margins contractions and net chemicals, cylinders and holograms and engineering. The
Interest Income (NII) reported growth of 6.28 per cent at `2,368.67 company exports products to over 140 countries from its
crore. For nine months ended December 31, 2015, the company manufacturing units in India, Poland, the US, Mexico, Dubai
reported standalone net profit grew by 10.34 per cent at `4,853 crore and Egypt.
and NII jumped by 15.48 per cent at `7,335.78 crore.
The company’s consolidated net profit grew by 37.9 per cent at
Asset quality deteriorated during the quarter as absolute GNPA `78.68 crore while revenue marginally decline by 2.1 per cent at
spiked 57 per cent sequentially to `43.5 billion as against `27.7 `1,498.09 crore. Operating profit reported flat at `186.76 crore
billion in Q2FY16. This led to increase in GNPA to 1.89 per cent as along with operating profit margin expanded by 36 bps for the
against 1.23 per cent in Q2FY16. Loan growth continues to current quarter at 12.47 per cent. For nine months ended
slowdown from 15.6 per cent in 3QFY15 to 11.6 per cent in 3QFY16 December 31, 2015, the company reported 24.9 per cent growth in
of `2.23 trillion as overall demand remains subdued. Declining cost consolidated net profit of `232.60 crore. Its consolidated revenue
of funds and increased lending to SEBs under transitional financing for the period stood at `4,623.59 crore, registering decline of 2.03
(high yielding) has helped POWF to report high margins. per cent yoy. Its operating profit grew by 6.83 per cent at `611.79
crore along with operating margin expanded by 27 bps at
Under the UDAY scheme for financially distressed discoms, state 13.23 per cent.
governments would take over 75 per cent of discom debt and
remaining 25 per cent of the debt would be guaranteed by the state The company is now focusing on expanding the application of its
government. After the implementation of power reforms loan Flexfresh equilibrium modified atmospheric packaging (EMAP),
demand from state electricity boards (SEBs) is expected to trend which is used for shelf life extension of fresh produce, for various
southwards. Also, under Uday, SEB loans are expected to be packaging format. Therefore, the company is setting up an aseptic
converted into low-yielding state government bonds may hit PFC. packaging plant for liquid packaging in Sanand, Gujarat, with an
This would mitigate some asset quality concerns, but this would investment of about `580 crore in first phase and the total capacity
negatively impact earnings as its yields would decline to around 10 will be 7 billion packs per annum. The funding of the first phase,
per cent from existing 12 per cent. which has a capex of ` 580 crore, was done partly through debt
and partly through internal accrual. The plant will be
Given the increasing acceptance of UDAY with four major states commissioned by October 2016, and will be commercially
(Jharkhand, Chhattisgarh, Rajasthan and UP) already onboard, we operational by March-April 2017. This plant will produce liquid
expect more states to join soon that would impact PFC’s earning’s products such as energy drinks, milk and juices. About 90 per cent
negatively. Therefore, considering the above fact it’s better to exit of the output from this factory will cater to the domestic market.
this stock in this rally. From above facts you can hold this stock.

QueryBoard
Investment Horizon
Query-Specific
TUBE INVESTMENTS OF INDIA TIMKEN INDIA

I have been holding 500 shares of Timken India at
average price of `550 per share. Should I hold or
What is your view on Tube Investments of India? exit?
- Puneet Shah - Nilesh Kelkar
HOLD HOLD
BSE/NSE Code 504973/ TUBEINVEST BSE/NSE Code 522113/ TIMKEN
CMP `390.25 CMP `430.15
52-Week High `467/ Low `321.50 52-Week High `668.40/ Low `400

T T
ube Investments of India (TI) is the flagship company of the imken India is the subsidiary of the US based Timken
Murugappa group with operations spanning across three Group, the fourth largest manufacturers of bearing in India
divisions – cycles, engineering, and metal formed products. with an overall market share of 8 per cent, while in the taper
TI has one-fourth of market share in the Indian bicycle market and roller bearings it has the highest market share of 40 per cent. It
contributing to one-third of TI’s revenues in FY15. caters to OEMs and end users in industries like CVs and off
highways (20-25 per cent of revenue) and railways (20-25 per cent
The company reported around 28 per cent growth in consolidated of revenue). In the process industry, the company supplies to large
net profit of `111.15 crore while consolidated revenue decline by manufacturing company like BHEL, Tata Steel, JSW Steel and
38.9 per cent at `1,508.73 crore. Its consolidated operating profit cement manufacturers. In rail sector, it supplies to wagon
decline by 59.32 per cent at `129.79 crore for the quarter along with manufacturers like Texmaco and Titagarh Wagons, in addition to
operating profit margin contracted by 432 bps at 8.6 per cent. this it supplies directly to Indian Railways/Metro. It is one of the
Growth in bottom-line due lowers depreciation and lower tax in largest suppliers to JCB for construction equipment.
Q3FY16. Slow market conditions contributed to a drop in revenue
in the bicycle division. For nine months ended December 31, 2015, In Q3FY16, the company has reported growth of 20.05 per cent in
the company reported growth of 13.2 per cent in consolidated net net profit of `20.12 crore and revenue grew by 12.53 per cent at
profit of `313.36 crore and its consolidated revenue drop by 14.3 `256.72 crore. Its core operating profit clocked growth of 26.34 per
per cent at `6,280.45 crore. Operating profit decline by 19.6 per cent of `33.62 crore along with operating profit margin expanded by
cent at `731.49 crore along with operating margin contracted by 76 144 bps for the December quarter at 13.1 per cent. For nine months
bps at 11.65 per cent. ended December 31, 2015, the company net profit marginally grew
by 1.53 per cent of `64.43 crore and revenue jumped by 13.9 per cent
In the month of December, the company has sell 14 per cent of at `786.10 crore. Its operating profit grew by 12.6 per cent at `113.83
Cholamandalam MS General Insurance to its joint venture partner crore along with operating margin contracted by 16 bps at
Mitsui Sumitomo Insurance Company of Japan for `882.67 crore. 14.48 per cent.
On completion of the deal, Mitsui Sumitomo increased its
ownership in Chola MS to 40 per cent from 26 per cent. TI’ stake in Going forward, the company expects to remain strong revenue
the insurance business will come down to 60 per cent from the growth whereas domestic revenue growth would hinge on the
existing 74 per cent. economic recovery especialy to boost the industrial and CV
segment demand. However, the recovery pace across industrial
This would help unlock value in its subsidiary. At the current deal demand has remained tepid still in FY16. Higher automation of
value, the company’s remaining 60 per cent stake in the insurance industry, new additions in wagons & speed upgradation by railway
business works out to about `200 per share of Tube Investments. and CV cycle turnaround will drive the growth for bearing markets
This is about 50 per cent of its current market price. The revenue and Timken in particular. Historically, the company has traded at a
contribution from new product launches contributes close to premium valuation due to leadership position in the segment it caters
one-fourth of the revenues over the years. TI has recently tied-up to, strong parentage and healthy balance sheet signifying the
with Ridley, Europe for manufacturing and marketing of cycling strength in the business model. Therefore, we recommend to hold
products in India apart from ‘Montra’ brand cycles and 13 exclusive this counter.
‘Track and Trial’ stores. Therefore, we advise you to hold this stock.
(CMP price as of Mar 30, 2016)

Reviews
In this issue, we have reviewed Gabriel India and JK Infraprojects. We suggest that investors to
Hold in Gabriel India and JK Infraprojects.
Change
GABRIEL INDIA HOLD 7 Per Cent
CMP - `91
Scrip’s Movement
BSE CODE Reco. Price Volume Face Value

26,632 `98 4,36,307 `1
W
e had recommended Gabriel material costs enabled EBIDTA margin
India to our investors in issue improvement and lower interest payouts
no 3 dated Jan 11-24, 2016 enabled improved PBT margin. The CV
when the scrip was trading at `98. Our market is showing signs of revival; Gabriel’s
recommendation was backed by factors segment mix has increased to 13 per cent
like up cycle in auto sector may boost in 9MFY16 as against 11 per cent in
volume. Also the company is debt free and 9MFY15 for CVs.
it has command on market share in the
entire segment. Company is focusing on European Union absorbers to the new entrants viz., VE,
& ASEAN markets for exports with an aim AMW, Daimler, Mahindra Navistar and a
In Q3FY16, the company has reported to take the revenue share of exports to leading supplier to existing players viz.,
growth of 10.06 per cent in standalone net double digit in next 5 years as against Tata Motors & Ashok Leyland. It would be
profit of `17.50 crore while revenue currently 4 per cent. The management has a major beneficiary of the revival in CV &
marginally declined by 1.33 per cent at identified exports and after market PV markets given its market leadership in
`354.70 crore. Its operating profit grew by segments as potential growth engines. these market segments & underutilised
8.71 percent at `31.20 crore for the quarter capacity. In November 2014, It has tied up
along with operating profit margin Gabriel has getting into shock absorbers with a company in Netherlands-based
expanded by 81 bps for the current quarter for commercial vehicles (CV) and that is a KONI B.V. for commercial vehicle, buses
at 8.8 per cent. In Q3FY16, the company new area. Now that is something where and industrial equipment suspensions in
has improved its product mix while falling most of it right now is imported. Gabriel is India. Therefore considering the above facts
commodity prices led to reduction in raw a single source for supplying shock we recommend to hold this stock.
Change Scrip’s Movement

JK INFRAPROJECTS HOLD 25 Per Cent
CMP - `274
BSE CODE Reco. Price Volume Face Value

532940 `368 23,245 `5
W
e had recommended JK Infra projects which are in initial stages, and
India to our investors in issue thus have lower monetary value. The
no. 1 dated Dec 14-27, 2015 order book stood at `34 billion and the
when the scrip was trading at `368 (Split order pipeline remains promising.
adjusted). Our recommendation was However, the company has cut its FY16
backed by robust financial performance in revenue growth guidance due to a delay in
the H1FY16 and also strong order book JNPT orders as there was issue of utilities
almost three times of the revenue. The and mangroves which the government took
company has lower debt to equity ratio time to clear. The company got LoI on the
giving it a cutting edge among the project but its appointment date got (MTHL), (c) two elevated lines worth
industry players. delayed by 2-3 months on account of the around of `18 bn as a part of the Mumbai
above issues. Metro project, (d) a coastal road project in
In Q3FY16, the company has reported a Mumbai for `120bn and (e) the
flat net profit of `23.94 crore and revenue The incremental work left from Delhi Ahmedabad metro project worth `6bn-
grew by marginally at `310.28 crore. metro project stands at `4.7 bn which is 7bn. The company has already tied up the
Operating profit declined by 4.54 per cent expected to get completed over the next financing for both Mumbai Metro – III
at `56.92 crore along with operating profit 1-1.5 years. JKIL has still strong order packages, one package will be financed by
margin contracted by 131 bps at 18.34 per pipeline with several projects to be SBI and the other package by a consortium
cent. The company reported muted result awarded, including: a) order worth `35bn led by RBL Bank. Therefore considering the
in December quarter on an adverse order projects from MMRDA in the next 1-2 above facts we recommend to hold this
mix as the company executed a higher months, (b) three packages worth `130 bn counter. DS
proportion of execution in newly-bagged for the Mumbai Trans Harbour Link (Closing price as of Mar 30, 2016)

Letters To Editor
From Rural India
I N D I A ’ S N O . 1 I N V E S T M E N T M A G A Z I N E S I N C E 1 9 8 6
I am going to sell my agricultural land. But after a lot of research I just managed to know that the
income can only be exempted of the land is rural agricultural land So kindly tell me that how I can
D E M O C R A T I Z I N G W E A L T H C R E A T
Pages 68 www.DSIJ.in
I O
100
N
know that the land is urban or rural. The airway distance from Jaipur is more than 8 km. But just tell
me that how can prove it in income tax department that the land is rural agricultural land and the
Cover Story income is exempted. My village is Gidani which is in Duddu tehsil.
PSU Bank Mess &
‘Acche Din’ Ahead
Political blamegame is on at
this moment over the
condition of ailing PSU
- Jai Singh
banks and some of the key
decision-makers are now
caught in the passing the
buck syndrome. But-where
do these 27 banks go from
here and the millions of
Editor’s reply: Dear Mr Singh, it is always amazing to read mails from rural India. Happy that DSIJ
investors who invested
their hard-earned money
in these banks’ stocks
reaches to you regularly. On the confusion over status of the land, please check with the local Land and
Analysis
Snowman Logistics: Mallya Or No Mallya:
Market Special
Investing In Snowman Logistics So What Do You Do With Your

ISSN 0971-7579
Land Reforms officials in Rajasthan Govt. They will be the most competent ones to help you with right
9 770971 757005
May Not Be A Cold Idea Kingfisher Stocks Vol. 31 No. 8
3 Apr 2016
information.
When In Doubt
You had recommended Marksans Pharma in this year Diwali issue, there is lot of negative news going around in pharma industry these days,
normally you inform to exit or hold your recommendations like you did for Bank of India recommendation in last Diwali issue, Since I am a
regular investor of Diwali portfolio I would like to know is to hold or exit in Marksans Pharma.
- Amjad
Editor’s reply: Dear Mr Amjad, please find response from our research team on this. Meanwhile, in this edition, we have come up with two
exhaustive stories on Indian pharma industry and latest happenings. Please read for more information.
DSIJ Research Team reply: We believe in keeping our reader-investors well informed of all our reviews and recommendation and keeping that in
mind we had recommended exit the stock at the price of `60.05 on 3rd February 2016. Fundamentally the company remains on a strong footing and
the company recently came out with clarification on the UKMHRA issue stating that the regulator has issued a “Restricted GMP Certificate” allowing
the Company to continue manufacture and marketing of critical products for the UK markets. Therefore, at this point of time there is more clarity on
the whole mess. Therefore, we expect company to take remedial steps in order to address the concerned raised by the drug regulator.
You wish
I would like to suggest you, I am reguler reader of DSIJ magazine. But I am hurt when you increase price of the issue but reduce material in it,
particularly scoreboard is not given in each issue which is most important for each reader. Thank you.
- Arun Gajanan Chaudhary
Editor’s reply: Dear Mr Chaudhary, we have taken note of your suggestion and we will work on it.
Reader’s Choice
I have been reading your magazine for several years and been a loyal and avid reader of DSIJ. While I take this opportunity to appreciate the
commendable job being done by your team for last so many years, may I also request you to kindly introduce a readers’ engagement
programme where we can discuss various market-related issues and interact with your team of experts. I am sure this will be highly appreciated
by other readers also.
- Ashim Mahanti
Editor’s reply: Dear Mr Mahanti, thank you for staying tuned with DSIJ for a long period of time. We look forward to have you as one of our
readers even for a further span of time. Meanwhile, let me inform you that DSIJ already has an interactive platform, Investors’ Awareness
Programme. Even under this banner takes place almost across the country and sometime soon, you may have a chance to attend this even in your
city. In addition to this, we will definitely consider the proposal of a reader-investors interactive event.

Our research-backed recommendations have been our greatest strength
Our Call Tracker

over the past so many years. In fact, helping investors book profits has
been the very essence of our existence. Here is a detailed guide on the
recommendations readers to get a quick insight on what to do next.
CHOICE RECOMMENDATIONS UPDATE

FOR THE LAST ONE YEAR
1 Ye a r I n ve st m e n t H o r i zo n
Technocraft Industries India

S C R I P
Britannia Industries
Reco Date
Mar 23, 2015
Reco Price (`)
233.00
CMP Price (`)
199.80
Hold Reco Date
Sep 7, 2015
Reco Price (`)
2998.00
CMP Price (`)
2636.35
Hold
Sonata Software Bajaj Corp

Reco Date
Apr 6, 2015
Reco Price (`)
178.00
CMP Price (`)
145.60
Hold Reco Date
Sep 21, 2015
Reco Price (`)
446.00
CMP Price (`)
379.45
Hold
Salzer Electronics Granules India

Reco Date
Apr 20, 2015
Reco Price (`)
244.00
CMP Price (`)
183.20
Hold Reco Date
Oct 5, 2015
Reco Price (`)
139.00
CMP Price (`)
119.70
Hold
Kajaria Ceramics Vakrangee

Reco Date Reco Price (`) CMP Price (`) BPP on 02 Nov Reco Date Reco Price (`) CMP Price (`) BPP on 08 Feb
May 4, 2015 722.00 944.00 2015 at `897 Oct 19, 2015 132.00 194.95 2016 at `202
Shemaroo Entertainment MindTree*

Reco Date Reco Price (`) CMP Price (`) Hold Reco Date Reco Price (`) CMP Price (`) Hold
May 18, 2015 219.00 295.00 Nov 16, 2015 756.50 663
V Mart Retail ICICI Bank

Reco Date
Jun 01, 2015
Reco Price (`)
523.00
CMP Price (`)
463.00
Hold Reco Date
Nov 30, 2015
Reco Price (`)
264.00
CMP Price (`)
237.45
Hold
Kaveri Seeds Company Cox & Kings

Reco Date
Jun 15, 2015
Reco Price (`)
836.00
CMP Price (`)
386.00
Call closed on
2 Nov 2015
Reco Date
Dec 28, 2015
Reco Price (`)
240.00
CMP Price (`)
181.80
Hold
Wabco India Adlabs Entertainment

Reco Date
Jun 29, 2015
Reco Price (`)
5388.00
CMP Price (`)
6138.55
Hold Reco Date
Jan 11, 2016
Reco Price (`)
140.00
CMP Price (`)
87.95
Hold
Yes Bank Visagr Ploytex

Call closed on
Reco Date
Jul 13, 2015
Reco Price (`)
797.00
CMP Price (`)
865.90
Hold Reco Date
Jan 25, 2016
Reco Price (`)
60.00
CMP Price (`)
19.00 16 Mar. 2016
HDFC Bank Skipper

Reco Date
Jul 27, 2015
Reco Price (`)
1114.00
CMP Price (`)
1064.80
Hold Reco Date
Feb 8, 2016
Reco Price (`)
155.00
CMP Price (`)
136.00
Hold
Shiram Transport Finance Techno Electric & Engineering

Reco Date
Aug 10, 2015
Reco Price (`)
903.00
CMP Price (`)
945.00
Hold Reco Date
Mar 7, 2016
Reco Price (`)
434.00
CMP Price (`)
525.40
Hold
Aarti Industries Glenmark Pharma

Reco Date
Aug 24, 2015
Reco Price (`)
429.00
CMP Price (`)
526.50
Hold Reco Date
Mar 21, 2016
Reco Price (`)
813.00
CMP Price (`)
776.50
Hold
Note: * Split and Bonus Adjusted (CMP price as of Mar 30, 2016)
BPP > Book Partial Profits Prices where calls have been closed are the prices at which the calls were actually recommended for closure.
BPP Prices are prices at which partial profits were booked. All other prices are current market prices.

The recommendations provided in this column are taken from various market sources such as
Kerbside brokers, analysts, dealers and investment strategists, etc. These recommendations may not be
backed by strong fundamentals. Therefore we advise readers to use their own discretion
before investing in these recommendation
INDIAN HOTELS
WAH TAJ BSE Code: 500850
CMP: `103
Indian Hotels controlled by the Tata Group owns and

operates the Taj Hotels and Resorts and Palaces. The stock
has witnessed correction from higher levels mainly due to
profit taking at higher levels. Reliance Mutual Fund had
hiked its stake in the company in the month of December,
2015 to 8 per cent from 5.45 per cent earlier. As per our
sources the stock is attractively valued at its current
market price and some positive development is expected
in the stock. Hence, investors with high risk appetite can
enter this stock for quick gains.
DCM SHRIRAM
BUY DCM is engaged into

sugar, fertiliser,
bio-seeds and
FAST TRACK
DCM SHRIRAM chloro-vinyl SUBROS
BSE Code: 523367 products. The BSE Code: 517168
CMP: `141 company CMP: `89.20
reported more Subros is a major supplier of air conditioning
than two-fold kits to carmakers. Maruti Suzuki, India’s
jump in its consolidated net profit at largest car maker is the biggest client of the
`60.48 crore for the quarter ended
company, contributing about 80 per cent of
December 31, 2015 on the back of
the total sale of Subros. The four wheeler
higher sales and reduction in interest
maker Maruti has guided for double digit
outgo as company has reduced
growth for the current fiscal. Subros is in the
significant debt. Big Investors and HNIs
process of developing kits for Maruti’s diesel
are keeping close watch on this stock
variants as well, which should increase the
as the policy frame work for sugar
current kit volume of 84,000 units per
business moving in the right direction
month by 10,000-15,000 units. So traders
and attention of the union budget was
with high risk appetite can enter in to this
on agriculture and so this stock is likely
stock for some gains.
to continue on its growth trajectory.
OMKAR SPECIALITY
BUY OMKAR CHEMICALS
BSE Code: 533317
CMP: `180
The company is engaged in the manufacture and sale of
speciality chemicals and intermediates for chemical and
allied industries. The stock has been moving and witnessed a
range bound movement. However, at present a lot of activi-
ties have been witnessed as there has been renewed interest
among the HNIs and investors for this stock as the board of
directors of the company has approved scheme of arrange-
ment between Lasa Laboratory, Urdhwa chemicals, Rishichem
Research, Desh Chemicals and Lasa Super generics. The stock
is likely to move in northward direction. DS

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Contents Vol. 31 No.

9 • APR 4 - 17, 2016

Low Priced Scrip 14

Go Rural, Invest In Rural Sector Stocks 70

Road Ahead For Indian Pharma

Subscribers can access the complete databank consisting

Editor’s Keyboard 06 Query Board 76

Company Index 07 Reviews 79

Trackpad 08 Letter to the editor 80

4 DALAL STREET INVESTMENT JOURNAL I APR 4 - 17, 2016 DSIJ.in

LETS THINK LARGE WITH

Have you had time to check the stock prices of

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Vol. 31. No. 9 • APR 4 - 17, 2016

Founder & Editor-In-Chief Marketing & Sales

DSIJ Private Limited JK Infraprojects Hold 274.00 Reviews 79

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GAIL Drills First Exploratory Well In Cambay Basin

SAIL Appoints CEOs of Three Steel Plants

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Post the Lavasa event, the IAP team headed for

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and IT indices witnessed rise of about 5 per

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(Closing price as of Mar 29, 2016)

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Adani Enterprises recently concluded final

SET FOR NEXT WAVE OF GROWTH

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BSE CODE Volume Face Value

recommended 22-Mar-16 747965

in mind and carry

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NIFTY DAILY CHART

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MAHINDRA LIFESPACE DEVELOPERS ..... BUY …... CMP `428

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Bet On DHFL As Housing Sector Small family, happy family: Nuclearisation

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DEMOCRATIZING WEALTH CREATION FIND WINNING STOCKS FASTER

We Researched.... Subscribe to Power

Segment wise recommendations

Give A Missed Call TODAY On

The new government announced an

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In this interview, Sudhin Choksey,

The Declining Interest Rates Put A

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