Midcap Monitor

September 2018

April 2019

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Midcap Monitor
April 2019

Highlights of April Edition Page No.

✓ Bird's Eye View : Broader Market Indices 3
✓ Sectoral Performance 4
✓ Institutional Activity 5
✓ NIFTY 50 : Gainers & Losers 6
✓ BSE Midcap Index : Gainers & Losers 7
✓ BSE Smallcap Index : Gainers & Losers 8
✓ Preferential Issue 9
✓ Increase and Decrease in FII stake over last 4 Quarters 10-11
NEW
✓ Increase and Decrease in MF stake over last 4 Quarters 12-13
✓ IPO Tracker : Performance of Recent IPOs 14
✓ High Dividend Yield Stocks 15
✓ Screener - Operationally Efficient Low Capex Businesses 16
✓ Sector in Focus : Consumer Durables 17-19
✓ Bulk Deals by Institutional Investors : Buy & Sell 20-21
✓ Bulk Deals : Change in Hands/ Promoters 21-23
✓ Bulk Deals : Promoters / Investors 24
✓ Management Talks 25-32

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Bird's Eye View : Broader Market Indices

✓ Mar'19 was one of the best months for Indian markets in ~3 years with Sensex gaining 7.8% MoM. The rally was largely driven by impressive FIIs buying,
supportive global cues and D-street's rising hopes of NDA comeback at the centre in upcoming General Elections.
✓ Indian macros have been stable, with currency, crude, inflation and 10-year bond yields moving in a narrow range. The dovish global central bank
narrative augurs well for emerging markets like India. Consistent low inflation led to another 25bps rate cut by RBI on 4th April. The political environment
was also seen stabilising post the strikes carried out by India in response to the Pulwama terror attack in Feb'19. However, the near term market direction
will be decided by further development on political front given the ongoing general elections.

120 % change for Mar'19 (MoM)

1 Yr change (Indices rebased to 100)
116
115 12.0
110 9.8
10.0
7.7 7.8 7.8 8.1
105 7.6
8.0 7.5
100
6.0
97
95
4.0
90
2.0
86
85
0.0

NIFTY 50

BSE Midcap
BSE Sensex
BSE 100

BSE 200

BSE 500

BSE Smallcap
80
75
70
Apr-18 Jun-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19

Sensex BSE Midcap BSE Smallcap

Source: Bloomberg, Data as on 29th March 2019

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Sectoral Performance: Mar’19

✓ Mar'19 turned out to be an impressive month for Indian equities with gains coming across each sector. While slowdown in automotive industry continued
impacting the overall sector with BSE Auto gaining insignificant 0.1% MoM, rich valuations limited much upside in BSE FMCG (+3.4% MoM). BSE Realty
(+15.7% MoM) was the biggest gainer for the month followed by BSE Bankex (+13.7%) and BSE Consumer Durables (+11.4%).
✓ After underperforming BSE Sensex for the month of Feb'19, BSE Midcap (+8.1% MoM) and BSE Smallcap (+9.8%) staged an impressive comeback
outperforming BSE Sensex (+7.8%). However, sell off in midcaps and smallcaps on account of premium valuations in FY19 resulted in BSE Midcap/BSE
Smallcap significantly underperforming BSE Sensex by -20%/-29% respectively.

18.0
15.7
16.0
13.7
14.0
% change (MoM)

12.0 11.3 11.4

10.6
9.8
10.0
7.8 8.1 8.1
8.0
5.5
6.0 4.7
4.1
3.4
4.0
2.0 0.2
0.1
0.0

BSE Bankex
BSE Healthcare

BSE Realty
BSE Telecom
BSE IT
BSE Auto

BSE Midcap

BSE Smallcap
BSE FMCG

BSE Metals

BSE Sensex

BSE CapGoods

BSE Oil & Gas

BSE Cons. Durables

BSE Power
Source: Bloomberg, Data as on 29th March 2019

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April 2019

Institutional Activity
✓ Mar'19 has been one of the most attractive month in several years in terms of FII/FPI infusion into Indian Equities. FIIs bought INR 340bn worth of equities
in Mar. However, MFs sold modest INR 76bn worth of Indian Equities, their first monthly selling in last 2 years.
✓ While MFs total buying for FY19 remained at an impressive INR 879bn, FIIs/FPIs closed the year almost flat at INR 1bn worth of selling in Indian Equities.

FII/FPI and MF investment in Domestic Equities

400 340
300 240
200 172
136 116
113 94
100 60 52 72
23 39 18 41 31 29 22
INR Bn

(100) (56) (48) (43)

(76)
(101) (108)
(200)

(300)
(289)
(400)
Apr-18

Aug-18

Nov-18
Sep-18

Oct-18

Dec-18

Jan-19

Feb-19

Mar-19
Jun-18

Jul-18
May-18

FPI/FII MF

Note: The figures are for Cash Market segment; Data as on 29th March 2019 Source: FPI/FII data from NSDL, MF data from SEBI

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April 2019

NIFTY 50 : Gainers & Losers (Mar’19)

% Change (MoM)
% Change (MoM)
- 5 10 15 20 25 30 35
(15) (10) (5) -
India Bulls
31
Housing (8) Wipro
HPCL 27
(7) Tech Mahindra
Indusind Bank 21
(5) Cipla
SBI 19
(5) Zee Entertainment
Yes Bank 19

Adani Ports 16 (3) Hero Motocorp

NTPC 14 (2) Maruti Suzuki

ICICI bank 14 (2) Tata Motors

Bajaj Finance 14
(1) HUL
IOC 13

Source: Bloomberg, Data as on 29th March 2019

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BSE Midcap Index : Gainers & Losers (Mar’19)

% Change (MoM) % Change (MoM)

- 5 10 15 20 25 30 35 40 45 (15) (10) (5) -

Edelweiss 44 (11) Endurance

Union Bank 34 (5) Mphasis

IIFL 33 (5) GE T&D

Canara Bank 26 (4) PNB Housing

Bank Of India 26 (3) Oracle Financial Services

NBCC 26 (2) Supreme Inds

Indian Bank 24 (2) L&T Infotech

(2) GSK Pharma

IDFC First 23
(2) Aditya Birla Fashion
L&T Finance 23
(2) Biocon
GMR Infra 22

Source: Bloomberg, Data as on 29th March 2019

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BSE Smallcap Index : Gainers & Losers (Mar’19)

% Change (MoM)
% Change (MoM)
- 10 20 30 40 50 60 (40) (30) (20) (10) -

Manpasand 59 (36) R Com

Allsec Tech 53 (35) Jaypee Infra

Dilip Buildcon 50 (21) Ballarpur Industries

HG Infra 47 (19) Kisan Mouldings

Prabhat Dairy 46 (17) Tourism Fin Corp

(15) Jubilant Life

SMAL Isuzu 46
(15) BL Kashyap & Sons
Onmobile Global 45
(14) Genesys
ACE 42
(13) GTPL Hathway
Asian Granito 41
(12) Asian Oilfield
Emkay Global 41

Source: Bloomberg, Data as on 29th March 2019

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Preferential Issue (Mar’19)

Company Market Cap No. of Shares Issue Price Funds Raised Shares Issued Issued Post Issue
(INR bn) (mn) (INR) (INR mn) To Category Shareholding
Jet Airways 31 114 NA NA State Bank of India Lender 50.1
Corporation Bank 74 3,406 27 90,860 Government of India Promoter 93.5
Allahabad Bank 114 1,625 42 68,960 Government of India Promoter 92.0
Punjab Natl.Bank 363 802 74 59,080 Government of India Promoter 70.2
Bank of India 288 518 90 46,380 Government of India Promoter 90.8
Andhra Bank 49 1,146 28 32,560 Government of India Promoter 90.9
United Bank (I) 54 2,574 11 28,390 President Of India Promoter 96.8
Oriental Bank 143 139 85 11,860 Government of India Promoter 87.6
Aarti Inds. 137 5 1,397 7,500 NA QIP NA
Lak. Vilas Bank 23 64 72 4,596 NA QIBs NA
Bank of Maha 36 155 13 2,050 Government of India Promoter 87.7
JK Tyre & Indust 21 19 103 2,000 NA Promoter Group 56.2
Tata Metaliks 16 3 642 1,796 Tata Steel Ltd Promoters 55.1
*Price as on 29th March 2019 Source: Capitalline

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Increasing FII stake over last 4 Quarters (%)

Company Mcap (INR bn) Dec'17 Mar'18 Jun'18 Sep'18 Dec'18 Increase in Stake (YoY)
Neuland Labs. 9 6.1 6.4 14.8 14.9 27.3 21.2
Team Lease Serv. 52 25.8 33.6 40.3 43.9 44.2 18.4
AU Small Finance 174 7.3 7.4 10.2 20.6 22.4 15.1
SORIL Infra 10 0.1 0.2 0.8 13.2 13.4 13.3
Mahanagar Gas 104 9.4 9.7 12.7 19.0 21.6 12.2
Zensar Tech. 52 6.1 6.4 7.5 17.1 17.2 11.1
Indian Energy Ex 50 5.4 7.3 9.9 13.0 15.4 10.0
Simplex Infra 10 1.5 2.0 9.6 9.6 10.2 8.7
Magma Fincorp 32 18.0 23.8 25.3 26.2 26.5 8.5
Indiabulls Vent. 197 18.1 23.1 23.4 24.2 26.3 8.2
Indian Terrain 5 6.4 8.9 13.5 13.7 14.5 8.1
Shankara Build. 9 14.3 14.7 19.2 21.6 22.3 8.0
Sunteck Realty 67 17.3 22.3 24.2 24.5 24.9 7.6
ICICI Lombard 469 5.5 6.4 7.2 10.7 12.2 6.7
Tata Global 129 18.2 20.5 22.1 24.2 24.7 6.5
Newgen Software 23 5.4 9.0 9.6 11.2 11.6 6.2
Mold-Tek Pack. 7 6.5 7.5 8.3 9.5 12.1 5.6
Max Ventures 7 3.1 3.3 8.1 8.1 8.3 5.2
Natl. Aluminium 103 6.4 7.1 9.0 10.9 11.1 4.7
Minda Corp 31 2.7 6.3 6.3 6.5 7.3 4.7
Market Cap as on 29th March 2019 Source: Capitalline
Market Cap >= INR5bn

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Decreasing FII stake over last 4 Quarters (%)

Company Mcap (INR bn) Dec'17 Mar'18 Jun'18 Sep'18 Dec'18 Decrease in Stake (YoY)
Stand.Chart.PLC 33 54.0 18.2 12.6 12.5 1.1 -52.9
Hathway Cable 51 30.0 17.6 16.8 16.7 6.4 -23.5
Manpasand Bever. 13 21.9 21.6 13.4 9.4 8.8 -13.2
Den Networks 34 17.7 16.2 16.1 12.6 4.6 -13.1
Tata Motors-DVR 44 50.4 47.0 43.2 37.5 37.4 -13.0
HDIL 12 26.1 17.8 14.8 14.2 13.3 -12.8
Strides Pharma 42 31.6 30.9 22.2 22.1 22.0 -9.7
Punjab Natl.Bank 363 12.6 9.1 8.5 3.7 3.1 -9.5
JP Associates 13 16.5 12.7 11.9 10.4 8.8 -7.6
M & M Fin. Serv. 260 34.6 29.4 28.1 27.5 27.0 -7.6
BPCL 862 22.1 19.8 17.0 16.9 14.6 -7.5
La Opala RG 24 20.7 19.4 18.5 17.3 13.3 -7.4
Yes Bank 637 43.2 42.6 42.5 39.5 36.2 -7.1
Polaris Consulta 50 6.8 6.6 4.9 0.3 0.3 -6.5
Apollo Tyres 127 26.4 24.3 23.0 21.0 20.0 -6.4
Inox Leisure 34 18.5 17.6 15.0 13.4 12.1 -6.4
Capri Global 31 9.0 7.9 5.9 5.4 2.8 -6.2
City Union Bank 150 31.5 30.4 28.5 27.6 25.6 -5.9
Arvind Ltd 24 26.6 23.2 21.9 21.6 20.8 -5.7
Bank of Baroda 340 15.1 13.9 13.1 10.4 9.4 -5.7
Market Cap as on 29th March 2019 Source: Capitalline
Market Cap >= INR5bn

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Increasing MF stake over last 4 Quarters (%)

Company Mcap (INR bn) Dec'17 Mar'18 Jun'18 Sep'18 Dec'18 Increase in Stake (YoY)
Khadim India 9 13.0 16.7 18.7 19.4 24.8 11.7
IFGL Refractori. 9 5.1 6.0 7.2 10.1 14.9 9.8
Indian Hotels 184 13.1 14.7 17.5 20.7 22.2 9.2
RBL Bank 290 11.0 12.3 16.4 19.7 20.0 9.0
Welspun India 60 1.3 5.9 7.7 9.6 9.7 8.4
VRL Logistics 26 11.1 11.8 15.7 17.2 18.0 6.9
Aditya Bir. Fas. 170 9.3 11.3 13.0 14.2 15.9 6.5
Strides Pharma 42 18.2 18.6 23.1 24.4 24.5 6.3
Star Cement 41 2.6 7.2 7.3 8.4 8.7 6.1
City Union Bank 150 15.0 16.2 18.5 20.1 21.0 6.0
Supreme Inds. 142 5.9 7.4 9.8 10.5 11.7 5.8
Vedanta 686 5.9 5.9 7.6 10.4 11.5 5.6
Greenlam Industries 23 7.4 12.7 12.8 12.9 12.9 5.6
Voltas 208 18.0 19.2 21.7 22.2 23.4 5.5
Ahluwalia Contr. 22 14.3 15.3 18.3 18.6 19.8 5.5
NTPC 1,333 7.4 8.7 10.0 10.2 12.7 5.3
Power Fin.Corpn. 325 5.7 6.0 8.0 8.6 11.0 5.3
Chambal Fert. 70 7.6 9.0 9.5 12.2 12.9 5.2
The Ramco Cement 173 16.5 18.0 18.9 20.9 21.4 4.9
Persistent Sys 50 12.0 12.3 13.3 14.3 16.8 4.8
Market Cap as on 29th March 2019 Source: Capitalline
Market Cap >= INR5bn

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Decreasing MF stake over last 4 Quarters (%)

Company Mcap (INR bn) Dec'17 Mar'18 Jun'18 Sep'18 Dec'18 Decrease in Stake (YoY)
Astra Microwave 9 28.1 23.0 20.9 13.5 11.0 -17.1
Greaves Cotton 34 13.8 9.8 9.1 7.0 5.0 -8.8
Dewan Hsg. Fin. 47 7.3 7.3 6.9 2.9 0.5 -6.8
Hikal 21 7.5 4.3 2.1 1.6 1.5 -6.0
Thyrocare Tech. 28 20.3 18.7 17.3 15.9 14.3 -5.9
Dr Lal Pathlabs 87 12.5 10.1 7.9 7.0 6.8 -5.7
Federal Bank 191 27.5 23.9 22.8 22.8 22.5 -5.0
Sunteck Realty 67 5.4 3.7 3.1 2.4 1.7 -3.7
Jindal Saw 28 4.2 2.0 1.4 0.9 0.6 -3.6
Amara Raja Batt. 123 11.1 9.4 8.2 7.8 7.5 -3.6
PSP Projects 16 8.8 8.0 7.6 7.5 5.3 -3.5
HSIL 18 25.5 24.7 23.9 23.3 22.1 -3.4
Eveready Inds. 14 14.6 12.9 12.6 11.8 11.6 -3.0
Unichem Labs. 14 5.3 2.5 2.5 2.4 2.4 -2.9
IndusInd Bank 1,073 11.0 9.3 8.8 8.4 8.2 -2.7
Mold-Tek Pack. 7 12.9 12.5 11.6 11.0 10.4 -2.6
Astrazeneca Phar 50 7.8 7.7 5.7 5.4 5.3 -2.5
Clariant Chemica 8 10.0 8.7 8.1 7.9 7.6 -2.4
Indo Count Inds. 10 3.5 1.8 1.8 1.8 1.4 -2.1
Timken India 44 9.4 8.6 7.7 7.4 7.3 -2.0
Market Cap as on 29th March 2019 Source: Capitalline
Market Cap >= INR5bn

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IPO Tracker : Performance of Recent IPOs

Issuer Market Cap Price Offer Price Return Issue Issue Size
Company (INR bn) (INR) (INR) (%) Close Date (INR bn)
Fine Organic Industries Ltd 38 1,239 783 58.3% 22-Jun-18 6
Lemon Tree Hotels Ltd 64 81 56 44.0% 28-Mar-18 10
AAVAS Financiers Ltd 90 1,156 821 40.8% 27-Sep-18 16
Rites Ltd 52 260 185 40.5% 22-Jun-18 5
Bandhan Bank Ltd 628 526 375 40.3% 19-Mar-18 45
HDFC AMC Ltd. 326 1,534 1,100 39.4% 27-Jul-18 28
Newgen Software 23 329 245 34.1% 23-Mar-18 4
Chalet Hotel 69 338 280 20.6% 31-Jan-19 16
CreditAccess Grameen Ltd 72 504 422 19.4% 08-Oct-18 11
TCNS Clothing Co. Ltd 50 821 716 14.6% 20-Jul-18 11
Karda Construction Ltd 2 193 180 7.4% 21-Mar-18 1
Xelpmoc Design 1 67 66 0.8% 25-Jan-19 0
Embassy Office Parks REIT 242 300 300 0.0% 20-Mar-19 48
MSTC 8 114 120 -5.0% 20-Mar-19 2
Ircon International Ltd. 38 402 475 -15.3% 19-Sep-18 5
Garden Reach Shipbuilders & Engi. Ltd 11 99 118 -16.4% 01-Oct-18 3
Sandhar Technologies Limited 16 263 332 -20.8% 21-Mar-18 5
Indostar Capital Finance Ltd 38 416 572 -27.3% 05-Nov-18 18
Bharat Dynamics Ltd 52 283 428 -33.8% 15-Mar-18 10
Varroc Engineering Ltd 78 579 967 -40.1% 28-Jun-18 20
Data as on 29th March, 2019 Source: Capitalline

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April 2019

High Dividend Yield Stocks

Company Market Cap CMP Dividend Per Share (INR) Div Yield FY18 Dividend Date / Type
(INR bn) (INR) FY16 FY17 FY18 FY 18 Interim Final
Vedanta 686 184 3.50 19.45 21.20 11.5% 20-Mar-18 (INR 21.20) -
Natl. Aluminium 103 55 2.00 2.80 5.70 10.3% 16-Feb-18 (INR 4.70) 23-Aug-18 (INR 1.00)
SJVN 95 24 1.10 2.75 2.10 8.7% 21-Feb-18 (INR 1.90) 17-Sep-18 (INR 0.20)
Indian Oil Corp 1,533 163 3.50 9.50 11.50 7.1% 8-Feb-18 (INR 9.50) 20-Aug-18 (INR 2.00)
Coal India 1,472 237 27.40 19.90 16.50 7.0% 16-Mar-18 (INR 16.50) -
Reliance Infrastructure 36 137 8.50 9.00 9.50 6.9% - 12-Sept-18 (INR 11.00)
Chennai Petroleum Corp 41 273 4.00 21.00 18.50 6.8% - 14-Aug-18 (INR 18.50)
Banco Products 11 154 4.60 9.00 10.00 6.5% 27-Mar-18 (INR 4.20) 6-Sep-18 (INR 5.80)
NLC India 96 69 3.00 7.34 4.50 6.5% 26-Mar-18 (INR 4.23) 20-Jul-18 (INR 0.27)
Power Fin.Corpn. 325 123 6.95 5.00 7.80 6.3% 10-Nov-17 (INR 6.00) 6-Mar-18 (INR 1.80)
Hindustan Petroleum Corp 433 284 11.50 10.00 17.00 6.0% 28-Feb-18 (INR 14.50) 28-Jun-18 (INR 2.50)
Rural Elec.Corp. 302 153 8.55 9.65 9.15 6.0% 15-Feb-18 (INR 7.40) 17-Sep-18 (INR 1.75)
NHPC Ltd 248 25 1.50 1.80 1.40 5.7% 20-Feb-18 (INR 1.12) 12-Sep-18 (INR 0.28)
PTC India 22 73 2.50 3.00 4.00 5.4% - 29-Aug-18 (INR 4.00)
Balmer Lawrie 21 185 20.00 7.00 10.00 5.4% - 4-Sep-18 (INR 10.00)
Reliance Capital 52 205 10.00 10.50 11.00 5.4% - 12-Sep-18 (INR 11.00)
Bharat Petroleum Corp 862 398 5.17 10.83 21.00 5.3% 22-Feb-18 (INR 14.00) 31-Aug-18 (INR 7.00)
Gateway Distr. 15 134 7.00 7.00 7.00 5.2% 16-Nov-17 (INR 3.00) 23-May-18 (INR 4.00)
Oil India 201 185 1.33 4.75 5.67 3.1% 21-Feb-18 (INR 4.67) 12-Sep-18 (INR 1.00)
CARE Ratings 29 990 28.00 28.00 30.00 3.0% 3 interim dividends 18-Sep-18 (INR 12.00)
*Price as on 29th March, 2019 Source: Capitalline
Market Cap >= INR10bn

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Screener - Operationally Efficient Low Capex Businesses

Company Market Cap RoE (%) RoCE (%) 10 Yr FCF/ 10 Yr CFO/ Debt-Equity P/E (x) P/BV (x)
(INR bn) FY18 FY18 CFO Net Sales (x) FY18 FY18
SJVN 95 11 12 66% 76% 0.2 8.0 0.9
Indian Energy Ex 50 45 70 80% 57% - 38.0 17.6
CARE Ratings 29 29 41 92% 45% - 18.1 4.9
MOIL 41 15 23 78% 36% - 9.8 1.5
Rites 52 17 22 81% 36% - 14.9 2.4
Techno Elec.Engg 31 22 26 57% 33% 0.2 15.0 2.5
Thyrocare Tech. 28 22 33 66% 30% - 29.9 6.4
Just Dial 39 12 16 71% 26% - 34.3 4.0
eClerx Services 44 24 30 85% 26% - 16.2 3.7
Accelya Kale 14 49 74 80% 26% - 15.4 7.6
Advance. Enzyme. 20 18 26 82% 24% 0.1 22.7 3.6
Hester Bios 13 18 20 67% 24% 0.5 51.4 9.4
Bajaj Consumer 46 43 53 80% 23% - 21.7 9.3
EIH Assoc.Hotels 12 13 20 79% 23% - 30.4 3.9
Emami 182 20 22 61% 23% 0.2 49.1 9.0
La Opala RG 24 16 22 59% 23% - 32.0 4.8
ICRA 28 17 26 86% 22% - 29.0 4.3
CRISIL 105 33 45 88% 22% - 29.3 9.3
Reliance Nip.Lif 128 13 34 83% 21% - 25.4 5.7
Kaveri Seed Co. 29 21 21 73% 21% - 13.9 2.9
ERIS Lifescience 89 41 35 78% 21% 0.3 30.5 10.3
GHCL 24 24 19 65% 20% 0.9 6.8 1.5
✓ M.Cap. Between INR10bn-200bn, RoE & RoCE >= 10% Data as on 29th March 2019
✓ FCF/CFO >= 50% Source: Capitalline
✓ CFO/Net Sales >= 20%

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April 2019

Sector in Focus : Consumer Durables & Electricals

Room AC industry to post double-digit growth in FY20: Voltas Management to Motilal Oswal
Voltas expects volumes in Room Air Conditioners to register double digit growth in FY20. While the southern region has seen a
surge in demand, north region is yet to see any meaningful demand growth. Inventory levels have started to recede and primary Read More →
channel filling has increased. Additionally, the management expects UCP margins to settle around 11-12% on sustainable basis

Demand for white goods to rise on cash doles to farmers, tax incentive: Industry
The industry expects that sops to the middle class in the Budget, such as tax rebate for income up to Rs 5 lakh and cash doles for
farmers, would act as a catalyst to boost the demand. Read More →

Blue Star targets 13.5% market share in FY20

Blue Star Limited is aiming at raising its market share to 13.5 % from the current 12.8% in FY 20. The company is hoping its launch
of a slew of 75 new models of room air conditioners to raise its sales prospects. Read More →

V-Guard stands to gain from India's summer woes

V-Guard, the maker of voltage stabilisers, is expected to see a surge in demand as consumers look to protect appliances from
electricity swings, according to dealers. They expect volumes to jump up to 25% this year, more so after an extended winter and an Read More →
erratic summer hurt demand last year

Ample summer, stable rupee should ease margin pressure: Sunil A D'Souza, Whirlpool of India
Late onset of summer has resulted in slightly slower growth in the March quarter. However, the management believes a more
stable commodities and currencies and price hikes taken according to plan, should result in stable margins for the company. Read More →

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Consumer Durables: Key Financials and Valuation

Companies Market Cap Revenue Growth (%) EBITDA Margin (%) PAT Growth (%)
Y/E March (INR bn) FY16 FY17 FY18 FY16 FY17 FY18 FY16 FY17 FY18
Havells India 483 (11.7) (19.3) 32.6 10.0 13.4 12.9 237.3 (62.0) 33.9
Voltas 208 9.8 4.9 6.5 7.6 9.5 10.4 0.7 33.7 10.6
Whirlpool of India 192 4.4 14.6 22.0 11.4 12.5 11.7 14.0 29.4 12.9
Symphony 97 (10.0) 60.0 4.4 36.7 26.0 27.5 2.2 40.5 15.8
V Guard Industries 95 6.7 12.0 11.5 9.6 10.0 8.2 57.9 29.5 (7.2)
Blue Star 65 18.0 15.4 8.2 5.8 5.1 5.9 133.5 (2.8) 21.3
Johnson Controls-Hitachi 56 4.3 20.2 10.8 7.7 8.6 9.4 (35.7) 62.2 23.6
IFB Industries 40 21.5 17.2 23.3 3.9 6.5 7.9 (36.9) 75.8 52.0

Companies D/E (X) RoE (%) P/E (X) EV/EBITDA (X)

Y/E March FY18 FY16 FY17 FY18 FY16 FY17 FY18 FY16 FY17 FY18
Havells India 0.0 53.7 15.7 18.9 37.1 97.7 72.9 24.8 33.4 27.9
Voltas 0.0 15.8 16.9 15.9 53.8 40.2 36.4 20.0 23.5 30.1
Whirlpool of India 0.0 23.1 23.4 21.4 80.1 61.9 54.8 20.5 29.3 32.4
Symphony 0.0 37.2 42.4 35.8 81.5 58.0 50.1 69.5 52.8 56.1
V Guard Industries 0.0 26.3 26.2 19.4 83.6 65.0 70.4 14.7 34.8 49.3
Blue Star 0.5 23.3 17.7 19.3 51.1 52.6 43.4 16.9 30.3 27.3
Johnson Controls-Hitachi 0.0 14.9 20.3 20.6 112.2 69.2 56.0 27.2 29.2 33.2
IFB Industries 0.0 6.3 12.4 15.9 126.2 74.4 48.9 56.7 22.5 25.8

Source: Bloomberg, Data as on 29th March 2019

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April 2019

Consumer Durables: Price Performance

Companies Price (INR) 52 Wk High(INR) 52 Wk Low (INR) 1M (%) 6M (%) 1 Y (%) 3 Y (%) 5 Y (%)
Havells India 773 783 484 11.6 19.9 58.9 68 326
Voltas 629 665 472 16.3 9.4 0.7 51 286
Whirlpool of India 1,515 1,955 1,263 13.5 4.9 0.6 27 566
Symphony 1,380 1,947 812 8.3 36.3 (23.2) (9) 275
V Guard Industries 222 255 159 14.4 23.0 0.4 30 570
Blue Star 678 842 507 10.3 11.2 (10.3) 4 234
Johnson Controls-Hitachi 2,062 2,758 1,526 19.6 18.4 (18.0) 18 1,095
IFB Industries 978 1,420 707 22.7 (9.6) (16.5) 48 1,109
Source: Bloomberg, Data as on 29th March 2019

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Midcap Monitor
April 2019

Bulk Deals by Institutional Investors : Buy

Date Company Investor Exchange Traded Volume Traded Price Traded Value
('000) (INR) (INR Mn)
28-Mar-19 Britannia Inds. SBI ETF Nifty - Scheme 483 NSE 1,297 3,099 4,019
15-Mar-19 Bata India Vanguard Emerg. Mkts Stock Index NSE 851 1,375 1,170
15-Mar-19 NIIT Tech. Vanguard Emerg. Mkts Stock Index NSE 840 1,337 1,123
15-Mar-19 NBCC ICICI Prudential MF A/C Bharat 22 ETF NSE 14,114 66 928
15-Mar-19 SRF Kotak MF NSE 361 2,400 867
15-Mar-19 Castrol India Vanguard Emerg. Mkts Stock Index NSE 5,083 166 844
15-Mar-19 DCB Bank Vanguard Emerg. Mkts Stock Index NSE 4,005 202 808
06-Mar-19 Sunteck Realty BNP Paribas Arbitrage NSE 2,110 370 781
15-Mar-19 TTK Prestige Vanguard Emerg. Mkts Stock Index NSE 76 8,536 646
06-Mar-19 Relaxo Footwear American Funds Ins. Series Growth Income BSE 867 715 620
15-Mar-19 Aarti Inds. Vanguard Emerg. Mkts Stock Index NSE 416 1,425 594
15-Mar-19 V-Guard Inds. Vanguard Emerg. Mkts Stock Index NSE 2,327 221 513
26-Mar-19 PVR Morgan Stanley France Sas BSE 316 1,573 498
20-Mar-19 Carborundum Uni. Sundaram MF A/C Select Midcap NSE 1,305 358 466
08-Mar-19 Laurus Labs Amansa Holdings Pvt Ltd NSE 1,209 350 423
15-Mar-19 V-Mart Retail Vanguard Emerg. Mkts Stock Index NSE 156 2,628 410
07-Mar-19 Vijaya Bank Morgan Stanley (France) S.A.S. NSE 8,129 46 374
15-Mar-19 Team Lease Serv. Vanguard Emerg. Mkts Stock Index NSE 107 2,830 304
18-Mar-19 Just Dial Morgan Stanley France Sas NSE 407 639 260
18-Mar-19 Reliance Infra. PGGM World Equity BV NSE 1,461 136 199
07-Mar-19 NIIT Canara Robeco Income Saver Fund NSE 1,200 93 111
27-Mar-19 Khadim India UTI MF NSE 192 437 84
Source: NSE/BSE

20
Midcap Monitor
April 2019

Bulk Deals by Institutional Investors : Sell

Date Company Investor Exchange Traded Volume Traded Price Traded Value
('000) (INR) (INR Mn)
28-Mar-19 HPCL SBI ETF Nifty - Scheme 483 NSE 8,202 272 2,233
13-Mar-19 Arvind Fashions. Vanguard Total International Stock Index Fund NSE 415 718 298
05-Mar-19 La Opala RG Steadview Capital Mauritius Ltd BSE 754 200 151
05-Mar-19 CESC Ventures International New Discovery Fund NSE 148 516 76
05-Mar-19 S P Apparels Edelweiss Multi Strategy Funds - Hexagon NSE 168 253 43

Bulk Deals : Change in Hands

Date Company Investor Exchange Activity Traded Volume Traded Price Traded Value
('000) (INR) (INR Mn)
01-Mar-19 SBI Life Insurance CA Emerald Investments BSE Buy 90,000 515 46,350
29-Mar-19 SBI Life Insurance Canada Pension Plan Investment Board BSE Buy 20,000 578 11,550
01-Mar-19 SBI Life Insurance BNP Paribas Cardif (Promoter) BSE Sell 92,253 515 47,511
29-Mar-19 SBI Life Insurance BNP Paribas Cardif (Promoter) BSE Sell 50,740 578 29,324

15-Mar-19 RBL Bank Vanguard Emerg. Mkts Stock Index NSE Buy 10,061 648 6,524
15-Mar-19 RBL Bank Integrated Core Strategies (Asia) Pte.Ltd. NSE Sell 2,749 648 1,781

14-Mar-19 Jubilant Food. Prudential ICICI AMC Ltd NSE Buy 820 1,312 1,076
14-Mar-19 Jubilant Food. Kotak Mahindra MF NSE Buy 800 1,312 1,050
14-Mar-19 Jubilant Food. Jubilant Consumer Pvt Ltd (Promoter) NSE Sell 3,959 1,312 5,196
Source: NSE/BSE

21
Midcap Monitor
April 2019

Bulk Deals : Change in Hands

Date Company Investor Exchange Activity Traded Volume Traded Price Traded Value
('000) (INR) (INR Mn)
12-Mar-19 Bajaj Consumer ICICI Prudential MF BSE Buy 900 315 283
12-Mar-19 Bajaj Consumer Bajaj Resources Ltd (Promoter) BSE Sell 10,100 316 3,196

05-Mar-19 Relaxo Footwear SBI MF NSE Buy 3,724 715 2,663

05-Mar-19 Relaxo Footwear Mukand Lal Dua (Promoter) NSE Sell 2,000 715 1,430
05-Mar-19 Relaxo Footwear Ramesh Kumar Dua (Promoter) NSE Sell 2,000 715 1,430

14-Mar-19 Laurus Labs Amansa Holdings Pvt Ltd BSE Buy 3,300 351 1,158
08-Mar-19 Laurus Labs Amansa Holdings Pvt Ltd BSE Buy 1,018 350 356
14-Mar-19 Laurus Labs FIL Capital Management (Mauritius) Ltd BSE Sell 6,119 351 2,149

11-Mar-19 Matrimony.com Nalanda India Equity Fund Ltd NSE Buy 2,111 510 1,076
11-Mar-19 Matrimony.com HDFC MF NSE Sell 1,825 510 931
11-Mar-19 Matrimony.com HDFC MF NSE Sell 189 510 96

08-Mar-19 Thermax Reliance MF BSE Buy 1,000 940 940

08-Mar-19 Thermax Impax Environmental Markets Plc BSE Sell 604 940 568

14-Mar-19 ICRA Reliance MF NSE Buy 230 2,877 662

14-Mar-19 ICRA Smallcap World Fund Inc NSE Sell 229 2,877 658

01-Mar-19 Hindustan Foods Jwalamukhi Investment Holdings BSE Buy 1,340 360 482
01-Mar-19 Hindustan Foods Westbridge AIF I BSE Buy 217 360 78
01-Mar-19 Hindustan Foods Sixth Sense India Opportunities-I BSE Sell 1,500 360 540
Source: NSE/BSE
22
Midcap Monitor
April 2019

Bulk Deals : Change in Hands

Date Company Investor Exchange Activity Traded Volume Traded Price Traded Value
('000) (INR) (INR Mn)
15-Mar-19 CARE Ratings Virtus Emerging Markets Small Cap Fund NSE Buy 521 999 520
15-Mar-19 CARE Ratings Reliance MF NSE Sell 519 999 518

01-Mar-19 AAVAS Financiers Matthews India Fund BSE Buy 405 1,070 433
01-Mar-19 AAVAS Financiers Amundi Funds SBI FM Equity India BSE Sell 448 1,070 479

11-Mar-19 Lemon Tree Hotel Zaaba Pan Asia Master Fund NSE Buy 5,216 85 443
11-Mar-19 Lemon Tree Hotel Morgan Stanley Asia (Singapore) Pte NSE Sell 5,284 84 445

25-Mar-19 Security & Intel Steinberg India Emerging Opport. Fund Ltd NSE Buy 525 830 436
25-Mar-19 Security & Intel Vocational Skills Council India Pvt Ltd NSE Sell 590 830 490

06-Mar-19 Lux Industries Abakkus Growth Fund - 1 (Sunil Singhania) NSE Buy 300 1,228 368
06-Mar-19 Lux Industries Monet Securities Pvt Ltd NSE Sell 246 1,230 303

14-Mar-19 ISGEC Heavy Canara Robeco MF BSE Buy 53 5,500 289

14-Mar-19 ISGEC Heavy Ranjan Tandon BSE Sell 100 5,500 550
11-Mar-19 ISGEC Heavy Ranjan Tandon BSE Sell 43 5,201 224
12-Mar-19 ISGEC Heavy Ranjan Tandon BSE Sell 42 5,300 223

06-Mar-19 Eveready Inds. India Opportunities Growth Fund Ltd NSE Buy 700 200 140
06-Mar-19 Eveready Inds. OHM Enterprises NSE Buy 600 200 120
06-Mar-19 Eveready Inds. OHM Juniper Longterm Fund Ltd NSE Buy 500 200 100
06-Mar-19 Eveready Inds. DSP Small Cap Fund NSE Sell 2,174 200 435
Source: NSE/BSE
23
Midcap Monitor
April 2019

Bulk Deals by Promoters

Date Company Investor Exchange Activity Traded Volume Traded Price Traded Value
('000) (INR) (INR Mn)
08-Mar-19 Wipro Azim Premji Trust BSE Sell 26,667 257 6,842
28-Mar-19 GRUH Finance HDFC Ltd NSE Sell 8,030 260 2,088
28-Mar-19 GRUH Finance HDFC Ltd BSE Sell 4,170 260 1,084
08-Mar-19 Granules India Krishna Prasad Chigurupati BSE Sell 5,000 101 505
27-Mar-19 Dynamatic Tech. Udayant Jayant Malhoutra NSE Sell 45 1,530 69

08-Mar-19 The Anup Engi. Avadh Material And Equip. Suppliers NSE Buy 139 548 76
08-Mar-19 Balaji Telefilms Shobha Ravi Kapoor BSE Buy 703 87 61
08-Mar-19 The Anup Engi. Avadh Material And Equip. Suppliers BSE Buy 60 557 33

Bulk Deals by Individual Investors/ Others

Date Company Investor Exchange Activity Traded Volume Traded Price Traded Value
('000) (INR) (INR Mn)
12-Mar-19 CG Power & Indu. Bharti Sbm Holdings (Sunil Mittal) NSE Buy 9,700 40 391
15-Mar-19 CG Power & Indu. Bharti Sbm Holdings NSE Buy 7,555 44 332
19-Mar-19 CG Power & Indu. Bharti Sbm Holdings NSE Buy 5,664 46 261
11-Mar-19 CG Power & Indu. Bharti Sbm Holdings NSE Buy 3,600 38 137

20-Mar-19 Jubilant Life Jubilant Employees Welfare Trust NSE Sell 3,475 784 2,725
20-Mar-19 Ramkrishna Forg. Chartered Finance & Leasi Ng Ltd NSE Sell 165 526 87
Source: NSE/BSE

24
Midcap Monitor
April 2019

Management Talks

MOFSL VIEWS HDFC (Buy, TP INR2,300): NHB proposal will have no impact on HDFC operations; Keki Mistry,
Vice Chairman
✓ Do not believe that what NHB has proposed will make any difference whatsoever to company's operations over the
next five to seven years or probably even more than that.
✓ Company's tier-1 capital stands at 17.2% and company has a very low level of tie-2 capital of only 1.7%, giving a
total capital adequacy of 18.9%. The ability to increase the tier-2 capital is very high because tier-2 capital can be
BUY 50% of tier-1 capital.
✓ For a couple of months, everything in the market sort of slowed down, credit lines froze. Fortunately, all the com-
mercial paper, the short-term borrowings that the NBFCs had done largely from MFs, all got paid off on time.
✓ Only those NBFCs which carry a very high leverage will get impacted by what NHB has said.
✓ Not seeing any real consolidation happening (in the sector). But really, the big players, the four or five big housing
finance companies constitute a very significant portion of the total housing finance business in the country.

Read More →

Titan (Buy, TP INR1,180): Main Goal is to raise the top line, going forward 15-20% margins
should be maintained, S Subramaniam, CFO
✓ The jewellery industry is facing issues due to high gold prices, negative consumer sentiments since last 1-2 years.
✓ However wedding seasons which contribute to 60% demand in the country is inelastic to that. Customers tend to
delay the purchase of jewellery as gold prices are high, hence there could be a lag in purchase. Titan’s market
BUY share gain trend is continuing. The tailwinds of regulatory intervention are helping us.
✓ We will just continue to do what we have to do, and 2013 saw a double digit growth, post that gold prices have
been volatile. We realised if we wish to see a CAGR of 15-20%, we need to be aggressive in network rollout, and
we need to increase the market share.
✓ We target to get ~10% market share, with a CAGR of 15-20%, where the industry stands at 5-6%, what we actually
achieve depends upon the execution.
Read More →

25
Midcap Monitor
April 2019

Management Talks

MOFSL VIEWS HDFC Life (Buy, TP INR475): Our focus is on new customers but with an eye on back book; Vibha
Padalkar, CEO
✓ The SEBI requirement is that post listing, within a period of three years, a company has to reach a minimum public
shareholding of 25% and before the OFS opened yesterday, company was at 19.3%. Had to cover just about 6% --
5.7%.
✓ The penetration of insurance in India vis-a-vis China is inadequate. Typically for top companies in China, term or
BUY pure protection products account for 50% of their sales. India is just at the beginning. Company is the market
leaders in selling protection and it is at an APE of 16.6%.
✓ If one were to look at the number of policies, it is a very robust growth of more than 20% and that will continue.
8.5% of the new policies that company has sold have come from upselling to credit protect customers. The percent-
age of those who have completed and repaid their loans to NBFCs or banks is steadily trending upwards.
✓ Company's proprietary channels continue to grow and as a percentage of total business it has grown to 28% from
around 20% Read More →
Tech Mahindra (Buy, TP INR940): We will pay shareholders via buybacks or dividends; not hold
excess cash; Manoj Bhat, Deputy CFO
✓ Do not think USDINR will have major impact looking at the full year average. Quarter-on-quarter the impact will be
much more severe but on a full-year basis, it might not be a large impact.
✓ Typically in the IT industry, contracts are on a full-risk basis. Company hedges for up to two years. At any given

BUY ✓
point, have about $1.5 to 1.6 billion in hedges and that helps manage volatility over a period of time.
Would like to do this (buyback) on a consistent basis going forward and reward shareholders both through buybacks
and dividends. Will not hold excess cash in the company. Will follow both a buyback plus a dividend kind of
structure going into the future.
✓ Increasingly digital is a larger proportion of revenues for everyone and digital is growing at 30% plus for most of
the industry. Digital today is about 33% of revenues for company
Read More →

26
Midcap Monitor
April 2019

Management Talks

MOFSL VIEWS Federal Bank (Buy, TP INR115): FY20 And Beyond, We Will Look At Niches For Expansion; Shyam
Srinivasan, MD & CEO
✓ Both credit and deposit growth for the bank over last many quarters has been well into the 20s. Both low cost and
the overall deposit growth has been quite good. Company is growing probably 2-2.5x the average of market growth.
✓ Over the last 10-12 quarters, credit growth has been closer to 24-25%. Bank is seeing that momentum continue in
particular in retail. Mid-market growth is very strong and will keep that going. Core corporate is growing very well.
BUY Bank has started toning down certain areas like NBFC or bulk lending. The blended growth rate of 20% plus is very
possible. Areas like retail, mid-market the part of corporate that bank wants to scale up are all growing at 24-25%.
✓ Retail growth over the last three-four quarters has been north of 30% and bank sees the new mix is good corporate
and mid-market growth and commercial banking growth -- all in the mid 20s. Retail probably is in the higher end of
the 20s or even 30s. The blended growth for the portfolio because of some parts, will come down to 20-22%.

Read More →

PI Industries (Buy, TP INR1,023): Expects margin to remain in range of 20-21%, Mayank

Singhal, MD&CEO
✓ The Indian Agro-Chemical Industry is well poised to take advantages of the changes in the environmental norms in
China. They will be able to capitalise this for exports going forward.
✓ From the long term perspective, one should not look at QoQ figures as demands could have some spurts. As far as
PI Industries, we will continue to growth for the next 2-3 years at 20-21%.
BUY ✓ Export Business: There is expansion in capacity, backed by good order book position, thus we will continue to grow.
✓ As far as the domestic business is concerned, due to the Government initiatives there will be more demand,
however it is largely dependent upon climatic conditions.
✓ Going forward, Rs300-400 Cr Capex is planned to increase the capacity. 3-4 export CSM molecules, 3-4 molecules
for distribution business in India are also planned.

Read More →
27
Midcap Monitor
April 2019

Management Talks

MOFSL VIEWS DB CORP (Buy, TP INR215): Very positive and bullish for Q1, Q2 FY20, Girsih Agarwal, Non-
ex-ecutive Director
✓ The 25% hike in the ad-prints by the government is a measure which is always welcomed; it happens once is every
three years. Impact is seen overall, as IPL is upcoming, elections are coming, the summer season begins, admis-
sions in education industry begins; thus overall very positive.
With current single digit growth we look forward to double digit growths going forward. Q3 single digit % was due
BUY
✓
to the festive season of Diwali, Q4 should be slightly lower than that, going forward Q1 should be able to reach
double digits %.
✓ News print prices have cooled off. This is very material considering the prices have come to 520-530USD from
730-750USD, the Q1 Will pick this and impact would be seen Q2FY20 onwards. As in Q4 we use inventory pur-
chased at old costs.
Read More →
✓ We are very very bullish and positive on Q1, Q2FY20.

Blue Star (Neutral, TP INR620): Revenue growth should not be a problem, but the margins would
be better than Q3, B Thiagarajan, Executive Director
✓ The summer has been late by two weeks, but weather forecasts indicate a reasonably good summer. This year was
full of headwinds, however going forward, for FY20 we are looking for a 15% growth and planning to improve the
market share by 15-20%.
✓ Last summer all of us prepared for a 25% growth which did not happen, in the process we carried the inventory for
the entire calendar year. January was a fair month with around 45 days of inventory, in march we have built
inventory of 60 days which is required in this business, it will taper in July and rebuild during festive season.
Neutral ✓ Ad-Expense budget for FY20 is at Rs 55Cr vis-à-vis Rs 45Cr of last year, 70-75% of this should be consumed during
summer, if that does not happen it will be postponed to the festive season, but fixed portion would be incurred.
✓ Going forward, we have 75 new models, in the high end, 5 star, window AC and Air coolers segment, with innova-
tion and new features. Growth as far as region is concerned should primarily come from Tier 3, 4, 5.We have
increased our market share from 12.8 to 13.5 currently, and aim to reach 15% by FY21.
Read More →

28
Midcap Monitor
April 2019

Management Talks

MOFSL VIEWS Thomas Cook India : Operating Airlines to be tough if structural changes not made,
Madhavan Menon, Chairman
✓ From an inbound point of view, current scenario of high airfares is a temporary glitch. There's at least three to six
months' forward planning in the inbound business. But any change or cancellation now is causing inconvenience

No
and is not helping.
✓ Plus, there is a lot of nervousness about Jet Airways because a lot of people take it from overseas into India. And

view ✓
it was considered a premium product to travel. So yes, it's a bumpy ride for the next few weeks.
We are all focused on booking people on alternate flights. As far as the domestic holiday business is concerned,
a lot of these bookings and the inventory were put in place before the crisis started. So, I don't think it has
affected us immediately.
✓ I have been in the forex business for 19 years. We have grown at a CAGR of 8-9% and will continue to grow. We
have differentiated ourselves through our products. When I came to this company we used to sell just cash.
Today, we sell cash, we give prepaid cards, and we even make remittances.
Read More →

Future Group: Regarding 7-Eleven | Plan To Build A Billion-Dollar Business In 7-8 Years; Kishore
Biyani, Founder & CEO

No ✓ Have got into a franchise agreement with 7-Eleven and plan to open first store in Mumbai.

view
✓ It is a 30-year contract in which company is building a joint business plan. These are convenience stores which
have categories like sipping, munching, confectionary, fresh food and café in some of the stores.
✓ You can get your morning breakfast to lunches to dinners to takeaways to 24-hour operational stores. Believe
modern urban life today India needs stores like this. The concentration will be only in urban centres.
✓ The business plan is within seven to eight years, company has to build a business of over billion dollar and the
royalty which company pays is towards the brand which is used and towards the equipment which they provide
company with.
Read More →

29
Midcap Monitor
April 2019

Management Talks

MOFSL VIEWS Essel Propack : Pharma Is A Great Opportunity to Grow In India; Ashok Goel, VC and MD

✓ Absolutely certain that company will grow at least 12% if not 15% top line and a little better performance on the
bottom line.

No ✓ Non-oral care this year has been growing nicely across all geographies, be it Europe, China or America. India was a
little soft because of various regulatory stuff, but hope India will start to bounce back in coming months.

view ✓ Have grown overall oral care this year about a percentage point. Revenue share between oral and non-oral until last
year was 41 per cent in favour of non-oral care. This year, it is 42 per cent and target obviously is 50 per cent and
expect this to continue to grow in that direction.
✓ Europe is one geography where company ought to grow. All fixed costs are already sitting there and therefore it is
for company to now reap the benefits and capabilities are already built. Read More →

GNA Axles : Impact of slow auto sales on growth of GNA Axles, Ranbir Singh, Presi-dent &
CEO
✓ Q3 numbers were very good on the back of volume growth (CV &Tractors) but unfortunately Jan onwards the
overall production & volumes have dropped 20-25%. However for GNA, 50% dependence has been on exports to

No ✓
North America, Asia, & South America, hence Top Line is not affected.
No doubt in North America Class 8,9 category (Heavy Segment) has been dropping, but we are in other segments
view also. Overall increase in North America's sales is over 60% YoY, still we are overbooked and we are compensating
loss in sales in domestic markets through exports.
✓ (Loss of sales) In value terms, within the domestic market is over 20% in Q4, however top line is maintained as
much as the Q3, as exports have the gap covered.
✓ Overall growth will be over 35% for sales, over 900 Cr, planning to grow 15% (Conservatively), after seeing the
total scenario of the domestic market. No Agenda to reduce capacity enhancements, we are enhancing our capaci-
ties by 25%.
Read More →

30
Siddhartha Khemka
Head - Retail Research
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Kong) "SFO". As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to "Professional
Investors" as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors." Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction
where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is not a registered investment adviser under the U.S. Investment Advisers Act of
1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described
herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be
acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided
by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with
a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on
communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed
in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in
connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Disclaimer:
This report is intended for distribution to Retail Investors.
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This
report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation
that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and
needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred
to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another
derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures
of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and
alternations to this statement as may be required from time to time without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this
document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into
account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed
therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any
person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOSL to any registration or licensing requirement within such jurisdiction. The
securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives
shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt MOSL or any of its affiliates or employees
from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be
suffered by the person accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400
064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id: [email protected], Contact No.:022-38281085.
Registration details of group entities.: Motilal Oswal Securities Ltd. (MOSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412 . AMFI: ARN 17397. Investment Adviser: INA000007100. IRDA Corporate Agent - CA0541. Motilal Oswal Asset Management Company Ltd.
(MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
* Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench. The existing registration no(s) of MOSL would be used until receipt of new MOFSL registration numbers.