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ED: ANISH MATHEW SA: DHANANJAY SINHA

India Equity Research | India Strategy

March 1, 2019

India Strategy

India Strategy Refer to important disclosures at the end of this report

Emkay Alpha Portfolios – March 2019 Update

This report is solely produced by Emkay Global. The following person(s) are responsible for the production of the recommendation:

Dhananjay Sinha

Head of Research, Economist and

Strategist

[email protected]

+91 22 6624 2435

Anubhav Gupta

[email protected]

+91 22 6612 1336

Emkay Research Team

Your Success is Our Success

After receiving an enthusiastic response and constructive feedback from a

slew of clients, we are now updating “Emkay Alpha Portfolios”, or EAPs, to

incorporate those inputs.

As we have highlighted in our first EAP report, each of our analysts starts

thinking like the Buy Side, and constructs their own sector portfolio, and aims

to generate Alpha. With this unique initiative, we are simply adopting your

goals, having some skin in the game, while driving accountability and ensuring

our interests are aligned.

Methodology – As realistic as possible

Benchmark & Weights: Each of the Sector Portfolios are benchmarked against

BSE200, while the India portfolio is benchmarked against Nifty50 and the SMID (Small

& Mid-Cap) portfolio against BSE400SMID. Each analyst then assigns Active Weights to

arrive at his/her sector EAP, and measures the performance against an equal-weighted

portfolio or index.

Changing Views: Whenever an analyst changes weight, he/she does so after market

hours, publishes a note on why the change, with the updated portfolio, and uses the next

day VWAP price for NAV calculations. Material changes will be made relatively

infrequently, but analysts can take advantage of short-term greed & fears by trimming

in/out around core positions.

Emkay Alpha Portfolios – Sector EAPs, India EAP, India SMID EAP

Sector EAPs: These 19 sector portfolios are the building blocks of our EAP initiative.

Here each of our lead analysts pick up the BSE200 weight of all the stocks under his/her

coverage, and assigns an active EAP weight (OW or UW). The goal of each of the

portfolio is to generate Alpha against a neutral-weighted sector portfolio.

India EAP: This is the large-cap oriented Nifty50 benchmarked portfolio. Our Strategist

Dhananjay Sinha constructs it ‘bottom-up’ by looking at our individual sector portfolios,

and picking the highest active ideas. He then overlays it with the must-own Nifty50 large-

cap names, and finally applies his ‘top down’ sector tilts to arrive at the portfolio. The

goal is to beat the Nifty50 index.

India SMID EAP: This is the small & mid-cap portfolio benchmarked against the

BSE400SMID. Our SMID specialist Anubhav Gupta constructs it by selecting the top

ideas from his direct coverage, and augments it by picking SMID ideas from our individual

sector portfolios. Again, the goal is to beat the BSE400SMID index.

High Conviction Ideas

Large-Caps (OW) - ACC, Bajaj Finance, HCL Tech, ICICI Bank, Larsen & Toubro,

Mahindra & Mahindra, Marico, Reliance Industries, Tata Steel, and United Breweries

Large-Caps (UW) - Ashok Leyland, Bharti Airtel, Eicher Motors, ITC, and United Spirits

Small & Mid-Cap (Buys) - APL Apollo, Cholamandalam Finance, Exide Industries,

Granules India, Max Financial, Mphasis, Radico Khaitan, Sterlite Technologies, Sunteck

Realty, and Varun Beverages

India Strategy India Equity Research | Emkay Alpha Portfolios


ED: ANISH MATHEW SA: DHANANJAY SINHA March 1, 2019 | 2

Table of contents

Emkay’s High Conviction Ideas .............................................................................................. 3

EAP – India ................................................................................................................................ 6

EAP – India SMID ...................................................................................................................... 8

EAP – Agri Input & Chemicals ................................................................................................... 9

EAP – Automobiles & Auto Ancillaries ..................................................................................... 10

EAP – BFSI-Banks .................................................................................................................. 11

EAP – BFSI-NBFCs ................................................................................................................. 12

EAP – BFSI-Insurance ............................................................................................................. 13

EAP – Cement ......................................................................................................................... 14

EAP – Construction & Infrastructure ........................................................................................ 15

EAP – Consumer Durables ...................................................................................................... 16

EAP – Consumer Goods & Retail ............................................................................................ 17

EAP – Engineering & Capital Goods ....................................................................................... 18

EAP – Information Technology ................................................................................................ 19

EAP – Media & Entertainment ................................................................................................. 20

EAP – Metals & Mining ............................................................................................................ 21

EAP – Oil & Gas ...................................................................................................................... 22

EAP – Pharmaceuticals ........................................................................................................... 23

EAP – Ports ............................................................................................................................. 24

EAP – Power ........................................................................................................................... 25

EAP – Specialty Chemicals ..................................................................................................... 26

EAP – Telecommunications ..................................................................................................... 27

Appendix A: India Macro View ................................................................................................. 28




Emkay’s High Conviction Ideas

Exhibit 1: Emkay High Conviction Picks – Large-Caps (Over Weight)

Company Rating Description

ACC BUY

A pan-India cement player with 30% volume in the East region, 20% each in Central/South region, and 15%

each in North/West region

Concerns about lack of capacity expansions would be mitigated after placing orders for plant and machinery

for the capex announced in Dec-18

Valuation is attractive at 9.8x/9.4x CY19/CY20E EV/EBITDA. Strong balance sheet with net cash of Rs30bn

should help in capacity expansion.

Bajaj Finance BUY

Consumer and rural loans (mainly retail) to drive AUM growth on the back of the Indian consumption story

Strength in cross-selling with a customer base of ~32.6mn to expand NIM and ROE

Diversified and well-managed liabilities to keep cost of funds under check

HCL Tech BUY

IT services provider with differentiated portfolio of offerings (both platform and services vs. only services of

peers)

Continuation of organic growth recovery with IMS revival and record deal wins in 9MFY19 (up 40% yoy) are

key re-rating triggers

Attractive valuations (~11.5x FY21E EPS), coupled with strong growth and stable margins, make HCL Tech

a preferred pick

ICICI Bank BUY

Bottoming out of NPA recognition cycle led by lower slippages and accelerating resolutions

Changing gears on growth led by continued re-retailization and uncompromising focus on profitability

Available at reasonable valuations (1.4x FY21 ABV adjusted for subsidiaries valuation); set to re-rate on the

back of healthy liability franchisee, decelerating legacy asset quality issues, and improving return ratios

Larsen & Toubro BUY

Play on sustained infrastructure development led by distributed public funding

Pick-up in domestic infra execution and sustenance of order visibility are key catalysts

Tightening balance sheet, pick-up in execution led by changing order mix and working capital control will

together yield 18%+ earnings CAGR for L&T over FY19-21E

Mahindra & Mahindra BUY

Diversified play with presence across segments. FY19-21E revenue performance to be supported by strong

growth in the PV segment

New products to support sales in PVs (Marazzo MPV, XUV300 compact UV), CVs (Furio I&LCVs), and 3Ws

(Treo)

Attractive valuations (Core P/E of 9x on FY20E estimates) coupled with healthy growth to support stock

performance

Marico ACCUMULA

TE

Strong presence in the health and wellness space with market leadership in hair oils, refined premium edible

oils, and male grooming

Improvement in volumes from faster pace of innovations, along with margin tailwinds, to drive strong 20%

earnings CAGR

Valuations, at 36x FY20E EPS, are attractive relative to peers

Reliance Industries BUY

Core business likely to remain stable as integrated petchem and upcoming petcoke projects to support

earnings

Retail and Jio continue to scale up; fiber and tower monetization to affirm valuations, and lower debt

Capex cycle largely over while the higher share of consumer business earnings to push up valuations and

multiples

Tata Steel BUY

Exiting high-cost /low-margin/low-demand geographies like EU/ South-East Asia will lead to Rs235bn debt

reduction

Quality of both earnings and balance sheet will improve; 100% integration with iron ore post EU/SEA hive-off,

a case for rerating

Integration with Tata Steel BSL (erstwhile Bhushan Steel) will lead to further savings, increase share of high-

margin automotive business

United Breweries BUY

Dominant and most efficient player in the domestic beer category. Strong portfolio, supported by Heineken,

makes it the best play in the underpenetrated India beer growth story.

Strong execution and new launches driving market share gains and double-digit volume growth, which are

likely to sustain given low competition and favorable demand outlook.

Higher growth prospects vs. FMCG, EPS CAGR of 21% over FY20-21E, and an improvement in ROCE to

32% in FY21E vs. 22% in FY18, making current valuations at 49x FY20E EPS appear attractive.




Exhibit 2: Emkay High Conviction Picks – Large-Caps (Under Weight)

Company Raging Description

Ashok Leyland SELL

Proxy for MHCV down-cycle. Revenue growth over next two years to be constrained by lower MHCV volume, adverse

product mix and increasing discounts.

Margins to contract due to lower scale, adverse mix, increase in marketing spends/discounts, and partial absorption of

BS6 cost increases.

Expensive valuations (EV/EBITDA of 8x/10x on FY20E/FY21E estimates) coupled with lower earnings to hit stock

performance.

Bharti Airtel REDUCE

Lack of visibility on revenue recovery and potential market share loss as JIO will continue to remain aggressive.

Sustained elevated capex and lack of revenue recovery will continue to keep balance sheet weak.

JIOs entry into home broadband, Cable TV and Enterprise business will further impact financials.

Eicher Motors SELL

FY19-21E volume growth to be constrained due to steep price increases and the emergence of a strong competitor.

Margins to contract ahead due to a partial pass-through of cost inflation, lower utilization, and higher marketing spends.

Expensive valuations (P/E of 21x/19x on FY20E/FY21E estimates) coupled with tapering growth to hit stock

performance.

ITC REDUCE

Dominant player in cigarettes which contribute 85% of profits. Has presence in FMCG, hotels and paper as well.

Cigarette EBIT growth is unlikely to improve given reduced affordability, resulting in lower pricing power and a lack of

mix improvement.

Other businesses lack drivers to improve growth meaningfully and are too small to make a positive impact. Valuation

discount, similar to global counterparts, is hence justified, in our view.

United Spirits REDUCE

Owned by Diageo, United Spirits has a wide portfolio of IMFL brands and is the second-largest player in premium spirits

behind Pernod Ricard.

Intense competition from Pernod Ricard and rising input costs mainly stemming from a steep increase in ENA prices

(~20% of sales) are likely to impact margins and earnings ahead.

Given downside risks to earnings, valuations at 48x FY20E EPS appear unattractive.




Exhibit 3: Emkay High Conviction Picks – Small & Mid Cap (Buys)

Company Rating Description

APL Apollo BUY

Play on India's construction and infrastructure push; No. 1 steel pipe producer with 18% market share

First-mover advantage in introducing new technologies (DFT and in-line galvanizing)

Double-digit growth in volumes + margins to expand = 40% EPS CAGR FY19-21E

Cholamandalam

Finance BUY

Replacement demand to stem from BS VI implementation

Increasing share of high-yield products such as LCVs and 2Ws

Strong balance sheet and lower repayments to support AUM growth of HE business

Exide Industries BUY

FY19-21 revenue growth expected in double digits due to continuing uptrend in Automotive, Motorcycle, UPS, Solar,

and E-rickshaw segments.

Margins to improve ahead, driven by the better scale, softness in lead prices, and cost-cutting efforts.

Reasonable valuations (Core P/E of 15x/14x on FY20E/FY21E estimates) coupled with healthy growth to support

stock performance.

Granules India BUY

Comfortably placed to benefit from the Indian API opportunity

Ramp-up in capacity utilization to boost growth ahead

Volume growth in key molecules viz. paracetamol, Ibuprofen, Metformin, Guaifenesin to enact another key catalyst

Max Financial BUY

Strong NBP growth as well as APE growth

Improvement in operational efficiency with cost ratio improving by 340bps in FY18

Attractive valuations at 1.6x FY20EV and balanced product mix make it a Buy

Mphasis BUY

Pure-play IT services provider with focus on select verticals such as BFSI and IT,C&E

Differentiated growth channels (Blackstone and HP) to continue to drive growth outperformance

Sector-wide fall in Q3FY19 provides opportunity to enter the name at an attractive valuation

Radico Khaitan BUY

Among the four national liquor companies within an industry with high entry barriers

RDCK has a 55% share in the Indian vodka market, which is growing faster than industry (due to pub culture,

young/women population)

Premiumization and debt reduction will result in EPS CAGR of 22% over FY19-21E

Sterlite

Technologies BUY

Pure-play on global data explosion

Developed capabilities that enable it to capture the full value chain in data network capex (USD75bn opportunity)

24% EPS CAGR, 34% ROE, and 30% ROCE by FY21E

Sunteck Realty BUY

Well-positioned realty player to capitalize on Mumbai’s infrastructure upgrade

Has the best balance sheet - Net D/E 0.1x

Strong backlog for FY20, EPS CAGR of 36% FY19-21E

Varun Beverages BUY

A strong proxy for Indian soft drinks play (85% of PepsiCo India's volume)

ROE/ROCE improvement of 230/450bps from CY18E to 16/19.5% by CY20E

EPS CAGR 35% in CY16-19E (3Q volumes increased 4% yoy)




Emkay Alpha Portfolio - India

Exhibit 4: EAP India portfolio

Company Name Nifty Weight India EAP

Weight OW/UW

(%) OW/UW

(bps)

Agri Input & Chemicals 0.72 1.00 38% 28

UPL 0.72 1.00 38% 28

Auto & Auto Ancillaries 6.65 6.60 -1% -5

Exide Industries 0.00 0.49 NA 49

Mahindra & Mahindra 1.40 1.98 41% 58

Maruti Suzuki India 2.12 2.83 34% 72

Motherson Sumi 0.00 0.84 NA 84

TVS Motor 0.00 0.46 NA 46

BFSI-Banks 27.37 30.00 10% 263

Axis Bank 2.90 3.78 30% 88

HDFC Bank 10.46 11.35 9% 89

ICICI Bank 5.17 6.55 27% 137

Indusind Bank 1.74 1.89 8% 15

Kotak Mahindra Bank* 3.81 3.81 0% 0

State Bank of India 2.30 2.62 14% 32

BFSI-NBFCs 8.50 8.00 -6% -50

Bajaj Finance 1.45 1.48 2% 3

HDFC 7.05 6.52 -8% -53

Cement 1.62 1.00 -38% -62

JK Cement 0.00 1.00 NA 100

Consumer Goods & Retail 10.82 12.00 11% 118

ABFRL 0.00 0.25 NA 25

Berger Paints 0.00 0.33 NA 33

Future Lifestyle 0.00 0.17 NA 17

Glaxosmithkline Consumer 0.00 0.33 NA 33

Hindustan Unilever 2.92 2.81 -4% -11

Heritage Foods 0.00 0.17 NA 17

ITC 5.45 3.31 -39% -214

Jubilant FoodWorks 0.00 0.83 NA 83

Marico 0.00 0.66 NA 66

Nestle India 0.00 1.16 NA 116

Titan Company 1.00 0.99 -1% -1

United Breweries 0.00 0.99 NA 99

Engineering & Capital Goods 3.60 3.40 -6% -20

Cummins India 0.00 0.28 NA 28

Larsen & Toubro 3.60 3.12 -13% -48

Information Technology 15.03 18.00 20% 297

HCL Tech 1.36 3.19 135% 183

Infosys 6.51 4.06 -38% -245

Intellect Design 0.00 0.35 NA 35

L&T Infotech 0.00 0.86 NA 86

Mphasis 0.00 0.91 NA 91

NIIT Tech 0.00 0.35 NA 35

Nucleus Software 0.00 0.35 NA 35

Oracle Financial Services 0.00 0.86 NA 86

Persistent Systems 0.00 0.69 NA 69

Ramco Systems 0.00 0.35 NA 35

TCS 4.94 6.04 22% 110

Source: Emkay Research

* Not under coverage: Equal Weight; We are Equal weight on Kotak Mahindra Bank based on its BSE-200 weights and the difference above is on account of re-basing the weight to EAP India

Head of Research: Dhananjay Sinha

Contact Details

[email protected]

+91 22 6624 2435

Sector

India Strategy, Economics

Analyst bio

Dhananjay Sinha comes with over two

decades of experience in macro-

economics and market research. He

mentors Emkay’s research team. He also

oversees and authors sector thematic

research.




Exhibit 4: EAP India portfolio (Contd..)

Company Name Nifty Weight India EAP

Weight OW/UW

(%) OW/UW

(bps)

Metals & Mining 3.78 4.70 24% 92

Coal India 0.85 2.01 137% 116

Tata Steel 0.88 2.69 206% 181

Oil & Gas 13.19 12.30 -7% -89

HPCL 0.39 0.57 45% 18

GAIL 0.69 0.85 22% 15

Gujarat Gas 0.00 0.14 NA 14

Gulf Oil Lubricants 0.00 0.21 NA 21

Reliance Industries 9.63 10.53 9% 90

Pharmaceuticals 2.49 3.00 20% 51

Aurobindo Pharma 0.00 0.94 NA 94

Granules India 0.00 0.19 NA 19

Suven Life Sciences 0.00 0.19 NA 19

Sun Pharma 1.11 1.69 52% 58

India EAP 100.00

Source: Emkay Research * Not under coverage; EAP weight derived from Banking sector EAP

Exhibit 5: India EAP portfolio NAV (for future addition)

Returns by EAP on rolling basis

Performance NAV 3M 6M 12M

EAP INDIA 100

Nifty 50 100

*Formal performance measurement of EAP starts 1st April 2019


What has gone behind our EAP India portfolio selection?

Maintain our OW position in the IT sector as we see continued traction drawing from the

capital spending from US companies and also from Europe. This sector has been the best-

performing sector since Dec’18, supported by better-than-expected Q3FY19.

OW Metals: Metals sector, particularly steel, is gaining momentum amid a combination of

strong domestic demand, prospects of safeguards against major FTA countries, and the

easing in domestic iron ore prices.

OW BFSI led by private banks; we maintain our positive stance based on rising market

share and improving asset quality & earnings trajectory.

We also remain somewhat OW on consumers with expectations for continued demand

traction on rural spending by the government.

We are UW on Telecom, Cement, Engineering & Capital Goods, and Oil & Gas for various

reasons.

The Auto sector has been adversely affected by disturbances from the recent turmoil in the

NBFC sector, and therefore, was the key underperformer. Volume growth for two-wheelers,

passenger cars, and commercial vehicles have seen a considerable moderation.

We have maintained our UW position on infra/capital goods for some time, largely driven

by the expected slowdown in government capital spending given fiscal pressures and

impending elections. This factor has compounded the drag, which is continuing due to weak

private capex.




Emkay Alpha Portfolio – India SMID

Exhibit 6: EAP sector portfolio

Company Name India SMID Weight (%)

APL Apollo Tubes 11

Bajaj Electricals 8

Delta Corp 3

Radico Khaitan 10

Sterlite Tech 11

Sunteck Realty 8

V2 Retail 5

Varun Beverages 7

SRF 3

Exide Industries 3

Cholamandalam Finance 3

Max Financial 3

Jubilant FoodWorks 2

Mphasis 5

Persistent Systems 2

Gujarat Gas 3

Granules India 2

Orient Refractories 3

Cummins India 3

Since SMID is a discretionary portfolio it is benchmarked to the performance of BSE400 SMID Index


Exhibit 7: Sector portfolio NAV (for future addition)



EAP - Others 100

BSE 400 Small Midcap weighted portfolio 100



Analyst: Anubhav Gupta

Contact Details

[email protected]

+91 22 6612 1336

Sector

Midcaps

Analyst bio

Anubhav Gupta holds a MBA and brings

in total 12 years of research experience.

His team currently covers 10 midcap

stocks across sectors.




Emkay Alpha Portfolio – Agri Input & Chemicals


Company Name BSE200 Weight

EAP Weight

OW/UW (%)

OW/UW (bps)

EAP Weight (Normalised)

Agri Input & Chemicals 0.84 1.02 21% 18 100

Bayer CropScience 0.08 0.03 -69% -6 3

Chambal Fertilisers 0.00 0.00 NA 0 0

Coromandel International 0.09 0.10 11% 1 12

DCM Shriram 0.00 0.00 NA 0 1

Deepak Fertilisers 0.00 -0.01 NA -1 -1

Dhanuka Agritech 0.00 0.00 NA 0 0

GSFC 0.00 0.00 NA 0 0

Insecticides India 0.00 0.00 NA 0 0

PI Industries 0.11 0.13 16% 2 15

Rallis India 0.00 0.02 NA 2 2

Sharda Cropchem 0.00 0.00 NA 0 0

Sterling Tools 0.00 0.00 NA 0 0

UPL 0.56 0.75 34% 19 90


* Not under coverage: Equal Weight




EAP - Agri Input & Chemicals 100

BSE 200 weighted portfolio 100



Analyst: Amar Mourya

Contact Details

[email protected]

+91 22 6624 2425

Sector

Agro-Chemicals, Fertilizers and Specialty

Chemicals

Analyst bio

Amar Mourya is a MBA in Finance and

comes with total 8 years of experience in

the Chemicals and Fertilizers sector. His

team currently covers 23 stocks in the

Agro, Fertilizers and Chemicals space.

mailto:[email protected]




Emkay Alpha Portfolio – Automobiles & Auto Ancillaries



EAP Weight

OW/UW (%)

OW/UW (bps)


Auto & Auto Ancillaries 6.92 6.92 0% 0 100

Amara Raja Batteries 0.11 0.18 64% 7 3

Apollo Tyres 0.12 0.19 56% 7 3

Ashok Leyland 0.21 0.00 -100% -21 0

Atul Auto 0.00 0.07 NA 7 1

Bajaj Auto 0.70 0.42 -40% -28 6

Bosch* 0.31 0.31 0% 0 4

Eicher Motors 0.49 0.21 -56% -28 3

Endurance Technologies* 0.06 0.06 0% 0 1

Escorts 0.00 0.00 NA 0 0

Exide Industries 0.18 0.32 77% 14 5

Hero Motocorp 0.63 0.29 -54% -34 4

Mahindra & Mahindra 1.09 1.29 19% 21 19

Maruti Suzuki India 1.64 1.85 13% 21 27

Motherson Sumi 0.34 0.55 61% 21 8

MRF* 0.21 0.21 0% 0 3

Tata Motors 0.60 0.60 0% 0 9

Tata Motors DVR* 0.08 0.08 0% 0 1

TVS Motor 0.16 0.30 85% 14 4






EAP - Automobiles & Auto Ancillaries 100




Analyst: Raghunandhan Nl

Contact Details

[email protected]

+91 22 6624 2428

Sector

Automobiles and Ancillaries

Analyst bio

Raghu is a MBA and comes with total 11

years of research experience. His team

currently covers 14 stocks in the Indian

Automobiles and Ancillaries space.





Emkay Alpha Portfolio – BFSI-Banks



EAP Weight

OW/UW (%)

OW/UW (bps)


BFSI-Banks 22.36 24.51 10% 214 100

Axis Bank 2.25 2.91 29% 65 13

AU Small Finance Bank* 0.06 0.06 0% 0 0

Bandhan Bank* 0.10 0.10 0% 0 0

Bank of Baroda 0.17 0.11 -36% -6 1

Canara Bank 0.08 0.04 -42% -3 0

City Union Bank* 0.23 0.23 0% 0 1

Federal Bank* 0.29 0.29 0% 0 1

HDFC Bank 8.12 8.72 7% 60 39

ICICI Bank 4.01 5.03 26% 103 23

Indian Bank* 0.03 0.03 0% 0 0

Indusind Bank 1.33 1.45 9% 12 7

Kotak Mahindra Bank* 2.62 2.62 0% 0 12

Punjab National Bank 0.13 0.07 -50% -7 0

RBL Bank* 0.33 0.33 0% 0 1

State Bank of India 1.79 2.01 12% 22 9

Union Bank of India 0.05 0.05 0% 0 0

Yes Bank 0.76 0.45 -41% -31 2






EAP - BFSI-Banks 100




Analyst: Anand Dama

Contact Details

[email protected]

+91 22 6624 2480

Sector

Banks

Analyst bio

Anand Dama is a CA, CPM (ICFAI) with

total 12 years of research experience, in

addition to 3 years in the finance/rating

industry. His team currently covers 7

banks and 14 stocks in the

NBFC/Insurance space.





Emkay Alpha Portfolio – BFSI-NBFCs



EAP Weight

OW/UW (%)

OW/UW (bps)


BFSI-NBFCs 8.21 8.14 -1% -6 100

Bajaj Finance 1.12 1.35 20% 23 17

Cholamandalam Finance 0.16 0.18 17% 3 2

Edelweiss Financial Services 0.14 0.04 -70% -10 1

HDFC 5.71 5.95 4% 24 73

L&T Finance Holdings 0.14 0.04 -70% -10 1

LIC Housing Finance 0.25 0.06 -76% -19 1

Magma Fincorp 0.00 0.00 NA 0 0

Mahindra Finance 0.21 0.23 9% 2 3

Muthoot Finance* 0.10 0.10 0% 0 1

Reliance Nippon 0.02 0.02 15% 0 0

Shriram City Union Finance 0.06 0.00 -100% -6 0

Shriram Transport Finance 0.29 0.16 -44% -13 2






EAP - BFSI-NBFCs 100




Analyst: Jignesh Shial

Contact Details

[email protected]

+91 22 6624 2468

Sector

NBFCs/AFCs

Analyst bio

Jignesh Shial is a CA and has total 12


currently covers 11 NBFCs/AFCs.





Emkay Alpha Portfolio – BFSI-Insurance



EAP Weight

OW/UW (%)

OW/UW (bps)


BFSI-Insurance 0.61 0.61 0% 0 100

HDFC Life 0.20 0.15 -25% -5 25

ICICI Pru Life 0.17 0.12 -27% -5 20

Max Financial 0.12 0.18 52% 6 30

SBI Life 0.12 0.15 28% 3 25






EAP - BFSI-Insurance 100




Analyst: Neeraj Toshniwal

Contact Details

[email protected]

+91 22 6612 1284

Sector

BFSI-Insurance

Analyst bio

Neeraj Toshniwal is a CFA (U.S.), FRM

(U.S.) and MS (Finance), ICFAI with total

research experience of 10 years. He

currently covers 4 stocks in the Indian life

insurance space.





Emkay Alpha Portfolio – Cement



EAP Weight

OW/UW (%)

OW/UW (bps)


Cement 2.16 2.05 -5% -11 100

ACC 0.21 0.28 34% 7 13

Ambuja Cements 0.28 0.00 -100% -28 0

Grasim Industries 0.55 0.50 -10% -6 23

India Cements 0.00 0.00 NA 0 0

JK Cement 0.00 0.11 NA 11 5

JK Lakshmi Cement 0.00 0.00 NA 0 0

Orient Cement 0.00 0.00 NA 0 0

Prism Johnson 0.00 0.02 NA 2 1

Ramco Cements 0.15 0.15 2% 0 7

Sanghi Industries 0.00 0.00 NA 0 0

Shree Cements 0.26 0.24 -8% -2 11

Star Cement 0.00 0.01 NA 1 1

Ultratech Cement 0.71 0.73 4% 2 34

Century Plyboards 0.00 0.00 NA 0 0

HSIL 0.00 0.00 NA 0 0

Kajaria Ceramics 0.00 0.01 NA 1 1

Somany Ceramics 0.00 0.00 NA 0 0






EAP - Cement 100




Analyst: Sanjeev Kumar Singh

Contact Details

[email protected]

+91 22 6612 1255

Sector

Cement & Building materials

Analyst bio

Sanjeev Kumar Singh is a MBA and has

over 10 years of experience in the

Cement sector. His team currently covers

17 stocks in the Cement and Building

Materials space.





Emkay Alpha Portfolio – Construction & Infrastructure



EAP Weight

OW/UW (%)

OW/UW (bps)


Construction & Infrastructure 0.27 0.27 -1% 0 100

Ahluwalia Contracts 0.00 0.00 NA 0 0

Ashoka Buildcon 0.00 0.02 NA 2 6

Container Corporation 0.23 0.22 -5% -1 80

IRB Infrastructure 0.00 0.00 NA 0 0

ITD Cementation 0.00 0.00 NA 0 0

J Kumar 0.00 0.00 NA 0 0

KNR Construction 0.00 0.01 NA 1 4

NBCC 0.04 0.02 -57% -3 7

NCC 0.00 0.00 NA 0 0

PNC Infratech 0.00 0.00 NA 0 0

Sadbhav Engineering 0.00 0.01 NA 1 2

Simplex Infrastructure 0.00 0.00 NA 0 0






EAP - Construction & Infrastructure 100




Analyst: Viral Shah

Contact Details

[email protected]

+91 22 6624 2453

Sector

Construction, Infrastructure and

Logistics

Analyst bio

Viral Shah is a MBA (MMS in Finance)

and B.E. in Chemicals with 11 years of

research experience. His team currently

covers 12 stocks in the Construction and

Infrastructure domain.





Emkay Alpha Portfolio – Consumer Durables



EAP Weight

OW/UW (%)

OW/UW (bps)


Consumer Durables 0.54 0.43 -20% -11 100

Amber Enterprises 0.00 0.03 NA 3 5

Crompton Greaves CE 0.15 0.22 43% 6 40

Dixon Technologies 0.00 0.03 NA 3 5

Havells India 0.31 0.16 -48% -15 30

V-Guard Industries 0.00 0.00 NA 0 0

Whirlpool Of India 0.08 0.00 -100% -8 0






EAP - Consumer Durables 100




Analyst: Naval Seth

Contact Details

[email protected]

+91 22 66242414

Sector

Media, Telecom, Consumer Durables

Analyst bio

Naval holds a MBA in Finance and

possesses a total experience of more

than 10 years in equity research. His

team currently covers 18 stocks spread

across three different sectors.





Emkay Alpha Portfolio – Consumer Goods & Retail



EAP Weight

OW/UW (%)

OW/UW (bps)


Consumer Goods & Retail 13.49 13.49 0% 0 100

Asian Paints 1.13 0.94 -17% -19 7

Avenue Supermarts* 0.28 0.28 0% 0 2

Berger Paints 0.13 0.27 109% 14 2

Britannia Industries 0.65 0.47 -27% -18 4

Colgate-Palmolive 0.30 0.27 -9% -3 2

Dabur India 0.43 0.27 -38% -16 2

Emami 0.09 0.09 1% 0 1

Future Retail* 0.15 0.15 0% 0 1

Glaxosmithkline Consumer 0.15 0.27 75% 12 2

Gillette India* 0.07 0.07 0% 0 1

Godrej Consumer Products 0.44 0.34 -24% -11 3

Heritage Foods 0.00 0.13 NA 13 1

Hindustan Unilever 2.26 2.29 1% 3 17

ITC 4.20 2.70 -36% -150 20

Kansai Nerolac Paints* 0.11 0.11 0% 0 1

Marico 0.31 0.54 71% 22 4

Nestle India 0.69 0.94 37% 25 7

Parag Milk Foods 0.00 0.00 NA 0 0

Pidilite Industries 0.31 0.18 -43% -13 1

Procter & Gamble* 0.17 0.17 0% 0 1

Tata Global Beverages* 0.14 0.14 0% 0 1

United Breweries 0.17 0.81 390% 64 6

United Spirits 0.00 0.00 NA 0 0

ABFRL 0.12 0.20 62% 8 2

Future Lifestyle 0.00 0.13 NA 13 1

Jubilant FoodWorks 0.17 0.67 307% 51 5

Page Industries 0.23 0.23 0% 0 2

Raymond 0.00 0.00 NA 0 0

Shoppers Stop 0.00 0.00 NA 0 0

Titan Company 0.78 0.81 4% 3 6






EAP - Consumer Goods & Retail 100




Analyst: Ashit Desai

Contact Details

[email protected]

+91 22 6612 1340

Sector

Consumer Goods & Retail

Analyst bio

Ashit Desai holds PGDM and FRM (US

GARP) with 12 years of research

experience on the sell side. His team


Consumer and Retail space.





Emkay Alpha Portfolio – Engineering & Capital Goods



EAP Weight

OW/UW (%)

OW/UW (bps)


Engineering & Capital Goods 3.58 3.58 0% 0 100

ABB 0.12 0.07 -39% -5 2

BHEL 0.15 0.20 32% 5 6

Blue Star 0.00 0.00 NA 0 0

Cummins India 0.18 0.27 53% 9 8

GE T&D India 0.00 0.00 NA 0 0

Kalpataru Power 0.00 0.00 NA 0 0

KEC International 0.00 0.07 NA 7 2

Larsen & Toubro 2.76 2.97 8% 21 83

Siemens 0.16 0.00 -100% -16 0

Symphony 0.00 0.00 NA 0 0

Thermax 0.00 0.00 NA 0 0

Triveni Turbine 0.00 0.00 NA 0 0

Voltas 0.22 0.00 -100% -22 0






EAP - Engineering & Capital Goods 100




Analyst: Amar Kedia

Contact Details

[email protected]

+91 22 6624 2466

Sector

Engineering & Capital Goods

Analyst bio

Amar Kedia holds a Post Graduate

Diploma in Management from IIM

Lucknow and comes with a cumulative 15



Engineering and Capital Goods sector.





Emkay Alpha Portfolio – Information Technology

Exhibit 28: EAP – Information Technology


EAP Weight

OW/UW (%)

OW/UW (bps)


Information Technology 12.24 13.14 7% 89 100

eClerx Services 0.00 0.00 NA 0 0

Firstsource Solutions 0.00 0.00 NA 0 0

HCL Tech 1.06 2.26 114% 121 19

Hexaware Technologies 0.00 0.00 NA 0 0

Infosys 5.06 2.88 -43% -218 24

Intellect Design 0.00 0.24 NA 24 2

L&T Infotech 0.10 0.61 543% 52 5

Majesco 0.00 0.00 NA 0 0

Mindtree 0.18 0.00 -100% -18 0

Mphasis 0.17 0.65 280% 48 5

MPS 0.00 0.00 NA 0 0

NIIT 0.00 0.00 NA 0 0

NIIT Tech 0.00 0.24 NA 24 2

Nucleus Software 0.00 0.24 NA 24 2

Oracle Financial Services 0.14 0.61 343% 47 5

Persistent Systems 0.00 0.49 NA 49 4

Ramco Systems 0.00 0.24 NA 24 2

TCS 3.83 4.28 12% 45 35

Tech Mahindra 0.93 0.37 -61% -57 3

Wipro 0.79 0.00 -100% -79 0






EAP - Technology 100




Analyst: Rahul Jain

Contact Details

[email protected]

+91 22 6612 1253

Sector

IT Services, ITeS and Software

Analyst bio

Rahul Jain is a CFA (ICFAI) and comes

with total 12 years of research experience

in the Technology sector. His team


Technology space, with 12 belonging to

IT Services, 3 to ITeS, and 5 to Software.





Emkay Alpha Portfolio – Media & Entertainment



EAP Weight

OW/UW (%)

OW/UW (bps)


Media & Entertainment 0.56 0.04 -93% -52 100

DB Corp 0.00 0.00 NA 0 0

Dish TV 0.00 0.00 NA 0 0

Entertainment Network 0.00 0.00 NA 0 0

Inox Leisure 0.00 0.03 NA 3 5

Jagran Prakashan 0.00 0.00 NA 0 0

PVR 0.00 0.01 NA 1 3

Sun TV Network 0.09 0.00 -100% -9 0

Zee Entertainment 0.47 0.00 -100% -47 0






EAP - Media & Entertainment 100




Analyst: Naval Seth

Contact Details

[email protected]

+91 22 6624 2414

Sector


Analyst bio










Emkay Alpha Portfolio – Metals & Mining



EAP Weight

OW/UW (%)

OW/UW (bps)


Metals & Mining 3.24 3.24 0% 0 100

Coal India 0.54 0.68 26% 14 21

Hindalco 0.51 0.58 14% 7 18

Hindustan Zinc 0.10 0.13 30% 3 4

Jindal Stainless 0.00 0.00 NA 0 0

Jindal Stainless Hisar 0.00 0.00 NA 0 0

JSW Steel 0.52 0.49 -6% -3 15

MOIL 0.00 0.00 NA 0 0

National Aluminium Co 0.07 0.00 -100% -7 0

NMDC 0.15 0.06 -56% -8 2

SAIL 0.09 0.06 -28% -3 2

Tata Steel 0.69 0.91 31% 22 28

Vedanta 0.57 0.32 -43% -24 10






EAP - Metals & Mining 100




Analyst: Vishal Chandak

Contact Details

[email protected]

+91 22 6612 1275

Sector

Metals and Mining

Analyst bio

Vishal Chandak is a CA and MBA

(Finance). He brings in over 16 years of

experience, including seven years in the

corporate side, with balance being on

both the buy side and sell side. Currently,

his team tracks 12 stocks in the Metals

and Mining space.





Emkay Alpha Portfolio – Oil & Gas



EAP Weight

OW/UW (%)

OW/UW (bps)


Oil & Gas 10.30 10.10 -2% -20 100

BPCL 0.47 0.00 -100% -47 0

GAIL 0.53 0.62 18% 9 6

Gujarat Gas 0.00 0.10 NA 10 1

Gujarat State Petronet 0.08 0.12 53% 4 1

Gulf Oil Lubricants 0.00 0.15 NA 15 2

HPCL 0.30 0.41 36% 11 4

Indian Oil 0.54 0.31 -43% -23 3

Indraprastha Gas 0.18 0.00 -100% -18 0

Petronet LNG 0.30 0.31 4% 1 3

Oil India 0.08 0.08 -1% 0 1

ONGC 0.75 0.31 -59% -44 3

Reliance Industries 7.07 7.67 9% 61 75






EAP - Oil & Gas 100




Analyst: Sabri Hazarika

Contact Details

[email protected]

+91 22 6612 1282

Sector

Oil & Gas

Analyst bio

Sabri Hazarika is a MBA and comes with

11 years of research experience. His


Indian Oil & Gas space.





Emkay Alpha Portfolio – Pharmaceuticals



EAP Weight

OW/UW (%)

OW/UW (bps)


Pharmaceuticals 3.83 4.22 10% 39 100

Abbott India* 0.07 0.07 0% 0 2

Alkem Laboratories* 0.08 0.08 0% 0 2

Aurobindo Pharma 0.36 0.57 58% 21 15

Biocon* 0.23 0.23 0% 0 6

Cadila Healthcare 0.14 0.11 -20% -3 3

Cipla 0.50 0.42 -16% -8 11

Divi's Lab 0.37 0.33 -12% -4 9

Dr. Reddy's Lab 0.57 0.56 -3% -2 15

Glenmark Pharma 0.16 0.11 -27% -4 3

Granules India 0.00 0.11 NA 11 3

Ipca Lab 0.00 0.04 NA 4 1

Lupin 0.33 0.27 -19% -6 7

Sun Pharma 0.84 1.03 23% 19 27

Suven Life Sciences 0.00 0.11 NA 11 3

Torrent Pharma 0.16 0.15 -4% -1 4






EAP - Pharmaceuticals 100




Head of Research: Dhananjay Sinha

Contact Details

[email protected]

+91 22 6624 2425

Sector

India Strategy, Economics

Analyst bio

Dhananjay Sinha comes with over two

decades of experience in macro-

economics and market research. He

mentors Emkay’s research team. He also

oversees and authors sector thematic

research.




Emkay Alpha Portfolio – Ports



EAP Weight

OW/UW (%)

OW/UW (bps)


Ports 0.46 0.46 0% 0 100

Adani Ports 0.46 0.46 0% 0 100

Gujarat Pipavav 0.00 0.00 NA 0 0






EAP - Ports 100




Analyst: Anuj Upadhyay

Contact Details

[email protected]

+91 22 6624 2447

Sector

Power & Ports

Analyst bio

Anuj Upadhyay is a MMS Finance, FRM

(US GARP) and has total 10 years of

research experience. He currently covers

8 stocks in the Power sector and 2 in the

Ports space.





Emkay Alpha Portfolio – Power



EAP Weight

OW/UW (%)

OW/UW (bps)


Power 2.08 2.03 -3% -5 100

Adani Transmission* 0.10 0.10 0% 0 5

Apar Industries 0.00 0.04 NA 4 2

CESC 0.00 0.04 NA 4 2

Gujarat Industries Power 0.00 0.00 NA 0 0

JSW Energy 0.05 0.02 -57% -3 1

NHPC 0.09 0.07 -25% -2 3

NTPC 0.79 0.75 -5% -4 36

Power Grid Corporation 0.75 0.69 -8% -6 33

Reliance Power 0.01 0.03 122% 2 1

Tata Power* 0.22 0.22 0% 0 10

Torrent Power* 0.07 0.07 0% 0 4






EAP - Power 100




Analyst: Anuj Upadhyay

Contact Details

[email protected]

+91 22 6624 2447

Sector

Power & Ports

Analyst bio

Anuj Upadhyay is a MMS Finance, FRM

(US GARP) and has total 10 years of

research experience. He currently covers

8 stocks in the Power sector and 2 in the

Ports space.





Emkay Alpha Portfolio – Specialty Chemicals



EAP Weight

OW/UW (%)

OW/UW (bps)


Specialty Chemicals 0.28 0.28 -2% -1 100

Advanced Enzyme Tech 0.00 0.03 NA 3 10

Apcotex Industries 0.00 0.03 NA 3 10

BASF India 0.00 0.00 NA 0 0

Camlin Fine Sciences 0.00 0.02 NA 2 6

GHCL 0.00 0.01 NA 1 4

Navin Fluorine 0.00 0.02 NA 2 8

Orient Refractories 0.00 0.01 NA 1 4

SRF 0.11 0.12 12% 1 43

Tata Chemicals 0.18 0.03 -82% -14 11

Vinati Organics 0.00 0.01 NA 1 2






EAP - Specialty Chemicals 100




Analyst: Amar Mourya

Contact Details

[email protected]

+91 22 6624 2425

Sector

Agro-Chemical, Fertilizer and Specialty

Chemicals

Analyst bio

Amar Mourya is a MBA in Finance and

comes with total 8 years of experience in

the Chemicals and Fertilizers sector. His


Agro, Fertilizers and Chemicals space.





Emkay Alpha Portfolio – Telecommunications



EAP Weight

OW/UW (%)

OW/UW (bps)


Telecommunications 1.39 0.17 -88% -121 100

Bharti Airtel 0.75 0.00 -100% -75 0

Bharti Infratel 0.47 0.14 -70% -33 10

Tata Communications 0.07 0.03 -53% -4 3

Vodafone Idea 0.10 0.00 -100% -10 0






EAP - Telecommunications 100




Analyst: Naval Seth

Contact Details

[email protected]

+91 22 6624 2414

Sector


Analyst bio










Appendix A: India Macro View

Macro conditions for the markets appear to be moderate. First, the recently concluded Q3FY19

earnings season did not carry the optimism that investors were looking for, with broader market

APAT growth averaging in low single-digits. With this, average earnings growth for the

benchmark Nifty in FY19E is likely to end up at 8-9%. Second, the support from domestic flows

by way of net purchases of equity mutual funds and balance funds have tapered. However, the

toning down of market concerns on the path of Fed’s normalization has aided some reversion in

FII flows in in Jan-Feb’19. Third, liquidity conditions in the banking system have tightened again

amid slower deposit growth, resulting in the credit-to-deposit ratio of the banking system rising

to the earlier peaks of ~78%. This, along with the higher supply of G-sec, thanks to elevated

fiscal spending, should sustain the hardening bias on India bond yield.

On the positive side, future earnings growth boosters include: 1) higher central and state

government spending in the run up to the upcoming general election — boosting consumption

in both urban and rural areas; 2) a relapse of INR/USD depreciation benefits export-oriented

sectors; and 3) the decline in commodity prices in Q3FY19 could provide a short-term boost to

margins. This decline has reversed somewhat in the recent weeks. Challenges might emerge

from the recent deceleration in global trade volumes, the relapse of tight liquidity, return of

uptrend in global crude prices (recovered 34% at USD67/bbl from the recent lows), and the

uncertainty surrounding the government's capital outlay.

The markets have remained resilient amid the reoccurrence of Indo-Pak tensions this week. In

our base-case, we expect the disturbance to subside in a week time.




Emkay Rating Distribution

BUY Expected total return (%) (Stock price appreciation and dividend yield) of over 25% within the next 12-18 months.

ACCUMULATE Expected total return (%) (Stock price appreciation and dividend yield) of over 10% within the next 12-18 months.

HOLD Expected total return (%) (Stock price appreciation and dividend yield) of upto 10% within the next 12-18 months.

REDUCE Expected total return (%) (Stock price depreciation) of upto (-) 10% within the next 12-18 months.

SELL The stock is believed to underperform the broad market indices or its related universe within the next 12-18 months.

Emkay Global Financial Services Ltd.

CIN - L67120MH1995PLC084899

7th Floor, The Ruby, Senapati Bapat Marg, Dadar - West, Mumbai - 400028. India

Tel: +91 22 66121212 Fax: +91 22 66121299 Web: www.emkayglobal.com

DISCLAIMERS AND DISCLOSURES: Emkay Global Financial Services Limited (CIN-L67120MH1995PLC084899) and its affiliates are a full-service, brokerage, investment banking, investment

management and financing group. Emkay Global Financial Services Limited (EGFSL) along with its affiliates are participants in virtually all securities trading markets in India. EGFSL was established in 1995

and is one of India's leading brokerage and distribution house.EGFSL is a corporate trading member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited(NSE), MCX Stock

Exchange Limited (MCX-SX).EGFSL along with its subsidiaries offers the most comprehensive avenues for investments and is engaged in the businesses including stock broking (Institutional and retail),

merchant banking, commodity broking, depository participant, portfolio management, insurance broking and services rendered in connection with distribution of primary market issues and financial products

like mutual funds, fixed deposits. Details of associates are available on our website i.e. www.emkayglobal.com

EGFSL is registered as Research Analyst with SEBI bearing registration Number INH000000354 as per SEBI (Research Analysts) Regulations, 2014. EGFSL hereby declares that it has not defaulted with

any stock exchange nor its activities were suspended by any stock exchange with whom it is registered in last five years, except that NSE had disabled EGFSL from trading on October 05, October 08 and

October 09, 2012 for a manifest error resulting into a bonafide erroneous trade on October 05, 2012. However, SEBI and Stock Exchanges have conducted the routine inspection and based on their

observations have issued advice letters or levied minor penalty on EGFSL for certain operational deviations in ordinary/routine course of business. EGFSL has not been debarred from doing business by

any Stock Exchange / SEBI or any other authorities; nor has its certificate of registration been cancelled by SEBI at any point of time.

EGFSL offers research services to clients as well as prospects. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject

company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.

Other disclosures by Emkay Global Financial Services Limited (Research Entity) and its Research Analyst under SEBI (Research Analyst) Regulations, 2014 with reference to the subject

company(s) covered in this report-:

EGFSL or its associates may have financial interest in the subject company.

Research Analyst or his/her relative’s financial interest in the subject company. (NO)

EGFSL or its associates and Research Analyst or his/her relative’s does not have any material conflict of interest in the subject company. The research Analyst or research entity (EGFSL) have not been

engaged in market making activity for the subject company.

EGFSL or its associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report.

Research Analyst or his/her relatives have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research

Report: (NO)

EGFSL or its associates may have received any compensation including for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. EGFSL or its

associates may have received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. EGFSL or

its associates may have received any compensation or other benefits from the Subject Company or third party in connection with the research report. Subject Company may have been client of EGFSL or

its associates during twelve months preceding the date of distribution of the research report and EGFSL may have co-managed public offering of securities for the subject company in the past twelve months.

The research Analyst has served as officer, director or employee of the subject company: (NO)

The Research Analyst has received any compensation from the subject company in the past twelve months: (NO)

The Research Analyst has managed or co‐managed public offering of securities for the subject company in the past twelve months: (NO)

The Research Analyst has received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months: (NO)

The Research Analyst has received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months:

(NO)

The Research Analyst has received any compensation or other benefits from the subject company or third party in connection with the research report: (NO)

EGFSL and/or its affiliates may seek investment banking or other business from the company or companies that are the subject of this material. Our salespeople, traders, and other professionals may provide

oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make

investment decisions that may be inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give

rise to real or potential conflicts of interest including but not limited to those stated herein. Additionally, other important information regarding our relationships with the company or companies that are the

subject of this material is provided herein. This report is not directed to, 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 or regulation or which would subject EGFSL or its group companies to any registration or licensing requirement

within such jurisdiction. Specifically, this document does not constitute an offer to or solicitation to any U.S. person for the purchase or sale of any financial instrument or as an official confirmation of any

transaction to any U.S. person. Unless otherwise stated, this message should not be construed as official confirmation of any transaction. No part of this document may be distributed in Canada or used by

private customers in United Kingdom. All material presented in this report, unless specifically indicated otherwise, is under copyright to Emkay. None of the material, nor its content, nor any copy of it, may

be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of EGFSL . All trademarks, service marks and logos used in this report are trademarks

or registered trademarks of EGFSL or its Group Companies. The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized

reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read “Risk Disclosure Document for Capital Market

and Derivatives Segments” as prescribed by Securities and Exchange Board of India before investing in Indian Securities Market. In so far as this report includes current or historic information, it is believed

to be reliable, although its accuracy and completeness cannot be guaranteed.

www.emkayglobal.com




Dhananjay Sinha, MA (Economics)

[email protected]

+91 22 6624 2435

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