DOMESTIC:

Brookfield set to buy majority stake in Reliance Communication towers

OVL seeks oil in lieu of UD537mn due from Venezuela Glenmark announces tie up for anti-cancer drug Dr Reddy's Launches Chronic Kidney Disease Generic Drug in

US CCI approves sale of Jaiprakash's Bina unit to JSW NTPC, EESL sign pact for energy efficient lighting solutions BP Plc sells 8.53% stake in Castrol India; holds 51% Reliance Infrastructure files papers with Sebi for InviT L&T bags orders worth Rs1,726cr Aurobindo Pharma, Cadila recall drugs from US market UPL sells entire stake in Bangladesh JV Lincoln Pharma launches Ondansetron oral spray in India

Need to destroy 550 tonnes of outdated Maggi stocks: Nestle to SC

ECONOMY:

India sees more scope for farm sector tie-ups with Israel India set to buy 6 million barrels of Iran oil for emergency

reserves US Fed keeps key rate unchanged, signals one hike by end of

year

INDUSTRY:

Telcos deposit Rs14,653cr for spectrum auction Pharma companies Cipla & Wockhardt in global alliance to

fight drug resistance Steel demand likely to grow 5.3% this fiscal European Union-India joint drug inspection may take off

TM

Price Performance (%)

Company 1M 3M 12M

Supreme Petrochem Ltd 19.3% 14% 77% Indian Hume Pipe Co. Ltd 9% 84% 88% Shanthi Gears Ltd 5.4% 8% 44% Hind Rectifiers Ltd 6% 49% 32% KCP Limited 6.2% 16.1% 47.8% Navneet Education Ltd -2.4% 9% 7% Harita Seating System Ltd 5% 1% 173% Camlin Fine Sciences -2% -3% -14% GEE Limited -3% 3% 48% Hester Biosciences Ltd 1% 4% 32% West Coast Paper Mills Ltd 6% 28% 67% Rallis India Ltd 2% 3% 3% The Hitech Gears Ltd 16% 45% 24% Bharat Bijlee Ltd 3% -14% 42% Castrol India Ltd 12.7% 26% 6% Engineers India Ltd 10% 29% 37% TNPL 0% 21% 79% Triveni Turbines Ltd -2% 10% 15% Rajoo Engineers Ltd 2.3% 8% 16% Siemens Ltd -1% 1% -2% Hikal Ltd 19.1% 27% 82% TRIL 5.0% -5% 67% KEC International Ltd -6.5% -8% -9% Aksh Optifibre Ltd 41.7% 39% 30% GMM Pfaudler Ltd 3.4% 13% 47% Alicon Castalloy Ltd 13.8% 15% -2% Omkar Speciality Chemicals Ltd 3.4% 6% 8%

One Year Sensex Performance

Coverage Universe Valuations

Company Reco at CMP Tgt price Upside Mcap EV/Sales (x) EV/EBITDA (x) PE(x) Reco

(Rs) (Rs) (Rs) (%) (Rs bn) FY16E FY17E FY16E FY17E FY16E FY17E

Supreme Petrochem Ltd 77 213 275 29.3 20.5 28.6 19.4 0.6 0.5 14.0 9.8 BUY Indian Hume Pipe Co. Ltd 341 646 650 0.6 15.6 29.9 21.0 14.6 12.7 13.5 10.7 BUY Shanthi Gears Ltd 107 129 150 16.3 10.5 93.3 73.4 5.8 5.8 39.1 34.5 BUY Hind Rectifiers Ltd 69 95 110 15.7 1.4 79.1 18.0 1.4 1.1 28.1 11.9 BUY KCP Limited 71 102 150 46.6 13.2 33.2 23.6 2.3 2.1 13.7 11.5 BUY Navneet Education Ltd 96 102 130 28.1 24.2 16.4 14.2 2.4 2.2 9.8 8.7 BUY Harita Seating System Ltd 266 551 750 36.2 4.3 43.5 32.0 1.5 1.4 27.3 21.2 BUY Camlin Fine Sciences 111 87 140 61.6 8.3 10.6 8.1 1.5 1.3 8.1 6.6 BUY GEE Limited 33 39 70 78.6 0.9 17.0 12.2 0.7 0.6 6.6 5.8 BUY Hester Biosciences Ltd 565 776 875 12.8 6.6 47.6 39.1 6.7 5.2 23.2 18.7 BUY West Coast Paper Mills Ltd 67 102 110 7.5 6.8 19.3 5.3 0.7 0.6 4.6 3.7 BUY Rallis India Ltd 181 222 260 17.0 43.2 28.3 22.2 2.5 2.2 15.8 13.0 BUY The Hitech Gears Ltd 298 371 450 21.2 7.0 26.1 19.9 1.4 1.2 10.9 9.2 BUY Bharat Bijlee Ltd 787 790 1500 89.9 4.5 78.9 36.5 0.8 0.7 27.2 23.3 BUY Castrol India Ltd 447 470 650 38.2 232.6 35.7 33.3 5.9 5.7 22.8 21.2 BUY Engineers India Ltd 211 256 325 27.0 86.3 24.5 23.4 3.4 4.2 22.3 28.0 BUY Tamil Nadu Newsprint & Papers Ltd 224 325 350 7.6 22.6 10.4 8.9 1.7 1.7 6.9 6.0 BUY Triveni Turbines Ltd 92 122 175 43.1 40.3 39.6 33.3 0.5 0.5 2.6 2.2 BUY Rajoo Engineers Ltd 15 17 24 37.5 1.0 13.6 9.7 0.8 0.7 7.1 5.4 BUY Siemens Ltd 1128 1272 1500 17.9 452.8 48.5 41.7 3.8 3.4 28.3 24.1 BUY Hikal Ltd 143 197 250 27.2 16.2 46.4 32.8 2.4 2.3 12.0 10.6 BUY Transformers and Rectifiers (India) Ltd 300 325 450 38.5 4.3 -14.8 24.1 9.2 6.6 410.2 73.9 BUY KEC International Ltd 140 128 200 56.9 32.8 16.0 11.2 0.6 0.6 8.0 6.4 BUY Aksh Optifibre Ltd 15 21 24 12.1 3.5 10.4 6.3 0.7 0.7 4.4 3.2 BUY GMM Pfaudler Ltd 332 364 500 37.6 5.3 28.8 27.8 2.1 1.9 15.0 13.8 BUY Alicon Castalloy Ltd 288 352 450 28.0 4.3 19.3 15.3 0.8 0.7 7.5 6.8 BUY Omkar Speciality Chemicals Ltd BUY 162 178 240 35.1 3.7 11.9 7.6 1.2 1.0 5.6 4.7

15000

20000

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30000

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The week that went by: In-spite of the choppy trades led by the Asian peers, the Indian bourses opened on a tepid note. The early trade swung between gains and loses wrapping up in positive. The headline indices rallied tracking positive trend seen in Asian markets after Bank of Japan unveiled a slew of fresh changes to its policy stance after its meeting on Wednesday, but kept rates unchanged. The markets reacted positively to the news of the US fed keeping the key rate unchanged. It closed lacklustre for the week.

Bharat Bijlee Limited: AGM Update The order book in Aug 2016 stood at Rs3,080mn as compared to Rs3,490mn; which is a decline of 12% on y-o-y basis. The orders pending as on Aug 2016 stood at Rs3,530mn as compared to Rs4,090mn in the same month last year, reduction of nearly 13% on y-o-y basis. It registered the first patent in its history, related to the design of high efficiency motors. The motor is priced at two to two and a half times the product price. These will be related to motors with specific applications only. BBL continues to invest in such technology and allied initiatives and also hopes to create a competitive edge through these. The company has been operating in a challenging environment due to overcapacity across the industry and segment. Despite this, the company booked the largest order from a SEB, however, the order has depressed margins. In order to cater to the requirements to overcome the issue of overcapacity across the transformers and electric segment, the company has doubled is marketing and sales efforts. Gradually in times to come, BBL intends to focus on exports. However, their focus will be to cater the domestic markets first. Management does not shy away from exploring opportunities in Latin America and Asia Pacific. To add to the winning streak, BBL has also bagged a prestigious wind power project. It is in process of launching a new product that will cater to general purpose industrial applications. Management indicated the capacity utilization of the company is at a slightly higher number. Currently, BBL is looking at transformers in the range of 400KV. During last year, it bagged the single largest order from the state of Andhra Pradesh.

Our recommendations: We expect a decent performance in the current financial year. Any correction in stock price must be capitalized on. With the conviction continuing in the growth expected, we maintain our target price of Rs1,500 (previous target of Rs1,100 achieved) with a 12 months’ perspective.

TM

Coverage Performance Sheet

Company CLS( Rs) Appreciation (%) Target Price (Rs) Reco at (Rs)

Target 1 Target 2 Target 3 Target 4

Supreme Petrochem Ltd 213 120 200 275 176% - 77 Indian Hume Pipe Co. Ltd 646 475 650 800 89% - 341 Shanthi Gears Ltd 129 150 - - 21% - 107 Hind Rectifiers Ltd 95 110 - - 38% - 69 KCP Limited 102 105 150 - 44% - 71 Navneet Education Ltd 102 130 - - 6% - 96 Harita Seating System Ltd 551 400 600 750 107% - 266 Camlin Fine Sciences 87 140 - - -22% - 111 GEE Limited 39 50 70 - 19% - 33 Hester Biosciences Ltd 776 750 875 - 37% - 565 West Coast Paper Mills Ltd 102 110 - - 53% - 67 Rallis India Ltd 222 260 - - 23% - 181 The Hitech Gears Ltd 371 450 - - 25% - 298 Bharat Bijlee Ltd 790 1100 1500 - 0% - 787 Castrol India Ltd 470 650 - - 5% - 447 Engineers India Ltd 256 325 - - 21% - 211 Tamil Nadu Newsprint & Papers Ltd 325 350 - - 45% - 224 Triveni Turbines Ltd 122 135 175 - 33% - 92 Rajoo Engineers Ltd 17 24 - - 16% - 15 Siemens Ltd 1272 1500 - - 13% - 1128 Hikal Ltd 197 200 250 - 37% - 143 Transformers and Rectifiers (India) Ltd 325 450 - - 8% - 300 KEC International Ltd 128 200 - - -9% - 140 Aksh Optifibre Ltd 21 24 - - 43% - 15 GMM Pfaudler Ltd 364 500 - - 9% - 332 Alicon Castalloy Ltd 352 450 - - 22% - 288 Omkar Speciality Chemicals Ltd 178 240 - - 10% - 162

Future outlook strong for BBL

COVERAGE NEWS:

BP Plc sells 8.53% stake in Castrol India; holds 51% BP plc of the UK sold a further 8.53% stake in its lubricant maker Castrol India to bring its shareholding down to 51%. BP, which had in May sold 11.5% shares in Castrol India, sold 4.22cr shares. As a result of the two sales, BP now holds 51% interest in Castrol India. BP, through Castrol Limited, intends to continue as the majority shareholder in Castrol India. Prior to the sale, BP held 29.38 crore shares or 59.42% stake in Castrol India. It sold 4.22cr shares or 8.53% bringing its shareholding down to 50.89% (25.16cr shares).

Our comments: BP remains the majority shareholder in Castrol India and committed to long-term investment in India, including both progressing natural gas developments with its partners as well as growing its downstream businesses in the country which include both fuels marketing and lubricants.

ECONOMY:

India set to buy 6 million barrels of Iran oil for emergency reserves India is set to buy 6 million barrels of Iranian crude for its strategic oil reserves as negotiations with the United Arab Emirates’s national oil company for supplies are stuck over commercial terms. Such purchases by the world’s No.3 crude importer will boost Iran’s drive to ramp up its oil shipments as it looks to regain market share following the lifting of sanctions over its disputed nuclear programme. Oil markets have been keenly focused on Iranian export volumes over the last few weeks as they get closer to pre-sanction levels a milestone that Tehran has said is a precondition for discussing a global output freeze to boost crude prices.

Our comments: India, seeking to hedge against energy security risks as it imports about 80% of its oil needs, is building emergency storage in vast underground caverns to hold a total of 36.87 million barrels of crude, enough to cover almost two weeks of demand.

US Fed keeps key rate unchanged, signals one hike by end of year The US Federal Reserve left interest rates unchanged on Wednesday but strongly signalled it could still tighten monetary policy by the end of this year as the labor market improved further. The Fed said US economic activity had picked up and job gains were "solid" in recent months. The Fed has held its target rate for overnight lending between banks in a range of 0.25% to 0.50% since December, when it raised borrowing costs for the first time in nearly a decade.

Our comments: But in a sign of growing confidence, the Fed said the near-term risks for the economic outlook "appear roughly balanced." That means policymakers think the economy is about as likely to outperform forecasts as to underperform them.

TM

US fed keeps rates unchanged

Emergency reserves being built by India

Stake sale in Castrol India

INDUSTRY: Telcos deposit Rs14,653cr for spectrum auction Leading telecom operators have deposited Rs14,653cr as earnest money for the country's largest ever spectrum auction from October 1, with Reliance Jio alone submitting Rs6,500cr. As per the information released by the Department of Telecom, with Rs6,500cr, the Mukesh Ambani-led firm is eligible for placing bids in any of the 22 telecom circles in the country and in any spectrum band. This is the first time that government will auction the 700 Mhz band, considered to be the most premium as the estimated cost of providing service through it is about one-third of 3G under the 2100 Mhz band.

Our comments: The Finance Ministry in the Budget pegged the revenue target at Rs98,995cr from the telecom space, which includes Rs64,000cr from the auction of about 2,354.55 Mhz of spectrum and the rest from various levies and services this financial year.

Steel demand likely to grow 5.3% this fiscal The steel industry expects demand to grow 5.3% this fiscal to 85.8 million tonnes against 81.5mt recorded in the same period last year. The overall steel demand next fiscal is expected to grow 5.6% to 90.6mt, according to a statement issued by the Indian Steel Association. Construction and capital goods sectors are likely to see an upward trend in growth, supported by higher infrastructure spending. Railways and intermediates sectors are also slated to recover from low output in the previous years and gain momentum from 2017 onwards. The Government’s initiative by way of increments to government employees and public sector staff is likely to boost automotive and consumer durables sectors in 2016-17.

Our comments: Overall with the ramp up across different sectors, the steel demand is also expected to be on an uptrend going forward.

COMPANY:

Pharma companies Cipla & Wockhardt in global alliance to fight drug resistance Cipla and Wockhardt are among a group of 13 global pharmaceutical firms which have joined hands in laying out a roadmap to combat antimicrobial resistance (AMR) by 2020. The roadmap by these 13 drug firms follows the Industry Declaration signed in Jan 2016 at the World Economic Forum by more than 100 companies and trade associations. The four key commitments on reducing antimicrobial resistance are: reducing the environmental impact from the production of antibiotics; ensuring antibiotics are used only by patients who need them; improving access to current and future antibiotics, vaccines and diagnostics and exploring new opportunities for open collaborations between industry and the public sector.

Our comments: The measures to reduce the environmental impact of the production of antibiotics, advance stewardship and minimise over-the-counter and non-prescription internet sales of antibiotics will be of great benefit.

TM

Earnest money for spectrum auction

Steel demand on an uptrend

Roadmap for AMR by 2020

COMPANY:

Brookfield set to buy majority stake in Reliance Communication towers Brookfield, the world's 2nd biggest manager of alternative assets like real estate and private equity from Canada, is closing in to buy a majority stake in Anil Ambani's telecom tower business. RCom may not exit the business entirely but sell only a majority stake while retaining 20-25% economic interests. Both sides are currently in bilateral negotiations after signing a non-binding agreement in July. The due-diligence exercise that is currently ongoing and likely to conclude by this month end.

Our comments: Valuations have already been revised from an earlier Rs21,500cr, Brookfield is valuing the portfolio at around Rs16,500cr - Rs19,500cr (USD2.5-3bn). A formal announcement of the Brookfield-RCom deal is expected only after RCom-Aircel merger later this month. Post-merger, the combined towers portfolio could go through minor redundancies, with some duplications kicking in. Tower overlaps, numbering roughly 1500, will be addressed

Glenmark announces tie up for anti-cancer drug Glenmark has signed up with US based research organisation Particle Sciences Inc to develop and distribute generic version of an anti-cancer injectable 'Abraxane' giving boost to its oncology portfolio. Abraxane marketed globally by Celgene had reported sales of USD967mn of which USD654mn were in the US. Initially, the company plans to launch the product in the US and expects to file abbreviated new drug application in 2019. As per the terms of agreement Particle Sciences Inc will develop the product exclusively for Glenmark and shall receive certain milestone payments during development and royalties from sale.

Our comments: The partnership is a significant development in Glenmark's complex generics strategy. This is a challenging product to develop and the company expects it to remain a limited competition opportunity.

Dr Reddy's launches chronic kidney disease generic drug in US Dr Reddy's Laboratories said it has launched in the US generic Paricalcitol injection used for treatment associated with chronic kidney disease. It has launched the injection USP in the strengths of 2 mcg, 5 mcg and 10 mcg. The company's product is generic version of AbbVie Inc's Zemplar injections. The injection is first abbreviated new drug application (ANDA) product launched in the US after approval from the US Food and Drug Administration. Zemplar is indicated for the prevention and treatment of secondary hyperparathyroidism associated with chronic renal failure.

Our comments: The Zemplar brand and generic had US sales of approximately USD22.5mn MAT for the most recent 12 months ending July 2016 according to IMS Health.

NTPC, EESL sign pact for energy efficient lighting solutions NTPC has entered into a pact with Energy Efficiency Services Ltd (EESL) to implement energy efficient LED lighting solutions for all its projects, stations and offices across the country. EESL, a joint venture company of PSUs of Power Ministry has been designated as the implementing agency for both the programmes-Domestic Efficient Lighting Programme (DELP) and Street Lights.

Our comments: The objective of the MoU is to enable EESL to provide end-to-end state-of-the-art energy efficient LED lighting and solutions in accordance with the requirement of NTPC.

TM

RCom to sell stake in tower business

Glenmark tie up for anticancer drug

DRL launches generic for kidney disease

NTPC EESL sign pact

COMPANY:

CCI approves sale of Jaiprakash's Bina unit to JSW The Competition Commission of India (CCI) has approved the buy-out of Jaiprakash's Bina Power Supply Limited by JSW Energy Limited. Earlier this year, Jaiprakash Power Ventures Ltd agreed to the sale of its Bina Thermal Power Plant to JSW Energy Ltd. The sale is to be executed through sale of shareholding in a special purpose acquisition entity called Bina Power Supply Ltd (BPSL). The consideration of sale of entire securities of Bina Power Supply Limited to be received from JSW Energy is linked to a base enterprise value of as on Sept 1, 2015 of Rs2,700cr, subject to mutually agreed adjustments.

Our comments: JSW Energy signed a binding memorandum of understanding with Jaiprakash Power Ventures to buy its 500 megawatts (MW) Bina power plant. This will help Jaiprakash Power, which had a debt of Rs22,414.94cr as on March 31, 2016 to reduce interest outgo.

Reliance Infrastructure files papers with Sebi for InviT Reliance Infrastructure has filed its papers with securities and exchange board of India last week seeking approval for its trust structure. They are starting the documentation process for its draft red herring prospectus (DRHP) and plan to finish it by October end. They are looking to list the entire 11 assets that they have in their portfolio and they are running the process on their own. The entire ideation to paperwork happened in a week's time and they want to move quickly on this process.

Our comments: The move to raise capital through an InviT comes at a time when Reliance Infrastructure is still in negotiations with Canadian firm Brookfield Management Inc to sell its road assets. Both the companies are bound in an exclusivity contract which ends on September 30, 2016.

UPL sells entire stake in Bangladesh JV UPL has divested its entire stake in its joint venture United Phosphorus (Bangladesh) as part of the company's plan to reorganise its overseas businesses. The company has transferred its entire holding of 1,627 equity shares constituting 50% of the total paid up capital of United Phosphorus (Bangladesh) at a consideration of USD3,28,816(Rs2.19cr) to UPL Corporation (formerly known as Bio-Win Corporation).

Our comments: The company signed a share-sale agreement on September 21, 2016 with UPL Corporation, which is a related party.

L&T bags orders worth Rs1,726cr L&T has bagged construction orders worth Rs1,726cr from different sectors. These orders include heavy civil jobs worth Rs687cr for the defence sector, an order worth Rs421cr from Bharat Sanchar Nigam for engineering, supply, installation, commissioning, operation and maintenance of Wi-Fi hotspots and Wi-Fi offload systems on turnkey basis for the southern and western States of India. The company has received an engineering, procurement and construction order worth of Rs245cr from Pune Municipal Corporation for a water storage project. It also bagged orders worth Rs373cr for power transmission and distribution projects.

Our comments: The order book is further boosted by receiving the above orders.

TM

Sale of Jaiprakash unit

Reliance infra files papers with Sebi

L&T bags order

UPL stake sale

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TM