fundamental equity analysis & recommendations - bse100 index - a broad-based index, the s&p...

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 15439500 2063.628 1118 1118 203 219 219 104.27 110.09 110.09 16.13 16.13 15.27 15.27 18.47

Euro Stoxx 50 Pr EUR 2965996 6102.334 4723 4723 775 796 796 235.03 303.10 303.10 22.78 20.43 17.67 17.67 21.65

NIKKEI 225 JPY 2838405 199.5747 197 197 19 22 22 6.14 8.10 8.10 0.25 0.24 0.19 0.19 0.12

FTSE 100 INDEX GBP 2909103 12791.87 10098 10098 1536 1670 1670 543.36 812.04 812.04 31.26 24.36 20.92 20.92 23.16

SWISS MARKET INDEX CHF 1126878 11568.39 4219 4219 977 864 864 458.21 571.55 571.55 21.56 18.37 17.29 17.29 24.73

S&P/TSX COMPOSITE INDEX CAD 1689705 17647.02 7386 7386 1850 1964 1964 731.18 803.05 803.05 16.47 16.48 15.00 15.00 24.05

S&P/ASX 200 INDEX AUD 1359491 6456.327 2699 2699 549 686 686 217.71 323.09 323.09 21.24 17.03 14.31 14.31 20.05

HANG SENG INDEX HKD 1767307 3537.043 1667 1667 375 392 392 278.24 268.98 268.98 1.37 1.45 1.41 1.41 2.97

MSCI EM USD 7417180 1371.527 981 981 191 179 179 85.06 87.95 87.95 11.61 11.93 11.23 11.23 19.56

ITC LTD INR 43580 123 7902 0 0 0 1 42.21 5025 5025 5817 6810 1791 1791 - - 0.15 0.16 0.18 0.21 0.57 0.58 0.49 0.41 0.32 0.26 0.32 0.31 0.57 - - - -

INFOSYS LTD INR 27757 26 571 0 0 0 4 24.51 6473 6738 7628 8520 1852 1993 513 513 2.65 2.67 2.86 3.21 0.29 0.29 0.27 0.24 0.31 0.27 0.12 0.27 0.47 BBB+ 07.05.2010 - -

RELIANCE INDUSTRIES LTD INR 42706 188 2936 17 0 0 11 49.45 63698 63698 63154 65274 5355 5355 - - 1.14 1.14 1.15 1.29 0.19 0.19 0.18 0.16 0.17 0.39 -0.08 0.14 0.13 BBB+ 29.05.2013 Baa2 07.02.2006

HOUSING DEVELOPMENT FINANCE INR 19371 45 1546 26 0 0 0 45.55 5772 5772 4182 5005 3506 3506 - - 0.70 0.70 0.58 0.69 0.28 0.28 0.35 0.29 0.30 0.59 0.36 0.35 0.97 - - - -

HDFC BANK LIMITED INR 23285 142 2379 8 0 0 4 6897 6897 - - - - - 0.47 0.57 0.72 0.33 - 0.27 0.22 0.41 0.47 - - - BBB- 17.01.2008 Baa2 30.04.2012

TATA CONSULTANCY SVCS LTD INR 61029 24 1957 0 0 0 1 58.99 10105 10605 12706 14588 2894 3033 937 937 1.14 1.18 1.43 1.64 0.42 0.42 0.35 0.30 0.46 0.37 0.40 0.41 0.46 BBB+ 07.05.2010 - -

ICICI BANK LTD INR 16797 297 1154 31 0 8 11899 11899 - - - - - 1.34 1.36 0.17 - 0.17 0.18 0.07 - - - NR 27.10.2003 Baa2 25.05.2006

HINDUSTAN UNILEVER LTD INR 21409 181 2162 0 0 0 1 20.82 4332 4332 4777 5427 678 678 - - 0.25 0.28 0.27 0.29 0.56 0.64 0.60 0.55 0.24 - 0.33 - 0.25 - - - -

LARSEN & TOUBRO LTD INR 11860 198 923 10 0 0 2 20.54 11951 11951 13035 14900 1644 1644 - - 0.85 0.91 0.86 0.99 0.23 0.24 0.24 0.21 0.25 0.34 0.14 0.38 0.22 - - - -

TATA MOTORS LTD INR 15754 452 3190 9 0 0 3 21.16 30291 30291 35070 39741 3937 3937 1008 1008 0.50 0.50 0.62 0.73 0.17 0.17 0.14 0.12 0.22 0.70 0.16 0.72 0.21 BB 09.07.2012 WR 15.07.2007

OIL & NATURAL GAS CORP LTD INR 35960 266 8555 3 0 0 3 36.44 26053 26053 27946 30111 7162 7162 - - 0.45 0.45 0.51 0.62 0.15 0.15 0.13 0.11 0.16 0.18 -0.17 0.07 0.44 BBB- 23.04.2013 WR 04.12.2000

SUN PHARMACEUTICAL INDUS INR 19606 38 2071 0 0 0 1 19.37 1813 1813 2297 2651 799 799 248 248 0.27 0.23 0.34 0.39 0.66 0.57 0.45 0.38 0.66 0.47 0.83 0.45 0.71 - - - -

STATE BANK OF INDIA INR 18003 210 684 43 0 1 29 32181 32181 16764 19015 - - - - - 4.28 3.81 4.54 0.10 - 0.11 0.09 0.21 0.28 - - - BBB- 30.01.2007 Baa3 23.09.2013

BHARTI AIRTEL LTD INR 20572 159 3798 12 0 1 1 30.78 12884 12611 13816 15171 4003 3901 1085 1085 0.10 0.09 0.18 0.27 0.89 0.93 0.47 0.31 0.20 0.31 0.08 0.27 0.50 BB+ 09.06.2010 - -

MAHINDRA & MAHINDRA LTD INR 8225 86 590 5 0 1 1 12.65 10049 10049 11667 13195 800 800 - - 0.99 1.12 1.17 1.39 0.19 0.22 0.18 0.15 0.23 0.49 0.19 0.09 0.13 - - - -

WIPRO LTD INR 18667 90 2463 1 0 0 2 17.08 6004 6565 6853 7595 1225 1323 376 376 0.40 0.43 0.47 0.52 0.28 0.29 0.26 0.23 0.28 0.17 0.30 0.21 0.32 BBB+ 02.04.2012 - -

AXIS BANK LTD INR 7775 175 468 11 0 0 3 5461 5461 3137 3836 - - - - - 1.94 2.19 2.63 0.14 - 0.12 0.10 0.38 0.51 - - - BBB- 30.01.2007 Baa2 24.04.2007

DR. REDDY'S LABORATORIES INR 6565 29 170 1 0 0 7.07 1865 1865 2132 2395 - - 123 123 1.58 1.59 1.73 2.01 0.39 0.39 0.36 0.31 0.33 0.31 - - - - - - -

HCL TECHNOLOGIES LTD INR 12033 21 697 0 0 0 1 11.45 4128 4128 5035 5753 936 936 280 280 0.93 0.95 1.16 1.29 0.29 0.29 0.24 0.21 0.38 0.42 0.71 0.45 0.36 - - - -

NTPC LTD INR 19140 41 8245 11 0 0 3 27.29 11130 11130 12440 13819 2939 2939 - - 0.22 0.24 0.21 0.23 0.15 0.17 0.17 0.16 0.08 0.19 0.32 0.12 0.42 BBB- 30.01.2007 - -

BAJAJ AUTO LTD INR 9275 12 289 0 0 0 1 8.77 3134 3134 3456 3952 586 586 - - 1.74 1.74 1.96 2.27 0.30 0.30 0.26 0.23 0.05 0.30 -0.04 - 0.30 - - - -

KOTAK MAHINDRA BANK LTD INR 8356 20 747 6 0 0 1 2559 2559 1939 2263 - - - - - 0.47 0.54 0.65 0.37 - 0.32 0.27 0.36 0.27 - - - - - - -

UNITED SPIRITS LTD INR 5772 180 131 1 0 0 0 7.06 1700 1700 1912 2194 215 215 - - -0.15 -0.13 0.72 1.09 - - 0.89 0.58 0.25 0.29 0.19 0.04 0.20 - - - -

SESA GOA LTD INR 8425 1059 869 1 0 0 0 9.12 410 410 11620 13705 83 83 -6 -6 0.41 0.42 0.46 0.55 0.11 0.11 0.10 0.08 -1.11 0.09 -1.37 -0.41 0.33 - - - -

CIPLA LTD INR 5569 21 803 0 0 0 0 5.36 1328 1328 1550 1793 355 355 92 92 0.31 0.31 0.32 0.37 0.36 0.36 0.35 0.30 0.30 0.25 0.37 0.34 0.43 - - - -

ASIAN PAINTS LTD INR 7013 49 959 0 0 0 0 6.95 1750 1750 2009 2335 280 280 74 74 0.19 0.19 0.21 0.26 0.63 0.63 0.55 0.46 0.22 0.32 0.21 0.34 0.26 - - - -

CAIRN INDIA LTD INR 9714 39 1910 0 0 0 2 7.76 2811 2811 3002 3075 2097 2097 531 531 1.00 1.01 0.92 0.89 0.08 0.08 0.09 0.09 0.77 - 0.65 - 1.20 - - - -

LUPIN LTD INR 6128 28 448 0 0 0 0 6.27 1547 1547 1791 2085 373 373 105 105 0.47 0.47 0.58 0.69 0.47 0.47 0.38 0.32 0.59 0.47 0.95 0.47 0.39 - - - -

NESTLE INDIA LTD INR 8012 7 96 0 0 0 0 8.03 1332 1332 307 307 - - 1.78 1.78 0.75 0.75 0.17 0.30 0.22 0.40 0.37 - - - -

TECH MAHINDRA LTD INR 4926 31 128 0 0 0 0 5.05 1103 1103 2871 3176 233 233 181 181 1.55 1.62 1.95 2.07 0.21 0.22 0.17 0.16 0.40 0.21 0.88 0.18 0.34 - - - -

HERO MOTOCORP LTD INR 6378 19 200 0 0 0 1 5.87 3783 3783 530 530 - - 1.70 1.70 0.30 0.30 0.01 0.29 -0.16 0.31 0.22 - - - -

ULTRATECH CEMENT LTD INR 7949 12 274 1 0 0 1 8.46 3394 3394 3723 4266 772 772 - - 1.57 1.57 1.64 1.90 0.30 0.30 0.28 0.24 0.17 0.54 0.25 0.36 0.36 - - - -

MARUTI SUZUKI INDIA LTD INR 6679 96 302 0 0 0 1 6.01 6933 6933 7513 8581 717 717 - - 1.31 1.31 1.53 1.83 0.27 0.27 0.23 0.19 0.37 0.32 1.07 0.18 0.17 - - - -

COAL INDIA LTD INR 30004 163 6316 0 0 0 10 20.08 10957 10957 11606 12430 3182 3182 557 557 0.44 0.44 0.44 0.48 0.17 0.17 0.17 0.16 0.15 0.26 0.24 0.35 0.47 - - - -

TATA STEEL LTD INR 4278 970 971 11 0 0 2 13.51 21611 21243 22600 23529 1977 2022 539 539 -0.86 -1.09 0.45 0.58 - - 0.16 0.12 0.02 -0.03 -0.01 -0.13 0.15 BB 09.08.2011 - -

GRASIM INDUSTRIES LTD INR 3886 2 92 2 0 1 1 5.61 4477 4477 4748 5432 954 954 - - 4.48 4.74 4.61 5.39 0.14 0.15 0.15 0.13 0.17 0.17 0.10 0.06 0.34 - - - -

INDUSIND BANK LTD INR 3181 323 523 2 0 0 1 1338 1407 - - - - - 0.37 0.26 - 0.50 - - - - - - - -

GAIL INDIA LTD INR 6618 9 1268 3 0 0 1 8.96 8164 8164 8706 10253 1209 1209 - - 0.55 0.55 0.56 0.59 0.15 0.15 0.15 0.14 0.25 0.38 0.10 0.17 0.24 - - - -

POWER GRID CORP OF INDIA LTD INR 7301 22 4630 11 0 0 0 17.95 2104 2104 2546 2927 1820 1820 - - 0.15 0.15 0.16 0.19 0.17 0.17 0.16 0.13 0.44 - 0.45 - 1.39 BBB- 03.01.2013 - -

HINDALCO INDUSTRIES LTD INR 3392 592 1915 9 0 0 2 11.11 12865 12865 14011 15446 1237 1237 - - 0.25 0.25 0.21 0.23 0.11 0.11 0.14 0.12 -0.01 0.10 0.01 0.06 0.15 - - - -

IDEA CELLULAR LTD INR 9158 257 3314 2 0 0 0 11.02 3595 3595 4272 4860 956 956 303 303 0.05 0.05 0.09 0.13 0.90 0.91 0.50 0.35 0.24 0.45 0.29 0.34 0.43 - - - -

AMBUJA CEMENTS LTD INR 4477 69 1542 0 0 0 1 3.88 1562 1562 1673 2138 446 446 74 74 0.16 0.13 0.16 0.19 0.34 0.28 0.29 0.25 0.23 0.18 0.60 0.10 0.46 - - - -

ZEE ENTERTAINMENT ENTERPRISE INR 3562 436 954 0 0 0 0 3.40 594 594 684 788 154 154 52 52 0.12 0.12 0.14 0.17 0.49 0.49 0.42 0.35 0.35 0.25 0.45 0.19 0.42 - - - -

TATA POWER CO LTD INR 2987 272 2373 6 0 0 0 9.01 5298 5298 5919 6190 1089 1089 - - 0.00 -0.01 0.07 0.09 - - 0.31 0.23 0.43 0.43 0.43 0.43 0.33 B+ 06.09.2013 B2 05.10.2012

BHARAT HEAVY ELECTRICALS INR 5572 690 2448 0 0 0 1 4.76 7717 7717 6572 6031 1763 1763 - - 0.44 0.44 0.29 0.26 0.08 0.08 0.12 0.14 0.02 - -0.04 - 0.37 - - - -

IDFC LTD INR 2183 554 1515 9 0 0 0 10.87 1307 1307 610 686 1163 1163 - - 0.19 0.19 0.21 0.24 0.12 0.12 0.11 0.10 0.43 0.38 0.35 0.39 1.43 BBB- 27.12.2011 - -

GODREJ CONSUMER PRODUCTS LTD INR 4532 2 340 0 0 0 0 4.82 1028 1028 1246 1479 163 163 52 52 0.33 0.38 0.39 0.48 0.57 0.66 0.55 0.44 0.51 0.70 0.26 0.56 0.26 - - - -

RELIANCE COMMUNICATIONS LTD INR 4927 1223 2064 7 0 0 0 11.22 3095 3154 3673 3875 948 955 234 234 0.05 0.05 0.09 0.10 0.80 0.80 0.45 0.38 0.05 0.00 -0.26 -0.10 0.49 - - - -

ACC LTD INR 3315 9 188 0 0 0 0 2.94 1786 1786 1895 2128 352 352 59 59 1.19 0.91 1.06 1.25 0.31 0.24 0.27 0.23 0.18 0.16 0.23 0.03 0.32 - - - -

TITAN INDUSTRIES LTD INR 3316 59 888 0 0 0 0 3.14 1624 1624 1951 2330 164 164 - - 0.13 0.13 0.15 0.18 0.46 0.46 0.39 0.33 0.23 0.45 0.35 0.52 0.16 - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 15439500 2063.628 1118 1118 203 219 219 104.27 110.09 110.09 16.13 16.13 15.27 15.27 18.47

Euro Stoxx 50 Pr EUR 2965996 6102.334 4723 4723 775 796 796 235.03 303.10 303.10 22.78 20.43 17.67 17.67 21.65

NIKKEI 225 JPY 2838405 199.5747 197 197 19 22 22 6.14 8.10 8.10 0.25 0.24 0.19 0.19 0.12

FTSE 100 INDEX GBP 2909103 12791.87 10098 10098 1536 1670 1670 543.36 812.04 812.04 31.26 24.36 20.92 20.92 23.16

SWISS MARKET INDEX CHF 1126878 11568.39 4219 4219 977 864 864 458.21 571.55 571.55 21.56 18.37 17.29 17.29 24.73

S&P/TSX COMPOSITE INDEX CAD 1689705 17647.02 7386 7386 1850 1964 1964 731.18 803.05 803.05 16.47 16.48 15.00 15.00 24.05

S&P/ASX 200 INDEX AUD 1359491 6456.327 2699 2699 549 686 686 217.71 323.09 323.09 21.24 17.03 14.31 14.31 20.05

HANG SENG INDEX HKD 1767307 3537.043 1667 1667 375 392 392 278.24 268.98 268.98 1.37 1.45 1.41 1.41 2.97

MSCI EM USD 7417180 1371.527 981 981 191 179 179 85.06 87.95 87.95 11.61 11.93 11.23 11.23 19.56

DABUR INDIA LTD INR 4710 32 1743 0 0 0 0 4.79 991 991 1140 1315 163 163 51 51 0.07 0.07 0.09 0.10 0.62 0.62 0.51 0.43 0.26 0.34 0.24 0.31 0.26 - - - -

SHRIRAM TRANSPORT FINANCE INR 2093 3 227 5 0 0 1 6.82 1126 1126 713 831 953 953 - - 1.04 1.04 1.14 1.34 0.14 0.14 0.13 0.11 0.22 - 0.26 - 1.36 - - - -

JINDAL STEEL & POWER LTD INR 3476 113 935 4 0 0 0 7.48 3177 3177 3445 4266 982 982 269 269 0.50 0.50 0.53 0.61 0.12 0.12 0.11 0.10 0.14 0.53 -0.22 0.33 0.50 - - - -

BANK OF BARODA INR 3345 73 421 16 0 0 14 6570 6570 - - - - - 1.87 0.07 - 0.30 0.38 - - - NR 30.12.2011 - -

NMDC LTD INR 7518 165 3965 0 0 0 2 5.96 1213 1213 936 936 - - - 0.18 0.17 - 0.52 - 0.56 - 1.24 - - - -

BHARAT PETROLEUM CORP LTD INR 3746 85 723 5 0 0 1 7.94 38829 38829 42159 43158 1282 1282 - - 0.42 0.42 0.46 0.52 0.20 0.20 0.18 0.16 0.23 0.29 0.38 0.27 0.05 - - (P)Baa3 12.10.2012

JSW STEEL LTD INR 2864 164 223 3 0 0 0 6.13 6130 6130 6992 7487 1046 1046 277 277 0.70 0.67 1.09 1.36 0.28 0.27 0.17 0.14 0.18 0.41 0.11 0.21 0.27 - - - -

COLGATE PALMOLIVE (INDIA) INR 2747 19 136 0 0 0 0 2.69 315 315 79 79 - - 0.51 0.51 0.63 0.63 0.25 0.24 0.67 0.37 0.40 - - - -

GLENMARK PHARMACEUTICALS LTD INR 2337 12 271 0 0 0 0 2.69 804 804 960 1129 162 162 48 48 0.36 0.36 0.45 0.55 0.38 0.38 0.31 0.25 0.40 0.33 0.66 0.07 0.32 - - - -

YES BANK LTD INR 1699 2354 359 4 0 0 1 1532 1532 685 851 - - - - - 0.59 0.66 0.82 0.13 - 0.11 0.09 - - - - - - - - -

PUNJAB NATIONAL BANK INR 2606 135 353 10 0 0 5 7600 7600 - - - - - 2.34 0.05 - 0.22 0.38 - - - NR 17.07.2006 - -

MAHINDRA & MAHINDRA FIN SECS INR 2345 91 569 3 0 0 0 5.52 660 660 605 704 496 496 - - 0.27 0.28 0.30 0.38 0.24 0.24 0.22 0.18 0.66 0.45 0.76 0.47 1.21 - - - -

ADANI PORTS AND SPECIAL ECON INR 4636 20 2003 2 0 0 0 6.37 574 574 722 856 436 436 - - 0.12 0.12 0.14 0.18 0.29 0.29 0.25 0.20 0.52 0.55 0.67 0.65 1.22 - - - -

UNITED BREWERIES LTD INR 3668 57 264 0 0 0 0 3.85 625 625 746 891 77 77 - - 0.10 0.10 0.16 0.22 2.10 2.10 1.35 0.99 0.15 0.33 0.25 0.32 0.20 - - - -

DIVI'S LABORATORIES LTD INR 2095 2 133 0 0 0 0 2.03 343 343 400 483 131 131 - - 0.73 0.73 0.86 1.04 0.35 0.35 0.30 0.24 0.24 0.29 0.29 0.22 0.61 - - - -

RURAL ELECTRIFICATION CORP INR 2987 180 987 17 0 0 0 20.03 2178 2178 1069 2120 2120 - - 0.62 0.62 0.67 0.68 0.08 0.08 0.07 0.07 0.47 0.50 0.47 0.50 1.56 - - (P)Baa3 12.01.2011

EXIDE INDUSTRIES LTD INR 1827 98 850 0 0 0 0 1.75 1021 1021 1114 1290 138 138 - - 0.10 0.10 0.12 0.14 0.33 0.33 0.28 0.24 0.32 0.26 0.21 0.19 0.22 - - - -

DLF LTD INR 3871 1584 1699 4 0 0 0 7.88 1247 1247 1414 1638 433 433 126 126 0.07 0.07 0.08 0.14 0.52 0.50 0.43 0.25 -0.31 -0.15 -0.53 -0.36 0.56 - - - -

TATA GLOBAL BEVERAGES LTD INR 1456 256 618 0 0 0 0 1.77 1166 1166 1291 1433 124 124 - - 0.10 0.10 0.13 0.15 0.39 0.37 0.30 0.26 0.17 0.18 0.38 0.03 0.17 - - - -

RANBAXY LABORATORIES LTD INR 2372 824 423 1 0 0 1 3.04 1966 1966 1835 2208 274 274 73 73 0.44 0.35 0.25 0.58 0.26 0.21 0.36 0.16 0.37 0.19 0.53 0.21 0.22 - - - -

LIC HOUSING FINANCE LTD INR 1550 165 505 11 0 0 0 12.66 1241 1241 366 396 1177 1177 - - 0.33 0.33 0.41 0.47 0.15 0.15 0.12 0.11 0.38 0.47 0.41 0.48 1.52 - - - -

RELIANCE POWER LTD INR 3051 1255 2805 4 0 0 1 6.48 790 790 945 1394 275 275 89 89 0.06 0.06 0.06 0.07 0.30 0.30 0.31 0.25 2.31 - 2.79 - 0.56 - - - -

CUMMINS INDIA LTD INR 1827 14 277 0 0 0 0 1.78 566 566 89 89 - - 0.26 0.27 0.42 0.50 0.39 0.41 0.25 0.21 0.53 0.40 0.63 0.56 0.25 - - - -

HINDUSTAN ZINC LTD INR 8900 42 4225 0 0 0 3 5.45 2037 2037 1044 1044 - - 0.26 0.26 0.13 0.13 0.18 0.20 0.11 0.06 0.82 - - - -

RELIANCE INFRASTRUCTURE LTD INR 1576 333 263 4 0 0 0 4.66 2488 2488 3485 3711 480 480 165 165 1.16 1.37 1.02 1.08 0.07 0.08 0.09 0.09 -0.17 0.36 0.15 0.62 0.31 - - - -

POWER FINANCE CORPORATION INR 2751 239 1320 22 0 0 0 25.12 2773 2773 1205 1302 2710 2710 - - 0.54 0.54 0.58 0.63 0.06 0.06 0.06 0.05 0.52 - 0.55 - 1.57 BBB- 30.01.2007 Baa3 05.02.2004

INDIAN OIL CORPORATION LTD INR 8012 43 2428 14 0 0 2 20.21 74080 74080 84105 86945 2616 2616 - - 0.29 0.29 0.39 0.48 0.18 0.18 0.14 0.11 0.21 0.29 -0.44 0.07 0.06 NR 29.12.2009 Baa3 25.01.2010

FEDERAL BANK LTD INR 786 43 171 1 0 0 1 1109 1109 - - - - - 0.80 0.09 - 0.21 0.31 - - - - - - -

UNITED PHOSPHORUS LTD INR 1014 70 443 1 0 0 0 1.43 1475 1475 1653 1828 270 270 68 68 0.28 0.27 0.33 0.38 0.13 0.13 0.11 0.10 0.32 0.35 0.32 0.35 0.29 - - - -

SIEMENS LTD INR 2788 29 340 0 0 0 0 2.58 1910 1910 1859 2104 203 203 - - 0.41 0.41 0.17 0.30 0.31 0.31 0.73 0.42 0.39 0.27 -0.08 0.23 0.17 - - - -

JAIPRAKASH ASSOCIATES LTD INR 1244 2042 2219 10 0 1 0 11.69 3019 3019 3533 4155 1095 1095 - - 0.03 0.03 0.05 0.09 0.26 0.27 0.20 0.10 0.44 0.60 0.38 0.49 0.58 - - - -

TATA CHEMICALS LTD INR 977 8 255 1 0 0 0 2.28 2384 2384 2508 2643 377 377 - - 0.53 0.25 0.49 0.55 0.24 0.12 0.13 0.11 0.12 0.44 -0.02 0.32 0.25 - - - -

STEEL AUTHORITY OF INDIA INR 3306 258 4131 4 0 0 1 6.24 7233 7233 7584 8691 816 816 - - 0.09 0.09 0.09 0.11 0.14 0.14 0.15 0.11 -0.05 0.05 -0.33 -0.25 0.18 BBB- 29.04.2010 - -

RELIANCE CAPITAL LTD INR 1264 356 246 4 0 0 0 4.85 1202 1202 955 1066 581 581 111 111 0.53 0.53 0.40 0.48 0.16 0.16 0.21 0.17 0.22 0.15 0.34 0.27 0.78 - - - -

ADANI ENTERPRISES LTD INR 2524 151 1100 11 0 1 0 13.77 7454 7454 9168 10858 1043 1043 464 464 0.16 0.24 0.29 0.44 0.16 0.24 0.13 0.08 0.29 0.37 0.36 0.85 0.22 - - - -

BANK OF INDIA INR 1547 198 596 12 0 0 14 5756 5756 - - - - - 0.79 0.05 - 0.20 0.33 - - - BBB- 30.01.2007 (P)Baa3 15.03.2013

NHPC LTD INR 3809 294 12301 3 0 0 1 6.17 1027 1027 1109 1236 691 691 - - 0.03 0.03 0.03 0.03 0.15 0.16 0.16 0.14 -0.18 0.31 -0.26 0.20 1.08 BBB- 25.09.2009 - -

CANARA BANK INR 1604 102 443 5 0 0 6 5995 5995 - - - - - 1.08 0.05 - 0.16 0.29 - - - NR 30.12.2011 - -

BHARAT FORGE LTD INR 933 11 233 0 0 0 0 1.26 915 915 984 1096 127 127 150 150 0.17 0.18 0.23 0.31 0.35 0.38 0.28 0.21 -0.15 0.13 -0.43 -0.03 0.22 - - - -

CROMPTON GREAVES LTD INR 900 103 641 0 0 0 0 1.06 1940 1940 2131 2364 61 61 24 24 -0.03 -0.01 0.10 0.14 - - 0.23 0.16 0.12 0.20 -0.84 -0.20 0.05 - - - -

HINDUSTAN PETROLEUM CORP INR 1035 86 339 7 0 0 1 7.86 34643 34643 34710 35726 673 673 - - 0.16 0.24 0.46 0.56 0.21 0.30 0.11 0.09 0.27 0.28 -0.03 0.23 0.03 - - - -

UNION BANK OF INDIA INR 1063 605 597 6 0 0 4 4498 4498 1858 2117 - - - - - 0.63 0.77 0.90 0.05 - 0.04 0.03 0.31 - - - - BBB- 17.06.2008 Baa3 19.03.2012

ABB INDIA LTD INR 1877 13 212 0 0 0 0 1.92 1221 1221 1251 1359 62 62 - - 0.11 0.11 0.19 0.27 1.33 1.33 0.74 0.52 0.03 - 0.23 - 0.08 - - - -

GMR INFRASTRUCTURE LTD INR 1364 456 3892 7 0 0 1 8.07 1584 1584 1584 2005 407 407 - - -0.01 0.00 -0.02 -0.01 1.55 - 0.30 0.56 0.55 0.51 0.41 - - - -

IDBI BANK LTD INR 1269 121 1333 15 0 0 3 4558 4558 - - - - - 0.24 0.06 - 0.18 0.38 - - - - - Baa3 21.10.2009

ADANI POWER LTD INR 1477 212 2393 6 0 0 0 7.86 1087 1087 2079 2832 176 176 - - -0.16 -0.15 -0.02 0.04 - - 0.23 1.05 - -0.42 - 0.26 - - - -

UNITECH LTD INR 665 1466 2616 1 0 0 0 1.60 392 392 478 553 58 58 14 14 0.02 0.01 0.02 0.03 0.32 0.25 0.18 0.15 0.01 -0.13 0.16 -0.49 0.24 - - - -

ASHOK LEYLAND LTD INR 642 445 2661 1 0 0 0 1.34 2002 2002 142 142 - - 0.01 0.03 0.15 0.38 -0.05 0.21 -0.47 0.02 0.11 - - - -

HOUSING DEVELOPMENT & INFRAS INR 247 491 419 1 0 0 0 0.86 164 164 296 356 66 66 - - 0.16 0.03 0.19 0.23 0.34 0.06 0.05 0.04 -0.79 -0.19 -1.17 -0.40 0.64 - - - -

SUZLON ENERGY LTD INR 226 366 1777 2 0 0 0 2.36 3007 3007 3817 4077 -153 -153 136 136 -0.39 -0.43 -0.08 -0.03 - - -0.18 0.20 - - -0.08 - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.36 2.36 2.19 2.02 2.36 1.50 1.50 1.44 1.38 1.50 10.94 10.94 10.56 10.43 10.94 9.43 9.43 8.69 8.14 9.43 15.27 15.27 13.77 12.45 15.27 2.09 2.09 2.27 2.44 2.09 1853.2 10.2%

Euro Stoxx 50 Pr 1.31 1.31 1.25 1.17 1.31 0.84 0.84 0.81 0.79 0.84 6.56 6.56 6.03 5.46 6.56 7.67 7.67 7.26 6.87 7.67 13.03 13.03 11.64 10.46 13.03 3.92 3.92 4.12 4.46 3.92 3038.5 4.4%

NIKKEI 225 1.56 1.56 1.46 1.36 1.56 0.75 0.75 0.72 0.70 0.75 9.09 9.09 8.42 7.22 9.09 8.91 8.91 8.14 7.65 8.91 18.24 18.24 16.16 14.56 18.24 1.61 1.61 1.76 1.90 1.61 15398.4 6.3%

FTSE 100 INDEX 1.78 1.78 1.66 1.36 1.78 1.04 1.04 1.01 0.98 1.04 8.69 8.69 7.88 7.16 8.69 7.66 7.66 7.02 6.60 7.66 12.89 12.89 11.73 10.77 12.89 3.77 3.77 4.10 4.47 3.77 7099.4 10.1%

SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.84 10.57 13.16 13.38 13.38 12.41 11.59 13.38 15.59 15.59 14.12 12.82 15.59 3.17 3.17 3.54 3.99 3.17 8703.6 8.3%

S&P/TSX COMPOSITE INDEX 1.75 1.75 1.63 1.51 1.75 1.68 1.68 1.55 1.49 1.68 8.84 8.84 8.02 6.74 8.84 8.99 8.99 7.98 7.38 8.99 15.45 15.45 13.65 12.38 15.45 3.13 3.13 3.25 3.38 3.13 14291.9 11.8%

S&P/ASX 200 INDEX 1.93 1.93 1.83 1.74 1.93 1.82 1.82 1.71 1.64 1.82 11.03 11.03 10.10 9.46 11.03 9.41 9.41 8.58 8.02 9.41 15.19 15.19 13.80 12.80 15.19 4.52 4.52 4.82 5.17 4.52 5387.5 3.5%

HANG SENG INDEX 1.36 1.36 1.26 1.16 1.36 1.77 1.77 1.64 1.52 1.77 8.03 8.03 7.60 7.10 8.03 9.01 9.01 8.24 7.55 9.01 10.96 10.96 10.17 9.23 10.96 3.54 3.54 3.80 4.18 3.54 25158.2 10.1%

MSCI EM 1.45 1.45 1.33 1.21 1.45 1.01 1.01 0.94 0.88 1.01 7.28 7.28 6.63 6.09 7.28 7.65 7.65 6.95 6.43 7.65 11.23 11.23 10.05 9.20 11.23 2.80 2.80 3.08 3.37 2.80 1120.8 13.5%

ITC LTD 12.19 10.27 9.14 8.82 8.87 7.49 6.40 5.50 33.14 28.20 23.81 22.67 23.95 20.07 16.89 14.19 36.06 30.42 25.64 22.04 1.68 1.95 2.35 2.94 377.49 10.1%

INFOSYS LTD 4.47 3.75 3.22 2.73 4.26 3.64 3.26 2.83 2.32 16.63 15.61 14.07 12.98 12.97 11.94 10.68 9.41 18.43 16.90 15.04 13.06 1.60 1.68 1.88 2.18 3113.33 3.3%

RELIANCE INDUSTRIES LTD 1.41 1.28 1.16 1.08 0.72 0.68 0.65 0.60 7.98 7.70 6.73 5.62 9.27 8.62 7.46 6.20 12.52 11.49 10.21 8.67 6.20 1.09 1.18 1.28 1.52 979.93 18.9%

HOUSING DEVELOPMENT FINANCE 4.31 3.70 3.29 4.63 3.87 3.49 21.56 18.02 15.35 1.59 1.83 2.13 2.48 873.19 12.7%

HDFC BANK LIMITED 3.39 2.81 17.05 13.56 0.90 1.10 1.35 1.65 722.46 19.0%

TATA CONSULTANCY SVCS LTD 9.55 7.54 6.03 4.81 6.04 4.80 4.18 3.59 3.06 26.25 21.08 18.19 16.34 20.26 15.75 13.80 11.95 27.34 21.86 18.96 16.32 1.17 1.43 1.64 1.90 1971.63 1.4%

ICICI BANK LTD 1.57 1.44 1.33 1.22 11.53 10.68 2.20 2.45 2.73 2.93 1160.80 28.0%

HINDUSTAN UNILEVER LTD 33.18 37.39 30.89 29.29 4.98 4.48 3.95 3.43 43.02 36.85 33.59 35.19 31.66 28.53 25.17 21.40 40.81 37.23 34.01 29.06 2.18 1.88 2.09 2.56 560.87 -9.1%

LARSEN & TOUBRO LTD 2.15 2.01 1.75 1.54 0.99 0.91 0.80 0.68 0.72 7.01 12.66 10.73 8.09 12.81 12.36 10.79 8.87 14.11 14.96 12.93 10.87 1.47 1.79 1.97 1.96 999.00 25.0%

TATA MOTORS LTD 2.61 2.18 1.72 1.33 0.53 0.45 0.40 0.34 6.02 4.51 3.72 3.07 5.51 4.25 3.69 3.07 10.77 8.66 7.37 6.38 1.18 0.80 0.93 0.95 352.32 5.1%

OIL & NATURAL GAS CORP LTD 1.48 1.33 1.18 1.11 0.93 1.42 1.29 1.19 1.22 1.38 4.88 4.38 3.84 4.04 4.51 4.11 3.73 3.21 3.21 2.87 8.69 8.23 6.78 6.87 7.04 3.76 3.87 4.46 4.77 4.24 353.65 35.0%

SUN PHARMACEUTICAL INDUS 8.26 7.00 5.75 3.98 11.04 8.53 7.40 6.32 33.32 27.44 20.70 21.39 24.64 19.54 17.30 14.77 37.48 28.14 23.98 20.11 0.46 0.52 0.65 0.80 587.78 -0.4%

STATE BANK OF INDIA 0.93 0.89 0.79 0.67 1.16 1.07 0.95 0.84 5.43 5.98 5.61 5.97 6.92 5.80 5.16 2.50 2.50 2.80 3.03 1721.05 4.9%

BHARTI AIRTEL LTD 2.27 2.11 1.92 1.70 1.59 1.49 1.36 1.26 1.16 6.62 6.08 5.16 4.45 7.74 6.93 6.10 5.51 5.02 46.80 29.32 19.18 14.71 11.08 0.31 0.36 0.58 0.90 389.69 21.5%

MAHINDRA & MAHINDRA LTD 2.45 2.16 1.84 1.23 0.72 0.71 0.62 0.54 8.87 7.87 6.84 5.46 9.20 8.60 7.41 5.92 13.05 11.46 9.65 7.85 1.60 1.73 1.86 2.01 991.59 19.1%

WIPRO LTD 3.53 3.48 2.99 2.51 2.70 2.72 2.46 2.13 15.31 15.10 13.25 11.95 12.52 11.87 10.63 9.08 17.66 16.20 14.57 12.38 1.48 1.67 1.84 2.27 466.36 -1.2%

AXIS BANK LTD 1.63 1.26 1.08 0.92 2.48 2.03 1.67 8.68 7.56 6.30 5.05 2.03 2.61 2.61 1381.85 33.8%

DR. REDDY'S LABORATORIES 5.93 4.72 3.91 3.15 3.62 3.08 2.74 2.36 19.53 18.00 15.36 15.77 18.23 15.67 13.78 12.00 25.90 22.26 19.20 16.32 0.66 0.69 0.79 0.89 2477.05 2.9%

HCL TECHNOLOGIES LTD 5.59 4.28 3.40 2.65 2.95 2.39 2.09 1.81 1.90 16.98 12.73 11.64 10.03 12.59 9.98 9.04 7.74 19.21 14.93 13.35 11.31 1.17 1.29 1.42 1.77 1109.97 3.3%

NTPC LTD 1.48 1.36 1.28 1.19 1.66 1.54 1.39 1.30 8.92 8.03 7.21 7.27 9.69 8.75 7.83 7.31 11.57 10.82 10.15 9.22 3.05 3.32 3.53 3.84 169.21 16.9%

BAJAJ AUTO LTD 7.63 5.13 4.24 4.14 2.87 2.68 2.35 2.21 17.58 15.81 14.12 13.05 14.24 12.63 10.75 9.91 18.72 16.34 14.14 13.05 2.56 2.70 3.06 3.28 2092.45 4.7%

KOTAK MAHINDRA BANK LTD 3.36 2.84 2.45 2.06 5.72 4.31 3.69 3.41 23.72 20.25 16.79 13.89 0.13 0.14 0.16 0.21 705.17 4.0%

UNITED SPIRITS LTD 5.47 4.34 3.93 3.48 3.40 3.02 2.63 2.28 2.06 60.30 40.04 30.97 24.05 30.72 28.33 22.94 17.83 14.69 87.93 55.44 36.29 25.72 0.12 0.14 0.16 0.32 2677.53 8.2%

SESA GOA LTD 0.91 0.74 0.66 0.59 19.33 0.73 0.61 0.58 7.13 5.97 5.20 4.61 68.30 2.14 1.95 1.80 6.25 6.19 5.16 4.82 1.92 1.04 1.43 1.86 166.59 -6.0%

CIPLA LTD 3.90 3.34 2.89 2.50 4.19 3.59 3.11 2.64 20.43 17.96 15.45 16.14 15.28 14.10 12.27 10.48 22.59 21.54 18.60 16.12 0.70 0.63 0.72 0.78 464.70 7.5%

ASIAN PAINTS LTD 12.86 10.82 9.07 7.75 3.90 3.49 3.00 2.61 32.93 29.61 25.41 23.08 23.96 21.39 18.21 15.65 37.40 34.25 28.64 24.70 1.08 1.28 1.56 1.88 458.32 0.6%

CAIRN INDIA LTD 1.07 1.08 0.95 0.85 3.29 3.24 3.16 3.14 2.43 4.69 4.72 4.84 5.73 3.58 3.68 3.73 3.94 5.33 5.24 5.53 5.73 6.37 8.95 3.75 3.59 3.49 3.33 378.28 19.4%

LUPIN LTD 7.60 5.79 4.63 3.75 4.13 3.42 2.94 2.58 26.20 19.83 16.91 16.98 18.94 14.79 12.53 11.05 31.83 23.66 19.87 17.10 0.50 0.60 0.69 0.77 901.50 5.7%

NESTLE INDIA LTD 31.66 41.45 1.11 1.27 1.64 2.02 4926.50 -4.9%

TECH MAHINDRA LTD 3.31 3.09 2.43 1.99 4.52 1.72 1.55 1.37 13.10 9.77 9.14 7.13 23.14 8.11 7.53 6.93 14.84 10.88 10.23 9.36 0.38 0.54 0.65 1.08 1522.05 15.2%

HERO MOTOCORP LTD 2.33 2.89 3.31 3.84 1929.31 -3.1%

ULTRATECH CEMENT LTD 3.22 2.85 2.44 2.04 2.30 2.13 1.86 1.67 13.11 13.03 10.84 9.23 10.84 10.63 8.85 7.78 17.80 17.63 15.23 13.48 0.48 0.52 0.62 0.75 1907.98 5.6%

MARUTI SUZUKI INDIA LTD 2.31 1.97 1.73 1.56 1.00 0.89 0.78 0.81 11.32 8.39 7.17 11.77 7.90 6.65 5.72 21.20 14.47 12.08 10.08 0.61 0.76 0.90 1.54 1585.19 15.0%

COAL INDIA LTD 3.78 3.35 2.93 2.58 2.73 2.59 2.41 2.20 9.56 9.36 8.75 7.00 6.60 6.53 6.01 5.19 11.11 10.73 9.90 8.55 3.55 4.94 5.18 5.88 340.08 14.9%

TATA STEEL LTD 0.66 0.74 0.68 0.63 0.54 0.20 0.19 0.18 0.17 0.17 4.50 2.78 2.47 2.40 2.18 7.19 5.71 5.17 4.51 4.40 27.98 9.88 7.60 6.04 4.35 3.62 3.31 3.52 3.67 4.60 308.83 12.5%

GRASIM INDUSTRIES LTD 1.23 1.10 0.98 0.88 0.90 0.82 0.72 0.63 5.13 5.57 4.64 4.05 5.92 5.86 4.86 4.26 9.08 9.19 7.85 7.15 0.94 0.89 0.97 1.03 3276.06 24.2%

INDUSIND BANK LTD 0.79 0.99 1.20 1.48 492.79 30.2%

GAIL INDIA LTD 1.44 1.31 1.19 1.07 0.84 0.76 0.65 0.59 6.80 6.85 6.34 5.35 7.12 6.97 6.56 5.34 8.93 9.31 8.88 6.59 2.81 2.90 2.97 3.42 361.25 11.1%

POWER GRID CORP OF INDIA LTD 1.75 3.55 2.87 2.49 10.40 8.28 7.18 11.11 9.70 8.21 2.39 122.75 24.9%

HINDALCO INDUSTRIES LTD 0.62 0.58 0.54 0.50 0.26 0.24 0.22 0.20 3.86 3.93 3.30 2.88 8.83 8.08 6.74 5.67 4.27 7.86 8.61 7.69 6.21 1.41 1.31 1.35 1.59 107.04 -3.1%

IDEA CELLULAR LTD 4.07 3.54 3.07 2.58 2.57 2.14 1.88 1.69 1.54 12.54 8.80 7.71 6.60 11.68 8.42 7.26 6.28 5.48 56.76 31.02 21.93 16.86 11.45 0.02 0.21 0.31 0.47 178.00 3.4%

AMBUJA CEMENTS LTD 3.20 2.87 2.21 2.02 2.76 2.68 2.09 2.21 12.81 13.23 11.09 9.29 9.88 7.08 7.99 16.68 17.96 15.47 15.87 1.93 2.04 2.23 2.45 168.50 -6.7%

ZEE ENTERTAINMENT ENTERPRISE 5.72 4.95 4.29 3.65 6.05 5.21 4.52 3.92 3.37 31.34 25.74 21.81 20.79 22.79 18.44 15.11 12.25 30.88 26.47 21.76 17.62 13.39 0.92 1.05 1.23 1.66 264.86 14.5%

TATA POWER CO LTD 1.46 1.50 1.40 1.48 0.61 0.50 0.48 0.44 6.14 5.15 4.52 4.43 9.03 7.88 7.46 7.04 16.75 19.10 14.58 11.45 1.42 1.49 1.61 1.46 86.89 10.8%

BHARAT HEAVY ELECTRICALS 1.15 1.23 1.12 0.74 0.85 0.92 0.79 5.02 6.01 6.76 3.42 4.61 5.40 5.35 5.64 7.74 8.66 10.00 4.67 3.73 3.38 3.13 134.35 -5.3%

IDFC LTD 1.00 0.90 0.81 0.73 4.04 3.58 3.18 2.86 6.65 25.59 23.52 20.99 20.47 7.61 6.82 6.06 5.35 2.94 3.29 3.73 4.05 127.28 41.8%

GODREJ CONSUMER PRODUCTS LTD 8.52 7.34 6.21 5.32 4.42 3.64 3.06 2.64 36.20 30.41 25.07 22.63 28.29 24.66 20.16 16.89 40.15 34.06 27.61 22.71 0.69 0.81 1.00 1.30 838.53 1.0%

RELIANCE COMMUNICATIONS LTD 0.87 0.94 0.91 0.84 1.45 1.34 1.27 1.19 1.13 6.01 5.67 5.22 4.08 10.48 9.16 8.82 8.03 7.55 55.64 27.84 23.62 15.96 11.10 0.24 0.28 0.32 0.41 110.00 -26.1%

ACC LTD 2.69 2.57 2.34 2.11 1.79 1.75 1.56 1.45 9.76 11.55 9.79 8.90 8.33 9.24 7.83 7.66 14.82 16.69 14.11 13.30 2.61 2.73 2.98 3.20 1216.52 10.5%

TITAN INDUSTRIES LTD 10.67 8.10 6.38 5.15 2.00 1.70 1.42 1.18 31.14 22.85 19.09 15.11 19.17 16.31 13.36 10.89 28.36 24.61 20.59 17.13 1.01 1.10 1.30 1.62 266.00 14.3%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.36 2.36 2.19 2.02 2.36 1.50 1.50 1.44 1.38 1.50 10.94 10.94 10.56 10.43 10.94 9.43 9.43 8.69 8.14 9.43 15.27 15.27 13.77 12.45 15.27 2.09 2.09 2.27 2.44 2.09 1853.2 10.2%

Euro Stoxx 50 Pr 1.31 1.31 1.25 1.17 1.31 0.84 0.84 0.81 0.79 0.84 6.56 6.56 6.03 5.46 6.56 7.67 7.67 7.26 6.87 7.67 13.03 13.03 11.64 10.46 13.03 3.92 3.92 4.12 4.46 3.92 3038.5 4.4%

NIKKEI 225 1.56 1.56 1.46 1.36 1.56 0.75 0.75 0.72 0.70 0.75 9.09 9.09 8.42 7.22 9.09 8.91 8.91 8.14 7.65 8.91 18.24 18.24 16.16 14.56 18.24 1.61 1.61 1.76 1.90 1.61 15398.4 6.3%

FTSE 100 INDEX 1.78 1.78 1.66 1.36 1.78 1.04 1.04 1.01 0.98 1.04 8.69 8.69 7.88 7.16 8.69 7.66 7.66 7.02 6.60 7.66 12.89 12.89 11.73 10.77 12.89 3.77 3.77 4.10 4.47 3.77 7099.4 10.1%

SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.84 10.57 13.16 13.38 13.38 12.41 11.59 13.38 15.59 15.59 14.12 12.82 15.59 3.17 3.17 3.54 3.99 3.17 8703.6 8.3%

S&P/TSX COMPOSITE INDEX 1.75 1.75 1.63 1.51 1.75 1.68 1.68 1.55 1.49 1.68 8.84 8.84 8.02 6.74 8.84 8.99 8.99 7.98 7.38 8.99 15.45 15.45 13.65 12.38 15.45 3.13 3.13 3.25 3.38 3.13 14291.9 11.8%

S&P/ASX 200 INDEX 1.93 1.93 1.83 1.74 1.93 1.82 1.82 1.71 1.64 1.82 11.03 11.03 10.10 9.46 11.03 9.41 9.41 8.58 8.02 9.41 15.19 15.19 13.80 12.80 15.19 4.52 4.52 4.82 5.17 4.52 5387.5 3.5%

HANG SENG INDEX 1.36 1.36 1.26 1.16 1.36 1.77 1.77 1.64 1.52 1.77 8.03 8.03 7.60 7.10 8.03 9.01 9.01 8.24 7.55 9.01 10.96 10.96 10.17 9.23 10.96 3.54 3.54 3.80 4.18 3.54 25158.2 10.1%

MSCI EM 1.45 1.45 1.33 1.21 1.45 1.01 1.01 0.94 0.88 1.01 7.28 7.28 6.63 6.09 7.28 7.65 7.65 6.95 6.43 7.65 11.23 11.23 10.05 9.20 11.23 2.80 2.80 3.08 3.37 2.80 1120.8 13.5%

DABUR INDIA LTD 13.59 11.01 8.91 7.38 4.73 4.13 3.58 3.12 34.89 29.32 24.82 23.07 29.04 24.52 20.93 18.19 38.23 31.63 26.67 22.80 0.96 1.15 1.39 1.71 176.81 5.0%

SHRIRAM TRANSPORT FINANCE 1.81 1.51 1.27 1.06 3.37 2.93 2.52 2.19 8.83 7.79 6.42 5.84 9.09 8.09 6.90 5.99 1.31 1.45 1.68 2.05 721.61 25.5%

JINDAL STEEL & POWER LTD 1.02 0.92 0.80 0.68 1.10 1.01 0.81 0.72 4.23 3.52 2.83 3.91 6.63 6.92 5.52 5.01 5.73 7.07 6.14 5.23 0.74 0.69 0.72 0.67 269.83 16.4%

BANK OF BARODA 3.63 4.27 4.74 5.29 597.96 20.8%

NMDC LTD 3.89 5.76 6.03 6.06 141.18 19.4%

BHARAT PETROLEUM CORP LTD 1.35 1.28 1.19 1.15 0.09 0.09 0.09 0.09 4.47 4.96 4.22 3.92 8.36 7.68 7.20 6.84 13.45 11.35 9.91 9.95 2.31 2.64 2.76 3.26 423.03 31.0%

JSW STEEL LTD 0.93 0.89 0.83 0.80 0.47 0.41 0.38 0.34 4.57 3.34 2.91 2.96 5.91 5.23 4.77 4.34 11.11 10.85 8.73 7.87 1.28 1.39 1.45 1.51 637.56 -13.7%

COLGATE PALMOLIVE (INDIA) 2.28 2.51 2.83 3.14 1327.09 5.4%

GLENMARK PHARMACEUTICALS LTD 4.87 4.23 3.40 2.70 2.97 2.43 2.07 1.80 19.43 16.90 13.97 11.31 16.29 13.59 11.42 10.00 24.25 19.21 15.66 13.26 0.37 0.42 0.47 0.50 630.79 17.4%

YES BANK LTD 1.80 1.45 1.16 1.01 3.05 2.48 2.00 1.63 8.03 7.12 5.72 5.33 1.66 2.25 2.69 2.93 429.76 46.3%

PUNJAB NATIONAL BANK 5.20 5.79 6.47 7.38 637.33 38.7%

MAHINDRA & MAHINDRA FIN SECS 3.24 2.69 2.28 1.92 6.08 3.88 3.33 2.79 16.91 13.64 10.98 9.07 1.26 1.60 1.91 2.43 256.69 -0.1%

ADANI PORTS AND SPECIAL ECON 4.63 3.29 2.65 2.15 6.48 6.42 5.42 4.56 19.00 11.01 9.46 7.85 13.47 12.78 10.68 9.23 21.79 15.51 12.36 10.23 0.79 0.85 1.11 1.13 170.61 22.2%

UNITED BREWERIES LTD 14.97 13.87 11.72 9.99 5.58 4.92 4.12 3.46 55.71 45.41 36.41 27.24 45.28 36.26 29.64 23.73 101.75 83.85 61.58 42.93 0.10 0.16 0.24 0.54 529.67 -36.8%

DIVI'S LABORATORIES LTD 5.08 4.44 3.72 3.09 5.73 5.23 4.34 3.85 18.65 16.35 13.68 14.76 14.75 13.41 10.98 9.84 20.03 18.39 15.21 13.56 1.46 1.80 2.06 1.93 1170.86 19.0%

RURAL ELECTRIFICATION CORP 1.09 0.89 0.75 3.36 2.80 4.82 5.18 4.51 4.46 207.00 9.8%

EXIDE INDUSTRIES LTD 4.01 3.28 2.87 2.51 1.79 1.64 1.42 1.18 17.18 14.89 13.40 12.07 12.48 10.82 9.16 8.23 21.46 17.74 15.13 13.94 1.11 1.32 1.49 1.90 146.50 9.3%

DLF LTD 0.85 0.84 0.81 0.77 2.98 2.74 2.36 2.03 12.98 15.05 11.35 7.89 16.07 14.23 11.81 9.53 23.68 26.93 15.36 11.03 1.59 1.66 1.85 1.88 213.41 57.5%

TATA GLOBAL BEVERAGES LTD 1.90 1.79 1.69 1.61 1.22 1.13 1.02 0.89 17.91 15.45 13.20 10.58 14.84 12.41 10.94 8.88 22.51 18.72 15.94 12.83 1.89 1.68 1.93 3.50 168.70 15.0%

RANBAXY LABORATORIES LTD 3.13 3.30 2.46 2.17 1.22 1.29 1.07 1.08 7.90 16.06 8.02 7.51 8.32 13.87 7.58 8.92 10.32 22.42 9.74 11.34 1.01 0.61 1.02 1.88 367.34 5.1%

LIC HOUSING FINANCE LTD 1.47 1.26 1.09 0.99 5.18 4.24 3.91 3.61 9.52 7.56 6.59 6.25 2.08 2.37 2.76 3.28 227.38 18.8%

RELIANCE POWER LTD 1.02 0.98 0.92 0.84 3.92 3.23 2.19 1.57 24.65 10.89 7.05 5.36 22.67 17.27 10.10 6.58 19.14 19.06 15.48 10.44 0.00 0.00 0.25 0.97 81.00 19.5%

CUMMINS INDIA LTD 15.63 13.30 3.15 2.98 3.23 3.75 423.87 3.1%

HINDUSTAN ZINC LTD 2.16 2.54 2.69 4.08 145.76 11.0%

RELIANCE INFRASTRUCTURE LTD 0.38 0.36 0.33 0.32 0.46 0.45 0.42 0.41 64.21 4.26 3.94 4.12 10.13 8.89 7.93 9.73 5.89 5.89 5.52 4.57 2.07 1.93 1.97 1.95 551.60 47.6%

POWER FINANCE CORPORATION 0.79 0.63 0.56 0.49 2.72 2.28 2.11 1.96 3.98 3.62 3.29 2.93 5.63 6.40 6.88 7.40 161.81 24.6%

INDIAN OIL CORPORATION LTD 0.77 0.75 0.70 0.67 0.10 0.10 0.09 0.09 4.62 3.03 3.27 4.08 7.52 7.60 6.68 6.23 7.60 8.44 6.91 6.10 3.54 3.59 4.18 4.76 261.27 27.0%

FEDERAL BANK LTD 0.80 3.36 3.37 3.79 4.33 442.40 54.4%

UNITED PHOSPHORUS LTD 1.39 1.18 1.00 0.86 0.73 0.61 0.55 0.51 6.36 5.15 4.40 4.86 5.80 4.78 4.28 3.95 9.01 7.04 6.02 5.46 1.97 2.04 2.26 3.08 188.67 32.1%

SIEMENS LTD 4.06 4.26 4.00 3.27 1.37 1.50 1.33 1.27 1.19 23.49 25.73 19.39 17.08 23.86 15.68 12.95 10.50 28.48 45.24 26.30 23.29 19.38 1.32 1.10 1.23 1.32 1.43 399.64 -18.1%

JAIPRAKASH ASSOCIATES LTD 0.59 0.55 0.51 0.53 0.44 0.35 0.30 0.29 3.59 3.16 2.10 1.07 11.36 9.21 7.31 6.38 8.91 12.41 6.31 3.72 1.75 1.73 1.98 2.29 60.79 73.9%

TATA CHEMICALS LTD 0.88 0.87 0.80 0.80 0.41 0.39 0.37 0.36 4.16 4.01 4.03 3.68 6.32 6.42 6.01 6.21 7.45 7.85 7.00 6.59 4.28 4.56 4.84 4.59 299.72 25.4%

STEEL AUTHORITY OF INDIA 0.49 0.47 0.45 0.41 0.34 0.46 0.44 0.38 0.32 0.27 4.64 2.47 2.28 3.60 2.34 7.00 6.95 5.30 4.27 2.15 7.25 9.22 7.04 8.18 2.59 3.95 3.92 4.06 4.11 9.20 46.09 -7.6%

RELIANCE CAPITAL LTD 0.70 0.66 0.63 0.60 1.44 1.32 1.19 1.12 40.10 43.86 38.29 34.20 12.12 13.01 10.74 8.44 2.91 2.69 2.65 3.12 491.00 53.1%

ADANI ENTERPRISES LTD 0.74 0.68 0.61 0.50 0.34 0.28 0.23 0.22 4.11 3.17 2.46 1.68 12.87 8.60 6.66 5.68 11.65 7.86 5.21 3.11 0.78 1.00 1.22 0.81 278.38 94.6%

BANK OF INDIA 4.89 6.08 6.72 7.06 205.70 27.1%

NHPC LTD 0.79 0.74 0.71 0.66 3.69 3.43 3.08 2.89 6.66 6.37 6.15 5.35 8.97 8.35 7.42 6.93 10.13 9.95 8.87 8.02 3.89 3.65 4.08 4.04 21.00 8.8%

CANARA BANK 4.93 5.36 6.18 6.34 258.48 14.5%

BHARAT FORGE LTD 2.44 2.32 2.06 1.82 1.00 0.95 0.85 0.78 9.51 8.18 6.82 6.58 9.26 8.39 7.33 6.85 21.29 17.22 12.97 11.43 1.62 1.51 1.77 2.31 254.48 1.9%

CROMPTON GREAVES LTD 1.55 1.46 1.31 1.16 0.46 0.42 0.38 0.35 0.32 14.11 9.19 7.44 5.59 12.19 8.35 6.46 5.42 4.72 31.45 14.33 10.03 8.19 1.38 1.58 1.93 1.99 96.23 10.0%

HINDUSTAN PETROLEUM CORP 0.48 0.46 0.44 0.40 0.03 0.03 0.03 0.03 1.45 1.22 1.80 1.36 10.80 9.60 9.33 7.61 8.78 6.70 5.50 3.48 3.72 4.44 5.09 6.80 263.81 38.5%

UNION BANK OF INDIA 0.37 0.32 0.57 0.50 2.30 1.98 7.48 7.27 8.08 8.34 154.19 38.8%

ABB INDIA LTD 4.12 3.69 3.00 1.50 1.38 1.36 38.33 22.17 23.27 18.35 14.52 45.84 32.29 26.93 0.44 0.51 0.57 0.54 430.57 -22.0%

GMR INFRASTRUCTURE LTD 0.96 0.95 0.98 0.68 1.03 0.86 0.68 0.51 17.54 8.58 5.48 3.32 19.46 13.64 10.85 8.67 7.15 11.36 0.00 0.51 0.57 0.00 21.98 0.6%

IDBI BANK LTD 5.33 5.64 6.96 4.72 73.30 23.5%

ADANI POWER LTD 1.53 1.61 1.53 1.35 1.11 1.35 0.71 0.52 0.51 0.51 11.42 2.90 2.30 33.75 11.71 7.73 7.60 7.55 14.18 7.97 8.66 0.00 0.00 0.00 1.45 32.98 2.9%

UNITECH LTD 0.34 0.34 0.33 0.33 1.68 1.39 1.20 1.06 13.25 14.01 7.80 6.29 21.67 18.61 15.25 13.18 13.07 11.28 9.24 8.61 0.72 0.48 0.59 0.31 20.92 32.0%

ASHOK LEYLAND LTD 5.31 2.90 4.29 4.97 16.20 7.6%

HOUSING DEVELOPMENT & INFRAS 0.14 0.14 0.13 0.12 0.95 0.83 0.69 0.64 2.92 4.27 2.96 1.43 5.04 6.21 5.06 4.55 2.68 3.13 2.59 2.20 1.02 0.54 1.12 1.33 40.33 9.8%

SUZLON ENERGY LTD 0.32 6.84 1.19 0.07 0.06 0.06 0.05 4.36 1.92 17.34 7.58 4.94 3.27 1.53 0.00 0.00 7.03 7.7%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


Currency

Price to

Book

Ratio

Positive

Net

Income

Positive

Operati

ng Cash

Flow

Increasi

ng ROA

Quality

of

Earning

s

Long

Term

Debt

vs.

Assets

Current

ratio

Shares

Out -

Same

or Dec.

Inc.

Gross

Margin

Inc.

Asset

Turnov

er

Pitroski

F Score

Tangiable

Assets

Working

Captial

Retained

Earnings

Trailing

12M

Operating

Inc (Loss)

Market CapTotal

Liabilities

Net Sales

(T12M)

Total

Shareholder

s Equity

Altman Z

Score

Altman Z

Score

Bankruptcy

flag

PE PE < 40Price to

Sales

Price To

Sales <

10

Price to

Book

Price to

Book <

10

Price to

Cash

Flow

Price to

Cash

Flow <

10

Dividen

d Yield

Div

Yield >

7%

Final

Score

PEG <

0.75PE < 20

EPS

Growth >

15%

Relative

Strength

> 0

ROCE >

12%

Market

Cap >

20m

Market <

1000m

FINAL

SCORE

ITC LTD INR 10.6 1 1 1 0 1 1 0 - 1 6 349157 84500 189203 103071 2445222 120156 313235 233378 15.13 1.00 31.9 1 8 1 11 0 32 0 1.6966 0 2 0 0 1 1 1 1 1 5

INFOSYS LTD INR 4.3 1 1 0 0 0 0 0 0 0 2 439990 272440 346380 104450 1650982 83370 403520 379940 14.60 1.00 17.5 1 4 1 4 1 18 0 1.4536 0 3 0 1 0 1 1 1 1 5

RELIANCE INDUSTRIES LTD INR 1.2 1 1 0 1 1 0 1 - 1 6 2628590 464510 1368930 221510 2269473 1793530 3970620 1830040 3.49 1.00 10.9 1 1 1 1 1 6 1 1.1644 0 4 0 1 0 1 1 1 1 5

HOUSING DEVELOPMENT FINANCE INR 4.0 1 0 1 0 0 - 0 - 0 2 2517087 - 219771 77217 1277669 2188164 359790 331318 - - 18.9 1 3 1 4 1 - - 1.5129 0 3 - 1 1 1 - 1 1 5

HDFC BANK LIMITED INR 4.1 1 1 1 1 0 - 0 - 1 5 4077230 - 155763 100057 1487970 3708589 429950 368641 - - 21.5 1 3 1 4 1 17 0 0.8795 0 3 - 0 1 1 - 1 1 4

TATA CONSULTANCY SVCS LTD INR 8.0 1 1 1 0 1 1 1 - 1 7 484309 197338 364315 169600 3084091 129262 629895 393410 15.97 1.00 22.2 1 5 1 8 1 25 0 1.3962 0 3 0 0 1 1 1 1 1 5

ICICI BANK LTD INR 1.8 1 1 1 1 1 - 0 - 0 5 6748217 - 250859 135828 1205724 6043535 741705 704682 - - 12.5 1 2 1 2 1 6 1 1.9135 0 4 - 1 1 1 - 1 1 5

HINDUSTAN UNILEVER LTD INR 35.2 1 1 1 1 0 0 0 - 1 5 120454 1101 25928 39738 1009766 92062 270040 28856 10.22 1.00 26.4 1 4 1 35 0 26 0 2.2486 0 2 0 0 1 1 1 1 1 5

LARSEN & TOUBRO LTD INR 2.5 1 0 0 0 0 1 0 - 0 2 1263288 218180 262245 86084 840740 1065925 744980 365126 1.79 1.00 16.1 1 1 1 2 1 - - 1.3541 0 3 - 1 0 1 1 1 1 5

TATA MOTORS LTD INR 2.3 1 1 0 1 1 0 0 - 0 4 1472439 -191753 256707 169780 858620 1320187 1888176 380078 2.14 1.00 8.7 1 0 1 2 1 5 1 0.7431 0 4 1 1 0 1 1 1 1 6

OIL & NATURAL GAS CORP LTD INR 1.7 1 1 0 1 0 0 1 - 0 4 2533532 73746 1482358 325504 2664180 989827 1624032 1544747 3.53 1.00 11.0 1 2 1 2 1 6 1 3.0507 0 4 1 1 0 1 1 1 1 6

SUN PHARMACEUTICAL INDUS INR 5.7 1 1 0 1 1 0 1 - 1 6 183942 67346 133763 46440 848090 42564 112999 166248 14.86 1.00 28.4 1 8 1 6 1 24 0 0.6105 0 3 0 0 0 1 1 1 1 4

STATE BANK OF INDIA INR 1.1 1 1 1 1 0 - 0 - 0 4 21324298 - 440263 259224 1417831 20038715 2006004 1292869 - - 7.8 1 1 1 1 1 2 1 2.0022 0 4 1 1 0 1 - 1 1 5

BHARTI AIRTEL LTD INR 2.2 1 1 0 1 0 1 1 - 1 6 992424 -247517 427730 94130 1107930 1129129 803112 544103 2.03 1.00 48.6 1 1 1 2 1 6 1 0.3428 0 4 0 0 0 1 0 1 1 3

MAHINDRA & MAHINDRA LTD INR 2.5 1 0 1 0 0 0 0 - 0 2 730581 79168 173912 29020 508445 512121 626435 252577 2.05 1.00 12.4 1 1 1 3 1 - - 1.4513 0 3 0 1 1 1 1 1 1 6

WIPRO LTD INR 3.8 1 1 1 1 1 0 0 1 1 7 383260 162663 267126 65516 1076672 154747 374256 284983 6.50 1.00 17.5 1 3 1 4 1 14 0 1.6013 0 3 0 1 1 1 1 1 1 6

AXIS BANK LTD INR 1.8 1 1 1 1 0 - 0 - 1 5 3405577 - 117812 76294 608668 3073868 340392 331709 - - 10.8 1 2 1 2 1 7 1 1.3839 0 4 - 1 1 1 - 1 1 5

DR. REDDY'S LABORATORIES INR 4.1 1 - 1 - 1 1 0 - 0 4 128348 32068 51022 21112 300016 69264 116266 73105 4.90 1.00 17.9 1 3 1 4 1 - - 0.8491 0 3 0 1 1 1 1 1 1 6

HCL TECHNOLOGIES LTD INR 3.8 1 - 1 - 1 1 0 - 0 4 180897 50076 141551 52104 540756 87534 257337 142945 7.19 1.00 13.2 1 2 1 4 1 - - 1.5464 0 3 1 1 1 1 - 1 1 6

NTPC LTD INR 1.4 1 1 1 1 0 0 1 - 0 5 1784562 181163 707674 144948 1170444 968248 693768 818858 2.06 1.00 9.3 1 2 1 1 1 8 1 3.1701 0 4 - 1 1 1 0 1 1 5

BAJAJ AUTO LTD INR 6.5 1 1 0 0 1 1 1 - 0 5 120572 20158 77759 34901 520730 46104 195335 80653 10.46 1.00 16.6 1 3 1 6 1 21 0 2.5006 0 3 0 1 0 1 1 1 1 5

KOTAK MAHINDRA BANK LTD INR 3.2 1 1 0 1 0 - 0 - 0 3 1158312 - 91494 31426 487536 1003586 159487 154760 - - 22.2 1 3 1 3 1 16 0 0.1072 0 3 0 0 1 1 - 1 1 4

UNITED SPIRITS LTD INR 5.2 0 1 0 1 1 0 1 - 1 5 105463 -5433 21437 11628 248399 115865 105980 47984 2.88 1.00 - - 2 1 5 1 212 0 0.1316 0 2 - - - 1 0 1 1 3

SESA GOA LTD INR 0.8 1 0 0 0 1 0 1 - 0 3 206325 -25472 155191 3224 135145 54138 25544 174754 2.58 1.00 5.9 1 5 1 1 1 - - 0.0643 0 3 0 1 0 1 - 1 1 4

CIPLA LTD INR 3.4 1 1 1 0 1 0 1 - 1 6 116474 46138 74291 18843 304909 26391 82793 90187 9.55 1.00 19.7 1 4 1 3 1 21 0 0.5267 0 3 0 1 1 1 1 1 1 6

ASIAN PAINTS LTD INR 13.9 1 1 0 1 1 1 1 - 0 6 67137 10751 32884 15928 471662 32439 109060 35451 12.01 1.00 42.3 1 4 1 14 0 40 0 0.9355 0 2 0 0 0 1 1 1 1 4

CAIRN INDIA LTD INR 1.1 1 1 1 0 0 1 0 - 1 5 388123 125286 256016 111872 520434 63018 175195 476994 7.67 1.00 4.3 1 3 1 1 1 5 1 4.221 0 4 - 1 1 1 1 1 1 6

LUPIN LTD INR 5.4 1 1 1 0 1 1 0 - 1 6 82704 20575 45769 19936 281295 36502 96413 52636 7.66 1.00 21.4 1 3 1 5 1 23 0 0.6364 0 3 0 0 1 1 1 1 1 5

NESTLE INDIA LTD INR 26.8 1 1 0 1 0 1 1 - 0 5 - 3617 17020 16374 481336 33655 83023 17984 10.53 1.00 45.1 1 6 1 27 0 28 0 0.9715 0 2 - 0 0 1 1 1 1 4

TECH MAHINDRA LTD INR 2.5 1 1 0 0 1 0 0 - 1 4 86230 3731 50144 12528 135742 34499 68731 55345 4.50 1.00 10.5 1 2 1 3 1 18 0 0.4719 0 3 1 1 1 1 1 1 1 7

HERO MOTOCORP LTD INR 6.2 1 1 0 0 0 1 1 - 1 5 84624 9069 49663 21629 307918 46354 235827 50062 8.57 1.00 14.5 1 1 1 6 1 16 0 3.8911 0 3 - 1 0 1 1 1 1 5

ULTRATECH CEMENT LTD INR 3.4 1 1 0 1 1 0 0 - 0 4 287941 2685 149412 37884 512429 142821 211561 153077 4.06 1.00 19.1 1 2 1 3 1 15 0 0.4816 0 3 0 1 0 1 1 1 1 5

MARUTI SUZUKI INDIA LTD INR 2.0 1 1 1 1 0 1 0 - 1 6 272468 38322 184522 25791 387025 84324 432159 190384 5.77 1.00 15.7 1 1 1 2 1 9 1 0.6244 0 4 - 1 1 1 1 1 1 6

COAL INDIA LTD INR 4.0 1 1 0 0 1 1 1 - 0 5 1195733 620224 421556 179952 1952388 730292 683027 485356 - - 11.2 1 3 1 4 1 13 0 4.5293 0 3 0 1 1 1 1 1 1 6

TATA STEEL LTD INR 0.9 0 1 0 1 0 0 0 - 0 2 1293679 19651 153639 67459 303845 1110436 1347115 358628 1.56 1.00 - - 0 1 1 1 3 1 2.5571 0 3 - - - 1 - 1 1 3

GRASIM INDUSTRIES LTD INR 1.3 1 1 0 1 1 0 0 - 0 4 409286 36343 194687 46965 258195 181961 279043 258775 2.68 1.00 9.5 1 1 1 1 1 6 1 0.7998 0 4 1 1 0 1 1 1 1 6

INDUSIND BANK LTD INR 2.8 1 1 1 1 1 - 0 - 1 6 733065 - 21557 15709 211528 656763 83407 76303 - - 18.5 1 2 1 3 1 12 0 0.7413 0 3 - 1 1 1 - 1 1 5

GAIL INDIA LTD INR 1.4 1 1 0 1 0 1 1 - 0 5 590511 -16434 275115 61641 403693 295353 508927 302513 2.65 1.00 9.2 1 1 1 1 1 6 1 3.0165 0 4 0 1 0 1 1 1 1 5

POWER GRID CORP OF INDIA LTD INR 1.9 1 1 1 1 0 0 1 - 1 6 1128470 -82699 168982 78900 489825 869810 131155 264031 0.81 0.00 11.4 1 4 1 2 1 5 1 2.5992 0 4 - 1 1 1 0 1 1 5

HINDALCO INDUSTRIES LTD INR 0.5 1 0 0 0 0 1 0 - 0 2 1041544 159568 312451 48901 175426 835001 801928 370895 1.65 1.00 5.8 1 0 1 0 1 - - 1.5284 0 3 - 1 0 1 0 1 1 4

IDEA CELLULAR LTD INR 2.6 1 1 1 1 0 1 0 0 1 6 281128 -47522 20279 24819 377501 220728 224074 143053 2.01 1.00 37.3 1 2 1 3 1 7 1 0.2634 0 4 0 0 1 1 0 1 1 4

AMBUJA CEMENTS LTD INR 3.5 1 1 0 1 1 1 0 - 1 6 124102 22476 71066 19349 309825 36589 97395 87983 7.40 1.00 23.9 1 3 1 4 1 15 0 1.7919 0 3 0 0 0 1 1 1 1 4

ZEE ENTERTAINMENT ENTERPRISE INR 5.1 1 1 1 0 0 0 1 1 1 6 43369 23611 29915 9222 200760 11410 36996 39148 13.73 1.00 27.9 1 5 1 5 1 43 0 0.9503 0 3 0 0 1 1 1 1 1 5

TATA POWER CO LTD INR 2.0 0 1 1 1 1 0 1 0 1 6 611847 -44925 74492 47396 229001 538741 330254 134073 1.13 1.00 - - 1 1 2 1 47 0 1.1917 0 2 - - 1 1 0 1 1 4

BHARAT HEAVY ELECTRICALS INR 1.4 1 1 0 0 0 1 1 0 0 4 713835 232025 300432 100342 433225 412153 481063 305374 2.75 1.00 6.5 1 1 1 1 1 20 0 3.0565 0 3 - 1 0 1 1 1 1 5

IDFC LTD INR 1.6 1 0 0 0 0 - 0 - 1 2 700983 - 69235 26526 217515 573510 81464 137080 - - 11.8 1 3 1 2 1 - - 1.8106 0 3 1 1 1 1 - 1 1 6

GODREJ CONSUMER PRODUCTS LTD INR 8.0 1 1 0 1 1 0 0 - 1 5 26290 5693 17954 9417 264774 41785 64074 35226 8.64 1.00 33.3 1 4 1 8 1 33 0 0.6427 0 3 0 0 0 1 1 1 1 4

RELIANCE COMMUNICATIONS LTD INR 0.3 1 1 0 1 1 0 1 0 1 6 640080 -111780 247710 20640 114141 556070 192940 345750 0.96 0.00 17.0 1 1 1 0 1 8 1 0.4521 0 4 0 1 0 1 0 1 1 4

ACC LTD INR 3.6 1 1 0 1 1 1 1 - 1 7 118867 14417 63396 16278 268889 45532 111306 73750 5.82 1.00 25.4 1 2 1 4 1 16 0 2.0947 0 3 0 0 0 1 1 1 1 4

TITAN INDUSTRIES LTD INR 11.6 1 1 0 0 1 1 1 - 0 5 58660 13328 17422 9643 227628 39134 101233 19699 6.45 1.00 31.4 1 2 1 12 0 43 0 0.819 0 2 0 0 1 1 1 1 1 5

Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis

FUNDAMENTAL SCORING

Pitroski F Score


Currency

Price to

Book

Ratio

Positive

Net

Income

Positive

Operati

ng Cash

Flow

Increasi

ng ROA

Quality

of

Earning

s

Long

Term

Debt

vs.

Assets

Current

ratio

Shares

Out -

Same

or Dec.

Inc.

Gross

Margin

Inc.

Asset

Turnov

er

Pitroski

F Score

Tangiable

Assets

Working

Captial

Retained

Earnings

Trailing

12M

Operating

Inc (Loss)

Market CapTotal

Liabilities

Net Sales

(T12M)

Total

Shareholder

s Equity

Altman Z

Score

Altman Z

Score

Bankruptcy

flag

PE PE < 40Price to

Sales

Price To

Sales <

10

Price to

Book

Price to

Book <

10

Price to

Cash

Flow

Price to

Cash

Flow <

10

Dividen

d Yield

Div

Yield >

7%

Final

Score

PEG <

0.75PE < 20

EPS

Growth >

15%

Relative

Strength

> 0

ROCE >

12%

Market

Cap >

20m

Market <

1000m

FINAL

SCORE

DABUR INDIA LTD INR 11.2 1 1 1 1 1 0 0 - 1 6 41002 3631 19199 9300 238695 26000 61761 21364 8.53 1.00 31.3 1 4 1 11 0 27 0 1.0953 0 2 0 0 1 1 1 1 1 5

SHRIRAM TRANSPORT FINANCE INR 2.1 1 0 0 0 0 - 0 - 0 1 476466 - 53566 23922 157546 403117 70160 73379 - - 10.8 1 2 1 2 1 - - 1.008 0 3 - 1 0 1 - 1 1 4

JINDAL STEEL & POWER LTD INR 1.5 1 1 0 0 0 0 1 - 0 3 570525 -27492 210316 45825 325088 352631 198068 218095 1.62 1.00 11.2 1 2 1 2 1 16 0 0.4601 0 3 1 1 0 1 0 1 1 5

BANK OF BARODA INR 0.9 1 1 0 1 0 - 0 - 0 3 5593883 - 185195 51958 284517 5259965 409539 333918 - - 5.8 1 1 1 1 1 2 1 3.1833 0 4 - 1 0 1 - 1 1 4

NMDC LTD INR 5.3 1 1 0 0 0 0 1 - 0 3 128480 105985 112313 57635 617703 12196 75640 116284 34.67 1.00 14.2 1 8 1 5 1 17 0 1.4185 0 3 - 1 1 1 1 1 1 6

BHARAT PETROLEUM CORP LTD INR 1.6 1 1 1 1 0 1 1 - 1 7 788047 -36476 158281 55305 273109 617135 2420434 178521 3.79 1.00 14.5 1 0 1 2 1 7 1 2.9124 0 4 0 1 1 1 0 1 1 5

JSW STEEL LTD INR 0.9 1 1 1 1 0 1 1 - 0 6 563590 -67351 113639 42772 150013 401871 382097 175409 1.29 1.00 16.0 1 0 1 1 1 3 1 1.4873 0 4 0 1 1 1 0 1 1 5

COLGATE PALMOLIVE (INDIA) INR 27.8 1 1 1 0 1 1 1 1 1 8 8847 369 3038 4624 91836 5545 19625 3302 14.41 1.00 21.2 1 5 1 28 0 22 0 2.9616 0 2 - 0 1 1 1 1 1 5

GLENMARK PHARMACEUTICALS LTD INR 4.5 1 1 1 0 0 1 0 - 1 5 58971 15688 19539 8830 125378 43836 50123 27874 3.84 1.00 20.4 1 2 1 5 1 25 0 0.4321 0 3 0 0 1 1 1 1 1 5

YES BANK LTD INR 2.6 1 1 - 0 - - - - - 2 991041 - 25225 19262 153813 932964 95519 58077 - - 11.7 1 2 1 3 1 30 0 1.3989 0 3 1 1 - 1 - 1 1 5

PUNJAB NATIONAL BANK INR 0.7 1 1 0 1 1 - 0 - 1 5 4965138 - 201096 67838 253759 4617418 473775 348353 - - 4.9 1 1 1 1 1 2 1 3.761 0 4 - 1 0 1 - 1 1 4

MAHINDRA & MAHINDRA FIN SECS INR 2.4 1 0 1 0 1 - 0 - 1 4 270692 - 24525 13401 110909 224676 41124 46032 - - 11.2 1 3 1 2 1 - - 1.8462 0 3 1 1 1 1 - 1 1 6

ADANI PORTS AND SPECIAL ECON INR 4.3 1 1 1 0 1 1 1 - 1 7 209456 20544 41724 19928 277871 145210 35766 65386 2.03 1.00 18.1 1 8 1 4 1 34 0 0.721 0 3 1 1 1 1 0 1 1 6

UNITED BREWERIES LTD INR 12.9 1 1 1 0 0 1 1 - 0 5 36957 4543 7813 3088 184978 22273 38987 15128 6.76 1.00 109.1 1 5 1 13 0 126 0 0.1001 0 2 - 0 1 1 0 1 1 4

DIVI'S LABORATORIES LTD INR 5.2 1 1 0 0 1 1 1 - 0 5 31388 13097 23676 7396 131075 6382 21399 25006 15.34 1.00 21.8 1 6 1 5 1 26 0 1.519 0 3 0 0 0 1 1 1 1 4

RURAL ELECTRIFICATION CORP INR 1.2 1 0 1 0 1 - 1 - 1 5 1305633 - 133199 53625 205836 1130373 135778 175298 0.56 0.00 5.4 1 2 1 1 1 - - 3.9578 0 3 - 1 1 1 - 1 1 5

EXIDE INDUSTRIES LTD INR 3.6 1 1 0 0 1 0 1 - 0 4 106959 15699 22568 7363 110033 82179 63659 30909 2.10 1.00 20.0 1 2 1 4 1 24 0 1.236 0 3 0 0 1 1 1 1 1 5

DLF LTD INR 1.5 1 0 0 0 1 0 0 0 0 2 627507 123770 158877 18682 398689 366971 77728 279297 1.47 1.00 56.0 1 5 1 2 1 - - 0.8522 0 3 0 0 0 1 0 1 1 3

TATA GLOBAL BEVERAGES LTD INR 1.6 1 1 0 0 1 0 1 - 1 5 49648 10336 41471 6651 79062 31699 72703 56240 4.82 1.00 21.2 1 1 1 2 1 45 0 1.6817 0 3 0 0 0 1 1 1 1 4

RANBAXY LABORATORIES LTD INR 5.2 1 1 1 1 0 1 0 - 1 6 142998 10469 3714 13655 212726 122919 122529 41733 2.33 1.00 23.0 1 2 1 5 1 13 0 0 0 3 - 0 - 1 1 1 1 4

LIC HOUSING FINANCE LTD INR 1.7 1 0 0 0 1 - 1 - 1 4 806386 - 47113 14462 113499 741146 77348 65341 - - 10.8 1 1 1 2 1 - - 1.6896 0 3 - 1 0 1 - 1 1 4

RELIANCE POWER LTD INR 0.9 1 0 0 0 0 0 1 - 1 3 518730 26558 47277 14278 172515 333513 49266 185826 0.69 0.00 17.1 1 4 1 1 1 - - 0 0 3 - 1 1 1 0 1 1 5

CUMMINS INDIA LTD INR 2.5 1 1 1 0 1 1 1 - 1 7 22917 10398 14456 5075 36630 8265 35285 14852 6.36 1.00 7.9 1 1 1 2 1 14 0 3.5676 0 3 - 1 1 1 1 1 1 6

HINDUSTAN ZINC LTD INR 1.6 1 1 1 0 0 0 1 - 0 4 354554 218781 314307 58589 512531 31897 126998 322757 12.53 1.00 7.4 1 4 1 2 1 10 1 2.5556 0 4 - 1 1 1 1 1 1 6

RELIANCE INFRASTRUCTURE LTD INR 0.3 1 1 1 0 1 0 1 - 0 5 581768 2247 170329 24395 85327 401437 155101 263522 0.95 0.00 3.8 1 1 1 0 1 5 1 2.2808 0 4 - 1 1 1 1 1 1 6

POWER FINANCE CORPORATION INR 1.0 1 0 1 0 0 - 0 - 1 3 1699218 - 187432 63064 238527 1457679 172851 241577 0.82 0.00 5.4 1 1 1 1 1 - - 3.8738 0 3 - 1 1 1 - 1 1 5

INDIAN OIL CORPORATION LTD INR 1.1 1 1 0 0 0 1 1 - 0 4 2368050 40304 604795 105795 683711 1734020 4617797 642989 2.71 1.00 15.4 1 0 1 1 1 19 0 2.2017 0 3 0 1 0 1 0 1 1 4

FEDERAL BANK LTD INR 1.3 1 1 0 1 0 - 0 - 0 3 709930 - 23390 12097 82220 647278 69108 62651 - - 9.6 1 1 1 1 1 7 1 1.8725 0 4 - 1 0 1 - 1 1 4

UNITED PHOSPHORUS LTD INR 1.1 1 1 1 1 1 0 1 - 0 6 101530 32339 34926 13309 51962 75736 91945 48795 2.61 1.00 6.9 1 1 1 1 1 4 1 2.1295 0 4 1 1 1 1 1 1 1 7

SIEMENS LTD INR 7.5 1 1 1 0 1 1 0 0 1 6 101334 22090 37481 11130 285082 63415 119063 38162 5.01 1.00 32.7 1 2 1 7 1 309 0 0.7162 0 3 - 0 0 1 1 1 1 4

JAIPRAKASH ASSOCIATES LTD INR 1.2 1 1 0 1 0 1 0 - 1 5 850077 -13552 75257 53933 145239 781351 188164 164131 0.65 0.00 30.4 1 1 1 1 1 24 0 0.7639 0 3 0 0 0 1 0 1 1 3

TATA CHEMICALS LTD INR 1.3 1 0 0 0 1 1 1 - 0 4 68523 3464 48999 18155 81930 132859 148588 69497 4.47 1.00 20.5 1 1 1 1 1 - - 3.1095 0 3 - 0 0 1 1 1 1 4

STEEL AUTHORITY OF INDIA INR 0.6 1 1 0 1 0 0 1 - 0 4 849672 52331 372789 35506 258364 448721 450872 416474 1.70 1.00 11.1 1 1 1 1 1 9 1 3.1974 0 4 - 1 0 1 0 1 1 4

RELIANCE CAPITAL LTD INR 0.6 1 0 1 0 1 - 1 - 1 5 403310 - 81260 12490 76809 281010 74920 124870 - - 9.5 1 1 1 1 1 - - 2.5584 0 3 - 1 1 1 - 1 1 5

ADANI ENTERPRISES LTD INR 1.0 1 1 0 1 1 0 1 - 0 5 1090219 -60289 108669 42020 222382 875659 464624 246926 0.78 0.00 13.8 1 0 1 1 1 5 1 0.6924 0 4 1 1 0 1 0 1 1 5

BANK OF INDIA INR 0.7 1 1 0 1 1 - 0 - 0 4 4564068 - 132046 30168 180469 4318624 358802 245444 - - 6.2 1 0 1 1 1 3 1 3.302 0 4 - 1 0 1 - 1 1 4

NHPC LTD INR 0.8 1 1 0 0 0 1 1 - 0 4 590277 73000 152055 30836 244170 296509 64021 326852 1.28 1.00 9.3 1 4 1 1 1 11 0 3.0227 0 3 1 1 0 1 0 1 1 5

CANARA BANK INR 0.7 1 0 0 0 0 - 1 - 0 2 4193243 - 156712 37665 170134 3939157 373726 254086 - - 5.7 1 0 1 1 1 - - 3.385 0 3 - 1 0 1 - 1 1 4

BHARAT FORGE LTD INR 2.1 1 1 0 1 1 0 1 - 0 5 73645 6363 15002 4581 48212 50188 57022 24206 1.94 1.00 18.2 1 1 1 2 1 8 1 1.6417 0 4 1 1 0 1 0 1 1 5

CROMPTON GREAVES LTD INR 1.7 0 1 0 1 0 0 1 - 0 3 86136 17915 32814 1802 60172 65818 120944 35710 2.80 1.00 - - 0 1 2 1 16 0 1.2793 0 2 - - - 1 0 1 1 3

HINDUSTAN PETROLEUM CORP INR 0.7 1 1 1 1 0 1 1 - 1 7 920737 -63836 119363 18781 96576 786816 2159502 135942 2.58 1.00 19.3 1 0 1 1 1 15 0 2.9804 0 3 0 1 1 1 0 1 1 5

UNION BANK OF INDIA INR 0.8 1 1 1 1 0 - 0 - 1 5 3128805 - 87535 30392 130101 2954519 280383 174600 - - 5.6 1 0 1 1 1 5 1 3.6697 0 4 - 1 1 1 - 1 1 5

ABB INDIA LTD INR 5.7 1 0 - 0 0 0 1 - - 2 63490 9887 24999 2950 148495 39028 76105 26016 4.37 1.00 105.4 1 2 1 6 1 - - 0.4281 0 3 - 0 0 1 0 1 1 3

GMR INFRASTRUCTURE LTD INR 1.2 1 1 1 1 0 0 1 - 0 5 531552 -84761 -379 14225 84076 528477 98719 109693 0.18 0.00 95.4 1 1 1 1 1 6 1 0.463 0 4 - 0 - 1 0 1 1 3

IDBI BANK LTD INR 0.5 1 1 0 1 0 - 0 - 0 3 3226662 - 91996 19068 106953 3014278 284101 212384 - - 5.4 1 0 1 1 1 2 1 4.3614 0 4 - 1 0 1 - 1 1 4

ADANI POWER LTD INR 2.3 0 1 0 1 0 0 0 - 1 3 549561 -109170 -15508 -1927 97287 506711 67748 42934 -0.05 0.00 - - 1 1 2 1 117 0 0 0 2 - - 0 1 - 1 1 3

UNITECH LTD INR 0.5 1 0 0 0 0 0 1 - 0 2 238807 95370 51093 3206 61614 124357 24405 114499 1.22 1.00 29.4 1 3 1 1 1 - - 0 0 3 - 0 0 1 0 1 1 3

ASHOK LEYLAND LTD INR 1.3 1 1 0 0 0 0 1 - 0 3 126069 -9996 34343 4957 58136 86416 124812 44551 1.81 1.00 13.4 1 0 1 1 1 15 0 2.746 0 3 - 1 0 1 1 1 1 5

HOUSING DEVELOPMENT & INFRAS INR 0.2 1 1 0 0 1 1 1 - 0 5 172387 112091 50524 3267 19358 69257 10252 103900 1.48 1.00 26.4 1 2 1 0 1 29 0 0 0 3 - 0 0 1 0 1 1 3

SUZLON ENERGY LTD INR 2.7 0 0 0 1 0 0 1 - 0 2 203623 -15597 -43045 -16925 24172 280208 187431 9861 0.31 0.00 - - 0 1 3 1 - - 0 0 2 - - 0 1 - 1 1 3

Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis

FUNDAMENTAL SCORING

Pitroski F Score


01.10.2013

ITC Limited, a member of BAT Group of UK, is a holding company, which has a

diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers,

Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel,

Greeting Cards and other FMCG products.

Latest Fiscal Year: 03/2013

LTM as of: 01/yy

52-Week High (24.07.2013) 380.00

52-Week Low (03.10.2012) 267.70

Daily Volume

343

52-Week High % Change -9.71% Dividend Yield 1.53

52-Week Low % Change 28.13% Beta 0.84

% 52 Week Price Range High/Low 64.65% Equity Float 4'826.42

Shares Out 25.09.2013 7'920.0 Short Int -

2'716'552.75 1 Yr Total Return 27.37%

Total Debt 1'023.80 YTD Return 21.44%

Preferred Stock 0.0 Adjusted BETA 0.838

Minority Interest 1'798.9 Analyst Recs 49

Cash and Equivalents 88'084.70 Consensus Rating 4.306

Enterprise Value 2'631'290.76

Average Volume 5 Day 521'965

ITC IB EQUITY YTD Change - Average Volume 30 Day 753'458

ITC IB EQUITY YTD % CHANGE - Average Volume 3 Month 635'611

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

165'561.4 191'358.7 222'791.1 261'795.2 313'234.5 - - 362'622 424'519 - -

4.03x 4.97x 6.05x 6.51x 7.53x - - 7.31x 6.21x - -

51'170.1 63'787.9 77'161.0 92'983.7 111'661.9 - - 131'058.6 155'726.4 - -

13.05x 14.91x 17.46x 18.33x 21.13x - - 20.07x 16.89x - -

33'245.9 41'681.8 50'179.3 62'581.4 76'080.7 - - 89'489.1 106'580.2 - -

20.96x 23.89x 27.87x 28.18x 31.94x - - 30.42x 25.64x - -

EBITDA 111'661.90 Long-Term Rating Date -

EBIT 103'070.80 Long-Term Rating -

Operating Margin 32.91% Long-Term Outlook -

Pretax Margin 35.49% Short-Term Rating Date -

Return on Assets 23.25% Short-Term Rating -

Return on Common Equity 35.70%

Return on Capital 35.90% EBITDA/Interest Exp. 167.51

Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. 127.84

Net Debt/EBITDA -0.78

Gross Margin - Total Debt/EBITDA 0.01

EBITDA Margin 35.6%

EBIT Margin 32.9% Total Debt/Equity 0.4%

Net Income Margin 24.3% Total Debt/Capital 0.4%

Asset Turnover 0.96

Current Ratio 1.80 Net Fixed Asset Turnover 2.44

Quick Ratio 0.97 Accounts receivable turnover-days 15.12

Debt to Assets 0.29% Inventory Days -

Tot Debt to Common Equity 0.44% Accounts Payable Turnover Day -

Accounts Receivable Turnover 24.13 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ITC LtdPrice/Volume

Valuation Analysis

123'021.00

Current Price (10/dd/yy) Market Data

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01.10.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

TOBACCO MANUFACTURER n/a Co File 1'985'564'880 25.07 - 30.06.2013 Unclassified

LIFE INSURANCE CORP n/a Co File 997'795'083 12.6 - 30.06.2013 Government

UNIT TRUST OF INDIA n/a Co File 896'724'540 11.32 - 30.06.2013 Investment Advisor

MYDDLETON INVEST COY n/a Co File 324'207'960 4.09 - 30.06.2013 Holding Company

NEW INDIA ASSURANCE n/a Co File 159'074'568 2.01 - 30.06.2013 Government

GENERAL INSURANCE CO n/a Co File 143'750'540 1.82 - 30.06.2013 Government

ORIENTAL INSURANCE C n/a Co File 128'050'513 1.62 - 30.06.2013 Insurance Company

NATIONAL INSURANCE C n/a Co File 119'307'220 1.51 - 30.06.2013 Insurance Company

ABERDEEN n/a ULT-AGG 105'961'190 1.34 3'592'777 31.07.2013 Investment Advisor

ROTHMANS INTL ENTERP n/a Co File 103'303'260 1.3 - 30.06.2013 Private Equity

ICICI PRUDENTIAL LIF n/a Co File 80'430'119 1.02 - 30.06.2013 Insurance Company

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 74'735'253 0.94 1'699'600 28.06.2013 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 72'346'350 0.91 (1'680'960) 30.06.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 60'624'162 0.77 (687'826) 31.07.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 57'052'937 0.72 396'408 30.06.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 56'685'405 0.72 685'802 30.04.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 45'134'180 0.57 (377'063) 27.09.2013 Investment Advisor

HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 40'633'313 0.51 1'329'090 31.08.2013 Investment Advisor

UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 36'652'159 0.46 166'975 31.08.2013 Investment Advisor

FMR LLC n/a ULT-AGG 35'651'464 0.45 1'715'613 31.08.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Standard Chartered SANJAY SINGH outperform 5 M 354 12 month 27.09.2013

CIMB VARUN LOHCHAB neutral 3 M 360 12 month 27.09.2013

BNP Paribas Equity Research VIJAY CHUGH buy 5 M 380 12 month 27.09.2013

Nomura MANISH JAIN buy 5 M 392 Not Provided 27.09.2013

IIFL PERCY PANTHAKI buy 5 M 370 12 month 26.09.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 18.09.2013

Kotak Securities ROHIT CHORDIA add 4 M 375 Not Provided 17.09.2013

ICICI Securities ANAND MOUR add 4 M 372 12 month 13.09.2013

Goldman Sachs PUNEET JAIN Buy/Neutral 5 M 357 12 month 11.09.2013

Sharekhan Ltd TEAM COVERAGE buy 5 U 379 Not Provided 05.09.2013

Credit Suisse ARNAB MITRA outperform 5 M 385 Not Provided 29.08.2013

Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL buy 5 M 366 12 month 28.08.2013

Antique Stock Broking Limited ABHIJEET KUNDU buy 5 U 356 Not Provided 27.08.2013

JPMorgan LATIKA CHOPRA overweight 5 M 390 12 month 26.08.2013

Dolat Capital Market Ltd. AMIT PUROHIT accumulate 4 M 318 Not Provided 23.08.2013

Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY buy 5 U 371 Not Provided 21.08.2013

Motilal Oswal Securities Ltd GAUTAM DUGGAD neutral 3 M 385 Not Provided 19.08.2013

HSBC AMIT SACHDEVA overweight 5 U 400 Not Provided 09.08.2013

Deutsche Bank MANOJ MENON buy 5 M 385 12 month 07.08.2013

Batlivala & Karani Securities ASHIT DESAI outperform 5 M 355 Not Provided 05.08.2013

Shah Investor's Home Limited AMEYA HARDAS hold 3 D 382 12 month 30.07.2013

Morgan Stanley NILLAI SHAH Overwt/In-Line 5 M 425 12 month 29.07.2013

Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 29.07.2013

Edelweiss Capital ABNEESH ROY buy 5 M 388 12 month 29.07.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 396 Not Provided 29.07.2013

Macquarie AMIT MISHRA outperform 5 M 421 12 month 26.07.2013

SBI Capital Markets SAGARIKA MUKHERJEE buy 5 M 400 12 month 26.07.2013

Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI buy 5 M 380 Not Provided 26.07.2013

Espirito Santo Investment Bank ResearchNITIN MATHUR neutral 3 M 325 Not Provided 26.07.2013

Phillip Securities NAVEEN KULKARNI sell 1 M 300 Not Provided 26.07.2013

HDFC Securities HARSH MEHTA buy 5 M 382 12 month 26.07.2013

India Infoline VANMALA NAGWEKAR buy 5 M 398 12 month 26.07.2013

KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL accumulate 4 M 400 12 month 26.07.2013

ICICIdirect.com SANJAY MANYAL hold 3 M 328 12 month 26.07.2013

Jefferies RAJASA KAKULAVARAPU buy 5 M 413 12 month 25.07.2013

IDFC Securities Ltd NIKHIL K VORA underperform 1 M 346 12 month 25.07.2013

Tata Securities Limited SAMEER DESHMUKH buy 5 M 394 12 month 25.07.2013

Religare Capital Markets GAURANG KAKKAD hold 3 M 350 12 month 25.07.2013

VCK Share & Stock Broking Services TEAM COVERAGE accumulate 4 M 396 12 month 25.07.2013

Elara Securities India Pvt Ltd AASHISH UPGANLAWAR accumulate 4 M 399 12 month 25.07.2013

Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 22.05.2013

Nirmal Bang Securities Private Ltd RUCHITA MAHESHWARI hold 3 M 370 Not Provided 21.05.2013

UBS SUNITA SACHDEV buy 5 M 400 12 month 17.05.2013

Holdings By:

ITC Ltd ee


01.10.2013

Infosys Limited provides IT consulting and software services, including

e-business, program management and supply chain solutions. The Group's services

include application development, product co-development, and system

implementation and system engineering. Infosys targets businesses specializing

in the insurance, banking, telecommunication and manufacturing sectors.


LTM as of: 06/yy

52-Week High (11.09.2013) 3'172.70

52-Week Low (29.04.2013) 2'190.00

Daily Volume

3013.1

52-Week High % Change -4.94% Dividend Yield -


% 52 Week Price Range High/Low 84.00% Equity Float 442.03

Shares Out 25.09.2013 574.2 Short Int -

1'730'231.13 1 Yr Total Return 17.55%

Total Debt 0.00 YTD Return 31.46%


Minority Interest 0.0 Analyst Recs 70




INFO IB EQUITY YTD Change - Average Volume 30 Day 74'076

INFO IB EQUITY YTD % CHANGE - Average Volume 3 Month 94'756


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

216'930.0 227'744.8 275'010.0 337'340.0 403'520.0 358'650.0 420'030.0 475'478.3 531'124.6 120'242.6 118'190.3

3.05x 6.30x 6.13x 4.25x 3.51x 14.81x 11.82x 3.06x 2.63x 14.40x 14.65x

72'190.0 78'648.8 89'750.0 107'490.0 115'440.0 121'860.0 124'220.0 128'008.9 143'171.2 31'980.8 31'603.0

9.16x 18.24x 18.79x 13.33x 12.26x 10.08x 9.87x 11.94x 10.68x 11.74x 11.48x

59'880.0 62'245.8 68'350.0 83'320.0 94'290.0 88'830.0 95'060.0 100'722.8 113'055.8 24'360.2 24'776.3

12.66x 25.29x 27.09x 19.66x 17.51x 16.14x 15.02x 16.90x 15.04x 16.83x 16.40x

EBITDA 115'440.00 Long-Term Rating Date 07.05.2010

EBIT 104'450.00 Long-Term Rating BBB+

Operating Margin 25.88% Long-Term Outlook NEG




Return on Capital 25.60% EBITDA/Interest Exp. -

Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. -


Gross Margin 40.1% Total Debt/EBITDA 0.00

EBITDA Margin 29.6%



Asset Turnover 0.96




Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 1.08



Fiscal Year Ended

Infosys LtdPrice/Volume

Valuation Analysis

26'016.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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01.10.2013


ABERDEEN n/a ULT-AGG 30'472'192 5.31 (2'803'199) 31.07.2013 Investment Advisor

LIFE INSURANCE CORP n/a EXCH 28'751'207 5.01 - 25.09.2013 Government

GOPALAKRISHNAN SENAP n/a Co File 18'951'351 3.3 - 30.06.2013 n/a

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 15'148'155 2.64 (6'790) 31.07.2013 Investment Advisor


ABU DHABI INVESTMENT n/a Co File 13'497'161 2.35 - 30.06.2013 Government

FRANKLIN RESOURCES n/a ULT-AGG 11'760'827 2.05 (197'344) 30.06.2013 Investment Advisor

GIC PRIVATE LIMITED n/a ULT-AGG 9'804'709 1.71 - 30.06.2013 Government

HDFC ASSET MANAGEMEN n/a Co File 9'253'433 1.61 - 30.06.2013 Investment Advisor

NILEKANI NANDAN M n/a Co File 8'345'870 1.45 - 30.06.2013 n/a

MURTHY AKSHATA n/a Co File 8'106'412 1.41 - 30.06.2013 n/a

MURTHY ROHAN n/a Co File 7'949'782 1.38 - 30.06.2013 n/a

BLACKROCK n/a ULT-AGG 7'914'353 1.38 50'543 27.09.2013 Investment Advisor

NILEKANI ROHINI n/a EXCH 7'501'174 1.31 (577'000) 19.07.2013 n/a

MURTHY SUDHA N n/a Co File 7'314'660 1.27 - 30.06.2013 n/a

JP MORGAN n/a ULT-AGG 7'064'938 1.23 (1'153'629) 31.07.2013 Investment Advisor

DINESH ASHA n/a Co File 7'047'482 1.23 - 30.06.2013 n/a


NORGES BANK Multiple Portfolios MF-AGG 5'512'977 0.96 - 31.12.2012 Government

COMMONWEALTH BANK OF n/a ULT-AGG 5'230'309 0.91 (1'819'086) 31.05.2013 Bank


Nomura ASHWIN MEHTA buy 5 M 3'530 Not Provided 30.09.2013

CIMB SANDEEP R SHAH outperform 5 U 3'450 12 month 27.09.2013

JM Financial Institutional Securities P GOVIND AGARWAL buy 5 M 3'150 Not Provided 27.09.2013

Axis Capital Limited PRIYA ROHIRA buy 5 M 3'859 Not Provided 27.09.2013

Credit Suisse ANANTHA NARAYAN neutral 3 M 3'300 Not Provided 26.09.2013

Emkay Share & Stock Brokers MANIK TANEJA buy 5 M 3'650 Not Provided 26.09.2013

Standard Chartered PANKAJ KAPOOR in-line 3 M 3'100 12 month 23.09.2013

Societe Generale MUKUL GARG hold 3 M 2'615 12 month 23.09.2013

Morgan Stanley VIPIN KHARE Overwt/Attractive 5 M 3'695 12 month 23.09.2013

Jefferies VISHAL AGARWAL buy 5 M 3'675 12 month 23.09.2013

SBI Capital Markets DIPESH N MEHTA hold 3 M 3'340 12 month 23.09.2013

ICICI Securities KULDEEP KOUL buy 5 M 3'417 12 month 17.09.2013

Phillip Securities VIBHOR SINGHAL neutral 3 M 2'800 Not Provided 17.09.2013

KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH accumulate 4 M 3'290 12 month 16.09.2013

Equirus Securities Pvt Ltd BHAVIN SHAH buy 5 M 3'550 Not Provided 14.09.2013

Espirito Santo Investment Bank ResearchNITIN PADMANABHAN buy 5 M 3'600 Not Provided 10.09.2013

Ambit Capital Pvt Ltd ANKUR RUDRA sell 1 M 2'581 12 month 10.09.2013

Kotak Securities KAWALJEET SALUJA add 4 M 3'400 Not Provided 06.09.2013

Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN buy 5 M 3'700 12 month 04.09.2013

IIFL SANDEEP MUTHANGI add 4 M 3'426 12 month 03.09.2013

JPMorgan VIJU K GEORGE overweight 5 M 3'000 6 month 02.09.2013

Religare Capital Markets RUMIT DUGAR buy 5 M 3'700 12 month 31.08.2013

Barclays BHUVNESH SINGH overweight 5 M 3'310 Not Provided 30.08.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE reduce 2 M 2'786 Not Provided 30.08.2013

Nirmal Bang Institutional Equities HARIT SHAH sell 1 D 2'860 12 month 30.08.2013

Macquarie NITIN MOHTA outperform 5 U 3'550 12 month 29.08.2013

Batlivala & Karani Securities DEEPAN S KAPADIA outperform 5 M 3'300 Not Provided 29.08.2013

Edelweiss Capital SANDIP KUMAR AGARWAL buy 5 M 3'228 12 month 29.08.2013

Deutsche Bank ANIRUDDHA BHOSALE hold 3 M 3'200 12 month 28.08.2013

HSBC YOGESH AGGARWAL neutral 3 M 3'200 Not Provided 28.08.2013

BNP Paribas Equity Research ABHIRAM ELESWARAPU hold 3 M 2'450 12 month 26.08.2013

Motilal Oswal Securities Ltd ASHISH CHOPRA buy 5 M 3'318 Not Provided 19.08.2013

Tata Securities Limited ASHISH AGGARWAL hold 3 M 3'329 12 month 19.08.2013

UBS DIVIYA NAGARAJAN buy 5 M 3'550 12 month 13.08.2013

SPA Securities Ltd AMIT AGGARWAL hold 3 M 2'914 Not Provided 26.07.2013

Spark Capital Advisors SRIVATHSAN RAMACHANDRAN reduce 2 M 2'700 12 month 25.07.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 19.07.2013

Goldman Sachs RISHI JHUNJHUNWALA neutral/neutral 3 M 2'750 12 month 17.07.2013

Techno Shares & Stocks DEBASHISH MAZUMDAR hold 3 M 2'850 12 month 16.07.2013

Maybank Kim Eng URMIL SHAH sell 1 M 2'300 12 month 15.07.2013

India Infoline ANIRUDDHA MEHTA market perform 3 M 2'730 12 month 15.07.2013

Antique Stock Broking Limited PRATISH KRISHNAN hold 3 M 2'700 Not Provided 15.07.2013

BP Equities Private Limited AMIT CHANDRA hold 3 M 2'790 Not Provided 15.07.2013

Holdings By:

Infosys Ltd ee


01.10.2013

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber

intermediates, textiles, blended yarn and polyester staple fiber. The Company

also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India

that produces a wide range of products such as gasoline, superior kerosene oil

and liquefied petroleum gas.


LTM as of: 01/yy

52-Week High (21.01.2013) 954.80

52-Week Low (21.11.2012) 761.00

Daily Volume

824





2'662'051.00 1 Yr Total Return -0.17%

Total Debt 1'072'190.00 YTD Return -0.71%






RIL IB EQUITY YTD Change - Average Volume 30 Day 478'787

RIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 440'068


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

1'512'240.1 2'037'397.2 2'658'106.0 3'585'010.0 3'970'620.0 - - ######### ######### - -

1.99x 1.78x 1.35x 0.69x 0.68x - - 0.75x 0.73x - -

242'169.1 303'332.8 380'722.6 351'080.0 333'830.0 - - 357'359.2 412'960.6 - -

12.44x 11.96x 9.40x 7.09x 8.06x - - 8.62x 7.46x - -

149'687.2 245'031.4 192'936.8 197'240.0 208'790.0 - - 224'997.2 253'973.1 - -

14.09x 13.05x 16.20x 11.35x 10.91x - - 11.49x 10.21x - -









Net Debt/EBITDA 1.23


EBITDA Margin 8.4%



Asset Turnover 1.15







Fiscal Year Ended

Reliance Industries LtdPrice/Volume

Valuation Analysis

187'876.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-,,.,,0,,1,,2,,3,,4,,5,,6,,

-,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

-'1 E

-'3 E

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013



KANKHAL INVES & TRAD n/a Co File 148'490'952 4.6 - 30.06.2013 Investment Advisor

BHUVANESH ENTERPRISE n/a Co File 134'616'811 4.17 - 30.06.2013 Corporation

AJITESH ENTERPRISES n/a Co File 127'041'799 3.93 - 30.06.2013 Other

BADRI COMMERCIALS LL n/a Co File 127'041'799 3.93 - 30.06.2013 Other

ABHAYAPRADA ENTERPRI n/a Co File 124'514'168 3.85 - 30.06.2013 Other

TRILOKESH COMMERCIAL n/a Co File 124'513'168 3.85 - 30.06.2013 Other

PETROLEUM TRUST n/a Co File 120'471'003 3.73 - 30.06.2013 n/a

FARM ENTERPRISES LTD n/a Co File 118'978'113 3.68 - 30.06.2013 Other

TARAN ENTERPRISES LL n/a Co File 106'373'069 3.29 - 30.06.2013 Other

PITAMBAR ENTERPRISES n/a Co File 104'900'070 3.25 - 30.06.2013 Other

ADISESH ENTERPRISES n/a Co File 81'099'093 2.51 - 30.06.2013 Other

RELIANCE CHEMICALS P n/a Co File 62'239'998 1.93 - 30.06.2013 Other

RELIANCE POLYOLEFINS n/a Co File 61'194'924 1.89 - 30.06.2013 Other

RISHIKESH ENTERPRISE n/a Co File 60'409'418 1.87 - 30.06.2013 Other


VANGUARD GROUP INC n/a ULT-AGG 51'122'841 1.58 2'610'243 30.06.2013 Investment Advisor

PAVANA ENTERPRISES L n/a Co File 35'673'400 1.1 - 30.06.2013 Other

JANUS CAPITAL MANAGE n/a ULT-AGG 28'542'670 0.88 (2'650'149) 30.06.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 24'926'757 0.77 451'800 30.04.2013 Investment Advisor


Nomura ANIL SHARMA buy 5 M 1'075 Not Provided 30.09.2013

Axis Capital Limited AMIT MISHRA buy 5 M 1'160 Not Provided 27.09.2013

IIFL BHASKAR CHAKRABORTY reduce 2 M 840 12 month 24.09.2013

Ambit Capital Pvt Ltd DAYANAND MITTAL sell 1 M 856 12 month 19.09.2013

Quant Broking Pvt Ltd GAGAN DIXIT buy 5 M 1'117 Not Provided 19.09.2013

Motilal Oswal Securities Ltd HARSHAD BORAWAKE neutral 3 M 943 Not Provided 12.09.2013

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 960 12 month 11.09.2013

Tata Securities Limited SWARNENDU BHUSHAN hold 3 U 868 12 month 11.09.2013

IDFC Securities Ltd PRAKASH JOSHI outperform 5 U 1'013 12 month 10.09.2013

Morgan Stanley VINAY JAISING Overwt/Attractive 5 M 1'156 12 month 05.09.2013

Credit Suisse SANJAY MOOKIM outperform 5 M 1'031 Not Provided 03.09.2013

JPMorgan SAMUEL SW LEE neutral 3 M 800 6 month 30.08.2013

Antique Stock Broking Limited AMIT RUSTAGI buy 5 M 974 Not Provided 30.08.2013

Sharekhan Ltd TEAM COVERAGE buy 5 M 1'010 Not Provided 30.08.2013

India Nivesh Ltd ABHISHEK JAIN buy 5 M 1'053 Not Provided 30.08.2013

Deutsche Bank HARSHAD KATKAR buy 5 M 1'040 12 month 29.08.2013

Goldman Sachs NILESH BANERJEE Buy/Neutral 5 M 1'140 12 month 28.08.2013

Equirus Securities Pvt Ltd MAULIK PATEL neutral 3 M 872 12 month 28.08.2013

Jefferies ARYA SEN hold 3 M 890 12 month 27.08.2013

BNP Paribas Equity Research AMIT SHAH hold 3 M 847 12 month 26.08.2013

ICICI Securities ROHIT AHUJA buy 5 M 1'122 12 month 26.08.2013

Kotak Securities SANJEEV PRASAD buy 5 U 980 Not Provided 23.08.2013

Barclays SOMSHANKAR SINHA equalweight 3 M 900 Not Provided 23.08.2013

Ajcon Global Services Ltd. AKASH AJAY JAIN buy 5 U 1'110 Not Provided 16.08.2013

Brics Securities NILESH RAMESH GHUGE reduce 2 M 914 Not Provided 01.08.2013


Batlivala & Karani Securities BHAVIN GANDHI outperform 5 M 996 Not Provided 26.07.2013

Standard Chartered RAHUL SINGH in-line 3 M 908 12 month 24.07.2013

Emkay Share & Stock Brokers DHAVAL JOSHI accumulate 4 U 982 Not Provided 24.07.2013

Karvy Stock Broking Ltd VINAY V NAIR hold 3 M 861 12 month 24.07.2013

Sunidhi Consultancy Services ROHIT NAGRAJ hold 3 N 974 12 month 23.07.2013

KR Choksey Shares & Sec Pvt Ltd NISHA SHARMA accumulate 4 D 990 12 month 23.07.2013

Macquarie ABHISHEK AGARWAL outperform 5 M 1'100 12 month 22.07.2013

Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN hold 3 M 945 Not Provided 22.07.2013

JM Financial Institutional Securities P MEHUL THANAWALA buy 5 M 943 12 month 22.07.2013

HDFC Securities AISHWARYA DEEPAK neutral 3 M 960 12 month 22.07.2013

LKP Shares and Securities Ltd CHIRAG DHAIFULE neutral 3 M 939 12 month 22.07.2013

India Infoline PRAYESH JAIN market perform 3 M 950 12 month 22.07.2013

NVS Brokerage Limited TEAM COVERAGE buy 5 M 945 12 month 22.07.2013

BOB Capital Markets NEELABH SHARMA hold 3 D 1'012 12 month 22.07.2013

IDBI Capital Market Services Ltd SUDEEP ANAND accumulate 4 D 1'000 Not Provided 20.07.2013

Religare Capital Markets NITIN TIWARI hold 3 M 910 12 month 20.07.2013

Angel Broking Limited BHAVESH CHAUHAN neutral 3 M #N/A N/A Not Provided 19.07.2013

Holdings By:

Reliance Industries Ltd ee


01.10.2013

Housing Development Finance Corporation Ltd. HDFC provides housing finance in

India. The Company provides long-term housing loans to low and middle income

individuals, as well as to corporations. HDFC also provides construction finance

to real estate developers, besides providing lease financing facilities to

companies and development authorities for infrastructure and other assets.


LTM as of: 06/yy

52-Week High (30.05.2013) 931.00

52-Week Low (28.08.2013) 632.20

Daily Volume

774.95





1'207'488.00 1 Yr Total Return 2.29%







HDFC IB EQUITY YTD Change - Average Volume 30 Day 257'415

HDFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 251'260


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

117'064.2 123'566.6 257'695.6 302'853.4 359'789.7 72'765.1 401'271.8 260'660.5 312'002.5 - -

10.70x 14.26x 8.57x 7.97x 8.09x 0.00x 12.87x - - - -

105'974.0 113'182.5 132'096.2 178'473.4 218'561.7 0.0 118'874.3 - - - -

11.82x 15.57x 16.71x 13.52x 13.31x 0.00x 0.00x - - - -

23'105.0 32'409.8 45'284.1 54'625.1 66'397.2 12'758.6 70'709.5 70'360.5 86'104.5 - -

17.38x 23.91x 22.56x 18.14x 18.91x 0.00x 19.10x 21.56x 18.02x - -


EBIT - Long-Term Rating -









EBITDA Margin 60.7%

EBIT Margin - Total Debt/Equity 510.5%


Asset Turnover 0.15

Current Ratio - Net Fixed Asset Turnover 57.03

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Housing Development Finance CorpPrice/Volume

Valuation Analysis

45'229.00


,-,,.,,0,,1,,2,,3,,4,,5,,6,,

-,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

2', E

-,', E

-2', E

.,', E

.2', E

0,', E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


ABERDEEN n/a ULT-AGG 103'603'973 6.65 301'906 28.06.2013 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 47'397'757 3.04 2'807'656 31.07.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 42'813'648 2.75 (391'731) 30.06.2013 Investment Advisor



VIRTUS EMERGING MARK n/a Co File 25'829'164 1.66 - 30.06.2013 n/a

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 25'829'164 1.66 922'600 28.06.2013 Unclassified


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 24'065'643 1.54 5'809'780 30.06.2013 Investment Advisor

CARMIGNAC GESTION n/a Co File 23'989'660 1.54 - 30.06.2013 Investment Advisor




FMR LLC n/a ULT-AGG 18'615'948 1.19 (6'328'866) 31.08.2013 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 13'681'787 0.88 - 28.06.2013 Investment Advisor

CARNEGIE FUND MANAGE Multiple Portfolios MF-AGG 9'230'860 0.59 - 30.08.2013 Investment Advisor

HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 8'161'968 0.52 (278) 31.08.2013 Investment Advisor

SBI LIFE INSURANCE C Multiple Portfolios MF-AGG 8'148'436 0.52 - 31.08.2013 Insurance Company


Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 840 Not Provided 27.09.2013

Macquarie SURESH GANAPATHY underperform 1 M 730 12 month 24.09.2013

ICICI Securities SANTANU CHAKRABARTI add 4 M 900 12 month 24.09.2013

Nomura ABHISHEK BHATTACHARYA neutral 3 M 860 Not Provided 20.09.2013

Ambit Capital Pvt Ltd PANKAJ AGARWAL sell 1 M 621 12 month 19.09.2013

CIMB JATINDER AGARWAL neutral 3 M 827 12 month 12.09.2013

JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'000 12 month 12.09.2013

IIFL SAMPATH S K KUMAR add 4 M 950 12 month 12.09.2013

Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 800 12 month 11.09.2013

Antique Stock Broking Limited ALOK KAPADIA hold 3 M 840 Not Provided 11.09.2013

JPMorgan SESHADRI K SEN overweight 5 M 890 12 month 09.09.2013

Goldman Sachs RAHUL JAIN Sell/Neutral 1 M 630 12 month 05.09.2013

BNP Paribas Equity Research AVNEESH SUKHIJA buy 5 M 823 12 month 03.09.2013

Espirito Santo Investment Bank ResearchSANTOSH SINGH buy 5 U 865 Not Provided 30.08.2013

Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 889 Not Provided 29.08.2013

Barclays ANISH TAWAKLEY overweight 5 M 876 Not Provided 29.08.2013

Jefferies NILANJAN KARFA hold 3 M 850 12 month 27.08.2013

Kotak Securities NISCHINT CHAWATHE add 4 U 800 Not Provided 27.08.2013

IDFC Securities Ltd MANISH CHOWDHARY neutral 3 M 865 Not Provided 22.08.2013

Standard Chartered MAHRUKH ADAJANIA in-line 3 M 820 12 month 21.08.2013

ICICIdirect.com KAJAL GANDHI hold 3 M 750 Not Provided 21.08.2013

Avendus Capital Private Ltd JAYNEE SHAH buy 5 U 925 Not Provided 12.08.2013

UBS VISHAL GOYAL buy 5 M 950 12 month 09.08.2013

Deutsche Bank MANISH SHUKLA buy 5 M 950 12 month 08.08.2013

Morgan Stanley ANIL AGARWAL Overwt/Cautious 5 M 910 12 month 07.08.2013

EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 29.07.2013

Batlivala & Karani Securities VISHAL SHETH outperform 5 M 925 Not Provided 26.07.2013

Spark Capital Advisors JYOTHI KUMAR VARMA sell 1 M 707 12 month 26.07.2013

SBI Capital Markets RAVIKANT BHAT hold 3 D 890 12 month 22.07.2013

Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 873 12 month 22.07.2013

KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL buy 5 U 959 12 month 22.07.2013

Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 950 12 month 22.07.2013

Tata Securities Limited BIJOY SHAH hold 3 M 871 12 month 20.07.2013

Religare Capital Markets SIDDHARTH TELI buy 5 M 1'000 12 month 20.07.2013

Credit Suisse ASHISH GUPTA outperform 5 M 1'045 Not Provided 19.07.2013

HSBC SACHIN SHETH overweight 5 M 1'007 Not Provided 19.07.2013

Phillip Securities MANISH AGARWALLA neutral 3 M 825 Not Provided 19.07.2013

Emkay Share & Stock Brokers KASHYAP JHAVERI reduce 2 M 760 Not Provided 19.07.2013

Angel Broking Limited VAIBHAV AGRAWAL accumulate 4 U 867 12 month 19.07.2013

Edelweiss Capital KUNAL SHAH hold 3 M 917 12 month 19.07.2013

Sharekhan Ltd TEAM COVERAGE hold 3 M 865 Not Provided 19.07.2013


Almondz Global Securities Ltd SHIVRAJ GUPTA hold 3 M 904 Not Provided 13.05.2013

Holdings By:

Housing Development Finance Corp ee


01.10.2013

HDFC Bank Ltd. offers a wide range of services to the global corporate sector.

The Bank provides corporate banking and custodial services and is active in the

treasury and capital markets. HDFC also markets project advisory services and

capital market products such as Global Deposit Receipts, Euro currency loans,

and Euro currency bonds.


LTM as of: 01/yy

52-Week High (30.05.2013) 727.00

52-Week Low (28.08.2013) 528.00

Daily Volume

607





1'451'487.63 1 Yr Total Return -1.78%

Total Debt 474'417.82 YTD Return -9.83%




Enterprise Value -


HDFCB IB EQUITY YTD Change - Average Volume 30 Day 380'674

HDFCB IB EQUITY YTD % CHANGE - Average Volume 3 Month 277'095


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

197'464.0 204'385.1 246'291.8 341'844.8 429'950.2 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

22'489.9 30'036.5 39'924.9 52'740.2 68'696.4 - - 84'520.0 106'000.0 - -

18.38x 28.09x 27.13x 23.03x 21.49x - - 17.05x 13.56x - -

EBITDA - Long-Term Rating Date 17.01.2008

EBIT - Long-Term Rating BBB-


Pretax Margin 42.95% Short-Term Rating Date 17.01.2008

Return on Assets 1.83% Short-Term Rating A-3




Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.11







Fiscal Year Ended

HDFC Bank LtdPrice/Volume

Valuation Analysis

142'313.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

.,,

0,,

1,,

2,,

3,,

4,,

5,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


HOUSING DEVELOPMENT n/a Co File 393'211'100 16.44 - 30.06.2013 Corporation

HDFC INVESTMENTS LTD n/a Co File 150'000'000 6.27 - 30.06.2013 Corporation


CAPITAL GROUP COMPAN n/a ULT-AGG 69'752'797 2.92 1'664'675 30.06.2013 Investment Advisor




DB INTERNATIONAL ASI n/a Co File 30'375'784 1.27 - 30.06.2013 Bank




HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 17'695'279 0.74 - 28.06.2013 Unclassified


FMR LLC n/a ULT-AGG 15'936'391 0.67 58'907 31.08.2013 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 15'425'914 0.65 671'143 30.08.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 14'836'189 0.62 861 31.07.2013 Investment Advisor

RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 12'343'001 0.52 1'695'763 31.08.2013 Other

SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 11'815'312 0.49 495'128 31.08.2013 Investment Advisor

PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 11'773'110 0.49 437'878 31.08.2013 Investment Advisor



Standard Chartered MAHRUKH ADAJANIA outperform 5 M 740 12 month 26.09.2013

India Infoline RAJIV MEHTA buy 5 M 730 12 month 26.09.2013

Phillip Securities MANISH AGARWALLA neutral 3 M 654 12 month 25.09.2013

Religare Capital Markets SIDDHARTH TELI buy 5 U 760 12 month 23.09.2013

Nomura ABHISHEK BHATTACHARYA buy 5 M 780 Not Provided 20.09.2013

Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES hold 3 M 725 Not Provided 19.09.2013

Jefferies NILANJAN KARFA buy 5 M 785 12 month 18.09.2013

Macquarie SURESH GANAPATHY outperform 5 M 750 12 month 16.09.2013

Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 725 12 month 11.09.2013

JM Financial Institutional Securities P PUNEET GULATI buy 5 M 825 12 month 11.09.2013

Avendus Capital Private Ltd CHANDANA JHA add 4 M 761 Not Provided 11.09.2013

EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 10.09.2013


Goldman Sachs TABASSUM INAMDAR Sell/Neutral 1 M 470 12 month 05.09.2013

Batlivala & Karani Securities ANAND DAMA outperform 5 M 700 Not Provided 05.09.2013

Emkay Share & Stock Brokers KASHYAP JHAVERI hold 3 D 760 Not Provided 05.09.2013

BNP Paribas Equity Research ABHIJIT MAJUMDER hold 3 M 595 12 month 04.09.2013

CIMB JATINDER AGARWAL outperform 5 U 700 12 month 29.08.2013


Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 697 12 month 28.08.2013


Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 740 Not Provided 26.08.2013

Sunidhi Consultancy Services AMIT JAIN underperform 1 M 615 12 month 23.08.2013

IDBI Capital Market Services Ltd JIGNESH SHIAL hold 3 M 644 Not Provided 23.08.2013

Dolat Capital Market Ltd. RAJIV PATHAK accumulate 4 M 685 Not Provided 23.08.2013

IDFC Securities Ltd MANISH CHOWDHARY outperform 5 M 745 Not Provided 22.08.2013

Kotak Securities MB MAHESH reduce 2 M 625 Not Provided 21.08.2013

Ambit Capital Pvt Ltd A SV KRISHNAN sell 1 M 555 12 month 21.08.2013


Nirmal Bang Institutional Equities HEMINDRA HAZARI hold 3 M 760 Not Provided 21.08.2013

Motilal Oswal Securities Ltd ALPESH MEHTA neutral 3 M 754 Not Provided 19.08.2013




Karvy Stock Broking Ltd HATIM K BROACHWALA hold 3 M 745 Not Provided 25.07.2013

Spark Capital Advisors JYOTHI KUMAR VARMA buy 5 M 790 12 month 22.07.2013

MSFL - Institutional Business Group LAXMI AHUJA accumulate 4 M 738 12 month 22.07.2013


Aditya Birla Money Limited SUMIT JATIA accumulate 4 M 758 Not Provided 19.07.2013

Khambatta Securities Ltd RAJ KUMAR JHA market perform 3 M 723 12 month 19.07.2013

Ajcon Global Services Ltd. TEAM COVERAGE buy 5 M 740 12 month 18.07.2013

HSBC SACHIN SHETH overweight 5 M 836 Not Provided 18.07.2013

Holdings By:

HDFC Bank Ltd ee


01.10.2013

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT

services organization that provides a comprehensive range of IT services to its

clients in diverse industries. The Company, caters to finance and banking,

insurance, telecommunication, transportation, retail, manufacturing,

pharmaceutical, and utility industries.


LTM as of: 06/yy

52-Week High (04.09.2013) 2'075.85

52-Week Low (18.12.2012) 1'197.60

Daily Volume

1943.7





3'804'250.25 1 Yr Total Return 51.56%


Preferred Stock 1'000.0 Adjusted BETA 0.716





TCS IB EQUITY YTD Change - Average Volume 30 Day 144'620

TCS IB EQUITY YTD % CHANGE - Average Volume 3 Month 145'197


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

278'128.8 300'289.2 373'245.1 488'938.3 629'894.8 529'655.2 661'078.4 792'039.7 909'364.8 197'917.1 199'669.0

1.77x 4.87x 6.08x 4.56x 4.79x 16.54x 16.06x 4.67x 3.99x 19.29x 19.12x

71'698.0 86'945.5 111'790.7 144'564.9 180'399.1 43'327.7 189'076.4 233'871.9 266'825.4 58'435.6 58'101.8

6.88x 16.81x 20.31x 15.42x 16.73x 0.00x 15.04x 15.75x 13.80x 15.56x 15.17x

52'564.2 70'006.4 90'570.4 104'134.9 139'173.1 115'384.6 144'570.0 174'045.7 200'490.8 42'532.5 44'225.8

10.04x 21.88x 25.58x 22.01x 22.19x 21.67x 20.55x 21.86x 18.96x 21.08x 20.27x











EBITDA Margin 28.6%



Asset Turnover 1.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tata Consultancy Services LtdPrice/Volume

Valuation Analysis

23'982.00


,

2,,

-,,,

-2,,

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l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'. E'0 E'1 E'2 E'3 E'4 E'5 E'6 E

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

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01.10.2013


TATA SONS LTD n/a Co File 1'443'451'698 73.75 - 30.06.2013 Holding Company


FRANKLIN RESOURCES n/a ULT-AGG 42'352'621 2.16 (1'322'172) 30.06.2013 Investment Advisor




COMMONWEALTH BANK OF n/a ULT-AGG 11'305'539 0.58 3'206'477 31.05.2013 Bank

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 11'139'798 0.57 - 31.07.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 10'485'880 0.54 - 31.08.2013 Unclassified


HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 6'424'218 0.33 (269'869) 31.08.2013 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'089'069 0.26 (2'098'694) 30.06.2013 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'137'774 0.16 (586'517) 30.08.2013 Investment Advisor

BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 2'770'000 0.14 (100'000) 28.06.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 2'527'878 0.13 (16'200) 30.04.2013 Investment Advisor


SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'287'234 0.12 (115'389) 31.08.2013 Investment Advisor

TATA AIG LIFE INS CO n/a EXCH 2'090'735 0.11 - 29.03.2012 Insurance Company


Credit Suisse ANANTHA NARAYAN outperform 5 M 2'250 Not Provided 27.09.2013

CIMB SANDEEP R SHAH neutral 3 M 1'985 12 month 27.09.2013


Axis Capital Limited PRIYA ROHIRA hold 3 M 2'166 Not Provided 27.09.2013

Standard Chartered PANKAJ KAPOOR outperform 5 M 2'200 12 month 23.09.2013

Societe Generale MUKUL GARG sell 1 M 1'390 12 month 23.09.2013


SBI Capital Markets DIPESH N MEHTA hold 3 M 2'090 12 month 23.09.2013

Nomura ASHWIN MEHTA neutral 3 M 1'970 Not Provided 17.09.2013

Phillip Securities VIBHOR SINGHAL buy 5 M 2'223 Not Provided 17.09.2013

Emkay Share & Stock Brokers MANIK TANEJA hold 3 M 2'060 Not Provided 17.09.2013


ICICI Securities KULDEEP KOUL add 4 M 2'114 12 month 10.09.2013

Espirito Santo Investment Bank ResearchNITIN PADMANABHAN neutral 3 M 2'175 Not Provided 10.09.2013

IDBI Capital Market Services Ltd PRATIK GANDHI hold 3 M 1'918 12 month 10.09.2013

HDFC Securities MADHU BABU neutral 3 M 1'994 12 month 10.09.2013

Angel Broking Limited ANKITA SOMANI neutral 3 D 2'065 Not Provided 10.09.2013

Antique Stock Broking Limited PRATISH KRISHNAN buy 5 M 2'200 Not Provided 10.09.2013


Ambit Capital Pvt Ltd ANKUR RUDRA buy 5 M 1'986 12 month 10.09.2013

ICICIdirect.com ABHISHEK SHINDADKAR buy 5 M 2'200 12 month 10.09.2013

Equirus Securities Pvt Ltd BHAVIN SHAH buy 5 M 2'270 12 month 10.09.2013

Nirmal Bang Institutional Equities HARIT SHAH sell 1 D 1'770 Not Provided 10.09.2013


Deutsche Bank ANIRUDDHA BHOSALE buy 5 M 2'150 12 month 08.09.2013

Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN accumulate 4 M 2'300 12 month 07.09.2013



IDFC Securities Ltd HITESH SHAH outperform 5 M 2'230 12 month 06.09.2013


Edelweiss Capital SANDIP KUMAR AGARWAL hold 3 M 1'697 Not Provided 06.09.2013

JPMorgan VIJU K GEORGE neutral 3 M 1'800 6 month 02.09.2013

Barclays BHUVNESH SINGH equalweight 3 M 1'965 Not Provided 30.08.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE accumulate 4 M 2'061 Not Provided 30.08.2013

Macquarie NITIN MOHTA outperform 5 U 2'200 12 month 29.08.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 29.08.2013

HSBC YOGESH AGGARWAL overweight 5 M 2'120 Not Provided 28.08.2013

BNP Paribas Equity Research ABHIRAM ELESWARAPU hold 3 M 1'600 12 month 26.08.2013

IIFL SANDEEP MUTHANGI reduce 2 M 1'578 12 month 22.08.2013

Motilal Oswal Securities Ltd ASHISH CHOPRA neutral 3 M 1'929 Not Provided 19.08.2013

UBS DIVIYA NAGARAJAN buy 5 M 2'100 12 month 29.07.2013


Spark Capital Advisors SRIVATHSAN RAMACHANDRAN add 4 M 1'890 12 month 25.07.2013

Holdings By:

Tata Consultancy Services Ltd ee


01.10.2013

ICICI Bank Limited operates a network of bank's located throughout India. The

Group specializes in retail and corporate banking, in addition to Forex and

treasury operations. ICICI Bank also provides a wide variety of investment

banking, insurance and financial services to its clients.


LTM as of: 06/yy

52-Week High (28.05.2013) 1'236.90

52-Week Low (28.08.2013) 758.80

Daily Volume

907





1'047'035.56 1 Yr Total Return -12.21%


Preferred Stock - Adjusted BETA 1.388



Enterprise Value -


ICICIBC IB EQUITY YTD Change - Average Volume 30 Day 587'537

ICICIBC IB EQUITY YTD % CHANGE - Average Volume 3 Month 502'142


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

641'516.2 595'176.1 615'647.1 666'619.9 741'704.7 193'005.3 202'398.7 - - - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

35'769.5 46'702.9 60'932.7 76'429.4 96'036.1 80'527.5 102'744.2 108'321.0 123'499.0 - -

10.36x 22.71x 20.85x 13.42x 12.55x 12.87x 12.02x 10.68x - - -


EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ICICI Bank LtdPrice/Volume

Valuation Analysis

297'134.00


,

.,,

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'3 E

'5 E

-', E

-'. E

-'1 E

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-',,

.',,

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,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


DEUTSCHE BANK TRUST n/a Co File 336'587'762 29.16 - 30.06.2013 Investment Advisor



CAPITAL GROUP COMPAN n/a ULT-AGG 27'896'069 2.42 101'396 31.07.2013 Investment Advisor




EUROPACIFIC GROWTH F n/a 20F 17'266'326 1.5 - 30.06.2012 n/a


SBI LIFE INSURANCE C n/a Co File 12'222'394 1.06 - 30.06.2013 Insurance Company

RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 10'558'191 0.91 (625'135) 31.08.2013 Other

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'449'276 0.91 5'466'922 30.06.2013 Investment Advisor


DODGE & COX Multiple Portfolios MF-AGG 9'632'692 0.83 4'353'748 30.06.2013 Investment Advisor

UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 9'589'762 0.83 (268'314) 31.08.2013 Investment Advisor


TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 8'097'137 0.7 206'534 31.08.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 7'571'332 0.66 175'653 31.07.2013 Investment Advisor



Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 1'026 Not Provided 27.09.2013

Standard Chartered MAHRUKH ADAJANIA outperform 5 M 1'105 12 month 26.09.2013

Macquarie SURESH GANAPATHY outperform 5 M 1'115 12 month 25.09.2013

Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 1'209 Not Provided 25.09.2013

India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 1'226 Not Provided 24.09.2013

Religare Capital Markets SIDDHARTH TELI hold 3 M 1'075 12 month 23.09.2013

Nomura ABHISHEK BHATTACHARYA buy 5 M 1'390 Not Provided 22.09.2013

JPMorgan SESHADRI K SEN overweight 5 M 1'100 12 month 20.09.2013

IDBI Capital Market Services Ltd JIGNESH SHIAL accumulate 4 M 1'053 12 month 16.09.2013

Angel Broking Limited VAIBHAV AGRAWAL buy 5 M 1'126 Not Provided 13.09.2013

CIMB JATINDER AGARWAL outperform 5 M 1'383 12 month 12.09.2013

UBS VISHAL GOYAL buy 5 M 1'150 12 month 11.09.2013

Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 1'150 12 month 11.09.2013

Avendus Capital Private Ltd CHANDANA JHA buy 5 M 1'200 Not Provided 11.09.2013

EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 10.09.2013

Batlivala & Karani Securities ANAND DAMA buy 5 M 1'350 Not Provided 06.09.2013

Goldman Sachs TABASSUM INAMDAR Buy/Neutral 5 M 1'010 12 month 05.09.2013

BNP Paribas Equity Research ABHIJIT MAJUMDER buy 5 M 952 12 month 04.09.2013


Barclays ANISH TAWAKLEY overweight 5 M 1'018 Not Provided 29.08.2013

Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 1'055 12 month 28.08.2013

Jefferies NILANJAN KARFA hold 3 M 1'040 12 month 27.08.2013

IIFL SAMPATH S K KUMAR reduce 2 M 620 12 month 27.08.2013

Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA buy 5 M 1'195 Not Provided 26.08.2013

Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 1'260 Not Provided 26.08.2013

Sunidhi Consultancy Services AMIT JAIN outperform 5 M 1'176 12 month 23.08.2013

Dolat Capital Market Ltd. RAJIV PATHAK buy 5 M 1'086 Not Provided 23.08.2013

IDFC Securities Ltd MANISH CHOWDHARY outperform 5 M 1'175 Not Provided 22.08.2013

Kotak Securities MB MAHESH buy 5 M 1'110 Not Provided 21.08.2013

Nirmal Bang Institutional Equities HEMINDRA HAZARI buy 5 M 1'200 Not Provided 21.08.2013

Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 1'279 Not Provided 19.08.2013

Ventura Securities Ltd TEAM COVERAGE hold 3 M 1'270 18 month 12.08.2013

Deutsche Bank MANISH KARWA buy 5 M 1'225 12 month 08.08.2013



Ajcon Global Services Ltd. AKASH AJAY JAIN buy 5 M 1'050 Not Provided 06.08.2013

BOB Capital Markets JISHA NAIR buy 5 M 1'178 Not Provided 05.08.2013

KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL buy 5 M 1'198 12 month 02.08.2013

Centrum Broking Pvt Ltd BHAVESH KANANI buy 5 M 1'300 12 month 02.08.2013

HSBC SACHIN SHETH overweight 5 M 1'207 Not Provided 01.08.2013

HDFC Securities DARPIN SHAH buy 5 M 1'174 12 month 01.08.2013

Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 1'190 12 month 01.08.2013

India Infoline RAJIV MEHTA buy 5 M 1'212 9 month 01.08.2013

Holdings By:

ICICI Bank Ltd ee


01.10.2013

Hindustan Unilever Limited manufactures branded and packaged consumer products

including soap, detergent, personal care products and processed food. The

Company also manufactures ice creams, cooking oils, fertilizers and hybrid

seeds.


LTM as of: 01/yy

52-Week High (24.07.2013) 725.00

52-Week Low (07.03.2013) 432.25

Daily Volume

617.1





1'334'521.25 1 Yr Total Return 17.54%







HUVR IB EQUITY YTD Change - Average Volume 30 Day 154'714

HUVR IB EQUITY YTD % CHANGE - Average Volume 3 Month 323'795


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

- 177'642.7 200'225.5 234'363.3 270'039.9 - - 297'757.2 338'294.8 - -

- 2.83x 3.01x 3.64x 3.60x - - 4.36x 3.81x - -

- 28'498.6 27'443.4 35'044.4 42'250.9 - - 45'521.5 51'600.3 - -

- 17.67x 21.96x 24.34x 23.04x - - 28.53x 25.17x - -

- 21'566.3 22'960.5 27'906.6 38'289.8 - - 36'075.6 39'471.9 - -

- 24.22x 27.26x 31.75x 26.36x - - 37.23x 34.01x - -











EBITDA Margin 15.6%



Asset Turnover 2.30







Fiscal Year Ended

Hindustan Unilever LtdPrice/Volume

Valuation Analysis

180'965.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

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0,,

1,,

2,,

3,,

4,,

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'2 E

-', E

-'2 E

.', E

.'2 E

0', E

0'2 E

1', E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

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1,',,

12',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


UNILEVER PLC n/a EXCH 1'114'370'148 51.53 319'563'398 18.07.2013 Corporation

BROOKE BOND GROUP LT n/a Co File 106'739'460 4.94 - 30.06.2013 Holding Company

UNILEVER OVERSEAS HO n/a Co File 87'649'320 4.05 - 30.06.2013 Unclassified



UNILEVER UK & CN HOL n/a Co File 60'086'250 2.78 - 30.06.2013 Other

BROOKE BOND SOUTH IN n/a Co File 52'747'200 2.44 - 30.06.2013 Holding Company

KCPL ESCROW ACCOUNT n/a Co File 39'449'393 1.82 - 30.06.2013 Other

BROOKE BOND ASSAM ES n/a Co File 32'820'480 1.52 - 30.06.2013 n/a


HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 30'302'840 1.4 (891'083) 28.06.2013 Unclassified


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 19'602'359 0.91 (15'315'281) 31.07.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 15'902'153 0.74 (2'237'051) 30.06.2013 Investment Advisor


COMMONWEALTH BANK OF n/a ULT-AGG 6'587'164 0.3 (271'687) 30.06.2013 Bank

BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 4'139'000 0.19 - 28.06.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 3'946'567 0.18 228'648 31.07.2013 Investment Advisor


DANSKE INVEST A/S Multiple Portfolios MF-AGG 3'759'703 0.17 533'219 31.05.2013 Investment Advisor


Ambit Capital Pvt Ltd RAKSHIT RANJAN sell 1 M 487 12 month 30.09.2013

Standard Chartered SANJAY SINGH in-line 3 M 570 12 month 27.09.2013

BNP Paribas Equity Research VIJAY CHUGH reduce 2 M 540 12 month 27.09.2013

Axis Capital Limited HEMANT B PATEL sell 1 M 535 Not Provided 27.09.2013

IIFL PERCY PANTHAKI reduce 2 M 540 12 month 26.09.2013

Kotak Securities ROHIT CHORDIA sell 1 M 530 Not Provided 25.09.2013

IDFC Securities Ltd NIKHIL K VORA neutral 3 M 600 12 month 25.09.2013

JPMorgan LATIKA CHOPRA underweight 1 M 545 6 month 24.09.2013

Nomura MANISH JAIN reduce 2 M 495 Not Provided 22.09.2013

Deutsche Bank MANOJ MENON hold 3 M 600 12 month 18.09.2013

Edelweiss Capital ABNEESH ROY hold 3 M 633 Not Provided 18.09.2013

ICICI Securities ANAND MOUR sell 1 M 464 12 month 13.09.2013

Credit Suisse ARNAB MITRA neutral 3 M 595 Not Provided 10.09.2013

Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL reduce 2 M 562 12 month 28.08.2013

Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY sell 1 M 468 Not Provided 21.08.2013

Motilal Oswal Securities Ltd GAUTAM DUGGAD sell 1 M 600 Not Provided 19.08.2013

Riedel Research Group Inc DAVID R RIEDEL hold 3 N 560 Not Provided 09.08.2013



Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 690 Not Provided 30.07.2013

Morgan Stanley NILLAI SHAH Underwt/In-Line 1 M 600 12 month 29.07.2013

Jefferies RAJASA KAKULAVARAPU hold 3 M 594 12 month 29.07.2013

Macquarie AMIT MISHRA neutral 3 D 650 12 month 29.07.2013

Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI sell 1 M 510 Not Provided 29.07.2013


Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA sell 1 M 525 Not Provided 29.07.2013

HDFC Securities HARSH MEHTA sell 1 M 530 12 month 29.07.2013

India Infoline VANMALA NAGWEKAR market perform 3 M 597 12 month 29.07.2013

Antique Stock Broking Limited ABHIJEET KUNDU sell 1 M 577 Not Provided 29.07.2013

KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL hold 3 M 668 Not Provided 29.07.2013

Sharekhan Ltd TEAM COVERAGE reduce 2 D 540 Not Provided 29.07.2013

Goldman Sachs PUNEET JAIN Sell/Neutral 1 M 507 12 month 28.07.2013

Elara Securities India Pvt Ltd AASHISH UPGANLAWAR sell 1 M 537 12 month 28.07.2013

CIMB VARUN LOHCHAB underperform 1 M 550 12 month 27.07.2013

Batlivala & Karani Securities ASHIT DESAI underperform 1 D 570 Not Provided 27.07.2013

Tata Securities Limited SAMEER DESHMUKH sell 1 M 482 12 month 27.07.2013

Religare Capital Markets GAURANG KAKKAD sell 1 D 560 12 month 27.07.2013

ICICIdirect.com SANJAY MANYAL sell 1 D 590 15 month 27.07.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013


Brics Securities SACHIN B BOBADE reduce 2 M 552 Not Provided 30.04.2013

Karvy Stock Broking Ltd NAVEEN TRIVEDI sell 1 M 471 Not Provided 10.04.2013

HSBC AMIT SACHDEVA restricted #N/A N/A M #N/A N/A Not Provided 04.04.2013

Holdings By:

Hindustan Unilever Ltd ee


01.10.2013

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale

engineering projects, and acts as the Indian representative for a number of

overseas manufacturers of heavy machinery. The Company's products include

bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants,

switchgears, food processing machinery and feed milling plants.


LTM as of: 12/yy

52-Week High (29.10.2012) 1'146.33

52-Week Low (28.08.2013) 678.10

Daily Volume

799





739'279.81 1 Yr Total Return -24.17%







LT IB EQUITY YTD Change - Average Volume 30 Day 393'677

LT IB EQUITY YTD % CHANGE - Average Volume 3 Month 374'993


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 12/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

401'870.0 435'135.8 520'437.8 643'131.1 744'980.0 0.0 0.0 812'512.3 928'801.7 132'398.0 164'690.0

1.30x 2.53x 2.37x 1.85x 1.85x #DIV/0! #DIV/0! 1.69x 1.56x - -

49'086.8 68'009.8 78'609.8 94'106.9 102'455.0 0.0 0.0 103'551.9 118'670.5 - -

10.63x 16.19x 15.67x 12.64x 13.49x 0.00x 0.00x 12.36x 10.79x - -

37'894.6 54'507.4 44'561.7 46'936.9 52'056.7 0.0 0.0 49'395.2 57'165.7 - -

13.02x 18.20x 23.02x 17.04x 16.11x 0.00x 0.00x 14.96x 12.93x - -











EBITDA Margin 13.8%



Asset Turnover 0.57







Fiscal Year Ended

Larsen & Toubro LtdPrice/Volume

Valuation Analysis

197'880.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,,

1,,

3,,

5,,

-,,,

-.,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E.', E

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013



L&T EMPLOY WELFARE F n/a Co File 111'606'174 12.06 - 30.06.2013 Other





JP MORGAN n/a ULT-AGG 9'844'359 1.06 1'759'487 31.07.2013 Investment Advisor







DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 3'752'561 0.41 (510'588) 31.08.2013 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 3'039'396 0.33 (132'677) 30.06.2013 Investment Advisor

ICICI PRUDENTIAL LIF Multiple Portfolios MF-AGG 2'774'453 0.3 - 31.08.2013 Insurance Company

NAIK ANILKUMAR M n/a EXCH 2'467'500 0.27 (30'000) 29.10.2012 n/a




Standard Chartered SATISH KUMAR outperform 5 U 965 12 month 28.09.2013

Prabhudas Lilladher Pvt Ltd KUNAL SHETH accumulate 4 M 1'081 12 month 27.09.2013

Axis Capital Limited BHAVIN VITHLANI buy 5 M 955 Not Provided 27.09.2013

Anand Rathi Securities Pvt. Ltd. AMOL RAO buy 5 M 977 Not Provided 26.09.2013

JPMorgan SUMIT KISHORE overweight 5 M 955 6 month 25.09.2013

HDFC Securities ABHINAV SHARMA buy 5 M 970 12 month 25.09.2013

Antique Stock Broking Limited DHIRENDRA TIWARI buy 5 M 1'025 Not Provided 25.09.2013


Jefferies LAVINA QUADROS buy 5 M 970 12 month 24.09.2013

Macquarie INDERJEET SINGH BHATIA outperform 5 M 1'163 12 month 24.09.2013

Daiwa Securities Co. Ltd. SAURABH MEHTA buy 5 M 1'150 Not Provided 24.09.2013

BNP Paribas Equity Research VISHAL SHARMA buy 5 M 900 12 month 24.09.2013

Phillip Securities ANKUR SHARMA neutral 3 M 1'000 Not Provided 24.09.2013

Edelweiss Capital AMIT MAHAWAR buy 5 M 1'023 12 month 24.09.2013

Barclays VENUGOPAL GARRE overweight 5 M 900 Not Provided 24.09.2013

Morgan Stanley AKSHAY SONI Equalwt/In-Line 3 M 993 12 month 23.09.2013

CIMB HARISH BIHANI outperform 5 M 890 12 month 23.09.2013

Kotak Securities LOKESH GARG add 4 M 910 Not Provided 23.09.2013

Motilal Oswal Securities Ltd SATYAM AGARWAL buy 5 M 1'000 Not Provided 23.09.2013

Nomura AMAR KEDIA neutral 3 M 921 Not Provided 23.09.2013

IDFC Securities Ltd SHIRISH RANE neutral 3 M 1'009 12 month 23.09.2013

Religare Capital Markets MISAL SINGH buy 5 M 1'000 12 month 23.09.2013

HSBC ASHUTOSH NARKAR overweight 5 U 947 Not Provided 11.09.2013

KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE buy 5 M 1'030 Not Provided 11.09.2013

Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 810 12 month 10.09.2013

Goldman Sachs PULKIT PATNI Buy/Neutral 5 M 906 12 month 09.09.2013

Espirito Santo Investment Bank ResearchADITYA BHARTIA buy 5 M 880 Not Provided 02.09.2013

Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA accumulate 4 M 1'133 Not Provided 30.08.2013

Deutsche Bank MANISH SAXENA buy 5 M 965 12 month 22.08.2013

UBS SANDIP BANSAL buy 5 M 1'100 12 month 20.08.2013

Sushil Finance Consultants Ltd DHANANJAY MISHRA buy 5 U 1'172 Not Provided 31.07.2013

JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 1'140 12 month 29.07.2013

Batlivala & Karani Securities RENU BAID outperform 5 M 1'169 Not Provided 26.07.2013

EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 26.07.2013

Ajcon Global Services Ltd. AKASH AJAY JAIN sell 1 M 720 3 month 23.07.2013

Maybank Kim Eng ANUBHAV GUPTA sell 1 M 807 12 month 23.07.2013

India Infoline TARANG BHANUSHALI market perform 3 M 970 Not Provided 23.07.2013

IFCI Financial Services RAJEEV DESAI buy 5 M 1'009 12 month 23.07.2013

Asian Markets Securities Pvt. Ltd KAMLESH KOTAK buy 5 M 1'101 12 month 23.07.2013

Ambit Capital Pvt Ltd NITIN BHASIN buy 5 M 1'113 Not Provided 23.07.2013

ICICIdirect.com CHIRAG J SHAH hold 3 M 969 9 month 23.07.2013

IIFL GOPAL RITOLIA sell 1 M 842 12 month 23.07.2013

Quant Broking Pvt Ltd ABHINEET ANAND buy 5 M 1'115 12 month 23.07.2013

Holdings By:

Larsen & Toubro Ltd ee


01.10.2013

Tata Motors Limited manufactures cars and commercial automotive vehicles in

India. The Company designs, manufactures and sells heavy commercial, medium

commercial and small commercial vehicles including trucks, tankers, vans,

buses, ambulances and minibuses. Tata also manufactures small cars and sports

utility vehicles.


LTM as of: 06/yy

52-Week High (20.09.2013) 354.90

52-Week Low (30.10.2012) 245.35

Daily Volume

335.15





982'012.00 1 Yr Total Return 22.93%







TTMT IB EQUITY YTD Change - Average Volume 30 Day 934'116

TTMT IB EQUITY YTD % CHANGE - Average Volume 3 Month 950'279


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

708'809.5 925'192.5 1'221'279.2 1'656'544.9 1'888'176.3 ######### ######### ######### ######### 486'044.0 542'138.8

0.64x 0.82x 0.83x 0.68x 0.63x 1.08x 1.17x 0.59x 0.51x - -

18'631.3 82'635.2 168'129.7 223'067.2 245'427.8 236'502.9 250'116.2 310'164.6 357'592.3 62'823.3 75'076.7

24.31x 9.17x 6.02x 5.03x 4.87x 0.00x 0.00x 4.25x 3.69x - -

(25'052.5) 29'151.3 92'736.2 135'165.0 98'926.1 142'007.4 93'737.7 123'337.5 144'073.9 19'574.5 28'642.3

- 13.72x 8.04x 6.46x 8.67x 5.60x 9.60x 8.66x 7.37x 7.59x 7.46x


EBIT 169'780.00 Long-Term Rating BB

Operating Margin 8.99% Long-Term Outlook STABLE








EBITDA Margin 13.0%



Asset Turnover 1.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tata Motors LtdPrice/Volume

Valuation Analysis

452'389.00


,

2,

-,,

-2,

.,,

.2,

0,,

02,

1,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'2 E-', E-'2 E.', E.'2 E0', E0'2 E1', E1'2 E

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

2'000'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


TATA SONS LTD n/a Co File 702'333'345 26.07 - 30.06.2013 Holding Company

CITIBANK NA n/a 20F 446'246'135 16.56 - 30.06.2012 Bank


TATA STEEL LTD n/a Co File 147'810'695 5.49 - 30.06.2013 Corporation


TATA INDUSTRIES LTD n/a Co File 68'436'485 2.54 - 30.06.2013 Corporation



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 30'093'943 1.12 3'997'149 30.06.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 27'476'878 1.02 (893) 31.07.2013 Investment Advisor


BLACKROCK n/a ULT-AGG 13'804'663 0.51 (2'684'682) 27.09.2013 Investment Advisor



TATA INVESTMENT CORP n/a EXCH 10'025'000 0.37 - 05.07.2013 Private Equity

ALLIANZ ASSET MANAGE n/a ULT-AGG 7'732'737 0.29 1'674'365 31.08.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 7'364'631 0.27 - 28.06.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'284'031 0.27 (6'000) 27.09.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 7'187'800 0.27 806'600 30.06.2013 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 6'550'761 0.24 104'176 31.05.2013 Investment Advisor


Goldman Sachs SANDEEP PANDYA Buy/Neutral 5 M 411 12 month 30.09.2013

Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 425 12 month 27.09.2013


Axis Capital Limited CHIRAG SHAH buy 5 M 391 Not Provided 27.09.2013

Nomura KAPIL SINGH buy 5 M 391 Not Provided 27.09.2013

Jefferies GOVINDARAJAN CHELLAPPA hold 3 M 318 12 month 26.09.2013

Kotak Securities HITESH GOEL add 4 M 365 Not Provided 26.09.2013

Barclays SAHIL KEDIA overweight 5 M 368 Not Provided 21.09.2013

Daiwa Securities Co. Ltd. NAVIN MATTA buy 5 M 394 Not Provided 20.09.2013

Sunidhi Consultancy Services ABHISHEK GAOSHINDE outperform 5 M 359 12 month 18.09.2013

Credit Suisse JATIN CHAWLA outperform 5 M 400 Not Provided 13.09.2013

Angel Broking Limited YARESH KOTHARI accumulate 4 D 360 12 month 13.09.2013

Edelweiss Capital AASHIESH AGARWAAL buy 5 M 366 12 month 12.09.2013

Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 375 Not Provided 12.09.2013

Morgan Stanley BINAY SINGH Overwt/In-Line 5 M 341 12 month 11.09.2013

IDBI Capital Market Services Ltd BHAUMIK BHATIA accumulate 4 M 332 Not Provided 11.09.2013

Antique Stock Broking Limited ASHISH NIGAM buy 5 M 396 Not Provided 11.09.2013


FinQuest Securities (P) Ltd. MAHANTESH MARILINGA buy 5 M 440 12 month 05.09.2013

India Infoline PRAYESH JAIN market perform 3 M 302 Not Provided 04.09.2013

Standard Chartered AMIT KASAT outperform 5 M 365 12 month 03.09.2013

HDFC Securities SORABH TALWAR neutral 3 M 317 12 month 03.09.2013

IIFL JOSEPH GEORGE reduce 2 M 325 12 month 03.09.2013

Deutsche Bank B SRINIVAS RAO hold 3 M 275 12 month 02.09.2013

JPMorgan ADITYA MAKHARIA overweight 5 M 325 6 month 02.09.2013

IDFC Securities Ltd PRAMOD KUMAR underperform 1 M 261 12 month 02.09.2013


Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD hold 3 D 320 Not Provided 24.08.2013

Networth Stock Broking Ltd SURYA NARAYAN NAYAK buy 5 N 364 12 month 21.08.2013

ICICIdirect.com NISHANT VAAS buy 5 M 360 Not Provided 20.08.2013

Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 355 Not Provided 19.08.2013

Maybank Kim Eng JIGAR A SHAH sell 1 M 245 12 month 13.08.2013

Anand Rathi Securities Pvt. Ltd. ROHAN KORDE buy 5 M 348 Not Provided 13.08.2013

UBS SONAL GUPTA buy 5 M 380 12 month 08.08.2013

CIMB PRAMOD AMTHE outperform 5 M 350 12 month 08.08.2013

JM Financial Institutional Securities P AMBRISH MISHRA buy 5 M 325 12 month 08.08.2013

ICICI Securities SANKET MAHESHWARI add 4 M 318 12 month 08.08.2013

Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 361 Not Provided 08.08.2013

LKP Shares and Securities Ltd ASHWIN PATIL buy 5 M 354 12 month 08.08.2013

Brics Securities UMESH KARNE buy 5 M 356 12 month 08.08.2013

Karvy Stock Broking Ltd MITUL SHAH buy 5 M 340 Not Provided 08.08.2013

KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL buy 5 M 347 Not Provided 08.08.2013

Spark Capital Advisors MUKESH SARAF buy 5 M 357 12 month 08.08.2013

Holdings By:

Tata Motors Ltd ee


01.10.2013

Oil and Natural Gas Corporation Limited specializes in the exploration and

production of crude oil and gas. The Company has joint ventures in oil fields

in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other

activities include deep sea explorations on the east and west coasts of India,

and the exploration of coal bed methane.


LTM as of: 01/yy

52-Week High (18.01.2013) 354.10

52-Week Low (28.08.2013) 234.40

Daily Volume

262





2'241'538.25 1 Yr Total Return -2.46%







ONGC IB EQUITY YTD Change - Average Volume 30 Day 522'071

ONGC IB EQUITY YTD % CHANGE - Average Volume 3 Month 410'404


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

1'045'883.9 1'017'545.7 1'175'251.0 1'472'849.5 1'624'031.7 - - ######### ######### - -

1.52x 2.24x 2.02x 1.49x 1.66x - - 1.24x 1.11x - -

369'067.1 354'383.0 424'779.1 498'037.0 446'446.4 - - 609'231.8 708'976.9 - -

4.31x 6.43x 5.60x 4.40x 6.04x - - 3.73x 3.21x - -

197'953.4 194'035.3 224'559.3 281'436.2 242'196.4 - - 273'883.8 330'901.8 - -

8.46x 12.11x 11.10x 8.16x 11.00x - - 8.23x 6.78x - -


EBIT 325'504.08 Long-Term Rating BBB-









EBITDA Margin 27.5%



Asset Turnover 0.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Oil & Natural Gas Corp LtdPrice/Volume

Valuation Analysis

266'037.00


,

2,

-,,

-2,

.,,

.2,

0,,

02,

1,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0', E

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

6',,

-,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


GOVERNMENT OF INDIA n/a Co File 5'922'546'522 69.23 - 30.06.2013 Government


INDIAN OIL CORP LTD n/a Co File 657'923'428 7.69 - 30.06.2013 Government

GAIL INDIA LTD n/a Co File 205'601'068 2.4 - 30.06.2013 Government







TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 11'419'125 0.13 (187'398) 31.08.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'180'623 0.13 - 27.09.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 6'196'450 0.07 - 27.09.2013 Investment Advisor


PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 5'736'033 0.07 1'960'129 31.08.2013 Investment Advisor


SEB n/a ULT-AGG 5'262'148 0.06 (69'428) 31.03.2013 Unclassified

TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 4'831'630 0.06 (17'933) 31.08.2013 Investment Advisor

L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 4'415'100 0.05 18'400 31.08.2013 Investment Advisor


JM Financial Institutional Securities P MEHUL THANAWALA buy 5 M 330 Not Provided 30.09.2013

Nomura ANIL SHARMA neutral 3 M 330 Not Provided 30.09.2013

Axis Capital Limited AMIT MISHRA buy 5 M 360 Not Provided 27.09.2013

Morgan Stanley VINAY JAISING Overwt/Attractive 5 M 362 12 month 24.09.2013

ICICI Securities ROHIT AHUJA buy 5 M 345 12 month 23.09.2013

Karvy Stock Broking Ltd VINAY V NAIR buy 5 M 345 Not Provided 20.09.2013

Deutsche Bank HARSHAD KATKAR buy 5 M 400 12 month 19.09.2013

Ambit Capital Pvt Ltd DAYANAND MITTAL buy 5 M 394 12 month 19.09.2013

Quant Broking Pvt Ltd GAGAN DIXIT buy 5 M 320 Not Provided 19.09.2013

HSBC KUMAR MANISH overweight 5 M 400 Not Provided 17.09.2013

BNP Paribas Equity Research AMIT SHAH buy 5 M 339 12 month 13.09.2013

Motilal Oswal Securities Ltd HARSHAD BORAWAKE buy 5 M 401 Not Provided 12.09.2013

Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 340 12 month 11.09.2013

Tata Securities Limited SWARNENDU BHUSHAN hold 3 D 317 12 month 11.09.2013

VTB Capital COLIN SMITH buy 5 U 300 12 month 10.09.2013

Batlivala & Karani Securities BHAVIN GANDHI buy 5 M 350 Not Provided 06.09.2013

Nirmal Bang Institutional Equities ASHUTOSH BHARDWAJ buy 5 M 342 Not Provided 28.08.2013

Barclays SOMSHANKAR SINHA overweight 5 M 350 Not Provided 27.08.2013

Credit Suisse SANJAY MOOKIM outperform 5 M 345 Not Provided 26.08.2013


India Nivesh Ltd ABHISHEK JAIN buy 5 M 390 Not Provided 26.08.2013

EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 23.08.2013

Spark Capital Advisors MAYUR PATEL buy 5 M 344 12 month 14.08.2013

Macquarie ABHISHEK AGARWAL outperform 5 M 360 12 month 13.08.2013

Phillip Securities GAURI ANAND buy 5 M 400 Not Provided 13.08.2013

Sunidhi Consultancy Services ROHIT NAGRAJ outperform 5 N 334 12 month 13.08.2013

Emkay Share & Stock Brokers DHAVAL JOSHI buy 5 M 332 Not Provided 13.08.2013

HDFC Securities AISHWARYA DEEPAK buy 5 M 360 12 month 13.08.2013

LKP Shares and Securities Ltd CHIRAG DHAIFULE buy 5 U 372 12 month 13.08.2013

India Infoline PRAYESH JAIN buy 5 M 330 12 month 13.08.2013

Angel Broking Limited BHAVESH CHAUHAN buy 5 M 352 12 month 13.08.2013

KR Choksey Shares & Sec Pvt Ltd NISHA SHARMA buy 5 M 345 12 month 13.08.2013

ICICIdirect.com MAYUR MATANI buy 5 M 349 15 month 13.08.2013

IIFL BHASKAR CHAKRABORTY add 4 D 320 12 month 13.08.2013

BOB Capital Markets NEELABH SHARMA buy 5 M 350 12 month 13.08.2013

CIMB AVADHOOT SABNIS neutral 3 U 290 12 month 12.08.2013

Kotak Securities SANJEEV PRASAD buy 5 M 380 Not Provided 12.08.2013

IDFC Securities Ltd PRAKASH JOSHI neutral 3 M 318 12 month 12.08.2013

IDBI Capital Market Services Ltd SUDEEP ANAND hold 3 D 292 12 month 12.08.2013

Religare Capital Markets NITIN TIWARI buy 5 M 370 12 month 12.08.2013

Edelweiss Capital NIRAJ MANSINGKA buy 5 M 360 12 month 12.08.2013

Standard Chartered RAHUL SINGH outperform 5 M 430 12 month 01.08.2013

Brics Securities NILESH RAMESH GHUGE add 4 M 356 Not Provided 01.08.2013

Holdings By:

Oil & Natural Gas Corp Ltd ee


01.10.2013

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals

for domestic and international distribution. The Company's pharmaceutical

portfolio includes drugs in the areas of diabetes, cardiology, neurology,

psychiatry and gastroenterology.


LTM as of: 06/yy

52-Week High (30.09.2013) 601.25

52-Week Low (15.11.2012) 328.00

Daily Volume

590.1





1'222'157.00 1 Yr Total Return 71.16%







SUNP IB EQUITY YTD Change - Average Volume 30 Day 168'752

SUNP IB EQUITY YTD % CHANGE - Average Volume 3 Month 164'138


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

42'723.0 38'086.3 57'279.0 80'194.9 112'998.6 90'278.0 120'629.2 143'196.6 165'227.3 37'502.3 34'699.7

4.89x 9.25x 7.75x 7.12x 7.37x 11.52x 6.91x 8.23x 6.92x - -

18'745.7 13'811.0 20'043.3 32'828.2 49'801.8 39'527.0 52'762.4 61'783.4 69'777.0 15'465.0 14'291.3

11.15x 25.51x 22.15x 17.40x 16.73x 0.00x 0.00x 19.54x 17.30x 19.99x -

18'118.8 13'510.8 18'160.6 26'566.9 29'830.6 28'818.0 9'364.0 42'861.1 51'631.5 11'192.7 9'337.7

12.71x 27.47x 25.19x 22.21x 28.37x 22.83x 111.77x 28.14x 23.98x - -











EBITDA Margin 44.1%



Asset Turnover 0.60







Fiscal Year Ended

Sun Pharmaceutical Industries LtdPrice/Volume

Valuation Analysis

38'232.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

.,,

0,,

1,,

2,,

3,,

4,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


SHANGHVI DILIP SHANT n/a Co File 231'140'480 11.16 - 30.06.2013 n/a

VIDITI INVESTMENT PV n/a Co File 201'385'320 9.72 - 30.06.2013 Other

TEJASKIRAN PHARMACHE n/a Co File 195'343'760 9.43 - 30.06.2013 Other

FAMILY INVESTMENT PV n/a Co File 182'927'440 8.83 - 30.06.2013 Unclassified

QUALITY INVESTMENT P n/a Co File 182'868'640 8.83 - 30.06.2013 Corporation

VIRTUOUS FINANCE LTD n/a Co File 97'104'040 4.69 - 30.06.2013 Other

VIRTUOUS SHARE INV P n/a Co File 83'976'000 4.05 - 30.06.2013 Other

GENESIS INDIAN INV C n/a Co File 53'542'226 2.59 - 30.06.2013 Investment Advisor

ADITYA MEDISALES LTD n/a Co File 40'203'960 1.94 - 30.06.2013 Private Equity

VALIA RAKSHA SUDHIR n/a Co File 34'772'000 1.68 - 30.06.2013 n/a


LAKSHDEEP INVEST & F n/a Co File 22'226'000 1.07 - 30.06.2013 Other

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 18'437'604 0.89 (39'666) 28.06.2013 Investment Advisor


SHOLAPUR ORGANICS PV n/a Co File 16'035'080 0.77 - 30.06.2013 Other

VALIA SUDHIR VRUNDAV n/a Co File 15'384'000 0.74 - 30.06.2013 n/a






Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 585 Not Provided 27.09.2013

HDFC Securities MEETA SHETTY buy 5 U 606 12 month 27.09.2013

Antique Stock Broking Limited ANMOL GANJOO buy 5 M 646 Not Provided 27.09.2013

Asian Markets Securities Pvt. Ltd ASHISH THAVKAR hold 3 M 600 12 month 27.09.2013

NVS Brokerage Limited TEAM COVERAGE buy 5 M 630 Not Provided 27.09.2013

Morgan Stanley SAMEER BAISIWALA Overwt/In-Line 5 M 724 12 month 26.09.2013

Batlivala & Karani Securities ROHIT V BHAT buy 5 M 630 Not Provided 26.09.2013

Sharekhan Ltd TEAM COVERAGE buy 5 M 613 Not Provided 26.09.2013

Barclays BALAJI V PRASAD overweight 5 M 600 Not Provided 26.09.2013

Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR accumulate 4 M 622 Not Provided 26.09.2013

India Nivesh Ltd BHAGWAN SINGH CHAUDHARY buy 5 M 610 Not Provided 26.09.2013

Edelweiss Capital PERIN ALI hold 3 M 540 12 month 25.09.2013

Fortune Equity Brokers (India) Ltd HITESH MAHIDA hold 3 M 596 Not Provided 20.09.2013

Centrum Broking Pvt Ltd RANJIT KAPADIA buy 5 M 689 Not Provided 19.09.2013


Karvy Stock Broking Ltd RAHUL SHARMA hold 3 M 555 Not Provided 17.09.2013

JPMorgan NEHA MANPURIA neutral 3 M 545 12 month 16.09.2013

Motilal Oswal Securities Ltd ALOK DALAL buy 5 M 600 Not Provided 12.09.2013

Religare Capital Markets ARVIND BOTHRA buy 5 N 635 12 month 12.09.2013

Credit Suisse ANUBHAV AGGARWAL outperform 5 M 585 Not Provided 11.09.2013

Nomura SAION MUKHERJEE neutral 3 M 593 Not Provided 10.09.2013

ICICIdirect.com SIDDHANT KHANDEKAR hold 3 M 533 Not Provided 10.09.2013

Dolat Capital Market Ltd. MILIND BHANGALE accumulate 4 N 603 Not Provided 04.09.2013

Jefferies PIYUSH NAHAR buy 5 M 610 12 month 29.08.2013

IDFC Securities Ltd NITIN AGARWAL outperform 5 M 580 Not Provided 29.08.2013

Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI buy 5 M 586 Not Provided 26.08.2013


Quant Broking Pvt Ltd KIRIT GOGRI sell 1 M 429 Not Provided 22.08.2013

Macquarie ABHISHEK SINGHAL outperform 5 M 675 12 month 12.08.2013

CIMB PRAKASH AGARWAL neutral 3 M 560 12 month 12.08.2013

Prabhudas Lilladher Pvt Ltd SURAJIT PAL sell 1 N 470 12 month 12.08.2013

JM Financial Institutional Securities P RAHUL SOLANKI buy 5 M 540 12 month 12.08.2013

Sunidhi Consultancy Services RASHMI SANCHETI neutral 3 M 552 12 month 12.08.2013

Emkay Share & Stock Brokers ASHISH RATHI buy 5 M 583 Not Provided 12.08.2013

India Infoline BHAVIKA SHINDE buy 5 M 560 12 month 12.08.2013

Angel Broking Limited SARABJIT KOUR NANGRA neutral 3 M #N/A N/A Not Provided 12.08.2013

IIFL BINO PATHIPARAMPIL buy 5 M 596 12 month 12.08.2013

Avendus Capital Private Ltd MONICA JOSHI add 4 U 560 Not Provided 12.08.2013

Khambatta Securities Ltd FATHIMA KHAN strong buy 5 M 600 12 month 12.08.2013

Nirmal Bang Institutional Equities PRAFUL BOHRA buy 5 M 589 Not Provided 12.08.2013

ICICI Securities KARTIK A MEHTA buy 5 M 601 12 month 11.08.2013

UBS SONAL GUPTA neutral 3 M 540 12 month 09.08.2013

HSBC GIRISH BAKHRU overweight 5 M 612 Not Provided 09.08.2013

Holdings By:

Sun Pharmaceutical Industries Ltd ee


01.10.2013

State Bank of India provides a wide range of banking and financial services to

corporate, institutional, commercial, agricultural, industrial and individual

customers throughout India. The Bank also provides international banking to its

Indian customers and has operations in other countries.


LTM as of: 06/yy

52-Week High (10.01.2013) 2'550.00

52-Week Low (28.08.2013) 1'452.90

Daily Volume

1640.55





1'122'192.00 1 Yr Total Return -26.30%




Cash and Equivalents 1'790'927.24 Consensus Rating 3.127

Enterprise Value -


SBIN IB EQUITY YTD Change - Average Volume 30 Day 499'588

SBIN IB EQUITY YTD % CHANGE - Average Volume 3 Month 480'669


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

1'131'245.9 1'338'617.8 1'478'646.7 1'769'359.8 2'006'003.7 ######### ######### ######### ######### - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

109'552.9 117'338.3 106'849.5 153'431.0 179'162.3 177'053.3 173'403.1 161'253.1 192'483.3 - -

6.18x 11.24x 16.43x 8.68x 7.77x 7.86x 7.63x 6.92x 5.80x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

State Bank of IndiaPrice/Volume

Valuation Analysis

210'226.00


,

2,,

-,,,

-2,,

.,,,

.2,,

0,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

-'1 E

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

.,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


GOVERNMENT OF INDIA n/a Co File 426'241'140 62.31 - 30.06.2013 Government


HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 9'854'945 1.44 (1'222'629) 31.08.2013 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 7'513'238 1.1 704'643 30.08.2013 Investment Advisor






INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'553'266 0.37 (24'421) 31.05.2013 Investment Advisor

PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 2'405'252 0.35 (1'934) 31.08.2013 Investment Advisor

WADDELL & REED FINAN n/a ULT-AGG 2'191'900 0.32 (1'673'960) 30.06.2013 Investment Advisor



JANUS CAPITAL MANAGE n/a ULT-AGG 1'508'939 0.22 (598'525) 30.06.2013 Investment Advisor


ROBECO n/a ULT-AGG 1'206'773 0.18 (2'292) 30.04.2013 Unclassified

FMR LLC n/a ULT-AGG 1'009'125 0.15 (30'833) 31.08.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 654'690 0.1 32'000 30.06.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 466'230 0.07 (164'750) 31.05.2013 Investment Advisor


Axis Capital Limited PRAVEEN AGRAWAL sell 1 M 1'492 Not Provided 27.09.2013

Standard Chartered MAHRUKH ADAJANIA underperform 1 M 1'445 12 month 26.09.2013

NVS Brokerage Limited TEAM COVERAGE buy 5 M 1'735 Not Provided 26.09.2013

UBS VISHAL GOYAL sell 1 D 1'500 12 month 24.09.2013


Religare Capital Markets SIDDHARTH TELI buy 5 M 2'100 12 month 23.09.2013

Nirmal Bang Institutional Equities HEMINDRA HAZARI hold 3 D 2'000 12 month 20.09.2013

Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES sell 1 M 1'605 Not Provided 19.09.2013

Nomura ABHISHEK BHATTACHARYA reduce 2 M 1'400 Not Provided 13.09.2013

Macquarie SURESH GANAPATHY neutral 3 M 1'550 12 month 12.09.2013

CIMB JATINDER AGARWAL neutral 3 M 1'714 12 month 12.09.2013

Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 1'700 12 month 11.09.2013



Goldman Sachs TABASSUM INAMDAR Sell/Neutral 1 M 1'340 12 month 05.09.2013

Batlivala & Karani Securities ANAND DAMA underperform 1 M 1'610 Not Provided 05.09.2013

BNP Paribas Equity Research AVNEESH SUKHIJA reduce 2 D 1'226 12 month 04.09.2013

EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 04.09.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 D 1'600 Not Provided 02.09.2013

Barclays ANISH TAWAKLEY equalweight 3 M 1'610 Not Provided 29.08.2013

Jefferies NILANJAN KARFA underperform 1 M 1'395 12 month 27.08.2013

IIFL SAMPATH S K KUMAR sell 1 M 1'300 12 month 27.08.2013

Elara Securities India Pvt Ltd RAKESH KUMAR reduce 2 M 1'565 12 month 27.08.2013

Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 U 1'720 Not Provided 26.08.2013

Sunidhi Consultancy Services AMIT JAIN neutral 3 M 1'787 12 month 23.08.2013

IDFC Securities Ltd MANISH CHOWDHARY underperform 1 M 1'545 Not Provided 22.08.2013

Kotak Securities MB MAHESH add 4 M 1'975 Not Provided 21.08.2013

ICICIdirect.com KAJAL GANDHI buy 5 M 1'800 Not Provided 21.08.2013

Deutsche Bank MANISH KARWA hold 3 M 1'625 12 month 20.08.2013

Almondz Global Securities Ltd SHIVRAJ GUPTA neutral 3 M 1'798 Not Provided 20.08.2013


Spark Capital Advisors ABHINESH VIJAYARAJ sell 1 M 1'251 12 month 19.08.2013

Shah Investor's Home Limited BUNTY CHAWLA accumulate 4 M 1'954 Not Provided 16.08.2013

Dolat Capital Market Ltd. RAJIV PATHAK accumulate 4 M 1'794 Not Provided 14.08.2013

KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL hold 3 D 1'672 12 month 14.08.2013

Credit Suisse ASHISH GUPTA neutral 3 M 1'417 Not Provided 13.08.2013

HSBC TEJAS MEHTA underweight 1 M 1'339 Not Provided 13.08.2013

JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'750 12 month 13.08.2013

Phillip Securities MANISH AGARWALLA buy 5 M 1'856 Not Provided 13.08.2013

HDFC Securities DARPIN SHAH buy 5 M 1'782 12 month 13.08.2013

Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 2'100 12 month 13.08.2013

India Infoline RAJIV MEHTA market perform 3 M 1'717 12 month 13.08.2013

Angel Broking Limited VAIBHAV AGRAWAL neutral 3 D #N/A N/A Not Provided 13.08.2013

Holdings By:

State Bank of India ee


01.10.2013

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications

services throughout India. The Company provides GSM Mobile Services, broadband,

fixed line telephone services, long distance services (international & national)

and enterprise services.


LTM as of: 06/yy

52-Week High (25.01.2013) 370.40

52-Week Low (15.10.2012) 256.65

Daily Volume

320.8





1'282'365.88 1 Yr Total Return 21.35%







BHARTI IB EQUITY YTD Change - Average Volume 30 Day 336'998

BHARTI IB EQUITY YTD % CHANGE - Average Volume 3 Month 332'058


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

373'520.8 418'472.0 594'672.0 714'508.0 803'112.0 730'360.0 786'083.0 861'223.3 945'678.2 214'929.5 222'627.0

3.44x 2.95x 3.34x 2.75x 2.23x 10.90x 9.15x 2.18x 1.89x 8.94x 8.53x

154'623.6 169'127.0 201'225.0 238'314.0 249'497.0 235'429.0 243'171.0 276'918.0 314'307.9 67'622.8 70'212.8

8.31x 7.31x 9.87x 8.24x 7.19x 8.08x 7.41x 6.93x 6.10x - -

78'589.5 89'768.0 60'467.0 42'594.0 22'757.0 38'064.0 22'024.0 42'669.4 65'524.2 9'479.0 10'539.3

15.11x 13.21x 22.43x 30.11x 48.64x 30.42x 50.39x 29.32x 19.18x 28.35x 27.88x


EBIT 94'130.00 Long-Term Rating BB+

Operating Margin 11.72% Long-Term Outlook STABLE








EBITDA Margin 30.9%



Asset Turnover 0.46







Fiscal Year Ended

Bharti Airtel LtdPrice/Volume

Valuation Analysis

158'947.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,

-,,

-2,

.,,

.2,

0,,

02,

1,,


0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

900'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

6',,

-,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


BHARTI TELECOM LIMIT n/a Co File 1'741'830'892 43.57 - 30.06.2013 Unclassified

PASTEL LIMITED n/a Co File 591'319'300 14.79 - 30.06.2013 Corporation

THREE PILLARS PTE LT n/a Co File 399'740'012 10 - 30.06.2013 n/a

INDIAN CONTINENT INV n/a Co File 265'860'986 6.65 - 30.06.2013 Other





DODGE & COX Multiple Portfolios MF-AGG 34'574'394 0.86 15'265'923 30.06.2013 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 31'681'489 0.79 - 30.08.2013 Investment Advisor




COMGEST S A Multiple Portfolios MF-AGG 18'000'000 0.45 - 31.12.2012 Unclassified


UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 16'950'514 0.42 1'720'111 31.08.2013 Investment Advisor


DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 13'966'484 0.35 6'348'299 31.08.2013 Investment Advisor




Batlivala & Karani Securities ROHIT DOKANIA outperform 5 M 370 Not Provided 27.09.2013

Axis Capital Limited PRIYA ROHIRA buy 5 M 407 Not Provided 27.09.2013

Anand Rathi Securities Pvt. Ltd. YOGESH KIRVE hold 3 M 370 Not Provided 23.09.2013

Edelweiss Capital SANDIP KUMAR AGARWAL buy 5 M 388 12 month 19.09.2013

BNP Paribas Equity Research KUNAL D VORA buy 5 M 410 12 month 18.09.2013

Ambit Capital Pvt Ltd ANKUR RUDRA buy 5 M 384 Not Provided 18.09.2013

Avendus Capital Private Ltd ABHAY MOGHE hold 3 M 328 Not Provided 12.09.2013

Emkay Share & Stock Brokers NAVAL SETH accumulate 4 M 400 Not Provided 11.09.2013

ICICIdirect.com KARAN MITTAL strong buy 5 M 385 Not Provided 11.09.2013

IIFL G V GIRI buy 5 M 381 12 month 11.09.2013

Nirmal Bang Institutional Equities HARIT SHAH hold 3 M 367 Not Provided 11.09.2013


Daiwa Securities Co. Ltd. RAMAKRISHNA MARUVADA hold 3 U 336 Not Provided 10.09.2013

ICICI Securities VIKASH MANTRI buy 5 M 410 12 month 10.09.2013

Tata Securities Limited ASHISH AGGARWAL buy 5 M 376 12 month 10.09.2013

Elara Securities India Pvt Ltd ALIASGAR SHAKIR accumulate 4 M 370 Not Provided 10.09.2013

India Nivesh Ltd AMAR MOURYA buy 5 M 368 Not Provided 10.09.2013

Nomura SACHIN GUPTA buy 5 U 360 Not Provided 05.09.2013

Maybank Kim Eng URMIL SHAH buy 5 M 392 12 month 02.09.2013

India Infoline BHAVESH GANDHI buy 5 U 360 12 month 29.08.2013

Barclays BHUVNESH SINGH overweight 5 M 393 Not Provided 26.08.2013

IDFC Securities Ltd HITESH SHAH outperform 5 M 400 12 month 23.08.2013


CIMB PIYUSH CHOUDHARY outperform 5 U 382 12 month 20.08.2013

JM Financial Institutional Securities P SANJAY CHAWLA buy 5 M 395 Not Provided 20.08.2013

Motilal Oswal Securities Ltd SHOBHIT KHARE buy 5 M 450 Not Provided 19.08.2013


Credit Suisse SUNIL TIRUMALAI outperform 5 M 410 Not Provided 12.08.2013

New Street Research CHRIS HOARE buy 5 M 540 Not Provided 06.08.2013

Angel Broking Limited ANKITA SOMANI neutral 3 D #N/A N/A Not Provided 05.08.2013

Goldman Sachs SACHIN SALGAONKAR Buy/Neutral 5 M 390 12 month 02.08.2013


Phillip Securities NAVEEN KULKARNI buy 5 M 430 Not Provided 01.08.2013

HDFC Securities HIMANSHU SHAH buy 5 M 390 12 month 01.08.2013

LKP Shares and Securities Ltd ASHWIN PATIL buy 5 M 398 12 month 01.08.2013

KR Choksey Shares & Sec Pvt Ltd ARCHANA SHIVANE accumulate 4 M 381 12 month 01.08.2013

Deutsche Bank B SRINIVAS RAO buy 5 M 385 12 month 31.07.2013

Jefferies VISHAL AGARWAL hold 3 M 340 12 month 31.07.2013

HSBC RAJIV SHARMA overweight 5 M 385 Not Provided 31.07.2013

Religare Capital Markets RUMIT DUGAR hold 3 M 370 12 month 31.07.2013

Khambatta Securities Ltd DEVANG BHATT strong buy 5 M 397 Not Provided 31.07.2013

Microsec Capital NITIN PRAKASH DAGA strong buy 5 M 417 12 month 09.07.2013

Holdings By:

Bharti Airtel Ltd ee


01.10.2013

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive

components. The Company's automobile products include light, medium and heavy

commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra

also manufactures agricultural tractors, agricultural implements, internal

combustion engines, industrial petrol engines, spare parts and machine tools.


LTM as of: 12/yy

52-Week High (20.05.2013) 1'025.87

52-Week Low (28.08.2013) 741.50

Daily Volume

832.5





512'730.41 1 Yr Total Return -2.15%





Enterprise Value 788'407.51


MM IB EQUITY YTD Change - Average Volume 30 Day 149'874

MM IB EQUITY YTD % CHANGE - Average Volume 3 Month 177'310


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 12/yy 12/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

189'864.5 231'986.5 368'637.8 547'058.7 626'435.4 0.0 82'155.5 727'291.3 822'507.6 - -

1.12x 1.89x 1.47x 1.16x 1.25x #DIV/0! 0.00x 1.08x 0.95x - -

37'045.4 55'600.1 61'269.0 44'517.2 49'865.2 0.0 11'299.6 91'774.4 106'384.8 - -

5.76x 7.89x 8.87x 14.28x 15.72x 0.00x 0.00x 8.60x 7.41x - -

14'054.1 24'785.6 30'797.3 31'266.6 40'992.0 0.0 7'059.4 43'508.1 52'010.8 - -

7.44x 12.01x 13.10x 13.17x 12.39x 0.00x 0.00x 11.46x 9.65x - -











EBITDA Margin 8.0%



Asset Turnover 0.89







Fiscal Year Ended

Mahindra & Mahindra LtdPrice/Volume

Valuation Analysis

85'539.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,,

1,,

3,,

5,,

-,,,

-.,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0', E

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

.,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


PRUDENTIAL MGMT & SE n/a Co File 69'986'970 11.36 - 30.06.2013 Other


M & M BENEFIT TRUST n/a Co File 51'835'214 8.42 - 30.06.2013 n/a

M & M EMPLOYEES STK n/a EXCH 26'717'997 4.34 - 24.09.2013 n/a


GOLBOOT HOLDINGS LTD n/a Co File 18'791'948 3.05 - 30.06.2013 Other









DODGE & COX Multiple Portfolios MF-AGG 4'427'681 0.72 - 30.06.2013 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 3'593'050 0.58 501'566 30.08.2013 Investment Advisor


M & M EMPLOYEES WELF n/a Co File 1'946'070 0.32 - 30.06.2013 n/a

UBS AG n/a ULT-AGG 1'932'235 0.31 (124'116) 28.06.2013 Unclassified


BNP Paribas Equity Research VIJAY CHUGH hold 3 M 815 12 month 27.09.2013

Axis Capital Limited CHIRAG SHAH hold 3 M 800 Not Provided 27.09.2013

Nomura KAPIL SINGH buy 5 M 1'067 Not Provided 27.09.2013


JPMorgan ADITYA MAKHARIA overweight 5 M 1'000 6 month 22.09.2013

Barclays SAHIL KEDIA overweight 5 M 1'031 Not Provided 21.09.2013


HSBC YOGESH AGGARWAL neutral 3 M 825 Not Provided 09.09.2013

Macquarie AMIT MISHRA outperform 5 M 1'000 12 month 05.09.2013

India Infoline PRAYESH JAIN buy 5 M 946 Not Provided 04.09.2013

Standard Chartered AMIT KASAT in-line 3 M 954 12 month 03.09.2013

HDFC Securities SORABH TALWAR buy 5 M 1'115 12 month 03.09.2013

Angel Broking Limited YARESH KOTHARI buy 5 M 1'011 Not Provided 03.09.2013

Antique Stock Broking Limited ASHISH NIGAM hold 3 M 900 Not Provided 03.09.2013

IIFL JOSEPH GEORGE add 4 M 960 12 month 03.09.2013


Jefferies GOVINDARAJAN CHELLAPPA hold 3 U 745 12 month 02.09.2013

IDFC Securities Ltd PRAMOD KUMAR neutral 3 M 913 12 month 02.09.2013



Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD buy 5 M 1'105 Not Provided 24.08.2013

SPA Securities Ltd PRASHANT BIYANI buy 5 M 1'079 12 month 23.08.2013

ICICIdirect.com NISHANT VAAS buy 5 M 1'150 Not Provided 20.08.2013

Daiwa Securities Co. Ltd. NAVIN MATTA hold 3 M 916 Not Provided 19.08.2013

Kotak Securities HITESH GOEL buy 5 M 1'000 Not Provided 19.08.2013

Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 1'127 Not Provided 19.08.2013


Maybank Kim Eng JIGAR A SHAH buy 5 M 1'190 12 month 15.08.2013

Morgan Stanley BINAY SINGH Equalwt/In-Line 3 M 848 12 month 14.08.2013

Credit Suisse JATIN CHAWLA neutral 3 M 970 Not Provided 14.08.2013

UBS SONAL GUPTA buy 5 M 1'050 12 month 14.08.2013

CIMB PRAMOD AMTHE underperform 1 D 889 12 month 14.08.2013

Anand Rathi Securities Pvt. Ltd. ROHAN KORDE buy 5 U 1'015 Not Provided 14.08.2013


Phillip Securities DEEPAK JAIN buy 5 M 1'072 Not Provided 14.08.2013

LKP Shares and Securities Ltd ASHWIN PATIL buy 5 M 1'034 12 month 14.08.2013

Religare Capital Markets MIHIR JHAVERI buy 5 M 1'100 12 month 14.08.2013

Brics Securities UMESH KARNE buy 5 U 1'106 Not Provided 14.08.2013

Karvy Stock Broking Ltd MITUL SHAH buy 5 M 1'040 Not Provided 14.08.2013

Asian Markets Securities Pvt. Ltd N L RAGHUNANDHAN buy 5 M 1'061 12 month 14.08.2013

Spark Capital Advisors MUKESH SARAF add 4 M 983 12 month 14.08.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 1'134 12 month 14.08.2013

Centrum Broking Pvt Ltd AJAY SHETHIYA buy 5 M 1'009 12 month 14.08.2013

Holdings By:

Mahindra & Mahindra Ltd ee


01.10.2013

Wipro Limited specializes in IT and computer related technologies. The Group's

services encompass a number of areas, including software architecture, business

intelligence systems, e-commerce, data warehousing, Internet access devices,

network management, system administration, messaging systems, IT consulting and

design. Wipro also has a presence in niche markets of consumer products.


LTM as of: 06/yy

52-Week High (03.09.2013) 501.00

52-Week Low (26.10.2012) 298.87

Daily Volume

472.05





1'163'605.63 1 Yr Total Return 40.70%







WPRO IB EQUITY YTD Change - Average Volume 30 Day 249'636

WPRO IB EQUITY YTD % CHANGE - Average Volume 3 Month 222'582


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

256'995.0 272'129.0 310'542.0 318'747.0 374'256.0 391'874.0 409'256.0 427'193.9 473'439.5 107'593.3 111'718.3

1.37x 3.69x 3.61x 3.21x 2.70x 9.40x 8.54x 2.48x 2.16x 10.85x 10.45x

53'606.0 60'811.0 65'434.0 64'279.0 76'351.0 74'013.0 82'468.0 89'932.8 100'456.1 23'449.3 23'977.7

6.56x 16.50x 17.14x 15.90x 13.22x 12.41x 9.23x 11.87x 10.63x 10.99x 10.75x

38'999.0 46'310.0 52'977.0 55'730.0 66'359.0 58'440.0 66'790.0 71'097.4 79'141.6 18'216.0 18'770.5

9.17x 22.25x 22.08x 20.61x 17.48x 16.75x 13.12x 16.20x 14.57x 15.07x 14.70x











EBITDA Margin 20.2%



Asset Turnover 0.88



Debt to Assets 19.42% Inventory Days 9.94


Accounts Receivable Turnover 5.09 Cash Conversion Cycle 17.60

Inventory Turnover 36.73

Fiscal Year Ended

Wipro LtdPrice/Volume

Valuation Analysis

90'094.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

.,,

0,,

1,,

2,,

3,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'. E'1 E'3 E'5 E-', E-'. E-'1 E-'3 E-'5 E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


PREMJI AZIM HASHAM n/a Co File 1'790'003'553 72.62 - 30.06.2013 n/a


L AND T INFRASTR FIN n/a Co File 61'000'000 2.47 - 30.06.2013 Bank

VIDYA INV TRADING CO n/a Co File 9'908'457 0.4 - 30.06.2013 Other

REGAL INV TRADING CO n/a Co File 9'908'456 0.4 - 30.06.2013 Other

HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 9'508'774 0.39 753'918 31.08.2013 Investment Advisor






DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 3'409'467 0.14 456'641 31.08.2013 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 3'372'035 0.14 342'613 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'665'684 0.11 (9'000'431) 30.06.2013 Investment Advisor





GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'533'798 0.06 - 31.05.2013 Investment Advisor



CIMB SANDEEP R SHAH outperform 5 M 530 12 month 27.09.2013

JM Financial Institutional Securities P GOVIND AGARWAL buy 5 M 450 Not Provided 27.09.2013

Axis Capital Limited PRIYA ROHIRA hold 3 M 493 Not Provided 27.09.2013

Credit Suisse ANANTHA NARAYAN outperform 5 M 540 Not Provided 26.09.2013

Societe Generale MUKUL GARG hold 3 M 475 12 month 24.09.2013

Standard Chartered PANKAJ KAPOOR outperform 5 M 540 12 month 23.09.2013

Morgan Stanley VIPIN KHARE Overwt/Attractive 5 M 550 12 month 23.09.2013

Jefferies VISHAL AGARWAL hold 3 M 505 12 month 23.09.2013

SBI Capital Markets DIPESH N MEHTA hold 3 M 495 12 month 23.09.2013

Nomura ASHWIN MEHTA buy 5 M 455 Not Provided 20.09.2013

IIFL SANDEEP MUTHANGI add 4 M 541 12 month 20.09.2013

Phillip Securities VIBHOR SINGHAL neutral 3 M 486 Not Provided 17.09.2013

Emkay Share & Stock Brokers MANIK TANEJA accumulate 4 M 530 Not Provided 17.09.2013

Espirito Santo Investment Bank ResearchNITIN PADMANABHAN buy 5 M 530 Not Provided 10.09.2013

Ambit Capital Pvt Ltd ANKUR RUDRA sell 1 M 430 12 month 10.09.2013

UBS DIVIYA NAGARAJAN buy 5 M 560 12 month 06.09.2013

Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN buy 5 M 600 12 month 04.09.2013

Kotak Securities KAWALJEET SALUJA reduce 2 M 470 Not Provided 03.09.2013

JPMorgan VIJU K GEORGE neutral 3 M 430 6 month 02.09.2013


Barclays BHUVNESH SINGH underweight 1 M 425 Not Provided 30.08.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE accumulate 4 M 489 Not Provided 30.08.2013

HSBC YOGESH AGGARWAL neutral 3 D 490 Not Provided 29.08.2013

Macquarie NITIN MOHTA neutral 3 U 480 12 month 29.08.2013

Batlivala & Karani Securities DEEPAN S KAPADIA underperform 1 M 450 Not Provided 29.08.2013

India Nivesh Ltd AMAR MOURYA hold 3 M 442 Not Provided 29.08.2013

Deutsche Bank ANIRUDDHA BHOSALE buy 5 M 520 12 month 26.08.2013

BNP Paribas Equity Research ABHIRAM ELESWARAPU buy 5 M 530 12 month 26.08.2013

Motilal Oswal Securities Ltd ASHISH CHOPRA buy 5 M 517 Not Provided 19.08.2013

Tata Securities Limited ASHISH AGGARWAL buy 5 M 540 12 month 19.08.2013

Equirus Securities Pvt Ltd BHAVIN SHAH neutral 3 D 500 15 month 12.08.2013

SPA Securities Ltd AMIT AGGARWAL buy 5 M 444 12 month 06.08.2013

KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH reduce 2 M 415 Not Provided 01.08.2013

Spark Capital Advisors SRIVATHSAN RAMACHANDRAN reduce 2 M 410 12 month 01.08.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 31.07.2013

Sunidhi Consultancy Services NAUSHIL SHAH neutral 3 U 390 12 month 29.07.2013

HDFC Securities MADHU BABU buy 5 U 438 12 month 29.07.2013

India Infoline ANIRUDDHA MEHTA buy 5 M 429 9 month 29.07.2013

Angel Broking Limited ANKITA SOMANI accumulate 4 M 435 12 month 29.07.2013

Edelweiss Capital SANDIP KUMAR AGARWAL buy 5 M 460 12 month 29.07.2013

Antique Stock Broking Limited PRATISH KRISHNAN buy 5 M 440 Not Provided 29.07.2013

ICICIdirect.com ABHISHEK SHINDADKAR hold 3 M 400 12 month 29.07.2013

Khambatta Securities Ltd DEVANG BHATT strong buy 5 U 440 Not Provided 29.07.2013

Holdings By:

Wipro Ltd ee


01.10.2013

Axis Bank Limited provides a full range of banking services throughout India.

The Group's activities include retail banking, investment management, merchant

banking, treasury and NRI services, cash and credit management services, and

ATM facilities.


LTM as of: 01/yy

52-Week High (20.05.2013) 1'549.00

52-Week Low (04.09.2013) 764.00

Daily Volume

1033





484'658.47 1 Yr Total Return -7.36%





Enterprise Value -


AXSB IB EQUITY YTD Change - Average Volume 30 Day 653'503

AXSB IB EQUITY YTD % CHANGE - Average Volume 3 Month 409'991


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

137'177.0 156'077.5 198'334.5 274'629.8 340'392.1 - - 195'544.0 239'101.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

18'129.3 24'781.4 33'399.1 42'197.8 52'347.6 - - 63'955.0 76'778.0 - -

8.21x 18.02x 17.17x 11.19x 10.75x - - 7.56x 6.30x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Axis Bank LtdPrice/Volume

Valuation Analysis

175'014.00


,

.,,

1,,

3,,

5,,

-,,,

-.,,

-1,,

-3,,


0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013



LIFE INSURANCE CORP n/a EXCH 43'822'657 9.34 45'000 30.08.2013 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 21'312'514 4.54 - 30.06.2013 Investment Advisor


HSBC BANK MAURITIUS n/a Co File 8'754'655 1.87 - 30.06.2013 Unclassified




CENTAURA INVEST MAUR n/a Co File 6'868'915 1.46 - 30.06.2013 Other

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 5'588'920 1.19 867'091 30.06.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 5'508'253 1.17 1'845'197 31.08.2013 Unclassified




NATIONAL INSURANCE C n/a EXCH 3'490'057 0.74 - 24.07.2013 Insurance Company





ALLIANZ ASSET MANAGE n/a ULT-AGG 1'662'414 0.35 428'982 31.08.2013 Investment Advisor


Axis Capital Limited PRAVEEN AGRAWAL not rated #N/A N/A M #N/A N/A Not Provided 27.09.2013


HDFC Securities VISHAL MODI buy 5 M 1'248 12 month 25.09.2013

UBS VISHAL GOYAL sell 1 D 900 12 month 24.09.2013

Nomura ABHISHEK BHATTACHARYA buy 5 M 1'620 Not Provided 24.09.2013

Kotak Securities MB MAHESH add 4 M 1'200 Not Provided 23.09.2013

IDBI Capital Market Services Ltd JIGNESH SHIAL accumulate 4 D 1'244 12 month 23.09.2013

Religare Capital Markets SIDDHARTH TELI hold 3 M 1'175 12 month 23.09.2013

Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 1'250 Not Provided 19.09.2013

Ambit Capital Pvt Ltd A SV KRISHNAN sell 1 M 1'020 12 month 19.09.2013

Macquarie SURESH GANAPATHY outperform 5 M 1'215 12 month 16.09.2013


Angel Broking Limited VAIBHAV AGRAWAL buy 5 M 1'190 Not Provided 13.09.2013

Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 1'300 12 month 11.09.2013




Goldman Sachs TABASSUM INAMDAR Buy/Neutral 5 U 1'110 12 month 05.09.2013

Batlivala & Karani Securities ANAND DAMA buy 5 M 1'650 Not Provided 05.09.2013

Morgan Stanley ANIL AGARWAL Equalwt/Cautious 3 U 900 12 month 30.08.2013

Barclays ANISH TAWAKLEY overweight 5 M 1'144 Not Provided 29.08.2013

Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 1'238 12 month 28.08.2013

Jefferies NILANJAN KARFA hold 3 M 1'255 12 month 27.08.2013


Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 M 1'630 Not Provided 26.08.2013

Sunidhi Consultancy Services KANIKA THACKER neutral 3 M 1'418 12 month 23.08.2013

IDFC Securities Ltd MANISH CHOWDHARY outperform 5 M 1'580 Not Provided 22.08.2013

ICICIdirect.com KAJAL GANDHI buy 5 M 1'170 Not Provided 21.08.2013

Nirmal Bang Institutional Equities HEMINDRA HAZARI buy 5 M 1'570 Not Provided 21.08.2013

Deutsche Bank MANISH KARWA buy 5 M 1'390 12 month 20.08.2013

Dolat Capital Market Ltd. RAJIV PATHAK accumulate 4 M 1'270 Not Provided 14.08.2013

Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 1'630 Not Provided 25.07.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 1'296 Not Provided 24.07.2013

KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL buy 5 M 1'562 12 month 23.07.2013

Microsec Capital SANJEEV JAIN buy 5 N 1'458 15 month 22.07.2013

NVS Brokerage Limited TEAM COVERAGE strong buy 5 M 1'240 12 month 22.07.2013

Quantum Securities Pvt Ltd RATI PANDIT buy 5 M 1'515 Not Provided 22.07.2013

Ajcon Global Services Ltd. TEAM COVERAGE buy 5 M 1'380 Not Provided 19.07.2013

CIMB JATINDER AGARWAL outperform 5 M 1'600 12 month 19.07.2013

India Infoline RAJIV MEHTA buy 5 M 1'551 9 month 19.07.2013

Antique Stock Broking Limited ALOK KAPADIA hold 3 D 1'327 Not Provided 19.07.2013

Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 1'325 12 month 19.07.2013

ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT buy 5 M 1'660 Not Provided 19.07.2013

Holdings By:

Axis Bank Ltd ee


01.10.2013

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical

services. The Company manufactures bulk drugs and formulations including

verapamil and cephalexin. The Company also manufactures and exports molecules

such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin.

The Company markets its products in India and around the world.


LTM as of: 06/yy

52-Week High (26.09.2013) 2'471.70

52-Week Low (01.10.2012) 1'639.80

Daily Volume

2406.75





409'214.00 1 Yr Total Return 47.21%


Preferred Stock - Adjusted BETA 0.650





DRRD IB EQUITY YTD Change - Average Volume 30 Day 20'970

DRRD IB EQUITY YTD % CHANGE - Average Volume 3 Month 22'556


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

67'904.0 70'175.0 74'109.0 96'665.0 116'266.0 102'360.4 119'308.7 132'900.4 149'308.5 33'192.2 33'136.8

1.42x 3.13x 3.99x 3.24x 2.85x 5.73x 5.10x 3.14x 2.71x 12.34x 12.35x

14'295.0 14'642.0 15'441.0 24'528.0 - 0.0 5'288.5 28'146.4 31'997.0 7'645.0 6'737.0

6.75x 15.02x 19.13x 12.78x - 0.00x 0.00x 15.67x 13.78x 14.70x -

(9'172.0) 3'515.0 9'989.0 13'009.0 16'777.0 14'994.4 17'027.5 18'445.8 21'415.0 4'654.8 4'398.6

- 61.19x 27.75x 22.99x 17.88x 18.64x 22.13x 22.26x 19.20x - -

EBITDA - Long-Term Rating Date -








Net Debt/EBITDA -

Gross Margin 52.1% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dr Reddy's Laboratories LtdPrice/Volume

Valuation Analysis

29'175.00


,

2,,

-,,,

-2,,

.,,,

.2,,

0,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'- E'. E'. E'0 E'0 E'1 E'1 E'2 E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


DR REDDYS HOLDINGS L n/a Co File 39'729'284 23.37 - 30.09.2012 Corporation

COMMONWEALTH BANK OF n/a ULT-AGG 9'389'131 5.52 996'642 30.06.2013 Bank

LIFE INSURANCE CORP n/a EXCH 7'099'227 4.18 (3'620'088) 10.05.2013 Government




FIL LIMITED n/a ULT-AGG 2'228'296 1.31 (191'645) 31.07.2013 Investment Advisor

FID FUNDS MAURITIUS n/a Co File 2'200'175 1.29 - 30.09.2012 Investment Advisor



JP MORGAN n/a ULT-AGG 1'881'134 1.11 571 31.07.2013 Investment Advisor


PRASAD G V n/a Co File 1'365'840 0.8 - 30.09.2012 n/a

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 1'310'469 0.77 (231'142) 31.07.2013 Investment Advisor


REDDY KALLAM SATISH n/a Co File 1'205'832 0.71 - 30.09.2012 n/a



HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 826'744 0.49 (50'018) 31.08.2013 Investment Advisor

SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 801'470 0.47 102'553 31.08.2013 Investment Advisor


Nomura SAION MUKHERJEE buy 5 M 2'518 Not Provided 29.09.2013

Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 2'537 Not Provided 27.09.2013

India Nivesh Ltd BHAGWAN SINGH CHAUDHARY hold 3 M 2'406 Not Provided 27.09.2013

Batlivala & Karani Securities ROHIT V BHAT buy 5 M 2'550 Not Provided 26.09.2013

Edelweiss Capital PERIN ALI buy 5 M 2'295 12 month 25.09.2013

Antique Stock Broking Limited ANMOL GANJOO buy 5 M 2'660 Not Provided 25.09.2013

Kotak Securities KRISHNA PRASAD buy 5 M 2'700 Not Provided 20.09.2013

Fortune Equity Brokers (India) Ltd HITESH MAHIDA hold 3 M 2'167 Not Provided 20.09.2013

Centrum Broking Pvt Ltd RANJIT KAPADIA buy 5 M 2'896 Not Provided 19.09.2013

UBS SONAL GUPTA buy 5 M 2'750 12 month 18.09.2013

Morgan Stanley SAMEER BAISIWALA Overwt/In-Line 5 M 2'478 12 month 17.09.2013

HSBC GIRISH BAKHRU overweight 5 M 2'660 Not Provided 17.09.2013

Religare Capital Markets ARVIND BOTHRA buy 5 M 2'600 12 month 17.09.2013

Karvy Stock Broking Ltd RAHUL SHARMA buy 5 M 2'630 Not Provided 17.09.2013

Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR buy 5 M 2'786 12 month 17.09.2013

Dolat Capital Market Ltd. MILIND BHANGALE accumulate 4 N 2'382 Not Provided 04.09.2013

IIFL BINO PATHIPARAMPIL buy 5 M 2'993 12 month 03.09.2013

IDFC Securities Ltd NITIN AGARWAL outperform 5 M 2'451 Not Provided 29.08.2013

JPMorgan NEHA MANPURIA overweight 5 M 2'500 6 month 28.08.2013

Credit Suisse ANUBHAV AGGARWAL outperform 5 M 2'420 Not Provided 27.08.2013

Motilal Oswal Securities Ltd ALOK DALAL buy 5 M 2'649 Not Provided 19.08.2013


Angel Broking Limited SARABJIT KOUR NANGRA accumulate 4 D 2'532 12 month 01.08.2013

Systematix Shares & Stocks Ltd SURYA NARAYAN PATRA accumulate 4 M 2'500 12 month 01.08.2013

Jefferies PIYUSH NAHAR hold 3 M 2'100 12 month 31.07.2013

Macquarie ABHISHEK SINGHAL outperform 5 M 2'600 12 month 31.07.2013

CIMB PRAKASH AGARWAL neutral 3 M 2'200 12 month 31.07.2013

Prabhudas Lilladher Pvt Ltd SURAJIT PAL accumulate 4 M 2'414 12 month 31.07.2013

JM Financial Institutional Securities P RAHUL SOLANKI buy 5 M 2'405 12 month 31.07.2013

Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI buy 5 M 2'440 Not Provided 31.07.2013

Sunidhi Consultancy Services RASHMI SANCHETI neutral 3 M 2'170 12 month 31.07.2013

Emkay Share & Stock Brokers ASHISH RATHI buy 5 M 2'589 Not Provided 31.07.2013

HDFC Securities MEETA SHETTY neutral 3 M 2'277 12 month 31.07.2013

India Infoline BHAVIKA SHINDE buy 5 M 2'600 12 month 31.07.2013

Asian Markets Securities Pvt. Ltd ASHISH THAVKAR accumulate 4 M 2'315 Not Provided 31.07.2013

Barclays BALAJI V PRASAD equalweight 3 M 2'040 Not Provided 31.07.2013

Quant Broking Pvt Ltd KIRIT GOGRI accumulate 4 M 2'261 12 month 31.07.2013

Avendus Capital Private Ltd MONICA JOSHI hold 3 M 2'325 Not Provided 31.07.2013

Khambatta Securities Ltd FATHIMA KHAN strong buy 5 M 2'508 12 month 31.07.2013

SBI Capital Markets VIVEK KUMAR buy 5 M 2'578 12 month 30.07.2013

ICICI Securities KARTIK A MEHTA add 4 M 2'295 12 month 30.07.2013

Tata Securities Limited VIHARI PURUSHOTHAMAN hold 3 M 2'064 12 month 30.07.2013

EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013

Holdings By:

Dr Reddy's Laboratories Ltd ee


01.10.2013

HCL Technologies Limited provides software development and related engineering

services. The Group's technologies utilize a variety of technologies, including

Internet and e-commerce, networking, internet telephony, embedded software,

ASIC/VLSI design and testing, satellite and wireless communications, and

component based object technologies, including COM, DCOM and COBRA.


LTM as of: 06/yy

52-Week High (24.09.2013) 1'104.30

52-Week Low (09.10.2012) 556.70

Daily Volume

1074.9





750'060.38 1 Yr Total Return 87.60%







HCLT IB EQUITY YTD Change - Average Volume 30 Day 79'554

HCLT IB EQUITY YTD % CHANGE - Average Volume 3 Month 80'947


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2

102'294.1 121'362.9 157'304.3 208'305.5 257'337.0 210'312.0 257'336.0 313'867.9 358'617.1 72'531.6 73'017.3

1.33x 2.07x 2.16x 1.57x 1.96x 5.95x 7.24x 2.18x 1.80x 10.34x 10.27x

21'250.5 19'924.2 27'151.5 40'507.5 58'357.0 40'250.0 58'357.0 71'496.2 78'905.0 17'423.0 17'228.7

6.39x 12.59x 12.53x 8.08x 8.64x 8.13x 8.64x 9.98x 9.04x 9.99x 9.81x

13'196.3 12'591.9 16'465.1 24'227.0 40'989.0 25'260.0 40'990.0 50'160.8 56'272.9 11'566.7 10'679.0

9.43x 19.48x 20.54x 13.59x 13.15x 13.04x 13.16x 14.93x 13.35x 15.61x 15.10x







Return on Capital - EBITDA/Interest Exp. 34.74




EBITDA Margin 22.7%



Asset Turnover 1.24







Fiscal Year Ended

HCL Technologies LtdPrice/Volume

Valuation Analysis

21'002.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,,

1,,

3,,

5,,

-,,,

-.,,


0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



01.10.2013


VAMA SUNDARI INVESTM n/a Co File 311'964'982 44.71 - 30.06.2013 Private Equity

HCL HOLDINGS PVT LTD n/a Co File 119'548'908 17.13 - 30.06.2013 Corporation


WARHOL LTD n/a Co File 16'645'599 2.39 - 30.06.2013 Holding Company

DALI LTD n/a Co File 8'322'800 1.19 - 30.06.2013 Other



RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 5'461'803 0.78 511'057 31.08.2013 Other

ROBECO n/a ULT-AGG 4'567'779 0.65 1'531'430 30.04.2013 Unclassified




MORGAN STANLEY n/a ULT-AGG 1'869'679 0.27 (21'200) 31.08.2013 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'730'131 0.25 1'523'906 31.05.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'722'640 0.25 2'856 27.09.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 1'700'000 0.24 - 31.05.2013 Bank

BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 1'560'456 0.22 3'134 31.08.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 1'475'447 0.21 (148'256) 30.06.2013 Investment Advisor

JYSKE INVEST Multiple Portfolios MF-AGG 1'435'119 0.21 (34'292) 31.07.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 1'379'821 0.2 (13'490) 31.08.2013 Investment Advisor


Nomura ASHWIN MEHTA buy 5 M 1'120 Not Provided 30.09.2013

CIMB SANDEEP R SHAH outperform 5 M 1'270 12 month 27.09.2013




Societe Generale MUKUL GARG buy 5 M 1'210 12 month 24.09.2013

JPMorgan VIJU K GEORGE overweight 5 M 1'100 6 month 24.09.2013



SBI Capital Markets DIPESH N MEHTA buy 5 M 1'190 12 month 23.09.2013

BNP Paribas Equity Research ABHIRAM ELESWARAPU buy 5 M 1'150 12 month 18.09.2013

Phillip Securities VIBHOR SINGHAL buy 5 M 1'256 Not Provided 17.09.2013

IDBI Capital Market Services Ltd PRATIK GANDHI buy 5 M 1'174 12 month 17.09.2013

Emkay Share & Stock Brokers MANIK TANEJA accumulate 4 M 1'200 Not Provided 17.09.2013


Espirito Santo Investment Bank ResearchSOUMITRA CHATTERJEE neutral 3 M 1'120 Not Provided 10.09.2013

Ambit Capital Pvt Ltd ANKUR RUDRA buy 5 M 1'207 12 month 10.09.2013

Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN accumulate 4 M 1'180 12 month 04.09.2013

Religare Capital Markets RUMIT DUGAR buy 5 U 1'200 12 month 31.08.2013


Barclays BHUVNESH SINGH overweight 5 M 1'130 Not Provided 30.08.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 1'282 Not Provided 30.08.2013

HSBC YOGESH AGGARWAL overweight 5 U 1'200 Not Provided 29.08.2013

Macquarie NITIN MOHTA outperform 5 M 1'300 12 month 29.08.2013


Deutsche Bank ANIRUDDHA BHOSALE hold 3 M 1'050 12 month 26.08.2013

IIFL SANDEEP MUTHANGI buy 5 M 1'116 12 month 22.08.2013



Tata Securities Limited ASHISH AGGARWAL buy 5 M 1'192 12 month 19.08.2013

Equirus Securities Pvt Ltd BHAVIN SHAH neutral 3 M 973 15 month 12.08.2013


Techno Shares & Stocks DEBASHISH MAZUMDAR accumulate 4 M 1'050 12 month 06.08.2013


BP Equities Private Limited AMIT CHANDRA buy 5 M 1'083 12 month 05.08.2013

Aditya Birla Money Limited DINESH KUMAR K reduce 2 D 847 Not Provided 02.08.2013


Maybank Kim Eng URMIL SHAH buy 5 M 1'082 12 month 01.08.2013

Sunidhi Consultancy Services NAUSHIL SHAH outperform 5 M 1'030 12 month 01.08.2013

India Infoline ANIRUDDHA MEHTA buy 5 M 1'110 12 month 01.08.2013

Angel Broking Limited ANKITA SOMANI accumulate 4 D 1'012 12 month 01.08.2013

Antique Stock Broking Limited PRATISH KRISHNAN hold 3 M 910 Not Provided 01.08.2013

Spark Capital Advisors SRIVATHSAN RAMACHANDRAN add 4 M 1'000 12 month 01.08.2013

Holdings By:

HCL Technologies Ltd ee


01.10.2013

NTPC Ltd. owns and operates power generation plants that supply power to state

electricity boards throughout India. The Company is a public sector undertaking

of the Government of India and it also undertakes turnkey consulting projects to

set up power plants.


LTM as of: 01/yy

52-Week High (08.10.2012) 172.03

52-Week Low (28.08.2013) 121.47

Daily Volume

144.7





1'193'118.63 1 Yr Total Return -11.36%







NTPC IB EQUITY YTD Change - Average Volume 30 Day 264'289

NTPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 268'769


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

426'614.0 482'564.0 574'831.7 658'932.5 693'768.2 - - 775'456.7 861'403.1 - -

3.99x 4.09x 3.32x 2.66x 2.42x - - 2.25x 2.14x - -

113'936.0 136'798.0 128'580.8 153'048.6 183'180.5 - - 194'188.5 216'960.0 - -

14.93x 14.43x 14.84x 11.43x 9.16x - - 8.75x 7.83x - -

83'615.0 88'378.0 93'482.3 98'127.9 125'907.8 - - 110'528.9 118'312.2 - -

17.74x 19.34x 17.03x 13.68x 9.30x - - 10.82x 10.15x - -








Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. -0.76



EBITDA Margin 26.4%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NTPC LtdPrice/Volume

Valuation Analysis

40'627.00


,.,1,3,5,

-,,-.,-1,-3,-5,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'2 E-', E-'2 E.', E.'2 E0', E0'2 E1', E1'2 E2', E

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


GOVERNMENT OF INDIA n/a Co File 6'184'098'300 75 - 30.06.2013 Government








JP MORGAN n/a ULT-AGG 19'231'131 0.23 - 31.07.2013 Investment Advisor

TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 18'362'080 0.22 (1'906'685) 31.08.2013 Investment Advisor

ST JAMES' PLACE UNIT Multiple Portfolios MF-AGG 15'223'268 0.18 - 31.07.2013 Investment Advisor



FRANKLIN RESOURCES n/a ULT-AGG 10'465'924 0.13 4'443'451 30.06.2013 Investment Advisor





BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 8'817'174 0.11 (61'888) 31.08.2013 Investment Advisor



HSBC ARUN KUMAR SINGH overweight 5 M 176 Not Provided 30.09.2013



Elara Securities India Pvt Ltd DEEPAK AGRAWALA accumulate 4 M 156 Not Provided 24.09.2013

Jefferies LAVINA QUADROS hold 3 M 126 12 month 23.09.2013

Nomura ANIRUDH GANGAHAR buy 5 M 193 Not Provided 20.09.2013

Credit Suisse AMISH SHAH outperform 5 M 170 Not Provided 17.09.2013


Motilal Oswal Securities Ltd NALIN BHATT buy 5 M 172 12 month 16.09.2013

Deutsche Bank ABHISHEK PURI buy 5 M 175 12 month 06.09.2013


SBI Capital Markets RABINDRA NATH NAYAK buy 5 M 181 12 month 30.08.2013

Kotak Securities MURTUZA ARSIWALLA buy 5 U 160 Not Provided 28.08.2013

Emkay Share & Stock Brokers AMIT GOLCHHA hold 3 M 150 Not Provided 28.08.2013


IIFL HARSHAWARDHAN S DOLE add 4 M 170 12 month 26.08.2013

Batlivala & Karani Securities VISHAL BIRAIA outperform 5 M 172 Not Provided 21.08.2013

UBS PANKAJ SHARMA buy 5 M 190 12 month 19.08.2013


BNP Paribas Equity Research GIRISH NAIR buy 5 M 187 12 month 07.08.2013

Angel Broking Limited AMIT PATIL buy 5 U 163 12 month 03.08.2013

Macquarie INDERJEET SINGH BHATIA outperform 5 M 187 12 month 02.08.2013


Prabhudas Lilladher Pvt Ltd RUPA SHAH accumulate 4 M 167 12 month 02.08.2013

IDBI Capital Market Services Ltd HANSRAJ SINGH accumulate 4 N 140 12 month 02.08.2013

India Infoline BHAVIKA SHINDE buy 5 M 160 Not Provided 02.08.2013

Edelweiss Capital SHANKAR K buy 5 M 174 12 month 02.08.2013

ICICIdirect.com CHIRAG J SHAH buy 5 M 178 12 month 02.08.2013

Quant Broking Pvt Ltd ABHINEET ANAND buy 5 U 157 12 month 02.08.2013

Morgan Stanley PARAG GUPTA Overwt/In-Line 5 M 170 12 month 01.08.2013

JM Financial Institutional Securities P SUBHADIP MITRA hold 3 M 150 12 month 01.08.2013

ICICI Securities PRAKASH GAURAV GOEL buy 5 M 168 12 month 01.08.2013

Tata Securities Limited RAVIKIRAN SURANA buy 5 M 164 12 month 01.08.2013

Religare Capital Markets MISAL SINGH buy 5 M 170 12 month 01.08.2013

Centrum Broking Pvt Ltd SACHIN MEHTA buy 5 M 169 12 month 31.07.2013

IDFC Securities Ltd SHIRISH RANE neutral 3 M 164 12 month 30.07.2013


Karvy Stock Broking Ltd RUPESH D SANKHE buy 5 M 183 Not Provided 11.07.2013


Daiwa Securities Co. Ltd. SAURABH MEHTA buy 5 M 178 Not Provided 04.07.2013


Avendus Capital Private Ltd ABHAY MOGHE buy 5 M 202 Not Provided 26.06.2013

FinQuest Securities (P) Ltd. DARYL PHILIP buy 5 M 210 12 month 15.05.2013

Holdings By:

NTPC Ltd ee


01.10.2013

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and

three-wheeled scooters, motorcycles and mopeds.


LTM as of: 03/yy

52-Week High (03.01.2013) 2'228.95

52-Week Low (04.04.2013) 1'657.50

Daily Volume

1998.1





578'184.25 1 Yr Total Return 12.90%







BJAUT IB EQUITY YTD Change - Average Volume 30 Day 24'167

BJAUT IB EQUITY YTD % CHANGE - Average Volume 3 Month 26'919


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 09/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

84'460.3 115'431.6 159'274.0 189'455.2 195'334.5 100'753.0 88'415.4 215'444.8 246'322.8 - -

2.62x 2.43x 2.50x 0.00x 0.00x 2.47x 2.08x - -

10'213.2 24'713.5 32'225.8 37'475.8 36'551.2 0.0 2'607.9 43'274.9 50'834.8 - -

12.96x 12.27x 13.38x 0.00x 0.00x 12.63x 10.75x - -

5'357.9 15'946.0 34'548.9 30'454.0 31'326.9 12'733.5 6'365.1 35'267.7 40'681.6 - -

12.26x 15.96x 16.62x 0.00x 0.00x 16.34x 14.14x - -











EBITDA Margin 18.7%



Asset Turnover 1.64







Fiscal Year Ended

Bajaj Auto LtdPrice/Volume

Valuation Analysis

12'210.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,,

-,,,

-2,,

.,,,

.2,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'- E

'- E

'. E

'. E

'0 E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


BAJAJ HOLDINGS AND I n/a Co File 91'119'000 31.49 - 30.06.2013 Corporation

JAMNALAL SONS PVT LT n/a Co File 25'949'400 8.97 - 30.06.2013 Investment Advisor


JAYA HIND INVEST PVT n/a Co File 10'243'928 3.54 - 30.06.2013 Other

MAHARASHTRA SCOOTERS n/a Co File 6'774'072 2.34 - 30.06.2013 Corporation

BAJAJ SEVASHRAM LIMI n/a Co File 4'502'720 1.56 - 30.06.2013 Corporation

BACHHRAJ & CO LTD n/a Co File 3'727'756 1.29 - 30.06.2013 Holding Company

SIKKIM JANSEVA PRATI n/a Co File 3'659'916 1.26 - 30.06.2013 n/a


BAJAJ RAHUL KUMAR n/a Co File 2'442'464 0.84 - 30.06.2013 n/a


BAJAJ NIRAJ RAMKRISH n/a Co File 2'189'476 0.76 - 30.06.2013 n/a


BACHHRAJ FACTORIES L n/a Co File 1'945'174 0.67 - 30.06.2013 Corporation

BAJAJ AUTO EMP WELFA n/a Co File 1'829'130 0.63 - 30.06.2013 n/a


BARODA INDUSTRIES PV n/a Co File 1'670'802 0.58 - 30.06.2013 Corporation


UBS AG n/a ULT-AGG 1'551'146 0.54 (67'349) 30.06.2013 Unclassified

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 1'529'241 0.53 - 15.04.2013 Investment Advisor


BNP Paribas Equity Research VIJAY CHUGH buy 5 M 2'225 12 month 27.09.2013

Axis Capital Limited CHIRAG SHAH buy 5 M 2'112 Not Provided 27.09.2013

Nomura KAPIL SINGH neutral 3 M 2'174 Not Provided 27.09.2013

Espirito Santo Investment Bank ResearchADITYA JHAWAR buy 5 N 2'355 Not Provided 25.09.2013

Barclays SAHIL KEDIA equalweight 3 M 1'912 Not Provided 21.09.2013

Credit Suisse JATIN CHAWLA outperform 5 M 2'210 Not Provided 20.09.2013

Phillip Securities DEEPAK JAIN neutral 3 M 2'030 12 month 18.09.2013

Sunidhi Consultancy Services ABHISHEK GAOSHINDE underperform 1 M 1'829 12 month 18.09.2013

Sharekhan Ltd TEAM COVERAGE hold 3 M 2'243 Not Provided 17.09.2013

UBS SONAL GUPTA sell 1 D 2'050 12 month 16.09.2013

Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA accumulate 4 M 2'083 12 month 13.09.2013

Edelweiss Capital AASHIESH AGARWAAL hold 3 M 2'061 12 month 12.09.2013

Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 2'100 Not Provided 12.09.2013

IIFL JOSEPH GEORGE add 4 M 2'200 12 month 12.09.2013

Macquarie AMIT MISHRA underperform 1 M 1'620 12 month 05.09.2013

Standard Chartered AMIT KASAT in-line 3 M 1'952 12 month 03.09.2013

Anand Rathi Securities Pvt. Ltd. ROHAN KORDE sell 1 M 1'721 Not Provided 03.09.2013

HDFC Securities SORABH TALWAR buy 5 U 2'004 12 month 03.09.2013

Angel Broking Limited YARESH KOTHARI accumulate 4 M 2'115 Not Provided 03.09.2013

Antique Stock Broking Limited ASHISH NIGAM hold 3 M 2'132 Not Provided 03.09.2013

IDFC Securities Ltd PRAMOD KUMAR outperform 5 M 2'256 12 month 02.09.2013

India Nivesh Ltd ABHISHEK JAIN accumulate 4 U 2'085 Not Provided 02.09.2013

Deutsche Bank AMYN PIRANI buy 5 M 2'000 12 month 30.08.2013

Kotak Securities HITESH GOEL buy 5 U 2'100 Not Provided 27.08.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 U 2'066 Not Provided 26.08.2013

Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD hold 3 M 1'880 Not Provided 24.08.2013

Daiwa Securities Co. Ltd. NAVIN MATTA hold 3 M 1'914 Not Provided 20.08.2013

FinQuest Securities (P) Ltd. MAHANTESH MARILINGA buy 5 M 2'385 Not Provided 20.08.2013



Morgan Stanley BINAY SINGH Overwt/In-Line 5 U 2'185 12 month 06.08.2013

Brics Securities UMESH KARNE add 4 M 2'123 Not Provided 06.08.2013

IDBI Capital Market Services Ltd BHAUMIK BHATIA hold 3 M 1'983 Not Provided 31.07.2013

Goldman Sachs SANDEEP PANDYA Buy/Neutral 5 M 2'390 12 month 28.07.2013

Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 2'067 Not Provided 26.07.2013


JHP Securities Private Limited ROHAN J ADMANE hold 3 M 2'091 12 month 24.07.2013

Jefferies GOVINDARAJAN CHELLAPPA hold 3 M 2'199 12 month 23.07.2013

Karvy Stock Broking Ltd MITUL SHAH buy 5 M 2'150 Not Provided 23.07.2013

KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL accumulate 4 M 2'099 Not Provided 23.07.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 M 2'171 Not Provided 23.07.2013

Asian Markets Securities Pvt. Ltd N L RAGHUNANDHAN reduce 2 M 1'978 12 month 23.07.2013

Spark Capital Advisors MUKESH SARAF reduce 2 D 1'961 12 month 23.07.2013

Holdings By:

Bajaj Auto Ltd ee


01.10.2013

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers

a wide range of products and services including personal, commercial, and

corporate banking services, including deposit accounts, loans, and investments.


LTM as of: 06/yy

52-Week High (30.05.2013) 804.00

52-Week Low (28.08.2013) 588.00

Daily Volume

678





520'868.81 1 Yr Total Return 5.20%





Enterprise Value -


KMB IB EQUITY YTD Change - Average Volume 30 Day 74'185

KMB IB EQUITY YTD % CHANGE - Average Volume 3 Month 69'980


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

72'885.2 101'089.3 110'294.0 130'143.1 159'486.7 135'593.8 169'144.4 120'891.8 141'035.0 38'204.0 30'780.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

6'523.9 13'070.0 15'667.4 18'322.4 21'884.6 18'596.1 23'724.8 25'171.8 30'452.3 6'257.7 6'988.0

14.93x 19.86x 21.07x 21.98x 22.18x 23.57x 22.75x 20.25x 16.79x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.15







Fiscal Year Ended

Kotak Mahindra Bank LtdPrice/Volume

Valuation Analysis

19'869.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-,,.,,0,,1,,2,,3,,4,,5,,6,,


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


KOTAK UDAY SURESH n/a Co File 306'263'550 39.87 - 30.06.2013 n/a


SUMITOMO MITSUI FINA n/a ULT-AGG 32'800'000 4.27 - 30.06.2013 Bank

EUROPACIFIC GROWTH F n/a Co File 31'467'137 4.1 - 30.06.2013 n/a

KOTAK TRUSTEE CO PVT n/a Co File 26'897'060 3.5 - 30.06.2013 Investment Advisor

HELICONIA PTE LTD n/a Co File 20'000'000 2.6 - 30.06.2013 Corporation

MAHINDRA ANURADHA A n/a Co File 14'120'702 1.84 - 30.06.2013 n/a


MELANY HOLDINGS LTD n/a EXCH 13'267'095 1.73 (8'750'000) 01.02.2012 Holding Company

MADISON HOLDING LTD n/a EXCH 13'267'095 1.73 (8'750'000) 01.02.2012 Other

COMMONWEALTH BANK OF n/a ULT-AGG 12'658'576 1.65 4'705 30.06.2013 Bank

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 11'317'491 1.47 450'000 28.06.2013 Investment Advisor

ASHMORE EMM LLC n/a Co File 9'443'783 1.23 - 30.06.2013 Investment Advisor

GENESIS ASSET MANAGE n/a Co File 9'047'880 1.18 - 30.06.2013 Investment Advisor

GENESIS GR TRUST EMP n/a Co File 8'250'448 1.07 - 30.06.2013 n/a


VIRTUS EMERGING MARK n/a Co File 7'666'353 1 - 30.06.2013 n/a

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 7'666'353 1 73'058 28.06.2013 Unclassified

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 4'721'600 0.61 - 30.04.2013 Investment Advisor






EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 20.09.2013

Axis Capital Limited PUNIT SRIVASTAVA not rated #N/A N/A M #N/A N/A Not Provided 13.09.2013

Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA reduce 2 M 700 12 month 11.09.2013




IDFC Securities Ltd MANISH CHOWDHARY neutral 3 M 750 Not Provided 22.08.2013



Deutsche Bank MANISH KARWA hold 3 M 655 12 month 08.08.2013

Morgan Stanley ANIL AGARWAL Underwt/Cautious 1 M 530 12 month 07.08.2013

Khambatta Securities Ltd RAJ KUMAR JHA market perform 3 M 770 Not Provided 23.07.2013

KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL hold 3 M 720 Not Provided 22.07.2013


Ajcon Global Services Ltd. AKASH AJAY JAIN sell 1 M 640 Not Provided 19.07.2013


BOB Capital Markets JISHA NAIR sell 1 D 703 Not Provided 19.07.2013

Credit Suisse ASHISH GUPTA underperform 1 M 618 Not Provided 18.07.2013


Edelweiss Capital KUNAL SHAH reduce 2 M 667 12 month 18.07.2013

India Nivesh Ltd DALJEET SINGH KOHLI not rated #N/A N/A M #N/A N/A Not Provided 11.07.2013

Antique Stock Broking Limited REETU GANDHI buy 5 M 806 Not Provided 09.07.2013


Jaypee Capital Services VINAY CHHODA neutral 3 M 490 12 month 31.10.2011

Holdings By:

Kotak Mahindra Bank Ltd ee


01.10.2013

United Spirits Ltd. manufactures and distributes a variety of alcohols and

spirits, including whiskey, brandy and rum. The Company's well known brands

include "McDowell's No. 1 Whiskey," "McDowell's No. 1 Brandy," "McDowell's

Diplomat Whiskey" and "McDowell's Signature Whiskey." United Spirits also

manufactures Indian-made foreign liquor brands.


LTM as of: 01/yy

52-Week High (18.07.2013) 2'815.00

52-Week Low (29.10.2012) 990.00

Daily Volume

2475.7





359'787.91 1 Yr Total Return 99.93%







UNSP IB EQUITY YTD Change - Average Volume 30 Day 179'094

UNSP IB EQUITY YTD % CHANGE - Average Volume 3 Month 203'582


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

54'680.6 63'623.1 73'761.9 91'864.9 105'979.9 - - 119'209.8 136'748.8 - -

2.47x 3.37x 2.64x 1.71x 3.10x - - 3.40x 2.94x - -

7'703.6 10'538.3 11'778.0 12'007.1 13'411.8 - - 15'519.7 19'165.4 - -

17.56x 20.36x 16.54x 13.10x 24.50x - - 28.33x 22.94x - -

(4'084.1) (227.1) 5'695.2 1'879.2 (1'012.1) - - 6'428.4 9'883.6 1'829.0 1'220.0

- - 22.65x 40.59x - - - 55.44x 36.29x - -





Return on Assets -0.63% Short-Term Rating -

Return on Common Equity -2.14%

Return on Capital -11.76% EBITDA/Interest Exp. 1.36




EBITDA Margin 12.7%


Net Income Margin -1.0% Total Debt/Capital 63.2%

Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Spirits LtdPrice/Volume

Valuation Analysis

180'025.00


,

2,,

-,,,

-2,,

.,,,

.2,,

0,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

-', E

.', E

0', E

1', E

2', E

3', E

4', E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

0,,',,

02,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


RELAY B V n/a EXCH 36'359'192 25.02 - 04.07.2013 n/a

UNITED BREWERIES HOL n/a EXCH 10'167'733 7 - 04.07.2013 Holding Company

KINGFISHER FINVEST I n/a EXCH 5'940'590 4.09 - 04.07.2013 Corporation

MORGAN STANLEY n/a ULT-AGG 4'866'711 3.35 - 30.06.2013 Investment Advisor

PALMER INVESTMENT GR n/a Co File 4'376'771 3.01 - 30.06.2013 Other


USL BENEFIT TRUST n/a Co File 3'459'090 2.38 - 30.06.2013 n/a

CLSA MAURITIUS LTD n/a Co File 2'995'281 2.06 - 30.06.2013 Investment Advisor

MERRILL LYNCH CAPITA n/a Co File 2'982'167 2.05 - 30.06.2013 Investment Advisor


BANK OF NOVA SCOTIA n/a Co File 2'450'000 1.69 - 30.06.2013 Bank


CAPITAL GROUP COMPAN n/a ULT-AGG 2'191'843 1.51 (900'136) 30.06.2013 Investment Advisor

NEW WORLD FUND INC n/a Co File 2'102'363 1.45 - 30.06.2013 n/a

GOLDMAN SACHS INV MA n/a Co File 1'544'351 1.06 - 30.06.2013 Investment Advisor

PLATINUM INVESTMENT n/a Co File 1'515'307 1.04 - 30.06.2013 Investment Advisor


MANKEKAR SHIVANAND S n/a Co File 1'500'000 1.03 - 30.06.2013 n/a




Nomura MANISH JAIN buy 5 M 3'000 Not Provided 22.09.2013

India Infoline BHAVESH GANDHI market perform 3 M 2'350 12 month 18.09.2013

Morgan Stanley NILLAI SHAH Overwt/In-Line 5 M 3'225 12 month 16.09.2013

Deutsche Bank MANOJ MENON buy 5 M 2'700 12 month 09.09.2013

IIFL AVI MEHTA buy 5 M 2'540 12 month 05.09.2013

Credit Suisse ARNAB MITRA outperform 5 M 2'550 Not Provided 03.09.2013

Kotak Securities JASDEEP WALIA buy 5 M 2'800 Not Provided 30.08.2013

Motilal Oswal Securities Ltd GAUTAM DUGGAD buy 5 M 2'750 Not Provided 19.08.2013


Edelweiss Capital ABNEESH ROY buy 5 M 3'075 12 month 02.08.2013

Antique Stock Broking Limited ABHIJEET KUNDU hold 3 M 2'193 Not Provided 02.08.2013

JPMorgan LATIKA CHOPRA overweight 5 M 2'460 9 month 01.08.2013

CIMB VARUN LOHCHAB outperform 5 M 2'850 12 month 01.08.2013

Batlivala & Karani Securities ASHIT DESAI buy 5 M 2'530 Not Provided 01.08.2013

Religare Capital Markets GAURANG KAKKAD buy 5 M 2'500 12 month 01.08.2013

IDFC Securities Ltd NIKHIL K VORA outperform 5 M 3'000 12 month 05.07.2013

Dani Shares and Stocks Pvt Ltd NAMITA LOHIA buy 5 M 2'870 12 month 17.06.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013


UBS SUNITA SACHDEV neutral 3 M 2'580 12 month 23.05.2013


Macquarie AMIT MISHRA underperform 1 M 1'500 12 month 17.05.2013

First Global Stockbroking DEVINA MEHRA outperform 5 M #N/A N/A Not Provided 21.02.2013

HDFC Securities SAMEER NARANG buy 5 M 700 Not Provided 29.03.2012

Holdings By:

United Spirits Ltd ee


01.10.2013

Sesa Goa Limited is involved in iron ore mining, aluminium and copper

production, and exports. The Company is also active in shipbuilding and repair,

as well as the manufacturing of pig iron and metallurgical coke. Sesa Goa has

developed an energy recovery technology to manufacture coke, compliant with

advanced global emission norms.


LTM as of: 06/yy

52-Week High (07.01.2013) 205.40

52-Week Low (31.07.2013) 119.45

Daily Volume

177.15





525'192.06 1 Yr Total Return 2.25%






Average Volume 5 Day 2'074'351

SESA IB EQUITY YTD Change - Average Volume 30 Day 2'207'349

SESA IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'168'002


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

49'179.4 57'978.0 91'933.3 83'100.6 25'544.2 79'047.3 11'615.1 724'354.8 854'290.0 4'695.0 4'832.0

0.96x 5.89x 1.81x 2.42x 6.98x 5.29x 31.19x 1.05x 0.84x - -

27'117.1 31'547.0 52'094.3 35'053.5 5'198.7 30'183.2 (2'382.8) 264'751.4 290'676.0 (364.0) 151.0

1.75x 10.82x 3.19x 5.73x 34.28x 0.00x 0.00x 2.14x 1.95x - -

19'881.3 26'291.3 42'224.5 26'955.0 22'802.5 28'188.8 17'305.8 100'164.5 114'064.7 3'919.0 4'263.0

3.94x 14.51x 5.93x 6.28x 5.93x 5.91x 7.17x 6.19x 5.16x - -











EBITDA Margin 20.4%



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sesa Goa LtdPrice/Volume

Valuation Analysis

1'059'338.00


,

2,

-,,

-2,

.,,

.2,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

-', E

.', E

0', E

1', E

2', E

3', E

4', E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


FINSIDER INTERNATION n/a Co File 401'496'480 13.54 - 30.06.2013 Holding Company


WESTGLOBE LTD n/a Co File 44'343'139 1.5 - 30.06.2013 Corporation

TWINSTAR HOLDINGS LT n/a Co File 33'274'000 1.12 - 30.06.2013 Corporation




STICHTING PENSIOEN F n/a Co File 15'907'716 0.54 - 30.06.2013 Pension Fund (ERISA)

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'562'554 0.39 8'046'890 27.09.2013 Investment Advisor



BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 6'417'533 0.22 6'417'533 31.08.2013 Investment Advisor






BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3'028'495 0.1 2'160'453 30.08.2013 Investment Advisor


L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 1'735'800 0.06 1'735'800 31.08.2013 Investment Advisor


Motilal Oswal Securities Ltd SANJAY JAIN buy 5 M 214 Not Provided 30.09.2013

Axis Capital Limited JAGDISHWAR TOPPO hold 3 M 159 Not Provided 27.09.2013

Deutsche Bank ANUJ SINGLA hold 3 M 167 12 month 26.09.2013

JM Financial Institutional Securities P ASHUTOSH SOMANI buy 5 M 164 12 month 26.09.2013

Batlivala & Karani Securities PARIN TANNA outperform 5 M 200 Not Provided 26.09.2013

Kotak Securities KAWALJEET SALUJA add 4 M 200 Not Provided 20.09.2013


Emkay Share & Stock Brokers GOUTAM CHAKRABORTY accumulate 4 M 147 Not Provided 17.09.2013

Daiwa Securities Co. Ltd. DEEPAK PODDAR outperform 5 M 201 Not Provided 13.09.2013

Angel Broking Limited BHAVESH CHAUHAN neutral 3 D #N/A N/A Not Provided 13.09.2013

JPMorgan PINAKIN M PAREKH overweight 5 M 225 9 month 11.09.2013

Morgan Stanley VIPUL PRASAD Overwt/In-Line 5 U 240 12 month 06.09.2013

HSBC JIGAR MISTRY neutral 3 M 193 Not Provided 05.09.2013

EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 04.09.2013

Barclays CHIRAG SHAH underweight 1 M 165 Not Provided 31.08.2013

Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 U 180 Not Provided 22.08.2013

IIFL BIJAL SHAH reduce 2 M 141 12 month 21.08.2013

Edelweiss Capital PRASAD BAJI buy 5 M 171 12 month 20.08.2013

ICICIdirect.com DEWANG SANGHAVI hold 3 M 130 Not Provided 19.08.2013

Quant Broking Pvt Ltd KALPESH MAKWANA Under Review #N/A N/A M #N/A N/A Not Provided 06.08.2013


India Infoline TARANG BHANUSHALI buy 5 U 153 12 month 30.07.2013

Dolat Capital Market Ltd. RAM MODI accumulate 4 M 139 12 month 30.07.2013

Centrum Broking Pvt Ltd ABHISAR JAIN buy 5 M 157 Not Provided 30.07.2013

Elara Securities India Pvt Ltd ASHISH KEJRIWAL accumulate 4 M 147 12 month 30.07.2013

Nirmal Bang Institutional Equities GIRIRAJ DAGA buy 5 M 165 Not Provided 30.07.2013

ICICI Securities ABHIJIT MITRA reduce 2 M 127 12 month 29.07.2013

Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR hold 3 M 163 Not Provided 01.07.2013

MSFL - Institutional Business Group TANUJ RASTOGI buy 5 M 208 12 month 02.05.2013


IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 153 18 month 26.02.2013

CIMB RAHUL JAIN underperform 1 M 142 12 month 25.01.2013

Systematix Shares & Stocks Ltd ERIC MARTINS Under Review #N/A N/A M #N/A N/A Not Provided 11.07.2012

Khambatta Securities Ltd RONAK JHAVERI strong buy 5 M 236 Not Provided 25.04.2012

Holdings By:

Sesa Goa Ltd ee


01.10.2013

Cipla Ltd. manufactures fine chemicals and pharmaceutical preparations.


LTM as of: 06/yy

52-Week High (16.09.2013) 450.00

52-Week Low (26.10.2012) 353.10

Daily Volume

432.35





347'143.03 1 Yr Total Return 14.30%







CIPLA IB EQUITY YTD Change - Average Volume 30 Day 142'748

CIPLA IB EQUITY YTD % CHANGE - Average Volume 3 Month 130'104


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

49'606.0 53'595.2 62'601.4 69'843.9 82'793.3 0.0 23'077.1 96'638.0 111'777.6 23'908.0 -

3.61x 5.01x 4.17x 3.37x 3.53x #DIV/0! 0.00x 3.52x 2.97x - -

12'646.9 14'350.7 14'416.1 17'952.8 22'147.6 0.0 6'923.4 23'688.4 27'213.9 5'764.0 -

14.16x 18.72x 18.11x 13.10x 13.19x 0.00x 0.00x 14.10x 12.27x - -

7'710.2 10'825.9 9'895.7 11'442.4 15'448.5 0.0 4'853.5 16'217.6 18'772.4 3'947.0 3'763.0

22.18x 24.69x 26.10x 21.41x 19.74x 0.00x 0.00x 21.54x 18.60x - -











EBITDA Margin 26.8%



Asset Turnover 0.79







Fiscal Year Ended

Cipla Ltd/IndiaPrice/Volume

Valuation Analysis

20'896.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,2,

-,,-2,.,,.2,0,,02,1,,12,2,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

-'1 E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


HAMIED YUSUF K n/a Co File 124'827'750 15.55 - 30.06.2013 n/a


AHMED SOPHIE n/a Co File 45'982'000 5.73 - 30.06.2013 n/a

HAMIED FARIDA n/a Co File 41'914'937 5.22 - 30.06.2013 n/a

HAMIED MUSTAFA KAMIL n/a Co File 39'690'000 4.94 - 30.06.2013 n/a




HAMIED MUSTAFA KAMIL n/a Co File 10'939'500 1.36 - 30.06.2013 n/a

HAMIED RUMANA n/a Co File 9'886'500 1.23 - 30.06.2013 n/a

HAMIED SAMINA n/a Co File 9'859'500 1.23 - 30.06.2013 n/a




IIFL VONTOBEL INDIA n/a Co File 8'459'997 1.05 - 30.06.2013 n/a



HAMIED SHIRIN n/a Co File 6'363'000 0.79 - 30.06.2013 n/a





Batlivala & Karani Securities ROHIT V BHAT outperform 5 M 450 Not Provided 26.09.2013

India Nivesh Ltd BHAGWAN SINGH CHAUDHARY Under Review #N/A N/A M #N/A N/A Not Provided 26.09.2013

Edelweiss Capital PERIN ALI hold 3 M 450 12 month 25.09.2013

ICICIdirect.com SIDDHANT KHANDEKAR hold 3 N 470 12 month 24.09.2013

Fortune Equity Brokers (India) Ltd HITESH MAHIDA buy 5 M 523 Not Provided 20.09.2013

Centrum Broking Pvt Ltd RANJIT KAPADIA buy 5 M 585 Not Provided 19.09.2013

EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 19.09.2013

Karvy Stock Broking Ltd RAHUL SHARMA buy 5 M 475 Not Provided 17.09.2013

Angel Broking Limited SARABJIT KOUR NANGRA buy 5 M 504 Not Provided 13.09.2013

Morgan Stanley SAMEER BAISIWALA Underwt/In-Line 1 M 386 12 month 12.09.2013

Religare Capital Markets ARVIND BOTHRA hold 3 N 435 12 month 12.09.2013

Antique Stock Broking Limited ANMOL GANJOO hold 3 M 404 Not Provided 12.09.2013


IIFL BINO PATHIPARAMPIL buy 5 M 504 12 month 11.09.2013


Nomura SAION MUKHERJEE neutral 3 M 450 Not Provided 03.09.2013

CIMB PRAKASH AGARWAL outperform 5 M 500 12 month 02.09.2013

Jefferies PIYUSH NAHAR buy 5 M 460 12 month 29.08.2013



Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI buy 5 M 472 Not Provided 26.08.2013

Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR accumulate 4 M 467 12 month 23.08.2013

Motilal Oswal Securities Ltd ALOK DALAL neutral 3 M 425 Not Provided 19.08.2013


Khambatta Securities Ltd FATHIMA KHAN strong buy 5 U 478 Not Provided 13.08.2013

Prabhudas Lilladher Pvt Ltd SURAJIT PAL hold 3 M 410 12 month 12.08.2013



Emkay Share & Stock Brokers ASHISH RATHI buy 5 U 484 Not Provided 12.08.2013

HDFC Securities MEETA SHETTY buy 5 M 460 12 month 12.08.2013

India Infoline BHAVIKA SHINDE buy 5 M 463 12 month 12.08.2013

Asian Markets Securities Pvt. Ltd ASHISH THAVKAR buy 5 M 460 12 month 12.08.2013

Quant Broking Pvt Ltd KIRIT GOGRI reduce 2 D 427 Not Provided 12.08.2013

Avendus Capital Private Ltd MONICA JOSHI hold 3 M 450 Not Provided 12.08.2013

Nirmal Bang Institutional Equities PRAFUL BOHRA buy 5 U 482 Not Provided 12.08.2013

Credit Suisse ANUBHAV AGGARWAL neutral 3 M 415 Not Provided 11.08.2013

HSBC GIRISH BAKHRU overweight 5 U 485 Not Provided 11.08.2013

ICICI Securities KARTIK A MEHTA buy 5 M 472 12 month 11.08.2013

Macquarie ABHISHEK SINGHAL outperform 5 U 480 12 month 10.08.2013

SBI Capital Markets VIVEK KUMAR buy 5 M 464 12 month 10.08.2013

Kotak Securities KRISHNA PRASAD add 4 M 450 Not Provided 08.08.2013

Ventura Securities Ltd TEAM COVERAGE hold 3 D 423 Not Provided 31.05.2013

Holdings By:

Cipla Ltd/India ee


01.10.2013

Asian Paints Limited manufactures a wide range of decorative paints, varnishes,

enamels, and black & synthetic resins. The Company, through its subsidiaries,

also manufactures specialty industrial chemicals and vinyl pyridine latex

products which are used in the manufacture of rubber tires.


LTM as of: 06/yy

52-Week High (30.07.2013) 524.70

52-Week Low (28.08.2013) 376.35

Daily Volume

455.75





437'154.38 1 Yr Total Return 16.88%







APNT IB EQUITY YTD Change - Average Volume 30 Day 165'638

APNT IB EQUITY YTD % CHANGE - Average Volume 3 Month 147'270


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

54'639.0 66'809.4 77'223.0 95'983.3 109'060.1 98'892.2 111'850.2 125'216.5 145'539.9 29'329.5 34'496.7

1.45x 2.93x 3.06x 3.20x 4.29x 6.18x 4.18x 3.42x 2.91x - -

6'984.4 12'334.5 13'358.6 15'425.4 17'474.3 15'494.7 17'497.4 20'217.2 23'791.6 4'624.0 5'920.0

11.31x 15.84x 17.68x 19.90x 26.77x 0.00x 0.00x 21.39x 18.21x 20.53x 19.72x

3'978.4 8'356.4 8'432.4 9'887.3 11'138.8 10'134.5 11'007.0 12'735.6 15'235.4 2'800.7 3'776.5

18.96x 23.40x 28.73x 31.45x 42.34x 36.81x 40.41x 34.25x 28.64x 32.73x 31.34x











EBITDA Margin 16.0%



Asset Turnover 1.74







Fiscal Year Ended

Asian Paints LtdPrice/Volume

Valuation Analysis

48'673.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

.,,

0,,

1,,

2,,

3,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


SMITI HOLDING & TRAD n/a EXCH 54'084'120 5.64 14'000 23.08.2013 Other

ISIS HOLDING & TRADI n/a EXCH 52'884'120 5.51 14'000 23.08.2013 Other

GEETANJALI TRADING & n/a n/a 49'267'440 5.14 - 30.06.2013 Investment Advisor

OJASVI TRADING PVT L n/a n/a 46'987'850 4.9 - 30.06.2013 Other

LIFE INSURANCE CORP n/a n/a 44'414'820 4.63 - 30.06.2013 Government

VAKIL ABHAY ARVIND n/a n/a 28'450'310 2.97 - 30.06.2013 n/a

ELCID INVESTMENTS LI n/a n/a 28'313'860 2.95 - 30.06.2013 Investment Advisor

GUJARAT ORGANICS LTD n/a n/a 22'810'730 2.38 - 30.06.2013 Corporation

SUDHANAVA INV & TRAD n/a n/a 19'225'260 2 - 30.06.2013 Other

RUPEN INVESTMENT & I n/a n/a 18'742'800 1.95 - 30.06.2013 Other

SATYADHARMA INVST & n/a n/a 18'334'280 1.91 - 30.06.2013 Other

OPPENHEIMERFUNDS INC n/a n/a 17'588'100 1.83 - 30.06.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 15'600'000 1.63 - 30.06.2013 Investment Advisor

CASTLE INVESTMENT & n/a n/a 15'457'470 1.61 - 30.06.2013 Other

LYON INVEST & INDUST n/a n/a 14'342'060 1.5 - 30.06.2013 Other

VAKIL AMAR ARVIND n/a n/a 13'031'170 1.36 - 30.06.2013 n/a

JALDHAR INV & TRADIN n/a n/a 12'428'250 1.3 - 30.06.2013 Other

TRU TRADING & INVEST n/a n/a 12'176'500 1.27 - 30.06.2013 Other

NEHAL TRADING & INVE n/a n/a 11'102'530 1.16 - 30.06.2013 Other

ASTEROIDS TRADING & n/a n/a 10'818'530 1.13 - 30.06.2013 Other


Ambit Capital Pvt Ltd RAKSHIT RANJAN buy 5 M 493 12 month 30.09.2013


HSBC AMIT SACHDEVA overweight 5 N 600 Not Provided 27.09.2013

Axis Capital Limited HEMANT B PATEL hold 3 M 393 Not Provided 27.09.2013

Nomura MANISH JAIN neutral 3 M 435 Not Provided 22.09.2013

Edelweiss Capital ABNEESH ROY buy 5 M 513 Not Provided 18.09.2013

Antique Stock Broking Limited ABHIJEET KUNDU hold 3 M 467 Not Provided 18.09.2013

Goldman Sachs PUNEET JAIN Sell/Neutral 1 D 341 12 month 11.09.2013

Equirus Securities Pvt Ltd ANKIT JAIN neutral 3 U 433 Not Provided 03.09.2013

UBS SUNITA SACHDEV neutral 3 M 475 12 month 30.08.2013

Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL reduce 2 M 415 12 month 28.08.2013

IIFL AVI MEHTA add 4 M 475 12 month 27.08.2013



Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA buy 5 M 500 Not Provided 22.08.2013


Deutsche Bank MANOJ MENON sell 1 M 435 12 month 14.08.2013


Morgan Stanley GIRISH ACHHIPALIA Equalwt/In-Line 3 M 505 12 month 31.07.2013

Spark Capital Advisors TEJASH SHAH reduce 2 M 459 12 month 30.07.2013

Batlivala & Karani Securities RANJIT CIRUMALLA outperform 5 M 525 Not Provided 26.07.2013

CIMB VARUN LOHCHAB underperform 1 N 440 12 month 25.07.2013

Jefferies RAJASA KAKULAVARAPU underperform 1 M 414 12 month 23.07.2013

Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI hold 3 M 453 Not Provided 23.07.2013


Sunidhi Consultancy Services ROHIT GALA neutral 3 M 514 12 month 23.07.2013

HDFC Securities HARSH MEHTA neutral 3 D 475 12 month 23.07.2013

SPA Securities Ltd SUMIT DUSEJA sell 1 M 369 12 month 23.07.2013

ICICIdirect.com SANJAY MANYAL hold 3 M 470 Not Provided 23.07.2013


Religare Capital Markets GAURANG KAKKAD sell 1 M 400 12 month 22.07.2013


VCK Share & Stock Broking Services TEAM COVERAGE buy 5 M 581 12 month 17.07.2013

Daiwa Securities Co. Ltd. MIHIR P SHAH hold 3 M 501 Not Provided 10.06.2013


Brics Securities SACHIN B BOBADE add 4 M 493 Not Provided 10.05.2013

Ventura Securities Ltd TEAM COVERAGE sell 1 M #N/A N/A Not Provided 10.05.2013

FRR Shares & Securities Ltd POOJA JAIN hold 3 M 459 Not Provided 23.01.2013

Dalmia Securities Pvt Ltd SUBRATA SARKAR accumulate 4 M 312 Not Provided 25.01.2012

JM Financial Institutional Securities P RICHARD LIU hold 3 M 296 12 month 22.01.2012

Jaypee Capital Services PULKESHIN SHAH neutral 3 M 322 Not Provided 02.11.2011

Holdings By:

Asian Paints Ltd ee


01.10.2013

Cairn India Ltd. together with its subsidiaries is involved in surveying,

prospecting, drilling, exploring, acquiring, developing, producing,

maintaining, refining, storing, trading, supplying, transporting, marketing,

distributing, importing, and exporting minerals, oil, petroleum, gas and

related by-products in India.


LTM as of: 06/yy

52-Week High (22.01.2013) 349.90

52-Week Low (28.03.2013) 267.90

Daily Volume

316.95





605'544.06 1 Yr Total Return -0.02%







CAIR IB EQUITY YTD Change - Average Volume 30 Day 233'920

CAIR IB EQUITY YTD % CHANGE - Average Volume 3 Month 179'020


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

- 16'230.3 102'779.3 118'171.4 175'194.7 138'403.3 171'470.4 187'142.6 191'691.9 43'771.5 45'033.0

- 36.19x 6.23x 4.78x 2.27x 4.08x 5.25x 2.54x 2.21x - -

- 8'227.1 85'465.9 92'850.5 130'745.5 108'075.6 124'860.6 131'511.6 129'538.7 33'129.0 33'609.0

- 71.40x 7.49x 6.08x 3.05x 0.00x 0.00x 3.68x 3.73x - -

- 10'511.1 63'344.0 79'377.4 120'563.9 90'369.3 113'579.0 108'716.2 104'950.0 27'185.0 26'324.0

- 55.15x 10.52x 8.00x 4.31x 6.48x 4.88x 5.53x 5.73x - -











EBITDA Margin 74.6%



Asset Turnover 0.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cairn India LtdPrice/Volume

Valuation Analysis

39'419.00


,

2,

-,,

-2,

.,,

.2,

0,,

02,

1,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E-', E.', E0', E1', E2', E3', E4', E5', E6', E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

0,,',,

02,',,

1,,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


BLOOM FOUNTAIN LTD n/a EXCH 738'873'586 38.67 - 26.08.2013 n/a

SESA GOA LTD n/a Co File 351'140'413 18.38 - 30.06.2013 Corporation

CAIRN UK HOLDINGS LI n/a Co File 196'174'600 10.27 - 30.06.2013 Holding Company


SESA RESOURCE LTD n/a Co File 32'700'000 1.71 - 30.06.2013 Corporation


PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 20'961'745 1.1 (2'781'366) 31.08.2013 Investment Advisor


ROBECO n/a ULT-AGG 9'990'251 0.52 - 30.04.2013 Unclassified



NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 6'439'194 0.34 (415'170) 31.07.2013 Investment Advisor



PICTET FUNDS n/a ULT-AGG 4'709'622 0.25 (127'680) 31.05.2013 Investment Advisor

JYSKE INVEST Multiple Portfolios MF-AGG 3'634'029 0.19 (10'050) 31.07.2013 Investment Advisor



SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 2'433'708 0.13 18'174 31.08.2013 Investment Advisor



Nomura ANIL SHARMA buy 5 M 375 Not Provided 30.09.2013


Morgan Stanley VINAY JAISING Equalwt/Attractive 3 M 350 12 month 24.09.2013

Karvy Stock Broking Ltd VINAY V NAIR hold 3 M 320 Not Provided 20.09.2013

Ambit Capital Pvt Ltd DAYANAND MITTAL sell 1 M 323 12 month 19.09.2013



Tata Securities Limited SWARNENDU BHUSHAN buy 5 M 429 12 month 11.09.2013


Kotak Securities TARUN LAKHOTIA add 4 M 370 Not Provided 28.08.2013

Nirmal Bang Institutional Equities ASHUTOSH BHARDWAJ buy 5 M 370 Not Provided 28.08.2013

Maybank Kim Eng JIGAR A SHAH buy 5 M 443 12 month 26.08.2013






Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN buy 5 M 352 Not Provided 16.08.2013

Ventura Securities Ltd TEAM COVERAGE buy 5 M 410 Not Provided 07.08.2013


Brics Securities NILESH RAMESH GHUGE buy 5 M 365 Not Provided 01.08.2013

KR Choksey Shares & Sec Pvt Ltd NISHA SHARMA buy 5 M 350 12 month 29.07.2013



Angel Broking Limited BHAVESH CHAUHAN buy 5 M 364 12 month 26.07.2013

JM Financial Institutional Securities P MEHUL THANAWALA buy 5 M 395 12 month 25.07.2013


IDBI Capital Market Services Ltd SUDEEP ANAND buy 5 M 352 12 month 25.07.2013


LKP Shares and Securities Ltd CHIRAG DHAIFULE buy 5 M 366 12 month 25.07.2013


Spark Capital Advisors MAYUR PATEL buy 5 M 383 12 month 25.07.2013


IIFL BHASKAR CHAKRABORTY add 4 M 370 12 month 25.07.2013

India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 404 Not Provided 25.07.2013

BOB Capital Markets NEELABH SHARMA hold 3 M 343 12 month 25.07.2013

Right Horizons Financial Services TUSHAR PENDHARKAR buy 5 M 450 Not Provided 25.07.2013

Deutsche Bank HARSHAD KATKAR hold 3 M 330 12 month 24.07.2013


Jefferies ARYA SEN buy 5 M 370 12 month 24.07.2013

HSBC KUMAR MANISH overweight 5 M 400 Not Provided 24.07.2013

CIMB AVADHOOT SABNIS outperform 5 M 360 12 month 24.07.2013

IDFC Securities Ltd PRAKASH JOSHI outperform 5 M 350 12 month 24.07.2013

Holdings By:

Cairn India Ltd ee


01.10.2013

Lupin Limited manufactures bulk actives and formulations. The principal bulk

actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol

(anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company

also possesses competencies in phytomedicines, in which medicines are made out

of plant and herbal resources supported by the discipline of modern medicine.


LTM as of: 06/yy

52-Week High (19.07.2013) 908.00

52-Week Low (11.10.2012) 540.15

Daily Volume

852.55





381'962.03 1 Yr Total Return 43.03%







LPC IB EQUITY YTD Change - Average Volume 30 Day 130'818

LPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 121'362


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

37'758.8 47'736.3 57'925.9 70'649.7 96'413.0 76'356.7 96'631.4 111'626.6 129'995.4 26'793.8 27'722.0

1.84x 3.27x 3.33x 3.54x 3.01x 6.15x 5.86x 3.43x 2.90x - -

7'588.0 10'177.5 11'666.9 14'631.7 23'257.4 16'079.8 23'691.0 26'386.9 31'154.9 6'529.8 6'689.3

9.17x 15.34x 16.55x 17.11x 12.47x 0.00x 0.00x 14.79x 12.53x 14.41x 13.73x

5'015.4 6'816.3 8'625.5 8'676.5 13'141.6 9'379.6 14'348.3 16'141.6 19'189.6 4'035.4 4'185.5

11.25x 102.76x 21.52x 27.25x 21.39x 25.57x 24.37x 23.66x 19.87x 22.87x 21.63x











EBITDA Margin 24.1%



Asset Turnover 1.14







Fiscal Year Ended

Lupin LtdPrice/Volume

Valuation Analysis

28'215.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-,,.,,0,,1,,2,,3,,4,,5,,6,,

-,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'- E

'. E

'0 E

'1 E

'2 E

'3 E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

-5,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


ZYMA LABORATORIES LT n/a Co File 54'960'490 12.27 - 30.06.2013 Corporation

RAHAS INVESTMENTS PV n/a Co File 45'699'510 10.2 - 30.06.2013 Other

VISIOMED INVESTMENTS n/a Co File 43'514'660 9.71 - 30.06.2013 n/a

LUPIN HOLDINGS PVT L n/a Co File 40'401'000 9.02 - 30.06.2013 n/a


LUPIN INVESTMENTS PV n/a Co File 15'401'910 3.44 - 30.06.2013 Other



JHUNJHUNWAL RAKESH R n/a Research 9'357'820 2.09 - 10.07.2013 n/a



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'222'621 1.17 962'863 30.06.2013 Investment Advisor




GUPTA MANJU D n/a Co File 3'491'820 0.78 - 30.06.2013 n/a



GUPTA DESH BANDHU n/a Co File 2'812'910 0.63 - 30.06.2013 n/a

LUPIN INTERNATIONAL n/a Co File 1'863'000 0.42 - 30.06.2013 Other



Nomura SAION MUKHERJEE buy 5 M 972 Not Provided 27.09.2013


India Nivesh Ltd BHAGWAN SINGH CHAUDHARY hold 3 M 837 Not Provided 26.09.2013

Edelweiss Capital PERIN ALI buy 5 M 895 12 month 25.09.2013

IIFL BINO PATHIPARAMPIL reduce 2 M 854 12 month 24.09.2013


Fortune Equity Brokers (India) Ltd HITESH MAHIDA hold 3 M 847 Not Provided 20.09.2013

Centrum Broking Pvt Ltd RANJIT KAPADIA buy 5 M 1'003 Not Provided 19.09.2013


Sharekhan Ltd TEAM COVERAGE hold 3 D 907 Not Provided 13.09.2013

HDFC Securities MEETA SHETTY buy 5 M 941 12 month 12.09.2013

Religare Capital Markets ARVIND BOTHRA buy 5 N 1'025 12 month 12.09.2013


Dolat Capital Market Ltd. MILIND BHANGALE accumulate 4 M 965 Not Provided 04.09.2013

Equirus Securities Pvt Ltd NIMISH MEHTA buy 5 M 921 Not Provided 30.08.2013

IDFC Securities Ltd NITIN AGARWAL outperform 5 U 880 Not Provided 29.08.2013

Antique Stock Broking Limited ANMOL GANJOO buy 5 M 884 Not Provided 28.08.2013

Kotak Securities KRISHNA PRASAD add 4 M 850 Not Provided 27.08.2013

Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI hold 3 M 856 Not Provided 26.08.2013

Quant Broking Pvt Ltd KIRIT GOGRI buy 5 M 888 Not Provided 22.08.2013


Spark Capital Advisors HARITH AHAMED add 4 D 850 12 month 19.08.2013

GEPL Capital Pvt Ltd ADITYA ANAND BAPAT accumulate 4 N 951 12 month 14.08.2013


Jefferies PIYUSH NAHAR hold 3 M 750 12 month 12.08.2013


Nirmal Bang Institutional Equities PRAFUL BOHRA hold 3 M 879 Not Provided 12.08.2013

CIMB PRAKASH AGARWAL neutral 3 M 880 12 month 09.08.2013


ICICI Securities KARTIK A MEHTA add 4 M 852 12 month 09.08.2013



Macquarie ABHISHEK SINGHAL neutral 3 M 860 12 month 08.08.2013

Prabhudas Lilladher Pvt Ltd SURAJIT PAL accumulate 4 M 853 12 month 08.08.2013

SBI Capital Markets VIVEK KUMAR hold 3 M 861 12 month 08.08.2013

Sunidhi Consultancy Services RASHMI SANCHETI neutral 3 D 850 12 month 08.08.2013


Tata Securities Limited VIHARI PURUSHOTHAMAN hold 3 M 771 12 month 08.08.2013

Angel Broking Limited SARABJIT KOUR NANGRA accumulate 4 D 904 12 month 08.08.2013


Asian Markets Securities Pvt. Ltd ASHISH THAVKAR buy 5 M 910 12 month 08.08.2013

Avendus Capital Private Ltd MONICA JOSHI hold 3 M 795 Not Provided 08.08.2013

Holdings By:

Lupin Ltd ee


01.10.2013

Nestle India Ltd. manufactures brand name milk products and other food products.

The Company's products include Everyday dairy whitener, milk powder and ghee,

Milkmaid sweetened condensed milk and Cerelac weaning foods. Nestle's beverages

include Nescafe and Sunrise coffee and Nesfit enriched glucose powder. Nestle

also manufactures Maggi noodles, soups and sauces.


LTM as of: 06/yy

52-Week High (18.07.2013) 5'864.85

52-Week Low (01.10.2012) 4'407.00

Daily Volume

5180





499'433.41 1 Yr Total Return 18.07%







NEST IB EQUITY YTD Change - Average Volume 30 Day 6'457

NEST IB EQUITY YTD % CHANGE - Average Volume 3 Month 5'440


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

43'242.5 51'293.8 62'547.4 74'908.2 83'022.6 79'518.1 87'295.2 - - - -

3.19x 4.72x 5.82x 5.35x 5.85x 10.66x 10.94x - - - -

8'671.4 10'373.9 12'637.9 16'791.1 19'145.3 17'325.1 19'915.0 - - - -

15.89x 23.34x 28.78x 23.88x 25.38x 25.77x 23.55x - - - -

5'340.8 6'550.0 8'186.6 9'615.5 10'679.3 10'137.1 10'967.1 - - - -

26.23x 37.51x 44.92x 41.06x 45.07x 43.17x 42.68x - - - -











EBITDA Margin 23.1%



Asset Turnover 1.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nestle India LtdPrice/Volume

Valuation Analysis

6'818.00


,

-,,,

.,,,

0,,,

1,,,

2,,,

3,,,

4,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

', E

', E

', E

', E

'- E

'- E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,0',-'.,-, ,0',4'.,-, ,0',-'.,-- ,0',4'.,-- ,0',-'.,-. ,0',4'.,-. ,0',-'.,-0 ,0',4'.,-0



01.10.2013


NESTLE SA n/a Co File 33'051'399 34.28 - 30.06.2013 Corporation

MAGGI ENTERPRISES LT n/a Co File 27'463'680 28.48 - 30.06.2013 Corporation


ARISAIG PARTNERS ASI n/a Co File 1'833'651 1.9 - 30.06.2013 Investment Advisor





VANGUARD GROUP INC n/a ULT-AGG 632'480 0.66 131'802 30.06.2013 Investment Advisor

UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 389'177 0.4 (4'662) 31.08.2013 Investment Advisor

BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 320'118 0.33 - 28.06.2013 Investment Advisor

PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 275'798 0.29 8'752 31.08.2013 Investment Advisor

TATA AIA LIFE INSURA Multiple Portfolios MF-AGG 265'685 0.28 - 28.06.2013 Investment Advisor

COMMONWEALTH BANK OF n/a ULT-AGG 249'312 0.26 88'501 31.05.2013 Bank

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 229'856 0.24 4'183 30.06.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 216'500 0.22 (139'000) 30.04.2013 Investment Advisor

SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 201'201 0.21 (5'000) 31.08.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 136'000 0.14 21'975 31.05.2013 Investment Advisor

DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 134'415 0.14 2'092 31.08.2013 Investment Advisor

IDFC MUTUAL FUND Multiple Portfolios MF-AGG 107'662 0.11 - 31.08.2013 Investment Advisor


Ambit Capital Pvt Ltd RAKSHIT RANJAN sell 1 M 4'389 12 month 30.09.2013

Standard Chartered SANJAY SINGH underperform 1 M 4'541 12 month 27.09.2013

BNP Paribas Equity Research VIJAY CHUGH reduce 2 M 4'400 12 month 27.09.2013

Axis Capital Limited HEMANT B PATEL hold 3 M 4'665 Not Provided 27.09.2013

IIFL PERCY PANTHAKI add 4 M 5'300 12 month 26.09.2013

Nomura MANISH JAIN neutral 3 M 4'810 Not Provided 22.09.2013

ICICI Securities ANAND MOUR reduce 2 M 5'178 12 month 13.09.2013

Goldman Sachs PUNEET JAIN Sell/Neutral 1 M 3'690 12 month 11.09.2013

Quant Broking Pvt Ltd HIMANSHU NAYYAR accumulate 4 N 5'461 12 month 02.09.2013

Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI buy 5 M 5'582 Not Provided 23.08.2013

Motilal Oswal Securities Ltd GAUTAM DUGGAD neutral 3 M 5'300 Not Provided 19.08.2013


UBS SUNITA SACHDEV buy 5 M 6'000 12 month 06.08.2013

Espirito Santo Investment Bank ResearchNITIN MATHUR sell 1 M 4'800 Not Provided 05.08.2013

IDFC Securities Ltd NIKHIL K VORA outperform 5 M 5'643 12 month 02.08.2013

Antique Stock Broking Limited ABHIJEET KUNDU hold 3 M 4'845 Not Provided 01.08.2013

Deutsche Bank MANOJ MENON sell 1 M 4'500 12 month 31.07.2013

Credit Suisse ARNAB MITRA underperform 1 M 4'860 Not Provided 31.07.2013

HSBC AMIT SACHDEVA underweight 1 M 5'100 Not Provided 31.07.2013

CIMB VARUN LOHCHAB underperform 1 M 5'000 12 month 31.07.2013

Kotak Securities ROHIT CHORDIA sell 1 M 4'200 Not Provided 31.07.2013

Batlivala & Karani Securities ASHIT DESAI underperform 1 M 4'750 Not Provided 31.07.2013

Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA accumulate 4 M 5'000 Not Provided 31.07.2013

Edelweiss Capital ABNEESH ROY hold 3 M 5'278 12 month 31.07.2013

KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL sell 1 M 4'842 Not Provided 31.07.2013

Morgan Stanley NILLAI SHAH Equalwt/In-Line 3 D 5'500 12 month 29.07.2013

Phillip Securities NAVEEN KULKARNI sell 1 M 4'800 Not Provided 29.07.2013


ICICIdirect.com SANJAY MANYAL hold 3 M 4'989 15 month 29.07.2013

HDFC Securities HARSH MEHTA sell 1 D 4'420 12 month 27.07.2013

Tata Securities Limited SAMEER DESHMUKH sell 1 M 3'977 12 month 27.07.2013

JPMorgan LATIKA CHOPRA neutral 3 M 4'825 6 month 26.07.2013

Religare Capital Markets GAURANG KAKKAD sell 1 D 4'800 12 month 26.07.2013

Centrum Broking Pvt Ltd ANKIT KEDIA sell 1 D 4'567 Not Provided 11.07.2013


India Infoline TEAM COVERAGE market perform 3 M 5'138 9 month 15.05.2013

Karvy Stock Broking Ltd NAVEEN TRIVEDI sell 1 M 4'692 Not Provided 10.04.2013

Holdings By:

Nestle India Ltd ee


01.10.2013

Tech Mahindra Ltd. develops and markets computer software. The Company markets

software for telecommunications equipment manufacturers, telecom service

providers, software vendors, and systems integrators.


LTM as of: 03/yy

52-Week High (03.09.2013) 1'434.30

52-Week Low (07.12.2012) 865.25

Daily Volume

1321.45





307'093.13 1 Yr Total Return 30.11%







TECHM IB EQUITY YTD Change - Average Volume 30 Day 181'000

TECHM IB EQUITY YTD % CHANGE - Average Volume 3 Month 162'320


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

44'647.0 46'254.0 51'402.0 54'897.0 68'731.0 54'897.2 68'730.9 178'938.3 197'993.0 44'971.6 45'059.3

0.60x 2.50x 1.83x 1.81x 2.09x 3.35x 3.98x 1.61x 1.33x - -

13'110.0 11'639.0 10'384.0 9'384.0 14'528.0 9'195.6 14'242.9 38'860.4 41'853.6 11'272.0 9'952.0

2.06x 9.93x 9.06x 10.56x 9.88x 10.78x 10.08x 8.11x 7.53x 8.25x 8.60x

10'145.0 7'005.0 6'442.0 10'955.0 12'878.0 10'954.9 12'877.7 26'698.0 28'518.9 7'264.0 6'794.0

3.18x 14.86x 13.10x 8.36x 10.50x 8.35x 10.50x 10.88x 10.23x 11.42x 11.93x











EBITDA Margin 21.1%



Asset Turnover 0.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tech Mahindra LtdPrice/Volume

Valuation Analysis

30'558.00


,

.,,

1,,

3,,

5,,

-,,,

-.,,

-1,,

-3,,


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


MAHINDRA & MAHINDRA n/a Co File 60'676'252 26.11 - 30.06.2013 Corporation


HSBC GLOBAL INV MAUR n/a Co File 5'184'232 2.23 - 30.06.2013 Investment Advisor





SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 1'731'102 0.74 (133'135) 31.08.2013 Investment Advisor

MASTER TRUST BANK OF n/a Co File 1'366'172 0.59 - 30.06.2013 Bank


GOVT PENSION FUND GL n/a Co File 1'327'147 0.57 - 30.06.2013 n/a

COPTHALL MAURITIUS I n/a Co File 1'302'198 0.56 - 30.06.2013 Investment Advisor


PRINCIPAL FINANCIAL n/a ULT-AGG 1'227'335 0.53 545'106 31.08.2013 Investment Advisor



UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 977'767 0.42 179'722 31.08.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 842'148 0.36 842'148 31.07.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 702'057 0.3 - 31.05.2013 Investment Advisor

DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 672'449 0.29 - 31.07.2013 Hedge Fund Manager


UBS DIVIYA NAGARAJAN buy 5 U 1'650 12 month 27.09.2013

CIMB SANDEEP R SHAH outperform 5 M 1'665 12 month 27.09.2013




Ambit Capital Pvt Ltd ANKUR RUDRA sell 1 N 1'222 12 month 25.09.2013

Antique Stock Broking Limited PRATISH KRISHNAN buy 5 M 1'600 Not Provided 24.09.2013




Nomura ASHWIN MEHTA neutral 3 M 1'040 Not Provided 17.09.2013

Emkay Share & Stock Brokers MANIK TANEJA accumulate 4 M 1'500 Not Provided 17.09.2013

Angel Broking Limited ANKITA SOMANI buy 5 M 1'531 Not Provided 13.09.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 1'637 12 month 13.09.2013


Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN buy 5 M 1'650 12 month 12.09.2013

IDBI Capital Market Services Ltd PRATIK GANDHI buy 5 U 1'520 12 month 12.09.2013

HDFC Securities MADHU BABU buy 5 M 1'484 12 month 12.09.2013


Edelweiss Capital SANDIP KUMAR AGARWAL buy 5 M 1'500 Not Provided 12.09.2013

Spark Capital Advisors SRIVATHSAN RAMACHANDRAN buy 5 M 1'580 12 month 12.09.2013

Barclays HITESH DAS underweight 1 M 1'250 Not Provided 12.09.2013

IIFL SANDEEP MUTHANGI buy 5 M 1'569 12 month 12.09.2013


IDFC Securities Ltd HITESH SHAH outperform 5 M 1'750 12 month 10.09.2013

Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 1'495 12 month 10.09.2013


Jefferies VISHAL AGARWAL buy 5 U 1'710 12 month 29.08.2013

Deutsche Bank ANIRUDDHA BHOSALE buy 5 M 1'650 12 month 26.08.2013

BNP Paribas Equity Research ABHIRAM ELESWARAPU buy 5 M 1'450 12 month 26.08.2013

Dolat Capital Market Ltd. RAHUL JAIN accumulate 4 M 1'560 Not Provided 23.08.2013

Goldman Sachs RISHI JHUNJHUNWALA Buy/Neutral 5 M 1'500 12 month 22.08.2013


Tata Securities Limited ASHISH AGGARWAL buy 5 M 1'659 12 month 19.08.2013

ICICI Securities KULDEEP KOUL add 4 M 1'409 12 month 13.08.2013

Espirito Santo Investment Bank ResearchSOUMITRA CHATTERJEE buy 5 M 1'500 Not Provided 13.08.2013

Sunidhi Consultancy Services NAUSHIL SHAH outperform 5 M 1'410 12 month 13.08.2013

Dalal & Broacha APURVA SHAH hold 3 D 1'327 12 month 13.08.2013

India Infoline ANIRUDDHA MEHTA buy 5 M 1'450 9 month 13.08.2013


ICICIdirect.com ABHISHEK SHINDADKAR buy 5 M 1'400 12 month 13.08.2013

Right Horizons Financial Services TUSHAR PENDHARKAR buy 5 M 1'850 12 month 13.08.2013

Maybank Kim Eng URMIL SHAH hold 3 M 1'090 12 month 05.07.2013

Holdings By:

Tech Mahindra Ltd ee


01.10.2013

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The

Company's products also include motorcycle parts and accessories.


LTM as of: 06/yy

52-Week High (11.09.2013) 2'127.70

52-Week Low (15.04.2013) 1'434.05

Daily Volume

1991





397'577.81 1 Yr Total Return 9.19%







HMCL IB EQUITY YTD Change - Average Volume 30 Day 33'576

HMCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 49'681


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

123'191.2 157'581.8 192'450.3 233'680.5 235'827.4 239'381.9 235'018.0 - - - -

1.48x 2.24x 1.40x 1.61x 1.17x 3.19x 2.70x - - - -

17'362.5 27'363.5 26'003.3 36'657.0 33'046.3 37'238.1 32'628.4 - - - -

10.50x 12.88x 10.40x 10.29x 8.37x 0.00x 0.00x - - - -

12'817.6 22'318.3 19'279.0 23'781.3 21'181.6 24'357.0 20'512.8 - - - -

16.69x 17.40x 16.46x 17.26x 14.54x 17.62x 16.19x - - - -











EBITDA Margin 14.0%



Asset Turnover 2.41







Fiscal Year Ended

Hero MotoCorp LtdPrice/Volume

Valuation Analysis

19'322.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,,

-,,,

-2,,

.,,,

.2,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

-'1 E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


HERO INVESTMENTS PVT n/a Co File 86'531'210 43.33 - 30.06.2013 Investment Advisor


BAHADUR CHAND INVEST n/a Co File 17'306'250 8.67 - 30.06.2013 Corporation






BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 989'117 0.5 - 28.06.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 915'534 0.46 (264'000) 31.05.2013 Investment Advisor


EDINBURGH FUND MANAG Multiple Portfolios MF-AGG 653'000 0.33 - 31.07.2013 Investment Advisor


GOLDMAN SACHS GROUP n/a ULT-AGG 513'410 0.26 (4'396) 30.06.2013 Investment Advisor

AIG GLOBAL INVESTMEN Multiple Portfolios MF-AGG 502'744 0.25 (16'262) 30.06.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 500'000 0.25 - 31.05.2013 Bank

L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 373'411 0.19 260'961 31.08.2013 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 356'559 0.18 (50'000) 28.06.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 355'625 0.18 (13'299) 31.05.2013 Investment Advisor

TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 260'114 0.13 239'100 31.08.2013 Investment Advisor


Axis Capital Limited CHIRAG SHAH hold 3 M 1'835 Not Provided 27.09.2013

Nomura KAPIL SINGH neutral 3 M 1'807 Not Provided 27.09.2013


Espirito Santo Investment Bank ResearchADITYA JHAWAR sell 1 N 1'500 Not Provided 25.09.2013

Barclays SAHIL KEDIA underweight 1 M 1'726 Not Provided 21.09.2013


UBS SONAL GUPTA sell 1 M 1'950 12 month 16.09.2013

Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA accumulate 4 M 2'176 12 month 13.09.2013

Edelweiss Capital AASHIESH AGARWAAL hold 3 M 2'030 12 month 12.09.2013

Ambit Capital Pvt Ltd ASHVIN SHETTY sell 1 M 1'950 Not Provided 12.09.2013


HDFC Securities SORABH TALWAR sell 1 D 1'775 12 month 11.09.2013

Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 1'873 Not Provided 06.09.2013

Macquarie AMIT MISHRA neutral 3 D 1'950 12 month 05.09.2013

Standard Chartered AMIT KASAT in-line 3 M 1'673 12 month 03.09.2013

Angel Broking Limited YARESH KOTHARI neutral 3 M #N/A N/A Not Provided 03.09.2013

Antique Stock Broking Limited ASHISH NIGAM buy 5 M 2'028 Not Provided 03.09.2013

IIFL JOSEPH GEORGE buy 5 M 2'250 12 month 03.09.2013

IDFC Securities Ltd PRAMOD KUMAR underperform 1 M 1'615 12 month 02.09.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 02.09.2013

India Nivesh Ltd ABHISHEK JAIN accumulate 4 M 2'176 Not Provided 02.09.2013

Deutsche Bank AMYN PIRANI sell 1 M 1'600 12 month 30.08.2013

Kotak Securities HITESH GOEL add 4 M 2'000 Not Provided 27.08.2013


Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD hold 3 D 1'962 Not Provided 24.08.2013

Jefferies GOVINDARAJAN CHELLAPPA buy 5 M 2'400 12 month 22.08.2013

JM Financial Institutional Securities P AMBRISH MISHRA buy 5 M 1'951 Not Provided 22.08.2013

Daiwa Securities Co. Ltd. NAVIN MATTA hold 3 D 1'940 Not Provided 19.08.2013

Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 2'149 12 month 19.08.2013

BNP Paribas Equity Research VIJAY CHUGH hold 3 M 1'925 12 month 07.08.2013

Morgan Stanley BINAY SINGH Equalwt/In-Line 3 U 1'747 12 month 06.08.2013

Brics Securities UMESH KARNE add 4 M 1'786 Not Provided 06.08.2013

IDBI Capital Market Services Ltd BHAUMIK BHATIA hold 3 M 1'783 Not Provided 31.07.2013

Goldman Sachs SANDEEP PANDYA Buy/Neutral 5 M 2'099 12 month 28.07.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 D 2'040 Not Provided 26.07.2013

Shah Investor's Home Limited HARSH MEHTA hold 3 D 1'953 12 month 26.07.2013

JHP Securities Private Limited ROHAN J ADMANE hold 3 M 1'841 12 month 26.07.2013

HSBC YOGESH AGGARWAL overweight 5 U 2'100 Not Provided 25.07.2013

Phillip Securities DEEPAK JAIN sell 1 M 1'680 Not Provided 25.07.2013

LKP Shares and Securities Ltd ASHWIN PATIL buy 5 U 2'090 12 month 25.07.2013

Karvy Stock Broking Ltd MITUL SHAH hold 3 M 1'875 Not Provided 25.07.2013

India Infoline PRAYESH JAIN market perform 3 D 1'910 9 month 25.07.2013

KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL buy 5 M 2'032 12 month 25.07.2013

Holdings By:

Hero MotoCorp Ltd ee


01.10.2013

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company

represents the cement operations of Larsen & Toubro which were spun-off into a

separate entity in which Grasim Industries holds a majority interest.


LTM as of: 01/yy

52-Week High (12.10.2012) 2'074.80

52-Week Low (29.08.2013) 1'404.95

Daily Volume

1807





495'498.38 1 Yr Total Return -10.11%







UTCEM IB EQUITY YTD Change - Average Volume 30 Day 58'214

UTCEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 30'063


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

65'636.4 71'750.7 136'874.0 190'774.6 211'561.2 - - 232'092.4 265'918.9 - -

1.21x 1.99x 2.30x 2.32x 2.57x - - 2.25x 1.97x - -

17'383.2 19'806.5 26'906.5 41'621.5 48'118.1 - - 49'626.1 59'533.3 - -

4.56x 7.20x 11.68x 10.64x 11.31x - - 10.63x 8.85x - -

9'780.6 10'952.0 13'673.5 24'032.6 26'777.3 - - 28'209.9 32'950.6 - -

7.02x 13.13x 22.68x 17.27x 19.13x - - 17.63x 15.23x - -











EBITDA Margin 22.7%



Asset Turnover 0.78








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ultratech Cement LtdPrice/Volume

Valuation Analysis

11'622.00


,

2,,

-,,,

-2,,

.,,,

.2,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

-'1 E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


GRASIM INDUSTRIES LT n/a Co File 165'335'150 60.29 - 30.06.2013 Corporation

ABERDEEN n/a ULT-AGG 19'046'608 6.95 7'074'575 31.07.2013 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'962'555 2.17 220'140 31.07.2013 Investment Advisor



TURQUOISE INVESTMENT n/a Co File 1'778'626 0.65 - 30.06.2013 Investment Advisor


TRAPTI TRADING AND I n/a Co File 1'382'528 0.5 - 30.06.2013 Corporation

HINDALCO INDUSTRIES n/a Co File 1'313'748 0.48 - 30.06.2013 Corporation


BLACKROCK n/a ULT-AGG 890'763 0.32 (1'529) 27.09.2013 Investment Advisor

FMR LLC n/a ULT-AGG 531'867 0.19 56'544 31.08.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 435'187 0.16 (42'000) 31.05.2013 Investment Advisor

DWS INVESTMENTS Multiple Portfolios MF-AGG 401'430 0.15 (7'000) 28.06.2013 Investment Advisor


MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 322'297 0.12 163'490 31.03.2013 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 286'000 0.1 - 31.07.2013 Investment Advisor

L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 263'300 0.1 - 31.08.2013 Investment Advisor


Ashika Stock Broking Limited TEAM COVERAGE buy 5 N 2'045 Not Provided 01.10.2013

IDFC Securities Ltd BHOOMIKA NAIR underperform 1 M 1'650 Not Provided 30.09.2013

ICICIdirect.com RASHESH SHAH buy 5 M 2'040 Not Provided 30.09.2013

Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA buy 5 M 2'170 Not Provided 27.09.2013

Quant Broking Pvt Ltd MANGESH BHADANG accumulate 4 M 1'823 Not Provided 27.09.2013

IIFL J RADHAKRISHNAN buy 5 M 2'048 12 month 26.09.2013

HSBC JIGAR MISTRY neutral 3 M 1'864 Not Provided 23.09.2013

Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 N 2'221 Not Provided 20.09.2013

Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH buy 5 M 1'968 Not Provided 18.09.2013

Spark Capital Advisors VIJAYARAGHAVAN SWAMINATHAN add 4 M 1'860 12 month 17.09.2013

Ambit Capital Pvt Ltd NITIN BHASIN sell 1 M 1'640 12 month 16.09.2013


SBI Capital Markets MILIND RAGINWAR hold 3 M 1'691 12 month 13.09.2013

Emkay Share & Stock Brokers AJIT MOTWANI accumulate 4 U 1'900 Not Provided 13.09.2013

JPMorgan PINAKIN M PAREKH underweight 1 M 1'550 6 month 12.09.2013

Jefferies ANAND AGARWAL hold 3 M 2'130 12 month 12.09.2013

CIMB RAHUL JAIN outperform 5 M 2'097 12 month 12.09.2013

Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 1'592 12 month 12.09.2013

JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 2'000 Not Provided 12.09.2013

Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 2'076 12 month 12.09.2013

HDFC Securities ANKUR KULSHRESTHA neutral 3 M 1'765 12 month 12.09.2013

Tata Securities Limited NIRAJ AGARWALLA hold 3 M 1'780 12 month 12.09.2013


Edelweiss Capital NAVIN SAHADEO hold 3 M 1'846 12 month 12.09.2013

Antique Stock Broking Limited NIRAV SHAH buy 5 M 1'835 Not Provided 12.09.2013


Avendus Capital Private Ltd JIMESH SANGHVI hold 3 D 1'891 Not Provided 12.09.2013

Elara Securities India Pvt Ltd RAVI SODAH accumulate 4 M 2'055 Not Provided 12.09.2013


Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 M 2'025 Not Provided 12.09.2013

Morgan Stanley ASHISH G JAIN Equalwt/In-Line 3 M 2'050 12 month 11.09.2013

ICICI Securities KRUPAL MANIAR buy 5 M 2'100 12 month 11.09.2013

Goldman Sachs NAVIN GUPTA neutral/neutral 3 M 1'300 12 month 09.09.2013

Deutsche Bank CHOCKALINGAM NARAYANAN hold 3 M 1'860 12 month 06.09.2013

Kotak Securities MURTUZA ARSIWALLA reduce 2 U 1'650 Not Provided 06.09.2013

Axis Capital Limited JAGDISHWAR TOPPO sell 1 M 1'751 Not Provided 06.09.2013


FinQuest Securities (P) Ltd. DARYL PHILIP sell 1 M 1'505 12 month 07.08.2013


Batlivala & Karani Securities PRITAM LALA outperform 5 M 2'020 Not Provided 30.07.2013

IDBI Capital Market Services Ltd SUDEEP ANAND hold 3 U 1'830 Not Provided 30.07.2013

Karvy Stock Broking Ltd RAJESH KUMAR RAVI buy 5 M 2'087 12 month 30.07.2013

India Infoline HEMANT NAHATA market perform 3 M 1'720 12 month 30.07.2013

Holdings By:

Ultratech Cement Ltd ee


01.10.2013

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti

collaborated with Suzuki of Japan to produce affordable cars for the average

Indian.


LTM as of: 01/yy

52-Week High (20.05.2013) 1'773.45

52-Week Low (28.08.2013) 1'217.00

Daily Volume

1378.3





416'356.97 1 Yr Total Return 2.15%







MSIL IB EQUITY YTD Change - Average Volume 30 Day 68'650

MSIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 66'145


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

206'622.0 295'915.0 363'330.0 351'972.0 432'159.0 - - 468'347.9 534'874.8 - -

0.98x 1.23x 0.84x 0.99x 0.80x - - 0.77x 0.63x - -

18'746.0 39'462.0 36'891.0 26'793.0 44'688.0 - - 47'474.3 56'411.6 - -

10.77x 9.25x 8.27x 13.04x 7.73x - - 7.90x 6.65x - -

12'274.0 26'247.0 23'824.0 16'812.0 24'692.0 - - 28'065.2 34'114.7 - -

18.36x 15.61x 15.31x 23.21x 15.67x - - 14.47x 12.08x - -











EBITDA Margin 10.3%



Asset Turnover 1.71







Fiscal Year Ended

Maruti Suzuki India LtdPrice/Volume

Valuation Analysis

96'059.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,.,,1,,3,,5,,

-,,,-.,,-1,,-3,,-5,,.,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'- E

'. E

'0 E

'1 E

'2 E

'3 E

'4 E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


SUZUKI MOTOR CORP n/a Co File 169'788'440 56.21 - 30.06.2013 Corporation


HSBC GLOBAL INVESTME n/a EXCH 14'433'936 4.78 - 29.06.2012 n/a

CREDIT SUISSE/SINGAP n/a Co File 6'090'230 2.02 - 30.06.2013 Bank












CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'225'608 0.41 (253'125) 28.06.2013 Investment Advisor

CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 887'681 0.29 (129'354) 28.06.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 876'011 0.29 74'682 27.09.2013 Investment Advisor

HARDING LOEVNER LP Multiple Portfolios MF-AGG 782'800 0.26 - 30.04.2013 Investment Advisor



JPMorgan ADITYA MAKHARIA underweight 1 M 1'350 6 month 01.10.2013

BNP Paribas Equity Research VIJAY CHUGH reduce 2 M 1'100 12 month 27.09.2013

Axis Capital Limited CHIRAG SHAH buy 5 M 1'419 Not Provided 27.09.2013

Nomura KAPIL SINGH buy 5 M 1'805 Not Provided 27.09.2013

Antique Stock Broking Limited ASHISH NIGAM buy 5 M 1'720 Not Provided 26.09.2013


India Nivesh Ltd ABHISHEK JAIN buy 5 M 1'610 Not Provided 26.09.2013


Barclays SAHIL KEDIA overweight 5 M 1'764 Not Provided 21.09.2013


Spark Capital Advisors MUKESH SARAF reduce 2 D 1'325 12 month 18.09.2013

CIMB PRAMOD AMTHE outperform 5 M 1'702 12 month 16.09.2013

Kotak Securities HITESH GOEL reduce 2 U 1'330 Not Provided 13.09.2013

Edelweiss Capital AASHIESH AGARWAAL buy 5 M 1'637 12 month 12.09.2013

Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 1'630 Not Provided 12.09.2013

HSBC YOGESH AGGARWAL overweight 5 M 1'600 Not Provided 09.09.2013

Macquarie AMIT MISHRA neutral 3 M 1'350 12 month 05.09.2013

Morgan Stanley BINAY SINGH Overwt/In-Line 5 M 1'428 12 month 04.09.2013

JM Financial Institutional Securities P AMBRISH MISHRA buy 5 M 1'900 12 month 04.09.2013

India Infoline PRAYESH JAIN buy 5 M 1'528 Not Provided 04.09.2013

Standard Chartered AMIT KASAT outperform 5 M 1'886 12 month 03.09.2013

Credit Suisse JATIN CHAWLA outperform 5 M 1'540 Not Provided 03.09.2013


HDFC Securities SORABH TALWAR buy 5 U 1'526 12 month 03.09.2013

Angel Broking Limited YARESH KOTHARI buy 5 M 1'571 Not Provided 03.09.2013

IIFL JOSEPH GEORGE buy 5 M 1'800 12 month 03.09.2013

Deutsche Bank B SRINIVAS RAO buy 5 M 1'450 12 month 02.09.2013

Jefferies GOVINDARAJAN CHELLAPPA buy 5 M 1'450 12 month 02.09.2013

IDFC Securities Ltd PRAMOD KUMAR outperform 5 M 1'765 12 month 02.09.2013

Centrum Broking Pvt Ltd AJAY SHETHIYA buy 5 M 1'641 Not Provided 02.09.2013


Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 1'602 Not Provided 26.08.2013

Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD buy 5 U 1'450 Not Provided 24.08.2013


Daiwa Securities Co. Ltd. NAVIN MATTA buy 5 U 1'630 Not Provided 19.08.2013


Brics Securities UMESH KARNE buy 5 M 1'615 Not Provided 06.08.2013

Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA buy 5 M 1'620 12 month 05.08.2013

IDBI Capital Market Services Ltd BHAUMIK BHATIA reduce 2 M 1'487 Not Provided 31.07.2013


Sushil Finance Consultants Ltd BHARTI GUPTA hold 3 D 1'480 Not Provided 29.07.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 29.07.2013

Shah Investor's Home Limited HARSH MEHTA buy 5 U 1'525 12 month 29.07.2013

Holdings By:

Maruti Suzuki India Ltd ee


01.10.2013

Coal India Limited produces and markets coal and coal products, as well as

provides related consulting services.


LTM as of: 06/yy

52-Week High (03.12.2012) 374.05

52-Week Low (30.08.2013) 238.35

Daily Volume

296.1





1'870'275.50 1 Yr Total Return -13.28%







COAL IB EQUITY YTD Change - Average Volume 30 Day 241'033

COAL IB EQUITY YTD % CHANGE - Average Volume 3 Month 233'368


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

387'888.3 446'152.5 502'292.8 624'154.3 683'027.4 644'169.4 682'745.7 723'467.4 774'850.5 159'619.0 177'969.5

- - 3.59x 2.56x 1.95x 5.09x 4.34x 1.58x 1.34x - -

39'042.3 112'742.5 148'089.0 172'165.5 198'338.5 156'294.5 172'269.7 191'614.5 208'157.8 34'698.0 51'315.0

- - 12.18x 9.27x 6.73x 0.00x 0.00x 6.53x 6.01x 5.98x 5.91x

40'628.1 96'224.5 108'673.5 147'882.0 173'563.6 151'135.4 166'181.4 173'363.2 189'225.4 37'661.7 44'596.8

- - 20.16x 14.69x 11.25x 14.51x 11.50x 10.73x 9.90x 10.33x 10.15x











EBITDA Margin 29.0%



Asset Turnover 0.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Coal India LtdPrice/Volume

Valuation Analysis

163'087.00


,

2,

-,,

-2,

.,,

.2,

0,,

02,

1,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013










ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 6'990'891 0.11 208'532 31.03.2013 Investment Advisor








DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 1'769'500 0.03 188'900 28.12.2012 Bank

SOMERSET CAPITAL MAN Multiple Portfolios MF-AGG 1'659'504 0.03 1'594'869 30.06.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'535'551 0.02 - 31.12.2012 Investment Advisor

DWS INVESTMENTS Multiple Portfolios MF-AGG 1'511'416 0.02 - 28.06.2013 Investment Advisor


Standard Chartered SATISH KUMAR outperform 5 M 341 12 month 27.09.2013


JM Financial Institutional Securities P ABHISHEK ANAND buy 5 M 330 Not Provided 25.09.2013

Macquarie RAKESH ARORA outperform 5 M 360 12 month 23.09.2013




Deutsche Bank MANISH SAXENA hold 3 M 285 12 month 05.09.2013

Morgan Stanley VIPUL PRASAD Overwt/In-Line 5 M 413 12 month 05.09.2013

Networth Stock Broking Ltd SUHANI PATEL buy 5 N 353 12 month 05.09.2013

Quant Broking Pvt Ltd KALPESH MAKWANA accumulate 4 M 301 Not Provided 05.09.2013



Daiwa Securities Co. Ltd. SAURABH MEHTA buy 5 M 423 Not Provided 02.09.2013


Emkay Share & Stock Brokers AMIT GOLCHHA accumulate 4 M 313 Not Provided 28.08.2013

Batlivala & Karani Securities VISHAL BIRAIA buy 5 M 386 Not Provided 21.08.2013

JPMorgan PINAKIN M PAREKH neutral 3 M 310 9 month 20.08.2013

Kotak Securities MURTUZA ARSIWALLA buy 5 M 370 Not Provided 20.08.2013

Motilal Oswal Securities Ltd NALIN BHATT neutral 3 M 296 Not Provided 19.08.2013


IIFL GOPAL RITOLIA add 4 M 315 12 month 11.08.2013


SBI Capital Markets JATIN Y DAMANIA hold 3 M 285 12 month 07.08.2013

SPA Securities Ltd PRASHANT BIYANI buy 5 M 461 12 month 07.08.2013

Ventura Securities Ltd TEAM COVERAGE buy 5 M 442 18 month 07.08.2013



Sunidhi Consultancy Services CHINTAN J MEHTA outperform 5 M 342 12 month 06.08.2013

Aditya Birla Money Limited AKHIL JAIN buy 5 M 361 12 month 06.08.2013

Antique Stock Broking Limited RAHUL MODI buy 5 M 356 Not Provided 06.08.2013

KR Choksey Shares & Sec Pvt Ltd RAJNATH YADAV buy 5 M 318 Not Provided 06.08.2013

Equirus Securities Pvt Ltd ASHUTOSH TIWARI buy 5 M 340 15 month 06.08.2013

Fortune Equity Brokers (India) Ltd TEAM COVERAGE buy 5 M 375 12 month 06.08.2013

Credit Suisse NEELKANTH MISHRA outperform 5 M 425 Not Provided 05.08.2013

Jefferies ANAND AGARWAL hold 3 M 294 12 month 05.08.2013


Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR accumulate 4 M 305 12 month 05.08.2013


IDBI Capital Market Services Ltd CHETAN KAPOOR buy 5 M 350 12 month 05.08.2013

HDFC Securities AISHWARYA DEEPAK neutral 3 D 290 12 month 05.08.2013

India Infoline TARANG BHANUSHALI buy 5 M 324 12 month 05.08.2013

Dolat Capital Market Ltd. RAM MODI buy 5 U 320 12 month 05.08.2013

Holdings By:

Coal India Ltd ee


01.10.2013

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of

steel products. The Company's products include steel ball bearing rings, alloy

steel bearing rings, annular forgings, flanges, bearings, welded steel tubes,

cold rolled strips and seamless tubes. Tata Steel also manufactures

metallurgical machinery.


LTM as of: 06/yy

52-Week High (07.01.2013) 448.10

52-Week Low (07.08.2013) 195.40

Daily Volume

274.55





266'647.13 1 Yr Total Return -29.02%







TATA IB EQUITY YTD Change - Average Volume 30 Day 1'477'601

TATA IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'270'406


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

1'473'292.6 1'023'931.2 1'187'531.2 1'328'997.0 1'347'115.4 ######### ######### ######### ######### 352'727.7 343'039.5

0.49x 0.99x 0.89x 0.71x 0.65x 1.39x 1.30x 0.64x 0.64x - -

187'616.9 84'118.7 167'466.7 124'167.9 123'212.1 110'494.4 126'059.7 147'512.9 162'896.0 33'599.0 35'424.0

3.83x 12.04x 6.30x 7.63x 7.14x 0.00x 0.00x 5.71x 5.17x 5.62x 5.53x

49'509.0 (20'092.2) 89'826.9 53'897.7 (70'576.2) 6'411.0 (65'164.9) 26'723.5 35'108.3 3'674.7 4'794.8

3.10x - 6.28x 8.41x - 72.37x 0.00x 9.88x 7.60x 12.03x 11.49x


EBIT 67'458.90 Long-Term Rating BB


Pretax Margin -3.00% Short-Term Rating Date -

Return on Assets - Short-Term Rating -

Return on Common Equity -


Asset Turnover - (EBITDA-Capex)/Interest Exp. -0.84

Net Debt/EBITDA -


EBITDA Margin 9.5%



Asset Turnover -

Current Ratio 1.04 Net Fixed Asset Turnover -

Quick Ratio 0.46 Accounts receivable turnover-days -






Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tata Steel LtdPrice/Volume

Valuation Analysis

969'592.00


,2,

-,,-2,.,,.2,0,,02,1,,12,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0', E

0'2 E

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,

,'.,

,'1,

,'3,

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-'.,



01.10.2013








BLACKROCK n/a ULT-AGG 10'089'988 1.04 - 27.09.2013 Investment Advisor





TATA MOTORS LTD n/a Co File 4'432'497 0.46 - 30.06.2013 Corporation

TATA INVESTMENT CORP n/a Co File 3'385'885 0.35 - 30.06.2013 Private Equity


TATA CHEMICALS LTD n/a Co File 2'491'977 0.26 - 30.06.2013 Corporation

TATA AIG LIFE INS CO n/a EXCH 2'225'377 0.23 75 27.03.2012 Insurance Company


EWART INVESTMENTS LT n/a Co File 1'795'142 0.18 - 30.06.2013 Other


EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'480'696 0.15 103'900 31.07.2013 Investment Advisor


Motilal Oswal Securities Ltd SANJAY JAIN sell 1 M 204 Not Provided 30.09.2013

IIFL BIJAL SHAH add 4 M 331 12 month 30.09.2013

Axis Capital Limited NITESH JAIN hold 3 M 312 Not Provided 27.09.2013


BNP Paribas Equity Research KUNAL AGRAWAL hold 3 M 279 12 month 26.09.2013

Batlivala & Karani Securities PRITAM LALA outperform 5 M 340 Not Provided 26.09.2013




Nomura AMAR KEDIA buy 5 M 443 Not Provided 20.09.2013

Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR buy 5 M 380 Not Provided 17.09.2013


Centrum Broking Pvt Ltd ABHISAR JAIN sell 1 D 255 Not Provided 16.09.2013

Sanford C. Bernstein & Co VANESSA LAU market perform 3 M 260 12 month 13.09.2013

Angel Broking Limited BHAVESH CHAUHAN buy 5 M 389 Not Provided 13.09.2013

Ambit Capital Pvt Ltd PARITA ASHAR buy 5 M 406 12 month 11.09.2013

ICICI Securities ABHIJIT MITRA buy 5 M 352 12 month 10.09.2013

Quant Broking Pvt Ltd KALPESH MAKWANA reduce 2 M 271 Not Provided 05.09.2013


Deutsche Bank ABHAY LAIJAWALA buy 5 M 340 12 month 02.09.2013

Maybank Kim Eng ANUBHAV GUPTA buy 5 U 329 12 month 02.09.2013

UBS SANDIP BANSAL buy 5 M 340 12 month 22.08.2013



Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 225 12 month 14.08.2013



Phillip Securities DHAWAL DOSHI buy 5 M 333 Not Provided 14.08.2013

Sunidhi Consultancy Services CHINTAN J MEHTA neutral 3 M 279 12 month 14.08.2013



KR Choksey Shares & Sec Pvt Ltd UMESH PATEL buy 5 M 315 12 month 14.08.2013

ICICIdirect.com DEWANG SANGHAVI buy 5 M 285 15 month 14.08.2013

Elara Securities India Pvt Ltd ASHISH KEJRIWAL buy 5 M 405 12 month 14.08.2013

Nirmal Bang Institutional Equities GIRIRAJ DAGA sell 1 M 240 Not Provided 14.08.2013


Credit Suisse NEELKANTH MISHRA underperform 1 M 210 Not Provided 13.08.2013


Dolat Capital Market Ltd. RAM MODI reduce 2 M 245 Not Provided 13.08.2013

Ambit Capital Pvt Ltd JATIN KOTIAN buy 5 M 406 Not Provided 07.08.2013

VTB Capital WIKTOR BIELSKI buy 5 M 350 12 month 05.08.2013

Barclays CHIRAG SHAH equalweight 3 M 264 Not Provided 02.08.2013

EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 23.07.2013

Holdings By:

Tata Steel Ltd ee


01.10.2013

Grasim Industries Limited is a diversified operating company and part of the

Aditya Birla group. The group manufactures a wide range of products, including

Viscose Staple Fiber(VSF), cement, chemicals and textiles.


LTM as of: 06/yy

52-Week High (17.10.2012) 3'511.00

52-Week Low (04.09.2013) 2'121.00

Daily Volume

2638.45





242'229.00 1 Yr Total Return -21.66%







GRASIM IB EQUITY YTD Change - Average Volume 30 Day 9'448

GRASIM IB EQUITY YTD % CHANGE - Average Volume 3 Month 7'444


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

182'966.1 199'334.2 215'502.3 252'448.9 279'043.2 259'084.8 277'169.5 295'945.7 338'602.3 - 67'829.0

1.07x 1.47x 1.24x 1.23x 1.31x 2.46x 2.69x 1.23x 1.06x - -

45'613.0 59'312.9 50'115.0 55'950.2 59'485.5 56'820.0 56'062.3 59'561.5 71'812.2 - -

4.30x 4.96x 5.32x 5.55x 6.14x 0.00x 0.00x 5.86x 4.86x - -

21'866.6 30'955.3 22'790.1 26'478.1 27'088.1 26'137.9 25'964.0 26'063.8 30'610.9 - 5'471.0

6.63x 8.34x 9.89x 9.10x 9.53x 9.27x 9.75x 9.19x 7.85x - -











EBITDA Margin 21.3%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Grasim Industries LtdPrice/Volume

Valuation Analysis

1'850.00


,

2,,

-,,,

-2,,

.,,,

.2,,

0,,,

02,,

1,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

', E

', E

', E

', E

'- E

'- E

'- E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


ABERDEEN n/a ULT-AGG 6'557'779 7.14 (560'091) 31.07.2013 Investment Advisor

TURQUOISE INVESTMENT n/a Co File 5'908'341 6.44 - 30.06.2013 Investment Advisor



PILANI INVESTMENT & n/a Co File 4'300'293 4.68 - 30.06.2013 Holding Company


TGS INVESTMENT & TRA n/a Co File 2'775'104 3.02 - 30.06.2013 Private Equity







UMANG COMMERCIAL CO n/a Co File 1'396'024 1.52 - 30.06.2013 Corporation

HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 982'188 1.07 302'550 31.08.2013 Investment Advisor

PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 804'363 0.88 96'669 31.08.2013 Investment Advisor


DANSKE INVEST A/S Multiple Portfolios MF-AGG 605'490 0.66 - 31.05.2013 Investment Advisor




IDFC Securities Ltd BHOOMIKA NAIR neutral 3 M 2'745 Not Provided 30.09.2013

Axis Capital Limited JAGDISHWAR TOPPO buy 5 M 2'807 Not Provided 27.09.2013

Quant Broking Pvt Ltd MANGESH BHADANG buy 5 M 3'978 Not Provided 27.09.2013

IIFL J RADHAKRISHNAN buy 5 M 3'010 12 month 26.09.2013

Batlivala & Karani Securities RISHAB BOTHRA outperform 5 M 3'598 Not Provided 20.09.2013



Goldman Sachs NAVIN GUPTA Buy/Neutral 5 M 3'000 12 month 09.09.2013

Deutsche Bank CHOCKALINGAM NARAYANAN buy 5 M 3'335 12 month 06.09.2013

Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 M 3'270 Not Provided 06.09.2013




Morgan Stanley ASHISH G JAIN Overwt/In-Line 5 M 3'735 12 month 14.08.2013

Khambatta Securities Ltd RAJ KUMAR JHA strong buy 5 M 2'873 Not Provided 08.08.2013



JPMorgan PINAKIN M PAREKH overweight 5 M 3'610 9 month 05.08.2013

Jefferies ANAND AGARWAL buy 5 M 3'639 12 month 05.08.2013


ICICI Securities KRUPAL MANIAR buy 5 M 3'400 12 month 05.08.2013

IDBI Capital Market Services Ltd SUDEEP ANAND buy 5 U 3'300 12 month 05.08.2013

Emkay Share & Stock Brokers AJIT MOTWANI buy 5 M 3'400 Not Provided 05.08.2013

HDFC Securities ANKUR KULSHRESTHA buy 5 M 3'475 12 month 05.08.2013

Tata Securities Limited NIRAJ AGARWALLA buy 5 M 3'262 12 month 05.08.2013


Edelweiss Capital NAVIN SAHADEO buy 5 M 3'570 12 month 05.08.2013

Elara Securities India Pvt Ltd RAVI SODAH accumulate 4 M 3'026 12 month 05.08.2013

Kotak Securities MURTUZA ARSIWALLA add 4 M 3'000 Not Provided 02.08.2013


Macquarie RAKESH ARORA outperform 5 M 3'407 12 month 04.07.2013

Ventura Securities Ltd TEAM COVERAGE buy 5 M #N/A N/A Not Provided 09.05.2013

Brics Securities NOVONIL GUHA add 4 M 3'382 Not Provided 16.04.2013

Standard Chartered SATISH KUMAR outperform 5 M 3'638 12 month 08.03.2013

Proactive Universal PARUL PATEL buy 5 M 3'613 18 month 31.08.2012

Almondz Global Securities Ltd MANISH RAJ buy 5 M 2'936 Not Provided 03.02.2012

Holdings By:

Grasim Industries Ltd ee


01.10.2013

IndusInd Bank Limited is a national bank. The Bank provides a range of banking

and financial services including wholesale banking, credit monitoring, risk

management, tele-banking, investment banking and commercial lending. IndusInd

Bank operates branches throughout India as well as an office in Dubai and

London.


LTM as of: 06/yy

52-Week High (27.05.2013) 530.60

52-Week Low (28.08.2013) 318.00

Daily Volume

378.35





198'308.39 1 Yr Total Return 4.93%





Enterprise Value -


IIB IB EQUITY YTD Change - Average Volume 30 Day 427'713

IIB IB EQUITY YTD % CHANGE - Average Volume 3 Month 344'169


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

27'963.6 32'944.7 43'058.8 63'703.8 83'407.4 69'418.2 87'701.8 - - - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'483.4 3'503.1 5'773.3 8'026.1 10'611.8 8'586.9 11'597.6 - - - -

7.51x 18.88x 20.03x 18.70x 18.53x 18.51x 20.20x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.13







Fiscal Year Ended

IndusInd Bank LtdPrice/Volume

Valuation Analysis

322'953.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

.,,

0,,

1,,

2,,

3,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

-', E

.', E

0', E

1', E

2', E

3', E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



01.10.2013


INDUSIND INTL HLDGS n/a Co File 60'399'984 11.52 - 30.06.2013 Corporation

GA GLOBAL INVSTS LTD n/a Co File 23'094'839 4.41 - 30.06.2013 Private Equity

CREDO INDIA THEMATIC n/a Co File 21'013'458 4.01 - 30.06.2013 n/a

INDUSIND LTD n/a Co File 19'500'000 3.72 - 30.06.2013 Other

DIA AFRIN n/a Co File 15'417'000 2.94 - 30.06.2013 n/a


ASHOK LEYLAND LTD n/a Co File 13'013'923 2.48 - 30.06.2013 Corporation


IDL SPECIALITY CHEMI n/a Co File 11'355'000 2.17 - 30.06.2013 Corporation


GOLDMAN SACHS INV MA n/a Co File 9'523'900 1.82 - 30.06.2013 Investment Advisor

CLSA MAURITIUS LTD n/a Co File 8'240'519 1.57 - 30.06.2013 Investment Advisor



MORGAN STANLEY n/a ULT-AGG 6'967'382 1.33 12'594 31.08.2013 Investment Advisor



NORWEST VENTURE PARN n/a Co File 6'718'087 1.28 - 30.06.2013 Venture Capital

HINDUJA VENTURES LTD n/a Co File 6'632'383 1.27 - 30.06.2013 Corporation






HDFC Securities VISHAL MODI neutral 3 M 454 12 month 23.09.2013

Religare Capital Markets ISHANK KUMAR buy 5 M 520 12 month 23.09.2013

Antique Stock Broking Limited PARESH V JAIN buy 5 M 475 Not Provided 23.09.2013

Elara Securities India Pvt Ltd RAKESH KUMAR reduce 2 M 419 12 month 23.09.2013


Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 D 425 12 month 16.09.2013



Avendus Capital Private Ltd CHANDANA JHA add 4 U 478 Not Provided 11.09.2013



Goldman Sachs TABASSUM INAMDAR Buy/Neutral 5 M 490 12 month 05.09.2013

Batlivala & Karani Securities ARUN SETHIA buy 5 M 600 Not Provided 05.09.2013

IDFC Securities Ltd MANISH CHOWDHARY outperform 5 U 440 Not Provided 04.09.2013

Kotak Securities MB MAHESH buy 5 U 430 Not Provided 30.08.2013

Barclays ANISH TAWAKLEY equalweight 3 M 379 Not Provided 29.08.2013

Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 459 12 month 28.08.2013

IIFL ABHISHEK MURARKA add 4 M 384 12 month 27.08.2013

Fortune Equity Brokers (India) Ltd VIJAY NARA buy 5 U 530 Not Provided 26.08.2013





Morgan Stanley SUMEET KARIWALA Equalwt/Cautious 3 D 425 12 month 07.08.2013

Deutsche Bank MANISH KARWA buy 5 M 500 12 month 02.08.2013



Credit Suisse ASHISH GUPTA underperform 1 D 416 Not Provided 17.07.2013

Espirito Santo Investment Bank ResearchSAIKIRAN PULAVARTHI buy 5 M 593 Not Provided 16.07.2013

Aditya Birla Money Limited SUMIT JATIA accumulate 4 U 547 Not Provided 15.07.2013

Shah Investor's Home Limited AMEYA HARDAS buy 5 M 573 12 month 15.07.2013

BOB Capital Markets JISHA NAIR buy 5 M 590 12 month 12.07.2013

Ajcon Global Services Ltd. AKASH AJAY JAIN sell 1 M 426 Not Provided 11.07.2013


KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 D 550 12 month 11.07.2013

Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 D 542 12 month 11.07.2013

ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT buy 5 M 575 12 month 11.07.2013

SMC Global Securities Ltd. VISHAL NARNOLIA market perform 3 M 533 Not Provided 11.07.2013

HSBC TEJAS MEHTA overweight 5 M 583 Not Provided 10.07.2013

CIMB VIVEK VERMA underperform 1 D 490 12 month 10.07.2013

Holdings By:

IndusInd Bank Ltd ee


01.10.2013

GAIL India Limited processes and distributes natural gas and liquefied

petroleum gas. The Company is a Government of India undertaking.


LTM as of: 01/yy

52-Week High (05.10.2012) 396.00

52-Week Low (28.08.2013) 273.00

Daily Volume

325.2





412'508.88 1 Yr Total Return -12.44%







GAIL IB EQUITY YTD Change - Average Volume 30 Day 77'000

GAIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 78'187


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

240'632.1 256'772.2 351'066.5 440'578.2 508'927.1 - - 542'657.9 639'102.8 - -

1.30x 2.07x 1.81x 1.33x 1.08x - - 1.03x 0.85x - -

44'633.0 54'792.5 65'293.3 71'043.4 75'346.5 - - 80'110.3 85'113.5 - -

7.00x 9.68x 9.73x 8.25x 7.30x - - 6.97x 6.56x - -

28'259.0 33'278.3 40'209.7 44'436.1 43'736.0 - - 44'851.9 47'350.0 - -

11.02x 15.65x 14.64x 10.74x 9.23x - - 9.31x 8.88x - -











EBITDA Margin 14.8%



Asset Turnover 0.95







Fiscal Year Ended

GAIL India LtdPrice/Volume

Valuation Analysis

9'188.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,

-,,

-2,

.,,

.2,

0,,

02,

1,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'- E

'. E

'0 E

'1 E

'2 E

'3 E

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013




OIL & NATURAL GAS CO n/a Co File 61'259'323 4.83 - 30.06.2013 Government

INDIAN OIL CORP LTD n/a Co File 30'629'661 2.41 - 30.06.2013 Government

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 26'864'170 2.12 3'738'485 28.06.2013 Investment Advisor









IDFC MUTUAL FUND Multiple Portfolios MF-AGG 3'274'359 0.26 441'093 31.08.2013 Investment Advisor


UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'727'491 0.22 951 31.08.2013 Investment Advisor

SEB n/a ULT-AGG 2'314'733 0.18 1'397'735 31.03.2013 Unclassified


PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 1'767'218 0.14 390 31.08.2013 Investment Advisor



JM Financial Institutional Securities P MEHUL THANAWALA buy 5 M 372 Not Provided 30.09.2013






Quant Broking Pvt Ltd GAGAN DIXIT reduce 2 M 319 Not Provided 19.09.2013

Motilal Oswal Securities Ltd HARSHAD BORAWAKE neutral 3 M 344 12 month 17.09.2013

Tata Securities Limited SWARNENDU BHUSHAN buy 5 U 369 12 month 11.09.2013

HSBC KUMAR MANISH neutral 3 M 329 Not Provided 09.09.2013


Antique Stock Broking Limited AMIT RUSTAGI hold 3 M 323 Not Provided 26.08.2013

Barclays SOMSHANKAR SINHA underweight 1 M 310 Not Provided 26.08.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 D 332 Not Provided 12.08.2013

Morgan Stanley VINAY JAISING Underwt/Attractive 1 D 283 12 month 07.08.2013

Brics Securities NILESH RAMESH GHUGE add 4 M 363 Not Provided 01.08.2013

KR Choksey Shares & Sec Pvt Ltd NISHA SHARMA accumulate 4 D 350 12 month 31.07.2013

Phillip Securities GAURI ANAND neutral 3 M 375 Not Provided 29.07.2013



Sunidhi Consultancy Services ROHIT NAGRAJ neutral 3 N 333 12 month 26.07.2013

HDFC Securities AISHWARYA DEEPAK neutral 3 M 355 12 month 26.07.2013

LKP Shares and Securities Ltd CHIRAG DHAIFULE neutral 3 D 361 12 month 26.07.2013


Spark Capital Advisors MAYUR PATEL add 4 M 367 12 month 26.07.2013

ICICIdirect.com MAYUR MATANI hold 3 M 349 15 month 26.07.2013


Centrum Broking Pvt Ltd SACHIN MEHTA hold 3 D 329 12 month 26.07.2013

Equirus Securities Pvt Ltd MAULIK PATEL buy 5 M 382 12 month 26.07.2013


Nirmal Bang Institutional Equities ASHUTOSH BHARDWAJ sell 1 D 316 Not Provided 26.07.2013






IDFC Securities Ltd PROBAL SEN outperform 5 M 353 Not Provided 25.07.2013

IDBI Capital Market Services Ltd SUDEEP ANAND hold 3 D 340 12 month 25.07.2013

Emkay Share & Stock Brokers DHAVAL JOSHI accumulate 4 M 355 Not Provided 25.07.2013


Edelweiss Capital NIRAJ MANSINGKA hold 3 M 377 12 month 25.07.2013

Karvy Stock Broking Ltd VINAY V NAIR hold 3 M 329 Not Provided 11.07.2013

Jefferies ARYA SEN buy 5 M 420 12 month 04.07.2013

Holdings By:

GAIL India Ltd ee


01.10.2013

Power Grid Corporation of India Limited has been established by the Government

of India as the central transmission utility of India. The mandate for the

corporation is establishment and operation of EHV. AC & HVDC transmission

lines, sub-stations, load dispatch centers and communications facilities

throughout India.


LTM as of: 01/yy

52-Week High (21.11.2012) 122.45

52-Week Low (02.08.2013) 86.70

Daily Volume

98.3





455'102.03 1 Yr Total Return -15.92%







PWGR IB EQUITY YTD Change - Average Volume 30 Day 320'196

PWGR IB EQUITY YTD % CHANGE - Average Volume 3 Month 334'588


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

- - 86'117.6 103'115.2 131'155.0 - - 158'674.0 182'475.0 - -

- - 9.73x 9.81x 8.79x - - 7.70x 7.18x - -

- - 72'808.2 88'541.5 113'474.1 - - 135'169.0 155'991.0 - -

- - 11.51x 11.42x 10.17x - - 8.28x 7.18x - -

- - 26'719.1 33'029.9 43'126.1 - - 49'594.3 56'631.7 - -

- - 16.62x 15.16x 11.36x - - 9.70x 8.21x - -











EBITDA Margin 86.5%



Asset Turnover 0.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Power Grid Corp of India LtdPrice/Volume

Valuation Analysis

22'414.00


,

.,

1,

3,

5,

-,,

-.,

-1,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E-', E.', E0', E1', E2', E3', E4', E5', E6', E-,', E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013











BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'630'156 0.21 1'533'710 27.09.2013 Investment Advisor

TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 9'421'110 0.2 65'483 31.08.2013 Investment Advisor



MASON STREET ADVISOR Multiple Portfolios MF-AGG 8'352'110 0.18 8'352'110 30.06.2013 Investment Advisor


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 4'786'621 0.1 116'000 30.08.2013 Investment Advisor


TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'136'400 0.09 132'227 30.06.2013 Investment Advisor






Elara Securities India Pvt Ltd DEEPAK AGRAWALA buy 5 M 124 Not Provided 24.09.2013




Ambit Capital Pvt Ltd NITIN BHASIN buy 5 N 115 12 month 16.09.2013


Deutsche Bank ABHISHEK PURI hold 3 M 110 12 month 05.09.2013


IIFL HARSHAWARDHAN S DOLE buy 5 M 120 12 month 04.09.2013

SBI Capital Markets ALOK RAMACHANDRAN hold 3 M 104 12 month 30.08.2013

Emkay Share & Stock Brokers AMIT GOLCHHA buy 5 M 133 Not Provided 28.08.2013


Batlivala & Karani Securities VISHAL BIRAIA buy 5 M 150 Not Provided 21.08.2013

Motilal Oswal Securities Ltd NALIN BHATT buy 5 M 131 Not Provided 19.08.2013


IDBI Capital Market Services Ltd HANSRAJ SINGH buy 5 N 107 Not Provided 06.08.2013


Maybank Kim Eng ANUBHAV GUPTA buy 5 M 130 12 month 05.08.2013

India Infoline BHAVIKA SHINDE market perform 3 D 100 12 month 05.08.2013

Almondz Global Securities Ltd AMIT SHAH buy 5 M 115 12 month 05.08.2013

Spark Capital Advisors BHARANIDHAR VIJAYAKUMAR add 4 U 101 12 month 05.08.2013


Quant Broking Pvt Ltd ABHINEET ANAND buy 5 M 120 12 month 05.08.2013

Fortune Equity Brokers (India) Ltd TEAM COVERAGE buy 5 M 125 12 month 05.08.2013

Nirmal Bang Institutional Equities CHIRAG MUCHHALA buy 5 M 119 Not Provided 05.08.2013

Prabhudas Lilladher Pvt Ltd KUNAL SHETH buy 5 M 116 12 month 03.08.2013






JM Financial Institutional Securities P SUBHADIP MITRA buy 5 M 113 12 month 02.08.2013

ICICI Securities PRAKASH GAURAV GOEL buy 5 U 110 12 month 02.08.2013

Tata Securities Limited RAVIKIRAN SURANA buy 5 M 115 12 month 02.08.2013




EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013


ITI Securities Ltd ABHISHEK B PATEL buy 5 M 136 12 month 30.05.2013


Holdings By:

Power Grid Corp of India Ltd ee


01.10.2013

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company

mines bauxite and refines it into alumina. The Company's other operations

include the smelting of alumina into aluminum, the manufacture of

semi-fabricated rolled and extruded products. The Company's products include

aluminum ingots, steel rods and rolled flat steel products.


LTM as of: 01/yy

52-Week High (02.01.2013) 137.00

52-Week Low (07.08.2013) 83.05

Daily Volume

110.45





211'465.69 1 Yr Total Return -8.78%







HNDL IB EQUITY YTD Change - Average Volume 30 Day 1'382'573

HNDL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'106'437


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

657'524.1 607'079.2 722'022.7 808'213.7 801'928.0 - - 873'356.0 962'848.7 - -

0.49x 0.89x 0.88x 0.73x 0.82x - - 0.84x 0.76x - -

55'555.1 86'372.7 79'599.7 76'669.6 77'119.7 - - 85'716.6 102'728.8 - -

5.76x 6.26x 8.00x 7.74x 8.51x - - 8.08x 6.74x - -

4'838.9 39'254.7 24'563.7 33'969.5 30'268.9 - - 25'078.6 28'129.4 - -

16.19x 8.18x 16.30x 7.29x 5.79x - - 8.61x 7.69x - -











EBITDA Margin 9.6%



Asset Turnover 0.72







Fiscal Year Ended

Hindalco Industries LtdPrice/Volume

Valuation Analysis

592'403.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,

1,

3,

5,

-,,

-.,

-1,


0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

900'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


IGH HOLDINGS PVT LTD n/a Co File 228'963'487 11.96 - 30.06.2013 Holding Company


TURQUOISE INVESTMENT n/a EXCH 124'012'468 6.48 25'000'000 20.09.2013 Investment Advisor





BAJAJ ALLIANZ LIFE I n/a Co File 49'202'104 2.57 - 30.06.2013 Investment Advisor

ADITYA BIRLA NUVO LT n/a Co File 33'506'337 1.75 - 30.06.2013 Corporation

PILANI INVESTMENT & n/a Co File 29'185'398 1.52 - 30.06.2013 Holding Company

UMANG COMMERCIAL CO n/a Co File 26'442'761 1.38 - 30.06.2013 Corporation

DIMENSIONAL FUND ADV n/a ULT-AGG 24'563'004 1.28 1'149'759 30.04.2013 Investment Advisor


BIRLA INSTITUTE OF T n/a Co File 21'583'090 1.13 - 30.06.2013 Other


HINDALCO n/a Co File 16'316'130 0.85 - 30.06.2013 Corporation

BIRLA GROUP HOLDINGS n/a Co File 6'731'467 0.35 - 30.06.2013 Holding Company













Centrum Broking Pvt Ltd ABHISAR JAIN hold 3 D 108 Not Provided 16.09.2013

Sanford C. Bernstein & Co VANESSA LAU market perform 3 M 120 12 month 13.09.2013


BNP Paribas Equity Research KUNAL AGRAWAL reduce 2 M 94 12 month 05.09.2013

Quant Broking Pvt Ltd KALPESH MAKWANA sell 1 M 97 Not Provided 05.09.2013

Standard Chartered SATISH KUMAR underperform 1 M 97 12 month 04.09.2013

HSBC JIGAR MISTRY overweight 5 M 123 Not Provided 04.09.2013



ICICI Securities ABHIJIT MITRA sell 1 D 86 12 month 20.08.2013

Avendus Capital Private Ltd JIMESH SANGHVI hold 3 M 95 Not Provided 19.08.2013

Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR hold 3 M 99 12 month 16.08.2013


CIMB RAHUL JAIN neutral 3 M 100 12 month 14.08.2013



Ambit Capital Pvt Ltd PARITA ASHAR sell 1 M 88 Not Provided 14.08.2013

Barclays CHIRAG SHAH overweight 5 M 128 Not Provided 14.08.2013

Elara Securities India Pvt Ltd ASHISH KEJRIWAL sell 1 M 74 12 month 14.08.2013


Morgan Stanley VIPUL PRASAD Equalwt/In-Line 3 M 101 12 month 13.08.2013


JM Financial Institutional Securities P ASHUTOSH SOMANI hold 3 M 105 12 month 13.08.2013

Phillip Securities DHAWAL DOSHI neutral 3 M 104 Not Provided 13.08.2013

IDFC Securities Ltd SAUMIL MEHTA underperform 1 M 85 12 month 13.08.2013



Espirito Santo Investment Bank ResearchRITESH SHAH sell 1 M 90 Not Provided 06.06.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

Daiwa Securities Co. Ltd. DEEPAK PODDAR buy 5 M 135 Not Provided 05.06.2013


Systematix Shares & Stocks Ltd ERIC MARTINS buy 5 M 170 12 month 28.05.2013



Right Horizons Financial Services JAGDISH BHANUSHALI accumulate 4 M 150 Not Provided 16.02.2013

Holdings By:

Hindalco Industries Ltd ee


01.10.2013

Idea Cellular Limited offers cellular services, SMS services, and mobile

communication devices.


LTM as of: 06/yy

52-Week High (16.08.2013) 177.00

52-Week Low (11.10.2012) 78.60

Daily Volume

172.1





570'851.94 1 Yr Total Return 104.55%







IDEA IB EQUITY YTD Change - Average Volume 30 Day 433'462

IDEA IB EQUITY YTD % CHANGE - Average Volume 3 Month 509'974


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

101'312.9 123'978.8 154'384.0 194'886.9 224'074.5 204'743.3 234'403.2 266'281.0 302'958.1 64'309.0 67'321.4

1.92x 2.27x 2.13x 2.35x 2.26x 2.24x 6.27x 2.53x 2.12x - -

28'274.1 33'714.1 37'583.9 50'484.3 59'596.6 53'238.7 66'453.4 81'553.4 94'559.8 18'900.8 20'098.0

6.88x 8.34x 8.75x 9.07x 8.50x 0.00x 8.81x 8.42x 7.26x 8.77x -

8'815.8 9'539.4 8'987.1 7'229.9 10'109.3 7'798.6 12'395.0 18'226.3 25'920.1 4'240.3 4'944.3

16.65x 21.34x 24.77x 45.17x 37.30x 32.12x 37.73x 31.02x 21.93x 27.45x 27.83x











EBITDA Margin 26.6%



Asset Turnover 0.65





Accounts Receivable Turnover 25.14 Cash Conversion Cycle -4050.49



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Idea Cellular LtdPrice/Volume

Valuation Analysis

257'184.00


,.,1,3,5,

-,,-.,-1,-3,-5,.,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

-', E

.', E

0', E

1', E

2', E

3', E

4', E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


ADITYA BIRLA NUVO LT n/a Co File 837'526'221 25.25 - 30.06.2013 Corporation

TMI MAURITIUS LTD n/a Co File 464'734'670 14.01 - 30.06.2013 Holding Company

P5 ASIA INVEST MAURI n/a Co File 330'000'000 9.95 - 30.06.2013 Other


BIRLA TMT HOLDINGS P n/a Co File 283'565'373 8.55 - 30.06.2013 Holding Company


AXIATA INVESTMENTS 2 n/a Co File 195'427'333 5.89 - 30.06.2013 Corporation


VANGUARD GROUP INC n/a ULT-AGG 67'446'421 2.03 (5'866'755) 30.06.2013 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 58'800'000 1.77 - 31.12.2012 Pension Fund (ERISA)


MORGAN STANLEY n/a ULT-AGG 11'685'510 0.35 8'171'898 31.08.2013 Investment Advisor


DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 10'234'633 0.31 (1'081'968) 31.08.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 9'785'216 0.3 - 30.04.2013 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 7'993'484 0.24 7'993'484 30.06.2013 Investment Advisor

BNP PARIBAS n/a ULT-AGG 7'800'000 0.24 (690'000) 30.04.2013 Unclassified






Batlivala & Karani Securities ROHIT DOKANIA outperform 5 M 171 Not Provided 27.09.2013

Axis Capital Limited PRIYA ROHIRA hold 3 M 179 Not Provided 27.09.2013


Edelweiss Capital SANDIP KUMAR AGARWAL hold 3 M 156 12 month 19.09.2013

BNP Paribas Equity Research KUNAL D VORA buy 5 M 200 12 month 18.09.2013

Ambit Capital Pvt Ltd ANKUR RUDRA buy 5 M 181 Not Provided 18.09.2013

IDFC Securities Ltd HITESH SHAH outperform 5 M 190 12 month 16.09.2013

Avendus Capital Private Ltd ABHAY MOGHE add 4 M 187 Not Provided 12.09.2013

Emkay Share & Stock Brokers NAVAL SETH buy 5 M 190 Not Provided 11.09.2013

ICICIdirect.com KARAN MITTAL buy 5 M 185 Not Provided 11.09.2013

IIFL G V GIRI buy 5 M 188 12 month 11.09.2013

Nirmal Bang Institutional Equities HARIT SHAH buy 5 M 215 Not Provided 11.09.2013


Daiwa Securities Co. Ltd. RAMAKRISHNA MARUVADA sell 1 M 136 Not Provided 10.09.2013

ICICI Securities VIKASH MANTRI add 4 M 167 12 month 10.09.2013

Tata Securities Limited ASHISH AGGARWAL buy 5 U 180 12 month 10.09.2013

India Infoline BHAVESH GANDHI buy 5 M 200 12 month 10.09.2013

Elara Securities India Pvt Ltd ALIASGAR SHAKIR accumulate 4 M 170 Not Provided 10.09.2013

India Nivesh Ltd AMAR MOURYA sell 1 M 125 Not Provided 10.09.2013

JM Financial Institutional Securities P SANJAY CHAWLA buy 5 M 190 12 month 04.09.2013

Nomura SACHIN GUPTA reduce 2 M 120 Not Provided 02.09.2013


Barclays BHUVNESH SINGH equalweight 3 M 164 Not Provided 27.08.2013

Anand Rathi Securities Pvt. Ltd. YOGESH KIRVE buy 5 M 195 Not Provided 26.08.2013

Goldman Sachs SACHIN SALGAONKAR Buy/Neutral 5 M 200 12 month 21.08.2013

Motilal Oswal Securities Ltd SHOBHIT KHARE buy 5 M 200 Not Provided 19.08.2013

Angel Broking Limited ANKITA SOMANI neutral 3 M #N/A N/A Not Provided 06.08.2013


UBS SURESH A MAHADEVAN buy 5 M 200 12 month 05.08.2013

HSBC RAJIV SHARMA neutral 3 D 175 Not Provided 05.08.2013

Maybank Kim Eng URMIL SHAH sell 1 M 124 12 month 05.08.2013


KR Choksey Shares & Sec Pvt Ltd ARCHANA SHIVANE accumulate 4 U 168 12 month 05.08.2013

Khambatta Securities Ltd DEVANG BHATT strong buy 5 U 185 12 month 05.08.2013

CIMB PIYUSH CHOUDHARY underperform 1 M 150 12 month 04.08.2013

HDFC Securities HIMANSHU SHAH neutral 3 M 157 12 month 03.08.2013

JPMorgan VIJU K GEORGE overweight 5 M 185 6 month 02.08.2013

Jefferies VISHAL AGARWAL underperform 1 M 135 12 month 02.08.2013

Kotak Securities ROHIT CHORDIA buy 5 M 195 Not Provided 02.08.2013


Religare Capital Markets RUMIT DUGAR sell 1 M 130 12 month 01.08.2013


Holdings By:

Idea Cellular Ltd ee


01.10.2013

Ambuja Cements Limited manufactures cement in India. The Company owns specially

designed ships and terminals for bulk transportation of its products. Ambuja

Cement sells most of its products domestically, but also has a subsidiary that

markets the Group's items in Sri Lanka.


LTM as of: 06/yy

52-Week High (05.10.2012) 220.70

52-Week Low (28.08.2013) 147.55

Daily Volume

180.65





279'088.25 1 Yr Total Return -11.90%

Total Debt 603.60 YTD Return -8.31%






ACEM IB EQUITY YTD Change - Average Volume 30 Day 158'055

ACEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 207'141


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

62'474.1 70'768.7 73'902.1 85'210.3 97'395.4 0.0 36'033.2 104'268.3 133'289.6 22'649.0 -

1.59x 2.06x 2.66x 2.47x 2.80x #DIV/0! 0.00x 2.32x 1.75x - -

18'079.6 20'163.0 18'914.3 20'228.2 27'827.2 0.0 3'465.5 24'431.7 34'105.2 4'640.0 -

5.49x 7.24x 10.39x 10.42x 9.79x 0.00x 0.00x 9.88x 7.08x - -

13'897.1 12'168.4 12'629.7 12'277.4 12'932.1 0.0 8'326.5 15'944.0 19'147.0 3'165.0 -

7.67x 13.05x 17.29x 19.38x 23.89x 0.00x 0.00x 17.96x 15.47x - -











EBITDA Margin 28.6%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ambuja Cements LtdPrice/Volume

Valuation Analysis

68'835.00


,

2,

-,,

-2,

.,,

.2,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,0',-'.,-, ,0',4'.,-, ,0',-'.,-- ,0',4'.,-- ,0',-'.,-. ,0',4'.,-. ,0',-'.,-0 ,0',4'.,-0



01.10.2013


HOLDERIND INVSTS LTD n/a Co File 629'638'433 40.76 - 30.06.2013 Other

HOLCIM INDIA PVT LTD n/a Co File 150'670'120 9.75 - 30.06.2013 Corporation










HARDING LOEVNER LP Multiple Portfolios MF-AGG 10'300'800 0.67 385'000 30.04.2013 Investment Advisor

UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 9'227'057 0.6 (1'545'644) 31.08.2013 Investment Advisor

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 8'567'315 0.55 4'652'338 31.12.2012 Investment Advisor


JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 8'031'945 0.52 44'624 31.07.2013 Investment Advisor


JP MORGAN CHASE BANK Multiple Portfolios MF-AGG 4'538'852 0.29 - 31.05.2013 Investment Advisor

BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'775'781 0.11 269'889 30.08.2013 Investment Advisor



CIMB RAHUL JAIN outperform 5 M 217 12 month 30.09.2013

Motilal Oswal Securities Ltd JINESH K GANDHI neutral 3 M 188 12 month 30.09.2013

IDFC Securities Ltd BHOOMIKA NAIR underperform 1 M 165 Not Provided 30.09.2013

ICICIdirect.com RASHESH CHANDRAKANT SHAH hold 3 M 161 Not Provided 30.09.2013

Quant Broking Pvt Ltd MANGESH BHADANG sell 1 M 112 Not Provided 27.09.2013

IIFL J RADHAKRISHNAN sell 1 M 153 12 month 26.09.2013

Morgan Stanley ASHISH G JAIN Equalwt/In-Line 3 M 190 12 month 24.09.2013

HSBC JIGAR MISTRY underweight 1 M 160 Not Provided 23.09.2013

Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 N 206 Not Provided 20.09.2013

Deutsche Bank CHOCKALINGAM NARAYANAN sell 1 M 145 12 month 19.09.2013

Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH sell 1 M 153 Not Provided 18.09.2013

Spark Capital Advisors VIJAYARAGHAVAN SWAMINATHAN reduce 2 M 162 12 month 17.09.2013

Ambit Capital Pvt Ltd NITIN BHASIN sell 1 M 160 12 month 16.09.2013

Goldman Sachs NAVIN GUPTA Sell/Neutral 1 M 120 12 month 09.09.2013

Nirmal Bang Institutional Equities AMIT K SRIVASTAVA sell 1 M 136 Not Provided 06.09.2013

JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 195 Not Provided 05.09.2013

HDFC Securities ANKUR KULSHRESTHA neutral 3 M 170 12 month 03.09.2013



Antique Stock Broking Limited NIRAV SHAH hold 3 M 178 Not Provided 13.08.2013

Avendus Capital Private Ltd JIMESH SANGHVI hold 3 M 167 Not Provided 08.08.2013

ICICI Securities KRUPAL MANIAR add 4 M 180 12 month 02.08.2013


FinQuest Securities (P) Ltd. DARYL PHILIP sell 1 M 156 12 month 02.08.2013

Standard Chartered SATISH KUMAR in-line 3 M 166 12 month 26.07.2013


Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA hold 3 M 186 12 month 26.07.2013


Khambatta Securities Ltd RAJ KUMAR JHA underperform 1 M 158 Not Provided 26.07.2013

Networth Stock Broking Ltd SUHANI PATEL hold 3 D 180 12 month 25.07.2013

JPMorgan PINAKIN M PAREKH underweight 1 M 165 9 month 25.07.2013

SBI Capital Markets MILIND RAGINWAR hold 3 M 171 12 month 25.07.2013

Phillip Securities VAIBHAV AGARWAL neutral 3 D 170 Not Provided 25.07.2013

IDBI Capital Market Services Ltd SUDEEP ANAND sell 1 D 156 Not Provided 25.07.2013

Tata Securities Limited NIRAJ AGARWALLA hold 3 M 182 12 month 25.07.2013

Religare Capital Markets MIHIR JHAVERI sell 1 D 175 12 month 25.07.2013

Karvy Stock Broking Ltd RAJESH KUMAR RAVI sell 1 M #N/A N/A Not Provided 25.07.2013

Edelweiss Capital NAVIN SAHADEO hold 3 D 162 12 month 25.07.2013

Elara Securities India Pvt Ltd RAVI SODAH sell 1 D 163 12 month 25.07.2013

Fortune Equity Brokers (India) Ltd TEAM COVERAGE hold 3 M 170 Not Provided 25.07.2013

BOB Capital Markets JINAL JOSHI sell 1 D 165 Not Provided 25.07.2013

Kotak Securities MURTUZA ARSIWALLA sell 1 D 155 Not Provided 24.07.2013

Emkay Share & Stock Brokers AJIT MOTWANI reduce 2 D 165 Not Provided 24.07.2013

Holdings By:

Ambuja Cements Ltd ee


01.10.2013

Zee Entertainment Enterprises Limited produces and develops Hindi films,

serials, game shows and children's programs. The Company also purchases rights

to Hindi films, serials and other programs from their producers on a contract

basis. Zee also produces and exports entertainment software for transmission on

its ZEE TV channel. The Company also produces motion pictures.


LTM as of: 06/yy

52-Week High (26.07.2013) 267.35

52-Week Low (30.10.2012) 173.80

Daily Volume

231.3





222'045.88 1 Yr Total Return 18.28%







Z IB EQUITY YTD Change - Average Volume 30 Day 199'316

Z IB EQUITY YTD % CHANGE - Average Volume 3 Month 238'825


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

21'773.1 21'997.8 30'088.0 30'405.0 36'996.0 31'535.8 37'802.8 42'656.0 49'100.9 10'579.5 11'037.0

2.31x 5.02x 3.89x 3.66x 5.16x 7.30x 9.71x 4.90x 4.17x - -

5'491.9 6'226.1 8'291.0 7'517.0 9'621.0 8'167.5 10'125.1 11'501.8 14'031.2 3'262.0 3'418.0

9.15x 17.73x 14.10x 14.80x 19.83x 0.00x 0.00x 18.44x 15.11x - -

5'123.6 6'313.7 6'251.0 5'891.0 7'196.0 6'136.5 7'860.4 8'409.1 10'204.6 2'284.5 2'489.0

9.01x 18.97x 19.34x 20.86x 27.92x 23.46x 28.72x 26.47x 21.76x - -











EBITDA Margin 26.0%



Asset Turnover 0.79







Fiscal Year Ended

Zee Entertainment Enterprises LtdPrice/Volume

Valuation Analysis

435'632.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,

-,,

-2,

.,,

.2,

0,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0', E

0'2 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


CYQUATOR MEDIA SERVI n/a Co File 241'402'908 25.15 - 30.06.2013 Other

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 122'983'280 12.81 (52'016) 31.07.2013 Investment Advisor

ESSEL MEDIA VENTURES n/a Co File 102'888'286 10.72 - 30.06.2013 Other

ESSEL HOLDINGS LTD n/a Co File 46'378'518 4.83 - 30.06.2013 Other


ESSEL INTERNATIONAL n/a Co File 23'000'000 2.4 - 30.06.2013 Corporation














GOEL LAXMI NARAIN n/a EXCH 3'843'758 0.4 - 05.09.2012 n/a


Nomura PRABHAT AWASTHI suspended coverage #N/A N/A M #N/A N/A Not Provided 29.09.2013

Axis Capital Limited CHIRAG NEGANDHI buy 5 M 260 Not Provided 27.09.2013

Batlivala & Karani Securities ROHIT DOKANIA underperform 1 M 203 Not Provided 25.09.2013

HDFC Securities HIMANSHU SHAH neutral 3 M 223 12 month 25.09.2013

KR Choksey Shares & Sec Pvt Ltd ARCHANA SHIVANE buy 5 M 272 Not Provided 20.09.2013

IIFL BIJAL SHAH add 4 M 255 12 month 19.09.2013


Standard Chartered SAURAV ANAND outperform 5 M 295 12 month 11.09.2013

BNP Paribas Equity Research KUNAL D VORA hold 3 M 247 12 month 11.09.2013

ICICI Securities VIKASH MANTRI reduce 2 U 240 12 month 10.09.2013



Morgan Stanley PARAG GUPTA Overwt/Attractive 5 M 278 12 month 02.09.2013

SBI Capital Markets DIPESH N MEHTA buy 5 N 275 12 month 29.08.2013

CIMB SRINIVAS SESHADRI underperform 1 M 230 12 month 23.08.2013

Anand Rathi Securities Pvt. Ltd. YOGESH KIRVE buy 5 M 305 Not Provided 23.08.2013

Motilal Oswal Securities Ltd SHOBHIT KHARE neutral 3 M 242 Not Provided 19.08.2013

Edelweiss Capital ABNEESH ROY buy 5 M 305 Not Provided 19.08.2013

Centrum Broking Pvt Ltd ANKIT KEDIA hold 3 M 245 12 month 08.08.2013

ICICIdirect.com KARAN MITTAL buy 5 M 268 12 month 05.08.2013

UBS SURESH A MAHADEVAN sell 1 M 245 12 month 29.07.2013


Phillip Securities NAVEEN KULKARNI neutral 3 M 270 Not Provided 29.07.2013

Antique Stock Broking Limited PRATISH KRISHNAN hold 3 M 240 Not Provided 29.07.2013

Sushil Finance Consultants Ltd BHARTI GUPTA hold 3 M 260 Not Provided 29.07.2013

JPMorgan LATIKA CHOPRA neutral 3 M 255 6 month 28.07.2013

Macquarie NITIN MOHTA outperform 5 U 300 12 month 27.07.2013


Elara Securities India Pvt Ltd MOHAN LAL buy 5 M 305 12 month 27.07.2013

Goldman Sachs SACHIN SALGAONKAR neutral/neutral 3 M 262 12 month 26.07.2013

JM Financial Institutional Securities P SIDDHARTH GOENKA buy 5 M 290 12 month 26.07.2013

Emkay Share & Stock Brokers NAVAL SETH buy 5 M 286 Not Provided 26.07.2013

Deutsche Bank GAURAV BHATIA buy 5 M 280 12 month 25.07.2013

Kotak Securities AMIT KUMAR reduce 2 M 230 Not Provided 25.07.2013

IDFC Securities Ltd NIKHIL K VORA outperform 5 M 300 12 month 25.07.2013

HSBC RAJIV SHARMA overweight 5 M 285 Not Provided 31.05.2013

Ventura Securities Ltd TEAM COVERAGE buy 5 M 267 Not Provided 24.05.2013

Techno Shares & Stocks DEBASHISH MAZUMDAR accumulate 4 M 250 Not Provided 13.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 13.03.2013

Ashika Stock Broking Limited PARAS BOTHRA buy 5 M 265 Not Provided 07.03.2013


Holdings By:

Zee Entertainment Enterprises Ltd ee


01.10.2013

Tata Power Company Limited generates and supplies electricity in Mumbai and its

suburbs. The Company also constructs and operates independent power plants as

well as captive power plants for industrial concerns. Tata Power also provides

various services related to electricity distribution, erects and commissions

transmission lines, and is diversifying into the telecommunications market.


LTM as of: 06/yy

52-Week High (05.12.2012) 113.20

52-Week Low (06.08.2013) 68.25

Daily Volume

78.45





186'167.52 1 Yr Total Return -25.00%







TPWR IB EQUITY YTD Change - Average Volume 30 Day 530'927

TPWR IB EQUITY YTD % CHANGE - Average Volume 3 Month 437'093


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

174'787.2 188'000.7 194'507.6 260'014.0 330'254.3 272'616.2 349'302.5 368'955.3 385'833.2 - -

1.77x 2.66x 2.85x 2.12x 1.83x 2.02x 1.73x 1.51x 1.42x - -

36'722.4 37'363.3 46'651.8 53'479.4 67'913.3 52'606.5 72'862.6 71'185.8 75'289.6 - -

8.42x 13.37x 11.88x 10.28x 8.90x 0.00x 0.00x 7.88x 7.46x - -

12'187.4 19'668.4 20'596.0 (10'876.8) (854.3) (14'390.1) (3'460.6) 9'376.0 12'681.2 1'771.0 2'345.0

13.96x 16.23x 15.40x - - 0.00x 0.00x 19.10x 14.58x - -


EBIT 47'396.40 Long-Term Rating B+









EBITDA Margin 20.6%



Asset Turnover 0.51







Fiscal Year Ended

Tata Power Co LtdPrice/Volume

Valuation Analysis

271'932.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,

1,

3,

5,

-,,

-.,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

-', E

.', E

0', E

1', E

2', E

3', E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

2,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013









TATA STEEL LTD n/a Co File 34'318'180 1.45 - 30.06.2013 Corporation


TATA INDUSTRIES LTD n/a Co File 19'680'000 0.83 - 30.06.2013 Corporation



RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 6'578'238 0.28 - 31.08.2013 Other






SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 3'777'467 0.16 - 28.06.2013 Investment Advisor







Antique Stock Broking Limited RAHUL MODI hold 3 M 87 Not Provided 10.09.2013


Credit Suisse AMISH SHAH underperform 1 M 68 Not Provided 09.09.2013

JPMorgan SUMIT KISHORE neutral 3 M 84 6 month 06.09.2013

Batlivala & Karani Securities VISHAL BIRAIA outperform 5 M 81 Not Provided 06.09.2013


Centrum Broking Pvt Ltd SACHIN MEHTA buy 5 N 95 Not Provided 04.09.2013

EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 04.09.2013


Ambit Capital Pvt Ltd BHARGAV BUDDHADEV buy 5 M 97 12 month 21.08.2013

Morgan Stanley PARAG GUPTA Underwt/In-Line 1 M 78 12 month 19.08.2013



IDBI Capital Market Services Ltd HANSRAJ SINGH hold 3 N 76 Not Provided 08.08.2013


CIMB HARISH BIHANI neutral 3 M 84 12 month 07.08.2013


HDFC Securities ABHINAV SHARMA buy 5 U 83 12 month 07.08.2013


Quant Broking Pvt Ltd ABHINEET ANAND sell 1 M 71 12 month 07.08.2013


Fortune Equity Brokers (India) Ltd TEAM COVERAGE buy 5 M 80 Not Provided 07.08.2013






Standard Chartered PANKAJ KAPOOR underperform 1 M 86 12 month 09.07.2013

Avendus Capital Private Ltd ABHAY MOGHE buy 5 U 108 Not Provided 26.06.2013

ICICI Securities PRAKASH GAURAV GOEL add 4 M 98 12 month 31.05.2013

ITI Securities Ltd ABHISHEK B PATEL buy 5 M 113 12 month 31.05.2013

Barclays VENUGOPAL GARRE equalweight 3 M 95 Not Provided 16.04.2013

BNP Paribas Equity Research GIRISH NAIR reduce 2 M 85 12 month 04.04.2013


NVS Brokerage Limited TEAM COVERAGE buy 5 M 135 12 month 17.01.2013

MSFL - Institutional Business Group SITARAMAN IYER hold 3 M 106 12 month 18.10.2012

Religare Capital Markets MISAL SINGH hold 3 M 105 12 month 10.09.2012

SMC Global Securities Ltd. JAISHEEL GARG outperform 5 M 124 Not Provided 09.01.2012

Holdings By:

Tata Power Co Ltd ee


01.10.2013

Bharat Heavy Electricals Limited manufactures power plant equipment. The

Company's products include gas turbines, generators, thermal sets, diesel

shunters, turbo sets, hydro sets, power transformers, switch gears, circuit

breakers and boilers. The Company also manufactures compressors, valves,

rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.


LTM as of: 01/yy

52-Week High (05.10.2012) 272.45

52-Week Low (20.08.2013) 100.35

Daily Volume

141.9





347'314.44 1 Yr Total Return -41.68%







BHEL IB EQUITY YTD Change - Average Volume 30 Day 1'689'313

BHEL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'217'785


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

264'914.0 331'544.8 418'546.6 475'989.5 481'063.1 - - 409'696.0 375'953.3 - -

2.41x 3.24x 2.19x 1.19x 0.80x - - 0.67x 0.66x - -

37'633.0 54'935.0 85'525.5 112'700.8 109'921.7 - - 64'387.3 54'978.0 - -

16.96x 19.55x 10.71x 5.04x 3.48x - - 4.61x 5.40x - -

31'151.7 43'269.2 60'533.6 70'874.4 66'933.7 - - 44'854.7 40'090.2 - -

23.74x 27.05x 16.68x 8.88x 6.47x - - 7.74x 8.66x - -











EBITDA Margin 22.8%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bharat Heavy Electricals LtdPrice/Volume

Valuation Analysis

690'089.00


,

2,

-,,

-2,

.,,

.2,

0,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0', E

0'2 E

1', E

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

0,,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013






COMGEST SA A/C MAGEL n/a Co File 33'850'000 1.38 - 30.06.2013 Other

COMGEST GROWTH PLC n/a Co File 26'307'000 1.07 - 30.06.2013 Investment Advisor






PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 5'192'161 0.21 681 31.08.2013 Investment Advisor



EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 3'175'597 0.13 1'603'427 28.06.2013 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 2'445'480 0.1 (628'500) 28.03.2013 Investment Advisor

BARING INTERNATIONAL Multiple Portfolios MF-AGG 2'110'172 0.09 - 30.06.2013 Investment Advisor


PIONEER n/a ULT-AGG 1'974'597 0.08 - 31.07.2013 Unclassified

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1'798'673 0.07 91'051 30.08.2013 Investment Advisor


Axis Capital Limited BHAVIN VITHLANI sell 1 M 90 Not Provided 27.09.2013

JPMorgan SUMIT KISHORE underweight 1 M 110 12 month 26.09.2013

India Nivesh Ltd SANTOSH YELLAPU buy 5 M 176 Not Provided 25.09.2013




Deutsche Bank MANISH SAXENA sell 1 M 126 12 month 17.09.2013


Religare Capital Markets MISAL SINGH sell 1 M 110 12 month 16.09.2013

Antique Stock Broking Limited DHIRENDRA TIWARI hold 3 M 144 Not Provided 16.09.2013

Morgan Stanley AKSHAY SONI Underwt/In-Line 1 M 100 12 month 10.09.2013

Goldman Sachs PULKIT PATNI Sell/Neutral 1 M 107 12 month 09.09.2013

Batlivala & Karani Securities RENU BAID underperform 1 M 132 Not Provided 06.09.2013

Barclays VENUGOPAL GARRE underweight 1 M 134 Not Provided 05.09.2013

Phillip Securities ANKUR SHARMA neutral 3 M 145 Not Provided 04.09.2013


Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA hold 3 M 180 Not Provided 30.08.2013


EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 29.08.2013


Kotak Securities LOKESH GARG sell 1 M 100 Not Provided 20.08.2013

Motilal Oswal Securities Ltd SATYAM AGARWAL neutral 3 M 161 Not Provided 20.08.2013

Dalal & Broacha ASHUTOSH GARUD underperform 1 M 140 12 month 06.08.2013


KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE hold 3 D 125 Not Provided 06.08.2013

Avendus Capital Private Ltd DEVANG PATEL reduce 2 M 108 Not Provided 06.08.2013

HSBC ASHUTOSH NARKAR underweight 1 M 130 Not Provided 05.08.2013

Macquarie INDERJEET SINGH BHATIA underperform 1 M 133 12 month 05.08.2013


Daiwa Securities Co. Ltd. SAURABH MEHTA underperform 1 M 145 Not Provided 05.08.2013

Prabhudas Lilladher Pvt Ltd KUNAL SHETH reduce 2 M 133 12 month 05.08.2013

Espirito Santo Investment Bank ResearchADITYA BHARTIA sell 1 M 132 Not Provided 05.08.2013

Nomura AMAR KEDIA reduce 2 M 114 Not Provided 05.08.2013

HDFC Securities ABHINAV SHARMA sell 1 M 117 12 month 05.08.2013

India Infoline TARANG BHANUSHALI sell 1 D 126 12 month 05.08.2013

Angel Broking Limited AMIT PATIL neutral 3 M #N/A N/A Not Provided 05.08.2013


Ambit Capital Pvt Ltd BHARGAV BUDDHADEV sell 1 M 130 12 month 05.08.2013

Spark Capital Advisors APURVA PATEL reduce 2 M 125 12 month 05.08.2013




Nirmal Bang Institutional Equities CHIRAG MUCHHALA sell 1 M 130 Not Provided 05.08.2013

Holdings By:

Bharat Heavy Electricals Ltd ee


01.10.2013

IDFC Limited offers infrastructure project financing services. The Company

primarily finances energy, telecommunications, and transportation projects.


LTM as of: 06/yy

52-Week High (07.01.2013) 185.35

52-Week Low (28.08.2013) 76.25

Daily Volume

89.75





136'072.31 1 Yr Total Return -40.81%







IDFC IB EQUITY YTD Change - Average Volume 30 Day 2'558'086

IDFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'679'610


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

36'386.4 40'745.4 49'364.8 64'303.5 81'463.6 69'173.8 86'042.5 38'000.1 42'772.5 8'580.5 9'073.5

8.39x 11.64x 12.05x 10.39x 9.31x 15.08x 16.22x 3.34x 2.92x - -

31'232.6 34'392.0 42'130.0 59'475.0 72'466.3 0.0 42'382.6 28'801.8 32'272.0 - -

9.78x 13.79x 14.12x 11.24x 10.47x 0.00x 0.00x 23.52x 20.99x - -

7'498.3 10'622.9 12'816.6 15'540.1 18'362.0 16'201.0 20'137.3 19'901.8 22'624.0 3'953.0 4'583.5

9.34x 19.64x 17.62x 13.19x 11.84x 12.72x 9.64x 6.82x 6.06x 7.61x 7.07x











EBITDA Margin 89.0%



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

IDFC LtdPrice/Volume

Valuation Analysis

553'688.00


,.,1,3,5,

-,,-.,-1,-3,-5,.,,


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013



SIPADAN INVSTS MAURI n/a Co File 151'145'989 9.97 - 30.06.2013 Other


ROYAL BANK OF SCOTLA n/a Research 43'929'230 2.9 - 30.06.2013 Investment Advisor


COMMONWEALTH BANK OF n/a ULT-AGG 36'570'405 2.41 - 31.05.2013 Bank

ABU DHABI INVESTMENT n/a Research 36'359'792 2.4 - 30.06.2013 Government


ACTIS HAWK LTD n/a Co File 30'569'363 2.02 - 30.06.2013 Other

LIC MARKET PLUS GROW n/a Co File 26'833'708 1.77 - 30.06.2013 n/a

JF INDIA FUND n/a Co File 26'640'000 1.76 - 30.06.2013 n/a





MKCP INSTITUTIONL IN n/a Co File 17'109'400 1.13 - 30.06.2013 Investment Advisor

HOUSING DEVELOPMENT n/a Co File 17'000'000 1.12 - 30.06.2013 Corporation

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 13'775'553 0.91 (134'915) 31.07.2013 Investment Advisor







Ambit Capital Pvt Ltd PANKAJ AGARWAL buy 5 M 167 12 month 19.09.2013

Nomura ABHISHEK BHATTACHARYA neutral 3 M 160 Not Provided 13.09.2013


Barclays JATIN MAMTANI overweight 5 M 115 Not Provided 11.09.2013


Goldman Sachs RAHUL JAIN neutral/neutral 3 M 90 12 month 05.09.2013

Espirito Santo Investment Bank ResearchSANTOSH SINGH buy 5 M 126 Not Provided 05.09.2013

Equirus Securities Pvt Ltd DEVAM MODI buy 5 U 107 12 month 04.09.2013

BNP Paribas Equity Research AVNEESH SUKHIJA hold 3 M 90 12 month 03.09.2013

Morgan Stanley SUBRAMANIAN IYER Equalwt/Cautious 3 U 85 12 month 30.08.2013


Ajcon Global Services Ltd. AKASH AJAY JAIN buy 5 M 100 6 month 27.08.2013

UBS VISHAL GOYAL sell 1 M 86 12 month 27.08.2013

HDFC Securities SAMEER NARANG neutral 3 M 122 12 month 26.08.2013


Kotak Securities NISCHINT CHAWATHE buy 5 M 150 Not Provided 21.08.2013




Khambatta Securities Ltd RAJ KUMAR JHA underperform 1 D 91 Not Provided 06.08.2013

Almondz Global Securities Ltd MANGESH KULKARNI buy 5 M 165 Not Provided 02.08.2013

HSBC SACHIN SHETH overweight 5 M 129 Not Provided 31.07.2013

Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 148 Not Provided 31.07.2013


IIFL SAMPATH S K KUMAR buy 5 M 160 12 month 31.07.2013

Quantum Securities Pvt Ltd RATI PANDIT buy 5 M 145 12 month 31.07.2013

CIMB JATINDER AGARWAL outperform 5 M 150 12 month 30.07.2013

JM Financial Institutional Securities P KARAN UBEROI buy 5 M 130 12 month 30.07.2013

Tata Securities Limited BIJOY SHAH buy 5 M 143 12 month 30.07.2013

Edelweiss Capital NILESH PARIKH buy 5 M 148 12 month 30.07.2013


Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA hold 3 M 138 Not Provided 08.07.2013

Dani Shares and Stocks Pvt Ltd NAMITA LOHIA buy 5 M 157 Not Provided 29.05.2013

Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 170 Not Provided 21.05.2013

KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL buy 5 M 180 Not Provided 06.05.2013


Credit Suisse ASHISH GUPTA outperform 5 M 190 Not Provided 01.05.2013


ITI Securities Ltd KIRAN R MARTIS hold 3 M 149 Not Provided 10.10.2012

MF Global Sify Private Client Group BHAVYA GANDHI accumulate 4 M 129 Not Provided 11.05.2012

Holdings By:

IDFC Ltd ee


01.10.2013

Godrej Consumer Products Limited manufactures personal care, hair care,

household care and fabric care products. The Company's products include toilet

soaps, cosmetics, shaving creams, talcum powder, household cleaners and fabric

detergents.


LTM as of: 06/yy

52-Week High (18.07.2013) 977.40

52-Week Low (22.11.2012) 661.25

Daily Volume

830





282'514.00 1 Yr Total Return 23.30%







GCPL IB EQUITY YTD Change - Average Volume 30 Day 20'773

GCPL IB EQUITY YTD % CHANGE - Average Volume 3 Month 82'183


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

13'929.6 20'412.0 36'936.0 48'661.6 64'074.4 52'417.4 67'224.6 77'689.1 92'193.7 18'981.0 18'637.0

2.38x 3.78x 3.68x 3.63x 4.41x 6.23x 7.79x 3.80x 3.15x - -

2'114.3 4'113.2 6'540.1 8'769.8 10'187.2 9'390.9 10'382.2 12'202.7 14'921.9 3'228.0 3'565.0

15.70x 18.76x 20.80x 20.15x 27.76x 0.00x 0.00x 24.66x 20.16x 23.28x 21.39x

1'732.6 3'395.9 5'147.1 7'267.2 7'961.0 6'179.2 7'983.6 8'249.3 10'148.4 1'923.0 2'384.0

19.54x 23.06x 22.69x 21.49x 33.26x 30.88x 34.91x 34.06x 27.61x 37.58x 33.11x











EBITDA Margin 15.9%



Asset Turnover 0.93







Fiscal Year Ended

Godrej Consumer Products LtdPrice/Volume

Valuation Analysis

2'274.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-,,.,,0,,1,,2,,3,,4,,5,,6,,

-,,,


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

5,',,

6,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


GODREJ & BOYCE MANUF n/a Co File 123'561'815 36.3 - 30.06.2013 Corporation

GODREJ INDUSTRIES LT n/a EXCH 74'859'620 21.99 1'200'000 13.08.2013 Corporation

ABERDEEN n/a ULT-AGG 21'765'094 6.39 (249'567) 31.07.2013 Investment Advisor

Baytree Investments n/a Co File 16'707'317 4.91 - 30.06.2013 Unclassified



NAOROJI RISHAD KAIKH n/a EXCH 3'393'524 1 (240'000) 13.08.2013 n/a



GODREJ JAMSHYD NAVRO n/a EXCH 1'895'049 0.56 (96'614) 30.11.2012 n/a

CRISHNA FREYAN VIJAY n/a EXCH 1'714'090 0.5 (120'000) 13.08.2013 n/a

CRISHNA NYRIKA VIJAY n/a EXCH 1'714'088 0.5 (120'000) 13.08.2013 n/a

GODREJ NAVROZE JAMSH n/a EXCH 1'708'809 0.5 (120'000) 13.08.2013 n/a

GODREJ RAIKA JAMSHYD n/a EXCH 1'708'808 0.5 (120'000) 13.08.2013 n/a


MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1'505'294 0.44 (763'284) 31.03.2013 Investment Advisor

GODREJ NADIR BURJORJ n/a EXCH 1'360'178 0.4 (240'000) 13.08.2013 n/a

GODREJ ADI BURJORJI n/a EXCH 1'263'353 0.37 (66'666) 30.11.2012 n/a

GODREJ PIROJSHA ADI n/a EXCH 1'139'075 0.33 (80'000) 13.08.2013 n/a

GODREJ NISABA ADI n/a EXCH 1'139'061 0.33 (80'000) 13.08.2013 n/a







Morgan Stanley NILLAI SHAH Equalwt/In-Line 3 M 865 12 month 26.09.2013

CIMB VARUN LOHCHAB underperform 1 M 740 12 month 26.09.2013

IIFL PERCY PANTHAKI buy 5 M 910 12 month 26.09.2013

SBI Capital Markets SAGARIKA MUKHERJEE hold 3 M 954 12 month 24.09.2013

Phillip Securities NAVEEN KULKARNI sell 1 M 740 12 month 23.09.2013

Kotak Securities ROHIT CHORDIA reduce 2 M 760 Not Provided 20.09.2013

Credit Suisse ARNAB MITRA outperform 5 M 890 Not Provided 16.09.2013

ICICI Securities ANAND MOUR sell 1 M 764 12 month 13.09.2013





Way2Wealth Brokers Ltd SHIVANI VIVEK VISHWANATHAN hold 3 M #N/A N/A Not Provided 08.08.2013

Ventura Securities Ltd TEAM COVERAGE buy 5 M #N/A N/A Not Provided 08.08.2013


Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA sell 1 M 750 Not Provided 07.08.2013




HDFC Securities HARSH MEHTA neutral 3 U 790 12 month 06.08.2013



Elara Securities India Pvt Ltd AASHISH UPGANLAWAR sell 1 M 756 12 month 06.08.2013

Quantum Securities Pvt Ltd JIGNESH MAKWANA reduce 2 M 748 12 month 06.08.2013

Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 950 Not Provided 05.08.2013

India Nivesh Ltd AMAR MOURYA neutral 3 M #N/A N/A Not Provided 05.08.2013

IDFC Securities Ltd NIKHIL K VORA outperform 5 M 890 12 month 04.08.2013

Right Horizons Financial Services TUSHAR PENDHARKAR accumulate 4 U 925 12 month 03.08.2013

HSBC AMIT SACHDEVA neutral 3 M 865 Not Provided 18.07.2013


UBS SUNITA SACHDEV buy 5 U 1'000 12 month 21.06.2013


Espirito Santo Investment Bank ResearchNITIN MATHUR sell 1 M 640 Not Provided 25.04.2013

Standard Chartered SANJAY SINGH outperform 5 M 513 12 month 16.04.2013


Parag Parikh Financial Advisory Service RUCHAK MEHTA hold 3 M #N/A N/A Not Provided 24.01.2012


JM Financial Institutional Securities P RICHARD LIU buy 5 M 454 12 month 23.01.2012

Holdings By:

Godrej Consumer Products Ltd ee


01.10.2013

Reliance Communications Ltd. offers integrated telephone services.

The Company offers fixed line and wireless voice, data and video transmission

services, and Internet access.


LTM as of: 06/yy

52-Week High (20.09.2013) 164.45

52-Week Low (26.03.2013) 50.25

Daily Volume

148.8





307'127.22 1 Yr Total Return 134.95%







RCOM IB EQUITY YTD Change - Average Volume 30 Day 3'039'114

RCOM IB EQUITY YTD % CHANGE - Average Volume 3 Month 3'574'823


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

207'429.1 206'850.5 220'890.0 187'160.0 192'940.0 188'820.0 196'620.0 228'984.2 241'528.8 52'210.0 58'972.5

3.53x 2.93x 2.58x 2.97x 2.72x 10.96x 11.13x 2.94x 2.67x - -

87'269.4 69'905.3 96'740.0 70'630.0 59'090.0 56'673.0 59'510.0 76'313.9 79'275.0 14'610.5 21'414.5

8.38x 8.67x 5.89x 7.87x 8.87x 8.76x 10.71x 9.16x 8.82x - -

60'449.3 46'550.0 13'450.0 9'280.0 6'720.0 9'320.0 6'180.0 11'015.2 13'018.2 1'503.0 2'730.0

5.97x 7.54x 16.52x 18.69x 16.99x 14.08x 39.52x 27.84x 23.62x 46.50x 42.54x











EBITDA Margin 30.3%



Asset Turnover 0.22








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Reliance Communications LtdPrice/Volume

Valuation Analysis

1'223'426.00


,.,1,3,5,

-,,-.,-1,-3,-5,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E.', E1', E3', E5', E-,', E-.', E-1', E-3', E-5', E.,', E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


AAA COMMUNICATION PR n/a Co File 723'110'172 35.03 - 30.06.2013 Holding Company


AAA INDUSTRIES PVT L n/a Co File 300'000'000 14.53 - 30.06.2013 Other

ADA ENTERPRISES & VE n/a Co File 300'000'000 14.53 - 30.06.2013 Venture Capital


RELIANCE CAPITAL LTD n/a EXCH 29'695'295 1.44 (1'400'000) 20.09.2013 Investment Advisor

RELIANCE RCOM ESOS T n/a Co File 21'279'000 1.03 - 30.06.2013 n/a




RELIANCE INNOVENTURE n/a Co File 12'379'001 0.6 - 30.06.2013 Other


AMBANI KOKILA D n/a Co File 4'665'227 0.23 - 30.06.2013 n/a

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'676'860 0.13 - 31.07.2013 Investment Advisor


AMBANI ANIL DHIRUBHA n/a Co File 1'859'171 0.09 - 30.06.2013 n/a

AMBANI JAIANMOL A n/a Co File 1'669'759 0.08 - 30.06.2013 n/a

AMBANI TINA A n/a Co File 1'650'832 0.08 - 30.06.2013 n/a

SHREEJI COMTRADE LLP n/a Co File 1'500'000 0.07 - 30.06.2013 Other

SHRIKRISHNA TRADECOM n/a Co File 1'500'000 0.07 - 30.06.2013 Other


Batlivala & Karani Securities ROHIT DOKANIA underperform 1 M 98 Not Provided 27.09.2013


BNP Paribas Equity Research KUNAL D VORA reduce 2 M 100 12 month 17.09.2013


ICICIdirect.com KARAN MITTAL hold 3 M 135 Not Provided 11.09.2013

Standard Chartered RAHUL SINGH underperform 1 M 118 12 month 10.09.2013

Daiwa Securities Co. Ltd. RAMAKRISHNA MARUVADA sell 1 M 80 Not Provided 10.09.2013

Tata Securities Limited ASHISH AGGARWAL sell 1 M 83 12 month 10.09.2013

IIFL G V GIRI reduce 2 M 120 12 month 10.09.2013

Nomura SACHIN GUPTA neutral 3 M 112 Not Provided 02.09.2013

India Infoline BHAVESH GANDHI market perform 3 M 110 12 month 29.08.2013

Anand Rathi Securities Pvt. Ltd. YOGESH KIRVE sell 1 M 80 Not Provided 26.08.2013

IDFC Securities Ltd HITESH SHAH neutral 3 M 120 12 month 23.08.2013

Barclays BHUVNESH SINGH underweight 1 M 92 Not Provided 23.08.2013

Motilal Oswal Securities Ltd SHOBHIT KHARE neutral 3 M 110 Not Provided 19.08.2013

Angel Broking Limited ANKITA SOMANI neutral 3 M #N/A N/A Not Provided 07.08.2013


Khambatta Securities Ltd DEVANG BHATT underperform 1 M 87 12 month 06.08.2013

ICICI Securities VIKASH MANTRI sell 1 D 111 12 month 05.08.2013

Phillip Securities NAVEEN KULKARNI neutral 3 M 160 Not Provided 05.08.2013

Goldman Sachs SACHIN SALGAONKAR neutral/neutral 3 M 122 12 month 04.08.2013

CIMB PIYUSH CHOUDHARY underperform 1 M 71 12 month 03.08.2013

Deutsche Bank B SRINIVAS RAO sell 1 M 102 12 month 02.08.2013

HSBC RAJIV SHARMA underweight 1 M 95 Not Provided 02.08.2013


Edelweiss Capital SANDIP KUMAR AGARWAL hold 3 M 114 12 month 02.08.2013

Nirmal Bang Institutional Equities HARIT SHAH hold 3 M 134 Not Provided 02.08.2013

JPMorgan VIJU K GEORGE underweight 1 M 50 6 month 01.08.2013

Axis Capital Limited PRIYA ROHIRA not rated #N/A N/A M #N/A N/A Not Provided 26.06.2013

Credit Suisse SUNIL TIRUMALAI underperform 1 M 90 Not Provided 10.06.2013


Jaypee Capital Services ABBAS MERCHANT neutral 3 M 68 12 month 09.11.2012

Maybank Kim Eng GANESH RAM sell 1 M 48 Not Provided 13.08.2012

Emkay Share & Stock Brokers NAVAL SETH reduce 2 M 67 Not Provided 11.07.2012

UBS SURESH A MAHADEVAN suspended coverage #N/A N/A M #N/A N/A Not Provided 28.06.2012

Holdings By:

Reliance Communications Ltd ee


01.10.2013

ACC Limited manufactures a range of cements and blended cements. The Company

also manufactures gypsum and refractory products such as Brown Tabular Alumina.

The Company provides turnkey and application consulting services for setting up

and operating cement plants and refractories. The Company owns cement plants

throughout India.


LTM as of: 06/yy

52-Week High (15.10.2012) 1'514.95

52-Week Low (28.08.2013) 912.05

Daily Volume

1100.55





206'623.17 1 Yr Total Return -22.42%







ACC IB EQUITY YTD Change - Average Volume 30 Day 29'420

ACC IB EQUITY YTD % CHANGE - Average Volume 3 Month 48'303


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

76'939.4 84'795.5 82'606.3 100'020.7 111'305.6 108'650.3 109'537.6 118'110.5 132'625.8 25'648.0 30'312.0

1.11x 1.78x 2.22x 1.90x 2.16x 3.83x 4.08x 1.57x 1.39x - -

22'511.9 26'283.6 18'428.2 19'212.4 21'966.5 20'946.6 18'404.1 19'861.5 23'442.4 3'687.0 -

3.78x 5.74x 9.95x 9.91x 10.94x 10.23x 11.22x 9.24x 7.83x - -

10'996.5 15'639.1 10'775.3 13'008.0 10'592.8 11'885.8 11'932.5 12'635.3 14'726.5 2'342.0 -

8.19x 10.47x 18.74x 16.41x 25.38x 20.04x 19.25x 16.69x 14.11x - -











EBITDA Margin 19.7%



Asset Turnover 0.93







Fiscal Year Ended

ACC LtdPrice/Volume

Valuation Analysis

8'530.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,,

1,,

3,,

5,,

-,,,

-.,,

-1,,

-3,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

,0',-'.,-, ,0',4'.,-, ,0',-'.,-- ,0',4'.,-- ,0',-'.,-. ,0',4'.,-. ,0',-'.,-0 ,0',4'.,-0



01.10.2013


HOLCIM PVT LTD n/a Co File 93'888'120 50.01 - 30.06.2013 Other










BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 580'000 0.31 172'000 28.06.2013 Investment Advisor

HOLDERIND INVSTS LTD n/a Co File 541'000 0.29 - 30.06.2013 Other

CAPITAL GROUP COMPAN n/a ULT-AGG 490'000 0.26 - 30.06.2013 Investment Advisor

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 488'608 0.26 - 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 407'506 0.22 (17'600) 30.06.2013 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 364'516 0.19 (194'972) 28.06.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 359'685 0.19 14'900 30.06.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 270'897 0.14 - 31.12.2012 Government

TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 211'849 0.11 199'146 31.08.2013 Investment Advisor

NOMURA n/a ULT-AGG 173'619 0.09 3'207 10.05.2013 Unclassified


IDFC Securities Ltd BHOOMIKA NAIR underperform 1 M 1'050 Not Provided 30.09.2013

ICICIdirect.com RASHESH SHAH hold 3 M 1'285 Not Provided 30.09.2013

Quant Broking Pvt Ltd MANGESH BHADANG sell 1 M 955 Not Provided 27.09.2013

IIFL J RADHAKRISHNAN reduce 2 M 1'068 12 month 26.09.2013

Morgan Stanley ASHISH G JAIN Equalwt/In-Line 3 M 1'336 12 month 24.09.2013

HSBC JIGAR MISTRY underweight 1 M 1'040 Not Provided 23.09.2013

Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 N 1'397 Not Provided 20.09.2013


Ambit Capital Pvt Ltd NITIN BHASIN sell 1 M 1'039 12 month 16.09.2013

Goldman Sachs NAVIN GUPTA Sell/Neutral 1 D 760 12 month 09.09.2013


Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 M 1'339 3 month 06.09.2013


Antique Stock Broking Limited NIRAV SHAH hold 3 M 1'004 Not Provided 04.09.2013

HDFC Securities ANKUR KULSHRESTHA buy 5 U 1'122 12 month 03.09.2013

Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 1'007 12 month 23.08.2013

Motilal Oswal Securities Ltd JINESH K GANDHI neutral 3 M 1'225 Not Provided 19.08.2013


Avendus Capital Private Ltd JIMESH SANGHVI buy 5 M 1'459 Not Provided 08.08.2013

Angel Broking Limited SRINIVASAN VISWANATHAN buy 5 U 1'361 12 month 05.08.2013

ICICI Securities KRUPAL MANIAR add 4 M 1'320 12 month 02.08.2013



Khambatta Securities Ltd RAJ KUMAR JHA underperform 1 M 1'262 Not Provided 29.07.2013

Standard Chartered SATISH KUMAR in-line 3 D 1'188 12 month 26.07.2013

SBI Capital Markets MILIND RAGINWAR hold 3 M 1'110 12 month 26.07.2013

Batlivala & Karani Securities PRITAM LALA buy 5 M 1'394 Not Provided 26.07.2013

IDBI Capital Market Services Ltd SUDEEP ANAND hold 3 M 1'233 12 month 26.07.2013

Karvy Stock Broking Ltd RAJESH KUMAR RAVI hold 3 M 1'265 12 month 26.07.2013

Spark Capital Advisors VIJAYARAGHAVAN SWAMINATHAN add 4 M 1'215 12 month 26.07.2013

Elara Securities India Pvt Ltd RAVI SODAH accumulate 4 M 1'270 12 month 26.07.2013

BOB Capital Markets JINAL JOSHI buy 5 M 1'406 Not Provided 26.07.2013

JPMorgan PINAKIN M PAREKH neutral 3 U 1'170 9 month 25.07.2013

Jefferies ANAND AGARWAL buy 5 M 1'477 12 month 25.07.2013


Kotak Securities MURTUZA ARSIWALLA reduce 2 M 1'140 Not Provided 25.07.2013

Phillip Securities VAIBHAV AGARWAL neutral 3 M 1'104 Not Provided 25.07.2013

Emkay Share & Stock Brokers AJIT MOTWANI reduce 2 M 1'100 Not Provided 25.07.2013

Tata Securities Limited NIRAJ AGARWALLA buy 5 M 1'364 12 month 25.07.2013

Religare Capital Markets MIHIR JHAVERI hold 3 M 1'160 12 month 25.07.2013

Edelweiss Capital NAVIN SAHADEO hold 3 D 1'324 12 month 25.07.2013

Axis Capital Limited JAGDISHWAR TOPPO sell 1 M 1'043 Not Provided 19.07.2013

Macquarie RAKESH ARORA underperform 1 M 999 12 month 04.07.2013

Holdings By:

ACC Ltd ee


01.10.2013

Titan Industries Ltd. manufactures and retails jewelry and watches. The

Company produces quartz analog electronic watches, watch movements, step

motors, and watch cases. Titan Industries serves customers throughout the

United States.


LTM as of: 01/yy

52-Week High (30.11.2012) 313.60

52-Week Low (13.06.2013) 200.00

Daily Volume

232.8





206'676.61 1 Yr Total Return -10.28%







TTAN IB EQUITY YTD Change - Average Volume 30 Day 388'804

TTAN IB EQUITY YTD % CHANGE - Average Volume 3 Month 455'882


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

38'326.4 46'771.6 65'331.4 88'484.3 101'232.9 - - 121'604.2 145'226.5 - -

0.94x 1.72x 2.42x 2.19x 2.14x - - 1.61x 1.32x - -

3'150.6 3'992.2 6'179.2 8'377.1 10'205.4 - - 11'972.1 14'620.3 - -

11.42x 20.19x 25.60x 23.09x 21.21x - - 16.31x 13.36x - -

1'639.2 2'513.0 4'331.2 6'013.6 7'253.8 - - 8'415.6 10'046.2 2'113.0 2'366.0

21.17x 32.51x 39.06x 33.74x 31.38x - - 24.61x 20.59x - -











EBITDA Margin 10.1%



Asset Turnover 1.91







Fiscal Year Ended

Titan Industries LtdPrice/Volume

Valuation Analysis

59'217.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,

-,,

-2,

.,,

.2,

0,,

02,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E2', E-,', E-2', E.,', E.2', E0,', E02', E1,', E12', E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


TAMILNADU INDUSTRIAL n/a Co File 247'476'720 27.88 - 30.06.2013 Corporation


JHUNJHUNWAL RAKESH R n/a Co File 65'374'645 7.36 - 30.06.2013 n/a

KALIMATI INVESTMENT n/a Co File 38'775'840 4.37 - 30.06.2013 Investment Advisor


JHUNJHUNWALA REKHA R n/a Co File 17'791'575 2 - 30.06.2013 n/a





TATA GLOBAL BEVERAGE n/a Co File 9'248'060 1.04 - 30.06.2013 Corporation







TATA AIG LIFE INS CO n/a EXCH 2'661'027 0.3 (150'000) 04.04.2012 Insurance Company

TATA INTERNATIONAL L n/a Co File 2'559'589 0.29 - 30.06.2013 Corporation

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'403'835 0.27 (443'373) 31.03.2013 Investment Advisor


IIFL AVI MEHTA reduce 2 M 225 12 month 01.10.2013

JPMorgan LATIKA CHOPRA neutral 3 M 265 9 month 30.09.2013



Nomura MANISH JAIN buy 5 M 268 Not Provided 27.09.2013


HSBC AMIT SACHDEVA overweight 5 M 280 Not Provided 24.09.2013

Deutsche Bank MANOJ MENON buy 5 M 295 12 month 23.09.2013

Morgan Stanley NILLAI SHAH Underwt/In-Line 1 M 205 12 month 12.09.2013

Goldman Sachs PUNEET JAIN neutral/neutral 3 M 247 12 month 11.09.2013

Dalal & Broacha HIRAL SANGHVI buy on weakness 5 M 247 Not Provided 05.09.2013

Jefferies RAJASA KAKULAVARAPU buy 5 M 311 12 month 04.09.2013

ICICIdirect.com BHARAT CHHODA buy 5 M 250 12 month 29.08.2013

Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL Under Review #N/A N/A M #N/A N/A Not Provided 28.08.2013

Daiwa Securities Co. Ltd. MIHIR P SHAH outperform 5 D 250 Not Provided 23.08.2013


Spark Capital Advisors TEJASH SHAH reduce 2 M 221 12 month 19.08.2013

IDFC Securities Ltd NIKHIL K VORA outperform 5 M 263 Not Provided 16.08.2013

Kotak Securities ROHIT CHORDIA reduce 2 D 250 Not Provided 14.08.2013


CIMB VARUN LOHCHAB neutral 3 U 280 12 month 02.08.2013


Espirito Santo Investment Bank ResearchNITIN MATHUR buy 5 M 330 Not Provided 02.08.2013


Dolat Capital Market Ltd. AMIT PUROHIT accumulate 4 M 303 12 month 02.08.2013


Batlivala & Karani Securities ASHIT DESAI outperform 5 U 285 Not Provided 01.08.2013

Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA hold 3 M 280 Not Provided 01.08.2013


UBS SUNITA SACHDEV sell 1 M 235 12 month 24.07.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 07.06.2013

Right Horizons Financial Services TUSHAR PENDHARKAR hold 3 M 275 12 month 04.05.2013

Anand Rathi Securities Pvt. Ltd. SUMAN MEMANI buy 5 M 325 Not Provided 09.04.2013

Proactive Universal KAUSTAV KAKATI hold 3 M 249 12 month 01.08.2012

Fairwealth Securities Ltd HITESH PAREKH sell 1 M 220 12 month 03.05.2012

JM Financial Institutional Securities P RICHARD LIU buy 5 M 248 12 month 31.01.2012

Greshma Shares & Stock Ltd TEAM COVERAGE buy 5 M 240 Not Provided 07.10.2011

India Infoline TEAM COVERAGE sell 1 M 203 Not Provided 11.07.2011

Holdings By:

Titan Industries Ltd ee


01.10.2013

Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders,

antacids and processed foods. The Company sells its products worldwide.


LTM as of: 06/yy

52-Week High (25.07.2013) 177.40

52-Week Low (23.11.2012) 120.90

Daily Volume

168.35





293'570.94 1 Yr Total Return 32.99%







DABUR IB EQUITY YTD Change - Average Volume 30 Day 131'770

DABUR IB EQUITY YTD % CHANGE - Average Volume 3 Month 131'064


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

28'054.3 33'904.7 41'045.1 53'054.2 61'761.2 55'405.6 63'355.1 71'070.0 81'988.7 17'390.3 19'379.0

3.06x 4.01x 4.16x 3.56x 3.95x 3.41x 7.37x 4.13x 3.52x - -

4'841.1 6'382.8 7'807.5 8'821.4 10'147.3 9'127.9 10'575.8 12'160.4 14'240.7 3'193.3 3'353.0

17.72x 21.27x 21.85x 21.44x 24.04x 0.00x 0.00x 24.52x 20.93x - -

3'905.0 5'032.3 5'685.7 6'448.9 7'634.2 6'666.0 8'000.4 9'275.1 11'013.2 2'343.3 2'595.0

21.97x 27.37x 29.42x 28.79x 31.26x 29.91x 33.85x 31.63x 26.67x - -











EBITDA Margin 16.4%



Asset Turnover 1.38







Fiscal Year Ended

Dabur India LtdPrice/Volume

Valuation Analysis

32'265.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,.,1,3,5,

-,,-.,-1,-3,-5,.,,


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


CHOWDHARY ASSOCIATES n/a Co File 217'934'000 12.5 - 30.06.2013 Other

VIC ENTERPRISES PVT n/a Co File 217'734'000 12.49 - 30.06.2013 Unclassified

GYAN ENTERPRISES PVT n/a Co File 202'237'980 11.6 - 30.06.2013 Other

PURAN ASSOCIATES PVT n/a Co File 189'212'000 10.85 - 30.06.2013 Corporation

RATNA COMMERCIAL ENT n/a Co File 154'960'930 8.89 - 30.06.2013 Other

MILKY INVEST & TRADI n/a Co File 106'140'970 6.09 - 30.06.2013 Investment Advisor

BURMANS FINVEST PVT n/a Co File 53'012'986 3.04 - 30.06.2013 Other





M B FINMART PVT LTD n/a Co File 26'506'492 1.52 - 30.06.2013 Other

WINDY INVESTMENTS PV n/a Co File 26'506'492 1.52 - 30.06.2013 Corporation

BARING INDIA INVESTM n/a Co File 26'230'000 1.5 - 30.06.2013 Other


FIRST STATE INVESTME Multiple Portfolios MF-AGG 11'852'511 0.68 277'498 30.08.2013 Investment Advisor


HARDING LOEVNER LP Multiple Portfolios MF-AGG 8'723'504 0.5 694'000 30.04.2013 Investment Advisor

ROBECO n/a ULT-AGG 5'607'733 0.32 (1'000'000) 30.04.2013 Unclassified




NVS Brokerage Limited TEAM COVERAGE buy 5 M 195 Not Provided 30.09.2013




IIFL PERCY PANTHAKI add 4 M 175 12 month 26.09.2013

ICICI Securities ANAND MOUR add 4 M 192 12 month 13.09.2013

Goldman Sachs ADITYA SOMAN neutral/neutral 3 M 146 12 month 11.09.2013

Daiwa Securities Co. Ltd. MIHIR P SHAH outperform 5 M 185 Not Provided 11.09.2013


Motilal Oswal Securities Ltd GAUTAM DUGGAD buy 5 M 185 Not Provided 19.08.2013




Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI hold 3 M 170 Not Provided 29.07.2013

India Infoline TEAM COVERAGE buy 5 M 188 9 month 26.07.2013

Macquarie AMIT MISHRA neutral 3 M 180 12 month 25.07.2013

CIMB VARUN LOHCHAB neutral 3 N 175 12 month 25.07.2013



IDFC Securities Ltd NIKHIL K VORA neutral 3 M 171 12 month 25.07.2013

HDFC Securities HARSH MEHTA neutral 3 D 182 12 month 25.07.2013



ICICIdirect.com SANJAY MANYAL hold 3 M 180 12 month 25.07.2013

India Nivesh Ltd DALJEET SINGH KOHLI hold 3 M #N/A N/A Not Provided 25.07.2013

Deutsche Bank MANOJ MENON hold 3 M 160 12 month 24.07.2013




Tata Securities Limited SAMEER DESHMUKH hold 3 M 158 12 month 24.07.2013

Religare Capital Markets GAURANG KAKKAD buy 5 M 185 12 month 24.07.2013

Elara Securities India Pvt Ltd AASHISH UPGANLAWAR accumulate 4 M 187 Not Provided 24.07.2013

Quantum Securities Pvt Ltd JIGNESH MAKWANA reduce 2 D 164 Not Provided 24.07.2013

HSBC AMIT SACHDEVA overweight 5 U 190 Not Provided 19.07.2013


Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 170 Not Provided 04.07.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013


Sushil Finance Consultants Ltd BHAVESHKUMAR JAIN hold 3 D 155 Not Provided 03.05.2013

Right Horizons Financial Services TUSHAR PENDHARKAR hold 3 M 155 12 month 30.04.2013

Microsec Capital NAVEEN VYAS buy 5 N 163 12 month 26.04.2013

Karvy Stock Broking Ltd NAVEEN TRIVEDI buy 5 M 160 Not Provided 10.04.2013

Holdings By:

Dabur India Ltd ee


01.10.2013

Shriram Transport Finance Co. Ltd. provides hire purchase finance for trucks.


LTM as of: 06/yy

52-Week High (28.05.2013) 841.80

52-Week Low (28.08.2013) 465.20

Daily Volume

574.95





130'446.23 1 Yr Total Return -6.70%







SHTF IB EQUITY YTD Change - Average Volume 30 Day 24'550

SHTF IB EQUITY YTD % CHANGE - Average Volume 3 Month 20'566


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

- 44'965.6 54'795.6 61'811.7 70'159.6 57'847.0 74'197.0 44'473.3 51'826.1 11'318.0 11'595.0

- 6.35x 5.57x 4.86x 6.44x 11.14x 10.15x 2.15x 1.72x - -

- 39'210.3 45'151.1 51'195.6 59'416.7 11'528.8 49'721.8 - - - -

- 7.29x 6.76x 5.86x 7.61x 0.00x 0.00x - - - -

- 8'730.3 12'171.1 13'088.1 14'634.3 12'769.2 14'876.3 15'906.1 18'815.5 4'010.0 4'460.0

- 12.82x 14.76x 10.38x 10.76x 0.00x 10.80x 8.09x 6.90x 7.38x 6.99x











EBITDA Margin 84.7%



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shriram Transport Finance Co LtdPrice/Volume

Valuation Analysis

3'376.00


,-,,.,,0,,1,,2,,3,,4,,5,,6,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

2', E

-,', E

-2', E

.,', E

.2', E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


SHRIRAM CAPITAL LTD n/a EXCH 58'798'924 25.92 - 28.08.2013 Holding Company

PIRAMAL ENTERPRISES n/a Research 22'847'468 10.07 - 10.05.2013 Corporation

PIRAMAL ENTERPRISES n/a Co File 22'600'000 9.96 - 30.06.2013 Other


SANLAM LIFE INSURANC n/a EXCH 10'094'419 4.45 - 06.08.2013 Insurance Company

ONTARIO TEACHERS PEN n/a Co File 9'815'872 4.33 - 30.06.2013 Pension Fund (ERISA)

STICHTING PENSIOEN F n/a Co File 5'531'770 2.44 - 30.06.2013 Pension Fund (ERISA)

CENTAURA INVEST MAUR n/a Co File 5'458'598 2.41 - 30.06.2013 Other



SHRIRAM CREDIT COMPA n/a EXCH 2'560'010 1.13 - 14.08.2013 Insurance Company

EQUINOX PARTNERS LP n/a Co File 2'541'571 1.12 - 30.06.2013 Hedge Fund Manager




WASATCH ADVISORS INC Multiple Portfolios MF-AGG 1'373'176 0.61 1'177'231 30.06.2013 Investment Advisor

IDFC MUTUAL FUND Multiple Portfolios MF-AGG 1'320'000 0.58 (272'000) 31.08.2013 Investment Advisor


LAZARD ASSET MANAGEM n/a ULT-AGG 866'616 0.38 (59'950) 31.08.2013 Unclassified

FIL LIMITED n/a ULT-AGG 788'061 0.35 (100'523) 31.12.2012 Investment Advisor


Axis Capital Limited PRAVEEN AGRAWAL hold 3 M 543 Not Provided 27.09.2013

ICICI Securities SANTANU CHAKRABARTI buy 5 M 880 12 month 24.09.2013




Macquarie SURESH GANAPATHY neutral 3 M 645 12 month 18.09.2013

Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA buy 5 U 780 Not Provided 17.09.2013

JPMorgan SAURABH S KUMAR neutral 3 M 615 6 month 15.09.2013



Espirito Santo Investment Bank ResearchSANTOSH SINGH buy 5 U 658 Not Provided 30.08.2013

Barclays JATIN MAMTANI overweight 5 M 643 Not Provided 29.08.2013




Kotak Securities NISCHINT CHAWATHE add 4 M 760 Not Provided 21.08.2013


UBS VISHAL GOYAL neutral 3 M 680 12 month 09.08.2013

Morgan Stanley SUBRAMANIAN IYER Underwt/Cautious 1 D 525 12 month 07.08.2013

Shah Investor's Home Limited BUNTY CHAWLA buy 5 M 785 12 month 29.07.2013


SBI Capital Markets DHARMESH SHAH hold 3 M 712 12 month 24.07.2013

Anand Rathi Securities Pvt. Ltd. KAITAV SHAH hold 3 M 807 Not Provided 24.07.2013

Antique Stock Broking Limited DIGANT HARIA buy 5 M 764 Not Provided 24.07.2013



Avendus Capital Private Ltd JAYNEE SHAH add 4 U 738 Not Provided 24.07.2013

HSBC TEJAS MEHTA neutral 3 M 723 Not Provided 23.07.2013

CIMB UMANG SHAH underperform 1 M 665 12 month 23.07.2013




EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013


Equirus Securities Pvt Ltd DEVAM MODI buy 5 M 888 12 month 08.05.2013

IDFC Securities Ltd MANISH CHOWDHARY dropped coverage #N/A N/A M #N/A N/A Not Provided 13.03.2013

Maybank Kim Eng VARUN VARMA buy 5 M 872 12 month 29.01.2013

Violet Arch Securities ABHISHEK KOTHARI buy 5 N 752 12 month 21.09.2012


SKP Securities Limited VIKESH P MEHTA accumulate 4 N 577 Not Provided 12.01.2012

Holdings By:

Shriram Transport Finance Co Ltd ee


01.10.2013

Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and

cement. The Company also produces power, conducts mining operations for iron

ore and coal, and explores for natural gas and oil. JSPL, with its diverse

resources, also contributes to the construction of infrastructure.


LTM as of: 06/yy

52-Week High (20.12.2012) 473.90

52-Week Low (02.08.2013) 181.55

Daily Volume

231.8





216'697.22 1 Yr Total Return -46.45%







JSP IB EQUITY YTD Change - Average Volume 30 Day 360'346

JSP IB EQUITY YTD % CHANGE - Average Volume 3 Month 394'731


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

108'747.3 110'915.4 131'121.5 182'086.0 198'067.8 189'067.9 193'633.7 214'756.1 265'896.4 50'472.0 51'309.0

2.37x 6.68x 5.97x 3.67x 2.90x 6.90x 6.06x 2.27x 1.86x - -

54'887.4 60'205.0 64'685.9 71'086.0 61'217.4 69'535.2 67'965.4 67'426.1 84'558.4 16'791.0 18'348.0

4.69x 12.30x 12.09x 9.41x 9.39x 0.00x 0.00x 6.92x 5.52x - -

30'457.2 35'729.7 37'538.8 39'649.0 29'101.1 34'233.6 30'190.6 30'113.5 34'780.7 8'032.0 8'520.0

6.12x 18.32x 17.36x 12.85x 11.17x 12.83x 6.73x 7.07x 6.14x - -











EBITDA Margin 30.9%



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Jindal Steel & Power LtdPrice/Volume

Valuation Analysis

112'978.00


,2,

-,,-2,.,,.2,0,,02,1,,12,2,,


0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


GAGAN INFRAENERGY LI n/a EXCH 67'404'060 7.21 450'000 21.06.2013 Other








SUDHA APPARELS LTD n/a EXCH 4'755'000 0.51 - 25.10.2011 Other





NOMURA n/a ULT-AGG 2'041'334 0.22 13'207 10.05.2013 Unclassified



INVESCO LTD n/a ULT-AGG 1'494'348 0.16 800'000 27.09.2013 Investment Advisor

STABLE TRADING COMPA n/a EXCH 1'374'168 0.15 - 25.10.2011 Other


LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1'010'519 0.11 51'154 30.08.2013 Investment Advisor


Motilal Oswal Securities Ltd SANJAY JAIN neutral 3 M 238 Not Provided 30.09.2013

Axis Capital Limited NITESH JAIN Under Review #N/A N/A M #N/A N/A Not Provided 27.09.2013




Batlivala & Karani Securities PARIN TANNA buy 5 M 285 Not Provided 26.09.2013

UBS PANKAJ SHARMA sell 1 M 205 12 month 19.09.2013





Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR accumulate 4 M 250 12 month 19.08.2013

Deutsche Bank MANISH SAXENA hold 3 M 182 12 month 06.08.2013


Edelweiss Capital PRASAD BAJI hold 3 M 228 12 month 02.08.2013


Credit Suisse NEELKANTH MISHRA neutral 3 M 218 Not Provided 01.08.2013

Phillip Securities DHAWAL DOSHI Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013


Dolat Capital Market Ltd. RAM MODI accumulate 4 M 234 12 month 01.08.2013


CIMB RAHUL JAIN outperform 5 M 323 12 month 31.07.2013


ICICI Securities ABHIJIT MITRA reduce 2 M 213 12 month 30.07.2013


Nirmal Bang Institutional Equities GIRIRAJ DAGA suspended coverage #N/A N/A M #N/A N/A Not Provided 09.07.2013

Espirito Santo Investment Bank ResearchRITESH SHAH buy 5 M 358 Not Provided 21.06.2013

EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 12.06.2013

Daiwa Securities Co. Ltd. DEEPAK PODDAR buy 5 U 404 Not Provided 05.06.2013

Ventura Securities Ltd TEAM COVERAGE hold 3 M 657 Not Provided 02.05.2013

Antique Stock Broking Limited AMIT AGARWAL buy 5 M 440 Not Provided 29.04.2013

SMC Global Securities Ltd. PRITESH JANI outperform 5 M 550 Not Provided 26.06.2012

Fairwealth Securities Ltd TEAM COVERAGE buy 5 M 640 12 month 30.12.2011

Holdings By:

Jindal Steel & Power Ltd ee


01.10.2013

Bank of Baroda owns and operates commercial banks in India. The Group's banks

provide the traditional forms of banking services, including CD's, Credit Card

services and a variety of car loans, in addition to gold banking and a range of

insurance services. The Group also owns IBU International Finance Limited, an

international banking company in Hong Kong.


LTM as of: 01/yy

52-Week High (03.01.2013) 899.65

52-Week Low (20.08.2013) 429.25

Daily Volume

495





208'521.88 1 Yr Total Return -34.86%





Enterprise Value -


BOB IB EQUITY YTD Change - Average Volume 30 Day 238'206

BOB IB EQUITY YTD % CHANGE - Average Volume 3 Month 208'070


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

183'929.5 202'000.3 258'005.3 345'881.1 409'539.1 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

23'840.8 31'793.0 44'337.1 52'485.8 48'042.3 - - - - - -

3.58x 7.32x 8.52x 5.94x 5.79x - - - - - -





Return on Assets 0.94% Short-Term Rating NR




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08







Fiscal Year Ended

Bank of BarodaPrice/Volume

Valuation Analysis

73'434.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-,,.,,0,,1,,2,,3,,4,,5,,6,,

-,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'. E'0 E'1 E'2 E'3 E'4 E'5 E'6 E-', E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

6',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013





HDFC LIFE INSURANCE n/a Co File 5'896'640 1.4 - 30.06.2013 Insurance Company


MASTER TRUST BANK OF n/a Co File 4'820'028 1.14 - 30.06.2013 Bank









PICTET FUNDS n/a ULT-AGG 1'199'753 0.28 (27'306) 31.05.2013 Investment Advisor




EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 866'757 0.21 - 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 723'971 0.17 - 27.09.2013 Investment Advisor



Standard Chartered MAHRUKH ADAJANIA in-line 3 D 550 12 month 26.09.2013

IDBI Capital Market Services Ltd JIGNESH SHIAL reduce 2 D 450 12 month 25.09.2013


Religare Capital Markets SIDDHARTH TELI buy 5 M 710 12 month 23.09.2013




Nomura ABHISHEK BHATTACHARYA reduce 2 M 420 Not Provided 13.09.2013


Avendus Capital Private Ltd CHANDANA JHA buy 5 M 749 Not Provided 11.09.2013

Goldman Sachs TABASSUM INAMDAR neutral/neutral 3 M 520 12 month 05.09.2013


Barclays ANISH TAWAKLEY underweight 1 D 410 Not Provided 29.08.2013

Jefferies NILANJAN KARFA hold 3 M 555 12 month 27.08.2013



Sunidhi Consultancy Services AMIT JAIN neutral 3 M 600 12 month 23.08.2013

Dolat Capital Market Ltd. RAJIV PATHAK buy 5 M 635 Not Provided 23.08.2013

IDFC Securities Ltd MANISH CHOWDHARY underperform 1 M 480 Not Provided 22.08.2013




Nirmal Bang Institutional Equities HEMINDRA HAZARI buy 5 M 630 Not Provided 21.08.2013

Almondz Global Securities Ltd SHIVRAJ GUPTA neutral 3 M 552 Not Provided 20.08.2013


UBS VISHAL GOYAL neutral 3 M 570 12 month 09.08.2013

Morgan Stanley SUMEET KARIWALA Equalwt/Cautious 3 M 500 12 month 07.08.2013

JHP Securities Private Limited ANIL WALA buy 5 U 718 Not Provided 07.08.2013


KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 M 550 12 month 03.08.2013

HSBC TEJAS MEHTA underweight 1 M 478 Not Provided 02.08.2013

SBI Capital Markets RAVIKANT BHAT hold 3 M 600 12 month 02.08.2013

Phillip Securities MANISH AGARWALLA buy 5 M 700 Not Provided 02.08.2013


Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 640 Not Provided 02.08.2013

India Infoline RAJIV MEHTA market perform 3 M 523 9 month 02.08.2013



Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA buy 5 U 609 12 month 02.08.2013

Quant Broking Pvt Ltd NITIN KUMAR reduce 2 M 460 12 month 02.08.2013

Credit Suisse ASHISH GUPTA outperform 5 M 707 Not Provided 01.08.2013

CIMB JATINDER AGARWAL outperform 5 M 700 12 month 01.08.2013

Holdings By:

Bank of Baroda ee


01.10.2013

NMDC Limited explores for minerals. The Company is exploring for iron ore,

copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite,

diamond, tin, tungsten, graphite, and beach sands.


LTM as of: 01/yy

52-Week High (01.10.2012) 199.00

52-Week Low (06.08.2013) 92.65

Daily Volume

118.2





468'629.41 1 Yr Total Return -35.45%







NMDC IB EQUITY YTD Change - Average Volume 30 Day 265'523

NMDC IB EQUITY YTD % CHANGE - Average Volume 3 Month 223'313


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

75'640.3 - - - - - - - - - -

6.88x - - - - - - - - - -

58'371.0 - - - - - - - - - -

8.91x - - - - - - - - - -

43'495.5 - - - - - - - - - -

14.20x - - - - - - - - - -











EBITDA Margin 77.2%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NMDC LtdPrice/Volume

Valuation Analysis

165'324.00


,.,1,3,5,

-,,-.,-1,-3,-5,.,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

-', E

.', E

0', E

1', E

2', E

3', E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

,',,

2,,',,

- ,,,',,

- 2,,',,

. ,,,',,

. 2,,',,

,.',1'.,,3,.'-,'.,,3,.',1'.,,4,.'-,'.,,4,.',1'.,,5,.'-,'.,,5,.',1'.,,6,.'-,'.,,6,.',1'.,-,,.'-,'.,-,,.',1'.,--,.'-,'.,--,.',1'.,-.,.'-,'.,-.,.',1'.,-0



01.10.2013








NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 5'815'394 0.15 1'891'978 31.07.2013 Investment Advisor






WADDELL & REED FINAN n/a ULT-AGG 2'985'774 0.08 - 30.06.2013 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'894'924 0.07 48'521 31.03.2013 Investment Advisor

RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 2'702'414 0.07 (3'780'000) 31.08.2013 Other




KOTAK MAHINDRA Multiple Portfolios MF-AGG 2'406'266 0.06 (327'854) 31.08.2013 Investment Advisor




Axis Capital Limited JAGDISHWAR TOPPO buy 5 M 135 Not Provided 27.09.2013


Batlivala & Karani Securities PARIN TANNA buy 5 M 148 Not Provided 26.09.2013

EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 19.09.2013

Deutsche Bank ANUJ SINGLA buy 5 M 140 12 month 18.09.2013

Emkay Share & Stock Brokers GOUTAM CHAKRABORTY buy 5 M 165 Not Provided 17.09.2013


Kotak Securities KAWALJEET SALUJA buy 5 M 150 Not Provided 13.09.2013



JM Financial Institutional Securities P ASHUTOSH SOMANI buy 5 M 127 Not Provided 05.09.2013

HDFC Securities ANKUR KULSHRESTHA buy 5 M 142 12 month 05.09.2013


IIFL BIJAL SHAH buy 5 M 141 12 month 05.09.2013


Elara Securities India Pvt Ltd ASHISH KEJRIWAL reduce 2 M 114 12 month 05.09.2013

Standard Chartered SATISH KUMAR in-line 3 M 134 12 month 04.09.2013

Jefferies ANAND AGARWAL buy 5 M 149 12 month 04.09.2013





SBI Capital Markets JATIN Y DAMANIA hold 3 D 130 12 month 03.09.2013



Sunidhi Consultancy Services CHINTAN J MEHTA outperform 5 M 150 12 month 26.08.2013



Avendus Capital Private Ltd JIMESH SANGHVI buy 5 M 143 Not Provided 05.07.2013

UBS SANDIP BANSAL neutral 3 M 114 12 month 04.07.2013

Ratnabali Capital Markets TEAM COVERAGE buy 5 M 138 12 month 04.07.2013

Systematix Shares & Stocks Ltd ERIC MARTINS buy 5 N 128 12 month 28.06.2013


Networth Stock Broking Ltd AJIT AGRAWAL buy 5 M 150 Not Provided 03.06.2013





Microsec Capital NEHA MAJITHIA strong buy 5 M 225 12 month 30.01.2013

NVS Brokerage Limited TEAM COVERAGE strong buy 5 M 182 12 month 13.12.2012

Derivium Tradition Securities ASHISH MATANI buy 5 M 203 Not Provided 29.05.2012

MSFL - Institutional Business Group TANUJ RASTOGI not rated #N/A N/A M #N/A N/A Not Provided 16.02.2012

Holdings By:

NMDC Ltd ee


01.10.2013

Bharat Petroleum Corporation Limited explores for and refines crude oil. The

Company manufactures petroleum, petroleum products, lubricants, liquefied

petroleum gas, aromatics like benzene and toluene, and other related products.

Bharat has retail outlets throughout the country.


LTM as of: 06/yy

52-Week High (21.01.2013) 449.00

52-Week Low (06.08.2013) 256.00

Daily Volume

322.9





233'483.89 1 Yr Total Return -4.74%







BPCL IB EQUITY YTD Change - Average Volume 30 Day 197'938

BPCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 144'430


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

1'365'571.2 1'238'167.2 1'536'282.8 2'119'638.1 2'420'433.9 229'448.0 ######### ######### ######### - -

0.22x 0.29x 0.26x 0.23x 0.22x 0.00x 0.00x 0.19x 0.18x - -

40'846.0 32'753.3 50'399.0 64'663.8 79'931.7 0.0 0.0 64'485.7 68'804.4 - -

7.34x 10.83x 7.95x 7.60x 6.69x 0.00x 0.00x 7.68x 7.20x - -

6'337.6 16'323.6 16'349.6 7'808.3 18'808.3 (5'379.0) 19'634.0 20'336.3 23'124.5 - -

21.45x 11.47x 13.53x 32.42x 14.52x 0.00x 0.00x 11.35x 9.91x - -











EBITDA Margin 3.3%



Asset Turnover 3.08







Fiscal Year Ended

Bharat Petroleum Corp LtdPrice/Volume

Valuation Analysis

85'391.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,2,

-,,-2,.,,.2,0,,02,1,,12,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

-'1 E

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

4,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013



BPCL TRUST FOR INVES n/a Co File 67'457'474 9.33 - 30.06.2013 Corporation














TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'583'535 0.36 498'431 31.08.2013 Investment Advisor



BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 1'831'218 0.25 (130'734) 30.08.2013 Investment Advisor



JM Financial Institutional Securities P GARIMA MISHRA buy 5 M 408 Not Provided 30.09.2013






Credit Suisse SANJAY MOOKIM outperform 5 U 376 Not Provided 24.09.2013



HSBC KUMAR MANISH overweight 5 U 389 Not Provided 17.09.2013




Kotak Securities TARUN LAKHOTIA buy 5 M 440 Not Provided 05.09.2013


IIFL BHASKAR CHAKRABORTY buy 5 M 440 12 month 21.08.2013


Spark Capital Advisors MAYUR PATEL add 4 U 322 12 month 19.08.2013



IDBI Capital Market Services Ltd SUDEEP ANAND buy 5 M 382 12 month 14.08.2013







JPMorgan NEIL GUPTE overweight 5 M 485 6 month 13.08.2013




Standard Chartered RAHUL SINGH outperform 5 U 349 12 month 12.08.2013


Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN buy 5 M 457 Not Provided 12.07.2013

UBS ASHISH JAGNANI buy 5 U 435 12 month 01.07.2013

Systematix Shares & Stocks Ltd SUDARSHAN NARASIMHAN buy 5 M 466 Not Provided 26.06.2013

Avendus Capital Private Ltd SAURABH BHARAT buy 5 M 504 Not Provided 26.06.2013

Goldman Sachs NILESH BANERJEE neutral/neutral 3 M 430 12 month 13.06.2013


Elara Securities India Pvt Ltd ALOK DESHPANDE buy 5 M 500 Not Provided 06.06.2013



Jefferies ARYA SEN hold 3 N 400 12 month 04.04.2013

Holdings By:

Bharat Petroleum Corp Ltd ee


01.10.2013

JSW Steel Limited is an integrated steel producer with manufacturing facilities

with capacity of 11 million metric tons located in the southern states of

Karnataka and Tamil Nadu and western state of Maharashtra. The Company produces

products including hot rolled coils, cold rolled coils, wire rods, galvanized

coils and sheets.


LTM as of: 06/yy

52-Week High (29.01.2013) 893.75

52-Week Low (19.08.2013) 451.50

Daily Volume

738.5





178'511.73 1 Yr Total Return 2.05%







JSTL IB EQUITY YTD Change - Average Volume 30 Day 279'362

JSTL IB EQUITY YTD % CHANGE - Average Volume 3 Month 238'206


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

159'348.4 189'571.7 241'058.9 343'680.5 382'096.5 365'932.5 383'341.0 435'828.4 466'720.1 105'771.3 110'762.3

1.67x 2.35x 1.49x 0.99x 0.93x 1.58x 1.76x 1.02x 0.96x - -

32'106.6 41'738.0 48'796.6 61'153.7 65'204.6 65'069.5 64'749.1 73'137.7 80'151.7 17'279.5 18'794.0

8.30x 10.65x 7.35x 5.57x 5.43x 0.00x 0.00x 5.23x 4.77x 5.00x 5.00x

2'749.1 15'975.5 17'539.8 5'376.8 9'631.1 1'021.7 5'316.4 16'040.5 19'920.2 4'517.3 4'495.0

17.71x 14.72x 11.06x 31.58x 16.04x 122.45x 27.33x 10.85x 8.73x 9.31x 9.69x











EBITDA Margin 17.1%



Asset Turnover 0.68







Fiscal Year Ended

JSW Steel LtdPrice/Volume

Valuation Analysis

163'772.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-,,.,,0,,1,,2,,3,,4,,5,,6,,

-,,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'- E

'. E

'0 E

'1 E

'2 E

'3 E

'4 E

'5 E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


JFE STEEL INTL EUROP n/a Co File 36'258'307 15 - 30.06.2013 Corporation

JINDAL SOUTH WEST HO n/a Co File 17'284'923 7.15 - 30.06.2013 Corporation

JSW ENERGY INVESTMEN n/a Co File 13'764'364 5.69 - 30.06.2013 Corporation

JSW INVESTMENTS PVT n/a EXCH 9'585'561 3.97 82'000 16.08.2013 Corporation

JSW POWER TRADING CO n/a Co File 7'003'835 2.9 - 30.06.2013 Corporation

DUFERCO COKE INVSTS n/a Co File 5'035'241 2.08 - 30.06.2013 Other

NALWA SONS INVESTMEN n/a Co File 4'548'637 1.88 - 30.06.2013 Investment Advisor

JAIN NIRMAL KUMAR n/a Co File 4'450'452 1.84 - 30.06.2013 n/a

MAVI INVESTMENT FUND n/a Co File 4'417'000 1.83 - 30.06.2013 Other


LOTUS GLOBAL INVESTM n/a Co File 4'170'965 1.73 - 30.06.2013 Investment Advisor

INDIAMAN FUND MAURIT n/a Co File 3'780'000 1.56 - 30.06.2013 Unclassified


SUN INVESTMENTS LTD n/a Co File 3'342'261 1.38 - 30.06.2013 Investment Advisor

MINERALS EUROASIA LT n/a Co File 3'183'444 1.32 - 30.06.2013 Other

JINDAL HOLDINGS LTD n/a Co File 3'077'704 1.27 - 30.06.2013 Other

GAGANDEEP CREDIT CAP n/a Co File 2'774'150 1.15 - 30.06.2013 Corporation

JINDAL SAJJAN n/a Co File 2'329'856 0.96 - 30.06.2013 n/a

DIMENSIONAL FUND ADV n/a ULT-AGG 2'254'970 0.93 (5'616) 30.04.2013 Investment Advisor

GAGAN TRADING CO LTD n/a Co File 2'239'085 0.93 - 30.06.2013 Investment Advisor



Daiwa Securities Co. Ltd. DEEPAK PODDAR hold 3 M 727 Not Provided 27.09.2013

Axis Capital Limited NITESH JAIN hold 3 M 674 Not Provided 27.09.2013


BNP Paribas Equity Research KUNAL AGRAWAL reduce 2 D 551 12 month 26.09.2013

Batlivala & Karani Securities PARIN TANNA underperform 1 D 690 Not Provided 26.09.2013



Morgan Stanley VIPUL PRASAD Underwt/In-Line 1 M 420 12 month 24.09.2013

Kotak Securities KAWALJEET SALUJA sell 1 M 610 Not Provided 20.09.2013


JPMorgan PINAKIN M PAREKH overweight 5 U 850 9 month 17.09.2013

Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR buy 5 M 819 Not Provided 17.09.2013

Emkay Share & Stock Brokers GOUTAM CHAKRABORTY hold 3 M 580 Not Provided 17.09.2013

Centrum Broking Pvt Ltd ABHISAR JAIN hold 3 D 658 Not Provided 16.09.2013








Phillip Securities DHAWAL DOSHI buy 5 U 673 Not Provided 02.08.2013


Barclays CHIRAG SHAH equalweight 3 M 581 Not Provided 02.08.2013



Sunidhi Consultancy Services CHINTAN J MEHTA underperform 1 M 545 12 month 01.08.2013


ICICIdirect.com DEWANG SANGHAVI hold 3 M 600 15 month 01.08.2013

Elara Securities India Pvt Ltd ASHISH KEJRIWAL sell 1 M 513 Not Provided 01.08.2013

CIMB RAHUL JAIN neutral 3 U 588 12 month 31.07.2013

ICICI Securities ABHIJIT MITRA sell 1 M 565 12 month 31.07.2013


Avendus Capital Private Ltd JIMESH SANGHVI buy 5 M 846 Not Provided 25.06.2013



IDFC Securities Ltd SAUMIL MEHTA underperform 1 M 642 12 month 24.05.2013

India Infoline TARANG BHANUSHALI market perform 3 U 702 9 month 24.05.2013

Equirus Securities Pvt Ltd ASHUTOSH TIWARI neutral 3 U 747 15 month 24.05.2013


Violet Arch Securities KUNAL MOTISHAW buy 5 N 972 Not Provided 06.05.2013

Systematix Shares & Stocks Ltd ERIC MARTINS buy 5 M 833 12 month 22.04.2013

Holdings By:

JSW Steel Ltd ee


01.10.2013

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care

and body care area. The Company's products include soaps, cosmetics, toilet

preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.


LTM as of: 03/yy

52-Week High (01.01.2013) 1'580.40

52-Week Low (28.08.2013) 1'190.05

Daily Volume

1259





171'214.97 1 Yr Total Return 5.78%







CLGT IB EQUITY YTD Change - Average Volume 30 Day 29'417

CLGT IB EQUITY YTD % CHANGE - Average Volume 3 Month 21'466


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

16'952.1 19'624.6 - - - 0.0 14'738.5 - - - -

3.64x 4.51x - - - #DIV/0! 0.00x - - - -

3'484.7 4'930.6 - - - 0.0 0.0 - - - -

17.71x 17.95x - - - 0.00x 0.00x - - - -

2'857.8 4'341.0 - - - 0.0 2'357.6 - - - -

22.42x 21.16x - - - 0.00x 0.00x - - - -











EBITDA Margin 25.1%



Asset Turnover 2.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Colgate-Palmolive India LtdPrice/Volume

Valuation Analysis

18'784.00


,.,,1,,3,,5,,

-,,,-.,,-1,,-3,,-5,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E', E', E'- E'- E'- E'- E'- E'. E'. E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

,-',1'.,,4,-'-,'.,,4,-',1'.,,5,-'-,'.,,5,-',1'.,,6,-'-,'.,,6,-',1'.,-,,-'-,'.,-,,-',1'.,--,-'-,'.,--,-',1'.,-.,-'-,'.,-.,-',1'.,-0



01.10.2013


COLGATE PALMOLIVE CO n/a Co File 54'476'347 40.06 - 30.06.2013 Unclassified

COLGATE PALMOLIVE AS n/a Co File 14'879'426 10.94 - 30.06.2013 Corporation

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'675'924 5.64 - 31.07.2013 Investment Advisor



WASATCH ADVISORS INC Multiple Portfolios MF-AGG 1'736'010 1.28 4'073 30.06.2013 Investment Advisor




COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 1'093'414 0.8 10'639 31.07.2013 Investment Advisor



EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 683'129 0.5 - 31.12.2012 Investment Advisor



LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 305'000 0.22 20'000 31.05.2013 Investment Advisor


BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 267'194 0.2 (994) 31.08.2013 Investment Advisor




Ambit Capital Pvt Ltd RAKSHIT RANJAN sell 1 M 1'227 12 month 30.09.2013

Standard Chartered SANJAY SINGH underperform 1 M 1'096 12 month 27.09.2013

Axis Capital Limited HEMANT B PATEL hold 3 M 1'150 Not Provided 27.09.2013

IIFL PERCY PANTHAKI reduce 2 M 1'300 12 month 26.09.2013

Nomura MANISH JAIN reduce 2 M 1'120 Not Provided 22.09.2013

IDFC Securities Ltd NIKHIL K VORA outperform 5 M 1'436 Not Provided 16.09.2013

ICICI Securities ANAND MOUR sell 1 M 1'198 12 month 13.09.2013

Antique Stock Broking Limited ABHIJEET KUNDU hold 3 U 1'211 Not Provided 13.09.2013

Goldman Sachs PUNEET JAIN neutral/neutral 3 M 1'147 12 month 11.09.2013

Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL reduce 2 M 1'112 12 month 28.08.2013


Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY buy 5 M 1'582 Not Provided 21.08.2013

Motilal Oswal Securities Ltd GAUTAM DUGGAD neutral 3 M 1'400 Not Provided 19.08.2013


Shah Investor's Home Limited HARSH MEHTA hold 3 D 1'518 12 month 02.08.2013

Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI hold 3 M 1'506 Not Provided 01.08.2013

Nitin Khandkar Institutional Research NITIN A KHANDKAR add 4 M #N/A N/A Not Provided 01.08.2013

KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL accumulate 4 M 1'527 Not Provided 31.07.2013

Elara Securities India Pvt Ltd AASHISH UPGANLAWAR reduce 2 M 1'371 Not Provided 31.07.2013

CIMB VARUN LOHCHAB neutral 3 M 1'500 12 month 30.07.2013

Phillip Securities NAVEEN KULKARNI sell 1 M 1'250 Not Provided 30.07.2013

India Infoline TEAM COVERAGE market perform 3 M 1'438 9 month 30.07.2013

Centrum Broking Pvt Ltd ANKIT KEDIA hold 3 M 1'460 12 month 30.07.2013

Morgan Stanley NILLAI SHAH Underwt/In-Line 1 M 1'225 12 month 29.07.2013

Credit Suisse ARNAB MITRA underperform 1 M 1'275 Not Provided 29.07.2013

JPMorgan LATIKA CHOPRA underweight 1 M 1'260 9 month 29.07.2013

HSBC AMIT SACHDEVA overweight 5 M 1'720 Not Provided 29.07.2013

Kotak Securities ROHIT CHORDIA sell 1 M 1'275 Not Provided 29.07.2013

SBI Capital Markets SAGARIKA MUKHERJEE sell 1 M 1'250 12 month 29.07.2013

Batlivala & Karani Securities ASHIT DESAI outperform 5 M 1'530 Not Provided 29.07.2013

Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA hold 3 M 1'560 Not Provided 29.07.2013

HDFC Securities HARSH MEHTA sell 1 M 1'190 12 month 29.07.2013

Tata Securities Limited SAMEER DESHMUKH sell 1 M 1'110 12 month 29.07.2013

Religare Capital Markets GAURANG KAKKAD sell 1 M 1'200 12 month 29.07.2013

Edelweiss Capital ABNEESH ROY hold 3 M 1'411 Not Provided 29.07.2013

VCK Share & Stock Broking Services TEAM COVERAGE accumulate 4 M 1'685 12 month 17.07.2013

UBS SUNITA SACHDEV neutral 3 M 1'420 12 month 18.06.2013


Karvy Stock Broking Ltd NAVEEN TRIVEDI hold 3 M 1'352 Not Provided 10.04.2013

Brics Securities SACHIN B BOBADE reduce 2 M 1'260 Not Provided 08.04.2013

Espirito Santo Investment Bank ResearchNITIN MATHUR neutral 3 M 1'250 Not Provided 20.03.2013

Riedel Research Group Inc DAVID R RIEDEL accumulate 4 N 1'500 Not Provided 14.01.2013

Techno Shares & Stocks SHIVANI VIVEK VISHWANATHAN neutral 3 M #N/A N/A Not Provided 30.10.2012

Holdings By:

Colgate-Palmolive India Ltd ee


01.10.2013

Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops

generic drugs for inflammation, metabolic disorders, and pain.


LTM as of: 06/yy

52-Week High (12.07.2013) 612.00

52-Week Low (05.10.2012) 386.50

Daily Volume

537.5





145'662.91 1 Yr Total Return 28.93%







GNP IB EQUITY YTD Change - Average Volume 30 Day 62'295

GNP IB EQUITY YTD % CHANGE - Average Volume 3 Month 42'500


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

21'160.3 25'006.5 29'490.7 40'206.4 50'123.4 41'928.0 52'098.2 59'844.7 70'402.8 14'786.8 15'746.7

2.82x 3.64x 3.26x 2.57x 2.94x 5.00x 5.36x 2.78x 2.33x - -

4'847.4 6'731.9 5'922.7 7'143.1 10'099.9 7'153.3 10'931.1 12'346.8 14'686.5 2'966.8 3'138.0

12.30x 13.53x 16.23x 14.45x 14.58x 0.00x 0.00x 13.59x 11.42x 13.58x -

1'916.6 3'244.7 4'532.1 4'603.5 6'147.4 3'306.0 6'651.4 7'583.6 9'327.4 1'730.3 1'927.7

20.47x 21.58x 16.90x 18.17x 20.38x 29.69x 22.32x 19.21x 15.66x - -











EBITDA Margin 20.2%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Glenmark Pharmaceuticals LtdPrice/Volume

Valuation Analysis

11'877.00


,

-,,

.,,

0,,

1,,

2,,

3,,

4,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

-'1 E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


SALDANHA FAMILY TRUS n/a Co File 128'241'936 47.32 - 30.06.2013 n/a


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'124'652 3 82'169 30.06.2013 Investment Advisor




KEMNY INVESTMENT FUN n/a Co File 3'601'200 1.33 - 30.06.2013 n/a

BB BIOTECH AG Multiple Portfolios MF-AGG 3'601'200 1.33 - 30.06.2013 Investment Advisor





MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'219'904 0.82 61'429 31.03.2013 Investment Advisor



MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'473'383 0.54 610'360 31.12.2012 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'274'699 0.47 479'759 28.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'268'444 0.47 (7'321) 30.06.2013 Investment Advisor

RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 1'139'100 0.42 (18'000) 28.06.2013 Investment Advisor

HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 950'000 0.35 - 31.08.2013 Investment Advisor


India Nivesh Ltd BHAGWAN SINGH CHAUDHARY buy 5 M 636 Not Provided 01.10.2013

JPMorgan NEHA MANPURIA overweight 5 M 675 12 month 27.09.2013





Edelweiss Capital PERIN ALI buy 5 M 600 12 month 25.09.2013

Fortune Equity Brokers (India) Ltd HITESH MAHIDA buy 5 M 589 Not Provided 20.09.2013




Credit Suisse ANUBHAV AGGARWAL outperform 5 M 680 Not Provided 02.09.2013


Kotak Securities KRISHNA PRASAD add 4 U 570 Not Provided 02.09.2013


Barclays BALAJI V PRASAD overweight 5 M 660 Not Provided 22.08.2013


Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI buy 5 M 658 12 month 05.08.2013


India Infoline BHAVIKA THAKKER buy 5 M 605 Not Provided 05.08.2013

Antique Stock Broking Limited ANMOL GANJOO hold 3 D 584 Not Provided 05.08.2013

IIFL BINO PATHIPARAMPIL add 4 M 625 12 month 05.08.2013


Nirmal Bang Institutional Equities PRAFUL BOHRA hold 3 M 586 Not Provided 05.08.2013



CIMB PRAKASH AGARWAL neutral 3 D 600 12 month 02.08.2013

Prabhudas Lilladher Pvt Ltd SURAJIT PAL reduce 2 M 592 12 month 02.08.2013

ICICI Securities KARTIK A MEHTA reduce 2 M 575 12 month 02.08.2013

Tata Securities Limited VIHARI PURUSHOTHAMAN hold 3 M 556 12 month 02.08.2013


Spark Capital Advisors HARITH AHAMED add 4 M 605 12 month 02.08.2013

Avendus Capital Private Ltd MONICA JOSHI reduce 2 M 455 Not Provided 02.08.2013

Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR accumulate 4 M 626 12 month 02.08.2013

Right Horizons Financial Services TUSHAR PENDHARKAR buy 5 M 700 12 month 01.08.2013

Khambatta Securities Ltd FATHIMA KHAN strong buy 5 N 670 Not Provided 30.07.2013


FinQuest Securities (P) Ltd. ANAND K BAGARIA hold 3 M 536 Not Provided 13.05.2013

First Global Stockbroking DEVINA MEHRA moderate outperform 4 M #N/A N/A Not Provided 23.04.2013

Standard Chartered GAURAV PATHAK outperform 5 M 560 12 month 12.04.2013

KR Choksey Shares & Sec Pvt Ltd DEEPIKA JAIN buy 5 M 610 Not Provided 09.04.2013

Khandwala Securities Ltd BHAWANA VERMA hold 3 U 300 12 month 02.02.2012

Nirmal Bang Securities Private Ltd RUNJHUN JAIN NAGRAJ hold 3 M 336 Not Provided 11.05.2011

Holdings By:

Glenmark Pharmaceuticals Ltd ee


01.10.2013

Yes Bank Ltd attracts deposits and offers comprehensive banking and financial

solutions in India. The Company primarily serves customers in the food and

agribusiness, life sciences, healthcare, biotechnology, telecommunications,

media, information technology and infrastructure development industries.


LTM as of: 01/yy

52-Week High (20.05.2013) 547.15

52-Week Low (28.08.2013) 216.10

Daily Volume

293.8





105'894.88 1 Yr Total Return -24.51%





Enterprise Value -


YES IB EQUITY YTD Change - Average Volume 30 Day 3'183'823

YES IB EQUITY YTD % CHANGE - Average Volume 3 Month 2'206'602


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

- - - - 95'519.4 - - 42'728.0 53'068.6 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - 13'006.8 - - 15'571.0 19'320.7 - -

- - - - 11.74x - - 7.12x 5.72x - -





Return on Assets - Short-Term Rating -

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover - (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

Yes Bank LtdPrice/Volume

Valuation Analysis

2'353'696.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

.,,

0,,

1,,

2,,

3,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E.', E1', E3', E5', E-,', E-.', E-1', E-3', E-5', E.,', E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


KAPUR MADHU n/a Co File 35'125'000 9.75 - 30.06.2013 n/a

LIFE INSURANCE CORP n/a Research 26'592'425 7.38 - 28.08.2013 Government

KAPOOR RANA n/a Co File 20'000'000 5.55 - 30.06.2013 n/a


YES CAPITAL INDIA PV n/a Co File 15'125'000 4.2 - 30.06.2013 Other

MORGAN CREDITS PVT L n/a Co File 14'050'000 3.9 - 30.06.2013 Other




TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 8'830'507 2.45 1'472'770 31.08.2013 Investment Advisor

MAGS FINVEST PVT LTD n/a Co File 7'942'450 2.2 - 30.06.2013 Corporation

SWISS FIN CORP MAURI n/a Co File 7'562'058 2.1 - 30.06.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 6'001'387 1.67 - 30.06.2013 Investment Advisor






RELIANCE LIFE INSUR n/a Co File 4'346'139 1.21 - 30.06.2013 Insurance Company







Emkay Share & Stock Brokers KASHYAP JHAVERI hold 3 M 460 Not Provided 25.09.2013










ICICIdirect.com KAJAL GANDHI hold 3 M 290 12 month 10.09.2013

IDFC Securities Ltd MANISH CHOWDHARY neutral 3 M 440 12 month 06.09.2013

EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 06.09.2013

Goldman Sachs TABASSUM INAMDAR Buy/Neutral 5 M 410 12 month 05.09.2013

Barclays ANISH TAWAKLEY underweight 1 M 208 Not Provided 29.08.2013


IIFL ABHISHEK MURARKA reduce 2 M 200 12 month 27.08.2013


Sunidhi Consultancy Services AMIT JAIN buy 5 M 491 12 month 23.08.2013



Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 518 Not Provided 20.08.2013




Ventura Securities Ltd TEAM COVERAGE buy 5 M 473 18 month 12.08.2013

Morgan Stanley SUMEET KARIWALA Equalwt/Cautious 3 M 325 12 month 07.08.2013


Nirmal Bang Securities Private Ltd SILKY JAIN buy 5 U 455 Not Provided 29.07.2013

SPA Securities Ltd ROHIT AGARWAL buy 5 M 537 12 month 26.07.2013


JHP Securities Private Limited ANIL WALA buy 5 M 476 Not Provided 26.07.2013

SBI Capital Markets RAVIKANT BHAT buy 5 M 550 12 month 25.07.2013

HDFC Securities VISHAL MODI neutral 3 D 430 12 month 25.07.2013

Angel Broking Limited VAIBHAV AGRAWAL neutral 3 M #N/A N/A Not Provided 25.07.2013

Antique Stock Broking Limited ALOK KAPADIA hold 3 D 400 Not Provided 25.07.2013

KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL buy 5 M 500 Not Provided 25.07.2013

Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA reduce 2 D 416 12 month 25.07.2013

SMC Global Securities Ltd. VISHAL NARNOLIA market perform 3 M 467 12 month 25.07.2013

Holdings By:

Yes Bank Ltd ee


01.10.2013

Punjab National Bank provides financial services such as corporate and personal

banking, industrial finance, agricultural finance, financing of trade and

international banking. The Company provides services to domestic conglomerates,

medium and small industrial units, exporters, non-resident Indians and

multinational companies.


LTM as of: 01/yy

52-Week High (31.01.2013) 922.10

52-Week Low (04.09.2013) 402.20

Daily Volume

459.5





162'421.02 1 Yr Total Return -42.77%





Enterprise Value -


PNB IB EQUITY YTD Change - Average Volume 30 Day 277'833

PNB IB EQUITY YTD % CHANGE - Average Volume 3 Month 227'020


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

226'340.4 254'333.6 312'036.4 417'305.6 473'774.6 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

31'970.3 39'725.7 45'747.3 50'254.6 49'542.1 - - - - - -

4.06x 8.04x 8.36x 6.24x 4.93x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10







Fiscal Year Ended

Punjab National BankPrice/Volume

Valuation Analysis

134'915.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-,,.,,0,,1,,2,,3,,4,,5,,6,,

-,,,

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'. E

'1 E

'3 E

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-',,

.',,

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01.10.2013






JANUS CAPITAL MANAGE n/a ULT-AGG 4'681'219 1.32 (1'541'165) 30.06.2013 Investment Advisor





LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 785'141 0.22 39'745 30.08.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 766'503 0.22 (353'059) 30.06.2013 Investment Advisor


KOTAK MAHINDRA Multiple Portfolios MF-AGG 418'283 0.12 (5'015) 31.08.2013 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 406'041 0.11 - 30.06.2013 Investment Advisor



IDFC MUTUAL FUND Multiple Portfolios MF-AGG 277'833 0.08 (999'846) 31.08.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 255'946 0.07 16'526 31.07.2013 Investment Advisor

HSBC ASSET MGMT INDI Multiple Portfolios MF-AGG 255'400 0.07 (10'000) 31.08.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 246'384 0.07 3'540 30.06.2013 Investment Advisor



Standard Chartered MAHRUKH ADAJANIA underperform 1 M 435 12 month 26.09.2013

India Nivesh Ltd YOGESH HEMANDAS HOTWANI buy 5 M 749 Not Provided 24.09.2013

Religare Capital Markets SIDDHARTH TELI hold 3 M 600 12 month 23.09.2013


Nomura ABHISHEK BHATTACHARYA reduce 2 M 440 Not Provided 13.09.2013




Spark Capital Advisors ABHINESH VIJAYARAJ sell 1 M 406 12 month 10.09.2013


Goldman Sachs TABASSUM INAMDAR neutral/neutral 3 M 500 12 month 05.09.2013

Batlivala & Karani Securities ANAND DAMA underperform 1 M 625 Not Provided 05.09.2013


Jefferies NILANJAN KARFA underperform 1 M 530 12 month 27.08.2013



IDBI Capital Market Services Ltd JIGNESH SHIAL hold 3 D 480 Not Provided 23.08.2013



ICICIdirect.com KAJAL GANDHI buy 5 M 570 Not Provided 21.08.2013


Deutsche Bank MANISH KARWA hold 3 D 550 12 month 20.08.2013





SBI Capital Markets RAVIKANT BHAT buy 5 U 844 12 month 02.08.2013


Morgan Stanley SUMEET KARIWALA Underwt/Cautious 1 M 400 12 month 29.07.2013

Credit Suisse ASHISH GUPTA neutral 3 M 555 Not Provided 29.07.2013

JM Financial Institutional Securities P PUNEET GULATI buy 5 M 750 Not Provided 29.07.2013



India Infoline RAJIV MEHTA market perform 3 M 583 9 month 29.07.2013


Edelweiss Capital NILESH PARIKH hold 3 M 670 12 month 29.07.2013


KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 M 650 Not Provided 29.07.2013

Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 644 Not Provided 29.07.2013

Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 D 630 12 month 29.07.2013

Elara Securities India Pvt Ltd RAKESH KUMAR buy 5 M 772 Not Provided 29.07.2013

Quantum Securities Pvt Ltd RATI PANDIT buy 5 M 800 Not Provided 29.07.2013

Holdings By:

Punjab National Bank ee


01.10.2013

Mahindra & Mahindra Financial Services Limited is a finance company that

provides finance to prospective buyers of Mahindra range of utility vehicles and

tractors. The Company extends finance through hire purchase/loan and lease

modes. Mahindra & Mahindra has a network of branches located across India.


LTM as of: 06/yy

52-Week High (19.06.2013) 287.28

52-Week Low (17.10.2012) 170.67

Daily Volume

257





146'172.59 1 Yr Total Return 47.08%







MMFS IB EQUITY YTD Change - Average Volume 30 Day 245'573

MMFS IB EQUITY YTD % CHANGE - Average Volume 3 Month 207'005


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

14'003.9 15'954.0 20'742.7 29'083.7 41'124.2 32'108.8 43'976.4 37'711.3 43'889.6 12'346.0 -

5.08x 6.26x 8.46x 7.35x 7.51x 12.68x 12.38x 3.78x 3.24x - -

9'649.8 10'829.4 14'139.7 20'982.5 30'946.0 7'103.9 17'700.1 - - - -

7.37x 9.23x 12.40x 10.19x 9.99x 0.00x 0.00x - - - -

2'197.0 3'558.2 4'927.7 6'435.0 9'270.4 7'099.9 9'581.3 10'963.6 13'163.0 2'324.0 -

9.08x 10.04x 15.24x 10.68x 11.19x 9.33x 14.90x 13.64x 10.98x - -











EBITDA Margin 75.3%



Asset Turnover 0.18








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mahindra & Mahindra Financial Services LtdPrice/Volume

Valuation Analysis

90'855.00


,

2,

-,,

-2,

.,,

.2,

0,,

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-', E

-'2 E

.', E

.'2 E

0', E

0'2 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,

,'.,

,'1,

,'3,

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-',,

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01.10.2013


MAHINDRA & MAHINDRA n/a Co File 292'518'715 51.43 - 30.06.2013 Corporation


WASATCH ADVISORS INC Multiple Portfolios MF-AGG 15'117'196 2.66 (11'888) 30.06.2013 Investment Advisor

CARTICA CAPITAL LTD n/a Co File 14'229'782 2.5 - 30.06.2013 Venture Capital


FMR LLC n/a ULT-AGG 9'953'757 1.75 (2'587'480) 31.08.2013 Investment Advisor

TIAA CREF INVESTMENT n/a Co File 7'117'902 1.25 - 30.06.2013 Investment Advisor

RAVI V n/a EXCH 6'423'885 1.13 - 09.05.2012 n/a

EASTSPRING INVESTMEN n/a Co File 6'342'994 1.12 - 30.06.2013 Investment Advisor

JF INDIA FUND n/a Co File 6'307'045 1.11 - 30.06.2013 n/a

CREDIT SUISSE/SINGAP n/a Co File 5'701'000 1 - 30.06.2013 Bank

MAHINDRA & MAHINDRA n/a Co File 4'354'335 0.77 - 30.06.2013 n/a


AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3'650'000 0.64 (50'000) 30.04.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 3'585'954 0.63 (249'460) 30.06.2013 Investment Advisor


EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'378'462 0.42 (2'175'551) 28.06.2013 Investment Advisor





ICICI Securities SANTANU CHAKRABARTI add 4 M 255 12 month 24.09.2013



JPMorgan SAURABH S KUMAR overweight 5 M 285 6 month 15.09.2013



BNP Paribas Equity Research AVNEESH SUKHIJA reduce 2 M 193 12 month 03.09.2013



Barclays JATIN MAMTANI equalweight 3 M 201 Not Provided 29.08.2013

HDFC Securities SAMEER NARANG buy 5 M 254 12 month 26.08.2013



Kotak Securities NISCHINT CHAWATHE reduce 2 M 230 Not Provided 21.08.2013

Edelweiss Capital KUNAL SHAH buy 5 M 300 12 month 20.08.2013


Asit C Mehta Investments InterrmediatesCAROL SHAH accumulate 4 M 270 Not Provided 02.08.2013


Nirmal Bang Securities Private Ltd SILKY JAIN buy 5 M 250 Not Provided 30.07.2013

JHP Securities Private Limited ANIL WALA buy 5 M 256 12 month 30.07.2013

HSBC TEJAS MEHTA neutral 3 D 250 Not Provided 29.07.2013

Stewart & Mackertich Wealth ManagementSWETA SHETH buy 5 M 267 Not Provided 29.07.2013



Credit Suisse SUNIL TIRUMALAI neutral 3 M 200 Not Provided 26.07.2013

Anand Rathi Securities Pvt. Ltd. KAITAV SHAH hold 3 D 254 12 month 26.07.2013

Batlivala & Karani Securities VISHAL SHETH buy 5 M 255 Not Provided 26.07.2013

Antique Stock Broking Limited DIGANT HARIA buy 5 M 264 Not Provided 26.07.2013


Avendus Capital Private Ltd JAYNEE SHAH hold 3 M 265 Not Provided 26.07.2013


CIMB UMANG SHAH underperform 1 D 224 12 month 25.07.2013



India Infoline BHAVNA SINYAL buy 5 M 293 Not Provided 18.07.2013


Microsec Capital SANJEEV JAIN buy 5 M #N/A N/A Not Provided 08.06.2013

Spark Capital Advisors GANESHRAM JAYARAMAN sell 1 M 170 12 month 29.04.2013


IDBI Capital Market Services Ltd BHAUMIK BHATIA hold 3 M 885 Not Provided 04.03.2013

Maybank Kim Eng VARUN VARMA buy 5 M 245 Not Provided 22.01.2013

Dalal & Broacha LALITABH SHRIVASTAWA buy 5 M 250 Not Provided 21.01.2013

MF Global Sify Private Client Group BHAVYA GANDHI accumulate 4 U 155 Not Provided 07.05.2012

Holdings By:

Mahindra & Mahindra Financial Services Ltd ee


01.10.2013

Adani Ports and Special Economic Zone operates a shipping port on the west coast

of India. The Company's port provides services for bulk and container cargo,

crude oil, and railway and other added services.


LTM as of: 06/yy

52-Week High (20.05.2013) 175.00

52-Week Low (17.10.2012) 117.80

Daily Volume

139.6





288'979.22 1 Yr Total Return 12.23%







ADSEZ IB EQUITY YTD Change - Average Volume 30 Day 128'732

ADSEZ IB EQUITY YTD % CHANGE - Average Volume 3 Month 139'837


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

11'949.3 14'955.2 20'001.1 26'972.6 35'766.3 10'282.3 47'705.1 45'026.9 53'335.8 - -

12.17x 23.04x 15.43x 16.04x 10.80x 0.00x 17.36x 8.05x 6.51x - -

7'441.9 9'759.7 13'308.0 19'222.9 27'200.8 8'005.2 31'395.1 31'132.5 37'249.6 - -

19.54x 35.30x 23.19x 22.51x 14.20x 0.00x 0.00x 12.78x 10.68x - -

4'325.2 6'760.0 9'181.5 11'020.7 16'232.2 2'762.6 17'644.6 18'336.8 23'161.1 - -

29.95x 46.80x 29.82x 23.22x 18.07x 0.00x 21.18x 15.51x 12.36x - -











EBITDA Margin 76.1%



Asset Turnover 0.15







Fiscal Year Ended

Adani Ports and Special Economic Zone LtdPrice/Volume

Valuation Analysis

19'965.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,.,1,3,5,

-,,-.,-1,-3,-5,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

2', E

-,', E

-2', E

.,', E

.2', E

0,', E

02', E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

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1,',,

12',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


ADANI ENTERPRISES LT n/a Co File 1'552'361'640 74.99 - 30.06.2013 Other




TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 11'523'748 0.56 (4'124'889) 31.07.2013 Investment Advisor



COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 8'929'653 0.43 378'577 31.07.2013 Investment Advisor


SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 3'567'000 0.17 - 31.08.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 3'030'491 0.15 (2'276'860) 30.06.2013 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'317'800 0.11 - 30.08.2013 Investment Advisor


ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 1'520'000 0.07 1'520'000 31.07.2013 Investment Advisor

EXCEL FUNDS MANAGEME Multiple Portfolios MF-AGG 1'494'688 0.07 - 28.03.2013 Investment Advisor


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'385'861 0.07 - 31.07.2013 Investment Advisor


BNP PARIBAS n/a ULT-AGG 1'260'344 0.06 - 30.04.2013 Unclassified



Axis Capital Limited NITIN IDNANI buy 5 M 195 Not Provided 27.09.2013

KR Choksey Shares & Sec Pvt Ltd ANKUSH MAHAJAN buy 5 M 174 12 month 27.09.2013



Morgan Stanley AKSHAY SONI Overwt/In-Line 5 M 184 12 month 11.09.2013

Barclays SAURABH MISHRA overweight 5 M 173 Not Provided 10.09.2013



Deutsche Bank CHOCKALINGAM NARAYANAN hold 3 D 129 12 month 06.08.2013

Phillip Securities VIBHOR SINGHAL buy 5 M 175 Not Provided 02.08.2013

Antique Stock Broking Limited VIKRAM SURYAVANSHI buy 5 M 180 Not Provided 02.08.2013

Drewry Financial Services Ltd DEVANSHU SALUJA attractive 4 N 183 Not Provided 02.08.2013



Kotak Securities LOKESH GARG buy 5 M 180 Not Provided 01.08.2013

Prabhudas Lilladher Pvt Ltd KEJAL MEHTA buy 5 M 180 12 month 01.08.2013

JM Financial Institutional Securities P ACHAL LOHADE buy 5 M 178 12 month 01.08.2013

BNP Paribas Equity Research VISHAL SHARMA reduce 2 M 124 12 month 01.08.2013


IDFC Securities Ltd SHIRISH RANE outperform 5 M 185 Not Provided 01.08.2013

Emkay Share & Stock Brokers AJIT MOTWANI buy 5 M 170 Not Provided 01.08.2013


EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013

SBI Capital Markets MANISH KUMAR buy 5 M 198 12 month 23.05.2013

Spark Capital Advisors BHARANIDHAR VIJAYAKUMAR add 4 M 172 12 month 17.05.2013



Espirito Santo Investment Bank ResearchKRISHNAKANT THAKUR buy 5 M 170 Not Provided 22.02.2013

Dolat Capital Market Ltd. KAPIL YADAV buy 5 M 165 Not Provided 09.08.2011

Holdings By:

Adani Ports and Special Economic Zone Ltd ee


01.10.2013

United Breweries Ltd. brews beer. The Company produces lager, pilsner, and

strong beers.


LTM as of: 01/yy

52-Week High (05.12.2012) 1'023.30

52-Week Low (14.02.2013) 580.65

Daily Volume

837.95





228'671.88 1 Yr Total Return 28.13%







UBBL IB EQUITY YTD Change - Average Volume 30 Day 145'070

UBBL IB EQUITY YTD % CHANGE - Average Volume 3 Month 141'878


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

19'294.6 22'755.0 30'598.1 35'592.8 38'987.4 - - 46'519.3 55'518.3 - -

1.58x 2.44x 4.32x 4.26x 5.04x - - 5.13x 4.27x - -

2'469.5 2'367.4 3'903.3 4'142.6 4'792.5 - - 6'613.0 8'085.8 - -

12.36x 23.46x 33.88x 36.58x 40.99x - - 36.26x 29.64x - -

455.8 896.4 1'474.9 1'267.7 1'721.1 - - 2'642.5 3'608.0 734.0 649.0

56.37x 56.89x 91.15x 115.01x 109.13x - - 83.85x 61.58x - -











EBITDA Margin 12.3%



Asset Turnover 1.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Breweries LtdPrice/Volume

Valuation Analysis

56'904.00


,

.,,

1,,

3,,

5,,

-,,,

-.,,


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


SCOTTISH & NEWSCASTL n/a Co File 89'994'960 32.98 - 30.06.2013 Holding Company

UNITED BREWERIES HOL n/a Co File 30'295'911 11.1 - 30.06.2013 Holding Company

MALLYA VIJAY n/a Co File 21'353'620 7.82 - 30.06.2013 n/a

MCDOWELL HOLDINGS LT n/a Co File 10'707'344 3.92 - 30.06.2013 Holding Company

KAMSCO INDUSTRIES n/a Co File 9'786'666 3.59 - 30.06.2013 Other

MALLYA PVT LTD n/a Co File 9'786'666 3.59 - 30.06.2013 Corporation


UNITED SPIRITS LTD n/a Co File 8'500'000 3.11 - 30.06.2013 Corporation

HEINEKEN UK LTD n/a Co File 8'489'270 3.11 - 30.06.2013 n/a



GEM INVEST & TRADING n/a Co File 4'315'132 1.58 - 30.06.2013 Other

ACACIA PARTNERS LP n/a Co File 3'780'000 1.39 - 30.06.2013 Investment Advisor

TREE LINE ASIA MASTE n/a Co File 2'890'000 1.06 - 30.06.2013 n/a

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'016'996 0.74 (260'895) 31.07.2013 Investment Advisor


DEVI INVESTMENT & DE n/a Co File 1'859'300 0.68 - 30.06.2013 Other

PHARMA TRADING CO n/a Co File 1'514'366 0.55 - 30.06.2013 Private Equity

PLATINUM INVESTMENT n/a EXCH 1'462'635 0.54 - 11.10.2012 Investment Advisor



Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY sell 1 M 439 Not Provided 21.08.2013

Kotak Securities JASDEEP WALIA sell 1 M 700 Not Provided 16.08.2013

Batlivala & Karani Securities ASHIT DESAI sell 1 M 450 Not Provided 16.08.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013

IDFC Securities Ltd NIKHIL K VORA underperform 1 M 650 12 month 03.06.2013

Religare Capital Markets GAURANG KAKKAD sell 1 M 500 12 month 31.05.2013


India Infoline BHAVESH GANDHI market perform 3 M 428 9 month 08.02.2012

Holdings By:

United Breweries Ltd ee


01.10.2013

Divi's Laboratories Ltd. manufactures pharmaceutical products which include

generic drugs and their intermediates. The Company also undertakes contract

research activities for other pharmaceutical companies.


LTM as of: 03/yy

52-Week High (30.11.2012) 1'233.00

52-Week Low (05.08.2013) 905.00

Daily Volume

983.95





130'603.91 1 Yr Total Return -10.90%







DIVI IB EQUITY YTD Change - Average Volume 30 Day 11'226

DIVI IB EQUITY YTD % CHANGE - Average Volume 3 Month 15'519


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 09/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

11'803.4 9'416.2 13'071.1 18'584.3 21'399.0 10'582.8 21'621.7 24'963.8 30'107.2 - -

5.07x 9.07x 6.45x 5.49x 5.94x 8.63x 14.74x 4.98x 4.04x - -

5'224.5 4'165.6 4'982.5 6'914.7 8'165.0 4'477.0 8'548.8 9'428.8 11'516.2 - -

11.45x 20.50x 16.92x 14.76x 15.58x 0.00x 0.00x 13.41x 10.98x - -

4'166.4 3'403.4 4'292.7 5'332.6 6'020.1 4'238.7 6'710.9 7'095.7 8'579.0 - -

14.67x 25.98x 20.82x 19.06x 21.77x 0.00x 0.00x 18.39x 15.21x - -











EBITDA Margin 38.2%



Asset Turnover 0.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Divi's Laboratories LtdPrice/Volume

Valuation Analysis

2'488.00


,

.,,

1,,

3,,

5,,

-,,,

-.,,

-1,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'- E

'. E

'0 E

'1 E

'2 E

'3 E

'4 E

'5 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

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0,',,

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01.10.2013


MOTAPARTI NILIMA n/a Co File 27'000'000 20.34 - 30.09.2012 n/a

DIVI KIRAN SATCHAND n/a Co File 23'000'000 17.33 - 30.09.2012 n/a


DIVI MURALI n/a Co File 7'783'500 5.86 - 30.09.2012 n/a

DIVI SWARNA LATHA n/a Co File 7'000'000 5.27 - 30.09.2012 n/a



DIVIS BIOTECH PVT LT n/a Co File 4'000'000 3.01 - 30.09.2012 Other


VALIANT MAURITIUS PA n/a Co File 3'177'210 2.39 - 30.09.2012 Corporation





M3 INVESTMENT PRIVAT n/a Co File 1'443'464 1.09 - 30.09.2012 Other


RAMANA N V n/a EXCH 656'470 0.49 (40'000) 10.08.2012 n/a



DIVI MADHUSUDANA RA n/a EXCH 340'300 0.26 - 26.08.2013 n/a


Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 1'346 Not Provided 27.09.2013

Batlivala & Karani Securities ROHIT V BHAT buy 5 M 1'104 Not Provided 26.09.2013

India Nivesh Ltd BHAGWAN SINGH CHAUDHARY hold 3 M 981 Not Provided 26.09.2013

Tata Securities Limited VIHARI PURUSHOTHAMAN buy 5 M 1'156 12 month 11.09.2013

ICICIdirect.com SIDDHANT KHANDEKAR buy 5 M 1'191 Not Provided 10.09.2013

Dolat Capital Market Ltd. MILIND BHANGALE accumulate 4 M 1'141 Not Provided 04.09.2013


Quant Broking Pvt Ltd KIRIT GOGRI buy 5 M 1'295 Not Provided 22.08.2013

Motilal Oswal Securities Ltd ALOK DALAL buy 5 M 1'324 Not Provided 19.08.2013

Edelweiss Capital PERIN ALI hold 3 M 1'140 12 month 16.08.2013


Spark Capital Advisors HARITH AHAMED buy 5 M 1'130 12 month 06.08.2013

HSBC GIRISH BAKHRU overweight 5 U 1'100 Not Provided 05.08.2013

SBI Capital Markets VIVEK KUMAR buy 5 M 1'323 12 month 05.08.2013

Emkay Share & Stock Brokers ASHISH RATHI buy 5 M 1'220 Not Provided 05.08.2013

Karvy Stock Broking Ltd RAHUL SHARMA buy 5 M 1'181 12 month 05.08.2013

Antique Stock Broking Limited ANMOL GANJOO buy 5 M 1'220 Not Provided 05.08.2013

IIFL BINO PATHIPARAMPIL add 4 M 1'062 12 month 05.08.2013

Avendus Capital Private Ltd MONICA JOSHI buy 5 U 1'160 Not Provided 05.08.2013

Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR buy 5 M 1'208 Not Provided 05.08.2013

Nirmal Bang Institutional Equities PRAFUL BOHRA buy 5 M 1'173 Not Provided 05.08.2013

Kotak Securities KRISHNA PRASAD add 4 U 1'040 Not Provided 02.08.2013


Ashika Stock Broking Limited PARAS BOTHRA buy 5 M 1'120 Not Provided 04.06.2013

Ventura Securities Ltd TEAM COVERAGE buy 5 M 1'284 Not Provided 22.05.2013

Systematix Shares & Stocks Ltd SURYA NARAYAN PATRA buy 5 U 1'225 12 month 21.05.2013


Dalmia Securities Pvt Ltd SUBRATA SARKAR neutral 3 M 823 Not Provided 01.02.2012

Holdings By:

Divi's Laboratories Ltd ee


01.10.2013

Rural Electrification Corporation Limited engages in the financing and promotion

of transmission, distribution and generation projects in India. The Company

provides funding to clients to assist them in formulating and implementing

various types of power project-related schemes.


LTM as of: 01/yy

52-Week High (04.01.2013) 267.50

52-Week Low (05.08.2013) 146.15

Daily Volume

188.55





186'185.39 1 Yr Total Return -8.89%







RECL IB EQUITY YTD Change - Average Volume 30 Day 289'790

RECL IB EQUITY YTD % CHANGE - Average Volume 3 Month 255'881


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

49'365.4 67'475.9 85'321.9 105'127.7 135'778.2 - - - 66'609.5 - -

10.71x 11.86x 10.81x 9.98x 9.34x - - - - - -

48'165.7 65'794.1 82'868.6 102'201.5 132'159.2 - - - - - -

10.97x 12.16x 11.13x 10.27x 9.60x - - - - - -

12'745.8 23'480.2 25'848.9 28'386.6 38'327.8 - - 38'474.0 41'219.0 - -

6.47x 9.26x 9.69x 7.14x 5.37x - - 4.51x 4.46x - -











EBITDA Margin 97.3%



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rural Electrification Corp LtdPrice/Volume

Valuation Analysis

180'228.00


,

2,

-,,

-2,

.,,

.2,

0,,


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,

,'.,

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-',,

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01.10.2013



LIFE INSURANCE CORP #N/A N/A EXCH 49'436'415 5.01 - 26.09.2013 Government










ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 2'529'597 0.26 - 30.06.2013 Government


RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 2'294'700 0.23 (59'400) 28.06.2013 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 2'152'387 0.22 333'355 27.09.2013 Investment Advisor


STATE STREET CORP n/a ULT-AGG 1'707'464 0.17 (176'179) 31.07.2013 Investment Advisor


MACQUARIE GROUP n/a ULT-AGG 1'239'672 0.13 33'249 31.07.2013 Investment Advisor




Macquarie SURESH GANAPATHY neutral 3 M 157 12 month 12.09.2013


Espirito Santo Investment Bank ResearchSANTOSH SINGH neutral 3 D 188 Not Provided 30.08.2013

Barclays JATIN MAMTANI underweight 1 D 152 Not Provided 29.08.2013



Antique Stock Broking Limited DIGANT HARIA hold 3 M 192 Not Provided 22.08.2013


Motilal Oswal Securities Ltd ALPESH MEHTA Under Review #N/A N/A M #N/A N/A Not Provided 19.08.2013

Quantum Securities Pvt Ltd RATI PANDIT accumulate 4 D 210 Not Provided 14.08.2013

Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 U 214 Not Provided 13.08.2013

Equirus Securities Pvt Ltd DEVAM MODI neutral 3 M 162 Not Provided 13.08.2013

Anand Rathi Securities Pvt. Ltd. KAITAV SHAH buy 5 M 231 Not Provided 12.08.2013


Ambit Capital Pvt Ltd PANKAJ AGARWAL sell 1 M 147 Not Provided 12.08.2013

Quant Broking Pvt Ltd NITIN KUMAR buy 5 M 300 12 month 12.08.2013

Avendus Capital Private Ltd JAYNEE SHAH buy 5 U 235 Not Provided 12.08.2013







First Global Stockbroking DEVINA MEHRA market perform 3 M #N/A N/A Not Provided 31.05.2013


HSBC TEJAS MEHTA overweight 5 N 251 Not Provided 10.04.2013

Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 D 221 Not Provided 09.04.2013



Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA buy 5 M 290 Not Provided 19.02.2013

Spark Capital Advisors GANESHRAM JAYARAMAN buy 5 M 277 12 month 11.02.2013


ICICI Securities SHASHIN UPADHYAY add 4 N 246 12 month 02.11.2012

Dalmia Securities Pvt Ltd SUBRATA SARKAR buy 5 M 226 Not Provided 11.08.2011

Karvy Stock Broking Ltd K ANANT RAO buy 5 N 252 Not Provided 04.07.2011

Holdings By:

Rural Electrification Corp Ltd ee


01.10.2013

Exide Industries Ltd. manufactures a wide range of lead and electric storage

batteries. The Company's batteries for automobiles, railways, aircrafts, power

stations, telephone exchanges, and other uses.


LTM as of: 01/yy

52-Week High (19.10.2012) 166.30

52-Week Low (08.04.2013) 115.35

Daily Volume

134





113'900.00 1 Yr Total Return -11.59%







EXID IB EQUITY YTD Change - Average Volume 30 Day 109'412

EXID IB EQUITY YTD % CHANGE - Average Volume 3 Month 133'455


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

34'048.7 39'788.5 47'660.8 53'156.5 63'658.9 - - 69'434.6 80'436.8 - -

1.07x 2.68x 2.47x 2.26x 1.65x - - 1.59x 1.35x - -

5'867.1 9'835.1 9'553.1 7'585.8 8'583.1 - - 10'088.6 11'912.5 - -

6.22x 10.83x 12.33x 15.84x 12.26x - - 10.82x 9.16x - -

1'914.9 4'935.2 6'188.2 4'460.6 5'493.5 - - 6'276.8 7'531.0 - -

17.28x 20.04x 19.70x 28.43x 20.03x - - 17.74x 15.13x - -











EBITDA Margin 13.5%



Asset Turnover 0.84







Fiscal Year Ended

Exide Industries LtdPrice/Volume

Valuation Analysis

97'654.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,.,1,3,5,

-,,-.,-1,-3,-5,

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'2 E

-', E

-'2 E

.', E

.'2 E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


CHLORIDE EASTERN LTD n/a Co File 390'954'666 45.99 - 30.06.2013 Other


HATHWAY INVESTMENTS n/a Co File 36'752'730 4.32 - 30.06.2013 Investment Advisor


NALANDA INDIA EQUITY n/a Co File 29'670'257 3.49 - 30.06.2013 n/a


NALANDA INDIA FUND L n/a Co File 15'807'349 1.86 - 30.06.2013 Private Equity




JP MORGAN n/a ULT-AGG 9'257'221 1.09 1'022'330 31.05.2013 Investment Advisor




UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'378'202 0.63 - 31.08.2013 Investment Advisor



CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 2'350'502 0.28 - 31.12.2012 Investment Advisor

HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'300'000 0.27 - 31.08.2013 Investment Advisor



Axis Capital Limited CHIRAG SHAH buy 5 M 145 Not Provided 27.09.2013



Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 145 Not Provided 16.09.2013

Antique Stock Broking Limited ASHISH NIGAM buy 5 M 150 Not Provided 03.09.2013

IIFL JOSEPH GEORGE buy 5 M 158 12 month 03.09.2013

Equirus Securities Pvt Ltd ASHUTOSH TIWARI neutral 3 M 128 15 month 29.08.2013



Motilal Oswal Securities Ltd JINESH K GANDHI neutral 3 M 139 Not Provided 19.08.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 14.08.2013

Goldman Sachs SANDEEP PANDYA neutral/neutral 3 M 120 12 month 28.07.2013


Anand Rathi Securities Pvt. Ltd. ROHAN KORDE buy 5 M 154 Not Provided 19.07.2013

JHP Securities Private Limited ROHAN J ADMANE hold 3 U 140 12 month 19.07.2013

CIMB KUNAL JHAVERI neutral 3 M 140 12 month 18.07.2013

HDFC Securities SORABH TALWAR buy 5 M 147 12 month 18.07.2013

Angel Broking Limited YARESH KOTHARI accumulate 4 M 148 12 month 18.07.2013





Nirmal Bang Institutional Equities GAURANT DADWAL buy 5 M 157 Not Provided 18.07.2013

Morgan Stanley BINAY SINGH Overwt/In-Line 5 M 149 12 month 17.07.2013

Kotak Securities HITESH GOEL add 4 U 135 Not Provided 17.07.2013

Batlivala & Karani Securities VIJAYALAKSHMI V outperform 5 U 145 Not Provided 17.07.2013

Emkay Share & Stock Brokers KAUSHAL MAROO buy 5 M 160 Not Provided 17.07.2013

LKP Shares and Securities Ltd ASHWIN PATIL neutral 3 M 134 12 month 17.07.2013

Dolat Capital Market Ltd. MAYUR MILAK accumulate 4 U 135 12 month 17.07.2013

Standard Chartered AMIT KASAT outperform 5 M 152 12 month 16.07.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE accumulate 4 M 140 12 month 16.07.2013

India Nivesh Ltd ABHISHEK JAIN hold 3 M 147 Not Provided 16.07.2013

Deutsche Bank AMYN PIRANI buy 5 U 145 12 month 15.07.2013

Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA accumulate 4 M 147 12 month 15.07.2013

Firstcall India Equity Advisors Pvt Ltd ASHISH KUSHWAHA buy 5 M 155 Not Provided 13.07.2013

Daiwa Securities Co. Ltd. NAVIN MATTA outperform 5 U 149 Not Provided 30.04.2013

IFCI Financial Services ABHIJEET BORA buy 5 M 147 12 month 13.03.2013

UBS GAUTAM CHHAOCHHARIA buy 5 M 165 12 month 12.03.2013

Asian Markets Securities Pvt. Ltd JAY KALE reduce 2 M 123 Not Provided 21.01.2013

ITI Securities Ltd SUSHANTA BHATTACHARYYA buy 5 M 153 12 month 08.11.2012

MSFL - Institutional Business Group RONAK SARDA hold 3 D 135 12 month 23.10.2012

Proactive Universal RADHIKA MERWIN hold 3 M 126 12 month 19.07.2012


Holdings By:

Exide Industries Ltd ee


01.10.2013

DLF Ltd. is a real estate development company. The Company develops

residential, commercial, and retail properties.


LTM as of: 06/yy

52-Week High (12.03.2013) 289.20

52-Week Low (06.08.2013) 120.25

Daily Volume

135.5





241'300.48 1 Yr Total Return -40.06%







DLFU IB EQUITY YTD Change - Average Volume 30 Day 1'559'547

DLFU IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'296'939


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

100'353.9 74'228.7 95'605.7 96'293.8 77'728.4 93'812.7 78'892.1 88'129.3 102'105.1 21'947.0 22'848.0

4.52x 10.23x 7.40x 6.27x 8.35x 12.53x 15.58x 5.14x 4.31x - -

56'155.7 36'680.8 38'562.7 40'283.6 26'969.5 38'603.7 24'747.3 34'521.4 41'579.5 7'833.0 8'959.0

8.08x 20.69x 18.34x 14.99x 24.05x 0.00x 0.00x 14.23x 11.81x - -

44'696.0 17'198.3 16'396.1 12'008.2 7'119.2 11'352.5 5'913.3 9'296.1 15'604.3 1'306.0 2'524.0

6.37x 30.48x 27.80x 28.53x 56.00x 29.72x 51.49x 26.93x 15.36x - -











EBITDA Margin 34.7%



Asset Turnover 0.12







Fiscal Year Ended

DLF LtdPrice/Volume

Valuation Analysis

1'584'375.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,

-,,

-2,

.,,

.2,

0,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0', E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


PANCHSHEEL INVESTMEN n/a Co File 312'110'500 17.53 - 30.06.2013 Other

SIDHANT HOUSING & DE n/a Co File 237'209'700 13.32 - 30.06.2013 Corporation

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 111'934'857 6.29 968'651 31.07.2013 Investment Advisor

KOHINOOR REAL ESTATE n/a Co File 95'353'400 5.35 - 30.06.2013 Corporation

MADHUR HOUSING & DEV n/a Co File 93'819'600 5.27 - 30.06.2013 Other

YASHIKA PROP & DEV C n/a Co File 92'080'400 5.17 - 30.06.2013 Corporation

MALLIKA HOUSING COMP n/a Co File 90'992'000 5.11 - 30.06.2013 Corporation

PREM TRADERS & INV P n/a Co File 90'059'200 5.06 - 30.06.2013 Other

VISHAL FOODS & INV P n/a Co File 74'769'060 4.2 - 30.06.2013 Other

RAISINA AGEN & INVES n/a Co File 65'889'120 3.7 - 30.06.2013 Other

JHANDEWALAN ANCILLAR n/a Co File 47'388'000 2.66 - 30.06.2013 n/a

DLF INVESTMENTS PVT n/a Co File 39'154'500 2.2 - 30.06.2013 Other

JANUS CAPITAL MANAGE n/a ULT-AGG 33'694'605 1.89 - 30.06.2013 Investment Advisor


SINGH RAJIV n/a Co File 16'456'320 0.92 - 30.06.2013 n/a

REALEST BUILDERS & S n/a Co File 14'927'680 0.84 - 30.06.2013 Other

HARYANA ELECTRICAL U n/a Co File 14'052'400 0.79 - 30.06.2013 Corporation


SINGH K P n/a Co File 10'461'000 0.59 - 30.06.2013 n/a





Goldman Sachs PUNEET JAIN buy/attractive 5 M 209 12 month 11.09.2013


BNP Paribas Equity Research AVNEESH SUKHIJA hold 3 D 139 12 month 04.09.2013

HDFC Securities ADHIDEV CHATTOPADHYAY buy 5 M 209 12 month 04.09.2013


Motilal Oswal Securities Ltd SANDIPAN PAL buy 5 M 230 Not Provided 19.08.2013

Angel Broking Limited VIRAL SHAH buy 5 M 179 12 month 16.08.2013

Deutsche Bank ABHISHEK SARAF buy 5 M 255 12 month 14.08.2013

Morgan Stanley SAMEER BAISIWALA Equalwt/In-Line 3 M 152 12 month 14.08.2013

Macquarie ABHISHEK BHANDARI outperform 5 M 202 12 month 14.08.2013

Karvy Stock Broking Ltd PARIKSHIT KANDPAL buy 5 M 248 12 month 14.08.2013

Credit Suisse ANANTHA NARAYAN neutral 3 M 180 Not Provided 13.08.2013

UBS ASHISH JAGNANI buy 5 M 275 12 month 13.08.2013

Jefferies ANAND AGARWAL underperform 1 M 125 12 month 13.08.2013

CIMB PRAKASH AGARWAL underperform 1 M 155 12 month 13.08.2013

Kotak Securities SAMAR SARDA add 4 M 255 Not Provided 13.08.2013

Prabhudas Lilladher Pvt Ltd KEJAL MEHTA accumulate 4 M 181 12 month 13.08.2013

SBI Capital Markets AMIT AGARWAL buy 5 M 363 12 month 13.08.2013

ICICI Securities SHALEEN SILORI add 4 M 170 12 month 13.08.2013

Batlivala & Karani Securities PREM KHURANA buy 5 M 224 Not Provided 13.08.2013

Phillip Securities ABHISHEK RANGANATHAN buy 5 U 218 Not Provided 13.08.2013

IDFC Securities Ltd NITIN AGARWAL outperform 5 M 241 12 month 13.08.2013

IDBI Capital Market Services Ltd HANSRAJ SINGH hold 3 M 170 12 month 13.08.2013

Emkay Share & Stock Brokers TEJAS SHETH hold 3 M 200 Not Provided 13.08.2013

Religare Capital Markets ARUN AGGARWAL buy 5 M 310 12 month 13.08.2013

KR Choksey Shares & Sec Pvt Ltd UMESH PATEL buy 5 M 206 Not Provided 13.08.2013


Khambatta Securities Ltd PRASHANT GATTANI strong buy 5 U 268 Not Provided 12.07.2013

Antique Stock Broking Limited ANMOL GANJOO buy 5 N 235 Not Provided 17.06.2013


EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013

HSBC ASHUTOSH NARKAR overweight 5 M 295 Not Provided 03.06.2013


JM Financial Institutional Securities P HIMANSHU MAHESHWARI sell 1 M 220 12 month 31.05.2013

Systematix Shares & Stocks Ltd ROHIT JAIN buy 5 M 291 12 month 31.05.2013

Nirmal Bang Institutional Equities PARAM DESAI buy 5 M 296 Not Provided 09.04.2013

Anand Rathi Securities Pvt. Ltd. SUMAN MEMANI buy 5 M 300 Not Provided 20.02.2013

NVS Brokerage Limited TEAM COVERAGE strong buy 5 N 290 12 month 22.01.2013

IFCI Financial Services RAJEEV DESAI sell 1 M 173 12 month 06.11.2012



Holdings By:

DLF Ltd ee


01.10.2013

Tata Global Beverages Ltd. cultivates tea and coffee on its plantations. The

Company manufactures, sells domestically and exports instant, blended and

packet teas, and instant and ground coffee.


LTM as of: 06/yy

52-Week High (15.11.2012) 181.70

52-Week Low (26.03.2013) 122.00

Daily Volume

146.75





90'749.99 1 Yr Total Return 2.64%







TGBL IB EQUITY YTD Change - Average Volume 30 Day 224'660

TGBL IB EQUITY YTD % CHANGE - Average Volume 3 Month 329'990


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

48'478.7 57'829.5 59'824.2 65'852.6 72'703.2 68'442.2 73'516.0 80'496.8 89'355.1 - -

1.24x 1.19x 1.19x 1.33x 1.35x 2.15x 2.71x 1.25x 1.08x - -

6'497.2 6'865.0 6'093.9 6'230.5 7'702.1 6'840.7 7'948.3 8'874.1 10'072.9 - -

9.22x 9.99x 11.64x 14.09x 12.78x 0.00x 0.00x 12.41x 10.94x - -

7'005.5 3'903.0 2'543.3 3'561.4 3'727.5 2'729.1 4'066.9 4'893.1 5'704.2 1'934.0 1'381.0

5.16x 15.51x 23.77x 19.51x 21.21x 26.23x 20.43x 18.72x 15.94x - -











EBITDA Margin 10.6%



Asset Turnover 0.85








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tata Global Beverages LtdPrice/Volume

Valuation Analysis

256'076.00


,.,1,3,5,

-,,-.,-1,-3,-5,.,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

0,,',,

02,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013





TATA INVESTMENT CORP n/a EXCH 26'900'000 4.35 (150'000) 22.08.2013 Private Equity

SKAGEN KEN TIKI MUTU n/a Co File 17'183'504 2.78 - 30.06.2013 n/a












PRINCIPAL FINANCIAL n/a ULT-AGG 3'004'105 0.49 1'679'293 31.08.2013 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 2'258'308 0.37 (237'281) 30.08.2013 Investment Advisor




Axis Capital Limited HEMANT B PATEL buy 5 M 177 Not Provided 27.09.2013

Techno Shares & Stocks SHIVANI V VISHWANATHAN accumulate 4 M #N/A N/A Not Provided 06.09.2013

Way2Wealth Brokers Ltd SHIVANI VIVEK VISHWANATHAN accumulate 4 M #N/A N/A Not Provided 06.09.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 04.09.2013

Quant Broking Pvt Ltd HIMANSHU NAYYAR buy 5 M 183 12 month 02.09.2013


ICICIdirect.com SANJAY MANYAL buy 5 N 182 15 month 13.08.2013





Sharekhan Ltd TEAM COVERAGE buy 5 U 175 Not Provided 02.08.2013


Batlivala & Karani Securities ASHIT DESAI underperform 1 M 145 Not Provided 01.08.2013

Right Horizons Financial Services TUSHAR PENDHARKAR accumulate 4 M 165 12 month 01.08.2013






Elara Securities India Pvt Ltd HIMANI SINGH reduce 2 M 92 12 month 27.01.2012

Holdings By:

Tata Global Beverages Ltd ee


01.10.2013

Ranbaxy Laboratories Limited manufactures and distributes a wide range of

pharmaceutical products. The Company makes multisource antibiotics, analgesics,

anti-inflammatory drugs and anti-ulcerant/gastrointestinal drugs such as

"Roscillin" (Ampicillin), "Cifran" (Ciprofloxacin) and "Sporidex" (Cephalexin).


LTM as of: 06/yy

52-Week High (08.11.2012) 559.80

52-Week Low (02.08.2013) 253.95

Daily Volume

349.45





147'862.61 1 Yr Total Return -35.20%







RBXY IB EQUITY YTD Change - Average Volume 30 Day 1'158'344

RBXY IB EQUITY YTD % CHANGE - Average Volume 3 Month 763'637


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

74'140.0 75'970.4 89'607.7 99'700.0 122'528.9 126'302.7 103'952.3 114'413.6 137'665.3 29'128.0 29'371.6

1.70x 3.16x 2.95x 1.87x 1.77x 3.08x 3.74x 1.56x 1.26x - -

5'842.1 7'244.0 18'742.6 12'844.1 17'080.0 25'607.0 8'834.3 13'660.5 24'975.7 4'534.7 4'151.5

21.63x 33.18x 14.08x 14.53x 12.70x 7.89x 19.49x 13.87x 7.58x 19.50x 36.57x

(9'512.1) 2'964.9 14'967.5 (28'997.3) 9'227.6 (27'863.1) (1'367.6) 7'260.3 16'691.6 2'871.0 2'904.6

- 73.44x 16.83x - 23.00x 0.00x 0.00x 22.42x 9.74x - -











EBITDA Margin 13.9%



Asset Turnover 0.76







Fiscal Year Ended

Ranbaxy Laboratories LtdPrice/Volume

Valuation Analysis

824'418.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

.,,

0,,

1,,

2,,

3,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

-', E

.', E

0', E

1', E

2', E

3', E

4', E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

,0',-'.,-, ,0',4'.,-, ,0',-'.,-- ,0',4'.,-- ,0',-'.,-. ,0',4'.,-. ,0',-'.,-0 ,0',4'.,-0



01.10.2013


DAIICHI SANKYO CO LT n/a Co File 268'711'323 63.51 - 30.06.2013 Corporation



SKAGEN KEN TIKI MUTU n/a Co File 5'310'187 1.25 - 30.06.2013 n/a








T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 519'139 0.12 4'623 30.06.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 493'315 0.12 - 30.04.2013 Investment Advisor


BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 325'677 0.08 18'348 30.08.2013 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 311'534 0.07 - 10.12.2012 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 285'130 0.07 - 31.12.2012 Investment Advisor

IDFC MUTUAL FUND Multiple Portfolios MF-AGG 278'040 0.07 229'603 31.08.2013 Investment Advisor

KOTAK MAHINDRA Multiple Portfolios MF-AGG 203'881 0.05 187'054 31.08.2013 Investment Advisor




Batlivala & Karani Securities ROHIT V BHAT underperform 1 M 375 Not Provided 26.09.2013

Emkay Share & Stock Brokers ASHISH RATHI hold 3 D 308 Not Provided 25.09.2013

Edelweiss Capital PERIN ALI hold 3 M 365 Not Provided 25.09.2013

Fortune Equity Brokers (India) Ltd HITESH MAHIDA hold 3 M 358 12 month 24.09.2013

SBI Capital Markets VIVEK KUMAR buy 5 M 419 12 month 20.09.2013


Kotak Securities KRISHNA PRASAD reduce 2 M 300 Not Provided 19.09.2013


CIMB PRAKASH AGARWAL underperform 1 D 290 12 month 17.09.2013

Motilal Oswal Securities Ltd ALOK DALAL neutral 3 M 257 12 month 17.09.2013


Angel Broking Limited SARABJIT KOUR NANGRA neutral 3 M #N/A N/A Not Provided 17.09.2013

Antique Stock Broking Limited ANMOL GANJOO sell 1 D 251 Not Provided 17.09.2013

IIFL BINO PATHIPARAMPIL sell 1 D 283 12 month 17.09.2013

Morgan Stanley SAMEER BAISIWALA Equalwt/In-Line 3 M 373 12 month 16.09.2013

HSBC GIRISH BAKHRU underweight 1 D 421 Not Provided 16.09.2013

Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI sell 1 D 382 Not Provided 16.09.2013


IDFC Securities Ltd NITIN AGARWAL underperform 1 D 349 Not Provided 16.09.2013

Barclays BALAJI V PRASAD underweight 1 M 331 Not Provided 16.09.2013

India Nivesh Ltd BHAGWAN SINGH CHAUDHARY neutral 3 M #N/A N/A Not Provided 16.09.2013

UBS SONAL GUPTA neutral 3 M 500 12 month 12.09.2013


Centrum Broking Pvt Ltd RANJIT KAPADIA hold 3 M 377 Not Provided 26.08.2013

Prabhudas Lilladher Pvt Ltd SURAJIT PAL buy 5 N 559 12 month 08.08.2013


ICICI Securities KARTIK A MEHTA buy 5 U 358 12 month 08.08.2013


India Infoline BHAVIKA SHINDE market perform 3 D 310 12 month 08.08.2013

Quant Broking Pvt Ltd KIRIT GOGRI accumulate 4 U 343 Not Provided 08.08.2013

Elara Securities India Pvt Ltd AARTHISUNDARI JAYAKUMAR accumulate 4 U 332 Not Provided 08.08.2013



Tata Securities Limited VIHARI PURUSHOTHAMAN hold 3 U 280 12 month 07.08.2013

Dalal & Broacha PURVI SHAH hold 3 M 472 Not Provided 15.05.2013

Systematix Shares & Stocks Ltd SURYA NARAYAN PATRA hold 3 M 473 12 month 10.05.2013



Standard Chartered GAURAV PATHAK in-line 3 M 450 12 month 12.04.2013

NVS Brokerage Limited TEAM COVERAGE strong buy 5 M 750 12 month 22.05.2012

Espirito Santo Investment Bank ResearchCHIRAG TALATI neutral 3 M 500 Not Provided 10.05.2012

Holdings By:

Ranbaxy Laboratories Ltd ee


01.10.2013

LIC Housing Finance Limited provides housing finance services to individuals

for purchase, construction, repair and renovation of new or existing flats and

houses. The Company also provides finance on existing property for business,

personal needs and gives loans to professionals for purchase, construction of

clinics, nursing homes, diagnostic centers, and office space throughout India.


LTM as of: 01/yy

52-Week High (02.01.2013) 300.00

52-Week Low (04.09.2013) 152.00

Daily Volume

191.4





96'592.49 1 Yr Total Return -28.80%







LICHF IB EQUITY YTD Change - Average Volume 30 Day 586'819

LICHF IB EQUITY YTD % CHANGE - Average Volume 3 Month 554'862


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

29'030.5 34'746.9 48'746.6 62'445.8 77'348.3 - - 22'804.4 24'683.3 - -

9.37x 12.56x 11.70x 11.07x 10.42x - - 3.31x 3.01x - -

27'417.2 33'108.2 46'553.1 58'338.3 73'388.6 - - - - - -

9.92x 13.18x 12.26x 11.85x 10.98x - - - - - -

5'321.7 6'888.3 9'518.8 9'198.5 10'475.1 - - 13'580.4 14'757.3 - -

3.58x 11.40x 11.28x 13.63x 10.83x - - 7.56x 6.59x - -











EBITDA Margin 94.9%



Asset Turnover 0.11







Fiscal Year Ended

LIC Housing Finance LtdPrice/Volume

Valuation Analysis

165'428.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,

-,,

-2,

.,,

.2,

0,,

02,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

2', E

-,', E

-2', E

.,', E

.2', E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,

,'.,

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01.10.2013




BANK MUSCAT SAOG n/a Co File 11'496'000 2.28 - 30.06.2013 Bank


PRUDENTIAL ASSET MGM n/a Co File 9'791'730 1.94 - 30.06.2013 Investment Advisor











MACQUARIE GROUP n/a ULT-AGG 5'224'698 1.04 - 30.06.2013 Investment Advisor



BANK OF NOVA SCOTIA n/a ULT-AGG 3'211'158 0.64 (241'500) 30.06.2013 Bank





ICICI Securities SANTANU CHAKRABARTI buy 5 M 270 12 month 24.09.2013

IIFL ABHISHEK MURARKA add 4 M 230 12 month 23.09.2013








Barclays ANISH TAWAKLEY equalweight 3 D 177 Not Provided 29.08.2013

Quant Broking Pvt Ltd NITIN KUMAR buy 5 M 220 Not Provided 29.08.2013

HDFC Securities SAMEER NARANG buy 5 M 195 12 month 26.08.2013

Spark Capital Advisors JYOTHI KUMAR VARMA buy 5 U 211 12 month 24.08.2013




Nirmal Bang Securities Private Ltd SILKY JAIN buy 5 U 208 12 month 21.08.2013

GEPL Capital Pvt Ltd DISHA RAJESH HAZARI buy 5 N 194 12 month 20.08.2013

Shah Investor's Home Limited BUNTY CHAWLA accumulate 4 R 240 12 month 20.08.2013





Antique Stock Broking Limited ALOK KAPADIA buy 5 M 205 Not Provided 19.08.2013

Avendus Capital Private Ltd JAYNEE SHAH buy 5 M 298 Not Provided 19.08.2013

India Nivesh Ltd KAUSHAL K PATEL buy 5 M 248 Not Provided 19.08.2013

Cholamandalam Securities Limited KARTHIKEYAN P buy 5 M 238 Not Provided 19.08.2013


Deutsche Bank MANISH SHUKLA buy 5 U 225 12 month 16.08.2013

JM Financial Institutional Securities P KARAN UBEROI buy 5 M 215 Not Provided 16.08.2013


Morgan Stanley SUBRAMANIAN IYER Overwt/Cautious 5 M 195 12 month 15.08.2013

HSBC TEJAS MEHTA overweight 5 U 243 Not Provided 15.08.2013

Emkay Share & Stock Brokers KASHYAP JHAVERI accumulate 4 M 240 Not Provided 14.08.2013



EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 22.07.2013

Microsec Capital SANJEEV JAIN buy 5 M 317 18 month 08.06.2013

SBI Capital Markets RAVIKANT BHAT buy 5 M 290 12 month 08.05.2013

Aditya Birla Money Limited SUMIT JATIA buy 5 M 305 12 month 29.04.2013


Holdings By:

LIC Housing Finance Ltd ee


01.10.2013

Reliance Power Limited develops, constructs, and operates power projects both

domestically and internationally.


LTM as of: 06/yy

52-Week High (15.10.2012) 106.70

52-Week Low (28.03.2013) 58.55

Daily Volume

67.8





190'187.59 1 Yr Total Return -31.20%







RPWR IB EQUITY YTD Change - Average Volume 30 Day 2'939'368

RPWR IB EQUITY YTD % CHANGE - Average Volume 3 Month 3'122'483


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

- 207.2 10'547.6 20'192.1 49'265.9 26'141.5 49'136.9 58'907.1 86'907.3 17'199.0 17'200.0

- 1619.01x 39.82x 22.48x 7.84x 28.51x 17.24x 8.23x 6.62x - -

(932.6) (1'056.1) 2'298.5 6'247.8 17'128.9 8'052.7 17'969.6 23'405.0 40'006.8 5'535.0 5'536.0

- - 182.72x 72.66x 22.56x 0.00x 0.00x 17.27x 10.10x - -

2'445.1 6'838.9 7'604.4 8'667.8 10'114.6 9'117.1 10'120.2 9'706.1 11'815.8 2'474.0 2'475.0

100.33x 52.38x 44.32x 37.91x 17.06x 32.78x 17.75x 19.06x 15.48x - -











EBITDA Margin 34.8%



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Reliance Power LtdPrice/Volume

Valuation Analysis

1'254'943.00


,

.,

1,

3,

5,

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l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

-', E

.', E

0', E

1', E

2', E

3', E

4', E

5', E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

- ,,,',,

. ,,,',,

0 ,,,',,

1 ,,,',,

2 ,,,',,

3 ,,,',,

4 ,,,',,

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,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


RELIANCE INFRASTRUCT n/a Co File 1'023'998'193 36.5 - 30.06.2013 Corporation

AAA PROJECT VENTURES n/a Co File 537'387'901 19.16 - 30.06.2013 Corporation

AAA INTERNATIONAL CA n/a Co File 267'776'331 9.55 - 30.06.2013 Other

RELIANCE ENTERPRISES n/a Co File 267'776'331 9.55 - 30.06.2013 Other






RELIANCE CAPITAL LTD n/a Co File 4'117'823 0.15 - 30.06.2013 Investment Advisor





AMBANI KOKILA D n/a Co File 916'306 0.03 - 30.06.2013 n/a

DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 680'318 0.02 (1'247'269) 31.08.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 612'611 0.02 (112'140) 31.05.2013 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 555'888 0.02 - 31.08.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 522'916 0.02 42'442 31.07.2013 Investment Advisor

EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 500'610 0.02 - 27.09.2013 Investment Advisor



Deutsche Bank ABHISHEK PURI sell 1 M 60 12 month 05.09.2013

Emkay Share & Stock Brokers AMIT GOLCHHA buy 5 M 111 Not Provided 28.08.2013

Batlivala & Karani Securities VISHAL BIRAIA sell 1 D 64 Not Provided 22.08.2013



Nomura ANIRUDH GANGAHAR reduce 2 M 94 Not Provided 31.07.2013


India Nivesh Ltd DALJEET SINGH KOHLI accumulate 4 M #N/A N/A Not Provided 31.07.2013


Kotak Securities MURTUZA ARSIWALLA sell 1 M 75 Not Provided 30.07.2013


ICICI Securities PRAKASH GAURAV GOEL sell 1 M 60 12 month 30.07.2013

Almondz Global Securities Ltd AMIT SHAH buy 5 M 101 Not Provided 17.07.2013



IIFL HARSHAWARDHAN S DOLE sell 1 M 80 Not Provided 16.05.2013

Brics Securities NOVONIL GUHA buy 5 M 115 Not Provided 12.04.2013

Daiwa Securities Co. Ltd. SAURABH MEHTA underperform 1 U 70 Not Provided 18.03.2013



Axis Capital Limited BHAVIN VITHLANI Under Review #N/A N/A M #N/A N/A Not Provided 01.06.2010

Holdings By:

Reliance Power Ltd ee


01.10.2013

Cummins India Limited manufactures internal combustion engines, including

diesel, reciprocating piston, gas turbine and gasoline engines. The Company also

manufactures generating sets and public transport-type passenger motor vehicles,

including luxury coaches and air-field buses. In addition, Cummins India Ltd.

operates a computerized and fully-equipped research and development facility.


LTM as of: 01/yy

52-Week High (09.01.2013) 550.00

52-Week Low (28.08.2013) 365.05

Daily Volume

410.95





113'915.34 1 Yr Total Return -16.93%







KKC IB EQUITY YTD Change - Average Volume 30 Day 121'263

KKC IB EQUITY YTD % CHANGE - Average Volume 3 Month 71'677


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

35'285.3 - - - - - - - - - -

0.96x - - - - - - - - - -

5'562.5 - - - - - - - - - -

6.11x - - - - - - - - - -

4'629.1 - - - - - - 7'148.5 8'338.5 - -

7.91x - - - - - - 15.63x 13.30x - -











EBITDA Margin 15.8%



Asset Turnover 1.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cummins India LtdPrice/Volume

Valuation Analysis

13'842.00


,

-,,

.,,

0,,

1,,

2,,

3,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

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'3 E

'5 E

-', E

-'. E

-'1 E

-'3 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

,',,

-,',,

.,',,

0,',,

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2,',,

3,',,

,.',1'.,,3,.'-,'.,,3,.',1'.,,4,.'-,'.,,4,.',1'.,,5,.'-,'.,,5,.',1'.,,6,.'-,'.,,6,.',1'.,-,,.'-,'.,-,,.',1'.,--,.'-,'.,--,.',1'.,-.,.'-,'.,-.,.',1'.,-0



01.10.2013


CUMMINS INC n/a Co File 141'372'000 51 - 30.06.2013 Corporation



RELIANCE CAPITAL TRU n/a Co File 7'784'544 2.81 - 30.06.2013 Other


BIRLA SUN LIFE ASSET n/a Co File 5'567'417 2.01 - 30.06.2013 Investment Advisor








TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'922'248 0.69 - 31.08.2013 Investment Advisor


SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 1'740'070 0.63 - 31.08.2013 Investment Advisor



AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'460'814 0.53 436'719 31.07.2013 Investment Advisor

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'115'179 0.4 1'156 28.06.2013 Investment Advisor


JM Financial Institutional Securities P SANDEEP TULSIYAN buy 5 M 460 Not Provided 30.09.2013

Axis Capital Limited BHAVIN VITHLANI hold 3 M 440 12 month 27.09.2013


Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA accumulate 4 M 460 Not Provided 24.09.2013


Phillip Securities ANKUR SHARMA sell 1 M 370 Not Provided 16.09.2013


Goldman Sachs PULKIT PATNI neutral/neutral 3 M 370 12 month 09.09.2013

Morgan Stanley ASHISH G JAIN Underwt/In-Line 1 M 358 12 month 08.09.2013



Microsec Capital NEHA MAJITHIA buy 5 M 451 12 month 22.08.2013


Kotak Securities LOKESH GARG reduce 2 M 400 Not Provided 20.08.2013

Motilal Oswal Securities Ltd SATYAM AGARWAL buy 5 M 450 Not Provided 20.08.2013

Kantilal Chhaganlal Sec. Pvt. Ltd AMIT HARICHAND ANWANI buy 5 M 469 Not Provided 07.08.2013

Quantum Securities Pvt Ltd MAHESH BENDRE buy 5 U 74 12 month 06.08.2013

Stewart & Mackertich Wealth ManagementKHUSHBOO LAKAR long-term buy 5 M 437 Not Provided 06.08.2013


Dalal & Broacha ASHUTOSH GARUD accumulate 4 U 452 12 month 05.08.2013

Antique Stock Broking Limited DHIRENDRA TIWARI buy 5 M 494 Not Provided 05.08.2013

IIFL GOPAL RITOLIA buy 5 M 485 12 month 05.08.2013

Quant Broking Pvt Ltd ABHINEET ANAND reduce 2 D 411 12 month 05.08.2013

HSBC ASHUTOSH NARKAR neutral 3 D 427 Not Provided 04.08.2013

HDFC Securities ABHINAV SHARMA neutral 3 D 430 12 month 03.08.2013

Deutsche Bank MANISH SAXENA sell 1 D 350 12 month 02.08.2013

Credit Suisse AMISH SHAH neutral 3 M 394 Not Provided 02.08.2013

CIMB HARISH BIHANI neutral 3 U 400 12 month 02.08.2013

Prabhudas Lilladher Pvt Ltd KUNAL SHETH accumulate 4 M 451 12 month 02.08.2013

ICICI Securities VIVEK SHARMA add 4 M 419 12 month 02.08.2013

Batlivala & Karani Securities RENU BAID outperform 5 D 406 Not Provided 02.08.2013

Tata Securities Limited RAVIKIRAN SURANA hold 3 M 388 12 month 02.08.2013


Edelweiss Capital AMIT MAHAWAR buy 5 M 478 12 month 02.08.2013

Avendus Capital Private Ltd DEVANG PATEL hold 3 M 375 Not Provided 02.08.2013


Firstcall India Equity Advisors Pvt Ltd ASHISH KUSHWAHA buy 5 M 565 Not Provided 11.07.2013

Techno Shares & Stocks JIGISHA JAINI neutral 3 M #N/A N/A Not Provided 16.05.2013

Right Horizons Financial Services JAGDISH BHANUSHALI buy 5 M 600 Not Provided 04.03.2013

ITI Securities Ltd SUSHANTA BHATTACHARYYA buy 5 M 558 12 month 09.11.2012

Proactive Universal VINAY PANDIT hold 3 M 492 12 month 06.08.2012


Holdings By:

Cummins India Ltd ee


01.10.2013

Hindustan Zinc Limited specializes in the exploration, mining and smelting of

zinc, lead and other non-ferrous metals. The Company's products include zinc

ore, lead zinc concentrate, zinc metal, lead metal, cadmium metal, silver metal

and sulfuric acid.


LTM as of: 06/yy

52-Week High (18.12.2012) 146.80

52-Week Low (02.08.2013) 94.00

Daily Volume

131.3



% 52 Week Price Range High/Low 73.96% Equity Float -


554'784.44 1 Yr Total Return 0.11%







HZ IB EQUITY YTD Change - Average Volume 30 Day 295'500

HZ IB EQUITY YTD % CHANGE - Average Volume 3 Month 193'874


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

56'802.7 80'169.7 100'391.7 114'053.1 126'998.4 111'464.6 127'524.3 - - - -

1.76x 4.87x 4.31x 3.33x 2.34x 3.41x 2.33x - - - -

27'429.8 46'743.5 56'134.5 60'777.0 65'060.9 59'546.7 65'561.3 - - - -

3.65x 8.36x 7.71x 6.25x 4.58x 0.00x 0.00x - - - -

27'276.1 40'414.1 49'216.5 55'691.7 68'994.8 56'124.7 69'785.9 - - - -

6.99x 12.59x 11.83x 10.04x 7.43x 9.30x 6.19x - - - -











EBITDA Margin 51.2%



Asset Turnover 0.39







Fiscal Year Ended

Hindustan Zinc LtdPrice/Volume

Valuation Analysis

41'640.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,

1,

3,

5,

-,,

-.,

-1,

-3,


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


STERLITE INDUSTRIES n/a Co File 2'743'154'310 64.92 - 30.06.2013 Corporation






PICTET FUNDS n/a ULT-AGG 3'956'865 0.09 - 31.05.2013 Investment Advisor









CANARA ROBECO ASSET Multiple Portfolios MF-AGG 1'155'074 0.03 80'000 31.08.2013 Investment Advisor

SEB n/a ULT-AGG 809'890 0.02 - 31.03.2013 Unclassified

BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 677'600 0.02 - 31.08.2013 Investment Advisor

DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 673'907 0.02 (40'280) 31.08.2013 Investment Advisor

STATE STREET CORP n/a ULT-AGG 474'962 0.01 - 27.09.2013 Investment Advisor



Axis Capital Limited JAGDISHWAR TOPPO buy 5 M 148 Not Provided 27.09.2013



Emkay Share & Stock Brokers GOUTAM CHAKRABORTY buy 5 M 146 Not Provided 17.09.2013












Dolat Capital Market Ltd. RAM MODI buy 5 M 145 Not Provided 23.08.2013




Credit Suisse NEELKANTH MISHRA outperform 5 M 133 Not Provided 22.07.2013


Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR buy 5 M 141 12 month 22.07.2013

SBI Capital Markets JATIN Y DAMANIA buy 5 M 125 12 month 22.07.2013


Phillip Securities DHAWAL DOSHI buy 5 M 147 Not Provided 22.07.2013

IDFC Securities Ltd SAUMIL MEHTA outperform 5 M 152 12 month 22.07.2013

Edelweiss Capital PRASAD BAJI buy 5 M 155 Not Provided 22.07.2013




Elara Securities India Pvt Ltd ASHISH KEJRIWAL buy 5 M 148 12 month 19.07.2013

Daiwa Securities Co. Ltd. DEEPAK PODDAR buy 5 M 149 Not Provided 15.07.2013

IIFL BIJAL SHAH buy 5 M 151 12 month 02.07.2013

EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013

Antique Stock Broking Limited AMIT AGARWAL buy 5 M 143 Not Provided 26.04.2013

Systematix Shares & Stocks Ltd ERIC MARTINS accumulate 4 M 169 12 month 26.04.2013

Right Horizons Financial Services JAGDISH BHANUSHALI buy 5 M 170 Not Provided 24.01.2013

Sushil Finance Consultants Ltd ISHPREET KAUR BATRA accumulate 4 U 158 Not Provided 22.10.2012

Way2Wealth Brokers Ltd ABHILASHA SATALE neutral 3 M #N/A N/A Not Provided 20.10.2012

ULJK Securities Pvt. Ltd. India P SANTOSH KUMAR buy 5 M 158 18 month 06.09.2012

SMC Global Securities Ltd. PRITESH JANI underperform 1 M 132 Not Provided 23.07.2012

Violet Arch Securities KUNAL MOTISHAW overweight 5 N 140 Not Provided 16.05.2012

Holdings By:

Hindustan Zinc Ltd ee


01.10.2013

Reliance Infrastructure Ltd. generates, distributes, and transmits electricity.

The Company also builds highways, roads, bridges, rapid transit systems,

airports, and other projects. Reliance Infrastructure is a member of the

Reliance Anil Dhirubhai Ambani Group.


LTM as of: 06/yy

52-Week High (10.01.2013) 572.35

52-Week Low (02.08.2013) 308.00

Daily Volume

373.65





98'266.21 1 Yr Total Return -31.10%







RELI IB EQUITY YTD Change - Average Volume 30 Day 599'836

RELI IB EQUITY YTD % CHANGE - Average Volume 3 Month 621'897


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

100'916.0 112'984.1 98'095.4 173'631.7 155'100.7 240'188.6 223'191.2 217'261.7 231'314.1 55'615.0 -

1.64x 2.59x 2.58x 1.78x 1.79x 2.28x 2.51x 0.97x 1.05x - -

8'515.8 12'947.5 18'980.8 27'392.2 29'906.2 26'721.1 30'176.2 32'641.0 36'601.7 10'313.0 -

19.44x 22.57x 13.34x 11.27x 9.27x 0.00x 0.00x 8.89x 7.93x - -

13'532.3 15'193.9 15'516.1 15'868.1 22'468.3 16'134.0 22'500.7 17'186.3 18'952.6 4'227.0 -

8.77x 14.82x 11.12x 9.78x 3.80x 9.22x 4.08x 5.89x 5.52x - -











EBITDA Margin 19.3%



Asset Turnover 0.24







Fiscal Year Ended

Reliance Infrastructure LtdPrice/Volume

Valuation Analysis

333'212.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

.,,

0,,

1,,

2,,

3,,


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

1998199920002001200220032004200520062007200820092010201120122013

,',,

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01.10.2013


AAA PROJECT VENTURES n/a Co File 106'148'937 40.36 - 30.06.2013 Corporation


RELIANCE BIG ENTERTA n/a Co File 19'500'000 7.41 - 30.06.2013 Other




ORIENTAL INSURANCE C n/a Co File 3'448'891 1.31 - 30.06.2013 Insurance Company


BRANDES INVESTMENT P Multiple Portfolios MF-AGG 1'916'600 0.73 457'850 31.08.2013 Investment Advisor




RELIANCE INNOVENTURE n/a Co File 864'675 0.33 - 30.06.2013 Other


SEB n/a ULT-AGG 723'706 0.28 656'600 31.03.2013 Unclassified

ROBECO n/a ULT-AGG 556'864 0.21 109'525 30.04.2013 Unclassified

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 530'646 0.2 (70'708) 31.03.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 523'100 0.2 - 31.07.2013 Investment Advisor

RELIANCE ADA GROUP T n/a Co File 450'000 0.17 - 30.06.2013 n/a

INVESCO LTD n/a ULT-AGG 379'858 0.14 - 27.09.2013 Investment Advisor


KR Choksey Shares & Sec Pvt Ltd ANKUSH MAHAJAN buy 5 M 587 Not Provided 27.09.2013



Batlivala & Karani Securities DHAVAL PATEL buy 5 M 464 Not Provided 30.08.2013

Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 M 590 12 month 26.08.2013



IDFC Securities Ltd SHIRISH RANE outperform 5 M 616 12 month 23.08.2013






Barclays SAURABH MISHRA equalweight 3 M 455 Not Provided 31.07.2013

HSBC ASHUTOSH NARKAR neutral 3 M 400 Not Provided 02.07.2013

ICICI Securities ROHIT AHUJA buy 5 M 1'081 12 month 24.06.2013

EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013

IIFL HARSHAWARDHAN S DOLE add 4 M 550 Not Provided 16.05.2013

Prime Broking Company ROHIT SANGHAVI strong buy 5 M 666 Not Provided 31.01.2013


BNP Paribas Equity Research VISHAL SHARMA buy 5 M 723 12 month 28.01.2013

Standard Chartered GAURAV PATHAK outperform 5 N 623 12 month 18.10.2012

Holdings By:

Reliance Infrastructure Ltd ee


01.10.2013

Power Finance Corporation funds power projects in India. The Company serves

state power utilities, central power sector utilities, power departments,

private power sector utilities, joint sector power utilities, power equipment

manufacturers, and municipal power utilities.


LTM as of: 03/yy

52-Week High (08.02.2013) 227.00

52-Week Low (02.08.2013) 97.40

Daily Volume

129.9





171'472.78 1 Yr Total Return -28.35%







POWF IB EQUITY YTD Change - Average Volume 30 Day 509'549

POWF IB EQUITY YTD % CHANGE - Average Volume 3 Month 532'665


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

65'720.2 81'217.1 102'141.0 130'774.2 172'850.6 0.0 18'169.4 75'102.8 81'174.3 17'858.5 17'214.5

10.46x 11.91x 11.16x 10.28x 9.45x #DIV/0! 0.00x - - - -

64'433.3 80'285.9 100'484.9 126'001.7 168'931.1 0.0 17'903.9 - - - -

10.67x 12.05x 11.35x 10.67x 9.67x 0.00x 0.00x - - - -

19'796.9 23'783.0 26'471.2 30'588.5 44'377.4 0.0 3'905.8 47'445.4 51'598.0 11'800.0 10'215.0

8.38x 12.47x 10.84x 7.81x 5.37x 0.00x 0.00x 3.62x 3.29x 4.48x 4.64x











EBITDA Margin 97.7%



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Power Finance Corp LtdPrice/Volume

Valuation Analysis

239'302.00


,

2,

-,,

-2,

.,,

.2,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,

,'.,

,'1,

,'3,

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-',,

-'.,



01.10.2013









ROBECO n/a ULT-AGG 6'798'287 0.52 1'608 30.04.2013 Unclassified


NOMURA n/a ULT-AGG 4'818'954 0.37 22'599 10.05.2013 Unclassified



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'444'581 0.19 (1'650'615) 27.09.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'838'955 0.14 - 31.05.2013 Investment Advisor


JYSKE INVEST Multiple Portfolios MF-AGG 1'485'550 0.11 112'958 31.07.2013 Investment Advisor


KOTAK MAHINDRA Multiple Portfolios MF-AGG 1'334'000 0.1 224'000 31.08.2013 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 1'200'000 0.09 - 18.07.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'154'735 0.09 - 31.05.2013 Investment Advisor






Goldman Sachs RAHUL JAIN Buy/Neutral 5 M 135 12 month 05.09.2013



Barclays JATIN MAMTANI underweight 1 M 101 Not Provided 29.08.2013

HDFC Securities DARPIN SHAH neutral 3 M 116 12 month 26.08.2013

Antique Stock Broking Limited DIGANT HARIA hold 3 M 123 12 month 22.08.2013




HSBC TEJAS MEHTA overweight 5 M 130 Not Provided 07.08.2013


Equirus Securities Pvt Ltd DEVAM MODI buy 5 M 163 12 month 07.08.2013





Ambit Capital Pvt Ltd PANKAJ AGARWAL sell 1 M #N/A N/A Not Provided 05.08.2013

Quant Broking Pvt Ltd NITIN KUMAR buy 5 M 212 12 month 05.08.2013

Avendus Capital Private Ltd JAYNEE SHAH buy 5 M 197 Not Provided 05.08.2013







Microsec Capital SANJEEV JAIN buy 5 M #N/A N/A Not Provided 08.06.2013


Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 D 210 Not Provided 09.04.2013


ICICI Securities SHASHIN UPADHYAY add 4 N 233 12 month 09.11.2012



Inventure Growth & Securities Ltd MILAN BAVISHI buy 5 M #N/A N/A Not Provided 26.03.2012

Dalmia Securities Pvt Ltd SUBRATA SARKAR buy 5 M 252 Not Provided 02.08.2011

Holdings By:

Power Finance Corp Ltd ee


01.10.2013

Indian Oil Corporation Limited explores for and refines crude oil, in addition

to manufacturing petroleum & petroleum products. The Company's products include

lubricating oils, liquid petroleum gas, aviation turbine fuels, greases, wax,

bitumen and asphalt. Indian Oil Corporation has retail outlets throughout India.

The greatest majority shareholding in the Company is held by Indian Government.


LTM as of: 01/yy

52-Week High (18.01.2013) 375.00

52-Week Low (31.07.2013) 186.20

Daily Volume

205.7





499'429.84 1 Yr Total Return -16.16%







IOCL IB EQUITY YTD Change - Average Volume 30 Day 83'528

IOCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 77'182


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

2'441'665.6 2'333'291.8 3'097'970.2 4'089'230.0 4'617'796.7 - - ######### ######### - -

0.32x 0.43x 0.40x 0.32x 0.31x - - 0.24x 0.23x - -

135'248.5 144'779.6 148'675.4 224'275.8 163'080.5 - - 165'623.2 188'411.8 - -

5.70x 6.92x 8.34x 5.85x 8.85x - - 7.60x 6.68x - -

25'994.0 107'131.9 78'307.2 42'259.8 44'490.1 - - 59'666.1 71'731.4 - -

18.11x 6.70x 10.32x 15.09x 15.37x - - 8.44x 6.91x - -


EBIT 105'794.80 Long-Term Rating NR









EBITDA Margin 3.5%



Asset Turnover 2.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Indian Oil Corp LtdPrice/Volume

Valuation Analysis

43'222.00


,

2,

-,,

-2,

.,,

.2,

0,,

02,

1,,


0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

5'000'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013



OIL & NATURAL GAS CO n/a Co File 212'906'190 8.77 - 30.06.2013 Government


IOC SHARES TRUST n/a Co File 58'279'614 2.4 - 30.06.2013 n/a





BRANDES INVESTMENT P Multiple Portfolios MF-AGG 2'367'089 0.1 594'550 31.08.2013 Investment Advisor






WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 1'000'000 0.04 - 28.03.2013 Investment Advisor



CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 450'000 0.02 - 30.08.2013 Investment Advisor

QUANTUM ASSET MGMT C Multiple Portfolios MF-AGG 258'365 0.01 - 31.08.2013 Investment Advisor

WELLS FARGO & COMPAN n/a ULT-AGG 253'733 0.01 48 31.07.2013 Investment Advisor


JM Financial Institutional Securities P GARIMA MISHRA hold 3 M 259 Not Provided 30.09.2013



Axis Capital Limited AMIT MISHRA hold 3 M 210 Not Provided 27.09.2013

Credit Suisse SANJAY MOOKIM neutral 3 M 233 Not Provided 24.09.2013





Tata Securities Limited SWARNENDU BHUSHAN sell 1 D 195 12 month 11.09.2013

CIMB AVADHOOT SABNIS outperform 5 U 290 12 month 09.09.2013





Emkay Share & Stock Brokers DHAVAL JOSHI accumulate 4 M 285 Not Provided 16.08.2013

SBI Capital Markets AMIT AGARWAL buy 5 M 293 12 month 14.08.2013


ICICIdirect.com MAYUR MATANI hold 3 M 204 15 month 14.08.2013


BOB Capital Markets NEELABH SHARMA hold 3 D 224 12 month 14.08.2013


Morgan Stanley VINAY JAISING Underwt/Attractive 1 M 163 12 month 13.08.2013

JPMorgan NEIL GUPTE neutral 3 M 320 6 month 13.08.2013


IDBI Capital Market Services Ltd SUDEEP ANAND accumulate 4 U 227 Not Provided 13.08.2013




Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN buy 5 U 303 Not Provided 12.07.2013

UBS ASHISH JAGNANI neutral 3 M 255 12 month 11.07.2013

Religare Capital Markets NITIN TIWARI Under Review #N/A N/A M #N/A N/A Not Provided 08.07.2013



Goldman Sachs NILESH BANERJEE Sell/Neutral 1 M 285 12 month 13.06.2013

Elara Securities India Pvt Ltd ALOK DESHPANDE accumulate 4 M 640 Not Provided 06.06.2013

Systematix Shares & Stocks Ltd SUDARSHAN NARASIMHAN buy 5 M #N/A N/A Not Provided 03.06.2013



LKP Shares and Securities Ltd CHIRAG DHAIFULE neutral 3 M 276 Not Provided 17.08.2012

IFCI Financial Services ABHIJEET BORA sell 1 M 286 12 month 06.07.2012

Equirus Securities Pvt Ltd MAULIK PATEL buy 5 M 350 15 month 07.12.2011

Holdings By:

Indian Oil Corp Ltd ee


01.10.2013

Federal Bank Limited operates branches and regional offices throughout India.

The Bank offers a wide range of financial services, including merchant banking,

international banking and foreign exchange, leasing facilities, money markets

and agricultural advances. The Bank also provides lending for hi-tech

agricultural and government sponsored schemes.


LTM as of: 01/yy

52-Week High (02.01.2013) 550.75

52-Week Low (04.09.2013) 221.25

Daily Volume

286.45





48'976.86 1 Yr Total Return -34.86%





Enterprise Value -


FB IB EQUITY YTD Change - Average Volume 30 Day 70'454

FB IB EQUITY YTD % CHANGE - Average Volume 3 Month 59'017


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

38'308.2 43'031.4 45'700.4 61'135.8 69'107.6 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

4'720.1 4'396.7 5'564.7 7'537.3 8'526.6 - - - - - -

5.00x 10.38x 12.87x 9.68x 9.64x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11







Fiscal Year Ended

Federal Bank LtdPrice/Volume

Valuation Analysis

43'310.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

.,,

0,,

1,,

2,,

3,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

.', E

1', E

3', E

5', E

-,', E

-.', E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-',,

.',,

0',,

1',,

2',,

3',,

4',,

5',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013



INTERNATIONAL FINANC n/a Co File 8'224'239 4.81 - 30.06.2013 Government



WARHOL LTD n/a Co File 6'565'212 3.84 - 30.06.2013 Holding Company

YUSUFFAL MUSALIAM VE n/a Co File 6'315'364 3.69 - 30.06.2013 n/a



NAPEAN TRDG INVES CO n/a Co File 4'103'041 2.4 - 30.06.2013 Other



EQUINOX PARTNERS LP n/a Co File 3'643'927 2.13 - 30.06.2013 Hedge Fund Manager

EASTSPRING INVESTMEN n/a Co File 3'519'348 2.06 - 30.06.2013 Investment Advisor

DEUTSCHE BANK TRUST n/a Co File 3'381'312 1.98 - 30.06.2013 Investment Advisor


AMANSA CAPITAL PVT L n/a Co File 2'789'680 1.63 - 30.06.2013 Other


BANK MUSCAT SAOG n/a Co File 2'362'171 1.38 - 30.06.2013 Bank

KUROTO FUND LP n/a Co File 1'900'907 1.11 - 30.06.2013 n/a

REGAL INV TRADING CO n/a Co File 1'846'029 1.08 - 30.06.2013 Other


HDFC Securities DARPIN SHAH buy 5 M 409 12 month 23.09.2013

Spark Capital Advisors ABHINESH VIJAYARAJ buy 5 M 448 12 month 23.09.2013



Goldman Sachs RAHUL JAIN Buy/Neutral 5 M 410 12 month 05.09.2013

Batlivala & Karani Securities VIKASH MUNDHRA outperform 5 M 450 Not Provided 05.09.2013

Espirito Santo Investment Bank ResearchSAIKIRAN PULAVARTHI buy 5 M 565 Not Provided 05.09.2013

Equirus Securities Pvt Ltd ROHAN MANDORA buy 5 M 410 12 month 05.09.2013

Kotak Securities MB MAHESH buy 5 M 400 Not Provided 03.09.2013

Ambit Capital Pvt Ltd RAVI SINGH buy 5 M 312 12 month 29.08.2013



Sunidhi Consultancy Services KANIKA THACKER buy 5 M 547 12 month 23.08.2013


Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 513 Not Provided 20.08.2013


JM Financial Institutional Securities P PUNEET GULATI Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013

Nirmal Bang Securities Private Ltd SILKY JAIN buy 5 M 470 Not Provided 24.07.2013

Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 421 12 month 23.07.2013

Centrum Broking Pvt Ltd BHAVESH KANANI hold 3 D 425 12 month 23.07.2013

Quantum Securities Pvt Ltd RATI PANDIT buy 5 M 510 12 month 23.07.2013

CIMB VIVEK VERMA neutral 3 M 400 12 month 22.07.2013

Emkay Share & Stock Brokers PRADEEP AGRAWAL buy 5 M 580 Not Provided 22.07.2013

Edelweiss Capital NILESH PARIKH buy 5 M 575 Not Provided 22.07.2013


EVA Dimensions DOUG WALTERS overweight 5 D #N/A N/A Not Provided 12.07.2013


MSFL - Institutional Business Group LAXMI AHUJA buy 5 M 537 12 month 06.05.2013

Dani Shares and Stocks Pvt Ltd NAMITA LOHIA buy 5 M 600 Not Provided 03.05.2013


India Infoline BHAVNA SINYAL buy 5 U 584 9 month 06.03.2013

Fairwealth Securities Ltd PREETI GUPTA buy 5 M 609 12 month 08.02.2013

Angel Broking Limited VAIBHAV AGRAWAL accumulate 4 M 549 Not Provided 18.12.2012

Right Horizons Financial Services JAGDISH BHANUSHALI hold 3 M 540 Not Provided 05.11.2012

Maybank Kim Eng JIGAR A SHAH buy 5 M 525 Not Provided 22.10.2012

SKP Securities Limited VIKESH P MEHTA buy 5 U 468 12 month 05.09.2012

JHP Securities Private Limited KUNAL SABNIS buy 5 U 498 1 month 04.08.2012

ULJK Securities Pvt. Ltd. India RICHA CHANDAK buy 5 M 530 12 month 24.01.2012

Holdings By:

Federal Bank Ltd ee


01.10.2013

United Phosphorus Ltd. manufactures, distributes and exports off-patent

agrochemicals. The Company also manufactures phosphorus & phosphorus-based

compounds and its products include herbicides, fungicides, insecticides,

fumigants and rodenticides. United Phosphorus also manufactures industrial

chemicals, specialty chemicals and chloralkaline products


LTM as of: 06/yy

52-Week High (05.06.2013) 167.50

52-Week Low (15.11.2012) 108.00

Daily Volume

142.85





63'226.03 1 Yr Total Return 10.57%







UNTP IB EQUITY YTD Change - Average Volume 30 Day 168'856

UNTP IB EQUITY YTD % CHANGE - Average Volume 3 Month 182'966


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

48'021.2 52'900.4 57'606.8 76'713.2 91'945.2 78'925.3 92'395.9 103'052.4 113'964.0 22'804.0 24'387.0

1.26x 1.34x 1.13x 1.16x 0.85x 1.10x 0.85x 0.88x 0.75x - -

9'791.1 9'156.9 10'858.3 14'066.6 16'846.5 14'469.9 17'240.6 18'686.7 20'888.8 4'252.0 5'164.0

6.16x 7.74x 5.98x 6.33x 4.64x 0.00x 0.00x 4.78x 4.28x - -

4'558.7 5'261.6 5'576.2 5'555.5 7'746.0 5'741.5 7'843.4 8'946.3 10'463.9 1'493.0 2'036.0

9.47x 12.46x 12.00x 10.81x 6.86x 10.11x 7.70x 7.04x 6.02x - -











EBITDA Margin 18.3%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Phosphorus LtdPrice/Volume

Valuation Analysis

70'082.00


,.,1,3,5,

-,,-.,-1,-3,-5,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0', E

0'2 E

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


NERKA CHEMICALS PVT n/a Co File 98'633'100 22.28 - 30.06.2013 Other

UNIPHOS ENTERPRISES n/a Co File 25'337'060 5.72 - 30.06.2013 Corporation


GOLDMAN SACHS ASIA L n/a Co File 15'410'833 3.48 - 30.06.2013 Investment Advisor







CITIBANK INTERNATION n/a Co File 5'681'083 1.28 - 30.06.2013 Investment Advisor


CREDIT SUISSE/SINGAP n/a Co File 4'602'187 1.04 - 30.06.2013 Bank

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 3'327'511 0.75 8'721 31.01.2013 Investment Advisor



SHROFF SHILPA R n/a Co File 2'907'279 0.66 - 30.06.2013 n/a

BRANDES INVESTMENT P Multiple Portfolios MF-AGG 2'790'325 0.63 1'224'444 31.08.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 2'696'693 0.61 492'200 30.06.2013 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'603'466 0.36 (1'133'322) 31.07.2013 Investment Advisor


Edelweiss Capital MANISH MAHAWAR buy 5 M 185 12 month 30.09.2013

Angel Broking Limited SARABJIT KOUR NANGRA buy 5 M 225 Not Provided 13.09.2013

Kotak Securities JASDEEP WALIA reduce 2 M 135 Not Provided 21.08.2013

Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 205 Not Provided 19.08.2013


IIFL ABHIJIT R AKELLA add 4 M 175 12 month 26.07.2013

Indsec Securities & Finance Ltd MILAN WADKAR buy 5 M 191 12 month 25.07.2013

Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 M 172 Not Provided 25.07.2013


MSFL - Institutional Business Group RAHUL METKAR buy 5 M 205 12 month 25.07.2013

Quantum Securities Pvt Ltd AMIT RANE buy 5 M 196 12 month 25.07.2013


Deutsche Bank AMIT MURARKA buy 5 M 175 12 month 24.07.2013

Morgan Stanley GIRISH ACHHIPALIA Overwt/Attractive 5 M 196 12 month 24.07.2013

CIMB ATUL RASTOGI outperform 5 M 185 12 month 24.07.2013

Prabhudas Lilladher Pvt Ltd BALWINDAR SINGH buy 5 M 185 12 month 24.07.2013

Batlivala & Karani Securities G VIJAYARAGHAVAN buy 5 M 175 Not Provided 24.07.2013

HDFC Securities SATISH MISHRA neutral 3 M 150 12 month 24.07.2013



EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013

Sunidhi Consultancy Services SHYAM BHATT buy 5 M 183 12 month 02.05.2013

UBS GAUTAM CHHAOCHHARIA buy 5 M 180 12 month 26.04.2013

IDFC Securities Ltd NITIN AGARWAL outperform 5 M 240 18 month 25.04.2013

JHP Securities Private Limited ABHISHEK JAIN buy 5 M 168 12 month 28.02.2013

Nirmal Bang Securities Private Ltd RUNJHUN JAIN NAGRAJ buy 5 M #N/A N/A Not Provided 31.01.2013


Spark Capital Advisors MUKESH SARAF add 4 D 140 12 month 23.07.2012


Prime Broking Company ROHIT SANGHAVI buy 5 D 167 Not Provided 31.01.2012

Holdings By:

United Phosphorus Ltd ee


01.10.2013

Siemens Ltd. has its operations in various areas: in the transportation sector

it delivers high speed trains, in the lighting sector it manufactures small

light bulbs. In the healthcare sector Siemens executes complete solutions for

hospitals, for the industry sector it builds airports as well as produces

contracts & for the communication segment it provides public network to mobiles.


LTM as of: 01/yy

52-Week High (04.10.2012) 749.95

52-Week Low (03.09.2013) 414.05

Daily Volume

488





173'786.50 1 Yr Total Return -30.63%







SIEM IB EQUITY YTD Change - Average Volume 30 Day 78'686

SIEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 58'408


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1

96'336.4 92'336.3 95'752.1 119'063.4 - - - 115'903.7 131'158.5 - -

1.24x 1.88x 2.70x 2.29x - - - 1.35x 1.15x - -

7'274.2 10'386.8 13'296.2 12'670.3 - - - 6'757.4 10'270.7 - -

16.46x 16.67x 19.47x 21.49x - - - 23.86x 15.68x - -

5'995.5 7'046.0 7'577.7 8'677.5 - - - 3'759.7 6'438.4 - -

22.41x 26.66x 36.64x 32.71x - - - 45.24x 26.30x - -











EBITDA Margin 10.6%



Asset Turnover 1.22







Fiscal Year Ended

Siemens LtdPrice/Volume

Valuation Analysis

29'001.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,,

.,,

0,,

1,,

2,,

3,,

4,,

5,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E'- E'- E'. E'. E'0 E'0 E'1 E'1 E'2 E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

,',,

2,',,

-,,',,

-2,',,

.,,',,

.2,',,

0,,',,

02,',,

,2'-,'.,,5,2',1'.,,6,2'-,'.,,6,2',1'.,-,,2'-,'.,-,,2',1'.,--,2'-,'.,--,2',1'.,-.,2'-,'.,-.,2',1'.,-0



01.10.2013


SIEMENS AG n/a Co File 255'351'805 71.7 - 30.06.2013 Corporation


SIEMENS VAI METALS T n/a Co File 11'738'108 3.3 - 30.06.2013 Corporation




BLACKROCK n/a ULT-AGG 832'055 0.23 - 27.09.2013 Investment Advisor

UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 459'893 0.13 1'221 31.08.2013 Investment Advisor

SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 402'476 0.11 (58'875) 31.08.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 304'066 0.09 - 27.09.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 267'628 0.08 71'388 30.04.2013 Investment Advisor


DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 254'380 0.07 (174'068) 31.08.2013 Investment Advisor


CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 153'197 0.04 - 31.12.2012 Investment Advisor

DWS INVESTMENTS Multiple Portfolios MF-AGG 143'080 0.04 - 28.06.2013 Investment Advisor


DIMENSIONAL FUND ADV n/a ULT-AGG 122'093 0.03 21'874 30.04.2013 Investment Advisor

STATE STREET CORP n/a ULT-AGG 109'099 0.03 - 27.09.2013 Investment Advisor








Macquarie INDERJEET SINGH BHATIA underperform 1 D 386 12 month 05.08.2013

CIMB HARISH BIHANI underperform 1 M 400 12 month 05.08.2013


Anand Rathi Securities Pvt. Ltd. AMOL RAO sell 1 M 290 12 month 05.08.2013

Antique Stock Broking Limited DHIRENDRA TIWARI hold 3 M 402 Not Provided 05.08.2013




Tata Securities Limited RAVIKIRAN SURANA sell 1 M 380 12 month 03.08.2013


Daiwa Securities Co. Ltd. SAURABH MEHTA underperform 1 M 420 Not Provided 02.08.2013

Kotak Securities LOKESH GARG reduce 2 U 400 Not Provided 02.08.2013


Edelweiss Capital AMIT MAHAWAR hold 3 M 431 12 month 02.08.2013


HSBC ASHUTOSH NARKAR neutral 3 U 590 Not Provided 03.07.2013




Ventura Securities Ltd TEAM COVERAGE sell 1 M #N/A N/A Not Provided 04.02.2013


Jaypee Capital Services JYOTSNA SAWDEKAR sell 1 M 750 Not Provided 18.01.2012

Holdings By:

Siemens Ltd ee


01.10.2013

Jaiprakash Associates Ltd. is an industrial conglomerate. The Company's lines

of business include engineering and construction, cement, power, hospitality,

real estate, and expressways and highways.


LTM as of: 01/yy

52-Week High (12.12.2012) 106.75

52-Week Low (19.08.2013) 28.40

Daily Volume

34.95





77'556.98 1 Yr Total Return -58.95%







JPA IB EQUITY YTD Change - Average Volume 30 Day 4'778'416

JPA IB EQUITY YTD % CHANGE - Average Volume 3 Month 4'356'026


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

46'177.9 63'743.3 112'593.4 147'732.3 188'163.9 - - 220'204.8 258'973.8 - -

6.04x 9.33x 5.30x 4.87x 4.23x - - 3.03x 2.57x - -

19'046.5 23'459.3 50'554.3 55'188.3 68'248.1 - - 79'143.1 99'675.5 - -

14.65x 25.34x 11.80x 13.03x 11.67x - - 9.21x 7.31x - -

4'202.5 11'191.8 17'928.2 6'329.2 4'617.9 - - 5'676.9 11'969.6 2'089.0 2'564.0

27.77x 28.24x 11.00x 27.45x 30.41x - - 12.41x 6.31x - -











EBITDA Margin 36.3%



Asset Turnover 0.22







Fiscal Year Ended

Jaiprakash Associates LtdPrice/Volume

Valuation Analysis

2'041'987.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,

1,

3,

5,

-,,

-.,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

.', E

1', E

3', E

5', E

-,', E

-.', E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

-3,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


JAYPEE VENTURES PVT n/a Co File 726'150'727 32.72 - 30.06.2013 Corporation




GAUR SAMIR n/a Co File 67'850'627 3.06 - 30.06.2013 n/a


DIXIT REKHA n/a Co File 49'727'066 2.24 - 30.06.2013 n/a

SHARMA SUNIL KUMAR n/a Co File 45'076'415 2.03 - 30.06.2013 n/a



GAUR SUNNY n/a Co File 26'973'781 1.22 - 30.06.2013 n/a




HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 10'816'469 0.49 - 11.03.2013 Investment Advisor




JAIN SARAT KUMAR n/a Co File 5'448'016 0.25 - 30.06.2013 n/a

JAIN KUMUD n/a Co File 5'322'894 0.24 - 30.06.2013 n/a





HDFC Securities ANKUR KULSHRESTHA buy 5 M 51 12 month 12.09.2013

Angel Broking Limited VIRAL SHAH neutral 3 D #N/A N/A Not Provided 12.09.2013

Edelweiss Capital AASHIESH AGARWAAL buy 5 M 102 Not Provided 12.09.2013

ICICIdirect.com DEEPAK PURSWANI buy 5 M 50 12 month 12.09.2013

Barclays SAURABH MISHRA overweight 5 M 78 Not Provided 12.09.2013


Morgan Stanley AKSHAY SONI Equalwt/In-Line 3 M 42 12 month 11.09.2013




Goldman Sachs PULKIT PATNI neutral/neutral 3 M 38 12 month 09.09.2013





HSBC ASHUTOSH NARKAR underweight 1 D 30 Not Provided 02.08.2013

ICICI Securities KRUPAL MANIAR buy 5 M 63 12 month 02.08.2013


Batlivala & Karani Securities RISHAB BOTHRA outperform 5 M 65 Not Provided 30.07.2013

Emkay Share & Stock Brokers AJIT MOTWANI hold 3 M 45 Not Provided 30.07.2013


IIFL GOPAL RITOLIA add 4 D 60 12 month 08.07.2013

Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA buy 5 M 84 Not Provided 04.07.2013

Antique Stock Broking Limited NIRAV SHAH buy 5 M 75 Not Provided 13.06.2013


Systematix Shares & Stocks Ltd BINOD MODI buy 5 M 91 12 month 07.05.2013


BNP Paribas Equity Research VISHAL SHARMA reduce 2 M 54 12 month 12.04.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 D 77 Not Provided 04.03.2013

Khambatta Securities Ltd RAJ KUMAR JHA strong buy 5 M 106 Not Provided 21.02.2013

First Global Stockbroking DEVINA MEHRA market perform 3 D #N/A N/A Not Provided 19.02.2013

Aditya Birla Money Limited MONIKA BHANDARI buy 5 N 180 Not Provided 26.10.2009

Holdings By:

Jaiprakash Associates Ltd ee


01.10.2013

Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy

chemicals, pharmaceuticals, fertilizers and agro-chemicals. The Company's salt

products include common salt, pure salt and gypsum salt. Heavy chemicals

include soda ash, caustic soda and hydrochloric acid. Tata Chemicals'

pharmaceuticals include bromides of ammonium, sodium, potassium and ethyl.


LTM as of: 06/yy

52-Week High (09.01.2013) 381.50

52-Week Low (04.09.2013) 234.50

Daily Volume

239





60'886.75 1 Yr Total Return -22.72%







TTCH IB EQUITY YTD Change - Average Volume 30 Day 29'367

TTCH IB EQUITY YTD % CHANGE - Average Volume 3 Month 33'073


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

126'519.8 94'486.8 110'605.8 138'150.3 148'588.3 137'523.3 149'894.7 156'324.9 164'780.6 41'064.0 45'100.0

0.67x 1.31x 1.21x 1.13x 1.10x 2.03x 2.02x 0.78x 0.70x - -

17'665.1 16'304.2 18'784.3 23'757.8 23'493.6 22'654.1 20'796.3 22'154.3 23'699.2 - -

4.83x 7.60x 7.11x 6.58x 6.95x 0.00x 0.00x 6.42x 6.01x - -

6'481.0 6'059.1 6'534.7 8'375.9 4'004.0 7'453.1 3'680.2 7'929.0 8'858.2 1'478.0 -

5.13x 12.81x 13.10x 10.54x 20.46x 10.63x 19.48x 7.85x 7.00x - -











EBITDA Margin 15.8%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tata Chemicals LtdPrice/Volume

Valuation Analysis

8'238.00


,

2,

-,,

-2,

.,,

.2,

0,,

02,

1,,


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013







TATA GLOBAL BEVERAGE n/a Co File 11'185'522 4.39 - 30.06.2013 Corporation






HINDUSTAN UNILEVER L n/a Co File 3'833'619 1.5 - 30.06.2013 Corporation




MACQUARIE GROUP n/a ULT-AGG 2'198'338 0.86 447'967 31.07.2013 Investment Advisor




BRANDES INVESTMENT P Multiple Portfolios MF-AGG 1'476'195 0.58 1'011'330 31.08.2013 Investment Advisor


Prabhudas Lilladher Pvt Ltd BALWINDAR SINGH accumulate 4 M 270 12 month 13.09.2013


Batlivala & Karani Securities G VIJAYARAGHAVAN outperform 5 M 301 Not Provided 19.08.2013

EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 19.08.2013

Dalal & Broacha APURVA SHAH accumulate 4 M 309 Not Provided 08.08.2013

Phillip Securities GAURI ANAND neutral 3 M 300 Not Provided 07.08.2013

IIFL ABHIJIT R AKELLA buy 5 M 315 12 month 06.08.2013


Deutsche Bank HARSHAD KATKAR hold 3 M 290 12 month 05.08.2013

HSBC PUNEET GULATI underweight 1 M 250 Not Provided 05.08.2013

CIMB ATUL RASTOGI outperform 5 M 320 12 month 05.08.2013

Kotak Securities JASDEEP WALIA buy 5 M 300 Not Provided 05.08.2013


Sunidhi Consultancy Services SHYAM BHATT accumulate 4 U 354 12 month 31.05.2013

Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 M 400 Not Provided 29.05.2013

GEPL Capital Pvt Ltd ADITYA ANAND BAPAT accumulate 4 D 351 Not Provided 28.05.2013

Spark Capital Advisors MUKESH SARAF add 4 D 375 12 month 11.02.2013

India Infoline PRITESH MEHTA buy 5 M 403 3 month 20.12.2012

MSFL - Institutional Business Group RAHUL METKAR buy 5 M 394 12 month 14.12.2012

Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN hold 3 D 372 Not Provided 12.11.2012

ICICIdirect.com AMIT GUPTA buy 5 M 365 Not Provided 03.10.2012

Holdings By:

Tata Chemicals Ltd ee


01.10.2013

Steel Authority of India Limited is an integrated steel manufacturing company.

The Company's products include pig iron, steel ingots, liquid steel, alloy

steel, special steel, stainless steel, ferro alloys, ERW pipes, spirally welded

pipes, and calcium ammonium nitrate. The Government of India is currently a

majority shareholder in the company.


LTM as of: 01/yy

52-Week High (07.01.2013) 101.60

52-Week Low (07.08.2013) 37.65

Daily Volume

49.9





206'090.55 1 Yr Total Return -40.36%







SAIL IB EQUITY YTD Change - Average Volume 30 Day 731'554

SAIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 549'936


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

432'186.9 405'770.0 433'993.9 466'615.6 450'872.4 - - 472'727.4 541'734.9 119'083.0 119'083.0

0.69x 2.45x 1.69x 1.06x 0.98x - - 0.95x 0.90x - -

92'919.6 99'514.9 78'383.7 64'166.0 50'839.3 - - 56'081.8 73'508.2 - -

3.23x 9.97x 9.35x 7.74x 8.69x - - 6.95x 5.30x - -

62'452.7 68'506.1 50'139.1 35'935.0 23'294.0 - - 22'188.0 28'614.9 4'246.0 4'247.0

6.38x 15.23x 13.97x 10.83x 11.09x - - 9.22x 7.04x - -











EBITDA Margin 11.3%



Asset Turnover 0.55







Fiscal Year Ended

Steel Authority of India LtdPrice/Volume

Valuation Analysis

258'290.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,

1,

3,

5,

-,,

-.,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

-3',,

-5',,

.,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013









TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 7'000'000 0.17 - 31.08.2013 Investment Advisor


MASON STREET ADVISOR Multiple Portfolios MF-AGG 1'456'906 0.04 147'163 30.06.2013 Investment Advisor

HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 1'197'510 0.03 - 28.03.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 914'938 0.02 (914'938) 28.06.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 763'610 0.02 370'460 30.06.2013 Investment Advisor


SOCIETE GENERALE Multiple Portfolios MF-AGG 492'689 0.01 - 30.03.2012 Bank

HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 344'568 0.01 - 30.04.2013 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 333'223 0.01 (20'078) 31.08.2013 Investment Advisor





Macquarie RAKESH ARORA neutral 3 M 48 12 month 26.09.2013

BNP Paribas Equity Research KUNAL AGRAWAL hold 3 M 48 12 month 26.09.2013






Emkay Share & Stock Brokers GOUTAM CHAKRABORTY reduce 2 M 41 Not Provided 17.09.2013

Centrum Broking Pvt Ltd ABHISAR JAIN sell 1 M 36 Not Provided 16.09.2013


Ambit Capital Pvt Ltd PARITA ASHAR sell 1 M 50 12 month 11.09.2013

India Infoline TEAM COVERAGE market perform 3 M 46 12 month 10.09.2013

UBS SANDIP BANSAL neutral 3 M 55 12 month 06.09.2013

Quant Broking Pvt Ltd KALPESH MAKWANA reduce 2 M 45 Not Provided 05.09.2013







KR Choksey Shares & Sec Pvt Ltd UMESH PATEL hold 3 M 38 12 month 19.08.2013


Phillip Securities DHAWAL DOSHI neutral 3 M 46 Not Provided 17.08.2013


Dolat Capital Market Ltd. RAM MODI sell 1 M 35 Not Provided 16.08.2013


ICICIdirect.com DEWANG SANGHAVI hold 3 M 40 15 month 16.08.2013

Nirmal Bang Institutional Equities GIRIRAJ DAGA sell 1 M 38 12 month 16.08.2013



ICICI Securities ABHIJIT MITRA add 4 M 46 12 month 14.08.2013

MSFL - Institutional Business Group TANUJ RASTOGI sell 1 M 39 12 month 14.08.2013

Elara Securities India Pvt Ltd ASHISH KEJRIWAL sell 1 M 41 12 month 14.08.2013

VTB Capital WIKTOR BIELSKI buy 5 M 59 12 month 05.08.2013

Barclays CHIRAG SHAH underweight 1 M 43 Not Provided 02.08.2013

Avendus Capital Private Ltd JIMESH SANGHVI add 4 D 61 Not Provided 25.06.2013


Daiwa Securities Co. Ltd. DEEPAK PODDAR outperform 5 M 66 Not Provided 05.06.2013

Maybank Kim Eng ANUBHAV GUPTA hold 3 M 65 12 month 30.05.2013


Antique Stock Broking Limited AMIT AGARWAL hold 3 M 71 Not Provided 21.03.2013

Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 N 79 Not Provided 08.03.2013

Holdings By:

Steel Authority of India Ltd ee


01.10.2013

Reliance Capital Limited is a full service financial services company. The

Company has interests in asset management and mutual funds, life and general

insurance, private equity and proprietary investments, stock broking,

depository services, distribution of financial products, consumer finance and

other activities in financial services.


LTM as of: 06/yy

52-Week High (07.01.2013) 508.00

52-Week Low (28.08.2013) 290.00

Daily Volume

320.7





78'774.44 1 Yr Total Return -25.28%







RCAPT IB EQUITY YTD Change - Average Volume 30 Day 925'649

RCAPT IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'018'342


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

59'825.2 61'335.9 55'230.0 66'030.0 74'920.0 67'938.4 77'740.0 59'536.2 66'465.4 - -

3.64x 5.31x 6.13x 4.38x 4.01x 8.30x 7.37x - - - -

27'105.2 21'029.3 16'290.0 29'930.0 36'230.0 8'622.0 14'590.0 6'891.0 7'893.0 - -

8.02x 15.50x 20.79x 9.67x 8.29x 0.00x 0.00x 43.86x 38.29x - -

10'157.2 4'345.3 2'910.0 4'580.0 8'120.0 4'679.3 9'000.0 6'847.3 8'265.2 - -

8.55x 42.74x 49.21x 21.05x 9.46x 18.82x 9.19x 13.01x 10.74x - -











EBITDA Margin 48.4%



Asset Turnover 0.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Reliance Capital LtdPrice/Volume

Valuation Analysis

355'769.00


,

-,,

.,,

0,,

1,,

2,,

3,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

-', E

-'2 E

.', E

.'2 E

0', E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



01.10.2013


AAA ENTERPRISES PVT n/a Co File 98'414'206 40.07 - 30.06.2013 Unclassified

AAA INFRA CONSULT & n/a Co File 27'975'633 11.39 - 30.06.2013 Corporation




VANGUARD FUNDS n/a Co File 3'484'751 1.42 - 30.06.2013 n/a

REL UTILITY ENGINEER n/a Co File 3'250'000 1.32 - 30.06.2013 Investment Advisor



RELIANCE RCOM ESOS T n/a Co File 1'600'000 0.65 - 30.06.2013 n/a


MANULIFE ASSET MGMT Multiple Portfolios MF-AGG 1'228'402 0.5 - 28.02.2013 Investment Advisor

RELIANCE INNOVENTURE n/a Co File 576'450 0.23 - 30.06.2013 Other

AMBANI KOKILA D n/a Co File 545'126 0.22 - 30.06.2013 n/a

GOLDMAN SACHS GROUP n/a ULT-AGG 459'637 0.19 459'637 31.01.2013 Investment Advisor

BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 432'747 0.18 (532'749) 31.08.2013 Investment Advisor



MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 313'958 0.13 - 30.06.2012 Unclassified

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 299'122 0.12 - 10.12.2012 Investment Advisor



EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 04.09.2013


ICICIdirect.com KAJAL GANDHI buy 5 M 375 Not Provided 21.08.2013


JHP Securities Private Limited ANIL WALA buy 5 M 563 Not Provided 06.08.2013


Centrum Broking Pvt Ltd BHAVESH KANANI buy 5 M 550 12 month 30.07.2013


Barclays JATIN MAMTANI underweight 1 N 320 Not Provided 20.03.2013


Morgan Stanley ANIL AGARWAL not rated #N/A N/A M #N/A N/A Not Provided 25.10.2012

JPMorgan SESHADRI K SEN overweight 5 M 650 Not Provided 10.07.2012

Motilal Oswal Securities Ltd ALPESH MEHTA neutral 3 M #N/A N/A Not Provided 15.02.2011

Holdings By:

Reliance Capital Ltd ee


01.10.2013

Adani Enterprises Limited is an international trading house that operates from

offices in India as well as other countries. The Company is involved in

coal mining, cargo handling and power generation. Adani also trades in a large

number of products including textiles, energy, metals and agricultural products.


LTM as of: 06/yy

52-Week High (19.12.2012) 296.90

52-Week Low (04.09.2013) 126.05

Daily Volume

143.05





157'327.83 1 Yr Total Return -27.27%







ADE IB EQUITY YTD Change - Average Volume 30 Day 482'839

ADE IB EQUITY YTD % CHANGE - Average Volume 3 Month 355'073


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

225'736.3 211'207.0 264'054.7 393'556.3 464'624.1 407'123.4 468'692.0 571'505.8 676'862.5 144'576.0 144'578.0

0.75x 1.90x 4.02x 2.66x 1.99x 2.46x 3.85x 1.43x 1.21x - -

9'697.8 16'992.6 42'841.3 53'071.5 64'999.0 49'615.0 69'283.1 99'777.8 128'933.8 28'897.0 28'901.0

17.41x 23.66x 24.77x 19.70x 14.20x 0.00x 0.00x 8.60x 6.66x - -

5'046.5 9'193.0 24'760.9 18'392.1 16'129.8 16'723.0 9'318.0 18'921.9 29'637.0 7'361.0 7'375.0

13.08x 25.32x 28.64x 18.23x 13.79x 14.63x 24.33x 7.86x 5.21x - -











EBITDA Margin 14.0%



Asset Turnover 0.42







Fiscal Year Ended

Adani Enterprises LtdPrice/Volume

Valuation Analysis

151'456.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,

-,,

-2,

.,,

.2,

0,,

02,


0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


S B ADANI FAMILY TRU n/a Co File 621'197'910 56.48 - 30.06.2013 n/a

ADANI VINOD S n/a Co File 90'749'100 8.25 - 30.06.2013 n/a

ADANI AGRO PVT LTD n/a Co File 83'089'065 7.55 - 30.06.2013 Corporation

JANUS CAPITAL MANAGE n/a ULT-AGG 30'579'619 2.78 (159'431) 30.06.2013 Investment Advisor

ADANI PROPERTIES PVT n/a Co File 16'402'654 1.49 - 30.06.2013 Other


ELARA INDIA OPPORTUN n/a Co File 16'081'880 1.46 - 30.06.2013 Investment Advisor

HSBC BANK MAURITIUS n/a Co File 15'801'251 1.44 - 30.06.2013 Unclassified

ALBULA INVESTMENT FU n/a Co File 14'701'610 1.34 - 30.06.2013 n/a

GUDAMI INTERNATIONAL n/a Co File 13'980'900 1.27 - 30.06.2013 Corporation

CRESTA FUND LTD n/a Co File 13'636'973 1.24 - 30.06.2013 n/a

CITIGROUP GLBL MKTS n/a Co File 11'494'969 1.05 - 30.06.2013 Investment Advisor

GAUTAM S ADANI FAMIL n/a EXCH 8'836'750 0.8 - 30.05.2013 n/a

GAUTAM S ADANI FAMIL n/a Co File 8'836'750 0.8 - 30.06.2013 n/a



VENTURA POWER INVEST n/a Co File 3'688'000 0.34 - 30.06.2013 Other







Morgan Stanley AKSHAY SONI Overwt/In-Line 5 M 297 12 month 12.08.2013

Batlivala & Karani Securities RISHAB BOTHRA outperform 5 M 275 Not Provided 12.08.2013





KR Choksey Shares & Sec Pvt Ltd UMESH PATEL buy 5 M 354 Not Provided 09.04.2013


Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 N 322 Not Provided 22.12.2012

Holdings By:

Adani Enterprises Ltd ee


01.10.2013

Bank of India, through its subsidiaries, provides corporate, commercial,

personal banking, retail, rural, and development banking. The Group specializes

its services towards corporate and medium businesses, in addition to upmarket

retail customers.


LTM as of: 03/yy

52-Week High (18.01.2013) 392.20

52-Week Low (28.08.2013) 126.95

Daily Volume

161.85





96'446.77 1 Yr Total Return -45.77%





Enterprise Value -


BOI IB EQUITY YTD Change - Average Volume 30 Day 407'791

BOI IB EQUITY YTD % CHANGE - Average Volume 3 Month 329'908


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

194'930.5 205'968.2 245'002.3 319'294.4 358'802.0 0.0 31'921.3 - - - -

- - - - - #DIV/0! 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

30'875.4 17'871.6 25'424.2 27'248.6 28'199.0 0.0 24'072.8 - - - -

3.73x 10.00x 9.83x 7.27x 6.18x 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09







Fiscal Year Ended

Bank of IndiaPrice/Volume

Valuation Analysis

197'572.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,

-,,

-2,

.,,

.2,

0,,

02,

1,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'. E

'1 E

'3 E

'5 E

-', E

-'. E

-'1 E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013








SAHARA ASSET MGMT CO Multiple Portfolios MF-AGG 1'344'034 0.23 21'450 31.08.2013 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 1'059'102 0.18 - 30.06.2013 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 888'065 0.15 44'955 30.08.2013 Investment Advisor

HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 814'000 0.14 - 31.08.2013 Investment Advisor




SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 482'700 0.08 - 30.06.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 421'735 0.07 (16'169) 30.04.2013 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 406'839 0.07 345'175 30.06.2013 Investment Advisor



FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 264'130 0.04 - 30.06.2013 Investment Advisor


Elara Securities India Pvt Ltd RAKESH KUMAR buy 5 M 232 12 month 30.09.2013


Standard Chartered MAHRUKH ADAJANIA underperform 1 M 125 12 month 26.09.2013


Religare Capital Markets SIDDHARTH TELI hold 3 D 195 12 month 23.09.2013









Phillip Securities MANISH AGARWALLA neutral 3 M 240 Not Provided 26.08.2013




Kotak Securities MB MAHESH add 4 M 180 Not Provided 21.08.2013






Morgan Stanley SUMEET KARIWALA Underwt/Cautious 1 D 135 12 month 07.08.2013

HSBC TEJAS MEHTA neutral 3 U 190 Not Provided 31.07.2013

JM Financial Institutional Securities P PUNEET GULATI hold 3 M 225 12 month 31.07.2013


KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 M 200 Not Provided 30.07.2013

Ajcon Global Services Ltd. AKASH AJAY JAIN buy 5 M 245 Not Provided 29.07.2013

Credit Suisse ASHISH GUPTA neutral 3 M 175 Not Provided 29.07.2013




Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA buy 5 M 217 Not Provided 29.07.2013

Ambit Capital Pvt Ltd A SV KRISHNAN sell 1 M #N/A N/A Not Provided 29.07.2013

Quant Broking Pvt Ltd NITIN KUMAR reduce 2 M 190 12 month 29.07.2013

Centrum Broking Pvt Ltd BHAVESH KANANI buy 5 M 225 Not Provided 29.07.2013


ICICI Securities SHASHIN UPADHYAY buy 5 M 263 12 month 28.07.2013

JPMorgan SESHADRI K SEN underweight 1 M 175 6 month 27.07.2013

SBI Capital Markets RAVIKANT BHAT hold 3 U 224 12 month 27.07.2013

HDFC Securities DARPIN SHAH neutral 3 D 216 12 month 27.07.2013


Holdings By:

Bank of India ee


01.10.2013

National Hydroelectric Power Corp Ltd. is a hydro-power development company

based in India. The Company has constructed approximately 11 hydro-power

projects in India and abroad with a total installed capacity of 2554.35 MW.


LTM as of: 01/yy

52-Week High (20.02.2013) 29.40

52-Week Low (07.08.2013) 14.80

Daily Volume

19.3





237'404.33 1 Yr Total Return 1.13%







NHPC IB EQUITY YTD Change - Average Volume 30 Day 944'670

NHPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 817'454


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

34'277.7 50'485.7 51'436.5 72'180.9 64'020.8 - - 69'141.1 77'048.6 - -

- 9.75x 8.62x 5.11x 6.11x - - 5.51x 4.94x - -

26'082.6 42'854.1 35'820.6 51'550.6 43'083.3 - - 46'006.7 51'808.1 - -

- 11.48x 12.38x 7.15x 9.08x - - 8.35x 7.42x - -

9'392.5 21'755.6 23'161.6 30'855.8 26'174.1 - - 24'097.6 27'049.2 - -

- 16.59x 13.44x 7.85x 9.33x - - 9.95x 8.87x - -











EBITDA Margin 67.3%



Asset Turnover 0.10







Fiscal Year Ended

NHPC LtdPrice/Volume

Valuation Analysis

293'572.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

.,', E

1,', E

3,', E

5,', E

-,,', E

-.,', E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013










EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 10'519'677 0.09 - 27.09.2013 Investment Advisor

UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'321'599 0.08 (2'217'397) 31.08.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 7'705'162 0.06 - 30.06.2013 Investment Advisor


ROBECO n/a ULT-AGG 3'957'308 0.03 3'957'308 30.04.2013 Unclassified

ROCHDALE INVESTMENT Multiple Portfolios MF-AGG 3'499'817 0.03 1'799'817 30.06.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'716'283 0.02 - 30.06.2013 Investment Advisor


DAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 2'213'529 0.02 - 12.10.2012 Investment Advisor



PRINCIPAL PNB ASSET Multiple Portfolios MF-AGG 1'711'026 0.01 (2'038'145) 31.08.2013 Investment Advisor




BNP Paribas Equity Research GIRISH NAIR hold 3 M 18 12 month 20.09.2013


Deutsche Bank ABHISHEK PURI buy 5 M 24 12 month 05.09.2013

SBI Capital Markets RABINDRA NATH NAYAK buy 5 M 21 12 month 30.08.2013


Batlivala & Karani Securities VISHAL BIRAIA underperform 1 M 17 Not Provided 21.08.2013



Spark Capital Advisors BHARANIDHAR VIJAYAKUMAR reduce 2 M 16 12 month 02.08.2013


Quant Broking Pvt Ltd ABHINEET ANAND buy 5 U 19 12 month 02.08.2013



JM Financial Institutional Securities P SUBHADIP MITRA hold 3 M 19 Not Provided 01.08.2013


Kotak Securities MURTUZA ARSIWALLA add 4 M 23 Not Provided 31.07.2013


India Nivesh Ltd ABHISHEK JAIN not rated #N/A N/A M 28 Not Provided 09.07.2013


SMC Global Securities Ltd. JAISHEEL GARG outperform 5 M 30 Not Provided 09.01.2012

Holdings By:

NHPC Ltd ee


01.10.2013

Canara Bank Ltd. provides a full range of banking services throughout India.

The Group's activities include retail banking, commercial and personal banking,

investment management, treasury & NRI services, cash management and assorted

ATM facilities.


LTM as of: 01/yy

52-Week High (14.01.2013) 550.00

52-Week Low (28.08.2013) 189.90

Daily Volume

225.7





99'985.10 1 Yr Total Return -46.41%





Enterprise Value -


CBK IB EQUITY YTD Change - Average Volume 30 Day 287'093

CBK IB EQUITY YTD % CHANGE - Average Volume 3 Month 221'957


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

194'807.3 216'844.7 258'296.3 339'192.0 373'726.0 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

11'420.1 27'728.8 40'341.8 33'417.0 29'697.1 - - - - - -

5.95x 6.07x 6.39x 6.31x 5.73x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Canara BankPrice/Volume

Valuation Analysis

102'250.00


,

-,,

.,,

0,,

1,,

2,,

3,,


0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,

,'.,

,'1,

,'3,

,'5,

-',,

-'.,



01.10.2013









HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 1'349'199 0.3 - 11.03.2013 Investment Advisor




RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 664'800 0.15 (14'000) 28.06.2013 Investment Advisor



EXCEL FUNDS MANAGEME Multiple Portfolios MF-AGG 472'349 0.11 - 28.03.2013 Investment Advisor


NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 327'911 0.07 280'422 30.06.2013 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 319'967 0.07 - 31.05.2013 Investment Advisor





Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 N 254 Not Provided 24.09.2013

Religare Capital Markets SIDDHARTH TELI hold 3 M 250 12 month 23.09.2013

Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES sell 1 M 239 Not Provided 19.09.2013







Deutsche Bank MANISH KARWA sell 1 D 170 12 month 20.08.2013

Almondz Global Securities Ltd SHIVRAJ GUPTA hold 3 M 288 Not Provided 20.08.2013


Morgan Stanley SUMEET KARIWALA Underwt/Cautious 1 M 170 12 month 07.08.2013

Elara Securities India Pvt Ltd RAKESH KUMAR buy 5 M 309 Not Provided 07.08.2013



CIMB JATINDER AGARWAL neutral 3 D 265 12 month 05.08.2013


Emkay Share & Stock Brokers KASHYAP JHAVERI reduce 2 M 260 Not Provided 05.08.2013

HDFC Securities VISHAL MODI neutral 3 D 265 12 month 05.08.2013

Tata Securities Limited BIJOY SHAH hold 3 D 259 12 month 05.08.2013


Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA reduce 2 M 249 Not Provided 05.08.2013





India Nivesh Ltd YOGESH HEMANDAS HOTWANI not rated #N/A N/A M #N/A N/A Not Provided 11.07.2013




Dolat Capital Market Ltd. RAKESH KUMAR accumulate 4 D 440 12 month 07.11.2012

Proactive Universal UJJWAL SOMANI hold 3 M 420 12 month 25.07.2012

India Infoline RAJIV MEHTA market perform 3 D 459 Not Provided 09.12.2011

Holdings By:

Canara Bank ee


01.10.2013

Bharat Forge Limited manufactures steel forgings and machined components for

the automotive, diesel engine, railway, earthmoving, cement, sugar, steel,

coal, ship building and oilfield industries. The Company specializes in Closed

Die as well as Open Die Forgings.


LTM as of: 03/yy

52-Week High (04.10.2012) 315.00

52-Week Low (06.08.2013) 185.55

Daily Volume

249.8





58'152.02 1 Yr Total Return -17.87%







BHFC IB EQUITY YTD Change - Average Volume 30 Day 420'280

BHFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 227'877


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

46'739.9 32'616.0 49'686.1 62'790.6 57'021.9 43'365.3 42'292.4 61'341.9 68'323.1 - -

0.88x 2.33x 2.00x 1.43x 1.20x 0.00x 0.00x 1.28x 1.13x - -

5'581.1 3'471.8 7'948.6 10'879.7 7'941.5 0.0 335.1 9'359.0 10'717.3 - -

7.38x 21.85x 12.48x 8.28x 8.64x 0.00x 0.00x 8.39x 7.33x - -

584.0 (683.2) 2'901.6 4'130.5 2'475.8 2'941.2 288.2 3'375.2 4'504.8 - -

39.35x - 26.65x 18.04x 18.23x 20.25x 76.55x 17.22x 12.97x - -











EBITDA Margin 13.9%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bharat Forge LtdPrice/Volume

Valuation Analysis

11'144.00


,

2,

-,,

-2,

.,,

.2,

0,,

02,


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


SUNDARAM TRADING & I n/a EXCH 31'907'087 13.71 2'489'525 18.09.2013 Other

KALYANI INVESTMENT C n/a Co File 31'656'095 13.6 - 30.06.2013 Other

KSL HOLDING PVT LTD n/a Co File 23'142'870 9.94 - 30.06.2013 Other



AJINKYA INVEST & TRA n/a Co File 9'818'925 4.22 - 30.06.2013 Unclassified

KRITADNYA MGMT & TRA n/a Co File 8'431'225 3.62 - 30.06.2013 Other

BF INVESTMENT LTD n/a Co File 5'807'338 2.49 - 30.06.2013 Other


GAGANDEEP CREDIT CAP n/a Co File 3'418'062 1.47 - 30.06.2013 Corporation

SUDARSHAN SECURITIES n/a Co File 3'140'216 1.35 - 30.06.2013 Holding Company



JANNHAVI INVEST PVT n/a Co File 2'217'570 0.95 - 30.06.2013 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 2'212'695 0.95 (568'800) 28.03.2013 Investment Advisor



NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1'088'704 0.47 18'400 28.06.2013 Investment Advisor

TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'007'616 0.43 38'600 28.06.2013 Investment Advisor

TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 948'200 0.41 85'500 31.08.2013 Investment Advisor


Goldman Sachs SANDEEP PANDYA Sell/Neutral 1 M 169 12 month 30.09.2013

JM Financial Institutional Securities P SANDEEP TULSIYAN buy 5 M 300 Not Provided 30.09.2013

Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 N 308 12 month 30.09.2013



Kotak Securities HITESH GOEL sell 1 M 220 Not Provided 26.09.2013

Deutsche Bank AMYN PIRANI buy 5 M 320 12 month 23.09.2013


Morgan Stanley BINAY SINGH Equalwt/In-Line 3 M 221 12 month 17.08.2013

Angel Broking Limited YARESH KOTHARI accumulate 4 M 256 12 month 16.08.2013


Standard Chartered AMIT KASAT in-line 3 U 223 12 month 12.08.2013

Jefferies GOVINDARAJAN CHELLAPPA hold 3 M 253 12 month 12.08.2013

CIMB PRAMOD AMTHE underperform 1 M 190 12 month 12.08.2013

Anand Rathi Securities Pvt. Ltd. ROHAN KORDE hold 3 M 236 12 month 12.08.2013


Brics Securities UMESH KARNE add 4 U 241 Not Provided 12.08.2013





Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA accumulate 4 M 274 12 month 08.08.2013


Dolat Capital Market Ltd. MAYUR MILAK accumulate 4 M 255 Not Provided 12.06.2013

GEPL Capital Pvt Ltd GAURAV OZA hold 3 M 238 Not Provided 29.05.2013

Sharekhan Ltd TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 27.05.2013


Prime Broking Company PAURAV LAKHANI hold 3 M 287 Not Provided 06.11.2012

Dalmia Securities Pvt Ltd ARJUN NIYOGI buy 5 M 323 12 month 01.11.2012

Antique Stock Broking Limited AMOL RAO buy 5 M 400 12 month 13.08.2012

Karvy Stock Broking Ltd YOGESH NAGAONKAR buy 5 M 351 Not Provided 12.04.2012

Daiwa Securities Co. Ltd. NAVIN MATTA buy 5 M 345 Not Provided 10.04.2012

Dalal & Broacha KUNAL BHATIA hold 3 N #N/A N/A Not Provided 26.05.2011

Holdings By:

Bharat Forge Ltd ee


01.10.2013

Crompton Greaves Ltd. manufactures, distributes, installs and services

electrical and allied equipment such as transformers, reactors, switchgear

control equipment & accessories, industrial motors, fractional horse power

motors and pumps. The Company also manufactures railway & electronic equipment,

communication systems, computers, software, lighting equipment and other items.


LTM as of: 06/yy

52-Week High (08.10.2012) 141.70

52-Week Low (25.06.2013) 71.70

Daily Volume

87.5





56'130.51 1 Yr Total Return -29.69%







CRG IB EQUITY YTD Change - Average Volume 30 Day 283'504

CRG IB EQUITY YTD % CHANGE - Average Volume 3 Month 384'234


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

87'372.6 91'408.7 100'051.1 112'485.8 120'944.4 116'219.8 124'405.2 132'829.6 147'384.7 32'220.8 32'773.0

0.54x 1.79x 1.72x 0.79x 0.58x 1.67x 1.30x 0.49x 0.43x - -

11'234.0 12'771.3 13'437.8 8'036.4 3'831.6 7'885.3 3'611.7 7'928.6 10'245.3 1'465.0 1'644.5

4.21x 12.83x 12.84x 11.07x 18.35x 0.00x 0.00x 8.35x 6.46x - -

5'599.0 8'598.7 8'886.7 3'735.9 (361.4) 3'800.2 (619.6) 3'878.5 5'548.6 759.7 848.7

8.09x 20.30x 19.69x 23.71x - 20.47x 0.00x 14.33x 10.03x - -







Return on Capital -1.82% EBITDA/Interest Exp. 4.02




EBITDA Margin 3.2%



Asset Turnover 1.28







Fiscal Year Ended

Crompton Greaves LtdPrice/Volume

Valuation Analysis

102'901.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,

1,

3,

5,

-,,

-.,

-1,

-3,


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


AVANTHA HOLDINGS LTD n/a Co File 255'937'034 39.9 - 30.06.2013 Other



HSBC GLOBAL INV MAUR n/a Co File 19'264'369 3 - 30.06.2013 Investment Advisor




AMANSA CAPITAL PVT L n/a Co File 9'078'378 1.42 - 30.06.2013 Other



CORELLA INVESTMENTS n/a Co File 7'190'750 1.12 - 30.06.2013 Other

HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 5'146'901 0.8 (234'482) 11.03.2013 Investment Advisor



LUSTRE INTERNATIONAL n/a Co File 4'314'712 0.67 - 30.06.2013 Other







Axis Capital Limited BHAVIN VITHLANI hold 3 M 81 Not Provided 27.09.2013

Jefferies LAVINA QUADROS underperform 1 M 70 12 month 23.09.2013

India Nivesh Ltd SANTOSH YELLAPU hold 3 M 88 Not Provided 20.09.2013



Angel Broking Limited AMIT PATIL buy 5 M 103 Not Provided 13.09.2013



Antique Stock Broking Limited DHIRENDRA TIWARI buy 5 M 141 Not Provided 03.09.2013

JPMorgan SUMIT KISHORE neutral 3 M 85 12 month 02.09.2013

Fortune Equity Brokers (India) Ltd TEAM COVERAGE buy 5 U 95 Not Provided 22.08.2013

Motilal Oswal Securities Ltd SATYAM AGARWAL buy 5 M 116 Not Provided 20.08.2013

Kantilal Chhaganlal Sec. Pvt. Ltd AMIT HARICHAND ANWANI hold 3 M 102 Not Provided 13.08.2013


Prabhudas Lilladher Pvt Ltd KUNAL SHETH accumulate 4 M 108 12 month 08.08.2013

Batlivala & Karani Securities RENU BAID outperform 5 M 115 Not Provided 08.08.2013

Spark Capital Advisors APURVA PATEL add 4 U 93 12 month 08.08.2013

HSBC ASHUTOSH NARKAR neutral 3 M 95 Not Provided 07.08.2013

Macquarie INDERJEET SINGH BHATIA neutral 3 M 90 12 month 07.08.2013

Daiwa Securities Co. Ltd. SAURABH MEHTA hold 3 M 90 Not Provided 07.08.2013

HDFC Securities ABHINAV SHARMA neutral 3 U 85 12 month 07.08.2013


KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE buy 5 M 112 12 month 07.08.2013

Ambit Capital Pvt Ltd BHARGAV BUDDHADEV sell 1 M 94 12 month 07.08.2013



Quantum Securities Pvt Ltd MAHESH BENDRE buy 5 M 123 12 month 07.08.2013

Nirmal Bang Institutional Equities CHIRAG MUCHHALA buy 5 M 105 Not Provided 07.08.2013

Morgan Stanley ASHISH G JAIN Overwt/In-Line 5 M 128 12 month 06.08.2013


Kotak Securities LOKESH GARG add 4 M 105 Not Provided 06.08.2013



IDFC Securities Ltd BHOOMIKA NAIR neutral 3 M 92 12 month 06.08.2013

Edelweiss Capital AMIT MAHAWAR hold 3 M 95 12 month 06.08.2013



ICICI Securities VIVEK SHARMA sell 1 M 76 12 month 11.07.2013




Asian Markets Securities Pvt. Ltd JOHN JOSE PERINCHERY sell 1 M 81 Not Provided 09.04.2013

Espirito Santo Investment Bank ResearchKRISHNAKANT THAKUR sell 1 M 103 Not Provided 22.02.2013

Holdings By:

Crompton Greaves Ltd ee


01.10.2013

Hindustan Petroleum Corporation Limited refines crude oil and manufactures

petroleum and petroleum products. The Company's products, which are sold via

outlets throughout India, include lube products, lubricating oil, aviation fuel,

hydraulic brake fluid, greases, liquefied petroleum gas and insecticides.

The Government of India is the majority shareholder in the company.


LTM as of: 01/yy

52-Week High (18.01.2013) 381.40

52-Week Low (28.08.2013) 158.45

Daily Volume

190.5





64'508.49 1 Yr Total Return -36.26%







HPCL IB EQUITY YTD Change - Average Volume 30 Day 284'621

HPCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 214'104


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

1'136'797.4 1'051'779.3 1'385'672.9 1'850'872.6 2'159'502.3 - - ######### ######### - -

0.24x 0.27x 0.27x 0.25x 0.24x - - 0.18x 0.17x - -

32'154.7 28'268.5 41'062.7 42'638.2 41'955.0 - - 51'022.1 52'477.7 - -

8.46x 10.19x 9.00x 10.98x 12.44x - - 9.60x 9.33x - -

7'573.9 14'766.3 17'036.0 1'746.5 5'013.0 - - 9'401.2 11'813.4 - -

12.04x 7.30x 7.09x 58.87x 19.27x - - 6.70x 5.50x - -











EBITDA Margin 1.9%



Asset Turnover 2.43








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hindustan Petroleum Corp LtdPrice/Volume

Valuation Analysis

86'389.00


,

2,

-,,

-2,

.,,

.2,

0,,

02,

1,,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

'2 E

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.', E

.'2 E

0', E

0'2 E

1', E

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013








BIRLA SUN LIFE INSUR n/a Co File 4'323'089 1.28 - 30.06.2013 Insurance Company





NOMURA n/a ULT-AGG 2'195'212 0.65 - 12.09.2012 Unclassified

BNP PARIBAS n/a ULT-AGG 1'541'229 0.46 510'000 30.04.2013 Unclassified






HSBC ASSET MGMT INDI Multiple Portfolios MF-AGG 466'000 0.14 250'000 31.08.2013 Investment Advisor

SOCIETE GENERALE Multiple Portfolios MF-AGG 430'986 0.13 90'000 30.03.2012 Bank


JM Financial Institutional Securities P GARIMA MISHRA buy 5 M 278 Not Provided 30.09.2013



Axis Capital Limited AMIT MISHRA hold 3 M 195 Not Provided 27.09.2013

Credit Suisse SANJAY MOOKIM neutral 3 U 194 Not Provided 24.09.2013







CIMB AVADHOOT SABNIS outperform 5 U 300 12 month 09.09.2013


Morgan Stanley VINAY JAISING Equalwt/Attractive 3 M 215 12 month 22.08.2013

IIFL BHASKAR CHAKRABORTY reduce 2 D 220 12 month 21.08.2013








BOB Capital Markets NEELABH SHARMA hold 3 M 214 12 month 13.08.2013



JPMorgan NEIL GUPTE overweight 5 M 365 6 month 12.08.2013


IDBI Capital Market Services Ltd SUDEEP ANAND accumulate 4 U 210 12 month 12.08.2013




Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN buy 5 U 320 Not Provided 12.07.2013

UBS ASHISH JAGNANI neutral 3 U 275 12 month 01.07.2013



Goldman Sachs NILESH BANERJEE Sell/Neutral 1 M 265 12 month 13.06.2013

Systematix Shares & Stocks Ltd SUDARSHAN NARASIMHAN buy 5 M #N/A N/A Not Provided 31.05.2013

SBI Capital Markets GUNJAN PODDAR buy 5 M 330 12 month 30.05.2013

Elara Securities India Pvt Ltd ALOK DESHPANDE accumulate 4 M 320 Not Provided 12.04.2013

Karvy Stock Broking Ltd VINAY V NAIR buy 5 M 428 Not Provided 10.04.2013


Prabhudas Lilladher Pvt Ltd DEEPAK PAREEK accumulate 4 M 378 12 month 06.03.2013


Holdings By:

Hindustan Petroleum Corp Ltd ee


01.10.2013

Union Bank of India Limited provides a full range of banking services

throughout India. The Company's activities include retail banking, commercial

and personal banking, investment management, treasury and NRI services, cash

management and assorted ATM facilities. Union Bank has an online tele-banking

facility for all its core banking customers.


LTM as of: 01/yy

52-Week High (02.01.2013) 288.00

52-Week Low (29.08.2013) 97.10

Daily Volume

111.05





66'274.00 1 Yr Total Return -44.31%





Enterprise Value -


UNBK IB EQUITY YTD Change - Average Volume 30 Day 723'401

UNBK IB EQUITY YTD % CHANGE - Average Volume 3 Month 555'434


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

- - 185'010.2 234'694.5 280'382.7 - - 115'809.0 131'976.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - 22'078.9 17'718.5 21'565.8 - - 28'766.0 33'545.0 - -

- - 8.25x 6.98x 5.58x - - 2.30x 1.98x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10







Fiscal Year Ended

Union Bank of IndiaPrice/Volume

Valuation Analysis

604'675.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2,

-,,

-2,

.,,

.2,

0,,

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-'2 E

.', E

.'2 E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

1999 2000 20012002 2003 2004 2005 20062007 2008 2009 2010 20112012 2013

,',,

.,,',,

1,,',,

3,,',,

5,,',,

- ,,,',,

- .,,',,

,-',1'.,,4,-'-,'.,,4,-',1'.,,5,-'-,'.,,5,-',1'.,,6,-'-,'.,,6,-',1'.,-,,-'-,'.,-,,-',1'.,--,-'-,'.,--,-',1'.,-.,-'-,'.,-.,-',1'.,-0



01.10.2013




EQUINOX FUND MANAGEM Multiple Portfolios MF-AGG 45'401'582 7.61 (64'867'337) 31.07.2013 Investment Advisor






BANK OF NOVA SCOTIA n/a ULT-AGG 4'004'199 0.67 (246'300) 30.06.2013 Bank







GUARDIAN LIFE GROUP n/a ULT-AGG 1'272'780 0.21 605'790 30.06.2013 Insurance Company








Religare Capital Markets SIDDHARTH TELI hold 3 D 130 12 month 23.09.2013










Kotak Securities MB MAHESH add 4 M 150 Not Provided 21.08.2013


Almondz Global Securities Ltd SHIVRAJ GUPTA reduce 2 M 160 Not Provided 20.08.2013



Morgan Stanley SUMEET KARIWALA Underwt/Cautious 1 D 100 12 month 07.08.2013


JM Financial Institutional Securities P PUNEET GULATI sell 1 M 140 12 month 05.08.2013


KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 D 131 12 month 05.08.2013

Credit Suisse ASHISH GUPTA underperform 1 M 120 Not Provided 02.08.2013

HSBC TEJAS MEHTA neutral 3 U 132 Not Provided 02.08.2013

CIMB JATINDER AGARWAL underperform 1 M 121 12 month 02.08.2013

Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA hold 3 D 138 Not Provided 02.08.2013





India Infoline RAJIV MEHTA market perform 3 D 128 9 month 02.08.2013



Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 129 Not Provided 02.08.2013


Elara Securities India Pvt Ltd RAKESH KUMAR buy 5 M 200 12 month 02.08.2013



Ambit Capital Pvt Ltd A SV KRISHNAN buy 5 M 285 12 month 01.08.2013


EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 18.07.2013

Espirito Santo Investment Bank ResearchSAIKIRAN PULAVARTHI neutral 3 M 244 Not Provided 16.07.2013

Centrum Broking Pvt Ltd BHAVESH KANANI buy 5 M 260 Not Provided 10.07.2013

Holdings By:

Union Bank of India ee


01.10.2013

ABB India Limited undertakes engineering and construction projects and

manufactures heavy engineering and industrial equipment. The Company undertakes

projects in the field of energy production, power transmission, transportation,

process automation and pollution control. ABB India's products include

pollution control equipment, switch gears and high current rectifiers.


LTM as of: 12/yy

52-Week High (12.11.2012) 830.00

52-Week Low (30.08.2013) 448.10

Daily Volume

552





116'973.42 1 Yr Total Return -29.97%




Cash and Equivalents 854.00 Consensus Rating 1.500



ABB IB EQUITY YTD Change - Average Volume 30 Day 23'052

ABB IB EQUITY YTD % CHANGE - Average Volume 3 Month 16'064


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

- - - 74'517.9 76'104.8 0.0 21'720.9 77'968.5 84'728.0 - -

- - - 1.62x 1.98x #DIV/0! 0.00x 1.45x 1.31x - -

- - - 3'406.0 3'891.6 0.0 1'082.8 5'130.7 6'507.2 - -

- - - 35.54x 38.78x 0.00x 0.00x 23.27x 18.35x - -

- - - 1'847.1 1'409.4 0.0 642.9 2'530.3 3'482.5 - -

- - - 66.92x 105.36x 0.00x 0.00x 45.84x 32.29x - -











EBITDA Margin 5.1%



Asset Turnover 1.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ABB India LtdPrice/Volume

Valuation Analysis

13'016.00


,-,,.,,0,,1,,2,,3,,4,,5,,6,,

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'- E

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'0 E

'1 E

'2 E

'3 E

'4 E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,',,

.,',,

1,',,

3,',,

5,',,

-,,',,

-.,',,

-1,',,

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,0',-'.,-, ,0',4'.,-, ,0',-'.,-- ,0',4'.,-- ,0',-'.,-. ,0',4'.,-. ,0',-'.,-0 ,0',4'.,-0



01.10.2013


ABB ASEA BROWN BOVER n/a Co File 146'390'951 69.08 - 30.06.2013 Corporation


ABB NORDEN HOLDING A n/a Co File 12'540'330 5.92 - 30.06.2013 Unclassified





IDFC MUTUAL FUND Multiple Portfolios MF-AGG 390'000 0.18 - 31.08.2013 Investment Advisor

UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 175'000 0.08 - 31.08.2013 Investment Advisor


BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 44'854 0.02 (42) 31.08.2013 Investment Advisor




AXIS ASSET MANAGEMEN Multiple Portfolios MF-AGG 28'019 0.01 - 31.08.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 18'184 0.01 - 30.04.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 10'564 0 - 31.07.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'414 0 - 27.09.2013 Investment Advisor

DWS INVESTMENTS Multiple Portfolios MF-AGG 10'330 0 - 31.05.2012 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 9'769 0 (3'501) 30.04.2013 Investment Advisor










Spark Capital Advisors APURVA PATEL sell 1 M 371 12 month 14.08.2013

Angel Broking Limited AMIT PATIL reduce 2 M 442 12 month 13.08.2013

KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE hold 3 M 518 Not Provided 13.08.2013




Daiwa Securities Co. Ltd. SAURABH MEHTA sell 1 M 400 Not Provided 12.08.2013

Prabhudas Lilladher Pvt Ltd KUNAL SHETH sell 1 M 406 12 month 12.08.2013


HDFC Securities ABHINAV SHARMA sell 1 M 370 12 month 12.08.2013

Antique Stock Broking Limited DHIRENDRA TIWARI sell 1 M 432 Not Provided 12.08.2013



HSBC ASHUTOSH NARKAR underweight 1 M 440 Not Provided 11.08.2013


IDFC Securities Ltd BHOOMIKA NAIR underperform 1 M 380 12 month 10.08.2013


Edelweiss Capital AMIT MAHAWAR reduce 2 M 421 12 month 09.08.2013

Kotak Securities LOKESH GARG sell 1 M 400 Not Provided 08.08.2013

Tata Securities Limited RAVIKIRAN SURANA sell 1 M 400 12 month 08.08.2013


Karvy Stock Broking Ltd RUPESH D SANKHE sell 1 M 560 Not Provided 11.07.2013



Espirito Santo Investment Bank ResearchKRISHNAKANT THAKUR sell 1 M 432 Not Provided 22.02.2013


Proactive Universal VINAY PANDIT sell 1 M 600 12 month 08.08.2012

Jaypee Capital Services JYOTSNA SAWDEKAR sell 1 M 542 Not Provided 18.01.2012


Holdings By:

ABB India Ltd ee


01.10.2013

GMR Infrastructure is an infrastructure company with interests in airports,

power and roads. The Company is developing a greenfield international airport at

Hyderabad, and is also operating, managing and developing the Delhi airport.

Additionally, it is involved in development and operation of power plants and

road projects in India.


LTM as of: 06/yy

52-Week High (04.10.2012) 27.00

52-Week Low (06.08.2013) 10.65

Daily Volume

21.85





85'049.70 1 Yr Total Return -11.48%







GMRI IB EQUITY YTD Change - Average Volume 30 Day 1'267'251

GMRI IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'035'708


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

38'436.1 45'665.1 63'321.4 83'201.1 98'718.7 84'443.9 99'139.8 98'720.3 124'989.6 21'688.0 21'690.0

7.49x 8.97x 5.55x 5.72x 5.08x 9.63x 9.91x 4.90x 3.85x - -

9'040.6 14'134.8 15'776.3 18'890.8 25'354.8 18'365.0 25'189.5 36'865.8 46'336.5 - -

31.86x 28.99x 22.26x 25.21x 19.80x 0.00x 0.00x 13.64x 10.85x - -

2'794.5 1'584.0 (9'296.4) (6'033.4) 881.2 (6'309.4) (1'436.1) (4'337.4) (1'707.5) (1'047.0) (1'033.0)

61.80x 144.94x - - 95.41x 0.00x 0.00x - - - -











EBITDA Margin 25.7%



Asset Turnover 0.16







Fiscal Year Ended

GMR Infrastructure LtdPrice/Volume

Valuation Analysis

455'947.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

.', E

1', E

3', E

5', E

-,', E

-.', E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


GMR HOLDINGS n/a Co File 2'736'221'862 70.3 - 30.06.2013 Corporation



NEW LEAINA INVESTMEN n/a Co File 83'360'880 2.14 - 30.06.2013 Corporation

GMR INFRA VENTURES P n/a EXCH 31'321'815 0.8 - 25.07.2013 Other


GMR ENTERPRISES PVT n/a Co File 17'100'000 0.44 - 30.06.2013 Other

CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 12'600'000 0.32 10'000'000 28.06.2013 Investment Advisor


IDFC MUTUAL FUND Multiple Portfolios MF-AGG 7'270'000 0.19 1'500'000 31.08.2013 Investment Advisor

KOTAK MAHINDRA Multiple Portfolios MF-AGG 5'240'000 0.13 (1'500'000) 31.08.2013 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'292'377 0.08 - 30.06.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 3'268'754 0.08 - 31.05.2012 Investment Advisor


RAO G MALLIKARJUNA n/a EXCH 1'731'330 0.04 400'000 18.07.2013 n/a

T.ROWE PRICE GLOBAL Multiple Portfolios MF-AGG 1'452'422 0.04 - 06.07.2012 Investment Advisor

GRANDHI MALLIKARJUNA n/a Co File 1'231'330 0.03 - 30.06.2013 n/a

STATE STREET CORP n/a ULT-AGG 1'196'225 0.03 - 27.09.2013 Investment Advisor

VARALAKSHMI G n/a EXCH 942'660 0.02 90'000 24.07.2013 n/a



Batlivala & Karani Securities PREM KHURANA buy 5 M 21 Not Provided 20.09.2013



ICICIdirect.com DEEPAK PURSWANI hold 3 M 13 12 month 16.08.2013

Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 M 20 12 month 16.08.2013


CIMB PRAMOD AMTHE outperform 5 M 33 12 month 14.08.2013

Kotak Securities LOKESH GARG not rated #N/A N/A M #N/A N/A Not Provided 14.08.2013


JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 22 12 month 14.08.2013

Phillip Securities VIBHOR SINGHAL buy 5 M 19 Not Provided 14.08.2013


BNP Paribas Equity Research VISHAL SHARMA hold 3 M 26 12 month 28.06.2013



Standard Chartered SHASHIKIRAN RAO in-line 3 M 25 12 month 06.05.2013


Emkay Share & Stock Brokers JITESH BHANOT hold 3 M 21 Not Provided 16.11.2012

JPMorgan SUMIT KISHORE overweight 5 M 50 Not Provided 13.09.2012

IIFL GOPAL RITOLIA reduce 2 M 35 12 month 25.11.2011

Holdings By:

GMR Infrastructure Ltd ee


01.10.2013

IDBI Bank Limited provides a range of banking and financial services. The Bank's

services include fund-based operations, such as venture capital and fee-based

activities, which include merchant banking and debenture trusteeship.


LTM as of: 09/yy

52-Week High (09.01.2013) 118.20

52-Week Low (04.09.2013) 52.30

Daily Volume

59.35





79'100.09 1 Yr Total Return -38.18%





Enterprise Value -


IDBI IB EQUITY YTD Change - Average Volume 30 Day 393'632

IDBI IB EQUITY YTD % CHANGE - Average Volume 3 Month 343'119


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 09/yy 09/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

133'336.1 178'185.1 208'408.8 255'831.9 284'101.4 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

7'665.4 10'205.3 15'635.1 19'977.6 18'899.3 0.0 0.0 - - - -

4.29x 8.17x 8.19x 5.17x 5.44x 0.00x 0.00x - - - -




Pretax Margin - Short-Term Rating Date 30.01.2007





Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

IDBI Bank LtdPrice/Volume

Valuation Analysis

120'814.00


,

.,

1,

3,

5,

-,,

-.,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

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'1 E

'3 E

'5 E

-', E

-'. E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-',,

.',,

0',,

1',,

2',,

3',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013









ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 1'383'084 0.1 (158'552) 31.07.2013 Investment Advisor

ROBECO n/a ULT-AGG 724'176 0.05 - 30.04.2013 Unclassified

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 713'300 0.05 167'100 31.07.2013 Investment Advisor





BENCHMARK ASSET MANA Multiple Portfolios MF-AGG 125'531 0.01 (18'318) 31.08.2013 Investment Advisor

NOMURA INTERNATIONAL Multiple Portfolios MF-AGG 116'534 0.01 - 31.03.2013 Investment Advisor


BARODA PIONEER MUTUA Multiple Portfolios MF-AGG 74'000 0.01 - 31.08.2013 Investment Advisor

MOTILAL OSWAL ASSET Multiple Portfolios MF-AGG 40'450 0 (48'969) 31.08.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 37'162 0 - 31.07.2013 Unclassified




Batlivala & Karani Securities VIKASH MUNDHRA underperform 1 M 75 Not Provided 05.09.2013

Sunidhi Consultancy Services AMIT JAIN hold 3 M 82 12 month 23.08.2013

ICICIdirect.com KAJAL GANDHI sell 1 M 48 Not Provided 21.08.2013




Quantum Securities Pvt Ltd RATI PANDIT hold 3 M 75 Not Provided 23.07.2013

Angel Broking Limited VAIBHAV AGRAWAL neutral 3 M #N/A N/A Not Provided 19.07.2013


MSFL - Institutional Business Group LAXMI AHUJA hold 3 D 100 12 month 01.11.2012

Dalmia Securities Pvt Ltd ZEENAT KERAWALA accumulate 4 M 103 Not Provided 10.07.2012

Shah Investor's Home Limited AMEYA HARDAS buy 5 M 121 Not Provided 21.06.2012

SKP Securities Limited VIKESH P MEHTA buy 5 M 136 18 month 08.02.2012

Wallfort Financial Services Ltd KAILASH GANDHI hold 3 D 127 Not Provided 21.10.2011

Holdings By:

IDBI Bank Ltd ee


01.10.2013

Adani Power Ltd is a power project development company. The Company develops,

operates and maintains power projects in India.


LTM as of: 06/yy

52-Week High (20.12.2012) 70.00

52-Week Low (05.08.2013) 29.45

Daily Volume

32.05





92'045.10 1 Yr Total Return -38.07%







ADANI IB EQUITY YTD Change - Average Volume 30 Day 477'113

ADANI IB EQUITY YTD % CHANGE - Average Volume 3 Month 646'745


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

- 4'348.6 21'351.9 40'897.9 67'747.9 15'018.8 78'077.6 129'578.4 176'532.7 - -

- 80.80x 22.96x 12.88x 7.31x 0.00x 12.44x 3.66x 2.59x - -

- 2'439.5 12'549.7 14'804.4 10'969.9 (976.9) 14'431.0 41'842.3 63'404.8 - -

- 144.04x 39.06x 35.58x 45.16x 0.00x 0.00x 11.71x 7.73x - -

(49.9) 1'701.1 5'135.7 (2'872.7) (22'950.1) (8'098.1) (26'637.3) (4'961.1) 5'487.1 - -

- 141.19x 47.86x - - 0.00x 0.00x - 14.18x - -


EBIT -1'926.90 Long-Term Rating -

Operating Margin -2.84% Long-Term Outlook -








EBITDA Margin 16.2%

EBIT Margin -2.8% Total Debt/Equity 930.7%


Asset Turnover 0.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Adani Power LtdPrice/Volume

Valuation Analysis

212'150.00


,

-,

.,

0,

1,

2,

3,

4,

5,

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-.', E

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

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01.10.2013


ADANI ENTERPRISES LT n/a Co File 1'981'290'000 68.99 - 30.06.2013 Other

OPAL INVESTMENT MAUR n/a Co File 213'236'910 7.42 - 30.06.2013 Other

3I POWER INVESTMENTS n/a Co File 160'598'342 5.59 - 30.06.2013 Other

VENTURA POWER INVEST n/a Co File 70'878'997 2.47 - 30.06.2013 Other

SHANTILAL ADANI VINO n/a Co File 57'700'000 2.01 - 30.06.2013 n/a

ADANI AGRO PVT LTD n/a Co File 44'066'085 1.53 - 30.06.2013 Corporation


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 34'968'454 1.22 (3'294'636) 30.06.2013 Investment Advisor

ADANI VINOD S n/a EXCH 28'900'000 1.01 4'600'000 19.03.2013 n/a




STATE STREET CORP n/a ULT-AGG 1'116'280 0.04 - 27.09.2013 Investment Advisor


EATON VANCE ADVISORS Multiple Portfolios MF-AGG 770'500 0.03 770'500 31.07.2013 Investment Advisor



PRUDENTIAL FINANCIAL n/a ULT-AGG 447'255 0.02 - 31.07.2013 Investment Advisor




HSBC ARUN KUMAR SINGH underweight 1 M 32 Not Provided 30.09.2013

Axis Capital Limited BHAVIN VITHLANI Under Review #N/A N/A M #N/A N/A Not Provided 27.09.2013


Nomura ANIRUDH GANGAHAR reduce 2 M 35 Not Provided 06.09.2013


Emkay Share & Stock Brokers AMIT GOLCHHA sell 1 M 21 Not Provided 28.08.2013

Edelweiss Capital SHANKAR K reduce 2 M 31 12 month 23.08.2013

Morgan Stanley PARAG GUPTA Underwt/In-Line 1 M 27 12 month 22.08.2013



Batlivala & Karani Securities VISHAL BIRAIA sell 1 M 23 Not Provided 22.08.2013


Fortune Equity Brokers (India) Ltd TEAM COVERAGE sell 1 D 31 Not Provided 22.08.2013


Karvy Stock Broking Ltd RUPESH D SANKHE sell 1 M 39 Not Provided 13.08.2013


ICICI Securities PRAKASH GAURAV GOEL sell 1 M 23 12 month 02.08.2013

Almondz Global Securities Ltd AMIT SHAH hold 3 U 38 Not Provided 02.08.2013



Kotak Securities MURTUZA ARSIWALLA sell 1 M 30 Not Provided 01.08.2013



Standard Chartered PANKAJ KAPOOR underperform 1 M 36 12 month 09.07.2013




ITI Securities Ltd ABHISHEK B PATEL hold 3 U 47 12 month 13.05.2013

Spark Capital Advisors BHARANIDHAR VIJAYAKUMAR sell 1 M 40 12 month 08.05.2013

KR Choksey Shares & Sec Pvt Ltd CHINMAY S GANDRE accumulate 4 M 50 Not Provided 09.04.2013


Daiwa Securities Co. Ltd. SAURABH MEHTA hold 3 M 50 Not Provided 18.03.2013

Prabhudas Lilladher Pvt Ltd RUPA SHAH neutral 3 M #N/A N/A Not Provided 18.12.2012

MSFL - Institutional Business Group SITARAMAN IYER sell 1 M 36 12 month 23.10.2012

Holdings By:

Adani Power Ltd ee


01.10.2013

Unitech Limited is a real estate development company. The Company develops

self-sustaining residential areas, commercial spaces, amusement parks,

infrastructure development, thermal power plants, transmission lines, highways,

flyovers, industrial facilities, steel plants, and overseas turnkey projects.


LTM as of: 06/yy

52-Week High (15.01.2013) 40.90

52-Week Low (06.08.2013) 14.65

Daily Volume

15.85





41'440.11 1 Yr Total Return -35.96%







UT IB EQUITY YTD Change - Average Volume 30 Day 3'105'609

UT IB EQUITY YTD % CHANGE - Average Volume 3 Month 3'788'415


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

28'449.1 29'309.8 33'960.2 24'183.0 24'405.4 22'637.7 26'053.7 29'819.9 34'447.0 6'877.0 7'150.0

4.98x 7.94x 4.19x 5.03x 4.91x 10.69x 8.23x 3.34x 2.87x - -

16'323.3 10'756.0 9'867.4 3'268.9 3'604.7 3'390.4 3'474.7 5'340.5 6'527.7 878.0 1'091.0

8.68x 21.64x 14.40x 37.18x 33.21x 0.00x 0.00x 18.61x 15.25x - -

11'964.3 6'750.5 5'676.6 2'373.8 2'095.7 1'958.2 2'265.8 3'638.8 4'569.1 645.0 792.0

4.74x 24.80x 18.01x 31.69x 29.40x 29.40x 24.53x 11.28x 9.24x - -











EBITDA Margin 14.8%



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Unitech LtdPrice/Volume

Valuation Analysis

1'466'038.00


,2

-,-2.,.20,021,12

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

2', E

-,', E

-2', E

.,', E

.2', E

0,', E

02', E

1,', E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

-,',,

.,',,

0,',,

1,',,

2,',,

3,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


MAYFAIR CAPITAL LTD n/a Co File 667'427'658 25.53 - 30.06.2013 Other


HARSIL PROJECTS PVT n/a Co File 227'501'000 8.7 - 30.06.2013 Corporation


R V TECHNO INVEST PV n/a Co File 124'212'400 4.75 - 30.06.2013 Holding Company

COLLEGE RETIREMENT E n/a Co File 103'257'712 3.95 - 30.06.2013 Other

TULIP INVSTS PVT LTD n/a Co File 77'085'970 2.95 - 30.06.2013 Other

INDRUS COUNTERTRADE n/a Co File 70'129'800 2.68 - 30.06.2013 Other

CHANDRA SANJAY n/a Co File 66'894'880 2.56 - 30.06.2013 n/a






BAHRI RAHUL n/a Co File 8'422'350 0.32 - 30.06.2013 n/a

WADHA MINOTI BAHRI n/a Co File 8'290'900 0.32 - 30.06.2013 n/a

UNIBILD ENGINEER & C n/a Co File 6'240'000 0.24 - 30.06.2013 Other


GURNANI PRAVEEN n/a Co File 4'275'310 0.16 - 30.06.2013 n/a

CITILINK HOLDINGS LT n/a Co File 3'822'000 0.15 - 30.06.2013 Other


JPMorgan SAURABH S KUMAR underweight 1 M 15 6 month 25.09.2013

Goldman Sachs PUNEET JAIN neutral/attractive 3 M 23 12 month 11.09.2013


Motilal Oswal Securities Ltd SANDIPAN PAL buy 5 M 28 Not Provided 19.08.2013

Batlivala & Karani Securities PREM KHURANA outperform 5 M 23 Not Provided 07.08.2013

UBS ASHISH JAGNANI sell 1 M 16 12 month 06.08.2013

Macquarie ABHISHEK BHANDARI underperform 1 M 12 12 month 06.08.2013

CIMB PRAKASH AGARWAL underperform 1 M 15 12 month 06.08.2013

Prabhudas Lilladher Pvt Ltd KEJAL MEHTA reduce 2 M 14 12 month 06.08.2013

Phillip Securities ABHISHEK RANGANATHAN Under Review #N/A N/A M #N/A N/A Not Provided 06.08.2013


IIFL BHASKAR CHAKRABORTY sell 1 M 20 12 month 21.06.2013

EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013

ICICI Securities SHALEEN SILORI buy 5 M 32 12 month 31.05.2013

JM Financial Institutional Securities P HIMANSHU MAHESHWARI sell 1 M 24 12 month 30.05.2013

Religare Capital Markets ARUN AGGARWAL buy 5 M 50 12 month 13.02.2013

HSBC ASHUTOSH NARKAR overweight 5 U 43 Not Provided 30.01.2013

Standard Chartered GAURAV PATHAK underperform 1 D 28 12 month 16.01.2013

Edelweiss Capital AASHIESH AGARWAAL not rated #N/A N/A M #N/A N/A Not Provided 07.01.2013

IFCI Financial Services RAJEEV DESAI sell 1 M 20 12 month 06.11.2012


Systematix Shares & Stocks Ltd ROHIT JAIN hold 3 M #N/A N/A Not Provided 11.07.2012

Kotak Securities SAMAR SARDA not rated #N/A N/A M #N/A N/A Not Provided 16.05.2012

IDFC Securities Ltd NITIN AGARWAL Under Review #N/A N/A M #N/A N/A Not Provided 19.09.2011

KR Choksey Shares & Sec Pvt Ltd NIYATI JHAVERI hold 3 M 39 12 month 31.05.2011

Axis Capital Limited CHIRAG NEGANDHI Under Review #N/A N/A M #N/A N/A Not Provided 13.11.2010

Holdings By:

Unitech Ltd ee


01.10.2013

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles,

including buses, tractors, dumpsters, haulage trucks, fire engines, and defense

sector vehicles. The Company also manufactures industrial & marine engines,

ferrous castings and spare parts for automobiles. Ashok Leyland sells its

products in India and abroad.


LTM as of: 06/yy

52-Week High (03.12.2012) 28.70

52-Week Low (29.08.2013) 11.82

Daily Volume

15.05





40'043.18 1 Yr Total Return -35.27%




Cash and Equivalents 78.11 Consensus Rating 2.920



AL IB EQUITY YTD Change - Average Volume 30 Day 1'784'945

AL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'402'287


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

59'810.7 72'447.1 111'771.1 129'043.3 124'812.0 131'511.7 115'065.7 - - - -

0.81x 1.35x 0.93x 0.86x 0.81x 1.32x 1.74x - - - -

4'847.8 7'714.5 12'243.8 12'504.0 8'821.8 12'521.7 6'579.6 - - - -

9.97x 12.68x 8.53x 8.91x 11.52x 0.00x 0.00x - - - -

1'900.0 4'236.7 6'313.0 5'659.8 4'337.1 5'566.6 2'250.2 - - - -

12.71x 17.52x 23.96x 14.27x 13.40x 11.91x 23.10x - - - -











EBITDA Margin 7.1%



Asset Turnover 1.00







Fiscal Year Ended

Ashok Leyland LtdPrice/Volume

Valuation Analysis

444'725.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

.', E

1', E

3', E

5', E

-,', E

-.', E

-1', E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


HINDUJA AUTOMOTIVE L n/a Co File 1'027'237'424 38.61 - 30.06.2013 Holding Company




Baytree Investments n/a Co File 46'350'000 1.74 - 30.06.2013 Unclassified








VAN ECK ASSOCIATES C n/a ULT-AGG 5'950'899 0.22 - 27.09.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'512'557 0.21 - 30.08.2013 Investment Advisor


DAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 3'892'199 0.15 3'892'199 17.12.2012 Investment Advisor

MARSHALL & ISLEY TRU Multiple Portfolios MF-AGG 2'820'690 0.11 - 30.06.2013 Investment Advisor


WELLS FARGO & COMPAN n/a ULT-AGG 2'180'389 0.08 120 31.07.2013 Investment Advisor

MIZUHO FINANCIAL GRO n/a ULT-AGG 1'547'100 0.06 - 15.04.2013 Bank


Goldman Sachs SANDEEP PANDYA Sell/Neutral 1 M 11 12 month 30.09.2013


Nomura KAPIL SINGH neutral 3 M 16 Not Provided 27.09.2013

Kotak Securities HITESH GOEL reduce 2 D 15 Not Provided 26.09.2013

LKP Shares and Securities Ltd ASHWIN PATIL sell 1 U 11 12 month 25.09.2013

Barclays SAHIL KEDIA equalweight 3 M 15 Not Provided 21.09.2013

Sunidhi Consultancy Services ABHISHEK GAOSHINDE sell 1 M 12 12 month 18.09.2013

Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 17 12 month 13.09.2013

Edelweiss Capital AASHIESH AGARWAAL hold 3 D 13 12 month 12.09.2013


Anand Rathi Securities Pvt. Ltd. ROHAN KORDE sell 1 M 12 Not Provided 03.09.2013

HDFC Securities SORABH TALWAR neutral 3 M 18 12 month 03.09.2013

Angel Broking Limited YARESH KOTHARI buy 5 M 18 Not Provided 03.09.2013

Antique Stock Broking Limited ASHISH NIGAM hold 3 M 19 Not Provided 03.09.2013

IIFL JOSEPH GEORGE reduce 2 M 18 12 month 03.09.2013

India Nivesh Ltd ABHISHEK JAIN neutral 3 M #N/A N/A Not Provided 02.09.2013

Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD hold 3 U 14 Not Provided 24.08.2013

ICICIdirect.com NISHANT VAAS hold 3 M 17 Not Provided 20.08.2013

Motilal Oswal Securities Ltd JINESH K GANDHI neutral 3 M 17 Not Provided 19.08.2013

Morgan Stanley BINAY SINGH Underwt/In-Line 1 D 11 12 month 07.08.2013

Brics Securities UMESH KARNE buy 5 M 20 Not Provided 06.08.2013

IDBI Capital Market Services Ltd BHAUMIK BHATIA reduce 2 M 18 Not Provided 31.07.2013

Standard Chartered AMIT KASAT in-line 3 M 16 12 month 18.07.2013

Deutsche Bank B SRINIVAS RAO sell 1 D 11 12 month 18.07.2013


JPMorgan ADITYA MAKHARIA underweight 1 M 16 6 month 18.07.2013

Daiwa Securities Co. Ltd. NAVIN MATTA hold 3 M 18 Not Provided 18.07.2013


Karvy Stock Broking Ltd MITUL SHAH hold 3 M 21 Not Provided 18.07.2013


Credit Suisse JATIN CHAWLA neutral 3 M 17 Not Provided 17.07.2013

CIMB PRAMOD AMTHE underperform 1 M 15 12 month 17.07.2013

Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA reduce 2 M 15 12 month 17.07.2013

JM Financial Institutional Securities P AMBRISH MISHRA hold 3 M 18 12 month 17.07.2013

ICICI Securities SANKET MAHESHWARI sell 1 D 15 12 month 17.07.2013

IDFC Securities Ltd PRAMOD KUMAR outperform 5 M 23 12 month 17.07.2013

Emkay Share & Stock Brokers KAUSHAL MAROO hold 3 M 17 Not Provided 17.07.2013


Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 21 12 month 17.07.2013

Dolat Capital Market Ltd. RAHUL JAIN buy 5 M 20 Not Provided 16.07.2013

Right Horizons Financial Services TUSHAR PENDHARKAR sell 1 M 13 Not Provided 15.07.2013


Phillip Securities DEEPAK JAIN buy 5 M 30 Not Provided 03.06.2013

Holdings By:

Ashok Leyland Ltd ee


01.10.2013

Housing Development & Infrastructure Limited is real estate development

company. The Company's services include residential, commercial, and retail

real estate development.


LTM as of: 06/yy

52-Week High (16.01.2013) 123.95

52-Week Low (06.08.2013) 26.10

Daily Volume

36.75





15'398.40 1 Yr Total Return -63.38%







HDIL IB EQUITY YTD Change - Average Volume 30 Day 2'048'923

HDIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 2'790'043


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

17'284.4 15'021.2 18'467.1 20'090.6 10'252.4 16'865.8 9'533.8 18'465.3 22'200.4 4'673.0 4'673.0

3.61x 8.93x 6.19x 3.71x 5.60x 9.19x 13.60x 2.93x 2.34x - -

13'105.9 12'047.8 15'460.3 15'100.9 4'112.1 12'266.8 8'659.1 8'598.3 10'538.4 - -

4.76x 11.14x 7.39x 4.93x 13.96x 0.00x 0.00x 6.21x 5.06x - -

7'812.5 5'678.6 8'217.6 8'098.1 733.2 7'252.4 (158.0) 5'004.2 6'005.8 - -

2.89x 16.51x 8.44x 4.42x 26.40x 5.02x 0.00x 3.13x 2.59x - -











EBITDA Margin 40.1%



Asset Turnover 0.06







Fiscal Year Ended

Housing Development & Infrastructure LtdPrice/Volume

Valuation Analysis

491'321.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.,

1,

3,

5,

-,,

-.,

-1,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E

2', E

-,', E

-2', E

.,', E

.2', E

0,', E

02', E

1,', E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

,',,

2',,

-,',,

-2',,

.,',,

.2',,

0,',,

02',,

1,',,

12',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


WADHAWAN RAKESH KUMA n/a Co File 76'047'661 18.15 - 30.06.2013 n/a

ORBIS SICAV ASIA EX n/a Co File 32'990'632 7.87 - 30.06.2013 n/a


INTERACTIVE MULTIMED n/a Co File 15'390'385 3.67 - 30.06.2013 Other

DHEERAJ CONSULTANCY n/a Co File 13'885'714 3.31 - 30.06.2013 Other

DINSHAW TRAPINEX BUI n/a Co File 13'885'714 3.31 - 30.06.2013 Corporation

CREDIT SUISSE/SINGAP n/a EXCH 11'194'245 2.67 - 24.01.2013 Bank

PRIVILEGE DISTILLERI n/a Co File 10'185'171 2.43 - 30.06.2013 Other



WADHAWAN MALTI RAKES n/a Co File 8'100'000 1.93 - 30.06.2013 n/a

SINGH WARYAM n/a Co File 7'997'400 1.91 - 30.06.2013 n/a

EDUCATIONAL & SCIEN n/a Co File 7'868'571 1.88 - 30.06.2013 Other

ORBIS GLOBAL EQUITY n/a Co File 5'709'943 1.36 - 30.06.2013 n/a

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'350'000 1.28 - 30.08.2013 Investment Advisor

GRANTHAM MAYO VAN OT n/a Co File 4'262'025 1.02 - 30.06.2013 Investment Advisor

WADHAWAN SARANG n/a Co File 4'159'115 0.99 - 30.06.2013 n/a

VAN ECK ASSOCIATES C n/a ULT-AGG 2'264'777 0.54 - 27.09.2013 Investment Advisor


DAIWA ASSET MANAGEME Multiple Portfolios MF-AGG 1'700'000 0.41 147'000 17.12.2012 Investment Advisor


JPMorgan SAURABH S KUMAR underweight 1 M 37 6 month 25.09.2013

Macquarie ABHISHEK BHANDARI outperform 5 M 43 12 month 23.09.2013

Kotak Securities SAMAR SARDA not rated #N/A N/A M #N/A N/A Not Provided 16.09.2013

Goldman Sachs PUNEET JAIN neutral/attractive 3 M 44 12 month 11.09.2013

Batlivala & Karani Securities PREM KHURANA underperform 1 M 41 Not Provided 06.09.2013

Kantilal Chhaganlal Sec. Pvt. Ltd AMIT HARICHAND ANWANI Under Review #N/A N/A M #N/A N/A Not Provided 28.08.2013


Motilal Oswal Securities Ltd SANDIPAN PAL Under Review #N/A N/A M #N/A N/A Not Provided 19.08.2013

Prabhudas Lilladher Pvt Ltd KEJAL MEHTA reduce 2 M 31 12 month 16.08.2013



Maybank Kim Eng ANUBHAV GUPTA Under Review #N/A N/A M #N/A N/A Not Provided 25.01.2013

Nirmal Bang Institutional Equities PARAM DESAI suspended coverage #N/A N/A M #N/A N/A Not Provided 25.01.2013

ICICI Securities SHALEEN SILORI reduce 2 D 101 12 month 09.11.2012

IFCI Financial Services RAJEEV DESAI buy 5 M 102 12 month 06.11.2012


IDFC Securities Ltd NITIN AGARWAL underperform 1 D #N/A N/A Not Provided 16.08.2012


Holdings By:

Housing Development & Infrastructure Ltd ee


01.10.2013

Suzlon Energy Ltd. designs, manufactures, operates, and maintains wind

generating equipment. The Company constructs large wind parks.


LTM as of: 06/yy

52-Week High (06.02.2013) 26.90

52-Week Low (28.08.2013) 5.72

Daily Volume

6.53





14'118.76 1 Yr Total Return -63.62%







SUEL IB EQUITY YTD Change - Average Volume 30 Day 1'610'849

SUEL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'539'388


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

260'817.0 206'196.6 178'791.3 210'823.7 187'431.4 215'030.9 178'478.7 237'936.0 254'136.3 - -

0.81x 1.04x 0.99x 0.75x 0.84x 1.57x 1.73x 0.58x 0.47x - -

33'284.1 11'658.8 10'122.5 18'998.4 (9'520.4) 10'810.9 (13'719.9) 8'494.3 19'431.3 - -

6.35x 18.32x 17.46x 8.38x - 0.00x 0.00x 17.34x 7.58x - -

2'364.8 (9'825.6) (13'239.7) (4'785.8) (47'239.6) (13'876.7) (49'338.9) (11'521.7) (3'775.3) - -

26.83x - - - - 0.00x 0.00x - - - -

EBITDA -9'520.40 Long-Term Rating Date -

EBIT -16'925.10 Long-Term Rating -

Operating Margin -9.03% Long-Term Outlook -




Return on Capital - EBITDA/Interest Exp. -0.62


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -15.96

EBITDA Margin -5.1%

EBIT Margin -9.0% Total Debt/Equity 1684.0%


Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Suzlon Energy LtdPrice/Volume

Valuation Analysis

366'111.00


,

2

-,

-2

.,

.2

0,

l&-. k&-. a&-. f&-0 c&-0 j&-0 P&-0 j&-0 f&-0 f&-0 P&-0 n&-0 l&-0', E.,', E1,', E3,', E5,', E-,,', E-.,', E-1,', E-3,', E-5,', E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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0,',,

1,',,

2,',,

3,',,

,1',1'.,-, ,1'-,'.,-, ,1',1'.,-- ,1'-,'.,-- ,1',1'.,-. ,1'-,'.,-. ,1',1'.,-0



01.10.2013


SANMAN HOLDINGS PVT n/a EXCH 172'748'588 7.99 - 07.09.2011 Other

TANTI HOLDINGS LTD n/a Co File 154'626'093 7.15 - 30.06.2013 Investment Advisor

INDUSTRIAL DEV BANK n/a Co File 120'903'018 5.59 - 30.06.2013 Government

TANTI TULSI R n/a Co File 107'135'000 4.96 - 30.06.2013 n/a

TANTI GIRISH R n/a Co File 100'019'000 4.63 - 30.06.2013 n/a


TANTI SANGITA V n/a Co File 70'182'000 3.25 - 30.06.2013 n/a

TANTI LINA J n/a Co File 70'182'000 3.25 - 30.06.2013 n/a

TANTI GITA T n/a Co File 64'512'000 2.98 - 30.06.2013 n/a

TANTI PRANAV T n/a Co File 59'067'000 2.73 - 30.06.2013 n/a

STATE BANK OF INDIA n/a Co File 44'035'104 2.04 - 30.06.2013 Government


TANTI BRIJ J n/a Co File 37'117'000 1.72 - 30.06.2013 n/a

SAMANVAYA HOLDING PV n/a Co File 33'001'495 1.53 - 30.06.2013 Other

TANTI VINOD R n/a Co File 30'267'000 1.4 - 30.06.2013 n/a



TANTI JITENDRA R n/a Co File 25'123'000 1.16 - 30.06.2013 n/a

CITICORP INTERNATION n/a Co File 25'000'000 1.16 - 30.06.2013 Other

PUNJAB NATIONAL BANK n/a Co File 24'200'437 1.12 - 30.06.2013 Government


Batlivala & Karani Securities BHALCHANDRA SHINDE underperform 1 M 5 Not Provided 05.08.2013

HSBC CHARANJIT SINGH neutral 3 U 10 Not Provided 11.07.2013


JPMorgan SUMIT KISHORE restricted #N/A N/A M #N/A N/A Not Provided 20.03.2013


KR Choksey Shares & Sec Pvt Ltd ANKUSH MAHAJAN reduce 2 U 22 Not Provided 18.02.2013

Ambit Capital Pvt Ltd BHARGAV BUDDHADEV suspended coverage #N/A N/A M #N/A N/A Not Provided 11.10.2012

IIFL HARSHAWARDHAN S DOLE reduce 2 M 18 12 month 11.10.2012

Keynote Capitals Ltd TEAM COVERAGE buy 5 M 32 Not Provided 08.10.2012

Holdings By:

Suzlon Energy Ltd ee


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