DOMESTIC:

BSNL approaches Telecom Department for 700 MHz spectrum GMR arm inks pact with Goa to develop, operate Mopa

airport Adani commissions 100 MW solar plant in Punjab Ford to invest USD195mn in new technology center in India L&T signs technical licence agreement with Chiyoda

Corporation Apollo tyres mulls new manufacturing plant in India SAIL, Posco ink MoU for technical cooperation Share buyback proposal boosts Navneet Education Engineers India gains on bonus issue plan Hindalco said to consider USD500mn share sale Future Group signs pact to acquire Heritage Foods biz Australia approves Adani coal mine project

ECONOMY:

FDI in India rises 30% to USD21.6bn in April-Sept PM declares Rs500, 1000 notes to be invalid World Bank advises India to cut subsidies, import tariffs Trump pledges to be President for all Americans I-T Dept to keep record of deposits over Rs2 lakh India to take up IT sector issues with new US govt

INDUSTRY:

Hotel Industry warns tourism will suffer at 18% GST Solar tariffs about to touch record low Sales of passenger vehicles grow by 4.48% Impact of Trump victory on IT, pharma sectors Indian pharma majors to launch generic of USD4bn

antidepressant

TM

Price Performance (%)

Company 1M 3M 12M

Supreme Petrochem Ltd -12.1% 13.6% 85.9% Indian Hume Pipe Co. Ltd 7.6% 43.1% 91.9% Shanthi Gears Ltd -11.9% -6.0% 7.0% Hind Rectifiers Ltd 5.0% 14.6% 18.9% KCP Limited -4.5% 8.6% 7.3% Navneet Education Ltd 3.8% 6.3% 14.8% Harita Seating System Ltd 26.27% 28.2% 53.6% Camlin Fine Sciences 6.0% 23.9% 2.5% GEE Limited 1.8% 2.0% 10.3% Hester Biosciences Ltd 4.4% -0.6% 34.7% West Coast Paper Mills Ltd 7.9% 51.0% 94.7% Rallis India Ltd -0.5% -10.5% -13.1% The Hitech Gears Ltd -14.6% -0.9% 13.3% Bharat Bijlee Ltd -3.0% 6.0% 39.9% Castrol India Ltd -10.0% 3.5% -5.5% Engineers India Ltd 5.8% 23.2% 40.8% TNPL -6.0% 22.3% 50.8% Triveni Turbines Ltd 3.4% 4.2% 14.3% Rajoo Engineers Ltd 5.1% 4.2% 7.2% Siemens Ltd -7.8% -14.2% -9.5% Hikal Ltd 8.2% 24.1% 82.9% TRIL 2.8% 17.6% 88.4% KEC International Ltd 12.0% 2.1% 0.9% Aksh Optifibre Ltd 15.1% 67.9% 44.3% GMM Pfaudler Ltd 23.3% 35.9% -1.2% Alicon Castalloy Ltd 22.2% 49.5% 33.9% Omkar Speciality Chemicals Ltd -4.6% -16.5% -26.3% Premier Explosives Ltd 3.8% 0.1% 8.8%

One Year Sensex Performance

Coverage Universe Valuations

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

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

Supreme Petrochem Ltd 77 202 275 35.9 19.5 27.3 18.5 0.5 0.5 13.2 9.2 BUY Indian Hume Pipe Co. Ltd 341 739 1000 35.3 17.9 34.2 24.0 16.4 14.2 15.1 11.9 BUY Shanthi Gears Ltd 107 112 150 33.9 9.2 80.6 63.4 4.9 5.0 33.3 29.8 BUY Hind Rectifiers Ltd 69 94 110 17.0 1.4 78.2 17.8 1.4 1.1 27.9 11.8 BUY KCP Limited 71 98 150 52.7 12.7 31.9 22.7 2.3 2.0 13.3 11.2 BUY Navneet Education Ltd 96 104 130 25.1 24.7 16.6 14.5 2.4 2.2 9.9 8.8 BUY Harita Seating System Ltd 266 672 900 33.9 5.2 53.2 39.0 1.8 1.7 33.0 25.7 BUY Camlin Fine Sciences 111 105 140 33.3 10.1 12.9 9.9 1.8 1.5 9.6 7.8 BUY GEE Limited 33 40 70 75.0 0.9 17.3 12.5 0.7 0.6 6.7 5.9 BUY Hester Biosciences Ltd 565 757 875 15.6 6.4 46.5 38.2 6.5 5.1 22.7 18.3 BUY West Coast Paper Mills Ltd 67 133 180 34.9 8.8 25.2 6.9 0.8 0.7 5.3 4.3 BUY Rallis India Ltd 181 197 260 31.9 38.3 25.1 19.7 2.3 2.0 14.1 11.6 BUY The Hitech Gears Ltd 298 310 450 45.2 5.8 21.7 16.6 1.2 1.0 9.2 7.7 BUY Bharat Bijlee Ltd 787 820 1500 82.9 4.6 81.9 37.9 0.8 0.7 28.0 24.0 BUY Castrol India Ltd 447 420 650 54.9 209.0 31.7 29.6 5.3 5.1 20.3 18.9 BUY Engineers India Ltd 211 268 325 21.1 90.4 25.6 24.5 3.6 4.4 23.8 29.3 BUY Tamil Nadu Newsprint & Papers Ltd 224 356 450 26.4 24.7 11.4 9.8 1.8 1.7 7.3 6.2 BUY Triveni Turbines Ltd 92 127 175 38.3 41.8 41.0 34.4 0.6 0.5 2.7 2.3 BUY Rajoo Engineers Ltd 15 19 24 29.0 1.1 14.6 10.5 0.9 0.7 7.7 5.8 BUY Siemens Ltd 1128 1128 1500 33.0 401.5 42.9 36.9 3.3 3.0 24.9 21.2 BUY Hikal Ltd 143 222 250 12.4 18.3 52.2 36.9 2.7 2.5 13.2 11.6 BUY Transformers and Rectifiers (India) Ltd 300 342 450 31.8 4.5 -15.5 25.3 9.7 7.0 430.6 77.5 BUY KEC International Ltd 140 140 200 42.9 36.0 17.7 12.3 0.7 0.6 8.5 6.8 BUY Aksh Optifibre Ltd 15 25 24 -4.4 4.1 12.2 7.4 0.8 0.8 5.0 3.6 BUY GMM Pfaudler Ltd 332 505 700 38.6 7.4 40.1 38.7 3.0 2.7 21.1 19.6 BUY Alicon Castalloy Ltd 288 441 600 36.1 5.4 24.3 19.2 0.9 0.9 9.0 8.0 BUY Omkar Speciality Chemicals Ltd BUY 162 149 240 61.3 3.1 10.0 6.4 1.1 0.9 5.0 4.2

Premier Explosives Ltd BUY 350 348 450 29.5 3.1 54.2 30.2 1.7 1.5 18.4 14.9

15000

20000

25000

30000

35000

40000

The week that went by: The Indian stock market snapped a five-day losing streak amid a rebound in Asian equities and the FBI cleared presidential candidate Hillary Clinton of potential criminal charges in its private email server probe. The pessimism and fear caused by the rhetoric & predictions of the results had left an extremely sour taste in the face of most investors with November losses wiping out entire 4 months of profits on equities. However, with most negatives being priced in one expected the Christmas rally on Wall Street to get preponed as chances of a Clinton win return after the FBI report on mails soothed nerves. The domestic market extended their gains for a second straight session as the last of the opinion polls showed Hillary Clinton ahead of Donald Trump. But with the shocking opposite results, the markets crashed a strong 1600 points on the Sensex with Donald Trump to be elected as the US president. Furthermore, on the Indian economy front, panic was created with the Prime Minister Narendra Modi abolishing Rs500 and Rs1,000 notes with immediate effect from the system. Following the rebound in the Asian markets, the Indian bourses also followed the slide on the economic event day witnessed. The week ended through the volatility in the negative zone.

COVERAGE NEWS:

Share buyback proposal boosts Navneet Education The Board of Directors of the Company at its meeting held on Nov 11, 2016, has approved the buyback up to 46,57,000 fully paid-up equity shares of face value of Rs2 representing up to 1.95% of the total Fully Paid-up Equity Share Capital at a price of Rs125/- per Equity Share (including premium of Rs123/- per Equity Share) payable in cash for an aggregate amount of up to Rs58,21,25,000(Rupees Fifty-Eight Crores Twenty-One Lacs Twenty-Five Thousand Only). The record date has been fixed at 25th November 2016.

Engineers India gains on bonus issue plan As indicated in the public release, a meeting of the board of directors will be held on Nov 16, 2016, to consider and approve un-audited financial results of the company for Sept 30, 2016 (Q2) along with which the board of directors may consider the issue of bonus shares.

Our comments: The corporate development needs to be seen how rewarding would it be for the investor fraternity.

TM

Coverage Performance Sheet

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

Target 1 Target 2 Target 3 Target 4

Supreme Petrochem Ltd 202 120 200 275 163% - 77 Indian Hume Pipe Co. Ltd 739 475 650 800 117% 1000 341 Shanthi Gears Ltd 112 150 - - 5% - 107 Hind Rectifiers Ltd 94 110 - - 36% - 69 KCP Limited 98 105 150 - 38% - 71 Navneet Education Ltd 104 130 - - 8% - 96 Harita Seating System Ltd 672 400 600 750 153% 900 266 Camlin Fine Sciences 105 140 - - -5% - 111 GEE Limited 40 50 70 - 21% - 33 Hester Biosciences Ltd 757 750 875 - 34% - 565 West Coast Paper Mills Ltd 133 110 150 180 99% - 67 Rallis India Ltd 197 260 - - 9% - 181 The Hitech Gears Ltd 310 450 - - 4% - 298 Bharat Bijlee Ltd 820 1100 1500 - 4% - 787 Castrol India Ltd 420 650 - - -6% - 447 Engineers India Ltd 268 325 - - 27% - 211 Tamil Nadu Newsprint & Papers Ltd 356 350 450 - 59% - 224 Triveni Turbines Ltd 127 135 175 - 38% - 92 Rajoo Engineers Ltd 19 24 - - 24% - 15 Siemens Ltd 1128 1500 - - 0% - 1128 Hikal Ltd 222 200 250 - 55% - 143 Transformers and Rectifiers (India) Ltd 342 450 - - 14% - 300 KEC International Ltd 140 200 - - 0% - 140 Aksh Optifibre Ltd 25 24 - - 67% - 15 GMM Pfaudler Ltd 505 500 700 - 52% - 332 Alicon Castalloy Ltd 441 450 600 - 53% - 288 Omkar Speciality Chemicals Ltd 149 240 - - -8% - 162

Premier Explosives Ltd 350 348 450 - - - -1%

Buyback for Navneet

Bonus on cards for EIL

RESULT UPDATE: KEC International Limited: The net sales came in at Rs21,214mn as against Rs20,656mn in the same quarter last year, indicating a growth of 2.7%. The Ebidta margins stood at 8.7% for the quarter under review. The net profit grew by 130.5% at Rs650mn as against Rs282mn in the comparative quarter. The company has secure new order of Rs6,860mn in T&D, Railways, Solar and Cable business. The T&D business has secured orders worth Rs3,810mn, Railway business worth Rs2,360mn and Cable business bagged orders worth 690mn.

Outlook and Recommendations: The company continues with its efforts in the T&D business, by scaling up their business for the domestic as well as international front. The company is confident of achieving its targets backed by the strong order book. We had recommended a BUY on the stock with a target price of Rs200 and maintain the same.

Alicon Castalloy Limited: The company reported net sales of Rs2,074mn as compared to Rs1,910mn in the same quarter last year, growth of 8.6%. The Ebidta margins came in at 11% for the quarter. The net profit stood at Rs70mn as compared to Rs45mn in the same quarter last year, strong growth of 55.4%.

Outlook and Recommendations: The company reported good set of numbers for the quarter. We maintain our stance on the company and continue to recommend a BUY on the stock with a revised target price of Rs600 with a 12 months’ perspective.

Hikal Limited: The net sales came in at Rs2,323mn as against Rs2,040mn in the same quarter last year, growth of 13.9%. The Ebidta margins came in at 20% for the quarter under reference. The net profit came in at Rs152mn as against Rs48mn, growth of 216.8%. On the segmental front, the pharmaceuticals segment grew by 8% while the crop protection grew by 26% during the quarter.

Outlook and Recommendations: The company reported yet another good quarter for the current financial year. The optimism with regards to good monsoons and demand for agrochemical products is status quo. We had initiated BUY on the stock with the target price of Rs200 and maintain the revised target of Rs250 over a 12 months’ horizon.

West Coast Paper Mills Limited: The company has higher sales volumes for the quarter under review. Total income came in at Rs4,459mn for the quarter ending September 2016 as against Rs4,115mn in the corresponding quarter last year, an increase of 8.3%. Better operational efficiencies have resulted in higher profits for the quarter ending September 2016. The company reported a Net Profit of Rs54mn as compared to Rs29mn in the corresponding quarter last year. Net Profit post other comprehensive income came in at Rs243mn as compared to Rs34mn in the corresponding quarter last year. Ebitda margins for the quarter ending September 2016 came in at 17.89%. EPS for the quarter under review came in at Rs3.85.

Outlook and Recommendations: We had recommended a BUY on the stock with a revised target price of Rs180 with a 12 months’ perspective and we maintain the same.

TM

On the growth path

Good set of numbers

Growth with demand

Better operational efficiency reported

Transformers and Rectifiers (India) Limited: Total income for the quarter ending Sept 2016, is the highest turnover during second quarter of any year. Revenues came in at Rs2,632mn for the quarter under reference as against Rs1,397mn in the same quarter last year, an increase of 88%. The company reported a net profit of Rs96mn as compared to loss of Rs24mn in the corresponding quarter last year. Ebitda margins for the quarter stood at 10.27%. EPS came in at Rs7.24. The company has received an order for 13 Nos 765kV class Reactors from PGCIL. Moreover, the company has received an order for 29 Nos of Power Transformers upto 220 kV class from one of the Utility and an order for 3 Nos 500 MVA 400kV class from one of the Utility. The company has an order book of 29622MVA which is valuing at Rs9,480mn as on 1st Nov 2016. The company has recently (in October 2016) entered into a JV agreement with Jiangsu Jingke Smart Electric Company Limited (Jingke), a company incorporated under laws of People’s Republic of China (PRC) for purpose of starting the business of manufacturing and marketing of GIS/HGIS/TGIS systems and products for 220kV and below and distribution products of 40.5kV and below in India. TRIL will be holding majority of 60% shares of joint venture and the balance will be held by Jingke. TRIL will be providing the infrastructure within the existing plant for manufacturing gas insulated substation, SF6, switchgear and hybrid switchgear gas-insulated substations with initially doing assembly and then gradually start manufacturing in India. As per the management the critical components required would come from China till its manufacturing starts in India. This will be an opportunity to tap the gas insulator substations market in India, which only a few companies in India currently manufacture. Management expects the business would bring in revenues of around Rs2,000mn in FY2018.

Outlook and Recommendations: We had recommended a BUY on the stock with a target price of Rs450 with a 12 months’ perspective and we maintain the same.

Camlin Fine Sciences Limited: The overseas subsidiaries of the company are helping to propel and augment the revenues consistently. This clearly indicates the working of the subsidiaries is very strong. Total income for the quarter ending September 2016 came in at Rs1,101mn as against Rs1,151mn in the corresponding quarter last year, a decline of nearly 4.3%. Ebitda margins for the quarter ending September 2016 came in at 16.23% as compared to 18.09% in the corresponding period last year. The company reported a net profit of Rs5.4mn as compared to Rs50.6mn in the corresponding quarter last year which is a decline of nearly 89%.

Outlook and Recommendations: The company is strongly focused and working on its vision to be the largest food antioxidant and ingredient manufacturer worldwide. We believe things could change for the better from second half of the current financial year. We had initiated a BUY on the stock with the target price of Rs140 over a 12 months’ horizon and we maintain the same.

GEE Limited: Total income came in at Rs476mn for the quarter ending September 2016 as against Rs467mn in the corresponding quarter last year, an increase of 1.9%. Ebitda margins for the quarter ending September 2016 came in at 7.41% as compared to 8.97% in the corresponding quarter last year. The company reported a Net Profit of Rs11mn as compared to Rs14mn in the corresponding quarter last year.

Outlook and Recommendations: The value of the company lies in monetization of the land bank they have in central suburban regions of Mumbai; once this is triggered, the true value of the company will surface. This is bound to test patience. We had initiated a BUY on the stock with a revised target price of Rs70 over a 12 months’ horizon and we maintain the same.

TM

Strong set of numbers

H2FY17 awaited

Land bank the key

ECONOMY:

FDI in India rises 30% to USD21.6bn in April-Sept Foreign direct investment (FDI) into the country grew by over 30% to USD21.62bn during the first half of 2016-17. During April-September of 2015-16, India received FDI worth USD16.63bn. Ease of doing business and relaxation in the FDI policy are helping attract more and more FDI. The recent easing in sectors such as civil aviation and construction will help in attracting more overseas funds. The sectors that receive maximum inflows include computer hardware and software, trading business, the automobile industry and chemicals. India receives maximum FDI from countries including Mauritius, Singapore, the Netherlands and Japan.

Our comments: Foreign investment is considered crucial for India, which needs around USD1trillion to overhaul its infrastructure such as ports, airports and highways to put growth on a higher trajectory.

INDUSTRY:

Solar tariffs about to touch record low Solar tariffs are set to reach a record low with the Solar Corporation of India (SECI)’s latest tender, which sets the reserve price at Rs4 per kwH. SECI has invited online bids for setting up 750 MW at the Bhadla Solar Park in Rajasthan’s Jodhpur district 500 MW in Bhadla Phase III and 250 MW in Bhadla Phase IV as part of the second phase (Batch IV) of the Jawaharlal Nehru National Solar Mission. State discoms have often shown reluctance in buying solar and other forms of renewable power, since power from conventional thermal sources is cheaper. But a rate of Rs4 per kwH competes very well with that of new coal.

Our comments: This is done with the intention that lower tariffs would develop the state interest in solar energy.

Sales of passenger vehicles grow by 4.48% Sales of passenger vehicles grow by 4.48% to 280677 units in October as per data released by SIAM. Sales of passenger vehicles stood at 268630 units in the corresponding period of the last fiscal. Sales of commercial vehicles too went up by a strong 11.90% to 65569 units during the period under review. While sales of medium and heavy commercial vehicles increased by 16.92% to 25934 units, those of light commercial vehicles grew by 8.84% to 39635 units. Sales of two-wheelers went up by 8.72% to 1800672. Improved sentiments in rural markets boosted motorcycle sales which rose by 7.37% to 1144516 units, those of scooters went up by 8.24% to 568410 units.

Our comments: The commercial vehicles sales is back on track for October month.

Impact of Trump victory on IT, pharma sectors With Donald Trump becoming the 45th President of the US, fears have now intensified for IT and pharma investors as to what course Trump may take as he enters White House. Considering the evolution of political alignment among US, Japan and India, we do not see the new leadership taking any aggressive stance against India's IT and Pharma exports.

Our comments: Pharma stocks are trading at a record 138% premium to the US generics peers in terms of forward P/E multiples. Valuations on most pharma counters is unjustified and demand a steep correction going ahead. The increased scrutiny and policy changes in terms of imports of generic drugs to US, may just be one such excuse. The IT sector has its own problems in terms of higher base of IT sector (over USD100bn annual exports) and slowdown in the economic growth of euro zone. Thus, both the sectors have their own set of issues to be re-solved and should not be impacted by Trump’s victory.

TM

Record low tariffs for Solar

Pick up in Auto numbers

Trump impact on Pharma and IT

FDI on the rise

COMPANY:

GMR arm inks pact with Goa to develop, operate Mopa airport GMR Airports Ltd, a subsidiary of GMR Infrastructure Ltd, has entered a concession agreement with the Goa government for the development and operation of north Goa’s greenfield international airport at Mopa. As per the concession agreement, GMR will design, build, finance and operate the international airport for 40 years with extension option for another 20 years. The construction period for the first phase of the project is three years from the date of financial closure and is expected to be operational till mid-2020. Bengaluru-based GMR Airports, a subsidiary of GMR Infrastructure, signed a concession agreement with Goa government to develop and operate greenfield airport project at Mopa in North Goa.

Our comments: GMR Group has already delivered landmark airport assets for the Country.

Adani commissions 100 MW solar plant in Punjab Adani Enterprises Ltd announced the commissioning of Punjab's largest solar power plant of 100 MW, at an investment of Rs640cr. The plant has been set up by its subsidiary Adani Green Energy Ltd. The company said it is using top notch technology to set up the entire 100 MW solar plant project, which has started commissioning almost six months ahead of schedule. This plant will be India's biggest HSAT plant at a single location. The plant spreads over approximately 641 acres of land with the evacuation of 132 kV Balluana Substation through Double circuit 132 KV transmission line. The annual energy yield is expected to be approximately 88,000Mwh/annum.

Our comments: This would be a positive for the company in terms of the order book enhancement and positioning in the market.

Apollo Tyres mulls new manufacturing plant in India Apollo Tyres is planning to set-up a new manufacturing facility in Andhra Pradesh to manufacture tyres for two-wheeler and pick-up vehicles. The company plans to invest around Rs500cr in the new facility. The company will manufacture tyres for two-wheelers and pick-up vehicles in new facility, which is currently being manufactured by some third-party on behalf of Apollo tyres. Currently, the company is selling around 2,00,000 two-wheeler tyres a month and by end of this year it will be increased to 2,50,000 tyres a day.

Our comments: As per the company, better improvement in mining, better infrastructure, disposable income, 7th pay commission will add to increase in demand in future. SAIL, Posco ink MoU for technical cooperation SAIL said it has signed a memorandum of understanding (MoU) with South Korean giant Posco for technical collaboration for operational improvements. A MoU was signed on November 7, 2016, between POSCO and SAIL on technical collaboration for operational improvements and Human Resource Development.

Our comments: The MOU signed is an important milestone in SAIL-POSCO’s long standing relationship and in future the companies would be collaborating in many more areas. It would be SAIL’s endeavour to work together with POSCO for the mutual benefit of both the companies.

TM

Adani commissions solar plant

Apollo tyres to set up plant

GMR in pact with Goa govt

SAIL enters technical MoU

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TM