Market Outlook

November 2, 2012

Dealers Diary
Indian markets are expected to open in the green following positive opening in the SGX Nifty and most of the Asian indices. Asian stocks rose, headed for a weekly gain, as better-than-expected U.S. employment and manufacturing data brightened the outlook for regional exports and spurred demand for riskier assets. With traders reacting positively to a slew of U.S. economic data, stocks in US saw significant strength during trading on Thursday. The rally seen over the course or trading day came on the heels of the release of a batch of largely upbeat economic data, including reports showing stronger than expected private sector job growth and a continued expansion in national manufacturing activity. Indian shares rose modestly on Thursday after the Purchasing Managers' Index from HSBC India signaled improvement in the health of India's manufacturing sector. The headline index, a measure of factory production, nudged up to 52.9 in October from 52.8 in the previous month.

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex Nifty MID CAP SMALL CAP BSE HC BSE PSU BANKEX AUTO METAL OIL & GAS BSE IT
Global Indices

0.3 0.4 0.9 0.8 0.9 0.3 0.4 2.2 0.8 (0.3) 0.2
Chg (%)

56.3 18,562 25.3 55.8 52.3 67.1 19.0 5,645 6,622 7,041 7,688 7,124

47.1 12,994 226.4 10,534 82.7 10,232 (23.8) 14.0

(Pts)

8,331 5,733
(Close)

Dow Jones NASDAQ FTSE Nikkei Hang Seng Straits Times Shanghai Com
Indian ADRs

1.0 1.4 1.4 0.2 0.8 (0.4) 1.7

Chg (%)

136.2 13,233 42.8 79.2 18.6 (11.8) 35.6

(Pts)

3,020 5,862 8,947 3,027 2,104

(Close)

Markets Today
The trend deciding level for the day is 18,532 / 5,632 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,619 18,676 / 5,663 5,680 levels. However, if NIFTY trades below 18,532 / 5,632 levels for the first half-an-hour of trade then it may correct up to 18,475 18,388 / 5,615 5,584 levels.
Indices SENSEX NIFTY S2 18,388 5,584 S1 18,475 5,615 PIVOT 18,532 5,632 R1 18,619 5,663 R2 18,676 5,680

180.1 21,822

INFY WIT IBN HDB

Advances / Declines

1.2 11.5 2.1 0.7

0.5 0.9 0.8 0.3

BSE

$43.9 $8.6 $40.1 $37.7

NSE

News Analysis
EGoM allows telecom companies to keep some 900Mhz frequencies Auto sales numbers October 2012 Wipros spins off non-IT business to focus on core business 2QFY2013 Result Review: GSK cons, Hexaware, Jyothi, BGR, Hitachi 2QFY2013 Result Preview: Wipro, Marico, Crompton Greaves, Dishman, Indico Remedies
Refer detailed news analysis on the following page

Advances Declines Unchanged

Volumes (` cr)

1,673 1,162 125

948 540 87

Net Inflows (October 31, 2012)

` cr FII MFs Purch 2,193 303 Sales 1,923 464 Net 270 (161) MTD 2,240 (790) YTD 57,139 (10,894)

BSE NSE

1,987 9,575

FII Derivatives (November 01, 2012)

` cr Index Futures Stock Futures Purch 1,028 1,190 Sales 795 1,080 Net 233 110 Open Interest 9,120 28,369

Gainers / Losers
Gainers Company
Titan Inds Aurobindo Phar TATAGLOBAL Pantaloon Retl Union Bank

Losers Company
Coromandel Intl Hindustan Unilever Oberoi Realty Cummins India Max India

Price (`)
285 170 160 190 206

chg (%)
9.8 7.4 6.2 5.8 5.6

Price (`)
277 537 269 480 238

chg (%)
(2.2) (1.8) (1.7) (1.6) (1.6)

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Market Outlook
November 2, 2012

EGoM allows telecom companies to keep some 900Mhz frequencies

In a reprieve to incumbent telecom operators Bharti Airtel, Vodafone, Idea Cellular, RCom, BSNL and MTNL, the empowered group of ministers (EGoM) on telecom permitted them to retain up to 2.5Mhz of spectrum in the 900MHz band if the operators agree to pay the price discovered at the refarming auction for their retained airways at the time of the renewal of permits.. The rest would have to be refarmed to the 1,800MHz band. The telecom department (DoT) had earlier recommended that existing GSM operators give up all spectrum in the 900MHz band at the time of their licence renewal. This would have forced these companies to pay more than 1 lakh cr to buy back spectrum they hold in the 900MHz band, or spend ~50,000cr to migrate their customers on this band to the 1800MHz frequency. Incumbent telecom operators will be allowed to bid for a maximum of 2.5MHz in the 900MHz auctions that will be held next year, implying that their holdings in this band will be capped at 5MHz. This move provides some relief to the incumbent telecom players but other regulatory challenges such as one-time payout and upcoming 2G spectrum auction continue. Also, cabinets decision to keep spectrum usage charges unchanged at 3-8% against 1% recommended by TRAI and removal of roaming charges does not bode well with telecom companies which are facing financial turmoil. We maintain our Neutral view on the overall telecom sector.

Auto sales numbers October 2012 Tata Motors

Tata Motors (TTMT) reported subdued numbers for the month as total volumes registered a modest growth of 5.5% yoy to 71,771 units; however, it declined 5.3% mom despite the festival cheer. The weak performance for the month can be attributed to weakness in the passenger car segment which declined 21.5% yoy (4% mom) led by 38% yoy decline in Indica sales. As a result, passenger vehicle sales declined 15.9% yoy (2.5% mom) in October 2012. The commercial vehicle sales on the other hand, reported a strong 21.5% yoy growth driven by sustained momentum in the light commercial vehicle sales which registered an impressive growth of 59.5% yoy (4.5% mom). The medium and heavy commercial volumes witnessed a steep decline of 27.9% yoy (20.7% mom) primarily due to slowdown in industrial activity and lack of freight demand. Exports too posted a decline of 13.1% yoy (33.4% mom) during the month.

Mahindra and Mahindra

Mahindra and Mahindra (MM) continued its strong volume momentum in the automotive segment registering a 28.7% yoy (11% mom) growth to 53,438 units, which was slightly higher than our estimates. As a result, total volumes posted a strong growth of 13.2% yoy to 83,003 units. On a sequential basis, total volumes jumped by a robust 21.6% led by significant jump in tractor volumes which grew by 47.2% mom (down 7.1% yoy). The automotive segment continues to drive the overall volumes led by a robust growth of 43.6% (13.1% mom) and 26.4% (14.9% mom) yoy in the passenger vehicle and four-wheeler pick-up segment respectively.

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Market Outlook
November 2, 2012

The passenger vehicle segment benefitted from the incremental volumes of the recently launched Quanto.

Maruti Suzuki
Maruti Suzuki (MSIL) reported an in-line growth of 9.7% mom to 103,108 units driven by strong growth in the compact, super compact and export volumes. While Swift and Dzire contributed towards the strong performance of the compact and super compact segments respectively; growth in export volumes was led by resumption in production at the Manesar plant. The Manesar plant is currently operating at 1,600 cars/ day and is expected to reach its peak production levels of ~1,800 cars/ day by end of November. The vans segment continued its poor run and posted a decline of 30.3% mom. On a yoy basis, MSIL registered a growth of 85.5% largely due to low base of last year which was impacted by labor strike at Manesar plant.

Hero MotoCorp
Hero MotoCorp (HMCL) registered better-than-expected growth of 3.3% yoy to 529,215 units after the company had corrected its inventory position at the dealer end in the last two months. The volume performance was driven by strong growth during the festival period of Navaratri and Dussera which witnessed retail sales of 350,000 units in a span of 15 days. Further, volumes also benefited from the new launches, Maestro and Ignitor. The growth

TVS Motor
TVS Motor (TVSL) posted an in-line volume growth of 3.3% yoy (11.8% mom) to 190,088 units driven by a strong 22.5% yoy (13.9% mom) growth in moped sales. On a sequential basis, motorcycle and scooter volumes grew by 13.9% and 9.8% respectively, benefitting from the festival demand. Going ahead, motorcycle volumes are expected to benefit from the sales of the recently launched 125cc Phoenix. The company also intends to launch two new scooters in FY2014. The three-wheeler sales surprisingly posted a decline of 8.6% yoy (25.8% mom) during the month. Export volumes too plunged sharply, reporting a 16.1% yoy decline to 18,563 units.

Wipros spins off non-IT business to focus on core business

Wipro has announced the demerger of the Wipro Consumer Care and Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and medical diagnostic product and services business (through its strategic joint venture), into a separate company to be named Wipro Enterprises Limited. Wipro Limited will remain a publicly listed company that will focus exclusively on information technology while Wipro Enterprises Limited will be an unlisted company. Wipro has constituted a special committee of its board of directors to oversee the planning and execution of the demerger plan. The appointed date for the demerger is opening of business hours on April 1, 2012, and the demerger is expected to be completed by the next fiscal year. Proposed restructuring scheme According to the restructuring scheme as currently proposed, resident Indian shareholders of Wipro Ltd. on the record date can choose from multiple options as per their investment objectives

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Market Outlook
November 2, 2012

receive one equity share with face value of `10 in Wipro Enterprises Ltd. for every five equity shares with face value of `2 each in Wipro Ltd that they hold; or receive one 7% redeemable preference share in Wipro Enterprises Ltd., with face value of `50, for every five equity shares of Wipro Ltd. that they hold; or exchange the equity shares of Wipro Enterprises Ltd. and receive as consideration equity shares of Wipro Ltd. held by the promoter. The exchange ratio will be 1 equity share in Wipro Ltd. for every 1.65 equity shares in Wipro Enterprises Ltd. Each redeemable preference share shall have a maturity of 12 months and shall be redeemed at a value of `235.2.

The deal
Taking the above given three options into account, we believe that for every 100 shares of Wipro held, the existing shareholders will get ~12 shares of the Wipro Ltd. As per the CMP, the deal is valued at ~`10,000cr which is 3.2x sales. Also, the newly made entity of Wipro Enterprises Ltd. which will remain unlisted, has been given ~35-38x PE on a trailing basis (considering 33% tax rate with no interest) which is in favor of minority shareholders. After this deal, we expect the promoter share holding to come down to 75.7% from 78.3% earlier.

Change in estimates
The IT business (IT services and IT products) contributed 86% to the revenue and 94% to the operating profit (EBIT) of Wipro Limited in FY2012. Our expected revenue contribution from IT business for FY2013E and FY2014E stands at 88%. On the EBIT level, the non-IT business had EBIT margins of ~11-12% (lower than companys IT services business margin), which on the consolidated level led to margin of ~17%. After hiving off of non-IT business, we expect EBIT margin for FY2013 and FY2014 to be at 17.5% (17.0% earlier) and 17.4% (16.9% earlier), respectively. Assuming tax rate of 33% for the non-IT business, PAT contribution of non-IT business was 5% to the companys consolidated PAT. Assuming the aforesaid tax rate, PAT contribution from IT business stands at 94.6% in FY2013E and 93.8% in FY2014E. This implies after hiving off the non-IT business unit, the revised EPS estimates for FY2013 and FY2014 comes to `24.3 (`25.6 earlier, 5% down) and INR25.9 (v/s INR28.0 earlier, down 7%), respectively.

Outlook and valuation

We believe these steps taken by Wipro are positive for its shareholders. It will enable Wipro to have a greater focus on its IT business. The demerger would result in an increase in ROCE and ROE of the listed entity, as non-IT business had lower return ratios. We maintain our buy rating on the stock.

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Market Outlook
November 2, 2012

Result Review
GSK Consumer (CMP:`3,007/TP:/Upside:-) GSK Consumer (TGBL) posted a 14.9% yoy growth in its topline to `828cr which was slightly ahead of our estimates. We believe the topline growth is on account of both volume and value growth. OPM rose by 59bp yoy to 17%. Bottomline rose by 24.8% yoy to `129cr. We maintain a neutral view on the stock.
Y/E March CY2012E CY2013E Sales (` cr) 3,124 3,663 OPM (%) 17.1 17.6 PAT (` cr) EPS (`) ROE (%) 36.3 34.0 P/E (x) 27.0 22.8 P/BV (x) 8.8 6.9 EV/EBITDA (x) 21.5 17.5 EV/Sales (x) 3.7 3.1

469111.4 554131.7

Hexaware (CMP: `111 / TP: Under review)

For 2QCY2012, Hexaware reported slightly lower than expected set of results. The USD revenue came in at US$93mn, up 1.7% qoq. In INR terms, revenue came in at `507cr, up 1.5% qoq. The companys EBITDA and EBIT margin declined by 130bp and 151bp qoq to 21.6% and 19.9%, respectively, because of onsite wage hikes given during the quarter. PAT came in at `84cr, down 5.6% qoq. Hexaware underperformed this quarter after 5-6 quarter of outperformance because of slowdown in its top 2-5 clients where deal closure happened. Management indicated that the top clients if the company will soon come back to normal revenue trajectory. Management has given 2-4% qoq USD revenue growth for 4QCY2012 which indicated that the full year CY2012 growth would be in the range of 19-19.5% (slightly below the companys previous guidance of 20% yoy USD revenue growth). We expect the company to continue its revenue growth on the back of increasing traction for enterprise services. The stock is currently under review.
Y/E March FY2013E FY2014E Sales (` cr) 1,996 2,161 OPM (%) 22.5 21.4 PAT (` cr) 348 364 EPS (`) 11.6 12.2 ROE (%) 26.8 23.9 P/E (x) 9.6 9.1 P/BV (x) 2.5 2.1 EV/EBITDA (x) 6.1 5.5 EV/Sales (x) 1.4 1.2

Jyothy Laboratories (CMP: `182 / TP: / Upside :-)

For 2QFY2012, Jyothy Laboratories (JLL) standalone reported a healthy set of numbers. The company's top line (standalone) grew by 14.9% yoy to `178cr, slightly lower than our estimate of `186cr for the quarter. The volume sales was flat on yoy basis for all segments except for mosquito repellent segment (Maxo), which grew by 17.8% largely because of the 12% price hike taken in the quarter. The companys EBITDA margin expanded significantly by 761bp yoy to 12.6% for the quarter, mainly because of 705bp yoy decrease in raw material cost as a per cent of net sales. The company has reported 22.3% yoy in its profit, which came in at `15cr, higher than our estimate of `13cr. On the contrary, Jyothy Consumer Product (formerly known as Henkel India), which is an 83.7% subsidiary of JLL, reported poor set of numbers for 2QFY2013.

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Market Outlook
November 2, 2012

The topline declined by 26.4% on sequential basis. This was primarily because of rationalisation of Henkel distributors in the month of August and September which resulted in temporary loss in primary sales. Due to the contraction in topline, the company reported a negative operating margin and a total loss of `15cr for the quarter. As per the management, integration of JLL and Henkel distribution is underway and expected to be completed by December 2012 and sales expected to be normal for both the companies from coming quarters. At CMP of `182, the JLL (standalone) is trading a PE of 36.1x FY2014E earnings, hence, we recommend Neutral on the stock given its high valuation.
OP M (%)
9.0 10.9

Y/E March (consolidate d)

FY2013E FY2014E

Sales (` cr)
1,228 1,443

PAT (` cr)
63 103

EP S (`)
3.9 6.4

RoE (%)
10. 1 15. 6

P/E (x)
46. 8 28. 5

P/B V (x)
4.6 4.3

EV/EBITD A (x)
31.9 22.1

EV/sale s (x)
2.9 2.4

BGR (CMP: `266/TP: -/Upside: - %)

For 2QFY2013, BGR Energys (BGR) top-line declined by 19% yoy to `627cr on account of 39.8% yoy and 19.5% yoy decline in revenues from Capital goods segment and Construction & EPC contracts segment respectively. BGR has an order backlog of `13,979cr On the OPM front, the company reported margin expansion by 91bp yoy to 15.2%. However, 32.8% yoy increase in interest cost to `40cr (owing to elevated interest rate scenario and enhanced working capital requirements) dragged down net profit by 32.4% yoy to `35cr. We recommend Neutral on the stock.

Y/E March FY2013E FY2014E

Sales OPM (` cr) (%) 3,743 11.0 4,501 11.0

PAT (` cr) 201 243

EPS (`) 27.9 33.7

ROE (%) 34.0 31.0

P/E (x) 9.5 7.8

P/BV EV/EBITDA (x) 1.5 1.3 (x) 8.9 8.5

EV/Sales (x) 1.0 0.9

Hitachi Home (CMP `135, TP: `146, Upside: 8.5%)

For 2QFY2013, Hitachi Home (HHLS) reported a marginally better than expected top-line growth of 9.4% yoy to `140cr from `128cr in 2QFY2012. However, the company disappointed on the EBITDA margin front which came in at 0.5% in 2QFY2013, contraction of 106bp yoy from 1.6% in 2QFY2012 on account of higher net raw material cost arising from increase in purchase of finished goods. The net profit was in line with our estimate of `0.3cr for the quarter owing to exceptionally high other income of `4.3cr as compared to `0.1cr for 2QFY2012. HHLS also received `50cr from the insurance company as part of the claim receivable against the fire at Kadi plant in July 2012. We maintain an Accumulate view on the stock with a revised target price of `146, based on a target PE of 12x for FY2014E.

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Market Outlook
November 2, 2012

Y/E Mar FY2013E FY2014E

Sales (` cr) 873 989

OPM (%) 4.4 6.5

PAT (` cr) 15 28

EPS (`) 6.4 12.2

RoE (%) 8.3 14.4

P/E (x) 21.2 11.1

P/BV (x) 1.7 1.5

EV/EBITDA (x) 9.4 5.0

EV/sales (x) 0.4 0.3

Result Preview
Wipro (CMP: `361 / TP: `421 / Upside: 17%)
Wipro is slated to announce its 2QFY2013 results today. We expect the companys IT services segment to post revenues of US$1,542mn, up 1.8% qoq. Volume growth is expected to be ~2.0% qoq. At the consolidated level, we expect the company to record revenues of `10,990cr, up 3.2% qoq. At a consolidated level, Wipro is expected to record 170bp qoq decline in its EBIT margin to 18.4%, due to negative wage hike impact. PAT is expected to come in at `1,446cr. We maintain Buy rating on the stock with target price of `421.
Y/E March FY2013E FY2014E Sales (` cr) 43,800 48,332 OPM (%) 19.5 19.3 PAT (` cr) 6,265 6,872 EPS (`) 25.6 28.1 ROE (%) 18.9 17.9 P/E (x) 14.1 12.9 P/BV (x) 2.7 2.3 EV/EBITDA (x) 8.7 7.4 EV/Sales (x) 1.7 1.4

Marico (CMP:`214/TP:/Upside:-)
Marico is expected to post a 21.7% yoy growth in its top-line to `1,186cr. The OPM is expected to grow by 158bp yoy to 13.5%, aided largely by fall in copra prices. The bottom-line is expected to grow by 43.1% yoy to `112cr. We maintain a Neutral view on the stock.
Y/E March FY2013E FY2014E Sales (` cr) 4,840 5,643 OPM (%) 13.1 13.1 PAT (` cr) 417 520 EPS (`) 6.8 8.5 ROE (%) 31.4 29.7 P/E (x) 31.5 25.3 P/BV (x) 8.7 6.6 EV/EBITDA (x) 21.6 18.2 EV/Sales (x) 2.8 2.4

Crompton Greaves (CMP: `124/TP: 141/Upside: 13.7%)

For 2QFY2013, we project Crompton Greaves to report a modest top-line growth of 10% yoy to `2,976cr. A weak capex cycle along with strained consumer sentiments is likely to impact the companys growth. On the EBITDA front, the companys margin is expected at 7.0%. Though we expect a modest revenue growth, however due to stress on margins, we expect the companys PAT to fall by 5.9% yoy to `110cr. We recommend an Accumulate rating on the stock with a target price of `141.

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Market Outlook
November 2, 2012

Y/E March FY2013E FY2014E

Sales OPM (` cr) 12,691 14,126 (%) 7.4 8.9

PAT (` cr) 448 623

EPS (`) 7.0 9.7

ROE (%) 11.9 15.0

P/E (x) 17.8 12.8

P/BV EV/EBITDA (x) 2.0 1.8 (x) 8.7 6.5

EV/Sales (x) 0.6 0.6

Dishman (CMP: `99 / TP:- / Upside: -)

For the 2QFY2013, Dishman is expected to post top-line growth of 19.6% yoy to `322cr.The company is expected to post EBITDA of 20.5%, up 300bps yoy. On the net profit front, the company is expected to post net profit of `19.1cr V/s a loss of `6.3cr.We maintain our neutral stance on the stock.
Y/E March FY2013E FY2014E Sales (` cr) 1,280 1,536 OPM (%) 17.8 17.8 PAT (` cr) 74 91 EPS (`) 9.2 11.3 ROE (%) 7.7 8.5 P/E (x) 10.8 8.8 P/BV (x) 0.8 0.7 EV/EBITDA (x) 6.9 5.8 EV/Sales (x) 1.2 1.0

Indoco Remedies (CMP: `63 / TP: `92 / Upside: 46%)

Indoco Remedies is expected to report a top-line growth of 22.8% to `178cr.The OPM is expected to expand by 330bps yoy to 15.7%, driven by growth in domestic formulation sales. As a result, net profit is expected to increase by 9.3% yoy to `15.1cr on back of higher tax outgo. We maintain our buy with a target of `92.
Y/E March FY2013E FY2014E Sales (` cr) 685 837 OPM (%) 15.2 15.2 PAT (` cr) 68 82 EPS (`) 7.4 8.9 ROE (%) 16.4 17.0 P/E (x) 8.5 7.1 P/BV (x) 1.3 1.1 EV/EBITDA (x) 6.7 5.5 EV/Sales (x) 1.0 0.8

Quarterly Bloomberg Brokers Consensus Estimate

Crompton Greaves Consolidated (02/11/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 2QFY13E 3,039 206 6.8 108 2QFY12 2,706 226 8.3 117 (7) y-o-y (%) 12 (9) 1QFY13 2,811 167 5.9 86 26 q-o-q (%) 8 24

Rural Electrification (02/11/2012)

Particulars (` cr) Net profit 2QFY13E 861 2QFY12 623 y-o-y (%) 38 1QFY13 877 q-o-q (%) (2)

Union Bank of India (02/11/2012)

Particulars (` cr) Net profit 2QFY13E 543 2QFY12 353 y-o-y (%) 54 1QFY13 512 q-o-q (%) 6

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Market Outlook
November 2, 2012

Wipro Consolidated (02/11/2012)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 2QFY13E 10,681 1,956 18.3 1,521 2QFY12 9,007 1,652 18.3 1,300 17 y-o-y (%) 19 18 1QFY13 10,620 2,143 20.2 1,590 (4) q-o-q (%) 1 (9)

Divi's Laboratories (03/11/2012)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 2QFY13E 469 179 38.2 140 2QFY12 354 138 39.0 106 32 y-o-y (%) 32 30 1QFY13 468 191 40.8 167 (16) q-o-q (%) 0 (6)

Godrej Consumer Products Consolidated (03/11/2012)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 2QFY13E 1,554 267 17.2 177 2QFY12 1,186 215 18.1 131 35 y-o-y (%) 31 24 1QFY13 1,388 202 14.6 152 17 q-o-q (%) 12 32

Cipla (05/11/2012)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 2QFY13E 2,026 515 25.4 371 2QFY12 1,732 475 27.4 309 20 y-o-y (%) 17 8 1QFY13 1,917 540 28.2 401 (7) q-o-q (%) 6 (5)

Reliance Power Consolidated (05/11/2012)

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit 2QFY13E 979 344 35.1 211 2QFY12 488 122 24.9 237 (11) y-o-y (%) 101 183 1QFY13 1,137 365 32.1 240 (12) q-o-q (%) (14) (6)

Economic and Political News

Govt refutes charges over awarding KG-D6 block to RIL 410 million people to stay in cities by 2015: FICCI-E&Y report Cooking gas price hiked by Rs 26.50 to Rs 922 per cylinder

Corporate News
BMW launches two outlets in UP L&T bags new orders worth Rs 1,063 crore in Oct Oil India Ltd commences drilling operation in Gabon, Africa CESE may demerge spencer by next year
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

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