Opening Bell

February 8, 2019

Market Outlook Today’s Highlights

Indian markets are expected to open flat to negative tracking weak Results: BPCL, Balkrishna , Thermax, AIA, Sun
global cues. Going ahead, key monitorables include global news flows TV, TV Today, GSPL, Gujarat Gas, Wabag, JK
and the last leg of earnings. Lakshmi, SKF, Abbott, Shankara, Sonata, EIL

Index Movement (past month)

Markets Yesterday 12000 38000
 Domestic markets ended flattish, giving up gains despite the RBI 11500 35500
announcing a 25 bps cut in the repo rate to 6.25% 11000
33000
10500
 US markets ended lower on the back of concerns related to the US 10000 30500
China trade deal 9500 28000

1-Feb

5-Feb

7-Feb
14-Jan

16-Jan

18-Jan

22-Jan

24-Jan

28-Jan

30-Jan
BSE (RHS) NSE (LHS)
Key Developments
 RBI reduced its interest rate by 25 bps to 6.25% considering the Close Previous Chg (%) MTD(%) YTD(%) P/E (1yr fwd)
lower inflation projections. The MPC also decided to change the Sensex 36,971 36,975 0.0 2.0 2.5 18.9
stance of monetary policy from calibrated tightening to neutral Nifty 11,069 11,062 0.1 2.2 1.9 18.0

 For Q3FY19, Balkrishna Industries (BIL) is expected to report a Institutional Activity

robust performance amid healthy volume growth of ~6%, controlled CY17 CY18 YTD CY19 Yesterday Last 5 Days
raw material costs and a depreciated rupee. Net sales are expected FII (| cr) -40,663 -68,503 2,861 694 2,736
to increase 20.5% YoY to | 1,333 crore. Easing input cost pressures, DII (| cr) 91,032 107,388 3,090 525 943
higher operating leverage & better product mix are expected to help
World Indices – Monthly performance
expand its EBITDA margins by 180 bps YoY to 28%. Consequent
PAT is expected to increase 29.8% YoY to | 246 crore Dow Jones Kospi Nasdaq France Shanghai
25,170 2,173 7,288 4,986 2,618
8.4% 8.2% 6.8% 5.6% 5.0%
 Sun TV is expected to post ad revenue growth of 10% YoY (despite
U.K. Nikkei BSE NSE Germany
the high base of 21.6% YoY ad growth) on festivities related
7,094 20,773 36,971 11,069 11,022
tailwinds. Subscription revenues are expected to grow 22.5% YoY. 4.2% 3.7% 3.1% 2.8% 2.6%
We expect overall revenue growth of 27% YoY also aided by healthy
collections for its movie Sarkar during the quarter. EBITDA margins
are expected to improve 400 bps YoY

Nifty Heat Map

408.8 Sun 434.9 21,904.2 Bharti 305.9 Bajaj 2,853.6
Zee Ent. Eicher
5.3% Pharma 4.4% 3.8% Infratel 3.2% Auto 3.0%
752.8 Tata 182.9 Hero 2,939.1 224.2 3,570.6
Grasim Coal India Ultratech
2.6% Motors 2.4% Moto 2.0% 1.9% 1.7%
7,302.6 236.9 2,821.8 280.3 700.9
Maruti HPCL Dr Reddy ITC M&M
1.7% 1.3% 1.2% 0.9% 0.8%
147.9 489.1 Bharti 311.2 1,062.9 730.2 Markets Today
ONGC Tata Steel HCL Tech Axis Bank Close Previous Change (%) MTD(%) YTD(%)
0.8% 0.8% Airtel 0.8% 0.7% 0.6%
Commodities
Adani 332.4 Bajaj 6,239.0 1,839.1 809.0 Kotak 1,284.6 Gold (|/10 gm) 33,000 33,210 -0.6 -0.6 4.5
HUL UPL
Ports 0.6% Finserv 0.5% 0.5% 0.5% Bank 0.4% Silver (|/kg) 39,865 40,028 -0.4 -1.1 4.2
2,082.9 373.6 177.0 Asian 1,472.5 138.1 Crude ($/barrel) 61.3 61.6 -0.5 -0.9 14.0
TCS Wipro Yes Bank IOC
0.4% 0.4% 0.3% Paints 0.2% 0.1% Copper ($/tonne) 6228 6260.5 -0.5 1.2 4.7
Currency
764.0 340.0 339.4 ICICI 358.7 Vedanta 163.5
Infosys GAIL BPCL USD/INR 71.46 71.56 -0.2 -0.5 -2.4
0.1% 0.0% 0.0% Bank -0.2% Ltd -0.2% EUR/USD 1.13 1.13 0.0 -1.0 -1.1
1,056.8 IBULHSG 652.4 HDFC 2,117.3 532.9 Bajaj 2,696.6 USD/YEN 109.74 109.82 -0.1 -0.8 0.0
Titan Cipla
-0.2% FIN -0.2% Bank -0.3% -0.4% Finance -0.5% ADRs
HDFC Bank 100.6 100.3 0.3 2.1 -3.2
287.4 Indusind 1,515.0 805.0 136.0 1,969.7
SBI TECHM NTPC HDFC Ltd Tata Motors 11.4 12.6 -9.5 -3.7 3.4
-0.6% Bank -0.7% -0.8% -0.8% -0.9%
Infosys 10.9 10.9 -0.5 0.9 14.5
209.2 Power 184.6 1,296.1 1,290.4 822.8 Dr Reddys Labs 39.6 39.4 0.5 3.1 4.4
Hindalco L&T RIL Lupin
-1.0% Grid -1.2% -1.4% -1.5% -2.3%

ICICI Securities Ltd. | Retail Equity Research

Key Data Points Exchange Cash Turnover (| crore)
KEY ECONOMIC INDICATORS 50000

44,296

40,625

32,345

30,955
29,790

28,850
Key Economic Indicator Period Latest Prior Values 40000
RBI Cash Reserve Ratio N/A 4.00% 4.00% 30000
RBI Repo Rate N/A 6.50% 6.25% 20000

10,938

3,777

2,748

2,569

3,134

2,504
RBI Reverse Repo Rate N/A 6.25% 6.00% 10000
CPI YY December 2.19% 2.33% 0
Current Account Balance Q3 -19.1bln $ -15.8bln $ 31-Jan 1-Feb 4-Feb 5-Feb 6-Feb 7-Feb
Exports - USD December 27.93bln $ 26.5bln $
BSE Cash NSE Cash
FX Reserves, USD Final w/e 397.35bln $ 396.08bln $
GDP Quarterly yy Q2 7.10% 8.20%
GDP Annual 12M 6.60% 7.10% NSE Derivative Turnover (| crore)
Imports - USD December 41.01bln $ 43.17bln $ 1800000
Industrial Output yy November 0.50% 8.10%
Manufacturing Output November -0.40% 7.90% 1300000
Trade Deficit - RBI Q3 -50bln $ -45.7bln $

1,964,632

1,797,505
Trade Deficit Govt - USD December 13.08bln $ 16.67bln $ 800000

914,497

608,670

558,383

650,160
WPI Food yy December -0.70% -3.31%
300000
WPI Fuel yy December 8.38% 16.28%
WPI Inflation yy December 3.80% 4.64% -200000
WPI Manufacturing Inflation yy December 3.59% 4.21% 31-Jan 1-Feb 4-Feb 5-Feb 6-Feb 7-Feb
NSE Derivative

Sectoral Index Sectoral Performance – Monthly Returns (%)

Sector Close Previous Change % Change Volume
Auto 19603.69 19262.54 341.15 1.77 5801714000 IT 11.8
Consumer Durables 5.2
Banks 30718.18 30704.45 13.73 0.04 8838551000
Oil & Gas 2.6
BSE Small Cap 13778.76 13668.01 110.75 0.81 74788539000 Healthcare 2.2
Capital Goods 17180.45 17194.02 -13.57 (0.08) 7714367000 Banks 0.5
Consumer Durables 21863.07 21762.16 100.91 0.46 519474000 FMCG 0.2
FMCG 11758.11 11689.36 68.75 0.59 3979681000 Auto -1.4
Healthcare 14067.54 13863.09 204.45 1.47 5382946000 Mid Cap -4.1
PSU -5.0
IT 15710.64 15692.72 17.92 0.11 6122228000
Metals -5.3
Metals 10629.64 10633.06 -3.42 (0.03) 4478963000
Real Estate -5.6
Mid Cap 14531.99 14425.08 106.91 0.74 70290015000 BSE Small Cap -5.6
Oil & Gas 13887.7 13872.16 15.54 0.11 3082228000 Capital Goods -6.4
Power 1816.08 1824.56 -8.48 (0.46) 20335652000 Power -8.6
PSU 6820.37 6798.19 22.18 0.33 17207809000
-12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0
Real Estate 1749.88 1750.29 -0.41 (0.02) 1161121000 (%)

Key News for Today

Company/ News View Impact
Industry
Tata Motors Tata Motors-owned Jaguar Land Rover (JLR) JLR continues to grapple with adverse
reported a 10.9% YoY drop in January retail sales at demand conditions in China (~30% of JLR
43,733 units. Jaguar sales were down 9.0% YoY to volumes) due to macroeconomic factors
12,799 units while Land Rover sales were down and in the UK on the back of Brexit related
11.6% YoY to 30,934 units uncertainty. However, it is doing well in
the US geography. For Q3FY19, JLR
wholesale volumes were down 11.0% YoY

ICICI Securities Ltd. | Retail Equity Research

Auto sector According to Federation of Automotive Dealers Greater enquiry conversions on the PV
Associations (FADA) data, retail auto sales grew side were on account of continuing
8.5% MoM to 15.6 lakh units for January, with the inventory correction efforts by OEMs as
growth highest in the PV space (+33.97%), followed well as new launch enthusiasm. Modest
by 3-W (+11.86%) and 2-W (+4.25%) while the CV growth in 2-W segment was expected
space was flat. Dealer inventory remains abnormally owing to bloated inventory levels.
high at 50-60 days of sales for 2-W while it was more
Continuing higher inventory levels could
reasonable at 30-35 days of sales each for PV and impact February wholesale dispatches also
CV space on the 2-W side but farmer income
support and greater tax rebates for
individuals is a demand positive, going
forward
Indian beer As per media sources, Carlsberg India volumes and The brewer has about 18% market share in
market price mix grew 19% and 7%, respectively, for CY18 India backed by Carlsberg Elephant and
due to the strong growth of the Carlsberg brand and Tuborg in a market skewed towards strong
improved pricing beer segment that accounts for about 80%
of the market. In India, Tuborg accounts
for more than two-thirds of the company's
annual sales
Varun Varun Beverages plans to acquire Pepsico's After completion of this deal, Varun
Beverages franchisee rights in 13 districts of Karnataka, 14 Beverages will be a franchisee for PepsiCo
districts of Maharashtra and three districts of products across 22 states and two union
Madhya Pradesh from SMV group (which is territories and would contribute around
controlled by Varun Beverages owner Ravi Kant 70% of PepsiCo sales in India. Though we
Jaipuria's brother Surya Kant Jaipuria) do not have financial details of the deal
yet, it would increase the debt portion on
VBL's books

Roads sector The Uttar Pradesh government has earmarked | This development is positive for
3,194 crore for the construction of expressways and companies in our coverage like PNC
| 13,135 crore for laying of roads in the state in its infratech and NCC Ltd
2019-20 Budget. Out of the total provisioned
amount, | 1,194 crore is for Purvanchal Expressway
and |1,000 crore each for Bundelkhand Expressway
and Gorakhpur Link Expressway. There is also a
provision of | 2,100 crore for construction and
maintenance of bridges, | 850 crore to connect the
villages and settlements through concrete link roads
and | 1,174 crore for widening and strengthening of
important roads on the interstate and international
border

Mahindra Mahindra Lifespace Developers (MLDL) has
Lifespace executed an agreement to acquire approximately
Developers seven acres of land in Pune. The company plans to
develop a mid-segment residential project with
development potential of ~0.7 million square feet.
The project falls within the jurisdiction of Pimpri
Chinchwad Municipal Corporation
MLDL has, so far in this fiscal, tied up three
new projects with estimated development
potential of 2.1 million square feet across
Mumbai, Pune and Bangalore. It has a
robust pipeline of land deals under
negotiation. This new deal will further
augment the company's residential
portfolio

ICICI Securities Ltd. | Retail Equity Research

 Key developments (Continued…)
 RBI has announced that exposures of banks to NBFCs, excluding core investment companies (CICs), is to be assigned
risk-weights as per ratings provided by accredited rating agencies against the earlier practice of 100% risk weights. This
move will help well rated NBFCs to enjoy better credit flow from banks and lower their cost of funds
 BPCL's revenues are expected to decline 5.4% QoQ to | 78384 crore due to lower crude oil prices. Crude throughput is
expected to remain stable at 7.6 MMT, flattish QoQ. Marketing margins are expected to remain stable due to a sharp
decline in oil prices. GRMs are expected to decline QoQ to $2.3/bbl vs. $5.6/bbl in Q2FY19 mainly on account of weak
core GRMs as well as inventory losses. Subsequently, PAT is expected to decline 68.1% QoQ to | 388.9 crore
 For Q3FY19, we expect Tata Steel's domestic operations EBITDA/tonne to decline sequentially. We expect standalone
operations to report an EBITDA/tonne of | 16500/tonne (vs. | 18856/tonne in Q2FY19 and | 14025/tonne in Q3FY18). We
expect European operations to report EBITDA/tonne of US$40/tonne. On a consolidated basis, the topline is expected to
increase 24.8% YoY but decline 4.2% QoQ to | 41731.7 crore. EBITDA is expected to increase 27.3% YoY but decline
18.7% QoQ to | 7253.2 crore. Consolidated EBITDA margins are likely to come in at 17.4% (vs. 20.5% inQ2FY19 and
17.0% in Q3FY18)
 We expect Thermax' revenue to grow 18.6% to | 1162.9 crore owing to low base on a YoY basis. We expect EBITDA
margins to improve 9% on a YoY basis owing to a stable execution rate. PAT is expected to grow 20.8% to | 76.4 crore
with PAT margin of 6.6%. Thermax’ order inflow remained muted during the quarter
 TV Today is expected to report 15% YoY ad revenue growth for broadcasting on account of election related tailwinds.
Overall revenue growth is expected to be 16% YoY. We expect the company to report 240 bps YoY EBITDA margin
improvement
 We expect Cochin Shipyard to report revenue of | 671.5 crore, up 9.2% YoY on the back of continued execution of
orders like IAC (Phase II), passenger cum cargo vessels, technology demonstrator vessel, etc. We expect EBITDA
margins of 18.7% vs. 22.3% YoY on account of higher proportion of ship building revenues during the quarter (Q3FY18
witnessed higher contribution from the higher margin ship repair segment). Accordingly, EBITDA is likely to decline 8.5%
YoY to | 125.6 crore. Thus, PAT is also expected to decline 7.3% YoY to | 105.5 crore
 We expect Engineers India to report topline growth of 17.5% YoY to | 556.3 crore on the back of higher execution in the
turnkey segment. EBITDA margins are expected at 22.8% vs. 28.5% YoY. Q3FY18 witnessed strong EBITDA margins due
to higher proportion of consultancy revenues. Accordingly, we expect absolute EBITDA to decline 5.9% YoY to | 126.8
crore. Other income is likely to increase 22.1% YoY. Thus, PAT is expected to grow at 3.8% YoY to | 112.5 crore
 In Q3FY19E, we expect AIA Engineering to report volume growth of 25.4% to 64430 tonnes on a YoY basis, owing to the
expected ramp up in the mining segment. We expect realisation of | 114000 per tonne with YoY growth of 5.3% on
account of favourable exchange rate. As a result, revenues are expected to grow 32.4% to | 757.5 crore. The EBITDA
margin is expected to improve sequentially to 20.9%. Consequently, PAT is expected to at | 123.9 crore with a lower tax
rate in Q3FY18 resulting in 8.4% PAT growth on a YoY basis.
 We expect Gujarat Gas revenues to increase 38.9% YoY on account of higher realisations coupled with volume growth of
14.4% YoY at 6.9 mmscmd. We expect gross margins to increase by | 0.9/scm YoY at | 6.9/scm. On a QoQ basis, due to
price hikes and rupee appreciation, gross margins are expected to increase by | 1.6/scm. Subsequently, we expect
profitability at | 108.7 crore, up 81.2% YoY and 164.7% QoQ
 Wabag is expected to report topline growth of 15.6% YoY to | 999.2 crore on the back of continued execution in both
domestic and overseas orders. Key monitorable for Wabag will be receivable days’ position and progress on payments
from Genco Projects. Wabag is likely to report EBITDA margins of 8.9%. Absolute EBITDA is likely to grow 14.4% YoY to
| 88.9 crore. We expect absolute PAT of | 34.4 crore for the quarter (up 14.4% YoY"
 GSPL's gas transmission volumes are expected at 34.5 mmscmd in Q3FY19 vs. 35 mmscmd QoQ due to marginal lower
volumes from the industrial sector. The transmission tariffs at | 1.47/scm are expected to decline QoQ as Q2FY19 tariffs
had one-time prior period income. Hence, we expect revenues at | 470.6 crore vs. | 598.3 crore in Q2FY19. Lower other
income by ~| 35 crore will also lead to decline in PAT by 34.6% QoQ to | 211.5 crore
 Tata Motors (TML) reported disappointing performance in Q3FY19 that was below our estimates at the consolidated level
on all fronts. The consolidated EBITDA margins were at 9.3% vs. our estimates of 10.9%, down 154 bps QoQ. EBITDA
margins at JLR were at 7.3% vs. our estimates of 9.5%. In respect of its JLR business, the company has accounted for a
one-time impairment charge to the tune of | 27,838 crore. Consequent to the large write-off, TML reported after-tax loss
to the tune of | 26,961 crore at the consolidated level.


ey developments (Continued…)

ICICI Securities Ltd. | Retail Equity Research

[[

Key developments (Continued…)

 MRPL reported its Q3FY19 numbers where revenues increased 16.2% YoY to | 20249 crore and loss for the quarter was
at | 266.9 crore. Although headline numbers are above our estimates, we are awaiting details on core GRMs
 Majesco reported muted Q3FY19 organic revenue growth mainly led by decline in on premise revenues. The 5.0% QoQ
growth in revenues was mainly led by inorganic growth (acquisition of Exaxe). The operating margin was flat due to
higher gross margin (led by additional hiring to cater growth). The deal pipeline has increased 15.7% YoY growth in
dollar terms. We believe ramp up in cloud subscription revenues will be key to re-rating
 Timken India reported stellar Q3FY19 numbers. Revenues came in at | 384.9 crore, up 38.1% YoY. Gross margins came
in at 45.6% vs. 36.9% YoY. EBITDA margins came in at 14.4% vs. 7.4 YoY. Gross margins and EBITDA margins were
lower in Q3FY18 due to a change in product mix and high input prices during the quarter. We believe the same has now
corrected in Q3FY19. Accordingly, absolute EBITDA and PAT grew 168.1% and 188.2% respectively. Absolute EBITDA
and PAT came in at | 55.6 crore and | 26.4 crore respectively.
 Glenmark receives USFDA tentative approval for generic version of AstraZeneca’s Faslodex injection (Fulvestrant). This
drug had annual sales of ~US$ 533 million in the US (IQVIA MAT December 2018)
 Lupin has received USFDA approval for the generic version of Eli Lilly’s Adcirca Tablets (Tadalafil), 20 mg in the US. It is
indicated for the treatment of pulmonary arterial hypertension (PAH) (WHO Group 1) to improve exercise ability. This
drug had annual sales of ~US$ 474 million in the US (IQVIA MAT December 2018).
 Media reports say the Cabinet has approved an amendment to Cinematograph Act 1952 to prevent unauthorised
camcording of films. Violators are set to face three years of imprisonment or | 10 lakh fine or both
 According to media sources, Tech Mahindra has renewed its long term contract with Netherland's KMD, which is
estimated at over US$50 million
 As per media sources, the Cabinet has cleared a | 8580 crore plan for central PUSs to set up 12 GW of solar power plant
over four years using India-made solar modules which will require total investment of | 48000 crore
 ITC is planning to invest | 1700 crore in West Bengal, which would include a personal care products manufacturing line
and investments in decor paper manufacturing capacity in Tribeni. The company will also expand its Dhulagarh facility
and milk productivity improvement and procurement programme across 300 villages in the state
 As per media sources, short term power prices declined to | 3.30/unit on a month-on-month basis in the winter season
owing to higher hydropower generation led to relatively low reliance on thermal generation


ey developments (Continued…)
ICICI Securities Ltd. | Retail Equity Research
 Nifty Daily Chart Technical Outlook
Equity benchmarks extended their winning
streak over a sixth consecutive session as the
Nifty settled at 11069, marginally up by 7 points
or 0.1%. The price action formed a Doji candle
carrying higher high-low, indicating higher
volatility amid positive bias. On Wednesday,
the Nifty logged a resolute breakout from last
seven weeks broader consolidation (10987–
10584), indicating resumption of primary up
trend. However, barring one instance it has not
rallied for more than six consecutive sessions,
since May 2018. In current scenario, as past six
sessions up move has hauled stochastic
oscillator to its overbought zone (at 90),
temporary breather at higher levels cannot be
ruled out. Still, we believe such a breather
would help markets to cool off the overbought
situation, in turn setting stage for next leg of up
move. Thus, in coming session, previous
session’s low (11044) will be the important level
to watch. If it holds above the same that would
keep positive options open else temporary
breather amid stock specific action.
Pivot Points CNX Nifty Technical Picture
Index/Stocks Trend Close S1 S2 R1 R2 Nifty 50 Intraday Short Term
S&P BSE SENSEX INDEX Positive 36971.1 36856.0 36582.0 37129.0 37403.0 Trend Range bound Up
Nifty 50 Positive 11069.4 11036.0 10961.0 11110.0 11185.0 Support 11030-10985 10800
ACC LTD Positive 1421.6 1402.0 1362.0 1442.0 1483.0 Resistance 11090-11120 11400
AXIS BANK LTD Neutral 730.2 724.0 714.0 734.0 744.0 20 day EMA 10869
HDFC BANK LTD Neutral 2117.3 2106.0 2082.0 2130.0 2154.0 200 day EMA 10754
STATE BANK IND Positive 287.4 284.0 277.0 291.0 299.0
HOUSING DEV FIN Negative 1969.7 1958.0 1929.0 1987.0 2017.0 Advances/Declines
MARUTI SUZUKI IN Positive 7302.6 7218.0 7083.0 7353.0 7488.0
Advances Declines Unchanged
TATA MOTORS LTD Positive 182.9 179.0 173.0 185.0 191.0
BSE 1386 1163 170
MAHINDRA & MAHIN Positive 700.9 693.0 677.0 709.0 725.0
NSE 1036 758 95
BAJAJ AUTO LTD Positive 2853.6 2794.0 2694.0 2894.0 2994.0
TATA CONSULTANCY Positive 2082.9 2068.0 2037.0 2099.0 2130.0
Daily Technical Calls
INFOSYS LTD Positive 764.0 761.0 752.0 769.0 777.0
1. Buy Pidilite Industries in the range of 1163.00-1165.00
CIPLA LTD Neutral 532.9 525.0 507.0 544.0 562.0
2. Sell Cummins India in the range of 765.00-766.00
OIL & NATURAL GA Positive 147.9 146.0 143.0 149.0 151.0
RELIANCE INDS Neutral 1290.4 1277.0 1242.0 1312.0 1347.0
*All recommendations are of February Future
BHARTI AIRTEL Positive 311.2 306.0 296.0 315.0 324.0
DLF LTD Positive 160.4 156.0 150.0 163.0 169.0
See Momentum Pick for more details

Nifty Call – Put Strike (Number of shares in lakh) – February 2018 Intraday Derivative Strategy
i) Axis Bank
10700 35 6 Buy AXIBAN FEB Fut at | 735.00-736.00
10800 29 13 CMP: 730
10900 30 14 Target 1: 740 Target 2: 747.5
11000 37 31 Stop Loss: 730
11100 7 19
11200 11 23
11300 1 23 ii) Apollo Hospitals
11400 1 22 Sell APOHOS FEB Fut at | 1294.00-1295.00
11500 4 19
CMP: 1303
40.0 30.0 20.0 10.0 0.0 10.0 20.0 30.0 40.0 Target 1: 1283 Target 2: 1265
Stop Loss: 1307
Put Call
See Derivatives view for more details

See Daily Derivatives for more details

ICICI Securities Ltd. | Retail Equity Research

 Results/Events Calendar

21 January 22 January 23 January 24 January 25 January 26 January

Monday Tuesday Wednesday Thursday Friday Saturday
Kotak Mahindra Bank TVS Motors, Shree Cement Pidilite, ITC, Indoco Colgate, VST Industries Wonderla, Indian Bank 0
Hindustan Zinc Asian Paints, Oberoi United Spirits, Bharti Infratel Ultratech Cement, Yes Bank Swaraj Engines, Saregama 0
China Industrial Profits YoY Alembic Pharma DB Corp, Kewal Supreme Ind, Pfizer, PVR Gati, Maruti Suzuki 0
China GDP YoY Syngene Int. EU Consumer Confidence Biocon, Sterlite Tech Larsen & Toubro 0
0 Havells India BoJ Policy Balance Rate Jyothy Labs, Sunteck Tokyo CPI YoY 0

28 January 29 January 30 January 31 January 01 February 02 February

Monday
Persistent, Chennai Petro
Mah Lifespace, Music Broad
Escorts, TTK Prestige
Shoppers Stop, Siyaram
City Union Bank
Tuesday
Axis Bank, MGL, KEC
Bajaj Finance, HCL Tech
Bajaj Finserv, Infoedge
HDFC Ltd, Wabco, BoB
Kansai, Hester Bio, Ramco
Wednesday Thursday Friday Saturday
EIH Ltd, Guj Pipavav, NTPC EIH Asso, Airtel, eClerx Nocil, DRL, Titan, Taj GVK JK Cement
Bajaj Auto, EPC Ind, Castrol Dabur, Power Grid Corp Kanpur Plastipack, SBI, Elgi Divi's Labs
BEL, Bluedart, Torrent Pharma V-Guard, Hero, Solar Ind Kalpataru Power, Dredging 0
Ashoka Build, Ajanta Pharma Petrnonet, Narayana Dr. Reddy's, Hikal, Jagran 0
LIC Housing, Ratnamani Investment Precision Jubilant Life 0

04 February 05 February 06 February 07 February 08 February 09 February

Monday
Exide, Greaves Cotton
Firstsource, Grindwell
ABFRL, NRB, IRB Infra
Navneet
Japan Monetary Base YoY
Tuesday
Marico, HPCL, ACC, Inox
Timken India, MRPL
GAIL, Apollo Tyres
Tech Mahindra, Sobha
Century Ply, Dish TV
Wednesday
JSW Steel, Graphite India
Cipla, Lupin, IGL, Vodafone
ENIL, Vardhaman
Control Print, Bodal Chem
Cipla, Gandhi Special Tubes
Thursday Friday Saturday
Tata Motors, Majesco Thermax, AIA, Sun TV, EIL 0
Aurobindo, Cadila Health TV Today, Guj Gas, Sonata 0
Timken, Arvind, Phoenix Greenply, Tata Steel, GSPL 0
Bajaj Electricals, MRF BPCL, Wabag, Shankara 0
Mangalam Cement, MRPL Balkrishna, SKF, JK Lakshmi 0

11 February 12 February 13 February 14 February 15 February 16 February

Monday
Amara Raja, Somany
Motherson, Apollo Hospitals
TCI Express, Astral
Maharashtra Seamless
India Cements
Tuesday Wednesday Thursday Friday Saturday
TCI Ltd, HEG, Sun Pharma Bosch, NBCC, Wim Plast Ashok Leyland, UB, Voltas India Trade Balance 0
IPCA, Hindalco, OIL, Coal Ind PNC Infratech, Rel. Capital Page, Glenmark, Nestle China CPI YoY 0
Ineos, NCC, MM Forgings Gulf Oil, Bharat Forge ONGC, Simplex, GSK Cons China PPI YoY 0
Container Corp, D-Link Goodyear India Time Technoplast, NCL US Industrial Prod MoM 0
Heidelberg, Indian Hotels EU Industrial Prod SA MoM JK Tyre, Sadbhav Engg Japan Industrial Prodn YoY 0

18 February 19 February 20 February 21 February 22 February 23 February

Monday Tuesday Wednesday Thursday Friday Saturday
Ambuja Cement ECB Current Account SA Mahindra CIE Nikkei Japan PMI Mfg Japan Natl CPI YoY 0
Japan Core Machine Orders YoY EU Construction Output YoY Japan Trade Balance US Initial Jobless Claims EU CPI YoY 0
0 0 EU Consumer Confidence Markit US Mfg PMI 0 0
0 0 0 Markit EU Mfg PMI 0 0
0 0 0 0 0 0

Major Economic Events this Week Bulk Deals

s0063

Date Event Country Period Actual Expected Company Revenue Chg(%) EBITDA Chg(%) PAT Chg(%)
4-Feb-19 Monetary Base YoY JN Jan 4.7% 4.6% Q3FY19E YoY QoQ Q3FY19E YoY QoQ Q3FY19E YoY QoQ
4-Feb-19 EU PPI YoY EC Dec 0.03 0.031 JK Lakshmi Cement 933.9 11.5 9.7 126.1 33.6 37.6 37.4 335.6 379.1
5-Feb-19 Nikkei PMI Services JN Jan 51.6 -- Gujarat Gas 2,183.3 38.9 11.1 268.4 34.2 67.0 108.7 81.2 164.7
GSPL 470.6 34.4 -21.4 417.9 40.7 -19.1 211.5 16.5 -34.6
5-Feb-19 Markit Services PMI US Jan F 54.2 54.2
BPCL 78,384.0 11.7 -5.4 1,044.6 -67.2 -56.8 388.9 -81.9 -68.1
5-Feb-19 Markit Services PMI EC Jan F 51.2 50.8 Tata Steel 41,731.7 24.8 -4.2 7,253.2 27.3 -18.7 2,410.5 112.2 -22.6
5-Feb-19 Nikkei PMI Services IN Jan 52.2 -- AIA Engineering 757.5 32.4 2.3 158.3 25.4 7.2 123.9 8.4 2.4
7-Feb-19 RBI Repo Rate IN 7-Feb 6.25% 6.50% VA Tech Wabag 999.2 15.6 32.9 88.9 14.4 41.5 34.4 14.4 -4.0
7-Feb-19 RBI Reverse Repo Rate IN 7-Feb 6.00% 6.25% SKF India 774.0 10.5 1.0 136.2 10.7 11.0 95.5 10.9 13.3
7-Feb-19 RBI CRR IN 7-Feb 4.00% 4.00% Revenue = NII; EBITDA = PPP for Banks and NBFC
7-Feb-19 BoE Bank Rate UK 7-Feb 0.750% 0.750%
7-Feb-19 Initial Jobless Claims US 2-Feb 234,000 221,000 Recent Releases
8-Feb-19 BoP Current Account Bal JN Dec ¥452.8B ¥469.3B Date Report
February 7, 2019 Result Update – ACC
February 7, 2019 Result Update – Graphite India
February 7, 2019 Result Update – Sobha Ltd
February 7, 2019 Result Update – Lupin
February 7, 2019 Result Update – Century Plyboards

ICICI Securities Ltd. | Retail Equity Research

 Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com

ICICI Direct Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai – 400 093
research@icicidirect.com

ICICI Securities Ltd. | Retail Equity Research

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