6 December 2021

Market snapshot Today’s top research idea

Equities - India Close Chg .% CYTD.% ICICI Bank: Growing franchise through technological
Sensex 57,696 -1.3 20.8
innovations
Nifty-50 17,197 -1.2 23.0
Nifty-M 100 30,293 0.0 45.3  ICICIBC in its analyst day highlighted how the strengthening of its digital
Equities-Global Close Chg .% CYTD.% capabilities is helping transform the bank and increase throughput rates, while
S&P 500 4,538 -0.8 20.8 offering customers a superior experience. The bank is capable of building and
Nasdaq 15,085 -1.9 17.0 scaling digital capabilities like the best of the FinTechs, though agility, constant
FTSE 100 7,122 -0.1 10.2 innovation, and customer focus remains the key to success.
DAX 15,170 -0.6 10.6  ICICIBC has been reporting strong growth in Retail advances, supported by an
Hang Seng 8,455 -0.6 -21.3 impressive share of digital originations, while SME/Business Banking growth has
Nikkei 225 28,030 1.0 2.1 been robust, aided by various digital applications. With a resilient asset quality
Commodities Close Chg .% CYTD.% and an improving economic environment, it appears firmly positioned to deliver
Brent (US$/Bbl) 70 -0.4 36.3 healthy sustainable growth.
Gold ($/OZ) 1,783 0.8 -6.1  We estimate ICICIBC to deliver ~25% earnings CAGR over FY22-24E, while
Cu (US$/MT) 9,486 -1.1 22.4 RoA/RoE improves to 2%/16.6% in FY24E. ICICIBC remains our top pick in the
Almn (US$/MT) 2,638 0.9 33.7 sector. We reiterate a Buy with a SoTP based TP of INR1,000 (2.8x Sep’23E ABV).
Currency Close Chg .% CYTD.%
USD/INR 75.2 0.2 2.9 Research covered
USD/EUR 1.1 0.1 -7.4
USD/JPY 112.8 -0.3 9.2 Cos/Sector Key Highlights
YIELD (%) Close 1MChg CYTD chg ICICI Bank Growing franchise through technological innovations
10 Yrs G-Sec 6.4 0.02 0.5 Bulls & Bears India Valuations Handbook — OMICRON drives a pullback
10 Yrs AAA Corp 7.0 0.02 0.4 Siemens Short cycle orders strong; cost inflation persists
Flows (USD b) 3-Dec MTD CY21 Customer acquisition run-rate remains robust; marginal decline in number
Angel One
FIIs -0.45 -0.85 5.09 of orders
DIIs 0.22 1.08 8.83
Volumes (INRb) 3-Dec MTD* YTD*
Piping hot news
Cash 655 638 765 FMCG distributors warn firms of 'non-co-operation', seek price parity
F&O 46,279 84,355 53,399 The apex body of distributors of fast-moving consumer goods (FMCG) has written
Note: *Average to companies against the price disparity between traditional distributors and
other organised business-to-business (B2B) distribution firms, both online …

Chart of the Day: ICICI Bank (Growing franchise through technological innovations)
Domestic NIM expands by 10bp QoQ to 4.09% Core operating profit up 23% YoY
Blended NIMs Domestic Core Op. Profit (INR b) YoY Gr (%)
4.1
4.1

4.1
4.0

4.0

26
3.9
3.9
3.9

3.9

24
24

23
3.8

23
3.7

3.7
3.7
3.7

21
3.6

20
3.6

3.5
3.5

18
18
17

15

15
14
13

10
8
5
-3

95
86
86
4.0
3.9
3.9

81
3.8
3.8
3.7

3.7

77
3.7
3.6
3.6

3.6
3.4

71
3.3

70

70
3.3
3.3

3.2
3.2
3.1

65
61
61
57
53
50
50
48
48
43
3QFY18

2QFY20

1QFY22
1QFY18
2QFY18

4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20

3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21

2QFY22

1QFY18

4QFY19

4QFY21
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19

1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21

1QFY22
2QFY22

Source: MOFSL, Company Source: MOFSL, Company

Research Team (Gautam.Duggad@MotilalOswal.com)

Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

1 2
FMCG distributors warn firms
of 'non-co-operation', seek
price parity
The apex body of distributors of
fast-moving consumer goods
(FMCG) has written to companies
against the price disparity
between traditional distributors
and other organised business-to-
business (B2B) distribution firms,
both online and offline, which
have entered the sector in the …
3 4
Ola plans IPO in first half of
2022, readies 'super app'
Indian ride-hailing company Ola
plans to go public in the first half
of 2022, Chief Executive Officer
Bhavish Aggarwal said on
Thursday, undeterred by the
recent volatility and lackluster
listing of some start-ups in the
country.
6 7
RBI weighs priority sector loans
for electric vehicles
The Reserve Bank of India is
considering a proposal from the
Niti Aayog to categorise loans to
purchase electric vehicles under
the priority sector lending (PSL)
segment.
6 December 2021
In the news today
Kindly click on textbox for the detailed news link
Sharp rise in valuables purchase pushed up India's GDP growth in
Q2
Owing to their ability to hedge against inflation, people bought gold,
precious stones and art works at a brisk pace during the second quarter
(Q2) of 2021-22. This played a crucial part in jacking up the gross
domestic product (GDP) growth.
LIC improves asset quality
ahead of IPO; lowers net NPA
to 0.05%
Ahead of its proposed initial public
5
offering (IPO), insurance behemoth Create UPI like platform for
LIC has improved its asset quality credit: Ashwini Vaishnaw to
for the financial year ended March banks
2021. With the aim of addressing the
needs of the bottom of the
pyramid, union minister for
electronics and IT, Ashwini
Vaishnaw asked financial services
firms and banks to create a UPI
like platform for providing quick
and easy credit to small and
medium enterprise, industries
and small businessmen.
U.S. ship logjam stretching far
into pacific is longer than
ever
The number of container ships
headed for the busiest U.S. port
complex has risen to close to 100
under a new counting method,
underscoring the magnitude of
the economy-restraining logjam
that the Biden administration is
trying to help alleviate.
2
 5 December 2021
Update | Sector: Financials

ICICI Bank
BSE SENSEX S&P CNX
57,696 17,197 CMP: INR717 TP: INR1,000 (+40%) Buy
Growing franchise through technological innovations
Business momentum robust; return ratios to improve
We attended ICICIBC analyst day, where the management highlighted how the
Stock Info
strengthening of its digital capabilities is helping transform the bank and increase
Bloomberg ICICIBC IN
throughput rates, while offering customers a superior experience. The bank is capable of
Equity Shares (m) 6,935
M.Cap.(INRb)/(USDb) 4973.5 / 66.2 building and scaling digital capabilities like the best of the FinTechs, though agility,
52-Week Range (INR) 860 / 479 constant innovation, and customer focus remains the key to success. ICICIBC has been
1, 6, 12 Rel. Per (%) -5/0/19 reporting strong growth in Retail advances, supported by an impressive share of digital
12M Avg Val (INR M) 12206 originations, while SME/Business Banking growth has been robust, aided by various
Free float (%) 100.0 digital applications. With a resilient asset quality and an improving economic
environment (as reflected by key economic indicators – GST collections, GDP growth,
Financials Snapshot (INR b)
FY21 FY22E FY23E FY24E
and PMI), it appears firmly positioned to deliver healthy sustainable growth. We
Y/E March
NII 389.9 476.7 560.2 671.9 estimate ICICIBC to deliver ~25% earnings CAGR over FY22-24E, while RoA/RoE improves
OP 364.0 399.7 473.6 579.4 to 2%/16.6% in FY24E. ICICIBC remains our top pick in the sector. We reiterate a Buy
NP 161.9 222.2 275.6 344.3 with a SoTP based TP of INR1,000 (2.8x Sep’23E ABV).
NIM (%) 3.7 4.0 4.1 4.2
Retail credit: Using technology to drive growth and collections
EPS (INR) 24.2 32.1 39.8 49.8
EPS Gr (%) 97.0 32.8 24.1 24.9 Data monetization has become a key driver to maximize PPOP growth. The bank is
ABV (INR) 187.3 219.8 256.9 303.5 creating use cases across the customer lifecycle, i.e. in acquisitions, deepening
Con. BV (INR) 227.8 259.4 297.6 343.9 relationship, cross sell, and risk management. The bank is making use of digital
Ratios analytics to segregate customers into pre-approved loans or the pre-qualified
RoE (%) 12.6 14.4 15.5 16.6
category. ICICIBC is using more than 100 variables to assess risk. Pre-Delinquency
RoA (%) 1.4 1.7 1.8 2.0
Valuations
Management is helping identify early stress. Contactless collection stands ~30% of
P/BV (x) Con. 3.1 2.8 2.4 2.1 early stage delinquency. The model is able to predict 80% of the bounce rate,
P/ABV (x) 2.8 2.4 2.0 1.7 while covering 20% of the book.
P/E (x) 21.4 16.1 13.0 10.4
*Multiples adjusted for Subs
Digital sourcing is gaining share – helping improve cross-sell and reduce TAT
Its mobile app is showing robust acceptance, with ~4.5m activations from non
Shareholding pattern (%) ICICIBC customers, 34x growth in transaction value, and 18x growth in users.
As On Sep-21 Jun-21 Sep-20
Around 10% of these customers have bought at least one product from it. More
Promoter 0.0 0.0 0.0
DII 33.5 32.9 36.1 than 75% of the ICICIBC’s customers are digitally active, with 90% of the
FII 58.7 59.2 55.6 transactions happening through its digital platforms. The bank has witnessed 114%
Others 7.8 7.9 8.3 YoY growth in digital logins, while disbursements grew 93%. Digital disbursals in
FII Includes depository receipts Home/Personal/Auto loans rose 2.5x/1.7x/4.2x. ICICIBC has been the largest credit
card acquirer during the pandemic, with a digital sourcing rate of 96% (100% since
Stock Performance (1-year)
ICICI Bank
Nov’21). Around 26% of its customers are issued cards through Insta flow, while
Sensex - Rebased 28% of its existing customers were issued cards in less than 30 minutes.
900
Wholesale portfolio – product innovation driving market share gains
775
Business activity has improved significantly over 1HFY22. Corporate India has
650 emerged stronger from the COVID-19 pandemic, led by massive deleveraging,
525 government support, and a larger capital pool. The management focus is on
capturing the end-to-end opportunity in the complete value chain, maximizing the
400
risk calibrated operating profit, and ensuring Return of Capital before the Return
Aug-21
Oct-21
Jun-21
Dec-20

Apr-21

Dec-21
Feb-21

on Capital. The bank launched CP online in CY20, which over the past 15 months
has helped raise INR1.5t.

6 December 2021 3
 The bank has a strong market share across various products, i.e. 10% in FDI/ODI
flow, 6.6%/7.9% in Import/Export trade flow, 5.7% in Forex market share, 14.5% in
GST, and 22.7% in Direct Tax collection. Capacity utilization levels rose to ~80%
across sectors such as Steel, Petroleum, Power, and Textiles, and the capex cycle is
likely to revive gradually in 12-18 months.

Gaining market share in payments – tie-up with Amazon a huge success

ICICIBC ramped up its B2C offerings, enabling it to report strong growth in Retail
merchant spends: UPI grew 194% YoY, Credit Card at 67%, and Debit Card at 56%.
The bank added 2m Credit Cards via its Amazon partnership (1m cards added during
the pandemic alone), with 60% of customers being NTB, and a monthly activation
rate 1.3x that of the industry. The focus is on cross selling Home, Auto, and Personal
loans to such NTB customers. Its Amazon card portfolio is performing better in
terms of key metrics such as credit cost, delinquency, revolve rate, etc. The bank is
also developing a super merchant STACK to provide all in one proposition and has
~15% market share in merchant acquisition.

Partnerships with startups for innovation and technological edge

India is the third largest startup ecosystem in the world, and has created 77
Unicorns (40 were created in CY21 itself). The country’s FinTech adoption rate
stands at 87% v/s the global average of 64%. ICICIBC’s aim is to collaborate and co-
create innovative products with startups to drive transformation across various
business verticals such as Payments, Lending, and Risk Management. The bank is
working with more than 130 FinTechs. Over the past two years, ICICIBC invested in
~15 startup, which has created a win-win partnership for the bank.

Other takeaways
 FASTTag: ICICIBC holds 35% market share in toll collection and witnessed a
162% increase in spends v/s pre-COVID levels. The bank is offering fuel and
parking payments.
 Personal loans: Around 48% accrue through do it yourself, while physical KYC
stands at only 6%. Insta PL is ~38%.
 Transaction Banking: The bank is providing modular platforms and solutions for
Commercial Banking to multiple customer segments through ICICI STACK.
 Block chain and supply chain financing are being built for the future.

Valuation and view

ICICIBC appears firmly positioned to deliver healthy, sustainable growth supported
by continued investments in technology and expansion in its digital offerings.
ICICIBC is seeing a strong demand recovery in consumption loans, led by both
secured and unsecured Retail, while Business Banking and SME portfolios have
emerged as strong growth engines. The bank has demonstrated a resilient asset
quality performance and credit cost is likely to stay under control, supported by
higher provisioning coverage (~80%), contingency provisions at 0.8% of loans, and a
controlled slippage run-rate. We estimate ICICIBC to deliver ~25% earnings CAGR
over FY22-24E, while RoA/RoE improves to 2%/16.6% by FY24E. ICICIBC remains our
top Buy in the sector. We reiterate our Buy rating with a SoTP based TP of INR1,000
(2.8x Sep’23E ABV).

6 December 2021 4
 Database Periodical | 5 December 2021

Bulls & Bears

India Valuations Handbook
Strategy: OMICRON drives a pullback
 Elevated volatility, the market consolidates in Nov'21: The Nifty ended its six-month winning streak in Nov'21,
ending ~4%, or 688 points, lower at 16,983. Nov'21 was characterized by elevated volatility, with the benchmark
oscillating in a wide range (~1,400 points) and pulling back ~8% from record highs of Oct'21. Much of the market
anxiety can be attributed to global factors (Fed's taper announcement, rising bond yields, higher crude oil prices,
and strengthening of the US Dollar Index). A big fundraise in the primary market also put some pressure on the
secondary market. Sentiments were battered across global equity markets on 26th Nov'21 with the detection of
a new COVID-19 variant - Omicron - in South Africa. Nov'21 saw the highest inflows by DIIs since Mar'20 at
USD3.6b. FIIs saw outflows for the second consecutive month at USD0.8b.
 Macro rebounds - Real GDP grew 8.4% YoY in 2QFY22; expect 5-5.5% YoY growth in 2HFY22E: Real GDP/GVA
grew 8.4%/8.5% YoY in 2QFY22 (v/s our forecast of 8.2%/7.8% and Bloomberg consensus of 8.3%/7.6%). While
fiscal consumption grew 8.7% YoY in 2Q as against a decline of 4.8% YoY in 1Q, private consumption spending
grew 8.6% YoY in 2Q (lower-than-expected) v/s 19.3% YoY in 1QFY22. Total consumption expenditure
contributed 5.6% to real GDP growth. Nominal GDP grew 17.5% YoY in 2QFY22 as against a contraction of 4.4%
YoY in 2QFY21.
 2QFY22 results review - Cyclicals drive earnings beat: Corporate earnings for 2QFY22 came in above our
expectations, led by commodities. The MOFSL universe reported a sales/EBITDA/PBT/PAT growth of
31%/21%/38%/38% YoY (est. 25%/20%/32%/27%). Sales/EBITDA growth for Nifty constituents were in line at
31%/21% (est. 25%/20%), while PBT/PAT growth came in at 40%/36% (est. 31%/25%).
 Major global markets end lower in Nov'21: Barring Taiwan (+3% MoM) and China (+0.5%), Nov'21 saw key
global markets such as Russia (-6%), Korea (-4%), MSCI EM (-4%), India (-4%), Japan (-4%), the UK (-2%), Brazil (-
2%), Indonesia (-1%), and the US (-1%) end lower in local currency terms. In the last 12 months, MSCI India
(+35%) has outperformed MSCI EM (+1%). In the last 10 years as well, it has outperformed MSCI EM by 187%. In
P/E terms, MSCI India is trading at a 93% premium to MSCI EM, above its historical average of 59%.
 Telecom, Utilities, Technology, and Capital Goods were the only gainers: Among sectors, Telecom (+7%),
Utilities (+4%), Technology (+2%), and Capital Goods (+1%) were the only gainers in Nov'21. Private Banks (-
10%), PSU Banks (-9%), Finance (-7%), Metals (-7%), and Autos (-6%), were the top laggards. Power Grid (+12%),
Cipla (+7%), Bharti Airtel (+6%), Tech Mahindra (+4%), and TCS (+4%) were the top performers. IndusInd Bank (-
22%), Tata Steel (-19%), Bajaj Auto (-13%), Axis Bank (-11%), and BPCL (-11%) led the laggards pack.
 Volatility to continue; defensives may see greater acceptance: COVID-19 cases continue to remain under
control so far, despite the festive season. The decline in active cases has led to an increase in economic activity
and mobility. While the new variant - Omicron - adds to the uncertainty, we expect further clarity to emerge in
the next few weeks as additional data comes out. This will mar sentiment in Travel, Tourism, Hospitality, and
Retail, which has seen significant outperformance in the last few months on the back of opening up of economy,
a good festive season, and a broad-based demand recovery. Even sectors/stocks exposed to markets with rising
COVID-19 cases/greater prevalence of the Omicron variant may underperform. We expect sector rotation in the
market to continue and defensives like Pharma, IT, and Consumer to make a comeback till sentiments improve.
Equity valuations, after the pullback, at 23.3x/19.4x FY22E/FY23E Nifty EPS are relatively reasonable now.
 Top ideas: Largecaps: ICICI Bank, SBI, Infosys, UltraTech Cement, Bharti Airtel, Titan, Divi's Labs., Hindalco, SBI
Life, and Jubilant FoodWorks Midcaps: SAIL, Zensar Tech., APL Apollo Tubes, TCI, Ramco Cements, Indian
Hotels, Orient Electric, ABFRL, Chola. Finance, and Endurance Tech.

6 December 2021 5
 4 December 2021
Update | Sector: Capital Goods

Siemens
BSE SENSEX S&P CNX
57,696 17,197 CMP: INR2,186 TP: INR2,065 (-6%) Neutral
Short cycle orders strong; cost inflation persists
COVID leads to faster digitalization/automation opportunities
Stock Info
Bloomberg SIEM IN
 End markets see recovery: After the brief resumption of execution over
Equity Shares (m) 356
1HFY21, the second COVID wave once again disrupted the end markets.
M.Cap.(INRb)/(USDb) 778.5 / 10.4 While capex in the Automobile sector remained subdued in FY21, end
52-Week Range (INR) 2439 / 1442 markets such as Pharmaceuticals, Food and Beverages, Metro, Railways,
1, 6, 12 Rel. Per (%) -2/-8/13 Steel and Cement, and Power T&D saw an uptick in ordering activity. In the
12M Avg Val (INR M) 927 Buildings segment, while ordering activity declined for the industry, it stood
flat YoY for Siemens (SIEM) as it was able to tap certain pockets of growth.
Financials & Valuations (INR b)  Central government and private capex robust: Central government and
Y/E Sep 2021 2022E 2023E private capex were robust, although the state government capex is yet to
Sales 129.6 151.2 167.6 revive. For SIEM, the private sector forms ~84% of its order book, while the
EBITDA 14.6 18.0 20.5
PAT 10.6 13.5 15.7 government accounts for the remainder. Currently, the utilization level in
EBITDA (%) 11.3 11.9 12.3 the private sector is ~70%; hence, any possibility of greenfield capex is some
EPS (INR) 29.9 38.0 44.2 time away. However, with the current momentum in execution, capacity
EPS Gr. (%) 40.3 27.1 16.4
levels could scale up quickly, leading to newer capex.
BV/Sh. (INR) 290.6 319.4 353.0
Ratios  Short cycle orders lead to quicker execution cycle: Despite the second
Net D/E -0.5 -0.5 -0.6 COVID wave disrupting execution, orders inflows stood robust in FY21; they
RoE (%) 10.3 11.9 12.5
were up 32% YoY, led by strong growth in short cycle orders (execution
RoCE (%) 10.7 12.2 12.8
Payout (%) 20.0 20.0 20.0 period of up to a year). This led to revenue growth of ~33% YoY in FY21.
Valuations While ordering in the Projects segment remained subdued, the Services
P/E (x) 73.2 57.6 49.5 segment witnessed healthy ordering.
P/BV (x) 7.5 6.8 6.2
EV/EBITDA (x) 50.0 40.0 34.5  Adoption of digitization fast-tracked: The COVID pandemic led to the quick
Div Yield (%) 0.3 0.3 0.4 adoption of digital and automation technologies across various end
FCF Yield (%) 2.1 1.7 2.1 markets. Key digital offerings include OT cybersecurity solutions, industrial
edge (for Hydropower plant), Sensegear (which digitizes GIS), and IOT
Shareholding pattern (%)
solutions (for clean drinking water and waste reduction).
As On Sep-21 Jun-21 Sep-20
Promoter 75.0 75.0 75.0
 C&S Electric integration on track: Revenue for 7MFY21 stood at INR6b, with
DII 9.9 10.4 10.4 margins in the mid-single digits. The key thesis for C&S Electric is exports,
FII 5.2 4.6 4.1 which would be ramped up gradually as the brand makes inroads into new
Others 9.9 10.1 10.5 markets, leveraging SIEM’s reach. Currently, exports to Southeast Asia have
FII Includes depository receipts commenced. With rising exports, margins are expected to gradually scale up
and aid SIEM’s margins at the portfolio level.
Stock Performance (1-year)
 Margins to improve over medium term: The management maintained that
Siemens
Sensex - Rebased the orders undertaken and executed in FY21 were at the desired margin,
3,100 and the decline was largely due to commodity price inflation and higher
2,400 logistic costs (higher by 30–40%). As the share of products, services, digital,
and software solutions increases in the overall revenue mix, margins would
1,700 be on an uptrend over a 3–5 year time period. SIEM would also continue to
1,000 localize certain imported components based on the opportunity size.
Jun-21

Aug-21

Oct-21
Dec-20

Apr-21

Dec-21
Feb-21

6 December 2021 6
 Valuation and view: We like SIEM’s product portfolio and diverse end market
exposure. The company is poised to benefit over the long term, led by the niche
Industrial Automation and Digitalization businesses. However, the stock has seen a
fairly sharp re-rating and fails to acknowledge the rising dependency on strong order
inflows as well as margin risks in the business. We maintain our estimates and
remain Neutral, with TP of INR2,065/share (core business: 42x FY24E EPS). We
prefer ABB over SIEM at current valuations to play the niche theme of Industrial
Automation and LT to play the capex cycle recovery.

Revenue mix remains in favor of Products and Services

Project Product/System

51% 58% 65% 72% 68% 66% 67% 69% 71%

49% 42% 35% 28% 32% 34% 33% 31% 29%

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21
Source: MOFSL, Company

Share of exports moderates to 21% in FY21

Domestic Exports

18% 16% 18% 20% 19% 22% 21%

82% 84% 82% 80% 81% 78% 79%

FY15 FY16 FY17 FY18 FY19 FY20 FY21

Source: MOFSL, Company

Revenue from private sector increases to 84% in FY21

Government Private

74% 70% 73% 74%

84%

26% 30% 27% 26%

16%

FY17 FY18 FY19 FY20 FY21

Source: MOFSL, Company

6 December 2021 7
 6 December 2021
Update | Sector: Capital Market

Angel One
BSE SENSEX S&P CNX
57,696 17,197 CMP: INR1,140 TP: INR1,750(+53%) Buy
Customer acquisition run-rate remains robust;
marginal decline in number of orders
Stock Info
Bloomberg ANGELONE IN Angel One released its monthly update highlighting the key business numbers for
Equity Shares (m) 83 November 2021. The following are the takeaways:
M.Cap.(INRb)/(USDb) 94.3 / 1.3
52-Week Range (INR) 1689 / 282  Gross client acquisitions increased to 0.45m in Nov’21 v/s 0.43m in Oct’21.
1, 6, 12 Rel. Per (%) -4/33/197  The total client base for Angel One stood at 7.32m as of Nov’21. (+6% MoM and
12M Avg Val (INR M) 499
147% YoY).
Free float (%) 56.2
 Overall average daily turnover (ADTO) grew 9.5% MoM. Cash ADTO, after some
Financials Snapshot (INR b) recovery in Oct’21, once again saw some pressure in Nov and decline of 21% MoM.
Y/E FY21 FY22E FY23E  The average funding book declined 17% MoM to ~INR15.5b, in line with the fall in
Revenues 9.0 15.6 18.4
cash volumes.
Opex 4.7 8.0 9.4
 The number of trades stood at 104m in Nov’21, indicating decline of 3% MoM. The
PBT 4.1 7.4 8.8
PAT 3.0 5.5 6.6 company started reporting the number of monthly orders for the first time, which
EPS (INR) 36.1 67.1 80.2 came in at 57m in Nov’21 (-2% MoM).
EPS Gr. ( %) 237.3 85.9 19.6  On a MoM basis, Angel continued to gain market share in the F&O and Commodity
BV/Sh. (INR) 136.9 180.6 232.8 segment, but lost 70bps market share in the Cash segment.
Ratios (%)
C/I ratio 52.1 51.5 51.0
Valuation and view: Angel is a perfect play on 1) the financialization of savings
PAT margin 33.2 35.6 36.0 and 2) digitization. We estimate the company to post a revenue CAGR of 34%
RoE 34.1 42.2 38.8 over FY21–24E. The EBITDA margin is expected to remain steady at around 50%
Div. Payout 35.4 35.0 35.0 as the company has guided for sustained investments in technology and
Valuations
marketing, with a focus on acquiring more customers and improving its activation
P/E (x) 31.7 17.0 14.2
P/BV (x) 8.3 6.3 4.9
rates. We estimate a PAT CAGR of 38% over FY21–24E and RoE of 39% in FY23E.
Div. Yield (%) 1.1 2.1 2.5 The stock trades at FY24E P/E of 12.1x, which we find attractive given the
company’s strong earnings growth profile. We maintain our BUY rating on Angel
One, with one-year Price Target of INR1,750 (20x Sep’23E EPS).

Key business update

Key Metrics Nov'20 Oct'21 Nov'21 YoY Growth (%) MoM Growth (%)
Client Base (In m) 2.97 6.93 7.32 146.5 5.6
Gross Client Acquisition (In m) 0.15 0.43 0.45 200.0 4.7
Avg Client Funding book (INR b) 5.32 18.63 15.49 191.2 -16.9
Number of trades (In m) 51.90 107.21 104.33 101.0 -2.7
Number of Orders (In m) 26.31 58.33 57.22 117.5 -1.9
Angel’s ADTO (INR b)
Overall 2,260 6,592.0 7,217.0 219.3 9.5
F&O 2,105 6,387.0 7,036.0 234.3 10.2
Cash 67.0 62.0 49.0 -26.9 -21.0
Commodity 68.0 71.0 74.0 8.8 4.2
Retail Turnover Market Share (%)
Overall Equity 15.4% 20.7% 21.0% 560bps 30bps
F&O 15.4% 20.8% 21.1% 570bps 30bps
Cash 17.8% 14.3% 13.6% -420bps -70bps
Commodity 26.2% 34.4% 36.5% 1030bps 210bps
Source: Company, MOFSL

6 December 2021 8
 In conversation
\

HDFC: Real estate demand up in metros; lending rates have

bottomed out; Keki Mistry, VC & CEO
 RBI says that till every outstanding rupee is received, you cannot upgrade the
account. It will temporarily impact higher NPLs reported by financial entities
 There will not be a P&L impact due to the RBI’s new rule. Provisioning is already
high for the most NBFCs
 Demand picked up in metros recently. Affordability has increases, great time to buy
real estate
 October 2021 saw the highest level of disbursals in non-quarter month
 Lending rates have bottomed out. Don’t expect RBI to raise rates in hurry
 Yield curve has been steep due to excess liquidity in the system. High-end market
has started to pick after being subdued from 2017-2020

Shriram City Union Finance: November two-wheeler

disbursements up over Rs 1000 crore; YS Chakravarti, MD & CEO
 Board will take of the group in Thyagrajann’s absence
 Fundamentally, there is no change in terms of financial inclusion
 As a group, focus will be on insurance business apart from financial services
 November disbursements more than Rs 1000 crore in 2-wheelers for company
 Disbursed loans for 1.6 lakh vehicles in November 2021

Steel Strips Wheels: Confident to achieve Rs 3500-3600 crore

revenue in FY22; Dheeraj Garg, MD
 Will be able to do Rs 3500-3600 crore of revenues for FY22
 Pledge will be around 16% by end of the year
 Semiconductors shortage still prevails
 Will repay around Rs 170 crore of debt this year
 Working capital requirement has gone up by 70% due to costs inflation
 Expect good traction in the CV segment for rest part of the FY

Sapphire Foods: System sales higher by 50% over pre-COVID levels;

Sanjay Purohit, WTD & Group CEO
 Have seen a smart recovery since June
 Our system sales are higher by 50% over pre-COVID sales
 Delivery and takeaways continue to do well
 Have been able to adapt to pandemic conditions and maintain momentum

6 December 2021 9
 Morepen Labs: To strengthen anti-allergy portfolio, supply Allegra
generic to US market; Sushil Suri, MD
 Will supply Allegra generic to the US market
 Will strengthen the anti-allergy portfolio
 Will be the 5th approval for the US market, 4 of which are anti-allergy drugs
 Have seen a 36% growth in medical devices in Q2
 People undertaking home testing has resulted in higher traction in medical devices
 Will look for a private equity in medical devices
 Dr Morepen, the OTC arem could be an IPO candidate

6 December 2021 10
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY21 FY22E FY23E FY21 FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E
Automobiles
Amara Raja Neutral 633 780 23 37.9 34.2 43.6 -2.1 -9.6 27.2 18.5 14.5 2.4 2.1 13.3 15.4
Apollo Tyres Buy 210 280 33 11.5 14.4 22.7 38.1 24.8 58.0 14.6 9.3 1.0 0.9 7.0 10.3
Ashok Ley. Buy 121 180 49 -1.0 1.4 6.0 -188.0 LP 334.7 87.1 20.0 5.0 4.3 5.8 23.0
Bajaj Auto Neutral 3287 4200 28 167.8 182.8 218.2 -6.8 8.9 19.3 18.0 15.1 3.7 3.6 20.8 24.3
Balkrishna Inds Neutral 2203 2600 18 60.9 78.4 94.7 22.7 28.7 20.8 28.1 23.3 6.0 5.1 23.2 23.6
Bharat Forge Buy 704 975 39 1.9 21.3 31.6 -78.5 1,028.8 48.1 33.0 22.3 5.3 4.5 17.2 21.8
Bosch Neutral 16539 18250 10 335.4 472.2 619.5 -20.6 40.8 31.2 35.0 26.7 4.5 4.0 13.5 15.8
CEAT Buy 1138 1625 43 114.3 43.9 106.4 100.2 -61.6 142.5 26.0 10.7 1.3 1.2 5.2 11.8
Eicher Mot. Buy 2458 3250 32 50.7 71.0 131.3 -24.3 40.2 84.9 34.6 18.7 5.2 4.3 16.0 25.1
Endurance Tech. Buy 1734 2100 21 36.0 43.8 64.8 -5.4 21.7 48.1 39.6 26.7 6.1 5.3 16.3 21.2
Escorts Neutral 1866 1700 -9 76.9 90.4 88.8 42.5 17.4 -1.7 20.6 21.0 3.2 2.4 16.8 13.5
Exide Ind Buy 165 230 39 8.9 9.4 12.4 -10.0 5.4 31.5 17.6 13.3 1.9 1.1 10.8 8.4
Hero Moto Buy 2463 3100 26 148.4 157.2 195.6 -3.0 6.0 24.4 15.7 12.6 3.1 2.9 20.2 23.7
M&M Buy 837 1150 37 33.8 40.3 51.4 12.8 19.3 27.5 20.7 16.3 2.6 2.3 13.0 14.8
Mahindra CIE Buy 243 300 24 2.8 15.0 18.1 -70.1 433.6 20.1 16.1 13.4 1.7 1.6 11.2 12.3
Maruti Suzuki Buy 7202 8450 17 145.3 124.4 286.1 -22.7 -14.4 130.0 57.9 25.2 4.1 3.7 6.8 14.4
MRF Neutral 73939 73700 0 3,012.0 2,216.7 3,277.8 -10.2 -26.4 47.9 33.4 22.6 2.2 2.0 6.8 9.3
Motherson Sumi Buy 215 295 37 3.4 5.1 11.0 -8.2 50.2 115.5 42.1 19.5 4.9 4.2 12.3 23.2
Tata Motors Buy 480 565 18 0.6 -4.3 32.0 -102.2 PL LP NM 15.0 3.4 2.8 -3.0 20.6
TVS Motor Neutral 672 635 -6 12.9 22.9 30.6 -0.9 77.6 33.6 29.4 22.0 6.3 5.1 23.6 25.8
Aggregate 33.7 10.9 102.4 37.2 18.4 3.6 3.1 9.7 16.9
Banks - Private
AU Small Finance Buy 1138 1400 23 38.0 32.6 43.8 67.9 -14 34.6 34.9 26.0 4.9 4.2 15.2 17.4
Axis Bank Buy 673 975 45 22.4 41.8 58.1 271.0 87 38.9 16.1 11.6 1.8 1.6 11.9 14.6
Bandhan Bank Neutral 277 270 -3 13.7 -10.0 27.4 -36.5 PL LP NM 10.1 3.0 2.5 -10.0 26.8
DCB Bank Neutral 84 100 19 10.8 9.4 13.6 -0.7 -12.9 44.1 8.9 6.2 0.7 0.6 8.0 10.6
Equitas Hold. Buy 119 150 26 11.2 6.2 14.0 57.6 -45.2 127.5 19.4 8.5 1.2 1.1 6.1 12.9
Federal Bank Buy 89 130 46 8.0 8.9 11.5 2.8 12.2 28.8 10.0 7.7 1.1 0.9 10.8 12.9
HDFC Bank Buy 1513 2000 32 56.6 66.6 80.8 17.8 17.7 21.4 22.7 18.7 3.6 3.1 16.8 17.6
ICICI Bank Buy 717 1000 40 24.2 32.1 39.8 97.0 32.8 24.1 16.1 13.0 2.8 2.4 14.4 15.5
IndusInd Buy 951 1400 47 38.7 62.2 98.3 -43.3 60.8 58.2 15.3 9.7 1.6 1.4 10.7 15.1
Kotak Mah. Bk Neutral 1914 2200 15 50.4 56.5 67.7 12.2 12.1 19.9 33.9 28.3 4.0 3.5 11.7 12.4
RBL Bank Buy 192 240 25 8.5 -0.3 23.1 -14.6 PL LP NM 8.3 0.9 0.8 -0.1 10.4
SBI Cards Buy 990 1300 31 10.5 17.6 27.7 -25.3 67.9 57.4 56.3 35.8 12.0 9.2 23.5 29.0
Aggregate 31.0 23.3 36.1 24.4 17.9 3.2 2.7 13.0 15.3
Banks - PSU
BOB Buy 89 130 47 1.6 13.1 18.4 35.6 716.1 40.5 6.8 4.8 0.6 0.5 8.5 10.9
Canara Bank Buy 206 270 31 15.5 40.4 53.6 -161.9 159.9 32.8 5.1 3.9 0.6 0.5 10.7 12.7
Indian Bank Buy 143 200 40 26.6 36.7 38.3 92.3 37.8 4.4 3.9 3.7 0.4 0.4 12.3 11.7
Punjab Natl.Bank Neutral 39 45 17 1.9 4.3 7.1 225.5 122.2 65.3 9.0 5.4 0.4 0.4 4.8 7.6
SBI Buy 473 675 43 25.1 39.9 50.1 13.3 59 25.6 11.9 9.4 1.4 1.3 13.4 14.5
Union Bank (I) Buy 46 65 41 4.5 9.0 12.3 -140.6 98 37.3 5.1 3.7 0.4 0.4 9.3 11.7
Aggregate 107.3 89 31 9 7.2 0.9 0.8 9.9 11.6
NBFCs
AAVAS Financiers Neutral 2780 2940 6 36.9 46.1 58.0 15.9 25.1 25.8 60.3 47.9 7.9 6.8 14.0 15.2
Aditya Birla Cap Buy 116 140 20 4.7 6.1 7.4 22.8 30.1 22.1 19.2 15.7 1.8 1.7 10.1 11.1
Angel One Buy 1140 1750 53 36.1 67.1 80.2 237.3 85.9 19.6 17.0 14.2 6.3 4.9 42.2 38.8
Bajaj Fin. Buy 7070 8650 22 73.5 114.2 166.4 -16.3 55.4 45.7 61.9 42.5 10.0 8.2 17.4 21.2
Can Fin Homes Buy 584 800 37 34.2 36.1 43.0 21.3 5.5 19.0 16.1 13.6 2.5 2.2 17.0 17.2
Cholaman.Inv.&F
Buy 568 700 23 18.5 24.0 28.1 44.0 30.2 16.8 23.6 20.2 4.1 3.5 18.9 18.7
n
HDFC Buy 2771 3370 22 54.5 60.2 69.8 10.8 10.5 15.9 46.0 39.7 4.2 3.9 12.1 12.7
HDFC Life Insur. Neutral 691 750 9 6.7 6.1 7.8 4.8 -9.5 28.7 113.4 88.1 4.4 3.8 18.4 17.8
ICICI Pru Life Buy 603 780 29 6.7 5.9 9.0 -10.1 -12.0 52.7 102.4 67.0 2.6 2.2 15.1 16.2

6 December 2021 11
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY21 FY22E FY23E FY21 FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E
IIFL Wealth Mgt Buy 1497 1950 30 42.0 61.5 74.2 82.0 46.5 20.6 24.3 20.2 5.1 4.9 20.1 24.9
IndoStar Buy 251 340 36 -17.3 7.5 18.1 -50.7 LP 141.5 33.5 13.9 0.9 0.8 2.7 6.3
L&T Fin Holdings Buy 79 110 39 3.8 5.5 8.1 -54.7 42.9 47.6 14.4 9.7 1.0 0.9 7.0 9.6
LIC Hsg Fin Buy 382 490 28 54.2 31.1 49.7 13.8 -42.6 60.1 12.3 7.7 0.9 0.8 7.8 11.0
Manappuram Fin. Buy 172 230 34 20.4 19.1 25.0 16.3 -6.1 30.8 9.0 6.9 1.7 1.4 20.3 22.2
MAS Financial Buy 743 1000 35 26.3 31.3 38.2 -13.8 19.3 21.9 23.7 19.5 3.2 2.8 14.2 15.2
Max Financial Buy 972 1250 29 11.0 12.5 18.0 -24.2 13.5 44.2 77.9 54.0 3.0 2.5 17.7 20.4
M&M Fin. Buy 162 220 36 2.7 10.1 15.5 -81.5 270.5 53.5 16.0 10.4 1.3 1.2 8.2 11.6
Muthoot Fin Buy 1485 1900 28 92.8 103.1 118.5 23.3 11.1 14.9 14.4 12.5 3.2 2.6 24.4 23.0
Piramal Enterp. Buy 2527 3310 31 62.6 102.0 139.2 -355.3 62.8 36.5 24.8 18.2 1.7 1.6 7.1 9.0
PNB Housing Neutral 570 560 -2 54.0 55.6 65.1 53.8 2.9 17.1 10.2 8.8 1.0 0.9 10.0 10.8
Repco Home Fin Buy 306 410 34 46.0 46.3 54.7 2.6 0.7 18.2 6.6 5.6 0.8 0.7 13.2 13.7
SBI Life Insurance Buy 1165 1500 29 14.6 12.5 15.0 2.4 -14.5 20.2 93.5 77.8 2.7 2.3 17.5 17.8
Shriram City
Buy 2102 2590 23 153.2 163.8 199.8 1.1 6.9 22.0 12.8 10.5 1.5 1.4 12.7 13.9
Union
Shriram Trans. Buy 1447 1700 17 98.3 96.6 134.2 -10.9 -1.8 39.0 15.0 10.8 1.5 1.4 11.0 13.2
Aggregate 13.5 21.5 28.2 30.1 23.5 3.5 3.1 11.6 13.3
Capital Goods
ABB Buy 2079 2110 1 11.9 20.5 27.9 -28.4 72.6 36.1 101.5 74.6 11.1 10.1 11.0 13.5
Bharat Elec. Buy 207 250 21 8.5 9.5 10.3 15.1 11.9 8.9 21.8 20.0 4.1 3.7 18.8 18.3
BHEL Sell 61 45 -26 -7.8 -2.0 1.2 84.5 Loss LP NM 49.8 0.8 0.8 -2.6 1.6
Cummins Sell 921 695 -25 21.4 27.1 29.1 -8.0 26.6 7.5 34.0 31.7 5.4 5.2 15.9 16.3
Engineers India Buy 71 95 33 5.4 6.1 7.0 -20.1 12.0 14.6 11.7 10.2 2.7 2.7 22.0 24.5
K E C Intl. Buy 432 540 25 21.5 21.1 30.0 -2.3 -1.7 41.9 20.4 14.4 2.9 2.5 13.5 17.2
Larsen & Toubro Buy 1802 2175 21 82.5 63.4 79.3 21.2 -23.1 25.0 28.4 22.7 3.2 2.9 11.2 12.6
Siemens Neutral 2186 2065 -6 21.3 29.9 38.0 -32.6 40.3 27.1 73.2 57.6 7.5 6.8 10.3 11.9
Thermax Neutral 1762 1385 -21 22.0 30.7 40.4 16.5 39.9 31.5 57.3 43.6 5.7 5.2 9.9 11.9
Aggregate -28.3 56.3 31.5 36.0 27.4 3.5 3.2 9.6 11.7
Consumer Durables
Blue Star Neutral 991 850 -14 10.4 16.1 23.7 -31.9 54.7 47.0 61.4 41.8 9.9 8.9 16.1 21.2
CG Cons. Elec. Buy 428 505 18 8.4 9.7 11.4 20.7 14.8 18.1 44.3 37.5 11.8 9.9 26.6 26.4
Havells Neutral 1383 1290 -7 16.5 20.5 23.3 40.4 24.6 13.7 67.5 59.3 14.6 12.7 21.6 21.4
Orient Electric Buy 375 500 33 5.6 6.9 9.3 52.3 22.3 34.8 54.3 40.3 14.3 11.4 26.2 28.4
Voltas Neutral 1246 1185 -5 15.9 18.0 23.2 -5.1 13.4 29.1 69.2 53.6 7.6 6.9 10.9 12.8
Whirlpool India Buy 2028 2900 43 27.8 27.7 45.5 -25.9 -0.5 64.5 73.3 44.5 8.2 7.1 11.3 16.0
Aggregate 9.5 18.1 25.8 62.9 50.0 10.8 9.4 17.1 18.9
Chemicals
Alkyl Amines Neutral 3258 3250 0 57.9 50.6 69.5 57.0 -12.7 37.6 64.5 46.9 16.9 13.3 29.0 31.7
Atul Neutral 8882 9600 8 218.0 213.8 269.2 -2.3 -1.9 25.9 41.5 33.0 6.0 5.2 15.4 16.9
Clean Science Neutral 2470 1800 -27 18.7 21.5 28.7 42.1 15.2 33.6 114.8 85.9 35.8 26.4 35.9 35.4
Deepak Nitrite Neutral 2308 2300 0 56.9 78.2 78.6 27.0 37.5 0.5 29.5 29.4 9.7 7.6 38.1 28.9
Fine Organic Neutral 3691 3575 -3 37.5 57.5 78.8 -31.0 53.5 37.0 64.2 46.8 13.1 11.0 22.0 25.5
Galaxy Surfact. Buy 2838 3620 28 85.2 66.2 84.0 31.1 -22.3 26.9 42.9 33.8 6.8 5.9 16.9 18.7
Navin Fluo.Intl. Neutral 3826 3875 1 50.7 51.9 88.9 -37.3 2.5 71.1 73.7 43.1 10.2 8.6 14.7 21.6
NOCIL Buy 240 320 33 5.2 8.0 11.4 -34.0 54.1 41.9 30.0 21.1 2.9 2.7 10.1 13.4
Vinati Organics Buy 1903 2160 14 26.2 31.3 43.9 -19.3 19.3 40.5 60.8 43.3 10.9 9.0 19.2 22.8
Aggregate 5.6 11.9 23.7 47.3 38.3 9.5 7.9 20.1 20.7
Cement
Ambuja Cem. Neutral 377 410 9 9.0 11.9 12.7 24.2 32.3 6.1 31.6 29.8 3.4 3.1 24.8 22.1
ACC Buy 2260 2690 19 78.4 110.1 114.5 8.5 40.3 4.0 20.5 19.7 3.0 2.6 15.3 14.2
Birla Corp. Buy 1348 1835 36 73.0 61.1 62.1 11.3 -16.3 1.6 22.1 21.7 1.8 1.7 8.3 7.9
Dalmia Bhar. Buy 1870 2500 34 53.6 61.0 76.9 366.8 13.9 25.9 30.6 24.3 2.5 2.3 8.6 9.9
Grasim Inds. Neutral 1703 2035 20 67.9 107.4 120.1 -23.1 58.2 11.8 15.8 14.2 2.5 2.4 5.7 6.1
India Cem Neutral 187 200 7 7.2 5.2 7.6 947.7 -28.3 47.7 36.2 24.5 1.0 1.0 2.8 4.0
J K Cements Neutral 3326 3725 12 91.0 99.9 120.0 45.5 9.8 20.1 33.3 27.7 5.9 5.0 19.1 19.6

6 December 2021 12
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY21 FY22E FY23E FY21 FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E
JK Lakshmi Ce Buy 624 750 20 33.5 32.5 36.2 48.7 -3.0 11.3 19.2 17.2 3.0 2.7 17.1 16.4
Ramco Cem Buy 949 1106 17 32.3 36.0 37.2 26.5 11.6 3.4 26.3 25.5 3.5 3.1 14.1 13.0
Shree Cem Neutral 25904 28220 9 640.8 699.4 706.1 47.2 9.2 1.0 37.0 36.7 5.3 4.7 15.4 13.7
Ultratech Buy 7340 8700 19 190.4 231.0 257.7 31.0 21.3 11.6 31.8 28.5 4.1 3.8 14.2 14.1
Aggregate 16.4 27.6 10.0 25.4 23.1 3.3 3.1 13.2 13.2
Consumer
Asian Paints Neutral 3111 2930 -6 33.4 31.3 43.6 15.4 -6.3 39.2 99.3 71.4 22.2 20.2 22.9 29.6
Britannia Buy 3556 4400 24 76.8 66.4 83.1 31.0 -13.5 25.0 53.5 42.8 18.0 16.6 38.6 40.4
Colgate Neutral 1452 1690 16 38.1 38.8 39.9 26.8 2.0 2.8 37.4 36.4 33.9 33.9 90.6 93.1
Dabur Buy 581 705 21 9.6 10.4 12.3 11.0 8.2 18.2 56.0 47.4 12.6 11.4 23.2 25.3
Emami Buy 549 650 18 16.3 17.8 18.7 31.1 9.6 5.1 30.8 29.3 12.0 11.8 41.7 40.6
Godrej Cons. Buy 913 1180 29 17.3 17.7 21.3 21.9 2.8 20.3 51.4 42.8 9.5 9.1 18.9 21.8
HUL Buy 2343 3200 37 34.8 38.7 47.5 11.5 11.1 22.8 60.6 49.3 11.6 11.6 19.2 23.5
ITC Neutral 222 240 8 10.6 12.5 14.7 -14.8 18.1 17.3 17.7 15.1 4.5 4.3 25.7 29.1
Jyothy Lab Neutral 151 160 6 5.8 3.8 5.9 28.5 -34.0 52.1 39.2 25.8 4.1 4.2 10.2 16.2
Marico Buy 531 655 23 9.0 9.6 11.8 10.4 7.2 22.2 55.2 45.2 15.2 14.3 32.1 32.7
Nestle Neutral 19305 19100 -1 217.4 243.3 274.7 7.6 11.9 12.9 79.3 70.3 89.3 88.1 114.3 126.2
Page Inds Neutral 38399 38660 1 305.3 402.8 500.9 -0.8 31.9 24.4 95.3 76.7 44.3 41.2 46.5 53.7
Pidilite Ind. Neutral 2211 2340 6 22.2 22.5 30.3 -7.3 1.8 34.3 98.1 73.0 17.7 15.7 19.2 22.8
P&G Hygiene Buy 15128 17450 15 156.1 228.4 288.4 13.4 46.3 26.3 66.2 52.5 62.3 55.7 98.7 112.1
Tata Consumer Buy 774 945 22 9.5 10.7 14.5 20.8 13.2 35.1 72.3 53.5 4.7 4.5 6.7 8.6
United Brew Sell 1512 1170 -23 4.6 16.9 22.2 -71.8 269.9 31.8 89.7 68.1 10.3 9.5 12.0 14.6
United Spirits Neutral 895 1025 15 6.4 12.7 15.4 -41.6 99.2 21.4 70.7 58.2 12.8 10.9 18.1 18.7
Varun Beverages Buy 879 1210 38 7.5 15.4 25.4 -30.7 104.7 65.1 57.2 34.6 9.2 7.4 17.4 23.8
Aggregate 1.9 12.0 21.2 49.6 40.9 11.4 10.8 22.9 26.5
Healthcare
Alembic Phar Neutral 808 860 6 59.9 35.9 45.6 36.3 -40.1 26.8 22.5 17.7 2.8 2.5 13.7 15.7
Alkem Lab Buy 3437 4150 21 134.1 145.0 161.6 40.5 8.2 11.4 23.7 21.3 4.7 4.0 21.6 20.4
Ajanta Pharma Buy 2115 2600 23 73.9 77.7 94.3 44.6 5.1 21.4 27.2 22.4 5.3 4.5 21.0 21.7
Aurobindo Buy 674 800 19 54.0 51.0 59.0 9.9 -5.6 15.7 13.2 11.4 1.6 1.4 12.8 13.1
Biocon Neutral 367 360 -2 5.5 7.0 10.2 -10.6 26.2 46.7 52.7 35.9 5.4 4.9 10.6 14.3
Cadila Buy 460 610 33 19.8 23.1 24.5 34.8 16.6 6.1 19.9 18.8 2.7 2.4 15.4 13.5
Cipla Neutral 912 980 7 30.0 35.9 38.8 52.7 20.0 7.8 25.4 23.5 3.6 3.1 14.0 13.3
Divis Lab Buy 4757 6050 27 75.6 99.0 136.3 54.4 31.0 37.7 48.1 34.9 11.3 9.2 25.7 29.1
Dr Reddy’s Buy 4598 5470 19 143.6 194.5 221.0 9.3 35.5 13.6 23.6 20.8 3.8 3.2 17.0 16.7
Gland Pharma Buy 3649 4550 25 60.9 82.3 108.7 29.0 35.1 32.0 44.3 33.6 8.2 6.6 20.5 21.8
Glenmark Neutral 499 560 12 35.0 37.7 42.8 42.3 7.9 13.5 13.2 11.7 1.8 1.5 14.1 14.1
GSK Pharma Neutral 1732 1590 -8 29.4 35.9 39.3 4.4 22.1 9.5 48.2 44.1 16.9 14.6 35.1 33.1
Granules India Neutral 302 330 9 22.3 17.2 22.7 71.2 -22.8 31.6 17.6 13.3 2.9 2.4 18.0 19.8
IPCA Labs Buy 2040 2600 27 88.7 86.5 101.2 73.6 -2.5 17.0 23.6 20.2 4.6 3.8 21.2 20.7
Jubilant
Buy 598 750 25 54.1 43.9 52.1 -9.5 -18.9 18.7 13.6 11.5 1.7 1.5 13.5 14.2
Pharmova
Laurus Labs Buy 511 690 35 18.3 20.6 26.7 285.4 12.2 29.8 24.9 19.2 7.7 5.8 36.0 34.5
Lupin Neutral 873 940 8 26.0 27.9 38.0 11.5 7.2 36.5 31.3 23.0 3.2 2.9 9.6 13.2
Solara Active
Buy 1165 1520 30 45.0 72.6 92.4 93.2 61.3 27.3 16.0 12.6 2.2 1.9 20.6 22.2
Pharma
Strides Pharma Buy 490 580 18 22.2 -23.6 21.3 45.9 PL LP NM 23.0 1.7 1.6 -8.0 7.4
Sun Pharma Buy 752 970 29 25.0 31.4 34.5 52.6 25.5 9.7 23.9 21.8 3.5 3.0 15.3 14.9
Torrent Pharma Neutral 2984 2900 -3 74.9 78.9 94.1 33.5 5.3 19.3 37.8 31.7 7.8 6.7 21.7 22.8
Aggregate 34.9 12.0 18.9 27.1 22.8 4.1 3.6 15.1 15.6
Infrastructure
Ashoka Buildcon Buy 100 175 74 14.6 15.7 17.3 5.5 7.6 10.8 6.4 5.8 0.8 0.7 13.7 13.4
IRB Infra Neutral 228 185 -19 3.3 4.0 7.3 -82.3 19.2 84.1 57.4 31.2 0.7 0.6 1.5 2.1
KNR
Buy 282 360 28 9.0 13.5 19.1 24.1 49.7 41.6 20.9 14.8 3.5 2.9 18.5 21.5
Constructions

6 December 2021 13
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY21 FY22E FY23E FY21 FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E
Aggregate 19.2 14.4 1.0 1.0 5.4 6.8
Logistics
Blue Dart Express Neutral 6576 7640 16 51.5 123.0 118.7 373.1 138.9 -3.5 53.5 55.4 17.3 13.6 37.0 27.5
Concor Buy 643 800 25 9.6 18.1 23.5 -42.0 88.0 29.9 35.5 27.3 3.7 3.5 10.6 13.1
Mahindra
Neutral 718 725 1 4.6 6.4 13.0 -40.7 40.5 102.0 111.7 55.3 8.6 7.7 7.9 14.6
Logistics
TCI Express Buy 2277 1900 -17 26.2 37.7 43.7 12.9 44.1 15.9 60.4 52.1 15.7 12.5 29.2 26.7
Transport Corp. Buy 687 790 15 20.8 33.6 39.4 5.2 61.7 17.2 20.4 17.4 3.8 3.1 20.0 19.6
VRL Logistics Buy 473 540 14 5.1 12.4 14.2 -48.9 143.4 14.1 38.1 33.4 6.3 5.7 17.5 18.0
Aggregate 40.2 32.7 5.3 4.9 13.2 14.9
Media
PVR Neutral 1440 1550 8 -98.7 -68.2 32.1 -406.6 Loss LP NM 44.9 6.2 5.4 -25.5 12.9
Sun TV Buy 529 670 27 38.6 44.2 46.7 10.8 14.6 5.6 11.9 11.3 2.7 2.4 23.7 22.4
Zee Ent. Neutral 350 335 -4 11.1 13.9 15.8 101.7 25.5 14.1 25.2 22.1 3.0 2.7 12.6 13.1
Aggregate -9.6 34.3 33.6 23.4 17.5 3.1 2.8 13.1 15.8
Metals
Hindalco Buy 425 520 22 24.6 46.2 49.6 40.7 87.7 7.5 9.2 8.6 1.8 1.5 21.5 19.3
Hind. Zinc Neutral 348 300 -14 18.9 22.0 25.6 17.3 16.5 16.1 15.8 13.6 4.4 4.2 28.4 31.6
JSPL Buy 359 495 38 61.4 79.0 48.5 ###### 28.6 -38.6 4.5 7.4 0.9 0.8 22.5 11.7
JSW Steel Buy 644 840 30 32.8 89.1 87.6 262.5 172.2 -1.8 7.2 7.4 2.4 1.9 38.3 28.7
Nalco Buy 92 107 17 5.4 12.0 14.1 629.4 122.6 17.2 7.6 6.5 1.4 1.3 19.7 20.8
NMDC Buy 146 220 51 22.5 37.3 28.5 47.0 65.7 -23.5 3.9 5.1 1.3 1.1 34.2 23.3
SAIL Buy 104 175 68 13.1 36.2 24.1 ###### 176 -33.3 2.9 4.3 0.8 0.7 29.5 16.8
Tata Steel Neutral 1118 1565 40 69.0 295.9 181.1 661.9 329 -38.8 3.8 6.2 1.4 1.2 42.8 20.7
Vedanta Neutral 337 300 -11 25.9 43.1 36.5 195.3 66 -15.3 7.8 9.2 1.9 1.8 24.7 19.5
Aggregate 175.0 119.9 -19.1 6.1 7.6 1.6 1.4 26.6 18.9
Oil & Gas
Aegis Logistics Neutral 247 250 1 6.7 10.8 12.4 124.3 61.6 14.8 22.9 19.9 3.8 3.3 17.5 17.8
BPCL Buy 386 605 57 63.2 42.8 41.0 165.6 -32.4 -4.2 9.0 9.4 1.7 1.6 17.9 17.6
Castrol India Buy 127 170 34 5.9 7.8 8.4 -29.6 31.8 8.5 16.3 15.1 8.0 7.2 51.5 50.5
GAIL Buy 132 200 51 10.9 20.7 15.8 -34.0 90.4 -23.4 6.4 8.4 1.1 1.0 18.9 13.1
Gujarat Gas Buy 662 775 17 18.5 19.9 27.2 6.9 7.3 36.7 33.3 24.4 8.0 6.2 26.8 28.5
Gujarat St. Pet. Buy 310 450 45 16.4 17.8 20.7 -16.5 8.7 15.8 17.4 15.0 2.1 1.8 12.6 13.0
HPCL Neutral 299 295 -1 70.0 39.2 41.0 192.8 -44.0 4.7 7.6 7.3 1.1 1.1 15.2 15.0
IOC Buy 122 160 31 23.7 20.2 16.8 130.8 -14.9 -16.6 6.0 7.2 0.9 0.9 15.9 12.4
IGL Neutral 506 520 3 14.4 19.5 18.5 -11.5 35.4 -5.1 26.0 27.4 5.2 4.6 21.5 17.8
Mahanagar Gas Buy 918 1200 31 62.7 83.8 82.6 -21.9 33.7 -1.5 10.9 11.1 2.4 2.1 23.8 20.5
MRPL Sell 45 45 0 -1.4 0.3 7.5 -91.2 LP 2,627.5 164.3 6.0 1.0 0.9 0.6 16.2
Oil India Buy 216 300 39 19.4 30.3 34.8 -15.2 56.4 14.7 7.1 6.2 0.9 0.8 12.6 13.3
ONGC Buy 146 195 34 16.1 31.4 39.8 23.8 94.9 26.6 4.6 3.7 0.8 0.7 17.4 19.6
PLNG Buy 223 300 35 19.7 18.9 22.0 6.5 -3.8 16.1 11.8 10.1 2.6 2.4 23.2 24.5
Reliance Ind. Buy 2408 2900 20 67.7 87.6 111.6 1.1 29.3 27.5 27.5 21.6 2.1 1.9 7.8 9.2
Aggregate 34.2 21.8 15.7 14.8 12.8 1.7 1.5 11.3 12.0
Retail
Avenue
Neutral 4800 4900 2 17.0 26.4 43.9 -15.5 55.6 66.1 181.8 109.4 21.6 17.9 13.1 18.6
Supermarts
Aditya Birla
Buy 265 350 32 -8.0 -1.1 2.2 1,727.9 Loss LP NM 121.7 11.0 10.1 -4.5 8.6
Fashion
Jubilant Food. Buy 3801 4870 28 17.5 36.7 51.6 -22.5 110.3 40.6 103.5 73.6 26.5 21.4 25.6 29.1
Shoppers Stop Neutral 334 355 6 -33.8 -3.6 5.9 84.9 Loss LP NM 56.2 19.5 14.5 -18.9 29.6
Titan Company Buy 2370 2830 19 11.0 21.7 31.0 -35.4 96.9 42.9 109.1 76.4 24.8 22.0 24.1 30.5
Trent Neutral 1022 1030 1 -5.1 5.1 8.5 -270.1 LP 66.7 199.8 119.9 13.6 12.1 7.6 11.5
V-Mart Retail Buy 3851 4900 27 -3.4 18.7 45.9 -112.6 LP 146.0 206.2 83.8 8.1 7.4 4.0 9.2
Westlife Develop Neutral 561 560 0 -6.7 -3.2 2.8 ###### Loss LP NM 200.3 20.2 18.4 -11.0 9.6
Aggregate -68.0 319.5 69.6 156.4 92.2 20.9 17.9 13.3 19.4

6 December 2021 14
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY21 FY22E FY23E FY21 FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E
Technology
Cyient Buy 1005 1380 37 33.8 45.8 57.5 0.1 35.4 25.7 21.9 17.5 3.7 3.4 17.0 20.4
HCL Tech. Buy 1171 1430 22 43.8 49.1 57.2 7.5 12.1 16.6 23.9 20.5 5.0 4.9 21.4 24.2
Infosys Buy 1735 1960 13 45.6 53.0 65.4 17.1 16.2 23.4 32.8 26.5 10.5 9.9 30.6 38.4
L & T Infotech Neutral 6848 6430 -6 107.0 132.3 160.7 23.6 23.6 21.5 51.8 42.6 13.8 11.5 29.0 29.6
L&T Technology Buy 5420 5670 5 62.8 93.5 120.7 -19.0 48.8 29.1 58.0 44.9 14.1 11.9 26.2 28.8
Mindtree Neutral 4477 4460 0 67.4 95.3 117.3 75.7 41.5 23.1 47.0 38.2 14.2 11.8 33.1 33.8
Mphasis Buy 3085 3700 20 64.2 76.8 97.2 1.7 19.5 26.6 40.2 31.8 8.1 7.4 21.4 24.7
Coforge Neutral 5349 5440 2 77.4 112.4 151.1 2.4 45.3 34.4 47.6 35.4 11.3 9.2 26.2 29.4
Persistent Sys Neutral 4339 3810 -12 59.0 85.4 105.8 32.4 44.7 23.9 50.8 41.0 10.2 8.7 21.6 22.9
TCS Neutral 3640 3770 4 86.7 105.4 121.6 0.6 21.6 15.4 34.5 29.9 14.8 13.9 43.9 47.9
Tech Mah Neutral 1593 1640 3 51.7 64.6 74.7 6.9 25.0 15.7 24.7 21.3 5.0 4.5 21.7 22.5
Wipro Neutral 640 710 11 18.8 22.2 25.4 14.3 18.4 14.2 28.8 25.3 6.3 6.4 22.4 25.2
Zensar Tech Buy 439 600 37 15.3 17.9 24.1 31.0 17.2 34.4 24.5 18.2 3.8 3.4 16.3 19.9
Aggregate 7.5 18.5 17.7 33.5 28.5 9.9 9.4 29.5 32.8
Telecom
Bharti Airtel Buy 718 920 28 -1.3 6.4 15.2 -82.5 LP 136.1 111.7 47.3 6.3 5.5 5.8 12.4
Indus Towers Neutral 281 282 0 18.5 21.4 21.9 -1.0 15.7 2.3 13.1 12.8 4.4 4.0 34.7 32.6
Vodafone Idea 14 -8.4 -9.9 -10.5 11.7 Loss Loss NM NM -0.6 -0.4 54.3 37.1
Tata Comm Neutral 1303 1425 9 46.5 54.9 68.2 340.2 18.1 24.3 23.7 19.1 21.9 10.2 173 72.9
Aggregate Loss Loss Loss -30 -37.4 34.0 -179.3 -113.5 479.7
Utilities
Coal India Buy 160 200 25 20.6 25.3 27.2 -23.9 22.6 7.5 6.3 5.9 2.3 2.1 37.1 35.0
NTPC Buy 127 140 10 15.7 16.0 17.6 13.6 1.9 10.0 8.0 7.2 0.9 0.9 12.0 12.4
Power Grid Buy 206 205 0 17.9 18.9 19.8 16.0 5.6 5.0 10.9 10.4 1.9 1.8 18.0 17.5
Aggregate -1.8 9.5 7.6 8.5 7.9 1.5 1.4 17.5 17.6
Others
APL Apollo Tubes Buy 925 1075 16 13.0 19.5 27.8 51.3 49.4 42.4 47.5 33.3 11.0 8.4 26.8 28.5
BSE Buy 1878 1800 -4 30.9 50.7 66.3 24.1 64.0 30.7 37.0 28.3 3.4 3.3 9.2 11.8
Coromandel Intl Buy 750 1035 38 45.3 47.1 54.8 24.6 3.9 16.3 15.9 13.7 3.6 3.0 24.5 24.0
EPL Buy 201 285 41 8.0 8.0 11.4 17.8 -0.7 42.7 25.3 17.7 3.4 3.1 14.2 18.4
Indiamart Inter. Buy 7188 9210 28 96.6 116.0 135.3 86.5 20.1 16.7 62.0 53.1 11.5 9.7 20.1 19.8
Indian Hotels Buy 192 268 39 -7.1 -3.1 2.9 -359.5 Loss LP NM 66.9 7.1 6.5 -10.8 10.2
Interglobe Neutral 1875 2090 11 -151.7 -168.7 48.3 2,249.3 Loss LP NM 38.8 -11.2 -15.8 204.5 -33.8
Info Edge Neutral 5821 6150 6 21.3 34.8 44.7 27.5 63.1 28.4 167.4 130.3 5.8 5.6 5.1 4.5
Godrej Agrovet Buy 524 755 44 16.3 19.7 23.6 25.0 20.4 20.2 26.7 22.2 4.4 4.0 17.5 18.9
Kaveri Seed Buy 504 630 25 53.1 35.0 52.5 19.9 -34.1 50.1 14.4 9.6 2.3 1.9 16.1 21.6
Lemon Tree Hotel Buy 48 70 45 -1.6 -0.7 1.3 1,232.4 Loss LP NM 38.4 4.4 3.9 -6.5 10.8
MCX Buy 1619 1870 15 44.2 32.8 50.5 -4.8 -25.7 53.8 49.3 32.1 6.1 5.5 12.1 18.1
Quess Corp Buy 862 1100 28 14.9 25.5 47.8 -18.6 71.3 87.8 33.9 18.0 3.6 2.9 14.4 22.4
PI Inds. Buy 2891 3215 11 48.6 58.6 74.6 61.7 20.6 27.4 49.3 38.7 7.2 6.1 15.5 17.1
SIS Buy 490 570 16 23.7 19.7 27.6 -1.7 -16.9 40.2 24.9 17.7 1.6 1.3 14.9 17.7
SRF Neutral 2084 2300 10 39.4 52.6 60.0 29.0 33.6 14.1 39.6 34.7 7.5 6.3 20.9 19.7
Tata Chemicals Neutral 910 900 -1 10.1 35.4 43.9 -68.2 252.2 24.0 25.7 20.7 1.6 1.5 6.2 7.3
Team Lease Serv. Neutral 4123 4320 5 51.9 68.6 102.7 6.1 32.2 49.8 60.1 40.1 9.1 7.4 16.4 20.4
Trident Buy 45 47 5 0.7 1.7 2.0 3.2 158.8 14.7 26.0 22.6 5.4 4.5 23.0 21.6
UPL Neutral 713 790 11 45.4 56.9 71.5 29.9 25.4 25.7 12.5 10.0 1.7 1.4 22.4 23.6

6 December 2021 15
 Index and MOFSL Universe stock performance

Index 1 Day (%) 1M (%) 12M (%) Index 1 Day (%) 1M (%) 12M (%)
Sensex -1.3 -3.5 29.3 Nifty 500 -0.8 -2.8 36.4
Nifty-50 -1.2 -3.5 30.9 Nifty Midcap 100 0.0 -2.9 50.5
Nifty Next 50 -0.2 -1.2 35.2 Nifty Smallcap 100 0.8 -0.7 62.2
Nifty 100 -1.0 -3.2 31.7 Nifty Midcap 150 -0.2 -2.0 50.4
Nifty 200 -0.9 -3.1 34.0 Nifty Smallcap 250 0.6 -0.4 66.0
Company 1 Day (%) 1M (%) 12M (%) M & M Fin. Serv. -0.5 -17.3 -3.7
Automobiles -0.8 -5.4 16.7 Muthoot Finance -0.7 -2.2 25.9
Amara Raja Batt. 0.9 -8.9 -31.0 Manappuram Fin. 1.1 -15.2 -1.7
Apollo Tyres 0.1 -4.8 12.0 MAS Financial Serv. 4.3 1.3 -27.7
Ashok Leyland 0.6 -15.6 26.7 ICICI Sec 2.9 3.4 70.0
Bajaj Auto -1.2 -11.1 -0.2 IIFL Wealth Mgt -1.8 -7.0 50.8
Balkrishna Inds 0.0 -9.8 33.8 PNB Housing -3.0 17.1 49.2
Bharat Forge -0.4 -9.2 30.5 Repco Home Fin -0.4 8.7 18.0
Bosch -0.7 -6.5 27.2 Shri.City Union. -0.6 -3.7 95.2
CEAT -0.2 -9.0 -1.8 Shriram Trans. -0.2 -9.7 40.1
Eicher Motors 0.3 -2.5 -3.6 Insurance
Endurance Tech. 0.6 -6.7 46.1 HDFC Life Insur. -2.0 -0.1 6.6
Escorts 0.9 24.5 32.7 ICICI Pru Life -0.9 -3.2 26.3
Exide Inds. -0.8 -7.6 -10.3 Max Financial 0.5 -0.9 53.1
Hero Motocorp -0.3 -6.8 -21.5 SBI Life Insuran -2.0 -1.1 35.7
M&M -1.4 -1.4 12.2 Capital Goods 0.8 -0.9 58.2
Mahindra CIE -2.0 -11.4 50.2 ABB -1.6 0.7 77.5
Maruti Suzuki -1.7 -6.9 -7.0 Bharat Electron 0.3 3.1 79.6
MRF 0.1 -5.3 -6.2 BHEL -0.1 -15.3 77.2
Motherson Sumi -0.8 -6.4 37.2 Cummins India 0.2 2.9 61.0
Tata Motors 0.2 -1.0 159.7 Engineers India -0.1 -0.1 -5.2
TVS Motor Co. -1.2 -4.9 35.0 K E C Intl. 0.0 -5.0 18.6
Banks-Private -0.8 -8.8 13.4 L&T 0.7 -4.6 60.2
AU Small Fin. Bank 0.6 -6.1 29.1 Siemens -0.4 -5.4 42.5
Axis Bank -0.5 -10.4 11.7 Thermax -1.2 30.2 92.1
Bandhan Bank -0.5 -7.7 -26.3 Consumer Durables -0.2 -2.1 54.6
DCB Bank -0.1 -15.8 -27.8 Blue Star 0.3 -1.8 22.1
Equitas Holdings -1.5 -6.1 72.7 CG Cons. Elec. -1.3 -8.5 31.8
Federal Bank 0.5 -11.0 36.0 Havells 0.3 7.2 66.1
HDFC Bank -0.8 -4.3 9.9 Voltas 1.4 3.0 54.7
ICICI Bank -0.8 -8.8 48.7 Whirlpool India -0.8 -1.7 -5.9
IndusInd Bank 0.6 -19.3 6.2 Orient Electric 0.3 -0.3 63.8
Kotak Mah. Bank -2.6 -6.0 5.1 Chemicals
RBL Bank 0.1 -5.4 -17.1 Alkyl Amines 0.9 -2.2 102.2
SBI Cards 0.9 -10.4 18.0 Atul 0.9 0.8 43.7
Banks-PSU -0.3 -9.6 57.4 Clean Science 7.1 22.1
BOB 0.5 -12.2 51.9 Deepak Nitrite 4.0 1.6 172.5
Canara Bank -0.3 -8.6 87.9 Fine Organic 0.1 7.7 40.9
Indian Bank -0.7 -14.8 95.5 Galaxy Surfact. 0.3 -6.0 50.9
Punjab Natl.Bank 0.0 -7.0 7.5 Navin Fluo.Intl. 1.3 11.9 45.5
St Bk of India -0.8 -10.3 84.6 NOCIL -1.5 -7.7 68.4
Union Bank (I) -0.5 -3.3 48.6 Vinati Organics -1.3 -4.4 66.8
Company 1 Day (%) 1M (%) 12M (%) Cement 0.2 -5.3 62.8
NBFCs -1.1 -6.1 25.8 Ambuja Cem. -0.3 -8.7 44.2
Angel Broking 1.3 -7.2 226.5 ACC -0.1 -6.6 31.6
Aditya Birla Capital Ltd 4.6 10.7 27.4 Birla Corp. 1.1 -12.2 80.2
Bajaj Fin. -1.5 -5.9 45.3 Dalmia Bhar. 1.2 -7.1 58.4
Cholaman.Inv.&Fn 0.2 -7.3 53.2 Grasim Inds. -1.3 -4.7 87.1
Can Fin Homes -0.8 -9.6 18.9 India Cem 0.7 -11.5 21.3
HDFC -1.4 -4.4 22.9 J K Cements 0.1 -5.2 59.0
Indostar Capital -0.5 -6.9 -16.3 JK Lakshmi Ce -0.5 0.6 73.9
L&T Fin.Holdings -0.4 -6.9 -6.2 Ramco Cem -0.2 -12.1 7.2
LIC Housing Fin. 0.8 -10.2 7.1 Shree Cem -1.5 -10.6 4.1
Note: Sectoral performance are of NSE/BSE Indices

6 December 2021 16
 Index and MOFSL Universe stock performance

Company 1 Day (%) 1M (%) 12M (%) Company 1 Day (%) 1M (%) 12M (%)
Ultratech 0.2 -7.0 50.0 Metals -0.2 -5.3 72.5
Consumer -1.0 -2.3 17.5 Hindalco -1.6 -11.1 75.7
Asian Paints -2.3 -1.7 29.0 Hind. Zinc 4.3 10.2 45.9
Britannia -0.6 -2.1 -2.2 JSPL 1.6 -14.9 36.6
Colgate-Palm. 0.8 -3.8 -5.6 JSW Steel -0.4 -5.3 73.7
Dabur 0.4 -4.8 15.9 Nalco 0.4 -8.3 118.1
Emami 2.6 -3.5 28.0 NMDC 3.3 2.9 38.2
Godrej Cons. -1.2 -4.9 28.2 SAIL -0.5 -14.8 91.5
HUL -1.7 -2.8 10.1 Tata Steel 0.5 -15.7 80.1
ITC -1.7 -0.4 13.0 Vedanta -0.3 8.5 166.9
Jyothy Lab -1.3 -2.8 4.6 Oil & Gas -0.7 -2.7 26.9
Marico -0.2 -4.3 36.4 Aegis Logistics 5.3 17.6 -1.7
Nestle -1.0 3.1 10.3 BPCL 1.8 -7.0 -2.3
Page Inds 0.5 -1.3 65.2 Castrol India 0.2 -9.6 -1.4
Pidilite Ind. -1.1 -6.2 37.0 GAIL 0.3 -12.1 11.9
P&G Hygiene -0.9 4.7 38.5 Gujarat Gas -3.5 4.8 92.0
Tata Consumer 0.1 -6.4 40.7 Gujarat St. Pet. 1.8 -4.4 37.0
United Brew -0.1 -9.6 41.5 HPCL -0.5 -4.9 35.8
United Spirits 0.8 -6.9 56.7 IOC 1.1 -8.0 35.6
Varun Beverages -3.0 -6.3 56.0 IGL 1.5 6.1 4.4
Healthcare -0.8 -3.2 10.1 Mahanagar Gas -0.4 -9.0 -11.8
Alembic Phar 0.6 4.6 -20.3 MRPL 1.3 -8.4 34.0
Alkem Lab -1.0 -5.9 20.7 Oil India -1.4 -1.1 107.1
Ajanta Pharma -0.2 -3.4 35.8 ONGC 1.3 -4.0 64.4
Aurobindo 0.1 -1.8 -24.9 PLNG -0.7 -3.3 -13.0
Biocon -0.1 5.3 -15.4 Reliance Ind. -3.0 -3.0 22.6
Cadila -0.1 -6.2 -0.6 Retail
Cipla -1.0 -0.1 19.7 Aditya Bir. Fas. 0.9 -7.2 61.6
Divis Lab -0.4 -7.5 28.5 Avenue Super. 0.3 1.7 94.4
Dr Reddy’s -1.4 -3.6 -6.6 Jubilant Food 1.0 2.0 49.4
Gland Pharma 0.1 -1.3 65.8 Shoppers St. -1.0 -6.4 77.9
Glenmark -1.2 -3.0 2.4 Titan Co. -0.7 -2.0 67.2
GSK Pharma 2.2 5.7 11.6 Trent -0.9 -6.5 50.9
Granules 0.1 -5.2 -27.9 V-Mart Retail -2.7 -5.3 76.8
IPCA Labs -1.5 -4.1 -8.9 Westlife Develop 1.5 -2.6 28.5
Jubilant Pharmo 1.1 -1.5 -15.2 Technology -0.9 1.9 61.5
Laurus Labs -1.1 3.4 60.0 Cyient 0.4 -9.1 108.5
Lupin -0.3 -6.6 -4.6 HCL Tech. -1.2 -0.5 35.9
Solara Active -1.3 -5.9 -2.6 Infosys -0.8 1.9 54.0
Strides Pharma -0.1 -8.7 -36.2 L&T Infotech -1.4 1.7 107.5
Sun Pharma -1.9 -4.6 37.2 L&T Technology -1.7 9.0 205.3
Torrent Pharma 0.4 6.4 11.8 Mindtree -0.9 -3.3 210.4
Infrastructure -1.0 -3.1 41.6 Mphasis -0.6 -6.5 128.1
Ashoka Buildcon 3.9 -5.1 20.5 Coforge -1.2 5.6 115.7
IRB Infra.Devl. 0.6 -0.8 93.6 Persistent Sys -1.2 8.4 252.4
KNR Construct. 2.7 -3.5 87.0 TCS 0.0 4.2 34.4
Logistics Tech Mah -2.3 6.4 74.2
Blue Dart Exp. -2.0 -3.4 66.7 Wipro -1.0 -1.8 77.8
Container Corpn. Zensar Tech -0.2 -3.9 102.6
TCI Express -1.7 17.8 159.1 Telecom -0.4 4.9 52.4
Mahindra Logis. 2.1 9.1 81.8 Bharti Airtel -1.9 2.8 52.5
Transport Corp. -1.8 -6.6 169.6 Indus Towers 0.6 -2.4 17.2
VRL Logistics -1.4 10.4 156.7 Idea Cellular 12.7 46.0 45.3
Media 1.7 -1.5 43.3 Tata Comm 2.2 2.0 27.0
PVR 2.9 -17.2 7.0 Utiltites -0.5 3.2 70.2
Sun TV -0.9 -10.9 19.4 Coal India 0.3 -5.8 19.8
Zee Ent. 2.3 14.1 71.1 NTPC -1.3 -7.0 28.9
Power Grid

6 December 2021 17
 Index and MOFSL Universe stock performance

Company 1 Day (%) 1M (%) 12M (%)

Others
APL Apollo Tubes -2.1 9.6 160.4
BSE -1.1 38.9 236.9
Coromandel Intl 0.5 -3.3 -5.3
Concor 0.3 -5.7 53.9
EPL Ltd -0.5 -5.1 -23.0
Indiamart Inter. -2.4 -1.9 43.4
Godrej Agrovet 1.9 -11.8 2.1
Indian Hotels 4.4 -2.8 55.1
Interglobe -2.0 -13.4 14.0
Info Edge -1.0 -3.8 40.1
Kaveri Seed 1.6 -2.8 3.3
Lemon Tree Hotel 5.8 -15.2 24.0
MCX -1.6 -8.0 3.1
Piramal Enterp. 0.4 -7.4 69.4
PI Inds. -2.0 5.8 23.9
Quess Corp 0.8 -2.9 70.1
SIS -0.8 12.5 6.1
SRF -0.3 0.2 97.9
Tata Chemicals 1.1 1.5 99.8
Team Lease Serv. -1.3 -12.4 46.9
Trident -4.9 15.7 393.9
UPL 2.2 -3.3 56.9

6 December 2021 18
 NOTES

6 December 2021 19
 s

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services,
Investment Advisory Services, Depository participant services & distribution of various financial products. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which
are available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and
Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited
(CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate
Agent for insurance products. Details of associate entities of Motilal Oswal Financial Services Limited are available on the website at http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
MOFSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst may have actual/beneficial ownership of 1% or more securities in the subject company in the
past 12 months. MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies
mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to
such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the anal yst(s),
as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report. Research Analyst may have
served as director/officer, etc. in the subject company in the past 12 months. MOFSL and/or its associates may have received any compensation from the subject company in the past 12 months.
In the past 12 months , MOFSL or any of its associates may have:
a) managed or co-managed public offering of securities from subject company of this research report,
b) received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
c) received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
d) Subject Company may have been a client of MOFSL or its associates in the past 12 months.
MOFSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connectio n with the research report. To enhance transparency, MOFSL has incorporated a Disclosure of Interest Statement in this
document. This should, however, not be treated as endorsement of the views expressed in the report. MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients
of this report should be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service
transactions. Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investme nts only. While calculating beneficial holdings, It does not consider demat accounts which are opened in name of MOFSL for
other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures. Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened
for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in part or in whole,
to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory
in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy,
completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or
other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as customers by virtue of their receiving this report.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific
recommendations and views expressed by research analyst(s) in this report.
Disclosure of Interest Statement Companies where there is interest
Analyst ownership of the stock No
A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary trading desk of MOFSL or its
associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can have an independent view with regards to subject company for which Research Team have expressed their
views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL & its
group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures
Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Financial Services Limited(SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private
Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to
professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s)
who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S:
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOFSL is not a registered
investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordi ngly, in the absence of specific exemption under the Acts,
any brokerage and investment services provided by MOFSL, including the products and services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-
6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to
which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as
amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S.
registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule
2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore:
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets services license and an exempt financial adviser in Singapore,
as per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in
Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communi cation. This report is distributed solely to persons who qualify as “Institutional Investors”, of which some of whom may consist of
"accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately
discontinue any use of this Report and inform MOCMSPL.
Disclaimer: The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced
in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments.
Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be
suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient.
Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (incl uding the merits and risks involved), and should consult
its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-
investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The
Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The
Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their di rectors and the employees may from time to time, effect or have effected an own
account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in
this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting t he document. This report has been prepared on the basis of information that is already available in
publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information
and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or
resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use woul d be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction.
The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm,
not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person
accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse
and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263; Website www.motilaloswal.com.
CIN No.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.

Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate
Agent: CA0579 ;PMS:INP000006712. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products
and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of
MOFSL. Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance or guarantee of the returns. Investment in securities market is
subject to market risk, read all the related documents carefully before investing. Details of Compliance Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench.

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