Market Snapshot: Today's Top Research Idea Health Insurance: Life Insurers To Sell Health Insurance: Lot of Ifs & Buts

17 June 2022
Motilal Oswal values your support in the

Asiamoney Brokers Poll 2022 for India Research, Today’s top research idea
Sales, Corporate Access and Trading team.
We request your ballot. Health Insurance: Life insurers to sell Health insurance:
Lot of ifs & buts
 Recent media reports suggest that the Insurance regulator (IRDAI) is contemplating
allowing Life Insurance companies to sell Health Insurance indemnity products either
only distribution or both manufacturing and distribution. The regulator IRDAI has cited
Market snapshot the same is under consideration but no decision has been taken yet. The primary
Equities - India Close Chg .% CYTD.%
purpose around this move to increase the penetration of retail health in the country
Sensex 51,496 -2.0 -11.6 which stands at 4%. We interacted with various players to gauge the implications of
Nifty-50 15,361 -2.1 -11.5 this move if and when it is implemented. The key takeaways include: 1) The
Nifty-M 100 26,180 -2.3 -14.0 opportunity is large enough for both LI and HI players to grow together; 2) Some LI
Equities-Global Close Chg .% CYTD.% players have past experience in selling these products; 3) The key challenge for LI
S&P 500 3,667 -3.3 -23.1
players will be to mirror the claim processing capabilities of SAHIs and in building a
Nasdaq 10,646 -4.1 -32.0
FTSE 100 7,045 -3.1 -4.6 hospital network, 4) SAHIs have further advantage in terms of distribution through
DAX 13,038 -3.3 -17.9 individual agents and product development; and 5) On receipt of the requisite
Hang Seng 7,259 -2.6 -11.9 clearance, any meaningful scale up will need a few years.
Nikkei 225 26,431 0.4 -8.2  We continue to have a positive view on STARHEAL, given its profitable growth
Commodities Close Chg .% CYTD.% trajectory ahead, with an increasing focus on profitable products and segments such
Brent (US$/Bbl) 122 -0.9 57.7
as: 1) Specialized products, 2) SME segment in the Group business, and 3) benefit-
Gold ($/OZ) 1,857 1.3 1.5
Cu (US$/MT) 9,080 -1.6 -6.8 based products through the bancassurance channel. We expect gross premiums to
Almn (US$/MT) 2,483 -3.4 -11.5 clock 25% CAGR and claim ratio to normalize ~64%, with a combined ratio of ~92%
Currency Close Chg .% CYTD.% over FY22-24. We maintain our Buy rating on the stock with a one-year TP of INR840.
USD/INR 78.1 0.0 5.0
USD/EUR 1.1 1.0 -7.2
USD/JPY 132.2 -1.2 14.9 Research covered
YIELD (%) Close 1MChg CYTD chg
10 Yrs G-Sec 7.6 0.03 1.2 Cos/Sector Key Highlights
10 Yrs AAA Corp 8.0 0.03 1.0 Health Insurance Life insurers to sell Health insurance: Lot of ifs & buts
Flows (USD b) 16-Jun MTD CY21
FIIs -0.42 -3.93 -25.72 Real Estate Strong demand and healthy pipeline to aid growth in FY23
DIIs 0.25 3.11 23.64 General Insurance Industry premium up ~25% YoY in May’22 on a lower base
Volumes (INRb) 16-Jun MTD* YTD*
Telecom Weak subscriber adds; Sim consolidation continues
Cash 512 476 656
F&O 2,51,439 1,11,035 1,00,070 EcoScope India’s real exports declined in May’22
Note: *Average
Chart of the Day: Health Insurance (Life insurers to sell Health insurance: Lot of ifs & buts)
The Retail Health business has seen strong growth
Retail Health (INR b) YoY Growth (%)
41.1
31.9
26.9
24.0 22.0
16.4
13.7
8.7
50 69 61 83 66 74 70 97
1QFY21 2QFY21 3QFY21 4QFY21 1QFY22 2QFY22 3QFY22 4QFY22
Source: MOFSL, General Insurance Council
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.
In the news today
Kindly click on textbox for the detailed news link
1 2
Lockdown in China may have RBI lifts business restrictions on Mastercard
an adverse impact on sales The Reserve Bank of India on Thursday lifted business restrictions
outlook in FY23: Tata Motors imposed on Mastercard, almost a year after imposing it. The regulator
Listed Indian multinational said MasterCard had achieved “satisfactory compliance.” “In view of the
automotive manufacturing satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte.
company Tata Motors in its Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on
Annual Report said that the recent Storage of Payment System Data, the restrictions imposed, vide order
lockdowns in parts of China owing dated July 14, 2021, on on-boarding of new domestic customers have
to the spread of COVID-19 are been lifted with immediate effect,” RBI said in a statement.
adversely impacting the
company’s supply chains
3 4
Jet fuel prices hiked by 16%; Retail businesses grow 24 pc
touch new record in May against pre-pandemic
Jet fuel prices on Thursday were
hiked by the steepest ever 16 per
level: Report
The retail businesses across India
5
cent to catapult rates to an all- witnessed a growth of 24 per cent Jio adds 1.68 mn mobile
time high in step with hardening in May this year against the pre- subscribers in April; Airtel
international oil rates. pandemic level of the same month gains 810,000 users
in 2019, according to industry body India's largest telecom operator
RAI. Reliance Jio gained 16.8 lakh
mobile subscribers in April,
cementing its lead in the market,
while Bharti Airtel added 8.1 lakh
users, according to TRAI data.
6 7
Average US mortgage rates At Rs 42,679 crore, advance
show biggest single week jump tax collection up 48% in April-
in 35 years June quarter
Average long-term US mortgage Advance tax paid by companies
rates had their biggest one-week in the first quarter of the fiscal
jump in 35 years with the year grew 46 per cent over that
Federal Reserve this week raising in the equivalent period in 2021-
its key rate by three-quarters of 22, indicating healthy tax
a point in bid to tame high buoyancy that will provide the
inflation. government the cushion to
absorb part of the higher subsidy
bill.
17 June 2022 2
Sector Update | 16 June 2022
Health Insurance
Motilal Oswal values your support
in the Asiamoney Brokers Poll 2022 Life insurers to sell Health insurance: Lot of ifs & buts
for India Research, Sales, Corporate
Access and Trading team.
We request your ballot.
 Recent media reports (Link) suggest that the Insurance regulator (IRDAI) is
contemplating allowing Life Insurance companies to sell Health Insurance
indemnity products either only distribution or both manufacturing and
distribution. The regulator IRDAI has cited the same is under consideration but
no decision has been taken yet.
Low health insurance penetration  The primary purpose around this move to increase the penetration of retail
and density in India health in the country which stands at 4%.
 We interacted with various players to gauge the implications of this move if and
Penetration Density
when it is implemented. The key takeaways include: 1) The opportunity is large
2679
1095
1052
enough for both LI and HI players to grow together; 2) Some LI players have past
264
258
242
122
91
77
66
39
33
22
20
experience in selling these products; 3) The key challenge for LI players will be
5
2
to mirror the claim processing capabilities of SAHIs and in building a hospital

0.6%
0.6%
0.4%
0.2%
0.8%
0.7%
4.1%
2.7%
2.3%
0.9%
0.4%
0.1%
0.2%
0.2%
0.4%
0.0%
network, 4) SAHIs have further advantage in terms of distribution through

individual agents and product development; and 5) On receipt of the requisite
USA
Mexico
Argentina
France
Turkey
UK
Indonesia
Australia
Russia
Germany
Israel
China
Spain
Italy
Japan
India
clearance, any meaningful scale up will need a few years.

 We continue to have a positive view on STARHEAL, given its profitable growth
trajectory ahead, with an increasing focus on profitable products and segments
Low health insurance penetration such as: 1) Specialized products, 2) SME segment in the Group business, and 3)
and density in India
benefit-based products through the bancassurance channel (refer STAR
14.0 HEALTH: Capturing growth without compromising profitability). We expect gross
premiums to clock 25% CAGR and claim ratio to normalize ~64%, with a
combined ratio of ~92% over FY22-24. We maintain our Buy rating on the stock
with a one-year TP of INR840.
Allowing LI players to sell health insurance, a move to increase penetration
1.1  As per the media reports (Link), the regulator is considering: 1) allowing Life
Insurance companies to only distribute Health Insurance products, and 2)
Death claims by Health claims by allowing Life Insurance companies to launch as well as distribute Health
life insurers GI/HI Insurance products.
 In a recent interview (Link), IRDAI Chairman Mr. Debashish Panda said the
regulator will not implement the same in a rush and will arrive at a decision
after thorough deliberations with all stakeholders.
 Retail Health Insurance is dominated by SAHIs, with ~53% market share,
followed by PSU/Private Multiline insurers, with a 24%/23% market share. SAHIs
have seen their market share increase to 53% in 4QFY22 from 38% in 1QFY20.
 The penetration of Retail Health Insurance in India remains weak despite almost
30 players selling such products. Only 4% of India’s population has Retail Health
policies. Out of pocket expenditure accounts for 63% of Healthcare spend. Given
this backdrop, IRDAI is looking to quicken the pace of penetration and bring
every household in India under the Health Insurance umbrella.
 In the near term, SAHIs will continue to be in an advantageous position if LI
players are allowed to launch and distribute Health Insurance products. The
decision is yet to be taken by IRDA on the same.
17 June 2022 3
Life Insurance players see large opportunities, but will take time to scale up
 LI players see sales of indemnity-based Health Insurance as a large opportunity
as they predominantly sell HI products globally. HI products can be
complementary offerings along with their Life Insurance products.
 The underwriting practices will not be materially different for Health Insurance
products as compared to Life Insurance products, and hence companies see no
major challenge in this aspect.
 The quantum of claims that the Health Insurance industry receives in a year are
14x that received by the Life Insurance industry. This will be one of the biggest
challenges for Life Insurance companies. Initially, companies will contemplate
outsourcing to Third Party Agencies (TPAs). However, incumbent players are
moving away from TPAs, citing a higher frequency of fraudulent claims.
 The key challenge will be replicating the hospital network tie-ups that SAHIs
have established over the years. Life Insurance companies will take a long time
to replicate the same.
 With regards to products, a few large Life Insurance companies have sold these
products in the past, and several innovations can be undertaken around this.
Some companies we spoke to referred to a composite LI and HI product.
 With regard to capital requirements, as compared to a new company starting
out in the Health Insurance business, existing Life Insurance companies are
better placed given their established distribution network, thus requiring
relatively lesser capital.
 Media reports (Link) suggest that the regulator may allow Life Insurance
companies to distribute Health Insurance products. The move can be helpful for
companies (like IPRU, HDFCLIFE, SBILIFE, Bajaj Allianz, and Aditya Birla Life)
having group entities in the Health Insurance space. For other companies,
reliance on SAHIs and multiline Private General insurers will be higher.
The advantage enjoyed by SAHIs in the medium term should continue

 In spite of 25 other players (Private and PSU multiline players) selling Retail
Health Insurance products, SAHIs have been able to grow their market share to
53% in 4QFY22 from 38% in 1QFY20 in the Retail Health category.
 Over the years, SAHIs have established strong relationships with hospitals,
allowing them to process claims in a fast and efficient manner. Any new player
will take time to build a similar ecosystem to attract customers.
 If Life Insurance companies are allowed to distribute Health Insurance
indemnity products, smaller players, not having a General Insurance or a Health
Insurance group company, will scout for partnerships, and SAHIs, given their
scale, will have an upper hand.
 SAHIs, with their distribution reach, especially with individual agents, are well
placed to deliver faster growth. Most of their agents are already selling Life
Insurance products. For STARHEAL, ~85% of its agents are composite agents
(65%/20% are Life/General Insurance agents).
 Over the years, SAHIs have built strong in-house claims processing capabilities
and fraud detection mechanisms. Building similar capabilities for managing the
large number of claims will be a key challenge for Life Insurance players.
17 June 2022 4
 In terms of products, SAHIs, with a strong focus on the Health segment, have
evolved several products, especially Specialty products, which multiline Private
General Insurance companies have not emulated in a large manner.
Remain positive on STARHEAL given its profitable growth ahead

 We remain optimistic about the overall prospects of STARHEAL, backed by: a) a
strong growth in Retail Health Insurance, given its under-penetration; b) healthy
earnings growth, led by normalization of the claims ratio; and c) limited
cyclicality risk (commercial lines and Motor Insurance have a high cyclicality).
 We expect overall gross premiums to clock 25% CAGR over FY22-24, led by a
25%/22% CAGR in the Retail Health/Group business. We expect the claims ratios
to normalize to ~64%, with a combined ratio of ~92%. This should enable it to
return to profitability over FY23-24E.
 We maintain our Buy rating on the stock with a revised TP of INR840 (based on
40x FY24E P/E).
The Retail Health business has seen strong growth… …with SAHIs continuing to outperform
Retail Health (INR b) YoY Growth (%) SAHI market share (%)
41.1 50 50 53
49 48
31.9 43 44 44 45 46
26.9 38 40
24.0 22.0
13.7 16.4
8.7
50 69 61 83 66 74 70 97
1QFY21
4QFY22
3QFY20
2QFY21
2QFY22
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
1QFY20
2QFY20
4QFY20
1QFY21
3QFY21
4QFY21
1QFY22
3QFY22
4QFY22
Source: MOSL, General Insurance Council Source: MOSL, General Insurance Council
Private multiline players have lost market share PSU multiline players have seen a sharp loss
Pvt Multiline players (%) PSU Multiline players (%)
37 35
24.9 25.0 25.0 24.7 32 32
24.6 31 31 31
24.4 28 29
27 26
23.8 24
23.2 23.4 23.1
22.7 22.8
3QFY20
3QFY21
3QFY22
1QFY21
2QFY21
3QFY22
1QFY20
2QFY20
4QFY20
1QFY21
2QFY21
4QFY21
1QFY22
2QFY22
4QFY22
1QFY20
2QFY20
3QFY20
4QFY20
3QFY21
4QFY21
1QFY22
2QFY22
4QFY22
Source: MOSL, General Insurance Council Source: MOSL, General Insurance Council
17 June 2022 5
Real Estate
Motilal Oswal values your support in
the Asiamoney Brokers Poll 2022 for
Strong demand and healthy pipeline to aid growth in FY23
India Research, Sales, Corporate Rising interest rates likely to have a sentimental impact in the near term
Access and Trading team.
We request your ballot. In this report, we highlight key insights based on the 4QFY22 results and commentaries of
major developers, and their near-term demand, cost and pricing outlook.
 4QFY22 was a record quarter, with many developers reporting their best ever pre-
sales/collections. This led to a strong end to FY22. The top 10 listed developers
delivered a 48% YoY growth in pre-sales, which led to a marginal increase (18%/22%)
in volume/value share.
 The top 10 listed developers cumulatively launched 45msf in FY22 v/s 33msf in FY21.
The same is expected to increase to 70msf in FY23 as per their disclosed pipeline. On
the back of a healthy pipeline, developers are targeting a double-digit growth in pre-
sales in FY23.
 On the cost front, most companies witnessed a 12-15% rise in construction cost. Since
the same constitutes just 25-40% of the sale price, the overall impact on margin is
restricted to 3-6%. Companies have mitigated this cost impact via price hikes of 5-8%
in FY23. They are looking to raise prices further to improve margin.
 In a rising interest rate environment, companies see an impact only once mortgage
rates cross 8-8.5%.
 Key risk: The sharp rise in mortgage rates and higher inflation can lead to a marginal
push out in demand in the near term and also developers’ inability to raise prices
further.
Top 10 listed developers gain market share in the top four cities
 The top 10 listed developers delivered 36%/48% volume/value growth in FY22,
while the top four markets reported a 28%/35% growth in volume/value terms.
This led to a marginal rise (18%/22%) in market share in value/volume terms.
 This trend is likely to accelerate further on account of: 1) a healthy launch
pipeline of ~70msf as indicated by the top 10 listed developers v/s the 45msf
launched in FY22; 2) cost inflation, increase in the cost of capital, and
constrained demand due to higher mortgage rates. This is likely to work in favor
of larger developers, leading to further market share gains.
Cost inflation has largely abated, rising interest rates remains a key risk
 Construction costs grew by 12-15% on a headline basis, leading to a marginal
impact of not more than 3-6%. Companies, on an average, have raised prices by
5-8% and mitigated a large part of the cost increase.
 Even as companies are confident of raising prices below the wage growth, steel
prices fell 15% from their peak. This has brought some respite on the cost front,
resulting in an improved margin for large developers from here on.
 Interest rate impact: The rise in interest rates was imminent. However, with no
respite on inflation globally, the quantum of increase remains uncertain.
Developers agree that a sub-8% mortgage rate is unlikely to have any material
impact on demand.
17 June 2022 6
 A large part of the current demand remains end-user driven. Thus, any increase
in mortgage rates beyond 8% will lead to push out in demand for a couple of
quarters. Developers are coming up with strategies to mitigate this rise. For
instance, LODHA is offering two-year fixed-rate loans for its projects. By then,
income growth will take care of any additional interest burden.
Key management commentaries

 LODHA views the rebound in the Housing market as sustainable over the next
few years. Guidance: As a company, it can deliver pre-sales growth of over 20%
over the next three-to-five years. Price hike: The management believes that a
moderate price hike of 5-7%, which is below wage growth, is necessary to
induce customers to invest in Real Estate.
 OBER | Thane launch: OBER’s Pokhran Road II project will be ready for launch in
2QFY23. It is also planning to launch another tower/phase in Sky City/Elysian in
FY23. Business development: In 4QFY22, it added two new projects to the
pipeline, including its second project in Thane (first ever JDA), where OBER is
looking to develop an 18 acre land parcel with a revenue potential of INR33b.
 GPL | Guidance: Demand outlook remains positive, with GPL targeting pre-sales
bookings of INR100b in FY23, driven by healthy demand trends and a robust
launch pipeline. Launches: GPL has guided at a project launch pipeline of 21msf
for FY23, including the launch of some key projects in the MMR (Wadala, Thane,
and Matunga) and NCR (Ashok Vihar). The management expects FY23 to be big
in terms of deliveries as it plans to complete at least 10msf of projects.
 DLF: Sustained momentum and strong tailwinds are expected to support the
structural upswing in housing demand over the medium term. The management
is targeting double-digit growth in pre-sales, driven by a launch pipeline of
7.6msf in FY23. It is generating an FCF of INR5-7b every quarter and is confident
of maintaining a similar run-rate. It expects to utilize excess cash towards: 1)
construction outflow, 2) approval cost of its identified pipeline, and 3) increasing
dividend payout, subject to the board’s approval.
 PEPL registered over INR100b in pre-sales, with 90% YoY growth in FY22. It is
looking to sustain over INR100b in pre-sales in FY23 as well. While Prestige City
in Bengaluru has been a key contributor in FY22, the Prestige City project in
Mumbai will contribute meaningfully in FY23. Mumbai projects: Momentum has
been good in Mumbai projects, which were launched in the third week of
May’22. The management expects contribution from the Mumbai projects to
exceed INR30b in FY23.
 BRGD | Launches and guidance: The company has a launch pipeline of 8msf and
is targeting 20% volume growth in FY23. The impact of an interest rate hike till
date is 3% (5-6% after the second rate hike) on EMIs. This hike will not impact its
target customers as the latter has received robust salary hikes. Commercial
portfolio: The management is looking to fully lease out the vacant area in its
Commercial portfolio by FY23-end.
 SOBHA clocked a strong growth in bookings over the last two years. The
management expects the same to sustain going forward. Outlook: Volume
growth will be minimal in FY23, but value growth may be in the low double-
digits due to the expected price hikes. Land unlocking: Investments on
17 June 2022 7
developing its existing land bank will help bring projects closer to launch, but the
management is not expecting very large outflows.
 MLDL | Pricing: The management increases prices by 1.5-2% QoQ. It seeks a
justification if any project is unable to do so. Business development: Of its
pipeline of IN80b, it has already locked INR40b as highlighted in 4QFY22. The
remaining pipeline has risen to INR45b and will continue to grow.
Valuation and view

 While rising interest rates is likely to have a sentimental impact on the sector in
the near term, in a scenario with: 1) higher construction costs and cost of capital
and 2) constrained industry growth, larger developers will further consolidate
their market share.
 We continue to prefer players with an ability to generate robust cash flow over
the next three-to-four years and investing in developing their pipeline, which
will provide further growth visibility and a lead to a re-rating.
 We continue to prefer LODHA (Buy) and OBER (Buy) over DLF (Neutral) and
GPL (Neutral).
17 June 2022 8
16 June 2022
Indian
General Insurance
Industry premium up ~25% YoY in May’22 on a lower base
Insurance Tracker Private multiline players outperform with 41% growth; SAHIs grow by 24%, while
PSU multiline players lag with 8% growth
 Private multiline players report a GWP of INR80.3b, up 41% YoY growth in May’22,
better than the overall industry performance of 25%. The strong growth for the
industry was on the back of a lower base effect in the same period last year.
 Among the key players, ICICIGI/STARHEAL reported a strong 34%/12% YoY growth in
GWP. Bajaj Allianz/New India reported a 41%/nil growth.
 GWP for the overall industry in May’22 stood at INR154b (up 25% YoY). Growth was
led by a strong performance across segments, with a 20%/42% YoY growth in
Health/Motor segments. Crop segment too jumped 36% YoY.
Health business up 20% YoY, led by Group Health

The Health business grew 20% YoY, with Retail/Group Health up 10%/29% YoY.
Health premiums for government schemes fell 4% YoY to INR2.6b in May ’22. The
overseas Health segment grew a robust 527% YoY. SAHI reported a 23% YoY growth
in Health GWP. Within SAHI, growth in STARHEAL was weaker v/s other peers at
Premium and YoY growth (%) 12% YoY due to a sharp 44% decline in the Group Health segment. Within the Retail
GWP, INR b May’ 22 YoY Health segment, STARHEAL grew a strong 20%, in line with the growth of SAHIs.
Grand Total 154 25%
ILOM reported a growth of 40%/42% YoY in the overall Health/Group Health
Total Public 55 8%
Total Private 80 41%
segment in May’22. PSU multiline players saw a 9% decline in the Retail Health
SAHI 17 24% segment, whereas growth in the Group business remained healthy at 24% YoY.
Bajaj Allianz 9 41%
ICICI -Lombard 14 34% Strong growth in the Motor segment on the back of a lower base
New India 22 0%
STARHEAL 9 12%
The Motor business grew 41% YoY on the back of a lower base effect, led by
Source: General Insurance Council , 45%/39% growth in Motor OD/TP. Public multiline players grew lower than industry
MOFSL in both Motor OD and Motor TP segment. ILOM saw healthy growth (40%/47%) in
the Motor OD/TP business. Smaller players such as Go Digit and Acko General
demonstrated stellar growth (59%/113%) in the overall Motor business in May ‘22.
Performance of key players

SAHIs/Private multiline players gained 14bp/391bp market share in May’22 at the
cost of public players, which lost 396bp.
 ILOM reported a growth of 34% YoY.
 Bajaj Allianz reported a growth of 41% YoY.
 New India reported flattish YoY growth.
 STARHEAL reported a growth of 12% YoY.
17 June 2022 9
Telecom
Motilal Oswal values your support Weak subscriber adds; Sim consolidation continues
in the Asiamoney Brokers Poll 2022
for India Research, Sales, Corporate RJio gains from both VIL and Bharti.
Access and Trading team. The Telecom Regulatory Authority of India (TRAI) released subscriber data for
We request your ballot.
Apr’22. Here are the key highlights:
 The industry wide gross subscribers continued to remain flattish for second
consecutive month (up 0.6m to 1,143m) after seeing continued decline post the
tariff hike in Dec’21. But the sim consolidation across sector has led to steep
decline in active subscriber base by 7.5m MoM to 1,014m, as price differential
across telcos is limited.
nd
 RJio’s active subscriber adds were flat for 2 month in a row at 379m after
10.1m/4.2 adds in Feb’22/March’22. Bharti surprisingly saw a sizeable 3.1m
decline, (v/s 4.6m adds in Mar’22) unlike even during the tariff hike period
(Dec’21-March’22). VIL’s active subscribers continued to decline by 3.8m after a
month change in trend in March’22 which saw flat nos.
 Bharti’s gross subscriber additions remained flattish with mere 0.8m additions
(v/s 2.3m adds in Mar’22). But active subscriber decline of 3.1m to 353m
surprised negatively, (v/s 4.6m adds in Mar’22) as it saw addition even during
the four month tariff hike period of Dec’21-March22. Active subscriber share
maintained at 34.8%, as VIL pulled industry base. Even 4G subscriber posted
marginal declined of 0.3m (v/s 2.1m additions in Mar’22) to reach 210m.
 RJio’s gross/active subscriber base saw modest 1.7m/-0.1m MoM, though
substantially slowed down but much better than peers which have seen steeper
decline. Thereby it continued to gain active market share of 30bp to 37.4%
holding leadershop forte.
 VIL continued to see gross and active subscriber decline of 1.6m/3.8m to
259m/222m, respectively. 4G subscriber base too returned to declining trend
(down 0.4m to 122m) after a couple of months of addition (0.9m/0.5m in Feb’22
and Mar’22).
 4G subscribers: Industrywide 4G subscriber adds were weak being flat at 760m.
RJio saw the strongest addition of 1.7m, though much below its earlier average
of ~5m before the tariff hike, gaining share from Bharti and VIL which saw a
decline of 0.3/0.4m each.
 The number of wired broadband subscribers for the industry grew by 0.6m to
27.8m. RJio/Bharti added 0.3m/0.4m subscribers, while BSNL’s subscriber base
declined marginally by 0.1m to 3.8m.
Active subscriber base declined by 7.5m to 1,014m
Active subscriber base (m) Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22
Bharti 344 347 341 344 346 347 347 346 348 349 350 351 356 353
VIL 256 254 247 242 238 236 236 234 232 229 229 226 226 222
RJio 332 335 338 340 346 351 355 358 360 364 369 379 379 379
Top Three players 932 936 926 926 931 934 938 939 939 942 947 956 961 954
Other players 62 62 60 59 58 58 58 58 57 58 59 60 60 60
Total 994 997 986 985 989 992 996 996 996 1001 1007 1016 1021 1014
Source: TRAI, MOFSL
17 June 2022 10
16 June 2022
ECOSCOPE
The Economy Observer
India’s real exports declined in May’22

…but real imports saw a strong increase
 Notwithstanding the strong 20.6% YoY growth in merchandise exports, India’s trade deficit stood at a record high of
USD24.3b in May’22, led by a massive growth (62.8% YoY) in imports. Although such trade deficits are unsustainable, higher
exports reflect strong domestic production, while higher imports suggest strong domestic demand. To understand these
implications more carefully, we have segregated the impact of price inflation and estimate India’s real exports and imports.
 Based on 28 major commodities, each accounting for over 90% of exports and imports, our calculations suggest that India’s
real exports shrank by 1.9% YoY in May’22, marking its first fall in eight months. On the other hand, real imports grew by
21.4% YoY in May’22, its first growth in three months.
 Non-oil non-gold exports grew by 0.6% YoY, its 15th successive growth, and NONG imports rose by 9.3% YoY in May’22.
 It implies that while nominal exports grew by 25.5% YoY in Apr-May’22, following a surge of 44.7% in FY22, real exports rose
by only 2.9% YoY in Apr-May’22, following a growth of 21.4% in FY22. While nominal exports have posted a growth of 8.5% in
FY20-22 (during the COVID-19 period) v/s 8% in the pre-COVID period (FY17-19), real exports have grown slower at 1.2% v/s
3% during the corresponding period.
 While nominal imports grew by 45.5% YoY in Apr-May’22, following a surge of 56.1% in FY22, real imports rose by only 6.4%
YoY in Apr-May’22, following a growth of 13.3% in FY22. While nominal imports grew by 6% during the COVID-19 period v/s a
growth of 10.5% in the pre-COVID period, real imports actually declined by 2.2% v/s a growth of 4.8% over FY17-19.
 A look at the 25 major export commodities suggests that as many as 15 of them declined in real terms in May’22, including
five of the largest 10 items. While exports of petroleum products/textiles grew 61%/10% YoY in May’22, they fell 12.8%/2.1%
YoY in real terms.
 As many as eight of the major import commodities declined in May’22, including two of the 10 largest items. The real imports
of ‘coal, coke and briquettes, etc.’ and ‘vegetable oil’ contracted in May’22, but grew 172%/18.8% YoY in nominal terms.
 This exercise of broadly separating the impact of price inflation from the nominal exports and imports confirm that the
average growth (of 1.2%) in India’s real exports during the past few years (FY20-22) is weaker than the pre-COVID period. It
means that nominal exports have to continue to grow for many more years. We hope that the decline in real exports in
May’22 is an aberration.
 While real imports posted very strong growth in May’22, there has been an average contraction (of 2%) in the COVID-period
as compared to ~5% growth in the pre-COVID period. It confirms the narrative of a weak recovery in domestic demand and
the very important role that inflation has played in driving the record high trade (crossing USD1t for the first time in FY22) in
India during the past many months.
Real exports and imports on a monthly basis are estimated by deflating the nominal values, with an appropriate price index for
each of the 28 major commodities. Data for the same is provided by the quick estimates published by the Government of India
around the 15th of each month for the preceding month. Details regarding the commodity-wise appropriate price index for
exports and imports are provided in Exhibit 13 and 14, respectively, at the end of the report.
Our estimates of real exports and imports are finalized after the detailed commodity-wise data is released (at the end of the
month). Historical data suggest only minor revisions in the quick estimates as compared to the final estimates.
17 June 2022 11
In conversation
HDFC Life: Have been appealing to regulator to allow us to sell

health policies; Vibha Padalkar, CEO
 Grew in line with private peers in FY22, expect that to continue
 Some of the weak May growth is due to base effect
 Growing topline isn’t only objective, must manage risk too
 Have been appealing to regulator to allow us to sell health policies
 We have combination products with HDFC ERGO
 Welcome the use and file norms for new product launches
 Can see some aggressive pricing in the short-term
 Use and file will be positive for customers
 Have asked RBI to create a level playing field vs peers
 If we were asked to go down to 30%, others should too
Crompton Consumer: Expected margin from built-in-kitchen

appliances at more than 30%; Matthew Job, CEO
 Built-in kitchen appliances segments is worth Rs 2,200 crore, growing 10-12% p.a.
 New product offerings cater to unmet needs of this segment
 Expect Rs 250-300 crore additional revenues from the segment
 Built in kitchen appliances is in mid to premium segment
 Expected margin from built-in-kitchen appliances at more than 30%
 Butterfly Gandhimathi gives access to various channels of distribution, tech, R&D
 Crompton appliances revenue is Rs 700-800 crore, 15-16% EBIT
 Butterfly has in-house manufacturing of appliances vs Crompton which outsources
 Butterfly + Crompton combined entity to deliver 15-20% revenue growth
 Ambitious to grow 1.5x industry which is 8-10%
Tata Communication: Have never shared revenue guidance

before; comfortable around debt levels at 2x;
Amur S Lakshminarayanan, MD & CEO
 We have never shared revenue guidance before
 Number of customers have increased in last 3 years
 Have launched a number of new plants
 We continue to grow in the Indian market
 Would like to invest back into growth
 Usage revenues have come down in last 24 months due to market condition
 Industry is getting used to high level attrition
 Comfortable around debt levels at 2x
17 June 2022 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 FY22E FY23E FY24E FY22E FY23E FY24E FY23E FY24E FY23E FY24E FY23E FY24E
Automobiles
Amara Raja Neutral 464 590 27 29.9 35.8 42.1 -21.0 19.5 17.7 13.0 11.0 1.6 1.5 12.9 14.0
Apollo Tyres Buy 176 265 50 11.2 13.0 20.3 -2.2 15.2 56.6 13.6 8.7 0.8 0.8 6.2 9.1
Ashok Ley. Buy 130 170 31 0.1 3.0 6.6 -110.3 2,703.2 122.8 43.9 19.7 5.0 4.3 11.6 23.3
Bajaj Auto Neutral 3655 3900 7 183.6 215.2 238.4 9.4 17.2 10.8 17.0 15.3 3.9 3.7 23.0 24.8
Balkrishna Inds Neutral 2107 2120 1 76.6 82.2 94.8 25.8 7.2 15.4 25.6 22.2 5.1 4.4 21.2 21.2
Bharat Forge Buy 633 865 37 21.7 27.2 34.6 1,047.8 25.6 27.1 23.3 18.3 3.9 3.3 18.0 19.6
Bosch Neutral 13552 14500 7 412.8 486.8 581.0 23.1 17.9 19.3 27.8 23.3 3.4 3.1 12.8 13.8
CEAT Buy 922 1275 38 19.6 36.9 89.2 -82.8 87.9 142.0 25.0 10.3 1.1 1.0 4.5 10.2
Eicher Mot. Buy 2650 2900 9 61.3 100.3 130.1 21.1 63.6 29.7 26.4 20.4 4.9 4.1 20.1 22.1
Endurance Tech. Buy 1268 1620 28 34.5 48.8 57.9 -4.1 41.4 18.7 26.0 21.9 4.1 3.6 16.5 17.4
Escorts Neutral 1557 1740 12 69.2 77.8 87.2 -19.7 12.4 12.1 20.0 17.9 1.7 1.7 9.6 10.0
Exide Ind Buy 138 190 37 9.9 10.6 12.9 10.7 7.6 21.6 13.0 10.7 1.0 1.0 8.0 9.1
Hero Moto Buy 2518 3000 19 123.8 158.6 187.5 -16.6 28.1 18.2 15.9 13.4 3.0 2.8 19.5 21.6
M&M Buy 1005 1150 14 43.0 49.1 62.9 26.2 14.3 28.0 20.5 16.0 2.8 2.4 14.2 16.1
Mahindra CIE Buy 200 280 40 13.8 16.2 20.8 391.0 17.3 28.1 12.3 9.6 1.3 1.2 11.3 13.1
Maruti Suzuki Buy 7833 10000 28 128.3 229.2 355.1 -11.7 78.7 54.9 34.2 22.1 4.0 3.6 11.5 16.2
MRF Neutral 67216 69000 3 1,578.4 1,945.4 3,203.4 -47.6 23.3 64.7 34.6 21.0 1.9 1.8 5.7 8.8
Motherson Sumi Buy 117 155 32 2.8 4.7 7.0 -16.3 65.6 48.8 24.9 16.7 2.4 2.2 10.0 13.6
Motherson
Buy 62 80 28 1.5 1.8 2.3 81.8 24.7 28.1 34.2 26.7 13.9 10.5 45.4 44.8
Wiring
Sona BLW Precis. Neutral 570 640 12 5.8 7.9 12.8 48.0 35.7 61.8 72.2 44.6 14.1 11.3 21.2 28.1
-
Tata Motors Buy 393 485 23 -28.2 15.3 27.7 LP 80.6 25.6 14.2 3.0 2.5 12.4 19.0
5,109.1
TVS Motor Neutral 746 650 -13 18.9 26.1 32.0 46.9 37.8 22.6 28.6 23.3 6.1 5.0 23.3 23.6
Aggregate -30.7 141.7 39.2 24.8 17.8 3.3 2.9 13.3 16.3
Banks - Private
AU Small Finance Buy 625 813 30 18.0 24.8 33.7 -5.1 37 35.9 25.2 18.6 4.4 3.5 18.9 21.0
Axis Bank Buy 635 930 46 42.5 58.1 73.4 89.7 37 26.2 10.9 8.7 1.5 1.3 14.4 15.7
Bandhan Bank Neutral 310 350 13 0.8 27.2 38.2 -94.3 3,378 40.8 11.4 8.1 2.4 1.9 22.8 26.1
DCB Bank Neutral 76 90 19 9.2 13.5 17.6 -14.5 45.7 30.8 5.6 4.3 0.5 0.5 10.5 12.4
Equitas Hold. Buy 79 150 90 8.2 13.9 20.2 -26.9 69.5 44.7 5.7 3.9 0.6 0.5 10.8 14.2
Federal Bank Buy 87 130 50 9.2 11.0 13.3 15.6 18.9 21.0 7.9 6.5 0.9 0.8 11.7 12.8
HDFC Bank Buy 1281 1850 44 66.8 80.3 96.5 18.1 20.1 20.2 16.0 13.3 2.6 2.2 17.2 17.8
ICICI Bank Buy 678 1050 55 33.7 40.6 49.1 39.2 20.7 20.7 16.7 13.8 2.4 2.1 15.6 16.3
IndusInd Buy 810 1300 61 62.1 91.8 115.6 60.5 47.8 25.9 8.8 7.0 1.2 1.0 14.0 15.5
Kotak Mah. Bk Neutral 1675 2000 19 60.9 69.2 82.6 20.8 13.5 19.4 24.2 20.3 3.0 2.6 12.5 13.1
RBL Bank Buy 82 160 95 -1.2 15.4 24.1 -114.7 LP 56.3 5.3 3.4 0.4 0.3 7.1 10.3
SBI Cards Buy 707 1100 56 17.2 27.9 38.4 63.8 62.5 37.8 25.4 18.4 6.6 4.9 29.4 30.6
Aggregate 29.2 30.0 23.1 16.1 13.1 2.4 2.1 15.0 15.9
Banks - PSU
BOB Buy 98 135 38 14.0 18.4 25.6 777.3 31.0 39.3 5.3 3.8 0.5 0.5 10.5 13.1
Canara Bank Buy 181 280 55 32.8 45.7 55.5 111.3 39.2 21.4 4.0 3.3 0.5 0.4 11.9 12.9
Indian Bank Buy 151 185 22 33.2 39.4 48.4 24.9 18.7 22.6 3.8 3.1 0.4 0.4 12.3 13.6
Punjab Natl.Bank Neutral 29 30 3 3.2 4.6 6.1 66.8 44.5 31.8 6.2 4.7 0.3 0.3 5.2 6.6
SBI Buy 441 600 36 39.6 53.3 66.6 57.9 34 24.9 8.3 6.6 1.2 1.0 15.5 16.7
Union Bank (I) Buy 35 50 42 7.9 8.8 13.0 74.2 11 48.4 4.0 2.7 0.3 0.3 8.9 12.4
Aggregate 80.8 33 28 7 5.4 0.8 0.7 11.5 13.3
NBFCs
AAVAS Financiers Sell 1957 2000 2 45.2 53.7 68.1 22.6 18.7 26.9 36.5 28.7 4.8 4.1 14.0 15.4
Aditya Birla Cap Buy 92 140 52 6.6 7.3 8.9 42.0 10.6 22.0 12.6 10.3 1.3 1.2 10.9 11.9
Angel One Buy 1222 2300 88 75.4 93.1 114.0 109.7 23.4 22.5 13.1 10.7 4.9 3.7 42.0 39.5
Bajaj Fin. Buy 5284 8350 58 116.5 164.0 212.3 58.6 40.7 29.5 32.2 24.9 6.1 5.1 20.6 22.2
Can Fin Homes Buy 424 750 77 35.4 39.4 47.7 3.3 11.4 20.9 10.8 8.9 1.6 1.4 15.8 16.4
Cholaman.Inv.&F Buy 626 810 29 26.1 29.8 35.2 41.4 13.9 18.3 21.0 17.8 3.7 3.1 19.1 19.0
17 June 2022 13
Click excel icon
valuation guide
n
HDFC Buy 2057 2900 41 62.4 74.4 85.9 14.5 19.3 15.4 27.6 24.0 2.9 2.6 13.6 14.1
HDFC Life Insur. Neutral 571 650 14 5.7 7.5 8.5 -15.2 30.5 14.3 76.7 67.1 3.0 2.5 17.9 18.7
ICICI Pru Life Buy 520 675 30 5.3 6.3 8.0 -21.5 20.0 27.6 82.5 64.7 2.1 1.8 14.1 16.6
IIFL Wealth Mgt Buy 1404 2200 57 65.2 76.8 86.9 55.1 17.8 13.2 18.3 16.2 4.0 3.8 22.2 24.0
IndoStar Buy 137 320 134 4.6 18.4 29.5 -126.7 298.2 60.3 7.5 4.6 0.5 0.4 6.4 9.6
L&T Fin Holdings Buy 68 100 46 4.2 6.1 7.1 10.4 43.0 16.9 11.3 9.6 0.8 0.7 7.3 8.0
LIC Hsg Fin Buy 311 420 35 41.4 51.7 60.4 -23.5 24.7 16.9 6.0 5.1 0.6 0.6 11.1 12.0
Manappuram
Buy 87 130 50 15.7 16.3 17.5 -23.0 3.7 7.5 5.3 5.0 0.8 0.7 15.5 14.7
Fin.
MAS Financial Buy 503 770 53 28.9 35.0 44.6 10.0 21.3 27.5 14.4 11.3 1.9 1.7 14.3 16.0
Max Financial Buy 797 950 19 10.4 14.0 15.4 -5.2 34.0 10.7 57.1 51.6 2.0 1.7 19.9 20.6
M&M Fin. Buy 172 220 28 8.0 13.1 14.9 194.8 63.8 13.2 13.1 11.5 1.3 1.2 10.3 10.8
Muthoot Fin Buy 1035 1220 18 98.6 93.8 100.3 6.2 -4.8 6.9 11.0 10.3 2.0 1.7 19.0 17.6
Piramal Enterp. Buy 1647 2250 37 83.7 100.9 119.7 33.7 20.5 18.6 16.3 13.8 1.1 1.1 7.0 7.9
PNB Housing Neutral 333 410 23 49.6 58.4 63.9 -8.2 17.7 9.5 5.7 5.2 0.5 0.5 9.6 9.7
Repco Home Fin Neutral 125 155 24 30.6 43.0 50.1 -33.4 40.5 16.6 2.9 2.5 0.3 0.3 11.4 11.9
SBI Life Insurance Buy 1106 1450 31 15.1 16.4 18.1 3.4 9.2 10.0 67.2 61.1 2.4 2.0 18.3 19.5
Shriram City
Buy 1642 2150 31 162.9 194.7 247.4 6.4 19.5 27.1 8.4 6.6 1.1 1.0 13.7 15.4
Union
Shriram Trans. Buy 1143 1500 31 100.1 124.1 149.8 1.8 24.0 20.7 9.2 7.6 1.1 1.0 12.3 13.3
Star Health Insu Buy 666 840 26 -18.1 14.2 21.0 -8.7 LP 47.6 46.9 31.8 5.4 4.6 14.0 15.6
Aggregate 22.2 21.4 18.9 19.3 16.2 2.5 2.2 12.8 13.5
Capital Goods
ABB Buy 2245 2505 12 19.4 27.2 36.6 63.5 40.0 34.9 82.6 61.3 10.2 9.1 12.3 14.9
Bharat Elec. Buy 232 280 21 9.6 10.9 13.0 13.7 13.2 19.0 21.3 17.9 4.1 3.6 19.5 20.4
BHEL Sell 46 45 -1 1.2 1.3 2.0 -115.1 14.4 47.4 33.8 22.9 0.6 0.6 1.7 2.5
Cummins Sell 976 790 -19 28.2 31.8 35.7 31.7 12.9 12.4 30.7 27.3 5.4 5.1 17.7 18.9
Engineers India Buy 58 90 56 5.5 7.8 8.3 0.2 42.7 7.3 7.4 6.9 2.2 2.1 27.2 28.2
K E C Intl. Buy 373 510 37 14.2 28.5 35.8 -34.0 101.2 25.6 13.1 10.4 2.2 1.9 17.2 18.0
Larsen & Toubro Buy 1527 2270 49 61.0 82.4 95.3 -26.0 35.0 15.7 18.5 16.0 2.3 2.1 12.7 13.2
Siemens Neutral 2341 2135 -9 29.9 38.3 45.3 40.3 28.2 18.4 61.2 51.6 7.3 6.6 12.0 12.8
Thermax Neutral 2030 1805 -11 27.7 43.7 52.4 26.2 57.5 19.9 46.5 38.8 6.0 5.4 12.8 13.9
Aggregate 62.4 31.7 17.8 25.5 21.7 3.0 2.8 11.8 12.7
Consumer
Durables
Blue Star Neutral 939 985 5 17.4 22.3 32.9 67.1 28.2 47.1 42.0 28.6 8.0 7.0 19.1 24.7
CG Cons. Elec. Buy 318 505 59 9.5 11.0 12.1 12.4 16.1 9.9 29.0 26.4 7.4 6.4 25.6 24.1
Havells Neutral 1093 1290 18 19.1 24.8 27.5 16.0 30.2 10.7 44.0 39.8 9.8 8.4 22.2 21.2
Orient Electric Buy 263 460 75 6.0 9.0 10.4 5.7 50.8 15.3 29.2 25.3 8.3 6.7 28.3 26.6
Voltas Neutral 955 1200 26 15.2 23.4 27.9 -4.0 53.4 19.2 40.9 34.3 5.2 4.7 12.7 13.6
Whirlpool India Buy 1479 2045 38 17.7 36.4 43.9 -36.3 105.3 20.7 40.6 33.7 5.5 4.8 13.6 14.4
Aggregate 5.9 38.2 15.7 40.3 34.8 7.5 6.5 18.5 18.7
Chemicals
Alkyl Amines Neutral 2659 3180 20 44.0 63.0 79.5 -24.0 43.2 26.1 42.2 33.5 11.0 8.8 29.0 29.4
Atul Neutral 7919 9985 26 198.7 279.3 302.6 -8.8 40.5 8.3 28.4 26.2 4.6 4.0 17.3 16.2
Clean Science Neutral 1638 1950 19 21.5 32.0 43.3 15.2 48.7 35.5 51.2 37.8 16.5 12.0 37.2 36.7
Deepak Nitrite Neutral 1841 2320 26 78.2 84.0 89.2 37.5 7.4 6.3 21.9 20.6 5.8 4.7 29.9 25.2
Fine Organic Neutral 5020 3985 -21 81.8 83.4 99.6 118.1 2.0 19.4 60.2 50.4 13.5 11.4 24.4 24.5
Galaxy Surfact. Buy 2904 3525 21 74.1 80.7 88.1 -13.0 8.8 9.2 36.0 33.0 5.7 5.1 17.0 16.4
Navin Fluo.Intl. Neutral 3517 3955 12 53.8 80.0 98.9 6.1 48.8 23.6 44.0 35.6 8.0 6.8 19.6 20.6
NOCIL Buy 243 306 26 10.6 11.2 13.9 103.0 6.5 23.6 21.6 17.5 2.6 2.4 12.6 14.3
Vinati Organics Buy 1938 2379 23 33.7 44.3 59.5 28.7 31.3 34.2 43.8 32.6 9.0 7.4 22.6 24.9
Aggregate 14.8 22.7 14.9 34.3 29.8 7.0 5.9 20.4 19.7
Cement
17 June 2022 14
Click excel icon
valuation guide
Ambuja Cem. Neutral 359 350 -3 10.7 10.4 11.8 18.9 -3.2 13.6 34.6 30.5 3.1 3.0 18.9 19.9
ACC Buy 2083 2485 19 100.5 78.7 110.8 28.2 -21.7 40.7 26.4 18.8 2.7 2.4 10.3 13.5
Birla Corp. Buy 852 1395 64 56.0 23.0 61.0 -21.0 -59.0 165.5 37.1 14.0 1.1 1.0 2.9 7.4
Dalmia Bhar. Buy 1253 1915 53 40.1 35.2 53.2 -11.7 -12.4 51.3 35.7 23.6 1.4 1.4 4.1 6.0
Grasim Inds. Buy 1285 1875 46 108.3 109.8 115.4 59.5 1.4 5.1 11.7 11.1 1.7 1.6 12.0 11.5
India Cem Neutral 153 155 1 1.3 2.0 8.7 -82.4 57.2 337.9 77.1 17.6 0.8 0.8 1.1 4.5
J K Cements Neutral 2089 2700 29 87.9 77.7 103.4 -3.4 -11.7 33.1 26.9 20.2 3.4 3.0 13.2 15.8
JK Lakshmi Ce Buy 389 590 52 32.5 31.4 39.9 -0.5 -3.5 27.0 12.4 9.8 1.7 1.5 14.2 15.9
Ramco Cem Buy 584 785 34 26.4 16.4 31.1 -18.1 -38.1 89.8 35.7 18.8 2.0 1.8 5.8 10.2
Shree Cem Neutral 18730 23740 27 658.7 522.3 652.1 2.8 -20.7 24.9 35.9 28.7 3.6 3.2 10.4 11.8
Ultratech Buy 5309 7825 47 196.3 214.6 278.9 3.1 9.3 30.0 24.7 19.0 2.8 2.5 11.7 13.8
Aggregate 16.3 -4.5 24.0 22.6 18.2 2.3 2.2 10.3 11.9
Consumer
Asian Paints Neutral 2657 3120 17 33.4 47.9 56.7 -0.2 43.7 18.3 55.4 46.9 16.7 15.5 31.7 34.3
Britannia Buy 3396 3900 15 63.0 69.2 86.5 -18.0 10.0 25.0 49.1 39.2 28.2 24.7 61.2 67.1
Colgate Neutral 1514 1530 1 38.5 40.1 43.6 4.2 4.2 8.7 37.8 34.7 23.7 23.7 62.9 68.3
Dabur Buy 497 630 27 10.3 11.6 14.0 7.7 11.9 20.8 43.0 35.6 9.4 8.5 23.0 25.0
Emami Buy 411 510 24 19.1 19.5 22.2 17.2 2.5 13.8 21.0 18.5 8.2 7.5 40.3 42.3
Godrej Cons. Buy 742 975 31 17.7 16.3 21.6 2.7 -8.1 32.6 45.5 34.3 6.1 5.7 13.9 17.1
HUL Buy 2146 2700 26 37.7 39.0 44.9 9.0 3.4 15.4 55.1 47.8 10.8 11.3 19.2 23.1
ITC Buy 261 335 28 12.2 13.9 15.8 15.4 13.7 13.8 18.8 16.5 5.0 4.6 27.2 29.1
Indigo Paints Buy 1424 2010 41 17.7 27.3 40.2 18.6 54.2 47.4 52.2 35.4 8.7 7.0 18.1 21.8
Jyothy Lab Neutral 147 150 2 4.3 5.1 6.3 -25.7 18.3 23.2 28.7 23.3 3.6 3.5 12.8 15.2
Marico Buy 485 600 24 9.5 11.2 13.3 5.5 18.1 18.3 43.2 36.5 16.7 16.0 40.8 44.8
Nestle Neutral 16873 18450 9 240.8 254.9 296.3 10.8 5.8 16.2 66.2 56.9 76.3 77.6 116.6 135.2
Page Inds Neutral 40050 41000 2 481.0 614.5 744.4 57.5 27.8 21.1 65.2 53.8 36.0 32.6 55.3 60.6
Pidilite Ind. Neutral 2097 2035 -3 23.5 25.5 37.0 6.1 8.4 45.2 82.3 56.7 15.3 13.6 19.4 25.4
P&G Hygiene Buy 13341 17000 27 196.3 255.5 321.1 25.7 30.2 25.7 52.2 41.6 49.9 44.5 100.3 113.3
Tata Consumer Buy 725 900 24 10.6 13.9 17.1 11.8 31.8 22.6 52.0 42.4 4.1 3.8 8.2 9.4
United Brew Sell 1446 1150 -20 14.1 19.7 25.8 229.9 39.8 30.5 73.2 56.1 9.0 8.3 12.8 15.4
United Spirits Neutral 747 805 8 12.5 13.7 16.1 97.3 9.3 17.2 54.5 46.5 10.5 9.9 19.2 21.3
Varun Beverages Buy 778 814 5 10.7 17.5 20.4 113.5 63.3 17.1 44.6 38.1 10.1 8.3 24.9 23.8
Aggregate 11.0 12.8 17.9 41.4 35.1 10.0 9.5 24.2 27.1
Healthcare
Alembic Phar Neutral 726 750 3 35.0 37.5 41.9 -41.5 7.1 11.7 19.3 17.3 2.5 2.3 14.1 14.3
Alkem Lab Buy 3042 3680 21 138.1 144.2 175.4 2.6 4.4 21.6 21.1 17.3 3.6 3.1 18.5 19.4
Ajanta Pharma Buy 1806 2080 15 78.2 81.1 97.5 5.8 3.6 20.2 22.3 18.5 4.2 3.6 20.3 20.9
Apollo Hospitals Buy 3660 4900 34 68.1 76.0 98.5 1,024.9 11.6 29.6 48.2 37.2 7.7 6.4 17.8 19.3
Aurobindo Buy 523 640 22 44.0 46.9 52.9 -18.5 6.4 13.0 11.2 9.9 1.1 1.0 10.6 10.9
Biocon Neutral 322 410 28 7.4 10.8 16.4 45.2 47.4 51.3 29.7 19.6 2.3 2.1 10.3 11.2
Zydus
Buy 343 420 23 21.6 21.3 22.6 8.9 -1.2 6.2 16.1 15.2 1.8 1.7 12.1 11.6
Lifesciences
Cipla Neutral 941 880 -6 35.3 38.4 45.5 18.0 8.6 18.7 24.5 20.7 3.3 2.9 13.3 13.9
Divis Lab Buy 3565 4480 26 110.4 114.5 132.4 46.1 3.7 15.7 31.1 26.9 6.8 5.8 23.7 23.3
Dr Reddy’s Buy 4287 4800 12 175.9 198.8 233.8 22.5 13.0 17.6 21.6 18.3 3.2 2.8 16.0 16.1
ERIS Lifescience Buy 642 870 36 29.5 33.0 40.5 14.3 11.8 22.8 19.4 15.8 3.9 3.3 21.7 22.4
Gland Pharma Buy 2653 3700 39 73.7 88.7 113.1 21.5 20.3 27.5 29.9 23.5 5.1 4.2 18.5 19.5
Glenmark Neutral 364 420 15 34.6 37.2 42.5 -1.2 7.5 14.4 9.8 8.6 1.0 0.9 11.0 11.3
GSK Pharma Neutral 1501 1570 5 21.8 37.3 42.4 -19.7 71.2 13.7 40.2 35.4 8.8 7.9 21.7 22.2
Granules India Buy 240 300 25 16.1 20.5 24.5 -27.6 27.2 19.4 11.7 9.8 1.9 1.6 18.0 18.1
IPCA Labs Buy 868 1090 26 36.5 37.3 45.1 -17.8 2.2 21.0 23.3 19.2 3.5 3.0 16.0 16.9
Jubilant
Neutral 358 430 20 26.6 27.1 37.0 -50.9 1.8 36.6 13.2 9.7 1.0 0.9 7.7 9.7
Pharmova
Laurus Labs Buy 492 700 42 15.5 22.2 28.5 -15.4 43.2 28.6 22.2 17.3 6.1 4.7 30.9 30.6
Lupin Neutral 603 590 -2 19.1 18.5 23.6 -26.3 -3.4 27.9 32.6 25.5 2.2 2.1 6.8 8.5
17 June 2022 15
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valuation guide
Solara Active
Buy 361 740 105 -15.2 10.7 37.4 -124.7 LP 250.1 33.7 9.6 0.9 0.9 2.6 9.0
Pharma
Strides Pharma Buy 295 360 22 -41.6 14.8 29.2 -287.6 LP 97.2 19.9 10.1 0.9 0.8 4.9 8.4
Sun Pharma Buy 814 1040 28 31.9 34.3 39.9 27.3 7.5 16.5 23.8 20.4 3.5 3.1 15.9 16.1
Torrent Pharma Neutral 2802 2850 2 68.6 90.2 110.6 -8.4 31.4 22.6 31.1 25.3 6.5 5.6 23.0 23.6
Aggregate 5.9 12.6 19.9 24.0 20.0 3.3 2.9 13.7 14.5
Infrastructure
Ashoka Buildcon Buy 76 120 57 16.4 15.7 16.6 12.8 -4.1 5.1 4.8 4.6 0.7 0.6 15.3 14.1
G R Infraproject Buy 1168 1800 54 78.7 83.3 103.6 -2.5 5.9 24.4 14.0 11.3 2.2 1.8 16.9 17.7
IRB Infra Neutral 198 240 21 6.0 11.4 14.5 79.5 91.0 26.9 17.3 13.6 0.9 0.9 5.4 6.6
KNR
Buy 232 320 38 12.8 14.7 17.6 42.4 14.4 19.7 15.8 13.2 2.5 2.1 16.9 17.1
Constructions
Aggregate 14.0 11.6 1.4 1.2 9.8 10.7
Logistics
Blue Dart Express Neutral 6734 7715 15 173.8 185.8 196.7 237.6 6.9 5.9 36.2 34.2 12.5 9.8 39.5 32.2
Concor Buy 619 710 15 17.4 21.0 25.7 81.1 20.2 22.7 29.5 24.0 3.3 3.2 11.6 13.5
Mahindra
Neutral 440 540 23 5.2 10.2 15.3 13.2 96.4 50.8 43.3 28.7 4.9 4.3 11.8 15.9
Logistics
TCI Express Buy 1586 2100 32 33.5 41.5 51.8 28.1 23.9 24.6 38.2 30.6 9.1 7.2 26.4 26.2
Transport Corp. Buy 702 870 24 37.6 40.7 52.7 80.8 8.2 29.6 17.3 13.3 3.2 2.6 19.6 21.0
VRL Logistics Buy 612 720 18 18.1 19.9 24.0 255.3 10.1 20.1 30.7 25.6 7.0 5.8 24.7 24.8
Aggregate 31.0 25.5 4.6 4.2 14.9 16.3
Media
PVR Neutral 1729 1650 -5 -68.7 59.8 61.3 -30.3 LP 2.5 28.9 28.2 6.1 5.0 23.5 19.5
Sun TV Buy 409 500 22 41.7 41.4 45.3 8.2 -0.9 9.6 9.9 9.0 1.9 1.7 19.5 19.1
Zee Ent. Buy 214 400 87 11.0 14.9 17.1 -0.4 35.1 14.7 14.4 12.5 1.7 1.5 12.5 13.0
Aggregate 15.3 49.9 11.0 14.1 12.7 2.2 1.9 15.3 15.4
Metals
Hindalco Buy 336 555 65 61.3 55.6 57.4 149.5 -9.4 3.3 6.0 5.9 1.2 1.0 20.8 18.2
Hind. Zinc Neutral 275 370 35 23.1 29.2 28.3 22.3 26.2 -3.1 9.4 9.7 3.4 3.5 36.1 35.6
JSPL Buy 327 440 35 86.0 57.3 75.0 40.0 -33.3 30.8 5.7 4.4 0.8 0.7 15.1 16.9
JSW Steel Neutral 546 600 10 89.5 71.1 86.3 178.1 -20.5 21.4 7.7 6.3 1.7 1.4 23.5 23.8
Nalco Buy 78 110 41 16.1 14.0 10.0 197.4 -12.9 -28.5 5.6 7.8 1.0 1.0 19.5 12.9
NMDC Neutral 108 130 20 33.4 15.9 18.0 48.5 -52.5 13.5 6.8 6.0 0.9 0.8 13.0 14.0
SAIL Buy 67 90 34 33.4 12.3 21.4 155.2 -63 74.1 5.5 3.1 0.5 0.4 9.2 15.0
Tata Steel Neutral 902 1440 60 329.5 203.6 181.3 377.4 -38 -11.0 4.4 5.0 0.9 0.8 20.9 16.4
Vedanta Neutral 268 470 76 46.7 59.9 47.6 80.2 28 -20.5 4.5 5.6 1.3 1.3 31.8 23.0
Aggregate 136.1 -22.2 1.8 6.3 6.2 1.2 1.1 19.3 17.6
Oil & Gas
Aegis Logistics Neutral 214 240 12 10.7 12.8 14.9 60.1 19.6 16.0 16.7 14.4 2.9 2.5 18.3 18.6
BPCL Neutral 312 360 16 52.0 49.6 38.0 -17.8 -4.7 -23.3 6.3 8.2 1.1 1.0 18.9 13.2
Castrol India Buy 102 146 43 7.7 9.1 9.7 30.1 18.7 6.9 11.2 10.5 5.3 4.6 50.8 47.2
GAIL Buy 141 205 46 22.8 15.7 17.0 110.1 -31.0 8.1 8.9 8.3 1.0 0.9 12.2 12.0
Gujarat Gas Buy 424 650 53 18.8 21.2 25.0 2.1 12.9 17.8 20.0 16.9 4.2 3.5 23.4 22.4
Gujarat St. Pet. Buy 225 391 74 17.4 21.1 23.0 5.7 21.4 9.3 10.7 9.8 1.3 1.2 13.2 12.8
HPCL Neutral 212 267 26 47.9 51.7 40.2 -31.6 8.1 -22.3 4.1 5.3 0.7 0.6 17.9 12.5
IOC Buy 108 164 52 28.0 22.0 16.6 18.2 -21.6 -24.4 4.9 6.5 0.7 0.7 14.6 10.3
IGL Neutral 342 412 20 18.8 18.0 19.2 30.8 -4.0 6.7 19.0 17.8 3.1 2.7 17.1 16.2
Mahanagar Gas Buy 721 1000 39 60.4 81.1 83.3 -3.6 34.3 2.6 8.9 8.7 1.7 1.6 20.9 19.0
MRPL Neutral 96 71 -26 17.0 11.1 10.8 -492.3 -35.1 -2.1 8.7 8.9 1.9 1.7 24.4 20.2
Oil India Buy 264 368 39 34.4 61.8 54.2 77.5 79.7 -12.3 4.3 4.9 0.9 0.8 21.9 17.1
ONGC Buy 143 213 48 39.9 84.2 89.5 147.4 111.1 6.3 1.7 1.6 0.6 0.5 36.8 31.5
PLNG Buy 214 300 40 22.3 21.2 23.5 13.7 -4.9 10.6 10.1 9.1 2.1 1.9 22.4 22.3
Reliance Ind. Buy 2559 2935 15 90.6 110.0 122.5 33.8 21.4 11.3 23.3 20.9 2.0 1.8 8.7 8.9
Aggregate 44.8 35.4 2.6 9.4 9.1 1.4 1.3 15.4 14.2
17 June 2022 16
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valuation guide
Real Estate
DLF Neutral 304 375 23 9.3 19.6 27.7 44.8 110.1 41.4 15.5 11.0 1.4 1.3 9.3 12.0
Godrej Propert. Neutral 1198 1750 46 12.6 23.1 43.0 36.5 83.3 85.8 51.8 27.9 3.6 3.2 7.1 12.0
Oberoi Realty Buy 759 1100 45 28.8 53.2 50.2 41.6 84.7 -5.6 14.3 15.1 2.2 2.0 17.0 13.9
Macrotech
Buy 1037 1570 51 25.0 33.8 40.1 39.4 35.6 18.5 30.6 25.9 3.6 3.2 12.6 13.1
Devel.
Aggregate 49.4 80.7 28.4 25.0 19.4 2.6 2.3 10.4 11.9
Retail
Avenue
Neutral 3679 3500 -5 23.0 39.4 51.1 35.7 70.9 29.8 93.4 71.9 14.1 11.7 17.1 18.5
Supermarts
Aditya Birla
Buy 229 350 53 -1.3 3.3 3.9 -84.0 LP 15.2 68.4 59.3 6.9 6.2 10.7 11.0
Fashion
Barbeque-Nation Neutral 990 1060 7 -6.6 4.6 12.9 -76.2 LP 179.2 213.5 76.5 9.5 8.5 4.5 11.1
Devyani Intl. Buy 147 210 43 1.5 2.5 3.2 -334.2 72.2 25.6 58.6 46.6 17.8 12.8 36.0 32.0
Jubilant Food. Buy 512 680 33 6.6 7.7 9.9 89.1 17.1 27.6 66.1 51.8 15.9 13.6 24.0 26.2
Restaurant
Buy 103 150 45 -4.3 -1.6 0.9 -40.5 Loss LP NM 113.1 5.2 4.9 -8.1 4.4
Brands
Sapphire Foods Buy 968 1420 47 7.2 10.7 24.1 -138.2 47.4 126.0 90.8 40.2 5.7 5.0 6.5 13.3
Shoppers Stop Neutral 442 510 15 -12.2 17.6 18.6 -65.8 LP 5.2 25.1 23.8 15.0 9.2 85.7 48.0
Titan Company Buy 2060 2900 41 26.2 29.7 38.7 137.8 13.1 30.4 69.4 53.3 17.0 14.1 26.3 29.0
Trent Buy 1078 1430 33 1.2 10.4 15.2 -123.5 771.0 47.1 104.1 70.7 13.1 10.9 14.4 18.0
V-Mart Retail Buy 2648 4210 59 6.4 48.7 80.0 -287.7 657.3 64.3 54.4 33.1 5.1 4.4 9.9 14.3
Westlife Develop Neutral 466 490 5 -0.1 4.3 7.9 -98.4 LP 82.7 108.1 59.2 13.7 11.1 13.5 20.7
Aggregate 815.4 71.5 33.8 81.7 61.1 14.2 11.9 17.4 19.5
Technology
Cyient Buy 774 1000 29 47.8 50.6 58.6 41.3 6.0 15.8 15.3 13.2 2.7 2.5 17.6 19.4
HCL Tech. Buy 965 1310 36 49.8 52.9 62.3 13.8 6.1 17.7 18.2 15.5 4.1 4.0 22.8 26.0
Infosys Buy 1397 2000 43 52.4 61.2 71.4 15.0 16.8 16.7 22.8 19.6 8.0 7.6 36.1 40.2
L & T Infotech Neutral 4057 5710 41 130.8 158.1 190.4 22.2 20.9 20.5 25.7 21.3 6.8 5.7 28.8 29.1
L&T Technology Buy 3153 5280 67 90.5 111.3 131.9 44.1 22.9 18.5 28.3 23.9 6.9 5.9 26.0 26.5
Mindtree Neutral 2815 4230 50 100.1 117.7 141.0 48.6 17.6 19.8 23.9 20.0 7.1 5.9 32.4 32.4
Mphasis Buy 2299 3200 39 75.1 94.8 114.4 16.9 26.2 20.7 24.3 20.1 5.7 5.1 25.0 27.2
Coforge Neutral 3295 3690 12 110.9 148.7 184.7 43.4 34.1 24.2 22.2 17.8 6.1 5.0 30.2 31.6
Persistent Sys Neutral 3249 4570 41 91.3 120.8 147.5 54.8 32.3 22.1 26.9 22.0 6.2 5.2 25.0 25.6
TCS Buy 3142 4240 35 104.0 123.0 141.2 19.9 18.3 14.8 25.5 22.2 12.5 12.0 49.5 55.0
Tech Mah Neutral 976 1250 28 62.6 69.8 83.1 21.2 11.4 19.1 14.0 11.7 3.0 2.8 22.4 25.1
Wipro Neutral 422 540 28 21.9 23.8 27.2 16.9 8.8 14.1 17.7 15.5 3.4 3.3 19.6 21.7
Zensar Tech Buy 267 430 61 18.3 18.6 24.1 19.7 1.6 29.7 14.4 11.1 2.0 1.9 14.9 17.7
Aggregate 17.3 14.1 16.3 23.8 20.4 7.4 7.0 31.2 34.4
Telecom
Bharti Airtel Buy 654 910 39 5.6 12.4 17.5 -526.6 121.6 40.9 52.8 37.5 4.1 3.7 8.9 10.4
Indus Towers Neutral 207 215 4 23.6 26.8 28.5 28.1 13.4 6.3 7.7 7.2 2.1 1.8 30.1 27.4
Vodafone Idea 9 -9.9 -8.8 -8.2 17.1 Loss Loss NM NM -0.3 -0.2 NM NM
Tata Comm Neutral 875 1100 26 51.8 60.3 88.5 11.5 16.4 46.7 14.5 9.9 9.4 4.8 96 64.5
Aggregate Loss Loss Loss -52 -133.5 16.0 20.9 -30.7 -15.7
Utilities
Coal India Buy 180 230 28 28.2 34.6 31.8 36.9 22.5 -8.1 5.2 5.7 2.2 1.9 42.1 34.1
NTPC Buy 143 - 17.2 18.7 22.0 9.7 8.6 17.8 7.7 6.5 1.0 0.9 13.2 14.7
Power Grid Buy 216 - 20.1 20.2 21.3 12.6 0.4 5.3 10.7 10.2 1.8 1.8 17.8 17.7
Aggregate 19.1 11.2 4.2 7.8 7.5 1.5 1.4 19.6 19.1
Others
APL Apollo Tubes Buy 892 1270 42 20.2 27.3 36.2 54.7 35.3 32.4 32.7 24.7 8.1 6.3 28.5 28.8
BSE Neutral 626 760 21 18.1 21.5 25.8 72.8 18.5 20.1 29.1 24.3 3.1 3.0 10.6 12.2
Coromandel Intl Buy 929 1065 15 52.1 57.4 62.5 15.0 10.2 8.9 16.2 14.9 3.6 3.0 24.1 22.0
EPL Buy 153 226 48 6.8 8.8 11.3 -16.0 30.1 27.9 17.3 13.5 2.5 2.2 14.7 17.3
Indiamart Inter. Buy 4089 6150 50 97.2 104.6 130.3 0.6 7.6 24.6 39.1 31.4 5.7 5.0 15.8 17.0
17 June 2022 17
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valuation guide
Indian Hotels Buy 214 278 30 -1.8 3.4 5.5 -69.1 LP 63.6 63.3 38.7 4.1 3.7 6.6 10.1
Interglobe Neutral 1645 1779 8 -160.5 37.4 90.5 5.9 LP 142 44 18.2 -13.8 -56.5 -27.0 -121.7
Info Edge Neutral 3611 3730 3 34.1 45.5 54.2 58.3 33.6 19.0 79.3 66.6 3.2 3.0 4.3 4.7
Godrej Agrovet Buy 517 695 35 21.6 27.3 30.8 32.4 26.1 12.8 18.9 16.8 3.8 3.3 21.5 21.1
Kaveri Seed Buy 537 710 32 36.4 52.1 59.0 -31.6 43.1 13.1 10.3 9.1 2.0 1.7 21.6 20.5
Lemon Tree
Buy 62 85 37 -0.9 1.1 1.6 -42.6 LP 49.9 57.7 38.5 5.3 4.7 9.6 12.8
Hotel
MCX Buy 1241 1500 21 28.2 40.4 50.2 -36.2 43.5 24.0 30.7 24.7 4.1 3.7 13.8 15.6
Quess Corp Buy 615 790 28 17.6 36.0 49.5 18.7 104.0 37.5 17.1 12.4 2.3 1.9 20.6 22.8
PI Inds. Buy 2533 3280 30 55.5 70.7 86.3 14.3 27.4 22.1 35.8 29.3 5.4 4.6 16.3 17.0
SIS Buy 461 600 30 19.2 25.3 33.6 49.9 31.5 33.1 18.2 13.7 1.3 1.1 16.7 18.5
SRF Neutral 2188 2415 10 61.1 75.7 84.0 53.1 23.9 11.0 28.9 26.0 6.3 5.3 23.9 22.1
Tata Chemicals Neutral 854 1045 22 49.6 50.8 55.9 392.9 2.4 10.1 16.8 15.3 1.1 1.1 6.9 7.2
Team Lease Serv. Neutral 3169 3670 16 65.1 91.9 122.2 25.4 41.3 33.0 34.5 25.9 5.9 4.8 19.3 20.3
Trident Buy 38 58 51 1.6 1.9 2.5 145.2 15.9 33.3 20.4 15.3 4.0 3.2 21.9 23.4
UPL Neutral 682 880 29 63.5 68.7 80.0 39.9 8.3 16.5 9.9 8.5 1.3 1.1 22.0 21.5
17 June 2022 18
Index and MOFSL Universe stock performance
Index 1 Day (%) 1M (%) 12M (%) Index 1 Day (%) 1M (%) 12M (%)
Sensex -2.0 -2.8 -1.9 Nifty 500 -2.2 -3.6 -3.1
Nifty-50 -2.1 -3.0 -2.6 Nifty Midcap 100 -2.3 -4.5 -3.4
Nifty Next 50 -2.1 -4.7 -6.7 Nifty Smallcap 100 -3.4 -6.5 -14.4
Nifty 100 -2.1 -3.3 -3.0 Nifty Midcap 150 -2.2 -4.0 -3.1
Nifty 200 -2.1 -3.5 -3.1 Nifty Smallcap 250 -3.1 -5.1 -4.6
Company 1 Day (%) 1M (%) 12M (%) LIC Housing Fin. -3.3 -10.1 -37.2
Automobiles -2.2 2.9 2.7 M & M Fin. Serv. -3.4 1.0 1.2
Amara Raja Batt. -3.2 -10.0 -39.9 Muthoot Finance -0.7 -9.1 -31.7
Apollo Tyres -5.1 -16.2 -24.4 Manappuram Fin. -2.1 -14.3 -48.3
Ashok Leyland -3.5 3.4 3.1 MAS Financial Serv. -4.8 -13.8 -42.5
Bajaj Auto -1.1 -1.6 -11.0 ICICI Sec -3.7 -10.2 -31.6
Balkrishna Inds -2.3 2.9 -6.1 IIFL Wealth Mgt -4.7 -6.5 23.2
Bharat Forge -3.2 -4.3 -13.5 PNB Housing -2.4 0.4 -53.3
Bosch -2.3 2.5 -14.4 Repco Home Fin -1.0 -18.0 -68.6
CEAT -1.8 -10.1 -32.8 Shri.City Union. -0.3 -0.5 -4.3
Eicher Motors -2.5 1.2 -3.3 Shriram Trans. -0.6 4.7 -20.3
Endurance Tech. 0.4 3.6 -19.1 Insurance
Escorts -0.8 -5.6 30.7 HDFC Life Insur. -1.5 3.9 -17.5
Exide Inds. -2.0 -3.1 -27.6 ICICI Pru Life -1.0 3.8 -10.1
Hero Motocorp -3.3 0.9 -15.4 Max Financial -3.1 10.5 -22.0
M&M -2.0 11.3 24.7 SBI Life Insuran -1.7 5.7 11.5
Mahindra CIE 0.2 3.6 -7.2 Star Health Insu -3.7 -2.3
Maruti Suzuki -0.2 8.0 10.1 Capital Goods -2.3 0.5 13.1
MRF -1.8 -7.4 -18.5 ABB -2.6 -0.2 30.7
Sona BLW Precis. -5.1 2.8 Bharat Electron -3.2 2.4 55.2
Motherson Sumi -3.0 -2.9 -43.9 BHEL -4.2 -6.5 -32.0
Tata Motors -5.0 -3.0 12.5 Cummins India -2.1 -1.6 14.9
TVS Motor Co. -1.1 14.2 20.0 Engineers India -3.5 -3.3 -31.1
Banks-Private -2.4 -3.7 -10.6 K E C Intl. -0.1 0.8 -7.3
AU Small Fin. Bank -0.3 -4.3 20.0 L&T -2.1 -1.2 2.4
Axis Bank -2.3 -0.5 -15.2 Siemens -1.6 1.9 15.5
Bandhan Bank -1.2 -8.5 -3.3 Thermax 0.9 1.6 36.8
DCB Bank -2.5 -9.1 -32.3 Consumer Durables -2.3 -5.6 -1.6
Equitas Holdings 0.8 -28.0 -17.1 Blue Star -3.0 -7.1 15.4
Federal Bank -2.6 1.8 2.2 CG Cons. Elec. 0.4 -9.5 -24.9
HDFC Bank -2.0 -1.8 -13.7 Havells -1.8 -11.5 8.5
ICICI Bank -1.3 -0.7 6.0 Voltas -3.9 0.4 -7.2
IndusInd Bank -4.0 -8.6 -20.1 Whirlpool India -2.2 -4.4 -34.9
Kotak Mah. Bank -3.5 -7.6 -4.9 Orient Electric -2.2 -8.6 -19.3
RBL Bank -7.5 -29.7 -62.0 Chemicals
SBI Cards -2.2 -2.2 -34.2 Alkyl Amines -1.2 -12.1 -25.4
Banks-PSU -2.7 -3.5 -2.9 Atul -2.5 -3.9 -11.4
BOB -2.4 -2.3 15.6 Clean Science -3.0 -5.0
Canara Bank -3.9 -8.5 19.0 Deepak Nitrite -0.5 -6.9 3.8
Indian Bank -1.2 -2.4 6.7 Fine Organic 0.3 22.4 75.2
Punjab Natl.Bank -2.8 -1.7 -30.4 Galaxy Surfact. -1.1 11.7 -4.1
St Bk of India -2.2 -3.0 3.6 Navin Fluo.Intl. -1.8 -9.3 4.7
Union Bank (I) -2.2 -4.6 -6.1 NOCIL -4.3 4.1 16.9
Company 1 Day (%) 1M (%) 12M (%) Vinati Organics -2.8 -2.9 11.1
NBFCs -2.2 -3.2 -9.5 Cement -3.5 -9.6 -12.3
Angel Broking -3.5 -8.3 47.2 Ambuja Cem. -0.7 -2.4 6.0
Aditya Birla Capital Ltd -4.3 -3.0 -25.3 ACC -1.6 -5.1 3.1
Bajaj Fin. -3.7 -6.4 -13.1 Birla Corp. -3.6 -16.0 -30.3
Cholaman.Inv.&Fn -1.1 -1.5 10.9 Dalmia Bhar. -2.1 -12.7 -31.7
Can Fin Homes -5.0 -12.6 -18.1 Grasim Inds. -3.6 -11.6 -12.6
HDFC -2.3 -5.3 -18.4 India Cem -4.0 -14.2 -19.9
Indostar Capital -3.2 -13.4 -64.8 J K Cements -1.4 -12.5 -24.6
L&T Fin.Holdings -3.5 -11.4 -29.2 JK Lakshmi Ce -3.1 -1.0 -30.3
Note: Sectoral performance are of NSE/BSE Indices
17 June 2022 19
Company 1 Day (%) 1M (%) 12M (%) Company 1 Day (%) 1M (%) 12M (%)
Ramco Cem -3.5 -15.4 -42.7 VRL Logistics -2.9 7.4 111.4
Shree Cem -3.1 -14.8 -33.7 Media -3.2 -6.1 -2.9
Ultratech -2.6 -11.7 -19.4 PVR -2.0 -0.7 20.0
Consumer -0.6 -0.4 1.4 Sun TV -0.5 -0.5 -22.6
Asian Paints -0.1 -11.4 -12.0 Zee Ent. -3.4 -10.9 -6.0
Britannia 0.3 3.4 -6.7 Metals -5.2 -11.9 -9.5
Colgate-Palm. -0.1 -4.2 -11.6 Hindalco -6.1 -14.1 -11.7
Dabur 0.1 0.0 -14.4 Hind. Zinc -2.3 -2.6 -17.7
Emami -1.4 -6.8 -24.3 JSPL -6.3 -29.3 -19.8
Godrej Cons. 0.0 -6.9 -19.1 JSW Steel -3.1 -9.3 -22.7
HUL -0.2 -3.2 -10.9 Nalco -4.7 -14.0 11.6
ITC -0.9 2.7 25.6 NMDC -5.3 -21.5 -39.6
Indigo Paints -3.3 -5.1 -46.4 SAIL -4.9 -17.4 -48.8
Jyothy Lab -3.0 1.6 -6.6 Tata Steel -6.0 -18.3 -21.1
Marico -1.7 -2.2 -4.2 Vedanta -8.2 -6.8 1.3
Nestle 0.3 4.0 -6.1 Oil & Gas -1.9 -4.2 3.0
Page Inds -2.2 -5.6 33.6 Aegis Logistics -6.9 9.9 -41.1
Pidilite Ind. -0.6 -0.8 -1.6 BPCL -1.0 -7.4 -35.2
P&G Hygiene -0.4 0.4 1.0 Castrol India -1.7 -3.7 -32.1
Tata Consumer -1.7 -1.3 -1.5 GAIL -4.7 -6.8 -13.1
United Brew -0.9 0.9 5.5 Gujarat Gas -5.6 -24.4 -33.4
United Spirits -2.8 -8.0 14.5 Gujarat St. Pet. -4.1 -12.5 -28.1
Varun Beverages -1.2 5.5 48.0 HPCL -1.3 -16.6 -30.3
Healthcare -1.6 -4.3 -15.1 IOC -0.9 -11.3 -6.6
Alembic Phar -1.5 -1.9 -27.3 IGL -3.6 -9.3 -35.9
Alkem Lab -2.1 4.8 -4.5 Mahanagar Gas -5.4 -5.3 -42.3
Apollo Hospitals -1.7 -0.8 11.1 MRPL -6.5 30.4 78.6
Ajanta Pharma 1.5 7.3 -9.3 Oil India -2.5 18.6 79.1
Aurobindo -3.0 -5.0 -47.1 ONGC -5.3 -6.7 13.3
Biocon -1.3 0.5 -20.3 PLNG -0.3 1.9 -7.2
Zydus Lifesci. -2.7 -0.7 -45.6 Reliance Ind. -1.4 5.4 15.7
Cipla -2.9 0.8 -1.7 Real Estate -2.8 -4.3 7.1
Divis Lab -0.4 -15.5 -17.1 DLF -4.1 -7.1 -0.7
Dr Reddy’s -1.1 10.3 -20.7 Godrej Propert. -3.8 -13.3 -15.2
ERIS Lifescience -1.9 -6.8 -9.1 Macrotech Devel. -1.3 12.5 52.4
Gland Pharma -0.8 -14.7 -15.7 Oberoi Realty Ltd -3.3 -6.5 18.2
Glenmark -4.6 -7.3 -43.4 Retail
GSK Pharma -2.2 -0.9 -4.3 Aditya Bir. Fas. -4.6 -15.8 12.5
Granules -6.1 -0.9 -25.9 Avenue Super. 0.4 3.3 11.3
IPCA Labs -1.1 -11.8 -15.4 Barbeque-Nation -2.0 -0.9 19.9
Jubilant Pharmo -2.1 -11.3 -53.0 Devyani Intl. -3.0 -5.2
Laurus Labs -4.1 -9.2 -20.4 Jubilant Food -2.3 5.2 -20.9
Lupin -1.7 -11.9 -48.8 Restaurant Brand -1.7 7.9 -36.1
Solara Active -3.4 -19.1 -78.2 Sapphire Foods -0.3 -10.6
Strides Pharma -9.5 -0.5 -62.8 Shoppers St. -2.2 -8.0 88.8
Sun Pharma -0.9 -8.1 21.7 Titan Co. -2.1 -2.4 20.2
Torrent Pharma -0.5 8.4 -3.0 Trent -1.6 3.7 26.7
Infrastructure -2.6 -3.3 2.7 V-Mart Retail -3.6 -10.0 -4.9
Ashoka Buildcon -3.2 2.6 -24.4 Westlife Develop -2.5 7.1 -3.8
G R Infraproject 1.8 -19.9 Technology -2.4 -7.7 -4.6
IRB Infra.Devl. -7.3 -7.1 30.0 Cyient -3.4 -0.2 -8.2
KNR Construct. -2.6 -3.0 3.3 HCL Tech. -2.5 -7.5 -1.4
Logistics Infosys -1.7 -6.2 -5.6
Blue Dart Exp. -1.2 -1.8 15.3 L&T Infotech -3.5 -0.9 -3.6
Container Corpn. -2.3 0.0 -9.6 L&T Technology -4.3 -7.4 10.8
TCI Express -0.6 2.1 8.0 Mindtree -3.9 -4.2 14.1
Mahindra Logis. -3.8 -2.8 -23.8 Mphasis -1.7 -7.1 9.6
Transport Corp. -3.7 3.5 59.8 Coforge 0.6 -13.2 -17.3
17 June 2022 20
Company 1 Day (%) 1M (%) 12M (%)

Persistent Sys -4.5 -9.9 28.5
TCS -2.0 -6.9 -4.1
Tech Mah -4.4 -17.9 -8.8
Wipro -4.0 -9.8 -23.9
Zensar Tech -4.6 -8.4 -11.2
Telecom -3.0 -4.6 10.3
Bharti Airtel -4.1 -5.6 24.2
Indus Towers 0.1 8.5 -18.1
Idea Cellular -3.5 -9.9 -10.8
Tata Comm -0.1 -9.8 -32.8
Utiltites -2.1 -9.3 34.1
Coal India -5.3 4.9 15.8
NTPC -3.5 -3.6 19.4
Power Grid Corpn -2.6 -8.0 19.1
Others
APL Apollo Tubes -3.7 0.4 20.2
BSE -6.9 -13.4 102.2
Coromandel Intl -3.4 4.3 7.3
EPL Ltd -0.6 0.0 -41.2
Indiamart Inter. -2.0 -2.6 -43.9
Godrej Agrovet 0.1 4.1 -7.1
Indian Hotels -3.4 -4.5 63.4
Interglobe -5.2 -0.7 -5.2
Info Edge -0.9 1.8 -26.2
Kaveri Seed 0.9 -3.7 -24.4
Lemon Tree Hotel -1.3 -1.6 46.8
MCX -2.9 5.3 -19.4
Piramal Enterp. -1.0 -12.1 -25.5
PI Inds. -2.4 5.5 -12.5
Quess Corp -2.9 -0.3 -26.4
SIS 3.8 -3.0 10.0
SRF -4.3 -2.4 53.1
Tata Chemicals -2.1 -7.3 15.9
Team Lease Serv. 2.9 -6.7 -10.8
Trident -4.7 -17.9 132.3
UPL -4.1 -14.9 -18.6
17 June 2022 21
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17 June 2022 22

Market Snapshot: Today's Top Research Idea Health Insurance: Life Insurers To Sell Health Insurance: Lot of Ifs & Buts

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17 June 2022

Motilal Oswal values your support in the

1QFY21 2QFY21 3QFY21 4QFY21 1QFY22 2QFY22 3QFY22 4QFY22

Source: MOFSL, General Insurance Council

Research Team (Gautam.Duggad@MotilalOswal.com)

Kindly click on textbox for the detailed news link

to mirror the claim processing capabilities of SAHIs and in building a hospital

network, 4) SAHIs have further advantage in terms of distribution through

clearance, any meaningful scale up will need a few years.

The advantage enjoyed by SAHIs in the medium term should continue

Remain positive on STARHEAL given its profitable growth ahead

Key management commentaries

Valuation and view

Health business up 20% YoY, led by Group Health

Performance of key players

India’s real exports declined in May’22

HDFC Life: Have been appealing to regulator to allow us to sell

Crompton Consumer: Expected margin from built-in-kitchen

Tata Communication: Have never shared revenue guidance

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

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