India Market Reflection 2008 – 2012                    © Saurabh, 2013
Economic Indicators- Snapshot        Annual Real GDP Growth v/s Inflation                                                 ...
12,000                                                                     14,000                                         ...
Comparison with Global Peers                                             Indices Performance30      25.702520             ...
Value Creation over the Years (2008-12)Stock/Index         Sector             5 Years CAGR (in %)BSE Sensex          Index...
Now, the Building blocks…              © Saurabh, 2013
ITC is a holding co. which has a diversified presence in Cigarettes, Hotels, Paperboards and Specialty             papers,...
ITC                   Versus Broader Market                                                       Price Earnings v/s Opera...
RIL’s activities span exploration and production of oil and gas, petroleum refining and marketing,            petrochemica...
RIL                    Versus Broader Market                                                        Price Earnings v/s Ope...
HDFC provides long-term housing loans to low and middle income individuals, as well as to             corporations. It als...
HDFC                   Versus Broader Market160                                                                  144.31140...
Infosys Ltd provides IT consulting and software services, including e-business, program management             and supply ...
Infosys          Versus Broader Market 250 200 150                                                  139.63 100            ...
ICICI Bank Ltd. operates a network of banks located throughout India. The Group specializes in retail             and corp...
ICICI Bank                   Versus Broader Market140120100                                                               ...
HDFC Bank Ltd. is a banking company engaged in providing a range of banking and financial services, including            c...
HDFC Bank           Versus Broader Market250200                                                199.12150100               ...
Larsen & Toubro Limited is a technology, engineering, construction and manufacturing company. It             operates in v...
L&T                     Versus Broader Market120100                                                                       ...
ONGC Ltd, a GOI company, is primarily engaged in the exploration and production (E and P) of Oil and             Gas reser...
ONGC           Versus Broader Market140120100                                               95.2780                       ...
TCS, a Tata group company, is the largest IT service company in India by revenue and market             capitalization. It...
TCS                  Versus Broader Market300                                                                     246.4425...
State Bank of India is India’s largest bank by both asset size and revenue . As of March 31, 2012, the Bank            had...
SBI            Versus Broader Market180160140120                                                   102.59100 80           ...
Hindustan Unilever Ltd (HUL), a part of the €40 billion Unilever group, is one of Indias largest Fast Moving           Con...
HUL            Versus Broader Market                                            Price Earnings v/s Operating Margin300    ...
Tata Motors Ltd. is India’s largest automobile company. It is the leader in commercial vehicles in almost             each...
Tata Motors           Versus Broader Market250                                                 199.14200150100            ...
Bharti Airtel Ltd, a part of Bharti Enterprises, is India’s biggest integrated communication company by             market...
Bharti Airtel                    Versus Broader Market120100                                                              ...
Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components.             The Companys auto...
M&M                     Versus Broader Market250                                                                          ...
Bajaj Auto Limited is the flagship company of the Bajaj group. It manufactures and distributes             motorized two-w...
Bajaj Auto                    Versus Broader Market800700                                                                 ...
Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The             Companys p...
Tata Steel                     Versus Broader Market120100                                                                ...
Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and             international ...
Sun Pharma                    Versus Broader Market350                                                                  29...
Coal India Ltd, a Maharatna PSU, is the largest coal producer in the country with a market share of 81%             in dom...
CIL                 Versus Broader Market180160                                                             143.5914012010...
Maruti Suzuki India Ltd, a subsidiary of Suzuki Motor Corporation of Japan, is India’s largest passenger             car c...
Maruti Suzuki                  Versus Broader Market200                                                                   ...
NTPC Ltd, a Maharatna status Company, is India’s largest state-owned power generation company.              NTPC is primar...
NTPC           Versus Broader Market120100                                              94.438060                         ...
GAIL (India) Ltd. is Indias flagship natural gas company. It integrates all aspects of the natural gas value             c...
GAIL            Versus Broader Market160140120                                                      96.38100 80           ...
Cipla is one of India’s largest pharma companies by domestic market share, with a strong presence in             the anti-...
Cipla                     Versus Broader Market250200                                                                195.9...
Wipro Ltd. operates in 3 business segments including IT Services, IT Products and Consumer Care and             Lighting. ...
Wipro            Versus Broader Market180160140                                                   124.73120100 80         ...
Dr Reddy’s Labs is India’s second largest Pharmaceutical Company by sales. It operates through five             business s...
Dr. Reddys Lab                     Versus Broader Market 300 250                                                          ...
BHEL , a navratna PSU, is an integrated power plant equipment manufacturer and operates as an engineering         and manu...
BHEL           Versus Broader Market120100                                                  94.438060                     ...
Hero MotoCorp, Ltd., formerly Hero Honda Motors Ltd., is the world’s largest two wheeler             manufacturing company...
Hero MotoCorp                      Versus Broader Market350300                                                            ...
TATA Power Ltd. is India’s largest integrated private sector power company. The company has an             installed gener...
Tata Power                       Versus Broader Market 120 100                                                            ...
JSPL is a Jindal Group company which operates in a promising mix of two business segments- Power &            Steel. It is...
JSPL            Versus Broader Market160140120                                                     92.54100 80            ...
Hindalco is the flagship company of Aditya Birla group. The Company operates in two segments: aluminium and          coppe...
Hindalco                      Versus Broader Market140120100                                                              ...
Sterlite Industries is a subsidiary of London based Vedanta Resources. It is India’s largest non-ferrous             metal...
Sterlite Industries                   Versus Broader Market120100                                                         ...
Constituents Correlation Matrix                     BSE     ITC IN   RIL IN   HDFC IN INFO IN ICICIBC IN HDFCB IN LT IN   ...
Disclaimer -        Due diligence has been exercised in checking the authenticity of all figures mentioned in this publica...
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India Market Reflections (2008-12)

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An Ex-post view on Indian Equities performance especially with regard to Sensex constituents.

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India Market Reflections (2008-12)

  1. 1. India Market Reflection 2008 – 2012 © Saurabh, 2013
  2. 2. Economic Indicators- Snapshot Annual Real GDP Growth v/s Inflation CAD14.0% 4.5% 4.2%13.0% 13.0% 4.0%12.0% 3.5%11.0% 3.0% 2.8% 2.7%10.0% 9.3% 2.5% 2.3% 9.5% 9.0% 9.1% 8.4% 2.0% 8.4% 8.4% 8.0% 1.5% 1.3% 6.7% 6.5% 7.0% 1.0% 6.0% 6.2% 0.5% 5.0% 0.0% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 GDP Growth Annual Inflation Fiscal Deficit FII Activity 7.0% 200,000.0 6.0% 150,000.0 5.0% 100,000.0 4.0% 50,000.0 3.0% 0.0 2.0% 1.0% (50,000.0) 0.0% (100,000.0) 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 Fiscal Deficit Net Investment (in Cr) © Saurabh, 2013
  3. 3. 12,000 14,000 16,000 18,000 20,000 22,000 10,000 6,000 8,000 Jan/2008 Apr/2008 20686.89 Jul/2008 Oct/2008 Equity Market Jan/2009 Apr/2009 8427.29 Jul/2009 Oct/2009 Jan/2010 Apr/2010 Jul/2010 SENSEX© Saurabh, 2013 Oct/2010 Jan/2011 20893.57 Apr/2011 Jul/2011 Oct/2011 Jan/2012 Apr/2012 Jul/2012 Oct/2012 19476
  4. 4. Comparison with Global Peers Indices Performance30 25.702520 15.1515 13.18 13.4110 8.57 4.63 5 3.62 2.17 0 -0.86 -0.58 -3.37 -3.26(5) 1 Year 3 Years 5 Years Sensex MSCI World MSCI Emerging Markets S&P 500 © Saurabh, 2013
  5. 5. Value Creation over the Years (2008-12)Stock/Index Sector 5 Years CAGR (in %)BSE Sensex Index -0.88ITC IN Equity FMCG 21.38RIL IN Equity Oil & Gas -10.02HDFC IN Equity Mortgage Finance 7.23INFO IN Equity IT 5.82ICICIBC IN Equity Bank -1.52HDFCB IN Equity Bank 14.42LT IN Equity Capital Goods -4.96ONGC IN Equity Oil & Gas -3.02TCS IN Equity IT 18.94SBIN IN Equity Bank 1.19HUVR IN Equity FMCG 19.15TTMT IN Equity Auto 16.18BHARTI IN Equity Telecom -8.10MM IN Equity Auto 16.58BJAUT IN Equity Auto 52.85TATA IN Equity Metals & Mining -14.39SUNP IN Equity Pharma 25.16COAL IN Equity Metals & Mining 18.69MSIL IN Equity Auto 8.48NTPC IN Equity Power -0.03GAIL IN Equity Oil & Gas -0.29CIPLA IN Equity Pharma 14.43WPRO IN Equity IT 4.96DRRD IN Equity Pharma 20.32BHEL IN Equity Capital Goods -15.07HMCL IN Equity Auto 22.15TPWR IN Equity Power -6.49JSP IN Equity Metals & Mining -2.52HNDL IN Equity Metals & Mining -7.76STLT IN Equity Metals & Mining -14.68 © Saurabh, 2013
  6. 6. Now, the Building blocks… © Saurabh, 2013
  7. 7. ITC is a holding co. which has a diversified presence in Cigarettes, Hotels, Paperboards and Specialty papers, Agri-business, Packaged foods and Confectionery, Branded apparel, Greeting cards and other FMCG products. •Outperformed the broader market by huge margins on sustained basis. •Probably the only domestic FMCG powerhouse who has managed to fight and sometimes beat its MNC rivals in their own brand games.The Plus factor: •Battery of brands like Vivel, Bingo and Yippee have already started gaining traction in the market. • With its diverse product lines and each catering to the domestic markets; its one of the few stocks which has a license to give investors a perfect ride on India’s consumption wave. •Valuations look stretched at current levels; limited upside potential in near term. • Cigarettes volumes have remained flattish in the last quarter and an excise hike is further anticipated on TobaccoConcerns: products. •Inflation is also taking a toll on its margins; though to a very limited extent. © Saurabh, 2013
  8. 8. ITC Versus Broader Market Price Earnings v/s Operating Margin300 35 31.50 32.67 265.63 29.97 30 27.99 27.40250 28 28 25 25 24200 20 21150 15100 91.22 1050 5 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 BSE Sensex ITC IN Equity Operating Margin Price Earnings Top-line v/s Bottom-line Growth Debt to Total Assets30 0.9 25.37 0.79 24.72 0.825 20.39 0.720 17.51 0.6 0.52 16.43 0.47 14.61 15.58 0.515 12.94 0.39 13.87 0.410 0.3 5.28 0.2 0.13 5 0.1 0 0.0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Revenue Growth Net Income Growth © Saurabh, 2013
  9. 9. RIL’s activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fiber intermediates, plastics and chemicals), textiles, retail, infotel and special economic zones. The company also owns a petroleum refinery cum Petrochemical complex in Jamnagar (Gujarat) that produces a wide range of products like gasoline, superior kerosene oil & LPG. •Improvement in Gross refining margins is a healthy sign for this scrip; it’s been evident after quite a long interval. •Huge capex lined up for its upcoming 4G venture; should give it a significant edge over the incumbents as all majorThe Plus factor: players are already struggling with rising costs and cut throat competition. •The recent spurt in Shale gas price in the US market is a big positive development for this stocks •KG basin has become an albatross around RIL’s neck. •An aggressive play in the Forex market pose exchange rate risk. • GOI’s constant policy flip-flop on Natural gas pricing has Concerns: created uncertainty on future profit potential for it s E&P business. •Its retail business is yet to become EBITDA positive even after five years of launch. © Saurabh, 2013
  10. 10. RIL Versus Broader Market Price Earnings v/s Operating Margin 18120 17 16 16 14100 94.43 14 13 12 80 12.59 12.28 11 10 60 56.06 8 9.52 9.01 6 40 6.33 4 20 2 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Operating Margin Price Earnings BSE Sensex RIL IN Equity Top-line v/s Bottom-line Growth 35 Debt to Total Assets 30.9980 28.98 27.35 28.25 30 62.05 63.7 24.9060 25 2040 34.73 34.87 30.47 1520 20.55 10.26 2.23 10 0 5 2008 2009 2010 2011 2012-20 0 -21.26 -23.5 2008 2009 2010 2011 2012-40 Net Income Growth Revenue Growth © Saurabh, 2013
  11. 11. HDFC provides long-term housing loans to low and middle income individuals, as well as to corporations. It also provides construction finance to real estate developers, besides providing lease financing facilities to companies and development authorities for infrastructure and other assets. •Industry leading margins along with solid growth in NII; 24% YoY and 11% QoQ is an excellent performance indicator. •Strong asset quality despite difficult macro environment.The Plus factor: •The current valuation looks quite attractive and thus triggered strong buy calls from many analysts. •Going forward, it could be a big benefactor of real estate recovery. •Decline in loan processing fees as a result of change in delivery mix. Loan processing fee declined by 46% YoY and 25% QoQ due to bigger business from third party route. •Recent regulator intervention in lending rate decisions is a Concerns: cause of concern for future profitability. Valuations look stretched at current levels; limited upside potential in near term. © Saurabh, 2013
  12. 12. HDFC Versus Broader Market160 144.3114012010080 92.81604020 0 2008 2009 2010 2011 2012 BSE Sensex HDFC IN Equity Top-line v/s Bottom-line Growth120100 108.87 80 55.74 60 40.27 39.72 40 37.39 32.46 20.63 20 16.15 5.71 0 2008 2009 2010 2011 2012 -20 -14.84 -40 Net Income Growth Revenue Growth © Saurabh, 2013
  13. 13. Infosys Ltd provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group’s service include application development, product co- development, system implementation and system engineering. It targets business specializing in the insurance, banking, telecommunication and manufacturing sectors. •Account mining for its existing top 50 clients hold tremendous potential for impressive top-line growth. •Its Indian IT bellweather tag would return if Infy is able to deliver several quarters of consistent revenue and earnings performance.The Plus factor: •Strong pile of cash (over 4 billion USD), gives it a leading edge over peers while chasing inorganic growth opportunities. •Macro environment looks turbulent especially in their biggest market i.e. US where many prominent clients have frozen their IT budget on discretionary spending. •Operating margins have narrowed in FY12 and further drop is anticipated in the coming quarters as a result of Concerns: increased competition in IT services, higher costs associated with hiring and training employees and rising levels of attrition in the middle band employees. © Saurabh, 2013
  14. 14. Infosys Versus Broader Market 250 200 150 139.63 100 91.31 50 0 2008 2009 2010 2011 2012 BSE Sensex INFO IN Equity © Saurabh, 2013
  15. 15. ICICI Bank Ltd. operates a network of banks located throughout India. The Group specializes in retail and corporate banking, in addition to forex and treasury operations. ICICI Bank also provides a wide variety of financial services like Investment banking, Broking, Depository, Insurance and Asset management. • NIM has expanded to more than 3%; it more than offsets higher credit costs. • Its Tier 1 ratio of (13.4% as of Dec 2012) is the best amongst all large sized banks in India.The Plus factor: •Now it has become more global than its peer group with 35% revenue contribution from overseas business. It could be of help while facing headwinds in the domestic market. •Negative growth in CASA deposits reflects slower expansion in branch network and rising competition for saving deposits. •Finance ministry’s thrust on new bank licenses could poseConcerns: further threat on margins. •Rise in NPS in forthcoming quarters on account of tighter provisioning could also derail its business performance in the short run. © Saurabh, 2013
  16. 16. ICICI Bank Versus Broader Market140120100 93.1180 88.04604020 0 2008 2009 2010 2011 2012 BSE Sensex ICICIBC IN Equity Top-line v/s Bottom-line Growth 50 45.16 40 30.57 30.47 30 25.43 23.10 20 10 6.93 8.28 5.26 0 3.44 2008 2009 2010 2011 2012-10 -7.22 Net Income Growth Revenue Growth © Saurabh, 2013
  17. 17. HDFC Bank Ltd. is a banking company engaged in providing a range of banking and financial services, including commercial banking and treasury operations. The Bank operates in four segments: treasury, which primarily consists of net interest earnings from the Bank’s investment portfolio, money market borrowing and lending, gains or losses on investment operations and on account of trading in foreign exchange and derivative contracts; retail banking, which serves retail customers through a branch network and other delivery channels; wholesale banking, which provides loans, non-fund facilities and transaction services to corporate, public sector units, government bodies, financial institutions and medium scale enterprises, and other banking business, segment includes income from para banking activities, such as credit cards, debit cards, third party product distribution, primary dealership business and the associated costs. •Top-line grew at an impressive 23.11% YOY in the last quarter. NII grew by 26.7% which is again applaudable in the industry. On both these fronts HDFC bank has been producing Industry leading growth numbers since lastThe Plus factor: year. • Asset quality continues to remain stable. •Its AMC and Insurance ventures are also growing well in their respective segments. •Net Interest margin remained flattish at sub 4% level. Margins declined due to lower share of CASA to total deposits. •New banking licenses could squeeze margins further. But this would certainly not have any near term impact.Concerns: © Saurabh, 2013
  18. 18. HDFC Bank Versus Broader Market250200 199.12150100 95.1050 0 2008 2009 2010 2011 2012 BSE Sensex HDFCB IN Equity © Saurabh, 2013
  19. 19. Larsen & Toubro Limited is a technology, engineering, construction and manufacturing company. It operates in various segments including Engineering & Construction, Electrical & Electronics segment, Machinery & Industrial Products, Financial services and others. Engineering & construction Segment comprises execution of engineering and construction projects in India. • Order inflows have so far beaten market expectations and deal pipeline also looks quite promising, It s already sitting on an order backlog of INR 1.62 lakh crore. • De-leveraging efforts have started paying off; the firm willThe Plus factor: be saving big money on interest expenses. • Should definitely be a big benefactor of GOI’s strong push for infrastructure growth in the long run. •Its EPC business also looks fairly attractive. • Revenues and margin expansion has declined in the past couple of quarters. • Valuations look stretched at current levels considering shrink in Concerns: margins and the tight interest rate environment. © Saurabh, 2013
  20. 20. L&T Versus Broader Market120100 94.4380 80.21604020 0 2008 2009 2010 2011 2012 BSE Sensex LT IN Equity Top-line v/s Bottom-line Growth60 55.3750 43.84 43.5040 37.6330 23.5820 8.87 19.6010 5.33 8.28 0-10 2008 2009 2010 2011 2012-20 -18.25-30 Net Income Growth Revenue Growth © Saurabh, 2013
  21. 21. ONGC Ltd, a GOI company, is primarily engaged in the exploration and production (E and P) of Oil and Gas reserves. It has two segments namely, E and P, refining. Its subsidiaries include ONGC Videsh Limited (OVL), Mangalore Refinery & Petrochemicals Ltd., ONGC Nile Ganga BV (ONGBV), ONGC Nile Ganga (Cyprus) Ltd., Jarpeno Limited, Imperial Energy Corporation Plc, Imperial Energy Limited and Imperial Energy Kostanai Limited. • Revenue growth has been consistently impressive. It has been achieved on the back of higher crude oil sales volumes. • Gas price revision as recommended by Rangarajan committee could be a big performance booster for itsThe Plus factor: financials. •Diesel price hike could be yet another good news for the company though it may not happen immediately as election year is approaching shortly. •Valuation is fairly attractive at current level. • Higher than expected subsidy burden could erode its margins. Concerns: • Lower production volumes form overseas field is also a big cause for concern. © Saurabh, 2013
  22. 22. ONGC Versus Broader Market140120100 95.2780 84.79604020 0 2008 2009 2010 2011 2012 BSE Sensex ONGC IN Equity © Saurabh, 2013
  23. 23. TCS, a Tata group company, is the largest IT service company in India by revenue and market capitalization. It is engaged in providing information technology (IT) services, business solutions and outsourcing. The Company’s services portfolio consists of application development and maintenance, business intelligence, enterprise solutions, assurance, engineering and industrial services, IT infrastructure services, business process outsourcing, consulting and asset leveraged solutions. TCS also services several other industries, such as life sciences and healthcare, hi-tech, energy, resources and utilities, media and entertainment and travel, transportation and hospitality. • Robust top-line, bottom-line and margin expansion reported in the last several quarters has made it the new bellwether stock of Indian IT pack. • Increase in business from Nielsen & Citigroup is an earlyThe Plus factor: indicator of strong deal flows and repeat business from its bigger clients. • Its full scale IT services model has started yielding results as more and more clients are looking for order consolidation to bigger players of the industry. • Difficult macro environment could result in sharp decline in discretionary IT services spending by its US & European clients. • Non-linear growth is yet to produce traction in its Financials. Concerns: © Saurabh, 2013
  24. 24. TCS Versus Broader Market300 246.44250200150100 95.1050 0 2008 2009 2010 2011 2012 BSE Sensex TCS IN Equity Top-line v/s Bottom-line Growth35 33.18 31.0030 29.53 24.3025 22.9620 19.31 21.0615 14.5610 7.97 5 4.58 0 2008 2009 2010 2011 2012 Revenue Growth Net Income Growth © Saurabh, 2013
  25. 25. State Bank of India is India’s largest bank by both asset size and revenue . As of March 31, 2012, the Bank had a network of 20,193 branches, including 5,096 branches of its five associate banks. In addition to banking, the Company, through its various subsidiaries, provides a range of financial services, which include life insurance, merchant banking, mutual funds, credit card, factoring, security trading, pension fund management, custodial services, general insurance (non-life insurance) and primary dealership in the money market. • Improvement in operating efficiency has been evident at the group level. • Could be a big benefactor of Interest rate cut and economic growth turnaround.The Plus factor: • NIM looks to be under pressure. •Wage hike is anticipated in the near term. • Core Tier 1 ratio 9.2% is one of the weakest in the industry. If the situation declines further it will require re-Concerns: capitalization by GOI. • Multiples under pressure as revenue growth dips and asset quality concern rise. © Saurabh, 2013
  26. 26. SBI Versus Broader Market180160140120 102.59100 80 94.80 60 40 20 0 2008 2009 2010 2011 2012 BSE Sensex SBIN IN Equity © Saurabh, 2013
  27. 27. Hindustan Unilever Ltd (HUL), a part of the €40 billion Unilever group, is one of Indias largest Fast Moving Consumer Goods company. It operates in seven business segments. Soaps and detergents include soaps, detergent bars, detergent powders and scourers. Personal products include products in the categories of oral care, skin care (excluding soaps), hair care, talcum powder and color cosmetics. Beverages include tea and coffee. Packaged foods include staples (atta, salt and bread) and culinary products (tomato-based products, fruit-based products and soups), Ice creams and frozen desserts. • Top line growth looks healthy • Home and Personal care (HPC) and food business has been doing well since last couple of years.The Plus factor: • Some of its recently launched rural India initiative should start producing tangible results from FY14. • Commands higher brand recall for most of its products than its arch rivals. • Volume growth has disappointed the street. • Operating margins have been under pressure. • Increase in royalty payment to Unilever on sale of certain products will also have a negative impact on the EPS. Concerns: • Valuation of FMCG pack looks quite expensive at current levels. © Saurabh, 2013
  28. 28. HUL Versus Broader Market Price Earnings v/s Operating Margin300 18 242.50 16250 16 14200 12 9.96 10.07 10 9.04 11150 8 8 95.99100 6 6 3.98 50 4 2 0 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 BSE Sensex HUVR IN Equity Operating Margin Price Earnings © Saurabh, 2013
  29. 29. Tata Motors Ltd. is India’s largest automobile company. It is the leader in commercial vehicles in almost each segment, and amongst the top three in passenger vehicles with winning products in the compact, mid-size car and utility vehicle segments. The company is the world’s fourth largest truck manufacturer and the world’s third largest bus manufacturer. Tata Motors Ltd. has around 62% market share of Indian Commercial Vehicles and 13% of Indian Passenger Cars segment. In 2008, it acquired two British iconic brands, Jaguar & Land Rover. • JLR sales has been gaining ground since last several quarters. • Due to JLR’s global reach Tata Motors is more insulated from domestic markets concerns than its peer group. • Nano’s new positioning strategy has started gainingThe Plus factor: traction in the market. • Under the new leadership of Karl Slym the company has already started working on it’s next generation product lines to be built on new platforms. • Domestics passenger vehicle division has lost grip in the market ; they lost the no. 2 title to M&M last year. Already RNT has expressed his disappointment over falling market share to the board. Concerns: • CV sale growth has been disappointing due to the high interest rate environment. The development of organized pre-used CV market is also adding woes to the concern. © Saurabh, 2013
  30. 30. Tata Motors Versus Broader Market250 199.14200150100 91.3150 0 2008 2009 2010 2011 2012 BSE Sensex TTMT IN Equity © Saurabh, 2013
  31. 31. Bharti Airtel Ltd, a part of Bharti Enterprises, is India’s biggest integrated communication company by market cap, revenue and subscriber base. The company provides GSM mobile services, broadband, fixed line telephone services, long distance services (international and national) and enterprise services. • Subscriber base has grown much better than the competition even though ARPU has been falling consistently. • Bharti Infratel’s listing has unlocked values for the parentThe Plus factor: firm and provided some support in its deleveraging efforts. • Has gained the early mover advantage in 4G with its service launch in Kolkata, Pune & Bangalore market. • Intense competition and tariff war has squeezed margins and bottom-lines have been severely hit. • Bleeding African business is adding woes to investor’s worries. • 3G has not taken off as per market expectation. Remember it paid the highest ~ INR 13K Crore to Concerns: acquire 3G licenses in 13 circles. • RIL’s re-entry into communications business via 4G route could trigger another phase of blood bath in the data segment. © Saurabh, 2013
  32. 32. Bharti Airtel Versus Broader Market120100 95.3180 68.72604020 0 2008 2009 2010 2011 2012 BSE Sensex BHARTI IN Equity Top-line v/s Bottom-line Growth 80 57.44 60 46.64 40 38.28 42.28 14.22 20 22.88 20.01 12.03 0 2008 2009 2010 2011 2012-20 -32.64 -29.56-40 Net Income Growth Revenue Growth © Saurabh, 2013
  33. 33. Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Companys automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.. • Last quarter revenue growth of 29% YOY looked solid on the back of strong UV sales. • Its margins are much better than Tata Motors in the domestic market.The Plus factor: • XUV 500 volumes have exceeded market expectations. Even its UV line-up and pick-up segment have done reasonably well in the market . • Its Farm equipment division has been posting mute numbers as a result of both weaker agriculture data and high interest rate environment.Concerns: • Ssangyong forthcoming product launches might spur brand cannibalization for some of its existing products. © Saurabh, 2013
  34. 34. M&M Versus Broader Market250 216.97200150100 90.34 50 0 2008 2009 2010 2011 2012 BSE Sensex MM IN Equity Top-line v/s Bottom-line Growth100 76.368060 61.18 58.9040 36.43 24.2520 22.19 4.94 7.76 1.52 0 -10.55 2008 2009 2010 2011 2012-20 Net Income Growth Revenue Growth © Saurabh, 2013
  35. 35. Bajaj Auto Limited is the flagship company of the Bajaj group. It manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds. It is the largest 3- wheeler manufacturer and the second largest 2-wheeler manufacturer in India. In last several years, the company has successfully transformed itself from a scooter manufacturer to 2-wheeler manufacturer. • While domestic sales have stagnated marginally its export growth numbers look quite impressive. • Three wheelers sales have been clocking healthy growth numbers.The Plus factor: • Its margins have always been better than its bigger rival Hero MotoCorp. •KTM’s performance has improved significantly post Bajaj’s acquisition. Its 2012 volume growth stood 32% on Year on Year basis. • Its biggest weakness is the entry level bike segment where it trails behind the market leader by huge margin. • Steep rise in commodity prices could make things worse for the Concerns: company. © Saurabh, 2013
  36. 36. Bajaj Auto Versus Broader Market800700 689.08600500400300200100 118.39 0 2008 2009 2010 2011 2012 BSE Sensex BJAUT IN Equity Top-line v/s Bottom-line Growth250 197.62200150 116.66100 50 36.67 -2.54 37.98 18.95 0 -6.67 -28.52 2008 2009 2010 2011 2012 -11.76 -50 -39.95-100 Net Income Growth Revenue Growth © Saurabh, 2013
  37. 37. Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Companys products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery. • Lower production by steel majors could decrease the Industry’sThe Plus factor: inventory levels and help in price escalation. • Mean reversion seems quite possible on this counter. •Decline in revenue growth . • Europe continues to pose threat from demand side. Concerns: © Saurabh, 2013
  38. 38. Tata Steel Versus Broader Market120100 94.43 80 60 44.44 40 20 0 2008 2009 2010 2011 2012 BSE Sensex TATA IN Equity600 Top-line v/s Bottom-line Growth400 421.68 195.65200 12.01 0 -59.91 11.91 -30.50 15.98 2008 2009 2010 2011 2012 -40.00-200 -140.58-400-600 Net Income Growth Revenue Growth -547.07 © Saurabh, 2013
  39. 39. Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Companys pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and gastroenterology. • Revenue grew by 33% in the last quarter. • EBITDA margins have been better than peer group.The Plus factor: • Taro’s performance has been exceeding market’s expectation sine last year. • Competition is heating up in its bread and butter generic drug business. •Litigation issues could also derail margin expansion in the Concerns: forthcoming quarters. © Saurabh, 2013
  40. 40. Sun Pharma Versus Broader Market350 298.69300250200150 90.9310050 0 2008 2009 2010 2011 2012 BSE Sensex SUNP IN Equity Top-line v/s Bottom-line Growth 100 89.59 80 60 50.39 57.43 42.47 40 40.01 27.28 34.42 20 21.86 0 2008 2009 2010 -10.85 2011 2012 -20 -40 Net Income Growth -25.43 Revenue Growth © Saurabh, 2013
  41. 41. Coal India Ltd, a Maharatna PSU, is the largest coal producer in the country with a market share of 81% in domestic coal production. Around 90% of coal is produced from open cast mines and the balance from underground mines. It produces and markets coal and coal products, as well as provides related consulting services. • Near monopoly on coal supply to domestic power sector.The Plus factor: • Coal price hike will be a big performance booster for this counter. • Margins under pressure; costs exceeded street’s expectations. • Coal gate scam has affected its operations in Jharkhand andConcerns: Orissa. © Saurabh, 2013
  42. 42. CIL Versus Broader Market180160 143.59140120100 80 94.03 60 40 20 0 Nov-2010 May-2011 Nov-2011 May-2012 Nov-2012 BSE Sensex COAL IN Equity Top-line v/s Bottom-line Growth160 136.84140120100 80 60 36.08 40 20 18.86 15.02 12.58 24.26 10.24 1.90 -5.19 12.94 0 2008 2009 2010 2011 2012 -20 Net Income Growth Revenue Growth © Saurabh, 2013
  43. 43. Maruti Suzuki India Ltd, a subsidiary of Suzuki Motor Corporation of Japan, is India’s largest passenger car company, with 44.9% domestic car market share. Maruti Suzuki offers 14 models with over 200 variants across segments like, Passenger Cars, Utility vehicles, and Vans. Its portfolio has full range of cars- from Maruti 800 & Alto to stylish hatchback Ritz, Wagon R, Swift, A-star, Estillo and sedans DZire, SX4, Kizashi; Utility vehicle like Grand Vitara, Gypsy, Ertiga; Vans include Omni & Eeco. • Volume growth has recovered; it still commands a lion share of domestic Passenger vehicles business.The Plus factor: • Battery of some of the best selling hatchback brands put it in an enviable position in the PV market. • Competition intensity is heating up day by day. If competitors wage price war in the entry level hatchback segment then it could severely impact its margins. Concerns: • Frequent labor disputes have dented its brand equity especially from employer’s perspective.
  44. 44. Maruti Suzuki Versus Broader Market200 149.52150100 95.2750 0 2008 2009 2010 2011 2012 BSE Sensex MSIL IN Equity Top-line v/s Bottom-line Growth140 113.84120100 80 60 43.22 40 22.98 22.78 20 14.13 12.69 0 -9.23 -3.13 2008 2009 2010 2011 2012-20 -31.43-40 Net Income Growth Revenue Growth -29.44 © Saurabh, 2013
  45. 45. NTPC Ltd, a Maharatna status Company, is India’s largest state-owned power generation company. NTPC is primarily in the business of generation and sale of bulk power and is engaged in the engineering, construction and operation of power generation plants. The company is emerging as a diversified power major with presence in the entire value chain of the power generation business. Apart from power generation, NTPC has already ventured into consultancy, power trading, ash utilisation and coal mining. • This power sector giant is India’s leading and most dependable energy supplier. With UMPPs limited success in the past, India’s reliance on NTPC’s operations has increased again.The Plus factor: •Despite being a PSU, its efficiency (PLF) in Power generation business is one of the best in the country. • Now NTPC has secured fuel supply to most of its plants through FSA with CIL . This would ensure that almost all its plants should run at optimum level in future as well. • The industry has gone through a crisis phase recently due to various reasons like Coal gate scam, fuel shortage or environmental concerns. •The solvency of State Electricity boards also adds woes to the worry of many power producers. So far GoI has Concerns: insulated it from those perils but it often leads to under recoveries of tariff. © Saurabh, 2013
  46. 46. NTPC Versus Broader Market120100 94.438060 62.324020 0 2008 2009 2010 2011 2012 BSE Sensex NTPC IN Equity © Saurabh, 2013
  47. 47. GAIL (India) Ltd. is Indias flagship natural gas company. It integrates all aspects of the natural gas value chain including exploration & production, processing, transmission, distribution & marketing and its related services. Today, GAILs Business Portfolio includes 6,700 km of natural gas high pressure trunk pipeline, 7 LPG gas processing units, 1,922 km of LPG transmission pipeline network, 27 oil and gas exploration blocks and 3 coal bed methane blocks. Currently, it sells over 70% of total natural gas in India. Of this, 41% is to the power sector and 30% to the fertilizer sector. It also has a market share of 78% of the gas transmission business in India. • Partial withdrawal of oil and gas subsidies holds tremendous potential for GAIL.. This looks more real than fiction becauseThe Plus factor: GOI is desperately seeking full measures to arrest rise in fiscal deficit. • Increase in natural gas prices by RIL as per Rangarajan committee recommendation by more than 50% would badly impact its margins in the near term as it will have to absorb the impact of hike to the tune of at least 50%.Concerns: • Decline in KGD6 output is impacting GAIL’s gas distribution business to a great extent. © Saurabh, 2013
  48. 48. GAIL Versus Broader Market160140120 96.38100 80 97.89 60 40 20 0 2008 2009 2010 2011 2012 BSE Sensex GAIL IN Equity © Saurabh, 2013
  49. 49. Cipla is one of India’s largest pharma companies by domestic market share, with a strong presence in the anti-asthma, anti-infective, anti-AIDS and cardiovascular segments and a moderate presence in the anti-inflammatory and anti-ulcerants segments. The Company engages in the manufacture, sale, and export of pharmaceutical and personal care products in India and across the globe (in 180 countries). The major revenues come from the domestic market followed by Africa, the Americas and Europe •Top-line growth has been healthy especially in the export markets.The Plus factor: •Product line-up in the US looks fairly impressive; it has more than 50 approvals (thru’ partners). It has filed 5 ANDAs this year on its own. • Rise in overheads due to increasing headcounts that too in in front-end roles have impacted margins. • Domestic sales growth has dipped due to market slowdown. Concerns: •Tax rate guidance has been increase d to 24% tom from 20% earlier. © Saurabh, 2013
  50. 50. Cipla Versus Broader Market250200 195.90150100 95.10 50 0 2008 2009 2010 2011 2012 BSE Sensex CIPLA IN Equity Top-line v/s Bottom-line Growth 50 40.41 40 30 23.69 20 16.80 15.63 10 8.04 11.57 9.98 0.00 0 0.00 2008 2009 2010 2011 -8.59 2012-10 Net Income Growth Revenue Growth-20 © Saurabh, 2013
  51. 51. Wipro Ltd. operates in 3 business segments including IT Services, IT Products and Consumer Care and Lighting. Wipro Technologies, the global IT business of Wipro Technologies, the global IT services business of Wipro Limited is an information technology, consulting and outsourcing company that delivers solutions to enable its clients to do business better. It provides a wide range of software solutions, IT consulting, BPO services and outsourced research and development services to corporations globally. • Revenue growth broadly in line with NASSCOM industry numbers. • Hiving off non-IT business could unlock significant values for its Consumer care, Infra engineering and medical diagnostics divisions.The Plus factor: • Revenue diversification across the IT spectrum will bring a major relief in Investors camp. Although tangible impact of this move would start bearing tangible results only after 2013 fiscal. •Stability in management should boost its business recovery process. • Weak macroeconomic fundamentals in Europe & the US checks discretionary spending practice of on-shore clients. Concerns: • Rise in competition, wage hikes coupled with falling utilization price could impact operating margins in a major way. © Saurabh, 2013
  52. 52. Wipro Versus Broader Market180160140 124.73120100 80 95.10 60 40 20 0 2008 2009 2010 2011 2012 BSE Sensex WPRO IN Equity © Saurabh, 2013
  53. 53. Dr Reddy’s Labs is India’s second largest Pharmaceutical Company by sales. It operates through five business segments namely Formulations Segment, Active Pharmaceutical Ingredients and Intermediates Segment, Generics Segment, Drug Discovery Segment and Custom Pharmaceutical Services Segment. It also carries out R&D in diabetes, cancer, cardiovascular diseases, and inflammation and bacterial infections and also has a significant presence in the biotech sector. The company market’s its products in over 100 countries but its prime focus is on India, Europe, US and Russia. It is India’s first and the only pharma company to be listed on the NYSE. •Its low cost operating structure gives it an edge in the Generic drug space. •Probably one of the few Indian drug manufacturers to haveThe Plus factor: cracked the US Over the counter market so far. •Product pipe-line looks solid. •Increasing competition could squeeze margins in generic market. Already bigger players have gained access into this business via inorganic route. •Patent suits in the US market could prove expensive for the Concerns: firm. •Betapharm’s acquisition continues to haunt its financials even today. © Saurabh, 2013
  54. 54. Dr. Reddys Lab Versus Broader Market 300 250 259.77 200 150 100 95.31 50 0 2008 2009 2010 2011 2012 BSE Sensex DRRD IN Equity Top-line v/s Bottom-line Growth300200 184.18100 38.18 30.23 3.34 5.61 30.44 0 -23.63 2008 -54.64 2009 2010 2011 2012-100-200 -138.32-300 -309.36-400 Net Income Growth Revenue Growth © Saurabh, 2013
  55. 55. BHEL , a navratna PSU, is an integrated power plant equipment manufacturer and operates as an engineering and manufacturing company. BHEL operates in two segments: power and industry . It is engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. power, transmission, industry, transportation, renewable energy, oil & gas and defence. The Company supplies steam turbines, generators, boilers and matching auxiliaries up to 800 megawatts ratings, including sets of 660/700/800 megawatts based on supercritical technology. In Power generation segment, it supplies range of products and systems for thermal, nuclear, gas and hydro-based utility and captive power plants. •Still commands near monopoly in the Capital goods space.The Plus factor: • Strong financials, lower capex and strong cash-flows still remains its core advantages over peer group. •Weak incremental order inflow is putting brakes on revenue growth and margin expansion. Its already evident in the last couple of quarters. •Problems in Power sector like shortage of fuel, controversies in land acquisition, delay in environmentalConcerns: clearances is also spelling doom for BHEL •Increasing threat from L&T, Siemens, ABB apart from Chinese rivals could further derail its top-line growth in the long run. © Saurabh, 2013
  56. 56. BHEL Versus Broader Market120100 94.438060 45.954020 0 2008 2009 2010 2011 2012 BSE Sensex BHEL IN Equity © Saurabh, 2013
  57. 57. Hero MotoCorp, Ltd., formerly Hero Honda Motors Ltd., is the world’s largest two wheeler manufacturing company. The Company offers two wheeler products that include motorcycles and scooters. Motorcycles contribute around 95% of its total sales. It commands a mammoth 59% market share in the motorcycle segment in India with leadership position in the entry-level segment (75-125 CC). • Volume growth has been largely in line with market expectations. •Neemrana plan would further boost its production capacity. Post Honda split, HMCL has got access to Foreign markets.The Plus factor: Exports could add completely new revenue lines for this stock. •Product pipe-line looks impressive in view with the competition. • Margins are under pressure due to rising competition in its bread & butter 100 C segment. •Labor unrest in Gurgaon & Union expectations could increase Concerns: wage costs in the long run. © Saurabh, 2013
  58. 58. Hero MotoCorp Versus Broader Market350300 268.95250200150100 95.68 50 0 2008 2009 2010 2011 2012 BSE Sensex HMCL IN Equity Top-line v/s Bottom-line Growth80 74.126040 32.43 27.92 23.35 22.1320 19.23 21.42 12.82 4.36 0 2008 2009 2010 2011 2012 -13.62-20 Net Income Growth Revenue Growth © Saurabh, 2013
  59. 59. TATA Power Ltd. is India’s largest integrated private sector power company. The company has an installed generation capacity of 3127 MW and a presence across the entire value chain in generation (thermal, hydro, solar and wind), transmission, distribution and trading. It is also involved in coal business. •Rise in tariffs is a significant trigger for its upside potential.The Plus factor: • Improve d coal realizations and low cost of coal production could be another big catalyst for this counter. • Bleeding bottom-line is an early warning for company specific problems. • Fuel supply problems with both domestic and off-shore vendorsConcerns: could pose big risk to its existing operation. © Saurabh, 2013
  60. 60. Tata Power Versus Broader Market 120 100 95.68 80 60 68.53 40 20 0 2008 2009 2010 2011 2012 BSE Sensex TPWR IN Equity Top-line v/s Bottom-line Growth100 74.12 61.38 50 38.90 32.43 23.35 12.82 15.51 4.72 0 -13.62 2008 2009 2010 2011 2012 -50-100-150 -152.81-200 Net Income Growth Revenue Growth © Saurabh, 2013
  61. 61. JSPL is a Jindal Group company which operates in a promising mix of two business segments- Power & Steel. It is a leading player in the Steel Industry. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines. JSPL is the one of the lowest cost producer of sponge iron in India. JSPL sells power on merchant basis, which commands higher realizations than other power generation companies that are subject to regulated tariffs. • Steel business is doing well especially its outperformance overThe Plus factor: domestic peers is really commendable.. •Its PLF is one of the best in the Power sector. • Power venture has disappointed the market analysts off late. •Delay in environmental clearances is derailing power productionConcerns: from new plants . © Saurabh, 2013
  62. 62. JSPL Versus Broader Market160140120 92.54100 80 84.76 60 40 20 0 2008 2009 2010 2011 2012 BSE Sensex JSP IN Equity © Saurabh, 2013
  63. 63. Hindalco is the flagship company of Aditya Birla group. The Company operates in two segments: aluminium and copper. is the largest aluminium producer in India and one of the world’s largest aluminium rolling companies. It is also one of the biggest producers of primary aluminium in Asia. The company has captive bauxite mines, that source around 70% of its requirements for its 1.5 mtpa (million tonne per annum) alumina refinery, and its 0.54 mtpa smelting capacity. The company also produces copper and its copper smelting capacity is the largest in Asia. Hindalco’s products include standard and speciality grade aluminas and hydrates, aluminium ingots, billets, wire rods, flat rolled products, extrusions, foil, alloy wheels copper cathodes, continuous cast copper rods along with other by-products, including gold, silver and DAP (Di Ammonium Phosphate) fertilisers. • EBITDA and Net Income growth has been in-line with market expectations. Net Profit was USD 3 mn against a loss of USD 12 mn in Q3GFY12. •Management guide for EBITDA/Ton to improve from USDThe Plus factor: 250/t to 400/t in the next 2-3 years. • Financials look strong even in weaker periods, this puts Hindalco in a different league altogether. • Overall macroeconomic indicators doesn’t look good especially in the Us and European region.Concerns: •Top-line growth has declined during last couple of quarters. © Saurabh, 2013
  64. 64. Hindalco Versus Broader Market140120100 95.61 80 63.34 60 40 20 0 2008 2009 2010 2011 2012 BSE Sensex HNDL IN Equity Top-line v/s Bottom-line Growth800 744.21600400 213.22200 38.29 10.14 -7.67 18.93 0 -39.87 11.94 -15.38 2008 2009 2010 2011 2012 -77.99-200 Net Income Growth Revenue Growth © Saurabh, 2013
  65. 65. Sterlite Industries is a subsidiary of London based Vedanta Resources. It is India’s largest non-ferrous metals and mining company. Its primary business include Aluminum, Copper, Zinc, Lead and Commercial Energy. • With its huge market share in metals space especially Aluminium, Zinc & Copper, Sterlite is well poised to capitalize onThe Plus factor: rising demand for those metals. • There is big potential upside if regulatory issues turns favorable. • Integration with Sesa Goa has rather turned out to be an expensive proposition.Concerns: © Saurabh, 2013
  66. 66. Sterlite Industries Versus Broader Market120100 95.27 80 60 43.75 40 20 0 2008 2009 2010 2011 2012 BSE Sensex STLT IN Equity Top-line v/s Bottom-line Growth 18 Debt to Total Assets 16.9340 15.57 15.14 14.71 34.69 16 35.3330 14 12.88 24.19 1220 15.87 1010 5.76 8 1.31 0.48 6 0 4 2008 2009 2010 2011 2012-10 -4.26 2 -14.41 0-20 2008 2009 2010 2011 2012 -21.44-30 Net Income Growth Revenue Growth © Saurabh, 2013
  67. 67. Constituents Correlation Matrix BSE ITC IN RIL IN HDFC IN INFO IN ICICIBC IN HDFCB IN LT IN ONGC IN TCS IN SBIN IN HUVR IN TTMT IN BHARTI MM IN BJAUT IN TATA IN SUNP IN COAL IN MSIL IN NTPC IN GAIL IN CIPLA IN WPRO IN DRRD IN BHEL IN HMCL IN TPWR IN JSP IN HNDL IN STLT IN Sensex Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity IN Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity EquityBSE Sensex 1.00ITC IN Equity 0.59 1.00RIL IN Equity 0.44 -0.38 1.00HDFC IN Equity 0.89 0.87 0.04 1.00INFO IN Equity 0.80 0.60 0.07 0.78 1.00ICICIBC IN Equity 0.96 0.53 0.46 0.84 0.70 1.00HDFCB IN Equity 0.74 0.97 -0.21 0.94 0.70 0.69 1.00LT IN Equity 0.89 0.27 0.62 0.66 0.64 0.89 0.47 1.00ONGC IN Equity 0.86 0.37 0.46 0.69 0.74 0.78 0.54 0.87 1.00TCS IN Equity 0.73 0.93 -0.25 0.91 0.82 0.66 0.95 0.42 0.53 1.00SBIN IN Equity 0.88 0.46 0.30 0.76 0.82 0.87 0.63 0.85 0.85 0.64 1.00HUVR IN Equity 0.36 0.93 -0.49 0.70 0.34 0.31 0.85 0.05 0.17 0.77 0.20 1.00TTMT IN Equity 0.81 0.87 -0.07 0.93 0.79 0.76 0.92 0.52 0.59 0.94 0.73 0.70 1.00BHARTI IN Equity -0.02 -0.39 0.44 -0.16 -0.29 0.03 -0.35 0.10 -0.02 -0.36 -0.16 -0.41 -0.32 1.00MM IN Equity 0.80 0.89 -0.13 0.94 0.84 0.73 0.95 0.57 0.64 0.95 0.72 0.72 0.90 -0.32 1.00BJAUT IN Equity 0.79 0.92 -0.13 0.94 0.78 0.78 0.96 0.53 0.58 0.96 0.68 0.75 0.93 -0.28 0.97 1.00TATA IN Equity 0.65 -0.10 0.84 0.31 0.32 0.65 0.05 0.69 0.50 0.09 0.47 -0.29 0.25 0.38 0.13 0.20 1.00SUNP IN Equity 0.55 0.98 -0.40 0.84 0.58 0.49 0.94 0.22 0.32 0.92 0.41 0.92 0.86 -0.39 0.87 0.90 -0.10 1.00COAL IN Equity 0.13 0.26 -0.04 0.24 -0.34 0.28 0.30 0.25 -0.07 0.05 -0.02 0.09 -0.15 0.20 0.13 0.00 0.02 0.16 1.00MSIL IN Equity 0.74 0.51 0.16 0.67 0.76 0.66 0.64 0.69 0.77 0.62 0.76 0.35 0.64 -0.34 0.72 0.62 0.22 0.44 0.09 1.00NTPC IN Equity 0.25 -0.44 0.71 -0.12 0.06 0.28 -0.27 0.50 0.46 -0.32 0.30 -0.51 -0.21 0.23 -0.17 -0.23 0.44 -0.51 0.01 0.33 1.00GAIL IN Equity 0.81 0.48 0.20 0.73 0.93 0.74 0.62 0.76 0.82 0.70 0.87 0.19 0.67 -0.22 0.78 0.69 0.37 0.44 0.02 0.78 0.25 1.00CIPLA IN Equity 0.73 0.78 -0.09 0.82 0.83 0.63 0.85 0.54 0.65 0.85 0.68 0.65 0.81 -0.51 0.89 0.85 0.08 0.76 0.00 0.82 -0.04 0.78 1.00WPRO IN Equity 0.87 0.62 0.16 0.82 0.96 0.77 0.74 0.69 0.77 0.83 0.83 0.37 0.84 -0.26 0.84 0.78 0.44 0.60 -0.26 0.80 0.09 0.89 0.84 1.00DRRD IN Equity 0.75 0.89 -0.21 0.91 0.88 0.66 0.93 0.49 0.60 0.97 0.71 0.70 0.92 -0.41 0.97 0.97 0.09 0.87 -0.14 0.70 -0.24 0.79 0.90 0.87 1.00BHEL IN Equity 0.38 -0.41 0.70 -0.02 0.32 0.38 -0.21 0.66 0.57 -0.19 0.52 -0.61 -0.10 0.17 -0.03 -0.12 0.55 -0.47 -0.01 0.43 0.83 0.52 0.09 0.31 -0.06 1.00HMCL IN Equity 0.61 0.75 -0.24 0.74 0.82 0.49 0.80 0.42 0.60 0.82 0.61 0.58 0.72 -0.43 0.86 0.87 -0.07 0.70 0.04 0.78 -0.07 0.77 0.86 0.79 0.88 0.08 1.00TPWR IN Equity 0.74 -0.04 0.80 0.38 0.51 0.73 0.16 0.86 0.74 0.16 0.68 -0.26 0.29 0.20 0.28 0.24 0.83 -0.09 0.13 0.60 0.69 0.62 0.34 0.59 0.23 0.80 0.22 1.00JSP IN Equity 0.80 0.30 0.38 0.60 0.87 0.72 0.47 0.77 0.82 0.55 0.84 0.03 0.57 -0.14 0.63 0.54 0.52 0.25 -0.12 0.82 0.44 0.91 0.69 0.89 0.64 0.66 0.69 0.78 1.00HNDL IN Equity 0.83 0.22 0.55 0.60 0.74 0.81 0.38 0.80 0.70 0.49 0.81 -0.07 0.59 0.10 0.53 0.51 0.81 0.22 -0.09 0.50 0.30 0.77 0.46 0.77 0.52 0.56 0.34 0.79 0.79 1.00STLT IN Equity 0.55 -0.28 0.90 0.14 0.29 0.55 -0.10 0.71 0.55 -0.08 0.46 -0.46 0.05 0.31 0.03 -0.01 0.88 -0.32 0.11 0.39 0.72 0.41 0.10 0.39 -0.03 0.80 -0.02 0.93 0.63 0.69 1.00 © Saurabh, 2013
  68. 68. Disclaimer - Due diligence has been exercised in checking the authenticity of all figures mentioned in this publication. But that does notguarantee its accuracy or completeness. Also bear in mind that some analysis mentioned in the above is solely intended for illustrationpurpose. This does not constitute a recommendation of the suitability of any investment strategy for a particular investor.Further any review, retransmission, dissemination, or taking of any action in reliance upon this information by persons or entities other thanthe intended recipient(s) is prohibited.28-Feb-2013, © Saurabh 2013 (Saurabh Kumar| kaashyap.saurabh@gmail.com|+91-8374109195) © Saurabh, 2013

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