R K Global Research Team

W€€KL¥ CU`$O` 15th March 2014

W€€KL¥ CU`$O`

15 March 2014 2

Index

Content Slide No.

Global Markets Outlook 3

Domestic Market Outlook 4

Market Statistics 5

Fund Flow Analysis 6

Domestic Economic Indicators 7-8

Commodity Prices 9-10

Currencies 11

Global Economic Calendar 12

R K Global Research Coverage Snapshot 13

Contact Us 14

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15 March 2014 3

Global Market Outlook Market This Week Stocks declined and gave up the previous week's gains as investors worried about renewed signs of a slowdown in China and increasing geopolitical tensions regarding Ukraine. The Standard & Poor's 500 Index retreated from the record high it had established the previous Friday and joined the Dow Jones Industrial Average in negative territory for the year to date. The technology-heavy Nasdaq Composite and the smaller-cap indexes declined for the week but held on to modest gains for the year-to-date period. Concerns about the Chinese economy that dogged markets in January reappeared during the week. Stocks fell in morning trading Monday following news over the weekend that Chinese exports had fallen sharply in February, although some experts cautioned that a long Lunar New Year holiday might deserve part of the blame. On Thursday, however, stocks fell sharply on evidence that more fundamental factors might be at work, as data showed that Chinese industrial production declined in January and February. Investors were also disappointed by remarks from Chinese Premier Li Keqiang, who appeared to indicate that officials were willing to tolerate growth that falls short of their 7.5% gross domestic product growth target and would not respond with stimulus measures. Another major factor weighing on markets was the crisis in Ukraine, which seemed to intensify as the week progressed. Investors became particularly nervous about the apparent massing of Russian troops near the Russia-Ukraine border, as well as German Chancellor Angela Merkel's statement that Russia would face "massive" political and economic consequences if it did not enter into serious negotiations to de-escalate the situation. Western markets fell sharply, while Russian stocks reached their lowest level in several years. Trading volumes in the U.S. market remained subdued, however.

Outlook for Next Week In the week ahead US stock market will get direction from the referendum on Crimea issue, Investors will start the week early as the Sunday referendum to decide if Crimea becomes part of Russia or remains Ukrainian will likely reverberate in markets worldwide. The Federal Reserve is also on investor's radars for next week as a two-day meeting of its policy-setting committee kicks off Tuesday.

Indices* (%) 1 W 1 M 3 M 6 M 1 Y YTD

Nasdaq -1.7 0.4 6.5 14.5 30.7 36.9

Straits Times -1.7 1.4 0.5 -1.2 -6.0 -3.8

DAX -3.6 -6.7 0.1 6.0 11.9 15.9

S&P Bse Sensex -0.5 7.1 5.3 10.5 11.4 10.6

Hang Seng -4.0 -2.4 -6.4 -5.1 -3.8 -6.7

Dow Jones -2.1 -0.3 2.2 4.8 10.8 20.1

CAC 40 -2.7 -2.1 4.7 3.3 9.8 13.8

Nikkei 225 -3.0 3.5 -3.8 2.9 19.7 0.0

FTSE 100 -2.4 -1.6 1.8 -0.5 0.4 8.7

Shanghai 0.0 0.0 0.0 0.0 0.0 0.0

Source: Ace Equity, R K Global Research; * % return as on 15th March'14

Date Time* Country Event Unit A F P

10-Mar 11:00pm JPY Monetary Policy Statement

11-Mar 3:26am JPY BOJ Press Conference

11-Mar 10:00am USD JOLTS Job Openings 3.97M 4.02M 3.91M

12-Mar All Day ALL G7 Meetings

13-Mar 1:47am CNY Industrial Production y/y 0.086 0.095 0.097

13-Mar 8:30am USD Core Retail Sales m/m 0.3% 0.2% -0.3%

13-Mar 8:30am USD Retail Sales m/m 0.003 0.003 -0.006

13-Mar 8:30am USD Unemployment Claims 315K 334K 324K

14-Mar 8:30am USD PPI m/m -0.1% 0.2% 0.2%

14-Mar 9:55am USD Prelim UoM Consumer Sentiment 79.9 8190.00% 8160.00%

Source: Forex Pros, R K Global Research; A=Actual; F=Forecast; P=Previous, *IST

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15 March 2014 4

Domestic Market Outlook Market this Week Domestic market ignore weak global cues and closed the week with a impressive green gain, there was some positive on the macro front as the wholesale price-based inflation eased to a nine-month low in February as food and fuel prices moderated, raising expectations that the RBI would leave interest rates unchanged at its policy review next month. Consistent fall in inflation during first two months of 2014 and an expansion in industrial output in January for the first time in four months supported the market. But concerns over fresh tensions in Crimea and a slowing Chinese economy limited upsides. The wholesale price index (WPI), rose 4.68% last month, data showed on Friday, compared with a 4.99% jump forecast by economists in a Reuters poll. Consistent fall in inflation during first two months of 2014 and an expansion in industrial output grew 0.1 percent compared to contraction of 0.2 percent in earlier month but consumer goods; capital goods and manufacturing remained in the negative domain. On the sectoral front IT giant Infosys was the biggest loser, shedding 9 percent after Chairman Narayana Murthy sounded caution on the company’s growth. Metal shares weakened on poor Chinese trade data. Copper prices hit the lowest since July 2010 while iron ore prices touched more than 1.5-year lows during the week, which caused Sesa Sterlite, Hindalco Industries and Tata Steel to lose around 8 percent. Among the Pharma companies Ranbaxy Labs fell over 7 percent as Supreme Court on Friday issued notice to company on following a PIL that the company was selling adulterated cholesterol lowering drugs in the country. The company, which is already facing manufacturing quality concerns, has recalled more than 64,000 bottles of cholesterol lowering drug in the United States. Sun Pharma few 5 percent as the company’s name was in the latest report on import alert list.

Outlook for Next Week In the week going ahead, the market will get trigger from Sunday’s referendum in Crimea and FOMC meeting on March 18-19.

Indices * (%) 1 W 1 M 3 M 6 M 1 Y YTD

NSE - Midcap 50 -0.6 8.2 5.2 20.7 7.7 28.3

NSE - Nifty Junior -0.7 6.1 3.1 13.0 7.2 50.8

NSE - CNX 500 -0.4 7.1 5.4 12.6 8.3 39.1

S&P Bse Midcap -0.6 5.5 5.6 18.2 3.6 29.7

NSE - CNX Midcap -0.9 7.3 5.9 15.1 3.4 32.1

S&P Bse Sensex -0.5 7.1 5.3 10.5 11.4 40.5

NSE - CNX 200 -0.4 7.3 5.2 11.9 8.5 40.0

NSE - CNX 100 -0.4 7.3 5.1 11.5 9.6 41.8

S&P Bse 500 -0.4 6.8 5.1 12.0 7.7 37.6

S&P Bse 200 -0.4 7.0 5.0 11.5 8.1 39.1

CNX Nifty Index -0.3 7.5 5.4 11.2 10.1 40.3

S&P Bse 100 -0.4 7.4 5.0 11.3 9.2 40.4

NSE - Smallcap Index -1.0 7.7 7.4 20.6 2.2 24.9

S&P Bse Smallcap 0.2 5.5 8.1 20.3 6.4 19.3

Source: Ace Equity, R K Global Research; * % return as on 15th March'14

Indices * (%) 1 W 1 M 3 M 6 M 1 Y YTD

S&P Bse FMCG 1.3 4.5 4.6 -0.3 14.5 68.2

S&P Bse Bankex 1.4 18.0 6.1 18.7 -0.3 49.9

S&P Bse Capital Goods 3.5 23.3 17.8 44.4 17.9 43.3

S&P Bse Realty 2.1 14.7 3.6 5.3 -34.2 1.3

S&P Bse Auto 0.7 7.0 6.4 17.0 19.6 59.2

S&P Bse Sensex -0.5 7.1 5.3 10.5 11.4 40.5

S&P Bse Metal -4.8 -1.7 -7.5 5.2 -4.5 -4.9

S&P Bse Power 0.7 7.7 -0.4 7.0 -8.6 -9.3

S&P Bse Oil 1.5 9.9 7.6 7.4 2.4 20.8

S&P Bse IT -6.1 -4.5 4.5 14.6 29.9 53.5

Source: Ace Equity, R K Global Research; * % return as on 15th March'14

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15 March 2014 5

Market Statistics

Source: NSE, BSE, Ace Equity, R K Global Research

0

10

20

30

40

50

60

70

80

90

14-Mar-14 13-Mar-14 12-Mar-14 11-Mar-14 10-Mar-14

# Crore

Volumes this Week

BSE NSE

0

5

10

15

20

25

30

35

40

14-Mar-14 13-Mar-14 12-Mar-14 11-Mar-14 10-Mar-14

# Crore

Delivery Volume this Week

BSE NSE

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

200000

14-Mar-14 13-Mar-14 12-Mar-14 11-Mar-14 10-Mar-14

` Crores

Turnover this Week

F&O NSE BSE

0

1000000

2000000

3000000

4000000

5000000

6000000

7000000

8000000

9000000

14-Mar-14 13-Mar-14 12-Mar-14 11-Mar-14 10-Mar-14

No. of Trades this Week

BSE NSE

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15 March 2014 6

Fund Flow Analysis

15000

16000

17000

18000

19000

20000

21000

22000

23000

-1000

-500

0

500

1000

1500

2000

Dec-13 Jan-14 Feb-14 Mar-14

Index` Crs

3m DIIs Fund Flows

DII (LS) Sensex (RS)

15000

16000

17000

18000

19000

20000

21000

22000

23000

-6000

-4000

-2000

0

2000

4000

6000

8000

Dec-13 Jan-14 Feb-14 Mar-14

Index` Crs

3m FIIs Fund Flows

FII Equity (LS) FII Debt (LS) Sensex (RS)

Units 1 W 1 M 3 M 6 M 1 Y YTD

Equity ` Crs 3293 9092 15175 60631 64718 7405

Debt ` Crs 7886 19800 39781 -21353 -24275 -13875

Total ` Crs 11179 28893 54956 39278 40443 -6470

Equity ` Crs -2110 -3790 -4796 -17243 -17930 -23902

Debt ` Crs 32974 83126 168414 419275 500486 596595

Total ` Crs 30865 79337 163618 402032 482556 572693

DII Total ` Crs 4563 2472 2712 -34733 -36918 -62494

% -0.50 6.85 5.15 10.01 10.83 3.12

`/$ 62.6625 62.0626 62.1822 62.4054 59.4624 62.0626

Particulars

Source: SEBI, AceEquity, R K Global Research; as on 15 March'14

MF

FII

Sensex

Exchange Rate 15000

16000

17000

18000

19000

20000

21000

22000

23000

-2000

0

2000

4000

6000

8000

10000

12000

Dec-13 Jan-14 Feb-14 Mar-14

Index` Crs

3m Mututal Funds Flows

Equity (LHS) Debt (LHS) Sensex (RHS)

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15 March 2014 7

5

5

6

6

7

7

8

8

9

Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14

%

Policy Rates

Repo Reverse Repo

8.00

7.00

Source: RBI, R K Global Research

Indian Economic Indicators

8.2%

9.4%

10.6% 10.3% 10.5%

8.4%

5.6%6.1%

8.1%

9.1%

12.9%

14.0% 14.3%

0%

2%

4%

6%

8%

10%

12%

14%

16%

135

155

175

195

215

235

255

275

Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13

Ind

ex

Monthly WPI - PA Index

Index (LHS) Y-o-y (RHS)

Source: MOSPI, R K Global Research

7.5% 7.6% 7.5% 7.3% 7.4%

6.8%

5.2%4.7%

5.5%

6.4%6.1%

6.7% 6.9%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

162.0

164.0

166.0

168.0

170.0

172.0

174.0

176.0

178.0

180.0

182.0

Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13

Ind

ex

Monthly WPI Index

Index (LHS) Y-o-y (RHS)

Source: MOSPI, R K Global Research

8.5 7.6 8.2 9.2

8

6.7 6.1

5.35.5

5.3 4.5 5 4.4 4.8

0

1

2

3

4

5

6

7

8

9

10

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2010-11 2011-12 2012-13 2013-14

Quarterly GDP Growth (Base: 2004-05)

8.4

4.8

Source: RBI , CSO, R K Global Research

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15 March 2014 8

Indian Economic Indicators

1.80

6.80

4.10

-3.50

0.10

2.40

-1.80

0.10

2.70

0.40

8.20

-0.10

-0.60

2.40

0.60

2.50

2.00

-3.10

-2.20

2.60

0.60

2.00

-1.80-2.10

-0.60

-6

-4

-2

0

2

4

6

8

10

Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13

%

IIP Y-o-Y Growth (%)

Source: MOSPI, R K Global Research

2.5

4.6

-2.4

3.2

2.3 2.3

0.1

3.13.7

8.0

-0.6

1.72.1

-4

-2

0

2

4

6

8

10

120.0

125.0

130.0

135.0

140.0

145.0

150.0

155.0

160.0

165.0

170.0

Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

%

Ind

ex

Core Industry Index vis-a-vis Y-o-Y Growth

Core Industry Index (LHS) Y-o-Y Growth (RHS)

Source: Ministry of Commerce and Industry, R K Global Research

53

.2

54

.2

51

.4

50

.50

52

50

.3

50

.1

48

.5

49

.6

47

.5

51

.3

50

.7

49

.6

46

47

48

49

50

51

52

53

54

55

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14

In

de

x

HSBC PMI Manufacturing Index

Source: HSBC, Markit, R K Global Research

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

260

265

270

275

280

285

290

295

300

US$ Billion

Weekly Forex Reserves

Weekly Forex Reserves (LS) W-o-W Change (RS)

Source: RBI, R K Global Research

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15 March 2014 9

Commodities - Metals

Source: MCX, AceEquity, R K Global Research

181.4

314.1

285.9

267.4

90

140

190

240

290

340

390

440

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

` /mmbtu

MCX Natural Gas Spot Prices

5129

60826228

5992

3000

3500

4000

4500

5000

5500

6000

6500

7000

7500

8000

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

` /bbl

MCX Crude Oil Spot Prices

113.6

124.1

127.1

122.5

80

90

100

110

120

130

140

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

` /kg

MCX Zinc Spot Prices

968.2

878.8

934.7

972.1

750

800

850

900

950

1000

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

` /kg

MCX Nickel Spot Prices

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15 March 2014 10

Commodities – Precious Metals & Energy

Source: MCX, Ace Equity, R K Global Research

30138

29881

30504

30382

23000

25000

27000

29000

31000

33000

35000

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

` /10gm

MCX Gold Spot Prices

57,871

44,585

46,35446,262

29000

34000

39000

44000

49000

54000

59000

64000

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

` /kgs

MCX Silver Spot Prices

436.7439.0 435.1

393.2

300

350

400

450

500

550

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

` /kg

MCX Copper Spot Prices

436.7439.0

435.1

393.2

355

375

395

415

435

455

475

495

515

Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

` /kg

MCX Aluminium Spot Prices

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15 March 2014 11

Currencies

54.36

62.10

61.24

61.35

50

52

54

56

58

60

62

64

66

68

70

Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

USD-INR

Source: Investing.com, R K Global Research

1.30

1.37

1.391.39

1.2

1.25

1.3

1.35

1.4

1.45

Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

EUR-USD

Source: Investing.com, R K Global Research

95.95

101.83

103.26

101.35

83

88

93

98

103

108

Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

USD-JPY

Source: Investing.com, R K Global Research

82.83

80.17

79.71

79.53

76

77

78

79

80

81

82

83

84

85

86

Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14Source :Investing.com, R K Global Research

US Dollar Index

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15 March 2014 12

Global Economic Calendar

Date Day IST Currency Event

2-Mar-14 Sun All Day ALL G7 Meetings

2-Mar-14 Sun 8:45pm CNY HSBC Final Manufacturing PMI

3-Mar-14 Mon 9:00am EUR ECB President Draghi Speaks

3-Mar-14 Mon 10:00am USD ISM Manufacturing PMI

5-Mar-14 Wed 8:15am USD ADP Non-Farm Employment Change

5-Mar-14 Wed 9:57am USD ISM Non-Manufacturing PMI

6-Mar-14 Thu 7:45am EUR Minimum Bid Rate

6-Mar-14 Thu 8:15am USD FOMC Member Dudley Speaks

6-Mar-14 Thu 8:30am EUR ECB Press Conference

6-Mar-14 Thu USD Unemployment Claims

7-Mar-14 Fri 8:30am USD Non-Farm Employment Change

7-Mar-14 Fri USD Trade Balance

7-Mar-14 Fri USD Unemployment Rate

7-Mar-14 Fri 9:02pm CNY Trade Balance

8-Mar-14 Sat 8:30pm CNY CPI y/y

10-Mar-14 Mon Tentative JPY Monetary Policy Statement

11-Mar-14 Tue Tentative JPY BOJ Press Conference

13-Mar-14 Thu 12:30am CNY Industrial Production y/y

13-Mar-14 Thu 7:30am USD Core Retail Sales m/m

13-Mar-14 Thu USD Retail Sales m/m

13-Mar-14 Thu USD Unemployment Claims

14-Mar-14 Fri 7:30am USD PPI m/m

14-Mar-14 Fri 8:55am USD Prelim UoM Consumer Sentiment

Date Day IST Currency Event

18-Mar-14 Tue 5:00am EUR German ZEW Economic Sentiment

18-Mar-14 Tue 7:30am USD Building Permits

18-Mar-14 Tue USD Core CPI m/m

18-Mar-14 Tue Tentative ALL G7 Meetings

19-Mar-14 Wed 1:00pm USD FOMC Economic Projections

19-Mar-14 Wed USD FOMC Statement

19-Mar-14 Wed 1:30pm USD FOMC Press Conference

20-Mar-14 Thu 7:30am USD Unemployment Claims

20-Mar-14 Thu 9:00am USD Existing Home Sales

20-Mar-14 Thu USD Philly Fed Manufacturing Index

23-Mar-14 Sun 8:45pm CNY HSBC Flash Manufacturing PMI

24-Mar-14 Mon 3:00am EUR French Flash Manufacturing PMI

24-Mar-14 Mon 3:30am EUR German Flash Manufacturing PMI

25-Mar-14 Tue 4:00am EUR German Ifo Business Climate

25-Mar-14 Tue 9:00am USD CB Consumer Confidence

25-Mar-14 Tue USD New Home Sales

26-Mar-14 Wed 7:30am USD Core Durable Goods Orders m/m

27-Mar-14 Thu 7:30am USD Unemployment Claims

27-Mar-14 Thu 9:00am USD Pending Home Sales m/m

28-Mar-14 Fri

31-Mar-14 Mon 4:00am EUR CPI Flash Estimate y/y

31-Mar-14 Mon 8:00pm CNY Manufacturing PMI

31-Mar-14 Mon 8:45pm CNY HSBC Final Manufacturing PMI

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15 March 2014 13

R K Global Coverage Snapshot

Source: Ace Equity R K Global Research Estimate, LCP-Last Closing Price as on 10 Dec 12

Sl No. Company Mkt Cap EPS PAT Growth % PER (X) Price/BV(x) EV/EBITDA(x) ROE(%)

(Rs mn) FY12 FY13E FY12 FY13E FY12 FY13E FY12 FY13E FY12 FY13E FY12 FY13E TP LCP Upside % Rating

1 ACC Ltd. 269274 59.0 74.4 9.3% 26.1% 23.3 18.5 3.5 3.3 13.2 9.7 16.2% 18.6% 1502.0 1434.3 4.7% Hold

2 Ambuja Cements Ltd. 323100 8.2 10.8 1.3% 31.7% 24.8 18.8 3.9 3.5 14.8 10.5 15.2% 15.5% 221.0 209.7 5.4% Hold

3 Ashok Leyland Ltd. 73834 2.2 2.0 -12.8% -11.7% 11.6 13.1 2.2 2.1 7.4 7.8 19.9% 16.4% 26.0 27.8 -6.3% Achieved

4 Asian Paints Ltd. 417289 101.0 120.0 25.0% 19.0% 32.4 32.8 12.5 10.8 20.6 31.2 37.0% 33.0% 4085.0 4350.4 -6.1% Achieved

5 Bajaj Auto Ltd 557480 104.0 104.0 -10.1% -0.1% 17.1 17.1 8.5 6.8 12.4 12.8 54.9% 44.2% 1879.0 1926.6 -2.5% Achieved

7 Coal India Ltd. 2312737 14.0 -2.0 14.0% -2.0% 16 14 5.7 4.8 17.0 14.0 35.0% 29.0% 378.0 366.2 3.2% Hold

8 Colgate-Palmolive (India) Ltd. 198930 33.0 30.0 13.0% -10.0% 33.9 52.1 34.8 18.6 23.6 23.9 54.0% 36.0% 1563.0 1462.8 6.8% Hold

9 Dabur India Ltd. 224837 3.0 4.0 8.0% 42.0% 40 13.2 15.4 36.2 26.0 28.2 38.0% 39.0% 145.0 129.0 12.4% Hold

10 DLF Ltd. 357796 7.1 9.0 -26.8% 26.5% 33.2 26.3 1.6 1.5 16.0 16.8 4.5% 5.5% NR 210.7 NR Achieved

11 Exide Industries Ltd. 124908 6.5 8.3 -30.8% 29.4% 27.4 16.4 3.2 2.8 16.8 15.9 15.9% 18.2% 160.0 147.0 8.9% Hold

13 HCL Technologies Ltd. 449570 35.0 48.0 38.0% 22.0% 12.6 10.2 3.9 3.3 11.6 11.8 23.8% 28.9% 635.0 647.5 -1.9% Achieved

14 Hero MotoCorp Ltd. 363571 119.0 115.0 18.0% 14.0% 17.5 15.3 9.6 6.9 11.8 10.8 66.0% 58.0% 2000.0 1820.7 9.8% Hold

15 Hindalco Industries Ltd. 225154 11.7 11.0 5.0% -6.0% 10 10.6 0.7 0.7 9.0 9.0 7.0% 6.0% 125.0 117.6 6.3% Hold

17 Hindustan Unilever Ltd. 1158911 12.0 13.0 8.0% 6.0% 32.9 44.2 25.5 18.0 24.3 27.2 12.3% 13.0% 575.0 536.1 7.3% Hold

18 Hindustan Zinc Ltd. 599150 13.0 14.6 13.0% 11.0% 10.8 9.7 2.2 1.9 9.0 8.0 21.0% 20.0% 143.0 141.8 0.8% Hold

20 Infosys Ltd. 1398830 148.0 173.0 17.0% 42.0% 21 13.8 6.0 3.7 13.0 15.0 28.0% 27.0% 2565.0 2436.0 5.3% Hold

21 ITC Ltd. 2329776 7.5 8.6 20.3% 13.8% 29.7 36 9.2 11.0 18.6 15.5 31.0% 31.0% 306.0 296.2 3.3% Hold

23 Maruti Suzuki India Ltd. 430274 50.7 58.0 -29.2% 26.5% 26.6 24 2.6 2.5 12.6 12.0 10.8% 10.9% 1560.0 1489.3 4.7% Hold

24 Nestle India Ltd. 452031 114.0 139.0 14.0% 22.0% 44.9 36.9 21.7 15.7 27.2 27.8 48.0% 42.0% 5129.0 4688.4 9.4% Hold

25 NMDC Ltd 653980 18.3 19.0 12.0% 3.0% 8.9 8.7 2.7 2.2 5.0 4.4 30.0% 25.0% 201.0 165.0 21.9% Buy

28 Sesa Goa Ltd. 158568 24.3 19.3 -50.0% -20.0% 9.4 9.3 1.3 0.9 4.0 6.0 14.0% 10.0% 188.0 182.5 3.0% Hold

29 Steel Authority Of India Ltd. 82 13.0 15.7 4.3% 20.3% 9.3 8.9 0.8 0.7 7.0 6.0 8.6% 9.5% 84.0 81.7 2.8% Hold

30 Sterlite Industries (India) Ltd. 364566 4.2 4.5 17.0% -9.0% 25.1 23.5 1.4 1.4 11.3 13.2 7.0% 6.0% 140.0 108.5 29.1% Buy

31 Tata Consultancy Services Ltd. 2573452 59.0 71.0 54.0% 20.0% 20.8 20 9.2 7.9 16.0 16.3 44.0% 40.0% 1428.0 1314.9 8.6% Hold

32 Tata Global Beverages Ltd 104107 15.0 20.0 16.0% 27.0% 22.8 10 2.9 3.3 25.8 26.2 10.0% 12.0% 185.0 168.4 9.9% Hold

33 Tata Steel Ltd. 379405 16.5 15.3 -0.4% -0.1% 23.7 25.4 2.8 2.6 14.0 11.0 0.1% 0.1% 420.0 390.7 7.5% Hold

34 Titan Industries Ltd. 271840 6.0 8.0 26.0% 35.0% 33 39 14.0 14.3 20.0 22.0 37.0% 37.0% 315.0 306.2 2.9% Hold

35 Ultratech Cement Ltd. 547847 89.2 107.7 74.2% 21.3% 22.9 18.9 4.3 3.5 13.9 10.9 19.0% 18.5% 2136.0 1998.3 6.9% Hold

37 Wipro Ltd. 971373 32.0 39.0 33.0% 21.0% 3.2 2.6 12.9 10.5 12.9 13.1 25.0% 25.0% 413.0 394.6 4.7% Hold

40 MOIL Ltd. 41084 24.5 27.4 -30.0% 12.0% 10.5 9.4 1.8 1.5 5.3 3.3 17.0% 17.0% 293.0 244.6 19.8% Buy

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15 March 2014 14

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