1

EQUITY

Latest 1 Day P/E* P/B*

SENSEX 31,449.0 0.8 23.2 2.9

NIFTY 9,794.2 0.9 22.9 2.9

CNXMIDCAP 17,853.7 2.8 31.3 2.2

14-Aug-17

*Source: Bloomberg

NET INFLOWS (Rs. Crs.) 11-Aug-17

NET MTD YTD

FII (1829.4) (7416.0) 33252.2

MF** (38.4) 19971.3 30080.4

*YTD From January till date **As on 10-Aug-17

16 August 2017

Sushil Financial Services Private Limited Member BSE : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. Regd. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : info@sushilfinance.com

Please refer to important disclosures at the end of the report For private Circulation Only.

15-Aug-17

Latest Points % Chg.

NIKKEI 225 * 19756.8 3.5 0.0

HANG SENG * 27267.7 92.8 0.3

DOWJONES 21999.0 5.3 0.0

NASDAQ 6333.0 (7.2) (0.1)

SGX NIFTY FUT* 9810.0 14.0 0.1

INFY 15.5 0.0 0.1

HDFC BANK 95.6 0.4 0.4

ICICI BANK 9.0 0.1 0.9

TATA MOTORS 29.5 (0.3) (1.0)

WIPRO 6.1 0.0 0.2

DR REDDY 30.8 0.1 0.2

* At 08:20 a.m. IST on 16-Aug-17

WORLD INDICES & INDIAN ADRs (US$)

COMMODITIES 14-Aug-17

Latest Points % Chg.

GOLD 1273.4 1.8 0.1

CRUDE OIL (WTI) 47.8 0.2 0.4

CRUDE OIL (Brent) 51.1 0.3 0.5

FII ACTIVITIES IN DERIVATIVES 14-Aug-17

FII Net Buy (Rs.

Crs)

Open

Interest

Ch. in Open

Int. (DOD)Index Futures (452.6) 23960.6 (1.4)

Index Options 1556.6 86551.6 2.7

Stock Futures 571.3 56138.9 2.2

Stock Options (2.5) 9776.8 2.9

14-Aug-17

Closing % Chg.

Dollar Index 93.9 0.00

Rs. / $ 64.1 (0.03)

Rs. / EURO 75.6 0.19

Rs. / UK Sterling 82.6 (0.75)

EXCHANGE RATE

G.SEC. YIELD 14-Aug-17

Yield (%)

GS CG2025 8.2% 6.52

US 10 Year Gsec 2.27

KEY OVERNIGHT DEVELOPMENTS

Wall Street ended little changed on Tuesday as declines in Home Depot and

other retailers following results offset upbeat US retail sales data. Asian

shares were mostly higher in early Wednesday trade as investors digested

earnings releases from regional corporates and a resurgent dollar

MUST KNOW….

Suzlon Energy surges as company turns profitable in Q1 (Rs.17, +14%)

Britannia(#) aims to increase distribution footprint post-GST (Rs.4173, +2%)

DLF (##) zooms as promoters may sign rental arm stake sale deal with GIC this month (Rs.181, +17%)

RBL Bank (#) raises Rs.1680 crore via preferential sale of 3.26 cr shares (Rs.497, +1%)

Dredging Corp shares surge aftr strong operational nos in Q1 (Rs.575, +5%)

RCom soars post NCLT approval to Brookfield deal, merger with Aircel (Rs.24, +16%)

Expect increased movement in deal pipeline to continue: eClerx (#) (Rs.1285, +2%)

Cipla (#) jumps after management's FY18 outlook (Rs.570, +5%)

Hope to achieve 20-25% growth in overall sales in FY18: Godawari Power (Rs.118, -8%)

L&T Technology Services (#) bets big on E&RD; expects FY18 revenue above industry estimates (Rs.730, 0%)

Vinati Organics rises on buyback approval (Rs.1011, +4%)

Guiding double digit growth on India front: Cox & Kings (Rs.270, +1%)

Titan sees up to 30% rise in sales with stores expansion (Rs.630, +4%)

Reliance Industries (##), BP to submit revised investment plan for KG-D6 gas finds (Rs.1573, +2%)

IDBI Bank posts Q1 net loss of Rs.853 cr; asset quality worsens (Rs.52, -1%)

Eveready Industries turns to Ujala for its LED vertical (Rs.321, +1%)

Getting ready to focus more on increasing our revenues, says Zee Media (Rs.36, 0%)

Grasim Q1 profit grows 8% to Rs.347 cr, topline up 13% (Rs.1109, +5%)

Zydus (##) settles patent case over Aptalis' drug Canasa (Rs.485, +1%)

Don't expect big increase in gas prices this year: Indraprastha Gas (##) (Rs.1295, +6%)

Tata Power Q1 PAT at Rs.221 cr; operating profit jumps 12% (Rs.80, +4%)

Apollo Hospitals (#) Q1 net profit dips 51% at Rs.35.21 cr (Rs.1192, -2%)

ITDC Q1 net profit jumps two-fold at Rs.18.75 cr (Rs.483, +9%)

Expect to see normal business Q3 onwards: SH Kelkar & Co (Rs.258, +3%)

Natco(#) shares gain on getting final approval for kidney drug (Rs.739, +5%)

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Corporate Announcements & Financial Scoreboard Suzlon Energy surges as company turns profitable in Q1 (Rs.17, +14%)

Shares of Suzlon Energy rose as the company turned profitable in the quarter ended Jun 2017. The

company has reported net profit of Rs.63.7 crore in the quarter ended Jun 2017 (Q1FY18) against the loss

of Rs.257 crore, in the same quarter last fiscal. Revenue of the company increased 62.5% at Rs.2,676 crore

versus Rs.1,646 crore. The board approved the issuance of redeemable non-convertible debentures (NCDs)

to the extent of Rs.900 crore on private placement basis in one or more tranches for replacement of

existing debt subject to approval of shareholder in the ensuing annual general meeting of the company.

The company's 22nd AGM will be held on Sept 22, 2017. The securities issue committee of the company

has at its meeting held on Aug 12, 2017 approved allotment of 2,89,74,999 equity shares of Rs.2 each on

conversion of 7438 USD 546,916,000 step-up convertible bonds due Jul 2019 of USD 1,000 each at a

conversion price of Rs.15.46 per equity share with a fixed rate of exchange on conversion of Rs.60.225 to

USD 1.

Britannia (#) aims to increase distribution footprint post-GST (Rs.4173, +2%)

After facing initial GST hiccups, FMCG major Britannia is looking at increasing its distribution footprint and

winning market share from local players. The company, which witnessed de-stocking in trade channels due

to migration to GST, said the new tax regime has brought a level playing field. "Our key strategic focus area

is to increase distribution footprint, grow rural and win (market) share from local players," Britannia said in

a presentation to the analysts. It said it would target local/regional players in specific category/geography.

The company also said its other key focus areas include entering one new geography every year and enter

new product categories as it aspired to be a total food company. Last year, Britannia, whose main business

segments are bakery and dairy, had entered into a joint venture (JV) agreement with Greece's Chipita SA to

manufacture and sell ready-to-eat filled croissants. Currently, the work is underway to establish operations

of the JV. It is also scouting for profitable growth opportunities, especially in the bakery segment, to

strengthen its position as a leading food company in the country. In order to increase its international

business, the company said it is also evaluating entry through local manufacturing in high potential

markets, which are currently not accessible through exports routes due to high trade barriers. Britannia is

present in more than 70 countries, its key geographies being West Asia, Africa, Americas, Asia Pacific and

SAARC. Britannia is also looking at driving premiumisation through innovation and attain cost leadership

through efficiencies and wastage reduction. Britannia Industries had reported a 1.40% decline in

consolidated net profit to Rs.216.12 crore for the Jun quarter, impacted by the GST roll-out and subdued

growth in international business. The company had posted a net profit of Rs.219.21 crore in the Apr-Jun

period a year ago. Its net sales were up 6.41% to Rs.2,300.93 crore as against Rs.2,162.16 crore in the

corresponding period of the previous fiscal.

DLF (##) zooms as promoters may sign rental arm stake sale deal with GIC this month (Rs.181, +17%)

DLF shares rallied on likely deal between the company's promoters and Singapore's sovereign wealth fund

GIC for rental arm stake sale soon. In Oct 2015, DLF had announced that its promoters would sell their

entire stake in DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of the commercial assets of the

group. The promoters had in March this year entered into an exclusivity pact with GIC to negotiate on this

transaction. Both the parties are likely to sign definitive agreement by end of this month, PTI said quoting

unnamed sources. Sources had earlier said the deal is likely to be valued at around Rs.12,000-13,000 crore.

The promoters would infuse a large portion of proceeds from this proposed deal into DLF, which in turn

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would use this amount to cut its net debt that has reached nearly Rs.26,000 crore. In a conference call with

analysts, DLF's Senior Executive Director (Finance) Saurabh Chawla said the proposed transactions is at the

"fag end of the process" and hoped that the deal would be concluded in the near future. Chawla said after

the agreement between the two parties, GIC would approach the Competition Commission of India (CCI)

for approval, while DLF will have to seek shareholders nod. He said the CCI approval could come by early

November. DLF is expected to achieve a rental income of over Rs.3,000 crore in the current fiscal, of which

about Rs.2,600 crore pertains to the DCCDL. Meanwhile, the realty major's profit in Q1FY18 fell sharply by

58.4% year-on-year to Rs.109 crore but rest of earnings remained good with revenue rising 9.7% to

Rs.2,047.7 crore compared with same quarter last year. Operating profit grew by 21.3% to Rs.903.1 crore

and margin expanded by 420 basis points to 44.1% in Q1.

RBL Bank (#) raises Rs.1680 crore via preferential sale of 3.26 cr shares (Rs.497, +1%)

RBL Bank (former Ratnakar Bank) announced its capital infusion of Rs.1,680 crore by selling 3.26 crore

shares for Rs.515 per share on a preferential basis to marquee investors. The bank issued 32,621,354 (or

3.26 crore) equity shares on a preferential basis at a price of Rs.515 per share, adding Rs.16,799,997,310

(Rs.1,680 crore) to the paid-up capital, RBL bank said in a statement. The small private sector lender had

received approval for the capital raise from its Board of Directors on Jul 7, 2017 followed by approval from

its shareholders at its annual general meeting held on Aug 04, 2017. Some of the key investors who have

participated in this capital raise are CDC Group, Multiples Alternate Asset Management, HDFC Standard Life

Insurance Company, Global IVY Ventures, ICICI Lombard General Insurance Company and Steadview

Capital. Motilal Oswal Investment Advisors Private acted as advisors to the transaction. Vishwavir Ahuja,

MD and CEO, RBL Bank said, "RBL Bank is well poised to capitalise on the various growth opportunities

available through both the organic as well as inorganic route. This infusion will give us the desired flexibility

and enable us to maintain our growth momentum." Srini Nagarajan, Managing Director and Head of South

Asia, CDC Group Plc said, "We strongly support RBL Bank’s strategy to expand and provide a range of

financial services to under-served parts of the market. CDC’s further equity investment is made on the back

of the bank’s strong performance since our original investment in 2014 and will continue to support the

bank’s commitment to financial inclusion, as well as the financing of SMEs and agribusiness."

Dredging Corporation shares surge after strong operational numbers in Q1 (Rs.575, +5%)

Dredging Corporation India shares rallied after the state-run reported strong operational numbers in the

quarter ended Jun 2017. Net profit during the quarter fell by 2.5% year-on-year to Rs.3.9 crore but revenue

grew by 10.8% to Rs.157.9 crore compared with same quarter last year. Operating profit jumped 26.7% to

Rs.37.3 crore and margin expanded 290 basis points to 23.6% compared with corresponding quarter of

previous fiscal.

RCom soars post NCLT approval to Brookfield deal, merger with Aircel (Rs.24, +16%)

Reliance Communications surged after National Company Law Tribunal has passed order, allowing Aircel-

Reliance Communications merger and Brookfield tower sale. The tribunal on Monday overruled objections

of Bharti Infratel, GTL and Ericcson. Further, according to a media report, the deal will help the company

reduce its debt by Rs.11,000 crore. The company was in the news recently after the debt situation at the

company raised questions. Bonds of the company have taken a hit on global exchanges, while back home,

the shares also took a hit. Having said that, the buzz of rejig plans, including asset monetisation plans,

boosted the stock.

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Expect increased movement in deal pipeline to continue: eClerx (#) (Rs.1285, +2%)

eClerx Services reported a steady quarter. In an interview to media, Rohitash Gupta, CFO of the company

spoke about the results and his outlook for the company. Margins contracted due to wage hikes, he said.

Last couple of quarters, we have seen year-on-year increase in our deal pipeline every quarter and we hope

this movement will continue, he added. We are well placed to unleash the global delivery model, said

Gupta.

Cipla (#) jumps after management's FY18 outlook (Rs.570, +5%)

Cipla shares rallied after the company's outlook for current financial year 2017-18 post Q1 earnings.

Company's chairman Y K Hamied on last Fri said even as the industry faces several hurdles, the

government's new drug policy will boost the pharma sector. He is hopeful that the company will generate

sustainable and profitable topline growth in FY18. "In the US, we are eyeing over 20 ANDA filings,

strengthening the execution of key launches and building our specialty focus in respiratory and CNS," said

Cipla managing director and CEO Umang Vohra. The company filed three products in Q1FY18 and filing is

expected to intensity in the remaining part of the fiscal with a target to file 25 ANDAs in the full year. Cipla

posted 21% rise in net profit to Rs.409 crore on a year-on-year basis for the first quarter ended Jun 30

reigning in expenses and enhancing operational efficiency. Revenues declined 3% to Rs.3525 crore while

EBITDA margins stood at 18.3% gaining 6% YoY. "Despite the impact of GST on India business, we had a

very healthy quarter from an operational perspective," Umang Vohra said, adding the quarter saw EBITDA

margins expanding to over 18% driven by strong focus on enhancing operational efficiency and control on

spends.

Hope to achieve 20-25% growth in overall sales in FY18: Godawari Power (Rs.118, -8%)

In an interview to media, Dinesh Gandhi, Director of Godawari Power & Ispat spoke about the results and

his outlook for the company. Market conditions have improved in the last one year time and that is

reflecting in our numbers, said Gandhi. We hope to achieve 20-25% growth in overall sales in the current

year, he added. On debt front, he said on consolidated level it is close to Rs.2,200 crore including Rs.200

crore of working capital debt. We hope to reduce debt by about Rs.100 crore in current year, he added.

L&T Technology Services (#) bets big on E&RD; expects FY18 revenue above industry estimates (Rs.730,

0%)

In times of uncertainty caused by the rising protectionist attitude in large markets such as US and UK, L&T

Technology Services is betting big on its engineering and R&D services, CEO Keshab Panda told Neha

Alawadhi. The company also expects a double digit revenue growth in constant currency terms for FY18,

slightly above industry estimates.

Vinati Organics rises on buyback approval (Rs.1011, +4%)

Shares of Vinati Organics rose as the company has approved the buyback of its shares. The company at its

meeting held on Aug 11 has approved a buyback proposal for purchase of up to 2,00,000 equity shares of

Rs.2 each (0.39%), from all the shareholders of the company on a proportionate basis through the tender

offer route at a price of Rs.1200 per equity share, aggregating to approximately Rs.24,00,00,000. The

company's Q1 net profit was down 12.8% at Rs.31.1 crore versus Rs.35.7 crore, in a year ago period.

Revenue of the company was up 13.6% at Rs.196.9 crore versus Rs.173.3 crore. In an interview to media,

Vinati Saraf Mutreja, ED of Vinati Organics discussed the company's Q1 performance. Q1 is historically low

5

on volumes, said Saraf. Have positive outlook for the future, she added. Saraf also expects revenue and

operating profit growth of 15% in FY18. She also sees a 10- 15% growth in Iso Butyl Benzene (IBB). Seeing

opportunities to increase market share by 15%, said Saraf.

Guiding double digit growth on India front: Cox & Kings (Rs.270, +1%)

Cox & Kings reported a steady set of Q1 earnings. In an interview to media, Peter Kerkar, Group CEO of the

company discussed more about the company's performance. India story is still particularly strong for us.

With goods and services tax (GST) coming in, things seem to have settled down slightly and we are guiding

double digit growth on the India front, he said. We see phenomenal growth on the topline for Meininger.

We will double Meininger room capacity in next 12-13 months, he added. Speaking on education business,

he said, it is a stable business, we have added on some more capacity which should roll in next year.

Titan sees up to 30% rise in sales with stores expansion (Rs.630, +4%)

Titan Co, India's biggest listed jeweller, expects its jewellery sales to rise by 20-30% in 2017/18 fiscal year

ending Mar, as it plans to add more than two dozen retail stores to boost its presence in small towns, a

senior company official said. "We are planning to add 25 to 30 stores on franchise basis this year on top of

existing around 250 stores," Sandeep Kulhalli, senior vice president, retail and marketing at Titan, told

Reuters. The company's total income in Jun quarter surged 43% to Rs.40.50 bn ($632.6 mn) from a year ago

due to higher jewellery sales during annual Hindu and Jain holy festival of Akshaya Tritiya. The

government's efforts to bring transparency in bullion trading by making large cash transactions illegal and

mandating tax code for such deals is also helping the company, he said. "Earlier people were buying from

small jewellers as they were not asking for PAN card or accepting cash. With the government restrictions,

they don't see any benefit in buying from small jewellers," Kulhalli said.

Reliance Industries (##), BP to submit revised investment plan for KG-D6 gas finds (Rs.1573, +2%)

Reliance Industries and its partner BP Plc of UK will by year end submit a revised investment plan for the

four satellite gas discoveries in the flagging KG-D6 block by integrating their development with two other

nearby finds. Senior executives in the joint venture said four deepsea satellite gas discoveries -- D—2, 6, 19

and 22 are planned to be developed together with D29 and D30 finds in the Krishna Godavari basin of KG-

D6 block. The four satellites and the other two finds (D29 and D30), R-Series and MJ gas discoveries, are

the ones on which RIL and BP had in mid-June this year announced investing Rs.40,000 crore to reserve the

flagging production from KG-D6 block. They said development of the six satellite finds are being taken up

together while D-34 or R-Series and D-55 (MJ) would have separate development plans. The government

had in 2012 approved a USD 1.529 bn plan to produce 10.36 mn standard cubic meters per day of gas from

four satellite fields of block KG-DWN-98/3 (KG—D6) by 2016-17. The four fields have 617 bn cubic feet of

reserves and can produce gas for eight years. However, the companies did not begin the investment citing

uncertainty over gas pricing. Now that the government has allowed a higher gas price of USD 5.56 per mn

British thermal unit for yet-to-be- developed gas finds in difficult areas like the deepsea, RIL and BP have

decided to take up their development. This rate is comparable with USD 2.48 per mmBtu for currently

producing fields. The executives said these four finds are now been clubbed together with D29 and D30

discoveries, which had been held up over conformity tests. They however did not give investment numbers

saying a slump in global energy prices and services market will only see lesser amount of money being

spent. RIL-BP combine do not plan to alter the USD 3.18 bn investment plan for D-34 or R-Series gas field in

the same block, which was approved in Aug 2013. About 12.9 mmscmd of gas for 13 years can be produced

from from D-34 discovery, which is estimated to hold recoverable reserves of 1.4 trn cubic feet. A separate

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development plan for the MJ find would be submitted by mid-2018, they said. RIL has so far made 19 gas

discoveries in the KG—D6 block. Of these, D—1 and D—3 —— the largest among the lot —— were brought

into production from Apr, 2009, but output has fallen sharply from 54 mmscmd in March, 2010, to 3-4

mmscmd. MJ is the only other field that was put to production. Together, the three fields today produce

6.4 mmscmd. Other discoveries have either been surrendered or taken away by the government for not

meeting timelines for beginning production.

IDBI Bank posts Q1 net loss of Rs.853 cr; asset quality worsens (Rs.52, -1%)

Public sector bank IDBI Bank reported a net loss of Rs.853 crore against Rs.241 crore profit posted during

the same period last year. The lender posted a fall of 18% in its net interest income at Rs.1,402 crore

against Rs.1,706 crore year on year. Net interest income is the difference between interest gained and

interest expended. On the asset quality front, gross and net non-performing assets (NPAs) soared. Gross

NPAs came in at Rs.50,173 crore against Rs.44,752 crore in the previous quarter. The ratio came in at

24.1% against 21.2%. Meanwhile, the net NPAs were reported at Rs.29,580 crore against Rs.25,206 crore.

The net NPA ratio came in at 15.8% against 13.21%.

SJVN records highest ever generation of power in Q1 (Rs.31, 0%)

SJVN reported a muted performance for Q1 of FY18. In an interview to media, RN Misra, Chairman and

Managing Director of SJVN spoke about the results and his outlook for the company. The company has

recorded highest ever generation of power, 3,498 mn units, during this quarter, he said. The total revenue

is lower by Rs.300 crore due to tariff regulation, he added. Speaking about receivables, he said, compared

to last year June 2016, they are almost half this year. On Nepal project, Misra said that the investment

decision is already there and we are expecting the first package to be awarded in a month.

Eveready Industries turns to Ujala for its LED vertical (Rs.321, +1%)

Battery maker Eveready Industries is betting on the government's Ujala scheme to expand its LED lighting

business with an aim to break into the big league in India. The company's annual report for 2016-17 is a

pointer to its aggressive plans of growing LED lighting operations by foraying into professional lighting B2B

(business to business) with the launch of indoor and outdoor luminaires. "We are also proactively bidding

for government supply under the Ujala scheme," Eveready Industries Managing Director Amritanshu

Khaitan said. During the year, the company had executed government orders worth Rs.46.50 crore for LED

lights. The 110-year old company, which commands over 50% market share in dry cell battery business,

said it has set up separate sales and distribution channel to cater to electrical outlets and B2B customers.

On outlook, the battery maker plans to develop its own line of professional and infrastructural lighting

solutions for office, industries, showrooms and road lighting. Eveready Industries is set to focus on

widening the electrical outlet network in the next two years through which it intends to capture growth in

the lighting business. Net sales from the LED category in 2016-17 stood at Rs.299.17 crore, which is

expected to be a significant turnover growth driver in years to come. The products in the segment include

LED bulbs, tubelight batten sets, indoor luminaire range, LED street lights, LED flood lights and digital LED

battery operated and solar lanterns.

Getting ready to focus more on increasing our revenues, says Zee Media (Rs.36, 0%)

Zee Media Corporation reported a steady set of numbers and margins improved but operating costs were

higher. In an interview to media, Sumit Kapoor, CFO of the company spoke about the results and his

outlook going forward. Post DNA demerger, our debt is sub of Rs.100 crore, so we are not very high on the

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debt, said Kapoor. However, we are in the process of arranging for debts for the radio (Reliance Broadcast

Networks) acquisition and we have tied up couple of facilities wherein the upfront fees and other related

charges have come as part of finance cost. It's not a regular feature but has affected our finance cost in the

quarter, he added. "From here on we are now getting ready to focus more on increasing our revenues,"

said Kapoor. Kapoor expects radio acquisition to be complete anytime in ongoing quarter. On BTVi

acquisition news front, he said we are in an open market, deals do keep coming in for us but we have

already acquired radio business. It's time for us to consolidate that business and look in for operational

synergies before we look in for other deals.

Grasim Q1 profit grows 8% to Rs.347 cr, topline up 13% (Rs.1109, +5%)

Grasim Industries standalone net profit grew by 8.2% year-on-year to Rs.347.2 crore in quarter ended Jun

2017. Revenue during the quarter increased 12.7% to Rs.2,986.5 crore compared with Rs.2,649 crore in

same quarter last fiscal. EBITDA (earnings before interest, tax, depreciation and amortisation) rose 5.2%

year-on-year to Rs.555.3 crore but margin contracted 140 basis points to 20.3% in Apr-Jun quarter.

Zydus (##) settles patent case over Aptalis' drug Canasa (Rs.485, +1%)

Zydus group firm Cadila Healthcare said patent litigation relating to Aptalis' drug Canasa used for treatment

of ulcerative colitis has been settled. As a result of the settlement, the company's "US subsidiary, Zydus

Pharmaceuticals (USA) Inc, will be able to market its generic version of Canasa in the United States

beginning on Jun 13, 2019, or earlier under certain circumstances," Cadila Healthcare said in a statement.

Zydus Cadila had earlier received tentative approval from the United States Food and Drug Administration

(USFDA) to market its generic version of Canasa (mesalamine suppository 1 g), it added. Canasa is indicated

to treat mildly to moderately active ulcerative colitis. The company's product will be produced at the

group's topical plant at Ahmedabad, Cadila Healthcare said.

Don't expect big increase in gas prices this year: Indraprastha Gas (##) (Rs.1295, +6%)

Indraprastha Gas reported strong margins in the first quarter. In an interview to media, ES Ranganathan,

MD of the company discussed the Q1 performance. Nearly 3,000-4,000 private cars and 1,000 taxis getting

converted into compressed natural gas (CNG) per month, said Ranganathan. He expects challenges in

industrial segment going ahead because of natural gas not being in goods and services tax (GST). However,

he expects volume growth (ex-Gurugram) of 10-11% going ahead. On tariff front, he said we are not

expecting any big increase in the gas cost going forward in this year.

Tata Power Q1 PAT below estimates at Rs.221 cr; operating profit jumps 12% (Rs.80, +4%)

Tata Power reported 68% increase in the Jun quarter net profit at Rs.221 crore against Rs.131.2 crore

posted during the same period last year. The consolidated revenues grew 2% at Rs.6,969 crore against

Rs.6,838 crore year on year. On an operating level, the earnings before interest, taxes, depreciation and

amortisation grew 12% to Rs.1,831 crore against Rs.1,635 crore posted during the same quarter last year.

Meanwhile, the operating margin was reported at 26.3%.

Apollo Hospitals (#) Q1 net profit dips 51% at Rs.35.21 cr (Rs.1192, -2%)

Healthcare major Apollo Hospitals Enterprise reported a 51.21% dip in standalone net profit at Rs.35.21

crore, mainly on account of rise in expenditure for the first quarter ended Jun 30, 2017. The company had

reported a net profit of Rs.72.17 crore for the corresponding period of previous fiscal, Apollo Hospitals

Enterprise said in a BSE filing. However, standalone income from operations of the company rose to

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Rs.1,684.46 crore for the quarter under consideration as against Rs.1,465.43 crore for the same period year

ago. The company's board also took note of resignations of Habibullah Badsha, Raj Kumar Menon and

Rafeeque Ahamed as independent directors with effect from today, Apollo Hospitals said. The board has

approved the appointment of BVR Mohan Reddy as an additional director with effect from Aug 14, 2017 to

hold office as an independent director, it added.

ITDC Q1 net profit jumps two-fold at Rs.18.75 cr (Rs.483, +9%)

State-run India Tourism Development Corporation (ITDC) reported a two-fold jump in net profit at Rs.18.75

crore for the first quarter ended Jun 30, 2017. The company had posted a net profit of Rs.9.41 crore during

the same period of previous fiscal, ITDC said in a BSE filing. Total income during the quarter under review

stood at Rs.96.19 crore as against Rs.91.41 crore in the year-ago period, up 5.22%. The company's revenue

from the hotel division during the period was Rs.63.77 crore as compared to Rs.66.59 crore in the

corresponding quarter of last fiscal. The state-run firm is looking to divest or offload its stake in all hotels

run by it except Ashok and Samrat hotels in the national capital. The company said the process of

divestment is going on. The hotels in which the divestment is under process include, Hotel Pondicherry

Ashok, Hotel Jaipur Ashok, Hotel Kalinga Ashok and Hotel Lalitha Mahal Palace, among others. The

government is looking at leasing ITDC hotels with management right to private companies as part of its

efforts to monetise the properties owned by the state-run firm.

Expect to see normal business Q3 onwards: SH Kelkar & Co (Rs.258, +3%)

SH Kelkar and Company has reported a subdued quarter with a decline in revenues. In an interview to

media, Kedar Vaze, Group CEO of the company spoke about the results and his outlook going forward.

There will be some carry over impact of goods and services tax (GST) de-stocking in Q2 and from Q3

onwards we will see normal business, he said. There will be a rebound on the demand of the product, he

added. Speaking about utilising the cash on books, he said, we will continue to look at possible joint

venture (JV), acquisitions.

Natco (#) shares gain on getting final approval for kidney drug (Rs.739, +5%)

Natco Pharma said it got final approval for generic Lanthanum Carbonate chewable tablets of 500 mg

(base), 750 mg (base), and 1000 mg (base) dosage forms. Lanthanum Carbonate is a generic equivalent of

Shire's Fosrenol Chewable Tablets and reduces the serum phosphate in patients with End Stage Renal

Disease (ESRD). Patients with ESRD typically have high blood phosphate levels that sucks calicium from

bone leading to rickets and other bone diseases. Natco said the product, a first generic, will be launched

shortly in the USA market. Fosrenol chewable tablets had US sales of USD 122.4 mn as per the year moving

annual total (MAT) ended Jun. Natco and Lupin entered into an agreement on Sept 1, 2008 to jointly

commercialise generic equivalents of Fosrenol chewable tablets.

Expect 50-60% growth in FY18, says Man Industries (#) (Rs.87, +7%)

Man Industries (India) reported a steady quarter. In an interview to media, RC Mansukhani, Chairman of

the company spoke about the results and his outlook going ahead. Full year guidance is 50-60% growth;

this means we will cross Rs.1,700 crore in FY18, said Mansukhani. He further said that the current order

book is at Rs.1,800 crore.

9

Information Of Bulk Deals – 14th Aug 2017 On BSE

Scrip Name Name Of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Bellacasa Indu Jain S 60,000 120.15

Capmanfi Mansukhbhai Mohanbhai Rupapara S 19,000 5.2

Sctl Jhaveri Trading And Investment Pvt Ltd S 30,000 47.75

Stampede Lopa Saumil Bhavnagari S 1,397,057 7.37

Stampede Mahavir Industries Limited B 1,371,000 6.96

Taalent Indian Seamless Enterprises Ltd S 25,000 141.5

Taalent Vishkul Leather Garment Pvt Ltd B 25,000 141.5

Tirin Jupiter Management Company Private Limited S 50,813 23.76

Veerenrgy Arpita Ilesh Patel B 67,093 34.34

Information Of Bulk Deals – 14th Aug 2017 On NSE

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Aarvee Denims & Exports Deg Deutsche Investitionsentwicklyng Sgess S 149627 34.15

Akash Infra-Projects Ltd. Mansi Munjal Patel B 97000 79

Akash Infra-Projects Ltd. Vishwamurte Trad Invest Pe Ltd S 81000 79

Ganges Securities Limited Zaki Abbas Nasser B 65000 59.47

Prakash Industries Ltd. Bnp Paribas Arbitrage B 990366 107.05

Sintex Plastics Tech Ltd Mv Scif Mauritius S 3930753 101.93

Vadivarhe Sp Chem Ltd Mangal Savitri Bizcon Pvt Ltd B 72000 113.29

Winsome Yarns Limited Capston Capital Partners B 600000 1.95

Winsome Yarns Limited Ramapati Consultants Private Limited S 490000 1.95

10

Disclosures Under SEBI (Prohibition Of Insider Trading) Regulations, 2015

Company Name Name of Acquirer / Seller Securities Held pre Transaction

Securities Acquired / Disposed Number Value Transaction Type

Securities held post Transaction

Period

HDFC Ltd Kankane Abhishek 8717 (0.00) 25 44693 Disposal 8692 (0.00) 31/07/2017

HDFC Ltd . Kankane Abhishek 8692 (0.00) 50 89278 Disposal 8642 (0.00) 01/08/2017

HDFC Ltd . Kankane Abhishek 8642 (0.00) 25 43404 Disposal 8617 (0.00) 09/08/2017

HDFC Ltd Ashish Choudhury 3600 (0.00) 250 445638 Disposal 3350 (0.00) 31/07/2017

HDFC Ltd . Vyas Deepak L 10813 (0.00) 1,900 3231292 Disposal 8913 (0.00) 11/08/2017

HDFC Ltd Himmat Singh Bhayal 1415 (0.00) 1,400 2448544 Disposal 15 (0.00) 10/08/2017

HDFC Ltd Sunil Gupta 3000 (-) 3,000 396540 Disposal (-) 05/07/2017

Crisil Ltd. Rahul Prithiani 2621 (-) 1,696 3130555.56 Disposal 925 (-) 09/08/2017

Dabur India Ltd. Sunil Duggal 4588680 (0.26) 54,845 16783118 Acquisition 4643525 (0.26) 11/08/2017

Kotak Mahindra Bank Ltd. Dipak Gupta 1330356 (0.07) 5,000 4962482.00 Disposal 1325356 (0.07) 11/08/2017

Itc Ltd. Abhishek Kumar 57740 (0.00) 11,000 2988020.00 Disposal 46740 (0.00) 10/08/2017

Itc Ltd. J P Rao 33000 (0.00) 33,000 9010980.00 Disposal 0 (0.00) 10/08/2017

Itc Ltd. Kasturi Iyengar 42000 (0.00) 2,000 547000.00 Disposal 40000 (0.00) 10/08/2017

Itc Ltd. Kasturi Iyengar 40000 (0.00) 2,000 543000.00 Disposal 38000 (0.00) 11/08/2017

Itc Ltd. Manish Kumar 70890 (0.00) 36,000 9794300.00 Disposal 34890 (0.00) 09/08/2017

Itc Ltd. Nakul Anand 1007475 (0.01) 2,00,000 54390000.00 Disposal 807475 (0.01) 11/08/2017

Itc Ltd. Prantik Ray 12880 (0.00) 12,880 35214578.00 Disposal 0 (0.00) 10/08/2017

Itc Ltd. Rajkumar Rathinavelu 20000 (0.00) 20,000 5507193.00 Disposal 0 (0.00) 08/08/2017

Itc Ltd. Ramasamy Sambasivam Annadurai 10000 (0.00) 4,000 1090120.00 Disposal 6000 (0.00) 09/08/2017

Itc Ltd. Rohit Vishal Gupta 204515 (0.00) 81,150 22208840.00 Disposal 123365 (0.00) 10/08/2017

Itc Ltd. Suresh Ramamurthi 50280 (0.00) 15,000 4089600.00 Disposal 35280 (0.00) 10/08/2017

Itc Ltd. Subhashish Chakrabarty 11190 (0.00) 5,000 1369550.00 Disposal 6190 (0.00) 10/08/2017

Itc Ltd. Koushik Choudhury 32000 (0.00) 1,000 292350.00 Disposal 31000 (0.00) 28/07/2017

Modison Metals Ltd.-$ Modison Copper Pvt Ltd 96918 (0.30) 4,525 249819.64 Acquisition 101443 (0.31) 11/08/2017

Modison Metals Ltd.-$ Rakesh Shyamvir Singh 10000 (0.03) 2,000 107531 Acquisition 12000 (0.04) 11/08/2017

Gruh Finance Ltd. Sm Palia 195000 (0.05) 5,000 2492974 Disposal 190000 (0.05) 03/08/2017

Natco Pharma Ltd. Kantamani Ratna Kumar 49250 (0.03) 26,750 19119245.15 Acquisition 76000 (0.04) 11/08/2017

11

Freshtrop Fruits Ltd. Ashok V Motiani 1732389 (14.26) 10,000 938521 Acquisition 1742389 (14.34) 11/08/2017

Linc Pen & Plastics Ltd.-$ Divya Jalan 3300 (0.02) 1,000 248299 Acquisition 4300 (0.03) 11/08/2017

Icici Bank Ltd. Raghav Singhal 6564 (0.00) 6,564 1912000 Disposal (-) 10/08/2017

Icici Bank Ltd. Anindya Banerjee 1100 (0.00) 1,100 332970 Disposal (-) 02/08/2017

Icici Bank Ltd. Anindya Banerjee 6000 (0.00) 6,000 1706375 Disposal (-) 11/08/2017

Icici Bank Ltd. Sumit Sanghai 15000 (0.00) 5,000 1435000 Disposal 10000 (0.00) 10/08/2017

Indusind Bank Ltd. Mahesh Singh Baghel 1340 (-) 1,340 1474000 Disposal Nil (0.00) 10/03/2017

Indusind Bank Ltd. R.Uppily 990 (-) 990 1573110 Disposal Nil (0.00) 27/07/2017

Indusind Bank Ltd. Shiladitya Sen 1858 (-) 778 927182 Disposal 1080 (0.00) 25/08/2016

Indusind Bank Ltd. Srinivas Kappaganti 1715 (-) 200 285754 Disposal 1515 (0.00) 11/04/2017

Indusind Bank Ltd. Srinivas Kappaganti 1515 (-) 400 570932 Disposal 1115 (0.00) 12/04/2017

Indusind Bank Ltd. Srinivas Kappaganti 1115 (-) 300 424683 Disposal 815 (0.00) 24/05/2017

Indusind Bank Ltd. Shiladitya Sen 510 (-) 12 13635 Disposal 498 (0.00) 11/07/2016

Mro-Tek Realty Ltd Umiya Holding Pvt Ltd 5884434 (31.49) 6,165 367388 Acquisition 5890599 (31.52) 14/08/2017

Yes Bank Ltd. Parag Gorakshakar 2200 (-) 200 349800 Disposal 2000 (-) 11/08/2017

Yes Bank Ltd. Sumit Gupta 484500 (0.11) 200 345831 Disposal 484300 (0.11) 10/08/2017

Yes Bank Ltd. Asheesh Maroo 37000 (0.01) 6,000 10890000 Disposal 31000 (0.01) 31/07/2017

Capital First Ltd. Amitosh Misra 28250 (0.02) 1,250 947200 Disposal 27000 (0.02) 19/07/2017

Capital First Ltd. E Narayanan 17000 (0.01) 500 396610 Disposal 16500 (0.01) 07/08/2017

Capital First Ltd. Reshma Narang 3500 (-) 2,500 1906428.60 Disposal 1000 (-) 20/07/2017

Career Point Ltd. Pramod Maheshwari 1604924 (8.85) 25,699 2539389 Acquisition 1630623 (8.99) 11/08/2017

Anisha Impex Ltd Sunil Kumar Malik 6570100 (39.98) 20,000 235000 Acquisition 6590100 (40.10) 12/08/2017

Sps Finquest Ltd Kalpana Pramod Shah 48300 (1.07) 8,000 9.76 Lakhs Acquisition 56300 (1.25) 14/08/2017

Gulf Oil Lubricants India Ltd Gulf Oil International (Mauritius) Inc 35171787 (70.78) 3,47,437 280939793.46 Acquisition 35519224 (71.48) 11/08/2017

K.C.P.Ltd. V R K Grandsons Investments P Ltd 5553232 (4.31) 800 83136 Disposal 5470096 (-) 07/08/2017

K.C.P.Ltd. V R K Grandsons Investments P Ltd (-) 700 73192 Disposal 5469396 (-) 07/08/2017

K.C.P.Ltd. V R K Grandsons Investments P Ltd (-) 8,800 893904 Disposal 5460596 (4.24) 08/08/2017

12

Rating Scale This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating.

Risk Rating Risk Description Predictability of Earnings / Dividends; Price Volatility

Low Risk High predictability/ Low volatility

Medium Risk Moderate predictability / volatility

High Risk Low predictability/ High volatility

Total Expected Return Matrix Rating Low Risk Medium Risk High Risk

Buy Over 15 % Over 20% Over 25%

Accumulate 10 % to 15 % 15% to 20% 20% to 25%

Hold 0% to 10 % 0% to 15% 0% to 20%

Sell Negative Returns Negative Returns Negative Returns

Neutral Not Applicable Not Applicable Not Applicable

Not Rated Not Applicable Not Applicable Not Applicable

Please Note

stocks; we have enhanced our return criteria for such stocks by five %age points.

“Desk Research Call” is based on the publicly available information on the companies we find interesting and are quoting at attractive valuations. While we do not claim that we have compiled information based on our meeting with the management, we have taken enough care to ensure that the content of the report is reliable. Although we have christened the report as “Desk Research Calls” (DRC), we intend to release regular updates on the company as is done in our other rated calls.

For any information or suggestion, please contact the below mentioned…

Nishita Shah (Nishita.Sshah@sushilfinance.com)

Sushil Financial Services Private Limited Member BSE: SEBI Regn.No. INB/F010982338 | Member NSE: SEBI Regn.No.INB/F230607435.

Office: 12, Homji Street, Fort, Mumbai 400 001. Phone +91 22 4093 6000 Fax +91 22 2266 5758

“Research Analyst – SEBI Registration No. INH000000867”

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13

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