Stock Reco 12102012 em

PRIVATE CLIENT RESEARCH
STOCK RECOMMENDATIONS
OCTOBER 12, 2012
Stock Recommendations
Name of the Company
Mkt
Cap
(Rs mn)
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
Price
as on
12-Oct
(Rs)
Upside/
(Downside)
(%)
EPS (Rs)
PE (x)
RoE (%)
P/ABV (x)
FY12E
FY13E
FY12E
FY13E
FY12E
FY13E
FY12E
FY13E
Banking
Allahabad Bank
70,100
13-Sep-12
121
140
ACCUMULATE
140
(0.1)
36.7
34.0
3.8
4.1
21.2
16.7
0.8
0.7
Andhra Bank
61,386
08-Aug-12
99
109
REDUCE
110
(0.6)
24.0
23.4
4.6
4.7
19.2
16.6
0.9
0.9
Axis Bank
462,660
01-Oct-12
1,136
1,230
1,120
9.9
102.7
120.1
10.9
9.3
21.3
20.5
2.2
1.8
Bank of Baroda
320,538
31-Jul-12
672
870
777
11.9
121.4
128.1
6.4
6.1
21.7
18.8
1.3
1.1
HDFC Bank
1,481,120
16-Jul-12
587
590
ICICI Bank
1,203,343
30-Jul-12
928
1,108
Indian Bank
81,785
25-Jul-12
190
215
Indian Overseas Bank
63,401
02-Aug-12
73
84
54,997
10-Aug-12
938
1,080
30-Jul-12
715
736
1,888
2,078
164
175
REDUCE
Jammu & Kashmir Bank

Punjab National Bank
State Bank of India
278,246
1,511,014
Union Bank of India
13-Aug-12
111,807
30-Jul-12
1,088,093
ACCUMULATE
BUY
ACCUMULATE
631
(6.5)
22.0
28.3
28.7
22.3
18.7
20.5
5.0
4.3
1,045
6.1
56.1
66.0
18.6
15.8
11.2
12.0
2.1
1.9
ACCUMULATE
190
13.0
40.6
43.3
4.7
4.4
19.4
18.0
1.0
0.9
ACCUMULATE
80
5.6
13.2
13.1
6.0
6.1
11.1
9.5
0.7
0.7
1,134
(4.8)
165.6
202.3
6.8
5.6
21.2
21.8
1.4
1.2
820
(10.3)
144.0
140.4
5.7
5.8
20.1
16.2
1.3
1.1
2,252
(7.7)
174.5
177.4
12.9
12.7
15.7
13.5
2.2
2.2
203
(13.8)
32.5
33.3
6.2
6.1
14.8
13.5
1.1
1.1
BUY
BUY
REDUCE
ACCUMULATE
NBFCs
HDFC Ltd
12-Jul-12
678
720
ACCUMULATE
740
(2.7)
27.9
33.3
26.5
22.2
22.7
24.2
6.1
5.3
IDFC
228,442
17-Aug-12
142
165
BUY
151
9.2
10.3
12.2
14.7
12.4
13.2
14.2
1.9
1.7
LIC Housing Finance
121,790
26-Jul-12
241
275
ACCUMULATE
256
7.3
18.1
22.1
14.2
11.6
18.9
18.7
2.4
2.1
84,537
31-Jul-12
693
830
BUY
883
(6.0)
60.4
75.3
14.6
11.7
22.8
23.9
3.2
2.7
144,211
25-Jul-12
565
580
ACCUMULATE
644
(9.9)
55.6
62.2
11.6
10.4
24.6
23.9
2.6
2.3
Mahindra & Mahindra Financial Services

Shriram Transport Finance Co
S
October 12, 2012
Name of the Company
Mkt
Cap
(Rs mn)
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
Price
as on
12-Oct
(Rs)
Upside/
(Downside)
(%)
EPS (Rs)
PE (x)
FY12E
FY13E
FY12E
RoE (%)
FY13E
FY12E
EV/EBIDTA (x)
FY13E
FY12E
FY13E
Auto & Auto Ancillary

Apollo Tyres
44,050
10-Aug-12
84
92
ACCUMULATE
87
5.3
8.1
11.2
10.8
7.8
16.4
18.3
5.8
4.6
Ashok Leyland
63,441
26-Jul-12
23
23
ACCUMULATE
24
(3.6)
2.1
2.3
11.4
10.4
13.8
13.9
7.4
7.0
Bajaj Auto Ltd
505,847
20-Jul-12
1,548
1,610
ACCUMULATE
1,744
(7.7)
106.9
115.0
16.3
15.2
56.6
51.0
12.2
11.1
Hero MotoCorp Ltd
355,770
24-Sep-12
1,923
1,803
REDUCE
1,779
1.4
119.1
120.2
14.9
14.8
65.6
51.1
8.8
8.3
42
29.7
5.1
5.4
8.2
7.7
23.0
20.1
5.8
5.6
1,372
(25.9)
56.6
63.6
24.2
21.6
11.3
11.5
12.9
9.6
68
17.8
8.2
10.9
8.3
6.2
4.2
5.3
5.5
4.7
25.5
TVS Motors
Maruti Suzuki India Ltd
Escorts Ltd **
19,788
30-Jul-12
38
54
396,522
30-Jul-12
1,113
1,017
63
80
6,478
08-Aug-12
BUY
REDUCE
BUY
Capital Goods & Engineering

ABB *
166,646
09-Aug-12
805
505
REDUCE
786
(35.8)
9.9
15.9
79.4
49.5
7.4
12.6
41.1
AIA Engineering
35,283
14-Aug-12
319
350
ACCUMULATE
375
(6.8)
19.2
21.6
19.5
17.4
16.2
16.3
12.5
11.1
Alstom T&D India Ltd *
48,768
03-Aug-12
187
171
REDUCE
204
(16.2)
6.0
7.1
34.0
28.7
15.3
18.2
14.0
13.3
Bajaj Electricals
22,260
27-Jul-12
173
190
ACCUMULATE
225
(15.7)
11.9
15.6
18.9
14.4
17.9
20.2
9.5
7.5
Bharat Electronics
98,528
05-Sep-12
1,243
1,400
ACCUMULATE
1,232
13.7
103.7
79.0
11.9
15.6
15.8
10.9
5.4
5.1
BHEL
Blue Star
Crompton Greaves
600,494
27-Jul-12
212
236
ACCUMULATE
245
(3.8)
28.8
25.6
8.5
9.6
27.7
20.9
5.3
5.4
19,063
20-Sep-12
171
195
BUY
212
(8.0)
9.1
23.3
16.2
17.0
88,605
02-Aug-12
119
94
REDUCE
138
(31.9)
5.8
8.2
23.8
16.8
10.9
13.7
11.0
8.0
135,052
06-Aug-12
464
500
ACCUMULATE
487
2.6
21.3
23.4
22.9
20.8
30.7
31.4
17.9
14.8
4,158
21-Aug-12
95
102
ACCUMULATE
112
(8.6)
33.4
19.3
3.3
5.8
20.7
10.3
4.8
5.9
Elgi Equipment Ltd
13,588
05-Oct-12
85
98
BUY
86
14.0
4.8
6.0
17.9
14.3
20.6
21.8
11.0
7.9
Engineers India Ltd
85,665
03-Aug-12
237
275
BUY
254
8.2
19.1
21.2
13.3
12.0
37.8
32.9
7.9
5.5
3,419
9.6
Cummins India
Diamond Power Infrastructure
Everest Kanto Cylinder

Greaves Cotton
Gujarat Apollo Industries
Havells India Ltd
Hindustan Dorr-Oliver
Kalpataru Power Transmission
14-Aug-12
27
28
REDUCE
32
(13.4)
3.0
10.8
4.1
7.3
19,373
31-Jul-12
62
84
BUY
79
5.9
5.8
5.7
13.7
13.9
24.0
20.0
8.1
7.7
2,118
21-Sep-12
133
165
BUY
134
23.1
13.8
14.8
9.7
9.1
12.3
12.0
5.7
4.8
78,904
14-Sep-12
573
540
REDUCE
656
(17.6)
30.8
35.4
21.3
18.5
46.0
36.4
12.4
11.3
1,933
31-Aug-12
25
15
SELL
27
(44.4)
1.4
19.3
4.2
9.0
13,232
07-Aug-12
70
83
REDUCE
86
(3.7)
10.7
9.9
8.1
8.7
13.4
11.2
5.2
5.2
1,375
1,435
1,650
(13.0)
77.0
87.2
21.4
18.9
17.2
16.7
15.8
15.9
669
645
REDUCE
687
(6.1)
20.0
26.7
34.3
25.7
16.6
19.4
17.6
13.6
Larsen & Toubro
963,600
24-Jul-12
Siemens India **
227,314
14-Aug-12
Suzlon Energy
23,801
16-Aug-12
17
19
REDUCE
16
19.5
0.5
31.8
1.4
7.0
5.8
Thermax
67,086
29-Aug-12
495
450
REDUCE
564
(20.2)
32.9
29.0
17.1
19.4
17.0
11.8
10.3
11.5
Kotak Securities - Private Client Research
ACCUMULATE
For Private Circulation
October 12, 2012
Name of the Company
Mkt
Cap
(Rs mn)
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
Price
as on
12-Oct
(Rs)
EPS (Rs)
FY12E
PE (x)
FY13E
FY12E
RoE (%)
EV/EBIDTA (x)
FY13E
FY12E
FY13E
FY12E
FY13E
5.6
Time Technoplast Ltd
9,865
27-Aug-12
38
51
47
8.1
4.3
5.1
11.0
9.3
12.6
13.2
6.5
Tractors India Ltd
2,200
16-Aug-12
205
210
REDUCE
220
(4.5)
16.0
29.5
13.8
7.5
4.8
8.3
7.3
4.1
Voltamp Ltd
5,020
22-Aug-12
468
450
REDUCE
497
(9.5)
33.0
38.0
15.1
13.1
8.7
9.0
11.9
5.0
41,015
06-Aug-12
105
123
BUY
124
(0.9)
7.4
8.7
16.8
14.3
17.2
18.0
12.2
10.0
11.2
Voltas Ltd
BUY
Upside/
(Downside)
(%)
Cement
ACC #
281,379
27-Jul-12
1,261
1,183
REDUCE
1,498
(21.0)
70.6
61.7
21.2
24.3
19.4
15.3
15.2
Grasim Industries
310,689
30-Jul-12
BUY
2,700
3,025
3,388
(10.7)
288.6
287.3
11.7
11.8
16.8
15.3
5.3
5.1
31,038
14-Aug-12
85
82
REDUCE
101
(18.9)
9.5
8.9
10.6
11.4
7.0
6.1
6.2
5.2
Shree Cement
139,491
24-Aug-12
3,372
3,102
REDUCE
4,004
(22.5)
181.1
191.8
22.1
20.9
27.7
23.1
8.7
9.2
UltraTech Cement
560,248
23-Jul-12
1,567
1,412
REDUCE
2,045
(30.9)
89.3
84.5
22.9
24.2
20.8
16.7
13.9
12.7
8.9
10.1
22.0
17.5
6.6
8.2
India Cements
Construction
BGR Energy Systems
19,973
07-Aug-12
283
325
ACCUMULATE
277
17.2
31.0
27.6
IL&FS Transportation Network Ltd
36,649
28-Sep-12
189
237
BUY
189
25.6
25.6
27.9
7.4
6.8
19.5
18.2
9.0
8.8
IRB Infrastructure Developers
51,233
30-Jul-12
113
197
BUY
154
27.8
14.9
14.7
10.3
10.5
18.7
15.8
6.6
7.4
IVRCL Ltd
12,149
31-Aug-12
39
44
ACCUMULATE
46
(3.3)
0.7
2.2
65.0
20.7
0.8
2.9
6.9
7.3
J Kumar Infraprojects
6,116
16-Aug-12
171
180
ACCUMULATE
220
(18.2)
25.1
29.9
8.8
7.4
17.2
17.4
3.8
3.5
Jaiprakash Associates
203,420
10-Sep-12
68
87
93
(6.1)
4.8
3.3
19.3
28.1
9.5
5.6
12.1
12.3
Madhucon Projects
Nagarjuna Construction
Pratibha Industries Ltd
BUY
2,836
14-Aug-12
35
56
BUY
37
53.4
4.9
3.1
7.4
11.8
5.7
3.4
5.5
6.5
13,137
10-Aug-12
39
38
ACCUMULATE
51
(25.8)
1.4
2.3
36.6
22.3
1.5
2.5
9.3
9.4
4.6
5,331
14-Aug-12
47
60
BUY
56
7.6
8.2
8.9
6.8
6.3
16.0
15.1
6.4
Punj Lloyd Ltd
18,072
09-Aug-12
52
53
REDUCE
55
(2.8)
2.8
5.9
19.5
9.2
3.0
6.2
10.5
7.0
Simplex Infrastructures
11,225
22-Aug-12
213
219
226
(3.1)
18.0
25.5
12.6
8.9
8.0
10.4
5.9
4.9
3,535
16-Aug-12
44
70
48
46.8
14.0
14.2
3.4
3.4
14.8
13.3
3.5
3.6
219,038
Unity Infraprojects
ACCUMULATE
BUY
FMCG
Godrej Consumer Products Ltd
08-Aug-12
608
550
REDUCE
677
(18.7)
17.3
22.6
39.1
30.0
25.3
24.4
25.7
20.0
Hindustan Unilever
1,242,108
25-Jul-12
476
420
REDUCE
575
(27.0)
11.9
15.6
48.3
36.9
NM
NM
41.1
31.8
ITC Ltd
2,193,723
27-Jul-12
251
270
ACCUMULATE
284
(4.8)
7.9
8.8
35.9
32.2
36.0
36.1
25.3
22.1
October 12, 2012
Mkt
Cap
(Rs mn)
Name of the Company
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
80
102
BUY
BUY
Price
as on
12-Oct
(Rs)
Upside/
(Downside)
(%)
116
(11.8)
582
(2.0)
2,395
3.7
EPS (Rs)
PE (x)
RoE (%)
EV/EBIDTA (x)
FY12E
FY13E
FY12E
FY13E
FY12E
FY13E
FY12E
FY13E
9.4
13.2
12.3
8.8
29.3
36.9
6.4
3.7
34.8
42.8
16.7
13.6
16.4
16.1
10.1
8.4
145.5
167.7
16.5
14.3
27.4
26.1
12.0
10.0
Information Technology
Geometric Ltd
HCL Technologies
Infosys Technologies
7,248
24-Jul-12
410,645
26-Jul-12
1,370,130
11-Sep-12
514
570
2,515
2,485
ACCUMULATE
Infotech Enterpises
21,220
19-Jul-12
178
205
BUY
191
7.3
14.7
22.2
13.0
8.6
14.9
19.4
6.3
4.7
KPIT Cummins Infosystems
21,516
26-Jul-12
128
143
ACCUMULATE
121
18.0
4.1
11.4
29.5
10.6
22.1
25.0
10.1
6.2
Mphasis Ltd ***
84,567
31-Aug-12
383
390
REDUCE
405
(3.7)
38.2
39.6
10.6
10.2
19.0
17.0
6.4
5.5
REDUCE
NIIT LTD
NIIT Technologies
Oracle Financial Services Software
R Systems International
Tata Consultancy Services (TCS)
5,690
26-Jul-12
40
42
16,698
06-Sep-12
281
314
250,112
24-Aug-12
2,855
2,693
2,086
13-Aug-12
170
158
35
21.6
6.6
4.7
5.2
7.4
18.3
11.9
3.7
3.4
285
10.3
33.1
38.6
8.6
7.4
23.8
23.1
5.6
4.4
REDUCE
2,987
(9.8)
108.3
136.9
27.6
21.8
16.7
16.7
19.2
18.9
REDUCE
171
(7.6)
13.5
21.7
12.7
7.9
8.7
13.4
4.3
4.7
68.8
23.9
18.9
42.0
48.2
17.2
13.4
ACCUMULATE
2,541,586
13-Jul-12
1,235
1,290
ACCUMULATE
1,298
(0.7)
54.4
Wipro Technologies
861,361
25-Jul-12
345
368
ACCUMULATE
352
4.5
22.7
26.2
15.5
13.4
21.6
21.4
10.5
8.3
Zensar Technologies
12,002
30-Jul-12
270
295
ACCUMULATE
278
6.0
36.5
43.1
7.6
6.5
31.0
28.4
5.5
4.3
17,810
09-Aug-12
140
185
BUY
130
42.3
20.8
18.5
6.3
7.0
19.0
14.8
4.4
4.9
8,012
12-Oct-12
136
188
BUY
136
38.4
20.5
24.2
6.6
5.6
13.6
13.7
3.7
3.5
26-Jul-12
940
910
SELL
1,067
(14.7)
67.5
69.6
15.8
15.3
15.1
14.2
10.9
10.0
Logistics
Allcargo Global Logistics
Arshiya International
Container Corporation of India
Gateway Distriparks Ltd
Adani Port & Special Economic Zone
Gujarat Pipavav Port Ltd (GPPL)
138,658
15,331
30-May-12
145
154
ACCUMULATE
142
8.5
12.4
15.1
11.4
9.4
15.7
16.6
7.7
6.5
251,239
03-Aug-12
121
156
BUY
125
24.4
5.4
7.0
22.2
15.5
20.7
24.2
17.2
13.4
51
30.2
1.4
2.4
22.2
15.5
7.1
11.3
14.2
11.6
21,497
31-Jul-12
56
66
ACCUMULATE
DB Corp
39,896
23-Jul-12
202
235
220
6.9
11.0
12.5
20.0
17.6
22.7
22.1
10.9
9.6
Dish TV India Ltd
82,247
20-Jul-12
71
76
ACCUMULATE
77
(1.7)
0.3
257.7
18.1
12.6
Entertainment Network (ENIL)
11,074
16-Aug-12
224
247
ACCUMULATE
232
6.4
11.9
11.8
19.5
19.7
13.7
12.0
8.8
8.5
HT Media
22,498
24-Jul-12
90
110
ACCUMULATE
96
14.5
7.1
7.7
13.5
12.5
11.0
10.8
5.2
4.2
9,068
17-Sep-12
22
26
BUY
25
3.8
12.1
28,881
30-Jul-12
Media
TV18 Broadcast
Jagran Prakashan
BUY
88
110
BUY
96
14.6
5.6
5.9
17.1
16.3
24.5
23.3
8.9
7.9
Sun TV Network
138,609
06-Aug-12
271
237
REDUCE
352
(32.6)
17.6
16.2
20.0
21.7
28.4
24.0
9.0
8.2
Zee Entertainment Ent
188,558
24-Jul-12
152
167
ACCUMULATE
193
(13.4)
6.1
7.4
31.6
26.1
18.5
19.3
24.1
18.6
October 12, 2012
Name of the Company
Mkt
Cap
(Rs mn)
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
Price
as on
12-Oct
(Rs)
Upside/
(Downside)
(%)
EPS (Rs)
PE (x)
RoE (%)
EV/EBIDTA (x)
FY12E
FY13E
FY12E
FY13E
FY12E
FY13E
FY12E
FY13E
Metals
Hindustan Zinc
577,387
17-Aug-12
122
112
SELL
137
(18.0)
13.1
13.7
10.4
10.0
20.7
18.5
6.5
6.2
Tata Steel Ltd
426,641
01-Oct-12
401
402
REDUCE
421
(4.5)
51.5
34.7
8.2
12.1
13.3
8.0
6.7
6.4
624,006
09-Oct-12
330
370
ACCUMULATE
327
13.1
41.6
53.3
7.9
6.1
18.2
18.6
5.1
3.2
161,746
17-Jul-12
276
281
REDUCE
327
(14.1)
10.8
12.9
30.4
25.4
61.2
64.5
20.8
17.4
Oil & Gas

Cairn India Ltd
Castrol India Ltd
Gujarat State Petronet Ltd (GSPL)
44,824
07-Sep-12
74
77
80
(3.6)
9.8
8.6
8.2
9.3
23.3
17.3
5.7
5.7
Indraprastha Gas (IGL)
36,421
30-Jul-12
230
260
ACCUMULATE
REDUCE
260
(0.1)
21.9
29.8
11.9
8.7
26.5
29.0
6.9
5.3
Oil India Ltd
294,779
09-Aug-12
482
526
ACCUMULATE
490
7.3
57.7
67.3
8.5
7.3
20.0
20.5
3.9
2.7
Petronet LNG
122,288
28-Aug-12
150
164
ACCUMULATE
163
0.6
14.1
14.6
11.6
11.2
33.0
26.9
8.5
7.7
1,392,749
03-Aug-12
163
170
ACCUMULATE
169
0.7
11.2
11.8
15.1
14.3
13.1
12.8
10.8
11.3
243,233
12-Sep-12
95
101
ACCUMULATE
103
(1.5)
3.0
4.4
34.2
23.3
8.6
10.3
7.8
29,050
25-Sep-12
193
237
BUY
201
18.2
7.3
9.0
27.5
22.3
6.2
7.4
19.6
12.9
ABG Shipyard Ltd
19,151
18-Sep-12
345
370
ACCUMULATE
376
(1.7)
36.3
39.2
10.4
9.6
9.4
9.2
7.6
6.9
GE Shipping Company
38,182
13-Apr-12
260
286
ACCUMULATE
251
13.9
15.6
18.6
16.1
13.5
3.9
4.5
6.4
5.7
5,041
27-Sep-12
22
34
BUY
21
58.5
0.8
2.4
26.8
8.9
0.9
2.5
4.5
4.1
24,351
14-Aug-12
53
47
SELL
58
(18.3)
43.7
Power
NTPC
Tata Power Company Ltd
Real Estate
Phoenix Mills Ltd
Shipping
Mercator Ltd
Shipping Corporation of India
Source: Kotak Securities - Private Client Research

-
All recommendations are with a 9-12 month perspective from the date of the report/update. Investors are requested to use their discretion while deciding the timing,
quantity of investment as well as the exit.
* Figures for CY11 & CY12

** Financials are for FY11 & FY12 - September year end
*** Financials are for FY11 & FY12 - October year end
October 12, 2012
Fundamental Research Team

Dipen Shah
IT, Media
dipen.shah@kotak.com
+91 22 6621 6301
Saurabh Agrawal
Metals, Mining
agrawal.saurabh@kotak.com
+91 22 6621 6309
Ruchir Khare
Capital Goods, Engineering
ruchir.khare@kotak.com
+91 22 6621 6448
Amit Agarwal
Logistics, Transportation
agarwal.amit@kotak.com
+91 22 6621 6222
Sanjeev Zarbade
Capital Goods, Engineering
sanjeev.zarbade@kotak.com
+91 22 6621 6305
Saday Sinha
Banking, NBFC, Economy
saday.sinha@kotak.com
+91 22 6621 6312
Ritwik Rai
FMCG, Media
ritwik.rai@kotak.com
+91 22 6621 6310
Jayesh Kumar
Economy
kumar.jayesh@kotak.com
+91 22 6652 9172
Teena Virmani
Construction, Cement, Mid Cap
teena.virmani@kotak.com
+91 22 6621 6302
Arun Agarwal
Auto & Auto Ancillary
arun.agarwal@kotak.com
+91 22 6621 6143
Sumit Pokharna
Oil and Gas
sumit.pokharna@kotak.com
+91 22 6621 6313
K. Kathirvelu
Production
k.kathirvelu@kotak.com
+91 22 6621 6311
Amol Athawale
amol.athawale@kotak.com
+91 20 6620 3350
Premshankar Ladha
premshankar.ladha@kotak.com
+91 22 6621 6261
Rahul Sharma
sharma.rahul@kotak.com
+91 22 6621 6198
Malay Gandhi
malay.gandhi@kotak.com
+91 22 6621 6350
Technical Research Team

Shrikant Chouhan
shrikant.chouhan@kotak.com
+91 22 6621 6360
Derivatives Research Team

Sahaj Agrawal
sahaj.agrawal@kotak.com
+91 22 6621 6343
Prashanth Lalu
prashanth.lalu@kotak.com
+91 22 6621 6110
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of individual clients.
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PRIVATE CLIENT RESEARCH

Indian Overseas Bank

Jammu & Kashmir Bank

Union Bank of India

LIC Housing Finance

Mahindra & Mahindra Financial Services

October 12, 2012

Auto & Auto Ancillary

Bajaj Auto Ltd

Hero MotoCorp Ltd

Capital Goods & Engineering

Alstom T&D India Ltd *

Elgi Equipment Ltd

Engineers India Ltd

Everest Kanto Cylinder

Larsen & Toubro

Kotak Securities - Private Client Research

For Private Circulation

October 12, 2012

Time Technoplast Ltd

Tractors India Ltd

IL&FS Transportation Network Ltd

IRB Infrastructure Developers

Punj Lloyd Ltd

Kotak Securities - Private Client Research

For Private Circulation

October 12, 2012

Name of the Company

KPIT Cummins Infosystems

Mphasis Ltd ***

Tata Consultancy Services (TCS)

Dish TV India Ltd

Entertainment Network (ENIL)

Zee Entertainment Ent

Kotak Securities - Private Client Research

For Private Circulation

October 12, 2012

Tata Steel Ltd

Oil & Gas

Gujarat State Petronet Ltd (GSPL)

Indraprastha Gas (IGL)

Oil India Ltd

ABG Shipyard Ltd

Source: Kotak Securities - Private Client Research

* Figures for CY11 & CY12

Kotak Securities - Private Client Research

For Private Circulation

October 12, 2012

Fundamental Research Team

Technical Research Team

Derivatives Research Team

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