Opening Bell

February 7, 2019

Market Outlook Today’s Highlights

Indian markets are expected to open flat to negative on the back of Results: Tata Motors, Aurobindo, MRF, Arvind,
weak global cues. Going ahead, key monitorables for the market Majesco, Cadila Health, Timken India, Phoenix
include global news flows along with the scheduled RBI meet. Mills, Bajaj Electricals, Mangalam Cement

Index Movement (past month)

Markets Yesterday 12000 38000
 Domestic markets ended on a positive note anticipating a positive 11500 35500
outcome in the RBI’s monetary policy meeting 11000
33000
10500
 US markets ended flat to negative in the absence of any major 10000 30500
economic news 9500 28000

4-Feb

6-Feb
11-Jan

15-Jan

17-Jan

21-Jan

23-Jan

25-Jan

29-Jan

31-Jan
BSE (RHS) NSE (LHS)
Key Developments
 Chalet Hotels will be listed on the bourses today Close Previous Chg (%) MTD(%) YTD(%) P/E (1yr fwd)
 At Tata Motors, we expect challenging times to continue in Q3FY19 Sensex 36,975 36,617 1.0 2.0 2.5 18.9
amid flat volumes in domestic business (1.72 lakh units) and 13.2% Nifty 11,062 10,934 1.2 2.1 1.8 18.0
fall in volumes at JLR (1.29 lakh units). At JLR, with focus on cost
control, we expect margins to improve 40 bps QoQ to 9.5%. On a Institutional Activity
consolidated basis, sales in Q3FY19 are expected at | 78,340 crore, CY17 CY18 YTD CY19 Yesterday Last 5 Days
up 6.7% YoY, primarily benefiting from a depreciated rupee vs. GBP FII (| cr) -40,663 -68,503 2,443 694 5,324
(~11%) and higher realisations. EBITDA is expected at | 8614 crore DII (| cr) 91,032 107,388 2,796 525 -985
(margins at 10.9%, flat QoQ). At the PAT level, profit is expected at
World Indices – Monthly performance
| 486 crore (| 1215 crore in Q3FY18)
 Aurobindo Pharma’s revenues are expected to grow ~16% YoY to Nasdaq Dow Jones Kospi France Germany
7,375 25,390 2,211 5,079 11,325
| 5022 crore mainly due to 33% growth in the US led by new
9.4% 8.4% 8.0% 7.2% 5.2%
launches and currency tailwinds. Strong growth in the US could be
Shanghai U.K. Nikkei BSE NSE
partly offset by an expected 30% decline in the ARV business.
2,618 7,173 20,773 36,975 11,062
EBITDA margins are likely to decline 263 bps to 21% due to a 5.0% 4.9% 3.7% 3.6% 3.1%
change in the product mix. Net profit may grow ~14% YoY to | 669
crore due to a lower tax rate (25% vs. 34% in Q3FY18)

Nifty Heat Map

811.4 388.0 535.0 485.1 733.5
TECHM Zee Ent. Cipla Tata Steel Grasim
8.0% 6.2% 5.3% 4.4% 4.2%
Bajaj 2,711.3 233.9 Bajaj 6,206.0 211.4 137.9
HPCL Hindalco IOC
Finance 4.1% 3.9% Finserv 3.3% 3.2% 3.1%
21,104.3 146.7 Bharti 296.4 339.8 Bajaj 2,770.2
Eicher ONGC GAIL
3.0% 2.6% Infratel 2.6% 2.3% Auto 2.2%
ICICI 359.3 220.0 Sun 416.6 289.1 Tata 178.5 Markets Today
Coal India SBI Close Previous Change (%) MTD(%) YTD(%)
Bank 1.9% 1.6% Pharma 1.6% 1.5% Motors 1.5%
Commodities
695.1 2,074.8 1,310.3 3,510.4 Asian 1,469.4 Gold (|/10 gm) 33,210 33,239 -0.1 0.0 5.2
M&M TCS RIL Ultratech
1.5% 1.5% 1.4% 1.4% Paints 1.3% Silver (|/kg) 40,028 40,310 -0.7 -0.7 4.6
IBULHSG 653.9 277.7 7,183.4 805.3 763.3 Crude ($/barrel) 62.4 62.7 -0.5 0.8 15.9
ITC Maruti UPL Infosys
FIN 1.3% 1.3% 1.3% 1.2% 1.1% Copper ($/tonne) 6260.5 6217 0.7 1.8 5.2
Currency
372.2 Hero 2,880.1 1,314.4 1,055.2 Vedanta 163.8
Wipro L&T HCL Tech USD/INR 71.56 71.57 0.0 -0.7 -2.5
1.0% Moto 0.9% 0.8% 0.7% Ltd 0.7% EUR/USD 1.14 1.14 0.0 -0.8 -0.9
842.1 1,830.0 HDFC 2,122.7 339.3 Power 186.8 USD/YEN 109.81 109.97 -0.1 -0.8 -0.1
Lupin HUL BPCL
0.5% 0.5% Bank 0.4% 0.4% Grid 0.4% ADRs
HDFC Bank 100.3 99.8 0.4 1.6 -3.6
1,988.0 176.5 Bharti 308.8 Kotak 1,279.5 725.8
HDFC Ltd Yes Bank Axis Bank Tata Motors 12.6 12.3 2.2 -5.7 1.1
0.3% 0.2% Airtel 0.2% Bank 0.0% -0.5%
Infosys 10.9 10.8 0.6 0.4 13.9
137.1 1,059.1 Indusind 1,526.1 2,789.7 Adani 330.4 Dr Reddys Labs 39.4 39.9 -1.2 4.3 5.7
NTPC Titan Dr Reddy
-0.7% -0.7% Bank -1.0% -1.1% Ports -2.8%

ICICI Securities Ltd. | Retail Equity Research

Key Data Points Exchange Cash Turnover (| crore)
KEY ECONOMIC INDICATORS 50000

33,411

44,296

40,625

32,345
29,790

28,850
Key Economic Indicator Period Latest Prior Values 40000
RBI Cash Reserve Ratio N/A 4.00% 4.00% 30000
RBI Repo Rate N/A 6.50% 6.25% 20000

10,938
3,101

3,777

2,748

2,569

3,134
RBI Reverse Repo Rate N/A 6.25% 6.00% 10000
CPI YY December 2.19% 2.33% 0
Current Account Balance Q3 -19.1bln $ -15.8bln $ 30-Jan 31-Jan 1-Feb 4-Feb 5-Feb 6-Feb
Exports - USD December 27.93bln $ 26.5bln $
BSE Cash NSE Cash
FX Reserves, USD Final w/e 397.35bln $ 396.08bln $
GDP Quarterly yy Q2 7.10% 8.20%
GDP Annual 12M 6.60% 7.10% NSE Derivative Turnover (| crore)
Imports - USD December 41.01bln $ 43.17bln $ 1800000
Industrial Output yy November 0.50% 8.10%
Manufacturing Output November -0.40% 7.90% 1300000
Trade Deficit - RBI Q3 -50bln $ -45.7bln $

1,964,632
Trade Deficit Govt - USD December 13.08bln $ 16.67bln $ 800000

855,503

914,497

608,670

558,383

650,160
WPI Food yy December -0.70% -3.31%
300000
WPI Fuel yy December 8.38% 16.28%
WPI Inflation yy December 3.80% 4.64% -200000
WPI Manufacturing Inflation yy December 3.59% 4.21% 30-Jan 31-Jan 1-Feb 4-Feb 5-Feb 6-Feb
NSE Derivative

Sectoral Index (Not updated due to technical issues) Sectoral Performance – Monthly Returns (%)
Sector Close Previous Change % Change Volume
Auto 19049.41 18882.46 166.95 0.88 4334154 IT 11.1
Consumer Durables 5.8
Banks 30559.02 30473.65 85.37 0.28 7942361
Oil & Gas 1.1
BSE Small Cap 13661.71 13787.76 -126.05 (0.91) 146000000 Banks 0.9
Capital Goods 17089.31 17261.06 -171.75 (1.00) 28239280 Healthcare 0.3
Consumer Durables 21847.78 21592.05 255.73 1.18 531622 FMCG -0.2
FMCG 11608.33 11671.29 -62.96 (0.54) #N/A Real Estate -4.1
Healthcare 13772.36 13816.61 -44.25 (0.32) #N/A Auto -4.2
Mid Cap -4.8
IT 15438.78 15452.04 -13.26 (0.09) #N/A
PSU -6.3
Metals 10380.27 10471.62 -91.35 (0.87) 4523021
BSE Small Cap -6.3
Mid Cap 14442.29 14521.4 -79.11 (0.54) #N/A Capital Goods -6.5
Oil & Gas 13654.86 13698.48 -43.62 (0.32) 3861853 Power -7.2
Power 1828.66 1847.67 -19.01 (1.03) 66510063 Metals -7.7
PSU 6721.02 6787.28 -66.26 (0.98) 25498355
-12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0
Real Estate 1743.4 1781.51 -38.11 (2.14) 1038224 (%)

Key News for Today

Company/ News
Industry
Sun Pharma Sun Pharma’s subsidiary Taro Pharma’s Q3FY19
results were higher than I-direct estimates on all
fronts. Revenues grew 13.5% YoY to US$ 176.4
million (I-direct estimate: US$163 million) mainly
due to 13% volume growth. EBITDA margins
improved 509 bps to 47.5% (I-direct estimate of
40.5%). EBITDA increased 27% YoY to US$83.9
million. Net profit was at US$93.8 million against
US$18.0 million in Q3FY18
View Impact
Both sales and profitability were higher
than our estimates on the back of 1) strong
volume growth and 2) recalibration of R&D
and other expenses. These numbers bode
well for Sun’s overall performance,
especially in the backdrop of the latter’s
speciality venture where the results were
late and lumpy

ICICI Securities Ltd. | Retail Equity Research

Bodal The company reported a muted Q3FY19
Chemicals performance amid a decline in production levels
tracking the planned shutdown as well as soft
realisations. On a consolidated basis, net sales in
Q3FY19 were at | 334.3 crore, up 8.7% YoY. EBITDA
in Q3FY19 was at | 55.7 crore with EBITDA margins
at 16.7%, down 70 bps YoY. Consequent PAT was at
| 28.5 crore, down 3.4% YoY
The performance was much more muted
sequentially (QoQ) with EBITDA margins
down 180 bps QoQ. However, going
forward, the company is in the midst of
executing key projects in backward
integration as well as dyestuff domain,
which should lead to incremental sales
and profit

Dredging As per media sources, the government has sold its The transaction values the company is at
Corporation entire 73.47% stake in Dredging Corporation of India ~| 1430 crore (~24% upside to current
to a consortium of four major ports for | 1050 crore market cap and implied P/E multiple of
~22x FY21E). The stake sale may provide
the required trigger to capture the huge
growth opportunity presented by planned
projects and may also lead to nimbler
decision making and upgrading/investing
in existing fleet and acquisition of new
fleet/equipment to cater to requirement of
various projects

Key developments (Continued…)

 For Q3FY19, Mangalam Cement is expected to post revenue growth of 4.8% to | 306 crore due to subdued demand from
the retail side in the northern region where the company has a major presence. Volumes are expected to grow 4.2% YoY
to 0.8 MT. Reduced cost pressures are expected to lead to 164% growth in EBITDA to | 21.5 crore and a 153% jump in
EBITDA per tonne to | 279/t. We expect the company to post a PAT of | 2.5 crore for the quarter
 We expect Timken to report revenue growth of 25.4% YoY to | 349.2 crore (low base of Q3FY18). For this quarter,
EBITDA margins are expected to be stable at 15.4% vs. 7.4% YoY. Accordingly, absolute EBITDA is likely to spike ~1.5x
to | 53.8 crore. PAT is also expected to increase 159.2% YoY to | 23.8 crore
 For Q3FY19, JSW Steel reported a healthy EBITDA/tonne driven by better-than-expected realisations both QoQ as well as
YoY. Sales volume for the quarter came in at 3.68 million tonnes (MT), down 7.3% YoY, lower than our estimate of 4.0
MT. The consolidated topline came in at | 20318 crore (up 13.8% YoY, down 5.7% QoQ) lower than our estimate of
| 21087.9 crore. Standalone operations reported a steady EBITDA/tonne of | 12060/tonne (vs. our estimate:
| 10000/tonne, Q3FY18: | 9000/tonne, Q2FY19: | 12126/tonne). Consolidated EBITDA was at | 4501 crore (up 16.9%
YoY, down 8.3% QoQ vs. our estimate: |4131.2 crore). Ensuing PAT was at | 1603 crore (our estimate: | 1486 crore)
 For Q3FY19, Graphite India reported a subdued set of numbers wherein topline, EBITDA and PAT came in below our
estimate. The company reported a consolidated topline of | 1855 crore (up 81% YoY, down 21% QoQ) lower than our
estimate of | 1926.1 crore. The consolidated EBITDA for the quarter was at | 1083 crore (Q3FY18: | 543 crore, Q2FY19:
| 1640 crore, our estimate: | 1193 crore). The corresponding EBITDA margin was at 58.4% (Q3FY18: 53.0% and Q2FY19:
69.9%, our estimate: 61.9%). Consolidated PAT was at | 764 crore (compared to Q3FY18: | 359 crore and Q2FY19:
| 1113 crore, our estimate of | 821.6 crore)
 RBI may cut the repo rate by 25 bps given persistent low inflation (actual reading coming lower than RBI’s own
projection) and growth likely to be lower than RBI’s projection. Inflation is likely to be lower than 4.0% for most of the
year sans uncertainty around impact of expansionary budget. A stable currency and benign global inflationary outlook
further support a rate cut. However, if the RBI adopts a wait and watch approach that may defer a rate cut and maintain
status quo in today’s meeting. The stance is likely to be changed to neutral
 Indraprastha Gas (IGL) reported Q3FY19 numbers that were largely in line with our estimates on the operational front.
Revenues increased 27.4% YoY to | 1508.4 crore marginally above our estimates of | 1489.9 crore on account of higher
volumes. Volumes at 5.9 mmscmd came marginally above our estimates of 5.8 mmscmd. EBITDA increased 20.8% YoY
to | 317.9 crore (our estimates: 311.1 crore). PAT came in at | 198 crore (increase 19.3% YoY), higher than estimates of
| 198.9 crore, supported by higher other income of | 40.3 crore (our estimate: | 25 crore)

ICICI Securities Ltd. | Retail Equity Research

 Key developments (Continued…)
 Vodafone Idea reported a relatively weak set of numbers on the operating front. Revenues came in at | 11,765 crore (vs.
our estimate of | 12356 crore), a decline of 2.2% QoQ (on proforma basis), with ARPU at | 89 (up ~1.5% QoQ) vs. our
estimate of | 92, coupled with net loss of 35.1 million customers during the quarter owing to churn from incoming only
minimal ARPU who have consolidated their spending from multiple to single SIMs. The company reported a loss of
| 5006 crore (our estimate – loss of | 5405 crore)
 MRPL's reported GRMs are expected at -$3.1/bbl vs. $4.4/bbl in Q2FY19. Core operational GRMs are expected at $4.6/bbl
in Q3FY19 while inventory losses for the quarter are expected at $7.7/bbl vs. gains of $2.1/bbl in Q2FY19. Throughput in
Q3FY19 is expected at 4.2 MMT vs. 3.9 MMT in Q2FY19. Subsequently, loss of | 872.4 crore is expected in Q3FY19
 Cognizant's Q4CY18 revenues grew 8.8% YoY in constant currency and 7.9% YoY to US$4.13 billion with operating
margins down 40 bps YoY at 16.8% (GAAP). For the year, dollar revenues grew 8.9% YoY to $16.1 billion. Digital
contributes ~30% to total revenue and grew ~25% YoY in the quarter. For full year 2019, the company guided for its
constant currency revenue in the range of 7-9%. Further, in the major management change, the company has announced
the appointment of Brian Humphries as its new CEO effective April 1, 2019. Humphries is currently the CEO of Vodafone
Business. He succeeds Francisco D’Souza, who co-founded Cognizant and has served as CEO since 2007
 Sanghi industries reported a 5% dip in revenues YoY to | 266 crores. Higher operating costs and lower revenues led to a
contraction of EBITDA margins by 1000 bps YoY to 14.1%. On an absolute basis, EBITDA and PAT declined 42% and
87% to | 37.6 crore and | 4.3 crore respectively
 For Q3FY19, Prism Johnson posted a revenue growth of 10.64% YoY to | 1434 crore with the cement, RMC and tiles
divisions growing 15.26%, 7.2% and 9% respectively. Consolidated EBITDA grew 20% to | 109 crore. Led by lower
interest costs and flat depreciation, PBT grew ~ 86% YoY to | 27.7 crore and PAT grew 28.1% to | 19 crore.
 Zydus Wellness Q3FY19's net sales increased 9.8% to | 145.4 crore. EBITDA increased 13.6% with corresponding margin
expansion of 70 bps to 25.8%. Led by higher operating profit and higher other income, net profit increased 10% to | 40.4
crore
 Control Print reported a muted Q3FY19 performance. Revenue grew 4.4% YoY to | 44 crore. EBITDA in Q3FY19 was at |
10.5 crore (down 14% YoY) with corresponding EBITDA margins at 23.9% (down 510 bps YoY) impacted by elevated raw
material costs offset by slightly lower other operational expenses. PAT in Q3FY19 was at | 5.2 crore, down 17.4% YoY
 ENIL reported a mixed set of numbers. While the topline at | 200.9 crore (up 35.4% YoY) was higher than estimates,
margins at 20.1% was lower than expectations, possibly owing to higher share of non FCT business and upfront costs in
international concert business. The consequent PAT at | 16.1 crore, therefore, was tad lower than expected
 Gail has terminated a | 270-crore pipe laying contract it had awarded to financially-troubled IL&FS and replaced it with
another contractor. The contract was terminated due to poor project progress
 Oil regulator PNGRB said that investment of ~| 50,000 crore is expected in setting up of CNG stations and pipelines to
take cooking gas to households in 50 towns and cities that were bid out for city gas licence in the tenth round
 Glenmark Pharma has entered into an exclusive license agreement with Grandpharma (China) Co Ltd for commercialising
Investigational Seasonal Allergic Rhinitis Nasal Spray Ryaltris in China. Under the agreement, Glenmark will be
responsible to manufacture and supply Ryaltris, while Grandpharma will be responsible for regulatory filing and
commercialisation of Ryaltris in China. Glenmark will receive an upfront payment, regulatory filing, regulatory approval
and commercial milestone payments as well as royalties from Grandpharma for Ryaltris
 As per media sources, Kraft Heinz has inked distribution deal with Indo Nissin Foods for its tomato ketchup and new
launches
 As per media sources, Zomato (InfoEdge associate company) has raised | 284 crore (~$39.7 million) in funding from a
US investor Glade Brook Capital Partners as part of its Series I financing round. Zomato is in talks to raise between $500
million and $1 billion in fresh funding and discussions are underway with China-based investment firm Primavera Capital
and existing backer Ant Financial besides other investors for the same. While the valuation for the new round of financing
for Zomato could not be determined, Zomato was valued at $2 billion in its last funding round


ey developments (Continued…)

ICICI Securities Ltd. | Retail Equity Research

[[

Key developments (Continued…)

 As per media reports, state-owned Mazagon Dock Shipbuilders is likely to raise ~| 600 crore (10% disinvestment)
through an initial public offer (IPO) by the end of this month
 With a delay in bankruptcy proceeding, the government is mulling introducing a pre-packaged bankruptcy plan under
which a company under financial distress will be able to chalk out a resolution plan prior moving to NCLT. This plan
placed under NCLT will be approved by two thirds of creditors in order to avoid future litigations and subsequent delay
 TCS (TCS BaNCS) has received an order from Solidarity Bahrain for digitally transforming its property and casualty and
group life insurance businesses
 As per media sources, the government has approved higher power allocation from NTPC plants to Telangana,
Jharkhand. The proposal seeks to allocate 85 per cent power to Telangana generated from Telangana Super Thermal
Power Project (4000 MW) of NTPC and 85% power from expansion project of Patratu Thermal Power Station (4000 MW)
of Patratu Vidyut Utpadan Nigam (PVUNL) to Jharkhand
 As per media sources, SB Energy has made its first pitch in India, bidding for half the 1200 MW offered by SECI, which
received bids totalling to 2325 MW because of a higher ceiling tariff which makes it more attractive
 As per media reports, DLF would sell shares to institutional investors through QIP to raise ~| 3000 crore once market
conditions are conducive
 Subsidy of over | 8300 crore has been disbursed to more than 3.7 lakh home buyers so far under the government's
Credit Linked Subsidy Scheme (CLSS). CLSS was introduced in June, 2015 under the Pradhan Mantri Awas Yojana
(PMAY) to grant homes to customers from economically weaker sections, lower income group and was extended to the
middle income group


ey developments (Continued…)
ICICI Securities Ltd. | Retail Equity Research
 Nifty Daily Chart Technical Outlook
Equity benchmarks reclaimed the 11000 mark
(since October 2018) as thhe Nifty climbed 128
points or 1.2% to settle at 11062.
The Nifty opened with a positive gap and
formed a bullish belt hold line candle, indicating
strong upward momentum on the breach of
last two month’s identical high (10987). In the
process, it recorded a resolute breakout from
broad based consolidation (10987–10584) on
expected lines, suggesting a structural
turnaround. Going ahead, we expect the Nifty
to resolve higher and eventually head towards
our earmarked target of 11400 in coming
weeks. In the coming session, we expect it to
trade positive amid elevated volatility ahead of
RBI’s monetary policy. Thus, intraday
throwback towards 11030 should be used as a
buying opportunity, paving the way towards
11100. The projected target of 11400 is a
confluence of 80% retracement of entire
corrective phase since August 2018 (11760–
10005), at 11410 and implied target of
consolidation (10987–10584) at 11390.
Pivot Points CNX Nifty Technical Picture
Index/Stocks Trend Close S1 S2 R1 R2 Nifty 50 Intraday Short Term
S&P BSE SENSEX INDEX Positive 36975.2 36769.0 36444.0 37093.0 37417.0 Trend Up Up
Nifty 50 Positive 11062.5 10993.0 10884.0 11103.0 11213.0 Support 11030-10985 10800
ACC LTD Neutral 1401.5 1378.0 1338.0 1418.0 1458.0 Resistance 11110-11145 11400
AXIS BANK LTD Neutral 725.8 716.0 697.0 734.0 753.0 20 day EMA 10848
HDFC BANK LTD Positive 2122.7 2115.0 2102.0 2128.0 2142.0 200 day EMA 10751
STATE BANK IND Positive 289.1 284.0 278.0 291.0 297.0
HOUSING DEV FIN Positive 1988.0 1977.0 1958.0 1997.0 2016.0 Advances/Declines
MARUTI SUZUKI IN Positive 7183.4 7094.0 6941.0 7247.0 7400.0
Advances Declines Unchanged
TATA MOTORS LTD Negative 178.5 175.0 167.0 182.0 190.0
BSE 1008 1563 141
MAHINDRA & MAHIN Positive 695.1 686.0 670.0 702.0 718.0
NSE 742 1045 99
BAJAJ AUTO LTD Positive 2770.2 2727.0 2656.0 2798.0 2869.0
TATA CONSULTANCY Positive 2074.8 2049.0 2003.0 2095.0 2141.0
Daily Technical Calls
INFOSYS LTD Positive 763.3 757.0 744.0 770.0 782.0
1. Buy TCS in the range of 2075.00-2080.00
CIPLA LTD Positive 535.0 511.0 469.0 554.0 597.0
2. Buy Dabur India in the range of 454.00-455.00
OIL & NATURAL GA Neutral 146.7 144.0 139.0 150.0 155.0
RELIANCE INDS Positive 1310.3 1296.0 1273.0 1320.0 1343.0
*All recommendations are of February Future
BHARTI AIRTEL Neutral 308.8 304.0 294.0 313.0 323.0
DLF LTD Negative 160.4 154.0 143.0 164.0 174.0
See Momentum Pick for more details

Nifty Call – Put Strike (Number of shares in lakh) – February 2018 Intraday Derivative Strategy
i) HCL Tech
10700 34 7 Buy HCLTEC FEB Fut at | 1070.00-1071.00
10800 29 14 CMP: 1062
10900 32 16 Target 1: 1078.6 Target 2: 1091.4
11000 31 34 Stop Loss: 1061.4
11100 4 16
11200 6 21
11300 1 20 ii) TVS Motors
11400 1 17 Sell TVSMOT FEB Fut at | 482.00-483.00
11500 4 16 CMP: 487
40.0 30.0 20.0 10.0 0.0 10.0 20.0 30.0 40.0 Target 1: 477 Target 2: 468
Stop Loss: 489
Put Call
See Derivatives view for more details

See Daily Derivatives for more details

ICICI Securities Ltd. | Retail Equity Research

 Results/Events Calendar

21 January 22 January 23 January 24 January 25 January 26 January

Monday Tuesday Wednesday Thursday Friday Saturday
Kotak Mahindra Bank TVS Motors, Shree Cement Pidilite, ITC, Indoco Colgate, VST Industries Wonderla, Indian Bank 0
Hindustan Zinc Asian Paints, Oberoi United Spirits, Bharti Infratel Ultratech Cement, Yes Bank Swaraj Engines, Saregama 0
China Industrial Profits YoY Alembic Pharma DB Corp, Kewal Supreme Ind, Pfizer, PVR Gati, Maruti Suzuki 0
China GDP YoY Syngene Int. EU Consumer Confidence Biocon, Sterlite Tech Larsen & Toubro 0
0 Havells India BoJ Policy Balance Rate Jyothy Labs, Sunteck Tokyo CPI YoY 0

28 January 29 January 30 January 31 January 01 February 02 February

Monday
Persistent, Chennai Petro
Mah Lifespace, Music Broad
Escorts, TTK Prestige
Shoppers Stop, Siyaram
City Union Bank
Tuesday
Axis Bank, MGL, KEC
Bajaj Finance, HCL Tech
Bajaj Finserv, Infoedge
HDFC Ltd, Wabco, BoB
Kansai, Hester Bio, Ramco
Wednesday Thursday Friday Saturday
EIH Ltd, Guj Pipavav, NTPC EIH Asso, Airtel, eClerx Nocil, DRL, Titan, Taj GVK JK Cement
Bajaj Auto, EPC Ind, Castrol Dabur, Power Grid Corp Kanpur Plastipack, SBI, Elgi Divi's Labs
BEL, Bluedart, Torrent Pharma V-Guard, Hero, Solar Ind Kalpataru Power, Dredging 0
Ashoka Build, Ajanta Pharma Petrnonet, Narayana Dr. Reddy's, Hikal, Jagran 0
LIC Housing, Ratnamani Investment Precision Jubilant Life 0

04 February 05 February 06 February 07 February 08 February 09 February

Monday
Exide, Greaves Cotton
Firstsource, Grindwell
ABFRL, NRB, IRB Infra
Navneet
Japan Monetary Base YoY
Tuesday
Marico, HPCL, ACC, Inox
Timken India, MRPL
GAIL, Apollo Tyres
Tech Mahindra, Sobha
Century Ply, Dish TV
Wednesday
JSW Steel, Graphite India
Cipla, Lupin, IGL, Vodafone
ENIL, Vardhaman
Control Print, Bodal Chem
Cipla, Gandhi Special Tubes
Thursday Friday Saturday
Tata Motors, Majesco FDC, Thermax, AIA, Sun TV 0
Aurobindo, Cadila Health TV Today, GSPL, Guj Gas 0
Timken, Arvind, Phoenix Greenply, Emmbi, Abbott 0
Bajaj Electricals, MRF EIL, SKF, Wabag, Shankara 0
Mangalam Cement, MRPL Sonata, Balkrishna, BPCL 0

11 February 12 February 13 February 14 February 15 February 16 February

Monday Tuesday Wednesday Thursday Friday Saturday
Amara Raja, Somany TCI Ltd, HEG, Sun Pharma Bosch, NBCC, Wim Plast Ashok Leyland, UB, Voltas India Trade Balance 0
Motherson, Apollo Hospitals IPCA, HEG, Hindalco, OIL PNC Infratech, Rel. Capital Page, Glenmark, Nestle China CPI YoY 0
TCI Express, Astral Ineos, NCC, MM Forgings Gulf Oil ONGC, Shaily Engg, Simplex China PPI YoY 0
Maharashtra Seamless Container Corp, D-Link UK CPI YoY India WPI YoY US Industrial Prod MoM 0
UK Ind Prod YoY Coal India, Heidelberg EU Industrial Prod SA MoM Japan GDP SA QoQ Japan Industrial Prodn YoY 0

18 February 19 February 20 February 21 February 22 February 23 February

Monday Tuesday Wednesday Thursday Friday Saturday
Japan Core Machine Orders YoY ECB Current Account SA Mahindra CIE Nikkei Japan PMI Mfg Japan Natl CPI YoY 0
0 EU Construction Output YoY Japan Trade Balance US Initial Jobless Claims EU CPI YoY 0
0 0 EU Consumer Confidence Markit US Mfg PMI 0 0
0 0 0 Markit EU Mfg PMI 0 0
0 0 0 0 0 0

Major Economic Events this Week Bulk Deals

s0063

Date Event Country Period Actual Expected Company Revenue Chg(%) EBITDA Chg(%) PAT Chg(%)
4-Feb-19 Monetary Base YoY JN Jan 4.7% 4.6% Q3FY19E YoY QoQ Q3FY19E YoY QoQ Q3FY19E YoY QoQ
4-Feb-19 EU PPI YoY EC Dec 0.03 0.031 Tata Motors 79,131.4 6.7 9.7 8,614.0 -9.0 10.1 486.1 -60.0 LP
5-Feb-19 Nikkei PMI Services JN Jan 51.6 -- Aurobindo Pharma 5,022.3 15.8 5.7 1,055.5 2.9 7.0 669.1 13.8 4.8
Timken India 349.2 25.4 -15.6 53.8 159.5 -23.6 23.8 159.2 -31.2
5-Feb-19 Markit Services PMI US Jan F 54.2 54.2
Bajaj Electricals 1,541.3 34.6 -3.6 78.2 11.3 -2.2 33.1 -10.2 -3.0
5-Feb-19 Markit Services PMI EC Jan F 51.2 50.8 The Phoenix Mills 448.6 7.7 10.8 221.9 7.3 12.0 71.4 21.4 27.0
5-Feb-19 Nikkei PMI Services IN Jan 52.2 -- Cadila Healthcare 3,222.2 -1.1 8.8 750.7 -10.8 9.1 473.7 -12.8 13.5
Mangalam Cement 306.0 4.8 6.3 21.5 163.8 33.7 2.4 -25.3 -19.2
Date Event Country Period Expected Previous MRPL 16,686.0 -4.2 -5.9 -1,073.7 PL PL -872.4 PL NA
7-Feb-19 RBI Repo Rate IN 7-Feb 6.50% 6.50% Revenue = NII; EBITDA = PPP for Banks and NBFC
7-Feb-19 RBI Reverse Repo Rate IN 7-Feb 6.25% 6.25%
7-Feb-19 RBI CRR IN 7-Feb 4.00% 4.00% Recent Releases
7-Feb-19 BoE Bank Rate UK 7-Feb 0.750% 0.750% Date Report
7-Feb-19 Initial Jobless Claims US 2-Feb 220,000 253,000 February 6, 2019
Result Update – Navneet Education
8-Feb-19 BoP Current Account Bal JN Dec ¥458.5B ¥757.2B
February 6, 2019 Result Update – JK Cement
8-Feb-19 Wholesale Inv MoM US Dec F -- --
February 6, 2019 Result Update – Marico
February 6, 2019 Result Update – NRB Bearings
February 6, 2019 Result Update – GAIL (India) Ltd

ICICI Securities Ltd. | Retail Equity Research

 Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com

ICICI Direct Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai – 400 093
research@icicidirect.com

ICICI Securities Ltd. | Retail Equity Research

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