IIFL Report Top Large Cap Mid Cap Dark Horse Stocks

8/10/2019 IIFL Report Top Large Cap Mid Cap Dark Horse Stocks

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Institutional Equities

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gvgiri@iif lcap.com

Bharti Airtel BUY

4


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Capex productivity improvements to continueIf one uses annualised mobile revenue as a % of total mobile and towerfixed assets as a proxy for capacity utilisation, it can be seen that thishas increased by 550bps in the past two quarters. Mobile + tower capexas a % of mobile revenue has come off which we understand is byimproving the timing of procurement of equipment.

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We believe there is still some additional improvement that can happen.

Despite the recent increase in capacity utilisation, minutes carriedper BTS for Bharti is still below historical high.

As more 2G data users upgrade to 3G, more data will be carried by3G network resulting in freeing up of capacity in the 2G band

Based on our interaction with industry sources, we understand thattelcos 3G network can support up to 21Mbps. However, handsets inIndia support


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gvgiri@iif lcap.com

Bharti Airtel BUY

5


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gvgiri@iif lcap.com

Bharti Airtel BUY

6


Management

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Events Calendar January 2014 Institutional EquitiesMonday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4

6 7 8 9 10 11Geodesic Indusind Bank, Infosys

Dec CPINov IIP

Dec ExportsDec Imports

Goa Carbon

13 14 15 16 17 18CMC, Exide Maharashtra Scooter

Dec WPI:

Bajaj Finance, Bajaj Finserv Axis Bank, Bajaj Auto,Bajaj Holding, Gruh Finance,

MindTree, South Indian Bank

HDFC Bank Himachal Futuristic

20 21 22 23 24 25Asian Paints, Emami,Lakshmi Machine Works

Nov CPI:

Thermax, Torrent Pharma Biocon, HDFC Karnataka Bank,Mahindra Lifespace

ICRA, Persistent Systems

27 28 29 30 31Shree Cements

Monetary policy 3Q review

Mah Holidays Kansai Nerolac

Dec CPI: IW

Black: Quarterly results, Blue: Economic data, Red: India Holiday


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Events Institutional Equities

Jan-Mar 14 Apr-Jun 14 Jul-Sep 14

Economics / Politics RBIs Monetary Policy meeting (Jan, Mar)

3QFY14 Quarterly GDP

RBIs Monetary Policy meeting (Apr, Jun)


RBIs Monetary Policy meeting (Jul, Aug)


Cement Reliance 4.5mtpa cement plant in MadhyaPradesh

Metals JSW Steel: Commissioning of 4mtpapellet plant and 1mtpa coke oven batteryat Dolvi

SAIL: Commissioning of 0.6mtpaUniversal Section Mill at IISCO in FY14-end

SAIL: Commissioning of 0.75mtpaBloom-cum-round caster and 1mtpa new

medium structure mill at Durgapur inH2FY14

Sesa Sterlite: Synchronization of first 660MW unit of 1,980 MW Power Plant atTalwandi Sabo

Sesa Sterlite: Synchronization of first 300MW unit of 1,200 MW Power Plant at Balco

Sesa Sterlite: First metal tapping atBalcos 325ktpa Korba III Aluminiumsmelter

Sesa Sterlite: First shipment fromLiberia iron ore mines

Sesa Sterlite: Commencement of miningat Balcos 211mt coal block

Hindalco- Novelis: Commissioning of120kt auto finishing line in China

Hindalco- Novelis : Commissioning of400kt recycling facility in Germany

SAIL: Commissioning of new steelmelting shop (SMS-3) and new billetcasters at Bhilai Steel plant.

Oil & Gas IOC FPO / auction IOC Paradip refinery (300kbpd)commission


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Events Institutional Equities

Jan-Mar 14 Apr-Jun 14 Jul-Sep 14

Pharma Cipla: First European approval of genericversion of combination inhaler Advair

Divis Lab: USFDA approval of threeblocks in DSN SEZ facility

Ranbaxy: Launch of generic Diovan in USwith 180-day market exclusivity

Ranbaxy: Launch of generic Valcyte in USwith 180-day market exclusivity

Ranbaxy: Launch of generic Nexium in USwith 180-day market exclusivity

Ipca: Data on novel delivery form productclinical trial in the US

Torrent Pharma: Closure of the deal toacquire select brands from Elder Pharmasdomestic business

Telecom Court hearing on excess spectrum charges Court hearing on COAI vs. Tata case Jan 15: Last date for submission of

applications to participate in 900/1800MHzauctions

Jan 29: Final list of bidders Feb 3: Start of the 900/1800MHz auctions

Feb 20: Hearing on Sunil Mittal case forexcess spectrum

Possible LTE launch by RIL in Delhi andMumbai

Utilities IGL -PNGRB case up for hearing inSupreme Court on 29 Jan 2014

Awarding of Odisha and Tamil Nadu UMPP(4GW each) in February 2014

NHPC to commission 240MW Uri projectand 45MW Nimoo Bazgo project in J&K

CESC to commission 300MW atChandrapur (U1)

JSPL to commission 2mtpa DRI plant atAngul, Orissa

Reliance Power to commission 660MW atSasan U3, Madhya Pradesh

JSPL to commission 600MW Tamnar Exp,Chattisgarh

KSK Energy to commission 600MWMahanadi project (U2)

SJVNL to commission 205MW RampurHydro project, HP

NTPC to commission 66OMW unit at Barh CESC to commission 300MW Chandrapur

(U2), Maharashtra NHPC to commission 520MW Parbati III in

Himachal Pradesh Reliance Power to commission 660MW

Sasan U4, Madhya Pradesh JSPL to commission 600MW Tamnar Exp,

Chattisgarh KSK Energy to commission 600MW

Mahanadi project (U3)

Reliance Power to commission 660MWSasan U5, Madhya Pradesh

JSPL to commission 600MW Tamnar Exp,Chattisgarh

KSK Energy to commission 600MWMahanadi project (U4)


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Documents

IIFL Report Top Large Cap Mid Cap Dark Horse Stocks