ICICI Securities Ltd. | Retail Equity Research

November 3, 2015 Opening Bell

Market Outlook Today’s Highlights

Result: IOC, Tech Mahindra, McLeod Russel, PVR, Gail, Star Ferro, Power Grid, PTC India

The Indian market is expected to open positive taking cues from Asian markets. In the near term, corporate earnings and Bihar election outcome are likely to set the tone for the market.

Index Movement (past one month)

Markets Yesterday

• Domestic markets ended negative as investors digested weak manufacturing data and looked ahead to the outcome of Bihar assembly elections

• US markets ended positive reflecting a positive reaction to news on

the merger and acquisition front, which suggests companies are optimistic

Key Developments

2300024000250002600027000280002900030000

2-N

ov

29-O

ct

27-O

ct

23-O

ct

20-O

ct

16-O

ct

14-O

ct

12-O

ct

8-Oc

t

6-Oc

t

7400760078008000820084008600

BSE (RHS) NSE (LHS)

Close Previous Chg (%) MTD(%) YTD(%) P/E (1yr fwd)Sensex 26,559 26,657 -0.4 -0.4 -3.4 18.0Nifty 8,066 8,112 -0.6 -0.2 -2.8 18.2

Institutional Activity CY13 CY14 YTD CY15 Yesterday Last 5 Days

FII (| cr) 112,221 99,525 23,010 -273 -1,670DII (| cr) -73,385 -30,570 52,389 145 1,401

World Indices – Monthly performance

Germany France Shanghai10,951 4,916 3,33014.6% 10.3% 8.9%Nikkei U.K. Kospi18,683 6,362 2,045

1.3%8,051

1.3%5.4% 3.8% 3.3%26,559

BSE NSE

Nasdaq Dow Jones5,127 17,8298.9% 8.5%

• Eight core industries growth for September 2015 came in at 3.2%, compared to growth of 2.6% recorded in August 2015. Growth was largely driven by fertilisers and electricity sectors wherein output increased 18.1% and 10.8% YoY, respectively. In addition, sectors that added to growth were coal, natural gas and refinery products with output increasing 1.9%, 0.9% and 0.5% YoY, respectively. However, output of cement, steel and crude dipped 1.5%, 2.5% and 0.1% YoY, respectively, during the same period. Cumulative growth remained steady at 2.3% in April-September 2015 over the same period last year

• IOC's revenues are expected to decline 17.4% QoQ (decline 25% YoY) to | 83700 crore due to lower crude oil prices. Refining margins are expected to decline from $10.8/bbl to $1.8/bbl QoQ. PAT may decline 81.1% QoQ to | 1214.2 due to inventory losses and lower global GRMs

• Power Grid is likely to report a 7.8% YoY increase in revenue to | 4503 crore while PAT is expected to increase 8.1% YoY to | 1298 crore. We expect strong capitalisation of ~| 7,500 crore in Q2FY16E compared to | 4,703 crore in Q2FY15

Nifty Heat Map

Markets Today

Tech M.3,252.4

3.4%

United Spirits

Ambuja Cement

3.1%

ICICI Bank

279.6

1.0% 0.9%

Ultratech1.4%

2,927.7

Bank of Baroda

556.1

210.0

Wipro

161.9

575.2

0.4%

1.5%

0.4%

337.2GAIL

TCS

ACC

1,208.9

2.1%

1,398.4

M&M

0.9%

1.4%

2,517.4

310.6

0.8% 0.7%

Asian Paints

830.1

ONGC

0.5%0.7%

0.2%

Indusind Bank

140.6

913.7

0.2%

IDEA

BHELITC

PNB

Infosys1,131.2

SBI236.9

-0.1% -0.1%NTPC

247.4 Power Grid

Yes Bank772.0

1.8%

1.3%RIL

959.8

-0.4%

Tata power

200.2Axis Bank

4,296.3

129.0

0.4%Dr Reddy

-0.1%

0.2%

478.3

1.1%

325.0

1.6%

Maruti4,495.8

Coal India

680.3

-0.2%

0.9% 0.8%

Tata Motors

388.0

0.6%

129.5

HCL Tech876.3

58.4Cipla

802.8

0.3% 0.3%

132.7

2,545.9

Bharti Airtel

350.2HUL

-2.8%HDFC Ltd

1,221.1

-1.6% -2.7%

865.4

0.0%BPCL

Cairn India

153.4

0.1%

871.8

686.5

1,899.6

-0.8% -1.4% -1.5%

68.8

-0.1%

Kotak Bank

Hero Moto

IDFC

Vedanta Ltd

97.0Tata Steel

-0.6%

-1.5%

1,083.1Lupin

Grasim Ind

3,691.2

-3.0% -3.1% -3.7% -4.3%

HDFC Bank -1.5%

95.9

L&T1,388.7 Sun

Pharma

238.9 2,432.7

-4.6%Hindalco

81.0NMDC

Bajaj Auto

Close Previous Change (%) MTD(%) YTD(%)CommoditiesGold (|/10 gm) 26,387 26,461 -0.3 -0.3 -1.4Silver (|/kg) 36,082 36,285 -0.6 -0.6 -1.2Crude ($/barrel) 48.9 48.8 0.2 -1.4 -14.7Copper ($/tonne) NA NA NA 0.2 -19.3CurrencyUSD/INR 65.59 65.27 0.5 -0.5 -3.9EUR/USD 1.10 1.10 0.0 0.1 -9.0USD/YEN 120.70 120.76 0.0 -0.1 -0.8ADRsHDFC Bank 61.3 61.1 0.2 0.1 20.5ICICI Bank 8.7 8.6 1.4 NA NATata Motors 29.6 29.6 0.0 31.4 -29.3Infosys 18.3 18.2 0.6 -4.9 15.4Dr Reddys Labs 66.1 64.8 1.9 1.4 28.4

ICICI Securities Ltd. | Retail Equity Research

Key Data Points Exchange Cash Turnover (| crore)

2,66

5

2,80

9

2,70

2

2,77

3

3,18

7

2,57

0

14,1

67

16,8

99

18,6

83

21,5

96

19,0

57

15,3

17

05000

10000150002000025000

26-Oct 27-Oct 28-Oct 29-Oct 30-Oct 2-Nov

BSE Cash NSE Cash

NSE Derivative Turnover (| crore)

KEY ECONOMIC INDICATORSKey Economic Indicator Latest Period Release DateConsumer Price Index YY YoY % 4.41% Sep-15 --Current account balance $ -6,180.00m Q2 2015 --Exports - USD $ 21.84b Sep-15 --FX reserves, USD $ 350.81b W40 2015 --GDP fiscal year YoY % 7.30% 2014 --Imports - USD $ 32.32b Sep-15 --Industrial output YoY % 6.40% Aug-15 --Manufacturing output YoY % 6.90% Aug/15 --Quarterly GDP 7.00% Q2 2015 30-Nov-15Cash reserve ratio 4.00% Oct/15 --Repo rate 6.75% Oct/15 --Reverse repo rate 5.75% Oct/15 --Trade deficit govt - USD $ 10.48b Sep-15 --Trade deficit-RBI $ -34.20b Q2 2015 --WPI Food YY YoY % 0.70% Sep-15 --WPI Fuel YY YoY % -17.70% Sep/15 --WPI inflation YoY % -4.54% Sep-15 --WPI Mfg Inflation YoY % -1.73% Sep/15 --

276,

443

284,

223

284,

223

516,

209

170,

277

144,

759

0.00

200000.00

400000.00

600000.00

26-Oct 27-Oct 28-Oct 29-Oct 30-Oct 2-NovNSE Derivative

Sectoral Index Sectoral Performance – Monthly Returns (%) Sector Close Previous Change % Change Volume

Auto 18175.38 18166.21 9.17 0.0504783 2886000

Banks 19779.37 19773.88 5.49 0.0277639 4365000

BSE Small Cap 11792.74 11901.39 -108.65 -0.9129186 66926000

Capital Goods 14788.77 14946.11 -157.34 -1.0527154 16647000

Consumer Durables 11935.38 11872.63 62.75 0.5285265 541000

FMCG 8304.6 8368.14 -63.54 -0.7593085 1023000

Healthcare 17870.57 18140.06 -269.49 -1.485607 1830000

IT 11396.98 11501.95 -104.97 -0.9126279 1254000

Metals 7214.59 7307.74 -93.15 -1.2746759 5534000

Mid Cap 10993.02 11070.76 -77.74 -0.7022101 64406000

Oil & Gas 9093.27 9065.9 27.37 0.3019005 896000

Power 1913.66 1917.11 -3.45 -0.1799584 21160000

PSU 6767.3 6777.47 -10.17 -0.150056 14364000

Real Estate 1384.15 1371.63 12.52 0.9127826 10210000

-2.8-2.3

-0.60.90.91.21.31.5

2.34.54.55.0

5.79.4

-10.0 -5.0 0.0 5.0 10.0 15.0

Capital GoodsIT

HealthcareBanks

Real EstatePSU

FMCGMid Cap

BSE Small CapOil & Gas

PowerAuto

MetalsConsumer

(%)

Key News for Today Company/Industry News View Impact

Defence sector The Foreign Investment PromotionBoard (FIPB) has received a number ofproposals from small and big Indianfirms along with their foreign partnersfor manufacturing defence-relatedproducts

Due to clearances of large defence projectsover the past 15 months, it is anticipated that~ | 25000 crore of business will flow to thesecompanies as 'offsets', citing which numberof domestic companies along with theirforeign partners have made applications toFIPB

Telecom sector Reliance Communications (RCoM) hasannounced plans to acquire SistemaShyam's wireless service business for apercentage equity in combined firm.RCom will undertake | 392 crore ofannual spectrum payment for the next10 years due from Sistema

As per sources, it is a cashless deal worth ~|4500-5000 crore. Its a first majorconsolidation in the fiercely competitivetelecom sector. RCom will get access toairwaves in the 850 MHz band which can bedeployed for 4G services. It will aslo get ~9.0million subscribers and ~ | 1500 crore ofrevenues

ICICI Securities Ltd. | Retail Equity Research

HCL Technologies HCLT has partnered with International

Personal Finance (IPF)HCLT has helped IPF Plc to launch its digitallending platform. The platform powered withreal-time analytics and accelerators helps IPFto provide online loans to Polish consumersand has reduced the application-to-loan-disbursement cycle to 15 minutes. The dealcould help showcase HCLT’s digitalcapabilities and win incremental businesselsewhere

Key developments (Continued…) • Gail India's Q2FY16 revenue is expected to decline 2.8% YoY to | 13736.9 crore while PAT is expected to decline 46.4%

YoY to | 698.4 crore. We expect mixed results on the profit front with gas & LPG transmission reporting higher EBIT YoYwhile gas trading, petchem & LPG liquid hydrocarbon EBIT expected to decline. Nil subsidy is expected in Q2FY16 vs. |500 crore YoY.

• Star Ferro & Cement’s revenues are expected to decrease 14.9% QoQ to | 347.5 crore led by 20.3% QoQ decline involumes (due to monsoon).EBITDA/tonne is expected to fall 11.5% QoQ to | 1,645/tonne led by maintenance shutdown

• We expect Tech Mahindra's US$ revenues to grow 1.6% QoQ to $ 1,005 million led by enterprise business and helpedby a recovery in telecom (Comverse deal). EBITDA margins could improve 130 bps QoQ to 16.1% led by operationalefficiency and rupee benefits partially offset by Comverse related transition costs.

• We expect McLeod Russel to post 2.3% growth in revenue to | 498.2 crore on the back of marginal recovery in teavolumes. We estimate average realisation of | 182/kg with tea volumes at 27.4 million kg. Earnings are expected at| 208.7 crore

• For PTC India, we expect trading volumes to increase 16.3% YoY to 14.8 BUs in Q2FY16E driven by commissioning ofnew PPAs. Consequently, sales are expected to increase 23% YoY to | 5,096 crore while PAT is expected to increase9.2% YoY to | 68.8 crore during the quarter

• The first sovereign gold bonds will open for public subscription between November 5 and November 20. The bonds willbe issued on November 26, 2015 and will carry interest rate of 2.75%. The tenor of the bond will be for a period of eightyears with exit option from fifth year to be exercised on the interest payment dates

• United Spirits’ Q2FY16 revenues came in lower than our expectations. Net revenues were at | 2145 crore (I-directestimate: | 2300 crore). EBITDA came in higher at | 317 crore (I-direct estimate: | 268 crore). PAT excluding exceptionalitems stood at | 128 crore (I-direct estimate: profit of | 73 crore).

• Escorts’ Q2FY16, revenues stood at | 802 crore, down 19.2% YoY, above our estimate of | 779 crore. EBITDA marginscame in at 3.7% (up 31 bps YoY), below our expectation of 4.8%. PAT stood at | 16.2 crore, below our estimate of |17.3 crore.

• Indian Bank's PAT increased 17.5% YoY, above our estimate, led by higher traction in other income and lower provision.Provision came in lower at | 137 crore, due to write-back of | 152 crore related to change in computation of fair valueprovision on restructured asset. Credit growth remained moderate at 5.0% YoY. Asset quality remained stable duringthe quarter.

• India Cements’ revenues declined 4.6% YoY to |1,079 crore (vs. our estimate of | 1,115 crore) led by divestment of IPLdivision. EBITDA margin improved 536 bps YoY to 21.2% due to decline in RM cost (led by | 20 crore reversal in DMFprovision).

• United Breweries’ Q2FY16 results were mostly in line with our expectations. Net revenues were at | 1133 crore (I-directestimate: | 1142 crore). PAT came in at | 48 crore against our expectation of | 44 crore.

• Reliance Capital reported PAT of | 250 crore better than estimate of | 201 crore led by higher revenues. AMC reportedPBT of | 122 crore and revenue of | 315 crore, up 41% YoY

• Monsanto India reported subdued Q2FY16 performance. Net sales de-grew 57% YoY to | 36.6 crore (| 84.6 crore inQ2FY15) primarily on the back of drop in agro-chemical realisations and subdued monsoon activity domestically.EBITDA came in at negative | 25.6 crore while PAT for the quarter was negative | 26.4 crore

• CARE ratings' Q2FY16 PAT of | 37.9 crore (down 28% YoY) were below our estimates largely due to lower thanexpected rating revenue of | 77.7 crore, up 5% YoY. EBITDA came in at | 55.7 crore vs. | 57.3 crore estimated whileEBITDA margin stood at 71.3%

ICICI Securities Ltd. | Retail Equity Research

Sensex Chart Technical Outlook

We said, "Bias negative but the index is close to the oversold zone..." In tune with the negative bias, the index was down by 279 points initially. However, recovering 209 points from the oversold zone later, it pruned down the net loss to 98 points or 0.3%. The metal, capital goods and pharma indices remained under pressure while the A/D ratio remained marginally negative. The action formed a Hammer with a small Body and oversized Lower Shadow. The hammer indicated some support at lower levels due to oversold conditions, which can be positive on strength/close above its Head and Grey channel. Failure to generate sustainable positive follow-up above the Hammer could, however, bring back the subdued mode.

Pivot Points CNX Nifty Technical Picture Nifty Intraday Short Term

Trend Up UpTrend Reversal 0 7950Support 8040-8000 7950Resistance 8090-8125 840020 Days EMA 0 8146200 days EMA 0 8185

Index/Stocks Close S1 S2 R1 R2 Trend

SENSEX 26559.15 26409.05 26317.50 26543.75 26611.10 -ve

NIFTY 8050.8 8010.7 7984 8043.25 8059.55 -ve

ACC 1398.40 1393.60 1383.05 1414.65 1421.25 +ve

ADANI ENTER. 88.4 86.4 85.55 89 90.3 -ve

ADANI PORT 295.55 292.70 289.55 299.00 302.15 Neutral

ADITYA BIRLA 2055.25 2021.6 2000.65 2049.75 2063.8 -ve

AJANTA PHARMA 1528.05 1502.50 1476.50 1528.15 1541.00 -ve

ALLAHABAD BANK 76.3 76.05 75.4 77.3 77.7 +ve

AMARA RAJA BATT. 891.95 885.50 877.05 902.35 910.75 Neutral

AMBUJA CEMENT 210 209.2 207.9 211.85 212.9 +ve

AMTEK AUTO 38.70 37.80 37.40 38.85 39.40 -ve

ANDHRA BANK 65.8 65.6 65.2 66.45 66.9 +ve

APOLLO HOSP.ENT. 1341.75 1336.30 1324.10 1360.65 1370.25 +ve

APOLLO TYRES 169.85 167.9 166.15 171.35 173.05 Neutral

ARVIND 278.90 277.85 275.35 282.85 285.45 +ve

ASHOK LEYLAND 90.3 88.2 87.6 90.85 92.2 -ve

ASIAN PAINTS 830.10 827.60 824.75 833.35 836.25 Neutral

AUROBINDO PHARMA 846.6 844.55 838.8 856.05 861.15 +ve

Advances / Declines

Advances Declines UnchangedBSE 1118 1580 119NSE 582 908 74

Daily Technical Calls 1. Buy Reliance Industries above 962.50

2. Buy TVS Motors above 275.003. Sell NMDC below 93.00

*All recommendations are of Oct Future

See Momentum Pick for more details

Nifty Call – Put Strike (No. of shares in lakh) – Nov 2015 Intraday Derivative Strategy Buy ACC NOV Fut at 1392.00-1397.00

View: BullishStrategy: Buy FutureTarget 1: 1403.8 Target 2: 1420Stop Loss: 1385Market Lot: 375 CMP : 1406.8

Sell CIPLA NOV Fut at 675.50-677.00View: BearishStrategy: Sell FutureTarget 1: 672.5 Target 2: 667.3Stop Loss: 681.2Market Lot: 800 CMP : 680

12 11

10 10

8 5

3 3

1

22

35

810

1111

8

15.0 10.0 5.0 0.0 5.0 10.0 15.0

850084008300820081008000790078007700

Put CallSee Daily Derivatives for more details

ICICI Securities Ltd. | Retail Equity Research

Results/Events Calendar

India CPI YoYIndia Industrial Prod YoY

Tuesday

TCS

12China Trade Balance

OctoberMonday

13October

US Initial Jobless ClaimsV-Guard, Himatsingka South Indian BankNIIT Technologies

14 OctoberSaturdaFriday

October 17

China CPI YoY

OctoberW yednesday

16October15

October

Unichem LabsUS Industrial Prod MoMThursday

0Mindtree, Cyient, MastekSwaraj Engines 0

India Wholesale Prices YoY

Hindustan UnileverInfosys

0 Zee Entertainment, TV18

DB Corp, CCL Products0

LIC Housing Finance

DCB Bank TTK Prestige

ThursdayOctober

00

23October 21

Agrotech Foods

October22

October30

Saturday

Friday31

Saturday

Asian PaintsKewal Kiran Clothing

October

Reliance Industries Ltd 0

Kansai Nerolac

Symphony Ltd, INOX 0

Friday

Bharti InfratelGodrej Consumer Products

Indocount0

October

Rallis India, VIP

24ACC,Jyothy Labs,Blue Dart

0Cairn india, Blue Dart0KPIT, Idea Cellular

HCL TechnologiesBajaj Auto, Mahindra CIEBajaj Finserv, Bajaj Finance

19Monday Tuesday Wednesday

October

Hindustan Zinc, KitexWipro, HDFC Bank

0

Torrent Pharma,Nestle,Yes

28 OctoberWednesday

Dabur, Ambuja, KEC

October29Tuesday

JSW Steel, IRB Infra

Thursday

Biocon, Bayer Crop, Concor

20

October

Federal Bank, WelspunHero Motocorp, Kajaria 0

Cadila Healthcare

Petronet LNG, Gati

Orient Cement

26

Ultratech Cement

MondayOctober

Thursday

P&G Hygiene & HealthcareCummins, SJVN, Arvind

India Cem,Indian Bank, UB

November

AIA,JP Power,Sonata s/w

12

Taj GVK, WonderlaNavneet

02

Strides Arcolab, Dish TV

Somany Ceramics

0Vedanta, Maruti, ThermaxLupin Ltd, Alembic PharmaNavin Fluoro, Tata ComPI Industries, Axis Bank

27

HDFC Ltd, Airtel, ENIL,MPS

Monday

Star Ferro, Power Grid

IOCL, Tech Mahindra

03 November

Mcleod Russel, PVR, GAIL

NovemberTuesday

Ashok Leyland, Marico

Wednesday

Greaves Cotton, eClerxLMW,Oberoi Realty,Rel Cap

Century Plywood,SCI,CPCL

11

JK Laxmi, KSB PumpsPTC India Ltd

Escorts,United Spirits,Care

November

Amara Raja,Jet,JSW EnergyHT Media, JK Tyre, TCI

Wednesday04 November

Pidilite, Sun TV, ExideKirloskar,Raymond

00

BATA, Vardhaman Textiles

November

00

0

0 000VST Tillers, Graphite, PFS 0

Page,HPCL,Coffee day EntOil India, Balkrishna, Coal

0

0

Wabco,NHPC,Indian Hotels

09TuesdayMonday

10

Timken, Tata Power, NBCC Hindalco, NCC, NMDC

November

0 NRB Bearing

0

0000 0

0Apollo Hospitals0

Shree CementJindal Saw, GMR Infra

M&M,Bosch,SBI,BoB,VoltasGSK Cons,Tata Chem,Eicher

0

13 November

VA Tech Wabag

HEG, Gillete

Friday14

Sun Pharma, Wim Plast

Saturday

Gulf Lubricants

Britannia Industries,IGL

NovemberSaturday

07 November

FSL,Heidelberg,Jubilant Life

GE Shipping,Mangalam,VST

Motherson Sumi,PNB,SAIL

Mahindra Lifespace,Jagran

05

Tata Motors,TVToday,ONGCHawkins, Talwalkars, Rupa

Tata Global Bev, EIH, AbanTata Steel,Kalpataru powerGuj Gas, Bajaj Elect, Cipla

Glenmark,Essel Pro,Solar Ind

NovemberThursday

November

Ajantha,L&T,ITC,Mah SeamApollo Tyres,Ipca Labs, EPCColgate, Bharat Forge, CUB

Dr.Reddy's,SKF,MRPL,GPPL

06Friday

Godfrey Philips

Titan, Indoco JK Cement, IDFCRelaxo, Atul AutoDivi's Labs, Cox & Kings

Kotak bank,Shoppers Stop

Major Economic Events this Week

Result Preview – Q2FY16E Company Revenue EBITDA PATIOCL 83,700.0 -25.0 -17.4 2,890.0 LP -71.4 1,214.2 LP -81.1GAIL India 13,736.9 -2.8 9.3 1,207.5 -40.3 15.7 698.4 -46.4 64.7Tech Mahindra 6,525.0 18.9 3.7 1,057.1 -3.7 13.0 745.0 4 10.2Mcleod Russel 498.2 2.3 199.0 219.3 -12.8 LP 208.7 -5.8 LPPVR 479.5 19.8 -1.3 93.7 59.8 -16.7 41.1 347.0 -29.2Star Ferro & Cement 325.0 11.5 -20.4 106.3 92.8 -12.3 19.9 LP -52.1Power Grid Corp 4,502.9 7.8 -4.5 4,009.5 8.1 -4.7 1,298.4 8.1 -5.0PTC India Ltd 5,180.0 23.0 57.2 83.2 1.0 39.2 68.8 9.2 43.5

Revenue = NII; EBITDA = PPP for Banks and NBFC

Chg(%) Chg(%) Chg(%)Date Event Country Period Actual Expected2-Nov Nikkei India PMI Mfg IN Oct 50.7 --2-Nov Markit US Mfg PMI US Oct F 54.1 54.02-Nov Markit Eurozone Mfg PMI EC Oct F 52.3 52.02-Nov Nikkei Japan PMI Mfg JN Oct F 52.4 --

Date Event Country Period Expected Previous4-Nov Nikkei India PMI Services IN Oct -- 51.34-Nov Nikkei India PMI Comp IN Oct -- 51.54-Nov Markit Eurozone Serv PMI EC Oct F 54.2 54.24-Nov Markit Eurozone Comp PMI EC Oct F 54.0 54.04-Nov PPI YoY EC Sep -3.3% -2.6%4-Nov Trade Balance US Sep -$44.50b -$48.33b4-Nov Markit US Composite PMI US Oct F -- 54.54-Nov Markit US Services PMI US Oct F 54.6 54.45-Nov Initial Jobless Claims US 31-Oct 262k 260k6-Nov Unemployment Rate US Oct 5.1% 5.1%6-Nov Industrial Production YoY U

Recent Releases Date Report

02 Nov 2015 Result Update – Ajanta Pharmaceuticals

02 Nov 2015 Result Update – IDFC

02 Nov 2015 Result Update – Kotak Mahindra BankK Sep 1.3% 1.9%6-Nov Mfg Production YoY U

02 Nov 2015 Result Update – JK Tyres & IndustriesK Sep -1.1% -0.8%6-Nov Trade Balance U

K Sep -£3000 -£32680063

02 Nov 2015 Result Update – Essel Propack

ICICI Securities Ltd. | Retail Equity Research

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

Disclaimer ANALYST CERTIFICATION We /I, Pankaj Pandey Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Terms & conditions and other disclosures: ICICI Securities Limited (ICICI Securities) is a Sebi registered Research Analyst having registration no. INH000000990. ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com. ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction. ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months. ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that Pankaj Pandey Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report.