Research On Stocks

PRIVATE CLIENT RESEARCH
STOCK RECOMMENDATIONS
FEBRUARY 14, 2014
Stock Recommendations
Name of the Company
Mkt
Cap
(Rs mn)
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
79
78
Latest
Reco
Price
as on
14-Feb
(Rs)
Upside/
(Downside)
(%)
74
5.8
EPS (Rs)
PE (x)
RoE (%)
P/ABV (x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
23.7
22.1
3.1
3.3
11.8
10.4
0.8
0.8
Banking
Allahabad Bank
Andhra Bank
36,875
28-Jan-14
30,721
14-Feb-14
54
50
Axis Bank
455,780
17-Jan-14
1,176
1,370
Bank of Baroda
221,170
07-Feb-14
538
615
HDFC Bank
1,527,099
20-Jan-14
665
ICICI Bank
REDUCE
REDUCE
55
(8.9)
8.5
8.7
6.5
6.3
5.9
6.0
0.7
0.8
1,103
24.2
130.0
147.6
8.5
7.5
17.2
17.2
1.4
1.2
ACCUMULATE
536
14.7
106.0
110.0
5.1
4.9
13.8
13.0
0.9
0.8
730
BUY
642
13.7
35.8
44.8
17.9
14.3
21.7
23.0
3.7
3.1
BUY
BUY
1,139,614
30-Jan-14
1,002
1,311
Indian Bank
39,904
24-Jan-14
109
115
Indian Overseas Bank
35,387
31-Jan-14
43
Jammu & Kashmir Bank
65,087
12-Feb-14
1,352
Punjab National Bank
182,049
03-Feb-14
549
610
ACCUMULATE
537
13.7
94.6
116.5
5.7
4.6
State Bank of India
989,851
14-Nov-13
1,697
1,819
ACCUMULATE
1,475
23.3
174.2
211.3
8.5
7.0
56,426
03-Feb-13
108
117
ACCUMULATE
103
14.1
24.2
29.8
4.2
3.4
1,132,852
23-Jan-14
842
874
ACCUMULATE
771
13.4
35.4
40.5
21.8
144,204
04-Feb-14
91
135
BUY
95
41.6
13.5
14.3
94,501
20-Jan-14
209
276
BUY
199
38.7
25.8
Mahindra & Mahindra Financial Services 116,730
23-Jan-14
254
265
REDUCE
244
8.6
Shriram Transport Finance Co
30-Jan-14
616
700
ACCUMULATE
557
25.7
Union Bank of India
988
32.6
82.9
95.7
11.9
10.3
13.6
14.0
1.6
1.4
ACCUMULATE
93
23.9
28.7
30.0
3.2
3.1
11.0
10.7
0.5
0.5
44
REDUCE
44
(0.9)
3.7
5.9
12.0
7.5
3.3
5.0
0.7
0.7
1,400
REDUCE
1,342
4.3
237.1
266.1
5.7
5.0
22.0
21.2
1.2
1.0
10.2
11.5
0.8
0.7
11.6
12.8
1.4
1.3
9.4
10.8
0.6
0.5
19.0
20.7
21.2
4.5
4.0
7.1
6.7
14.1
13.5
1.0
0.9
29.8
7.7
6.7
18.6
18.4
1.4
1.2
16.4
19.3
14.9
12.6
19.4
19.7
2.9
2.5
59.6
63.0
9.3
8.8
18.3
16.9
1.6
1.4
NBFCs
HDFC Ltd
IDFC
LIC Housing Finance
124,746
February 14, 2014
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
14-Feb
(Rs)
Upside/
(Downside)
(%)
118
16
EPS (Rs)
PE (x)
FY14E
FY15E
FY14E
18.1
18.5
17.3
15.4
0.1
RoE (%)
EV/EBIDTA (x)
FY15E
FY14E
FY15E
FY14E
FY15E
6.4
6.8
24.2
18.5
4.4
4.0
156.0
0.9
829.3
11.9
8.3
Auto & Auto Ancillary

Apollo Tyres
59,296
13-Feb-14
118
139
Ashok Leyland
41,512
23-Jan-14
17
18
Bajaj Auto Ltd
532,380
20-Jan-14
1,933
2,239
BUY
1,840
21.7
115.8
139.9
15.9
13.1
38.0
36.9
10.6
Eicher Motors Ltd #
130,937
14-Feb-14
4,819
5,123
ACCUMULATE
4,850
5.6
145.9
260.7
33.2
18.6
20.7
29.8
16.1
9.5
13,441
29-Jan-14
123
136
ACCUMULATE
110
23.7
20.0
18.1
5.5
6.1
13.6
11.0
4.3
4.7
Hero MotoCorp Ltd
387,460
31-Jan-14
1,998
2,140
ACCUMULATE
1,937
10.5
105.0
142.7
18.5
13.6
42.6
51.3
9.8
8.5
Maruti Suzuki India Ltd
474,943
29-Jan-14
1,566
1,608
REDUCE
1,643
(2.2)
84.9
100.5
19.4
16.4
13.0
13.7
7.9
6.6
Tata Motors
1,234,051
11-Feb-14
364
423
389
8.8
47.7
53.3
8.2
7.3
33.0
27.7
4.6
3.8
TVS Motors
38,151
30-Jan-14
71
75
80
(6.6)
5.5
6.8
14.6
11.8
19.4
20.7
9.2
7.4
15.7
Escorts Ltd **
BUY
ACCUMULATE
BUY
ACCUMULATE
Capital Goods & Engineering

ABB Ltd *
122,590
07-Nov-13
645
478
SELL
579
(17.4)
11.5
18.4
50.3
31.4
9.1
13.3
22.4
AIA Engineering
53,181
04-Feb-14
530
520
REDUCE
566
(8.1)
31.9
40.4
17.7
14.0
20.9
22.4
11.1
8.6
Alstom T&D India Ltd *
42,721
04-Feb-14
185
163
SELL
179
(8.8)
4.7
6.3
38.0
28.4
12.6
15.5
15.6
14.2
Bajaj Electricals Ltd
22,630
13-Feb-14
234
197
SELL
229
(14.0)
3.8
14.6
60.3
15.7
5.0
18.0
17.0
7.9
Bharat Electronics
77,120
27-Jan-14
981
1,118
BUY
964
16.0
108.9
108.0
8.9
8.9
13.2
11.9
2.5
2.1
BHEL
363,380
06-Feb-14
161
150
SELL
149
1.0
15.2
14.4
9.8
10.3
11.4
10.2
5.7
5.3
Blue Star
12,680
28-Jan-14
147
175
BUY
141
24.1
7.0
11.9
20.2
11.9
12.5
19.5
10.5
7.0
Crompton Greaves
78,019
30-Jan-14
102
102
REDUCE
122
(16.1)
5.4
8.4
22.5
14.5
9.2
13.1
12.3
8.5
121,926
06-Feb-14
439
445
REDUCE
440
1.2
22.2
23.9
19.8
18.4
24.3
24.8
16.2
13.7
1,795
19-Nov-13
48
54
ACCUMULATE
48
12.0
20.6
21.8
2.3
2.2
12.0
11.6
5.0
4.8
Elgi Equipment Ltd
13,904
11-Feb-14
88
90
REDUCE
88
2.3
3.9
4.9
22.6
18.0
13.7
15.2
12.2
10.2
Engineers India Ltd
51,527
153
19.7
7.8
26.4
2.2
Greaves Cotton
13,965
07-Feb-14
62
75
57
31.1
5.6
5.9
10.2
9.7
17.4
16.3
6.4
5.1
Havells India Ltd
92,671
30-Jan-14
769
720
770
(6.5)
35.7
40.6
21.6
19.0
27.6
25.5
11.9
10.5
Kalpataru Power Transmission
11,052
31-Jan-14
75
85
ACCUMULATE
72
18.1
10.9
12.4
6.6
5.8
8.7
9.2
3.9
3.7
Larsen & Toubro
915,812
23-Jan-14
1,005
1,079
ACCUMULATE
993
8.7
51.7
64.0
19.2
15.5
13.4
14.9
14.0
11.7
Siemens India #
175,331
530
(9.4)
4.9
16.3
108.1
32.5
4.3
13.7
41.7
16.1
11
625
12.8
26.1
35.6
24.0
17.6
8.7
12.3
14.6
10.4
35
34.5
4.5
5.5
7.8
6.4
10.8
12.0
5.0
4.5
Cummins India
Diamond Power Infrastructure
NR
BUY
REDUCE
31-Jan-14
536
480
SELL
Suzlon Energy
16,391
01-Nov-13
10
NA
RATING SUSPENDED
Thermax
74,393
22-Jan-14
667
705
7,305
14-Feb-14
34
47
Time Technoplast Ltd

Kotak Securities - Private Client Research
ACCUMULATE
BUY
For Private Circulation
February 14, 2014
Name of the Company
Mkt
Cap
(Rs mn)
Va Tech Wabag Ltd
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
Price
as on
14-Feb
(Rs)
Upside/
(Downside)
(%)
EPS (Rs)
FY14E
PE (x)
FY15E
RoE (%)
EV/EBIDTA (x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
5.2
15,900
11-Feb-14
560
610
ACCUMULATE
600
1.7
43.3
51.1
13.9
11.7
15.1
15.7
6.7
3,818
01-Nov-13
364
400
ACCUMULATE
378
5.8
33.0
44.0
11.5
8.6
8.0
10.0
5.8
3.8
39,280
31-Jan-14
107
120
BUY
119
1.0
6.6
7.9
18.0
15.0
12.9
14.3
11.8
10.4
ACC #
189,079
07-Feb-14
1,019
1,150
ACCUMULATE
1,007
14.2
58.3
64.3
17.3
15.7
14.4
14.9
11.9
9.1
Grasim Industries
225,110
03-Feb-14
2,574
3,010
BUY
2,455
22.6
211.3
284.0
11.6
8.6
9.5
11.6
5.0
3.9
India Cements
15,058
12-Feb-14
52
48
49
(2.1)
0.8
3.6
61.3
13.6
0.6
2.7
4.7
3.6
Shree Cement
148,502
28-Jan-14
4,330
4,667
ACCUMULATE
4,262
9.5
179.8
224.6
23.7
19.0
15.1
16.3
10.3
8.3
UltraTech Cement
452,922
21-Jan-14
1,719
1,930
ACCUMULATE
1,653
16.8
71.3
91.9
23.2
18.0
12.2
14.0
12.2
0.6
IL&FS Transportation Network Ltd
20,787
13-Feb-14
108
151
BUY
107
41.1
20.1
23.7
5.3
4.5
10.3
11.2
9.4
8.8
IRB Infrastructure Developers
24,279
03-Feb-14
77
116
BUY
73
58.8
12.7
12.9
5.8
5.7
12.2
11.2
6.4
6.2
J Kumar Infraprojects
5,171
14-Feb-14
186
180
Jaiprakash Associates
85,847
12-Feb-14
40
54
Nagarjuna Construction
6,132
13-Feb-14
26
Punj Lloyd Ltd
9,160
07-Nov-13
28
Simplex Infrastructures
4,123
20-Nov-13
65
239,796
04-Feb-14
Hindustan Unilever
1,210,140
ITC Ltd
2,474,612
Marico Ltd
Pidilite Industries
Voltamp Ltd
Voltas Ltd
Cement
REDUCE
Construction
186
(3.2)
33.7
36.8
5.5
5.1
17.1
16.0
4.7
4.2
BUY
REDUCE
39
38.1
1.1
1.6
35.5
24.4
1.8
2.6
10.3
8.9
28
ACCUMULATE
24
17.2
1.1
2.0
21.7
12.0
1.2
2.0
6.9
6.5
27
REDUCE
28
(2.4)
3.0
3.6
9.2
7.7
3.5
4.0
6.7
6.5
63
REDUCE
83
(24.1)
10.9
12.5
7.6
6.6
4.1
4.6
5.6
5.4
723
726
REDUCE
741
(2.0)
21.3
25.9
34.8
28.6
19.0
20.2
21.5
17.7
28-Jan-14
580
550
REDUCE
560
(1.8)
16.6
18.3
33.8
30.6
110.0
85.2
24.7
21.2
20-Jan-14
325
345
ACCUMULATE
320
7.9
11.2
12.3
28.6
26.0
40.7
39.0
19.5
17.9
139,104
30-Oct-13
212
233
ACCUMULATE
216
7.9
7.8
8.5
27.7
25.4
21.2
18.7
19.3
17.0
138,760
30-Jan-14
285
323
ACCUMULATE
273
18.3
10.1
12.2
27.0
22.4
28.3
28.3
18.4
15.2
5,662
04-Feb-14
95
100
ACCUMULATE
90
10.7
8.8
14.5
10.3
6.2
19.4
26.4
1.8
1.5
HCL Technologies
1,057,129
17-Jan-14
1,390
1,422
REDUCE
1,497
(5.0)
84.9
95.0
17.6
15.8
22.6
19.3
11.6
10.3
Infosys Technologies
2,084,524
13-Jan-14
3,550
3,740
ACCUMULATE
3,644
2.6
188.4
211.6
19.3
17.2
25.8
24.5
14.8
12.7
38,707
17-Jan-14
347
339
348
(2.7)
24.6
30.1
14.2
11.6
19.2
20.0
7.5
6.3
FMCG
Godrej Consumer Products Ltd
Information Technology
Geometric Ltd
Infotech Enterpises
REDUCE
February 14, 2014
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
14-Feb
(Rs)
Upside/
(Downside)
(%)
EPS (Rs)
PE (x)
RoE (%)
EV/EBIDTA (x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
KPIT Technologies
32,198
24-Jan-14
159
169
ACCUMULATE
168
0.4
13.7
15.0
12.3
11.2
21.8
19.7
7.1
5.9
Mphasis Ltd ***
79,965
09-Dec-13
396
413
REDUCE
383
7.8
41.3
9.3
16.8
5.1
3,945
20-Jan-14
28
33
24
37.8
0.9
4.8
26.6
5.0
2.4
11.8
6.0
4.1
23,888
15-Jan-14
389
410
ACCUMULATE
407
0.7
38.1
45.7
10.7
8.9
19.6
20.3
5.7
4.6
NIIT LTD
NIIT Technologies
Oracle Financial Services Software
258,394
BUY
25-Nov-13
3,099
3,428
ACCUMULATE
3,085
11.1
153.5
158.8
20.1
19.4
16.1
14.4
13.9
17.1
Tata Consultancy Services (TCS)
4,243,447
17-Jan-14
2,350
2,505
ACCUMULATE
2,168
15.5
96.7
113.4
22.4
19.1
51.4
46.2
16.5
14.1
Wipro Technologies
1,379,449
20-Jan-14
553
581
ACCUMULATE
564
3.1
31.3
36.5
18.0
15.4
25.2
24.3
12.1
10.0
Zensar Technologies
16,607
23-Jan-14
386
406
REDUCE
385
5.4
55.3
59.2
7.0
6.5
28.0
23.8
4.1
3.0
10.1
Logistics
Adani Port & Special Economic Zone
294,615
28-Jan-14
146
172
BUY
147
17.0
9.8
11.3
15.0
13.0
24.2
22.2
12.7
Allcargo Global Logistics
14,500
14-Jan-14
135
160
BUY
134
19.4
14.0
15.9
9.6
8.4
10.3
10.6
4.9
4.5
Blue Dart Express
14,500
07-Feb-14
3,300
2,520
SELL
3,148
(19.9)
61.1
63.0
51.5
50.0
40.7
33.7
6.2
4.8
139,737
04-Feb-14
728
790
ACCUMULATE
717
10.2
50.5
56.3
14.2
12.7
14.2
14.2
9.3
8.2
Gateway Distriparks Ltd
14,299
04-Feb-14
127
148
BUY
132
11.8
12.2
14.8
10.9
8.9
15.6
16.8
6.4
5.7
Gujarat Pipavav Port Ltd (GPPL)
26,521
20-Dec-13
60
68
63
8.7
3.2
4.1
19.5
15.3
11.2
12.6
12.6
11.0
DB Corp
54,998
17-Jan-14
307
300
303
(1.0)
15.4
17.6
19.7
17.2
25.4
25.2
11.3
9.7
Dish TV India Ltd
48,731
24-Jan-14
50
55
ACCUMULATE
46
20.1
10.0
8.3
Entertainment Network (ENIL)
16,540
12-Feb-14
350
366
ACCUMULATE
347
5.6
17.7
18.3
19.6
18.9
15.4
13.9
10.1
8.8
HT Media
16,771
72
7.8
9.2
9.9
5.4
TV18 Broadcast
35,397
12-Feb-14
22
30
BUY
21
44.9
0.5
1.2
41.4
17.3
2.6
5.7
22.1
11.4
Jagran Prakashan
26,353
31-Jan-14
89
100
ACCUMULATE
88
14.2
6.3
7.4
13.9
11.8
20.3
21.8
7.1
5.9
Sun TV Network
129,705
10-Feb-14
361
403
ACCUMULATE
329
22.4
17.8
20.5
18.5
16.1
23.6
24.6
8.4
Zee Entertainment Ent
255,649
23-Jan-14
284
267
REDUCE
261
2.1
9.2
10.7
28.4
24.4
20.9
21.1
19.7
16.5
Hindalco
206,274
14-Feb-14
100
118
BUY
100
18.1
11.3
12.5
8.8
8.0
8.9
9.0
8.5
6.6
Hindustan Zinc
520,768
20-Jan-14
129
141
ACCUMULATE
123
14.4
16.0
16.6
7.7
7.4
18.1
16.3
3.7
3.0
SAIL
253,201
13-Nov-13
63
51
61
(16.8)
6.7
7.5
9.1
8.2
6.6
7.0
10.5
8.6
Tata Steel Ltd
375,813
12-Feb-14
390
426
371
14.9
36.8
65.1
10.1
5.7
10.5
16.9
5.0
5.0
Container Corporation of India
ACCUMULATE
Media
REDUCE
NR
Metals
SELL
ACCUMULATE
February 14, 2014
Name of the Company
Mkt
Cap
(Rs mn)
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
307
321
Latest
Reco
Price
as on
14-Feb
(Rs)
Upside/
(Downside)
(%)
319
EPS (Rs)
PE (x)
RoE (%)
EV/EBIDTA (x)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
0.6
14.1
19.9
22.6
16.0
23.4
24.0
9.8
7.8
Mid Cap
Kajaria Ceramics Ltd
24,125
21-Jan-14
ACCUMULATE
614,660
24-Jan-14
325
354
ACCUMULATE
322
9.9
63.6
61.4
5.1
5.2
20.2
15.8
1.5
1.2
145,574
29-Nov-13
300
330
ACCUMULATE
294
12.1
9.6
11.2
30.7
26.3
52.9
61.1
20.5
17.8
Gujarat State Petronet Ltd (GSPL)
31,079
07-Feb-14
61
65
ACCUMULATE
55
17.3
7.7
8.1
7.2
6.9
13.3
12.4
3.7
3.7
Indraprastha Gas (IGL)
35,819
11-Feb-14
264
290
ACCUMULATE
256
13.3
25.7
22.2
10.0
11.5
21.5
16.3
4.7
4.4
Mangalore Refinary & Petrochemicals (MRPL)
70,868
10-Feb-14
44
39
SELL
40
(3.6)
3.0
13.3
8.6
25.0
6.9
Oil India Ltd
274,733
13-Feb-14
461
580
BUY
457
26.9
55.7
59.3
8.2
7.7
15.6
15.0
3.5
3.0
Petronet LNG
86,813
03-Feb-13
110
121
ACCUMULATE
116
4.5
9.0
11.2
12.9
10.4
14.1
15.6
7.9
6.2
1,090,534
30-Jan-14
128
165
BUY
132
24.8
12.4
13.6
10.7
9.7
12.3
12.5
9.4
8.5
175,246
11-Feb-14
75
84
74
13.7
3.6
6.4
20.5
11.5
7.3
11.8
5.8
5.4
30,585
03-Feb-14
203
279
BUY
211
32.1
10.2
10.9
20.7
19.4
8.1
8.1
17.2
15.2
ABG Shipyard Ltd
13,318
22-Nov-13
270
250
SELL
262
(4.5)
2.9
2.2
90.2
118.9
0.8
0.6
10.1
10.2
GE Shipping Company
43,928
NR
289
38.1
7.6
8.2
3.5
Pipavav Defence & Offshore Engg
23,985
13-Dec-13
43
45
REDUCE
35
29.7
0.2
2.0
173.5
17.4
0.7
6.7
11.3
10.8
Shipping Corporation of India
15,077
23-Dec-13
40
46
ACCUMULATE
36
29.2
2.4
14.8
1.8
21.1
10.8
Oil & Gas

Cairn India Ltd
Castrol India Ltd
Power
NTPC
Tata Power Company Ltd
ACCUMULATE
Real Estate
Phoenix Mills Ltd
Shipping
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 CY13 & CY14
**
Financials are for FY13 & FY14 - September year end
*** Financials are for FY13 & FY14 - October year end
#
Figures for FY14 & FY15 - September year ending
NR = Not Rated. The investment rating and target price, if any, have been suspended temporarily. Such suspension is in compliance with applicable regulation(s) and/or Kotak Securities policies
in circumstances when Kotak Securities or its affiliates is acting in an advisory capacity in a merger or strategic transaction involving this company and in certain other circumstances.
NM= Not Meaningful
February 14, 2014
Fundamental Research Team

Dipen Shah
IT
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
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 79 6607 2231
Prashanth Lalu
prashanth.lalu@kotak.com
+91 22 6621 6110
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This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. It is for the general information of clients of Kotak Securities Ltd. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs
of individual clients.
We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Kotak Securities Limited, nor any person connected with it,
accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Price and value of the investments referred to in this material may go up or
down. Past performance is not a guide for future performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors.
Reports based on technical analysis centers on studying charts of a stocks price movement and trading volume, as opposed to focusing on a companys fundamentals and as such, may not match with a report on a companys fundamentals.
Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that
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PRIVATE CLIENT RESEARCH

Indian Overseas Bank

Jammu & Kashmir Bank

Punjab National Bank

State Bank of India

Mahindra & Mahindra Financial Services 116,730

Shriram Transport Finance Co

Union Bank of India

February 14, 2014

Auto & Auto Ancillary

Bajaj Auto Ltd

Eicher Motors Ltd #

Hero MotoCorp Ltd

Maruti Suzuki India Ltd

Capital Goods & Engineering

Alstom T&D India Ltd *

Bajaj Electricals Ltd

Elgi Equipment Ltd

Engineers India Ltd

Havells India Ltd

Kalpataru Power Transmission

Larsen & Toubro

Time Technoplast Ltd

For Private Circulation

February 14, 2014

Va Tech Wabag Ltd

IL&FS Transportation Network Ltd

IRB Infrastructure Developers

Punj Lloyd Ltd

Kotak Securities - Private Client Research

For Private Circulation

February 14, 2014

Mphasis Ltd ***

Tata Consultancy Services (TCS)

Allcargo Global Logistics

Blue Dart Express

Gateway Distriparks Ltd

Gujarat Pipavav Port Ltd (GPPL)

Dish TV India Ltd

Entertainment Network (ENIL)

Zee Entertainment Ent

Tata Steel Ltd

Container Corporation of India

Kotak Securities - Private Client Research

For Private Circulation

February 14, 2014

Gujarat State Petronet Ltd (GSPL)

Indraprastha Gas (IGL)

Mangalore Refinary & Petrochemicals (MRPL)

Oil India Ltd

ABG Shipyard Ltd

Pipavav Defence & Offshore Engg

Shipping Corporation of India

Oil & Gas

Source: Kotak Securities - Private Client Research

For Private Circulation

February 14, 2014

Fundamental Research Team

Technical Research Team

Derivatives Research Team

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