Model Portfolio update
August 28, 2017
Latest Model–Portfolio Deal Team At Your Service Large cap Name of the company Auto Tata Motor DVR Maruti EICHER Motors Mahindra & Mahindra (M&M) BFSI HDFC Bank Axis Bank HDFC Bajaj Finance SBI Capital Goods L &T Cement UltraTech Cement FMCG/Consumer Dabur Marico Asian Paints Nestle IT TCS Media Zee Entertainment Metals Hindustan Zinc Oil and Gas GAIL Ltd. Total
Midcap Weightage(%) 16.0 4.0 5.0 3.0 4.0 37.0 10.0 6.0 9.0 6.0 6.0 4.0 4.0 4.0 4.0 18.0 5.0 4.0 5.0 4.0 6.0 6.0 4.0 4.0 6.0 6.0 5.0 5.0 100.0
Name of the company Auto Bharat Forge BFSI Bajaj Finserve J&K Bank Indian Bank Capital Goods Bharat Electronics Cement Ramco Cement Consumer Symphony Supreme Ind Kansai Nerolac Pidilite Tata Chemicals Bata Metals Graphite India Infrastructure NBCC Logistics Container Corporation of India Textile Arvind Total
Weightage(%) 6.0 6.0 20.0 8.0 6.0 6.0 6.0 6.0 6.0 6.0 36.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 8.0 8.0 6.0 6.0 6.0 6.0 100.0
• Exclusion – Booked profits in Infosys, Lupin and Bosch
• Exclusion – Natco Pharma, Biocon, Indigo and Rallis
• Inclusion – Hindustan Zinc, M&M and increased weight in HDFC, HDFC Bank and Axis Bank
• Inclusion – Indian Bank, Tata Chemicals, Bata, Graphite India and increased weight in Bajaj Finserve
Source: Bloomberg, ICICIdirect.com Research *Diversified portfolio - Combination of 70% large cap and 30% midcap portfolio
Outperformance across all portfolios… Deal Team – Atcontinues Your Service
• Our consistent outperformance demonstrates our superior stock picking ability as markets in FY17 aligned to our view of favourable risk-reward, good franchisee vs. reward-at-any-risk businesses. Some key performers of our portfolio are Lupin, HDFC Bank and Bajaj Finance in the large cap portfolio while Natco Pharma, Kansai Nerolac and Bajaj Finserv have delivered stupendous returns in the midcap portfolio. We continue to advocate the SIP mode of investment as the preferred mode of deployment given the rich valuations that some pockets of the market have reached. We highlight that the SIP return of our portfolio has consistently outperformed indices. This affirms our belief in the staggered and systematic approach of investment amid market volatility • Sensex companies (ex-banks) reported a tepid performance in Q1FY18 primarily depicting the impact of transition period towards GST (effective July 1, 2017). Majority of the companies witnessed muted business activity amidst de-stocking of channel inventory and emerging clarity over input tax credits. The key up-tick however was seen in sales & profitability of Oil & Gas and Metal sectors given rebound in commodity prices amidst stable demand/supply outlook in China
• The portfolio ideology remains receptive to newer opportunities available in the market. Affirming the same we have made several changes in the portfolio. The new additions in our large cap portfolio are Hindustan Zinc and M&M. Moreover, we have increased allocated weights in HDFC, HDFC Bank and Axis Bank. In our midcap portfolio we have added Tata Chemicals, Bata, Graphite India, Indian Bank and increased weight in Bajaj Finserv. Considering the strengthening rupee coupled with near term issues around pharma companies, we have booked profits in Infosys (@ | 890/-) and Natco Pharma (@ | 750/-). We also have excluded Bosch, Lupin, Indigo, Biocon and Rallis from large cap and midcap portfolio, respectively.
• We continue to maintain our high allocation towards the BFSI space with total weightage of 37% in the Largecap portfolio and 20% in Midcap portfolio. Apart from this, we continue to remain positive on consumption theme with allocation of 18% and 36% in Largecap and Midcap portfolio, respectively
• Regulatory issues and pricing pressure in the US base business are the major overhangs resulting in a reduction of our weightage on pharma companies. Rupee appreciation could be further detrimental for these export oriented units • A revival in the capex cycle coupled with a lower interest rate scenario would benefit the BFSI and construction space (SBI, UltraTech, L&T, HDFC and HDFC Bank) • We continue to remain neutral on FMCG as secular earnings coupled with sector rotation could lead to consolidation House view on Index • Over FY14-17 earnings were largely flat with Sensex EPS remaining range bound between | 1350 and | 1400 levels. A global meltdown in commodity prices and NPA recognition by banks resulted in sluggish earnings growth. Hereon, in FY18-19E, stable commodity prices, revival of consumption led demand & low base impact may lead to better earnings growth in the near term leading markets to scale new highs
Strategy 2016 - Sensex & Nifty Target
(|)
• Our indicative large cap equity model portfolio has continued to deliver an impressive return (inclusive of dividends) of 103.6% since its inception (June 21, 2011) vis-à-vis the index return of 80% during the same period, an outperformance of 23% (ppts). This validates our thesis of selecting companies with sound business fundamentals that form the core theme of our portfolio. Our midcap portfolio has outperformed the benchmark by 1.8x (since June 2011), posting returns of 239%
2000 1800 1600 1400 1200 1000 800 600 400 200 0
30.0% 22.9% 20.0%
8.9%
10.0%
13751.2%
1403 2.0%
1528
1878
FY16
FY17
FY18E
FY19E
Sensex EPS
Growth (%)
0.0%
Performance … Service Deal Team –soAtfar* Your 275 250 225 200 175 150 125 100 75 50 25 0
Portfolio performance since last update (May 2017) 4.7
5 4
133.6 103.5
5.7
6
239.1
98.4
80.0
3.1
2.6
3
137.7
1.4
2
%
%
Portfolio performance since inception
1 0 -1
Large Cap
Midcap Portfolio
Diversified Benchmark
• The large cap equity model portfolio continued its outperformance vis-àvis the index with 103.5% return since its inception (June 21, 2011) vis-àvis index return of 80% in the same period. Our sustained preference for high quality names has aided this outperformance on a consistent basis. We continue to be rewarded for our meticulous approach towards stock selection while we endeavour to emulate the broader index • On the other hand, given the astute selection in the midcap portfolio, the outperformance in the same continues, with a return of 239.1% compared to the midcap index return of 133.6% • Given the overall outperformance in both (large & midcap) portfolios, the diversified portfolio (combination of 70/30 ratio) has outperformed its benchmark indices
Source: Bloomberg, ICICIdirect.com Research
Large Cap
Midcap
Diversified
-1.1
-2 Portfolio
Benchmark
• Since the last update (May 2017), our large cap portfolio has underperformed the benchmark index, generating a return of 3.1% compared to benchmark return of 5.7%. The Index outperformance was mainly on the back of performance in Reliance Industries. Our Largecap portfolio was impacted by underperformance in Lupin and Tata Motors.
• Our conservative stock selection in the midcap portfolio continues to exhibit strong out-performance to the broader indices. The portfolio outperformed with a return of 1.4% compared to index negative return of 1.1%. Strong performance in Bajaj Finserv and Kansai Nerolac resulted in the outperformance
Top Dealmovers* Team –soAtfar… Your Service Large cap 500
400
200
300
150
300 250 200 150 100
100
50
50
0
0 Bajaj HDFC Bank Finance
HDFC
Axis Bank
Natco Kansai Bajaj Indusind Pharma* Nerolac* Finserve* Bank
Lupin
Large cap 0
-5
-5
(%)
-10 -15 -20
Draggers
-10
-8
-15
-16
-20
-24
CARE
Exide Industries Ltd
Indigo
Castrol India
Biocon
HDFC
Draggers
0
United Spirits
-30
Bajaj HDFC Bank Finance
Diversified
-25
-25 Aurobindo Coal India Pharma
Natco Kansai Pharma* Nerolac*
(%)
Draggers
Bharti Airtel
0
Shree Cement
Midcap
0
Tata Steel
Gainers
350
200
100
(%)
400
Gainers
(%)
250
Diversified
(%)
Gainers
300
(%)
Midcap
-32 -40
Castrol India
Exide Industries Ltd
CARE
Coal India
Biocon
Source: Bloomberg, ICICIdirect.com Research , *Starred stocks have been included in the portfolio since the last rejig in July 2012/May, August ,December 2013/ April, June, December 2014/ May 2015/July 2015/October 2015. Rest all are since inception in June 2011
Largecap Investment
Midcap
Value o f Investment in P o rtfo lio
11,678,914
12,378,335
7,500,000
12,206,394
18,109,515
7,500,000
10,511,608
10,736,712
20,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0
7,500,000
|
Performance* in SIP mode … Deal Team – so At far Your Service
Divesified Value if invested in B enchmark
• Systematic investments at regular intervals in all our three portfolios have outperformed their respective benchmarks, acting as a perfect shield to the volatility that the market encountered last year • Assuming | 1,00,000 invested as SIP at the end of every month • Start date of SIP is June 30, 2011
Source: Bloomberg, ICICIdirect.com Research
What’s in, what’s out? Service Deal Team – At Your What's in? Name Hindustan Zinc M&M HDFC HDFC Bank Axis Bank Tata Chemicals Bata Graphite India Indian Bank Bajaj Finserve
Portfolio Largecap Largecap Largecap Largecap Largecap Midcap Midcap Midcap Midcap Midcap
Weight 6% 4% Increased from 8% to 9% Increased from 8% to 10% Increased from 4% to 6% 6% 6% 6% 6% Increased from 6% to 8%
Portfolio Largecap Largecap Largecap Midcap Midcap Midcap Midcap
Weight Booked Profits at | 890 6% 3% Booked Profits at | 750 8% 6% 6%
What's out ?
Name Infosys Lupin Bosch Natco Pharma Biocon Indigo Rallis
Source: ICICIdirect.com Research
The of the Dealstory Team – Atstocks… Your Service Bata India (BATIND)
Indian Bank (INDIBA)
• Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment with price points ranging from mass market to premium category. It has a pan-India presence with the largest network of retail stores in the footwear industry with ~ 1300 stores in both metros and Tier I and Tier 2 cities, which enables it to garner higher market share compared to other competitors
•Indian Bank is a mid-sized PSU bank with close to 2687 branches. In FY1115, credit traction has been strong at 19% CAGR, ahead of industry. However, owing to a slowdown in corporate credit demand, advances remained flattish in FY16-17. As on FY17, loans were at | 127699 crore; well diversified into corporate at 45% of domestic book and retail at ~55%. With focus on the SME and retail segment, we expect a pick-up in credit growth at 10.7% CAGR in FY17-19E to | 156574 crore
• In the past couple of years, shopping preferences of consumers have got transformed from price sensitive to fashion quotient. Subsequently, Bata has constantly focused on tapping the fashion conscious youth, working women and children through introduction of latest and trendier styles of footwear. In addition, the women’s market will be the key area of focus for Bata in FY18. It intends to scale up the share of women’s category in the product mix from 26% in FY17 to 35% in the next two years • With strong Q1FY18 numbers coming in for Bata, we believe the management is on the right track to achieve healthy topline growth via: a) retail expansion through franchisee route in Tier II & Tier III cities and b) improved visual merchandising, refurbishment of existing stores and new styles of footwear to drive SSSG. In addition, constant enhancement of product mix through increase in share of premium products will aid operating margins. Thus, we expect revenues and earnings to grow at a CAGR of 13.1% and 33.0%, respectively, in FY17-19E.
(| crore)
FY16
FY17
FY18E
FY19E
Net Sales
2,415
2,467
2,755
3,158
EBITDA Net Profit
276 218
278 159
350 225
428 281
EPS (|)
16.9
12.4
17.5
21.8
P/E
39.6
54.2
38.3
30.7
7.0
6.5
5.7
5.0
RONW (%)
17.8
12.0
15.0
16.4
ROCE (%)
16.1
16.0
18.4
20.1
Price to book
Source: Bloomberg ICICIdirect.com Research
•Indian Bank witnessed margin erosion to <2.5% in FY16 vs. 3.6% in FY12, primarily owing to asset quality deterioration (GNPA at 6.7% in FY16 vs. 2.0% in FY12). With moderation in slippages, growth in advances and steady CASA at 38-39%, we expect the bank’s calculated NIMs to improve and gradually pick up at >2.8% in FY17-19E •Indian Bank has seen deterioration in asset quality in last four fiscals with GNPA increasing to 7.5% in FY17 vs. 1% in FY10. However, asset quality has been relatively better due to its diversified book and lower exposure to power and iron & steel sector. With moderation in slippage & balance sheet growth, GNPA ratio is expected to improve at 6.2% in FY19E •Amid the current scenario plagued with slower growth and asset quality woes, Indian Bank has emerged as a strong performer with stronger CAR, healthy asset quality and improving return ratios. Consequently, the bank is commanding a premium compared to peers. With better earning visibility (PAT CAGR estimated at 30% to | 2387 crore in FY17-19E), we expect premium to continue and remain positive on the stock
Key Financials NII PPP PAT EPS (|) PE (x) P/ABV (x) ROA (%) ROE (%)
FY16 4,446.2 3,032.1 711.4 14.8 20.1 1.4 0.4 4.5
FY17 5,146.1 4,000.7 1405.7 29.3 10.2 1.3 0.7 8.4
FY18E 5,701.7 4,532.4 1797.9 34.1 8.7 1.2 0.8 9.8
FY19E 6,251.7 4,946.2 2387.1 45.2 6.6 1.0 1.0 11.5
The story of the stocks… Deal Team – At Your Service Hindustan Zinc (HINZIN)
Graphite India (CAREVE)
• Hindustan Zinc is a leading manufacturer of zinc and lead in India. The company has a huge reserve base, which provides strong earnings visibility. The total reserve and resource (R&R) as on March 31, 2017 was at 404.4 MT containing 36.09 MT of zinc-lead metal and 1032 million ounce (Moz) of silver. The overall mine life is 25+ years. Furthermore, HZL’s smelting assets are in the lowest quartile on the global cost curve. The low cost advantage is attributable to its fully integrated nature of operations involving mines, smelter and captive power source. The smelters lie within the proximity of mines resulting in low transportation and shifting costs, which augurs well for the company
• The company is a leading manufacturer of graphite electrode with an installed capacity of 98,000 tonne per annum (TPA). The fortunes of the graphite electrode sector have been on an uptrend. Over the last few months, spot graphite electrode prices registered a notable increase. The key triggers have been 1) consolidation of graphite electrode market globally, 2) ~20% of the global graphite electrode capacity (ex. China) shutting down in the last three years, 3) increase in steel production through EAF route (outside China) coupled with an increase in global steel prices, 4) closure of steel capacity in China leading to a decline in exports of both steel and graphite electrodes from the region
• According to preliminary data compiled by ILZSG, the global market for refined zinc metal was in deficit by 203 KT during H1CY17 (January-June 2017) with total reported inventories declining by 212 KT over the same period. Refined zinc metal production during the period was at 6744 KT against metal usage of 6947 KT. The refined zinc market has been in deficit in three out of the last five years (CY13, CY14 and CY16). In the past, zinc deficit has augured well for global zinc prices • HZL’s integrated business model ensures steady cash flows. Furthermore, the company has a strong balance sheet, lower cost of production, net cash status and healthy dividend yield, which reiterates our positive stance on the company FY19E
• Graphite India has a robust balance sheet, net cash status and healthy cash flow generation, which augurs well for the company
| Crore
FY16
FY17
Total Operating Income
14,226.4
17,273.0
21,083.6
23,144.6
Total Operating Income
EBITDA
6,640.6
9,738.4
12,220.5
13,684.0
EBITDA
PAT
8,166.6
8,315.6
9,972.1
11,204.7
PAT
EPS (|)
19.3
19.7
23.6
26.5
EPS (|)
P/E (x)
14.6
14.4
12.0
10.7
EV/EBITDA (x)
12.7
9.8
7.8
6.2
ROE (%)
21.8
27.0
26.8
25.2
ROCE (%)
21.6
26.9
33.4
31.8
Source: Bloomberg ICICIdirect.com Research
FY18E
• The contracting supply amid healthy demand has resulted in an improvement in graphite electrode prices. We believe the benefit of higher graphite electrode prices is likely to flow in H2FY18 and FY19E • Graphite India reported healthy utilisation level for of 95% for Q1FY18 (68% in Q1FY17 and 89% in Q4FY17). On the back of healthy demand prospects, we expect Graphite India’s consolidated capacity utilisation levels to improve from ~74% in FY17 to ~84% in FY18E and ~90% in FY19E. On the back of healthy capacity utilisation coupled with improved realisations, we expect Graphite India’s consolidated operating margins to get augmented to 12.6% and 16.7% in FY18E and FY19E, respectively
| Crore
FY16
FY17
FY18E
FY19E
1,532.3
1,467.8
2,099.7
2,722.7
134.6
39.6
265.5
455.5
82.8
70.5
188.5
332.7
4.2
3.6
9.6
17.0
P/E (x)
59.7
70.2
26.2
14.9
EV/EBITDA (x)
35.7
114.3
16.7
9.1
ROE (%)
4.7
3.8
10.0
15.3
ROCE (%)
4.2
(0.3)
9.9
17.1
The story of the stocks… Deal Team – At Your Service Mahindra & Mahindra (MAHMAH)
Tata Chemicals (TATCHE)
• During FY12-17, M&M’s market share in the UV segment halved from ~55.6% to ~29.2% and is mainly due to 1) competitive UV launches which received good response, 2) lack of petrol UV variants, 3) slowdown in rural economy in FY15 & FY16 (impacted rural models like Bolero & Scorpio). However, given that M&M has high rural exposure of ~40%, we expect the company’s traditional UVs to benefit with a lag effect post normal monsoon in FY18E. Secondly, M&M has two launches- 1) U321 (MPV) in H2FY18 2) S201 (Tivoli platform) in FY19E, which will further aid volume growth. Thus, we build in automotive volume growth of 8.3%, 10.4% for FY18E, FY19E, respectively
• Tata Chemicals, a Tata group enterprise is a conglomerate involved in the business of manufacturing soda ash (domestic as well as global), Branded salt, branded pulses & spices and is also a holding company of agri input player i.e. Rallis India (50% stake)
• Owing to a well-diversified product mix, a strong pan-India presence & cost-efficient operations, M&M clocked highest market share of ~46% in tractor segment in Q1FY18. With normal monsoon & positive rural sentiment, the management expects industry volume growth of 10-12%. M&M has made acquisitions like Mitsubishi & Sampo that will aid in diversifying farm equipment revenues & tap global growth opportunities. We build in tractor volume growth of 13.2%, 10.3% for FY17E, FY18E, respectively. Given the increasing contribution of high margin tractor business, we expect overall EBITDA margin to be >11%, going forward • M&M’s ability to sustain profitability at a respectable level amid all aforesaid pressures demonstrates business & management strength. Thus, we remain positive and have BUY recommendation on the stock.
Key Financials Revenue (| crore) EBITDA (| crore) Net Profit (| crore) EPS (|) PE (x) P/BV (x) ROE (%) ROCE (%)
FY16 40,875.1 4,620.0 3,204.6 54.3 17.8 3.7 14.3 17.5
Source: Bloomberg ICICIdirect.com Research
FY17 43,785.4 4,769.3 3,955.6 67.0 15.8 3.1 13.7 16.4
FY18E 53,882.7 6,048.9 4,023.2 68.2 13.9 2.9 14.5 19.2
FY19E 63,979.7 7,275.8 4,911.8 83.2 11.4 2.6 15.6 21.1
• The company has staged successful turn around in its overseas soda ash business (Europe & Kenya) and clocks healthy 25%+ EBITDA margins in the domestic soda ash business thereby realising healthy cash flows to fund further expansion plans towards other emerging businesses • In the branded salt business (sales ~| 1000 crore) it has a dominant market share in excess of 60% and is the most widely used branded salt in Indian homes thereby commanding strong brand premium. • On the Rallis India front, the company is a leading agri input player domestically with presence across the value chain ranging from seeds, plant growth nutrients, agro-chemicals etc. It currently commands a market cap of ~| 4,500 crore while In FY17, on a consolidated basis, Rallis India clocked Sales of | 1659 crore, EBITDA of | 263 crore (EBITDA margins at 14.2%) & normalized PAT at | 170 crore • The key trigger and investment thesis for Tata Chemical however will be the exit from the government controlled domestic fertilizer business (urea business stake sell announced; deal expected to be consummated by Nov 2017) and thrust on branded consumer business (namely Salt, Besan. Spices, pulses ,etc) which will believe will derive re-rating going forward Key Financials Net Sales (| Crore) EBITDA (| Crore) PAT (| Crore) EPS (|) P/E (x) P/BV(x) RoE (%) RoCE (%)
FY14 15,885 244.9 -1,032.0 NA NA 2.7 -18.5 0.4
FY15 17,204 1,903.2 596.5 23.4 25.2 2.7 10.7 11.1
FY16 14,873 2,165.9 770.6 30.2 19.5 2.2 11.2 9.6
FY17 12,942 2,358.5 993.1 38.9 15.1 1.9 12.6 11.4
Large cap portfolio Deal Team – At Your Service Earlier Name of the company Auto Tata Motor DVR Bosch Maruti EICHER Motors BFSI HDFC Bank Axis Bank HDFC Bajaj Finance SBI Capital Goods L &T Cement UltraTech Cement FMCG/Consumer Dabur Marico Asian Paints Nestle IT Infosys TCS Media Zee Entertainment Pharma Lupin Oil and Gas GAIL Ltd. Total
Source: Bloomberg, ICICIdirect.com Research
Now Weightage(%) 15.0 4.0 3.0 5.0 3.0 32.0 8.0 4.0 8.0 6.0 6.0 4.0 4.0 4.0 4.0 18.0 5.0 4.0 5.0 4.0 12.0 6.0 6.0 4.0 4.0 6.0 6.0 5.0 5.0 100.0
Name of the company Auto Tata Motor DVR Maruti EICHER Motors Mahindra & Mahindra (M&M) BFSI HDFC Bank Axis Bank HDFC Bajaj Finance SBI Capital Goods L&T Cement UltraTech Cement FMCG/Consumer Dabur Marico Asian Paints Nestle IT TCS Media Zee Entertainment Metals Hindustan Zinc Oil and Gas GAIL Ltd. Total
Weightage(%) 16.0 4.0 5.0 3.0 4.0 37.0 10.0 6.0 9.0 6.0 6.0 4.0 4.0 4.0 4.0 18.0 5.0 4.0 5.0 4.0 6.0 6.0 4.0 4.0 6.0 6.0 5.0 5.0 100.0
Midcap portfolio Deal Team – At Your Service Earlier Name of the company Aviation Interglobe Aviation Auto Bharat Forge BFSI Bajaj Finserve J&K Bank Capital Goods Bharat Electronics Cement Ramco Cement Consumer Symphony Supreme Ind Kansai Nerolac Pidilite Rallis Infrastructure NBCC Logistics Container Corporation of India Pharma Natco Pharma Biocon Textile Arvind Total
Source: Bloomberg, ICICIdirect.com Research
Now Weightage(%) 6.0 6.0 6.0 6.0 12.0 6.0 6.0 6.0 6.0 6.0 6.0 30.0 6.0 6.0 6.0 6.0 6.0 8.0 8.0 6.0 6.0 14.0 6.0 8.0 6.0 6.0 100.0
Name of the company Auto Bharat Forge BFSI Bajaj Finserve J&K Bank Indian Bank Capital Goods Bharat Electronics Cement Ramco Cement Consumer Symphony Supreme Ind Kansai Nerolac Pidilite Tata Chemicals Bata Metals Graphite India Infrastructure NBCC Logistics Container Corporation of India Textile Arvind Total
Weightage(%) 6.0 6.0 20.0 8.0 6.0 6.0 6.0 6.0 6.0 6.0 36.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 8.0 8.0 6.0 6.0 6.0 6.0 100.0
Diversified (1/2)Service Deal Teamportfolio – At Your Earlier Name of the company Auto Tata Motor DVR Bosch Maruti Eicher Motors Bharat Forge Consumer Discretionary Symphony Supreme Ind Kansai Nerolac Pidilite Asian Paints Arvind Interglobe Aviation Rallis BFSI HDFC Bank Axis Bank SBI HDFC Bajaj Finance Bajaj Finserve J&K Bank Power, Infrastructure & Cement L &T UltraTech Cement Ramco Cement NBCC Bharat Electronics Container Corporation of India
Source: Bloomberg, ICICIdirect.com Research
Now Weightage(%) 12.3 2.8 2.1 3.5 2.1 1.8 16.1 1.8 1.8 1.8 1.8 3.5 1.8 1.8 1.8 26.0 5.6 2.8 4.2 5.6 4.2 1.8 1.8 13.4 2.8 2.8 1.8 2.4 1.8 1.8
Name of the company Auto Tata Motor DVR Maruti Eicher Motors Bharat Forge Mahindra & Mahindra (M&M) Consumer Discretionary Symphony Supreme Ind Kansai Nerolac Pidilite Asian Paints Arvind Tata Chemicals Bata BFSI HDFC Bank Axis Bank SBI HDFC Bajaj Finance Bajaj Finserve J&K Bank Indian Bank Power, Infrastructure & Cement L&T UltraTech Cement Ramco Cement NBCC Bharat Electronics Container Corporation of India
Weightage(%) 13.0 2.8 3.5 2.1 1.8 2.8 16.1 1.8 1.8 1.8 1.8 3.5 1.8 1.8 1.8 31.9 7.0 4.2 4.2 6.3 4.2 2.4 1.8 1.8 13.4 2.8 2.8 1.8 2.4 1.8 1.8
Diversified (2/2)Service Deal Teamportfolio – At Your Earlier
Name of the company FMCG Nestle Marico Dabur Pharma Lupin Natco Pharma Biocon IT Infosys TCS Media Zee Entertainment Oil and Gas GAIL Ltd. Total
Source: Bloomberg, ICICIdirect.com Research
Now
Weightage(%) 9.1 2.8 2.8 3.5 8.4 4.2 1.8 2.4 8.4 4.2 4.2 2.8 2.8 3.5 3.5 100.0
Name of the company FMCG Nestle Marico Dabur Metals Hindustan Zinc Graphite India IT TCS Media Zee Entertainment Oil and Gas GAIL Ltd. Total
Weightage(%) 9.1 2.8 2.8 3.5 6.0 4.2 1.8 4.2 4.2 2.8 2.8 3.5 3.5 100.0
Pankaj Pandey
Head – Research
[email protected]
ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC Andheri (East) Mumbai – 400 093
[email protected]
15
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.
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ICICI Securities has received an investment banking mandate from Government of India for disinvestment in ONGC. This report is prepared based on publicly available information ICICI Securities has received an investment banking mandate from Government of India for disinvestment in Bharat Electronics. This report is prepared based on publicly available information.
