1 Exide Inds. Auto Ancillaries EXIDEIND % 2 D B Corp Media DBCORP %

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1 Diwali Crackers SMC wishes you a Happy Diwali

2 FROM SMC RESEARCH DESK... Snap Shot Sr.no. Co_Name Sector Code NSE Symbol Price Target Upside Potential 1 Exide Inds. Auto Ancillaries EXIDEIND % 2 D B Corp Media DBCORP % 3 Sintex Inds. Plastic products SINTEX % 4 Triveni Turbine Capital Goods TRITURBINE % 5 GIC Housing Fin Finance GICHSGFIN % 2

3 Performance of Diwali Dhamaka 2015" released on 9th November 2015 Sr.no. Co_Name Recomended Price Target Status/ CMP** Return* 1. J B Chem & Pharm Target Met 38% 2. Reliance Inds % 3. Zee Entertainmen Target Met 25% 4. Jagran Prakashan Target Met 33% 5. Allcargo Logist.*** % Average Return 22% SMC Retail Research came out with a report " Diwali Dhamaka 2015" on 9th November It is a pleasure to share with you that out of five stocks recommendation, three stocks met the targets given in the report for one year perspective. The average return generated is 22%. *Calculated either on the target price in case of target met or otherwise calculated on the CMP as on 24th October **Adjusted price due to stock split 3

4 EXIDE INDUSTRIES LIMITED CMP: Target Price: 248 Upside: 23% Current Mkt.Price (Rs.) Face Value (Rs.) Week High/Low / M.Cap (Rs. in Cr.) (Rs.) 7.83 P/E Ratio (times) P/B Ratio (times) 4.01 Dividend Yield (%) DA Pre-tax Profit Actual Estimates FY Mar-16 FY Mar-17 FY Mar-18 6, , , , , , , , , , Exide Industries is a leading manufacturer of lead acid batteries for automotive, telecom, traction, UPS, naval and motive power markets. The company is planning to spend over Rs.1,400 crore for the next one year on capital expenditure for technology upgradation and capacity expansion. A significant amount of this capex will be incurred at its Haldia facility in West Bengal. Moreover, it is investing heavily for implementing the punch grid technology at Haldia facility in East Midnapore district by building an entirely new unit there. This advanced technology for batteries would be for the first time in India. In the automotive OEM segment, the company has maintained its market share but has decided to continue business with only profitable original equipment manufacturers. Exide has a market share of about 60% in four-wheelers and around 66% in two-wheelers. The company plans to continue focus on cost cutting measures and technology improvementto increase productivity, reduce costs and become more competitive. On technology front- the company has entered into technological tie-ups with Shin-Kobe Electric Machinery of Japan and East Penn of USA for technology. The company has invested in technology upgradation in two of its factories. Mass production would start production till the end of FY The Company is hopeful to convert the entire production technology to a different level than at present within a 2-3 year timeline, which will help to reduce costs and increase productivity and have more consistent quality. The in-house Research and Development (R&D) Division is actively engaged in creation of innovative products through improvements in manufacturing processes and materials. The company also acquires new technology through technical collaboration agreements with leading international battery manufacturers. Technology Upgradation and Cost Control remain important part of the Company's strategy to improve the bottom-line. Efforts of the Management towards Cost reduction have started bearing fruits. The company expects a 15-16% DA margin in FY 2017, thus it is expected that the stock to see a price target of Rs 248 in 8 to 10 months time frame on a current P/E of 26.04x and FY18 (E) earnings of Rs Oct Nov-13 2-Jan-14 6-Feb Mar Apr May-14 4-Jul Aug Sep Oct-14 5-Dec Jan Feb Mar-15 5-May-15 9-Jun Jul Aug Sep-15 2-Nov-15 9-Dec Jan Feb Mar-16 9-May Jun Jul Aug Sep Close Price 4

5 D B CORP LIMITED CMP: Target Price: 473 Upside: 21% Current Mkt.Price (`) Face Value (`) Week High/Low / M.Cap (` in Cr.) (`) P/E Ratio (times) P/B Ratio (times) 4.78 Dividend Yield (%) DA Pre-tax Profit Actual Estimates FY Mar-15 FY Mar-16 FY Mar-17 1, , , DB Corp Ltd. is India s largest print media company that publishes 7 newspapers with Dainik Bhaskar 40 editions, Divya Bhaskar 7 editions, & Divya Marathi 7 editions with 208 subeditions in 4 multiple languages (Hindi, Gujarati, English and Marathi) across 14 states in India. The company s other business interests also span the radio segment through the brand "My FM" Radio station with presence in 7 states and 20 cities. Its growing digital business is led by 13 portals for rapidly expanding digital audiences and 2 actively downloaded applications Dainik and Divya Bhaskar mobile apps. During the quarter ended September 2016, Advertising s reported growth of 9% YOY to Rs. 374 crore in current period from Rs crore in Q2 of last fiscal. Circulation has increased 11.5% YOY to Rs crore from Rs crore, primarily due to yield driven growth, largely growth has come from mature market. Over the past few quarters, the company undertook several key initiatives to propel the company on a growth trajectory, which have started delivering results. Radio business EBIDTA delivered strong growth of 89.9% YOY at Rs crore (50.9% margin), from Rs. 8.0 crore last year. Digital business revenue grew by 21% to Rs. 14 crore from Rs crore of corresponding quarter last fiscal. As its editorial strategies remain at the core, it is also very excited with non-print segments, as MY FM extends presence in 3 new stations of Hisar, Karnal and Rajkot that strengthens local focus to deliver better value to advertisers. Company s digital initiatives are on course as it expand forays into specialty genres to acquire new users. On an overall basis, with several initiatives of economic reforms underway, good monsoons to support agricultural production, the near term domestic outlook is encouraging and expected to supplement overall economic growth. Audit Bureau of Circulation ( ABC) latest results January - June 2016 has declared Dainik Bhaskar newspaper as the largest circulated national daily in India. The company has been consistently positioned itself to be the largest circulated national daily in India since last 2.5 years (every quarter). The Company is continuously implementing its editorial strategies, which aims at content enrichment and product differentiation to engage strongly with readers and advertisers and several new creative additions are being offered to readers that have further established products with stronger positioning. Thus, it is expected that the stock will see a price target of Rs.473 in 8 to 10 months time frame on a target P/E of 22x and FY17 (E) earnings of Rs Oct Nov-13 1-Jan-14 5-Feb Mar Apr May-14 3-Jul-14 8-Aug Sep Oct-14 4-Dec-14 9-Jan Feb Mar-15 4-May-15 8-Jun Jul Aug Sep Oct-15 8-Dec Jan Feb Mar-16 6-May Jun Jul Aug Sep Close Price 5

6 SINTEX INDUSTRIES LIMITED CMP: Target Price: 102 Upside: 21% Current Mkt.Price (Rs.) Face Value (Rs.) Week High/Low /62.40 M.Cap (Rs. in Cr.) (Rs.) P/E Ratio (times) 6.98 P/B Ratio (times) 0.74 Dividend Yield (%) DA Pre-tax Profit Actual Estimates FY Mar-15 FY Mar-16 FY Mar-17 7, , , , , , , , Sintex Industries is a dominant player in the plastics and textile business segments. It is also Asia's largest manufacturer of corduroy fabrics. Its manufacturing includes a wide range of plastic products such as prefabricated structures, industrial custom moulding products, monolithic constructions and water storage tanks. In the textile segment, the company focuses on niche segment specializing in men's shirting. It has a strong presence in the European, American, African, and Asian markets including countries like France, Germany and USA and one of largest producer of plastic water tank. The company has 10 manufacturing plants, effective network of 12 branch offices, over 500 distributors and around retailers spread across the india. Plastic accounts for about 90% of its revenues and its plastic business was largely single product, which covers 3,500 products. Moreover, the company is growing into non-synergic businesses that would potentially impede medium-term profitability. The company s business growth has driven primarily by two product segments namely prefabricated structures and custom moulding and it has a strong foothold in key sectors of defense and aerospace, electrical accessories, medical imaging, mass transit, automotive and others in Europe and US. Recently, its board approved the composite scheme of arrangement for the demerger of the 'custom moulding business' and the 'prefab business' from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively, each a wholly owned subsidiary of Sintex Plastics Technology. The proposed arrangement will streamline various businesses developed by the group, thereby creating focused leadership and management attention. According to the management of the company, capacity of spindles would ramp up to enhance utilization at full swing in coming quarters and through customer accreditation and focus on marketing, more strength to the particular segment give robust growth to the financials. Government s strong focus on wide range of infrastructure and social improvement plans viz. education, healthcare, sanitation, housing etc., have emerged as major beneficiary for the company. Besides, the positive business and consumer sentiment improved the performance of the automobile sector (four-wheelers and two-wheelers) leading to robust growth for the custom moulding business. Thus, it is expected that the stock will see a price target of Rs.102 in 8 to 10 months time frame on a expected P/E of 7.5x and FY17 (E) earnings of Rs

7 TRIVENI TURBINES LIMITED CMP: Target Price: 165 Upside: 29% Current Mkt.Price (Rs.) Face Value (Rs.) Week High/Low /87.50 M.Cap (Rs. in Cr.) (Rs.) 2.98 P/E Ratio (times) P/B Ratio (times) Dividend Yield (%) Triveni Turbine Limited offers steam turbine solutions for Industrial Captive and Renewable Power. The Company manufactures world class steam turbines up to 100 MW that enable customers to achieve unhindered performance and power self-sufficiency at an optimal cost while minimising environmental impact. The state-of-the-art manufacturing facility is located at Bengaluru, India. The outstanding consolidated order book as on June 30, 2016 stood at Rs 657 crore which was almost the same as in Q1 FY16. However, exports now contribute 52% of orders on hand versus 31% in Q1 FY16. Operations at the company s Joint Venture with GE, GE Triveni Ltd (GETL) are progressing well. In the next few quarters, the first large size turbine is expected to be commissioned and together with GETL s pipeline of enquiries leads us to expect good order booking for the full year. Combined Cycle and Waste to Energy and Biomass are not impacted by slowdown globally. The company's strategy of concentrating on these sectors is now helping in smoothing the variations in demand in any particular segments or countries. Better value proposition to customers and combined with international service centre have facilitated the company to snatch market share from developed, developing and domestic player globally. Currently the exports of the company spread across various geographies Europe, turkey, SEA, South African Development region. The company is hopeful that this situation will reverse by the end of FY17 or early FY18. However, the company is confident of compensating for this slow down with the order booking in the export market through enquiries, which are in advanced stages of finalization. It is confident of increasing orders in hand by the end of FY17 after achieving its forecast growth in Sales, thus it is expected that the stock will see a price target of Rs.165 in 8 to 10 months time frame on a two year average P/E of 42.69x and FY17 (E) earnings of Rs DA Actual Estimates FY Mar-15 FY Mar-16 FY Mar The company s the market leadership has been built on a foundation of strong and continuously evolving research, development and engineering capabilities. The customer centric approach to R&D, along with a keen focus on delivered product and life-cycle cost has allowed Triveni Turbines to set benchmarks for efficiency, robustness and up-time of the turbine. The Company has currently orders and installations in over 50 countries and will be focusing on new markets in the coming years. The company is looking to add another 12 offices/service centers. 7

8 GIC HOUSING FINANCE LIMITED CMP: Target Price: 421 Upside: 23% Current Mkt.Price (Rs.) Face Value (Rs.) Week High/Low / M.Cap (Rs. in Cr.) (Rs.) P/E Ratio (times) P/B Ratio (times) 2.51 Dividend Yield (%) The primary business of GIC Housing Finance Limited (GICHFL) is granting housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes. It has presence in 53 branches across the country for business and has tie-ups with builders to provide finance to individual borrowers. It also has tie-ups with corporate for various housing finance needs. Q1FY17 results reflected the positive outcome of efforts towards growth visible over the past three months. Profitability too has improved with PAT growth at 14.4% for Q1FY17. Its income rose to Rs crore during the April to June quarter of the current fiscal year (FY17), around 14.9% growth as compared to June 2016 over June 2015, It had made provision for contingencies of Rs 6 crore for the june quarter, as against Rs 3.98 crore during the same quarter a year ago. The management of the company has guided for above 20% growth for next coming years and government initiatives like Housing for All ; Smart Cities project and Real estate bill would give further growth to company, which would fill the valuation gap between its peers. Housing Bank (NHB) from time to time. The CAR prescribed for the present is 12%. The Capital Adequacy Ratio of the Company as at 31st March, 2016 is 17.40% as against 15.36% as at 31st March, The inherent nature of asset quality and the targeted segment (first time buyers) coupled with thrust on recoveries has helped GICHF to witness improvement over the past few quarters. Quarter1 FY17 results reflected the positive outcome of efforts towards growth visible over the past one-year. Moreover, on yearly basis too, company is doing very well i.e. profitability has improved with PAT growth at 35% for FY16. Thus, it is expected that the stock will see a price target of Rs.421 in 8 to 10 months time frame on a target P/BV of 2.60x and FY17 () book value per share of Rs Pre-tax Profit Actual Estimates FY Mar-15 FY Mar-16 FY Mar Company has tie up with the New India Assurance Company Limited for Special Contingency Insurance which covers borrowers for Personal Accident Insurance and Mortgaged Property Insurance and also tied up with Kotak Mahindra Old Mutual Life Insurance Ltd for getting insurance cover on the life of the borrower to the extent of the "Outstanding Home Loan". The Company has been maintaining the Capital Adequacy Ratio (CAR) above the minimum required level prescribed by National 8

9 Corporate Office: 11/6B, Shanti Chamber, Pusa Road, New Delhi Tel: Mumbai Office: Dheeraj Sagar, 1st Floor, Opp. Goregaon sports club, link road Malad (West), Mumbai Tel: , Fax: Kolkata Office: 18, Rabindra Sarani, "Poddar Court", Gate No. 4, 4th Floor, Kolkata Tel: , Fax: SMC Global Securities Ltd. (hereinafter referred to as SMC ) is a registered Member of National of India Limited, Bombay Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor. SMC Global Securities Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH SMC Global Securities Limited or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst. The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true. SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision. Disclaimer: This report is for the personal information of the authorized recipient and doesn't construe to be any investment, legal or taxation advice to you. It is only for private circulation and use.the report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. No action is solicited on the basis of the contents of the report. The report should not be reproduced or redistributed to any other person(s)in any form without prior written permission of the SMC. The contents of this material are general and are neither comprehensive nor inclusive. Neither SMC nor any of its affiliates, associates, representatives, directors or employees shall be responsible for any loss or damage that may arise to any person due to any action taken on the basis of this report. It does not constitute personal recommendations or take into account the particular investment objectives, financial situations or needs of an individual client or a corporate/s or any entity/s. All investments involve risk and past performance doesn't guarantee future results. The value of, and income from investments may vary because of the changes in the macro and micro factors given at a certain period of time. The person should use his/her own judgment while taking investment decisions. Please note that we and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance if this material;(a) from time to time, may have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned here in or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed herein or may perform or seek to perform investment banking services for such company(ies) or act as advisor or lender/borrower to such company(ies) or (c) may have any other potential conflict of interest with respect to any recommendation and related information and opinions. All disputes shall be subject to the exclusive jurisdiction of Delhi High court. 9