Scrips Recommended Price Target Price CMP Return Status Time Taken

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2 Market Overview Domestic indices has moved significantly higher (Up %) from Demonetisation low s without any major price correction. At current valuation (Trailing PE of Nifty is 26x & Sensex is 23.8 times) market is not Cheap; however downside remains limited as we are in an Earnings revival trajectory with long-term reforms like GST & Demonetisation is in implementation phase. Till now market has rewarded them who bought in Dips. We don t expect any major correction in coming days as headwinds like rising Fiscal Deficit & Fed rate hike are likely to fade slowly as market starts captivating on good corporate earnings. However, any Global geo-political tension (North Korea Nuke tests, escalation in tension between India with Pakistan & China, Dispute over South China Sea and etc.) can hurt sentiments & Global indices can see Knee-jerk reaction (10% or beyond correction). Therefore, we recommend to avoid high Leveraged Positions and stay invested in quality stocks in which buying conviction is strong and has clear earnings visibility.

3 Performance Review: Muhurat Picks 2016 Scrips Recommended Price Target Price CMP Return Status Time Taken Tata Chemicals % Tgt Achieved 6.5 Months Exide Industries % Tgt Achieved 6 Months Jamna Auto* % Tgt Achieved 8 Months Adani Ports % Tgt Achieved 5 Months Suven Life % Active Active Whirlpool % Almost Tgt Done 12 Months *Stock Split Adjusted Nifty Return 15.20%

4 Top Picks: Muhurat 2017

5 Company Details: CMP(`) BAJAJ-AUTO BSE Code Auto Dividend Yield (%) 1.76 Market Cap (Cr) EPS - TTM (`) P/E Ratio (x) Industry P/E w High/Low /2510 Bajaj Auto Present in over 70 nations, Bajaj Auto is the world s 3rd largest manufacturer of motorcycles and the largest manufacturer of three-wheelers. Positive Catalyst: Bajaj Auto s total exposure to exports is around 35-40% which is showing improving trends in last few months as worst seems to be behind in its key markets like Nigeria & Egypt. Domestic Sales growth is likely to be backed by moderation of the impact of BS-IV emission norms and success of new products like CT 100 Electric Start, Platina & Pulsar NS series. Reasonable Valuation: The stock is trading at reasonable valuation of 24 times of its trailing earnings with bottoming-out RoE of +22%. Expect the stock to trade at 23 times of FY19E earnings of 159. Charts Check Trending up move is expected in near term- Symmetrical Triangle Breakout in weekly scale. Positive crossover in MACD likely to support the momentum.

6 Company Details: CMP(`) POWERGRID BSE Code Electric Utilities Dividend Yield (%) 2.15 Market Cap (Cr) EPS - TTM (`) P/E Ratio (x) Industry P/E w High/Low / Power Grid Largely held by Stronger hands: State-run Navaratna Enterprise Power Grid Corporation is owned by Promoters (57.90%), Institutions (35.31%) & Rest (6.79%) Strong Monopoly position: Power Grid's monopoly position is unchallengeable in the near-term. More than 50% of power generated in India is transmitted through Power Grid. It has a major transmission infrastructure comprises 142,433 ckm of lines, 224 substations and 296,988 MVA of transformer capacity. Stable Earnings visibility: Power Grid's management s optimism about future prospects of assets commissioning with a capitalization target of about Rs. 81 Thousand crore in years provides good visibility for earnings growth. Attractive Valuation: The valuation of Power Grid is attractive and is expected to remain so as it is a secular defensive play and earnings are unaffected despite economic downturn. The stock is trading at P/E(x) of 11 times of FY19E earnings of 18.8 which is lower than the trailing price to earnings ratio of 13.6 times. Maintain Hold/Accumulate with TP of INR 244 (discounting the stock to trade at 13 times of its FY19E EPS).

7 Company Details : CMP(`) SHEMAROO BSE Code Entertainment Dividend Yield (%) 0.47 Market Cap (Cr) 1071 EPS - TTM (`) P/E Ratio (x) Industry P/E w High/Low 439.9/276.5 Shemaroo Entertainment Shemaroo is a filmed entertainment content house - one of the largest independent content aggregators with a library of more than 3400 titles, which it distributes across various existing and emerging media platforms. Shemaroo pioneered the movie library syndication business by acquiring movie titles from producers and distributing it to broadcasters and other media platforms. Strong Presence in New Media Platform: Shemaroo was one of the early Indian media companies to syndicate its library in the high growth new media platforms, thereby gaining first mover advantage. Shemaroo has agreements with various internet video platforms like YouTube, Hotstar, Apple itunes, Google Play etc. Shemaroo content on YouTube gets over 100 million views a month or around 3 to 4 million hits per day. Charts Check: The stock is in uptrend, making higher troughs and peaks in weekly chart. It has given a trendline breakout from consolidation phase in weekly scale which signifies a continuation of uptrend.

8 Company Details : CMP(`) TATAINVEST BSE Code Holding Companies Dividend Yield (%) 2.02 Market Cap (Cr) 4920 EPS - TTM (`) P/E Ratio (x) Industry P/E w High/Low / Tata Investment Corporation Ltd Tata Investment invests in a diversified portfolio of quoted and unquoted securities of companies, including Tata Companies, which are engaged in various businesses with a history of strong operating and financial performance. Tata Investment continues to remain invested in leaders in sectors, which we believe have potential to remain value accretive over the long term. The Company continues to invest for the long term while availing opportunities to realize gains endeavoring to maintain its policy of consistent dividend distribution. The Company invests in Tata and Non-Tata companies, both listed and unlisted, though investments in Tata companies constitute a larger portion and may be considered of a longer term and strategic in nature. The Company endeavors to evaluate opportunities considering the macro economic conditions both globally and domestically. Almost a Zero Debt investment company with Promoter Holding of 73.01% with no shares pledged. The Net Asset Value (NAV) - Per Share is around Rs 1300 as on 31 st March 2017.

9 Company Details : Andhra Sugars Ltd CMP(`) ANDHRSUGAR BSE Code Commodity Chemicals Dividend Yield (%) 1.88 Market Cap (Cr) 1430 EPS - TTM (`) P/E Ratio (x) 11.8 Industry P/E w High/Low /195 Andhra Sugars is engaged in manufacturing and selling of Sugar (20% approx / Loss unit), Caustic Soda & Caustic potash (39%) and Industrial Chmeicals like Hydrochloric Acid, Suphuric Acid, Liquid hydrogen, Potassium carbonate,chlorine, Oxo Alcohols etc. One of the segment includes manufacturing and R&D of Aspirin which is exported to the Pharma companies in US & UK. The Company has made a capacity expansion in Caustic soda segment (from 400 TPD to 500 TPD) on account of higher demand. Caustic soda is extensively used in Paper industry, Textile industry and an integral ingrediants for Detergent & Soaps. Due to growing demand in Aspirin (65% growth on YoY basis), the capacity has been upgraded to 2000 TPA. All the expansion are being made through internal accruals which accounts for INR 80Cr. The Stock is trading at 11.8x against the average P/E multiple of Chemicals Industry at 20 times (approx) & the Chemical products constitues almost 70% of the revenue. Several Government reforms in Sugar segment would help the Company to reduce its overall costing, which would help in lowering its loss from the segment. If we value the company as per SOTP method, the target price comes at Rs 718 in a time-span of 3-4 quarters depending upon the sustainibility of profit growth in coming quarters. Share-holders reserves has grown steadily over the years (from Rs Cr. in FY13 to Rs Cr. in FY 17) which suggests a stability in profitability inspite of industry cycles and several micro challenges of Sugar industry.

10 Company Details : CMP(`) 1235 ECLERX BSE Code BPO/KPO RoE (%) 25.9% Market Cap (Cr) 4950 EPS - TTM (`) P/E Ratio (x) Industry P/E w High/Low /1161 eclerx Services Limited eclerx provides critical business operations services to over 50 global Fortune 500 clients, including some of the world s leading companies across financial services, cable & telecom, retail, fashion, media & entertainment, manufacturing, travel & leisure, software and hightech. Starting from humble beginnings at a small office in the Fort district of Mumbai, eclerx grew quickly during its early formative years, and is now a person organization with five operations delivery centers based in Mumbai, Pune and Chandigarh. Client relationship offices are located in New York, San Francisco, Chicago, Austin, Philadelphia, London, Dublin and Singapore. Key Highlights: Mid-Sized IT Company- trading at attractive valuation of 14.7x of its trailing earnings & EV/EBITDA of 9.4x. Industry Leading EBITDA Margin of +32% & RoE of 26%. Reputed Promoters- High on Corporate Governance. related growth issues are there but based on past performance, our conviction is that the stock should move to avg. Industry PE of 17.5x. Target Rs 1505 (based on EFY18 earnings)

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