STOCK RECOMMENDATIONS PRIVATE CLIENT RESEARCH FEBRUARY 1, 2017 Agri-Products Insecticides (India) Ltd BUY 569 498 582 2.2 06-Jan-17 11,762 28.2 38.8 20.2 14.7 13.4 16.2 12.0 9.4 Finolex Industries BUY 492 419 493 0.2 12-Dec-16 61,027 18.8 24.7 26.2 19.9 23.0 26.2 15.8 12.3 Auto & Auto Ancillary Apollo Tyres ACCUMULATE 187 196 211 12.9 11-Nov-16 94,223 22.6 26.3 8.3 7.1 17.2 17.1 5.4 4.9 Ashok Leyland ACCUMULATE 92 92 98 6.3 30-Jan-17 262,259 4.2 5.5 21.9 16.8 20.2 22.4 12.6 9.9 Bajaj Auto Ltd BUY 2,854 2,833 3,208 12.4 01-Feb-17 825,991 138.8 169.0 20.6 16.9 30.1 30.8 15.1 12.0 Eicher Motors Ltd # REDUCE 24,030 22,202 23,230 (3.3) 02-Dec-16 648,801 582.6 797.0 41.2 30.2 57.0 50.0 27.4 19.6 Escorts Ltd ACCUMULATE 380 379 410 8.0 28-Oct-16 46,450 15.3 25.6 24.8 14.8 9.5 14.5 16.0 10.2 Gabriel India Ltd BUY 111 108 124 11.7 16-Nov-16 15,991 6.0 7.7 18.5 14.4 21.1 23.0 10.5 8.2 Hero MotoCorp Ltd ACCUMULATE 3,287 3,314 3,692 12.3 28-Oct-16 657,390 178.5 199.5 18.4 16.5 40.7 38.0 12.2 10.6 Mahindra & Mahindra BUY 1,302 1,240 1,462 12.3 15-Nov-16 802,278 58.3 68.6 22.3 19.0 15.2 16.1 16.0 13.2 Maruti Suzuki India Ltd ACCUMULATE 6,179 5,802 6,464 4.6 27-Jan-17 1,866,118 245.7 293.8 25.1 21.0 24.8 24.4 16.1 12.9 Motherson Sumi Systems Ltd SELL 337 326 298 (11.5) 23-Jan-17 445,322 11.5 14.6 29.3 23.1 31.8 31.6 10.1 8.0 Tata Motors ACCUMULATE 542 507 541 (0.2) 15-Nov-16 1,721,102 31.9 54.3 17.0 10.0 13.0 18.2 5.7 4.0 TVS Motors SELL 394 400 344 (12.7) 25-Jan-17 187,308 11.9 17.2 33.1 22.9 26.1 29.8 21.0 15.1 Building Material Century Plyboards (India) Ltd ACCUMULATE 207 227 246 19.0 07-Nov-16 46,013 8.1 10.7 25.5 19.3 28.1 27.7 16.9 12.4 Greenply Industries Ltd REDUCE 267 255 259 (3.2) 25-Jan-17 32,276 10.1 11.8 26.5 22.7 18.0 17.2 14.2 13.1 Kajaria Ceramics Ltd ACCUMULATE 579 585 627 8.2 25-Jan-17 87,575 15.5 20.9 37.4 27.7 23.3 24.3 18.4 14.2 Supreme Industries Ltd REDUCE 938 919 940 0.2 27-Jan-17 119,151 29.6 39.1 31.7 24.0 28.1 30.5 16.2 12.9 Capital Goods & Engineering ABB Ltd * REDUCE 1,109 1,063 1,110 0.1 28-Oct-16 234,913 22.1 31.7 50.2 35.0 14.6 18.3 26.7 19.4 AIA Engineering SELL 1,344 1,235 972 (27.7) 16-Nov-16 126,355 49.1 54.1 27.4 24.8 18.9 18.1 17.4 15.6 Bajaj Electricals Ltd ACCUMULATE 244 232 260 6.7 11-Nov-16 24,068 11.6 16.3 21.0 14.9 14.5 18.0 8.6 6.8 Bharat Electronics ACCUMULATE 1,568 1,540 1,663 6.0 30-Jan-17 376,416 74.1 82.0 21.2 19.1 20.1 21.9 16.1 14.0 BHEL REDUCE 140 143 146 4.4 09-Nov-16 342,335 4.3 7.3 32.5 19.2 3.2 5.2 14.4 7.9 x
Blue Star Ltd ACCUMULATE 528 521 555 5.1 31-Jan-17 47,481 15.6 22.2 33.9 23.8 15.9 20.6 21.0 14.9 Carborundum Universal Ltd BUY 261 279 320 22.4 02-Nov-16 48,882 9.7 14.5 26.9 18.0 15.3 20.0 12.4 9.4 Crompton Greaves SELL 66 63 59 (10.9) 12-Dec-16 42,506 3.5 5.2 18.9 12.7 4.8 6.7 5.5 4.1 Cummins India BUY 850 850 970 14.1 28-Oct-16 235,675 28.5 32.3 29.8 26.3 24.7 25.0 28.6 24.9 Elgi Equipment Ltd SELL 192 174 130 (32.3) 17-Nov-16 30,320 5.3 7.0 36.2 27.4 14.8 17.2 18.6 14.7 Engineers India Ltd ACCUMULATE 153 155 168 10.1 04-Jan-17 102,852 6.4 7.9 23.8 19.3 15.6 17.6 19.1 13.4 Greaves Cotton BUY 140 129 160 14.7 11-Nov-16 34,059 8.3 9.1 16.8 15.3 21.9 20.9 10.1 9.0 Havells India Ltd ACCUMULATE 427 378 400 (6.3) 19-Jan-17 266,492 9.4 12.2 45.4 35.0 31.1 33.8 33.6 29.5 Larsen & Toubro ACCUMULATE 1,490 1,439 1,579 6.0 30-Jan-17 1,388,913 57.7 68.5 25.8 21.8 11.8 12.9 18.4 16.1 Praj Industries Ltd ACCUMULATE 84 79 87 3.7 21-Oct-16 14,850 2.9 4.4 28.9 19.1 7.8 11.2 17.0 9.6 Siemens India * * SELL 1,171 1,192 1,170 (0.1) 19-Jan-17 387,717 27.2 33.4 43.1 35.1 13.9 15.2 28.1 24.1 Thermax SELL 809 881 792 (2.0) 15-Nov-16 96,217 21.7 26.4 37.3 30.6 8.5 10.9 21.0 18.0 Time Technoplast Ltd ACCUMULATE 91 91 101 11.2 16-Nov-16 18,977 6.7 8.4 13.6 10.8 11.9 14.1 6.7 5.9 Va Tech Wabag Ltd BUY 487 496 592 21.5 10-Nov-16 25,822 23.3 31.2 20.9 15.6 12.2 14.5 9.5 7.8 Voltamp Ltd BUY 973 809 1,020 4.8 10-Nov-16 9,826 58.0 68.0 16.8 14.3 12.0 13.0 16.0 12.2 Voltas Ltd ACCUMULATE 334 318 347 4.0 28-Dec-16 110,271 13.5 15.1 24.7 22.1 17.2 17.0 21.1 17.7 Cement ACC ## SELL 1,469 1,566 1,548 5.4 24-Oct-16 275,838 41.0 70.8 35.8 20.7 8.8 13.7 17.9 12.5 Grasim Industries ACCUMULATE 940 970 1,058 12.6 31-Jan-17 430,852 66.2 73.8 14.2 12.7 12.3 12.8 5.7 4.6 India Cements ACCUMULATE 159 145 155 (2.6) 30-Jan-17 48,874 6.6 8.5 24.1 18.7 5.3 6.5 6.9 6.3 Shree Cement ACCUMULATE 15,938 15,677 16,890 6.0 31-Jan-17 555,268 377.9 523.6 42.2 30.4 21.8 24.2 21.7 16.2 UltraTech Cement ACCUMULATE 3,780 3,515 3,829 1.3 24-Jan-17 1,035,652 100.4 120.2 37.6 31.4 12.5 13.4 21.2 18.2 Construction IL&FS Transportation Network UNDER REVIEW 112 117 NA #VALUE! 16-Jan-17 21,661 4.5 7.3 24.8 15.3 2.2 3.5 15.8 13.5 IRB Infrastructure Developers BUY 238 228 287 20.8 27-Jan-17 78,952 18.9 16.2 12.6 14.7 12.8 9.9 7.1 7.2 KNR Construction BUY 188 139 165 (12.2) 16-Nov-16 26,393 8.8 10.1 21.3 18.6 15.7 15.6 14.8 11.6 Nagarjuna Construction BUY 85 78 106 25.4 10-Nov-16 47,005 4.8 5.5 17.6 15.4 7.6 8.0 8.3 7.6 NBCC (India) Ltd BUY 275 228 256 (6.8) 24-Nov-16 174,466 5.3 8.8 51.8 31.2 19.9 27.7 43.8 23.3 PNC Infratech Ltd BUY 106 105 142 34.0 14-Dec-16 27,176 6.5 7.9 16.3 13.4 11.5 12.5 10.7 8.4 Simplex Infrastructures BUY 319 293 330 3.5 08-Dec-16 15,835 18.7 25.4 17.0 12.6 5.9 7.5 6.5 5.8 Kotak Securities - Private Client Research For Private Circulation 2
FMCG Colgate Palmolive (India) Ltd ACCUMULATE 895 879 953 6.5 30-Jan-17 243,304 21.5 27.2 41.6 32.9 52.2 66.1 24.2 19.9 Dabur India Ltd BUY 277 276 311 12.1 01-Feb-17 482,034 7.3 8.9 38.0 31.2 26.4 27.4 30.3 24.1 Godrej Consumer Products Ltd SELL 1,619 1,604 1,448 (10.6) 31-Jan-17 523,908 38.7 42.5 41.8 38.1 23.5 21.8 28.1 24.8 Hindustan Unilever REDUCE 854 859 977 14.4 24-Jan-17 1,844,748 19.8 22.5 43.1 38.0 120.0 123.2 30.2 26.1 ITC Ltd ACCUMULATE 270 257 272 0.9 30-Jan-17 3,130,408 8.5 9.7 31.7 27.8 31.5 33.8 21.2 18.3 Marico Ltd ACCUMULATE 259 278 298 15.3 01-Nov-16 332,948 7.1 8.3 36.4 31.1 37.7 37.9 28.4 24.8 Nestle India Ltd SELL 5,912 6,934 6,492 9.8 01-Nov-16 570,078 114.2 147.6 51.8 40.1 35.2 46.9 27.5 22.2 Pidilite Industries ACCUMULATE 692 589 650 (6.0) 02-Jan-17 351,460 17.4 18.6 39.8 37.2 29.1 26.4 26.0 24.4 Information Technology Cyient Ltd (Infotech) REDUCE 448 499 502 12.0 13-Jan-17 49,817 32.5 40.2 13.8 11.2 17.7 18.8 8.1 6.5 Geometric Ltd RATING SUSPENDED 252 240 NA - 18-Jan-17 15,787 20.5 NM 12.3 NM 24.9 NM 5.4 NM HCL Technologies REDUCE 814 849 873 7.3 25-Jan-17 1,149,297 58.9 66.3 13.8 12.3 17.3 16.4 10.0 8.9 Infosys Technologies BUY 917 976 1,156 26.1 16-Jan-17 2,097,508 62.5 68.0 14.7 13.5 22.5 22.8 10.0 9.0 KPIT Technologies SELL 131 138 128 (2.0) 20-Jan-17 24,971 12.4 13.2 10.5 9.9 16.1 14.9 5.8 4.4 Mphasis Ltd SELL 564 511 492 (12.7) 07-Nov-16 117,693 39.1 41.4 14.4 13.6 13.4 13.3 9.2 8.4 NIIT LTD BUY 74 79 95 28.6 23-Jan-17 12,163 3.4 7.5 21.7 9.8 1.5 18.0 15.3 9.1 NIIT Technologies BUY 409 416 482 17.9 18-Jan-17 23,967 42.7 48.2 9.6 8.5 15.3 15.4 4.0 3.5 Oracle Financial Services Soft REDUCE 3,312 2,965 3,090 (6.7) 25-Nov-16 277,342 145.5 181.8 22.8 18.2 32.5 36.9 14.5 12.4 Tata Consultancy Services (TCS) REDUCE 2,168 2,345 2,410 11.2 13-Jan-17 4,243,447 134.7 146.1 16.1 14.8 40.6 35.4 11.7 10.2 Wipro Technologies REDUCE 456 473 495 8.6 27-Jan-17 1,115,695 34.5 38.8 13.2 11.8 18.3 18.8 9.0 7.5 Zensar Technologies ACCUMULATE 881 919 1,007 14.3 27-Jan-17 37,992 68.9 79.2 12.8 11.1 19.8 19.4 7.6 6.2 Logistics Adani Port & Special Eco Zone ACCUMULATE 305 310 340 11.6 26-Oct-16 614,531 17.2 19.4 17.7 15.7 22.0 20.3 14.8 13.4 Allcargo Global Logistics BUY 175 177 215 22.8 12-Jan-17 44,138 12.1 13.6 14.5 12.9 12.7 12.7 8.2 7.4 Blue Dart Express SELL 4,350 5,335 5,030 15.6 14-Oct-16 103,096 85.1 91.4 51.1 47.6 35.6 29.4 29.7 27.7 Container Corporation of India SELL 1,190 1,115 1,050 (11.8) 08-Dec-16 232,021 39.4 43.5 30.2 27.4 8.9 9.3 21.0 19.2 Gateway Distriparks Ltd BUY 244 245 280 14.5 15-Nov-16 26,401 10.7 13.9 22.8 17.6 10.1 12.3 10.4 8.7 Gujarat Pipavav Port Ltd (GPPL) BUY 141 167 190 34.9 07-Nov-16 59,720 5.0 5.5 28.2 25.6 11.2 11.3 13.4 12.3 VRL Logistics Ltd ACCUMULATE 297 295 315 6.2 27-Jan-17 27,054 9.9 14.2 30.0 20.9 16.4 21.0 11.7 9.1 Kotak Securities - Private Client Research For Private Circulation 3
Media Dish TV India Ltd ACCUMULATE 84 88 97 15.8 31-Jan-17 89,163 1.7 2.8 49.3 29.9 NM 46.3 8.8 8.0 Entertainment Network (ENIL) SELL 786 727 675 (14.1) 10-Nov-16 37,471 15.6 25.0 50.4 31.4 9.2 13.3 22.6 15.4 HT Media NR 81 - - - - 18,856 NM NM NM NM NM NM NM NM Hindustan Media Ventures Ltd BUY 271 267 316 16.5 19-Jan-17 19,914 26.3 28.7 10.3 9.5 19.3 17.7 8.3 6.2 Sun TV Network BUY 550 500 588 6.8 15-Nov-16 216,858 26.1 29.4 21.1 18.7 31.4 40.2 10.5 9.4 TV18 Broadcast BUY 37 38 53 42.3 17-Jan-17 63,698 0.8 2.1 46.6 17.7 3.5 8.8 84.1 34.9 Zee Entertainment Ent SELL 504 479 400 (20.7) 25-Jan-17 493,352 10.9 16.0 46.3 31.5 18.3 19.7 26.8 21.2 Metals & Mining Hindustan Zinc SELL 307 261 240 (21.7) 23-Dec-16 1,295,906 19.1 21.1 16.1 14.5 18.7 18.1 10.9 9.7 JSW Steel SELL 197 198 194 (1.7) 01-Feb-17 476,874 13.3 15.4 14.8 12.8 12.9 13.1 7.2 6.6 National Aluminium Co SELL 77 66 55 (28.7) 15-Dec-16 198,816 3.0 3.5 25.7 22.0 5.7 6.5 15.9 12.1 NMDC Ltd SELL 149 129 110 (26.2) 13-Dec-16 591,335 8.9 9.0 16.8 16.6 12.0 11.3 12.7 12.0 Tata Sponge Iron Ltd SELL 612 622 595 (2.8) 27-Jan-17 9,423 34.0 45.0 18.0 13.6 6.2 7.8 6.7 4.1 Oil & Gas Aban Offshore Ltd SELL 246 239 109 (55.7) 08-Nov-16 14,268 NM 21.2 NM 11.6 NM 2.7 14.1 7.6 Cairn India Ltd SELL 284 231 180 (36.6) 24-Oct-16 532,180 14.1 14.8 20.1 19.2 5.2 5.3 7.5 3.5 Castrol India Ltd * * ACCUMULATE 408 457 481 17.8 01-Nov-16 201,855 14.0 15.7 29.2 26.0 75.0 72.3 18.7 16.7 Chennai Petroleum Corporation ACCUMULATE 332 331 356 7.1 24-Jan-17 49,505 65.4 71.2 5.1 4.7 35.8 29.4 4.5 4.3 Gujarat State Petronet Ltd (GSPL) BUY 156 132 157 0.8 27-Dec-16 87,348 10.0 11.1 15.6 14.0 13.2 13.1 8.3 7.4 Indraprastha Gas (IGL) ACCUMULATE 961 824 866 (9.9) 17-Nov-16 134,540 42.7 47.3 22.5 20.3 22.0 20.5 12.3 11.3 Mahanagar Gas Ltd ACCUMULATE 884 771 815 (7.9) 29-Nov-16 87,384 41.3 44.3 21.4 20.0 25.1 23.9 12.1 11.1 MRPL ACCUMULATE 101 98 104 2.7 30-Dec-16 177,478 11.6 12.2 8.7 8.3 29.3 25.0 6.5 5.5 Oil India Ltd ACCUMULATE 331 329 349 5.4 01-Feb-17 199,054 28.5 32.2 11.6 10.3 8.7 9.6 4.3 3.7 Petronet LNG ACCUMULATE 387 376 396 2.4 21-Nov-16 290,063 22.9 25.3 16.9 15.3 20.7 21.8 9.8 8.3 Paints Asian Paints Ltd ACCUMULATE 991 970 1,050 6.0 25-Jan-17 950,369 22.0 23.9 45.0 41.5 34.4 33.4 28.0 25.3 Berger Paints SELL 213 260 250 17.5 07-Nov-16 206,459 4.8 5.5 44.3 38.7 24.6 23.3 27.0 24.3 Kansai Nerolac Paints Ltd BUY 355 344 385 8.6 01-Feb-17 191,129 9.4 9.8 37.7 36.2 24.4 21.8 25.0 24.2 Kotak Securities - Private Client Research For Private Circulation 4
Pharmaceuticals Alembic Pharma ACCUMULATE 556 673 725 30.5 26-Oct-16 104,990 22.5 30.3 24.7 18.3 24.2 26.8 18.3 12.9 Cadila Healthcare Ltd BUY 352 349 425 20.7 01-Feb-17 360,394 15.4 18.0 22.9 19.6 24.0 22.8 15.8 13.3 Cipla REDUCE 572 526 532 (7.0) 10-Nov-16 460,009 19.9 24.6 28.8 23.3 12.7 14.0 17.2 14.7 Dr Reddy's Laboratories Ltd SELL 3,001 3,200 2,770 (7.7) 26-Oct-16 510,804 75.8 138.5 39.6 21.7 10.7 17.5 16.5 11.8 Lupin ACCUMULATE 1,474 1,530 1,664 12.9 10-Nov-16 660,986 66.6 79.2 22.1 18.6 24.5 23.6 14.0 11.5 Natco Pharma Ltd BUY 672 650 750 11.7 16-Nov-16 116,984 14.8 23.4 45.4 28.7 24.2 24.1 19.5 15.0 Sun Pharmaceuticals BUY 626 667 915 46.3 11-Nov-16 1,505,073 29.0 36.7 21.6 17.0 19.8 20.2 13.2 10.0 Torrent Pharmaceuticals SELL 1,298 1,565 1,226 (5.6) 27-Oct-16 219,413 60.5 64.5 21.5 20.1 27.2 24.0 15.1 14.0 Power NTPC BUY 171 152 184 7.7 01-Nov-16 1,409,241 11.7 12.1 14.6 14.1 10.5 10.2 8.2 7.0 Tata Power Company Ltd ACCUMULATE 81 73 81 0.6 01-Dec-16 191,027 3.6 4.1 22.4 19.6 14.5 14.1 8.2 7.3 Real Estate Phoenix Mills Ltd BUY 348 305 366 5.3 16-Nov-16 50,357 11.8 16.3 29.5 21.3 9.3 11.8 9.3 8.3 Shipping GE Shipping Company SELL 396 361 320 (19.2) 15-Nov-16 60,162 72.9 62.0 5.4 6.4 11.6 9.1 4.2 4.6 Reliance Defence & Engg Ltd SELL 59 55 48 (19.1) 14-Dec-16 41,023 NM NM NM NM NM NM NM NM Shipping Corporation of India SELL 67 58 54 (19.5) 18-Nov-16 28,396 9.5 8.7 7.1 7.7 6.0 5.2 6.3 2.7 Others MT Educare Ltd ACCUMULATE 129 121 129 0.2 16-Nov-16 5,126 8.0 9.2 16.1 14.0 19.7 19.7 8.2 7.1 Mirza International Ltd BUY 91 83 119 30.1 19-Dec-16 10,974 6.3 8.5 14.5 10.8 15.7 18.3 7.3 5.8 Mold-Tek Packing Ltd BUY 210 226 260 23.7 02-Nov-16 5,824 11.3 15.7 18.6 13.4 20.2 22.6 11.0 8.0 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 CY16 & CY17 ** Figures for CY17 & CY18 # Figures for CY16 & FY18 (15 month period) ## Figures for CY17 & CY18 - 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 Kotak Securities - Private Client Research For Private Circulation 5
RATING SCALE Definitions of ratings BUY We expect the stock to deliver more than 12% returns over the next 9 months ACCUMULATE We expect the stock to deliver 5% - 12% returns over the next 9 months REDUCE We expect the stock to deliver 0% - 5% returns over the next 9 months SELL We expect the stock to deliver negative returns over the next 9 months NR Not Rated. Kotak Securities is not assigning any rating or price target to the stock. The report has been prepared for information purposes only. RS Rating Suspended. Kotak Securities has suspended the investment rating and price target for this stock, either because there is not a sufficient fundamental basis for determining, or there are legal, regulatory or policy constraints around publishing, an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. NA Not Available or Not Applicable. The information is not available for display or is not applicable NM Not Meaningful. The information is not meaningful and is therefore excluded. NOTE Our target prices are with a 9-month perspective. Returns stated in the rating scale are our internal benchmark. Fundamental Research Team Dipen Shah IT, Economy dipen.shah@kotak.com +91 22 6218 5409 Sanjeev Zarbade Capital Goods, Engineering sanjeev.zarbade@kotak.com +91 22 6218 6424 Teena Virmani Construction, Cement teena.virmani@kotak.com +91 22 6218 6432 Arun Agarwal Auto & Auto Ancillary arun.agarwal@kotak.com +91 22 6218 6443 Ruchir Khare Capital Goods, Engineering ruchir.khare@kotak.com +91 22 6218 6431 Ritwik Rai FMCG, Media ritwik.rai@kotak.com +91 22 6218 6426 Sumit Pokharna Oil and Gas sumit.pokharna@kotak.com +91 22 6218 6438 Amit Agarwal Logistics, Paints, Transportation agarwal.amit@kotak.com +91 22 6218 6439 Meeta Shetty, CFA Pharmaceuticals meeta.shetty@kotak.com +91 22 6218 6425 Jatin Damania Metals & Mining jatin.damania@kotak.com +91 22 6218 6440 Pankaj Kumar Midcap pankajr.kumar@kotak.com +91 22 6218 6434 Nipun Gupta Information Technology nipun.gupta@kotak.com +91 22 6218 6433 Jayesh Kumar Economy kumar.jayesh@kotak.com +91 22 6218 5373 K. Kathirvelu Production k.kathirvelu@kotak.com +91 22 6218 6427 Technical Research Team Shrikant Chouhan shrikant.chouhan@kotak.com 91 22 6218 5408 Amol Athawale amol.athawale@kotak.com +91 20 6620 3350 Derivatives Research Team Sahaj Agrawal sahaj.agrawal@kotak.com +91 79 6607 2231 Malay Gandhi malay.gandhi@kotak.com +91 22 6218 6420 Prashanth Lalu prashanth.lalu@kotak.com +91 22 6218 5497 Prasenjit Biswas prasenjit.biswas@kotak.com +91 33 6625 9810 Kotak Securities - Private Client Research For Private Circulation 6
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We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months: No We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report. Our associates may have financial interest in the subject company(ies). Research Analyst or his/her relative's financial interest in the subject company(ies): No Kotak Securities Limited has financial interest in the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No Our associates may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report. Research Analyst or his/her relatives has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No Kotak Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report. "A graph of daily closing prices of securities is available at www.nseindia.com and http://economictimes.indiatimes.com/markets/stocks/stock-quotes. (Choose a company from the list on the browser and select the "three years" icon in the price chart)." Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051, Telephone No.: +22 43360000, Fax No.: +22 67132430. Website: www.kotak.com/ www.kotaksecurities.com. Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg, Malad (East), Mumbai 400097. Telephone No: 42856825. SEBI Registration No: NSE INB/INF/INE 230808130, BSE INB 010808153/INF 011133230, MSEI INE 260808130/INB 260808135/INF 260808135, AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97. Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. Investments in securities market are subject to market risks, read all the related documents carefully before investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts. Compliance Officer Details: Mr. Manoj Agarwal. Call: 022-4285 8484, or Email: ks.compliance@kotak.com. Level 1: For Trading related queries, contact our customer service at 'service.securities@kotak.com' and for demat account related queries contact us at ks.demat@kotak.com or call us on: Online Customers - 30305757 (by using your city STD code as a prefix) or Toll free numbers 18002099191 / 1800222299, Offline Customers - 18002099292 Level 2: If you do not receive a satisfactory response at Level 1 within 3 working days, you may write to us at ks.escalation@kotak.com or call us on 022-42858445 and if you feel you are still unheard, write to our customer service HOD at ks.servicehead@kotak.com or call us on 022-42858208. Level 3: If you still have not received a satisfactory response at Level 2 within 3 working days, you may contact our Compliance Officer (Mr. Manoj Agarwal ) at ks.compliance@kotak.com or call on 91- (022) 4285 8484. Kotak Level Securities 4: If you - have Private not received Client Research a satisfactory response at Level 3 within 7 working days, you may also approach For Private CEO Circulation (Mr. Kamlesh Rao) at ceo.ks@kotak.com or call on 91- (022) 4285 8301. 7