STOCK RECOMMENDATIONS PRIVATE CLIENT RESEARCH MARCH 21, 2017 Agri-Products Insecticides (India) Ltd ACCUMULATE 555 577 621 11.9 09-Feb-17 11,463 28.2 38.8 19.7 14.3 13.4 16.2 11.7 9.2 Finolex Industries ACCUMULATE 544 503 540 (0.8) 07-Feb-17 67,487 25.3 27.0 21.5 20.2 29.8 26.6 13.4 12.5 Auto & Auto Ancillary Apollo Tyres ACCUMULATE 205 184 196 (4.4) 03-Feb-17 103,295 22.0 24.5 9.3 8.4 16.7 16.1 6.1 5.9 Ashok Leyland ACCUMULATE 89 92 98 10.4 30-Jan-17 252,583 4.2 5.5 21.1 16.1 20.2 22.4 12.2 9.5 Bajaj Auto Ltd BUY 2,907 2,833 3,208 10.4 01-Feb-17 841,242 138.8 169.0 20.9 17.2 30.1 30.8 15.4 12.2 Eicher Motors Ltd # REDUCE 24,962 24,030 24,164 (3.2) 02-Feb-17 673,973 585.9 836.0 42.6 29.9 57.0 52.0 28.6 19.8 Escorts Ltd ACCUMULATE 527 393 421 (20.1) 10-Feb-17 64,458 15.1 26.3 34.9 20.0 9.3 14.8 20.9 13.4 FIEM Industries Ltd BUY 865 847 1,254 45.0 14-Mar-17 11,415 36.2 52.7 23.9 16.4 13.6 15.2 9.4 7.7 Gabriel India Ltd ACCUMULATE 123 113 124 0.9 07-Feb-17 17,690 5.5 7.8 22.3 15.8 19.6 23.4 11.9 8.9 Hero MotoCorp Ltd BUY 3,335 3,265 3,692 10.7 10-Feb-17 666,940 173.1 199.5 19.3 16.7 39.7 38.4 13.1 11.2 Mahindra & Mahindra ACCUMULATE 1,294 1,278 1,410 8.9 13-Feb-17 797,350 62.4 63.7 20.7 20.3 15.2 14.9 16.0 13.6 Maruti Suzuki India Ltd ACCUMULATE 6,076 5,802 6,464 6.4 27-Jan-17 1,835,043 245.7 293.8 24.7 20.7 24.8 24.4 15.8 12.7 Motherson Sumi Systems Ltd SELL 370 351 297 (19.8) 14-Feb-17 489,642 10.6 14.2 34.9 26.1 24.6 23.1 12.6 8.9 Tata Motors ACCUMULATE 474 482 507 7.0 15-Feb-17 1,503,683 20.0 49.3 23.7 9.6 8.1 17.7 6.2 3.8 TVS Motors SELL 439 400 344 (21.6) 25-Jan-17 208,379 11.9 17.2 36.9 25.5 26.1 29.8 23.3 16.8 Building Material Century Plyboards (India) Ltd ACCUMULATE 244 205 227 (7.1) 03-Feb-17 54,379 7.8 9.9 31.3 24.7 27.1 26.2 21.0 15.7 Greenply Industries Ltd REDUCE 275 255 259 (5.9) 25-Jan-17 33,199 10.1 11.8 27.2 23.3 18.0 17.2 14.6 13.4 Kajaria Ceramics Ltd ACCUMULATE 567 585 627 10.6 25-Jan-17 85,685 15.5 20.9 36.6 27.1 23.3 24.3 18.0 13.9 Supreme Industries Ltd REDUCE 1,071 919 940 (12.2) 27-Jan-17 136,017 29.6 39.1 36.2 27.4 28.1 30.5 18.4 14.7 Capital Goods & Engineering ABB Ltd * BUY 1,197 1,202 1,434 19.8 07-Mar-17 253,593 30.0 41.0 39.9 29.2 17.9 20.8 23.5 17.7 AIA Engineering SELL 1,500 1,385 1,108 (26.2) 14-Feb-17 141,038 47.9 55.4 31.3 27.1 18.5 18.6 20.1 17.1 Bajaj Electricals Ltd ACCUMULATE 312 263 290 (7.1) 10-Feb-17 30,826 11.0 16.1 28.4 19.4 13.7 17.9 11.4 8.8 Bharat Electronics ACCUMULATE 160 1,540 1,663 942.6 30-Jan-17 38,280 74.1 82.0 2.2 1.9 20.1 21.9 NM NM BHEL SELL 169 152 151 (10.6) 08-Feb-17 413,421 3.6 7.6 46.9 22.2 2.7 5.4 21.0 10.6 x
Blue Star Ltd ACCUMULATE 629 521 555 (11.8) 31-Jan-17 56,570 15.6 22.2 40.3 28.3 15.9 20.6 24.9 17.8 Carborundum Universal Ltd BUY 267 259 305 14.1 08-Feb-17 49,976 8.5 13.3 31.4 20.1 13.7 18.6 13.7 10.3 Crompton Greaves ACCUMULATE 73 71 77 5.3 13-Feb-17 46,933 0.6 3.8 121.9 19.3 0.9 5.2 9.3 6.4 Cummins India BUY 900 902 1,045 16.1 03-Feb-17 249,411 28.3 32.6 31.8 27.6 23.9 25.3 30.5 26.2 Elgi Equipment Ltd SELL 215 206 136 (36.7) 15-Feb-17 33,954 4.8 6.6 44.8 32.6 13.4 16.4 22.2 17.1 Engineers India Ltd ACCUMULATE 151 148 165 9.1 17-Feb-17 101,909 5.7 7.5 26.5 20.2 13.9 17.0 20.9 13.5 Greaves Cotton ACCUMULATE 165 142 153 (7.2) 17-Feb-17 40,273 7.7 8.5 21.4 19.4 21.4 22.6 21.6 11.8 Havells India Ltd SELL 452 423 418 (7.5) 15-Mar-17 282,001 9.4 12.7 48.1 35.6 31.1 35.1 31.6 23.5 Larsen & Toubro ACCUMULATE 1,549 1,439 1,579 1.9 30-Jan-17 1,443,715 57.7 68.5 26.8 22.6 11.8 12.9 18.9 16.5 Praj Industries Ltd REDUCE 79 80 81 2.3 14-Feb-17 14,010 2.3 4.0 34.4 19.8 6.2 10.6 19.5 11.2 Siemens India * * SELL 1,248 1,218 1,170 (6.2) 09-Feb-17 412,939 27.2 33.4 45.9 37.4 13.9 15.2 30.0 25.7 Thermax SELL 915 860 815 (11.0) 10-Feb-17 108,915 22.0 27.2 41.6 33.6 8.5 11.2 24.8 21.9 Time Technoplast Ltd BUY 118 94 108 (8.1) 15-Feb-17 24,558 7.2 9.0 16.3 13.1 11.8 12.4 7.8 7.0 Va Tech Wabag Ltd BUY 594 490 555 (6.6) 14-Feb-17 31,485 16.2 27.8 36.7 21.4 8.3 12.7 10.8 10.6 Voltamp Ltd ACCUMULATE 949 940 1,035 9.1 16-Feb-17 9,583 65.0 69.0 14.6 13.8 13.0 13.0 14.6 13.0 Voltas Ltd ACCUMULATE 388 345 367 (5.5) 17-Feb-17 128,366 14.4 16.2 27.0 24.0 18.5 17.9 24.1 20.0 Cement ACC ## REDUCE 1,413 1,426 1,484 5.0 06-Feb-17 265,413 34.3 62.3 41.2 22.7 7.4 12.4 20.8 12.9 Grasim Industries ACCUMULATE 1,092 970 1,058 (3.1) 31-Jan-17 500,682 66.2 73.8 16.5 14.8 12.3 12.8 6.7 5.5 India Cements ACCUMULATE 164 145 155 (5.3) 30-Jan-17 50,256 6.6 8.5 24.8 19.3 5.3 6.5 7.0 6.4 Shree Cement ACCUMULATE 16,268 15,677 16,890 3.8 31-Jan-17 566,777 377.9 523.6 43.0 31.1 21.8 24.2 22.1 16.6 UltraTech Cement ACCUMULATE 4,008 3,515 3,829 (4.5) 24-Jan-17 1,098,137 100.4 120.2 39.9 33.3 12.5 13.4 22.5 19.2 Construction IL&FS Transportation Network UNDER REVIEW 103 117 NA - 16-Jan-17 20,020 4.5 7.3 22.9 14.1 2.2 3.5 15.7 13.4 IRB Infrastructure Developers BUY 240 228 287 19.6 27-Jan-17 79,750 18.9 16.2 12.7 14.8 12.8 9.9 7.2 7.3 KNR Construction ACCUMULATE 181 172 188 3.9 15-Feb-17 25,431 10.7 11.5 16.9 15.7 18.8 17.0 12.5 10.9 Nagarjuna Construction BUY 82 87 105 27.4 13-Feb-17 45,809 4.6 5.4 17.9 15.3 7.3 8.0 8.3 7.5 NBCC (India) Ltd REDUCE 177 191 196 10.9 15-Feb-17 112,268 3.7 5.4 47.6 32.8 20.8 25.6 24.4 14.7 PNC Infratech Ltd BUY 114 104 134 17.9 16-Mar-17 29,164 6.7 7.4 17.0 15.4 11.7 11.4 12.6 10.0 Simplex Infrastructures BUY 301 312 318 5.7 16-Feb-17 14,943 17.3 24.5 17.4 12.3 5.5 7.3 6.6 5.8 Kotak Securities - Private Client Research For Private Circulation 2
FMCG Colgate Palmolive (India) Ltd ACCUMULATE 981 879 953 (2.8) 30-Jan-17 266,737 21.5 27.2 45.6 36.1 52.2 66.1 26.6 21.9 Dabur India Ltd BUY 282 276 311 10.2 01-Feb-17 490,377 7.3 8.9 38.7 31.7 26.4 27.4 30.8 24.6 Godrej Consumer Products Ltd SELL 1,698 1,604 1,448 (14.7) 31-Jan-17 549,326 38.7 42.5 43.9 39.9 23.5 21.8 29.4 26.0 Hindustan Unilever REDUCE 903 859 877 (2.9) 24-Jan-17 1,951,452 19.8 22.5 45.6 40.2 120.0 123.2 32.0 27.7 ITC Ltd BUY 288 270 309 7.3 02-Feb-17 3,341,655 8.5 10.0 33.9 28.8 31.5 34.5 22.6 19.1 Marico Ltd ACCUMULATE 292 256 280 (4.1) 06-Feb-17 376,032 6.2 7.8 47.1 37.4 33.3 36.2 32.8 26.5 Nestle India Ltd REDUCE 6,335 6,169 6,218 (1.8) 16-Feb-17 610,840 96.1 141.3 65.9 44.8 31.4 48.7 36.7 26.4 Pidilite Industries SELL 700 673 650 (7.2) 06-Feb-17 355,676 18.0 18.6 38.9 37.6 30.0 26.2 26.3 24.7 Information Technology Cyient Ltd (Infotech) REDUCE 472 499 502 6.3 13-Jan-17 52,450 32.5 40.2 14.5 11.7 17.7 18.8 8.6 7.0 Geometric Ltd RATING SUSPENDED 262 240 NA - 18-Jan-17 16,426 20.5 NM 12.8 NM 24.9 NM 5.6 NM HCL Technologies REDUCE 859 849 873 1.6 25-Jan-17 1,213,332 58.9 66.3 14.6 13.0 17.3 16.4 10.6 9.5 Infosys Technologies BUY 1,033 976 1,156 11.9 16-Jan-17 2,363,143 62.5 68.0 16.5 15.2 22.5 22.8 11.6 10.5 KPIT Technologies SELL 134 138 128 (4.3) 20-Jan-17 25,573 12.4 13.2 10.8 10.1 16.1 14.9 5.9 4.6 Mphasis Ltd SELL 589 564 524 (11.1) 02-Feb-17 123,016 39.1 41.1 15.1 14.3 13.4 13.1 9.9 9.1 NIIT LTD BUY 73 79 95 30.1 23-Jan-17 12,023 3.4 7.5 21.5 9.7 1.5 18.0 15.1 9.0 NIIT Technologies BUY 418 416 482 15.3 18-Jan-17 24,516 42.7 48.2 9.8 8.7 15.3 15.4 4.1 3.6 Oracle Financial Services Soft SELL 3,884 3,657 3,209 (17.4) 14-Feb-17 325,237 152.0 179.8 25.5 21.6 35.7 36.6 16.3 14.4 Tata Consultancy Services (TCS) REDUCE 2,487 2,345 2,410 (3.1) 13-Jan-17 4,867,467 134.7 146.1 18.5 17.0 40.6 35.4 13.6 11.9 Wipro Technologies REDUCE 499 473 495 (0.7) 27-Jan-17 1,220,047 34.5 38.8 14.5 12.9 18.3 18.8 9.9 8.3 Zensar Technologies ACCUMULATE 901 919 1,007 11.8 27-Jan-17 38,835 68.9 79.2 13.1 11.4 19.8 19.4 7.8 6.3 Logistics Adani Port & Special Eco Zone BUY 326 306 350 7.4 15-Feb-17 657,201 17.5 20.1 18.6 16.2 22.3 20.8 15.8 14.5 Allcargo Global Logistics BUY 170 166 190 11.7 06-Mar-17 42,853 9.7 12.5 17.5 13.6 10.5 12.2 9.3 7.7 Blue Dart Express SELL 5,075 4,255 4,110 (19.0) 09-Feb-17 120,278 71.2 91.4 71.3 55.5 31.6 30.8 43.5 32.4 Container Corporation of India SELL 1,240 1,275 1,100 (11.3) 15-Feb-17 241,751 36.7 43.9 33.8 28.2 8.4 9.5 23.5 19.8 Gateway Distriparks Ltd BUY 258 265 305 18.2 09-Feb-17 27,875 8.8 13.9 29.3 18.6 8.5 12.5 10.8 8.7 Gujarat Pipavav Port Ltd (GPPL) BUY 165 141 175 6.0 02-Feb-17 69,981 5.0 5.5 33.0 30.0 11.3 11.5 16.3 14.9 VRL Logistics Ltd BUY 297 290 340 14.4 27-Feb-17 27,096 9.9 14.2 30.0 20.9 16.4 21.0 11.8 9.1 Kotak Securities - Private Client Research For Private Circulation 3
Media D B Corp Ltd BUY 385 377 572 48.8 08-Mar-17 70,633 24.7 31.8 15.6 12.1 26.5 29.7 8.7 6.8 Dish TV India Ltd ACCUMULATE 107 88 97 (9.6) 31-Jan-17 114,220 1.7 2.8 63.1 38.3 NM 46.3 11.1 10.0 Entertainment Network (ENIL) SELL 829 818 690 (16.7) 15-Feb-17 39,519 11.0 20.9 75.3 39.6 6.6 11.5 31.8 18.5 HT Media NR 83 - - - - 19,336 NM NM NM NM NM NM NM NM Hindustan Media Ventures Ltd BUY 290 289 344 18.6 20-Mar-17 21,294 26.3 28.7 11.0 10.1 19.3 17.7 9.0 6.7 Sun TV Network ACCUMULATE 757 724 770 1.7 06-Mar-17 298,416 25.0 28.5 30.3 26.6 30.3 39.8 15.9 14.0 TV18 Broadcast BUY 44 40 53 21.0 10-Feb-17 74,898 0.9 2.1 48.7 20.9 4.0 8.7 75.3 41.1 Zee Entertainment Ent SELL 523 479 400 (23.6) 25-Jan-17 511,885 10.9 16.0 48.0 32.7 18.3 19.7 27.9 22.1 Metals & Mining Hindustan Zinc SELL 307 314 270 (12.1) 13-Feb-17 1,298,018 19.1 22.8 16.1 13.5 18.7 19.3 10.9 8.9 JSW Steel SELL 192 198 194 0.8 01-Feb-17 465,031 13.3 15.4 14.5 12.5 12.9 13.1 7.1 6.5 National Aluminium Co SELL 73 68 55 (24.9) 15-Feb-17 188,765 3.0 3.5 24.4 20.9 5.7 6.5 14.7 11.2 NMDC Ltd SELL 137 145 110 (19.6) 14-Feb-17 542,569 8.3 9.0 16.5 15.2 12.2 11.5 11.6 10.8 Tata Sponge Iron Ltd SELL 686 622 595 (13.2) 27-Jan-17 10,557 34.0 45.0 20.2 15.2 6.2 7.8 8.7 5.5 Oil & Gas Aban Offshore Ltd SELL 222 245 191 (13.8) 07-Feb-17 12,856 NM 25.9 NM 8.6 NM 3.3 13.7 7.3 Cairn India Ltd SELL 291 274 209 (28.3) 10-Feb-17 546,241 13.3 15.2 21.9 19.2 5.0 5.5 8.8 4.1 Castrol India Ltd * * ACCUMULATE 420 424 470 12.0 23-Feb-17 207,617 13.7 15.4 30.8 27.3 73.9 78.0 19.5 17.6 Chennai Petroleum Corporation ACCUMULATE 365 331 356 (2.3) 24-Jan-17 54,318 65.4 71.2 5.6 5.1 35.8 29.4 4.7 4.5 Gujarat State Petronet Ltd (GSPL) ACCUMULATE 160 160 175 9.5 21-Mar-17 89,648 8.9 11.1 18.0 14.4 11.8 13.3 9.3 7.6 Indraprastha Gas (IGL) SELL 1,029 1,014 899 (12.6) 09-Feb-17 144,032 41.5 50.3 24.8 20.5 21.5 21.7 13.9 11.3 Mahanagar Gas Ltd SELL 902 922 827 (8.3) 14-Feb-17 89,073 41.0 43.8 22.0 20.6 24.9 23.8 12.3 11.3 MRPL ACCUMULATE 101 112 119 17.9 08-Feb-17 176,777 12.3 12.8 8.2 7.9 30.9 25.9 5.3 4.7 Oil India Ltd ACCUMULATE 333 329 349 5.0 01-Feb-17 199,866 28.5 32.2 11.7 10.3 8.7 9.6 4.3 3.7 Petronet LNG ACCUMULATE 395 384 412 4.3 15-Feb-17 296,288 21.8 25.4 18.1 15.6 19.7 22.3 10.7 8.4 Paints Asian Paints Ltd ACCUMULATE 1,069 975 1,050 (1.7) 21-Feb-17 1,024,883 22.0 23.9 48.6 44.7 29.6 25.9 30.4 27.5 Berger Paints ACCUMULATE 230 223 240 4.2 14-Feb-17 223,534 4.6 5.4 50.1 42.7 24.8 23.9 30.3 27.0 Kansai Nerolac Paints Ltd BUY 372 344 385 3.6 01-Feb-17 200,400 9.4 9.8 39.6 37.9 24.4 21.8 26.3 25.4 Kotak Securities - Private Client Research For Private Circulation 4
Power NTPC ACCUMULATE 162 172 184 13.5 09-Feb-17 1,337,089 12.0 12.1 13.5 13.4 10.7 10.2 7.8 6.7 Tata Power Company Ltd ACCUMULATE 88 82 89 1.5 13-Feb-17 207,993 6.5 7.3 13.5 12.0 15.1 15.2 8.6 7.7 Real Estate Phoenix Mills Ltd ACCUMULATE 394 342 366 (7.1) 16-Feb-17 57,085 12.1 16.9 32.6 23.3 9.5 12.2 10.6 9.1 Shipping GE Shipping Company SELL 398 388 335 (15.8) 07-Feb-17 60,504 68.2 60.1 5.8 6.6 11.0 9.0 4.8 4.8 Reliance Defence & Engg Ltd SELL 60 59 48 (19.9) 13-Feb-17 41,437 NM NM NM NM NM NM NM NM Shipping Corporation of India SELL 68 66 54 (20.2) 13-Feb-17 28,671 2.8 3.1 24.2 21.8 1.8 2.0 9.6 3.9 Others Indo Count Industries Ltd BUY 189 170 225 19.0 10-Mar-17 37,328 13.8 16.3 13.7 11.6 34.8 30.3 8.7 7.3 MT Educare Ltd REDUCE 85 103 106 24.2 16-Feb-17 3,397 4.3 7.6 19.8 11.2 11.1 17.4 7.1 5.1 Mirza International Ltd BUY 88 91 119 35.9 02-Feb-17 10,506 6.3 8.5 13.9 10.3 15.7 18.3 7.1 5.5 Mold-Tek Packing Ltd BUY 223 202 260 16.6 14-Feb-17 6,177 10.9 15.7 20.5 14.2 19.6 22.8 12.0 8.5 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 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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Research Analyst or his/her relative's financial interest in the subject company(ies): Infosys, Time Technoplast - Yes 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: Adani Ports, Asian Paints, Bajaj Electricals, BEL, Blue Dart, Castrol India, Colgate, Concor, Cummins India, Dabur India, GDL, Grasim, Havells, Hero MotoCorp, Hindustan Unilever, Hindustan Zinc, Infosys, Kansai Nerolac, KNR Construction, L&T, Maruti Suzuki, MGL, NCC, Nestle India, NMDC, NTPC, PNC Infra, Shree Cements, TVS Motor, Ultratech Cements, Voltas, ZEEL - Yes 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. Level 4: If you have not received a satisfactory response at Level 3 within 7 working days, you may also approach CEO (Mr. Kamlesh Rao) at ceo.ks@kotak.com or call on 91- (022) 4285 8301. Kotak Securities - Private Client Research For Private Circulation 7