Earnings Momentum to Moderate - Result Preview Q2FY15 :: Edelweiss PDF link

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Earnings momentum for our coverage universe (ex OMC) is expected to moderate in Q2FY15, mainly owing to lower top-line growth on account of fading impact of INR depreciation and higher commodity prices (average) during the quarter. Top line and bottom line estimates for our coverage universe (ex OMC) for Q2FY15 are 6.7% and 7.9% YoY (Q1FY15: 13.5% and 13.6%), respectively.

Sector wise, some domestic-oriented sectors (autos, cement, etc) are expected to witness improvement. However, export-oriented sectors (IT and pharma) are expected to post lower growth as effects of INR depreciation fade from this quarter. The banking sector is expected to report benign top line, while asset quality remains a concern for the PSU banks. FY15 EPS growth forecast (Edelweiss and consensus) is pegged at ~15-16% for the Sensex versus 11% in FY14. We believe this is achievable given the recent correction in commodities and improvement in household real incomes (as inflation declines). However, uncertain global environment poses a risk.

Earnings momentum to temper

Earnings momentum is expected to moderate in Q2FY15. Since Q2FY14, earnings have been steady registering near double-digit growth, mainly aided by global demand and INR depreciation (which is counter intuitive) and improvement in operational efficiency of corporates. However, base effect of INR depreciation will diminish from Q2FY15 and is expected to negatively impact top line and bottom line of India Inc. While domestic demand has improved, it is still fragile and inadequate to compensate for lower exports earnings growth. Further, the commodity prices in INR terms have risen this quarter (on an average), exerting pressure on bottom line. Given such dynamics, top line and bottom line estimates for our coverage universe (ex OMC) are 6.7% and 7.9% YoY (Q1FY15: 13.5% and 13.6%), respectively. EBITDA margin is also expected to dip by 68bps QoQ.

Some signs of recovery visible in domestic-oriented sectors

Certain domestic oriented sectors (autos and cement) are exhibiting signs of improvement, while some others (infra related and the PSU banks) are expected to extend their soft performance. Further, given fading impact of INR depreciation, the export-oriented sectors (IT and pharma) are expected to post lower earnings growth.

Earnings outlook: FY15E Sensex EPS growth at 15-16% achievable

Consensus and Edelweiss FY15E Sensex EPS forecast stand at INR1,575 and INR1,580 respectively, implying 15-16% growth. We believe our forecast is achievable, led by better household real incomes, soft commodity prices and improvement in operating leverage of corporates.  However, slowing rural demand (owing to poor monsoon and lower prices) and global growth downturn pose risks.

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PREVIEW:: Q2FY15E: Earnings quality on the mend… :: ICICI Securities PDF link

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Q2FY15E: Earnings quality on the mend…
ƒ We expect Sensex earnings growth (including oil & gas and financials) of
~7% YoY in Q2FY15E. The quarterly growth rate in Q2FY15E is relatively
sober in comparison with 12% YoY growth of Q2FY14 and ~24% YoY in
Q1FY15. This can be mainly attributed to the appreciation of Rupee vis-à-
vis US dollar to the tune of 2.4% YoY, which will moderate growth
trajectory for exchange sensitive sectors like IT and Pharma which are
expected to grow 13.6% YoY (29.2% YoY in Q2FY14) and 6.4% YoY
(48% in Q2FY14). Elsewhere, profitability of government regulated
sectors like Oil & Gas will also be impacted owing to lower YoY crude
realisations and elevated subsidy sharing.
ƒ In a nut shell, Sensex companies are expected to record revenue growth
of 4%, which will be the second lowest over Q1FY14-Q2FY15E. However
margin gains of 50 bps will ensure PAT growth of ~7% YoY in Q2FY15E.
ƒ Even though growth rates have sobered over the past few years, the
internals of earnings clearly indicate that overall quality of the earnings is
on mend as many cyclical sectors like cement (16% YoY revenue growth
coupled with 439 bps margin expansion) and telecom (10.7% YoY
revenue growth with 53.6 bps margin expansion) and also capital goods
sector which is expected to witness 90 bps margin expansion and
deceleration in Interest/EBITDA ratio in Q2FY15E. Improving matrices,
albeit at a gradual pace, is a clear indicator of bottoming out of earnings
cycle and an ensuing recovery phase. This argument is further
supported by favourable macro variables like falling commodity prices
(especially crude prices), receding inflationary expectations and strong
government intent to fasten up reforms process.
ƒ On a sectoral basis, the top 5 performing companies (on the basis of
PAT growth) come each from Auto, Telecom. IT, Financials and Mining.
Hence, the top five companies that top the chart in term of growth in
profitability include Bharti (~153% YoY), Hero Honda (43% YoY), Infosys
(22% YoY), SBI (25% YoY) and Coal India (~23% YoY).
ƒ Conversely, the bottom five performing companies (on the basis of PAT
growth) come from Mining, Capital goods, Power (two companies) and
Pharma. Hence, the bottom five includes Tata power (-57% YoY), Tata
Steel (-42% YoY), Bhel (-20% YoY), Dr Reddy (-20% YoY) and NTPC (-
12% YoY)



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Retail - Improvement in Consumer Confidence Eludes QSRs :: Edelweiss PDF link

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Yum! Brands, which operates Pizza Hut (386 stores), KFC (345 stores) and Taco Bell (5 stores) in India, registered 4% YoY decline in same store sales (SSG) in Q3CY14 on a base of flat growth in Q3CY13 (Q2CY14 SSG had dipped 2% YoY on a base of 2% YoY growth). Promotional intensity however, remained high in Q3CY14, particularly in pizzas. Here we highlight that though the Nielsen Consumer Confidence Index stood higher at 128 points in Q2CY14 (highest in past 13 quarters), the same has yet to reflect in better volumes for the quick service restaurants (QSRs) which are witnessing heightened competition. We expect Jubilant Foodworks’ (JFL) SSG to remain under pressure over the medium term (SSG of Domino’s is likely to dip by 3% YoY in Q2FY15 on a base of 6.6% YoY growth) but expect it to gradually recover in FY16. JFL has been seeding growth drivers to tap such potential recovery through higher expansion (addition of new stores in FY14 moved up by 26% and will further improve by 20% in FY15).

Yum! Brands’ remains steady; operating loss continues

Yum! Brands’ India division sales grew 14% YoY in Q3CY14 with 26% YoY rise in the number of stores. Yum! added 18 Pizza Hut and 4 KFC outlets in Q3CY14. Operating loss in Q3CY14 stood at USD3mn versus operating loss of USD4mn in Q3CY13.

Heightened focus on delivery by Pizza Hut worries Domino’s

Yum! has been focusing on increasing its presence in the pizza home delivery segment, which has been JFL’s forte. The number of home service stores (delivery) for Yum! spurted 55% YoY in Q3CY14, which indicates the company’s increased aggression in the delivery space (seen in one-on-one offer and 30 minutes delivery promise). In Q2CY14 as well, there was a 44% YoY surge in the number of delivery stores of Yum!. This could pose a threat to JFL’s market share in the pizza delivery space.

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Shares held by - "Rakesh Jhunjhunwala" Company %Holding No of Shares (in Lakhs) Rs Crore Geometric 17.67 112.61 154 Rallis India 10.08 196.06 470 NCC 9.65 247.58 94 Geojit BNP Paribas Financial Services 7.90 180.38 69 Bilcare 7.37 17.35 14 Titan Company 6.81 604.93 2,431 VIP Industries 6.70 94.71 105 Kesoram Industries 6.38 70.00 86 Ion Exchange (India) 6.02 8.75 18 Autoline Industries 5.93 7.31 7 Escorts 5.47 67.00 102 Agro Tech Foods 4.73 11.54 70 Autoline Industries 4.22 5.20 5 A2Z Maintenance and Engineering Services 4.04 30.00 7 Dewan Housing Finance Corporation 3.97 51.00 164 Karur Vysya Bank 3.92 42.07 218 Firstsource Solutions 3.78 250.00 99 Adinath Exim Resources 3.53 1.45 0 Agro Tech Foods 3.49 8.50 52 Delta Corp 3.49 80.00 71 Sterling Holiday Resorts (India) 3.48 31.30 49 Prime Focus 3.41 63.25 31 Delta Corp 3.27 75.00 67 Prakash Industries 2.97 40.00 22 Prime Focus 2.73 50.70 25 Anant Raj 2.54 75.00 39 Pipavav Defence and Offshore Engineering Company 2.11 155.08 58 Prozone Capital Shopping Centres 2.06 31.50 6 Titan Company 1.97 174.92 703 NCC 1.95 50.00 19

Source: Moneycontrol

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BUY CCL Products :: ICICI Securities PDF link

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CCL Products Ltd (CONCF)
CCL Products, largest exporter of bulk instant coffee from India, with
capacity of 33000 MT across India, Switzerland, Vietnam, is expected
to see robust earnings growth at 33.3% CAGR (FY14-17E) to | 152.4
crore (FY17E). Growth may primarily be led by higher contribution to
revenue from its newly commissioned Vietnam plant having favourable
location, duty and tax structure for export of instant coffee globally.
Highlights:
• Largest instant coffee manufacturer: With a capacity of 20000 MT
in India, 10000 MT in Vietnam (expandable further by 10000 MT)
and 3000 MT in Switzerland, CCL Products (CPL) is the largest
instant coffee producer and exporter from India. The company has
expanded its capacity from ~9000 MT in FY06 to ~33000 MT in
FY14 and extended its presence from India to other global
markets to cater to the specific needs across markets.
• Increased capacity to aid volume growth: The company’s new
capacity in Vietnam (10000 MT), commissioned in H2FY14 is
expected to aid the volume growth of CCL from FY15E onwards.
Hence, we expect the company’s total coffee sales to increase to
~28000 MT by FY17E from ~19500 MT in FY14.
• Savings in costs to aid margins: With CCL’s plant in Vietnam, the
company would be saving ~50% in logistics cost for exports to
Asian countries (~US$100-150/tonne) as transportation cost from
Vietnam ($1200-1600/container) is much lower than that from
India ($3000-3600/container). Further, with the proximity of
capacity near the coffee producing region in Vietnam (Dak Lak)
CCL’s transportation cost for importing raw material (30% was
sourced from Vietnam) and lead time for acquiring the same (two
to three months) would also get halved, consequently aiding
EBITDA margins for CCL. We expect margins to increase to 23.3%
by FY17E from 20% in FY14.
• Higher margins, lower taxes to drive earnings: CCL Products has
been granted a four year tax holiday (from the year it starts
making a profit) and subsidised tax at 5% till the fifteenth year by
the Vietnam government as it is the largest coffee exporter from
the region. Hence, we expect improving margins coupled with
lower taxes to drive CCL’s earnings growth at a robust 33% CAGR
(FY14-17E) to | 152.4 crore by FY17E.


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IT Sector Q2FY15 Result Preview :: IndiaNivesh

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Indian IT Services Q2FY15 Result Preview
Robust order book; Seasonal up‐tick may lead to strong $‐revenue growth...
Seasonally Strong Quarter ‐ TCS, TechM, HCLT to lead $‐revenue growth…
We expect leading growth in our Tier‐I coverage universe for TCS (+7.6% Q/Q), TechM (+3.7% Q/Q), and
HCLT (+3.6% Q/Q). Despite company‐specific issues revenue growth for Infosys (+2.8% Q/Q) and Wipro
(+2.7% Q/Q) relatively could be better than historical average. We expect Infosys to maintain its annual
revenue growth guidance of 7‐9%. Wipro’s Q3FY15 revenue guidance is expected to be in the range of 2.5‐
4.5% Q/Q. Cross‐currency movements are likely to impact revenue growth by 60‐90bp Q/Q across the top‐
tier. We expect  Infosys/TCS/TechM to report ~60/141/187 bps Q/Q improvement in EBITDA margins led
by higher revenue growth, INR depreciation and absence of one off costs (e.g. visa costs). However, EBITDA
margins will decline sequentially for Wipro and HCL Tech on account of wage hikes. Robust order backlog,
improving visibility in US markets and higher off‐shoring from Europe to lead $‐revenue growth in Q2FY15.
KPIT & SQS ‐ Mid‐cap growth leaders…
In our mid‐tier coverage, we expect KPIT and SQS to lead $‐revenue growth followed by Mastek. On back
of revival in SAP demand and strong order backlog, we expect KPIT to report leading $‐revenue growth of
3.5% Q/Q. On back of favourable growth momentum in testing services, SQS is likely to deliver 2.6% Q/Q $‐
revenue growth. Due to continuous scale down by key client, we expect 1.9% Q/Q $‐revenue de‐growth in
NIIT Tech. Also muted show from insurance and government vertical, Mastek could post only 1.1% $‐
revenue growth. Amongst mid‐cap companies, we expect Mastek to see ~381 bps improvement in margins
sequentially aided by revenue growth and absence of one off costs.    
Key Monitorables:  ‐  (I) Infosys  ‐  FY15 $‐revenue outlook, (II) BFSI, Manufacturing and Retail vertical
outlook, (III) Commentary on discretionary spend, (IV) TCS – future demand outlook and commentary on
margin front post Mitsubishi Corp’s ITF merger, (V) Wipro – Q3FY15 $‐revenue guidance, (VI) HCLT –
Outlook of software segment and margin commentary, (VII) TechM – Key deal wins/synergies & cross‐
selling opportunity (VIII) NIIT Tech – EBITDA margin commentary, Fresh Order intake & revenue growth,
(IX) KPIT – free cash flow generation/Top Client performance, and (X) Mastek – Insurance vertical
performance, and (xI) SQS – progress on integration front.  
Prefer Mastek & KPIT…
We prefer Mid‐cap over larger‐cap as major positives are already factored in the price for Tier‐I coverage
universe. The strong revenue performance and valuation discount (v/s peers) leaves some room for re‐
rating opportunity in case of HCLTech and TechM. Infosys underperform relative to its peers could narrow
down on back of global recovery and stability towards the top management. However, the top
management focus areas to deliver industry average growth (Product or Services) remains the key
question. TCS is a consistent performer and we expect its impressive performance to continue, but current
valuations factors major positives. After re‐organization & de‐merger of non‐IT segment, Wipro is returning
to industry level growth and sustenance could lead to re‐rating. We prefer KPIT on back of strong order
book and SAP segment revival. Mastek could be a significant value creator in long‐run  ‐  de‐merger of
Insurance and Services business separately is the first step towards that direction.
Key risk: Strengthening rupee (v/s USD) and deceleration in US and Europe economic revival.

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M&M brought 51% stake in Peugeot Citroen scooter unit :: IndiaNivesh

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Mahindra & Mahindra brought 51% stake in Peugeot Citroen scooter unit
ƒ Mahindra Two Wheelers, a part of Mahindra Group, has entered into a binding bid to acquire 51%
stake for Rs 2.16 bn or Euro 28 mn, in Peugeot Motorcycles. The move is seen as an attempt by the
Indian company to expand its two‐wheeler business.
ƒ Out of the Euro 28 mn, Euor 13 mn will be spent on secondary sale of shares from Peugeot of PSA,
and Euro 15 mn through a fresh issue of shares to M&M. The legal process will be completed in
three months. Once the formalities are completed, the new board will have 3 nominees from
Mahindra Two Wheelers and 2 from PSA Group.
ƒ The four areas M&M‐Peugeot will work on are building the brand, expedite global expansion,
investing in product portfolio and bring together synergies in sourcing and selling.
ƒ Both companies will operate as two independent entities. Peugeot is the 5th largest two wheeler
maker in Europe with a market share of 9% and annual volumes of 79,000 units.
ƒ PSA has 300 employees through its JV in China and 500 in France. As part of the agreement, M&M
will not be doing any restructuring or rationalising workforce in the next two years. Peugeot is
heavily focused on Europe, with 75% of its sales coming from Europe. The region, however, merely
contributes for 4% of the global two wheeler market.
Our take
M&M investment in its 2W business is Rs. 11.13 bn as on 31st march 2014, with an aim to expand its
domestic as well as global footprint. We believe this deal is a good deal for Mahindra Two Wheelers to gain
technology and simultaneously expand its global footprint. Peugeot is a strong brand, which will help to
gain market share in India’s fast growing Scooter market. The entry into India, which accounts for almost
21% of the world two wheeler markets, is one of the key opportunities for Mahindra‐Peugeot to gain
market share in premium segment for scooters in the country.  However financial impact can be seen in
medium to long run. At CMP of Rs 1359, M&M is trading at 12.7x FY16e consolidated earnings, which is
slightly higher than its historical average of 12x. We maintain HOLD rating on the stock with target price of
Rs. 1212 (12x FY16E earnings).


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CERA Sanitaryware Ltd – Stellar set of Q2FY15 results | Rub‐off impact on HSIL :: IndiaNivesh

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CERA Sanitaryware Ltd – Stellar set of Q2FY15 results | Rub‐off impact on HSIL
Cera Sanitaryware Ltd reported strong set of Q2FY15 results. Net sales of the company stood at Rs 1996
mn against Rs 1588 mn in Q2FY14, implying a growth of 25.7% yoy. EBITDA grew 43.5% yoy to reach Rs 276
mn in Q2FY15 from Rs 193 mn in Q2FY14. EBITDA margin expanded 172 bps yoy to reach 13.8% in Q2FY5
from 12.1% in Q2FY14. This was primarily due to lower raw material (47.2% in Q2FY15 vs. 48.4% in
Q2FY14) and power cost (3.7% in Q2FY15 vs 4.8% in Q2FY14). Net profit grew 48.3% yoy to reach Rs 157.5
mn in Q2FY15 from Rs 106 mn in Q2FY14. Lower than proportionate growth in interest and depreciation
costs (5.3% and 11.3% yoy respectively) against EBITDA growth led to net margin expansion of 120 bps yoy.
Net margin expansion was lower than EBITDA margin expansion due to 10.7% decline in other income.
Consequently, net profit margin expanded to 7.9% in Q2FY15 against 6.7% in Q2FY14. EPS of the company
stood at Rs 12.4 in Q2FY15 against Rs 8.34 in Q2FY14.
Our take and Valuation
At CMP of Rs 1706, the stock trades at PE of 31.9x and 26.8x its FY15E and FY16E Bloomberg consensus
earnings of Rs 53.57 and Rs 63.59 per share. The company beat the street estimates on profit front. In our
opinion, this is on account of savings in power and raw material costs. The company is in the process of
setting up wind and solar power to lower power costs. Lower material cost could be attributed to focus on
value added products. We do not have any formal rating on the stock.
Rub‐off impact on HSIL
However, we expect the same trend to be visible in HSIL – building product segment. HSIL has also been
focussing on value added products and lowering its power costs by usage of alternate fuels. It has been
improving its EBITDA margin of building products which stood at 22.8% in FY14 against 20.5% in FY13. At
CMP of Rs 373, HSIL trades at PE of 22.8x and 14.6x FY15E and FY16E earnings of Rs 16.4 and Rs 14.6 per
share. We maintain our positive stance on HSIL with a BUY rating and SOTP based target price of Rs 425.  



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Defence - DIPP Clears 33 Defence Proposals; Sector Update :: Edelweiss PDF link

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In a push to the government’s ‘Make in India’ initiative, the Department of Industrial Policy and Promotion (DIPP) has cleared 19 proposals for grant of industrial licence, which includes applications for defence production. Clarity in policy and higher FDI for defence (up from 26% to 49%) helped clear these proposals, many of which were languishing for several years. Licence validity has also been increased from 2 to 3 years. Additional 14 proposals also got the go ahead, as the requirement of industrial licence for manufacturing certain defence components was dropped recently by the government. In fact, critical items requiring licence have been reduced to mere 16, classified as ‘defence items’. The above clearances will be notified shortly. The new government has taken series of measures to facilitate the ease of doing business in India. The current step to clear 33 proposals will lend major boost to advanced manufacturing in the defence sector and further the ultimate goal of indigenous manufacturing in defence, encouraging the private sector.

19 industrial licences cleared for defence; validity upped to 3 years

DIPP has cleared 19 proposals for grant of industrial licence for the manufacture of defence products. Clarity in policy and increase in FDI in defence helped clear these proposals. Reliance Aerospace Technologies, Bharat Forge, Mahindra Telephonic Integrated Systems, Mahindra Aero Structure, Punj Lloyd Industries and Tata Advanced Materials are amongst the players who have received licence for defence production. Validity of this licence has been increased to three years from two years earlier. DIPP also delved on the possibility of lifting the stipulation of annual capacity in the licence in addition to permitting sale of licenced items to other entities.

Delicencing in defence manufacturing helps clear 14 proposals

To promote higher indigenous production in defence, the government in June 2014 delicenced several defence items, including parts, components, castings, forgings, etc., which will not require industrial licence. Similarly, dual use items having military as well as civilian application (unless classified as defence items) do not require licences. The move will help both the domestic and international companies to undertake manufacturing without going through the tedious process of obtaining a licence. The requirement of licence has now been restricted to 16 critical defence systems and subsystems. Accordingly, 14 proposals have been cleared as the requirement of licence is not applicable for their products.

Positive for India’s defence sector

Given that opportunities in the domestic defence space is very large which the private sector cannot afford to miss, delicencing for defence manufacturing and grant of industrial licence to major defence products will lend the much required fillip to the advanced defence manufacturing in India. We continue to like Bharat Electronics and Astra Microwave in this sector and have a ‘BUY’ rating on both the stocks.

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Pharmaceuticals - Generic Drug's Price Hikes Under US Congress Lens; Sector Update :: Edelweiss PDF link

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The US Congress has begun an investigation into price hikes of 10 select generic drugs involving 14 generic players (including Sun Pharma, Dr. Reddy’s and Cadila). It appears that this investigation is the first of its kind in a free pricing market like US. We believe it is too premature to judge whether this investigation will translate into further action (penalties, roll back of prices, pricing regulations, expansion of product list under investigation, etc.) by the US. We will closely watch the developments before arriving at any implications on pharma companies.

US Congress investigating hike in generic prices

The US Congress has begun an investigation into price hikes of 10 generic drugs and has asked 14 generic drugmakers to submit detailed information related to hiking of prices (refer Appendix 2). Indian companies-Sun Pharma, Dr. Reddy’s, Cadila-are in this list along with other global generics (Teva, Apotex, Mylan etc.). The US Congress has cited price hikes of 390-8,200% across 10 products (Table 1). This is the first time that the Congress has commenced such an investigation and we believe this has been triggered by the National Community Pharmacists Association’s (NCPA) 2013 survey of drug prices (Appendix 1).

Pharmacists’ association sought US Senate probe

In January 2014, the NCPA had written to the US Senate seeking an investigation into the large upswing in acquisition prices of generic medicines. Reports indicate that over the past 2-3 years, pharmacy benefit managers (PBMs) have driven harder bargains with both retailers and generic manufacturers. Their Spread pricing tactics have been adverse for retail pharmacy business. In April 2014, a bill-Generic Drug Pricing Fairness Act-was introduced (not yet passed) in the US Congress to tackle the issue of affordability of generic drugs.

Likely impact: Too soon to judge

This development does dim the US drug market’s free pricing luster. Given that this is first of its kind move by the US Congress, we cannot at this juncture deduce what further implications it can have on pharma companies. Whether it will translate into further action by the US (like penalties, roll back of prices, pricing regulations, etc.) is too premature to judge. The investigation is currently limited to 10 drugs, but if it is expanded to include more products, many more companies will fall under its purview. Among Indian companies, Sun Pharma has been a big beneficiary of price hikes through its US subsidiary (Taro).

US follows free pricing mechanism for drugs

Just to highlight, price hikes for specialty (innovator) drugs in the US are common and driven by economics and supported by the free pricing mechanism for drugs. Over the past few years, several generic companies have also benefitted from price hikes in the US. Price hikes typically have been driven by shortage of products due to exits (USFDA issues, commercial viability, etc.) by companies selling a product.

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Investor Categorywise Turnover As on 08 Oct 14

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FII / FPI trading activity on BSE, NSE & MCX-SX in Capital Market Segment	(  Cr. )
Category Date Buy Value Sale Value Net Value FII/FPI 08/10/2014 3,252.99 4,693.98 -1,440.99

DII trading activity on BSE, NSE & MCX-SX in Capital Market Segment	(  Cr. )
Category Date Buy Value Sale Value Net Value DII 08/10/2014 1,937.08 1,273.99 663.09

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BSE, Bulk deals, 08/10/2014

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Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price ** 08/10/2014 530093 ACEEDU SHREE GANESH TRADERS (MUKESH KUMAR) S 77,675 10.13 08/10/2014 530093 ACEEDU VIJAYENDRA GOEL B 50,000 10.11 08/10/2014 511144 ASYAINFO NEEPASHARVILPATHAK B 18,000 21.52 08/10/2014 511144 ASYAINFO ANKIT DASHARATHLAL PATEL B 16,122 21.34 08/10/2014 511144 ASYAINFO SANAT BHOGILAL SANGHVI B 50,000 20.6 08/10/2014 511144 ASYAINFO AMIT PRIYAKANT PANDYA B 25,000 20.61 08/10/2014 511144 ASYAINFO STOCKWATCH SECURITIES PVT LTD S 100,000 20.67 08/10/2014 532342 COMMEXTECH JATIN K LALAN HUF S 879,854 2.27 08/10/2014 532342 COMMEXTECH JATIN K LALAN HUF B 879,854 2.27 08/10/2014 507528 EASTSUGIND Chandrakant Tibrawalla S 100,445 1.45 08/10/2014 517300 GIPCL ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED B 1,979,000 83 08/10/2014 517300 GIPCL BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED S 1,988,329 83 08/10/2014 523844 INVICTA JYOTI JIGNESH S 49,983 4.52 08/10/2014 523844 INVICTA JIGNESH VORA S 45,000 4.52 08/10/2014 531695 JAGPRO PRADIP KUMAR SHAH S 790,216 1.1 08/10/2014 512129 JAYAMEL ANVITA REAL ESTATE PRIVATE LIMITED S 301,064 4.35 08/10/2014 512129 JAYAMEL KOLON INVESTMENT PVT LTD. B 550,000 4.35 08/10/2014 532127 MOBILTEL RACHNA BAGGA S 800,000 4.01 08/10/2014 506822 MPPOLYPROLE EMOTION CAPITAL MARKET PRIVATE LIMITED S 439,505 19.7 08/10/2014 531365 NAISARG VEENA RAJESH SHAH S 41,370 19.45 08/10/2014 531365 NAISARG VEENA RAJESH SHAH B 50,000 19.16 08/10/2014 531365 NAISARG MEHUL SHANTILAL SANCHETI B 52,672 19.46 08/10/2014 531365 NAISARG UMEDSINH RAJPUT BAJRANGSINH S 254,100 19.5 08/10/2014 531365 NAISARG FIROZ HANIFBHAI MEMON S 45,274 19.49 08/10/2014 531365 NAISARG FIROZ HANIFBHAI MEMON B 45,274 19.55 08/10/2014 531365 NAISARG PARESH RAMJIBHAI CHAUHAN B 300,157 19.46 08/10/2014 538019 OBIL VCK SHARE AND STOCK BROKING SERVICES LTD B 30,000 11 08/10/2014 526381 PATINTLOG-$ GAVITY ADVISORY LLP B 100,050 76.25 08/10/2014 526381 PATINTLOG-$ CHETAN RASIKLAL SHAH S 77,155 75.84 08/10/2014 526687 POLOHOT KAUSHIK NEMJI MARU S 45,942 65.13 08/10/2014 512217 PRISMMEDI SHAKTI HOTELS PRIVATE LIMITED B 15,400 20 08/10/2014 512217 PRISMMEDI SAVAN KESHAVLAL PRAJAPATI B 10,000 20.45 08/10/2014 512217 PRISMMEDI NARENDRABHAI SHIVABHAI PARMAR S 10,000 20.45 08/10/2014 512217 PRISMMEDI RAJESH SHANKAR AYARE S 13,400 20 08/10/2014 515127 RAMMA AVANCE TECHNOLOGIES LIMITED S 190,200 4.06 08/10/2014 512624 SPINETR CHAAYA REALITY PVT LTD B 185,000 2.7 08/10/2014 512624 SPINETR AJAI KUMAR HUF S 185,000 2.7 08/10/2014 533553 TDPOWERSYS CATAMARAN CAPITAL S 406,916 319 08/10/2014 533553 TDPOWERSYS HDFC TRUSTEE COMPANY LIMITED - HDFC PRUDENCE FUND B 200,000 319 08/10/2014 531547 TIRIN KETAN FATEHCHAND S 61,000 42.05 08/10/2014 504358 TURBO OCEAN SHARE BROKERS PRIVATE LIMITED S 200,000 2.48 08/10/2014 534567 VKSPL GREEN VENTURE SECURITIES MANAGEMENT PRIVATE LIMITED B 4,783,383 .36

* B - Buy, S - Sell 
** = Weighted Average Trade Price / Trade Price 


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