UNITY INFRA RESEARCH REPORT

Text-only Preview

DECEMBER 15, 2010
Economy News
Equity
4 India’s annual headline inflation rate declined to an 11-month low of
% Chg
7.48% in November on the back of a higher base effect and easing food
14 Dec 10 1 Day 1 Mth 3 Mths
prices. Costlier fuel may disrupt the downward trend. (Mint)
Indian Indices
4 The Maharashtra government has scrapped its policy to grant additional
SENSEX Index
19,799
0.5
(1.8)
2.3
floor space index (FSI) for public parking in Mumbai city under its
NIFTY Index
5,944
0.6
(2.1)
2.6
Development Control Regulations 33 (24). (BS)
BANKEX Index
13,140
0.4
(7.2)
(2.8)
4 Indirect tax collection has registered a growth of 50.1 per cent till
BSET Index
6,302
0.5
4.2
8.6
November 2010 over the corresponding period last year, Revenue
BSETCG INDEX
15,449
0.9
(3.7)
0.9
Secretary Sunil Mitra said. Cumulative tax collection at the end of
BSEOIL INDEX
10,658
0.9
(0.7)
1.9
November had reached 55.8 per cent of its target of Rs.7.45 trn, he said.
CNXMcap Index
8,743
1.3
(7.6)
(4.3)
Direct tax mop-up stood at 50.38 per cent of the target till November, at
BSESMCAP INDEX
9,283
1.6 (15.0)
(9.0)
Rs.2.16 trn, with a growth of 17.85 per cent over the comparable period.
World Indices
(BS)
Dow Jones
11,477
0.4
2.5
9.0
Corporate News
Nasdaq
2,628
0.1
4.3
14.8
FTSE
5,891
0.5
1.6
5.8
4 Bharat Petroleum Corp. Ltd (BPCL) increased petrol prices by Rs2.95
Nikkei
10,317
0.2
4.9
8.4
per litre, making it the fifth hike this year. Other government-owned oil
Hangseng
23,431
0.5
(2.8)
7.5
marketing companies such as Indian Oil Corp. Ltd (IOC) and Hindustan
Value traded (Rs cr)
Petroleum Corp. Ltd (HPCL) are expected to follow suit. (Mint)
14 Dec 10
% Chg - Day
4 The Reliance-Anil Dhirubhai Ambani Group (R-Adag) will sew up around
Cash BSE
3,010
(2.4)
$3 billion in loans as a part of deals that will be signed during the visit of
Cash NSE
13,130
(1.5)
Chinese Premier Wen Jiabao. A portion of the money will be used to fund
Derivatives
89,902
(28.1)
equipment purchases from Chinese companies by R-Adag’s telecom and
power units. (Mint)
Net inflows (Rs cr)
13 Dec 10
% Chg
MTD
YTD
4 Tata Consultancy Services (TCS) has won a multi-million dollar deal
from Deutsche Bank for its core banking software. The deal is the one of
FII
(238)
(75.4) (2,589) 128,985
largest for the financial software products division of TCS and one of the
Mutual Fund
326
(19.7)
833 (27,824)
biggest banking product deals of 2010, its president N Ganapathy
FII open interest (Rs cr)
Subramaniam said. (ET)
13 Dec 10
% Chg
4 JSW Infrastructure, an unlisted entity of the Sajjan Jindal-led JSW group
FII Index Futures
18,860
1.0
said it will sell 10% equity stake to global investor Eton Park Capital for
FII Index Options
54,422
0.8
$125 million (about Rs 5.62 bn). (ET)
FII Stock Futures
34,655
2.1
FII Stock Options
780
3.4
4 Shareholders of Vedanta Resources Plc have approved the proposed
acquisition of majority stake in Cairn India for up to USD 9.6 billion, said
Advances / Declines (BSE)
an official of the group. (ET)
14 Dec 10
A
B
S
Total % total
4 NTPC evinced interest in picking up 76% stake in Patratu and Tenughat
Advances
154
1,234
274
1,662
65
thermal power projects in Jharkhand. "We are in talks with Jharkhand
Declines
48
580
132
760
30
government to pick up stakes in Patratu and Tenughat," NTPC CMD Arup
Unchanged
1
107
26
134
5
Roy Choudhary told reporters. (BS)
Commodity
% Chg
4 Bajaj Hindusthan has committed investments to the tune of Rs.225 bn
14 Dec 10 1 Day 1 Mth 3 Mths
in power projects to come up in Uttar Pradesh over the next 4-5 years.
The company on Tuesday entered into an MoU with the UP government
Crude (NYMEX) (US$/BBL) 88.0 (0.3)
3.7
15.8
to set up a 1980 MW thermal power plant in Bargarh area of Chitrakoot
Gold (US$/OZ)
1,403.5
0.6
1.7
10.1
district. (ET)
Silver (US$/OZ)
29.7
1.2
12.7
43.7
Debt / forex market
14 Dec 10 1 Day 1 Mth 3 Mths
10 yr G-Sec yield %
8.09
8.11
8.08
7.95
Re/US$
45.00 45.14 45.24
46.45
Sensex
21,100
19,600
18,100
16,600
15,100
Source: ET = Economic Times, BS = Business Standard, FE = Financial Express,
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
BL = Business Line, ToI: Times of India, BSE = Bombay Stock Exchange

MORNING INSIGHT
December 15, 2010
INITIATING COVERAGE
CAIRN INDIA LTD
Sumit Pokharna
[email protected]
PRICE: RS.336
RECOMMENDATION: BUY
+91 22 6621 6313
TARGET PRICE: RS.378
FY11E P/E: 9.9X
Cairn India Ltd (CIL) is one of the biggest private exploration and production
Stock details
companies in India. It has been developing exploration assets for more than
BSE code
: 532792
a decade in India and is one of the lowest cost producers in the world. Its
NSE code
: CAIRN
E&P portfolio consist of 11 upstream assets with a key asset located in
Market cap (Rs mn)
: 590428
Rajasthan having 2P oil reserve of ~4bn bbls. It has proven track record of
Free float (%)
: 37.6
converting discoveries to production so we believe that any commercial
52-wk Hi/Lo (Rs)
: 368/248
discovery in the KG basin and Sri Lanka block can be converted into
Avg. daily volume (BSE) : 288912
production at lowest possible cost and shortest possible time, which will
Avg. daily volume (NSE) : 1919482
add significant value to CIL. However on a conservative basis we have not
Shares o/s (m)
: 1897
taken the same in our valuation. Our DCF-based price target stands at
Rs.378/share. We are positive on Cairn’s long term growth prospects.
Therefore, we are initiating coverage with BUY recommendation on the
stock with 12.5% upside potential.
Key investment arguments
Cons. summary table
We strongly believe, that in the current scenario of rising oil prices the key
(Rs mn)
FY10
FY11E
FY12E
beneficiary is CIL mainly due to the following reasons:
Sales
16,230 115,906 156,951
Growth (%)
13.3
614.1
35.4
q Private exploration company: Cairn is a private E&P company so not liable to
EBITDA
10,151 84,523 121,699
share under-recoveries like ONGC, OIL.
EBITDA margin (%) 62.5
72.9
77.5
PBT
10,268 79,701 118,417
q Efficient execution skills: Crude production surges earlier than expected at
Net profit
10,268 64,333 94,576
peak level of 125 kbopd from Mangala field (Raj.)
EPS (Rs)
5.5
33.9
49.9
q Higher volumes-revenue: Peak production from Bhagyam and Aishwariya will
Growth (%)
59.6
521.0
47.0
Book value (Rs/share) 179
210
254
flow in a rising crude price scenario leading to higher revenues. Brent crude price
Dividend per share (Rs) -
1.7
5.0
surged by 9% to $90/bbls in last 2.5 months.
ROE (%)
29.8
26.0
23.3
q Lower Opex: Commissioning of pipeline will also keep the cost of transportation
ROCE (%)
2.8
16.8
20.9
Net cash (debt)
24,713
(59,759) (155,399)
low as against truck transportation
NWC(Days)
(225.6) (245.5) (253.0)
q Product mix skewed more towards oil: Recent surge has been seen in the
P/E (x)
61.5
9.9
6.7
crude oil prices and gas prices are flat. Cairn’s higher oil mix will lead to higher
P/BV (x)
1.9
1.6
1.3
EV/Sales (x)
40.8
5.0
3.5
revenue and margins
EV/EBITDA (x)
65.2
6.8
4.6
q World-class oil asset-Mangala, Bhagyam and Aishwariya (MBA): MBA
Source: Company,
have recoverable oil reserves and resources of nearly 1 billion barrels, which in-
Kotak Securities - Private Client Research
cludes proven plus probable (2P) gross reserves and resources of 685 million bar-
rels of oil equivalent (Mn boe) with a further 300 Mn boe or more of enhanced
oil recovery (EOR) potential. At project level, the block is valued at ~$14 bn. This
is 25-30 years of production.
q Peak production from Mangala achieved earlier than expected: The
Mangala field has started producing at 125kbopd (peak production) in Q2FY11
against an estimate of Q3FY11 reflecting better operations. Cairn is targeting to
produce 175kbopd by end of FY11 subject to getting government approvals. It
has already sold more than 16 mn bbls to domestic refineries. In Q2FY11, aver-
age gross production was 116 Kbopd. The Rajasthan gross field revenue was
~USD$ 1.1 bn in Q2FY11.
The Company has drilled total 107 development wells in Mangala field and out
of it 74 wells are completed. It has commenced start-up injection testing in the
Mangala field. Also, it has commenced the extension of development and infra-
structure of the Bhagyam field.
Kotak Securities - Private Client Research
Please see the disclaimer on the last page
For Private Circulation
2

MORNING INSIGHT
December 15, 2010
q Capacity expansion with train 4 commissioning in 2011: With 75 kbpd ca-
pacity 4th train likely to be commissioned in CY11, the production capacity could
reach higher than 225kbpd. The nameplate capacity is 130 kbpd but manage-
ment guided that it is capable of delivering 150kbpd from first three production
trains.
q Crude sales to refinery by pipeline, leading to lower operating cost:
Crude oil sales from Rajasthan to refineries are through pipeline which is helping
the Company to avoid cost of transportation, which was incurred earlier. The
Current operating cost is ~USD$2/bbls as against USD$4/bbls in Q1FY11.
q Discovery in KG block-another feather in its Cap: CIL has made discovery in
Nagayalanka-1z, KG-ONN-2003/1 block. It has started further exploration and
appraisal. Any major commercial discovery will improve the future growth pros-
pects of the Company.
q Offshore Ravva field - further drilling wells to boost production:Cairn In-
dia (operator) will drill additional five wells to boost production from the current
level of 35 Kboe. It will invest ~Rs.650 Mn to extract a total of 70-80 Mn boe.
Ravva is one of the lowest cost fields with direct operating cost of $2.1/boe.
Average gross production from the field for Q2FY11 was 38.1 Kboepd - compris-
ing an average oil production of 29.4 Kbopd and average gas production of 52
Mn mscfpd.
We initiate coverage on Cairn
India Ltd with BUY
Based on the Rajasthan exploratory portfolio upsides and advancing production from
recommendation with a price
the MBA block our fair value for the stock is Rs.378/share. The stock is currently
target of Rs.378
trading at a PE multiple of 9.9x based on FY11E EPS of Rs.33.9. In our DCF model,
we have assumed a long-term static average crude oil price of US$86/bbls; Cairn
crude oil realization @ 10% discount; Cess at Rs.2575/MT; plateau production at
240kbopd; development capex of US$2.8 bn.
Key Risk and Concerns
q Any delays and cost overruns; though cost is 100% recoverable, could impact
NAV of the project.
q Any major decline in crude oil prices due to fall in global oil demand, will have
a corresponding impact on CIL’s realizations.
q If Cairn is asked to share royalty along with ONGC than it will impact (depends
on Vedanta acquiring stake in Cairn India) the valuations significantly.
q Less than expected EOR upside may restrict further upsides.
Kotak Securities - Private Client Research
Please see the disclaimer on the last page
For Private Circulation
3

MORNING INSIGHT
December 15, 2010
COMPANY UPDATE
UNITY INFRAPROJECTS LTD
Teena Virmani
[email protected]
PRICE: RS.86
RECOMMENDATION: BUY
+91 22 6621 6302
TARGET PRICE: RS.135
FY12E P/E: 6.0X
q Order inflow still subdued; though management believed that it will
improve in the coming quarter
q Margin scenario will continue to remain strong
q Based on lower than expected order inflow till date in FY11, we reduce
our order inflow estimates going forward and arrive at a revised price
target of Rs.135 on FY12 estimates (Rs 153 earlier)

q We continue to maintain BUY recommendation on the stock.
We recently met with the management of Unity Infraprojects and present
below the key highlights about the company -

Order book and order inflow scenario
Summary table
Current order book of Unity Infra stands at Rs.36.36 bn which is diversified across
(Rs mn)
FY10 FY11E FY12E
water and irrigation (50%), civil (43%) and remaining in transportation segment.
Sales
14,768 17,416 20,103
Order book of company has grown at a CAGR of 20% between FY08-FY10 but in
Growth (%)
31
18
15
the current fiscal till date, we believe that order inflow has been subdued at just Rs
EBITDA
1,913
2,177
2,412
EBITDA margin (%)
13.0
12.5
12.0
4.12 bn and below our expectations. Unity is currently L1 in Rs 5 bn worth of
PBT
1,277
1,415
1,553
projects in the buildings segments and it expects significant ramp up in the order
Net profit
852
981
1,073
book during Q4FY11. Company also plans to enhance its presence in water treat-
EPS (Rs)
11.5
13.2
14.5
ment or water desalination related projects, water metering and pumping station
Growth (%)
-78
15
9
related projects. Unity is also there in micro tunneling segment and plans to consoli-
CEPS (Rs)
13.9
16.0
18.0
Book value (Rs/share) 76.3
88.4
101.7
date its presence in micro tunneling going forward. As far as road segment is con-
Dividend per share (Rs) 1.0
1.0
1.0
cerned, company is currently looking at this sector conservatively and would target
ROE (%)
17.3
16.1
15.2
projects where IRR is more than 17-18%.
ROCE (%)
17.4
16.2
16.3
Net cash (debt)
(5,253) (4,865) (5,692)
We believe that full year order inflow would still be lower than our estimates. We
NW Capital (Days) 205.5
219.9
219.9
thus reduce our order inflow estimates for the company and expect the closing order
P/E (x)
10.2
6.5
6.0
book to be Rs 36 bn and Rs 41 bn for FY11 and FY12 respectively.
P/BV (x)
1.2
1.0
0.8
EV/Sales (x)
0.8
0.6
0.6
EV/EBITDA (x)
6.1
5.2
5.0
Order book (Rs mn)
Source: Company, Kotak Securities - Private
50,000
Client Research
40,816
40,000
34,775
35,359
26,943
30,000
24,105
20,000
10,000
0
FY08
FY09
FY10
FY11E
FY12E
Source: Company, Kotak estimates
Margins likely to remain strong
Company expects operating margins to remain strong due to its high exposure to-
wards higher margin segments such as water supply and irrigation as well as build-
ings. Road segment currently forms a very small proportion of the order book and
nearly 90% of the order book also contains escalation clauses.
Kotak Securities - Private Client Research
Please see the disclaimer on the last page
For Private Circulation
4

MORNING INSIGHT
December 15, 2010
Status of real estate venture
Unity has invested Rs 1.95 bn so far in accumulating land at five places through its
subsidiary Unity Realty and Developers Ltd (URDL). It has acquired 15 acres of land
in Bangalore at a total cost of Rs.390 mn and 25 acres in Calcutta at a total cost of
Rs.750 mn. Company plans to launch a residential project in Bangalore during
Q4FY11 and in Kolkata by end of Q1FY12. While for the other projects such as
Nagpur and Goa, status quo is maintained with negotiations still on with Nagpur
Municipal Corporation about future viability of remaining four projects and Goa
project has still not commenced. We have currently ascribed value to the Nagpur,
Goa and Pune project based on the book value of investments and arrive at a valu-
ation of Rs 12 per share for Unity.
Working capital cycle to reduce going forward
Working capital cycle of the company had witnessed an increase in past few years
due to increased exposure in the real estate division through loans and advances
from the company. Company expects that with the launch of residential project in
Bangalore and Calcutta, it would be able to reduce loans and advances by nearly Rs
900 mn and balance would be reduced over a period of time. Thus we expect work-
ing capital cycle to improve next year in comparison with last year.
Financial outlook
n Based on lower than expected order inflow, we reduce our order inflow as well
as execution estimates and hence our revenue estimates stands revised down-
wards. We now expect revenues to be Rs 17.4 bn and Rs 20.1 bn for FY11 and
FY12 respectively as against Rs 18.5 bn and Rs 21.2 bn expected earlier for FY11
and FY12 respectively.
n We maintain our estimates for operating margins and expect margins to be
12.5% for FY11. Due to expected increase in the order book in transportation
segment going forward, we expect margins to go down marginally to 12% from
FY12 onwards.
n With revision in our order booking and execution estimates, we now expect net
profits to grow at a CAGR of 12.2% between FY10-FY12.
Estimates
Earlier
Revised
% change
(Rs mn)
FY11E
FY12E
FY11E
FY12E
FY11E
FY12E
Revenues
18,502
21,277 17,416 20,103
-5.9
-5.5
Operating profit
2,313
2,553 2,177 2,412
-5.9
-5.5
OPM (%)
12.5
12.0
12.5
12.0
PAT
1,072
1,167 981 1,073
-8.4
-8.0
Source: Kotak Securities - Private Client Research
Valuation and recommendation
n At current price of Rs.86, stock is trading at 6.5x and 6.0x P/E multiples for FY11
and FY12 respectively.
n We roll forward our estimates on FY12 and value core business at 9x FY12 esti-
mates and add valuation of investments done in real estate.
We continue to maintain BUY on
n Unity has so far invested Rs 1.96 bn in the real estate venture and we thus assign
Unity Infraprojects with a price
P/BV of 1x for projects in Nagpur, Pune and Goa and arrive at a value per share
target of Rs.135
of Rs 12 for Unity.
n We thus arrive at a revised price target of Rs 135 on FY12 estimates (Rs 153
earlier). We maintain BUY on the stock.
Kotak Securities - Private Client Research
Please see the disclaimer on the last page
For Private Circulation
5

MORNING INSIGHT
December 15, 2010
Bulk deals
Trade details of bulk deals
Date
Scrip name
Name of client
Buy/
Quantity
Avg.
Sell
of shares
price
(Rs)
14-Dec
Amar Remedies Wishbone Global Investment Holding
S
151,000
81.2
14-Dec
Camson Bio
Clairvoyance Energy Pvt Ltd
S
168,300
144.8
14-Dec
Envair Elect
Anita Rakeshkumar Ranka
S
17,376
30.7
14-Dec
Incap Financial Abhay Dattatray Javlekar
B
26,900
30.8
14-Dec
Incap Financial D H Bhojak
B
20,470
31.0
14-Dec
Incap Financial Pooja Arvind Goyal
B
67,800
31.1
14-Dec
Incap Financial Dhanjibhai Ravjibhai Dholaria HUF
S
40,000
31.0
14-Dec
Incap Financial Shobhnaben Dilipbhai Bhimani
S
40,000
31.2
14-Dec
Incap Financial Dharmesh Vasantlal Visariya
S
20,000
31.0
14-Dec
Incap Financial Devkumar Gopaldas Aggarwal
S
20,000
29.5
14-Dec
Kanchan Intl
Techno Broking and Financial Ser
B
17,014
166.1
14-Dec
KBS Capital
Upendrasingh Kalidas Jadav
B
28,000
40.5
14-Dec
KBS Capital
Aman Tieup Private Limited
S
28,000
40.5
14-Dec
Ken Fin Serv
Santosh Abhayraj Shukla
S
24,000
120.2
14-Dec
Krishna Deep
Ramji Pragji Javeri
B
13,500
71.4
14-Dec
Krishna Deep
Harsha Hitesh Javeri
B
15,200
72.2
14-Dec
Krishna Deep
Hitesh Ramji Javeri
B
35,000
72.4
14-Dec
Krishna Deep
Harsha Ramesh Vala
S
43,700
72.1
14-Dec
Krishna Deep
Ramesh Tribhovanbhai Vala
S
17,850
72.0
14-Dec
Krishna Deep
Captain Traders Private Limited
S
4,150
74.1
14-Dec
Madhur Inds
Parshottamdas Kuvarjibhai Sapra
B
25,000
54.0
14-Dec
Marathwada Re Sushil Pandurang Mantri
B
17,600
322.5
14-Dec
Marathwada Re Master Capital Services Ltd.
S
6,900
317.0
14-Dec
Marathwada Re Anil Kumar Malhotra
S
5,000
316.0
14-Dec
Marathwada Re Ankit Agarwal
S
3,800
338.2
14-Dec
Moldtek Tech
Bimal Jitendrarai Mehta
B
20,000
78.1
14-Dec
Moldtek Tech
Hemaliben Bimalkumar Mehta
S
20,000
78.1
14-Dec
Mukand Engr
Nirajkumar Ramkrishnaji Bajaj
B
218,300
38.2
14-Dec
Mukand Engr
Mantu Housing Limited
S
173,300
38.1
14-Dec
New Horizon
Atul Dinesh Investment
B
5,000
111.8
14-Dec
New Horizon
Yogesh Laxman Rege
S
5,000
111.8
14-Dec
Nexxoft Info
Ritu Nitin Minocha
S
25,505
65.4
14-Dec
Nexxoft Info
Motor House Limited
S
50,000
65.4
14-Dec
Nhcfoods
Premal Shah
B
9,000
35.3
14-Dec
Nhcfoods
Anand Mohan
S
7,390
35.6
14-Dec
Nilkamal
Padmakshi Financial Services Ltd
B
173,338
367.0
14-Dec
Nilkamal
Ravi Sunderarajan
S
173,461
367.0
14-Dec
Oregon Comm Nidhi Singhania
B
5,000
31.5
14-Dec
Oregon Comm Seble Tools And Allied Industries
S
5,125
31.5
14-Dec
Sanjay Leasing Dinesh Harakhchand Vardhan HUF
B
14,500
71.2
14-Dec
Sanjay Leasing Pukhraj Chunilal Bafna
S
14,500
71.2
14-Dec
Sankhya Info
Jyoti Vardhan Sonthalia
S
46,028
28.8
14-Dec
Sharp Inds
Umesh Purushottam Chamdia
S
259,500
54.6
14-Dec
Sky Inds
Meena Haresh Mehta
B
19,999
118.0
14-Dec
TGF Media Sy
Silver Golden Property Develop Fin Inv B
34,000
13.5
14-Dec
Twilight Litaka Pam Pac Machines Private Limited
S
289,000
82.7
14-Dec
Twilight Litaka Karvy Financial Services Limited
S
231,000
82.1
14-Dec
Twilight Litaka ECL Finance Limited
S
200,000
75.8
14-Dec
Vadilal Enter
Aanir Shares Services
S
7,000
125.0
14-Dec
Visisth Merc
Sarda Madhusudan Narayanlal
B
15,000
175.0
Source: BSE
Kotak Securities - Private Client Research
Please see the disclaimer on the last page
For Private Circulation
6

MORNING INSIGHT
December 15, 2010
Gainers & Losers
Nifty Gainers & Losers
Price (Rs)
chg (%)
Index points
Volume (mn)
Gainers
L&T
2,007
2.3
8.0
0.8
Reliance Ind
1,056
1.3
7.9
4.6
Tata Motors
1,307
2.3
3.4
3.8
Losers
ICICI Bank
1,110
(0.9)
(3.9)
2.8
Hero Honda Motors
1,717
(3.2)
(1.8)
0.6
Jindal Steel
685
(1.7)
(1.6)
0.8
Source: Bloomberg
Research Team
Dipen Shah
Saurabh Agrawal
Arun Agarwal
Ritwik Rai
K. Kathirvelu
IT, Media
Metals, Mining
Automobiles
FMCG, Media
Production
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
+91 22 6621 6301
+91 22 6621 6309
+91 22 6621 6143
+91 22 6621 6310
+91 22 6621 6311
Sanjeev Zarbade
Saday Sinha
Ruchir Khare
Sumit Pokharna
Capital Goods, Engineering
Banking, Economy
Capital Goods, Engineering
Oil and Gas
[email protected]
[email protected]
[email protected]
[email protected]
+91 22 6621 6305
+91 22 6621 6312
+91 22 6621 6448
+91 22 6621 6313
Teena Virmani
Sarika Lohra
Jayesh Kumar
Shrikant Chouhan
Construction, Cement, Mid Cap
NBFCs
Economy
Technical analyst
[email protected]
[email protected]
[email protected]
[email protected]
+91 22 6621 6302
+91 22 6621 6301
+91 22 6652 9172
+91 22 6621 6360
Disclaimer
This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any
other person. Persons into whose possession this document may come are required to observe these restrictions.
This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be con-
strued as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the
general information of clients of Kotak Securities Ltd. It does not constitute a personal recommendation or take into account the particular investment ob-
jectives, financial situations, or needs of individual clients.
We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness
cannot be guaranteed. Neither Kotak Securities Limited, nor any person connected with it, accepts any liability arising from the use of this document. The
recipients of this material should rely on their own investigations and take their own professional advice. Price and value of the investments referred to in
this material may go up or down. Past performance is not a guide for future performance. Certain transactions -including those involving futures, options
and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. Reports based on technical
analysis centers on studying charts of a stock’s price movement and trading volume, as opposed to focusing on a company’s fundamentals and as such, may
not match with a report on a company’s fundamentals.
Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the informa-
tion discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. Prospective investors and others are
cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment
businesses may make investment decisions that are inconsistent with the recommendations expressed herein.
Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. This report has been prepared by the
Private Client Group . The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target
price of the Institutional Equities Research Group of Kotak Securities Limited.
We and our affiliates, officers, directors, and employees world wide may: (a) from time to time, have long or short positions in, and buy or sell the securities
thereof, of company (ies) mentioned herein 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 act as advisor or lender / borrower to such company (ies) or
have other potential conflict of interest with respect to any recommendation and related information and opinions.
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or
companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or
views expressed in this report.
No part of this material may be duplicated in any form and/or redistributed without Kotak Securities’ prior written consent.
Kotak Securities - Private Client Research
Registered Office:
Please see the disclaimer on the last page
Kotak Securities Limited, Bakhtawar, 1st floor, 229 Nariman Point, Mumbai 400021 India.
For Private Circulation
7

Document Outline

  • Economy News
  • Corporate News
  • CAIRN INDIA LTD
  • UNITY INFRAPROJECTS LTD
  • Bulk deals
  • Gainers & Losers