MARKET OUTLOOK

Dear Customer,

Markets always tend to be interesting with something or the other happening all the time. Our Morning Mantra is released before the opening bell and it includes the market commentary along with Corporate & Global news for the day.

• U.S. stocks closed narrowly mixed on Thursday as investors digested more earnings and second-quarter GDP, a day after the Federal Reserve left interest rates unchanged.

Dow Jones	17746.0	-5.4	-0.03%
Dow Futures	17677.0	-9.0	-0.05%
Hangseng	24603.4	105.4	0.43%
Nikkie	20525.3	2.5	0.01%
SGX Nifty	8421.5	42.0	0.50%

• Asian stocks advanced, trimming a third monthly loss. The dollar maintained gains as speculation mounted over the timing for U.S. rate increases and oil extended its worst monthly decline this year.
• Market is expected to open on a flattish note and likely to remain range bound during the day.
• Kansai Nerolac said that it would invest Rs 220.50 crore to set up a manufacturing unit in Punjab and a global R&D centre at Navi Mumbai.
• Vakrangee has entered into a strategic tie-up with Amazon India to provide marketing, promotional and other services through it 'Vakrangee Kendras'.
• Sebi refused to lift the ban on Chairman of outsourcing firm Zylog Systems (ZSL) and five other entities from accessing the securities market and said the prohibition for violating capital market norms will continue till further orders.
• FSSAI Rejects Product Approval Applications Of Tata Starbucks, Kellogg, McCain Due To Lack Of Sufficient Supporting Documents
• Reliance Communications - Farallon, Blackstone join list of bidders for 50% stake in Reliance Infratel

• Results Announced

Bank of Baroda	Result declining as Gross NPA increased by 6.1% qoq. Operationally result ok with NII came at 3459cr vs Exp 3341cr qoq 3172cr yoy 3328cr Provision came lower at 600cr vs qoq 1818cr yoy 527cr PAt came at 1050cr vs Exp 901cr qoq 598cr yoy 1362cr. BOB slipage has come at 1685cr which is inline
Indoco Remedies	Result is marginally below expectations Sales is Rs 216 cr vs exp of Rs 228 cr. QoQ Rs 212 cr.YoY rs 198 cr EBITDA is Rs 42.6 cr vs exp of Rs 44.3 cr. QoQ Rs 37.3 cr YoY rs 36.6 cr PAT is Rs 20.3 cr vs exp of Rs 23 cr. QoQ Rs 18.8 cr YoY rs 20
HIL	Result improved sales came at 404cr vs yoy 360cr EBITDA came at 69cr vs yoy 55cr PAT came at 39cr vs yoy 31cr
Greenlam Inds	Result has improved valuation fully priced Sales is Rs 208 cr vs QoQ Rs 218 cr EBITDA is Rs 25 cr vs QoQ Rs 23 cr PAT is Rs 6.4 cr vs QoQ Rs 4.7 cr
Dr reddy	Result is ahead of expectations Sales is Rs 3758 cr vs exp of Rs 3885 cr. QoQ Rs 3870 cr YoY rs 3517 cr EBITDA is Rs 985.5 cr vs exp of Rs 852 cr. QoQ Rs 599 cr YoY rs 629 cr PAT is Rs 625.7 cr vs exp of Rs 547 cr. QoQ Rs 519 cr YoY rs 550
Kokuyo Camlin	Result improved
JM Financial	Result improved yoy NII stood at 383cr vs 392cr qoq & 262cr yoy PBT at 146cr vs 158cr qoq & 84cr yoy PAT at 72cr vs 93cr qoq & 58cr yoy
Sequent	Result has improved
Thomas Cook	Result declined yoy revenue and EBIT in Financial services declined. Though Revenue of Travel business increased but EBIT declined yoy. Human Resource revenue and EBIT both increased by 86% and 39% respectively indicating margin decline Vacational Ownership business has very nominal EBIT.
Mirza International	Result good. sales came at 250cr vs qoq 217cr yoy 211cr EBITDA came at 43.4cr vs qoq 34cr YoY 31cr PAT came at 18.01cr vs qoq 12.34cr yoy 9.75cr Qtr EPS is Rs.1.94
Excel Industries	Result Improved. sales came at 123cr vs qoq 111 yoy 120cr EBITDA came at 23cr vs qoq 7.41cr yoy 20cr PAT came at 12cr vs qoq 11cr yoy 10cr
Greaves Ltd	Result good Sales came at 378cr vs qoq 392cr yoy 422cr EBITDA came at 62.24cr vs qoq 35cr yoy 36cr Adj PAT came at 38cr vs qoq 30cr yoy 29cr
BSL Ltd	Result Improved
Chamanlal Sethia Export	Result improved
Shemaroo Ent	Result ok Sales came at 78cr vs yoy 64cr qoq 87cr EBITDA came at 24.2cr vs yoy 17.6cr qoq 26.6cr PAT came at 12.02cr vs yoy 9.42cr qoq 12.86cr
Petronet LnG	Result inline higher PAT is on account of lower tax sales came at 8225cr vs exp 9165cr EBITDA came at 360cr vs exp 349cr PAT came at 248cr vs exp 160cr
Shasun Pharma	Result is ok Sales is Rs 320 cr vs QoQ Rs 336 cr.YoY rs 300 cr EBITDA is Rs 31 cr vs QoQ Rs 41 cr YoY rs 17 cr PAT is Rs 3.8cr vs QoQ Rs 22 cr YoY loss of Rs 4.8
Vijaya Bank	Result is ok NII stood at 662cr vs 623cr qoq & 535cr yoy Non Interest Income at 198cr vs, 274cr qoq & 166cr yoy PBP at cr 393vs 312cr qoq & 290cr yoy Prov  146at cr vs 306cr qoq & 94cr yoy PAT at 143cr vs 97cr qoq & 161cr yoy Qrtrly EPS 1.66 GNPA   2871cr vs 2443cr qoq at 3.39% vs 2.78% qoq NNPA 2058cr vs 1660cr qoq at 2.45% vs 1.92% qoq Vijaya Bank fresh slippage 585cr vs qoq 793 yoy 561crand no fresh restructuring during the quarter
Zee Learn	Result ok
Gujarat Fluoro	Result is ok Sales is Rs 1392 cr vs QoQ Rs 1537 cr YoY rs 879 cr EBITDA is Rs 275 cr vs QoQ Rs 255 cr YoY rs 168 cr PAT is Rs 105 cr vs QoQ adjusted Rs 68 cr YoY adjusted rs 50 cr
Essel Propack	result inline Sales came at 567cr vs Exp 587cr qoq 602cr yoy 544cr EBITDA came at 104cr vs Exp 105cr qoq 106cr yoy 89cr PAT came at 38cr vs exp 38cr qoq 45cr yoy 26cr
Electro Steel Casting	Result ok
RSWM	Result inline
Sutlej Textiles	Result Ok Sales came at 456cr vs qoq 454cr yoy 469cr EBITDA came at 63cr vs qoq 58cr yoy 57cr PAT came at 30cr vs qoq27cr yoy 36cr
V-Mart	Result is in-line with expectations Sales is Rs 204 cr vs exp of Rs 207 cr. QoQ Rs 170 cr YoY rs 165 cr EBITDA is Rs 21.2 cr vs exp of Rs 21.8 cr. QoQ rs 6.7 cr YoY rs 18.7 cr PAT is Rs 11.2 cr vs exp of Rs 11 cr. QoQ Rs 1.6 cr YoY rs 9 cr
HSIL	Result below expectation sales came at 408cr vs Exp 442cr EBITDA came at 64cr vs Exp 80cr PAT came at 17.35cr vs Exp 24.45cr. Decline in performance is on account of decline in Building product margin
Gujarat Pipavav	Result below expectation Sales came at 173cr vs Exp 187cr EBITDA came at 99cr vs exp 110cr PAT Came at 80cr vs Exp 98cr
Exide Industries	Result below expectation. Sales came at 1795cr vs Exp 1951cr EBITDA came at 266cr vs Exp 298cr PAT came at 155cr Vs Exp 181cr
Gati	Result declining. Sales came at 413cr vs qoq 414cr yoy 394cr EBITDA came at 30cr vs qoq 34cr yoy 38cr PAT came at 7.83cr vs qoq 11.34cr yoy 11.50cr
Jyothy labs	Result is below expectations Sales is Rs 414 cr vs exp of Rs 433 cr. QoQ Rs 396 cr.YoY rs 385 cr EBITDA is Rs 57 cr vs exp of Rs 66.5 cr. QoQ Rs 41.3 cr YoY rs 52 cr PATis Rs 45 cr vs exp of Rs 56 cr. QoQ Rs 27 cr YoY rs 42.5
Oriental Bank of Commerce	Result is marginally below expectedNII stood at 1329cr vs 1295cr exp, 1298cr qoq & 1243cr yoy Non Interest Income at 454cr vs 629cr qoq & 588cr yoy PBP at 1044cr vs 1100cr exp, 1216cr qoq & 1142cr yoy Prov at 577cr vs 1107cr qoq & 542cr yoy PAT at 258cr vs 226cr exp, -178cr qoq & 365cr yoy Qrtrly EPS 8.6 GNPA  8577cr vs 7669cr qoq at 5.85% vs 5.18% qoq NNPA 5358cr vs 4816cr qoq at 3.76% vs 3.34% qoq
ITC	Result is below expectations Sales is Rs 8505 cr vs exp of Rs 9301 cr. QoQ Rs 9188 cr.YoY rs 9164 cr EBITDA is Rs 3386 cr vs exp of Rs 3394 cr. QoQ Rs 3243 cr YoY rs 3278 cr PAT is Rs 2265 cr vs exp of Rs 2341 cr. QoQ Rs 2361 cr YoY rs 2186
Strides Arcolab	Result is below expectations Sales is Rs 276 cr vs exp of Rs 351 cr. QoQ Rs 240 cr.YoY rs 188 cr EBITDA is Rs 53.3 cr vs exp of Rs 75.4 cr. QoQ Rs 42.8 cr YoY rs 32.3 cr PAT is Rs 42 cr vs exp of Rs 43 cr. QoQ Rs 22.6 (adjusted) cr YoY rs 26.8
Ipca Labs	Result is below expectations Sales is Rs 751 cr vs exp of Rs 781 cr. QoQ Rs 623 cr.YoY rs 928 cr EBITDA is Rs 82 cr vs exp of Rs 110 cr. QoQ Rs 34 cr YoY rs 231 cr PAT is Rs 19 cr vs exp of Rs 46 cr. QoQ Rs 7.8 cr YoY rs 145
IDFC	Result below expectations NII stood at 703cr vs 752cr exp, 1084cr qoq & 815cr yoy PBT at 465cr vs 753cr exp, 840cr qoq & 832cr yoy Prov at 62cr vs 375cr qoq & 204cr yoy PAT at 254cr vs 370cr exp, 382cr qoq & 482cr yoy GNPA  1.52% vs 0.65% qoq at 811cr NNPA  0.99% vs 0.65% qoq at 524cr
Usha Martin	Result continue to remain weak
Colgate Palmolive	Result is below expectations Sales is Rs 1003 cr vs exp of Rs 1050 cr. QoQ Rs 1022 cr YoY rs 950.6 cr EBITDA is Rs 201.8 cr vs exp of Rs 230 cr. QoQ Rs 247 cr YoY rs 194 cr PAT is Rs 114 cr vs exp of Rs 154 cr. QoQ Rs 164 cr YoY rs 135 The company has announced 1:1 bonus issue
NCC	Result marginally below exp
IFB Ind	Result below exp sales came at 347cr vs exp 347 qoq 321 yoy 285cr EBITDA came at 22cr vs exp 25cr qoq 14.4 yoy 22cr PAT came at 10.5cr vs 3xp 14cr qoq 1.2cr yoy 17.4cr
Astra Micro	Result declined Sales came at 103cr vs qoq 108cr yoy 188cr EBITDA cane at 15.4cr vs qoq 13.11cr yoy 31cr PAT Came at 4.9cr vs qoq 5.52cr yoy 19.11cr Order book came at 590cr vs qoq 570cr
Glenmark Pharma	Result is below expectations Sales is Rs 1642 cr vs exp of Rs 1773 cr. QoQ Rs 1754 cr YoY rs 1478 cr EBITDA is Rs 360 cr vs exp of Rs 374 cr. QoQ Rs 281 cr YoY rs 342 cr PAT is Rs 191 cr vs exp of Rs 207 cr. QoQ Rs 197 cr (adjusted) YoY rs 185 cr
Kotak Bank	Result looks below expectations on account of various one off item provided on account of merger with ING Vysya Bank Excluding that results are inline. NII stood at 1598cr vs 1677cr exp, 1123cr qoq & 1002cr yoy Non Interest Income at 592cr vs 773cr exp, 668cr qoq & 400cr yoy  PBP at 597cr vs 1036cr exp, 861cr qoq & 666cr yoy Prov  at 305cr vs 67cr qoq & 14cr yoy  PAT at 190cr vs 806cr exp, 527cr qoq & 430cr yoy Qrtrly EPS 2.45 GNPA  2422cr vs 1237cr qoq at 2.08% vs 1.85% qoq NNPA 1077cr vs 609cr qoq at 1.04% vs 0.92% qoq
LGB Forge	Result declining
Ador Fortech	Result declining
Balaji Amines	Maintained good Q4 result in Q1. Sales came at 160cr vs qoq 148cr yoy 164cr EBITDA came at 29cr vs qoq 29cr yoy PAT Came at 13cr vs qoq 12cr yoy 9cr Qtr EPS Rs.3.96
Nelco	Result continue to remain weak
Nucleus Software	Result declining. Sales came at 85cr vs qoq 101cr yoy 79cr EBITDA came at 4.43cr vs qoq 24.75cr yoy 10.26cr PAT came at 6.8cr vs qoq 20.6cr yoy 11.6cr

• Result to be Announced (Reported PAT Rs cr)

31/7/2015	Jun'14	Mar'15	Exp	NB Insti
Aarti Drugs Ltd.	17.2	18.9	na	na
Ador Welding Ltd.	2.8	8.7	na	na
Apcotex Industries Ltd.	5.8	5.8	6.9	na
Alembic Pharmaceuticals Ltd.	64.7	70.3	102.7	na
Archies Ltd.	-0.8	2.4	na	na
Bharat Immunologicals	1.1	-2.3	na	na
CESC Ltd.	151.0	244.0	170.5	na
Dai-Ichi Karkaria Ltd.	1.4	1.4	na	na
EPC Industries Ltd.	2.9	0.6	na	na
Force Motors Ltd.	19.4	46.3	na	na
Glaxosmithkline Pharmaceuticals Ltd.	98.3	102.9	126.7	na
Godfrey Phillips India Ltd.	80.2	59.8	na	na
ICICI Bank Ltd.	2655.3	3084.9	2922.2	2963.7
Karur Vysya Bank Ltd.	122.1	129.2	120.4	na
Larsen & Toubro Ltd.	966.9	2069.6	813.3	na
Munjal Showa Ltd.	19.0	21.5	18.8	na
Oriental Carbon & Chemicals Ltd.	9.9	15.6	na	na
Phillips Carbon Black Ltd.	1.1	0.5	na	na
Raymond Ltd.	-32.9	21.5	-8.4	na
Shoppers Stop Ltd.	0.8	10.3	2.9	na
Shriram Transport Finance Company Ltd.	312.9	84.2	138.4	na
Sundaram Finance Ltd.	122.2	90.7	117.8	na
Sun TV Network Ltd.	165.6	203.0	191.0	na
Suzlon Energy Ltd.	-750.7	-1212.1	-465.4	na

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