1.6% 1.5% 4,310.8 257.9 293.3 160.7 378.0 280.1 …

1 Opening Bell May 11, 2018. Market Outlook Today's Highlights Indian markets are expected to open in the green today tracking firm Results: Sun TV, Gujarat Gas, Tata Global, VST. global cues followed by a drop in US treasury yields. The market is Tillers, Aditya Birla Fashion, GSK Consumer, expected to keep an eye on the ongoing earnings season along with Havells, Solar Industries IIP and inflation (CPI) data, which will be announced later today. Index Movement (past month). Markets Yesterday 12000 36500. Domestic markets ended flat as investors remained on the sidelines 11500 34000.

2 Ahead of the Karnataka assembly elections 11000 31500. 10500 29000. US markets ended in the positive territory on the back of reports 10000 26500. indicating a lower-than-expected increase in consumer prices for 9500 24000. April 2-May 4-May 8-May 10-May 13-Apr 17-Apr 19-Apr 23-Apr 25-Apr 27-Apr BSE (RHS) NSE (LHS). Key Developments We expect Graphite India to report a healthy Q4FY18 Close Previous Chg (%) MTD(%) YTD(%) P/E (1yr fwd). performance. With capacity utilisation of ~95%, the topline is Sensex 35,246 35,319 expected to increase YoY, QoQ to | crore. Nifty 10,717 10,742 We expect EBITDA to come in at | crore, with an EBITDA.

3 Margin of (Q4FY17: , Q3FY18: ). PAT is Institutional Activity expected at | 413 crore CY16 CY17 YTD CY18 Yesterday Last 5 Days We expect Sun TV to report healthy ad revenue growth on a FII (| cr) 14,049 -40,663 -11,666 -365 -3,430. relatively favourable base. Subscription revenues are expected to DII (| cr) 11,320 91,032 37,614 901 4,610. continue their strong momentum on digitisation drive. We expect World Indices Monthly performance ad revenues to grow 20% YoY to | crore while subscription revenues are expected to grow YoY to | crore. We Nikkei Germany France Nasdaq expect EBITDA margins of for the quarter (up 390 bps YoY) 22,467 7,701 13,023 5,546 7,405.

4 We expect Gujarat Gas' revenues to increase YoY ( BSE NSE Dow Jones Kospi Shanghai QoQ) on account of steady volume growth of YoY at 35,246 10,717 24,740 2,478 3,174. mmscmd. The company took a price hike for its industrial customers at the end of the previous quarter to pass on higher LNG prices. Hence, we expect a strong recovery in gross margins at | on both YoY and QoQ basis. On account of the same, we expect profitability at | crore, up YoY.. Nifty Heat Map Bharti ONGC TECHM Hindalco BPCL. Airtel 30, 3, HDFC 1, Eicher HPCL Ultratech Coal India Bank Indusind 1, RIL IOC HCL Tech Wipro Bank ICICI 8, 1, Markets Today SBI Maruti Axis Bank Grasim Close Previous Change (%) MTD(%) YTD(%).

5 Bank Commodities 1, Hero 3, 1, Kotak 1, Asian 1, Gold (|/10 gm) 31,261 31,143 HDFC Ltd Infosys Moto Bank Paints Silver (|/kg) 39,713 39,374 Adani Bajaj 1, Crude ($/barrel) M&M Zee Ent. GAIL. Ports Finance Copper ($/tonne) 6884 Currency HUL 1, ITC. Lupin Yes Bank L&T. 1, USD/INR EUR/USD 3, Vedanta Bharti USD/YEN TCS NTPC UPL. Ltd Infratel ADRs HDFC Bank Bajaj 2, Bajaj 5, Sun Titan Tata Steel Tata Motors Auto Finserv Pharma Infosys Power IBULHSG 1, Tata 1, Dr Reddys Labs Grid Cipla FIN Motors Dr Reddy ICICI Securities Ltd. | Retail Equity Research Key Data Points Exchange Cash Turnover (| crore).

6 KEY ECONOMIC INDICATORS 40000. 32,234. 29,433. 28,641. 34,185. 28,965. 28,773. Key Economic Indicator Period Latest Prior Values 30000. RBI Cash Reserve Ratio N/A 20000. RBI Repo Rate N/A 3,174. 2,924. 3,363. 4,571. 3,188. 2,973. RBI Reverse Repo Rate N/A 10000. CPI YY March 0. Current Account Balance Q3 $ $ 3-May 4-May 7-May 8-May 9-May 10-May Exports - USD March $ $ BSE Cash NSE Cash FX Reserves, USD Final w/e $ $. GDP Quarterly yy Q3 GDP Annual 12M NSE Derivative Turnover (| crore). Imports - USD March $ $ 1800000. Industrial Output yy February Manufacturing Output February 1300000.

7 Trade Deficit - RBI Q4 $ $. 1,181,312. 1,146,074. 800000. 367,606. 369,960. 549,795. 650,877. Trade Deficit Govt - USD March $ $. WPI Food yy March 300000. WPI Fuel yy March WPI Inflation yy March -200000. 3-May 4-May 7-May 8-May 9-May 10-May WPI Manufacturing Inflation yy March NSE Derivative Sectoral Index Sectoral Performance Monthly Returns (%). Sector Close Previous Change % Change Volume Auto ( ) 1638000 IT FMCG Banks ( ) 16295000. Banks BSE Small Cap ( ) 66926000. Real Estate Capital Goods ( ) 7523000 Auto Consumer Durables ( ) 5555000 Capital Goods FMCG ( ) 1023000 BSE Small Cap Healthcare ( ) 1830000 Metals IT ( ) 1254000 Healthcare Consumer Durables Metals ( ) 7787000.

8 Power Mid Cap ( ) 64406000 Mid Cap Oil & Gas 2863000 Oil & Gas Power ( ) 9881000 PSU PSU ( ) 18506000. (%) Real Estate ( ) 5780000. Key News for Today Company/ News View Impact Industry Shree The company in its board meeting yesterday The said preferential allotment is in Pushkar approved preferential allotment of lakh shares keeping with the earlier announcement in Chemicals & to the promoter group at a price of | The total H2FY18 at the time of acquisition of Kisan Fertilizers inflow on account of preferential allotment is Phosphate (promoter entity). The amount expected to amount to | crore raised will be used for capex requirement at Kisan Phosphate and is expected to be accretive to earnings.

9 With incremental capacity in place, the company is well poised to achieve robust sales & PAT. growth, going forward ICICI Securities Ltd. | Retail Equity Research Key developments (Continued ). We expect Aditya Birla Fashion (ABFRL) to register revenue growth of 11% YoY to | crore, mainly led by robust growth in the Pantaloons division. We expect EBITDA margins to improve 40 bps YoY to Subsequently, we expect PAT to increase 36% YoY to | crore Solar Industries is expected to post revenue growth of YoY to | crore. We expect the domestic performance to be muted on account of weak volume growth of and in the bulk and cartridge segment, respectively.

10 However, the overseas performance is likely to continue its strong performance with growth of ~45%. YoY. We expect a robust overseas performance due to a recovery in its key geographies - Nigeria, Turkey, Zambia and South Africa due to higher commodity prices. EBITDA margins are also likely to remain healthy at PAT is likely to increase YoY to | crore VST Tillers and Tractors is expected to report robust Q4FY18 primarily tracking healthy double digit volume growth in the tractor segment and a resurgent demand pick-up in the power tiller segment. In Q4FY18, tractor sales volume came in at 3574 units (up YoY) while power tillers sales volume were at 10,125 units (up YoY).