15 January 2019 Revenue grew 26% YoY to INR769m, in line with our estimate of INR766m. Futures volumes grew 34% YoY (+8% QoQ) to INR17t, dominated by crude (+78% YoY) and gold (+53% YoY). EBITDA margin of 27.2% (+500bp YoY, -500bp QoQ) was below our estimate of 34% due to higher other expenses (INR45m one-off). Excluding this one- time expense, the margin stood at 33.1% (90bp lower than our estimate). PAT growth of 124% YoY (to INR420m) exceeded our estimate of 68.5% YoY owing to higher other income (INR322m v/s our estimate of INR199m) and a lower tax rate (15.3% v/s our estimate of 24%), which emanated from some provisions and deferred tax. For 9MFY19, revenue/EBITDA/PAT were up 17.9%/47%/42% YoY. MCX highlighted that the uptick in volumes in recent past has not just been a function of volatility but also increasing participation. We expect volumes/revenue/earnings CAGR (FY18-21) of 20%/16%/22%.

revenue grew 18% YoY to INR21.7b (in-line), driven by robust ad/subscription growth. Domestic ad revenue increased 21% YoY, led by contribution from ZEE5 and a higher network viewership share. Domestic subscription revenue grew 29% YoY, led by a favorable base and monetization of phase-III subscribers. EBITDA, thus, grew 27% YoY to INR7.5b (5% beat), with the margin expanding 250bp YoY to 34.8%. This, coupled with higher other income and fair value gains, led to PAT growth of 50% YoY to INR5.6b (+26% YoY adjusted for fair value gains). (1) ZEE expects to deliver better-than-TV industry ad revenue growth and low-teens subscription revenue growth in FY20. (2) FY20 margins are guided at 30%+, despite investments in ZEE5. (3) The company is confident of announcing the buyer for promoter stake by Mar/Apr19 (as guided earlier).

We are optimistic on Bajaj Finance's (BAF) outlook, given its traction in multiple products, new initiatives in various business segments (on both the asset and liability sides) and able top management. We are particularly enthused about the new emerging vectors of profitability: (a)asset-light model, (b) operating efficiency, (c) granular retail portfolio, (d) improving risk management parameters led by technology and (e) capital efficiency.

by 33% YoY to INR54.5b (in-line) in 3QFY19. However, the company continued facing margin pressure (gross margin down 170bp YoY to 14.7% 13 January 2018 off a high base), mainly due to its focus on price competitiveness. Consequently, EBITDA increased by a modest 7.5% YoY to INR4.5b (5% miss), with the margin contracting 200bp YoY to 8.3%. PAT, too, grew by a marginal 2.1% YoY (8% miss) to INR2.6b due to lower other income (-37% YoY) and higher depreciation/finance cost (+33%/36% YoY). DMART added nine new stores in 9MFY19, (four in 3QFY19), taking its store count to 164. The store addition trend appears similar to last year 10 new stores added in 9MFY18. We, however, note that DMART tends to accelerate store addition toward the fiscal-end (14 new stores added in 4QFY18). In 4QFY19, too, it is likely to add 13-14 new stores.

11 January 2019 YoY CC five quarter ago. Investments, however, continued to take a toll, with the INFOs EBIT margin has shrank by 210bp over the last eight quarters, during which the INR has depreciated by ~6%. Adj. PAT grew 8% YoY to INR39.9b (1% beat) in 3QFY19. INFO announced (a) buyback of INR82.6b under the open market route at a maximum price of INR800/share and (b) special dividend of INR4/share, in line with its announcement of USD2b payout to shareholders. INFO won 14 large deals in the quarter with a TCV of USD1.57b, taking the 9MFY18 deal value to USD4.7b (+2.2x YoY). INFO raised its full-year revenue guidance to 8.5-9.0% QoQ CC, which implies a 4Q ask-rate of 0.3-1.

JLR's wholesale volumes declined 17% YoY (-8% MoM) to 45.5k units (our estimate: 50k), including China JV volumes of 5k units (-51% YoY), in Dec'18. Jaguar volumes were down 16% YoY to 14.1k units (our estimate: 15k), while Land Rover volumes declined 17.9% YoY to 31.4k units (our estimate: 35k).

EBITDA margin contracted 150bp YoY, recovery in the online gaming EBIT margin (19% in 3QFY19 v/s 2% in the last quarter). However, higher-than-expected tax restricted PAT growth to 13% YoY (INR505m v/s our estimate of INR497m). Casino gaming revenue grew 30% YoY (flat QoQ) to INR2,021m in the quarter, supported by increasing visitations (+18% QoQ to 118K). Online gaming revenue grew 33% YoY (+8% QoQ); EBIT margin contracted 2,100bp YoY, but expanded 1,700bp QoQ to 19% (expected to sustain at 15-20% levels) on account of cost and promotional spend rationalization DELTA aims to cautiously invest in the right channels to sustainably grow a loyal user base. Hospitality revenue declined 17% YoY to INR193.8m; the company recorded segmental EBIT loss of INR59.3m. We roll forward our target price to Dec20E EPS of INR11/share. We continue valuing the stock at 30x P/E to arrive at a target price of INR320/share.

10 January 2019 EBITDA increased 21.7% YoY (5% miss) and PAT grew 24.1% YoY (our the US, as evident from the 70bp QoQ uptick in subcontractor expenses. TCS cited that demand on the ground was very healthy and broad-based across regions and verticals. This was reflected in deals TCV of USD5.9b v/s USD5b in the previous two quarters, with healthy contribution from North America (USD3b+), BFSI (USD2b+) and Retail CPG (USD800m+). With respect to elevated onsite cost, TCS expects it to rationalize over a period of time via investments in training and also passing some of it to clients. The trend of supply shortage was called out by a few companies in 2QFY19 (INFO, MTCL and HEXW), which cited challenges in demand fulfilment at onsite. TCS 9MFY19 EBIT margin of 25.7% is after YoY INR depreciation of 8.4% for this period.

Management indicated that site cancellations have largely been concluded and the huge data growth is likely to drive the need for high network investment. This would be seen in macro site requirements, as telcos will need to make the network dense, besides building other layers of the network like fiber sharing, small cells, IBS, WiFi hotspot and other managed services. But Bharti Infratel does not plan to build ahead of telcos requirements. Further, we understand that Bharti Infratels dominant position in the tower market is weakening as the future of its large clientele is uncertain, while the new entrant is going solo towards network deployment. Newer technologies like IBS, small cell are being done independently by operators, while Bharti Infratel is slow in the roll-out. Our current estimates build revenue/EBITDA/PAT decline of 0%/11%/10% in FY19, and a similar trend should follow in FY20.

9 January 2019 IndusInd Banks (IIB) PAT grew by a muted 5% YoY to INR9.8b in 3QFY19 due to contingent provision of INR2.55b (toward infra group). NII grew 21% YoY, while NIM was largely flat at 3.83% on account of a rise in cost of funds. Total income increased 22% YoY on the back of healthy other income growth of 24% YoY. Core fees grew 18% YoY, led by higher forex income and loan processing fees. Opex growth (+16% YoY) trailed total income growth, resulting in robust 27% YoY growth in PPoP. Loan growth came in at 35% YoY, led by robust growth in the corporate segment. Consumer portfolio grew 28% YoY (+7% QoQ), led by strong traction in CV loans, equipment financing and credit card segments. The share of retail loans in total book stands at 39% (45% including business banking). MFI book stood at INR75.2b (4.34% of loans).

8 January 2019 TELXs revenue grew 17.8% YoY to INR4.07b in 3QFY19, lower than our estimate of +20% YoY. The company delivered INR revenue growth of 1% QoQ, which implies a sequential decline in USD revenue (as INR depreciated by 2%+ QoQ against USD). On a YoY basis too, USD revenue growth decelerated to 5.4% from 19% only three quarters ago. This can partially be attributed to 3Q seasonal weakness. EBITDA margin shrank 110bp QoQ to 25.4%, below our estimate of 26%. PBT margin of 23.2% missed managements guidance of 24-25%, mainly due to forex losses. Consequently, PAT grew by only 5% YoY (-20% QoQ; our quarter, 3Q saw a much slower growth in Software development (97% of revenue; +1% v/s +6% in 2QFY19), while System Integration (SI; 3% of revenue) grew 19% QoQ (v/s -12% QoQ in 2QFY19). PBT margin came in at 23.2%, lower than our estimate of 26.5%.

8 January 2019 The aggression demonstrated by the PGHH management in recent quarters on increase in ad spends, new launches and price cuts, wherever required. Continued market share gain in Vicks. New product - Vicks Baby Rub, launched in FY18 is reportedly doing very well. While valuations of 51.7x FY20 EPS implies that near-term upside is limited, category growth potential in the Feminine Hygiene segment (~67% of sales) and potential for market share growth because of its considerable moats, and (2) Potentially huge margin gains from premiumization in Feminine Hygiene over the longer term. Increasing pace of distribution expansion, continuing strong pace of category development efforts in schools to boost awareness and growth, rising ad spends after a lull in preceding years, healthy pipeline of new products and willingness to take price cuts whenever required to boost growth are all encouraging developments that should aid rapid growth for the company over the long term.

8 January 2019 reached a point where growth of dispatches will suffer not only in FY19E, but also in FY20E. COAL builds inventories during 2H of any financial year in order to meet demand in the 1H of the next financial year, when production is usually lower due to seasonally high heat followed by monsoons. Various government agencies and COALs top management need to work on a war footing to address these issues, else production growth will suffer. Since inventories at power plants remain low, the restocking demand will continue to drive higher demand in FY20E as well. Therefore, we need to reduce E-auction volumes by 3% to 79mt in FY19E and by 25% to 69mt in FY20E. A scarcity of coal for non-power will ensure that E-auction prices remain high. EBITDA estimates by 5%/6% to INR242/274b for FY19E/20E on combined impact of reduction in volumes and increase in E-auction prices as discussed above.

7 January 2019 Post amalgamation, Bandhan will have strong presence in the affordable housing segment. This will also help Bandhan to increase its reach in the western region. Promoter shareholding of Bandhan will fall to 61% v/s 82.3% as of now. This will take Bandhan a step closer to fulfil the 40% promoter shareholding requirement. The biggest advantage for GRHF is access to a stable source of funding and ability to expand its presence in the eastern region on the back of Bandhans branch network. HDFC Ltd will become the largest shareholder (Post Promoter) of Bandhan with ~15% shareholding. According to regulations, HDFC Ltd can a maximum hold 9.9% in any banking entity, subject to regulatory approval, and hence, we expect at least ~5% stake sale in future from HDFC Ltd in Bandhan (~INR40b based on combined MCAP of INR806b).

7 January 2019 Maharashtra DISCOM recently concluded auction of two distribution circles under the distribution franchisee (DF) model. The license is for 20 years, extendable by 10 years. More than 80% of the energy supply is to industrial/commercial customers. Based on preliminary data, Malegaon circle is equal to CESCs Kota distribution franchisee circle in terms of input energy. The input energy was 677MU and AT&C; losses stood at 47%. The input energy was 677MU and AT&C; losses stood at 47%. The contract is for 20 years, extendable by 10 years. The circle is adjacent to Torrents existing Bhiwandi operations. In terms of input energy, the circle is ~20% of size of its Bhiwandi operations. The winning bidder is selected on the price of input energy it will pay the DISCOM. DF has no role in fixing tariff (it is determined by the regulator for the DISCOMs operating area).

4 January 2019 Jewellery segment capitalized well on seasonal strength to report robust growth in 3QFY19. Management cited that the segment expanded its market share on account of robust same-store sales growth. Prescription Eyewear business also sustained growth momentum due to its strategy of offering more assortments at affordable price points and aggressive marketing spends. Management stated that the category continued delivering a strong performance on account of rapid store expansion, increasing affluence of customers in middle India, and strong consumer demand on account of the festive season of Diwali-Dussehra. The company also indicated that same-store sales growth remains very strong and that market share gains continue. In 3QFY19, TTAN added 11 new stores (65k sq. (collection of Heritage and Antique gold jewellery) during the quarter, which has received good customer response. Watches division reportedly continued its healthy growth momentum in 3QFY19, led by the focus on new designs and marketing spends.

After about a year-long competitive bidding process, BEST DISCOM found it economical to extend the existing PPA with Tata Power's Trombay and hydro power plants due to transmission constraints in Mumbai. Mumbai distribution circle relies heavily on embedded generation.

Overall demand environment was good in 3QFY19 with market share gains across key portfolios. The positive sentiment during the quarter was led by festive season and expectations of a stimulus from Government initiatives.

Bank of Baroda's (BOB) board has approved the merger with Dena Bank and Vijaya Bank with the following share swap ratios: (a) 402 equity shares of BOB for every 1,000 equity shares of Vijaya Bank and (b) 110 equity shares of BOB for every 1,000equity shares of Dena Bank.

28 December 2018 CESCs power distribution includes Kolkata, Noida (49% stake) and three franchisee (DFs) circles in Rajasthan. The generation portfolio includes installed capacity of ~2.5GW, of which only 300MW is without any long-term PPA. The regulated distribution business of Kolkata and Noida generates a healthy RoE of ~20%. Noida, which is a new circle, has grown at CAGR of ~21% over FY13-18 and we expect ~11% CAGR over FY18-21. The DFs are in the initial years of operation. We expect a meaningful contribution from DFs only after a couple of years. Generation capacity under long-term PPA generates healthy double-digit RoE on the back of efficient operations and favorable norms. CESC, in its new form, reported PAT of ~INR8.3b in FY18, up ~55% YoY, driven by the full benefit of Noida PPA at Dhariwal power plant. PAT is partly dragged by initial losses in the DFs (~INR1.