HDFC NAMO Top Stocks Report

Investment Idea :

DISHMAN PHARMACEUTICALS & CHEMICALS LTD

PRIVATE BROKING & WEALTH MANAGEMENTPRIVATE BROKING & WEALTH MANAGEMENT

NAMO SPECIAL

INDIA 2.0 PICKS

PRIVATE BROKING & WEALTH MANAGEMENT

GET READY FOR INDIA 2.0

The dark days of gloom, indecision, judicial activism are over. Get ready to welcome a recharged,transformed, aggressive India. Get Ready for India 2.0.

The Indian electorate have made their choice. In a move that will go down in history as landmarkmandate, they have handed over a bouquet of 282 seats to the BJP. That is more than the 272seats that the BJP and its leader Narendra Modi had asked for.

It will be the beginning of a new era. It will be a confident, stronger India that will emerge underthe leadership of Modi. Get ready for version 2.0 of India.

India will be re-rated

The FIIs have been sanguine on Modi ever since he was nominated as the PM candidate by theBJP on September 13, 2013. The Nifty is up by 23% from that time.

Modi’s ability to govern was never in doubt. But what was doubtful was whether the coalitionpartners in Delhi would give him the elbow room to govern the way he likes.

Sending this issue, Modi had asked for a clean mandate. And the electorate have delivered morethan that.

The political fundamentals of India have changed. The financial fundamentals will follow. Thiscalls for a massive re-rating of India.

FIIs will pour in money

A round $ 6 billion have come in from the FIIs in the current calendar year. We expect that atleast double of this amount will come in the balance 6 months. You can easily look forward toportfolio inflows at least $ 25 billion this calendar year.

There were many FIIs who were waiting for the elections. That money will now come in. Some ofit will come in before the budget, some would still like to wait for the budget. The FIIs currentlyhold around 22% of the Indian Equity. This has been going up by around 1% every year. Weexpect this rate to rise faster now.

Domestic Funds will turn net buyers

The domestic mutual funds have been net sellers for many years on the trot. The retail moneycould now come in to the Equity Mutual Funds, which could propel them to be net buyers ratherthan being net sellers in the equity markets.

PEs will rise

With a surge in expected inflows from the FIIs and the drying up the selling of the domesticmutual funds will have a higher impact on the prices, which will race up at a faster rate. With theMFs turning net buyers eventually, the PEs will shoot up even without waiting for Modi’s policiesto fructify.



17th May 2014


The markets are at a PE of 15 considering the FY 15 earnings. This is by no means expensive.Mind you in the year 2008, we had seen a PE of around 28.5. So aiming for a 20 PE could itselfmove the Nifty to a level of 9,300 in a year’s time.

Some Modi themes

The BJP manifesto gives out many hints as to what could be in store under the stewardship of aCEO who believes in Minimum Government, Maximum Governance. It means the cabinet will belight. The bureaucrats will be given longer stints to settle down and perform. The manifesto hastalked about aggressive building of roads, rail networks and even 100 new cities.

Cement will be in good demand and so will be the construction equipment. Companies in theRoad Infra sector could do well as the nation begins to build roads at a rate of more than 25kilometres a day.

Modi will have to address the energy sector. Incentives for increasing production of hydrocarbons could be on the agenda.

You would have to lay new railway lines for the last mile connectivity. You will need to producemore railway wagons and more earth moving equipment.

The PSUs will be better managed. Flab would be cut and decision making faster and productivityhigher. Once ugly PSU ducklings could eventually become market darlings.

Our GDP is around $ 2 trillion with around $1.4 trillion of Bank Assets. China was our currentsize in year 2000. They now a GDP of around $ 8 trillion and bank assets worth $23 trillion. Inthe next 15 years, we will become what China is today, our banking sector too will grow ata torrid pace. Banking is a proxy of India’s growth and therefore investors should have aminimum exposure of 35%.

Out of the box thinking

When a ring road needed to be built around Ahmedabad, non-agricultural land was acquired forthe purpose, without giving a single paise of compensation to land owners. They were givenrectangular plots nears the access points of the Ring Road, more than compensating for the landsurrendered.

In his thanks giving speech at Ahmedabad on Friday evening he called upon all the citizens of thenation to contribute to the nation building by just doing sincerely the work they do in their dailylife. In the form of Modi, we have a leader with enormous energy, open mind and single mindeddevotion.

Under him, we are sure, India will rise in stature in the international arena. Foreign policydecisions will be based more on what India gets than meekly towing Uncle Sam’s desired line.Our political fundamentals have changed for the better. Funds will flow in. PEs will rise. Earningswill rise later to justify earnings growth.

Confidently go out and invest. The FIIs have never seen such a strong Government. They willtake India to PEs we have never seen either.



17th May 2014


LARGE CAP PICKS:

ONGC LTD

POWERGRID

SBI

TATA MOTOR DVR



17th May 2014


BUSINESS BACKGROUND :

Oil and Natural Gas Corporation Ltd. (ONGC) is theleader in Exploration & Production (E&P) activities inIndia having 72% contribution to India’s total productionof crude oil and 48% of natural gas. ONGC hasestablished more than 7 Billion Tonnes of in-placehydrocarbon reserves in the country. In fact, six out ofseven producing basins in India have been discovered byONGC. ONGC produces more than 1.27 million Barrels ofOil Equivalent (BOE) per day. It also contributes overthree million tonnes per annum of Value-Added-Productsincluding LPG, C2 - C3, Naphtha, MS, HSD, Aviation Fuel,SKO etc.

INVESTMENT RATIONALE:

ONGC is the largest gas producer in India with attractiveEBIDTA margins of more than 34% and NPM of 16%.

The business generates a robust ROI of 18% and hasstrong free cash generation with a debt-equity of only0.07.

Gradual increase in diesel prices which along with aslower growth in large countries like India and Chinacould actually lower demand and in turn lower underrecoveries for ONGC.

Strong Rupee would reduce its under-recoveries as itsshare of subsidy is very high at 85%.

With BJP led NDA coming to power, we expect ONGC tobe a key beneficiary of expected reforms in the energysectors. We expect new government to immediately hikeregulated gas prices and ONGC will reap huge benefitsout of it.

We recommend investors to buy the stock between 360to 380 , with a target of Rs. 410 .

Particulars FY10 FY11 FY12 FY13

Revenue (Rs. Cr) 59987 65842 75758 82248

NP (Rs. Cr) 16768 18924 22970 20926

Equity (Rs. Cr) 2139 4278 4278 4278

EPS (Rs.) 19.60 22.12 29.36 24.46

Shareholding Pattern %

Promoters 68.94

Foreign Holding 6.70

Institution 10.86

Public & Others 1.67

Non Promoters Corp Hold 11.83

BSE Code 500312

NSE Code ONGC

Face Value (Rs) 5

Market Cap (Rs Cr) 329343

52 week H/L (Rs) 415.70/234.40

Shareholders > 1% Shares %

Gail India 205601068 2.40

Indian Oil Corporation 657923428 7.69

LIC Of India 666702623 7.79


EQUITIES

ONGC

BUY

CMP : Rs.383

BUYING RANGE : Rs. 360-380

TARGET: Rs. 410


17th May 2014



POWER GRID CORPORATION OF INDIA LIMITED(POWERGRID), the Central Transmission Utility (CTU) ofthe country under Ministry of Power is one amongst thelargest Power Transmission utilities in the world.

It owns and operates more than 90% of India's inter-state and interregional electric power transmissionsystems (ISTS). The company's business segments areTransmission, Consultancy and Telecom. Moreover, gridManagement function is looking after by Power SystemOperation Corporation Limited (POSOCO), a 100%subsidiary company of POWERGRID.


As principal electric power-transmission company of thecountry, it owns and operates 1,05,086 circuit kilometersof electrical transmission lines and 178 electricalsubstations with a total transformation capacity of190768 MVA as end of 31 December 2013.

India currently suffers from a major shortage ofelectricity generation capacity, even though it is theworld's fourth largest energy consumer after UnitedStates, China and Russia. Such a large deficit would offera great opportunity to expand its business for thecompany.

Further the company has announced high capex plan forthe upcoming years to support the growth.

Power Grid gets an assured regulated return on equity of15.5 % on its commissioned projects. This enables thecompany to pass through most of its costs to customers.Besides, it is entitled to an additional 0.5 % return onequity on meeting specified timelines.

We recommend investors to buy the stock between Rs.115 to Rs. 119, with a target of Rs. 130.


Revenue (Rs. Cr) 7127 8389 10035 12709

NP (Rs. Cr) 2116 2700 3268 4235

Equity (Rs. Cr) 4209 4630 4630 4630

EPS (Rs.) 4.9 6.2 7.0 9.2

BSE Code 532898

NSE Code POWERGRID

Face Value (Rs) 10


52 week H/L (Rs) 117/87


EQUITIES

POWERGRID CORPORATION OF INDIA LTD

BUY

CMP : Rs. 119


TARGET: Rs. 130



Promoters 57.9


Institution 8.5

Public & Others 4.5

Non Promoters Corp 2.7


Europacific Growth Fund 296023422 5.66

LIC of India 164489957 3.14

New World Fund INC 92408870 1.77

American Fund Insurance Series International Fund

70440440 1.35

Capital World Growth and Income Fund

64038000 1.22

ICICI Prudential Life Insurance Company Ltd

64003238 1.22

17th May 2014



State Bank of India is the largest state-owned bankingand financial services company in India. The Bankprovides banking services to the customer. In additionthrough its subsidiaries, it provides a range of financialservices, which include life insurance, merchant banking,mutual funds, credit card, factoring, security trading,pension fund management and primary dealership in themoney market.

The Bank operates in four business segments, namelyTreasury, Corporate/ Wholesale Banking, Retail Bankingand Other Banking Business. At present it has a wisenetwork of 15297 branches and 36740 ATMs.


Recently the bank has started to follow a strategy offour-pronged approach, which consists of four focusareas such as (a) NPA control, (b) Cost control, (c)improve other income and (d) raise productivity. This willbe the next drivers of the growth of bank.

Loan book reported 17% YoY growth as on Dec 13, at Rs1148901 Cr.

Asset quality though remained high with Net NPA of3.2% as on Dec 13, it is expected to improve witheconomic revival and focused strategy. The bank will bebenefitted from its leadership position in the market at atime of investment acceleration and economicturnaround. Net Interest Margin stood at 3.2% , themanagement is expecting the same level to continue.

Being largest Public sector bank, we believe SBIstands to gain from improvement in businesssentiment on decisive government in India. Hopesof credit growth and recoveries in hitherto badloans will propel the stock higher.

We recommend investors to buy the stock between Rs.2370 to 2410, with a target of Rs. 2650 .


Promoters 58.6


Institution 20.8

Public & Others 6.4


BSE Code 500112

NSE Code SBI

Face Value (Rs) 10


52 week H/L (Rs) 2469/1453

Shareholders > 1% Shares %Life Insurance Corporation Of India

111922056 14.99

HDFC Trustee Company Ltd - HDFC Equity Fund

12317048 1.65

Skagen Kon Tiki Verdipapirfond

7481682 1


EQUITIES

STATE BANK OF INDIA

BUY

CMP : Rs. 2414

BUYING RANGE : Rs. 2370 - 2410

TARGET: Rs. 2650



Revenue (Rs. Cr) 70994 81394 106521 119694

NP (Rs. Cr) 9166 8265 11707 14105

Equity (Rs. Cr) 634.9 635.0 671.0 684.0

EPS (Rs.) 144.4 130.2 184.3 210.1

BV (Rs.) 1038.8 1023.4 1251.1 1445.6

17th May 2014



Tata Motors Limited is India's largest automobilecompany. It is the leader in commercial vehicles in eachsegment. It is also the world's fifth largest truckmanufacturer and fourth largest bus manufacturer.

Through subsidiaries and associate companies, thecompany has operations in the UK, South Korea,Thailand and Spain. Among them is Jaguar Land Rover(JLR), the business comprising two iconic British brands.It also has an industrial joint venture with Fiat in India.

Its cars, buses and trucks are being marketed through acomprehensive global distribution network operating in182 countries and over 6,600 sales and service touchpoints.


Tata motors DVR is trading at 43.5% discount to TataMotors shares, primarily due to lack of awarenessamongst the market participants. We believe the currentdiscount of 48.8% to Tata Motors shares is good enoughan entry point for long term investors as it gives extramargin of safety.

Analyst community is expecting 2014 global car sales toaccelerate by 4% as compared to 2013.

JLR, is a fast growing innovative company with richhistory, iconic brands and exciting new product launcheslined-up in the next few years. The company has grownits sales and profits by 40% and 35% CAGR respectivelyin last five years.

We recommend investors to buy between Rs. 235to 250 , with a target of Rs. 280.


Revenue (Rs. Cr) 91893 121421 164855 187653

NP (Rs. Cr) 2571 9274 13517 9893

Equity (Rs. Cr) 570.6 637.7 634.8 638.1

EPS (Rs.) 9.7 31.1 42.6 31.0

BSE Code 570001

NSE Code TATAMTDVR

Face Value (Rs) 2

52 week H/L (Rs) 456/263


EQUITIES

TATA MOTORS DVR

BUY

CMP : Rs.253


TARGET: Rs. 280


Shareholding Pattern DVRTATA

MOTORS

Promoters 0.7 34.3

Foreign Holding 66.8 49.2

Institution 23.3 9.3

Public & Others 6.8 6.8

Non Promoters Corp 2.4 0.3


Mathews Asia Dividend Fund 33395515 6.93

HSBC Global Investment Funds A/c HSBC GlF Mauritius

29086664 6.03

HDFC Trustee Company Ltd HDFC Top 200 Fund

21845457 4.53

HDFC Trustee Company Ltd -HDFC Equity Fund

21422875 4.44

Government of Singapore 16838040 3.49

Merrill Lynch Capital Market Espana S A S V

15308008 3.18

Government Pension Fund Global

13206117 2.74

Swiss Finance Corporation (Mauritius) Ltd

11334646 2.35

17th May 2014


SMALL CAP PICKS:

GIC HOUSING FINANCE LTD

KSB PUMPS LTD

MAX INDIA LTD

PTC INDIA FINANCIAL SERVICES LTD

THE RAMCO CEMENT



17th May 2014



GIC Housing Finance Ltd is a subsidiary of GeneralInsurance Corporation of India. The company is engagedin the housing finance activity, operating in the retailloan segment. It was incorporated on December 12,1989 with with the objective of entering in the field ofdirect lending to individuals and other corporates toaccelerate the housing activities in India.


The company is focusing to middle to lower middleincome borrowers with an average ticket size of Rs 15lakh.

Loan Book of the company grew by 17% in FY14 at Rs5313 Cr from Rs 4539 Cr of FY13.

NII increased by 15% at Rs 205 Cr for FY14, whereasNP, too reported 15% YoY jump at Rs 98 Cr.

Focused strategy to control the asset quality has started to show its result with gross NPA coming down to 1.8% in Q3Fy14 from 3.9% in FY10 with 100% cover.

It is consistently paying dividend from the last 22 years,current Dividend Yield: 4.1%

Low mortgage penetration and increasing urbanization will drive the housing demand in coming years.

Government initiatives in terms of interest subvention and ECB allowance would ease the liquidity in the market.

We recommend investors to buy between 125 to 130, with a target of Rs. 170 in a years time.


Promoters 61.8

Foreign Holding 6.2

Institution 12.2



BSE Code 511676

NSE Code GICHF

Face Value (Rs) 10


52 week H/L (Rs) 132/79

Shareholders > 1% Shares %HDFC Trustee Company Ltd HDFC MF Monthly Income Plan Long Term Plan

11967917 5.02

Somerset Emerging Markets Small Cap Fund LLC

6878082 2.89

UTI - Childrens Career Balanced Plan

6438541 2.7

Franklin Templeton Mutual Fund A/C Franklin India Prima Fund

3971383 1.67

ICICI Prudential Value Fund 3150469 1.32


EQUITIES

GIC HOUSING FINANCE LTD

BUY

CMP : Rs. 131


TARGET: Rs. 170



Revenue (Rs. Cr) 336 436 554 625

NP (Rs. Cr) 80 59 85 98

Equity (Rs. Cr) 53.9 53.9 53.9 53.9

EPS (Rs.) 21.1 11.0 15.8 18.1

BV (Rs.) 86.6 92.2 102.2 113.4

17th May 2014



KSB Pumps manufactures pumps and valves. Thecompany supplies its products to customers fromindustry and building services, OEMs, the energyindustry, mining and the public sector, power plants,process engineering etc. KSB's products are also used inchemical, petrochemical and other industries to transportaggressive, corrosive, explosive, solids-laden and viscousliquids, industrial and municipal waste water and in theareas of heating and air conditioning.


The wide application across core industries like Cement,Metals, Steel, Fertilizer, Oil & Gas, Power, Hydrocarbon,Chemical, Water treatment and Agriculture will ensurehealthy growth once the investment cycle recovers.

The company has a debt-free balance sheet with a freecash flow.

It has initiated a project called the Strategic Project toimprove efficiency and boost growth in these difficulttimes.

El-Nino effect is threatening lower rainfall in India, thismay lead to usage of higher pump sales in the countryand may benefit KSB Pumps also.

We recommend investors to buy the stock between370 to 380 with a target of Rs. 450.


Revenue (Rs. Cr) 609 745 710 725

NP (Rs. Cr) 52 43 58 60

Equity (Rs. Cr) 17.4 34.8 34.8 34.8

EPS (Rs.) 14.8 12.4 16.7 17.2

BSE Code 500249

NSE Code KSBPUMPS

Face Value (Rs) 10


52 week H/L (Rs) 390/192


EQUITIES

KSB PUMPS LTD

BUY

CMP : Rs. 380


TARGET: Rs. 450



Promoters 66.4

Foreign Holding 2.5

Institution 13.1



Shareholders > 1% Shares %Reliance Capital Trustee Co Ltd - A/C Rel Diversified Power Sector Fund

2655080 7.63

Reliance Capital Trustee Co Ltd - A/C Reliance Tax Saver (Elss) Fund

1354550 3.89

Thyssenkrupp Industries India Pvt Ltd

1080000 3.1

Bajaj Allianz Life Insurance Company Ltd

883588 2.54

Pinebridge Investments Asia Ltd

605949 1.74

Unit Under Various Accounts

519910 1.49

17th May 2014



Max India Limited is a multi-business corporate, drivenby the spirit of enterprise and focused on people andservice-oriented businesses. It is into life insurance andhealth insurance businesses through its subsidiaries andjoint ventures. The company also provides healthcareservices. The Group is on a high growth path, with acustomer base of over 6 million, over 300 offices across276 locations in the country and people strength of60,000.


A play on underpenetrated segments of insurance,hospitals and health insurance

Max Life Insurance: Resilient business modelDespite industry witnessing significant slowdown in wakeof ULIP guidelines, Max Life remained resilient andgained market share.

Max Healthcare: Humungous scalability potentialWe expect EBITDA margin will improve meaningfully asoccupancy rates will improve.

Nascent businesses: Value unlocking potentialMax BUPA, Max Specialty Films—although small, hasgrowth potential.

Company reported robust 177% growth in Q3 on back ofreduction in expenditure. We expect company to repeatits splendid performance in Q4 also.

The stock trades extremely attractive valuations 8xits TTM earnings of Rs. 27 per share. Werecommend investors to buy the stock between Rs.225 to 240 , with a target of Rs 290 per share.


Revenue (Rs. Cr) 5574 6667 8537 10560

NP (Rs. Cr) -72 9 155 784

Equity (Rs. Cr) 46.5 46.5 52.9 53.1

EPS (Rs.) 0 0.15 5.95 29.5


Promoters 39.5


Institution 11.1

Public & Others 5.8


BSE Code 500271

NSE Code MAX

Face Value (Rs) 2


52 week H/L (Rs) 244/151


Xenok Ltd 24079700 9.04

GS Mace Holdings Ltd 17196381 6.46

Reliance Capital Trustee Co Ltd A/c Reliance

14051763 5.28

International Finance Corporation

10326311 3.88

ICICI Prudential Indo Asia Equity Fund

8719222 3.28

Aranda Investments Mauritius Pte Ltd

8065117 3.03


EQUITIES

MAX INDIA LTD

BUY

CMP : Rs.240


TARGET: Rs. 290


17th May 2014



PTC India Financial Services Ltd is a non-bankingfinancial company (NBFC) promoted by PTC India. It hasbeen granted the status of an infrastructure financecompany (IFC) by the Reserve Bank of India. Thecompany offers an array of financial products toinfrastructure companies in the entire energy valuechain. PFS also provides fee based services likesyndication and underwriting.


The loan book of the company stood at Rs 4974 Cr as onMay’ 14, more than double of Rs 2296 Cr of Mar'13.

Management is upbeat on the growth momentumand expects the loan book to double in about 18month's time frame.

For FY14, NII grew by 38% YoY at Rs 256 Cr resulting in38% increase in NII at Rs 255.58 Cr, while PAT for the12 months ended Mar'14 stood at Rs 208 Cr, up by 99%YoY.

Interest spread stood at 4.57% for March 2014 and NIMstood at 6.9% and management expects the same tocontinue going forward in FY'15 as well.

Despite the general concern of loans to wind powersegment, management continues to assure that thequality of the asset book continues to remain robust andnil NPA continues.

Management expects power and infrastructure sectoractivity to kick-start post election results and especiallyin H2 FY'14-15.

We recommend investors to buy the stock betweenRs. 17 to 19 , with a target of Rs. 23 in a yearstime.


Revenue (Rs. Cr) 87 265 251 502

NP (Rs. Cr) 37 154 104 208

Equity (Rs. Cr) 562 562 562 562

EPS (Rs.) 0.9 2.7 1.9 3.7

BV (Rs.) 18.1 20.7 21.8 23.5


Promoters 60.0

Foreign Holding 5.4

Institution 16.2



BSE Code 533344

NSE Code PTCFSL

Face Value (Rs) 10


52 week H/L (Rs) 9.5/20.2


G S Strategic Invt Ltd 48666667 8.7

HSBC Bank (Mauritius) Ltd A/c GMFA Asia Venture Ltd

20691920 3.7

Macquaire India Holdings Ltd

19466667 3.5

LIC of India 13882595 2.5

Bajaj Allianz Life Insurance Company Ltd

13246882 2.4


EQUITIES

PTC INDIA FINANCIAL SERVICES LTD

BUY

CMP : Rs. 19


TARGET: Rs. 23


17th May 2014



The Ramco Cements Limited (Formerly Madras CementsLtd) is the flagship company of the Ramco Group, a well-known business group of South India.

It is headquartered at Chennai. The main product of thecompany is Portland cement, manufactured in eightstate-of-the art production facilities that includesIntegrated Cement plants and Grinding units with acurrent total production capacity of 15.5 MTPA. Thecompany is the fifth largest cement producer in thecountry. The company also produces Ready Mix Concreteand Dry Mortar products, and operates one of the largestwind farms in the country.

INVESTMENT RATIONALE:It is one of the top three cement producers in SouthIndia with total cement capacity of 12.5mtpa (0.95mtpain West Bengal and the balance in the South India).

The cement grinding capacity(15.5 m TPA) is more thanthe rated cement capacity and it allows the companyflexibility in targeting end markets.

The company is focused primarily on south (90%dispatches) with some exposure to east. Its brands arepriced at par with Pan India players. It also hasoperational wind farm capacity of 159MW and 157MW ofCPP capacity.

Offers an attractive play due to superior operatingefficiency, premium profitability , captive power plantand strong cash flow visibility.

We recommend investors to buy Rs. 228 to Rs. 240, witha target of Rs. 290.


Revenue (Rs. Cr) 2801 2605 3203 3788

NP (Rs. Cr) 354 211 385 404

Equity (Rs. Cr) 23.8 23.8 23.8 23.8

EPS (Rs.) 15.0 9.0 16.0 16.9

BSE Code 500260

NSE Code RAMCOCEM

Face Value (Rs) 1


52 week H/L (Rs) 256/136


EQUITIES

THE RAMCO CEMENT LTD

BUY

CMP : Rs. 240


TARGET: Rs. 290



Promoters 42.3


Institution 14.8



Govt Holding 3.4

Shareholders > 1% Shares %Aberdeen Global Asian Smaller Companies Fund

14294113 6.01

Aberdeen Global Emerging Markets Smaller Companies Fund

8621665 3.62

The Governor Government of Tamil Nadu

8000000 3.36

Sudarshan Securities Pvt Ltd

7640000 3.21

The Oriental Insurance Company Ltd

4425058 1.86

The New India Assurance Company Ltd

4338392 1.82

17th May 2014

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DisclaimerThis report has been prepared by HDFC securities Ltd and is meant for sole use by the recipient and not forcirculation. The information and opinions contained herein have been compiled or arrived at, based uponinformation obtained in good faith from sources believed to be reliable. Such information has not beenindependently verified and no guaranty, representation of warranty, express or implied, is made as to itsaccuracy, completeness or correctness. All such information and opinions are subject to change withoutnotice. This document is for information purposes only. Descriptions of any company or companies or theirsecurities mentioned herein are not intended to be complete and this document is not, and should not beconstrued as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments.HDFC Securities Ltd may from time to time solicit from, or perform broking, or other services for, anycompany mentioned in this mail and/or its attachments. HDFC securities Ltd, its directors, analysts oremployees do not take any responsibility, financial or otherwise, of the losses or the damages sustaineddue to the investments made or any action taken on basis of this report, including but not restricted to,fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs,reduction in the dividend or income, etc. Neither HDFC securities nor any of its employees shall be liablefor any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lostprofits arising in any way from the information contained in this material. This report is intended for retailand private client group and not for any other category of clients, including, but not limited to, Institutionalclients. For detailed disclaimer refer our website www.hdfcsec.com.

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HDFC NAMO Top Stocks Report