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NSELIVE
2022 theme," Dinesh
26 Dec, 2017 15:54 1,031.95 38.10 (3.83%)
Rohira, Founder & CEO, Volume 659405 Todays L/H 1,014.00 1,047.00

5nance.com said in an
interview to
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Shankar Matkar

Edited Excerpts

Q) 2017 has been a great year for Indian equities as the market grew by around
25 percent. Do you see same kind of rally in 2018 also and what is your Nifty
target for December 2018?

A. The confidence of the current government to execute a structural reform on broad

level has leverage the investor with long-term optimism in the Indian equity market.
The rally witnessed during the current year certainly paved buoyancy with similar
expectation for next year. Taking a moderate stance on the backdrop of volatile year
ahead for market in 2018, we expect Nifty index to trade at around 11,801-11,906
target level with upside of about 14 per cent by the end of December 2018.

Q) As the Gujarat election fever over, what are

the next key events (or themes) to watch out for
(http://www.moneycontrol.com/elite/profile/dinesh-
rohira_7615> <img src=) the year 2018? Will those events drive the
market up or down?

A. There was certainly a euphoria in market after

(http://www.moneycontrol.com/elite/profile/dinesh-
BJP winning from both the state assembly election
rohira_7615.html) in Gujarat and Himachal Pradesh. The win in
Dinesh Rohira
Founder & CEO|5nance.com election has positively flagged strong hold of
current government with expectation of retaining
the spot in 2019 general election.

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12/26/2017 Budget 2018: Corporate tax cut, NPA resolution, home loan subsidy may be on agenda; keep these 5 stocks on radar - Moneycontrol.com

Apart from the assembly elections to be held in 7-8 states in 2018, the major event to
watch in 2018 will be the Union Budget which is due on 1st of February. It will be
closely watch event with expectation of corporate tax rate cut coupled with major
spending outline by government among others which will be the market in volatile
regime. However, it will be too early to comment on market momentum but it will
likely be positive event for the market if the expectation turns true. On the flip side,
the possibility of rate hike by RBI in any of 2018 bi-monthly meeting will stretch
hostile situation for the equity market if the mandate inflation rate gets breached at
upper side.

Q) The domestic liquidity supported markets in the year 2017. Will that liquidity
support continue in 2018 as well or do you see some tapering of flows?

A. Given the India’s long-term macro story at positive grid, the inflow from both the
category of investors pumped funds into Indian equity market in current fiscal year.
The rich liquidity in global market along with domestic liquidity post-demonetisation
upsurge the various asset class to trade ahead of its fundamental particularly in
equity asset class.

The domestic market is expected to support the equity market with positive liquidity
outlook on the backdrop of slowing yield curve movement and reducing interest rate
regime in fixed income asset class. Further the government’s stimulus package for
the weaker sector is expected to get phase out in next year with its effort to boost the
economy and thus indicating a positive outlook for the corporates. However, the
Indian market might witness a headwind in foreign inflow with major central banks
across the globe beginning with normalcy monetary policy. Any rate hike by US fed
by 50-100 bps in next year might drive away inflow from emerging market like India
and keeping the market in pressure.

Q) Everyone is saying corporate earnings were far better-than-expected in

September quarter. Do you see December quarter earnings laying foundation
stone of earnings recovery?

A. The headwinds witnessed during the demonetisation coupled with rollout of GST
propelled the equity market with hawkish earnings growth. It saw a subdued
earnings growth during the first quarter of FY18 with both the structural reforms
taking its form. However, the earnings data in Q2FY18 revealed an uptick in business
with majority of the corporate earnings data beating the estimates. Given the interim
data indicating a positive outlook with increasing consumer spending and major
project take-off, it is expected to show similar trend going forward in Q3FY18.

Q) After Gujarat elections there are as many as 8 state assembly elections lined
up before general elections in the year 2019. Do you see a change in tactics of the
Modi government or a policy shift in policy framework – from reformist to
populist? What are your key expectations from the last full-fledged Budget,
especially after Gujarat elections results?

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12/26/2017 Budget 2018: Corporate tax cut, NPA resolution, home loan subsidy may be on agenda; keep these 5 stocks on radar - Moneycontrol.com

A. The Modi government has shown a stability in power after winning Gujarat
election and similar action could be seen next 2018 assembly election. However,
given the circumstantial of the states in upcoming assembly election, the policy might
see certain mild populist framework underlying the low-income individual in
agenda.

Further, the expectation from the Union Budget 2018 centres around corporate tax
rate cut coupled with increase in government spending while keeping the fiscal
deficit under control. Further we might witness subsidy with respect to home loan
for the middle-income individual in its effort to push the housing for all 2022 theme.
The government is likely to outline a roadmap on NPA resolution and frame a better
outlook going forward with PSU banks.

Q) Top five stocks which you think could give multibagger return in the next 2-3
years?

A. Dilip Buildcon
(http://www.moneycontrol.com/india/stockpricequote/construction-contracting-
civil/dilipbuildcon/DB04)

The improving sector outlook on the back drop of Bharatmala program and the
company’s capability to execute the diversified projects enables Dilip Buildcon to
positions itself on frontend. The company has close to Rs. 14,000 crore order book as
of second quarter which is higher comparing to other peers.

The company’s ability to execute the project faster has enable to boost the operating
margins with lower financial leverages. Given the strong business model coupled
with traction in order inflow and declining leverage, it is expected to give higher
growth.

Manpasand Beverages
(http://www.moneycontrol.com/india/stockpricequote/food-
processing/manpasandbeverages/MB04)

The expectation of revival in consumer spending especially from the rural segment
on the backdrop of good monsoon during last two fiscal years is expected to boost the
growth in FMCG sector. Manpasand Beverage is expected to capitalize on growing
demand for mango beverages which is the core business of the company.

The company is expected to benefit from recent hike in FII investment coupled with
its expending distribution network anticipated to create better capacity utilization.
Further, despite business in sector, it registered an 18.2% y.o.y. increase in standalone
revenue in Q2FY18 while the PAT increased by 64.8% y.o.y during the same quarter.

Venkys (India)
(http://www.moneycontrol.com/india/stockpricequote/miscellaneous/venkys/V03)

The structural reforms like GST is expected to benefit organized company in poultry
market like Venkys on long-term basis. The has shown consistent profit growth of
28.81 per cent in last 5 years despite remaining under pressure during the second

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12/26/2017 Budget 2018: Corporate tax cut, NPA resolution, home loan subsidy may be on agenda; keep these 5 stocks on radar - Moneycontrol.com

quarter of the FY18. The lower profit margin attributed to increase in cost of feed
coupled with finance cost which was used for business expansion project.

It is expected to create niche for the company upon the commission of the projects.
We anticipate to outperform the broader market with scrip trading upward at 571.76
per cent on YTD basis.

Sunteck Realty
(http://www.moneycontrol.com/india/stockpricequote/construction-contracting-
real-estate/sunteckrealty/SR05)

The focus of current government on affordable housing scheme is empowering

Sunteck Realty to capitalize on residential development and it is expected to create a
long term growth opportunity for the business.

As company focuses to launch mid-income value home projects under the affordable
housing segment over the next few quarters, its speciality in residential development
is expected to offer niche branding for the business. With increased habitation in
metropolitan city (Mumbai), the sales volume is expected witness upsurge.

Rain Industries (http://www.moneycontrol.com/india/stockpricequote/cement-

major/rainindustries/RC12)

Rain Industries is the second largest carbon product supplier to the market in
aluminium industry coupled with its diversified business spread across cement and
chemical segment. With uptick in infra sector along with chemical segment, Rain
Industries is well positioned to cater the demand from all three segment.

Further its arm commenced the operation of waste heat recovery based power plant
which is expected to reduces the cost of power generation. The growth story from the
Indian economy is anticipated to create huge opportunity for the Rain Industries.

Q) Apart from rising crude oil prices, what are the other macro risks for Indian
markets in 2018?

The macro risk is certainly predominant with rising crude oil price in recent period
creating a negative sentiment for the domestic market. However, apart from the
crude price, India is poised for risk from global central banks such as US fed rate hike
& normalcy of monetary policy in European region, thus impacting the dollar inflow
coupled with pressure on Indian rupee.

Further the rising inflation rate and worrisome fiscal deficit is likely to keep Indian
market at volatile regime. The market also poses a risk over geopolitical concerns
especially from North Korea turning the Asian market in hostile situation.

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