Contents

Economics 4
Equity market outlook 7
Sector and stocks 15
Fixed income 22
FX: INR depreciation likely 24
Company profiles 27
Hindustan Unilever (HUVR IN, OW) 28
Shree Renuka Sugars (SHRS IN, OW/V) 29
Bank of Baroda (BOB IN, OW/V) 30
Bharti Airtel (BHARTI IN, OW/V) 31
Shree Cement (SRCM IN, OW/V) 32
GMR Infrastructure (GMRI IN, UW/V) 33
ICICI Bank (ICICBC IN, UW/V) 34
India Cements (ICEM IN, UW/V) 35
Disclosure appendix 41
Disclaimer 44