Volume 2 Issue 12 03.2013

MONTHLY ECONOMIC UPDATEMONTHLY ECONOMIC UPDATE

INDUSTRY FOCUS -INDIAN EDUCATION SECTOR

INDUSTRY FOCUS -INDIAN EDUCATION SECTOR

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From The Managing Director’s Desk

Dear Readers,

I hope that LSI’s initiative of knowledge-sharing is adding value to our esteemed readers. In the current issue we dwell on the subject of Indian Education Sector.

Education is the key to unlocking and building lasting value in a robust economy. A well-positioned educated young population is the fundamental requirement to meet the demands of an increasing global economy and productive value creation. India has the largest student population in the world but still it has low literacy level of approximately 74.0%. Additionally, there is shortage of employable manpower in various industry segments. In order to meet this existing and emergent demand, there is big need for investments in the Indian education sector.

Currently, education is primarily handled by the Government through its infrastructure and budget outlays. However, given the small budget outlays and complex regulatory structure, supply is lagging far behind the demand for education.

Increased private investment is thus imperative to expand infrastructure and provide greater access to quality education in India. Rather, public private partnerships could be an effective mechanism for attracting much needed private sector investment into the Indian education system without diluting the regulatory oversight of the Government and other regulators.

Hope you enjoy reading the series!

Raj Kajaria

Inflation on y-o-y basis (%)

All

com

modit

ies

Pri

mary

Art

icle

s

Min

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ls

Fuel and P

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20.0

10.0

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Food P

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Jan '13Feb '13

MACROECONOMIC UPDATE

Highlights

l

CRR unchanged at 4.00%.

lIn February 2013, India's services PMI decreased to 54.2 as against 57.5 in the previous month. However, manufacturing PMI of India increased to 54.2 in February 2013 as against 53.2 in the previous month.

lThe Uttar Pradesh Government, which is eyeing 8.5% growth during the 12th five year plan, has sought assistance of over $3.5 billion from the World Bank in the coming 3-5 years.

lIn February 2013, Indian Inc's invested $1.65 billion in foreign countries through equity, loans and issuing guarantees to their wholly owned subsidiaries & JVs in abroad as compared to $3.30 billion in the previous month.

lAccording to the clean energy consulting company, Mercom Capital Group, India is likely to install 1,300-1,400 MW (megawatt) of solar power in 2013.

lThe Government is expected to raise around `3,639 crore from CDMA spectrum auction.

lDuring April-January of the FY2012-13, FDI decreased by 39% y-o-y to $19.10 billion due to global economic uncertainties.

lIn 2012, Indian companies made 72 acquisitions abroad worth $11 billion as compared to $6.7 billion in the previous year.

lThe Cabinet Committee on Economic Affairs has approved 2 port projects in Kolkata worth ̀ 1,700 crore to increase the capacity of ports in the country.

lDuring April-December of the FY2012-13, India imported telecom equipment worth `39,821 crore as compared to ̀ 52,441 crore in the previous fiscal year.

lAccording to the Government, out of the 32 national highway projects awarded during the FY2011-12, 18 projects are yet to get the financial closure.

RBI has cut repo rate by 25 bps to 7.50%, while kept the

lDuring the period April-February of the FY2012-13, India's Indirect tax collection surged by 20% y-o-y to ̀ 4.17 lakh crore.

lThe Foreign Investment Promotion Board has cleared 12 proposals of FDI amounting to `2,609 crore. However, it deferred 9 pending proposals.

lThe Government has decided to pay `25,000 crore additional cash subsidy to State owned fuel retailers for the revenue they lost in selling auto and cooking fuel at low price in the FY2012-13.

lIn February 2013, India's power generation fell short of target by 6,000 million units to 68,474.92 million units against the target of 74,532 million units due to drop in thermal and hydro power production.

lFIIs have infused $1.4 billion in the Indian equity market in March 2013, taking the total inflows to $10 billion in the CY2013.

Source: Office of Economic Advisors

IIP sectorwise on y-o-y basis (%)

Min

ing

Manufa

cturi

ng

Capit

al G

oods

Inte

rmedia

te G

oods

Consu

mer

Dura

ble

s

Consu

mer

non-D

ura

ble

s

-2.9-0.7

5.32.7

-0.9 -0.9-0.1

-8.2

2.0

-1.8 -1.4

-40

-20

0

20

Ele

ctri

city

Refi

nery

Cem

ent

Natu

ral G

as

Fert

iliz

ers

Source: Office of Economic Advisors

Jan '13Feb '13

Dec '12Jan '13

Source: RBI

-20

-20

0

20

40

Coal

Cru

de

Ste

el

-8.0 -4.0

-16.8-20.1

10.54.3 3.03.9

-4.0

0.51.96.3

-4.1-9.1

2.3

-0.2

Bank Credit ` croreas on 8th Mar 2013, previous 22nd Feb 2013

Key Economic Indicators

Forex Reserve $mlnas on 15th Mar 2013, previous 8th Mar 2013

as on 22nd Feb 2013, previous 8th Feb 2013Certificate of Deposits %

as on 15th Feb 2013, previous 31st Jan 2013Commercial Paper %

latest Jan 2013, previous Dec 2012IIP %

latest Feb 2013, previous Jan 2013Inflation %

latest Feb 2013, previous Jan 2013WPI for 'All Commodities'

latest Feb 2013, previous Jan 2013Export $bln

latest Feb 2013, previous Jan 2013Import $bln

51,80,810

7.88-14.96

7.95-9.90

2.4

6.84

170.2

26.3

41.2

292,316.70

51,26,010

7.97-13.37

7.85-9.31

0.6

6.62

169.2

25.6

45.6

290,350.40

6.6 6.8

9.710.3

2.10.6

10.5

7.1

3.84.8 4.5

8.2 8.2

3.01.9 2.42.5

-4.0

6.3

COMMODITY UPDATE DEBT UPDATE

l

from $56.3 billion in the FY2011-12.

lOil prices reduced by more than ̀ 2 in all metro cities of India. Hence, the revised price of oil in Delhi, Kolkata, Mumbai and Chennai is now ̀ 68.34, ̀ 75.84, ̀ 75.14 and ̀ 71.41 respectively.

lNMDC cuts iron ore prices by 2.2% to `4,950 per tonne for local steel mills in March 2013.

lAccording to Indian Sugar Mills Association, India produced 18.8 million tonnes (MT) of sugar during October 2012-February 2013, which is marginally lower than the year-ago period.

lDuring April-February of the FY2012-13, India's oilmeal export decreased by 13% y-o-y to 4.33 MT from 4.97 MT tonnes in the corresponding period of the previous year.

During April 2012-January 2013, India's gold import decreased to $42 billion lIndian companies raised approximately $3.51 billion through ECBs in January 2013 to fund modernization, refinance and import of capital goods.

lThe Government has pegged its gross borrowing for the FY2013-14 at `5.79 lakh crore, while the net borrowing would be at `4.84 lakh crore as against `4.79 lakh crore in the FY2012-13.

lIndian companies, both public and private sectors, raised `39,025 crore through private placement of debt securities or bonds in January 2013. During April to December 2012, private sector companies raised `75,214 crore through private placement of debt instruments compared to `42,358 crore during the same period of the previous year.

lAccording to RBI, bank credit to industry witnessed a slower growth at 15.2%y-o-y in January 2013 as against 20.2% y-o-y a year ago.

lThe Government has decided to borrow `3.49 lakh crore in the first half of the FY2013-14. This will represent 58% of the total budget.

lRBI has announced the purchase of Government bonds up to ̀ 10,000 crore.

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Daily price movement of and in terms of$ € `

Source: www.oanda.com

DO

LLA

R

EU

RO

53.50

55.00

56.50

52.00

72.00

70.50

69.00

67.50

`/€`/$

Daily Price Movement of Gold and Silver at Ahmedabad Exchange (`)

Source: MCX

SIL

VE

R

GO

LD

31000

27000

28000

51000

55000

53000

59000

5700030000

29000

Source: MCX

Daily Price Movement of Copper and Crude Oil at Mumbai Exchange (`)

CO

PP

ER

480

460

420

400

440

CR

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IL

5400

5200

5000

4600

4800

CORPORATE UPDATE GLOBAL UPDATE

PRIVATE EQUITY UPDATE

EQUITY UPDATE

lApeejay Surrendra Park Hotels has decided to invest 1,200 crore in the coming 4-5 years to set up four new properties in India, which would add over 800 rooms.

lElder Pharmaceuticals has formed a 40:60 JV with Japan's Kose Corporation to manufacture and sell cosmetics in India.

lKolkata-based steel maker, Visa Steel has formed a 51:49 JV with SunCoke Energy.

lCredit Suisse (Singapore) Ltd has acquired 1.56% stake in FMCG company, Emami Ltd for ̀ 141 crore.

lLife Insurance Corporation has sold its 2.02% stake in Federal Bank for about `170 crore.

lBharti Airtel has acquired additional 13.36% stake in its Nigerian entity, Airtel Networks, which increased its current holding to 79% in the latter.

lTata Steel has acquired 51% stake in the iron ore resources of Canadian company, Labrador Iron Mines for ̀ 163 crore.

lNMDC is planning to raise `8,000-10,000 crore by selling its 50% stake in upcoming 3 MT p.a. steel plant in Chhattisgarh to a strategic partner.

lVideocon Mobile Services has signed an in-principle agreement with European telecom gear maker, Nokia Siemens Network to roll out 4G services in India.

lFuture Group has agreed to sell 22.5% stake in its life insurance JV with Italy's Generali Group to Industrial Investment Trust Ltd for ̀ 280-300 crore.

lCoal India is planning to set up a ̀ 9,000 crore power plant in Odisha.

lVideocon Industries is planning to enter the banking sector with a foreign partner and has earmarked ̀ 1,000 crore for the purpose.

`

lIn February 2013, India's PE transaction decreased by 35% y-o-y to $378 million across 29 deals as compared to $596 million across 45 deals in the corresponding month of the previous year.

lTDI Infrastructure has raised ̀ 110 crore from PE firm, Kotak Realty Fund for the development of its 29-acre housing project at Kundli, Haryana.

lKotak Mahindra group raised `490 crore for its India Infrastructure PE fund to invest in companies engaged in power generation or transmission, road, port, airport, water treatment & supply, waste management and gas transmission & distribution in India.

lUS-based PE firm, Apollo Global Management LLC is planning to sell its 11% stake in Dish TV India Ltd, which has a market value of about $290 million.

lHong Kong-based PE fund, AID Partners invested $10 million in its subsidiary, Prime Focus World. The investment has been made through optionally convertible preference shares of the latter.

lThe Indian media and entertainment sector witnessed deals worth $1.5 billion across 35 transactions in 2012 as against $1.017 billion across 27 deals in the previous year.

lBeams Hospital is planning to raise up to ̀ 110 crore through PE route to fund its expansion plans.

lBlackstone acquired 50% stake in a SEZ at Pune for ̀ 450 crore.

lSequoia Capital is investing `120 crore in cookware and kitchen appliances company, Stovekraft. This would increase its stake to 40% from its current holding of 27% in the latter.

lDuring the period January 2013-March

19, 2013, global M&A deal value surged by 6% y-o-y to $430.4 billion, while the deal activity of USA increased by 62% y-o-y to over $5 billion during the period.

lEuro zone inflation rate declined to 1.8%

in February 2013 as compared to 2.0% in the previous month.

lIn February 2013, China's PMI decreased

to 50.1 as against 50.4 in the previous month as the country's annual inflation rate jumped to a 10-month high in February 2013 to 3.2%.

lThe unemployment rate in United States

decreased to 7.70% in February 2013 from 7.90% in the previous month. .

lIn February 2013, China's export surged

by 22% y-o-y to $139.37 billion while import declined by 15.2% y-o-y to $124.12 billion.

lIn February 2013, FIIs invested $4.6 billion in Indian equities making a total investment of $8.4 billion in the FY2012-13.

lUttam Galva Steels plans to raise up to `175 crore through public issue or private placement or QIP to fund its expansion.

lInsurance Regulatory and Development Authority has finalized the norms for IPO by general insurers. According to it, only those who have been in operation for 10 years would be entitled to come out with an IPO where an approval for public issue would be valid for only 1 year.

lIndian companies made open offers worth over `8,300 crore in January 2013 to buy shares from the public investors, which is the highest in a month in nearly six years.

INDUSTRY FOCUS - INDIAN EDUCATION SECTOR

Educational Infrastructure

l

country's total GDP is currently valued at 3,41,180 crore. It has grown at a CAGR of 16.5% during the period FY2004-05 to FY2011-12.

The Indian education sector, which contributes 3.8% to the ̀

EducationSector

Core Segment

Non-core Segment

VocationalTraining

Pre-Schools

SchoolsHigher

EducationCoachingClasses

Schools (K-12): 1.3 million Colleges: 33,023, Universities: 646 Vocational Training Centers: 18,000

Government Government GovernmentPrivate Private Private

1.04 million

No. of students: 237 million

Annual Intake: 18 million students

Additional requirement: 200,000 schools

0.26 million 8,000

No. of students: 17 million

Annual Intake: 4.5 million students

Additional requirement:Colleges: 35,000, Universities: 700

25,023 ITI: 2,250Polytechnics: 8,350

ITC: 7,200

No. of students: 4.5 million

Annual Intake: 1.8 million students

Additional requirement:40 million seats

Source: Technopak; ITI: Industrial Training Institute; ITC: Industrial Training Centers

l

society and is the largest education segment valued at $44 billion in FY2011-12.

The schooling segment covers the largest population of our l

premium and masstige (affordable). The international schools require the maximum investment and also have the potential to offer the most profitable business proposition.

Schools can be broadly classified as international,

Current and future scenario of Indian schooling segment

Particulars

Particulars

Tier 1-International school

Tier 1-Premium school

Tier 1-Masstige school

Tier 2 and 3-Premium school

FY2011-12 ($ billion)

29.0

8.0

3.5

2.0

1.5

44.0

K-12 Schools (Tuition fee only)

Tutoring

Content (Text & multimedia)

Stationery

Pre School

Total

FY2020-21 (E) ($ billion)

95.0

26.0

11.5

6.5

5.0

144.0

Growth (CAGR)

14.1%

14.0%

14.1%

14.0%

14.3%

14.1%

Source: Technopak

Source: Technopak

Cost and return structure of the Indian schooling segment

School type

Residential

Day

Day

Day

Investment($ million)

15-20

8-10

3-4

4-10

No. of students

1500

1800

1800

1800

Annual feesper student ($)

10,000-15,000

1,400-2,000

700-800

600-2,000

Returns

25%

20%

18%

15%-20%

l

of around $11 billion encompasses 17 million students and approximately 34,000 institutions.

lAt present, the higher education sector witnesses an expenditure of more than `46,231 crore. With the population of India expected to grow to over 1.3 billion by 2020, the capacity of the higher education is expected to be nearly double to meet the targeted Gross Enrolment Ratio (GER) of 30%. This would require an investment of `2,32,523 crore by 2020.

The Indian higher education segment with the market size Estimated expenditure growth in

the Indian higher education sector ( crore)`

0

250000

50000

100000

150000

200000

2010

46231

106582

232523

2015 (E) 2020 (E)

Source: Ernst & Young

Current and future scenario ofIndian higher education segment

Source: Technopak

Particulars FY2020-21 (E)(in million)

FY2011-12(in million)

Faculty: Student ratio

(as per University Grants Commission guidelines) - Under graduate - Post graduate

No. of students

- Under graduate - Post graduate

16.914.6

2.3

15.012.0

0.970.19

1.16

0.81

0.35

NA

1.38

0.17

15.012.0

1.820.37

2.19

NA

31.927.4

4.5

Faculty required

- Under graduate - Post graduate

Total

Current faculty

Faculty shortage

Annual faculty requirement(till 2020)

l

important achievement in the history of the Indian higher education segment. Private universities have witnessed tremendous growth in the past 5 years.

lVocational training is a broad area spanning multiple industries, courses, categories, training methodologies, operating structures and student profiles.

lThe current market size is `90 billion and is growing at a CAGR of 23%.

lThe Government has set a target of preparing 500 million skilled workers by 2022 as around 75-80 million jobs would be created over the next 5 years. Out of 500 million workers, approximately 75% of them would require vocational training. The market is poised for strong growth

Establishment of private universities has been another

l

grown steadily over the last decade but the GER of 15% is way below the global average of 26%.

The annual enrolments in higher education in India have

GER of higher education in India vis-à-vis world (%)

0%

100%

80%

60%

40%

20%

USA

89%76%

59% 55%40%

24%15%

IndiaRussia UK France Malaysia China

Growth of State private universities

2007

30

020406080

100120

4865

89112

2008 2009 2010 2011

Source: UNESCO

Source: Technopak

over the next few years owing to favourable Government support.

lThe Government has been actively encouraging private participation in vocational training, both through private enterprises as well as public private partnerships (PPP).

lThe All India Council for Technical Education (AICTE) and Ministry of Human Resource Development (MHRD) have recently launched the National Vocational Education Qualification Framework (NVEQF), which has been implemented in polytechnics, engineering colleges and other colleges in the university system from the FY2012-13. This is expected to cater at least 5 million students applying for vocational degrees and diplomas every year, which can provide self-employment or meaningful employment.

Source: Technopak

Business model to set up a vocational education & training institute

Assumptions

No. of students trained p.a. (600 per quarter)

Average fee ( )`

No. of batches in a day

No. of students at any point

Area required per student (sq. ft.)

Total area required (sq. ft.)

Rent, utilities & maintenance (per sq. ft. per month)

Student-trainer ratio

No. of trainers

2,400

18,000

2

300

8024,000

35

1:12

25 Indicative Profit & Loss A/C ( crore)`

Annual revenueExpenses - Salary-trainers

Salary-administrative staff

Content & course materialTechnology

Sales & marketing

Annual rent, utilities & maintenance

ConsumablesTraining cost

Placement cost

Miscellaneous

TotalEBITDA ( %)EBITDA

4.32

0.60

0.24

0.35

0.12

0.10

1.01

0.12

0.03

0.12

0.43

3.111.21 (28.0%)

PE/VC investments in the Education sector ($ million)

0

180160140120100

80604020

2006

95.9123.1

74.4

165.4 163.6136.1

45.9

2007 2008 2009 2010 2011 2012

l

$804.29 million between 2006 and 2012 in the education sector. However, PE is largely confined to non-formal education segments like vocational education and coaching centers as they are unregulated sectors.

Private Equity (PE)/Venture Capital (VC) funds have infused

Source: Business Standard

Major PE deals in the education sector

Investee

Manipal Universal Learning

Investor

IDFC Private Equity, Capital International Global

Emerging Markets Private Equity

Deal size ($ million)

67.31

NIIT

Manipal Universal Learning

IL&FS Education & Technology Services

People Combine

Edusys

Orient Global Education Fund

PI Opportunities Fund I

India Equity Partners Fund I

Ascent India Fund III

Sequoia Capital

51.00

43.32

37.00

32.46

7.50

Source: VCCEdge

Recent M&A deals in the education sector

Target company

Manipal Universal Learning Pvt Ltd

Mind Shaper Technologies Pvt Ltd

Neo Multimedia Ltd

SEED Infotech Ltd

Avalon English Co Ltd

Shree Eduserve Pvt Ltd

Gateforum Educational Services Pvt Ltd

Pash India Pvt Ltd

Acquirer company

Catamaran Venture Fund

Fidelity Growth Partners India

Earth Infrastructures Ltd

Ashmore Alchemy India

Investor Group

Rajasthan Venture Capital Fund

Educomp Solutions Ltd

Le Passage to India Tours & Travels Pvt Ltd

Deal size ($ million) Stake (%)

44.32

15.00

7.28

7.00

NA

NA

NA

NA

NA

NA

100.00

33.00

52.14

30.00

NA

100.00

Source: VCCEdge

Opportunities for private sector investment:

lTspend in higher education sector. Hence, the major driver of the Indian higher education sector is the private sector i.e. trust societies and companies under section 25 of the Companies Act as defined by the Government.

lThe Government of India has set a target of achieving 30% of GER in higher education by 2020, which translates into doubling the GER in the next 8 years. Here, the private sector will come into play as public expenditure would not be enough to meet the requirements.

lIn order to achieve this target, an additional investment of `9.5 lakh crore, which includes capital expenditure and operating expenditure, has to be made in the next 8 years.

lTherefore, given the limited support the Government can provide to the sector in terms of investment, the private sector needs to play a much larger role.

lIndia has emerged as a strong potential market for investments in training and education sector due to its favourable demographics (young population) and being a service-driven economy.

he private sector contributes almost 67% of the total

General:

lAPromotion, during the period April 2000-December 2012, FDI inflows in the education sector stood at $667.20 million.

lAccording to the 2011 census, the total literacy rate in India is approximately 74.00% where the female literacy rate is 65.46% and male literacy rate is 82.14%.

Government Initiatives:

lThe Government of India (GOI) has allowed FDI of up to 100% through the automatic route in the education sector.

lIn the Union Budget for the FY2013-14, the education sector received `65,857 crore allocation, which is 17% higher compared to ̀ 61,427 crore in the previous year.

lIn FY2013-14, the Government has allotted `27,258 crore for Right to Education-Sarva Shiksha Abhiyan as compared to ̀ 25,555 crore in the previous fiscal year.

lGOI has proposed to set up 6,000 model schools during the Twelfth five year plan, of which 2,500 schools would be set up under PPP mode.

ccording to the Department of Industrial Policy and

l

received 3,983 crore in the budgetary allocation for the FY2013-14 as against ̀ 3,124 crore in the previous year.

lIndia has signed a MoU with Korea for co-operation in the field of education.

lGOI plans to set up an Indian Institute of Agricultural Biotechnology at Ranchi with an investment of `287.50 crore.

The Rashtriya Madhyamik Siksha Abhiyan programme `

Ten States with highest literacy rate

KeralaLakshadweep

MizoramTripura

Goa

Daman & DiuPuducherry

Chandigarh

Andaman &Nicobar Islands

96.0%

96.1%

93.7%

92.2%

92.8%

91.5%

92.1%

90.5%

State Literacy Rate MaleLiteracy Rate

FemaleLiteracy Rate

92.0%

88.2%

89.4%

83.1%

81.8%

79.6%

81.2%

81.4%

81.8%

80.9%Delhi

93.9%

92.3%

91.6%

87.8%

87.4%

87.1%

86.5%

86.4%

86.3%

86.3%

90.1%

91.0%

Source: Census 2011

Outlook:

lIof 5 to 24 years. Hence, the demand for education will continue to grow in the near future.

lAccording to Technopak, the private education sector is estimated to reach $70 billion by 2013 and $115 billion by 2018.

lAccording to Grant Thorton, the primary and secondary education, or K-12 sector is expected to reach $50 billion by 2015 from $24.5 billion in 2008.

lAccording to Ernst & Young, the higher education sector in India is expected to witness a CAGR of 18% till 2020.

lAccording to the real estate consulting firm, DTZ, the Indian higher education sector needs 5,550 million sq ft of additional educational space (excluding support services like hostel, cafeteria, recreational facilities) to meet the Government's 30% GER target in higher education by 2020.

lIndia Ratings expects the Indian education sector’s market size to increase to `6,02,410 crore ($109.84 billion) by FY2014-15 based on the expectations of strong demand for quality education.

ndia has the world's largest population in the age bracket

Strengths

1.

2. Growing middle class with increasing income.

3. Growing economy with numerous employment opportunities.

4. Huge demand for Indian students in the overseas market.

Few globally renowned educational Institutions.

Opportunities

1. Unsaturated demand for quality global education.

2. Low GER of 15% in higher education as compared to 89% in USA.

3. Huge demand for higher education as an estimated 150 million is in the age bracket of 18-23 years in India.

Weaknesses

1.

2. Shortage of trained faculty to meet the increased demand.

3. Highly complex and unclear regulatory framework at the Central and State levels.

4. Regional imbalances

5. “Not for profit” tag in formal education.

Lack of infrastructure.

Threats

1. various reasons.

2. Deterioration in quality of education especially in private sector due to lack of availability of trained faculty.

3. Over regulation-control over course curriculum, entrance tests, fees etc.

High time lag in introduction of reforms due to

SWOT ANALYSIS

Snapshot of key financials of Indian education industry majors for the FY2011-12

Educomp Solutions (`)Parameters Everonn Education (`)Core Education & Technologies (`) NIIT (`)

Net Sales ( crore)`

Total Income ( crore)`

Operating Profit ( crore)`

PBDIT ( crore)`

PAT ( crore)`

Operating Profit Margin (%)

PAT Margin (%)

Debt-Equity Ratio

Current Ratio

1,076.51

1,133.04

363.34

378.87

188.90

33.75

17.29

0.19

1.39

878.39

888.62

357.81

403.01

188.07

40.73

20.36

0.83

0.98

738.13

867.51

87.56

219.31

96.25

11.86

12.73

0.18

1.35

303.82

310.00

68.56

74.74

-16.51

22.56

-5.32

0.62

3.32

Source: Moneycontrol

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New Delhi

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