Narnolia Securities Limited: India Equity Analytics Strategy Tips 17th Dec, 2013

8/13/2019 Narnolia Securities Limited: India Equity Analytics Strategy Tips 17th Dec, 2013

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IEA-Equity

Strategy

17th Dec, 2013

NIIT Tech :"Next Journey to Billion Dollar" "BUY" 9th Dec 2013

NIIT Tech management expressed its confidence of driving growth in the organization and looking at an aspirational goal of USD 1 billion

revenue in next 5 years.its order wins in the recent quarters have been healthy, lending visibility on revenue growth. At a CMP of Rs332, trade

at 7.5x FY14E earnings. We retain buy view on the stock with a price target of Rs360 (revised from Rs310).............................................

Page : 19- 20)

TATA Steel Ltd : "HOLD" 10th Dec 2013

Over the past two quarters, Tata Steel has reported strong growth in volumes in the domestic operations despite weak demand. Its Europe

operations have been broadly better than expectations indicating some stability and predictability from its Europe operations. Tata Steel

earnings growth is likely to be driven by higher sales volume in FY2014-15 on the back of 2.9mn ton brownfield expansion project in

Jamshedpur and steady improvement in profitability of European operations. We have arrived at "Hold" rating on the stock watching our step

for a target price of Rs.340 in near term. ................... ( Page : 15-18)

LUPIN : "Optimistic Guidance " "BUY" 11th Dec 2013

The management of the company in its latest interaction said that company is confident of logging 15-20 % CAGR in US and India in the days to

come on the back of rich pipeline as well as acquisition based strategy . ( Page : 13-14)

COAL INDIA : "BUY" 12th Dec 2013

We expect modest increase in sales volumes growth during FY2013-15 on account of poor offtake capabilities of CIL. Also, we expect CIL

margins to decline during FY2014 due to lower e-auction realizations and higher staff costs/other expenses.News flows related to further

divestment in CIL by the government is likely to keep the stock price under pressure in our view. we recommend Buy rating on the stock with

our previous target price Rs.350............................................ ( Page : 10-12)

Persistent System :"Persistently innovating.." "BUY" 13th Dec 2013

With the potential revenue growth, strong deal pipeline and multi-year relationships with marquee clientele in the Infrastructure vertical, we

upgrade this stock and expect for better earning visibility across niche IT players.we rateBUYon the stock and we revise our target price from

Rs 890to Rs 960. At a CMP of Rs 876, stock trades at 13.8x FY14E earnings........................ ( Page : 8-9)

UCO BANK : "BUY" 17th Dec 2013

We have the reduce the target price of UCO bank from Rs.94 to Rs. 84 on account ofbanksunlikely to get benefit of western sanction agains

Iran. Late last month US and six other major powers have imposed sanction against Iran for its nuclear deal. In order to quality for waive

sanction against Iran, India has cut back sharply on purchase of oil from Iran. UCO was the major beneficiary of current account deposits oIndia-Iran oil facilities. In our banking sector coverage universe, UCO bankscost of deposits were lowest at 6.1% whereas yield on loan wa

10.1% at the end of 2QFY14. After this development,banksmargin would be impacted and accordingly UCO bank loses the valuation premium

Although banks management is focusing on other area of growth like branch expansion and customer acquisition. We slightly tweak our

earnings and reduce our book value estimate from Rs.175.5 to Rs.168.8. Now our revised price target for the stock would be Rs.84 which is 0.5

times of FY14E book value................ ( Page : 2-6)

email: [email protected], website : www.narnolia.com

Narnolia Securities Ltd,

402, 4th floor 7/1, Lords Sinha Road Kolkata 700071, Ph 033-32011233 Toll Free no : 1-800-345-4000

LR VOLUME UPDATE : NOVEMBER 2013 16th Dec 2013

JLR wholly owned subsidiary of Tata Motors come up with November 2013 volume, the company for the month sold 37403 units up by 25%

YoY. This total volume of JLR includes 6244 units of Jaguar and 31159 units of Land Rover. Thismonthsperformance in particular is marked b

stellar performance by Jaguar .................................................... ( Page : 7)

India Equity Analytics


2/21

74

84-

14

1M 1yr YTD

bsolute 16.3 0.6 0.6

el.to Nifty 14.1 -7.0 -7.0

Current 1QFY14 4QFY1

omoters 69.3 69.3 69.3

I 4.2 3.9 3.2

I 12.4 12.5 13.0

hers 14.2 14.3 14.6

Financials Rs, Cr

2011 2012 2013 2014E 2015ENII 3845 3902 4582 4721 5533

Total Income 4770 4868 5534 6063 6875

PPP 2695 2811 3357 4184 4744

Net Profit 907 1109 618 1573 1977

EPS 16.5 17.7 9.3 23.7 29.7

Stable asset quality on sequentially

In absolute term GNPA was flat on QoQ basis and registered mere deterioration

3% largely due to asset quality. During quarterbanksreported fresh slippages we

Rs.725 cr as against Rs.629 cr in 1QFY14. Out of Rs.725 cr, over Rs.400

slippages came from infra segment alone. In percentage term GNPA stood at 5.3

from 5.7% in 1QFY14. In absolute term provision increased by 6% QoQ taking n

NPA increased to 7% QoQ. In absolute term NPA was 3.1% flat on sequential bas

Provision coverage ratio without technical write off stood at 46.6% as against 45.1

in 1QFY14 and 41.1% in 2QFY13.

CO Bank Vs Nifty

(Source: Company/Eastwind)

Please refer to the Disclaimers at the end of this Report.

Strong performance in NII on account of lower cost of deposits

ock Performance During quarter UCObanksperformance was better than expectation as banksN

grew by 55% YoY to Rs.1569 Cr aided by interest income growth of 5.92% a

interest expenses de-growth of 9.68%. On yearly basis credit deposits ratio declin

to 71.6% from 72.6% but loan and deposits growth of 15% and 16% support

overall business growth and hence margin expansion. Other income de-grew

1.6% YoY to Rs.209 cr largely due to lower treasury gain. Total income register

growth of 45.1% YoY to 1779 cr.

hare Holding Pattern-%

verage Daily Volume 2960821

fty 6154

SE Symbol UCOBANK

2wk Range H/L 86.65/46

kt Capital (Rs Cr) 5561

hange from Previous

arket Data

SE Code 532205

UCO BANK

ompany Update BUY We hav e the reduce the target pric e of UCO ban k from Rs.94 to Rs. 84 o

account of banksun lik ely to get benefit of wes tern sanc tion again st Iran. La

last month US and six other major powers have imp osed sanc tion against Irafor its nuc lear deal. In ord er to qualit y for waiver sanc tion again st Iran, Ind

has cut back s harply on pu rchase of oi l f rom Iran. UCO was the maj

benef ic iary o f current acco unt d eposi ts of India-I ran oi l faci l i t ies. In o

bank ing sector cov erage univ erse, UCO bankscost of depo sits were lowe

at 6.1% whereas y ield on l oan w as 10.1% at the end of 2QFY14. Aft er th

development , banksmargin would be impacted and accord ingly UCO ban

loses the valuation premium . Although banksmanagement is focus ing o

other area of growth l ike branch expansion and c ustom er acquis i t ion. W

slig ht ly tweak our earnings and reduc e our book value estimate from Rs.175

to Rs.168.8. Now ou r revised pri ce target for the stoc k wou ld be Rs.84 whic h

0.5 times o f FY14E boo k valu e.

MP

arget Priceevious Target Price

pside

"BUY"17th Dec, 2013



3/21

n balance sheet growth front, banks deposits grew by 16% YoY to Rs.1888 bn

pported by current account deposits growth of 173% YoY and 12% rise in saving

eposits. CASA deposits registered the growth of 56% YoY to Rs.60096 cr. In

ercentage of total advances, CASA stood at 31.8% from 23.7% in 2QFY13. Growth in

rrent deposits was on account of providing facilities to Indo Iran trade payments which

presently covering 45% of oil imports from Iran and India export. Going forward 100%

oil import from Iran is to be covered and further fertilizer import from Iran is also being

nsidered by Government. This facilities will generated almost about 17000-18000 cr aser management. Loan grew by 15% YoY to Rs.1352 bn.

argin improved due to higher declined of cost of deposits than loan yield

et interest margin of the bank improved by 11 bps YoY to 2.84% from 2.73% in 1QFY14

ue to 22% YoY declined cost of deposits to 6.09% from 7.44% in 2QFY13. Lower cost

as account of higher growth in low cost current deposits. Yield on loan (EW calculated)

r the quarter stood at 10.1% from 10.1% in 1QFY14 and 10.9% in 2QFY13.

anagement expects NIM of 3% at the end of year end on the back of current deposits

pport.

aluation & View

e have the reduce the target price of UCO bank from Rs.94 to Rs. 84 on account of

anksunlikely to get benefit of western sanction against Iran. Late last month US and six

her major powers have imposed sanction against Iran for its nuclear deal. In order to

uality for waiver sanction against Iran, India has cut back sharply on purchase of oil from

an. UCO was the major beneficiary of current account deposits of India-Iran oil facilities.

our banking sector coverage universe, UCO bankscost of deposits were lowest at

1% whereas yield on loan was 10.1% at the end of 2QFY14. After this development,

anks margin would be impacted and accordingly UCO bank loses the valuation

emium. Although banksmanagement is focusing on other area of growth like branch

xpansion and customer acquisition. We slightly tweak our earnings and reduce our book

lue estimate from Rs.175.5 to Rs.168.8. Now our revised price target for the stock

ould be Rs.84 which is 0.5 times of FY14E book value.


UCO BANK

gher earnings on account of robust growth in NII, lower CI ratio and flat

ovisions

et profit during the quarter registered growth of 286% YoY to Rs.400 cr largely due to

gher NII growth, lower cost income ratio and lower provision on account of stable asset

uality. Consequentially ROE and ROA improved to 17.4% and 0.88% from 4.5% and4% in 2QFY13 respectively.

urrent deposits grew almost double led CASA improvement



4/21

UCO BANK

undamental through graph

Source:Eastwind/Company




5/21

UCO BANK



uarterly Result 2QFY14 1QFY14 2QFY13 % YoY % QoQ

erest/discount on advances / bills 3396 3152 3230 5.1 7.7

come on investments 1026 968 897 14.4 5.9

erest on balances with Reserve Bank of India 8 37 32 -73.7 -77.3

hers 14 49 37 -61.9 -71.6tal Interest Income 4444 4207 4196 5.9 5.6

hers Income 209 462 213 -1.6 -54.7

tal Income 4653 4669 4409 5.6 -0.3

erest Expended 2875 2843 3183 -9.7 1.1

1569 1364 1013 54.9 15.1

her Income 209 462 213 -1.6 -54.7

tal Income 1779 1826 1226 45.1 -2.6

mployee 382 376 332 15.2 1.6

her Expenses 230 185 180 27.7 24.2

erating Expenses 612 562 512 19.6 9.1

P( Rs Cr) 1166 1264 714 63.4 -7.8

ovisions 759 741 597 27.1 2.3

T 408 523 116 249.9 -22.1

x 7 12 13 -42.5 -39.0

t Profit 400 511 104 285.9 -21.7

lance Sheet

uity Capital 2576 2576 2488 3.5 0.0

serve & Surplus 8195 7719 6644 23.3 6.2

t Worth 10770 10295 9132 17.9 4.6

posits 188779 177050 162567 16.1 6.6

rrowings 6605 6462 6601 0.1 2.2

her Liabilities & Provisions 6262 6566 4773 31.2 -4.6

tal Liabilities 212416 200373 183073 16.0 6.0

sh & Balance with Bank 7081 7600 7585 -6.6 -6.8

lance with bank & money at call 8045 8218 1957 311.1 -2.1

vestments 55193 52999 49589 11.3 4.1

vances 135233 125141 118045 14.6 8.1

ed Assets 977 926 815 19.9 5.5

her Assets 5887 5489 5082 15.8 7.2

tal Assets 212416 200373 183073 16.0 6.0

set Quality

NPA 7,376 7,178 5,888 25.3 2.8

A 4228 3939 3468 21.9 7.3

GNPA 5.3 5.7 5.0

NPA 3.1 3.1 2.9PCR(Without technical writeoff) 46.6 45.1 41.1


6/21

UCO BANK

Source: Company/Eastwind



ncome Statement 2011 2012 2013 2014E 2015E

terest Income 11371 14632 16752 20313 24333

terest Expense 7526 10730 12170 15592 18800

II 3845 3902 4582 4721 5533

hange (%) 65.4 1.5 17.4 3.0 17.2

on Interest Income 925 966 952 1342 1342

otal Income 4770 4868 5534 6063 6875

hange (%) 45.0 2.0 13.7 9.6 13.4

perating Expenses 2075 2056 2177 1880 2131

re Provision Profits 2695 2811 3357 4184 4744

hange (%) 58.0 4.3 19.4 24.6 13.4

rovisions 1788 1661 2710 2596 2548

BT 907 1150 647 1588 2196

AT 907 1109 618 1573 1977

hange (%) -10.4 22.3 -44.2 154.5 25.6

alance Sheet

eposits( Rs Cr) 99071 115540 128283 153939 184727

hange (%) 17 11 20 20

f which CASA Dep 32031 34403 55733 67707 81249

hange (%) 6 7 62 21 20

orrowings( Rs Cr) 5475 12901 9492 12315 14777

vestments( Rs Cr) 42927 45771 52245 62692 75231

oans( Rs Cr) 99071 115540 128283 153939 184727

hange (%) 20 17 11 20 20

atio

vg. Yield on loans 8.6 9.9 10.0 10.0 10.0

vg. Yield on Investments 6.6 7.1 7.1 7.5 7.5

vg. Cost of Deposit 4.7 6.5 6.6 7.0 7.1

vg. Cost of Borrowimgs 12.5 6.1 7.0 6.0 6.0

aluation

ook Value 135 137 146 169 183

MP 107 79 50.1 74.55 74.55/BV 0.8 0.6 0.3 0.4 0.4


7/21

Earlier management said that company would invest 1.5 billion pounds for new technica

advanced aluminum vehicle architecture in forthcoming models. The first new model

utilize this innovative architecture will be an all-new mid-sized sports sedan from Jagu

The product will be launched by 2015.

(Source: Company/Eastwi

JLR wholly owned subsidiary of Tata Motors come up with November 2013 volume, t

company for the month sold 37403 units up by 25% YoY. This total volume of JLR includ

6244 units of Jaguar and 31159 units of Land Rover. This monthsperformance in particula

marked by stellar performance by Jaguar with volume growth of almost 55 % YoY while tLand Rover portfolio has grown by 20 % YoY.The new F type Jaguar is getting go

response.Company manage to sell 557 units of F-Type this month.


The Table shows the Performance of Land Rover Portfolio : Model Wise.

JLR VOLUME UPDATE : NOVEMBER 2013

The performance of JLR on Geography Wise has been Tabulated as under :

The various models under JLR portfolio have grown well for the company however Jag

XJmodel has done exceptionally well .The company has sold 6244 units of Jaguar for t

Nov2013.The Land Rover is also growing good for the company. The Range Rover Evoque h

grown by 10% YoY to 10953 units for the month.

The Table shows the Performance of Jaguar Portfolio : Model Wise.

Strong Performance For The Month.



We continue to like Tata Motors, led by strong volume traction at JLR to continue over t

coming months as new Range Rover Sport get rolled out across more geographies,

addition to continued traction from RR and F-Type, which in turn will boost realisation a

margin.

The volumes for JLR across geographies came relatively, good all the geographies ha

done well except for UK where volume de grew by 1%YoY. The markets of china continu

to do well for the company. The Chinese market have grown over 40% YoY for the J

followed by ROW markets.


Model Nov-13 Nov-12 Change % (YoY)

UK 5231 5276 -1%

North America 6657 4843 37%

Europe 7300 6829 7%

China 9751 6879 42%Asia Pacific 1882 1428 32%

All other markets 6582 4638 42%

Monthly Performance of JLR : Geography Wise


Defender 1615 1274 27%

Freelander 4124 4517 -9%

Discovery 3424 3683 -7%

New Range Rover Sport 6833 0 NA

Range Rover Sport 106 4909 NA

Range Rover 2 1417 NA

Range Rover Evoque 10953 9919 10%

New Range Rover 4102 143 NA

Monthly Performance of Land Rover: Model Wise


XF 3825 2743 39%

XJ 1628 1004 62%

XK 234 284 -18%

F-TYPE 557 NA

Monthly Performance of Jaguar : Model Wise


8/21

Persistent System.

BUY

8%

1M 1yr YTD

bsolute 7.5 83.5 126.6

l. to Nifty 4.9 77.8 107.9


omoters 38.96 38.96 38.96

15.28 14.84 12.39

I 21.23 19.31 21.59

hers 24.53 26.89 27.06

Financials

2QFY14 1QFY14 (QoQ)-% 2QFY13 (YoY)-%

Revenue 432.37 357.29 21.0 326.86 32.3

EBITDA 100.8 76.8 31.3 89.06 13.2

PAT 60.8 57.1 6.5 44.71 36.0

EBITDA Margin 23.3% 21.5% 180bps 27.2% (390bp

PAT Margin 14.1% 16.0% (190bps) 13.7% 40bps

With the potential revenue growth, strong deal pipeline and multi-year relationsh

with marquee clientele in the Infrastructure vertical, we upgrade this stock and expe

for better earning visibility across niche IT players.

Recently , Persistent System reported superlative set of numbers during the 2QFY

with 21%(QoQ) sales growth in INR term and 8.6%(QoQ) growth in USD term led

38%(QOQ) growth on the intellectual property (IP) revenues. PAT growth was at 6.5

(QoQ).

Margin ramp up:During the quarter, Its EBITDA margin improved by 180bps to 23.3

positively impacted by currency gain(270bps), while during the quarter company wa

hike to its off shore employee at a range of 8-9% was impacted margin by 310 badversely. However, management expects to maintain margin at a range of 24-25% f

FY14E.

On segmental front: The Companys cash cow segment Infrastructure and Syste

which contributes 69% on sales, grew by 21% and life science (13% contribution

sales) was up by 57% sequentially. While, Telecom space (17.6% contribution on sale

increased marginally by 3% (QoQ).

Clients Metrics: During the quarter, company added 2 clients at 32 under mediu

category( >$1mn to $3mn) and 1 client at 16 from large ( > $ 3Mn) . Revenue from top

client was improved from 21.2% (1QFY14) to 22.5% . DSO at 62days, almost

quarters low.

year forward P/E-x

Rs, Cro


View and Valuation:Thecompanysfocus is shifting greater proportion to IP led servic

and company has marquee clientele in cutting-edge technologies around clou

mobility, collaboration and analytics; witnessing faster growth. Considering t

companysability to achieve scale and growth, we rateBUYon the stock and we rev

our target price from Rs 890 to Rs 960. At a CMP of Rs 876, stock trades at 13.8x FY14

earnings.

Persistent's management suggests that deal pipeline are looking strong and seegood activity and traction in the market across the board. Its focus on some of new

technologies like cloud, analytics and mobility are gaining a lot of traction because

pickup in demand environment. The emerging themes, (CAMB) Cloud, Analyti

Mobility, and Big data could also see strong demand traction ahead. Because

actively investment in these themes, management is very confident to see healt

growth and also they expressed their confidence to beat the NASSCOM guidance (1

14% revenue growth for FY14E).

PERSISTENT


3505

erage Daily Volume 12139

kt Capital (Rs Crores)

fty

are Holding Pattern-%

6237

"Persistently innovating.."

ompany update

MP 876

rget Price 960

Persistent Sytems management remains confident of FY14 with deal pipeline bei

strong and remains focused on increasing the share of IP-led revenues in its portfol

The management expects to see more than 15% dollar revenue growth, more th

NASSCOM guidance of 12-14 % for FY14E.

ock Performance

ange from Previous

evious Target Price 890

pside 10%

wk Range H/L 906/477

arket Data

E Code 533179

SE Symbol

"BUY"13th Dec' 13



9/21

nancials


Persistent S stem.


perating Metrics


2QFY12 3QFY12 4QFY13 1QFY13 QFY13 3QFY13 4QFY13 1QFY14 2QFY1

op1 16.0% 15.9% 17.2% 17.8% 20.7% 21.1% 21.6% 21.2% 22.5%

op 5 38.6% 37.0% 36.6% 33.5% 36.3% 37.3% 36.7% 34.7% 36.4%

op 10 49.4% 48.3% 48.8% 45.3% 47.0% 49.4% 47.9% 46.0% 47.3%

nsite - Linear 12665 12387 12603 12789 12863 12772 14014 14567 1428

ffshore - Linear 3803 3778 3895 3898 3978 4032 4143 4111 4109

eild per Employee(excld- Trainee) 3208 3247 3350 3345 3746 3817 3769 3602 3919

otal Employee 6900 6706 6628 6536 6370 6719 6970 7144 7457

ttrition 17.7% 17.4% 18.3% 18.9% 16.9% 16.0% 14.4% 14.2% 14.0%

tilization rate %(xclude IP Led ) 73.8% 74.1% 71.7% 74.1% 75.2% 77.3% 72.5% 70.0% 71.7%

lling Rate-USD/ppm

mployee Metrics

ient Concentration

s in Cr, FY10 FY11 FY12 FY13 FY14E FY15E

ales 601.16 775.84 1000.3 1294.5 1657.54 2053.93

mployee Cost 368.74 481.62 599.05 719 895.07 1119.39

ost of technical professionals 0 30.67 41.68 54 82.88 102.70

ther expenses 86.05 105.24 135.2 218 290.07 379.98

otal expenses 454.79 617.53 775.93 990.78 1268.02 1602.06

BITDA 146.37 158.31 224.37 303.72 389.52 451.86

epreciation 33.52 42.39 61.1 78 93.54 84.18

ther Income 11.23 34.44 34.44 34.44 66.30 71.89

BIT 112.85 115.92 163.27 225.44 295.98 367.68

nterest Cost 0 0 0.00 0.03 0.00 0.00

rofit (+)/Loss (-) Before Taxes 124.08 150.36 197.71 259.851 362.29 439.57

rovision for Taxes 9.05 10.62 55.09 75.37 108.69 131.87

et Profit (+)/Loss (-) 115.03 139.74 142.62 184.481 253.60 307.70

rowth-% (YoY)ales 1.2% 29.1% 28.9% 29.4% 28.0% 23.9%

BITDA 60.2% 8.2% 41.7% 35.4% 28.3% 16.0%

AT 74.1% 21.5% 2.1% 29.4% 37.5% 21.3%

xpenses on Sales-%

mployee Cost 61.3% 62.1% 59.9% 55.5% 54.0% 54.5%

ther expenses 14.3% 13.6% 13.5% 16.9% 17.5% 18.5%

ax rate 7.3% 7.1% 27.9% 29.0% 30.0% 30.0%

Margin-%

BITDA 24.3% 20.4% 22.4% 23.5% 23.5% 22.0%

BIT 18.8% 14.9% 16.3% 17.4% 17.9% 17.9%

AT 19.1% 18.0% 14.3% 14.3% 15.3% 15.0%

aluation:MP 310.0 366.7 409.2 541.0 876.0 876.0

o of Share 4.0 4.0 4.0 4.0 4.0 4.0

W 639.0 747.1 840.5 1018.3 1234.4 1504.7

PS 28.8 34.9 35.7 46.1 63.4 76.9

VPS 159.7 186.8 210.1 254.6 308.6 376.2

oE-% 18.0% 18.7% 17.0% 18.1% 20.5% 20.4%

/BV 1.9 2.0 1.9 2.1 2.8 2.3

/E 10.8 10.5 11.5 11.7 13.8 11.4


10/21

Coal India LTD.

CCIs Rs 1,773-crore penalty:

289

350

35021%

NA

533278

176226 Coal India to get Rs 2,119 cr extra on coal price revision :

17622

6308

1M 1yr YTD

solute -1.3 -21.2 -21.4

l. to Nifty 2.8 8.8 8.6

2QFY14 1QFY14 4QFY13

omoters 90.0 90.0 90.0

5.5 5.4 5.4

5.3 2.3 2.0

hers 2.2 2.4 2.6

Financials : Q2FY14 Y-o-Y % Q-o-Q % Q2FY13 Q1FY1

Net Revenue 15411 5.8 -6.4 14573 1647

EBITDA 2794 -2.4 -29.4 2862 395Depriciation 495 27.8 4.1 387 47

Interest Cost 8 -22.2 7.0 10

Tax 1412 -4.2 -27.9 1475 195

PAT 3052 -0.8 -18.2 3078 373(In Cr

1

ompany Update

MP The Competition Commission of India (CCI) imposed a Rs 1,773 cr fine on Coal India, th

country' monopoly commercial coal miner, based on a complaint filed by two powe

companies that India's monopoly producer of coal abused its dominance. Thgovernment owns 90% stake in Coal India, and has traditionally drawn hefty dividen

income from the cash rich coal company. In 2012-13, the company paid a total dividen

of Rs 8,843 cr out of which the government's share was Rs 7,959 cr. A Rs 1800-crore fin

could possibly mean less profits for the company and less dividend income for its owner

But as the main owner, the government, will pocket this amount in the form of a fine,

will not be poorer in any way.

rget Price

evious Target Priceside

ange from Previous

arket Data

E Code

E Symbol COALINDIA



erage Daily Volume (Nos.) Coal India Ltd is likely to get additional revenue of Rs 2,119 cr in this fiscal on account o

revision in dry fuel prices.CIL (Coal India Ltd) has revised and rationalized the basi

notified prices of all the grades of non-coking coal except GI, G2 and G5.The estimateadditional revenue due to revision of basic notified price for the current financial year

Rs 2,119 cr.CIL had revised the prices of all grades of coal, barring three, for all its eigh

producing subsidiaries with effect from May 28 this year. Mahanadi Coalfields which

expected to contribute Rs 686 crore, followed by Rs 664 crore from Northern Coalfield

and Rs 495 crore from South Eastern Coalfields.

fty

ock Performance-%


Thecompanys net sales grew 5.8% yoy to 15,411cr (above our estimate of 15,083cr

Sales volumes stood at 109mn ton in 2QFY2014 compared to 102mn ton in 2QFY2013

The blended realizations declined by 1.4% yoy to 1,414/ton (despite price hike) due t

lower realization on FSA coal.Despite 5.8% yoy growth in top-line, EBITDA decreased b

8.2% yoy to 3,176cr due to higher raw material costs (18.1% yoy to 2,251cr) an

contractual expenses (27.6% yoy to 1,394cr). The depreciation expenses increased b

27.8% yoy to 495cr; hence, adjusted net profit was flat yoy at 3,043cr .yr Forward P/B

Coal India 2QFY2014 top-line was above our estimate. The companys net sales grew

5.8% yoy to 15,411cr. Sales volumes stood at 109mn ton in 2QFY2014 compared t

102mn ton in 2QFY2013. The blended realizations declined by 1.4% yoy to 1,414/to

despite price hikes. Its FSA coalsrealizations were lower than expected due to lowe

grade coal. The company liquidated 11mn ton of old stock.

Source - Comapany/EastWind Research


"Buy"12nd Dec' 13



11/21

UTLOOK:

FY10 FY11 FY12 FY13

431 431 436 452

416 425 433 465

1073 1183 1441 1468

404744 390243 377447 364736

1066 1105 1155 1240

FY11 FY12 FY13 FY14E

50234 62415 68303 69864

7573 5123 6556 8383

1755 2013 2333 2595

4580 4901 5802 6057

20481 26705 27943 28943

40390 40857 50219 53738

9843 21558 18084 16126

1673 1969 1813 1860

79 54 45 345595 6484 7623 7332

10868 20588 17356 15870

33 51 36 33.1

Coal India LTD.

oal India 2QFY2014 top-line was above our estimate. The companysnet sales grew

8% yoy to 15,411cr. Sales volumes stood at 109mn ton in 2QFY2014 compared to

2mn ton in 2QFY2013. The blended realizations declined by 1.4% yoy to 1,414/ton

spite price hikes. Its FSAcoalsrealizations were lower than expected due to lower

ade coal. The company liquidated 11mn ton of old stock.

Lse-auction realizations have declined over the past one year on account of decline

international coal price coupled with weak domestic demand. Going forward, we

pectCILsprofitability to be affected due to lower e-auction realizations, sticky staff

sts and other expenses. Moreover, given the price hike taken during 4QFY2013, we

not expect CIL to undertake any further price hikes in the near-term.

e expect modest increase in sales volumes growth during FY2013-15 on account of

or offtake capabilities of CIL. Also, we expect CILsmargins to decline during FY2014

e to lower e-auction realizations and higher staff costs/other expenses.News flows

ated to further divestment in CIL by the government is likely to keep the stock price

der pressure in our view. we recommend Buy rating on the stock with our previous

rget price Rs.350.

et Revenue from Operation

PERATING MATRIX

al Production in MT

oal Offtake in MT

venue Generation From unit Ton

vg Man Power (in numbers)

oductivity Per Man

L PERFORMANCE

OE

ost Of Projects & Contractual

wer and fuel

ntractual expenses

mployee benefit Expence

penditure

ITDA

epriciation

terest Costx

AT



12/21

FY10 FY11 FY12 FY13

6316 6316 6316 6316

20956 26998 34137 42156

27273 33314 40453 48472

343 1334 1305 10781620 33 0 0

2545 22461 28271 31144

772 645 829 837

1404 12387 15595 20447

5443 8490 9785 12385

0 779 759 712

12035 12065 12681 12754

2211 2057 1848 3496

610 845 1017 1181

4402 5586 6071 5618

2169 3419 5663 10480

39078 45806 58203 62236

8066 11180 13478 16189

17921 21646 24688 25479

FY10 FY11 FY12 FY13

0.0 5.7 5.5 4.0

0.0 17.3 32.6 27.5

4.9 22.8 29.2 52.7

1.7 4.3 4.3 4.2

1.0 3.7 3.1 2.8

FY10 FY11 FY12 FY13

10727 12819 16323 15948-131 -3822 3565 -6839

10596 8997 19888 9109

950 697 -10410 -1833

2163 2911 -7382 -7852

13708 12606 2095 -575

Down 21% from its 52week High

Up 14% from its 52 week Low

12

tal equity

Coal India LTD.

S PERFORMANCE

are capital

serve & Surplus

ngible assets

ng-term borrowingsort-term borrowings

ng-term provisions

ade payables

ort-term provisions

tal liabilities

tangibles

pital work-in-progress

ng-term loans and advances

ventories

ade receivables

sh and bank balances

ort-term loans and advances

ebtor to Turnover%

tal Assets

ATIOS

B

S

editors to Turnover%

ventories to Turnover%

ASH FLOWS

sh from Operationanges In Working Capital

sh From Investment

sh from Finance

et Cash Flow during year

rading At :

et Cash From Operation



13/21

BUY

1M 1yr YTD

bsolute -1 46 41

el. to Nifty -4 39 23


omoters 46.8 46.8 46.8

31.5 30.7 28.8

I 12.1 12.4 14.3

hers 9.7 10.1 10.0

Financials Rs, Cro


Revenue 2668 2476 7.8 2301 15.9

EBITDA 660 590 11.9 515 28.2

PAT 417 405 3.0 297 40.4

EBITDA Margin 24.7% 23.8% 90bps 22.4% 240bps

PAT Margin 15.6% 16.4% (70bps) 12.9% 270bps

arket DataSE Code 500257

Lupin earlier posted slightly better than expected 2QFY14 results ,the company report

its net sales at Rs 2631 Cr up by 18 % YoY on the back of strong business performan

from US and Europe formulation segment. The segment grew by 31% YoY to Rs. 1108

Cr during 2Q FY14, against Rs. 844.4 Cr for Q2, FY 2012

13.This segment contribu

42% to overall Company sales.US brands business contributed 10% of total US sale

whereas the generics business contributed 90% for the quarter under review.

The Indian formulation business contributed 25% of the Company

overall revenues for the quarter.Companys India formulation business grew by 9

recording revenues of Rs. 6,635 m. during Q2, FY 2013

14, as compared to Rs. 6,064

for Q2, FY 2012

13. The companysrest other business geographies to have performrelatively good for the company.

The company has filed 7 ANDAs and received 6 ANDA approvals in the quarter. Cumulat

ANDA filings with the US FDA now stand at 183 with the company having received approvals to date.

ock Performance-%

hare Holding Pattern-%

kt Capital (Rs, Cr)

The operating EBITDA for the 2QFY14 came at Rs 660 Cr and OPM stands at 24.7%.T

RM cost decreased by 7.7% to 32.0% of net sales at Rs. 841.3 Cr during 2QFY14

compared to Rs. 889.8 Cr for 2Q FY 13.Manufacturing & other expenses increased by

30.4% of net sales at Rs. 798.8 Cr during 2Q FY14 as compared to Rs. 591.7 Cr for t

same period last fiscal.Revenue expenditure on R&D stood at 8.3% of net sales at R

217.2 Cr.

fty 6332

hange from Previous -


SE Symbol LUPIN

ne Year Forward P/E


39101

verage Daily Volume 395892


We have slightly raise our TP to Rs 1006 on the back management guidance post t

results. The management is quite optimistic for its business outlook going forward a

believes that the company will achieve its set target going forward.

The Net profits for 2QFY14 came at Rs 417 Cr. The higher incidence of tax during t

quarter is due to tax provision of Rs 51 Cr made on dividends received from subsidiaries

LUPIN"Optimistic Guidance "

arget Price 1006

evious Target Price -

esult UpdateMP 873

The management of the company in its latest media interaction stated that the company

confident of logging 15-20 % CAGR in US and India in the days to come on the back of ri

pipeline as well as acquisition based strategy. Management further said that company

expecting to launch about 100 new drugs in next three years. This new launch will incluan entire range of oral contraceptives and opthal products.

15%pside

"BUY"11th Dec' 13



14/21


LUPIN

les and PAT Trend (Rs)


PM %

PM %

company reported its net sales at Rs 2631up by 18 % YoY on the back of stro

business performance fr

US and Europe formulation segment.

The higher incidence of tax during

quarter is due to tax provision of Rs 51

made on dividends received from subsidiar





15/21

TATA Steel Ltd.

420

440

NA

5%

NA

From the Management Corner the key takeaways are :

500470

40863

28604

6363

1M 1yr YTD

solute 21.7 5.5 9.5

l. to Nifty 23.4 0.3 3.5

2QFY14 1QFY14 4QFY13

omoters 31.4 31.4 31.4

13.6 13.2 13.9

26.1 26.3 27.3

hers 29.0 29.2 27.5

Financials : Q2FY14 Y-o-Y % Q-o-Q % Q2FY13 Q1FY1

Net Sales 36645 7.4 11.7 34133 3280

EBIDTA 3705 60.4 0.5 2310 368

Other Income 203 0.5 10.3 202 18

Interest Cost 1067 9.8 7.6 972 99

Depriciation 1444 8.2 2.9 1335 140

Tax 447 -32.4 27.4 661 35

PAT 917 -325.3 -18.2 (407) 112(In C

Focus on Domestic Market: The Management aims to sell incremental sales volume

from Jamshedpur expansion mainly in the domestic market. This is unlike other flat ste

producers such as JSW Steel and Essar Steel who have been opportunistically raisin

exports, considering INR depreciation against the USD alongside low domestic demand.

Odisha Project could provide further upside in long-term: The Company aims to ma

value added steel products at the new facility in Odisha (3mtpa) where the blende

realizations could be potentially higher than existing products by 2015. We believe timeclearance for expansion of iron ore mine is critical for the plant. The company's Odish

plant is highly automated and will require fewer employees/ton compared to i

Jamshedpur facility.

Debt levels to rise:Debt of the company is likely to rise till 2015 as it draws debt fo

Odisha expansion.

arket Data

E Code

TATASTEEL

erage Daily Volume (Nos.)

E Symbol

wk Range H/L


448/195

fty


ock Performance-%


yr Forward P/B

Source - Comapany/EastWind Research

Outlook:Over the past two quarters, Tata Steel has reported strong growth in volumes the domestic operations despite weak demand. Its Europe operations have been broad

better than expectations indicating some stability and predictability from its Europ

operations. TataSteelsearnings growth is likely to be driven by higher sales volume

FY2014-15 on the back of 2.9mn ton brownfield expansion project in Jamshedpur an

steady improvement in profitability of European operations. We have arrived at "Hold

rating on the stock watching our step for a target price of Rs.340 in near term.

On the back of a consistent operational improvement at the companys Europea

operations We are positive on the stock in long run .However, on the back of ongoin

capacity expansion, the gross debt is expected to increase from 66074 crore (FY13) t

76919 crore (FY14E) and 77543 crore (FY15E).

side

ange from Previous

tial Coverage

MP

rget Price

Company Update:

TATASteelsconsolidated net sales increased 7.4% yoy to 36,645Cr. TSE sales volume

grew by 10.0% yoy to 3.46mt .The consolidated EBITDA increased by 60.4% yoy t

3,705cr. Thecompanystax expenses declined 32.3% yoy. There was an exceptional ga

related to deferred tax write-back of 390cr. Adjusting for this, the net profit stood a

527cr, compared to a loss of 407cr in 2QFY2013.

evious Target Price

"Hold"10th Dec' 13



16/21

DIAN Operation:

1

e apparent steel demand in the European Union continued to deteriorate during

nancial Year 2012-13 having decreased by about 9.7% in 2012. In aggregate, the steel

mand in Europe is currently about 30% below pre-crisis levels, which has impacted

e demand and customer buying behavior significantly. TSEs performance in thenancial Year 2012-13 was also impacted on account of operational issues faced in

building the Blast Furnace at Port Talbot, UK and undertaking of major repairs of the

ast Furnace at Ijmuiden. Even though the market demand was relatively muted. The

building of the Blast Furnace and other management tasks and initiatives may

sition TSE on a better platform for Financial Year 2013-14 even though the market is

pected to be subdued for the next 12 months. The European operations are

dertaking structural improvement measures including supply chain transformation,

fferentiated product strategy, reduction of manufacturing costs and overheads (head

unt currently 25% below pre-crisis levels).

TATA Steel Ltd.

ATA Steel Profile:

ta Steel is among the top ten global steel companies with an annual crude steel

pacity of over 28 mtpa. It is now one of the world's most geographically-diversified

eel producers, with operations in 26 countries and a commercial presence in over 50

untries. The Tata Steel Group, with a turnover of US$ 24.82 billion in FY 2012- 2013,ross five continents and is a Fortune 500 company. Tata Steels larger production

cilities include those in India, the UK, the Netherlands, Thailand, Singapore, China and

ustralia. Operating companies within the Group include Tata Steel Limited (India),

ta Steel Europe Limited (formerly Corus), NatSteel, and Tata Steel Thailand (formerly

illennium Steel).

e Indian Steel industry witnessed an increase in crude steel production of 5.4% y-o-y,

here as the real consumption increased only by 3.3% with imports registering a sharp

crease on account of lower import duties applicable to ASEAN countries. The

owdown in fixed asset investment and lackluster automotive demand impacted

argins of steelmakers adversely. In Financial Year 2013-14, Indian operations are

pected to benefit on account of stabilization of the commissioned capacity, sourcing

ke internally and reduced impact of exchange fluctuations because of part liquidation

foreign currency loans. The shift to an enhanced product-mix with new cold rolling

cilities being set up and the collaboration with Nippon Steel to produce high strength

tomotive steels is expected to aid profitability.

UROPIAN Operation:



17/21

FY10 FY11 FY12 FY13

102393 118753 132900 134712

1186 680 1573 479

103579 119433 134473 135191

44092 53283 65745 605365549 6390 6660 7434

16463 15840 17229 18918

94350 102006 120483 122390

8043 16747 12417 12321

4492 4415 4517 5575

3022 3956 4250 3968

1715 9056 5223 3257

2152 3246 3636 3229

-15 60 173 214

-1684 3046 3362 -7390

-2009 8983 5390 -7058

22814 35386 42616 34172

-1.4 16.8 4.8 1.0

257 371 439 352

2.64 0.90 0.98 1.13

FY10 FY11 FY12 FY13

-0.31 4.97 1.51 0.25

3.43 10.33 5.87 4.99

7.76 14.02 9.23 9.11

-185.06 5.38 20.51 116.19

-2.41 9.11 5.18 -6.87

-23 94 55 -73

1

ITDA %

B

PM %

E

OCE%

S Source - Comapany/EastWind Resear

Source - Comapany/EastWind Resear

TATA Steel Ltd.

Source - Comapany/EastWind Researinority Interest

ceptional items

AT

ost Of Projectseight and forwarding

mployee benefit Expence

PERATION & PAT

et Revenue from Operation

her Income

tal Income

tal Expenditure

ITDA

epriciation

terest Cost

ALUATION

PM %

et Worth

OE%

ook value per share

BT

x



18/21

FY10 FY11 FY12 FY13

887 959 971 971

21927 34427 41645 33201

22814 35386 42616 34172

884 889 1091 166928059 49251 45238 46858

25041 3794 4699 8115

53100 53045 49937 54972

1769 2188 2504 3155

3789 4585 4715 5356

22020 18457 20529 21779

2806 3395 3476 2943

109738 135488 146852 146906

1635 1790 2851 2959

14542 15298 17355 13065

31778 34778 39081 51978

12383 13552 20196 14277

3237 4688 2623 2497

4801 8685 6837 7098

18687 24055 25598 24091

11624 14812 14878 13994

6788 10859 10799 9860

1961 3547 3717 4061

2181 3159 1398 760

109738 135488 146852 146906

FY10 FY11 FY12 FY13

5600 13638 10312 10195et Cash From Operation 10502 6463 11385 13324

(4700) (8379) 3705 (12321)

(5135) 5993 (8462) (2045)

et Cash Flow during year 667 4077 6628 (1042)

4.8% Down from its 52week High

112% Up from its 52 week Low

1

sh From Investment

sh from Finance

S Performance

are capital

eserve & Surplus

tangibles

oodwill on consolidation

on-current Investments

ng-term loans and advances

ventories

ade receivables

sh and bank balances

ort-term loans and advances

ng-term borrowings

ort-term borrowings

sh from Operation

ngible assets

pital work-in-progress

tal liabilities

tal Borrowings

eferred tax liabilities (net)

ng-term provisions

ade payables

ort-term provisions

rading At :

rrent investments

tal Assets

sh Flows

TATA Steel Ltd.

tal equity

inority Interest



19/21

NIIT Tech

1M 1yr YTD

solute 18.4 19.5 26.8

l. to Nifty 18.29 6.1 23.1


omoters 31.19 31.23 31.29

29.21 29.04 27.79

19.94 19.67 19.52

hers 19.66 20.06 21.4

Financials


Revenue 587.3 541.9 8.4 500.1 17.4

EBITDA 88.6 78.2 13.3 84.8 4.5

PAT 60.4 52 16.2 43.1 40.1

EBITDA Margin 15.1% 14.4% 70bps 17.0% (190bp

PAT Margin 10.3% 9.6% 70bps 8.6% (170bp

The Company's growth in past 3years gives the confidence of driving growth goi

forward. NIIT Tech has been strong performer from the slowdown with CAGR of 3

in the last 3 years and even we look at it in dollar terms, it has been about 22-23

Next journey to USD 1 billion in next 5 years, company would report at a CAGR of 2

in INR term and 18% in USD term for FY13-19E.

Aggressive in the US market:The company is expecting slight uptrend in the US mark

(Us market contributes 41% of sales) led by recent healthy demand environment. T

companysfocus would be very sharply on those developed markets particularly the

as well as Asian market going forward. That will be one aspect of growth strategy.

Scouting for acquisition:NIITTechsfocus is on strengthening the industry segments meaning full acquisition particularly in the insurance and the travel space.

management has indicated that they are constantly on the lookout and in conversati

with the potential assets. Therefore, certain amount of inorganic initiative is importa

to sustain the growth momentum.

Eyeing on Infrastructure services:NIITTechslarge engagements typically involved w

significant amount of infrastructure management services, which is a strong practice

the organization. The travel vertical and the infrastructure management services li

will be key areas of focus for NIIT, going forward.

Aspects of growth strategy:

Consistent in order addition:Fresh orders of USD 84Mn versus USD 154 mn in Q1 we

secured during the quarter leading to USD 263Mn worth of orders executable over t

next 12 months. In 1QFY14, Company had huge business in the domestic market whiwas USD 65 million intake from the Airports Authority of India (AAI). But in Q2 FY1

order has primarily been in the international market.

ock Performance




fty 6260

2011

erage Daily Volume 20884

arket Data

E Code 532541

E Symbol NIITTECH

Buy

year forward P/E

Rs, Cro



View and Valuation:We expects good growth from Travel & Tourism vertical in FY'

but not the same level of the growth, But the BFSI expected to be softer. However, t

MFG and Govt verticals expected to improve going forward. CompanysOrder wins

the recent quarters have been healthy, lending visibility on revenue growth. At a CMP

Rs332, trades at 7.5x FY14E earnings. We retain buy view on the stock with a pr

target of Rs360 (revised from Rs310).

During the 2QFY14, they secured fresh orders of $84 million, leading to $248 milli

worth of orders executable over the next 12 months.

ange from Previous 16%

evious Target Price 310

side 8%

"Next Journey to Billion Dollar"

MP 332

rget Price 360

ompany update In an interview to Media, NIIT Tech management expressed its confidence of drivi

growth in the organization and looking at an aspirational goal of USD 1 billion reven

in next 5 years.

"BUY"9th Dec' 13



20/21



nancials;

NIIT Tech

perating Metrics;


1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14

anking and Finacial Services 13% 13% 12% 12% 12% 14%

nsurance 21% 20% 19% 19% 18% 19%

ransport 40% 42% 42% 37% 36% 37%Manufacturing 7% 6% 6% 6% 7% 6%

overnment 8% 5% 8% 11% 13% 10%

thers 11% 14% 13% 15% 14% 14%

mericas 36% 38% 37% 38% 39% 41%

MEA 39% 39% 40% 37% 35% 36%

oW 25% 23% 23% 25% 26% 23%

SO-days 84 75 76 82 98 100

op-5 30% 32% 34% 32% 31% 36%

op-10 43% 47% 48% 47% 46% 49%

o of Headcounts 7444 7617 7882 8158 8207 8017

ales Mix-Geography

evenue Concentration %

eadcounts

ales Mix-Verticles

s in Cr, FY10 FY11 FY12 FY13 FY14E FY15E

ales 913.7 1232.25 1576.48 2021.36 2385.41 2863.75

mployee Cost 503.71 601.36 891.12 1115.1 1347.75 1589.38

ther expenses 239.75 393.1 415.26 576.96 667.91 816.17

otal expenses 743.46 994.46 1306.38 1692.06 2015.67 2405.55

BITDA 170.24 237.79 270.1 329.3 369.74 458.20

epreciation 35.81 31.46 36.42 56.69 65.73 73.49

ther Income 7.64 13.6 30.37 22.75 71.56 71.59

BIT 134.43 206.33 233.68 272.61 304.00 384.71

nterest Cost 0 2.22 3.84 1.91 4.89 3.67

rofit (+)/Loss (-) Before Taxes 142.07 217.71 260.21 293.45 370.68 452.64

rovision for Taxes 14.42 32.3 63.75 75.05 105.64 131.26et Profit (+)/Loss (-) 127.65 185.41 196.46 218.4 265.03 321.37

rowth-% (YoY)

ales -6.8% 34.9% 27.9% 28.2% 18.0% 20.1%

BITDA 2.3% 39.7% 13.6% 21.9% 12.3% 23.9%

AT 9.6% 45.2% 6.0% 11.2% 21.4% 21.3%

xpenses on Sales-%

mployee Cost 55.1% 48.8% 56.5% 55.2% 56.5% 55.5%

ther expenses 26.2% 31.9% 26.3% 28.5% 28.0% 28.5%

ax rate 10.1% 14.8% 24.5% 25.6% 28.5% 29.0%

Margin-%

BITDA 18.6% 19.3% 17.1% 16.3% 15.5% 16.0%

BIT 14.7% 16.7% 14.8% 13.5% 12.7% 13.4%

AT 14.0% 15.0% 12.5% 10.8% 11.1% 11.2%

aluation:

MP 170.25 184.65 270.9 262.35 332 332

o of Share 5.88 5.93 5.96 6.02 6.02 6.02

W 579.78 752.11 922.2 1094.12 1350.45 1662.62

PS 21.7 31.3 33.0 36.3 44.0 53.4

VPS 98.6 126.8 154.7 181.7 224.3 276.2

oE-% 22.0% 24.7% 21.3% 20.0% 19.6% 19.3%

/BV 1.7 1.5 1.8 1.4 1.5 1.2

/E 7.8 5.9 8.2 7.2 7.5 6.2


21/21

21

k Disclosure & Disclaimer: This report/message is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice t

rnolia Securities Ltd. (Hereinafter referred as NSL) is not soliciting any action based upon it. This report/message is not for public distribution and has been furnished to you solely fo

ormation and should not be reproduced or redistributed to any other person in any from. The report/message is based upon publicly available information, findings of our research

st wind& information that we consider reliable, but we do not represent that it is accurate or complete and we do not provide any express or implied warranty of any kind, an

se are subject to change without notice. The recipients of this report should rely on their own investigations, should use their own judgment for taking any investment decisions ke

mind that past performance is not necessarily a guide to future performance & that the the value of any investment or income are subject to market and other risks. Further it will b

assume that NSL and /or its Group or associate Companies, their Directors, affiliates and/or employees may have interests/ positions, financial or otherwise, individually or otherw

recommended/mentioned securities/mutual funds/ model funds and other investment products which may be added or disposed including & other mentioned in this report/messa

Narnolia Securities Limited: India Equity Analytics Strategy Tips 17th Dec, 2013

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