Post on 08-Feb-2021
transcript
For regular market watch update, please scan the QR code
Peerless Securities Limited Peerless Mansion, 1, Chowringhee Square, 2nd Floor, Kolkata – 700 069 Tel. No. : 91-33-4050-2700
91-33-6450-2002 91-33-2243-5942
Fax No. : 91 -33-22436941 Email : info@peerlesssec.co.in Website : www.peerlessec.co.in
PE
ER
LE
SS
MA
ST
ER
PIC
KS
NO
VM
BE
R E
DIT
ION
NO
VE
MB
ER
20
17
28th
October 2017
callto:(033)%206450-2002mailto:info@peerlesssec.co.inhttp://www.peerlessec.co.in/
`
2
`
3
PORTFOLIO PICKS
STOCK PICKS FOR NOVEMBER 2017
October 28, 2017
COMPANY SECTOR CMP (INR)
RATING MARKET
CAP(INR CR) POTENTIAL
TARGET POTENTIAL
UPSIDE
LARSEN & TOUBRO Capital Goods
1225 BUY 171356 1460 19.18%
COCHIN SHIPYARD Ship Building 571 ACCUMULATE 7751 650 13.78%
GRASIM INDUSTRIES
Diversified 1187 ACCUMULATE 78223 1350 13.73%
ICICI LOMBARD GI Insurance- Non Life
683 ACCUMULATE 30959 750 9.81%
KANSAI NEROLAC Paints 502 BUY 27030 580 15.50% Time horizon of the recommended stock picks: 12 months. Stock prices in INR.
Equity Market Outlook:
Indian equity markets rebounded strongly in the month of October on back of reform initiatives by
Central Government in PSU Banks and strong global growth outlook amid benchmark indices hit fresh
record highs. Strong flows from domestic Mutual Fund industry in October so far helped the market to
rise 5.46% (Upto October 27, 2017) and absorbed the selling by foreign portfolio investors to large
extent. Recent announcement on PSU bank re-capitlisation could help the PSU banking system to
bring back them to the lending market and help them to resolve stressed loans. This move is front-
loaded and could spur higher economic activity over medium term.
However, the relative expensive valuation and slowing economic growth in India compared to other
prominent emerging markets could be the reason for recent FPI out-flows from Indian equities. Indian
markets trade at price-to-earnings ratio of 24 while Brazil trades at 17 times, China at 15 times, South
Africa at 15 times and Russia at 7 times. This relative cheap valuation of other emerging markets and
slowing economic growth could be attributed for current fund outflows by foreign portfolio investors. FPI
flow could come back with earnings recovery and higher economic growth prospects in medium term.
`
4
However flows from domestic institutional investors were quite strong and expected to remain strong in
near term. Benchmark Nifty rose nearly 5.46 percent in the month of October amid volatility (data till
October 27, 2017). Recent rally in last few months has made stock prices overvalued in some sectors
and pockets of markets and risk reward is not favorably placed for short term. However, strong liquidity
and expectations of faster recovery in earnings, stability in political establishment in India could provide
support the markets at lower levels and India remains a "buy on dip Markets" .We are cautiously
optimistic on Indian equities over medium term.
US Fed sets the process to wind down its massive USD 4.5 trillion balance sheet starting from October
this year is once-in-a-generation change in the US already named as the ‘Great Unwinding’ may cause
nervousness in financial markets to some extent as this is happening first time in history. European
Central Bank (ECB) also planned to reduce monthly bond buying program to 30 billion euros from
current 60 billion euros starting from January 2018 with assurance of extending QE program beyond
September 2018 if necessary.
However, Gradual approach of Fed and ECB could mitigate the risk of adverse effects on market
functioning or outsized effects on interest rates. The process comes as the Fed and ECB is on a
gradual path towards interest rate hike cycle. Fed is expected to hike interest rate by 25 bps
by December 2017. Announcement of new Fed Chair likely in next few days and any hint of
continuation of current Fed policy could be positive for market performance.
Market likely to be volatile in near term as valuation is stretched in near term. Geo political and
protectionist policies are the biggest risk in equity markets performance globally. Earnings recovery
cycle may kicks in the early 2018 and increase in government's spending would help to capex recovery
in 2018. We are positive in private banking, construction & capital goods and cement companies in
India over next 12 months.
`
5
UPDATE ON OCTOBER 2017 STOCK PICKS
STOCK CALL INITATED
AT (INR) DATE
POTENTIAL TARGET
RATING PRICE(27 OCT
2017)
HERO MOTOCORP 3727 27-Sep-17 4350 BUY 3787
GODREJ PROPERTIES 594 27-Sep-17 700 BUY 658
EVEREADY IND LTD 299 27-Sep-17 350 BUY 328
HDFC LTD 1719 27-Sep-17 1900 ACCUMULATE 1687
TCS 2495 27-Sep-17 2750 ACCUMULATE 2566 Performance reports of recommended stock return in this report are carried on cash closing price and the call deemed to be open (for 12 months) on F&O expiry date of respective month until target is revised downward/upward depending on companies’ future performance.
How Benchmark Index- Nifty moved in OCTOBER 2017
OPEN: 9893 HIGH: 10366 CLOSE: 10323
`
6
Global Economy Update:
1) China economy growth continues in Q3:
Help from heavy lending by state owned banks and healthy Govt. expenditure helps the economy to
maintain it’s growth rate of 6.8% in Q3. Also the others macro parameters are like retail spending,
housing sales and trade figures are suggesting a steady growth momentum. Also factory output for
year to quarter was grown by 6.6% and the fixed assets investment grown by 7.5%, shown slide
improvement but missed the estimated figure.
2) US Economy yet to back in growth path:
As per the September data released the homebuilding was one year down, probably this would give a
negative impact to the Q3 GDP. As per the commerce department building permits fell 4.5% to 1.215
million units in September and in South the activity dropped 5.6%. Also as per the report by Mortgage
Bankers Association unemployment is at more than a 16.5 years low of 4.2%, and wages are rising
steadily and mortgage rates remain close to historic lows.
As per the Federal Reserve industrial production increased 0.3% September month after drop of 0.7%
in August. As per the central bank on Industrial Production data - “continued effects of Hurricane
Harvey and, to a lesser degree, the effects of Hurricane Irma combined to hold down the growth in total
production in September by a quarter percentage point.”
Also to boost the disposable income and corporate earning Trump eying to reduce the tax rate from
35% to 20%. A 15% cut in direct tax would helps to increase the household income by $4,000 and $9,000
a year.
3) World oil prices recently inched up to 2 years high:
World Oil prices have inched up to 2 years high, due to improvement in World economy growth and
production cut extended by OPEC members. Also the higher Brent Crude prices due to impact from
speculating prices. Recent Hurricane Harvey has affected the one-third of the U.S.’s refining
capacity off-line, as the affect domestic producers with fewer buyers for their output. After falling
steadily since April, U.S. crude stocks rose by 15 million barrels in the first three weeks of September,
according to the Department of Energy. Also “The outlook for Iraq’s oil supply from the Kirkuk oil fields
remains uncertain following an offensive by Iraqi security forces that started on October 15 in response
to the autonomous Kurdistan Regional Government’s (KRG) independence referendum held in
September.”
javascript:void(0);javascript:void(0);http://money.cnn.com/2017/10/16/news/economy/white-house-corporate-tax-cut-workers/index.html?iid=ELhttp://money.cnn.com/2017/10/16/news/economy/white-house-corporate-tax-cut-workers/index.html?iid=ELhttp://fortune.com/2017/08/28/hurricane-harvey-oil-refining/http://fortune.com/2017/08/28/hurricane-harvey-oil-refining/
`
7
Indian Economy Wrap: Key Statistics:
1) Big boost for seek PSU Banks, as GOI announces a big recap scheme of Rs. 2.11 lakh crore: On
October 24 Finance Ministry announces a big recapitalization plan of Rs. 2.11 lakh crore for PSU
banks. The plan would be spread over 2 years and the capital would be supported by recap bond of Rs.
1.35 lakh crore and 0.76 lakh crore by Budgetary support & market raising. As per the statement by
Department of financial services "There is also a differential approach which one is envisaging where
performance and potential of each bank and their regional characters, national character; internationally
who can be the big one can all be factored in." we expect that the recap scheme would helps the
lending power of PSU banks and the recent highway policy would helps to pick up the credit growth.
The big reforms in banking sector would give a new thrust for investors and would support towards
future growth.
2) Indian Economy is set to go higher after a GDP decline to 5.7% in last Quarter: India’s GDP growth
unexpectedly grew by 5.7 % a steep decline in last three consecutive quarters after demonetization. Q1
GDP growth slowed due to implementation of GST led by dealers destocking. However the
environment is set to improve soon and the September month’s data are suggesting that the Economy
growth has been bottom out and is set to grow from the current level. During September IIP grew by
4.3% driven by strong performance of mining and power sector coupled with capital goods sector.
During the month mining activities grew by 17.4% and electricity grew by 8%. Meanwhile during the
month CPI remained at 3.28% as against 4.39% in last year September month. WEO expects “In India,
growth momentum slowed, reflecting the lingering impact of the authorities’ currency exchange initiative
as well as uncertainty related to the midyear introduction of the countrywide Goods and Services Tax”.
`
8
STOCK PICKS
Company Data
Market Cap (cr) 171356
52 week high (Rs) 1251
52 week low (Rs) 864
3m average volume NSE 1,871,050
Beta 1.74
Face value ( Rs ) 2
Shareholding (%) Q2FY 2018
Promoters 0.0%
Institutions 56.4%
Non-Institutions 43.6%
Key Financials
FY17 FY16 FY15
Net Sales (Cr) 109311 101122 92004
EBITDA (Cr) 18264 16705 17106
PAT (Cr) 5784 4138 5253
Net Profit Margin (%) 6.1% 5.5% 4.8%
EPS (RS) 42.1 30.6 32.1
Book Value (Cr) 50216 44180 40893
P/E 29.7 40.9 39.0
P/BV 2.9 2.6 3.9
RoNW(%) 14.3% 13.1% 11.3%
RoCE(%) 11.4% 11.1% 10.5%
Larsen & Toubro Ltd. Sector: Capital Goods NSE CODE: LT
BUY | PERIOD: 12 Months | CMP: Rs 1225 | Target: Rs 1460
TECHNICAL VIEW:
Stock has given breakout around 1204, above its
wedge pattern with good volume build up at current
levels.It consolidated around its 50ema for last 4
months and after formed flag pattern formation
where it took multiple support around 1111 levels
and recently broke important supply zone of 1200
with strong volumes indicating strength in the stock
for coming months.
It shows buying signal for the stock for long term
triangular breakout target of 1460 in long term.
During Q1FY18 overall revenue from operation
grew by 10% to Rs. 240 bn. led by strong domestic
execution and muted overseas execution. While
EBITDA grew by 9% to 21 bn. However expect that
the margin would improved by 25-40 bps in FY18.
During the quarter consolidated order book stood at
Rs 262860 crore, up by 2% YoY. International order
book constitutes around 26% of total order book.
Order inflow was muted largely due to muted
environment and a one large order of Rs 6000 crore
of Aramco in June 16 quarter. Domestic
infrastructure segment saw a 27% increase in order
inflow in June 17 quarter.
Outlook
12-14% growth in order inflow continues to remain
for FY 18.
Robust pipeline of order book of Rs 6 lakh crore
pipelines exists for the company in FY 18.
Expect Revenue to grow by around 12% in FY 18.
New highway project (Bharatmala) recently
announced by GOI with an estimated investment of
Rs. 6.9 lakh crore, we expect that would give a
strong order inflow going forward.
`
9
Company Data
Market Cap (cr) 7751
52 week high (Rs) 592
52 week low (Rs) 435
3m average volume NSE N/A
Beta N/A
Face value ( RS ) 10
Shareholding (%) Q2FY2018
Promoters 75.0%
Institutions 13.7%
Non-Institutions 11.3%
Key Financials
FY17 FY16 FY15
Net Sales (Cr) 2057 1985 1838
EBITDA (Cr) 530 499 167
PAT (Cr) 312 291 235 Net Profit Margin (%) 15.1% 14.7% 12.6%
EPS (RS) 27.6 25.7 20.7
Book Value (Cr) 2031 1824 1561
P/E 23.6 NA NA
P/BV 2.57 Na NA
RoNW(%) 15.4% 16.0% 15.1%
RoCE(%) 14.3% 14.8% 13.8%
Cochin Shipyard Ltd. Sector: Ship Building NSE CODE: COCHINSHIP
ACCUMULATE | PERIOD: 12 Months | CMP: Rs 571| Target: Rs 650
TECHNICAL VIEW:
The stock has formed double bottom formation around 520
and formed W pattern formation. This pattern formed is
with strong volumes and in the upmove from 520 to 575
was with single bullish weekly candlestick pattern
We expect the stock to keep its uptrend and we expect
pattern wise target of 650 in timeframe of around 1 year.
Cochin Shipyard, a public sector enterprise, is one of the
most stable companies in the Indian shipbuilding and ship
repair sector. Over the years, the company has emerged as
a premier player in the Indian shipbuilding segment with
expertise in design, engineering and project
implementation. It is also a market leader in the Indian
ship repair segment with a market share of around 39
percent and has undertaken repairs of most complex ships
of the country. As on FY17, shipbuilding constitutes 74
percent of the topline while ship repair comprises the
remaining 26 percent.
Outlook
We believe Cochin Shipyard's strong order book (Rs 2,856
crore) plus L1 status of Rs 5400 crore, bidding pipeline
(around Rs 11,900 crore), core competency in both
shipbuilding & ship repair (especially defence), debt-free
status, best-in-class working capital cycle, reliability in
execution and being a natural beneficiary of large &
critical government projects place it in a sweet spot.The
company is consciously improving its business mix by
increasing the share of ship-repairs orders (2x profitable
than shipbuilding business) in its order book.
The company enjoys strong competitive advantage due to
its large dry dock capacity. This leads to large defence
vessels like aircraft carriers coming only to Cochin
Shipyard for its repairs/ refits. Cochin Shipyard is also
building a new larger size shipbuilding and ship repair
facility at a cost of Rs 2,768 crore. This new capacity is
likely to enable the company to build larger ships and
repair more vessels.
Cochin Shipyard has a strong balance sheet with debt of
Rs 123 crore and cash of Rs 1,600 crore. We recommend to accumulate Cochin Shipyard with 12 month price target of Rs 650.
`
10
Company Data
Market Cap (cr) 78223
52 week high (Rs) 1375
52 week low (Rs) 782
3m average volume NSE 976,880
Beta 1.28
Face value ( RS ) 2
Shareholding (%) Q2 FY 2018
Promoters 40.1%
Institutions 39.6%
Non-Institutions 20.3%
Key Financials
FY17 FY16 FY15
Net Sales (Cr) 35628 36218 32438
EBITDA (Cr) 8332 6996 5673
PAT (Cr) 4116 3124 2427 Net Profit Margin (%) 11.4% 8.5% 7.4%
EPS (RS) 67.8 252.7 189.8
Book Value (Cr) 31386 25831 23140
P/E 17.8 4.8 6.4
P/BV 1.6 1.4 1.4
RoNW(%) 10.1% 9.1% 7.6%
RoCE(%) 6.1% 5.3% 4.3%
Grasim Industries Ltd. Sector: Diversified NSE CODE: GRASIM
ACCUMULATE | PERIOD: 12 Months | CMP: Rs 1187 | Target: Rs 1350
TECHNICAL VIEW:
Stock has given given breakout around 1211 after
forming symmetrical triangle pattern,. It has also taken
support at 100ema and 200ema and move up, indicating
positive rally in the stock for coming months.
Momentum oscillators RSI and Slow Stochastic are in
strength at current levels with other trend indicator ADX
moving up, all indicating uptrend for the stock.
We expect that the stock will breakout of the pattern
formed and we expect target price of 1350 in 1 year
timeframe.
Grasim operates business in different segments namely
VSF, Chemical and cements.
During the quarter VSF business grew by 11% in terms
of revenue to Rs. 1836 crore, with an EBITDA margin of
8%. The business was impacted by Destocking in
domestic market ahead of GST implementation.
Chemical business saw 20% revenue growth in Q1 to Rs.
1084 crore, with an EBITDA margin of 5% with this the
company reported highest ever quarterly margin. The
volume growth for the quarter was 4%, impacted by
Excess supply of Chlorine remains an overhang for the
industry.
During the quarter the company reported 7% growth in
cement business with an EBITDA margin of 11%. The
volume was grown by 1%, weak volume growth largely
due to muted cement demand, destocking by dealers for
implementation of GST.
Outlook
Business outlook expected to remain stable for FY18;
Company’s continued focus on expanding usage and
application of VSF in domestic textile market would
drive the growth.
Chemical business growth expected to be stable for the
year, supported by growth in user industries like Textile,
Aluminum, Paper, Soap and Detergent etc.
Favorable outlook for cement industry (Affordable
housing, Infrastructure spending) would ensure the
growth.
`
11
Company Data
Market Cap (cr) 30959
52 week high (Rs) 723
52 week low (Rs) 639
3m average volume NSE N/A
Beta N/A
Face value ( RS ) 10
Shareholding (%) Q2 FY 2018
Promoters 55.9%
Institutions 13.1%
Non-Institutions 31.0%
Key Financials
FY17 FY16 FY15
Net Sales (Cr) 981 709 740
PBITDA (Cr) 880 704 704
PAT (Cr) 641 505 582 Net Profit Margin (%) 65.4% 71.2% 79.1%
EPS (RS) 14.3 11.3 13.1
Book Value (Cr) 3725 3235 2885
P/E 47.8 NA NA
P/BV 8.3 NA NA
RoNW(%) 17.2% 15.6% 20.3%
RoCE(%) 13.1% 14.2% 18.1%
ICICI Lombard General Insurance Ltd. Sector: Insurance– Non Life NSE CODE: ICICIGI ACCUMULATE | PERIOD: 12 Months | CMP: Rs 683 |Target: Rs 750
ICICI Lombard is a leading general insurance private
sector company in India with a Gross Written Premium of
Rs. 109.6 billion as on FY17. The company has well-
diversified portfolio comprising of Motor insurance at
38%, health and personal accident at 17%, crop insurance
at 25% and property at 20% of GDPI.
During H1FY18 Gross Direct Premium increased to 64.94
billion compared to ` 55.65 billion last year same period,
registering a growth of 16.7%. During Q2FY18 risk
selection has resulted in an improvement in loss ratio to
78.5% in Q2 FY2018 from 83.8% in Q2 FY2017. Claims
incurred include losses of Net claims of ` 0.18 billion on
account of the recent floods in Q2 FY2018.
During the quarter PAT grew at 19.3% to 2.04 billion
compared to 1.71 billion in Q2 FY2017. ROE improved
by 20 bps Y-o-Y, i.e. was 20.2% in Q2 FY2018 compared
to 20.0% in Q2 FY2017.
Outlook:
Have broad network of distribution partner would give a
strong competitive advantage to expand customer base and
new product offerings.
Continues focus on innovative products offering to retail
health segment and SME segment would bring a good
growth.
Well diversified products mix (motor, health & personal
accident, crop, fire, marine, engineering insurance) helping
to leveraging the overall business.Through digitization and
focus on specialized products for SMEs would helps to
capture the SMEs segment.
During FY17 the company earned premium of Rs. 6157
crore, grew by 9.1% CAGR in last 4 years, where their
PAT has been grew by 5.36% CAGR to Rs. 641 crore. We
believe the company will maintain it’s growth rate going
forward by catering new products and continuous focusing
on product development with diversified product portfolio.
The company currently traded on a PE of 47.8X on FY17
EPS and 8.3x of FY17 BV; we expect the strong growth
outlook would bring up the rating near future. Therefore
we giving a buy call on current level with TP of 750
`
12
Company Data
Market Cap (cr) 27030
52 week high (Rs) 530
52 week low (Rs) 302
3m average volume NSE 189,734
Beta 0.70
Face value ( RS ) 1.00
Shareholding (%) Q2 FY 2018
Promoters 75.0%
Institutions 15.3%
Non-Institutions 14.7%
Key Financials
FY17 FY16 FY15
Net Sales (Cr) 4042 3859 3570
EBITDA (Cr) 835 602 472
PAT (Cr) 510 894 275 Net Profit Margin (%) 12.6% 23.1% 7.8%
EPS (RS) 9.4 16.6 5.1
Book Value (Cr) 2814 2295 1601
P/E 51.5 29.2 94.9
P/BV 7.2% 6.6% 7.3%
RoNW(%) 18.1% 38.9% 17.1%
RoCE(%) 17.4% 36.7% 15.6%
Kansai Nerolac Ltd. Sector: Paints NSE CODE: KANSAINER
BUY | PERIOD: 12 Months | CMP: Rs 502 |Target: Rs 580
Kansai is the well known player and also 2nd largest paint
company in India. Company’s products include
Decorative, Automotive, Auto Refinish, and Performance
Coating and Powder Coating segments of the market.
During Q2FY18 sales grew sales grew 3% to Rs 1164.38
crore, operating profit margin improved 150 basis points to
19.0% which saw OP grow 12% to Rs 221.32 crore; As
depreciation grew 9% to Rs 18.70 crore, PBT grew 3% to
Rs 216.78 crore. The continue affect of higher raw
material prices impact the margin.
The company is the market leader in industrial paint
industry, supplied to major automotive companies in India
as well as major Industrial houses. With growing demand
in automobile sector would give major benefit to Nerolac.
Also the focus on developing innovative products in
Decorative Paints segment would give extra benefit to
capture the market.
The company’s industrial business is expected to do well
by rising consumer goods demand. And the company is
strengthening its presence by supplying to Fans, Drum &
Barrels, Construction Equipment, Helmet, LPG etc. and
has further strengthened its share in segments like Auto
Ancillaries, Furniture, and White Goods industry.
Management believes implementation of GST and its
broader acceptance coupled with a good monsoon, demand
would be healthy across segments.
TECHNICAL VIEW:
The stock is in a long term uptrend following classical step
and ladder formation correcting 36.8% Fibonacci
retracement after substantial upmove. Currently it is in its
3rd upmove.
With momentum indicators RSI being in strength showing
uptrend. Weekly ADX has not turned negative in its entire
historical upmove which shows inherent strength in the
stock.
The third upmove is usually the highest move and we
expect the stock rally till 580 in long term
`
13
Disclaimer
RATING PARAMETER
BUY We expect the stock to deliver more than 15% returns over the next 12
months
ACCUMULATE We expect the stock to deliver 6% - 15% returns over the next 12 months
REDUCE We expect the stock to deliver 0% - 5% returns over the next 12
months
SELL We expect the stock to deliver negative returns over the next 12 months NOTE Target prices are for a period of 12-month perspective. Returns stated in the
rating parameter are for our internal benchmark.
TECHNICAL CALL RATING PARAMETER
BUY A condition that indicates a good time to buy a stock. The exact circumstances of the signal will be determined by the
indicator that an analyst is using.
SELL A condition that indicates a good time to sell a stock. The exact circumstances of the signal will be determined by the
indicator that an analyst is using.
STOP LOSS An instruction to the broker to buy or sell stock when it trades beyond a specified price. They serve to either protect
your profits or limit your losses.
DISCLOSURE / DISCLAIMER Peerless Securities Ltd (PSL) e s t a b l i s h e d in 1995, is a subsidiary of Peerless General Finance & Investment Co Ltd. PSL is a corporate trading member of Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange of India Limited (MSEI) & National Stock Exchange of India Limited (NSE). Our businesses include stock broking, services rendered in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, and depository services.
Peerless Securities Ltd is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). We are registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014.
We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise/warning/ deficiency letters/ or levied minor penalty on PSL for certain operational deviations. We have not been debarred from doing business by any Stock Exchange/ SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time.
We offer our research services to clients as well as our prospects.
This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions.
This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Peerless Securities Ltd. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients.
We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Peerless Securities Ltd, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance.
Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centres on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals.
Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavour to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and group company/associate companies may make investment decisions that are inconsistent with the recommendations expressed herein.
PSL shall not be liable for any delay or any other interruption which may occur in presenting the data due to any reason including network (Internet) reasons or snags in the system, break down of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the PSL to present the data. In no event shall PSL be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data presented by the PSL through this report.
We and our affiliates/associates, group companies, officers, directors, and employees, Research Analysts may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of Research Report or at the time of public appearance. Peerless Securities Ltd (PSL) may have proprietary long/short position in the above mentioned scrip(s) and therefore may be considered as interested. The views provided herein are general in nature and does not consider risk appetite or investment objective of particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with PSL. Peerless Securities Ltd does not provide any promise or assurance of favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing.
`
14
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
Details of Associates and group companies are available on our website i.e. www.peerlesssec.co.in
Research Analyst has served as an officer, director or employee of subject company(ies): No
Research Analyst’s financial interest in the subject company(ies): Yes
Peerless Securities Limited has financial interest in the subject company (ies): Yes
Research Analyst has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No
Peerless Securities Ltd has actual/beneficial ownership of 1% or more securities of the subject company (ies) at the end of the month immediately preceding the date of publication of Research Report: No
We or our associates may have received compensation from the subject company (ies) in the past 12 months. We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits from the subject company (ies) or third party in connection with the research report. Our associates may have financial interest in the subject company (ies).
Our associates/Group Companies may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report.
Subject company (ies) may have been client during twelve months preceding the date of distribution of the research report.
"A graph of daily closing prices of securities is available at www.nseindia.com (Choose a company from the list on the browser and select the "three years" icon in the price chart)."
Analyst Certification
I/We, author/s (Research Team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my/our views about the subject issuer(s) or securities. I/we (Research Analyst) also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or PSL may have financial interest in the subject company. Also I/we or my/our relative or PSL or its associates does not have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the research report. Since associates/group of PSL is engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/s mentioned in this report. I/we have not served as officer/director etc in the subject company.
Peerless Securities Limited: Registered Office: Peerless Mansion, 1 Chowringhee Square, 2nd Floor, Kolkata 700069.
Telephone No.: 033 4050 2700, Fax No.: 033 2243 6941. Website: www.peerlesssec.co.in
SEBI Registration No.: NSE INB/INE/INF 230821137, BSE INB010821131, BSE Currency- SEBI registered; AMFI ARN 2103, NSDL: IN-DP-NSDL-96-99,
DP ID: IN300958; CDSL: IN-DP-CDSL-505-2009; Research Analyst INH300002365, CIN: U67120WB1995PLC067616
Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. Investments in securities are subject to market risk, please read all the related documents carefully before investing. Please read the SEBI prescribed Combined Risk Disclosure Document (refer to SEBI website) prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.
Compliance Officer: Mr. Raj Kumar Mukherjee. Call: 033-4050-2700, Email: compliance@peerlesssec.com
Peerless Securities Limited Registered Office: 1, Chowringhee Square, 2nd Floor, Kolkata- 700 069 Phone: +91-33-4050-2700/6450-2002/2243-5942, Fax: +91-33-2243 6941 Institutional Office: 11-A, Mittal Towers, 1st floor, Nariman Point, Mumbai – 400 021 Phone: +91-22-2284 1411, 22-6630 3810, Fax: +91-22-2284 1316
Name E-mail
Amartya Ray amartya.ray@peerlesssec.co.in
Kaushik Hore kaushik.hore@peerlesssec.com
SEBI REGN. NO. NSE: INB/INF 230821137, BSE: INB 010821131, NSDL: IN-DP-NSDL-96-99, CDSL: IN-DP-CDSL-505-2009, ARN - 2103
http://www.peerlesssec.co.in/http://www.nseindia.com/http://www.peerlesssec.co.in/http://www.sebi.gov.in/mailto:compliance@peerlesssec.commailto:amartya.ray@peerlesssec.co.in