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Please refer to important disclosures/disclaimers insideCentrum Equity Research is available on Bloomberg, Thomson Reuters and FactSet

Valuation Summary: A snapshotof the valuations of the stocksunder coverage.

Centrums Views A glance inside

Q2FY12 Result Preview

Education: Growth momentum intact: We expectthe companies to register strong growth duringQ2FY12 despite this being a lean quarter for them. Webelieve the growth in topline would be largely drivenby multimedia solutions to private schools, vocationalcourses and IT training segments. We expect EducompSolutions to register strong growth in sales in Q2 drivenby the higher education segment. NIIT is expected toreport a decline in margin on higher spending onIndividual Learning Solutions and School LearningSolutions segments.

Daily Avg. Volumes

(Rs bn) 7-Oct 1 M 3 M

NSE 109.2 109.6 110.9

BSE 20.7 25.6 26.2

NSE (Deriv) 1001.1 1330.2 1336.2

Advance/Declines

A B1 B2 Total

Advances 162 1413 225 1403

Declines 39 735 209 1025

Unchanged 3 86 36 102

Rs bn 7-Oct 1M 3M

FIIs (9.7) (61.3) (113.0)

MFs 1.0 (6.9) 22.1

7-Oct 1 D 1 M 3M

Rs/US$ 49.2 49.3 46.1 44.9

Rs/EUR 65.9 65.1 64.9 64.3

Rs/GBP 76.5 76.2 73.7 71.2

10 yr G-Sec 8.578 8.569 8.3 8.3

Call Money 8.1 7.5 8.0 8.1

7-Oct 1 D 1 M 3 M

Brent ($/bbl) 105.9 0.0% -7.4% -9.1%

Al (Rs/kg) 107.0 0.2% -3.6% -6.4%

Zinc (Rs/Kg) 90.7 -0.1% -11.6% -15.9%

Steel (Rs/ton) 32520.0 0.1% 8.0% -7.7%

Bullion

7-Oct 1 D 1 M 3 M

Gold 26,196.0 2.1% -5.5% 14.3%Silver 51,958.0 8.0% -16.5% -8.3%

Sensex

Forex/Money Markets

Commodities

Inflows/Outflows

15000

16000

17000

18000

19000

20000

21000

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Source: Bloomberg

Indices Sensex NIFTY BSE 500 CNX Midcap Nasdaq DJIA Hang Seng Nikkei

10/07/11 16233 4888 6282 6894 2479 11103 17707 8606

1 Day (%) 2.8 0.0 2.3 0.0 (1.1) (0.2) (1.1) 1.0

1 Mth (%) (3.8) (3.4) (4.6) (7.0) 0.5 1.0 (11.9) (1.5)

3 Mth (%) (13.9) (13.6) (14.2) (15.1) (13.3) (12.3) (22.9) (15.1)

Source: Bloomberg, Centrum Research Estimates

10 Oct 2011

INDIA

Morning Wrap

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Please refer to important disclosures/disclaimers in Appendix ACentrum Equity Research is available on Bloomberg, Thomson Reuters and FactSet

Abhishek Ananda.anand@centrum.co.in+91 22 4215 9853

Growth momentum intact

We expect the companies to register strong growth

during Q2FY12 despite this being a lean quarter forthem. We believe the growth in topline would be largelydriven by multimedia solutions to private schools,vocational courses and IT training segments. We expectEducomp Solutions to register strong growth in sales inQ2 driven by the higher education segment. NIIT isexpected to report a decline in margin on higherspending on Individual Learning Solutions and SchoolLearning Solutions segments.

Topline growth to continue: We expect the growthmomentum to continue for companies given theopportunity in the space. Segments such as vocationalcourses, multimedia solutions to private schools and

formal education would be key drivers.

New initiatives to continue: Companies in theeducation space will continue to focus on newerinitiatives in the area of formal education and skilldevelopment as they foresee major opportunities inthem. Educomp and Everonn are trying to cash in onthe opportunity in these two areas. It announced itsentry into skill development as National SkillDevelopment Corporation bought a stake in asubsidiary of NIIT and has been given the mandate totrain 7mn people by 2022.

Prefer Educomp and NIIT in the space: We preferEducomp and NIIT in order of preference consideringattractive valuations, growth prospects and earningssurprises. We believe that Educomp factors in all theconcerns including FCCB payout, high capex in formaleducation and free cash flow generation. Our belief isthat NIIT re-rating is contingent upon FY12E financialperformance i.e growth with margin expansion. Hence,NIIT becomes a long-term bet in our opinion. In thecase of Everonn Education, we recommend investors totender shares in the open offer considering theacceptance ratio. Our calculation suggests that thestock would remain at Rs400 levels.

Price Performance* (%)

1M 6M 1Yr

Career Point (11.9) (27.8) (58.0)

Educomp 13.5 (43.6) (59.4)

Everonn Education (32.3) (39.6) (40.4)

NIIT (5.1) (21.6) (33.5)

NIFTY (3.4) (16.3) (19.9)

Source: Bloomberg, Centrum Research* as on 07 October 2011

Summary Estimates

Net Sales (Rsmn) EBITDA (Rsmn) EBITDA Margin (%) Adj. PAT (Rsmn)Y/E Mar(Rsmn) Q2FY12E YoY (%) QoQ (%) FY12E Q2FY11E YoY (%) QoQ (%) FY12E Q2FY12E Q2FY11 Q2FY11E YoY (%) QoQ (%) FY12E

Career Point 220 (14.0) 39.5 894 89 (38.7) 193.9 326 40.5 56.8 90 (12.3) 93.6 295

Educomp 3,679 32.9 25.8 15,806 1,473 41.9 39.7 6,604 40.0 37.5 558 (3.5) 52.3 3,135

Everonn Education 1,453 34.5 48.0 6,553 588 54.8 60.5 2,157 40.5 35.2 215 38.3 122.4 846

NIIT 3,900 12.8 21.4 13,980 529 (0.6) 71.6 2,003 13.6 15.4 289 1.4 118.8 1,014

Source: Company, Centrum Research Estimates

Education

Q2FY12 Result Preview 10 October 2011

INDIA

Education

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2Education

Career Point Infosystems (Rating Buy; Target Price Rs341)

We expect Career Point to post Rs220mn in revenue in Q2FY12 on the back of an increase instudent enrollments.

We expect the operating margin to be 40.5% in the quarter on higher revenue andnormalization of marketing expense.

We expect net profit at Rs90mn on the back of top-line growth and higher other income. As thecompany has IPO proceeds in its books which are unutilized, it has invested surplus funds in taxsaving schemes which reduces effective tax rate.

Educomp Solutions (Rating Buy; Target Price Rs430)

We expect Educomp to register 33% YoY revenue growth in Q2FY12 on the back of stronggrowth in School Learning and Higher Learning segments.

We expect the company to report an operating margin of 40% at the consolidated level drivenby better sales mix.

We expect net profit to decline by 3.5% to Rs558mn. We assumed full tax rate as againsteffective tax rate of 19.5% in Q2FY11.

Everonn Education (Rating Under Review; Target Price NA)

We expect Everonn to register 34.5% YoY revenue growth in Q2FY12 on the back of an increasein VITELS business. Within VITELS segment, the company has shown continuous improvementin installation per school in the ischool segment.

We expect the company to report an operating margin of 40% at the consolidated level drivenby VITELS segment which enjoys high margin and lower revenue contribution from Edures.While we expect standalone business to deliver strong operating profit margin.

We expect net profit to grow by 38.3% YoY to Rs215mn as subsidiaries losses are likely to comedown.

NIIT (Rating Buy; Target Price Rs66)

We expect NIIT to register 12.8% YoY revenue growth, driven by the segments IndividualLearning Solutions (ILS) and Corporate Learning Solutions (CLS).

Operating margin is expected to contract by ~200bp mainly due to the introduction of newdelivery platforms at centers and higher SG&A expenses which would help in higher salesgrowth and better margin going forward. In the school learning solution, operating margin islikely to decline as the company continues to hire sales force which would drive business goingforward.

We expect net profit to grow by 1.4% YoY on the back of lower operating margin and higherdepreciation expense.

Summary valuations

EPS (Rs) P/E (x) EV/EBITDA (x) P/B (x)Y/E Mar(Rsmn)

RatingTarget

Price (Rs)CMP (Rs)

10-Oct-11

MktCap

(Rsmn) FY11 FY12E FY13E FY11 FY12E FY13E FY11 FY12E FY13E FY11 FY12E FY13E

Educomp Buy 430 205 19,586 35.2 32.8 45.9 5.8 6.2 4.5 5.0 3.8 2.4 0.9 0.8 0.7

Everonn UR NA 446 8,786 35.5 43.4 58.2 12.5 10.3 7.7 6.1 4.7 3.8 1.6 1.4 1.2

NIIT Buy 66 46 7,595 5.6 6.1 7.3 8.2 7.5 6.3 6.7 5.4 4.3 1.4 1.2 1.1

Career Point Buy 341 266 4,815 15.1 16.3 18.7 17.6 16.4 14.2 12.7 13.4 8.1 2.2 1.8 1.4

Source: Company, Centrum Research Estimates

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Valuation Summary

Price as of 07 Oct 2011 MCAP 3M Avg Daily

Company Name Rating CP 1M 1Y Volume (MM) FY12E FY13E FY12E FY13E FY12

(%) (%) (US$MM) (x) (x) (x)

Construction - Manish Kayal (+91 22 4215 9313)

Ahluwalia Constructions Buy 106 (7.6) (50.3) 142 136 0.0 21.8 25.8 4.9 4.1 1.4

CCCL Sell 19 (8.7) (77.7) 20 71 0.1 5.5 6.4 3.5 2.9 0.5

Era Infra Hold 152 (1.8) (34.8) 209 561 0.4 17.7 20.6 8.6 7.4 1.3

HCC Ltd Buy 28 (11.8) (57.2) 45 344 3.5 1.5 1.8 19.2 15.4 1.0

IVRCL Ltd Buy 36 (21.3) (77.8) 54 196 5.7 8.2 9.8 4.4 3.7 0.4

NCC Ltd Buy 58 (12.4) (62.0) 73 302 1.0 8.0 9.1 7.2 6.3 0.6

Mkt Cap Weighted Aggregates 1,611 9.5 8.0 1.0

Education - Abhishek Anand (+91 22 4215 9853)

Career Point Infosystems Buy 248 (13.3) (58.0) 341 92 0.0 16.3 18.7 15.3 13.3 1.5

Educomp Solutions Buy 255 10.5 (59.4) 430 498 2.9 31.1 43.4 8.2 5.9 1.0

Everonn Education nder Revie 370 41.2 (48.9) 144 1.0 48.2 63.1 7.7 5.9 1.2

NIIT Buy 44 (6.6) (33.5) 66 147 0.3 6.2 7.3 7.1 6.0 1.2

Mkt Cap Weighted Aggregates 881 8.7 6.6 1.1

Ferrous-Steel & Mining - Abhisar Jain (+91 22 4215 9928)

JSW Steel Sell 565 (21.8) (57.7) 571 2,563 2.8 31.9 71.0 17.7 8.0 0.8NMDC Buy 236 1.7 (17.2) 241 19,021 0.3 21.5 22.4 11.0 10.5 3.6

SAIL Sell 104 (12.6) (53.4) 90 8,696 3.4 8.3 10.5 12.5 9.8 1.1

Sesa Goa Buy 205 (11.7) (41.5) 254 3,624 3.6 31.0 30.4 6.6 6.7 1.1

Tata Steel Sell 420 (14.6) (33.0) 376 8,189 5.0 32.7 49.4 12.8 8.5 1.0

Mkt Cap Weighted Aggregates 42,094 11.7 9.5 2.2

Non Ferrous-Base Metals - Abhisar Jain (+91 22 4215 9928)

Hindustan Zinc Ltd. Buy 118 (9.2) 0.5 171 10,151 1.1 14.6 14.8 8.1 8.0 1.8

Mkt Cap Weighted Aggregates 10,151 8.1 8.0 1.8

FMCG - Ankit Kedia (+91 22 4215 9634)

Colgate Palmolive Sell 986 (3.6) 14.8 883 2,728 0.1 34.6 38.9 28.5 25.3 30.1

Mkt Cap Weighted Aggregates 2,728 28.5 25.3 30.1

Price Performance

Price

Target

EPS P/E

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Date Research

Economy & Strategy22 Sep 2011 Economy - India Strategy - Operation twist fails to calm unnerving markets; Increasing probability of 2008 type

event - "BE DEFENSIVE FOR LONGER" - 22092011

16 Sep 2011 Economy - Monetary policy - RBI remains hawkish but is getting exposed to heightened efficacy test - 16092011

15 Sep 2011 Economy - WPI Inflation - Higher inflation, plummeting pass-through and intensifying growth-price stability trade-off for RBI - 15092011

13 Sep 2011 Economy - Industrial production - Downside surprise confirms the slowdown - 13092011

02 Sep 2011 Economy - Q1FY12 GDP growth - Q1 GDP growth gets a statistical boost - 02092011

17 Aug 2011 Economy - WPI Inflation - Intensifying growth - inflation trade-off calls for non-monetary measures - 17082011

13 Aug 2011 Economy - Industrial production - Positive surprise hides the underlying deceleration - 13082011

09 Aug 2011 Economy - India Strategy - Market beginning to factor in the New Normal - 09082011

26 July 2011 Economy - Monetary policy - RBI surprises with a over-hawkish 50bps hike, but understates downside risk to growth - 26072011

14 July 2011 Economy - WPI Inflation - Upside risk despite moderating demand; RBI expected to be incrementally dovish - 14072011

13 July 2011 Economy - Industrial production - Downside surprise confirms a wider slowdown - 13072011

Sector Updates10 Oct 2011 Education Q2FY12 Preview - Growth momentum intact - 10102011

04 Oct 2011 Automobile - Wheels on the road - A festive push! - 041011

03 Oct 2011 Petro-Monitor - September 2011 - Oil & Gas - Fortnightly - 03102011

03 Oct 2011 View from Mint Road - October 2011 - Banking Monthly - 03102011

28 Sep 2011 Infrastructure Sector - Delhi Meetings Update - Too many bumps in highway sector - 28092011

27 Sep 2011 Banking - Sector update - "Present tenser" as down-cycle looks imminent, 15% downside risk tostress case despite cheap valuation - 27092011

23 Sep 2011 Steel - Cautious - Update/ Rating & Earnings Change - Situation turns from bad to worse - 23092011

21 Sep 2011 Metals - Monthly Report - September 2011 - Supply growth persists, demand wanes - 21092011

20 Sep 2011 Oil & Gas - Petchem - Sector update - 2012 - A game changer - 20092011

16 Sep 2011 Petro-Monitor - Mid September 2011 - Oil & Gas - Fortnightly - 1609201114 Sep 2011 Port Anchor - Port volume update - Traffic down in seasonally weak month - 14092011

02 Sep 2011 Automobile - Wheels on the road - Buoyancy in the 2W segment continues - 02092011

02 Sep 2011 View from the Mint Road - August 2011 Banking Monthly - 02092011

02 Sep 2011 Petro-Monitor - August 2011 - Oil & Gas - Fortnightly - 02092011

26 Aug 2011 Steel & Mining - Event Update/ Rating Change - Implications of Karnataka mining ban: - 27082011

Covered Companies Price (Rs) TP (Rs) Rating

26 Sep 2011 Mphasis - Buy - Event Update - Change in HP's CEO doesn't impact our call - 26092011 334 514 Buy

22 Sep 2011 Hindustan Zinc Ltd. - Buy - Initiation - Silver provides the zing - 22092011 133 171 Buy

15 Sep 2011 Allcargo Logistics - Buy - Management Meet Note - Strong volume growth across business - 15092011 150 228 Buy

14 Sep 2011 Coal India Ltd - Not Rated - Management Meet Note - Faces challenges to high growth - 14092011 376 Not Rated

08 Sep 2011 NIIT - Buy - Update - Focus on improving asset utilisation - 08092011 47 66 Buy

05 Sep 2011 Mphasis - Buy - Rating Change - Call Option on Leo Apotheker's Strategy - 05092011 357 514 Buy

05 Sep 2011 Everonn Education - Under Review - Event Update - Rating under review 05092011 352 Under Review

25 Aug 2011 TVS Motor Company - Buy - Event update - Update on Indonesian volumes; Maintain BUY - 25082011 53 63 Buy

19 Aug 2011 Ahluwalia - Buy - Q1FY12Result - Lower Revenue on Slow Execution, Op. Margins Surprised. Buy, - 19082011 125 142 Buy

18 Aug 2011 Shipping Corp of India - Buy - Q1FY12 Result/ Estimate Change - Liner segment impacts performance - 18082011 83 94 Buy

17 Aug 2011 IVRCL Ltd - Buy - Q1FY12 Result/Est. chg - Disappointing Qtr, Pain To Exist For Another 2Q; Maintain Buy - 17082011 40 54 Buy

17 Aug 2011 Allcargo Logistics - Buy - Q2CY11 Result Update - Margins expand, CFS leads the way - 17082011 165 228 Buy

17 Aug 2011 Lanco Infratech - Buy - Q1FY12 / Estimate Change - Concerns remain intact - 17082011 16.7 27 Buy

16 Aug 2011 Reliance Communications - Not Rated - Q1FY12/ Estimate Change - Non-wireless business disappoints - 16082011 78 Not Rated

16 Aug 2011 Fortis Healthcare - Hold - Q1FY12 Result Update - Positives priced-in; maintain Hold - 16082011 155 166 Hold

16 Aug 2011 SBI - Buy - Q1FY12 Result update/Esti Chg - Strong core performance though asset quality - 16082011 2,197 2,550 Buy

16 Aug 2011 NCC Ltd - Buy - Q1FY12 Result update - Better than our expectation, but much below consensus, - 16082011 63 73 Buy13 Aug 2011 Tata Steel - Hold - Q1FY12 Update/Estimate Change - Concerns remain over bleak Europe - 13082011 475 494 Hold

12 Aug 2011 HPCL - Buy - Q1FY12/ Rating Change - Disappointing refining performance - 12082011 384 464 Buy

12 Aug 2011 India Cements - Buy - Q1FY12/ Estimate Change - Higher realizations inflate profits - 12082011 72 98 Buy

Recent Releases

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Appendix A

Disclaimer

Centrum Broking Private Limited (Centrum) is a full-service, Stock Broking Company and a member of The Stock Exchange, Mumbai (BSE) and National Stock Exchange of India (NSE). Ourholding company, Centrum Capital Limited, is an investment banker and an underwriter of securities. As a group, Centrum has Investment Banking, Advisory and other businessrelationships with a significant percentage of the companies covered by our Research Group. Our research professionals provide important inputs into the Group's Investment Bankingand other business selection processes.

Recipients of this report should assume that our Group is seeking or may seek or will seek Investment Banking, advisory, project finance or other businesses and may receive commission,

brokerage, fees or other compensation from the company or companies that are the subject of this material/report. Our Company and Group companies and their officers, directors andemployees, including the analysts and others involved in the preparation or issuance of this material and their dependants, may on the date of this report or from, time to time have"long" or "short" positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. Centrum or its affiliates may be owning 1 or more inthe equity of this company Our sales people, dealers, traders and other professionals may provide oral or written market commentary or trading strategies to our clients that reflectopinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with therecommendations expressed herein. We may have earlier issued or may issue in future reports on the companies covered herein with recommendations/ information inconsistent ordifferent those made in this report. In reviewing this document, you should be aware that any or all of the foregoing, among other things, may give rise to or potential conflicts ofinterest. We and our Group may rely on information barriers, such as "Chinese Walls" to control the flow of information contained in one or more areas within us, or other areas, units,groups or affiliates of Centrum.

This report is for information purposes only and this document/material should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to anysecurities, and neither this document nor anything contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This documentdoes not solicit any action based on the material contained herein. It is for the general information of the clients of Centrum. Though disseminated to clients simultaneously, not all clientsmay receive this report at the same time. Centrum will not treat recipients as clients by virtue of their receiving this report. It does not constitute a personal recommendation or take intoaccount the particular investment objectives, financial situations, or needs of individual clients. Similarly, this document does not have regard to the specific investment objectives,financial situation/circumstances and the particular needs of any specific person who may receive this document. The securities discussed in this report may not be suitable for allinvestors. The securities described herein may not be eligible for sale in all jurisdictions or to all categories of investors. The countries in which the companies mentioned in this report areorganized may have restrictions on investments, voting rights or dealings in securities by nationals of other countries. The appropriateness of a particular investment or strategy willdepend on an investor's individual circumstances and objectives. Persons who may receive this document should consider and independently evaluate whether it is suitable for his/

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The projections and forecasts described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies.Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections and forecasts were based will notmaterialize or will vary significantly from actual results, and such variances will likely increase over time. All projections and forecasts described in this report have been prepared solely bythe authors of this report independently of the Company. These projections and forecasts were not prepared with a view toward compliance with published guidelines or generallyaccented accounting principles. No independent accountants have expressed an opinion or any other form of assurance on these projections or forecasts. You should not regard theinclusion of the projections and forecasts described herein as a representation or warranty by or on behalf of the Company, Centrum, the authors of this report or any other person thatthese projections or forecasts or their underlying assumptions will be achieved. For these reasons, you should only consider the projections and forecasts described in this report aftercarefully evaluating all of the information in this report, including the assumptions underlying such projections and forecasts.

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This report/document has been prepared by Centrum, based upon information available to the public and sources, believed to be reliable. No representation or warranty, express orimplied is made that it is accurate or complete. Centrum has reviewed the report and, in so far as it includes current or historical information, it is believed to be reliable, although itsaccuracy and completeness cannot be guaranteed. The opinions expressed in this document/material are subject to change without notice and have no obligation to tell you whenopinions or information in this report change.

This report or recommendations or information contained herein do/does not constitute or purport to constitute investment advice in publicly accessible media and should not bereproduced, transmitted or published by the recipient. The report is for the use and consumption of the recipient only. This publication may not be distributed to the public used by thepublic media without the express written consent of Centrum. This report or any portion hereof may not be printed, sold or distributed without the written consent of Centrum.

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The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe,any such restrictions. Neither Centrum, its directors, employees, agents or representatives, shall be liable for any damages whether direct or indirect, incidental, special or consequentialincluding lost revenue or lost profits that may arise from or in connection with the use of the information.

This document does not constitute an offer or invitation to subscribe for or purchase or deal in any securities and neither this document nor anything contained herein shall form thebasis of any contract or commitment whatsoever. This document is strictly confidential and is being furnished to you solely for your information, may not be distributed to the press orother media and may not be reproduced or redistributed to any other person. The distribution of this report in other jurisdictions may be restricted by law and persons into whosepossession this report comes should inform themselves about, and observe any such restrictions. By accepting this report, you agree to be bound by the fore going limitations. No

representation is made that this report is accurate or complete.The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and are given as of this date andare subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this report and there can be no assurance that future results or eventswill be consistent with any such opinions, estimate or projection.

This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its directors or any other person.Information in this document must not be relied upon as having been authorized or approved by the company or its directors or any other person. Any opinions and projectionscontained herein are entirely those of the authors. None of the company or its directors or any other person accepts any liability whatsoever for any loss arising from any use of thisdocument or its contents or otherwise arising in connection therewith.

Centrum and its affiliates might have managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates might have receivedcompensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for service in respect of public offerings, corporatefinance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some other sort of specific transaction. Centrum and affiliates may expect toreceive compensation from the companies mentioned in the report.

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Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or Centrumpolicies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances.

Key to Centrum Investment RankingsBuy: Expected outperform Nifty by>15, Accumulate: Expected to outperform Nifty by +5 to 15, Hold: Expected to outperform Nifty by -5 to +5, Reduce: Expected to underperform Nifty by5 to 15, Sell: Expected to underperform Nifty by>15

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Centrum Broking Private LimitedMember (NSE, BSE, MCX-SX), Depository Participant (CDSL) and SEBI registered Portfolio

Manager

Regn NosCAPITAL MARKET SEBI REGN. NO.: BSE: INB 011251130, NSE: INB231251134

DERIVATIVES SEBI REGN. NO.: NSE: INF 231251134 (TRADING & SELF CLEARING MEMBER) CDSL DP ID: 12200. SEBI REGISTRATION NO.: IN-DP-CDSL-20-99

PMS REGISTRATION NO.: INP000000456MCX SX (Currency Derivative segment) REGN. NO.: INE 261251134

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