PEERLESS MASTER PICKS -MONTHLY Masterpicks... · MARICO 318 27-Apr-17 360 ... Since March economy...

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25

th May 2017

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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 : [email protected]

Website : www.peerlessec.co.in

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May 25, 2016

PORTFOLIO PICKS

STOCK PICKS FOR JUNE 2017

Stock price in INR

COMPANY SECTOR

MARKET CAP(INR

CR) CMP (INR) RATING

POTENTIAL TARGET

POTENTIAL UPSIDE

HIND UNILEVER Consumer Staples 225784 1043 ACCUMULATE 1120 7.34%

HINDALCO Metal-Non Ferrous 42533 191 BUY 235 23.33%

JUBILANT FOODWORKS

Consumer Discretionary 6682 1015 ACCUMULATE 1125 10.84%

MARUTI Consumer Discretionary 40972 6986 ACCUMULATE 7700 10.22%

TORRENT PHARMA Pharma 42321 1220 BUY 1450 18.85% Time horizon of the recommended stock picks: 12 months unless specified

Market Outlook:

Indian equity markets hit new life high in the month of May on strong flows from domestic & foreign

institutional investors. Benchmark Nifty rallied nearly 2.12 percent in the month amid volatility. Recent

correction in midcap and small cap space was due to expensive valuation coupled with weak earnings.

Recent rally in markets has made stock prices overvalued in some sectors and pockets of markets and risk

reward is not favourably placed for short term. However, strong liquidity and expectations of faster recovery

in earnings, stability in political establishment in India could keep the market sentiments buoyancy in near

term. We are cautiously optimistic on Indian equities.

OPEC decision to extend cut in oil output by nine months to March 2018 would provide much needed

downside support to crude oil prices over medium term.

US Fed sets the process to wind down its massive USD 4.5 trillion balance sheet in a gradual manner in part

its exercise to normalize the interest rate. It is expected that gradual approach of Fed could mitigate the risk

of adverse effects on market functioning or outsized effects on interest rates. The process comes as the Fed

is on a gradual path towards interest rate hike cycle. Fed is likely to hike interest rate by 25 bps in its June

meeting that is largely factored in by markets.

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 session in India so far is

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mixed with Cement companies and selects private banks posted reasonably robust numbers whereas

growth momentum for IT and Pharma companies continues to be weak in Q4FY17.Implementation of GST

would reduce tax evasion and would help to achieve higher growth in long term.

We continue to be positive in select private banking, consumer discretionary, Oil & Gas and select domestic

FMCG companies in India.

UPDATE ON MAY 2017 STOCK PICKS

STOCK CALL INITATED

AT (INR) DATE POTENTIAL

TARGET RATING PRICE(25

MAY 2017) REMARKS

HDFC BANK 1569 27-Apr-17 1600 ACCUMULATE 1617.15 OPEN

IOC 443 27-Apr-17 500 ACCUMULATE 438.95 OPEN

ICICI PRUDENTIAL 399 27-Apr-17 440 ACCUMULATE 399.75 OPEN

MARICO 318 27-Apr-17 360 ACCUMULATE 315.95 OPEN

TITAN 478 27-Apr-17 530 ACCUMULATE 463.90 OPEN

Stock price in INR

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. We have now revised this stock return performance policy from 30 Sep 2016(Oct derivative series) onwards and STOPLOSS BASIS stock calls are not given.

How Benchmark Index- Nifty moved in MAY 2017(Till May25, 2017)

OPEN: 9339 HIGH: 9532 CLOSE: 9509

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Global Economy Update:

1) Moody’s downgrades China’s rating: On May 24, Moody’s Investors services downgrade the

rating of China’s long term local & foreign currency issuer rating from Aa3 with a outlook of

negative to A1 stable. As per the statement given by Moody’s "China's financial strength will

erode somewhat over the coming years, with economy-wide debt continues to rise as potential

growth slows," Also Moody's expectations that China's government debt-GDP ratio would rise to

40 percent in 2018.

2) China’s Steel output for April hits record: China continues showing the improvement in Steel

manufacturing, As per the April data shown it produced record volume i.e. 72.87 MT and it beats

the its’ previous highest peak of in March. The strong output of steel data emphasizes the

challenge for the Government as it gash 50MT of substandard obsolete capacity this year and it

has removed 65 MT last year. In the first four months, total production stood at 273.9 MT,

4.6% up Y-o-Y.

3) FOMC may hike the rate as early as June: FOMC meeting on May 2-3 showed most of the

participants indicated that another rate cut may come in June. According to the Fed release “if

economic information came in about in line with … expectations it would soon be appropriate to

take another step in removing some policy accommodation.” Apart from this statement, there is

a concern on Economy performance. Since March economy shown a mix performance; as the

price index for personal consumption expenditure was above the Fed’s annual target (2%) in

Feb and in Mar it was below the target stood at 1.8%.

http://search.news.cn/language/search.jspa?id=en&t=1&t1=0&ss=&ct=&n1=GDP&x=33&y=11

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Indian Economy in Growth path: Key Statistics:

1. Clarity on India’s Biggest Tax Reforms Finally came: The GST Council has released details Tax

rate of over 1200 goods will be taxed when GST will take effect. Expected roll out of GST likely

to be July 1, under this new tax regime out of 1211 items 43% will be attract 18% tax slab,

another 17% will attract 12% tax slab, and 14% goods will attract 5% tax slab. Apart from that

nearly 7% of the items, which classified as essential item such as milk, fruits, cereals and

poultry exempted. A 19% of goods classified as luxury item, which will, have taxed under

highest tax slab of 28%.

2. Record FDI inflow in FY2016-17 to USD 43.5 billion emblems by 9%: Despite of global FDI inflows

tumbling, India attracted USD 43.5 million FDI inflows, back by strong Government policy, stable

policies. Sector wise FDI data flow shows that, Services sector attract highest inflows of USD

8.9 billion, whereas Telecommunication sector attracted USD 5.6 billion Investment. As per the

DIPP statement - “The government in past three years has undertaken a number of reforms in

different areas of economy. The scale of reforms can be gauged from the fact that during this

period, 21 sectors covering 87 areas of FDI policy have undergone reforms. This has resulted in

increased FDI inflows, which year after year is setting new records.”

3. During April Exports rise by 20%, Higher Crude and Gold imports trade deficit surges by 3 fold:

Back of resilient enactment by engineering sector, petroleum and textile industry strapped the

exports growth by 19.77% to USD 24.63 billion. Also chemicals, iron ore, marine products,

cashew, oil meals, iron ore and plastic sectors given a strong support to spurt India’s overall

exports.

Despite the strong exports growth, imports too rise significantly by 49% Y-o-Y to USD 37.88

billion. Whereas Gold imports rose by 3 times to USD 3.85 billion from USD 1.23 billion last year

April. As per state of Ministry of Commerce "In continuation with the double digit growth

exhibited by exports during March, exports during April have shown growth of 19.77%".

4. Ministry of Power set a target of All household will access electricity by May-18: Remaining

electrification of 3992 villages will be electrified by October this year, and this will give room to

all household will access the electricity by the given time frame. As per the Ministry’s statement

-“We have changed the rules of this game. Instead of counting 10 per cent households in the

village to complete electrification process, now the government is focusing on providing power

connections to each and every household of village.

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STOCK PICKS

Company Data

Market Cap (cr) 225784

52 week high (Rs) 1050

52 week low (Rs) 782

3m average volume NSE 1,270,763

Beta 0.84

Face value ( RS ) 1

Shareholding (%) Q4 FY 2017

Promoters 67.2%

Institutions 18.9%

Non-Institutions 13.9%

Key Financials

FY17 FY16 FY15

Net Sales (Cr) 35759 34616 31785

EBITDA (Cr) 6340 6020 5208

PAT (Cr) 4490 4151 4363

Net Profit Margin (%) 12.6% 12.0% 13.6%

EPS (Rs.) 20.6 19.1 20.2

Book Value (Cr) 6665 6279 3725 (FY 17-Adjusted) P/E 49.9 53.8 50.9

P/BV 55.8 55.1 62.6

RONW(%) 96% 102% 108%

RoCE (%) 87% 75% 83%

Hindustan Unilever Ltd. Sector: Consumer Staples NSE CODE: HINDUNILVR

ACCUMULATE | PERIOD: 12 Months | CMP: Rs 1043 | Target: Rs 1120

TECHNICAL VIEW:

The stock broke out of the consolidating pattern with good volume which it has been making for the last two years in the range of 950-750.

The stock has been in steady uptrrend forming higher top higher bottom pattern for the last 1 year. It is expected to continue its uptrend and the ADX is showing positive bias of the stock.

Pattern target using Fibonacci retracment studay indicates price target of INR 1120 in 1 year time horizon

HUL plays in Personal Care segment, its’ product portfolio ranges from nutritionally balanced foods to indulgent ice creams, affordable soaps, luxurious shampoos and everyday household care products.

Key Highlights of Q4 result:

During the Quarter HUL’s domestic consumer business

grew by 8%, and EBITDEA margin expended by 90 bps.

Fabric washes business growth driven by premium

segment. In household care business, vim liquid

continues its’ strong performance.

Personal wash segment performance improved during

the quarter as prices and input costs stabilized.

Packaged food category business grew by reasonably

due to strong comparators in the previous year.

During the Quarter domestic consumer business grew by

8%, Underlying volume growth was 4%.

Management Commentary:

Looking ahead in the near-term, consumer sentiment is

improving, input costs are stable and GST, it's a welcome

reform. However, there are transitional challenges that

need to be addressed. And for this our strategy remains

unchanged, focus on volume driven growth and

improvement in operating margin, while continuing to

deliver consistent, competitive, profitable and responsible

growth

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Company Data



52 week low (Rs) 84

3m average volume NSE 12,590,566

Beta 1.59

Face value ( RS ) 1

Shareholding (%) Q4 FY2017

Promoters 34.7%

Institutions 45.3%


Key Financials FY16 FY15 FY14

Net Sales (Cr) 101862 105951 89539

EBITDA (Cr) 8791 8944 8286

PAT (Cr) 45 854 2175 Net Profit Margin (%) 0.04% 0.08% 2.42%

EPS (Rs.) 0.22 4.14 10.91

Book Value (Cr) 38413 38328 40599 (FY 16-Adjusted) P/E 0.00 46.4 17.6

P/BV 1.03 1.03 0.98

RONW(%) 0.11% 2.22% 5.35%

RoCE (%) 0.04% 0.80% 2.04%

Hindalco Industries Ltd. Sector: Metal-Non Ferrous NSE CODE: HINDALCO

BUY | PERIOD: 12 Months | CMP: Rs 191 | Target: Rs 235

Hindalco’s major products include standard and specialty grade aluminums and hydrates, aluminum ingots, billets, wire rods, flat rolled products, extrusions and foil. It has a factory located in Renukoot, Uttar Pradesh.


During the Quarter standalone revenue from operation grew by 13.7% Y-o-Y to Rs. 9915 crore; and EBITDA grew by significantly by 63.7% Y-o-Y to Rs.1405 crore, led by higher growth Aluminum segment which witnessed significant growth of 147.4% Y-o-Y to 876 crore; Majorly by higher demand from auto industry.

During the Quarter Hindalco registered a PAT of 321 crore from loss of Rs. 33 crore a year ago. The strong performance mainly led by Strong performance on account of higher realization, volumes and lower input cost.

Significant growth in Aluminum business largely led by Realizations improved due to higher LME, despite lower local market premium.


Input cost continued to remain supportive; India demand was lackluster due to lower off take from power sector;

Enhanced government focus on housing, electrification and infrastructure to drive demand in future;

Continued ramp up of automotive sheets and operational efficiencies to enhance the performance;

Aluminium Auto sheet demand continued to be robust.

TECHNICAL VIEW:

The stock after rallying from INR 150 TO INR 200 in just 2 months (December 2016-Jan 2017) has now entered a consolidation zone. Pattern wise it formed flag formation. Also it made v shape formation starting from year 2014 backed by good volumes. Momemtum oscillators in weekly chart showing strength and pattern wise to break on the upside. Price target will be INR 235 in time frame of 1 year

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Company Data




3m average volume NSE 394,177

Beta 0.32

Face value ( RS ) 5


Promoters 71.2%

Institutions 17.6%


Key Financials

FY16 FY15 FY14

Net Sales (Cr) 6676 4653 4184

EBITDA (Cr) 2720 1020 951


EPS (RS) 101.8 44.4 39.2

Book Value (Cr) 3389 2490 1902

P/E 12.2 28.1 31.8

P/BV 6.2 8.5 11.1

RoNW(%) 50.82% 30.15% 34.89%

ROCE(%) 30.06% 14.78% 22.93%

Torrent Pharmaceuticals Sector: Pharma NSE CODE: TORNTPHARM

BUY | PERIOD: 12 Months | CMP: 1220 | Target: RS 1450

TECHNICAL VIEW: Torrent Pharma has taken classical triple support around this current market price and historically have bounced back strongly from this support zone. At current price, the stock is close to its weekly moving average (200wma) which is a base level accumulation zone for long term investment We expect target of INR 1450 in a time frame of 12 months

The company has presence in cardiovascular and central nervous system, gastro-intestinal, dialectology, anti-infective and pain management segments. The Company operates only in one business segment viz. pharmaceuticals, comprising mainly manufacture of branded formulations.

Key Highlights of Q3 result: During the quarter revenue from operation de grew by 6% to Rs. 1443 crore from 1542 crore. On geography wise India revenue grew by 12% to Rs. 503 crore, whereas US business witnessed a significant de growth in revenue, down by 44% to Rs. 310 crore, the de growth was largely due to the impact on the base of the limited competition products that company have launched from the US earlier. Brazil, Germany and Others region witnessed a strong growth. Net profit for the quarter was up by 10.6% to Rs. 229 crore, improvement in revenue largely constitutes by higher other income, lower interest cost and lower employee cost.

On the 9M basis R&D filings number was 10, which includes two Derma ANDAs as well as two FTF. As of Dec-31 2016, Torrent has 21 ANDAs under review at the FDA along with 4 ANDAs for which company have received tentative approval. Furthermore for the US at the Dahej factory company received 8 approvals so far and management except to receive see further four approvals in this current year.


Overall as the company torrent continues to focus on specialty physicians in the branded generics market and continue to focus on sales force productivity and brand building as well as continued with enhanced focus on a pipeline building in this quarter as well as year to date R&D expenses are now at 7% of sales.

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Company Data





Beta 1.37

Face value ( RS ) 10


Promoters 47.94%

Institutions 42.19%


Key Financials

FY16 FY15 FY14

Net Sales (Cr) 2438 2092 1736

EBITDA (Cr) 277 255 249


EPS (RS) 15.96 16.96 18.09

Book Value (Cr) 732 646 555

P/E 62.4 58.7 55.1

P/BV 9.0 10.1 11.8

RoNW(%) 14.3% 17.2% 21.5%

RoCE(%) 12.8% 15.5% 19.8%

Jubilant Foodworks Ltd. Sector: Consumer Discretionary NSE CODE: JUBLFOOD

ACCUMULATE | PERIOD: 12 Months | CMP: Rs 1015 |Target: Rs 1125

TECHNICAL VIEW:

The stock after falling over last 2 years, recently has

broken out of the pattern as it broke above the downward

trendline. Such breakout indicates trend reversal in long

term.

The stock has made multiple support around INR 975 and

ROC, weekly stochastic points strength in medium term.

We expect the stock to bounce to higher resitance of for

`target of INR 1125 in timeframe of 1 year

Jubilant Foodworks Ltd is an Indian company, formerly known as Domino's Pizza India Limited . It is an food -service company and currently operate Dominos Pizza stores in India and, through sub franchisee, in Sri Lanka.


During the quarter company reported 4% increase in revenues to Rs. 658 crore; the quarter was largely impacted by demonetization which offset the growth momentum in the top line. Domino’s Pizza SSG was negative 3.3% during the quarter. During the quarter company have open 32 Domino’s and 1 Dunkin' restaurant. With this total network stood at 1111 as on Q3. During the quarter profit fell to Rs. 19 crore by 32% hit by demonetization.

Future Outlook:

For FY17, the target would be to open around 110-115 new Domino’s Pizza restaurants and around 15 new Dunkin’ Donuts restaurants. Successfully opened 95 Domino’s Pizza and 11 Dunkin’ Donuts’ restaurants.

In the quarter, Jubilant had new product launches, like Quattro Formaggi Pizza and Choco Pizza. In Dunkin', Jubilant launched Chef’s Favorite Paneer Burger and Munchkins. These new product launches have found a clear liking amongst customer base and have enabled to ignite interest and attract new customers.

Company will continue to strengthen brand with the aim of generating sustainable growth in line with the opportunities at hand. Also continue to invest and implement initiatives to deliver long-term growth for our business.

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Company Data





Beta 0.89

Face value ( RS ) 5


Promoters 56.21%

Institutions 36.82%


Key Financials

FY17 FY16 FY15

Net Sales (Cr) 68034 58612 50801

EBITDA (Cr) 10471 88844 67129


EPS (RS) 245.8 155.5 126.0

Book Value (Cr) 36171 27749 24318

P/E 27.9 44.0 54.3

P/BV 5.71 7.4 8.5

RoNW(%) 20.2% 16.9% 15.6%

RoCE(%) 27.4% 16.3% 14.9%

Maruti Suzuki India Ltd. Sector: Auto – Consumer Discretionary NSE CODE: MARUTI

ACCUMULATE | PERIOD: 12 Months | CMP: Rs 6986 |Target: Rs 7700

Key Highlights of financial result:

During the year Company’s unit sales grew by 9.8%, the net sales increased by 18.5%. This reflected the increase in share of higher segment models in the Company’s total sales. Along with it, higher non-operating income and material cost reduction initiatives help to make highest ever profit recorded of Rs 7338 crore, up by 36.8%, despite of foreign exchange movement and an increase in commodity prices.

During the quarter EBITDA has grew by 2.9% to Rs. 2561 crore and PAT has registered a de growth of 2% to Rs. 1709 crore.

Growth was broad-based, with almost half of the manufacturers showing improved sales over the previous year. New models were the primary growth drivers during the year. Reduction in lending rates, coupled with banks’ renewed focus on retail loans, and implementation of 7th Pay Commission supported the growth.

Future Outlook:

The Company worked extensively on network expansion, both in the existing channel as well as NEXA. The Company also introduced a new channel for light commercial vehicles taking the total network strength to 2,312 outlets.

Going forward, with increased political stability, the government’s focus on manufacturing and infrastructure development, lower interest rates, lower fuel prices, increasing consumption and reforms like GST, there is optimism with regard to economic growth. It is widely expected that the economy will support growth of the automobile industry.

TECHNICAL VIEW:

The stock has been in its classical uptrend making new

highs one after the another over last 6 months. In such

upmove it has been moving up taking support at its upward

trending line.

Trend following indicator Weekly MACD has been is

uptrend and still in buy mode which indicates strong bull

mode in medium term

We expect price target of INR 7700 in timeframe of 1 year

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Research 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.

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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.

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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.

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

http://www.peerlesssec.co.in/

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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): No

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)."

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

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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.

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http://www.nseindia.com/

http://www.peerlesssec.co.in/

mailto:[email protected]

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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

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SEBI Registration Number as Research Analyst: INH300002365

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