Peerless Master Picks-

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July 3, 2018

Peerless Master Picks- July, 2018 Edition.

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Peerless Securities Master Picks

Stocks Pick for July, 2018

July 2, 2018

COMPANY SECTOR CMP

(INR) RATING MARKET

CAP(INR CR)

POTENTIAL

TARGET POTENTIAL

UPSIDE

INFOSYS LTD IT 1335 ACCUMULATE 287615 1450 8.61%

DABUR INDIA LTD Consumer Staples 384 ACCUMULATE 68682 440 14.58%

HAVELLS INDIA LTD

Domestic

Consumption 533 BUY 33539 620 16.32%

DR LALPATH LAB LTD Medical Services 919 BUY 7785 1100 19.70%

TORRENT PHARMA Pharma 1418 ACCUMULATE 23800 1600 12.83%

(Current prices as on closing prices on July 2, 2018 in NSE)

Note: All price target for next 12 months.

For Private Circulation Only

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Market Outlook

Volatility to continue in stocks on rising interest rates, crude oil prices

and concern over trade war : Equity markets likely to trade volatile in near term with fear of escalation trade war after recent US

led tariff hike in various products to hurt investors’ sentiments. Global economic recovery could take hit, if situation worsen further. It may have impact on equity valuation and multiples in markets may contract.

Rising crude oil prices are key source of inflation and it will hurt the government’s fiscal deficit

target adversely. Current account deficit (CAD) is hurting EM sentiments and adversely impact currency. Adverse currency movements in many emerging markets including India is key reason for FPI selling.

Progress of monsoon is key for rural demand recovery and any adverse outcome could impact rural

recovery. The Sensex trades at around 18x FY19 consensuses earnings, which is higher than the long-term

average of around 15-16x. We continue to remain overweight India from a structural perspective. Still now India puts up a

brave face in emerging markets equity sell-off due to macro recovery and resilient GDP growth. However, we have also been highlighting that valuations aren’t exactly cheap for the market as a whole, especially given that earnings estimates are still being downgraded. We like select IT companies, consumption stocks, and select private banks focused for medium term.

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UPDATE ON June 2018 STOCK PICKS

How Benchmark Index- Nifty moved in June 2018

OPEN:10738 HIGH: 10893 CLOSE:10721

STOCK

CALL INITATED

AT (INR) DATE

POTENTIAL

TARGET RATING

PRICE( 29 jun

2018) REMARKS

ASIAN PAINTS 1263 6-Jun-18 1400 ACCUMULATE 1264OPEN

ENDURANCE 1200 6-Jun-18 1500 BUY 1249OPEN

KAJARIA CERAMICS 524 6-Jun-18 580 ACCUMULATE 483.55OPEN

GODREJ PROPERTIES 726 6-Jun-18 830 BUY 719OPEN

TATA CHEMICALS 731 6-Jun-18 820 ACCUMULATE 698OPEN

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ACCUMULATE | PERIOD: 12 Months

CMP: Rs 1330 | Target: Rs 1450

Infosys Ltd. Sector: IT | NSECODE: INFY

Infosys Limited is an Indian multinational corporation that provides

business consulting, information technology and outsourcing services. It

has its headquarters in Bengaluru, Karnataka, India.It is a global leader in

next generation digital services and consulting.

Investment Theme

• The company reported resilient financial performance for

FY18.The revenue of the company stands at rupees 73715 crores

which is up by 3% from the previous year and 1.62%

quarterly.The EBITDA was at rupees 22204 which is up by 2.4%.

The EBITDA margin which was at 30.12% got reduced by

18bps.The net profit of the company stands at rupees 16100

crores which is up by 12% but it witnessed a de-growth of 28%

quarterly.The decline in profit was mainly because Infosys had got

an income tax reversal of Rs 1,432 crore from an advance pricing

agreement signed with the U.S. tax authorities in the quarter

ended December.

• Infosys reported 10 large deal wins with total contract value of

$905 million. It includes acquiring WongDoody Holding Co., a U.S.

based digital creative and consumer insights agency, for up to $75

million.Infosys Finacle, part of EdgeVerve Systems, a fully owned

subsidiary of Infosys, and Santander UK, a leading financial

services provider in the UK, announced the launch of a new inter-

bank cash management system for its corporate customers.These

deals will definitely help to revamp the company’s

growth structure, improve its valuations over the time

and accelerate digital growth.

• Infosys is a global leader in next-generation digital services and

consulting ,and continue to strive to maintain its strong valuations in the

coming financial years. Infosys is looking to shift focus back to business

after being hit by a boardroom coup and a leadership change last year.

It's bet for revival is its digital offerings that already contribute slightly

over a quarter of the revenue. Its four-pronged strategy includes scaling

up digital services, reskilling employees to match the new needs of the

industry,hiring more local workers in offshore centres in the U.S. and

Europe while also holding its fort in their core business.Now the

company has complete brand clarity and stability has been restored.The

company has set up three year roadmap to achieve their objectives

FY19: Stabilising business, FY20: Build momentum and FY21: Accelarate

the business.

Company Data

Market Cap (cr) 287615

52 week high (Rs) 1323.95

52 week low (Rs) 860

3m average volume NSE 4222205

Beta 0.42

Face value ( RS ) 5

Key Financials

Category FY18 FY17 FY16

Net Sales (Cr) 73715 71564 65564

EBITDA (Cr) 22204 21684 20202

PAT (Cr) 16100 14383 13492

Net Profit Margin

(%) 22.82% 21% 21.6%

EPS (RS) 71 62.77 59.02

Book Value (Rs.) 298.36 301.49 269.86

P/BV 3.90 3.45 4.58

RoNW(%) 24.68% 20.8% 21.84%

RoCE(%) 24.36% 20.69% 21.71%

Shareholding Pattern

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INFOSYS CHAR

INFOSYS CHARINFOSYS CHAR

INFOSYS CHART

TT

T

Technical Outlook

The stock has seen V shaped recovery over last one year and recently broken out of this v pattern which

signifies start of uptrend over medium term. This larger term pattern formation is actual underlying cause

of strength in the chart.

Technical indicators MACD, RSI and Adx all are showing strength and pattern target is minimum 161.8% of

the formation from 870 to 1250 which comes to 1480 as our price target.

We however expect conservative price target of INR 1480 in 1 year time frame.

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Dabur India Ltd. Sector: Consumer Staples | NSECODE: DABUR

Dabur India Ltd. is one of India’s leading FMCG companies and the world’s

largest Ayurvedic and Natural Health Care Company.For better operation

and management,there are three seperate divisions according to the

product mix - Health Care Product Division, Family Product Division & Dabur

Ayurvedic Specialities Limited.Dabur's FMCG portfolio today includes five

flagship brands with distinct brand identities like Dabur (the master brand),

Vatika, Hajmola, Real and Fem.

Investment Theme The company reported a healthy financial performance in FY18.The

revenues grew from rupees 1966.44 crores to rupees 2032.91 crores

I.e.,6.2% a year ago and a quarterly growth of 3.38%.This rise was led

by strong growth in both domestic and international businesses. The

company witnessed a EBITDA growth of 15.71% on year-on-year basis

and 18.86% on quarterly basis.Lower raw material cost as a percent of

net sales helped the company to report a strong EBITDA margin of

23.9% year-on -year basis. It made a bottom line profit of rupees

1357.74 for the year and a quarterly bottom line profit of rupees 397.18

crores.That is, a growth of 19.24% in both the cases.

Category wise, oral and hair care reported strongest growth for the

quarter at 12.8% and 11% respectively. The strong performance of

toothpaste sales was led by the Dabur Red franchise, which grew by

20%.

A combine of Hero Enterprise’s Sunil Kant Munjal and the Burman

family of the Dabur group are in the race to acquire Fortis

Healthcare.Dabur is already successful in establishing its foothold in

heathcare industry by building large scale healthcare enterprises like

Dabur Pharma,Healthcare at HOME and Oncquest and by adding

Fortis to its list it may emerge as a leader in the healthcare sector.

Dabur has efficiently managed the risks and challenges to deliver

steady growth and report a resilient margin performance.The effects of

demonetization and GST has been waning and the revival of growth,

especially because of rural demand revival.The company will be

focussing on increasing its spending on advertising as it will help it to

rebound its volume growth and market share,higher revenue and

margin expansion.

As it is a year of recovery for the FMGC sector with waning of efffects

of demonetization,GST, revival of growth and changing lifestyle, Dabur

which is an eminent player in the sector is likely to witness strong

future which will be reflected in its performance and

eventually in its valuations.

Company Data



52 week low (Rs) 287.10


Beta 0.76

Face value ( RS ) 1

Key Financials


Net Sales (Cr) 8053 7999 8673

EBITDA (Cr) 1922 1807 1739

PAT (Cr) 1357 1280 1255

Net Profit

Margin (%) 17.51%

16.62

%

14.85

%

EPS (RS) 7.69 7.25 7.13

Book Value (Rs.) 32.55 27.66 23.77

P/BV 13.63 13.35 15.26

RoNW(%) 23.79%

26.41

%

30.11

%

RoCE(%) 21.66%

23.24

%

26.93

%


CMP: Rs382 | Target: Rs440


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DABUR CHART

DABUR CHARTDABUR CHART

DABUR CHART

Technical Outlook

• The stock made a classical u pattern breakout above INR 320 in October 2017 where it made a new

high around 366 in January2018. Thereafter it corrected and took support around 50sma and then

made a strong V pattern breakout indicating underlying strength in the stock.

• Macd AND adx are showing strength in the stock in weekly parameters which suggest the stock to

continue its uptrend.

• The breakout pattern target comes to INR 440 in medium term of around 1 year time frame.

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Havells India Ltd. Sector: Domestic Consumption|NSECODE: HAVELLS

Havells India Limited is a leading Fast Moving Electrical Goods

Company and a major power distribution equipment manufacturer

with a strong global presence. Founded in 1983, Havells enjoys an enviable

market dominance across a wide spectrum of products and owns some of

the most prestigious brands like Havells, LLoyd, Crabtree, Standard Electric

and Promptech. Havells is progressively diversifying its product portfolio by

adding new products and also gaining market share from its competitors

across segments and products.

Investment Theme Decent performance led the company to report a net revenue

of 2534.8 crores in March,2018. That is, a growth of 48.22% on year

on year basis and 28.95% on quarterly basis.The EBITDA saw a robust

rise at 383.46 crores which is an increase of 41.22% on year on year

basis and 32.24% on quarterly basis.It also witnessed a steep rise in

bottom line profit at 225.8 crores which is a growth of 138.39% on

year on year basis and 16.16% on quarterly basis.

The company has started to recover and sustain its growth path with

the subsiding impact of GST and demonetization,and even Lloyd

margins have reported a favourable seasonal uptick.It witnessed

growth in Electrical Consumer Durables (ECD) segment and increase

in market share which was backed by new product launches and

deeper market penetration.Operating efficiencies and price hikes (to

pass on increasing input costs) aided the improvement in EBITDA

margins.Margin enhancement across verticals with greater

consciousness among SBUs on cost management and profitability.

The company is focussing on re-positioning Lloyds business growth

which it acquired last year.Havells is trying to re-position Lloyd as a

premium brand within the existing pure mass brand.Havells has also

tied up with modern retail stores like Reliance and Croma to increase

market presence.As a part of expansion strategy Havells plans to add

refrigerators under Lloyd’s current portfolio.The company has incurred

a CAPEX of rupees 3000 crores to set up a 600,000 unit air conditioner

manufacturing unit which is expected to be operational by the end of

FY19. This re-positioning effort will help the management to improve

Lloyd’s contribution to company’s overall growth and development in

the ECD segment.

Havells reported a strong performance in FY18 and going forward it has an optimistic future along the path of growth and performance.It is trying to position itself as a market leader in Consumer Electric

Company Data



52 week low (Rs) 440.85


Beta 1.20

Face value ( RS ) 1

Key Financials


Net Sales (Cr) 8255 6269 5505

EBDITA (Cr) 1166 958 816

PAT (Cr) 712 539 715

Net Profit Margin

(%) 8.75% 8.78% 13.15%

EPS (RS) 11.4 8.63 11.45

Book Value (Rs.) 59.82 52.39 42.33

P/BV 8.15 8.94 7.61

RoNW(%) 19.05% 16.45% 27.05%

RoCE(%) 17.48% 15.84% 26.2%

BUY | PERIOD: 12 Months

CMP: Rs530 | Target: Rs 620


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segment through progressive diversification of its product portfolio and also gaining market share from its competitors across segments and products.The company was able to sustain margin growth for an year and at the same time the impact of GST and demonetization is subsiding, helping to improve and sustain growth.It could maintain its margins even in an inflationary environment by escalating commodity prices.Its continuous effort to re-position Lloyd’s business will contribute greatly to the company’s top line and bottom line profits and expand its business horizon over the coming years. Havells is strongly positioned among its peers and has a robust growth path in the future.

HAVELLS

HAVELLS HAVELLS

HAVELLS CHART

CHARTCHART

CHART

Technical Outlook

• Havells has been moving up following consolidation pattern for few months and then moving up. Every consolidation pattern is followed with higher tops and higher consolidation zone. This suggests bull strength in the stock over long term. After every consolidation, the stock rallies over 30% of its consolidation high.

• Currently the stock is undergoing consolidation pattern which gives opportunity to enter the stock before its next upmove. Technical indicators in weekly chart, MACD given positive crossover and is in positive zone and Directional indicator also is in positive crossover which suggest strength to remain intact.

• We expect the next phase of upmove to start after consolidation and expected target over 1 year time frame will be INR 620.

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Dr Lalpath Lab Ltd. Sector: Medical Services |NSECODE: LALPATHLAB

Dr Lal Pathlabs is India’s largest diagnostic chain operating at 27.93% operating profit margin.The Delhi based company began its journey in 1949 under the leadership of Late Dr.S.K.Lal. It is an international service provider of a wide range of diagnostics and related Health care tests and services for use in core testing patient diagnosis and the prevention monitoring and treatment of disease and other health conditions.

Investment Theme

The company reported a strong financial both quarterly as well as on yearly basis.It reported a revenue of rupees 266.80 crores i.e., increase of 1.56% quarterly and 21.33% on yearly basis.It made a top line profit of 13.07% quarterly and 29.69% yearly, and a bottom line profit of 10.74% quarterly and 29.72% yearly.The EPS of the company grew at 10.68% on quarterly basis and 30.91% on yearly basis.It saw patient volume growth of 21% quarterly and 15% yearly.

The key strategies adopted by the businesses is to focus on hospital lab

management and preventive healthcare in addition to the organic growth in northern-eastern part of India.It has built a national hub and spoke network that includes its National Reference Lab in New Delhi and Regional Reference Lab in Kolkata (KRL). KRL has received final regulatory clearances and commenced operations in Q4FY18. This will help the company to increase their presence in Eastern India, North‐East India and Bangladesh.The company expects to achieve cash break-even in KRL in next 3‐4 years of operations.

The management is looking at acquisitions to gain footfall in West and

South as it wants to grow beyond its home market of North India.Overall, the strategy has been to drive volume growth and mix growth instead of pushing the prices up so that company stay competitive.

Dr Lal Pathlabs Ltd. remain confident of its brand power, service quality and KRL to drive volume growth and profitability in FY18-20E.Indian medical service consumers have become more conscious towards their healthcare upkeep.There is a significant scope for enhancing the company’s growth considering that healthcare spending as a percentage of Gross Domestic Product (GDP) is rising. Rural India, which accounts for over 70 per cent of the population, is set to emerge as a potential demand source.Moreover, there are certain health insurance policies like ICICI Lombard’s Health Advantage, Star Health’s Health Gain and Apollo Munich’s Maxima Health insurance that covers OPD expenses including dental treatment expenses, consultation and diagnostic tests upto a limit.This will definitely push the company towards its desired path of growth.

Company Data



52 week low (Rs) 723.05


Beta 0.36

Face value ( RS ) 10

Key Financials


Net Sales (Cr) 1056 918 796

EBITDA (Cr) 264 242 214

PAT (Cr) 171 155 133

Net ProfitMargin

(%) 16.19% 17% 16.83%

EPS (RS) 20.82 18.62 16.09

Book Value (Rs.) 99.83 79.72 61.63

P/BV 9.59 12.86 15.92

RoNW(%) 26.47% 23.37% 26.09%

RoCE(%) 42.31% 22.33% 24.73%

BUY | PERIOD: 12 Months

CMP: Rs 922| Target: Rs 1100


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Dr Lal Pathlabs over the years has contributed greatly the diagnostic industry establishing standard operating procedures for labs, collection centers and sales operations and focus to do the same in future.

LALPATHLAB CHART

Technical Outlook Stock has taken triple bottom upward trendline support in longterm chart pattern. Current level is also its

100 wma ( weekly moving average ) support.

Weekly technical indicators RSI and stochastic are in oversold zone and showing relative strength and thereby giving positive signal for the stock for its upmove.

The stock has potential to move up to Rs 248, which is 61.8% Fibonnacci target of last down move.

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Torrent Pharmaceuticals Ltd.

Sector: Pharma | |NSECODE: TORNTPHARM

Torrent Pharmaceuticals Ltd.,the flagship company of Torrent

Group based in Ahmedabad, is ranked amongst the top pharma companies in India.It is a dominant player in the therapeutic areas of cardiovascular (CV) and central nervous system (CNS) and has achieved significant presence in gastro-intestinal, diabetology, anti-infective and pain management segments.It has also forayed into the therapeutic segments of nephrology and oncology while also strengthening its focus on gynecology and pediatric segments.Torrent Pharma’s competitive advantage stems from its world-class manufacturing facilities, advanced R&D capabilities, extensive domestic network and a widespread global presence.Torrent Pharma has always remained ahead of its competition. I

Investment Theme Torrent Power reported strong growth in earnings due to a 111% yoy

increase in other income as well as a 21.7% yoy decrease in finance costs.

The company reported a strong growth of 11% increase in

consolidated net profit at rupees 228 crores in the fourth quarter of FY18 and for the year ended March 31, 2018 and an increase in other income to an extent of 44.83%.The rise in profit in 4Q of FY18 was mainly driven by robust sales in domestic market.the company posted a net profit of Rs 678 crore, down 27% from Rs 934 crore in 2016-17.This loss resulted from tax expense for the year was higher due to deferred tax liability on acquisition related amortization, impact of tax rate change in US and tax impact of consolidation adjustments of inventory in overseas territories.

Total consolidated revenue for the fiscal 2017-18 was marginally up

at 3.63% from ₹6,301 crore as against ₹6,080 crore last year.EBITDA for fiscal 2017-18 was at ₹1,641 crore up by 3% from ₹1,596 crore during 2016-17.During the year ended March 31, 2018, the company’s revenues in the domestic market grew by 19 percent to Rs 2,351 crore, as 9against Rs 1,976 crore in 2016-17.However,in the US market, the company’s revenues declined to 1,100 crore in 2017-18 as compared with Rs 1,346 crore in 2016-17.

During Q4FY18, Torrent launched one suppository product from

Biopharma. Biopharma, however, has smaller products with average size of $0.5-$1 mn and a single product of potential ~$5mn sales.US business saw pricing pressure but overall numbers are satisfactory due to volume growth.Its US business clocked $40mn sales in the quarter and it should be the base going ahead. Company expects 15-20 ANDA fillings and 8-10 approvals in FY19E.

After the acquisition of Unichem’s domestic business, Torrent

Company Data


52 week high (Rs) 1525

52 week low (Rs) 1147


Beta 0.84

Face value ( RS ) 5

Key Financials


Net Sales (Cr) 6300 6080 6912

EBITDA (Cr) 1648 1600 2958

PAT (Cr) 678 933 1733

Net ProfitMargin

(%) 10.76% 15.93% 25.92%

EPS (RS) 40.07 55.17 102.42

Book Value (Rs.) 297.17 263.16 219.06

P/BV 4.72 5.89 6.12

RoNW(%) 22.44% 21.46% 49.6%

RoCE(%) 22.11% 13.4% 30.02%


CMP: Rs1418 | Target: Rs 1600


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Pharma has become the fifth largest pharmaceutical company in India.Higher depreciation and interest cost on account of acquisition, impacted profits severely. The company’s Unichem acquisition has bolstered Torrent Pharma’s standing in the domestic market and will not only help in expanding its margins, but will also ensure the sustainability of future cash flows. This will aid Torrent Pharma’s future expansion plans, both organically and inorganically.

The company has received final USFDA approval to Fenofibrate (Micronized) capsules in three strengths

(67/134/200mg). Fenofibrate is used with dietary modifications to treat high cholesterol and high triglyceride levels. Fenofibrate Capsules are sold by Abbvie inc under the brand Tricor.The market for this drug is ~$140mn, as per Bloomberg. There are about 13 generic players already in this market and includes companies like Sun Pharma, Teva, Lupin, Cipla, Dr. Reddy’s lab, Glenmark, etc.This looks a decent $3-4mn opportunity to Torrent Pharma with the current market dynamics.

The company’s share price rose steeply since its March lows and investors’ sentiment remains strong on

its domestic growth.With the pharma market growth crossing 10 per cent in May, sentiment for domestic-focused firms such as Torrent has improved further. The company, which had purchased Unichem’s domestic portfolio about a year back, is likely to continue accruing benefits as it turns around this business and substantial cost synergies.

TORRENT PHARMA CHART

Technical Outlook Torrent pharma stock has undergone long term consolidative corrective pattern as it formed Diamond pattern

which took around 2 year to complete. Thereafter it broke out of this pattern on the upside with strong volume. Such pattern breakout after long time formation suggest start of fresh uptrend and henceforth we call such pattern as ‘Diamond pattern bullish breakout’.

We expect the stock price to move up and reach breakout target of INR 1800. However we expect conservative target price of the stock of INR 1600 in timeframe of 12 months.

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Disclaimer

RATING PARAMETER

BUY We expect the stock to deliver more than 15% returns over the next 12months

ACCUMULATE We expect the stock to deliver 6% - 15% returns over the next 12months

REDUCE We expect the stock to deliver 0% - 5% returns over the next 12months

SELL We expect the stock to deliver negative returns over the next 12months

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 isusing.

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 isusing.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.

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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.

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Amartya Ray [email protected]

Kaushik Hore [email protected]

Riju Dalui [email protected]

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

SEBIRegistrationNo.: 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: [email protected]

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

SEBI REGN. NO. NSE: INB/INF 230821137, BSE: INB 010821131, NSDL: IN-DP-NSDL-96-99, CDSL: IN-DP-CDSL-505-2009, ARN - 2103

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