Sharekhan diwalipicks2019

Diwali Picks – consistent track record Return (%) Year Diwali Picks Vs Nifty CNX Midcap Diwali Picks Nifty 2015 18.0 8.2 20.1 2016 38.0 14.7 15.8 2017 4.0 3.0 -11.0 2018 8.0 10.0 -5.7 - Outperformance - Underperformance Diwali Picks Vs Midcap Sharekhan Diwali Picks 2019 (Samvat 2076) Samvat 2075 has been a difficult year for investors Though the CNX Nifty Index rose by 10.0% (since our Diwali Picks in 2018), it was largely driven by a select few companies On the other hand, the correction in the broader markets has been quite severe in the last one year In that context, our Diwali picks 2018 basket, which was a mix of both large-caps and mid-caps, has done reasonably well by delivering an 8% return, convincingly outperforming the CNX MidCap Index, which fell by 5.7% From investors’ perspective, the message is loud and clear Quality Matters! In troubled times, it is the quality companies with a reputed management, strong balance sheet and healthy growth trend that perform well On the other hand, it is once again proven that chasing momentum stocks could be quite a risky proposition So essentially it means that one needs to stick to basics Invest in quality companies with a healthy growth outlook and reasonable valuations Moreover, building a portfolio is all about understanding the macroeconomic conditions Accordingly, these are reflected in our sector‐wise allocations For Samvat 2076, we have hand‐picked 12 quality stocks to create a portfolio, which is a mix of both large-caps and quality mid-caps Wish you a Very Happy Diwali and a Prosperous New Year! Sharekhan Diwali Picks 2019 (Samvat 2076) Company CMP (Rs.) EPS/BV (Rs.) PER /PBV (x) RoE (%) FY20E FY21E FY20E FY21E FY20E FY21E Atul 4,022 193.6 230.0 20.8 17.5 19.3 19.2 Bata India 1,730 32.8 38.7 52.7 44.7 22.1 21.9 Colgate Palmolive 1,525 33.3 37.3 45.8 40.9 59.4 58.7 HCL Technologies 1,086 74.6 82.6 14.6 13.1 23.0 22.8 429 176.9 194.2 2.4 2.2 11.3 13.7 Kotak Mahindra Bank* 1,584 262.4 300.8 6.0 5.3 13.7 14.2 Larsen & Toubro 1,423 71.9 82.5 19.8 17.2 15.2 15.7 Mahanagar Gas 942 68.2 72.6 13.8 13.0 26.2 24.4 Polycab India 674 43.5 54.4 15.5 12.4 19.2 19.0 Reliance Industries 1,358 82.2 91.2 16.5 14.9 12.6 12.4 Spandana Sphoorty* 1,090 424.6 511.9 2.6 2.1 18.6 20.1 UltraTech Cement 4,180 149.3 187.7 28.0 22.3 14.2 15.5 ICICI Bank* * BV and PBV multiples are for banks and NBFCs # CMP as on October 14, 2019 Atul CMP: Rs 4,022 Sector: Specialty Chemicals Market cap (Rs crore) 11,928 52-week high/low (Rs.) 4,160/ 3,063 NSE volume (No of shares): 0.2 Lakh BSE code: 500027 NSE code: ATUL Promoter’s share (%) Valuation summary Particulars Revenue (Rs crore) OPM (%) Adjusted PAT (Rs crore) Adjusted EPS (Rs.) P/E (x) P/B (x) EV/EBIDTA (x) RoNW (%) RoCE (%) Source: Sharekhan 45 • Headquartered in Gujarat, Atul Limited is a member of the Lalbhai Group and was incorporated in 1947 Atul’s businesses are broadly classified into two segments i) lifescience chemicals and ii) performance & other chemicals It is an integrated chemicals company with a diverse product portfolio that caters to customers across the globe • The company has planned a capex of Rs 569 crore at the parent level and Rs 370 crore has been set aside for investments in subsidiaries and JVs for FY2019-20 The company intends to expand its capacities in a calibrated manner without relying on external borrowings • The situation in China is still beneficial for other players in the South Asian region, as Chinese government cracks down further polluting companies in chemical industry Future growth is expected to be driven by improved utilisation, backed by a strong demand outlook, positive pricing tailwinds and operating leverage • We expect the company to report revenue and earnings CAGRs of 13.5% and 25.1%, respectively, over FY2019FY2021E At current market price, the stock is trading at 20.8x/17.5x its FY2020E/ FY2021E earnings • Key risks: Slowing demand, delay in launch of new products, high raw-material prices, delay in ability to pass on price hikes adequately and deferred commissioning of the project might affect earnings performance FY18 3,296 15.3 281 94.8 42.4 5.3 23.6 13.4 17.6 FY19 4,038 19.0 436 146.9 27.4 4.4 15.3 17.6 25.1 FY20E 4,594 19.0 574 193.6 20.8 3.7 13.2 19.3 23.9 FY21E 5,203 19.6 683 230.0 17.5 3.1 11.0 19.2 24.0 Bata India CMP: Rs 1,730 Sector: Consumer Discretionary Market cap (Rs crore) 22,120 • Bata India (Bata) is India’s largest retailer and manufacturer of footwear, selling ~47 million pairs of footwear every year It has recently transformed itself into a modern and branded footwear player from a conventional footwear player, improved its existing store layouts and introduced premium products, which have helped the company increase footfalls in the last few quarters 1,790/834 • Bata has posted resilient performance in a slowing discretionary environment and going ahead, we expect decent performance with 6-8% same store sales growth (SSSG) in the near term driven by premiumisation NSE volume (No of shares): 7.5 lakh BSE code: 500043 • Bata will benefit significantly from the reduction in the corporate tax rate to 25.2% (the company was earlier paying tax at ~33-34%), which would result in earnings accretion of ~12-13% The company will utilise the incremental cash flows to enhance promotions and to meet its guidance of adding 80-100 stores every year NSE code: BATAINDIA 52-week high/low (Rs.): Promoter’s share (%) 53 • We expect the company to clock a revenue CAGR of ~13% and earnings CAGR of ~23% over FY2019-21E • Key risks: Any slowdown in SSSG due to fall in demand/footfalls and heightened competition Valuation summary Particulars Revenues (Rs crore) OPM (%) Adjusted PAT (Rs crore) Adjusted EPS (Rs.) P/E (x) P/B (x) EV/EBIDTA (x) RoNW (%) RoCE (%) Source: Sharekhan FY18 2,636 13.4 224 17.4 99.5 15.0 53.5 15.9 16.1 FY19 2,928 16.3 330 25.6 67.4 12.7 39.2 20.4 19.4 FY20E 3,262 17.1 422 32.8 52.7 10.7 34.2 22.1 19.3 FY21E 3,709 17.3 498 38.7 44.7 9.0 29.0 21.9 19.1 Colgate Palmolive (India) Sector: Consumer Goods Market cap (Rs crore) 41,478 52-week high/low (Rs.) 1,588 / 1,077 NSE volume (No of shares): 4.7 lakh BSE code: 500830 NSE code: COLPAL Promoter’s share (%) Valuation summary Particulars Revenue (Rs crore) OPM (%) Adjusted PAT (Rs crore) Adjusted EPS (Rs.) P/E (x) P/B (x) EV/EBIDTA (x) RoNW (%) RoCE (%) Source: Sharekhan 51 CMP: Rs 1,525 • Colgate Palmolive (India) [Colgate] is India’s largest-selling domestic toothpaste brand with an almost 50% market share Recent actions taken by the company such as entry into the naturals category, enhanced focus on the kids and freshness categories and differentiated campaigns for existing products would help it regain lost market share of ~800 bps from some new entrants such as Patanjali • The above moves and renewed strategies under the leadership of new MD-Mr Ram Raghavan would help boost volume growth to ~5-7% in H2FY2020 from 3-4% currently • The reduction in effective tax rate to 25.2% from ~33% earlier would result in an earnings accretion of ~11% per annum, which can be ploughed back into the company to improve market share and overall growth (coupled with strong dividend payout) • We expect Colgate’s earnings to clock a CAGR of ~16% over FY2019-21 Improvement in market share and volume growth trajectory will be a key re-rating triggers for the stock • Key risks: Any increase in competition from new entrants or a slowdown in demand will affect revenue as well as earnings growth FY18 4,328 25.7 681 25.0 60.9 27.2 36.8 48.7 69.5 FY19 4,462 27.7 751 27.6 55.2 28.7 33.3 50.6 71.5 FY20E 4,779 28.0 905 33.3 45.8 25.9 29.9 59.4 76.0 FY21E 5,209 28.4 1,014 37.3 40.9 22.3 26.8 58.7 77.0 HCL Technologies Sector: IT Market cap (Rs crore) 1,47,292 52-week high/low (Rs.) 1,190/920 NSE volume (No of shares): 18.6 lakh BSE code: 532281 NSE code: HCLTECH Promoter’s share (%) 60 CMP: Rs 1,086 • HCL Technologies (HCL Tech) is a leading global technology company that provides software-led IT solutions, remote infrastructure management, and BPO services and engineering-related services • HCL Tech has guided for industry-leading constant currency (CC) revenue growth of 14-16% for FY2020E on the back of acceleration in organic revenue and consolidation of revenue from the acquisition of IBM products Organic growth guidance has been increased to 8-10% from 7-9% earlier, higher than FY2019 number of 6.5% • HCL Tech has strong capabilities in the hybrid cloud space Rising adoption of hybrid cloud provides good opportunities to HCL Tech in gaining market share Higher investments in digital technology for last 2-3 years provides the company a platform to reap benefits from these investments, evidenced from the acceleration in Mode-2 growth • At current market price, the stock trades at 15x/13x of its FY2020/FY2021E earnings estimates, which look attractive and is at a discount to peers despite better revenue growth • Key risks: Any integration issues in current M&A of select IBM products and pressure in renewal of IMS deals Valuation summary Particulars Revenue (Rs crore) OPM (%) Adjusted PAT (Rs crore) Adjusted EPS (Rs.) P/E (x) P/BV (x) EV/EBIDTA (x) RoNW (%) RoCE (%) Source: Sharekhan FY18 50,570 22.6 8,780 62.6 17.3 4.3 12.9 25.3 30.0 FY19 60,427 23.1 10,123 73.6 14.8 3.7 10.5 26.0 29.2 FY20E 69,502 22.8 10,119 74.6 14.6 3.2 9.3 23.0 26.0 FY21E 76,643 22.9 11,208 82.6 13.1 2.8 8.4 22.8 25.7 ICICI Bank CMP: Rs 429 • We believe that strong and well-capitalised private banks like ICICI Bank have tailwind benefits of supportive structural drivers, helped by peaking of the elevated NPA recognition phase and an improving growth outlook Sector: Banks & Finance Market cap (Rs crore) 2,76,866 52-week high/low (Rs.) 458/310 NSE volume (No of shares): 171.3 lakh BSE code: 532174 NSE code: ICICIBANK Promoter’s share (%) - • ICICI Bank is well-placed to benefit from the slew of stimulus measures announced by the government and the regulator of late We expect the bank to see a reduction in effective tax rate (ETR) that will provide earnings upsides, which will further improve profitability • We continue to view ICICI Bank as a potential re-rating candidate on the back of improving trend in its asset quality • ICICI Bank has got a strong liability franchise, where current and savings account (CASA) deposits constitute nearly half of overall deposits, which helps the bank manage its cost of funds and in turn sustain its net interest margins • Key risks: Rise in NPAs in unsecured and other retail banking segments may pose risks to profitability Valuation summary Particulars FY18 FY19 FY20E FY21E Net Interest Income (NII) (Rs crore) 23,026 27,015 30,521 36,882 Net profit (Rs crore) 6,764 2,971 12,765 16,814 EPS (Rs.) 10.5 4.6 19.9 26.2 P/E (x) 40.7 92.8 21.6 16.4 BVPS (Rs.) 157.8 163 176.9 194.2 P/BV (x) 2.7 2.6 2.4 2.2 RoE (%) 6.60 2.80 11.30 13.70 RoA (%) 0.08 0.03 1.20 1.30 Source: Sharekhan Kotak Mahindra Bank CMP: Rs.1,584 • We believe Kotak Mahindra Bank (KMB) is an attractive business franchise, with a well-rounded products and services portfolio, shaping up well for the long term Sector: Banks & Finance Market cap (Rs crore) 3,02,501 • Consistent performance across interest rate and asset cycles is a key differentiator and indicates the management’s quality and strength of the franchise 52-week high/low (Rs.) 1,682/1,099 • We believe that strong and well-capitalised private banks such as Kotak Mahindra Bank (KMB) have tailwind benefits of supportive structural drivers, helped by peaking of the elevated NPA recognition phase and an improving outlook NSE volume (No of shares): 27.04 lakh BSE code: 500247 NSE code: KOTAKBANK Promoter’s share (%) 30 • Its subsidiaries are also shaping up well and are strong market players in their respective segments While at present, the insurance subsidiary is comparatively small, we believe it’s well on its way to be a significant value contributor to the consolidated business in the medium to long term • Key risks: The possibility of a large equity dilution due to the requirement mandated by the RBI continues to be an overhang Valuation summary Particulars Net Interest Income (NII) (Rs crore) Net profit (Rs crore) EPS (Rs.) P/E (x) BVPS (Rs.) P/BV (x) RoE (%) RoA (%) Source: Sharekhan FY18 9,532 4,084 21.4 73.9 196.8 8.0 12.5 1.7 FY19 11,259 4,865 25.5 62.1 224.7 7.0 12.1 1.7 FY20E 13,690 6,381 33.5 47.3 262.4 6.0 13.7 1.9 FY21E 16,540 7,622 40.0 39.6 300.8 5.3 14.2 1.9 Larsen & Toubro Sector: Capital Goods & Engineering Market cap (Rs crore) 1,99,636 52-week high/low (Rs.) 1,607/1,183 NSE volume (No of shares): 30.2 lakh BSE code: 500510 NSE code: LT Promoter’s share (%) - Valuation summary Particulars Revenue (Rs crore) OPM (%) Adjusted PAT (Rs crore) Adjusted EPS (Rs.) P/E (x) P/B (x) EV/EBIDTA (x) RoNW (%) RoCE (%) Source: Sharekhan CMP: Rs 1,423 • Larsen & Toubro (L&T) is the best play on the recovery in the domestic capex cycle The management is focusing on a multi-pronged strategy of achieving profitable growth, driving up RoE in the medium term and superior capital allocation This augurs well for the company’s earnings that is likely to clock a 16% CAGR from FY2019 to FY2021E • L&T began FY2020 with strong order inflows in the infrastructure, hydrocarbon and heavy engineering businesses that took total order backlog to Rs 2.9 lakh crore for Q1FY2020 The company is expected to meet its order inflow growth guidance of 10-12% for FY2020E • L&T is expected to be a major and probably the only one player to bag big ticket size government infrastructure projects The government’s recent efforts towards reviving execution and project awards are expected to benefit L&T • The management has retained its forecast of a 10-12% and 12-15% rise in order inflows and topline, respectively, for FY2020E Expectation of a strong earnings performance is backed by growth in order inflows that is likely to be led by government capex and continued growth momentum in subsidiaries • Key risks: Slowdown in government and private capex, led by macroeconomic issues such as rising interest rates, higher crude oil prices and a liquidity crunch, among others FY18 119,683 11.4 7,247 52.5 27.1 3.6 18.9 14.0 7.2 FY19 141,007 11.6 8,610 63.4 22.4 3.2 16.1 15.2 8.0 FY20E 163,725 12.0 10,077 71.9 19.8 2.9 14.3 15.2 9.0 FY21E 182,346 12.2 11,570 82.5 17.2 2.6 12.7 15.7 9.9 Mahanagar Gas Sector: Oil & Gas Market cap (Rs crore) 9,301 52-week high/low (Rs.) 1,057/755 NSE volume (No of shares): 4.9 lakh BSE code: 539957 NSE code: MGL Promoter’s share (%) Valuation summary Particulars Revenue (Rs crore) OPM (%) Adjusted PAT (Rs crore) Adjusted EPS (Rs.) P/E (x) P/B (x) EV/EBIDTA (x) RoNW (%) RoCE (%) Source: Sharekhan 43 CMP: Rs 942 • Mahanagar Gas (MGL) is a dominant city-gas distribution (CGD) player in and around Mumbai with CNG/PNG sales volumes of 2.2 mmscmd/0.8 mmscmd in FY2019 MGL derives 73% of its volumes from CNG, 13% from domestic PNG and the remaining 14% from commercial/industrial PNG • Better economics of CNG versus alternative fuel and a rise in PNG penetration in Mumbai would propel volume growth for MGL and thus we expect it to clock a volume CAGR of 6% over FY2019-FY2021E • EBITDA margin is likely to remain strong given a downward revision in domestic gas prices for H2FY2020, low spot LNG prices and pricing power in CNG and domestic PNG business • MGL is the cheapest stock in the CGD space with a FY2021E P/E ratio of 13.0x, which is at a 26% discount to historical one-year forward P/E multiple) We expect MGL’s valuation gap with peers to shrink with decent volume growth, industry-leading margins and an RoE of ~24-26% • Key risks: Change in domestic gas allocation policy, depreciation of Indian Rupee and any adverse regulatory changes could affect volumes, margins and valuations FY18 2,233 34.9 478 48.4 19.5 4.4 11.8 24.3 34.2 FY19 2,791 31.7 546 55.3 17.0 3.9 10.2 24.3 34.3 FY20E 3,055 31.4 674 68.2 13.8 3.4 9.2 26.2 32.4 FY21E 3,502 29.3 717 72.6 13.0 3.0 8.3 24.4 30.5 Polycab India Sector: Capital Goods & Engineering Market cap (Rs crore) 10,021 52-week high/low (Rs.) 709/525 NSE volume (No of shares): 4.3 lakh BSE code: 542652 NSE code: POLYCAB Promoter’s share (%) 69 CMP: Rs 674 • Polycab India Limited (PIL) is the largest manufacturer of wires and cables in India with a market share of ~18% in the organised wires & cables (W&C)industry and a ~12% overall share, twice the size of its leading competitors • PIL is expected to continue to outperform industry growth rates in the W&C industry (86% of FY2019 revenue, which is expected to grow at 14-15%) going ahead as it increases its distribution reach (~3,400 dealers/distributors) of its diverse product range (for the infrastructure, industrial & consumer sectors) • Fast-moving electrical goods (FMEG), which comprises 8% of FY2019 revenue, is expected to maintain a strong revenue growth trajectory and clock a 23.5% CAGR over FY2019-FY2021E by leveraging its already strong distribution strength and introduction of new products • Additionally, the recent reduction in effective tax rate would provide the twin benefits of an increase in net earnings and demand shift from unorganised sector (66% share in organised market expected to go up to 74-75% in five years) due to improved compliance and reducing product price differential • Key risks: Any sharp increase in key raw material copper and aluminium will affect margins sharply Valuation summary Particulars Revenue (Rs crore) OPM (%) Adjusted PAT (Rs crore) Adjusted EPS (Rs.) P/E (x) P/BV (x) EV/EBIDTA (x) RoNW (%) RoCE (%) Source: Sharekhan FY18 6,770 10.8 359 25.4 26.6 4.1 13.0 16.5 22.0 FY19 7,956 11.6 500 35.4 19.0 3.3 9.2 19.3 28.3 FY20E 8,971 11.0 645 43.5 15.5 2.6 8.8 19.2 26.4 FY21E 10,270 11.3 807 54.4 12.4 2.2 7.5 19.0 25.2 Reliance Industries Sector: Oil & Gas Market cap (Rs crore) 860,631 52-week high/low (Rs.) 1,417/1,017 NSE volume (No of shares): 92 lakh BSE code: 500325 NSE code: RELIANCE Promoter’s share (%) Valuation summary Particulars Revenue (Rs crore) OPM (%) Adjusted PAT (Rs crore) Adjusted EPS (Rs.) P/E (x) P/BV (x) EV/EBIDTA (x) RoNW (%) RoCE (%) Source: Sharekhan 47 CMP: Rs 1,358 • Reliance Industries (RIL) is a diversified company with business interests across oil refining, petrochemicals, retail and digital services The core businesses of refining and petrochemicals accounted for ~69% of consolidated EBITDA in FY2019 • Earnings outlook for the refining business has improved considerably given a recent sharp recovery in refining margins, which we expect to sustain, backed by strong diesel crack spreads supported by the implementation of revised International Maritime Organisation (IMO) regulations for marine fuels from January 2020 We also expect petrochemcial EBIT margin to remain high given the feedstock advantage • Efforts to deleverage consolidated balance sheet through divestments, target to increase share of high-growth consumer centric business (retail and digital services) to 50% in coming years (from 32% in Q1FY2020) and likely higher dividends and periodic bonuses as the company nears its target of being a zero net debt company by March 2021 addresses key concerns, especially regarding high debt • Likely reduction in debt and value unlocking from retail and digital services businesses would be key re-rating catalyst for RIL • Key risks: Lower-than-expected refining and petrochemical margins in case global capacity additions surpass incremental demand FY18 391,677 16.4 34,993 59.1 23.0 2.7 16.6 11.9 10.6 FY19 567,135 14.8 39,837 67.3 20.2 2.1 12.7 10.3 9.7 FY20E 590,696 15.8 48,641 82.2 16.5 2.1 11.4 12.6 11.0 FY21E 633,651 16.1 53,995 91.2 14.9 1.8 10.5 12.4 11.0 Spandana Sphoorty Financial Sector: Banks & Finance Market cap (Rs crore) 6,994 52-week high/low (Rs.) 1,142/690 NSE volume (No of shares): 2.04 lakh BSE code: 542759 NSE code: SPANDANA Promoter’s share (%) 63 CMP: Rs 1,090 • Spandana Sphoorty Financials Limited (SSFL) is a non-banking financial company (NBFC) focusing on the microfinance segment SSFL is a strong NBFC-MFI, better placed in terms of business quality (strong risk management and diversified book), which provides comfort on future asset quality trends • SSFL has reported strong CAGR (FY2017 - FY2019) in AUM (~80+%), net worth (~40+%) and PBT (~200+%) indicating strong recovery and performance over the years • It has a sufficiently capitalised balance sheet and is structurally well-placed with a reputed management team with rich domain expertise, strong risk management and a diversified book to show healthy growth over the next few years • On net NPA (NNPA) basis, the company’s asset quality is strong (at near-zero levels), which along with strong collection efficiency, lends comfort on the present book quality We believe there are significant positive levers available for growth and re-rating of the stock • Key risks: Any downgrade of credit ratings may increase borrowing costs and constrain access to capital and debt markets and as a result, may adversely affect NIMs and results of operations Valuation summary Particulars FY18 FY19 FY20E FY21E Net Interest Income (NII) (Rs crore) 345 655 950 1,377 Net profit (Rs crore) 188 312 506 660 EPS (Rs.) 29.3 48.6 78.8 102.8 P/E (x) 37.2 22.4 13.8 10.6 BVPS (Rs.) 216.7 294.6 424.6 511.9 P/BV (x) 5.0 3.7 2.6 2.1 RoE (%) 13.5 16.5 18.6 20.1 Source: Sharekhan UltraTech Cement Sector: Cement Market cap (Rs crore) 1,14,804 52-week high/low (Rs.) 4,904/3,264 NSE volume (No of shares): 5.5 lakh BSE code: 532538 NSE code: ULTRACEMCO Promoter’s share (%) 62 CMP: Rs 4,180 • UltraTech Cement is India’s largest cement company We expect it to report industry-leading volume growth owing to timely capacity expansion (acquisition of Jaypee Group’s cement assets, Century’s assets and Binani Cement’s assets) and a likely revival in demand, with the start of affordable housing projects and enhanced spending on infrastructure development • The company will focus on deleveraging, with minimal capex requirement going ahead Further, the recent cut in corporate tax rate benefits the company and gives a fillip to its net earnings; incremental demand is expected to arise from revival of private capital expenditure • We believe UltraTech, being the market leader, will reap the benefits of multi-year industry upcycle on account of ramping of capacities and profitability of all assets in the shortest possible time period • We expect strong demand post the monsoons, revival in cement pricing and benign costs of inputs like Power, fuel and freight to boost profitability going ahead • Key risks: Slowdown in government spending on infrastructure and increase in key input costs led by petcoke and diesel prices Valuation summary Particulars Revenue (Rs crore) OPM (%) Adjusted PAT (Rs crore) Adjusted EPS (Rs.) P/E (x) P/B (x) EV/EBIDTA (x) RoNW (%) RoCE (%) Source: Sharekhan FY18 30,979 19.8 2,569 93.5 44.7 4.4 20.9 10.1 8.9 FY19 37,379 18.2 2,435 88.7 47.2 4.0 19.7 8.9 7.2 FY20E 47,744 19.6 4,309 149.3 28.0 3.7 14.7 14.2 10.5 FY21E 54,537 19.9 5,418 187.7 22.3 3.2 12.4 15.5 11.6 Disclaimer: This document has been prepared by Sharekhan Ltd (SHAREKHAN) and is intended for use only by the person or entity to which it is addressed to This Document may contain confidential and/or privileged material and is not for any type of circulation and any review, retransmission, or any other use is strictly prohibited This Document is subject to changes without prior notice This document does not constitute an offer to sell or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction Though disseminated to all customers who are due to receive the same, not all customers may receive this report at the same time SHAREKHAN will not treat recipients as 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