FIFA_2010 | Financial Analyst | Securities (Finance)

GameChanger Masala

GAMECHANGER VOL 1.IV.2
Copyright 2010 Kotak Institutional Equities (Kotak Securities Limited). All rights reserved.

Akhilesh Tilotia
akhilesh.tilotia@kotak.com Mumbai: +91-22-6634-1139

Shubham Satyarth
shubham.satyarth@kotak.com Mumbai: +91-22-6634-1320

Karan Durante
karan.durante@kotak.com Mumbai: +91-22-6634-1527

Vineet Thodge vineet.thodge@kotak.com
Mumbai: +91-22-6634-1225

Kotak Institutional Equities Research Kotak Institutional Equities Research

2 2

the world-cup has proven that it can surprise and delight. sleep deprived. gut. So will Spain make it? What about the Swiss? Will they face Brazil or Portugal? Can England triumph Germany to meet Argentina? And will Uruguay really have an easy ride to the semis? Can South Korea better their 2002 performance and can Honda really take Japan to the semi-finals? Can Netherlands overcome their under-achiever status? Read on to find out. crystal ball or tea cup throw up the same results? Tell us. Kotak Institutional Equities Research Kotak Institutional Equities Research 3 3 . Using our arsenal of modeling tools (excruciatingly detailed in the Appendix for the brave). With Looking Forward. With the finalists of 2006 bowing out in the group stage and one of the favorites (Spain) battling for survival on the last day of the group matches. Does your modeling-machine. We still believe in our modeling and update our predictions based on the new circumstances: we concede that we expect to be surprised again today in Group H. popcorn-popping football devotees tracking World Cup 2010. if not also in Group G. we determine the chances of each team in each game post the group stage. nail-chewing. GameChanger humbly notes that reality has turned its analysis and gut-feel on the head.LOOKING FORWARD We continue our walk on the wild side along with 300 mn bleary eyed.

In the US.. Group C: Stoppage time goal decides the group ………………………..…….. 15 Brazil and Spain emerge as the clear favorites for finals ……………………. Korea in 2002 form …………... Group B: Maradona mesmerises.………… 18 For Private Circulation Only. and to observe.……….TABLE OF CONTENTS How the groups stack up ……………………………………. including the United States.……… Group D: Serbia stun but Germans recover ……………………………. such restrictions.… 16 Road to victory …………………………………………………………………..…….. This document is not for public distribution and has been furnished to you solely for your information and may not be reproduced or redistributed to any other person.…..………… 10 Group F: Italy miss buffon against Slovakia ………………………………..…. Kotak Institutional Equities Research Kotak Institutional Equities Research 4 4 .. 5 Group A: Poetic justice for hand-ballers. Persons into whose possession this document may come are required to inform themselves of. no surprizes – or will we eat our words? ………….………………. 11 Group G: In the end. 13 The forecasting model…………………………………………….…..….….………………….…. hosts bow out ………………….… 17 Appendix: Understanding our forecasting model………………………. 12 Group H: The new “Group of death” ………………………………..……… 6 7 8 9 Group E: Clear topper ………………………………………………….. this document may only be distributed to QIBs (qualified institutional buyers) as defined under rule 144A of the Securities Act of 1933. The manner of circulation and distribution of this document may be restricted by law or regulation in certain countries.…..…. 14 Numbers don’t lie – and brazil still wins! ……………………………………..

HOW THE GROUPS STACK UP .

and what to expect After the listless French drew with Uruguay and lost to Mexico. strengthened by their strong performance against South Korea (3:0). What we had said earlier France. Uruguay. MEXICO Manager: Javier Aguirre WC Appearances: 13 WC Record (W-D-L): 11-12-22 Captain: Rafael Marquez (Barcelona/ESP) Star Players: Guillermo Franco (West Ham/ENG) Giovanni Dos Santos ( Totenham/ENG) Guillermo Ochoa ( Club America/MEX) Honours: FIFA U-17 World Cup '05 Champions FIFA ranking Elo points Date 11-Jun 17-Jun 22-Jun Opponent South Africa France Uruguay 17 8 Score 1:1 2:0 0:1 Kotak Institutional Equities Research Kotak Institutional Equities Research 6 6 . After a slow start against the Bafafa-bafana boys. now face an easy path to at least the semi-finals. And yes. seems the favorite to top this group. they provided solace to the hosts by losing convincingly to them. Mexico came second in the group defeating the hapless French: they now face a tough match against Argentina. While our majority decision ranks Mexico second in the group. never under-estimate the chances of the host – remember 2002. which qualified through a hand-of-God redux. HOSTS BOW OUT URUGUAY Manager: Oscar Washington Tabarez WC Appearances: 10 WC Record (W-D-L): 15-10-15 Captain: Diego Lugano (Fenerbache/TUR) Star Players: Diego Forlan (Athletico Madrid/ESP) Luis Suarez (Ajax Amsterdam/NED) Walter Gargano ( Napoli/ITA) Honours: World Cup Champions ' 30 World Cup Champions ' 50 Group Table Team Uruguay Mexico South Africa France Points 7 4 4 1 Won 2 1 1 0 Draw 1 1 1 1 Lost 0 1 1 2 For 4 3 3 1 Against 0 2 5 4 FIFA ranking Elo points Date 11-Jun 16-Jun 22-Jun Opponent France South Africa Mexico 16 15 Score 0:0 3:0 1:0 What has happened .GROUP A: POETIC JUSTICE FOR HAND-BALLERS. when South Korea reached the semis. we think Uruguay (who qualified via the CONCACAF-CONMABEL play-off) could be a tough contender.

coached by the legendary Maradona. Argentina clearly showed that they richly deserve being among the top teams by winning all their matches. What we had said earlier Argentina. The Greek economic tragedy was reflected in their dismal performance also. KOREA REPUBLIC Manager: Huh Jung-Moo WC Appearances: 7 WC Record (W-D-L): 4-7-13 Captain: Park Ji-Sung (Manchester United/ENG) Star Players: Park Chu-Young (AS Monaco/FRA) Lee Chung-Yong (Bolton Wanderers/ENG) Ahn Jung-Hwan (Dalian Shide/CHN) Honours: World Cup ' 02 . '86 Group Table Team Argentina South Korea Greece Nigeria Points 9 4 3 1 Won 3 1 1 0 Draw 0 1 0 1 Lost 0 1 2 2 For 7 5 2 3 Against 1 6 5 5 FIFA ranking Elo points Date 12-Jun 17-Jun 22-Jun Opponent Nigeria Korea Republic Greece 7 7 Score 1:0 4:1 2:0 What has happened .and if they can overcome Uruguay. which reached 2002 semis. then they should fancy their chances of making to the semis again. would fancy their chances to move to the second round. While the continent advantage would favor Nigeria. is the clear favorite in this group. South Korea. they could only defeat Nigeria.Semi-finals FIFA ranking Elo points Date 12-Jun 17-Jun 22-Jun Opponent Greece Argentina Nigeria 47 18 Score 2:0 1:4 2:2 Kotak Institutional Equities Research Kotak Institutional Equities Research 7 7 . South Korea are re-living their 2002 glory . we believe Greece (who were Euro 2004 champions) could clinch the second spot. KOREA IN 2002 FORM ARGENTINA Manager: Diego Maradona WC Appearances: 14 WC Record (W-D-L): 33-13-19 Captain: Javier Mascherano (Liverpool/ENG) Star Players: Lionel Messi (Barcelona/ESP) Carlos Tevez (Manchester City/ENG) Angel Di Maria (Benfica/POR) Honours: World Cup Champions ' 78.GROUP B: MARADONA MESMERISES.and what to expect Nigeria completely squandered away the continent advantage by failing to win even a single match.

What we had said earlier US defeated Spain (!) in 2009 in the Confederations Cup and could upset England’s chance of topping the group.GROUP C: STOPPAGE TIME GOAL DECIDES THE GROUP USA Manager: Bob Bradley WC Appearances: 8 WC Record (W-D-L): 6-3-16 Captain: Carlos Bocanegra (Rennes/FRA) Star Players: Landon Donovan (LA Galaxy/USA) Tim Howard (Everton/ENG) Jozy Altidore (Villarreal/ESP) Honours: Confederations Cup finalists Group Table Team USA England Slovenia Algeria Points 5 5 4 1 Won 1 1 1 0 Draw 2 2 1 1 Lost 0 0 1 2 For 4 2 3 0 Against 3 1 3 2 FIFA ranking Elo points Date 12-Jun 18-Jun 23-Jun Opponent England Slovenia Algeria 14 24 Score 1:1 2:2 1:0 What has happened . England with the likes of Rooney.and what to expect Last minute Landon Donovan goal against Algeria put USA on the top and showed that their victory against Spain in 2009 was not a fluke. Slovenia were unlucky that their fate got sealed by Algeria losing to USA. The RooneyLampard-Terry trio failed to click and have made their path difficult by finishing second . Lampard and Terry are the current favorites (watch out of the match on Jun 12). ENGLAND Manager: Fabio Capello WC Appearances: 11 WC Record (W-D-L): 25-17-13 Captain: Steven Gerrard (Liverpool/ENG) Star Players: Wayne Rooney (Manchester United/ENG) Frank Lampard (Chelsea / ENG) John Terry (Chelsea/ENG) Honours: World Cup Champions ' 66 FIFA ranking Elo points Date 12-Jun 18-Jun 23-Jun Opponent USA Algeria Slovenia 8 4 Score 1:1 0:0 1:0 Kotak Institutional Equities Research Kotak Institutional Equities Research 8 8 . Slovenia and Algeria are not expected to cause any upsets in this group. especially after they defeated Algeria and held USA to a draw (though some think USA should have won that).they now face Germany.

FIFA ranking Elo points Date 13-Jun 19-Jun 23-Jun Opponent Serbia Australia Germany 32 41 Score 1:0 1:1 0:1 Kotak Institutional Equities Research Kotak Institutional Equities Research 9 9 . Germany. Ghana now carry the hopes of the African continent and could stun USA for a place in the quarter finals.and what to expect Serbia enlivened the group by briefly halting the German juggernaut. Serbia handballed their way to defeat (not everyone is as lucky as Theirry Henry) against Ghana in the dying moments of the game. '65. despite the experienced Ballack out of the way. GHANA Manager: Milovan Rajevac WC Appearances: 2 WC Record (W-D-L): 2-0-2 Captain: Stephen Appiah (Bologna/ITA) Star Players: Sulley Muntari (Inter Milan/ITA) John Pantsil (Fulham/ENG) Asamoah Gyan (Rennes/FRA) Honours: African Nations Cup Winners. '74. we fancy Serbia over Australia (this is a close call: Serbia topped the qualifying group which had France). though the Germans proved their mettle against Ghana to top the group.GROUP D: SERBIA STUN BUT GERMANS RECOVER GERMANY Manager: Joachim Low WC Appearances:17 WC Record (W-D-L): 55-19-18 Captain: Philipp Lahm (Bayern Munich/GER) Star Players: Miroslav Klose (Bayern Munich/GER) Bastian Schweinsteiger (Bayern Munich/GER) Lukas Podolski (FC Cologne/GER) Honours: World Cup Champions '54. '82 What we had said earlier Ghana may lose its chance to move forward due to injury to Essien (poetic justice for them? – Ghanian Boateng recently injured Michael Ballack of Germany). '63. '90 Group Table Team Germany Ghana Australia Serbia Points 6 4 4 3 Won 2 1 1 1 Draw 0 1 1 0 Lost 1 1 1 2 For 5 2 3 2 Against 1 2 6 3 FIFA ranking Elo points Date 13-Jun 18-Jun 23-Jun Opponent Australia Serbia Ghana 6 6 Score 4:0 0:1 1:0 What has happened . If that were to happen. '78. should still top the group.

What we had said earlier Well-stacked but under-achievers Netherlands are paper-tigers in the group – and we put our money on them as the group toppers. Keisuke Honda powered Japan to the last 16. 1992. The paper-tigers Netherlands are now charged up and should have an easy win over Slovakia but should look forward to a clash with Brazil/Spain in the quarters. where they should fancy their chances against Paraguay in the pre-quarters. Japan moved past the group stage in 2002 world cup – however. 2000. 1974 and 1978 Group Table Team Netherlands Japan Denmark Cameroon Points 9 6 3 0 Won 3 2 1 0 Draw 0 0 0 0 Lost 0 1 2 3 For 5 4 3 2 Against 1 2 6 5 FIFA ranking Elo points Date 14-Jun 19-Jun 24-Jun Opponent Denmark Japan Cemeroon 4 3 Score 2:0 1:0 2:1 What has happened . we think Eto’o will captain Cameroon to number 2 position in the group (and silence the critics who question his commitment). Inter-Milan forward and Cameroon captain Eto'o failed to inspire his team to even a draw (leave alone a victory). The Danes have fared well in their previous World Cup appearances.and what to expect Failing to live up to the expectations of the African people. JAPAN Manager: Takeshi Okada WC Appearances: 4 WC Record (W-D-L): 2-2-6 Captain: Yoshikatsu Kawaguchi Star Players: Kengo Nakamura (Espanyol) Keisuke Honda (CSKA Moscow) Junichi Inamoto (Kawasaki Frontale) Honours: Asian Cup Champions.GROUP E: CLEAR TOPPER NETHERLANDS Manager: Bert Van Marwijk WC Appearances: 9 WC Record (W-D-L): 16-10-10 Captain: Giovanni van Bronckhorst (Feynord/NED) Star Players: Wesley Sneijder (Inetr Milan/ITA) Van Persie (Arsenal/ENG) Arjen Robben (Bayern Munich/GER) Honours: Runners-up. 2004 FIFA ranking Elo points Date 14-Jun 19-Jun 24-Jun Opponent Cameroon Netherlands Denmark 45 40 Score 1:0 0:1 3:1 Kotak Institutional Equities Research Kotak Institutional Equities Research 10 10 .

What we had said earlier The Midas-touch Marcelo who coached Italy to their 2006 triumph is back. 79 Group Table Team Paraguay Slovakia New Zealand Italy Points 5 4 3 2 Won 1 1 0 0 Draw 2 1 3 2 Lost 0 1 0 1 For 3 4 2 4 Against 1 5 2 5 FIFA ranking Elo points Date 14-Jun 20-Jun 24-Jun Opponent Italy Slovakia New Zealand 28 19 Score 1:1 2:0 0:0 What has happened . New Zealand and Slovakia have limited past WC experience or pedigreed players -. Athens '04 runners-up Copa America winners. Paraguay out-qualified Argentina in the CONMEBOL play-offs.and what to expect Defending champions Italy proved to be the biggest disappointment (especially since no one in their team was abusing the coach or missed training). Paraguay.GROUP F: ITALY MISS BUFFON AGAINST SLOVAKIA PARAGUAY Manager: Gerardo Martino WC Appearances: 8 WC Record (W-D-L): 6-7-9 Captain: Denis Caniza (Leon/MEX) Star Players: Roque Santa Cruz (Manchester City/ENG) Oscar Cardozo (Benfica/POR) Nelson Haedo Valdez (Borussia Dortmund/GER) Honours: Olympics. have avoided a tougher competitor in Netherlands. having topped the group.we don’t fancy their chances of creating upsets in this group. SLOVAKIA Manager: Vladimir Weiss WC Appearances: Debut WC Record (W-D-L): -Captain: Marek Hamšík (Napoli/ITA) Star Players: Martin Skrtel (Liverpool/ENG) Miroslav Stoch (Chelsea/ENG) Stanislav Sestak (Vfl Bochum/GER) Honours: --- FIFA ranking Elo points Date 15-Jun 20-Jun 24-Jun Opponent New Zealand Paraguay Italy 48 28 Score 1:1 0:2 3:2 Kotak Institutional Equities Research Kotak Institutional Equities Research 11 11 . Debutants Slovakia provided the best entertainment in this world-cup till date in their superb outing against Italy. 53. New Zealand drawing all their matches was a commendable performance.

FIFA ranking Elo points Date 15-Jun 21-Jun 25-Jun Opponent Cote D'Ivoire Korea DPR Brazil 3 12 Score 0:0 7:0 ?? Kotak Institutional Equities Research Kotak Institutional Equities Research 12 12 . 1966 What we had said earlier Isn’t it obvious? Brazil first and Portugal second? Be ready for upsets as Drogba (Cote d’Ivore) or Ronaldo (Portugal) can upset Brazil’s pole position. '94. Neither Brazil nor Portugal know who they will be up against given the chaos in group H . '02 Group Table Team Brazil Portugal Ivory Coast North Korea Points 6 4 1 0 Won 2 1 0 0 Draw 0 1 1 0 Lost 0 0 1 2 For 5 7 1 1 Against 2 0 3 9 FIFA ranking Elo points Date 15-Jun 20-Jun 25-Jun Opponent Korea DPR Cote D'Ivoire Portugal 1 1 Score 2:1 3:1 ?? What has happened . by the way. we don’t know anything about North Korea. PORTUGAL Manager: Carlos Queiroz WC Appearances: 5 WC Record (W-D-L): 11-1-7 Captain: Cristiano Ronaldo (Real Madrid/ESP) Star Players: Deco (Chelsea/ENG) Ricardo Carvalho (Chelsea/ENG) Nani (Manchester United/ENG) Honours: Third Place. they are yet to weave the Brazillian magic.which has taken on the mantle of "Group of Death". it needs to top this group. Oh. If Brazil wants to avoid Spain in the pre-quarters (Brazil-Spain will be a dream final). '70. who created a flutter by holding Brazil goal-less in the first half. While Brazil have won all their matches till date.and what to expect Portugal sealed the fate of Ivory Coast by demolishing North Korea completely.GROUP G: IN THE END. do we? – they knocked out Italy in their 1966 outing. NO SURPRIZES – OR WILL WE EAT OUR WORDS? BRAZIL Manager: Dunga WC Appearances: 19 WC Record (W-D-L): 64-14-14 Captain: Lúcio (Bayern Munich/GER) Star Players: Kaka (Real Madrid/ESP) Maicon (Inter Milan/ITA) Luis Fabiano (Sevilla FC/ESP) Honours: Winners '58. '62.

Don’t expect upsets from Honduras. What we had said earlier Euro 2008 Champions Spain are in dream form currently – we don’t doubt their ability to top this group (and hence the onus is on Brazil to avoid the Brazil-Spain clash in the pre-quarters). 1962 Group Table Team Chile Spain Switzerland Honduras Points 6 3 3 0 Won 2 1 1 0 Draw 0 0 0 0 Lost 0 1 1 2 For 2 2 1 0 Against 0 1 1 3 FIFA ranking Elo points Date 16-Jun 21-Jun 25-Jun Opponent Honduras Switzerland Spain 18 11 Score 1:0 1:0 ?? What has happened .and what to expect After Switerland surprized Spain. '64. SPAIN Manager: Vincente Del Bosque WC Appearances: 13 WC Record (W-D-L): 22-12-15 Captain: Iker Casillas (Real Madrid/ESP) Star Players: Fernando Torres (Liverpool/ENG) Xavi (Barcelona/ESP) David Villa (Barcelona/ESP) Honours: Fourth Place.GROUP H: THE NEW “GROUP OF DEATH” CHILE Manager: Marcelo Bielsa WC Appearances: 8 WC Record (W-D-L): 7-6-12 Captain: Claudio Bravo Star Players: Humberto Suazo (Real Zaragoza/ESP) Matias Fernandez (Sporting Lisbon/POR) Alexis Sanchez (Udinese/ITA) Honours: Third place. Switzerland held Italy to a draw in the warm-up matches would fancy their chances more given that Chile’s topscorer Suazo has suffered a hamstring injury. To qualify. '08 FIFA ranking Elo points Date 16-Jun 21-Jun 25-Jun Opponent Switzerland Honduras Chile 2 2 Score 0:1 2:0 ?? Kotak Institutional Equities Research Kotak Institutional Equities Research 13 13 . this group has opened up completely with the dramatic possibility of Spain crashing out. who would be hoping that Honduras deny Swiss three points. Spain need to win their match against Chile today. Chile defeated the 10-men Switerland but only after the Swizz created the world record of holding their backline for more than 550 minutes in the world-cup finals. 1950 European Championship Champions.

THE FORECASTING MODEL .

Argentina should triumph over England in the quarters. 1820 And common sense is exactly what our proprietary model throws up – ascribing to Brazil the highest probability of winning the world cup (common sense! Why do you need a probabilistic model for that?). who we believe will then go on to win the finals (or so the probabilities say). If Spain meet Brazil in the pre-quarters. We are ready with for the brick-bats! Refer to the Appendix for a detailed description of our model.NUMBERS DON’T LIE – AND BRAZIL STILL WINS! The theory of probabilities is at bottom nothing but common sense .Laplace. Our model assigns exact probabilities of each team making to a particular round (there is a limit to what common sense can do!) Our model forecasts that Germany will possibly have a tough time against England. And yes. Théorie analytique des probabilités. We forecast South Korea to repeat its 2002 feat and reach the semi-finals. Kotak Institutional Equities Research Kotak Institutional Equities Research 15 15 . we favor Brazil. where they should expect to meet Portugal.

BRAZIL AND SPAIN EMERGE AS THE CLEAR FAVORITES FOR FINALS There should not be many upsets in the top 8 teams reaching the QFs Probability of reaching quarter-finals Portugal Brazil Netherland USA Argentina Paraguay England Uruguay South Korea Germany 0% 10% 20% 30% 33% 32% 40% 50% 60% 70% 80% 90% 82% 77% 74% 74% 70% 68% 68% 67% Argentina Netherland Germany 0% 10% 26% 22% 18% 20% 30% 40% 50% 60% 70% Brazil England Uruguay USA 40% 37% 49% 57% Portugal has best draw to reach semis Probability of reaching the semi-finals Portugal 66% Source: Kotak Institutional Equities estimates Source: Kotak Institutional Equities estimates Brazil has the best chance of reaching the finals Probability of reaching the finals Brazil England Portugal Argentina Netherland Germany Spain USA 0% 5% 10% 14% 17% 20% 22% 33% 38% Brazil is the clear winner Probability of winning the World Cup 2010 Brazil England Netherland Portugal Argentina 8% 8% 5% 10% 15% 20% 25% 30% 12% 10% 14% 27% 12% 11% 15% 20% 25% 30% 35% 40% Spain 0% Source: Kotak Institutional Equities estimates Kotak Institutional Equities Research Kotak Institutional Equities Research Source: Kotak Institutional Equities estimates 16 16 .

00 South Korea Portugal Paraguay 10-Jul 20.00 .00 Netherlands Paraguay 27-Jun 16.30 South Korea Argentina 3-Jul 16.00 27-Jun 20.30 Germany England Argentina England 28-Jun 16.30 Brazil 28-Jun 20.00 Uruguay South Korea South Korea 6-Jul 20.30 Portugal Portugal Kotak Institutional Equities Research Kotak Institutional Equities Research 29-Jun 20.30 Japan Portugal 3-Jul 20.30 Argentina Argentina Mexico 2-Jul 20.ROAD TO VICTORY 26-Jun 16.30 17 17 26-Jun 20.30 Brazil Chile 29-Jun 16.30 Brazil Spain 7-Jul 20.30 USA USA Brazil Ghana 11-Jul 20.00 Netherlands Slovakia 2-Jul 16.

APPENDIX .

For a draw. The World Football Elo Ratings is a ranking system for men's national teams in football. we are closer to the actual match scenario and capture both attacking and defensive strengths of a team (vis-à-vis taking a win-loss as our simulation variable). The ratings take into account all international “A” matches for which results could be found. The results are derived by simulating the world cup games by assuming that goals scored by teams follow a Poisson distribution. Elo Rankings: The Elo rating system was originally developed for calculating the relative skill levels of players in two-player games such as chess and Go. we assume that the goals scored in a match up between the pair will follow Poisson distribution. we assume that the team with better ranking has a higher chance of moving ahead.UNDERSTANDING OUR FORECASTING MODEL A simulation-based model with Poisson probabilities Our model calculates the probabilities of each team reaching different stages of the world cup. FIFA ranking and current form (captured by Elo ranking). Step 2: Building lambdas For each pair of team in the top 16. The parameter λ is the mean number of occurrences and the number of observed occurrences fluctuates about its mean λ with a standard deviation equal to square root of λ. The following steps are involved in developing the model: Step 1: Identifying the top 16 teams We identify the top 16 teams based on our subjective judgments. current ranking and forms. we run a simulation of the world cup post the league stage. Step 3: Simulation Once we have lambdas for each possible combination. Ratings tend to converge on a team’s true strength relative to its competitors after about 30 matches. Kotak Institutional Equities Research Kotak Institutional Equities Research 19 19 . Poisson distribution: A discrete probability distribution that expresses the probability of a number of events occurring in a fixed period of time if these events occur with a known average rate and independently of the time since the last event. The mean (henceforth addressed as lambda) of the Poisson distribution is a function of historical performance with higher weight to recent matches. We believe that by taking goal scored as our simulation variable.

Notes Kotak Institutional Equities Research Kotak Institutional Equities Research 20 20 .

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