IPO Note Sector: Construction & Infrastructure


Ashoka Buildcon Ltd.
Well established to capitalise on future BOT project opportunity Ashoka Buildcon Ltd. (ABL) enjoys the first mover advantage in BOT segment, with 23 projects under its ambit; of which 17 projects are operational and six are under construction, totaling 3,498 lane km in five states. ABL is one of the few companies who has seen the complete life cycle of a BOT project and has transferred three projects back to the government. Order book set to grow ABL, currently, has a order book position of Rs16.2bn, which does not reflect the orders from newly bagged BOT projects which is Rs16.4bn, totaling to Rs32.6bn. Current order book of Rs16.2bn constitutes ~37% from Power and distribution companies, ~13% from own BOT projects and ~50% from associate and third party contracts. The company is looking for larger projects and has also been qualified for Rs15bn of NHAI project. Integrated business model - helps reduce cost and timely completion ABL over the years has developed an integrated model, from bidding to completion of project relying on their strong in house capabilities. ABL has developed its own traffic database over the years which aide during bidding process and has also developed in house capabilities in design, engineering, construction and also has RMC plants. The company has also leveraged its existing BOT projects to fund its newer projects, out of 20 projects 15 has been refinanced. It has also developed its own proprietary software for toll collection which helps minimise cash pilferages. VALUATIONS AND RECOMMENDATION Given the limited availability of information about the BOT projects we employ a simple P/BV valuation method on the net equity invested in BOT projects by ABL. We believe these project can be valued between 1.5x to 2x P/BV and construction business at 6x EV/EBIDTA FY12 and thus arrive at a SOTP based target price band of Rs378 and Rs429 per share. i.e. expected return of 17% and 32% respectively. We recommend ‘SUBSCRIBE’ on the higher price band of Rs324 per share.
No. of shares offered Proposed Price band Proposed Issue size Issue period Mkt Cap Listing Equity pre issue Equity post issue vinod.nair@pinc.co.in

24 September 2010 Vinod Nair +91-22-6618 6379

Subramaniam Yadav +91-22-6618 6371 subramaniam.yadav@pinc.co.in

7.6-6.9mn shares Rs 297-324 per share Rs2.25bn 24-28 Sep., 2010 Rs15.8-17.1bn BSE & NSE 45.7mn shares 53.3-52.6mn shares

IPO Note

Promoters : Ashok Katariya Satish Parakh Ashish Katariya Aditya Parakh

PreIssue (%) Promoter group IDFC PE Public & others 84.4 15.6 Post Issue (%) @297 @324 72.4 13.4 14.2 73.2 13.5 13.3

FY06 Revenues YoY Gr. (%) Operating Profit OPM (%) Adjusted Net Profits YoY Gr. (%) 1,791 452 25.2 43 0.9 13.9 5.8 346.2 9.4 37.1 FY07 4,031 125.0 1,055 26.2 241 464.4 5.3 13.3 11.1 61.3 4.4 16.9 FY08 3,228 (19.9) 1,233 38.2 331 37.1 7.2 12.6 11.1 44.7 5.9 15.3 FY09 5,184 60.6 1,640 31.6 348 5.2 7.6 16.0 10.6 42.5 4.1 13.0

Rs mn FY10 7,956 53.5 2,143 26.9 859 146.7 18.8 21.2 21.2 17.2 3.2 11.8

ENAM IDFC Motilal Oswal

Dil. EPS (Rs)* ROACE (%) ROANW (%) PER (x) # EV/Sales (x) # EV/EBIDTA (x) #

* calculated on FY10 equity capital

# @ Higher end of band of Rs 324

PINC Research reports are also available on Reuters, Thomson Publishers and Bloomberg PINV <GO>

At these prices ABL is asking a market capitalisation of Rs15. ABL has four key divisions: a) b) c) d) BOT division EPC division (for own and third party works) RMC and bitumen division Toll collection contract division subramaniam.yadav@pinc. ABL is amongst the highest number of toll road operator in India and own around 26 BOT projects. thus.8bn to Rs17.e. ABL is planning to utilise the IPO proceeds for the following purposes: Object of the issue Particulars Investment in capital equipment Working capital requirements Prepayment/ repayment of project loans Funding certain subsidiaries for prepayment/ repayment of their loans General corporate purposes & issue exp Total Source: RHP. manufacture and sales of pre cast concrete poles.2% on the post issue capital. six under construction and three handed over to government.250 The objectives. of which 17 are operational. RMC and bitumen to third party.25bn for FY10 i. are largely to subsidies BOT assets making them more feasible and improve future cash accrual which could be employed in future project wins. It also has presence in power transmission and distribution.9mn shares respectively.RESEARCH Ashoka Buildcon Ltd.in 2 .2% and 13. Mcap/Sales of 1. which is a dilution of 14.1bn.6mn shares or 6.4x & 1.25bn via fresh issue at a price band of Rs297 (lower end) to Rs324 (higher end) which would represent 7.6x.6x & 12. Business Profile ABL is present in entire value chain of road construction from RMC division to construction. Issue details Ashoka Buildcon Ltd (ABL) plans to raise Rs2. operation and maintenance and toll collection.3x and P/E of 13. PINC Research Amount Rsmn 250 450 550 600 400 2.co. which did a consolidated turnover of Rs12.4 with profit after tax at Rs1.

)(4) Source: RHP. (Dewas Bypass) 50% Jayaswals Ashoka Infrastructure Private Ltd. including developing proprietary computerised toll revenue auditing system.99 Ashoka Pre Con Pvt.67% Ashoka Sambalpur Baragarh Tollway Private Ltd. ABL ventured into BOT segment. ABL ventured into manufacturing of RMC solely for use in its own EPC division and by FY02 they started selling it to third party as well. commercial.74%(1) Viva Highways Private Ltd.99% Ashoka Infrastructures (Dhule Bypass) 99. Ltd. PINC Research ABL was Incorporated in 1976 with its head office in Nashik. Ltd.67% Ashoka Belgaum dharwad Tollway Pvt. Post acquiring EPC skills.RESEARCH Ashoka Buildcon Ltd. Bai Hospital. which was also the first BOT project in Maharashtra.Aurangabad Rd. (NH 3 Pimpalgaon-Nashik100% Ashoka Infrastrucuture Ltd.76 99. (Pune-Shirur Road) 100% Ashoka Infraways Private Ltd.) (Shopping mall-campus of Rukmin. power transformers and new sub-stations. (NH-6 SambalpurBargarh Rd)(6) 53. In FY05 processing of bitumen to a higher grade was also initiated in Pune for use in road projects. (Indore-Edalabad Road) 99.)(3) Ashoka Highways (Durg) Ltd. ABL tendered for and were awarded the first contract to collect the tolls on a road owned and constructed by a third party. (Wainganga Bridge) 50% Ashoka Bridgeways (AnawaliKasegaon Road) RMC and Bitumen Division 100% Company’s BOT projects (Ahmednagar .4) km405 km) (3) Jaora Nayagoan Toll Road Company (Jaora-Nayagaon Road. the Dhule bypass in Maharashtra in 1997. BOT Division 26% L&T PNG Tollway Private Ltd.80% Ashoka Technolgies Pvt. Prior to 1997. Company Structure Company Toll collection Contract Division 99. Having developed systems and procedures for collecting tolls in own BOT projects.in 3 . (NH-6 322. Ltd. (Katni Bypass) Ashoka Highways (Bhandara) (NH-6 Bhandara Rd.89 Ashoka-DSC Katni Bypass Road Pvt. In FY09. EPC Division 50. the construction and commissioning of sub-transmission lines. ABL began undertaking EPC work in the power sector with the first project coming from Maharashtra State Electricity Distribution Company Limited for. Kalyan. Maharashira) (Shopping mall-Adhawardi. distribution lines.99% Ashoka High-way Ad (6 foot-over-bridges in Mumbai) 52. Maharashtra) (Waghur Hydro electric Power Plant) (8) 86.co. subramaniam.18 98. ABL was engaged in EPC work for residential. ABL’s first BOT win was.02 98. In FY2000. Ltd. Kalyan City. industrial and institutional buildings. (NH-4 BelgauvnDharwhd)(7) 13.yadav@pinc.Karmal Road) (Nashirabad railway-over Bridge) (Sheri Nallah Bridge) (Ahmednagar .

Mah. 2016 Feb.Nov. PW D. BOT division At present. Madhya Pradesh.A. 2012 May 2003 .00% 50.99% 99. Rajasthan. PWD. and one is being developed by Jaora Nayagoan Toll Road Company Private Limited in which the Company has a 13. PWD. Mah.00% 99. MP PWD. MP PWD.00% Project cost (Rs mn) 1653 1610 1027 709 613 504 409 147 142 58 7 7 8 7 4 5 74 Granted by MPRDC PWD.99% 99. N.Jan. 2013 March 2007 . N. Chhattisgarh. i.co.Edalabad Road proj. Ahmednagar -Aurangabad road proj.A. Karnataka and Orissa.A.Aug. 2003 . Of the six BOT projects under construction: four are being developed by subsidiaries of the company. As at March 31. it operates 23 BOT road projects. 86. Mah. 2002 . Chhattisgarh.Aug. Madhya Pradesh. in which the company has a 26% interest. ABL has operations across the states of Maharashtra. 2010.April 2007 July 2005 .RESEARCH Ashoka Buildcon Ltd. 2015 Aug.yadav@pinc.99% 99. Currently. 2010 Oct. Out of the 23 BOT projects mentioned above. one is being developed by PNG Tollway Private Limited. Concession period Nov. 2018 Feb. 2000 .A. PW D. our work force consisted of 2. W ainganga Bridge Nashirabad railway over-bridge Sheri Nallah bridge Dhule bypass Foot-over-bridge (Godrej) Foot-over-bridge (Priyadarshini) Foot over bridge (Pravin Hotel) Foot over bridge (Tagore Nagar) Foot over bridge (Louis Wadi) Foot over bridge (Mental Hospital) Anawali-Kasegaon Road Source: RHP. In addition.June 2015 March 1998 .Delhi PWD.00% 100.35 km of lanes in Maharashtra. N.99% 99. Mah.in 4 . PW D. Mah. 2011 April 2002 .A. In September 2008 ABL won the contract to construct and develop two shopping malls on a BOT basis while in September 2009 it started manufacturing pre-cast concrete poles.09 years as at March 31. ABL has also entered into agreements to develop two shopping malls in Kalyan. The weighted average concession period (including toll collection period) for these 23 BOT road projects was 21. 2013 July 2002 -Aug. PWD. PWD.00% 100.00% 100. Mah. Mah. Maharashtra on a BOT basis. 2003 -Aug. 2017 July 2003 -Aug. N. and one is operated by a joint venture in which the company has a 5% interest.153 technical staff. The construction of these projects has not yet begun.May 2017 subramaniam.74% 100. Mah.00% 99. N. Karnataka and Orissa. PINC Research Lane kilometers 407 216 168 35 40 160 26 8 7 12 N.Sept.99% 99. 2015 May 2008 . 11 are operated by the subsidiaries of the company/joint ventures controlled by the company. 2015 Mar. N. 1999 -Nov.498. including 1. Mah PWD. Mah. 2008 -Sept. it has successfully transferred three BOT projects to the Govt.00% 100.99% 99.99% 5. 17 are operational and six are under construction.Aug. 2016 Jan.e. Pune -Shirur Road proj. 22 Company’s beneficial int. 2018 May 2004 .Feb.89% 100. 2018 July 2000 . BOT projects under operation Project name Indore . Katni Bypass Dewas Bypass Ahmednagar -Karmala Rd Proj. MRTH.412 full-time employees. Mah.76% beneficial interest. one is operated by an associate company in which the Company has a 50% interest. Mah PWD. 3. PW D. 2010. 2001 .Delhi MRTH. N.A. Of the 17 BOT projects in operation four are operated by the company.Oct.Aug.

180 14. their last contract expired in February 2007. It also (1) maintains and repairs existing roads for own BOT division.300 10. has constructed 44 roads and bridges and built over 5. industrial and institutional buildings for third parties.co. 2028 Jan. 2033 July 2012 .Mar.47% 26.67% Project cost (Rs mn) 5. but currently they are not tolling any project. industrial and institutional projects. Upcoming BOT projects Project name NH-6 Bhandara Road NH-6 Durg Bypass Jaora . ABL.080 Granted by NHAI NHAI MPRDC NHAI NHAI NHAI Concession period Sept. 2010 -Mar. subramaniam.070 6. 2028 Feb.00% 51.RESEARCH Ashoka Buildcon Ltd. ABL owns 14 RMC plants with a total production capacity of 650 cubic metres per hour and 86 concrete transit trucks and 19 concrete pumps. 2011 -Feb. It has entered into four agreements to collect tolls on roads/bridges owned and constructed by third parties.00% 98. RMC and bitumen division The RMC and bitumen division sells ready-mix concrete and bitumen and supports the EPC division. closure EPC division (for own and third party works) The EPC division primarily does engineers and designs works.870 8.Nayagaon Road NH-3 Pimpalgaon-Nashik-Gonde Road NH-4 Belgaum-Dharwad Road NH-4 Sambalpur-Baragarh Road Source: RHP. PINC Research Lane kilometers 320 332 319 452 454 408 Company's beneficial interest 51.4 million square feet of commercial.July 2032 Yet to achieve fin.in 5 . This division also sells and processes bitumen to a higher grade for use in road projects from its plant in Pune with a capacity of 60 metric tonnes per day. (2) constructs and modernises power distribution networks.67% 98.00% 14.yadav@pinc. closure Yet to achieve fin.350 5. Toll collection contract division ABL also has a toll collection contract division to leverage its experience of collecting tolls on our BOT projects and has proprietary computerised toll revenue auditing system. procures raw material and equipment for own BOT division and third parties. for third parties and (3) constructs commercial. comprising distribution transformers and electricity substations. 2011 .

T65 Total Source: RHP.5 1.7 3.679. totaling 3.315. The company is looking for larger projects and has also been qualified for Rs15bn of NHAI project.0 93.1 1.071.6bn. Order book details Projects In-house road projects NH-6 Bhandara Road NH-6 Durg Bypass W ork for Pune-Shirur and Indore-Edalabad road Third party road projects NH3 Pimpamgaon-Nashik-Gonde Jaora .9 84. Order book set to grow ABL currently has a order book position of Rs16.498 lane km in five states. Current order book of Rs16.9 60.2bn. Belgaum-Dharwad section of NH4 of 454 lane km in Karnataka.1 2.co.0 807.1bn and another in Orissa from Sambalpur to Baragarh on NH6 of 408 lane km with estimated EPC cost of Rs6.0 5.T54 Dharangaon MSEDCL project .763.853.4bn.8 Contract price (Rs mn) Outstanding order book 208. with 23 projects under its ambit.034. of which 17 projects are operational and six are under construction.153. ABL has also recently received letter of allotment from government of Maharashtra to develop 1500 KW per hour of hydro electric power plant in Waghur on BOOT model.716.229.5 1. ABL is among the few company who has seen the complete life cycle of a BOT project and has transferred three projects back to the government.5 5.8 1.T59 Shahada MSEDCL project .166.9 1.5 810. totaling to Rs32.7 152.979.562.319. PINC Research 2.390.400.7 830.3 34.4 1.5 816.yadav@pinc.3 4.in 6 .181.7 867.2bn constitutes ~37% from Power and distribution companies.Nayagaon Road BRTS in Bhopal City MMRDA BKC Concrete Road BRTS in Surat City Integrated road for Shirdi town Maintenance road from Phalodi to Pachpadra EPC power Aurangabad MSEDCL project -T8 Jalna MSEDCL project -T36 Karjat MSEDCL project -T52 Dondaicha MSEDCL project .5 5.0 1.9 1. which does not reflect the orders from newly bagged BOT projects which is Rs16.0 93.0 164.8 867.5 16.0 758.7 subramaniam.2 317.3bn.557. ~13% from own BOT projects and ~50% from associate and third party contracts.5 139. ABL is capitalizing its past experience and are now bidding for larger projects and has tasted success recently by bagging two large BOT projects.5 5.RESEARCH Ashoka Buildcon Ltd. Investment Arguments Well established to capitalise on future BOT project opportunity ABL enjoys the first mover advantage in BOT segment. with estimated EPC cost of Rs10.

This has led to understatement of sales and PAT for valuation purpose. Hence the restated PAT after minority interest for FY10 will be Rs1254mn and Net worth will be Rs5300mn.co. Business Model Traffic Estimate Indepth knowledge.RESEARCH Ashoka Buildcon Ltd. from bidding to completion of project they rely on their strong in house capabilities. We understand that ABL’s FY10 consolidated results have been reported post netting off Rs4. construction and also has RMC plants. hence the consolidated results of ABL are not comparable to the likes of IRB. out of 20 projects 15 has been refinanced. subramaniam.yadav@pinc. We also understand that this would have impacted PAT for FY10 by approximately ~Rs450mn and net worth by ~Rs800mn. Rs1304 of plants Source: Company. Integrated business model – helps reduce cost and timely completion ABL over the years has developed an integrated model. ABL has also leveraged its existing BOT projects to fund its newer projects. Hence consolidated revenue includes only Rs5527mn of third party and associate EPC work. which does not allow business and profits earned from own/subsidiary companies to be consolidated. It has developed its own traffic database over the years which aide during bidding process and has also developed in house capabilities in design.in 7 . database built since 1998) Design & Engg. engineering. have inhouse team Inhouse construction Majority of work completed inhouse Toll collection and O&M Proprietary software and have inhouse O & M Re leveraging 15 of 20 project refinanced RMC 14 RMC plant. ABL has also developed its own proprietary software for toll collection which helps minimise cash pilferages.420mn in the turnover which are EPC work done for the own BOT projects. PINC Research VALUATIONS AND RECOMMENDATION Please note that ABL consolidated accounts are stated as per AS 27.

5bn as equity in this project over the construction state.in 8 .563 428. ABL has 2400km of lane project under construction and is expecting about 600km-700km to start tolling in the near future. ABL has also won two new projects accumulating to Rs16bn where financial closure is expected during FY11.yadav@pinc.5x to 2x P/BV. We believe given the current order book the EPC division can be scaled up to Rs18bn by FY12 i.400 5. We understand that ABL has invested about Rs2.6bn in these projects. which is difficult to value due to lack of project details. We believe these project can be valued between 1.050 3. Relative valuation with IRB is attractive @ Rs324 We have valued the construction arm of IRB at 13x P/E on FY12E basis.913 378.500 5. ABL has invested about Rs2.200 22.653mn in FY10.600 3. 35% CAGR growth at which the EBITDA on lower case assumption of 11% will stand at Rs2bn.4 16.7bn as equity in existing projects which did a turnover of Rs1. The management is expecting about 20% – 22% RoE in these projects over the life of these projects. IRB EPC division is expected to grow at 100% for FY11 and 60% for FY12 with EBITDA margins of 16% and PAT is expected to grow at 89% in FY11 and 30% in FY12. though we do not have any guidance in term of the mix going forward or orders bided for. SOTP Particulars Construction & RMC BOT Projects Exisiting invested equity Operational Under Construction New Projects Market cap Target Price Appreciation Source: PINC Research 2.3% 4. which works out to Mcap/EBITDA of 8x on FY12 basis.RESEARCH Ashoka Buildcon Ltd.e.co. Historically the EPC division has grown at a CAGR of 70% over FY06-10. Thus based on the available information we arrive at a target price band of Rs378 and Rs429 per share.5x (P/BV) subramaniam. For FY10. i.7 32.900 19. expected return of 17% and 32% repectively. ABL would have to put in about Rs3. ABL ended the year with a blended PBIT margin of 11% (EPC + RMC & Bitumen). Given the limited availability of information about the BOT projects we employ a simple P/BV valuation method on the net equity invested in BOT projects by ABL.e.700 2.994 (FY12E EBITDA) 6x (Mcap/EBITDA) 2x (P/BV) Rs mn 11. Whereas in the case of ABL’s EPC division third party EPC work stood at 56%. We recommend ‘SUBSCRIBE’ on the higher price band of Rs324 per share.963 1. At 25% discount to IRB @ 6x EV/ Mcap ABL’s EPC division can be valued at Rs12bn.8% Rsmn 1. we understand that ABL’s current order book of Rs32bn is tilted more towards own BOT EPC work. The EBIDTA margin ABL makes in the EPC division is between 11% to 13% depending on the type of project. In the case of IRB the EPC division largely undertakes own BOT EPC work with EBITDA margin of 16%-18%.

408 911 10.221 30 15.9 5.6 1.623 11.228 (19.985) 1.5 5.3 180.473 7. tax) Other financing activities Cash from finan.8 17.1 12.281 4.0 44.717 8.955 FY10 581 4.458 27 3.7 1. (profit) Interest paid Taxes (Inc)/Dec in working capital Other operating activities Cash from operations Net capital expenditure Net Investments Interest & dividend recd Cash from inv.7 16.2 61.956 1.6 21.2 FY10 7.9 - FY07 4.2 6.2 73.0 39.360 755 4.7 9.2 2.2 7.4 16.121 13 8.790 27.177 490 1.184 60.640 150 1.113 5.5 2. activities Inc/(Dec.4 15.in .6 6.4 1.665) (153) (3.887) (16) 837 (490) 3.134 452 683 19 241 241 464.6 3.671 646 1.8 18.055 159 1.6 11.3 464.7 18.649 2.472 2.329 30.1 4.750 845 2.616 994 2.1 7.1 152 2.RESEARCH Ashoka Buildcon Ltd.3 5.687 319 859 859 146.0 119 1.003 1.042 4.2 3.8 15.4 34.407 FY08 587 2.233 176 1.451 1.260 1.777) (526) 415 (4.818) (36) 2.8 8.012 FY07 224 2.956 53.376 32 7.025 116 348 348 5. Net current assets Investments Total Assets FY06 211 1.2 21.526 3.0 42.3 41.433 (3.487 16.886 3.8 2.4 5.7 FY09 31.5 FY10 26.093 (3.4 346.3 122.279) 294 (2.213 133. activities Equity raised/(repaid) Debt raised/(repaid) Dividend (incl.488 154 * calculated on FY10 equity capital Balance Sheet Share Capital* Reserves & Surplus Shareholders' Funds Minorities Interest Total Debt Deferred Tax liability Capital Employed Fixed Assets Cash & cash eq.409 16.3 11.yadav@pinc.9 0.409 FY09 587 2.2 11.2 37.2 7.226 18 10.068 662 7.677 1.553 (4.3 FY08 38.9 10.7 Cash Flow Statement Profit before tax Depreciation Income from inv & int.3 15.636 692 1.6 7.1 317.874 12.9 14.247 5.co.791 452 67 519 61 458 212 245 33 43 43 0.1 FY09 5.076 717 8.469 917 FY08 403 583 (43) 495 (57) (368) (45) 968 (1.9 50.306 474 832 38 331 331 37.688 Key Ratios OPM (%) Net Margin (%) Net Debt/Equity (x) Net working capital (days) ROACE (%) ROANW (%) EV/Sales @ Rs297 EV/Sales @ Rs324 EV/EBDITA @ Rs297 EV/EBDITA @ Rs324 P/E(x) @ Rs297 P/E(x) @ Rs324 FY06 25.177 661 (46) 490 (307) (379) (58) 1. Year Ended March (Figures in Rs mn) Income Statement Revenues Growth (%) Operating Profit Other Income EBIDTA Growth (%) Depreciation & Amortization EBIT Interest Charges (Net) PBT (Before E/o items) Tax provision E/o Income / (Loss) Net Profits Adjusted Net Profits Growth (%) Basic EPS (Rs)* Diluted EPS (Rs)* Growth (%) FY06 1.9 4.390 2.4 37.0 1.1 5.0 10.3 13.6 5.) in cash FY06 65 243 5 212 (18) (750) 12 (232) (228) (51) (279) 921 (212) 709 198 FY07 264 500 (25) 452 (26) 270 (2) 1.2 10.4 13.2 11.0 1.4 FY08 3.105 (646) 1.8 79 1.9 56.918 (452) 2.531) (84) 745 (495) 167 (396) FY09 499 646 (41) 646 (111) 491 (37) 2.897 473 1.9) 1.8 146.031 125.2 FY07 26.874 4.1 4.143 186 2.0 61.423 (302) FY10 1.2 *includes Preference share capital subramaniam.4 12.6 13.3 1.0 3.523) (8) (1.1 103 1.

Auto Ancillary.co.RESEARCH T E A M EQUITY DESK Sadanand Raje Head .in rajeev.gutka@pinc.dagli@pinc.in naveent@pinc.co.in rajub@pinc.co.raje@pinc.in ganeshg@pinc.nair@pinc. Mining Pharma. Prajapati Sajjid Lala Head .Sales Trading Co-Head .co.joshi@pinc.in vinod.in 91-22-6618 6400 91-22-6618 6400 91-22-6618 6400 COMPLIANCE Rakesh Bhatia Head Compliance rakeshb@pinc. Mining Metals.lala@pinc. Mining Metals.mishra@pinc.co.in shaileshk@pinc.co.in naresh.co.in hitul.co.co.co.in hasmukhp@pinc.in hemangg@pinc.co.co.in satish. CFA Nikhil Deshpande Vinod Nair Ankit Babel Hitul Gutka Subramaniam Yadav Madhura Joshi Satish Mishra Rohit Kumar Anand Namrata Sharma Karan Taurani Bikash Bhalotia Harleen Babber Dipti Vijaywargi Chirag Dagli Naveen Trivedi Auto.yadav@pinc.co.co.in rohit.in nikhil. FMCG vineet.gupta@pinc.bhalotia@pinc. Power.co.in ankit.in harleen.babber@pinc.co.desai@pinc.co.Institutional Sales Technical Analyst sadanand. Capital Goods Capital Goods Power Construction Power Fertiliser.co.in amar.sharma@pinc.co.in bikash. FMCG.Sales Trading mehul.co. Fertiliser Pharma.deshpande@pinc.in 91-22-6618 6400 .taurani@pinc. Cement Auto.in 91-22-6618 6483 91-22-6618 6486 91-22-6618 6349 91-22-6618 6347 DEALING Mehul Desai Naresh Panjnani Amar Margaje Ashok Savla Raju Bhavsar Manoj Parmar Hasmukh D.in ashok.chaurasia@pinc.in madhura.vijaywargi @pinc.hetamasaria@pinc.in namrata.in manojp@pinc.co.panjnani@pinc.co.anand@pinc.co.b@pinc.in 91-22-6618 6303 91-22-6618 6333 91-22-6618 6327 91-22-6618 6321 91-22-6618 6322 91-22-6618 6326 91-22-6618 6325 91-22-6618 6337 DIRECTORS Gaurang Gandhi Hemang Gandhi Ketan Gandhi gaurangg@pinc.in subramaniam.in ketang@pinc. Engineering IT Services Media IT Services Metals.co.co.in karan.in 91-22-6618 6388 91-22-6618 6339 91-22-6618 6379 91-22-6618 6551 91-22-6618 6410 91-22-6618 6371 91-22-6618 6395 91-22-6618 6488 91-22-6618 6372 91-22-6618 6412 91-22-6618 6382 91-22-6618 6387 91-22-6618 6389 91-22-6618 6393 91-22-6618 6462 91-22-6618 6384 SALES Anil Chaurasia Rajeev Gupta Shailesh Kadam Ganesh Gokhale Equities Equities Derivatives Derivatives anil.in dipti.in chirag.co.co. Cement Construction.savla@pinc.in 91-22-6618 6366 RESEARCH Vineet Hetamasaria.co.co.co.co.co.in sajjid.co.margaje@pinc.

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