12th April, 2010





: Rs.532.00 : Rs.750.00

INDUSTRY: Diversified
BSE Code Face Value Market Cap 52 Wk Hi/Low Equity BV EPS (TTM) P/BV P/E Div Yield%

Target Price

COMPANY NAME: Century Textiles & Industries Ltd. Company Overview
Century Textiles and Industries Limited (CTIL) operates in four segments: Textiles, Pulp and paper, Cement and Others. Textile products include yarn, garment, denim cloth, viscose filament yarn and tire yarn. Pulp and paper products include pulp, writing, printing and tissue paper. Cement products include cement and clinker. Other products include salt works, chemicals and floriculture. Company also owns 40 acres of land at Worli. With the positive outlook on these sectors due growing demand, we initiate BUY on CTIL with a price target of Rs.750.

: 500040 : Rs.10 : 49510Mn. : Rs.595.00/166.25 : Rs.930.40 Mn : Rs.189.42 : 43.65 : 2.81 : 12.18 Up to Dec09 TTM basis : 0.87

Investment Rationale
1. Banking on Land Bank: CTIL owns 40 acres of land at Worli,

with its staff colony on 10 acres and mill land on 30 acres. The company is planning to develop its property into IT parks, Hotels and Commercial Real Estate. 2. Cement segment- a concrete involvement for CTIL`s top line: Cement forms the main driving force behind CTIL’s top line. It forms approximately 60% of sales. Currently CTIL has capacity of 7.8 mn ton which the company is planning to expand to 11.8 mn ton in next 3 to 4 years. 3. Pulp & paper segment- expanding into premium segment: CTIL has the current capacity of 200,000 (two hundred thousand) tons of paper making. Apart from this the company has set up 100 tons per day prime grade tissue paper plant at Lalkua, Dist. Nainital, Uttarkhand. This premium segment is well accepted in the market and also will be beneficial to the company. 4. Performance of textile segment should improve: New textile mill named “Birla Century”, a greenfield project in Gujarat has already begun operations with state-of-the-art machinery, which will contribute to the revenue of the company. We believe that this segment will perform well in the long term when there is a turnaround in the textile industry. 5. Valuation: At CMP of 532 the company is trading at a forward PE of 16x and 13x on our estimate earnings per share of Rs.33 and Rs 42 for FY10E and FY11E. We value the land at Rs 440/share and core business at Rs.310/share. So based on SOTP, we value CTIL at Rs.750/share.

Financials Particulars Sales (mn) EBITDA (mn) EBIDTA (%) PAT( mn) NPM (%) EPS (Rs.) RONW (%) 2008A 34,426.50 7,486.75 18.00% 3,026.65 11.00% 32.53 12.00% 2009A 38,157.00 6,850.26 17.00% 2,639.66 10.00% 28.37 9.00% 2010E 44,352.40 7,618.46 18.00% 3,103.55 7.00% 33.36 9.00% 2011P 48,649.78 8,960.06 19.00% 3,902.38 9.00% 41.94 9.00%

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Century Textiles & Industries Limited was incorporated in the year 1897 by Wadias and subsequently acquired by the BK Birla Group. Till 1951 it had only one industrial unit Cotton Textile Mills. Since then the Company has been making rapid progress in widely diversified fields – VFS (1956), Cement (1974) Paper (1985) and now they are also developing land at Worli for various commercial applications. At present, the company is not only the trend-setter in Cotton Textiles but has also made a remarkable presence in Yarn, Denim, Viscose Filament Rayon Yarn, Timecards, Caustic Soda, Sulfuric Acid, Salt, Cement and Pulp & Paper. The company is managed by eminent Industrialists, businessmen and dedicated professionals. The Chairman of the Board is Mr. B.K. Birla.



Pulp & Paper Textiles

Real Estate

CTIL`s Segment

Source: Company. Moneybee Research

Cement segment contributes nearly 60% of CTIL`s total revenue. It has a capacity of 7.8mtpa. Company is planning to expand this capacity to 11.8mtpa in next 3-4 years. CTIL has its presence in MP, Maharashtra and Chhattisgarh and supplies its cement in western and eastern markets. Pulp & Paper segment contributes about 23% of the company`s revenue. The company has presence in writing & printing paper, newsprint and bagasse based paper segment. The plant of the company is located at Lalkua (District Nainital, U.K). This segment provides direct and indirect employment to the people in the surrounding areas. Textile segment contributes 17% of the total revenues. It also includes cotton textiles, Yarns and Denims. The company markets its ready to wear products under the brand name “Cotton by Century”. CTIL owns 40 acres of land at Worli where the company plans to build I.T parks, Hotels and other Commercial Real Estate. CTIL is managed by BK Birla but it is proposed that the BK Birla group may transfer CTIL’s businesses to the Aditya Birla Group. The Aditya Birla Group has holdings in Grasim, Ultratech which has huge cement capacities. Any future benefits that may accrue in this regard to CTIL’s shareholders has not been considered in our valuation.

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Capex Planned by the company …
The total capex planned by the company is in the range of Rs 16000-17000 mn. for the next 2 to 3 years. The company is in the process of increasing its cement capacity from 7.8 mtpa to 9.3 mtpa by the end of FY11 with a capital expenditure of Rs.4250 mn. Company is also setting up a 1.5 mtpa grinding unit in West Bengal which will be operational in FY12. For the paper segment, company intends to set up a fiber pulp plant along with 40 MW power plant at a total cost of Rs.6500-6700 mn. The plant will be operational by FY11 and it will be located at Nainital, Uttarakhand. Additionally, Rs.6250 mn will be used for developing land at Worli for commercial applications. Currently demolition work is in progress and the development was expected to commence by end of FY10.

Capex Property development at Worli Cement grinding unit at West Bengal Fiber pulp and tissue paper plant Total

Rs. Mn 6250 4250 6500 17000

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Segmental Performance
Banking on Land Bank Century Textiles has approximately 40 acres of land bank located at Worli in South Central Mumbai. It is considered as one of the prime locations for commercial and residential projects in Mumbai. Having a land parcel situated in such a prime location, will contribute to higher valuation for CTIL. The outlook for Real Estate in South Central Mumbai has a positive outlook. Worli enjoys premium leases as well as higher residential rates on account of demand-supply mismatches, scarcity of land and proximity to Central Business District (CBD) of Mumbai. During last the decade, Worli, which was earlier a Textile hub has now transformed into a commercial area as most of the mill land has gone for re-development. Some examples are Peninsula Corporate Park (which is developed on Morarjee Mill land), Kamala City (on Kamla Mill land), Empire Complex (on land of Empire Dyeing mill) and the current ongoing project of IndiaBulls (on Jupiter mill land). Industry leader DLF has also bought mill land of Mumbai Textile mill in the same proximity. By and large, CTIL has taken a judicious decision of utilizing the mill land bank for better future prospects. CTIL has initiated a start with three segments- IT park, Commercial and Hotel.

Century's Land Bank
Acres Commercial (near Century Bazaar) Mill Land- Hospitality IT Park Rehabilitation of Existing Housing Colony of mill workers Total land Bank Source: MoneyBee Research 9 6 15 10 40 Development area (mn.sq.ft) 1.3 0.7 2.2 0.75 4.95

Ownership Break-Up
Break up of Land Ownership Ownership Lease from Wadia group Workers housing Colony(ownership) Total Source: MoneyBee Research Acres 20 10 10 40

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Century Textiles owns 30 acres of land while 10 acres is on lease from Wadia family for 999 years and renewable for another for 999 years. The remainder will be developed for the workers housing colony.

Commercial Real Estate Commercial property demand in Mumbai is very high- especially in areas such as Nariman Point (Central Business District) and Worli (Extended CBD) due to scarcity of land as well as the demand–supply mismatch .However, going forward, we believe that as supply increases in the northern part of Mumbai, there is chances that the lease rental rates would remain stable. However, rates in South Mumbai are expected to remain firm.

Source: KnightFrank & MoneyBee research The above chart indicates that most of the construction is taking place in the Island city and Western Suburbs which is a positive sign for CTIL as it is venturing into commercial real estate development in the same location. Revival in the US and European Union regions bodes well for the IT industry- which in turn will augur well for CTIL’s plans. It may be noted that, according to Nasscom, the IT Industry is expected to grow by 18%.

Rs 0-500 Per Sq ft/Per month

Source: Knight Frank & MoneyBee Research

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Hotel Industry

Source: KnightFrank & Moneybee research According to Knight Frank Research, there are currently close to 42,022 rooms across the 5-star Deluxe, 5-star, 4-star and heritage categories in planning or under-construction stage in the cities of NCR, Jaipur, Kolkata, Mumbai, Pune, Goa, Bangalore, Hyderabad, Chennai and Kochi. Century Textile is taking a prudent decision of building a Hotel as there is scarcity of 5-star hotels in close proximity. Being a financial hub and a tourist destination there is a huge scope for hotels in Mumbai. A total supply of 5,989 hotel rooms is expected to be added across the 5-star Deluxe,5-star, 4-star and budget categories in Mumbai by the end of 2012. Average revenue rates in Mumbai are in the range between Rs7,000-15,000 depending on the respective category. IT Park In the commercial segment, business opportunity is led by the unprecedented outsourcing activity in the country that in turn is driven by Information Technology (IT) or IT-enabled services. Many global firms are setting up back offices and outsourcing their work to India. Revival in the US and European Union regions bodes well for the IT industrywhich in turn will augur well for CTIL’s plans. According to Nasscom, the IT Industry is expected to grow by 18%. According to Knight Frank, commercial space requirement will expand to 150-mn sq.ft. by FY10. Of this, almost 75% to 80% will be required by the IT / ITES industry. Constructing an IT park in South Central Mumbai is going to be very advantageous to CTIL as there is no IT park in that Vicinity.

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Valuation GAV Commercial IT Park Hotel Total Less Construction Cost Cost of Rehabilitation S G Expense PBT Tax@33% Debt NAV NAV per share Discounting Factor @13%

(Rs in Mn) 30956 53798 12600 97353 7629 631 9735 79359 26188 6250 46920 505 439

We have valued CTIL’s land bank at Rs 439 per share after applying a discounting rate of 13% on prevailing rates in the proximity. We have also assumed that the company will rehabilitate its workers at their cost. Hence, we have deducted this cost while calculating the NAV. Also, we have maintained the construction cost for each segment in accordance to the existing costs for each segment respectively.

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Cement Segment:The Indian Cement Industry has grown significantly in the last 4 years, ranking second after China, with an installed capacity of 240MT. This is expected to touch 300MT by FY12. During FY09, cement production in the country stood at 181.42 MT as against 168.31 MT during the previous year- a growth of 7.79% yoy. Further, with the sustained government thrust on infrastructure spending and a revival in the real estate sector, demand for cement would be in the correlation rage of 1.2 xs to 1.3x of GDP growth rate which implies an industry growth of 11% for FY11.

Source: Moneybee Research

The additional capacity which will be in place by FY11, will create an over-supply condition in the market. Due to this, we also see a drop in capacity utilization levels in the cement industry. But this over-supply condition will be compensated by the demand from the Infrastructure and Real Estate sectors.




Capacity utilization % 82 88 92 84 82 83

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10E
Source: Moneybee Research

153.97 160.37 167.96 198.30 219.20 245.00

127.57 141.81 155.66 168.32 181.42 205.00

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Infrastructure projects accounts for 17-19% of cement demand in India. Sector Roads/Highway 11th Plan Targets 6-lane 6,500 Km in Golden Quadrilateral; 4- lane 6,736 km North/South-East/West Corridor New Capacity: 485 mmt in major ports; 345 in minor ports Modernize 4 metros and 35 non-metro airports; 3 Greenfield airports in NER; 7 other Greenfield airports 8,132 km of new rail; 7,148 km gauge conversion Add 78,577; ensure access to all rural household

Ports Airport

Railways Power Source: Planning Commission

In realization terms, cement prices were declining on account of low demand and increase in capacities during Oct-Nov 09. However, prices have started moving up since November 2009 on account of stronger demand from Infrastructure and Real Estate sectors and shortage of supply in some regions due to logistic problems. CTIL has 7.8 MT cement capacity and has operations across three states – Chhattisgarh, Madhya Pradesh and Maharashtra. It has a market share of 10.5% from Eastern region, 6% from Western region and 3.2% from the Northern region. This segment contributes 60% of the revenues for the company. Location Century cement ( Chhattisgarh) Maihar Cement (MP)-I Manikgarh Cement (Maharashtra) Maihar Cement (MP)-II Total Capacity 2.1 1.8 1.9 2.0 7.8

The company is planning to expand its total capacity by 1.5MT by the end of FY11 so that the total capacity will become 9.3 MT. The company is planning for further additional capacity of 2.5 MT per annum. This is expected to be achieved by setting up a new cement grinding unit of 1.50 MT at Sagardighi in Dist. Murshidabad, West Bengal, a new clinker line having capacity of 2.50 MT and an equivalent cement grinding facility adjacent to the existing plant at Manikgarh, Maharashtra. A captive thermal plant of 40 MW capacity is also being planned. These capacities are expected to be operational by FY11-FY13. CTIL has shown robust growth in dispatch numbers. From Sept- 09 dispatches have grown at about 5%. In Jan-10 a growth of 13.19% has been achieved M-o-M.
MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Despatches 557.93 558.59 584.25 612.41 638.68 722.89







Source: Industry & Moneybee Research

CTIL operates in the eastern region of Kolkata where cement manufacturers have increased the price by Rs.13-14 per bag during February-March 2010. At present, prices quote in the range of Rs.290-292. Due to a strong regional demand, dealers expect prices to sustain in the near term. Due to the pickup in the cement demand, cement dealers do not foresee any pressure on the cement prices and expect it to remain stable atleast till the end of April-2010. We believe that due to the upcoming capacities, the prices are again likely to come under pressure by mid of Q1FY2011. Going ahead, on the volume front, we expect sequential improvement due to pick up in the infrastructure activity.

Source: Industry & Moneybee Research

CTIL`s profitability is lower than the Industry average on account of vintage plants and higher power consumption. However, we believe that these would be taken care of by the addition of new capacities. These new capacities would bring down average age of the plants, thereby reducing the contribution from the old plants. We value the cement business based on replacement cost of $80 which is a 20% discount to the actual replacement cost of $100. We believe the new capacities which are going to be operational by FY11 will add value to the company. Currently we are not assigning any value for the new capacities.
MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Pulp & Paper Business The Indian Paper industry is today amongst the top fifteen globally and produces about 80 lac tonnes of paper annually with a turnover of over Rs.250,000 mn. It accounts for 1.6% of the world`s production of paper and paper board. Paper industry in India is riding on a strong demand and on an expanding mode to meet the projected demand of 20mn tonnes by FY20. A large number of expansion programs and expansion of capacities with an outlay of Rs 100,000 mn have been announced covering various sectors likes paper, paperboard, newsprint etc. Demand for paper in India has been growing at around 8% for some time and is expected to continue on the back of strong economic growth, favorable demographics and continuous focus on education. India`s per capita consumption of paper at 7Kg is amongst the lowest in the world, as compared to 50Kg for China, 58Kg for the world and 301Kg for the US. CTIL current capacity utilized stands at 1,98,000 tonnes of paper at Uttaranchal and has presence in writing and printing paper segment. This segment contributes to 20% of the revenue for the company. The company is planning a capacity addition by investing Rs.6500 mn. This capacity addition will be done in the form of major machinery for the multi-layer packaging board plant, 40MW power generation plant as well as a Fibre Line (Pulp Paper). This will help the company to diversify into high growth segments like tissue paper and packaging board. Recently prime grade tissue paper plant at Lalkua, Dist. Nainital, Uttarakhand with a capacity of 100 tonnes per day has been commissioned and full production is achieved. The concern for the company is that the custom duty on pulp and paper has already been lowered recently. There is zero duty on import of paper at low rates and so competition has increased resulting in lower realizations. Also there is a scarcity of raw material for the paper industry. We value the Pulp & Paper business based on 5x FY11E EV/EBIDTA. We are not assigning any value to the ongoing capacity addition as it is going to commence operation after some years.

Textile Business Century`s textile business has been severely impacted due to rising cotton prices, high labor cost, a relatively older textile mill, and having a lesser volume in the denim market. The company has taken steps to improve efficiency by closing down its textile mill in Mumbai and setting up a new mill in Gujarat. The new textile mill in District Bharuch is named “Birla Century”. It is a Greenfield project with a 30MW captive power plant and a capacity to manufacture 25mn meters of super–fine quality fabric. Century forward integrated into the ready-to-wear segment by introducing the brand “Cottons by Century”. This brand focused on men’s wear. Recently, the company has also introduced a wide range of women`s wear.

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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The textile industry across the globe is suffering severely from weak demand and high input costs. The central government has recently made revisions in the EPCG scheme, the DEPB scheme and the Export obligation scheme for promoting exports, which should benefit the industry to some extent. The central government has continued the Technology Up-gradation Fund (TUF) with some proposed modification during the 11th Five year plan, which should have positive impact on the growth of the Textile Industry. We believe that this segment has not contributed to the company`s earnings but going forward this division will generate revenue for the company. We value the Textile business based on 0.5x FY11E EV/Sales.

Century has recently ventured into real estate development so there can be delay in the execution of the development plans. However, CTIL can outsource the development. We believe that the company will develop and would be able to give the land on lease within a span of 3 to 4 years. During this period, land prices may prove to be volatile. Cement sector is highly dependent on the Real Estate and Infrastructure sector. So any slowdown in this sector can impact the cement segment of the company. Over-capacity in the Cement Industry is another concern for the company as the cement prices may decline and simultaneously reduce capacity utilization. For the paper industry, scarcity of quality raw material at attractive prices is a major concern. Also, macro-economic factors like future economic slowdown, sluggish demand, government policies etc, may affect the company`s business. CTIL`s textile segment can face concerns of low prices from imported yarn and polyester yarn which can further lead to downward pressure in the consumption of pot spun yarn and continuous spun yarn.

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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We Value CTIL`s business on the basis of SOTP model. We value the Worli land at Rs.440/share and core business at Rs.310/share. We initiate coverage on CTIL and recommend a Buy with a price target of Rs750/-. Parameter Cement Pulp & Paper Textiles Others PV of Land Business Value Less Net Debt Eq. Value Eq.Sh Fair Price Replacement cost EV/EBDITA EV/Sales EV/Sales Multiple $80 5 0.5 0.5 Value (Rs.In Mn) 28,704.00 13,728.52 5,020.43 332.37 53,170.24 100,955.55 30,582.90 70,372.65 93.40 753.45

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Rs in Mn Profit and loss Century Net Sales Total Exp 40,674.63 Operating profit 7,975.15 Total Income 984.91 EBIDTA 8,960.06 Interest 665.46 EBDT 8,294.60 Depreciation 2,470.15 EBT 5,824.45 TAX 1,922.07 PAT 3,902.38 3,103.55 2,639.70 3,026.60 1,528.61 821.50 943.00 4,632.16 3,461.20 3,969.60 2,352.52 2,052.80 1,686.00 6,984.68 5,878.30 6,594.90 633.78 972.00 891.80 7,618.46 6,850.30 7,486.70 965.60 691.60 701.30 6,652.86 6,158.70 6,785.40 37,699.54 31,998.30 27,641.10 P2011 48,649.78 E2010 44,352.40 2009 38,157.00 2008 34,426.50

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Rs in Mn BALANCE SHEET SOURCES OF FUNDS : Share Capital Equity Total Reserves Total Shareholders Funds Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less : Accumulated Depreciation Net Block Capital Work in Progress Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Loans and Advances Other current Assets Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Total Assets P2011 930.40 930.40 20,193.33 21,123.73 30,582.90 51,706.63 E2010 930.40 930.40 16,709.65 17,640.05 17,082.90 34,722.95 2009 930.40 930.40 14,024.80 14,955.20 17,582.90 32,538.10 2008 930.40 930.40 12,108.60 13,039.00 14,167.80 27,206.80

69,558.60 24,522.97 45,035.63 465.40 8,549.70 1,923.83 878.13 6,722.40 337.80 18,411.86 8,682.93 3,277.40 11,960.33 6,451.52 51,705.76

50,058.60 22,052.82 28,005.78 465.40 7,794.48 1,753.89 813.77 6,722.40 337.80 17,422.35 7,915.94 3,277.40 11,193.34 6,229.00 34,722.88

45,497.80 19,700.30 25,797.50 2,310.80 465.40 6,705.70 1,508.90 665.40 6,722.40 337.80 15,940.20 6,810.20 3,277.40 10,087.60 5,852.60 32,538.10

36,985.50 19,842.70 17,142.80 6,271.40 277.00 6,128.80 1,649.10 474.60 4,329.90 226.00 12,808.40 5,818.40 2,781.20 8,599.60 4,208.80 27,206.80

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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Rs in Mn Particulars Profit before tax and extra ordinary items 5,824.45 Depreciation 2,470.15 Interest 665.46 Taxes Paid (1,922.07) Changes in working capital Increase in Inventory (755.22) Increase in Debtors 169.94 Increase in creditors 766.99 Cash Flow from Operating activities 7,219.70 Purchase of fixed asset (19,500.00) Cash Flow From Investing Activities (19,500.00) Long Term Borrowings 13,500.00 Interest (665.46) Dividend Paid (489.88) Cash Flow from Financing Activities 12,344.66 Net Changes in Cash 64.36 Opening Cash 813.77 Closing Cash Balance 878.13 813.77 646.42 458.30 646.42 458.30 1,373.90 167.35 188.12 (915.60) (1,623.65) 1,753.22 158.40 (489.88) (489.88) (633.78) (972.00) (1,005.60) (500.00) 3,415.10 1,164.00 (4,560.80) (8,294.70) (6,917.50) (4,560.80) (8,294.70) (6,917.50) 6,351.81 6,729.60 5,843.50 1,105.74 991.80 1,689.90 244.99 140.20 319.90 (1,088.78) (576.90) (1,385.10) (1,528.61) (821.50) (943.00) 633.78 972.00 891.80 2,352.52 2,052.80 1,686.00 4,632.16 3,461.20 3,969.60 P2011 E2010 2009 2008

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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The ratings are based on the absolute upside of our target price from the current price. Upside Ratings >30% Buy 15% - 30% Accumulate 0% - 15% Reduce <0% Sell

Dir Dhiren Shah, Managing Director dir: +91 22 40302001 m: +91 98337 70404 e: dhirens@moneybee.in Bibhash Asar, Senior Economist m: +91 98200 03252 dir: +91 22 40302050 e: bibhasha@moneybee.in Niket Shah, Research Analyst Sectors: Cement, Paper & Auto dir: +91 22 40302056 e: nikets@moneybee.in Nimit Patel, Research Analyst Sectors: Pipes dir: +91 22 40302056 m: +91 98199 00506 e: research@moneybee.in Ashwin Chavan, Research Analyst Sectors: Real Estate & Infrastructure dir: +91 22 40302057 m: +91 9892472399 e: ashwinc@moneybee.in Arpita Vakil, Technical Analyst dir: +91 22 40302020 m: +91 98197 38621 e: arpitav@moneybee.in Samir Shah, Head- Dealing dir: +91 22 40302021 m: +91 98337 70410 e: samirs@moneybee.in Harish Salian, Head – DP dir: +91 22 40302060 m: +91 98337 70408 e: dp@moneybee.in Satyam Shroff, Business Development Manager dir: +91 22 40302055 m: +91 98218 99963 e: satyams@moneybee.in

Moneybee Securities Pvt. Ltd. 212, Veena Chambers, 21 Dalal Streets, Fort, Mumbai – 40001, India t: +91 22 40302010 f: +91 22 40302000 e: research@moneybee.in w: www.moneybee.in Disclaimer: This document has been prepared by Moneybee Securities Private Limited and is meant for sole use by the recipient and not for circulation. This document is not to be reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. We may have from time to time positions or option on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other services for, any company mentioned in this document.

MONEYBEE SECURITIES PVT. LTD. ~ Research Report ~ Century Textiles & Industries Ltd.

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