Nov 3, 2013
Indices 1-Nov 31-Oct % Chg. Major Indices 1-Nov 31-Oct % Chg. FII's & DII's in equity Rs.Crs
S&P BSE SENSEX 21,197 21,165 0.15% CAC 40 Index 4,273 4,300 -0.62% 01-Nov Buy Sell Net
S&P CNX NIFTY 6,307 6,299 0.13% DAX Index 9,008 9,034 -0.29% FII' Investments 2573 2386 187
S&P BSE MID CAP 6,177 6,107 1.15% Dow Jones Industrial Ave 15,616 15,546 0.45% DII's Investments 1002 1425 -423
S&P BSE SMALL CAP 5,940 5,896 0.74% FTSE 100 Index 6,735 6,731 0.05% FII's contribution to the total turnover 29%
Nasdaq Composite Index 3,922 3,920 0.06% DII's contribution to the total turnover 14%
BSE Sectoral Indices
S&P BSE REALTY 1,379 1,343 2.61% Major Asian Indices 1-Nov 31-Oct % Chg. FII's in Derivatives Rs.Crs
S&P BSE BANKEX 13,276 13,087 1.45% Hang Seng 23,250 23,206 0.19% 01-Nov Index Fut Index Opt Stock Fut Stock Opt
S&P BSE METAL 9,306 9,176 1.41% Nikkei 225 14,202 14,328 -0.88% Net 465 624 272 72
S&P BSE AUTO 12,231 12,075 1.29% Seoul Composite 2,039 2,030 0.46% OI 16089 42377 27644 747
S&P BSE CAPITAL GOOD 9,265 9,152 1.23% SSE Composite Index (Sh 2,150 2,142 0.37% Chg.OI 2.2% 9.9% 3.0% 255.9%
S&P BSE PSU 5,863 5,804 1.02% Taiwan Weighted 8,388 8,450 -0.73% FIIs' contribution to the total Derivatives turnover 33%
S&P BSE POWER 1,609 1,604 0.28%
S&P BSE HEALTHCARE 9,633 9,609 0.25% Commodities (MCX) 1-Nov 31-Oct % Chg. Futures (NSE) 1-Nov 31-Oct % Chg.
S&P BSE TECk 4,804 4,815 -0.23% Aluminium 113 113 0.00% USDINR27NOV13 62.17 61.82 0.57%
S&P BSE IT 8,437 8,478 -0.48% Copper (29NOV2013) 453 453 0.00% EURINR 27NOV13 84.06 84.42 -0.43%
S&P BSE OIL & GAS 8,891 8,936 -0.51% Crude (20NOV2013) 5,996 5,996 0.00% JPYINR 227NOV13100 Yen) 63.24 62.95 0.46%
S&P BSE CONSUMER DU 6,261 6,307 -0.73% Gold (5DEC2013) 29,793 29,793 0.00% FTSE100 (15-NOV-2013) 6750 6773 -0.34%
S&P BSE FMCG 6,752 6,814 -0.92% Silver (5DEC2013) 48,431 48,431 0.00% S&P500 (15-NOV-2013) 1756 1758 -0.11%
Company LTP Chg % Chg Company LTP Chg % Chg
IDFC 113 7 6.5 POWERGRID 98 -3 -3.4
PNB 571 26 4.8 ONGC 288 -6 -2.0
BANKBARODA 672 30 4.6 NTPC 146 -3 -2.0
SBIN 1875 78 4.4 ITC 329 -6.2 -1.9
M&M 926 38 4.3 INFY 3272 -37.9 -1.2
Company LTP Chg % Chg Company LTP Chg % Chg
HDIL 47 4 10.1 Glenmark Pharma 540 -22 -3.9
Union Bank 134 11 8.8 United Brew-$ 892 -32 -3.5
Power Finance 144 10 7.3 Power Grid Corp 98 -3 -3.2
IDFC 113 7 6.6 Idea Cellular 169 -4 -2.4
Bank of India 222 12 5.5 Godrej Cons 848 -20.5 -2.4
Company LTP Chg % Chg Company LTP Chg % Chg
Indian Bank 93 10 11.9 Just Dial 1174 -69 -5.6
HDIL 47 4 10.1 Era Infra-$ 36 -2 -4.9
AIA Engineering 428 39 10.1 Info Edge India 377 -16 -4.0
Apollo Tyres 74 6 8.4 Essar Ports 60 -2 -3.2
Oriental Bank 194 13 7.4 KPIT CUMMIN 142 -5 -3.2
Company LTP Chg % Chg Company LTP Chg % Chg
Polyplex Corp 157 25 19.1 Goenka Diamond 15 -2 -9.9
Sundram Fast 41 5 12.6 Rollatainers 99 -8 -7.7
GVK Power 8 1 11.3 Steel Exchange 61 -5 -7.3
TV Today 93 9 11.2 REI Agro 6 0 -5.0
KEC Intl 40 4 10.1 Empire Inds 502 -26 -5.0
Domestic Market Overview
Benchmarks make a flat closing after hitting all-time highs
Indian equity benchmarks ended the Friday’s session on flat note due to profit booking seen at higher
levels in late trades after the Sensex hit its all-time highs in intra-day trade. Sentiments remained up-beat
since beginning after core sector industries recorded 8 percent growth in September, highest in the past
11 months. The growth in the eight infrastructure industries was mainly due to expansion in crude oil, steel
and electricity production. Sentiments also got some boost after Department of Economic Affairs
Secretary Arvind Mayaram said that the government will meet the fiscal deficit target of 4.8 percent of
GDP for the current financial year.
However, investors booked some profit off the table after Indian manufacturing activity stuck to its
declining trajectory for third consecutive month in October as order books shrank at quicker space. The
HSBC Purchasing Managers’ Index (PMI), a headline index designed to measure the overall health of the
manufacturing sector, stood unchanged at September’s 49.6 points. Meanwhile the inflation based on
consumer price index for industrial workers (CPI-IW) in the month of September surged to 10.7 percent on
y-o-y basis as against 9.14 percent in same month last year and 10.75 percent for the previous month,
mainly owing to the rise in price of food items, fuel and electricity charges.
domestic benchmarks managed to hold green terrain as some support came in from report that foreign
direct investment (FDI) in India increased by about 35 percent to $13.6 billion during the first half of 2013
with merger and acquisitions accounting for the bulk of inflows. Meanwhile, buying in metal counter too
aided the sentiments. Stocks like Tata Steel, JSW Steel, Bhushan Steel, Hindalco, Hindustan Zinc etc.
edged higher as Chinese manufacturing gauge rose to an 18-month high in October. Meanwhile, public
sector banks such as State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Union
Bank of India etc, remained on buyers’ radar for second day in a row on hopes of stabilizing asset quality
Global Market Overview
Asian markets conclude Friday’s trade on mixed note
The Asian markets concluded Friday’s trade on a mixed note despite an official gauge of Chinese factory
activity last month showed encouraging sign. Pressure is rising on China to show it can maintain a recent
stabilization of economic growth after a worrying slowdown in the first half of the year. South Korea’s
exports rose sharply in October due to a jump in overseas demand, after shrinking in the preceding
Wall St. ends higher after factory data; Dow, S&P up for week
U.S. stocks rose on Friday after surprisingly strong manufacturing data overshadowed expectations that
the Federal Reserve might reduce stimulus earlier than expected. The Dow Jones industrial average and
the S&P 500 rose for the week as well, their fourth straight week of gains.
Factory activity expanded around the world, several business surveys showed, with Chinese
manufacturers reporting the fastest upturn in 18 months. The Institute for Supply Management (ISM) said
on Friday its index of U.S. factory activity rose to 56.4 in October, its best reading since April 2011. While
the news underscored views that the Federal Reserve may be considering scaling back its stimulus
sooner than some market participants have been expecting, it also gave investors surprising evidence of
the manufacturing sector's strength.
The Dow Jones industrial average rose 69.80 points, or 0.45 percent, to end at 15,615.55. The Standard
& Poor's 500 Index gained 5.10 points, or 0.29 percent, to finish at 1,761.64. The Nasdaq
Composite Index added 2.34 points, or 0.06 percent, to close at 3,922.04.
(OI in '000 Shares) Future Chg Spot Chg Prem / Total Open Interest
1-Nov (%) 1-Nov (%) Disc 1-Nov Chg (%)
NIFTY 6359 0.43 6307 0.13 60 24750 1.50
CNXIT 8836 -0.36 8800 -0.60 -17 31 -4.6
BANKNIFTY 11731 1.70 11629 1.36 258.2 1765 -0.4
Increasing OI, Increasing Delivery Qty & Increasing Price in Stock Futures (Open Interest in '000 Shares)
Symbol Total OI Del Qty Cash Market Prev Increase Spot Fut Spot Fut Prem /
1-Nov % Chg. 1-Nov % Del. % Del. Del Qty (Rs.) (Rs.) Chg (%.) Chg (%.) Disc
SUNTV 1722 65% 730,179 52% 65% 489,959 431 433 2.5% 2.9% 2.3
PTC 2412 35% 1,065,638 48% 51% 633,935 57 58 1.6% 1.5% 0.6
RELINFRA 4277 31% 644,713 16% 25% 119,287 454 458 5.1% 5.2% 4.6
TATAGLOBAL 8406 30% 2,136,852 51% 55% 343,889 168 170 2.3% 2.3% 1.9
APOLLOTYRE 19260 21% 8,224,051 54% 44% 6,462,199 74 75 8.4% 8.4% 0.9
HDIL 24440 17% 5,145,736 22% 21% 3,125,603 47 47 10.2% 11.0% 0.1
DENABANK 8676 16% 4,469,604 19% 30% 1,325,044 57 58 6.4% 6.3% 0.6
AUROPHARMA 14058 16% 1,351,306 36% 24% 931,182 230 232 6.0% 6.0% 2.4
IBREALEST 13908 14% 2,468,658 26% 36% 630,179 66 67 5.2% 5.1% 0.7
ADANIPOWER 20952 13% 3,833,040 49% 51% 95,490 34 35 5.0% 5.1% 0.4
Increasing OI, Increasing Delivery Qty & Decreasing Price, (Open Interest in '000 Shares)
Symbol Total OI Del Qty Cash Market Prev Increase in Spot Fut Spot Fut Prem /
1-Nov % Chg. 1-Nov % Del. % Del. Del Qty (Rs.) (Rs.) Chg (%.) Chg (%.) Disc
UBL 130 60% 158,441 33% 32% 43,413 893 903 -3.4% -3.3% 9.6
POWERGRID 16234 15% 4,518,174 79% 65% 1,430,781 98 98 -3.4% -2.2% 0.5
DABUR 2128 7% 941,929 71% 65% 115,843 177 178 -1.0% -0.6% 1.0
TECHM 2403 6% 439,340 63% 49% 186,187 1526 1541 -1.6% -1.6% 15.0
TITAN 7736 2% 2,290,355 46% 33% 752,340 262 264 -2.1% -1.6% 2.5
Open Interest Break-up
(Rs. in Cr.) 01-Nov 31-Oct Change in OI % Chg
INDEX FUTURES 17,990 17,671 320 1.81
INDEX OPTIONS 64,679 57,678 7,001 12.14
TOTAL INDEX 82,669 75,349 7,320 9.72
STOCK FUTURES 29,641 28,230 1,411 5.00
STOCK OPTIONS 4,420 2,844 1,577 55.44
TOTAL STOCKS 34,062 31,074 2,988 9.61
GRAND TOTAL 116,731 106,423 10,308 9.69
FII's 86,857 81,356 5501 6.76
Others 29,873 25,066 4807 19.18
Sona Koyo Steering Systems, an auto component major has sold its entire holding of 4,929,636 numbers of equity shares of Euro 1 each
of Fuji Autotech Europe S.A.S. at a total consideration of Euro 7.75 million to Fuji Kiko Europe S.A.S.
Butterfly Gandhimathi Appliances is eyeing to achieve growth of 25% to 30% in its branded retail sales for Financial Year 2013-14. By
the end of Q2 FY14, the company has already launched 50 new SKUs and is on track to bring a total of 70 to 75 new SKUs as planned for
the Financial Year 2013-14. The company’s business in new markets is steadily improving.
Good Luck Steel Tubes is coming up with a new green field manufacturing plant with the capacity to manufacture CDW/ERW precision
tubes around 40,000 tonnes per annum. The company has taken this step on identifying the huge potential of CDW/ERW precision tubes
in overseas and Indian market with the growing demand in oil & gas industry, infrastructure and automobile usages.
Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles in October 2013 were 51,638 vehicles. The
company's domestic sales of Tata commercial and passenger vehicles for October 2013 were 46,926 units. Cumulative sales (including
exports) for the company for the fiscal were 356,380 units.
IL&FS Engineering and Construction Company has received a Letter of Award (LoA) from Neelkamal Realtor Tower (NRTPL) for
construction of 'Orchid Heights', a high-rise residential project at Byculla in Mumbai. The total value of Shell & Core portion of the contract
is Rs 675 crore, which is to be completed in 39 months. The timeline for committed scope of Finishing, and Mechanical, Electrical and
Plumbing (MEP) work shall get decided during the course of execution which will further enhance the contract valu
Mahindra & Mahindra’s (M&M) Farm Equipment Sector (FES), a part of the $16.2 billion Mahindra Group, has reported 29% growth in
October 2013. Total tractor sales (domestic plus exports) in October 2013 stood at 38263 units, as against 29,565 units for the same
month last year.
Force Motors, a Pune-based commercial vehicle maker, has reported the production, sales and export of the products manufactured by
the company during the month of October 2013. The company’s production of Small Commercial Vehicles (SCV), Light Commercial
Vehicles (LCV), Utility Vehicles & Sports Utility Vehicles (UV & SUV) and Tractors stood at 290 units, 711 units, 968 units and 360 units
Mahindra Two Wheelers (MTWL), a part of the USD 16.2 billion Mahindra Group, continued to grow its presence in the two wheeler
segment during October 2013. The company reported record sales of 29,696 units during October 2013, a growth of 155%. Domestic
volumes stood at 28,604 units, a growth of 157% over the previous year.
Bharat Heavy Electricals (BHEL) has bagged a prestigious contract for supply of Steam Generator Package for two thermal units of 500
MW each. The contract worth Rs 2,569 crore was bagged in the face of stiff International Competitive Bidding (ICB). The order has been
placed on BHEL by Neyveli Lignite Corporation (NLC) for the upcoming 1,000 MW Thermal Power Project (TPP) in Neyveli. Significantly,
these Steam Generators will be the highest rating Pulverised Lignite fired Steam-Generators in the country.
Mahindra & Mahindra (M&M), India’s leading SUV manufacturer, has reported 5.39% fall in its auto sales numbers for October 2013,
which stood at 50,558 units as against 53,439 units during October 2012.
Hero MotoCorp, country’s largest two-wheeler maker, has registered 18.17% rise in its total sales at 6,25,420 units for October 2013 as
compared to 5,29,215 units sold in the same month previous year.
TVS Motor Company has registered 3.92% increase in total sales in October 2013 which stood at 1,97,905 units as against 1,90,438 units
in the same month last year. The company’s total two-wheeler sales stood at 1,89,979 units in the month against 1,86,376 units in the
year ago period, up 1.93%. Domestic two-wheeler sales surged 1.78% at 1,73,229 units in the month under review against 1,70,273 units
in October 2012.
Escorts, one of India's leading engineering conglomerates’ Agri Machinery Segment (EAM) sold 9,209 tractors in the domestic market, a
growth of 25% against 7,371 tractors in October 2012. The total tractor sales including both the domestic sales and export in October 2013
stood at 9,307 units as against 7,475 tractors sold in the month of October 2012. Exports for the month of October 2013 stood at 98
tractors as that of 104 tractors in October 2012.
Maruti Suzuki India, country’s largest car maker, has registered jump of 1.9% in its total car sales (Domestic + Export) for the month of
October at 105087 units, as against 103108 units in October 2012. The company’s domestic sales also rose by 0.1% in October 2013 at
96062 units, as against 96002 units in corresponding month last year.
Atul has received permeation from Maharashtra Pollution Control Board (MPCB) to restart manufacturing activities at the Tarapur factory
of the Company. Earlier on October 22, 2013, the company had stopped the manufacturing activity at its Tarapur factory after MPCB
issued notice directing to stop manufacturing activities.
Atul Auto has registered 21.55% growth in its October 2013 sales. The company has sold 4,050 units in the month against 3,332 units
sold in October 2012. The total sales from April- October 2014 were 21,194 vehicles, a rise of 19.40% as compared to 17,751 vehicles sold
in the same period in 2012.
ITC is reportedly all set to foray into branded ready-to-drink juices business. In this regard, the company is close to acquiring Bangalore-
based Balan Natural Food’s B Natural brand to roll out packaged fruit juices under its foods category. The deal is in the final stages and
could be valued at Rs 100-200 crore.
Norges Bank has reportedly acquired 22.70 lakh shares or 1.16% stake in IL&FS Transportation Networks for about Rs 24.31 crore. The
shares were purchased on an average price of Rs 107 through the open market route.
Piramal Enterprises (formerly Piramal Healthcare) has acquired the over-the-counter (OTC) brand CALADRYL in India from Valeant
Pharmaceuticals International, Inc. The brand CALADRYL in India was owned by Valeant Pharmaceuticals International, Inc (Valeant). The
rights to this brand were acquired by Valeant from Johnson & Johnson in the year 2012. CALADRYL is an anti-pruritic solution known for
dermatosis application for minor skin irritations and itching.
Tata Motors has received the Reserve Bank of India’s (RBI’s) approval to increase Foreign Institutional Investor (FII) investment limit
through differential voting right shares up to 75%. However, the FII limit for ordinary shares of the company will remain unchanged at
35%. Under the scheme, FIIs/NRIs can acquire shares/debentures of Indian companies through the stock exchanges in India. The RBI
permission comes after the boards of companies approve hiking FII investment limit.
Vedanta group firm Cairn India has been ranked fastest growing energy firm in the world by energy and metals trade benchmarking
organization, Platts, ahead of Cnooc of China, Valero Energy of the US, PetroChina, Essar Energy and Russian Rosneft.
Sequent Scientific has received an approval for transfer of Veterinary Formulations Division along with all related assets and liabilities of
the company by way of slump sale to a wholly owned subsidiary (WOS) of the company. The board of directors at its meeting held on
October 30, 2013 has approved for the same.
State-owned Life Insurance Corporation (LIC) has trimmed its stake in Tata Global Beverages by 2.02%, selling 1.25 crore shares in the
open market between December 27, 2012 and October 29, 2013. Consequently, LIC’s stake in the company has reduced to 5.60% from
Jumbo Bag has declared a partial lockout at the company’s Unit I located at Thatchur Koot Road, Ponneri, Chennai with immediate effect.
The company expects that there will be minimal loss of sales and production as the company has diverted the production activities to its
other factory and various production agencies located around Ponneri.
Visa Steel has received an approval for acquisition of trading business of carbon products from VISA Resources India, on a going concern
basis at a consideration equal to the net book value of the assets and liabilities of the trading business and subject to the necessary
approvals as may be required. The board of directors at its meeting held on October 31, 2013 has approved for the same.
Indian Metals & Ferro Alloys’ operations at Mahagiri Chromite Mines has been stopped with effect from October 29, 2013 since
compliance of certain conditions imposed by Ministry of Environment & Forests (MoEF), Government of India could not be completed
within the stipulated time. The company is taking the necessary actions to comply with the same and it expects to resume mining
Religare Enterprises has received an in-principal approval to raise funds up to Rs 1,000 crore through further issue of capital. The board
of directors at its meeting held on October 31, 2013 has approved for the same. The company will also be obtaining approval of
shareholders through postal ballot in due course of time.
HCL Technologies has received approval whereby the limit for purchase of the equity shares of the company under the Portfolio
Investment Scheme, under Foreign Exchange Management Act 1999 by Foreign Institutional Investors (FII's) through primary market and
stock exchanges is increased from 30% to 49% of the paid up equity share capital of the company. The said limit is increased with effect
from October 31, 2013 as notified by the Reserve Bank of India (RBI).
Bank of India has received an approval for raising of Tier-1 capital by issue of fresh equity shares to the Government of India (Promoters)
aggregating Rs 1,000 crore including premium amount, on preferential basis, subject to necessary approvals. The board of directors at its
meeting held on October 31, 2013 has approved for the same.
Factory activity continues to contract in October
Indian manufacturing activity stuck to its declining trajectory for third consecutive month in October as order books shrank at quicker space. The
HSBC Purchasing Managers’ Index (PMI), a headline index designed to measure the overall health of the manufacturing sector, stood unchanged
at September’s 49.6 points. Albeit marginal, successive deterioration of business conditions across India, indicate continued contraction in the
sector as a reading above 50 indicates growth and below that depicts contraction. Slowdown in manufacturing sector activities and declined new
business orders underscores the prolonged period of slowdown in Asia’s economy, despite mark up in overseas demand which prompted firms to
hire more workers.
The new orders sub-index fell to 48.9 in October as against 49.6 in September, remaining below watershed 50 for the fifth consecutive month.
Order flows remained weak, despite a bounce-back in export orders. Encouragingly, export business expanded for the first time in three months
during October on the back of weaker Rupee. However, the overall pace of growth was, however, moderate and weaker than the series average.
FDI in India increases by 35% to $13.6 billion in January-July’ 2013
Foreign direct investment (FDI) in India has surged by about 35 percent to $13.6 billion during the first half of 2013 with merger and
acquisitions (M&A) accounting for the bulk of inflows. The United Nations Conference on Trade and Development (UNCTAD) report said
that foreign investment through M&A registered a growth of 65.7 percent during the first half of 2013 to $1.8 billion as against $1.1 billion in
January-June 2012. However, FDI in new projects has declined by 48.7 percent to $8.8 billion during the period.
Increasing FDI inflows into the country reflect that the government’s measures to enhance foreign investment has have started yielding.
FDI is considered crucial for economic development of a country and to attract maximum FDI into the country, the government has been
liberalizing the foreign investment policy. The government has relaxed FDI norms in around 12 sectors which include telecom, tea, pension
and petroleum and natural gas. India would require around $1 trillion in the 12th five year plan (2012-2017), to overhaul its infrastructure
sector such as ports, airports and highways to boost growth.
Retail inflation for industrial workers rises to 10.7% in September
The inflation based on consumer price index for industrial workers (CPI-IW) in the month of September has surged to 10.7 percent on y-o-y
basis as against 9.14 percent in same month last year and 10.75 percent for the previous month, mainly owing to the rise in price of food
items, fuel and electricity charges.
The food inflation for industrial workers was stood at 13.36 percent as against 11.00 percent in same month of last year and 13.91 percent
recorded in the August, 2013. The rise in food inflation was mainly due to the rise in prices of Arhar Dal, Goat Meat, Dairy Milk, Milk (Cow
& Buffalo), Pure Ghee, Snack Saltish, Tea Leaves, Onion, Electricity Charges.
More trouble brewing for Chidambaram; Fiscal Deficit touches 76% of full-year target
The finance minister P Chidambaram has time and again reiterated that the government will adhere to the fiscal deficit target of Rs
5,42,499 crore or 4.8% of the GDP (gross domestic product). However, the latest set of data fails to re-assure this, given that country’s
fiscal deficit, difference between what a government earns and what it spends, stood at Rs 4,12,000 crore ($67.22 billion) during April-
September, or 76% of the full-year target.
This is tad higher than the 74.6% reached by August end 2013. A 67% jump in net tax receipts from the previous month helped rein in the
deficit in September. While, net tax receipts touched Rs 3,08,000 crore in the first half of the current fiscal year to March 2014, the total
expenditure stood at Rs 8,09,000 crore .
Core sector springs up positive surprise; grows by 8% in Sept
In a positive surprise, the core industries, which include coal, natural gas, refinery products and crude oil, with a weight of about 38% in the
Index of Industrial Production (IIP), grew at a year high of 8% in September against 3.7% growth in the previous month, on account of good
performance by crude oil, steel and electricity sectors. However, the recorded growth was comparatively lower than the growth of 8.3%
registered in September, 2012.
Out of eight industries, Electricity, which has weight of 10.32% in the index, grew by sharp 12.6% in September compared to 3.9% in
September last year, Cement, registered growth of 11.5% against 13.3% in the same period last year. Meanwhile, growth in the Coal
sector, stood at 12.5% during the reported month against 22.2% growth. On the flip side, contraction in output of natural gas continued this
month as well and remained at 14.1% against contraction of 14.8% over September, 2012. Natural gas has been on contracting spree
since December 2010. Petroleum refinery products slowed down to 8% in September over a high 34.9% growth in September 2012.
http://www.lkpsec.com/news/corporate-news.aspx Source: Reuters, Ace Equity & LKP Research
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