peerless masterpicks january 2017 edition masterpicks j… · bata india is a retailer and producer...
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30
th December 2016
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Peerless Securities Limited Peerless Mansion, 1, Chowringhee Square, 2nd Floor, Kolkata – 700 069 Tel. No. : 91-33-4050-2700
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Website : www.peerlessec.co.in
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PORTFOLIO PICKS
STOCK PICKS FOR JANUARY 2017
Stock price in INR
COMPANY SECTOR CMP RATING
POTENTIAL
TARGET
POTENTIAL
UPSIDE
LT INFRASTRUCTURE 1339.20 BUY 1550 15.74%
BATA INDIA CONSUMPTION 448.45 ACCUMULATE 485 8.15%
IOC OIL & GAS 322.95 ACCUMULATE 365 13.02%
COAL INDIA ENERGY 298.65 ACCUMULATE 325 8.82%
ICICI PRU INSURANCE 300.10 ACCUMULATE 330 9.96%
INDUSIND BANK BANK 1105.65 ACCUMULATE 1220 10.34% Time horizon of the recommended stock picks: 12 months unless specified
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UPDATE ON DECEMBER 2016 STOCK PICKS
STOCK
CALL INITATED
AT (INR) DATE
POTENTIAL
TARGET RATING
PRICE (29 Dec
2016)
POWERGRID 185.50 24-Nov-16 215 BUY 180.05
AMBUJA CEM 201.80 24-Nov-16 220 ACCUMULATE 203.55
SUN PHARMA 682.50 24-Nov-16 850 BUY 614.70
BRITANNIA 2945.00 24-Nov-16 3300 ACCUMULATE 2883.15
TECHM 459.50 24-Nov-16 520 ACCUMULATE 482.70 Performance reports of recommended stock return in this report are carried on cash closing price and the call deemed to be open (for 12 months) on F&O expiry date of respective month until target is revised downward/upward depending on companies’ future performance. We have now revised this stock return performance policy from 30 Sep 2016(Oct derivative series) onwards and STOPLOSS BASIS stock calls are not given.
How Benchmark Index- Nifty moved in December 2016
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Global Economy Update:
1) U.S. Fed raises rates, set target of three more hikes in 2017:
Federal Reserve officials amid signs that the U.S. economy soon could shed its long period of
stagnation, approved the first interest rate hike in a year and said it foresees three more increases next
year. The Federal Open Market Committee raised its target range from a range of 0.25 percent to 0.5
percent to 0.5 percent to 0.75 percent. The committee also approved a quarter-point increase in the
discount or primary credit rate from 1 percent to 1.25 percent. The decision was unanimous. The
closely watched dot-plot also indicated a somewhat more ambitious future for hikes.
2) ECB sees inflation surge, firming global recovery : Euro zone inflation will exceed 1 percent at the turn
of the year, hitting a level not seen since late 2013, and global growth is picking up speed, the
European Central Bank said in an economic bulletin on 22nd December. As per ECB, the medium-term
outlook for global activity remains one of strengthening growth, albeit below its pre-crisis pace. Overall
growth appears to be holding up in advanced economies and seems to have bottomed out in emerging
market economies.
3) Japan plans record $830 bn spending in FY2018 : Japan's cabinet approved on Thursday a
record $830 billion spending budget for fiscal 2017 that counts on low interest rates and a weak yen to
limit borrowing. The 97.5 trillion yen ($830 billion) general-account budget for the fiscal year starting on
April 1 marks an increase from this fiscal year's initial target to spend 96.7 trillion yen , as per Ministry of
Finance.
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Indian Economy Wrap: Key Statistics:
1) India's crackdown on cash pushes inflation to a 2-year low : India's retail inflation cooled to a two-year
low in November after Prime Minister Narendra Modi's shock currency replacement program dented
consumer spending. Consumer prices rose by an annual 3.63 percent last month, their slowest pace
since November 2014 compared with a 4.20 gain in October. Food inflation was 2.11 percent last
month, lower than October's 3.32 percent.
2) India's trade deficit widens to $13 billion in November : India's trade deficit widened to $13
billion in November from a provisional $10.16 billion last month, as per the government data.
Merchandise exports grew 2.29 percent year-on-year to $20.0 billion in November, while imports
expanded 10.44 percent year-on-year to $33.02 billion, the data showed.
3) RBI unexpectedly keeps rates unchanged as cash crunch roils economy: The Reserve Bank of India
(RBI) unexpectedly kept its key policy rate unchanged at 6.25 percent on Wednesday, despite calls for
action in the face of an intense cash shortage that threatens to slam the brakes on the world's fastest-
growing large economy. The RBI's monetary policy committee voted 6-0 to leave the repo rate
unchanged, saying it needed more time to assess if the recent cash squeeze would cause more lasting
damage to the economy.In keeping its policy setting steady, the central bank also expressed concerned
about the risk of a flare-up in inflation.
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4) Industrial production shrinks 1.9% in October: Industrial production contracted in October,
resuming its decline after marginal growth in September, suggesting more pain ahead as the impact of
note withdrawal begins to show up. The Index of Industrial Production (IIP) fell 1.9 per cent in October
compared with a 0.7 per cent rise in September and 9.8 per cent growth in the year-ago month, data
released by the Central Statistics Office.
Market Outlook :
Demonetization would weigh negatively on the third quarter numbers as is clearly seen by the sharp dip
( short term ) in demand of Auto, Consumer durables, Real Estate, Travel, Jewellery, Cement etc. In
the near term strengthening USD, weakness in strong consumer demand post demonetization and
uncertainty over implementation of GST, economic policies to be taken by Donald Trump once he takes
over as US President will result in headwinds for equity markets round the world. Moreover, General
elections to be held in Germany, France, Netherlands in 2017 present political risk as if parties
opposing EU membership gain popularity it may result in risk off moves in major asset markets.
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STOCK PICKS
Company Data
Market Cap (cr) 124754.87 cr
52 week high (Rs) 1615
52 week low (Rs) 1016
3m average
volume NSE 1479004
Beta 1.89
Face value ( RS ) 2
Shareholding (%) Q3 FY 2016
Promoters 0.00%
Institutions 56.79%
Non-Institutions 43.08%
Key Financials
FY16 FY15 FY14
Net Sales (Cr) 102226.6 90346.8 85189.9
EBITDA (Cr) 12342.7 2622.5 11094.6
PAT (Cr) 5090.5 4764.8 4902.0
Net Profit Margin% 5.4% 5.4% 5.7%
EPS (Rs.) 54.7 51.3 52.9
Book Value (Cr) 472.3 440.1 406.9
(FY 16-Adjusted)
P/E 54.7 51.3 52.9
P/BV 2.6 3.9 3.1
RONW(%) 11.6% 11.6% 13.0%
ROCE(%) 3.7% 4.1% 4.8%
Larsen & Toubro Ltd.Larsen & Toubro Ltd.Larsen & Toubro Ltd.Larsen & Toubro Ltd. Sector:Sector:Sector:Sector: Construction & EngineeringConstruction & EngineeringConstruction & EngineeringConstruction & Engineering NSE CODE: LT
BUY | PERIOD: 12 Months | CMP: Rs 1339.20| Target: Rs 1550
TECHNICAL VIEW:
• The stock is moving in a downward moving
channel pattern and has completed it gap filling
zone of 1300-1320 making a strong support at
that zone.
• The stock has made a triple bottom support zone
around this area.
• It is likely to move around 1420 in the near term
and long term target will be 1550 which is 71.8%
upward Fibonacci retracement level.
L&T Ltd is a diversified private sector company dealing.
Its operates divisions include Engineering and
Construction Projects, Heavy Engineering, Construction,
Power, Electrical and Electronics, Machinery and
Industrial products, IT & Engineering services, Financial
services, Railway Projects and Ship Building.
Total Consolidated income from operation was up 9% to
Rs 46885 crore during the H1FY17 under review as
against Rs 43172 crore a year ago. Whereas it’s
International revenue grew by 19% in the same period.
Revenue growth mainly driven by Hydrocarbon, Power,
Heavy Engineering and Services businesses.
During H1FY17 EBITDA grew by 11% compare with the
last year same period. Whereas it’s EBITDA margin
improved by 20bps to 9% during the same period.
Margin improvement mainly driven by Heavy
Engineering, Hydrocarbon and Services Businesses.
International business has seen a robust growth with
almost 35% of L&T’s orders are from overseas. Company
bagged orders worth Rs 60,000 crore in Middle East that
kept going for the last two-three years, although the
profitability of the hydrocarbon business.
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Company Data
Market Cap (cr) 5407.1
52 week high (Rs) 614
52 week low (Rs) 399
3m average
volume NSE 461560
Beta 1.16
Face value ( RS ) 5
Shareholding (%) Q3 FY2016
Promoters 52.96%
Institutions 27.60%
Non-Institutions 19.45%
Key Financials
FY16 FY15 FY14
Net Sales (Cr) 2457.6 2735.7 2097.2
EBITDA (Cr) 270.6 335.0 322.0
PAT (Cr) 218.5 231.3 190.9
Net Profit Margin% 9.0% 8.6% 9.2%
EPS (RS) 17.0 36.0 29.7
Book Value (Cr) 91.9 158.9 130.7
P/E 29.5 30.4 37.0
P/BV 5.6 7.0 8.4
RoNW(%) 18.9% 23.3% 23.5%
RoCE(%) 17.0% 20.7% 20.8%
Bata IndiaBata IndiaBata IndiaBata India Ltd.Ltd.Ltd.Ltd. Sector:Sector:Sector:Sector: Leather/Synthetic ProductsLeather/Synthetic ProductsLeather/Synthetic ProductsLeather/Synthetic Products NSE CODE: BATAINDIA
ACCUMULATE | PERIOD: 12 Months | CMP: Rs 448 | Target: Rs 485
TECHNICAL VIEW:
• The stock has taken breakout from the ascending
triangle pattern on daily charts and is trying to move up.
• The pattern is formed at the bottom of the chart
indicating a strong reversal pattern.
• Target of the stock is around 485 which is ascending
triangle breakout target.
Bata India is a retailer and producer of footwear in India and
part of the Bata shoe organization. The company’s operating
segment includes footwear & accessories and Investment in
joint venture for surplus property development. It sells over 50
million pairs of footwear every year and serves to over 120,000
customers almost every day.
In Q2FY17 standalone revenue stands at Rs 583.75 crore, which
is more or less in concurrence with the same quarter of last year
i.e. Rs. 574.53 crore. During the quarter company launched Bata
European collection and entered into women’s festive segment.
Bata's EBITDA has surged by 11.4% y-o-y to Rs 53.52 crore and
EBITDA margins have improved by 81 bps to 9.2%, triggered by
20% y-o-y drop in raw material costs. However Company's PAT
eroded by 23.2% y-o-y to Rs 34.59 crore, partially driven by
increase in company’s finance costs by 125% y-o-y.
Company plans to add around 30 new retail stores every year to
increase its presence in the Malls and High Street Markets and
30 new Franchisee stores also in the Tier-2 and Tier-3 cities
across India. Bata also plans to open 5 destination stores each
year to provide a unique shopping experience with wide
collection to the consumers.
On e-commerce platform BATA mainly focused on increasing
customer database by reaching out to new set of target
audience and also establishing successful association with many
reputed companies and banks, e.g., HDFC Bank, Standard
Chartered Bank, State Bank of India, Deutsche Bank.
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Company Data
Market Cap (cr) 152693.9
52 week high (Rs) 333
52 week low (Rs) 172
3m average
volume NSE 4383217
Beta 0.85
Face value ( RS ) 10
Shareholding (%) Q3 FY 2016
Promoters 58.3%
Institutions 16.5%
Non-Institutions 25.1%
Key Financials
FY16 FY15 FY14
Net Sales (Cr) 355926.6 449508.7 488344.9
EBITDA (Cr) 23181.6 10550.3 17140.5
PAT (Cr) 11219.2 4912.0 7085.6
Net Profit Margin% 3.3% 1.1% 1.4%
EPS (RS) 46.2 20.2 29.2
Book Value (Cr) 313.0 283.5 279.7
P/E 4.3 9.2 4.7
P/BV 1.3 1.3 1.0
RoNW(%) 14.8% 7.1% 10.4%
RoCE(%) 8.1% 3.8% 5.6%
Indian Oil Indian Oil Indian Oil Indian Oil Corporation Ltd.Corporation Ltd.Corporation Ltd.Corporation Ltd. Sector:Sector:Sector:Sector: RefineriesRefineriesRefineriesRefineries NSE CODE: IOC
ACCUMULATE | PERIOD: 12 Months | CMP: Rs 323 | Target: RS 365
TECHNICAL VIEW:
• The stock has taken breakout of the symmetrical
triangle pattern as well as asending triangle pattern
• The stock has support around 310 which is the upper
trend line of the symmetrical triangle pattern.
• The medium term target of the stock is 365 which is
pattern target.
Indian Oil Corporation connects business with hydrocarbon
value chain- from refining, pipeline transportation and
marketing of natural gas and petrochemicals. Products include
Indane gas, natural gas, auto gas, petrol/ gasoline, ATF, diesel,
lubricants and greases, marine fuels, industrial fuels, kerosene,
bitumen, petrochemicals, crude oil and special products.
In Q1FY17 the standalone revenue of the company grew by 3%
to Rs 1,00,274 crore Y-o-Y due to improvement of refineries
throughput by 14% Y-o-Y to 15.63 MMT vs.13.68 MMT in the
resultant quarter previous year. Whereas, pickup in pipeline
throughput to 20.97 MMT vs.19.9 MMT in Q2 FY16, also
supported revenue growth.
Meanwhile EBITDA improved 730% Y-o-Y to Rs 5,772 crore in
Q2FY17. Further, drop in other expenses by 20% Y-o-Y also
supported EBITDA growth. The EBITDA margin stood at 5.8%
vs. 0.7% in the same period of last year.
Ongoing India’s rural development recent investment by IOC
is planning to lay a 2,000-km pipeline to carry liquefied
petroleum gas (LPG) from its Kandla import terminal on the
west coast to Gorakhpur in the deep east to cater to growing
demand for cooking gas in the country. The pipeline could cost
Rs 5,000-6,000 crore to build.
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Company Data
Market Cap (cr) 180774.4 cr
52 week high (Rs) 350
52 week low (Rs) 272
3m average
volume NSE 3224867
Beta 0.97
Face value ( RS ) 10
Shareholding (%) Q3 FY 2016
Promoters 79.7%
Institutions 18.0%
Non-Institutions 2.3%
Key Financials
FY16 FY15 FY14
Net Sales (Cr) 108150.0 95434.8 89374.5
EBITDA (Cr) 20009.6 18329.2 17117.7
PAT (Cr) 14274.3 13726.6 15111.6
Net Profit Margin% 18.3% 29.1% 33.2%
EPS (RS) 22.6 21.7 23.9
Book Value (Cr) 53.7 63.9 67.1
P/E 12.3 16.7 11.8
P/BV 5.4 5.7 4.3
RoNW(%) 42.1 34.0 35.6
RoCE(%) 18.1 16.7 18.9
CoalCoalCoalCoal India Ltd.India Ltd.India Ltd.India Ltd. Sector:Sector:Sector:Sector: Mining/MineralsMining/MineralsMining/MineralsMining/Minerals NSE CODE: COALINDIA
ACCUMULATE | PERIOD: 12 Months | CMP: Rs 298.65 |Target: Rs 325
TECHNICAL VIEW:
• The stock has found support around its long trend
line at 280 levels.
• It has strong support zone in the range of 270-290
and is likely to hold onto these levels as higher
bottom is held and fall is with low volume with
higher volumes on move witnessed.
• It will move towards important target of 325
which is 61.8% of current from from recent high.
CIL engaging business of non-coking coal and coking coal
of various grades for diverse applications. Products include
coking coal, semi coking coal, NLW coking coal, non
coking coal, washed and beneficiated coal, middling,
rejects, CIL / LTC coke, coke fines and tar/ heavy oil/ light
oil/ soft pitch. The company operated 471 mines in 21
coalfields across India.
In Q2FY17 coal India reported a sharp 77% Y-o-Y decline
in its consolidated net profit at Rs 600 crore, mainly due to
lower sales realization and higher provisioning on
employee benefits. During the quarter net sales declined by
7.7% to Rs 15,645 crore from Rs 16,958 crore in the
resultant quarter of last year. Whereas EBITDA fell by
78.2% y-o-y to Rs 743 cr while EBITDA margins declined
to 4.6% Y-o-Y.
On an average, coal prices were raised by 6.29 per cent per
tonne and management believe it would earn additional
revenue of Rs 3,234 crore during May-March this financial
year. Also CIL increased the prices of the lower-grade coal
(G8-G13) by 13.60%-18.03% while reducing the prices of
the higher-grade ones.
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Company Data
Market Cap (cr) 42521.5
52 week high (Rs) 334
52 week low (Rs) 271
3m average
volume NSE 2973330
Beta
Face value ( RS ) 10
Shareholding (%) Q3 FY 2016
Promoters 80.7%
Institutions 4.9%
Non-Institutions 14.4%
Key Financials
FY16 FY15 FY14
Net Sales (Cr) 1809.9 1674.2 1648.3
EBITDA (Cr)
PAT (Cr) 1653.0 1640.2 1562.4
Net Profit Margin% 91.3% 98.0% 94.8%
EPS (RS) 11.5 11.5 10.9
Book Value (Cr)
(Cons) 41.8 40.4 34.2
P/E(Current) 25.6 NA NA
RoNW(%) 27.6% 28.3% 32.0%
RoCE(%) 1.6% 1.7% 1.9%
ICICI Prudential Life InsuranceICICI Prudential Life InsuranceICICI Prudential Life InsuranceICICI Prudential Life Insurance Sector:Sector:Sector:Sector: FinanceFinanceFinanceFinance---- InsurenceInsurenceInsurenceInsurence NSE CODE: ICICIPRULI
ACCUMULATE | PERIOD: 12 Months | CMP: Rs 300.10| Target: Rs 330
TECHNICAL VIEW:
• The stock is trading in a range of 280-320 for the last one
month.
• Currently the stock is trading around the lower end of
the trading range and is likely to move up.
• The target of the stock is 330 in medium term.
ICICI Prudential is a joint venture between ICICI and Prudential
plc. Total capital infusion stands at Rs. 47.80 billion, with ICICI
Bank holding a stake of 74% and Prudential plc holding 26%. The
company's nation-wide team comprises of over 2000 branches,
over 290,000 advisors; and 24 banc assurance partners.
In Q1FY17 Profit rose to Rs 419 crore in the quarter compared
to Rs 415 crore in the resultant period last year. Expense ratio,
i.e. profitability dividing the expenses with net premium earned,
rose to 13.3% from 12.4%. Income from selling new policies rose
20% to Rs 1,528 crore in Q2. The company report increase in
renewal premium of 15.44% to Rs 3521 crore.
Multi Channel Distribution backed by advanced digital processes
i.e. Access to network of ICICI bank and Standard Chartered
Bank. Continue to invest in agency channel, adding quality
agents and improving productivity. Strong focus on technology
and digitization to reduce dependence on physical presence will
help for farther growth.
Robust & Sustainable Business Model Very low regulatory or
interest rate risk with over 80% of APE5 contribution from ULIP
products; Over 90% of debt investments in AAA rated and
government bonds. Strong focus on renewals (high persistency
ratios)
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Company Data
Market Cap (cr) 63586.8
52 week high (Rs) 1256
52 week low (Rs) 799
3m average volume
NSE
Beta 1.77
Face value ( RS ) 10
Shareholding (%) Q3 FY 2016
Promoters 16.7%
Institutions 62.1%
Non-Institutions 21.2%
Key Financials
Total Interest Income ( Cr ) 11580.7
Net Interest Income ( Cr ) 7813.5
Operating Income (cr ) 11205.5
PAT ( Cr ) 5951.7
EPS (RS) 39.7
Book Value (Cr) 297.4
Net Interest Margin (X) 3.22
Cost to Income (%) 37.15%
P/BV 3.32
INDUSINDINDUSINDINDUSINDINDUSIND BankBankBankBank Sector:Sector:Sector:Sector: BanksBanksBanksBanks NSE CODE: INDUSINDBK
ACCUMULATE | PERIOD: 12 MONTHS | CMP: 1105.65 | TARGET: Rs. 1220
IndusInd Bank operates in 4 segments i.e. Treasury, Corporate /
Wholesale Banking, Retail Banking and Investment Banking
Operations.
In Q2FY17 the bank posted 25.75% increase in net profit to Rs
704 crore and net profit of Rs 560 crore in the Q2. The total
income also increased to Rs 4,439.72 crore during the quarter,
as against Rs 3,581.31 crore in Q2FY16.
The gross non-performing assets (NPAs) of the bank increased
to 0.90% of the total advances, from 0.77% at the end of
Q2FY16. Also the net NPAs rose to 0.37% from 0.31% of the
total assets.
With the Govt. initiative for digitization the Bank also has taken
up Digitalizing of its businesses as a key thrust area and has
enabled most offerings across Payments, Lending, Deposits and
Third-Party Distribution products for online sales and service.
The Bank has tied up with most of the leading financial
aggregators' portals for online acquisition of new-to-bank
clients.
Distinction rating will help to easy excess of funds i.e. ICRA AA
for Upper Tier II bond A. CRISIL A1+ for certificate of deposit.
IND A1+ for Short Term Debt Instruments. IND AA for Upper
Tier II bond. IND AA+ for Senior bonds.
TECHNICAL VIEW:
• The stock has taken support around 1040 which is a
multiple support zone and has bounced back from this
level.
• It has been making upward ladder type formation with
higher top higher bottom formation on 3 year chart
formation.
• The target of the stock is 1200-1220.
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Research Disclaimer
RATING PARAMETER
BUY We expect the stock to deliver more than 15% returns over the next 12 months
ACCUMULATE We expect the stock to deliver 6% - 15% returns over the next 12 months
REDUCE We expect the stock to deliver 0% - 5% returns over the next 12 months
SELL We expect the stock to deliver negative returns over the next 12 months NOTE Target prices are for a period of 12-month perspective. Returns stated in the rating parameter are for our internal
benchmark.
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We and our affiliates/associates, group companies, officers, directors, and employees, Research Analysts may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of Research Report or at the time of public appearance. Peerless Securities Ltd (PSL) may have proprietary long/short position in the above mentioned scrip(s) and therefore may be considered as interested. The views provided herein are general in nature and does not consider risk appetite or investment objective of particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with PSL. Peerless Securities Ltd does not provide any promise or assurance of favorable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing.
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
Details of Associates and group companies are available on our website i.e. www.peerlesssec.com.
Research Analyst has served as an officer, director or employee of subject company(ies): No
Research Analyst’s financial interest in the subject company(ies): No
Peerless Securities Limited has financial interest in the subject company (ies): Yes
Research Analyst has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No
Peerless Securities Ltd has actual/beneficial ownership of 1% or more securities of the subject company (ies) at the end of the month immediately preceding the date of publication of Research Report: No
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Peerless Securities Ltd. Peerless Mansion, 1, Chowringhee Square, 2nd Floor, Kolkata- 69
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We or our associates may have received compensation from the subject company (ies) in the past 12 months. We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report. Our associates may have financial interest in the subject company (ies).
Our associates/Group Companies may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report.
Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report.
"A graph of daily closing prices of securities is available at www.nseindia.com (Choose a company from the list on the browser and select the "three years" icon in the price chart)."
Peerless Securities Ltd: Registered Office: Peerless Mansion, 1 Chowringhee Square, 2nd Floor, Kolkata 700069.
Telephone No.: 033 4050 2700, Fax No.: 033 2243 6941. Website: www.peerlesssec.co.in
SEBI Registration No: NSE INB/INE/INF 230821137, BSE INB010821131, BSE Currency- SEBI registered; AMFI ARN 2103, Research Analyst INH300002365. NSDL: IN-DP-NSDL-96-99, DP ID: IN300958; CDSL: IN-DP-CDSL-505-2009; CIN: U67120WB1995PLC067616
Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. Investments in securities are subject to market risk; please read the SEBI prescribed Combined Risk Disclosure Document prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts. Compliance Officer Details: Mr. Raj Kumar Mukherjee. Call: 033-4050-2700, or Email: [email protected]
Peerless Securities Limited Registered Office:
1, Chowringhee Square, 2nd Floor, Kolkata- 700 069
Phone: +91-33-4050-2700/6450-2002/2243-5942, Fax: +91-33-2243 6941
Institutional Office:
11-A, Mittal Towers, 1st floor, Nariman Point, Mumbai – 400 021
Phone: +91-22-2284 1411, 22-6630 3810, Fax: +91-22-2284 1316
SEBI REGN. NO. NSE: INB/INF 230821137, BSE: INB 010821131, NSDL: IN-DP-NSDL-96-99, CDSL: IN-DP-CDSL-505-2009, ARN - 2103