25 June 2020
Company Update | Sector: Metals
Vedanta
Neutral
BSE SENSEX
34,842
S&P CNX
10,289
CMP: INR111
TP: INR114 (+2%)
One step closer to delisting
Motilal Oswal values your support in the
Asiamoney Brokers Poll 2020 for India
Research, Sales and Trading team.
We
request your ballot.
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
VEDL IN
3,717
413.7 / 5.4
180 / 60
11/-9/-23
2377
49.9
Financials & Valuations (INR b)
Y/E MARCH
2020E 2021E 2022E
Sales
EBITDA
Adj. PAT
EBITDA Margin (%)
Cons. Adj. EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
Ratios
Net D:E
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA(x)
Div. Yield (%)
FCF Yield (%)
*Attributable EBITDA
Shareholding pattern (%)
As On
Mar-20 Dec-19
Promoter
50.1
50.1
DII
18.8
18.6
FII
15.6
16.8
Others
15.5
14.4
FII Includes depository receipts
Mar-19
50.1
18.7
16.9
14.3
12.7
0.8
5.4
3.5
31.6
19.5
0.8
6.7
12.8
22.3
8.8
0.8
4.5
13.8
22.9
0.7
5.6
8.4
53.4
0.8
4.0
7.1
298.5
0.7
9.3
10.7
144.7
831.7
194.1
32.6
23.3
8.8
-52.7
146.9
735.2
163.1
21.2
22.2
5.7
-35.1
137.1
853.7
216.9
47.1
25.4
12.7
122.4
134.1
84.3% of public shareholders vote in favor of delisting
In a Special Resolution by postal ballot, 93.3% of all shareholders and 84.3%
of public shareholders have approved to delist the shares of Vedanta
(VEDL).
As ensuing steps, VEDL would announce a reverse book building process for
shareholders to tender the shares, resulting in the discovery of the final exit
offer price.
th
Earlier, on 12 May, the promoter group (led by Vedanta Resources Plc)
had shared an Indicative Offer Price (IOP) of INR87.5/share. This implies a
~21% discount to CMP and ~41% discount to the FY20 book value per share.
Price discovery is thus likely to happen at a higher level.
We value VEDL at an SOTP-based target price of INR114/sh, built on the
expectation of a volume uptick in the Zinc and Oil & Gas businesses as well
as 5–10% higher commodity prices than currently prevailing. Maintain
Neutral.
Shareholders approve Special Resolution on delisting
The shareholders of Vedanta Ltd accorded their approval to the Special
Resolution passed by the Board of Directors of Vedanta Ltd on 18
th
May,
2020 to delist the shares of Vedanta Ltd.
The Special Resolution was approved with 93.34% of votes in favor of the
resolution and only 6.66% of votes in dissent. Among the public
shareholders, 84.3% of votes were in favor of the resolution, against the
statutory requirement of 66.66%.
This is an approval to proceed with the Delisting Offer and is not a decision
on the final exit offer price.
Roadmap ahead – Delisting process
Letter of Offer:
VEDL shall now make a public announcement and dispatch
the Letter of Offer, along with a bid form, to Public Shareholders.
Bidding Period:
The Bidding Period shall commence within seven working
days of the public announcement and shall remain open for five working
days. Shareholders may tender their bids within the Bidding Period.
Discovery of final price:
The price at which Equity Shares through eligible
bids take promoter holdings to 90% of paid-up equity capital would be
determined as the final exit price.
Option to accept/reject offer or make counter-offer:
Upon the discovery of
the final exit offer price, the promoter group would have the option to
either accept or reject the final exit offer price. In case the final exit offer
price is not acceptable to the promoter group, it could make a counter-offer
within two working days
from the discovery of the final exit offer price.
Amit Murarka - Research analyst
(Amit.Murarka@motilaloswal.com) +91 22 6129 1538
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Vedanta
Stock Performance (1-year)
Post-offer announcement:
The promoter group is required to announce within
five working days from the closure of the Bidding Period regarding: a) the
success of the Delisting Offer along with the final exit price or b) the failure of
the Delisting Offer.
Payment of consideration:
If the Delisting Offer is successful, the promoter
would be required to pay the consideration to Public Shareholders within 10
working days of the closure of the Bidding Period.
Final application:
Following payment of the consideration, the company would
make the final application to the Stock Exchanges. Upon receipt of their
approval, the Equity Shares would be delisted.
Rights of remaining Public Shareholders:
The remaining Public Shareholders
may tender their Equity Shares to the promoter up to a period of one year from
the date of delisting and, in such case, the promoter would accept the Equity
Shares at the final exit offer price. Continuing Public Shareholders shall have the
rights to vote and receive dividend (as and when declared).
Valuation and view
We believe Metal prices have bottomed out, and we have factored marginal
recovery from current levels in FY22. VEDL’s cost reduction in Aluminum, the
completion of capacity expansion in Zinc, and expected ramp-up in Oil & Gas are
expected to drive earnings growth in FY22, negating the impact of weak
commodity prices.
We have currently built-in a dividend payment of INR14/sh and INR15/sh in
FY21 and FY22, respectively, implying 13–14% dividend yield.
We value Vedanta on an SOTP basis to arrive at a target price of INR114/sh.
Maintain
Neutral.
Exhibit 1: SOTP valuation
VEDL (ex HZL)
Copper
Aluminum
Iron ore
Steel
Power(TSPL)
Power(other)
Zinc-Int
Oil&Gas
Sub. Tot.
Less: Net Debt
Equity Value
Hind. Zinc
HZL
88
84
Less: Net Debt
Equity Value
VEDL SOTP
HZL@64.9% (10% Hold co discount)
VEDL (ex HZL)
Equity value
Target price (INR/sh)
DPS
Yield
EBITDA
EV
EV
Metal
FY20 FY21E FY22E EBITDA (x) FY22E Per Share
(INR b)
(INR)
-3
-3
-3
Copper
20
29
41
5.0
207
56 Aluminum
9
7
8
5.0
41
11 Iron ore
6
7
10
5.0
48
13
Steel
12
12
12
DCF
81
22
4
4
5
5.0
26
7
4
0
2
5.0
11
3
Zinc
60
29
43
2.5
108
29 Oil-kbpd
112
84
119
6.2
522
140
581
156 USD/INR
-59
-16
103
6.0
617
-207
825
INR b
482
-59
423
114
14.2
146
-49
195
195
129
-16
114
114
Source: MOFSL
Zinc
Lead
Silver
INR b
Volumes (kt/kbpd)
Prices (USD/t or bbl)
FY20 FY21E FY22E FY20E FY21E FY22E
78
80
80
1,922 1,770 1,921
6,300 4,500 4,500
1,178 1,060 1,200
5,862
1,750
56
513
5,788
1,575
56
466
5,800
1,700
56
487
241
173
218
166
284
184
2,408
61
70.9
2,050
40
75.0
2,100
50
76.0
680
181
587
704
203
693
815
235
779
2,408
1,953
42
2,050
1,700
47
2,100
1,850
47
25 June 2020
2
 Motilal Oswal Financial Services
Vedanta
Flow Chart on Delisting Process
Board Meeting
Passing of Special Resolution
Yes
Are the votes cast by Public
Shareholders in favor of the
proposal amount to at least two
times the number of votes cast by
Public Shareholders against it
No
Application for in-principal approval to Stock Exchange
Appointment of
Merchant Bankers
and other
intermediaries
Opening of escrow account
Public announcement and
dispatch of Offer Letter
Bidding open for 5 days
Determination of offer price
Public announcement for closure of offer
within 5 working days of bidding period
Both for
cases of
failure of
offer or
Promoter
not accepting
the offer
price
No
Is offer
successful?
Yes
Final
application to
Stock
Exchange
Refund
of
Shares
Payment of
consideration
to
shareholders
within 10
25 June 2020
3
 Motilal Oswal Financial Services
Vedanta
Financials and Valuations
Income Statement
Y/E March
Net Sales
Total Expenses
EBITDA
As % of Net Sales
EBITDA attribute
DDA
EBIT
Finance cost
Other income
PBT
Tax
Rate (%)
PAT
EO expense (Income)
PAT (after EO)
Minority interests
Share in Asso.
Attrib. PAT (after MI & asso)
Change (YoY %)
Balance Sheet (Consolidated)
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liability
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Investments
WC. Assets
Inventory
Account Receivables
Cash and Bank Balance
Loans and advances
WC. Liability & Prov.
Trade payables
Provisions & Others
Net WC. Assets
Misc Exp
Appl. of Funds
FY16
6,42,618
4,91,102
1,51,516
23.6
1,29,080
85,724
65,791
57,781
44,436
52,446
-1,06,776
-203.6
1,59,221
3,37,847
-1,78,626
-55,919
2
2,15,143
261.6
FY17
7,22,250
5,08,931
2,13,319
29.5
1,75,512
62,915
1,50,404
58,550
45,806
1,37,660
37,783
27.4
99,877
1,144
98,733
43,584
-27
56,266
-73.8
FY18
9,18,660
6,67,020
2,51,640
27.4
2,03,274
62,830
1,88,810
57,830
35,740
1,66,720
57,430
34.4
1,09,290
-8,230
1,17,520
33,500
0
75,790
34.7
FY19
9,20,480
6,89,450
2,31,030
25.1
1,89,064
81,920
1,49,110
56,890
40,180
1,32,400
38,620
29.2
93,780
-3,200
96,980
26,330
0
68,998
-9.0
FY20
8,31,710
6,37,600
1,94,110
23.3
1,59,848
90,930
1,03,180
49,770
25,100
78,510
-31,000
-39.5
1,09,510
1,56,940
-47,430
19,200
-9
32,617
-52.7
FY21E
7,35,172
5,72,054
1,63,118
22.2
1,31,549
88,517
74,602
46,162
24,154
52,594
15,778
30.0
36,816
36,816
15,632
-3
21,181
-35.1
INR m
FY22E
8,53,732
6,36,804
2,16,928
25.4
1,76,172
94,441
1,22,487
44,455
21,654
99,686
29,906
30.0
69,780
69,780
22,660
-4
47,117
122.4
INR m
FY22E
3,720
4,95,073
4,98,793
1,84,942
6,90,631
-32,426
13,41,941
23,66,122
14,58,718
9,07,404
1,38,883
943
6,40,600
1,16,950
58,475
3,16,716
1,48,460
3,45,890
93,560
2,52,330
2,94,711
13,41,941
FY16
2,965
4,37,427
4,40,392
3,65,611
8,12,934
-52,679
15,66,258
15,06,034
7,28,375
7,77,659
2,79,260
488
8,09,719
80,117
25,279
5,70,460
1,33,864
3,00,867
62,124
2,38,743
5,08,852
15,66,258
FY17
3,718
6,01,284
6,05,001
1,39,279
9,06,308
-54,084
15,96,505
16,41,342
7,74,935
8,66,407
1,76,709
729
8,71,531
96,279
34,093
6,10,119
1,31,040
3,18,871
71,288
2,47,583
5,52,660
15,96,505
FY18
3,720
6,31,360
6,35,080
1,59,570
7,25,200
-8,560
15,11,290
18,09,670
8,47,730
9,61,940
1,61,400
1,640
6,73,660
1,19,670
53,160
3,37,520
1,63,310
2,87,350
84,260
2,03,090
3,86,310
15,11,290
FY19
3,720
6,19,250
6,22,970
1,52,270
8,35,360
10,090
16,20,690
21,76,030
11,84,830
9,91,200
2,22,360
48,910
7,23,210
1,31,980
76,700
3,65,430
1,49,100
3,64,990
92,360
2,72,630
3,58,220
16,20,690
FY20
3,720
5,42,630
5,46,350
1,71,120
7,47,233
-40,040
14,24,663
21,82,280
12,75,760
9,06,520
1,68,370
950
6,91,490
1,13,350
58,080
3,71,600
1,48,460
3,42,667
90,337
2,52,330
3,48,823
14,24,663
FY21E
3,720
5,06,241
5,09,961
1,62,283
7,20,631
-37,410
13,55,464
22,65,242
13,64,277
9,00,965
1,53,783
947
6,32,666
1,00,708
50,354
3,33,143
1,48,460
3,32,897
80,567
2,52,330
2,99,769
13,55,464
25 June 2020
4
 Motilal Oswal Financial Services
Vedanta
Financials and Valuations
Cash Flow Statement
EBITDA
Non cash exp. (income)
(Inc)/Dec in Wkg. Cap.
Tax paid
CF from Op. Activity
(Inc)/Dec in FA + CWIP
Free Cash Flow
(Pur)/Sale of Investments
Interest & Dividend Income
Investment in subsidiaries
Others
CF from Inv. Activity
Equity raised/(repaid)
Debt raised/(repaid)
Dividend (incl. tax)
Interest paid
Others
CF from Fin. Activity
(Inc)/Dec in Cash
Add: Opening Balance
adjustments
Closing Balance
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV (incl.-goodwill)
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
EBITDA Margins
Net Profit Margins
RoE
RoCE (pre-tax)
RoIC (pre-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Receivable (Days)
Inventory (Days)
Trade payable (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Net Debt/EBITDA
Net Debt/Equity
FY16
1,51,516
-254
39,820
-24,513
1,66,568
-54,975
1,11,593
19,262
10,547
1
-25,165
0
12,278
-32,218
-57,966
1,380
-76,526
64,878
5,05,582
5,70,460
FY16
72.6
101.5
148.5
5.9
9.7
FY17
2,13,319
1,559
-7,404
-20,438
1,87,036
-55,010
1,32,026
26,986
11,451
-30,138
-46,712
-1,010
91,499
-1,29,355
-61,501
-299
-1,00,665
39,660
5,70,460
6,10,119
FY17
15.1
32.1
162.7
19.5
154.2
FY18
2,51,640
7,460
-29,842
-31,980
1,97,278
-73,670
1,23,608
13,561
14,150
-8,590
-54,549
-2,020
-1,89,598
-1,68,120
-56,770
1,180
-4,15,328
-2,72,599
6,10,119
3,37,520
FY18
20.4
37.3
170.7
21.2
124.9
FY19
2,31,030
11,360
-8,210
-26,130
2,08,050
-88,720
1,19,330
41,920
9,140
-68,910
-1,06,570
-1,440
1,06,480
-1,17,920
-60,090
-600
-73,570
27,910
3,37,520
3,65,430
FY19
18.5
40.6
167.5
18.9
122.0
6.0
2.7
0.7
1.0
5.0
17.0
23.6
33.5
41.9
6.3
5.5
0.7
14
46
35
2.7
1.9
1.6
0.6
29.5
7.8
9.7
12.4
15.2
0.9
17
49
36
2.7
3.4
1.4
0.5
27.4
8.3
12.2
14.5
17.5
1.0
21
48
33
2.3
3.9
1.5
0.6
25.1
7.5
11.0
12.1
12.3
0.9
30
52
37
2.0
3.3
2.0
0.8
FY20
1,94,110
19,610
5,377
-11,350
2,07,747
-77,060
1,30,687
42,230
8,480
-4,680
-31,030
-1,070
-1,01,507
-14,440
-53,220
-310
-1,70,547
6,170
3,65,430
3,71,600
FY20
8.8
33.2
146.9
3.9
53.4
12.7
3.3
0.8
1.0
5.4
3.5
23.3
3.9
5.6
8.4
8.9
0.9
25
50
40
2.0
2.6
1.9
0.7
FY21E
1,63,118
10,597
-13,148
1,60,567
-68,375
92,192
24,154
24,154
-44,221
-30,000
-78,641
-46,162
-1,54,802
-38,457
3,71,600
3,33,143
FY21E
5.7
29.5
137.1
14.2
298.5
19.5
3.8
0.8
1.2
6.7
12.8
22.2
2.9
4.0
7.1
7.2
0.8
25
50
40
1.9
2.1
2.4
0.8
INR m
FY22E
2,16,928
-11,369
-24,922
1,80,638
-85,980
94,658
21,654
21,654
-64,326
-30,000
-58,284
-44,455
-1,32,739
-16,427
3,33,143
3,16,716
FY22E
12.7
38.1
134.1
15.3
144.7
8.8
2.9
0.8
0.9
4.5
13.8
25.4
5.5
9.3
10.7
12.0
0.9
25
50
40
1.9
3.2
1.7
0.7
25 June 2020
5
 Motilal Oswal Financial Services
Vedanta
NOTES
25 June 2020
6
 Motilal Oswal Financial Services
Vedanta
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial
products. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are
available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a
registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and
National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National
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Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
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buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other
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For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong
Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst
Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of
research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity
to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these
securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not
located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any
brokerage and investment services provided by MOFSL , including the products and services described herein are not available to or intended for U.S. persons. This report is
intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as
"major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which
this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange
Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-
dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.
registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public
appearances and trading securities held by a research analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL
in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”,
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SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately discontinue any use of this Report and
inform MOCMSPL.
Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
25 June 2020
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 Motilal Oswal Financial Services
Vedanta
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The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- 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
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and
may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent
of MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in
nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,
representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The
report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for
informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing
in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances.
The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this
document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views
expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from
time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or
entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in
all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
revenue or lost profits that may arise from or in connection with the use of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its
affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such
misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages,
expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
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