26 September 2017
India Strategy
BSE Sensex: 31,627
Latest Strategy Report:
Sectoral weights in Nifty
S&P CNX: 9,873
Nifty reconstitution; Marginal FY19E EPS downgrade
Weight of Private Financials to increase 60bp; PSU Banks to hit new low
NSE Nifty-50 composition is all set for a reshuffle on Friday, 29 September 2017.
Bajaj Finance, HPCL and UPL will replace ACC, Bank of Baroda and Tata Power. Tata
Motors, which carries Differential Voting Rights (DVR), will be excluded – it was an
additional stock in the benchmark.
In this report, we highlight how these changes will (i) impact the earnings for the
benchmark and (ii) alter the weights of various sectors.
th
Nifty-50 reconstitution: NBFC’s weight nearing double-digit
Bajaj Finance will be included in the benchmark with 1% weight, taking NBFC’s
weight to 9.5% (+90bp).
HPCL will enter with 0.9% weight, helping Oil & Gas to cement its position in
the benchmark. This is first time in the history of the benchmark when all three
OMCs will be part of the index. UPL will enter the index with 0.8% weight.
With the exit of Bank of Baroda (weight: 0.4%), PSU Banks’ weight will be at an
all-time low of 2.5%. Other losers include Utilities (-40bp), Cement
(-40bp), Automobile (-40bp) and Private Banks (-30bp).
Least impacted sectors would be Technology, Consumer, Healthcare, Capital
Goods, Metals, Telecom and Media.
Post this reshuffle, BFSI will have an index weight of 35.8% (+30bp), almost
equivalent to the combined weights of Oil, Technology and Auto.
Aggregate weight of the existing 47 Nifty-50 stocks will decline by 120bp.
Top-5 stocks to be most impacted (in terms of weight) by the reshuffle: HDFC
Bank (-12bp), HDFC (-9bp), Reliance Ind (-9 bp), ITC (-8bp) and ICICI Bank (-6bp).
Top-10 stocks currently contribute 53.5% of Nifty-50. Post reshuffle, this is
likely to come down to 52.8% (-70bp).
Nifty EPS for FY18 will see marginal upgrade of 0.2%. It will, however, see a
downgrade of 0.4% for FY19, primarily due to a higher increase in free float
market cap of 1.6% compared to a rise of 1.8%/1.1% in free float PAT for
FY18/FY19.
We now estimate Nifty EPS at INR491 for FY18 (+15.9%) and ~INR605 for FY19
(+23.2%).
Notably, the cumulative free float market cap of the new stocks to be included
is 2.4x of the stocks to be excluded from the index.
Nifty trades at a P/E of 20.4x on FY18E earnings based on current composition;
this will remain unchanged post reshuffle. However, based on FY19E earnings,
Nifty P/E will expand marginally from 16.4x to 16.5x post the reshuffle.
Of top-5 stocks to be most impacted, three are from Private Financials
Nifty EPS downgrade of 0.4% for
FY19
Nifty EPS: FY18E unchanged, FY19E to see marginal cut of 0.4% to INR605
Gautam Duggad
- Research Analyst
(Gautam.Duggad@MotilalOswal.com); +91 22 3982 5404
Deven Mistry
- Research Analyst
(Deven@MotilalOswal.com); +91 22 3982 5440
Sep 2017
1
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.

India Strategy | Index Reconstitution
Bajaj Finance only outperformer
post announcement of inclusion
(Prices rebased to 100)
Key institutional activity in new entrants
Since the announcement of index reshuffle, Bajaj Finance is the only stock to
trade higher (+2%), whereas HPCL (-5%) and UPL (-4%) are trading lower.
Domestic MFs hold 0.8% of their total AUM in Bajaj Finance, which will be
lower compared to the benchmark weight (1% in Nifty-50). However, domestic
MFs hold 0.7% and 0.6% of AUM in HPCL and UPL, respectively, largely in line
with the weights in the benchmark.
DIIs hold 6.5% (+0.6% QoQ in Sep-2017) and FIIs hold 21.2% (+2.6% QoQ in Sep-
2017) in Bajaj Finance. In HPCL, DIIs hold 10.1% (+0.5% QoQ in June 2017) and
FIIs hold 16.9% (unchanged QoQ in June 2017). DIIs hold 11% (+0.2% QoQ in
June 2017) and FIIs hold 41.9% (-0.1% QoQ in June 2017) in UPL.
Current FII limit in Bajaj Finance, HPCL and UPL is 30%, 40% and 74% of the
paid-up capital of the company, respectively.
Of the top-20 domestic MFs, 5, 7 and 3 funds have exposure of over 1% of their
AUMs to Bajaj Finance, HPCL and UPL, respectively.
Trend in number of stocks
reshuffled in a particular year
Number of stocks reshuffled highest in last 10 years
In CY17, Nifty-50 saw the highest number of stocks reshuffled in a particular
calendar year – total seven stocks have been reshuffled.
Since CY12, 24 stocks have been reshuffled. Notably, the weight of the
reshuffled stocks is quite stable.
Weights of IndusInd Bank and Yes Bank in the index are at new highs – up 2.6x
and 2.1x, respectively, since they entered the index.
However, Tech Mahindra’s weight has halved. Lupin’s weight is down
significantly from its peak of 1.6% to 0.6% due to its underperformance over
the past two years.
Stocks where weights are quite stable since they entered the index are: Asian
Paints, Ultratech, Zee Entertainment, Bosch, Adani Ports, Eicher Motors,
Aurobindo Pharma and Bharti Infratel.
Top 10 stocks in Midcap-100 (%)
Nifty Midcap-100 reconstitution: Healthcare, Technology and Retail big
gainers; NBFCs, Oil and Auto top losers
Nifty Midcap-100 composition will also a change along with other NSE indices.
Six stock changes: Adani Enterprises, Avenue Supermarts, Divis Lab, Escorts,
Fortis Healthcare and Infibeam Incorporation will replace MRF, Petronet LNG,
Reliance Capital, REC, Sun Pharma Advanced Research and Wockhardt.
Healthcare will take number one spot in allocation of Midcap-100 weights at
12.1% (+250bp), replacing NBFCs, which will shed 270bp to 10.5% (-270bp).
Oil & Gas’ weight will decline by 180bp to 3.3%; this is due to the exclusion of
Petronet LNG from the Midcap-100 index.
Avenue Supermarts will be included in Midcap-100 with 0.7% weight, taking
Retail’s weight to 2.2% (+70bp).
Note: Prices and weight calculation on closing of 22nd Sep 2017
26 September 2017
2

India Strategy | Index Reconstitution
Nifty-50 reconstitution: All three OMCs now part of benchmark
It is first time in the history of the benchmark when all three OMCs will be part
of the Index. HPCL will enter with 0.9% weight, helping Oil & Gas to cement its
position in the benchmark.
Inclusion of Bajaj Finance (1% weight) will take NBFC’s weight to near double-
digit at 9.5% (+90bp). UPL will enter the index with 0.8%.
With the exit of Bank of Baroda (weight: 0.4%), PSU Banks’ weight will be at an
all-time low of 2.5%. Other losers include Utilities (-40bp), Cement
(-40bp), Automobile (-40bp) and Private Banks (-30bp).
Least impacted sectors would be Technology, Consumer, Healthcare, Capital
Goods, Metals, Telecom and Media.
BFSI will have a weight of 35.8% (+30bp) post the reshuffle, which will be almost
equivalent to the combined weights of Oil, Technology and Auto.
Exhibit 1:
Trend in OMCs’ weight in Nifty-50 (%)
Weight in Nifty-50 (%)
CY02 CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 Current
1.9
2.2
1.5
1.0
0.6
0.5
0.7
0.5
0.5
0.4
0.5
0.4
0.6
0.8
1.1
1.0
2.9
2.4
1.5
0.8
0.5
1.1
4.8
4.6
3.1
1.8
1.1
0.5
0.7
0.5
0.5
0.4
0.5
0.4
0.6
0.8
1.1
2.1
w.e.f 29th Sep
1.0
0.9
1.1
2.9
Source: NSE, MOSL
BPCL
HPCL
IOCL
OMCs
Exhibit 2: NBFCs and Oil & Gas will see an increase in weight
Current Weight
New Weights w.e.f 29th Sep
Exhibit 3: Auto, Utilities, Cement, PSU Banks – biggest losers
New Weights w.e.f 29th Sep
Current Weight
11.9
9.5
8.6
11.2
10.8
24.1
23.8
10.4
3.8
3.4
2.0
1.6
2.9
2.5
Banks-PVT
NBFC
Oil & Gas
Auto
Utilities
Cement
Banks-PSU
Source: NSE, MOSL
Exhibit 4:
Sectors which will not have material impact due to index reconstitution
Current Weight
New Weights w.e.f 29th Sep
9.8
4.3
9.7
11.4
11.2
0.8
0.7
0.9
0.8
Infra
2.1
2.1
3.6
3.5
3.9
3.8
4.2
Media
Telecom
Metals
Cap. Goods Healthcare Consumer
Tech.
Source: NSE, MOSL
26 September 2017
3

India Strategy | Index Reconstitution
Interesting observations from sectoral weight changes in past decade:
Private Financials at all-time high; PSU Banks at new lows
Financials’ weights have kept rising over the years.
BFSI will now contribute
35.8% (+2.9x in 10 years) of overall Nifty-50.
Private Banks at 23.8% will have the highest weight in Nifty-50, while the weight
of PSU Banks will drop to 2.5%.
Automobile’s
(with 10.4%) weight in Nifty now stands shoulder-to-shoulder
with Technology, at ~11%. Auto has bridged the gap versus Technology,
especially over the last two years. The gap between Auto and Technology has
come off from 640bp in CY15 to just 80bp now.
Oil & Gas’ weight in index has been quite volatile in last decade.
The sector’s
weight was at 17.6% around 15 year ago; it climbed to 1
st
position a decade ago
to 25.4%. However, over the last five years, the weight is quite stable at ~11-
12%.
Consumer’s weight has remained stable
over the last four years, but has
increased significantly (+610bp) over the last 10 years, given its sharp
outperformance v/s the index.
Healthcare’s weight is down significantly
due to the underperformance over
the last couple of years.
Weight of Capital Goods will now be at a 14-year low
of 3.8%. The sector now
represents only one stock in the benchmark (L&T).
Metals’ weight has bounced off its lows
of sub-1% in CY15, but it is far off from
the peak of 9.7% in CY03.
Real Estate has no representation in Nifty-50.
New
w.e.f 29th Sep
10.4
23.8
2.5
9.5
3.8
1.6
9.7
4.2
0.7
3.5
11.9
11.2
2.1
3.4
1.6
100
Avg. Weight
CY06-16
7.4
13.8
4.2
5.6
6.9
2.9
8.6
4.5
0.3
5.1
15.3
1.1
14.1
5.0
5.3
0.6
100
th
Exhibit 5: Trend in Nifty sectoral weight (%) – Private Financials at all-time high; PSU at new low
Sector
Automobiles
Banks-Private
Banks-PSU
NBFC
Capital Goods
Cement
Consumer
Healthcare
Media
Metals
Oil & Gas
Real Estate
Technology
Telecom
Utilities
Miscellaneous
Nifty-50
CY06
6.4
5.7
4.4
2.1
8.6
3.3
6.2
3.9
0.6
5.0
21.1
19.4
12.0
1.1
0.3
100
CY07
3.4
5.6
4.1
2.3
10.5
2.1
3.6
2.2
0.4
9.0
25.4
2.3
9.5
11.4
8.2
100
CY11
8.1
13.7
3.7
6.9
5.5
3.1
10.7
4.4
0.0
5.6
13.3
0.5
15.8
3.3
5.4
100
CY12
8.8
16.9
4.7
7.9
5.9
4.2
12.3
5.0
0.0
3.8
12.3
0.5
11.4
2.0
4.5
100
CY15
9.9
20.7
3.3
7.0
4.2
2.8
10.1
7.3
0.8
1.3
9.1
16.3
2.2
4.1
0.8
100
CY16
11.8
21.5
3.1
6.6
4.0
3.0
10.1
6.3
0.8
1.5
9.4
14.4
2.3
4.4
0.8
100
Current
10.8
24.1
2.9
8.6
3.9
2.0
9.8
4.3
0.8
3.6
11.2
11.4
2.1
3.8
0.9
100
Chg. – New v/s
Avg. Weight (pp)
2.9
10.0
-1.7
3.9
-3.1
-1.3
1.1
-0.3
0.4
-1.5
-3.4
-1.1
-2.9
-3.0
-1.9
1.0
Note: Miscellaneous include Jet Airways in CY06, Adani Ports in CY15/CY16/Current and UPL addition w.e.f from 29 Sep.
26 September 2017
4

India Strategy | Index Reconstitution
Exhibit 6:
Private v/s PSU weights in Nifty (%)
Index moved to free float from 2009
21.9
14.3
27.2
31.4
86.3
86.6
87.4
88.6
87.4
89.6
89.1
89.6
89.2
13.7
13.3
12.7
11.4
12.6
10.4
10.9
Private
10.4
PSU
10.8
PSU weights in Nifty
nearing single-digits
78.1
85.7
72.8
68.6
CY08
CY09
CY06
CY07
CY10
CY11
CY12
CY13
CY14
CY15
CY16 Current w.e.f
29th
Sep
Source: NSE, MOSL
Aggregate weight of existing 47 Nifty stocks to see decline of 120bp
Of the top-5 stocks to be most impacted, three are from Private Financials.
Top-10 stocks to be most impacted (in terms of weight) by the index
reconstitution: HDFC Bank (-12bp), HDFC (-9bp), Reliance Ind (-9bp), ITC (-8bp),
ICICI Bank (-6bp), Infosys (-6bp), L&T (-5bp), TCS (-4bp), Kotak Mahindra Bank
(-4bp) and Maruti Suzuki (-4bp).
Top-10 stocks currently contribute 53.5% of Nifty-50 allocation. However, post
the reshuffle, it is likely to come down to 52.8% (-70bp).
Exhibit 7: Existing stocks – weight change (bp)
-12
-9 -9
-8
-2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2
-4 -3 -3 -3 -3 -3
-4 -4
-6 -6 -5
Exhibit 8: Stock weights w.e.f from 29 Sep (%) – top 10 stocks will contribute 52.8% of the index
New Weights w.e.f 29th Sep
th
Source: NSE, MOSL
Source: NSE, MOSL
26 September 2017
5

India Strategy | Index Reconstitution
Nifty FY19 EPS to see 0.4% downgrade
Nifty EPS for FY18 will see a marginal upgrade of 0.2%. However, it will see a
downgrade of 0.4% for FY19, primarily due to a higher increase in free float
market cap of 1.6% compared to a rise of 1.8%/1.1% in free float PAT for
FY18/FY19.
We now estimate Nifty EPS at INR491 for FY18 (+15.9%) and ~INR605 for FY19
(+23.2%).
Notably, cumulative free float market cap of the new stocks to be included is
2.4x of the stocks to be excluded from the index.
Nifty trades at a P/E of 20.4x on FY18E earnings based on current composition;
this will remain unchanged post reshuffle. However, based on FY19E earnings,
P/E will expand marginally from 16.4x to 16.5x post the reshuffle.
Exhibit 10: FY19E Nifty EPS to see 0.4% downgrade
FY19E EPS (INR)
Growth YoY (%)
Exhibit 9: FY18E Nifty EPS to see marginal upgrade
FY18E EPS (INR)
Growth YoY (%)
24.1
15.6
15.9
23.2
607
605
489
491
Current
Revised
Current
Revised
Source: MOSL
Exhibit 11: Stock-wise contribution to growth in FY18E Nifty EPS (INR)
2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0
7 6 5 4 4 3 2 2 2 2 2 2 2
14
423
491
-0 -0 -0 -0 -0 -1 -1 -2 -3
Source: MOSL
Exhibit 12: Stock-wise contribution to growth in FY19E Nifty EPS (INR)
21
0 0
3 3 3 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1
1
1 1 1 1 1 1 0 0 0 0 0 0
12 7 7 7 5 4 3 3
-0 -1 -1
605
491
Source: MOSL
26 September 2017
6

India Strategy | Index Reconstitution
Nifty Midcap-100 reconstitution: Healthcare, Technology and Retail big
gainers; NBFCs, Oil and Auto top losers
Nifty Midcap-100 composition will also a change along with other NSE indices.
Six stock changes: Adani Enterprises, Avenue Supermarts, Divis Lab, Escorts,
Fortis Healthcare and Infibeam Incorporation will replace MRF, Petronet LNG,
Reliance Capital, REC, Sun Pharma Advanced Research and Wockhardt.
Healthcare will take number one spot in allocation of Midcap-100 weights at
12.1% (+250bp), replacing NBFCs, which will shed 270bp to 10.5% (-270bp).
Oil & Gas’ weight will decline 180bp to 3.3% due to the exclusion of Petronet
LNG from the Midcap-100 index.
Avenue Supermarts will be included in Midcap-100 with 0.7% weight, taking
Retail’s weight to 2.2% (+70bp).
Exhibit 14: Auto, Oil, NBFCs – biggest losers
Current Weight
New Weights w.e.f 29th Sep
Exhibit 13: Healthcare, Tech will see an increase in weight
Current Weight
New Weights w.e.f 29th Sep
12.1
9.6
5.8
10.0
10.3
8.0
13.2
10.5
6.6
5.1
6.6
1.5
2.2
Cap. Goods
Auto
3.3
NBFC
Source: NSE, MOSL
Healthcare
Technology
Retail
Oil & Gas
Exhibit 15:
Nifty Midcap-100 sectoral weights w.e.f 29 Sep 2017 (%)
12.1
10.510.3
New Weights w.e.f 29th Sep (%)
7.0 6.9 6.6 6.6
Healthcare overtakes
st
NBFCs to secure 1
position in the Nifty
Midcap-100 index
5.0 4.8 4.3 4.2
3.9 3.3
3.1 3.0
2.2 1.9 1.7 1.6
1.0
Source: NSE, MOSL
Exhibit 16:
Nifty Midcap-100 current sectoral weights (%)
13.2
10.0 9.6
Top 3 sectors
contribute one-third
of index
Current Weight (%)
8.0
6.7 6.7 5.8
5.1 4.8 4.6 4.1
4.1 3.8
3.0 2.9
1.8 1.6 1.5 1.5 1.0
Source: NSE, MOSL
26 September 2017
7

India Strategy | Index Reconstitution
NOTES
26 September 2017
10

THEMATIC/STRATEGY RESEARCH GALLERY

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India Strategy | Index Reconstitution
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Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) 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 MOSL 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 MOSL, 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., MOSL 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
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in
the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following
representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
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. MOSL, 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 MOSL. 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 MOSL 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 MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or
employees responsible for any such misuse and further agrees to hold MOSL 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.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
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Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products