Jindal Steel & Power
BSE SENSEX
40,675
S&P CNX
11,994
3 December 2019
Update
| Sector:
Metals
CMP: INR150
TP: INR175(+17%)
Buy
Order on Sarda mines deferred
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
JSP IN
973
152.5 / 2.1
190 / 91
20/-8/-20
2125
39.6
Financials Snapshot (INR b)
2019 2020E 2021E
Y/E Mar
393.7 385.1 389.5
Net Sales
84.1
76.5
86.6
EBITDA
3.2
-6.8
1.1
PAT
3.3
-7.0
1.1
EPS (INR)
-138.7 -313.3 -116.3
Gr. (%)
335.0 327.0 328.2
BV/Sh (INR)
1.0
-2.1
0.3
RoE (%)
5.3
4.4
5.7
RoCE (%)
0.4
0.5
0.4
P/BV(x)
6.5
6.9
5.7
EV/EBITDA(x)
Shareholding pattern (%)
As On
Sep-19 Jun-19 Sep-18
Promoter
60.4
60.5
58.7
DII
11.1
9.2
11.1
FII
15.3
15.1
18.3
Others
13.3
15.1
12.0
FII Includes depository receipts
Stock Performance (1-year)
Jindal Steel
Sensex - Rebased
200
150
100
50
The Supreme Court (SC) has deferred its verdict on JSP’s case related to the offtake
of iron ore from the Sarda mines. As a backdrop, we note that operations at the
Sarda mines have been shut since 2014. JSP though had made payment for ~12mt
of iron ore (mainly fines) to Sarda and the state (royalty/taxes), thereby stating its
claim on the related ore. This claim has been challenged by the Odisha government
in the SC (Odisha High court had ruled in favor of JSP). Odisha has claimed that
transportation of material forms part of mining activity (according to the MMDR
Act) and necessitates an environment clearance for the mine. Hearing on this case
has been ongoing and a verdict was expected in today’s hearing. The decision
though has been deferred with the next hearing now scheduled to the second
week of Jan’20, according to our interactions with JSP.
Positive verdict may lead to INR22-24b savings
JSP cited it sources iron ore fines at INR1,800-2,000/t (ex-mine). Thus, if the
company were allowed to lift the 12mt of fines, it will lead to a benefit of INR22-
24b. Moreover, this would come at a time when the domestic iron ore market may
get disrupted upon expiry of iron ore leases in Mar’20. Our FY21 volume estimates
(~6mt) imply annual iron ore requirement of ~9.6mt. JSP sources ~3mt from its
captive mines and the balance (~7mt) from various merchant mines. Thus,
availability of this 12mt would provide significant cushion against any possible
disruption (accounting for 18-20 months of sourcing from merchant mines).
Maintain Buy on FCF generation as volumes ramp up
In recent times, JSPL’s stock has re-rated (up ~55% over the past two months) on
expectations of (a) benefit of coal block allocation (Gare Palma), (b) possible
positive verdict on the Sarda mines case and (c) a recovery in steel prices. Domestic
and global steel prices have shown signs of recovery over the past two months
which is a positive. We do not build in any benefit from offtake of iron ore from the
Sarda mines as the final verdict is still awaited. Favorable verdict for the same
would drive an upside to our numbers. We note that the stock may remain volatile
over the near term on news flow related to the same. We continue liking JSP as
major capex is now behind and FCF generation should continue along with ramp-
up in volumes. Re-iterate
Buy
with an SOTP-based target price of INR175.
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.
Amit Murarka
– Research Analyst
(Amit.Murarka@motilaloswal.com); 02271992309
Aniket Mittal
– Research Analyst
(aniket.mittal@motilaloswal.com); 912271985585
 Motilal Oswal Financial Services
Jindal Steel & Power
Financials and Valuations
Income Statement (Consolidated)
Y/E March
Net sales
Change (%)
Total Expenses
EBITDA
% of Net Sales
Depn. & Amortization
EBIT
Net Interest
Other income
PBT before EO
EO income
PBT after EO
Tax
Rate (%)
Reported PAT
Minority interests
Preference dividend
Share of Associates
Adjusted PAT
Change (%)
daff
2014
192,863
-2.6
135,099
57,764
30.0
18,292
39,472
15,008
656
25,120
0
25,120
6,182
24.6
18,938
-140
0
26
19,104
-45.2
2015
201,592
4.5
146,994
54,598
27.1
27,328
27,270
25,837
2,256
3,689
-19,116
-15,428
-882
5.7
-14,546
-1,738
26
6,335
-66.8
2016
183,709
-8.9
149,299
34,410
18.7
28,194
6,216
32,808
2,200
-24,391
-2,358
-26,750
-6,763
25.3
-19,987
-980
0
-14
-16,662
-363.0
2017
210,194
14.4
163,581
46,613
22.2
39,490
7,122
34,240
411
-26,706
-3,723
-30,429
-5,027
16.5
-25,402
-2,524
0
27
-19,128
14.8
2018
276,244
31.4
211,553
64,691
23.4
38,830
25,861
38,657
29
-12,767
-5,874
-18,641
-2,398
12.9
-16,243
-2,064
0
87
-8,218
-57.0
2019
393,721
42.5
309,666
84,056
21.3
41,938
42,118
42,642
157
-367
-27,650
-28,017
-3,902
13.9
-24,115
-7,644
0
0
3,178
-138.7
2020E
385,126
-2.2
308,620
76,506
19.9
42,358
34,148
41,353
32
-7,173
0
-7,173
1,658
-23.1
-8,832
-2,016
0
0
-6,815
-314.4
(INR M)
2021
389,542
1.1
302,969
86,573
22.2
42,751
43,822
41,120
2,702
0
2,702
946
35.0
1,756
-6
0
0
1,112
-116.3
(INR M)
2021
973
318,294
319,267
-5,033
378,590
53,643
746,467
935,003
295,049
639,954
25,272
6,164
1,452
185,260
65,102
32,017
29,910
58,231
110,984
37,353
73,631
74,275
747,117
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
Goodwill & Revaluation
Investments
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Loans & advances and others
Curr. Liability & Prov.
Account Payables
Provisions & Others
Net Current Assets
Appl. of Funds
2014
915
225,191
226,105
10,802
363,682
14,727
615,316
466,646
122,687
343,959
178,112
5,930
3,418
209,301
48,812
17,724
10,153
132,612
125,405
49,192
76,212
83,896
615,316
2015
915
209,506
210,421
8,573
455,007
20,185
694,185
612,235
151,286
460,949
90,728
5,485
17,852
180,353
48,487
16,907
11,391
103,568
61,181
38,391
22,790
119,172
694,185
2016
915
180,556
181,471
8,003
470,132
13,477
673,082
627,116
178,233
448,883
118,266
5,485
3,577
159,182
32,360
14,292
6,204
106,326
62,310
42,186
20,124
96,872
673,082
2017
915
299,590
300,505
6,467
466,571
53,586
827,129
783,127
129,476
653,651
97,162
5,670
3,677
145,820
35,993
17,166
5,144
87,517
78,850
22,221
56,629
66,970
827,129
2018
968
302,878
303,846
4,403
443,104
50,284
801,638
846,580
168,002
678,578
49,775
5,922
1,458
156,572
49,596
18,261
4,786
83,930
90,667
28,434
62,233
65,905
801,638
2019
968
323,309
324,276
-3,011
408,590
53,643
783,498
900,003
209,940
690,063
40,272
6,164
1,452
157,902
65,095
30,292
4,284
58,231
112,355
38,724
73,631
45,548
783,498
2020E
973
317,182
318,155
-5,027
388,590
53,643
755,360
925,003
252,298
672,705
25,272
6,164
1,452
160,329
64,364
31,654
6,080
58,231
110,561
36,930
73,631
49,768
755,360
3 December 2019
2
 Motilal Oswal Financial Services
Jindal Steel & Power
Financials and Valuations
Ratios (Consolidated)
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
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)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Payable (Days)
Work.Cap.Turnover (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Debt/Equity
dsaf
Y/E March
EBITDA
Non cash exp. (income)
(Inc)/Dec in Wkg. Cap.
Tax Paid
others
CF from Op. Activity
(Inc)/Dec in FA + CWIP
(Pur)/Sale of Investments
Acquisition in subsidiaries
Loans and advances
Int. & Dividend Income
Other investing activities
CF from Inv. Activity
Equity raised/(repaid)
Debt raised/(repaid)
Dividend (incl. tax)
Interest paid
Other financing
CF from Fin. Activity
(Inc)/Dec in Cash
Add: opening Balance
Closing Balance
2014
20.9
40.7
247.1
1.6
7.9
7.1
3.6
0.6
2.5
8.5
1.1
30.0
9.9
8.8
7.3
11.4
0.4
0.3
92.4
33.5
93.1
38.2
1.7
2.6
1.6
2015
6.9
14.0
230.0
1.6
27.0
21.4
10.6
0.6
2.9
10.6
1.1
27.1
3.1
2.9
4.5
5.5
0.4
0.3
87.8
30.6
69.5
53.5
2.9
1.1
2.1
2016
(18.2)
9.0
198.4
0.0
0.0
(8.2)
16.5
0.7
3.3
17.4
0.0
18.7
(9.1)
(8.5)
1.2
1.1
0.3
0.3
64.3
28.4
83.8
49.4
2.6
0.2
2.6
2017
(20.9)
15.4
328.4
0.0
0.0
(7.1)
9.6
0.5
2.8
12.8
0.0
22.2
(9.1)
(7.9)
1.0
1.1
0.3
0.3
62.5
29.8
38.6
29.4
1.8
0.2
1.5
2018
(8.5)
23.3
313.9
0.0
0.0
(17.5)
6.4
0.5
2.1
9.0
0.0
23.4
(3.0)
(2.6)
3.2
3.6
0.4
0.3
65.5
24.1
37.6
22.1
1.7
0.7
1.4
2019
3.3
18.4
335.0
0.0
0.0
45.2
8.1
0.4
1.4
6.5
0.0
21.3
0.8
1.0
5.3
5.7
0.5
0.5
60.3
28.1
35.9
10.5
1.4
1.0
1.2
2020E
(7.0)
34.5
327.0
0.0
0.0
(19.2)
4.3
0.5
1.4
6.9
0.0
19.9
(1.8)
(2.1)
4.4
4.7
0.5
0.4
61.0
30.0
35.0
20.0
1.5
0.8
1.2
2021
1.1
45.8
328.2
0.0
0.0
117.9
3.2
0.4
1.3
5.7
0.0
22.2
0.3
0.3
5.7
6.3
0.6
0.4
61.0
30.0
35.0
20.0
1.7
1.1
1.1
(INR M)
2021
86,573
-678
-946
84,950
-10,000
0
0
-10,000
-10,000
0
-41,120
-51,120
23,830
6,080
29,910
Cash Flow Statement (Consolidated)
2014
57,764
-2,456
12,816
-8,337
59,786
-141,525
4,898
-4,312
-1,797
1,805
494
-140,437
-3,986
115,838
-1,488
-21,775
212
88,802
8,152
2,001
10,153
2015
54,598
-21,600
-18,154
-3,393
11,451
-50,964
-13,430
367
0
1,003
-2,341
-65,365
5
90,704
-1,448
-34,381
271
55,151
1,238
10,153
11,391
2016
34,410
-4,581
11,762
-170
41,422
-39,500
15,904
1,052
-1,337
2,292
1,699
-19,889
0
9,230
-8
-35,941
0
-26,719
-5,187
11,391
6,204
2017
46,613
-1,020
7,190
450
15,840
69,072
-24,975
5,164
-934
754
1,511
-18,481
0
-10,256
0
-41,396
-51,651
-1,060
6,204
5,144
2018
64,691
2,853
-9,267
-553
14,101
71,825
-25,767
12,299
-2,376
1,533
-533
-14,845
13,883
-24,391
15
-46,845
-57,338
-358
5,144
4,786
2019
84,056
19,856
3,902
-28,180
79,633
-10,000
0
157
-27,650
-37,493
0
0
-42,642
-42,642
-502
4,786
4,284
2020E
76,506
-2,424
-1,658
693
73,117
-10,000
0
32
-9,968
-20,000
0
-41,353
-61,353
1,796
4,284
6,080
3 December 2019
3
 Motilal Oswal Financial Services
Jindal Steel & Power
NOTES
3 December 2019
4
 Motilal Oswal Financial Services
Jindal Steel & Power
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
Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities of Motilal Oswal Financial Services Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
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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
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) or may have
any 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
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https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental
research and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated
from MOFSL research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.
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located in Hong Kong & are not conducting Research Analysis in Hong Kong.
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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
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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.
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Specific Disclosures
1 MOSL, 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 MOSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOSL, 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 MOSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOSL has not received any compensation or other benefits from third party in connection with the research report
10 MOSL has not engaged in market making activity for the subject company
3 December 2019
5
 Motilal Oswal Financial Services
Jindal Steel & Power
********************************************************************************************************************************
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.
3 December 2019
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