Sector Update | 27 August 2020
Oil & Gas
Oil & Gas
A deep-dive into the draft
regulation for unified tariff
Flying high on NGT’s besom
Over the past few years, The National Green Tribunal (NGT) has been at the forefront
in implementing pollution reduction in the country through both policy and punitive
measures.
The Central Pollution Control Board (CPCB) had highlighted back in 2017–18 that 100
industrial clusters across India are polluted. NGT has called for strict action against
such units, including recovering the cost of damage done to the environment for the
past five years. In terms of air pollution levels, 32 of these were critically polluted,
while 28 were severely polluted.
Since the start of 2020 alone, NGT has levied a total of INR4b in fines across industries.
In its July 2020 order, it also asked CPCB to file an Action Taken Report (ATR) on
restricting the use of petcoke and fuel oil by Jan’21.
Natural gas is expected to be at the center of the fight against air pollution. We
highlight Petronet LNG, GUJGA, GAIL, and GSPL as the biggest beneficiaries of these
actions against industrial pollution (air).
Recent punitive measures by NGT
Industrial pollution: Next
driver for gas consumption
Excluding the INR4b fine imposed on 608 ceramic manufacturers at Morbi in
2019, the NGT has levied an additional INR4b in fines totally on 11 companies
since Jan’20 alone.
While none of the above may call for higher usage of natural gas, NGT in its
Jul’20 order asked the CPCB to file an ATR by Jan’21 on restricting the use of
petcoke and fuel oil. The movement against these polluting fuels has been
gaining momentum, and our earlier study suggested a ban on these may
generate new demand of 25mmscmd of natural gas (16% of total gas
consumption in FY20).
While 16% may not look lucrative, combined with coal and other polluting fuels,
replacement demand for dirty fuels could easily be ~100mmscmd (report
link).
Additional demand of 36mmscmd over next 2–3 years, in addition to dirty
fuel replacement
Several of the existing refineries – Paradeep, Barauni, Haldia, Vizag, Bhatinda,
and Mangaluru – are not connected to the gas grid as yet. They could generate
demand of 12mmscmd over the next two to three years as the necessary
pipeline infrastructure gets completed.
In addition to the four existing fertilizer plants – MCFL, MFL, SPIC, and Matix –
four more are under construction – three belong to HURL and one is at
Ramagundam, which is currently under commissioning. They could generate
total gas demand of 15mmscmd.
The City Gas Distribution sector reported total consumption of 28mmscmd in
FY20, and could generate an additional 10mmscmd over the next two to three
years. In total, 36mmscmd of incremental demand could emerge over the next
two to three years.
India has a total gas-based power generation capacity of 25GW. At 80% plant
load factor (PLF), it could consume a total of 91mmscmd of natural gas, against
consumption of 31mmscmd in FY20.
Power sector could provide the icing on the cake
Swarnendu Bhushan- Research Analyst
(Swarnendu.Bhushan@MotilalOswal.com)
Sarfraz Bhimani - Research Analyst
(Sarfraz.Bhimani@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
27 August 2020
1
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Oil & Gas
At LNG price of USD3/mmBtu, total cost of power generation stands at
INR3.8/kwh. Recent low LNG prices have created optimism regarding higher
usage from gas-based power plants.
Although gas generation using oil-linked LNG contracts would still cost
INR5.5/kwh, gas pooling may reduce the cost of gas for power plants, thus
increasing PLFs and gas consumption.
Global LNG trade increased by 40.9mmt to 354.7mmt in 2019. Against this
incremental trade, incremental global liquefaction capacity stood at 42.5mmt,
taking the total liquefaction capacity to 430.5mmtpa. An expanding glut led to
decade-low Asian spot LNG prices at USD5.49/mmBtu in 2019.
The global glut has resulted in new types of contracts. Shell and Tokyo Gas
signed the world’s first LNG contract indexed to coal. 43% of all sales and
purchase agreements signed in 2019 did not specify the final destinations. These
flexibilities are likely to make LNG more attractive to users looking to switch
from coal or other fuels/feedstock to LNG.
While oil-linked LNG prices are at ~USD6/mmBtu, spot prices have declined
further to <USD3/mmBtu, even below the bottom of USD4.1/mmBtu in 2019.
Low LNG prices have also rekindled negotiations with major suppliers such as
Qatargas, which bodes well for consumers.
India’s gas consumption has been constrained by the poor availability of both
domestic gas as well as LNG, in addition to lack of pipeline infrastructure.
Fortunately, they are expected to increase in the coming years.
India’s available LNG capacity is expected to rise from 30.4mmtpa
(109.5mmscmd) to 56.4mmtpa (203mmscmd) over the next two to three years.
However, many such as Chhara (5mmtpa), Dhamra (5mmtpa), Mundra
(1.5mmtpa), and Ennore (2mmtpa) are likely to be completed only toward the
end of the next five years and witness poor utilization.
Additionally, domestic gas is expected to get a boost, with ONGC and RIL adding
16mmscmd and 28mmscmd, respectively, over the next two to three years.
Low LNG prices, driven by global glut, remain the key
Higher availability of gas to aid consumption
Exhibit 1: Peer comparison – valuation snapshot
Company
TP
(%)
(INR) Upside
50
10
37
15
18
36
EPS (INR)
P/E (x)
P/BV (x)
EV/EBITDA (x)
ROE (%)
Div.
Yield
FY20
6.4
0.4
0.9
0.7
3.4
2.8
GAIL (India)
150
Gujarat Gas
360
Guj.St.Petronet
300
Indraprastha Gas
470
Mahanagar Gas 1,200
Petronet LNG
336
FY20 FY21E FY22E FY20 FY21E FY22E FY20 FY21E FY22E FY20 FY21E FY22E FY20 FY21E FY22E
16.5 11.8 15.3
6.1 8.4 6.5 0.9 0.9 0.8 6.3 6.9 5.5 15.0 11.7 13.9
17.3 11.4 16.4 18.8 28.7 20.0 6.8 5.8 4.7 14.5 15.7 11.5 43.6 21.7 25.9
19.7 17.8 19.9 11.1 12.3 11.0 1.8 1.6 1.4 5.2 4.6 3.4 17.8 14.0 13.9
16.2 10.4 17.9 25.5 39.6 23.1 5.7 5.1 4.4 17.6 24.7 14.5 28.3 13.7 20.4
80.3 50.5 75.0 12.6 20.1 13.5 3.4 3.1 2.8 8.3 11.9 7.8 29.7 16.3 22.0
18.5 19.0 21.3 13.4 13.0 11.6 3.4 3.1 2.9 8.1 6.7 5.9 26.4 25.1 26.0
Source: MOFSL
27 August 2020
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 Motilal Oswal Financial Services
Oil & Gas
Exhibit 2: Summary of projected demand and supply
~49mmscmd of this supply (LNG) would be completed
only towards the end of next 2-3 years
75.0
25.0
36.4
153.3
Increased pipeline penetration & stricter
enforcement of environmental norms could
boost demand
Replacement of
other dirty fuels
290.4
Consumption in Base case demand Ban on petcoke
FY20
in 2-3 years
and fuel oil
Total supply
capacity
Source: MOFSL
Exhibit 3: Cost of power generation with regard to LNG prices
Variable cost (INR/KWH)
Fixed cost (INR/KWH)
4.9
3.1
3.4
3.8
4.9
Total cost (INR/KWH)
5.5
2.5
2.9
3.2
4.3
LNG price FOB (USD/mmBtu)
Source: MOFSL
Exhibit 4: Recent punitive measures by NGT
Date
8/15/2020
8/15/2020
8/15/2020
8/15/2020
Co_Name
Aegis Logistics
BPCL
HPCL
Sealord Containers
Greater Calcutta
Gas Supply
Corporation Ltd
IOCL
NTPC
Sub-sector
Reason for Fine Region of incident
Logistics of storing
oil, gas and
chemicals
Mumbai's
OMC "Gas chamber" like
Ambapada,
conditions
Mahul,
OMC
Chembur
Logistics of storing
oil, gas and
chemicals
Gas
Refinery
Gas leak
Bad quality of air,
water & earth
Breach of fly ash
dyke
Kolkata
Panipat refinery
Type of pollution
Amount (INR m)
1,420
Air
675
765
2
7/30/2020
7/26/2020
7/16/2020
Air
Air, Water
Water
6
250
100
7/8/2020
7/8/2020
6/25/2020
5/8/2020
9/13/2019
Sainor Life Sciences
Spy Agro industry
Oil India
LG Polymers India
608 ceramic units
Vindhyachal Super
Utilities
Thermal Power
Station in Singrauli
Parawada,
Gas leak
Visakhapatnam,
Andhra Pradesh
Kurnool, Andhra
Gas leak
Pradesh
Blowout at Baghjan
Refinery
Baghjan, Assam
well
Chemicals
Styrene gas leak
Visakhapatnam
Units were running
Ceramics
Morbi
on coal gasifiers
Air
Air
Air, Water
Air
Air
6
4
250
500
4000
Source: NGT, industry, MOFSL
27 August 2020
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 Motilal Oswal Financial Services
Oil & Gas
Petronet LNG remains the biggest beneficiary
Incremental domestic gas of 44mmscmd may appear higher than incremental
demand of 36mmscmd. However, considering that the ban on dirty fuels alone
could generate 100mmscmd of incremental demand, the focus on imports
would be strong as ever.
A total of 94mmscmd of incremental LNG capacity is also expected to emerge
over the next two to three years. However, ~49mmscmd is expected to come up
only toward the end of the next five years. Additionally, upcoming demand
centers such as ssLNG, with potential 6–8mmtpa in LNG trucking alone, could
further ensure high utilization in all upcoming LNG terminals announced thus
far.
The Kochi–Mangaluru pipeline is expected to be commissioned soon. Dahej is
expected to expand its capacity by 2mmtpa with the two tanks of INR13b and a
third jetty of INR10b. The management has tried to allay concerns on
investments in the Tellurian project, although the MOU remains in force up to
Dec’20.
We expect an EBITDA CAGR of 15% for PLNG over FY20–22. The stock is trading
at 11.6x FY22 EPS of INR21.3 and 5.9x FY22 EV/EBITDA. We value PLNG using
DCF at INR336/share. The board’s approval of the Gopalpur LNG terminal would
be the biggest trigger for the stock, which would ease the double-edged
concerns of its investors – usage of cash and long-term volume growth.
Since NGT’s April 2019 order banning coal gasifiers at Morbi, we have seen gas
consumption at Morbi rising to the peak of 6.2–6.4mmsmcd from an erstwhile
~2.4mmscmd. Gujarat is home to five critically polluted industrial clusters. NGT’s
orders may prove to be a boon in these areas.
Gujarat was awarded six new geographical areas during the recently concluded
10
th
CGD bidding round. These would aid volume growth for the company in the
longer run. Additionally, the regulatory board (PNGRB) ruled that GAIL stop
supply to consumers designated for CGD at Tarapur and Thane. This could add
~0.3mmscmd of volumes in the short term. Similar rulings are expected at Dahej
as well.
With ~400 CNG outlets, GUJGA sells only 1.5mmscmd of CNG v/s 4.5mmscmd
that IGL sells in NCR alone. Gujarat is home to ~78k buses, ~90k taxis, and ~850k
autos. With the increasing penetration of CNG outlets, the CNG segment is
expected to pick up soon.
GUJGA is trading at 20x FY22 EPS of INR16.4 and 11.5x FY22 EV/EBITDA. We
value GUJGA at 22x FY22. With target price of INR360, we reiterate Buy on the
stock. GUJGA is also one of our MOFSL portfolio stocks.
With ever-increasing gas demand in the country, transmission pipelines would
play a critical role in reaching both imported and domestically produced gas to
consumers. This should encourage the development of new pipeline
infrastructure in the country.
Currently, ~10mmscmd of gas is sold outside of India (of the total contracted
volumes of 46–47mmcscmd). From Jun’21, the entire volume would be sold in
India with the commissioning of the four fertilizer plants (on JHDBPL), and
should reach full capacity of 16mmscmd as pipeline construction connecting the
refineries is completed (in 2021 with Phase-II).
GUJGA – new areas, NGT’s directives, long-term CNG potential
GAIL – surge likely in trading and transmission volumes in near future
27 August 2020
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 Motilal Oswal Financial Services
Oil & Gas
Additionally, domestic gas is expected to get a boost with ONGC and RIL adding
16mmscmd and 28mmscmd, respectively, over the next two to three years.
Considering that most potential users in the KG Basin are power plants that may
not be able to bear the high cost of the KG Basin gas, GAIL could boost
transmission volumes by 29% simply by routing 70% of the gas to the western
coast.
We expect an EBITDA CAGR of ~11% over FY20–22, with FY22 EV/EBITDA of
5.5x. The Transmission segment would likely remain the major contributor to
EBITDA (~50% share), with volumes estimated to grow to ~125mmscmd in FY22.
The stock trades attractively at 6.5x FY22E EPS of INR15.3 and PBV of 0.8x FY22E
BV of INR124. It maintains a strong dividend payout of ~35%, yielding 3.5–4.5%.
We value GAIL at 8x FY21E EPS, adjusted for other income, and then add the
value of investments. With target price of INR150, we reiterate our Buy rating.
Available LNG regas capacity is expected to jump 54% from 24mmtpa currently
to 40mmtpa over the next two to three years in Gujarat. This presents massive
volume growth opportunity for Gujarat State Petronet (GUJS).
On the gas evacuation front, the reach of LNG terminals such as the Anjar–
Chotila expansion and partial completion of the 77mmscmd/76mmscmd
Mehsana–Bhatinda / Mallavaram–Bhilwara pipelines should increase to the rest
of India.
Additionally, five industrial clusters in Gujarat are classified as severely/critically
polluted. Strict actions (as taken for Morbi) could increase transmission volumes
for GUJS. We believe Gujarat Gas (GUJGA) could see a major boost of ~10% in
volume CAGR over the medium term on the highest volume base among peers
(link
to report).
The company currently has a pipeline capacity of ~42mmscmd. Considering an
additional 15.5mmtpa of gas on its grid (i.e., ~56mmscmd v/s current annual
volumes of 40–42mmscmd), we believe capex is inevitable.
GUJS may spend INR18b on spur lines and capacity augmentation by end-FY23.
Also, the company plans to spend another ~INR22b over the next three to four
years as capacity utilization increases from upcoming terminals. This is against
the net fixed assets (NFA) of INR43b for the HP pipeline, when its tariff was
decided in 2018.
At a 25% holding company discount, 54% stake in Gujarat Gas (and 27.5% stake
in Sabarmati Gas) provides a valuation of INR141/share for GUJS, implying 3.6x
FY22E P/E for the standalone business.
The stock is trading at 11x FY22E P/E, and we value GUJS at 8x standalone. We
reiterate Buy with target price of INR300/share.
Gujarat State Petronet – rise in volumes would dwarf possible cuts in tariffs
Thus far, the regulator has not cut tariff for the lower tax rate adjustment. However,
this is likely to be docked soon. As per our model assumptions, for every 10% change
in tariff, the sensitivity to change in EBITDA/EPS is 5%/6% for GAIL and 12%/15% for
GSPL.
27 August 2020
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 Motilal Oswal Financial Services
Oil & Gas
Exhibit 5: Upcoming fertilizer plants and their gas consumption demand
Sl No
New Plants (gas based)
1
2
3
4
Existing plants to start consuming gas
5
6
7
8
Location
Gorakhpur
Sindri
Barauni
Ramagundam
Mangalore
Manali
Tuticorin
West Bengal
Company
Hindustan Urvarak & Rasayan Limited
Hindustan Urvarak & Rasayan Limited
Hindustan Urvarak & Rasayan Limited
Ramagundam Fertilizers & Chemicals Ltd
Mangalore Chemicals & Fertilizers Ltd
Madras Fertilizers Ltd
Southern Petrochemicals Industries Ltd
Matix Fertilizers & Chemicals Ltd
Capacity (mmtpa)
1.3
1.3
1.3
1.3
Gas demand
(mmscmd)
2.4
2.4
2.4
2.4
0.4
0.7
0.5
0.9
0.6
1.1
1.3
2.4
Source: industry, MOFSL
Exhibit 6: Refineries not connected with gas grid
Location
Paradeep
Barauni
Haldia
Vizag
Bhatinda
Manali
Mangaluru
Total
Manali is already connected
Company
Indian Oil
Indian Oil
Indian Oil
Hindustan Petroleum
HPCL Mittal
Chennai Petroleum
Mangalore Refinery & Petrochem
Refinery capacity Expected gas consumption
(mmtpa)
(mmscmd)
15
2.5
6
1.0
8
1.3
15
2.5
11
1.9
11
1.8
15
2.5
11.6
Source: industry, MOFSL
Expected sales in 3yrs
Incremental (mmscmd)
(mmscmd)
8.2
1.8
12.4
3.0
3.4
0.5
14.3
4.9
10.2
Source: industry, MOFSL
Exhibit 7: Expected growth in consumption from CGDs
Company
IGL
Gujarat Gas
MGL
Others
Total
Sales vol. FY20
(mmscmd)
6.4
9.4
3.0
9.4
Exhibit 8: Economies of spot LNG v/s alternative fuel…
USD/mmbtu
30
22
14
6
-2
-10
Source: Reuters, MOFSL
Spot LNG
Naphtha
FO
LPG
Exhibit 9: …remain attractive despite reviving off the trough
USD/mmbtu
32
24
16
8
0
-8
Source: Reuters, MOFSL
Spot LNG
Diesel
Petrol
27 August 2020
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 Motilal Oswal Financial Services
Oil & Gas
Exhibit 10: Fuel oil consumption in India stands at ~5.3mmt… Exhibit 11: …and petcoke consumption is at ~10.9mmt
Fuel Oil (tmt)
Petcoke (tmt)
Source: Data as of FY19 PPAC, MOFSL
Source: Data as of FY19 PPAC, MOFSL
27 August 2020
7
 Motilal Oswal Financial Services
Oil & Gas
NOTES
27 August 2020
8
 Motilal Oswal Financial Services
Oil & Gas
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.
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27 August 2020
9
 Motilal Oswal Financial Services
Oil & Gas
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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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