Sector Update | 8
Infrastructure
Sector Update |
August 2024
Infrastructure
Technology
Muted NHAI project awarding amid elections
Key Indicators
FY23 FY24
Daily
average
1.5 1.8
FASTag toll
(INR b)
Tenders
awarded
6,003 2,500
by NHAI (km)
FY25
1.9
47
Road
construction 4,882 6,644 1,135
by NHAI (km)
NHAI’s awarding activity in the first four months of FY25 was limited to 47km due to
general elections in Jun’24. In FY24, NHAI awarded ~2,500km and completed 6,644km
of construction. Muted awarding by NHAI affected FY24 order inflows for several road
construction companies.
FASTag toll collections grew ~6% YoY in volume and ~10% YoY in value terms in
1QFY25, aiding asset monetization.
NHAI has set a monetization target of INR540b for FY25 with a new asset monetization
cell. After exceeding its FY24 target with four ToT bundles worth INR159b, NHAI plans
to offer a dozen bundles in FY25, aiming for a higher target than the INR400b achieved
in FY24.
DFCCIL has commissioned 2,734km of the planned 2,843km for both the Eastern and
Western Dedicated Freight Corridors (DFCs). The completion deadline is extended to
Dec’24 due to land acquisition delays.
NHAI awarding disappoints in YTDFY25 amid general election
NHAI's awarding activity in the initial four months of FY25 was muted, with only
47km of projects awarded during Apr-Jul’24, primarily due to the general elections
in Jun’24. In FY24, NHAI awarded ~2,500km of projects, with construction reaching
6,644km. Subdued awarding affected order inflows for road construction
companies. Construction during Apr-Jul’24 was 1,135km, with activity expected to
increase in 2HFY25.
FASTag toll collections witnessing consistent improvement
FASTag toll collections improved (volume) ~6% YoY during 1QFY25, while collection
value increased by ~10% YoY. Higher toll collections play a crucial role in expediting
the monetization process of road assets by the Ministry. Additionally, toll collections
are beneficial to companies seeking to monetize their existing toll assets.
Asset monetization in focus for NHAI
NHAI sets up an asset monetization cell and has a monetization target of INR540b in
FY25. The cell will advise on planning, conduct market analysis, and identify high-
revenue assets.
In FY24, NHAI exceeded its target by awarding four ToT bundles worth INR159b. For
FY25, NHAI plans to offer a dozen bundles for private bids, aiming to achieve
significantly higher monetization than the INR400b reached in FY24.
Declining input prices to improve margins for contractors
Steel and aluminium prices have decreased by ~30% from their highs in Apr’22.
Cement prices have increased by ~8% from their highs in Oct’23. With higher
construction activities and stability in commodity prices, road contractors anticipate
some improvement in profitability and margins in 2HFY25.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Alok Deora - Research analyst
(Alok.Deora@MotilalOswal.com)
Saurabh Dugar - Research analyst
(Saurabh.Dugar@MotilalOswal.com)
 Motilal Oswal Financial Services
Sector Update | Infrastructure
Players with strong order books, balance sheet strength, and diversified
operations well placed
Although there has been a slowdown in project awarding in FY24 and the initial four
months of FY25, the tender pipeline is currently robust. Entities with significant
order backlogs, strong financial standings, and involvement across diverse sectors
are well poised to benefit from NHAI's proactive approach to project allocation in
FY25. Our top pick in this sector is KNR Constructions (KNRC).
Subdued project awarding by NHAI during general election
Exhibit 1: NHAI awarding and construction trends (in km)
Tenders awarded by NHAI (in km)
Road construction by NHAI (in km)
Awarding target for FY25
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25E
Sources: NHAI, MOFSL
Project awarding by NHAI totaled ~2,500km in FY24, while construction reached
6,644km. Muted awarding by NHAI severely affected order inflows for several road
construction companies in FY24. Consequently, many companies failed to meet their
order inflow targets for FY24.
Exhibit 2: EPC projects constituted 41% of 2,500km of
projects awarded during FY24…
Share of Projects Awarded (%)
39%
41%
156
Exhibit 3: …and 54% of the total projects awarded (in value
terms)
Value of Projects Awarded (INR b)
182
20%
2
HAM
EPC
Item rate & Others
Source: NHAI, MOFSL
HAM
EPC
Item rate & Others
Source: NHAI, MOFSL
Order awarding by NHAI has been muted in the initial four months of FY25 (Apr-
Jul’24). The muted awarding activity was due to the general elections in 1QFY25.
Construction over Apr-July’24 stood at 1,135km. Construction activity is expected to
pick up in 2HFY25.
8 August 2024
2
 Motilal Oswal Financial Services
Sector Update | Infrastructure
Exhibit 4: List of Civil Project awarded in FY 2023-24
S.no Project Name
Construction of 1 Nos ROB, 2 Nos VUPs, Service roads, provision of
lighting and construction of other miscellaneous works at various
stretches including maintenance of existing section of NH-4 from
AP/Tamil Nadu Border (Km.134.890) to Nalagampalli village
(Km.172.000)
4L of Bakarpur Hat ( NH19 Bypass)
–Manikpur section of NH-139W
4L Elevated Corridor and at-grade improvements from Design
Ch:0+000 to Design Ch: 19+870 of Danapur – Bihta Section, Design
Ch:0+000 to Design Ch:0+231 connecting the existing RoB near
Danapur station ,1.35 Km ramps and at-grade improvements to 4-
lane section on Danapur side and Upgradation of existing Two lane
carriageway to Four Lane carriageway from Design Ch:19+870 to
Design Ch:23+500 of Bihta - Koilwar section
4L Greenfield starting from NH-30 near Saristabad (Patna) to
Nathupur (Project end point of Patna-Gaya-Dobhi Section of
NH-83)
Long Term measures for 4nos. of Black Spots Locations, Construction
of Mandir Hasaud Flyover and Electrical work of 04 nos at Raipur-
Aurang section of NH-53 from Km. 239 to Km 282
Construction of VUP at Km. 51.300 (Baghola) on Delhi-Agra section of
NH-2
Construction of LVUP Design Ch.117.920, LVUP and other related
works on Panipat- Jalandhar section of old NH-1 (new NH 44) from
Km 96.000 to Km 387.100
Construction of Vehicular Underpass (VUP) (6-Lane) 1 No on Hisar-
Dabwali section of old NH-10 (new NH-09) from Chainage Km.
217.900 to Km. 218.550
Construction of Service Road between km.143.400 to km.143.800
(LHS) in Village Kakkar Majra on Yamunanagar - Saha - Barwala -
Panchkula Section
Construction of Foot Over Bridge (FOB) at Ch. 2.180 near Civil Hospital
Ambala Cantt on Ambala - Saha section of NH-444A
4/6 Lane of Yamunanagar-Saha-Barwala- Panchkula Section of NH-73
from Km.70.830 to Km.115.400 – Treatment of 2 Nos. of Potential
Total
Length
State
PIU
Lanes
NH (New)
Mode
Concessioner
Total
Awarded
Cost (INR b)
1.5
Loa Date
Civil work
1
5.5
Andhra
Pradesh
Bihar
Tirupati
4L PS
4
EPC
SD Infra
RKD Construction
Pvt. Ltd.
Ceigall India Limited-
YFC Projects Private
Limited JV
H.S. Engineers &
Associates-Velji
Ratna Sorathia Infra
Pvt. Ltd. JV
Vishesh Infrastructure
Pvt.
Ltd.
Chaudhary
Construction
Company Pvt. Ltd.
Kisan Construction Co.
Himalayan Infracorp
Private Limited
N.B.Construction
Company
Satish Aggarwal & Co
Mahender Singh
Contractor
13-04-2023
2
38.8
Motihari
4L
139W
HAM
11.2
03-08-2023
3
25.1
Bihar
Patna
4L
922
EPC
19.7
13-09-2023
4
3.9
Bihar
Gaya
4L PS
83
EPC
1.0
09-10-2023
5
6
7
8
9
10
11
0.8
1.8
1.5
0.7
0.4
0.0
1.9
Chhattisgarh
Haryana
Haryana
Haryana
Haryana
Haryana
Haryana
Raipur-I
CMU
Mathura
Ambala
Hissar
Chandigarh
Ambala
Chandigarh
4L
6L
6L
4L
2L
4L
4L PS
53
19
44
09
344
444A
344
EPC
EPC
EPC
EPC
Item Rate
Item Rate
EPC
0.3
0.2
0.1
0.1
0.0
0.0
0.3
24-08-2023
18-04-2023
21-10-2023
29-05-2023
28-07-2023
01-09-2023
21-10-2023
8 August 2024
3
 Motilal Oswal Financial Services
Sector Update | Infrastructure
S.no Project Name
Blackspot locations (1) Karera Khurd, Yamunanagar at km.78.520 and
(2) Thana Chapper, Yamunanagar at km.101.228
4L PS Bijni to Mandi section from Km 202.815 to Km 208.000 of NH-
20 (New NH
154) of Pathankot-Mandi (Package-VB)
Rectification of Black Spots at Gole Mela and Construction of Service
Road to Existing VUP at Sangoor on Jammu
Udhampur Section of NH-44
6L Flyover for rectification of Blackspot at km 518.440 (Mouda T-
Junction) on Nagpur - Wainganga Bridge Section from km 517.655 to
km 519.100
Improvement of Existing Alignment of Pandharpur Town (Part
Bypassed Section of NH 965 from KM 36.230 to KM 44.230)
from Chh. Shivaji Maharaj Chowk to
Wakhari
Rehabilitation and Up gradation from 4 to 8 laning of Chandikhole –
Paradip Section of NH-53 (Old NH – 5A) from Km.60.000 to Km.76.646
(Package-4)
Construction of Steel Truss Bridge at Km. 1+700, 2+450, 3+300 and
3+900 over
Sidhwan Canal on 4-lane (Partial Access
Controlled) Laddowal Bypass from Km
0.000 to Km 17.041
Construction of the service road from Km.74.220 to Km.75.00
including Minor Bridge at Km.74.361 at Village Fatehpur
Distt. SBS Nagar
Rectification of Blackspot by Construction of Underpass at Sohal Town
on Pathankot
- Amritsar Section of NH-15 from Km.6.082 to Km.108.502 at Ch.
43+500
Strengthening / Overlaying on Six lane Gurgaon – Kotputli – Jaipur
section from Km 188.000 to Km 268.300 of NH 48 (Old
NH- 8)
Construction of Trumpet Interchange Connecting Bangalore –
Chennai Expressway (km.261+705 to km. 262+800) with Maduravoyal
to Walajapet Section of NH 48 near Sriperumbudur Toll Plaza at km.
35+700
Total
Length
State
PIU
Lanes
NH (New)
Mode
Concessioner
Total
Awarded
Cost (INR b)
Loa Date
Civil work
12
13
14
5.4
1.8
1.4
Himachal
Pradesh
Palampur
4L PS
2L/4L
6L
NH-154
44
53
HAM
EPC
EPC
Gawar Construction
Ltd
Bandh & Co.
Shri Swami Samarth
Engineers Ltd.
AK Shivhare
Infrastructure Pvt.
Ltd.
Rail Vikas Nigam
Limited
9.7
0.4
0.5
16-10-2023
25-05-2023
11-10-2023
Jammu and
Udhampur
Kashmir
Maharashtra
Nagpur (PD-
1)
15
8.0
Maharashtra Pandharpur
4L PS
965
EPC
0.8
13-06-2023
16
16.6
Odisha
Chandikhole
8L
53
HAM
8.1
13-07-2023
17
0.1
Punjab
Ludhiana
3L
5
EPC
Bhullar Constructions
0.2
26-09-2023
18
0.8
Punjab
Jalandhar
Others
344A
Item Rate
Mahipal Construction
Co.
Vijay Kumar
Contractor
Patel Infrastructure
Limited
Jayshree international
in JV with Pratap
Builders
0.0
01-05-2023
19
0.9
Punjab
Amritsar
4L
54
EPC
0.2
01-09-2023
20
80.3
Rajasthan
Jaipur
6L
48
Item Rate
4.0
30-06-2023
21
1.1
Tamil Nadu Kanchipuram
4L
E-7 & NH-4
EPC
0.9
11-07-2023
8 August 2024
4
 Motilal Oswal Financial Services
Sector Update | Infrastructure
S.no Project Name
22
Construction of approaches to ROB at Km.51/700 (159-A & B @
Km.55/6-10 between (Singaperumal koil, Paranur Stations) in the
Tambaram – Tindivanam section of NH-32 (Old NH 45)
Construction of New Double Tier 4L Elevated Corridor from Chennai
Port to Maduravoyal in Chennai District from km -
0.342 to Km 20.593 and Package IV from (Km 14.185 to Km 20.593)
Construction of New Double Tier 4L Elevated Corridor from Chennai
Port to Maduravoyal in Chennai District from km -
0.342 to Km 20.593 and Package III from (Km 9.700 to Km 14.185)
Construction of New Double Tier 4L Elevated Corridor from Chennai
Port to Maduravoyal in Chennai District from km -
0.342 to Km 20.593 and Package II from (Km 4.604 to Km 9.700)
Construction of New Double Tier 4-lane Elevated Corridor from
Chennai Port to Maduravoyal in Chennai District from Km - 0+342 to
Km 20+223 Package 1 from (Km -
0+342 to Km 4+604)
Permanent Rectification of Black Spot TN- (02)-267 & TN-(02)-689 by
Constructing a Vehicular Underpass (VUP) (1x20x5.5m) at Km. 48+640
(Selliyampalayam) in the project of Salem Ulundurpet Section of NH-
79 (Old NH-68)
Permanent Rectification of Black Spot TN- (02)-538 by Constructing a
Vehicular Underpass (VUP) (1x12x5.5m) at Km. 32+450 (Mathur
Junction) in the project of Salem Ulundurpet Section of NH-79 (Old
NH-68)
Permanent Rectification of Black Spot TN- (02)-535 & TN-(02)-132 by
Constructing a Vehicular Underpass (VUP) (1x12x5.5m) at Km. 66+165
(Sarvoy Junction) and Constructing a Light Vehicular Underpass
(LVUP) (1x12m x 4m) at Km.67+070 (In-
front of Tagore School) in the project of Salem Ulundurpet Section of
NH-79 (Old NH-68)
Permanent Rectification of Black Spot TN- (02)-182 by Constructing a
Vehicular Underpass (VUP) (1x12x5.5m) at Km. 64+750
(Samiyarkinaru) in the project of Salem Ulundurpet Section of NH-79
(Old NH-68)
Permanent Rectification of Black Spot TN- (02)-377 by Constructing a
Vehicular Underpass (VUP) (1x12x5.5m) at Km. 120+500
(Sembimadevi) in the project of Salem Ulundurpet Section of NH-79
(Old NH-68)
Total
Length
1.0
State
PIU
Lanes
8L
NH (New)
NH-32
Mode
EPC
Concessioner
SREE Infratech
J. Kumar Infra Projects
limited in JV with
AzVirat Limited
liability company
J Kumar Infra Projects
Ltd.
J Kumar Infra Projects
Ltd.
J. Kumar Infra Projects
limited in JV with
AzVirat Limited
liability company
VALAR & CO
Total
Loa Date
Awarded
Civil work
Cost (INR b)
0.2
21-04-2023
Tamil Nadu Chengalpattu
23
6.4
Tamil Nadu
Chennai
4L
NH-48
EPC
7.8
31-07-2023
24
25
4.5
5.1
Tamil Nadu
Tamil Nadu
Chennai
Chennai
4L
4L
NH-48
NH-48
EPC
EPC
8.7
10.2
31-07-2023
31-07-2023
26
4.9
Tamil Nadu
Chennai
4L
NH-48
EPC
9.2
31-07-2023
27
1.3
Tamil Nadu Viluppuram
4L PS
79
EPC
0.2
30-06-2023
28
1.0
Tamil Nadu Viluppuram
4L PS
79
EPC
VALAR & CO
0.2
28-06-2023
29
1.9
Tamil Nadu Viluppuram
4L PS
79
EPC
Mr. P Sivaperumal
0.3
12-04-2023
30
0.9
Tamil Nadu Viluppuram
4L PS
79
EPC
Mr. P Sivaperumal
0.2
12-04-2023
31
0.9
Tamil Nadu Viluppuram
4L PS
79
EPC
Mr. P Sivaperumal
0.2
28-06-2023
8 August 2024
5
 Motilal Oswal Financial Services
Sector Update | Infrastructure
S.no Project Name
Improvement of T Junction at Black Spot location TG-02-365 KM
167.200 - 4
(Municipal Madarywada Junction) from (KM. 166.670 to KM. 168.325)
on Armoor-
Mancherial Section of NH 63
Construction of 6L LVUP at Km. 59.825 (Wangapally-Motakonduru
Cross Road) along with Approaches & Service Roads on Yadgiri-
Warangal section of NH-163
4L Kasganj-Badaun Section from Km.
123.100 to Km. 179.500 (Pkg-III) of NH530B
4L Prayagraj Greenfield By-pass from design Km 50+860 (near Nibi
Kala Uperhar) to design Km 64+763 on NH-19 (near Khodaypur
Kasgaon) including
Interchange loop at NH-19
4 Lane Inner Ring Road around Allahabad
City Pkg-2 (Prayagraj Southern Bypass 43.200 - 50.860)
Four/Six laning of Bhaniyawala-Jollygrant- Rishikesh spur section of
NH-07 from Km.
0.000 to Km 19.780
Total
Length
State
PIU
Lanes
NH (New)
Mode
Concessioner
Total
Awarded
Cost (INR b)
0.1
Loa Date
Civil work
32
1.7
Telangana
Mancherial
2L/4L PS
63
EPC
Srinivasa Laxmi
Construction Co.
Govin Buildtech Pvt.
Ltd.
G R Infraprojects
Limited
Joint Stock company
Buer(JSC BUER) - oss
Construction Private
Ltd.(JV)
GPT Infra Projects Ltd.
Brij Gopal
Construction Pvt.
Ltd.
09-05-2023
33
34
35
36
37
0.7
56.4
15.0
7.7
19.8
Telangana
Uttar
Pradesh
Uttar
Pradesh
Uttar
Pradesh
Warangal
Badaun
Prayagraj
Prayagraj
6L
4L
4L PS
4L PS
4L/6L
163
530B
RING ROAD
RING ROAD
7
EPC
HAM
EPC
EPC
HAM
0.1
10.9
3.5
7.4
5.5
19-07-2023
16-06-2023
19-10-2023
17-10-2023
18-10-2023
Source: NHAI
Vasant Vihar
Uttarakhand
Dehradun
8 August 2024
6
 Motilal Oswal Financial Services
Sector Update | Infrastructure
NHAI establishes an asset monetization cell, targeting over INR540b in monetization
in FY25. The asset monetization cell will advise NHAI on planning and methodology,
conduct market analysis and feasibility studies, and identify assets with established
toll collection and revenue potential.
During FY24, NHAI awarded and executed concession agreements for four ToT
bundles for a total value of INR159.7b, which was higher than its monetization
target of INR100b for FY24. NHAI is intensifying highway monetization through the
ToT model. In FY25, it will offer a dozen bundles for private company bids,
compared to just four bundles offered in FY24.
NHAI's aggressive push for ToT aims to meet its crore monetization target of
INR540b in FY25, significantly higher than the INR400b achieved in FY24. Of the FY25
target, INR80b is expected from project-based financing and INR460b from ToT and
Infrastructure Investment Trust (InVIT).
Exhibit 5: TOT bundles bid out by NHAI
Sl. no
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Bundle
TOT Bundle 1
TOT Bundle 2
TOT Bundle 3
TOT Bundle 4
TOT Bundle 5A-1
TOT Bundle 5A-2
TOT Bundle 6
TOT Bundle 7
TOT Bundle 8
TOT Bundle 9
TOT Bundle 10
TOT Bundle 11
TOT Bundle 12
TOT Bundle 13
TOT Bundle 14
TOT Bundle 15
TOT Bundle 16
NHAI focusing on asset monetization
Date
Aug-18
Feb-19
Nov-19
Sep-20
Jan-21
Jan-21
Mar-22
Mar-22
Mar-22
Apr-22
Apr-22
Oct-23
Oct-23
Dec-23
Dec-23
Length
682 km
586 km
566 km
401 km
54 km
106 km
108km
135km
139km
73km
125km
84km
316km
135km
138km
200km
175km
Value (INR b)
96.8
Bid cancelled
50.1
Bid cancelled
10.1
12.5
Bid cancelled
62.7
Bid cancelled
30.1
Bid cancelled
21.5
44.3
16.8
77.0
Bids open
Bids open
Sources: NITI Aayog, News Articles, MOFSL
FAStag toll collections (volume) improved ~6% YoY during 1QFY25, while collection
value increased by ~10% YoY. However, daily average toll in Jul’24 stood at INR1.8b
per day (-6.6% MoM).
The successful implementation of FASTag has resulted in strong toll collections on
highways. Higher toll collections play a crucial role in expediting the monetization
process of road assets by the Ministry. Additionally, toll collections are beneficial to
companies seeking to monetize their existing toll assets.
FASTag toll collections continue to gain traction
8 August 2024
7
 Motilal Oswal Financial Services
Sector Update | Infrastructure
Exhibit 6:
FASTag toll collections continue to improve
FASTag Toll Collections (INR b)
295
308
299
320
321 348
331
323
Volume (In m)
339
328
347
334
323
49.8
51.8
50.9
55.4
53.0
58.6
55.6
55.8
59.4
55.9
59.1
57.8
55.8
Sources: NPCI,RBI, MOFSL
Declining commodity prices to aid margins of road developers
Exhibit 7: Domestic steel rebar price (INR/ton) declined ~30% Exhibit 8: LME Aluminum price (USD/MT) moderated ~33%
over Apr’22-July’24
over Apr’22-July’24
78,000
66,000
54,000
42,000
30,000
62,000
Domestic Steel Rebar price (INR/ton)
61,238
55,950
55,250
4,000 3,261
55,089
52,300
3,000
2,000
1,000
0
LME Aluminium USD/MT
2,337
2,141
2,162
Source: MOFSL
Source: MOFSL
Exhibit 9: Cement price (INR/50kg bag)
Cement (INR/50 kg bag)
380
365
350
335
320
345
352
355
354
345
360
350
Sources: MOFSL
8 August 2024
8
 Motilal Oswal Financial Services
Sector Update | Infrastructure
DFCs commissioning to be completed by 2024
The Dedicated Freight Corridor Corporation of India (DFCCIL) has so far
commissioned 2,734km of the proposed 2,843km, pertaining to stretches
undertaken by the government for both the corridors.
The completion deadline for the Eastern and Western DFCs has been extended to
Dec’24 primarily due to delays in land acquisition.
Exhibit 10: Completion status of WDFC and EDFC
Section/packages
WDFC
Rewari-Palanpur
Palanpur-Makarpura
Makarpura-Sachin
Sachin-Vaitarna
Vaitarna-JNPT
Dadri-Rewari
EDFC
Bhaupur-Khurja
Bhaupur-DDU
DDU -Sonnagar
Khurja-Dadri
Pilkhani–Ludhiana
Khurja-Pilkhani
351km
402km
137km
46km
179km
222km
Commissioned
Commissioned
Commissioned
Commissioned
Commissioned
Commissioned
Sources: DFCCIL, MOFSL
95%
Rewari-Madar
Madar-Palanpur
306km
353km
290km
135km
186km
109km
127km
Commissioned
Commissioned
Commissioned
Commissioned
Commissioned
Dec’24
Commissioned
91%
Length
Commissioning target
Financial
8 August 2024
9
 Motilal Oswal Financial Services
Sector Update | Infrastructure
Exhibit 11: Completion status of WDFC and EDFC – Map view
Sources: DFCCIL, MOFSL
Exhibit 12: GoI has budgeted to spend ~INR11t in capex in FY25
Sl. no Ministry
1
2
3
4
5
Road transport and highways
Railways
Housing & urban affairs
Ports, shipping and waterways
Others
Total
FY25 Budget
capex estimates
(INR b)
2,722.4
2,520.0
286.3
10.8
5,571.6
11,111
Actual capex
in Apr-May'24
(INR b)
579.0
494.7
31.6
2.8
328.2
% of Actual capex in
Apr-May
to BE
21.3
19.6
11.0
25.7
5.9
1,436.2
12.9
Sources: Controller General of Accounts, MOFSL
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
8 August 2024
10
 Motilal Oswal Financial Services
Sector Update | Infrastructure
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 be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
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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, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
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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
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Details of
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Details
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of
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Analyst(s) who compile this report is/are not 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 applicable state laws in the
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In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
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write to grievances@motilaloswal.com.
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Contact: (+65) 8328 0276
.
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
********************************************************************************************************************************
The associates of MOFSL may have:
-
financial interest in the subject company
-
actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public
appearance.
-
received compensation/other benefits from the subject company in the past 12 months
-
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.
-
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
8 August 2024
11
 Motilal Oswal Financial Services
Sector Update | Infrastructure
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.
-
Served subject company as its clients during twelve months preceding the date of distribution of the research report.
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.
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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
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Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
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8 August 2024
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