30 August 2017
Annual Report Update | Sector: Utilities
Tata Power
Sell
BSE SENSEX
31,394
S&P CNX
9,796
CMP: INR77
TP: INR71 (-8%)
Optimized CGPL’s capital structure
Raising estimates; Maintain Sell
Post analyzing Tata Power’s (TPWR) FY17 annual report, we have raised our
estimates. Key highlights:
CGPL gets INR45b quasi equity; another INR29b needed over three years
CGPL’s (Coastal Gujarat Power, Mundra) EBITDA declined 58% YoY to INR5.4b
in FY17, as fuel under-recoveries nearly doubled to INR0.58/kwh (INR15b).
Finance cost declined 48% YoY to INR6.8b on conversion of INR45b in quasi
equity. FCF generation improved due to a sharp increase in trade payables to
145 days, historical low capex of INR467m, and lower interest payments.
We are raising estimates for CGPL, given higher fuel price increase by CERC (v/s
our estimate) for escalable portion of fuel cost, lower PLF and a stronger INR.
CGPL will require INR29b equity infusion or re-financing to meet INR20b debt
repayments and fund negative free cash flows over FY18-20E.
Coal JVs are funding negative free cash flows (some of under-recoveries) at CGPL
Coal JVs’ disclosure has improved. PAT grew ~5x YoY to INR6.7b and dividend
payout was ~56% in FY17. INR3.7b dividend from coal JVs nearly offset the
INR3.3b negative free cash flow (FCF) at CGPL. Coal prices are expected to drive
~40% PAT growth in FY18. We expect 100% payout by coal JVs w.e.f. FY18.
Delhi distribution: Strong FCF on WC release, but regulated equity is muted
Delhi distribution is generating strong FCF on working capital release and a
recovery of regulatory assets, but regulated equity growth is muted.
Despite capex of ~INR8b in the last two years, Delhi’s reported regulated
equity is broadly unchanged at INR11.6b in FY17.
Renewable energy: Strong free cash flow, but intense competition hurts growth
Capacity increased from 294MW in FY16 to 1,459MW (excl. parents’ 500MW),
and EBITDA increased from INR2.2b to INR8.6b on M&A in FY17.
Capacity will increase further by 400MW in FY18E. However, growth will slow
to 200MW (400MW earlier) each year due to rising competitive intensity. PAT
is expected to increase at a CAGR of ~38% over FY17-20E to INR4.5b.
Leverage increased under Ind-AS; Maintain Sell with SOTP of INR71
Consolidated net debt to EBITDA ratio rose from 5.1x to 6.4x under Ind-AS on
exclusion of JVs. We expect leverage to decline due to the lack of value-
accretive re-investment opportunities, as management highlighted pulling back
from investment opportunity in RE due to intense competition.
We are raising PAT estimates by 14%/10%/5% for FY18/19/20 on upgrades at
CGPL and tax savings. EPS is expected to increase at 14% CAGR to INR7.7 over
FY17-20E. Stock is trading at a P/E of 10.8x FY19E.
Net worth has become volatile due to fair value accounting under Ind-AS. It no
longer represents the historical meaning of shareholders’ contribution and
retained earnings. Therefore, we abandon P/BV basis for valuations and switch
to SOTP-based valuation. Maintain
Sell
rating with an SOTP of INR71.
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val ( INRm)/Vol m
Free float (%)
Financials Snapshot (INR b)
Y/E Mar
Net Sales
EBITDA
PAT
EPS (INR)
Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
As On
Promoter
DII
FII
Others
TPWR IN
2,705
91/67
-3/-14/-11
214.4
3.3
391
67.0
FY17 FY18E FY19E
279.0
58.5
14.0
5.2
83.8
43.5
11.9
6.8
15.3
1.8
313.2 325.2
68.8
19.6
7.3
40.4
48.1
15.8
6.5
10.9
1.6
72.1
19.9
7.3
1.4
55.7
14.2
6.6
10.8
1.4
Shareholding pattern (%)
Jun-17 Mar-17 Jun-16
33.0
24.7
26.4
15.9
33.0
23.5
27.3
16.2
33.0
24.5
26.1
16.3
FII Includes depository receipts
Stock Performance (1-year)
Tata Power Co.
Sensex - Rebased
93
86
79
72
65
Dhruv Muchhal – Research Analyst
(Dhruv.Muchhal@MotilalOswal.com); +91 22 6129 1549
Sanjay Jain – Research Analyst
(SanjayJain@MotilalOswal.com); +91 22 6129 1523
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.

Tata Power
Under recoveries nearly
double to INR0.58/kwh
Parent infused INR45-46b in
quasi equity
Repayments and unwinding
of payables will require
another equity infusion of
INR29b over FY18-20E
Raising estimates on better-
than-expected price
escalation, weaker currency,
and lower coal prices.
CGPL – Unwinding of trade payables to impact FCF generation in FY18
CGPL’s EBITDA declined 58% YoY to INR5.4b in FY17 due to an increase in fuel
under-recovery (from INR0.3/kWh to INR0.58/kWh).
Finance cost declined as loan from parent was converted to virtually interest-
free equity/perpetual securities. Parent has converted loan of ~INR38b to
virtually interest-free (interest is linked to dividend payment) perpetual
securities. Additionally, it infused INR6.6b as perpetual securities and INR540m
as equity. The structure is tax-efficient as CGPL was not able to take tax benefit
on the interest expense due to its losses.
CGPL’s FCF was negative at INR3.3b. This was offset by dividend of INR3.7b from
coal JV companies at group level in FY17. Trade payables increased 88 days to
145 days in the last two years. Even partial unwinding to 100 days payables will
result in INR9b outflow. CGPL has debt repayment obligation of INR20b over
FY18-20E, which cannot be met via internal accruals. CGPL has external debt
obligation of INR101b as at the end of FY17.
CERC has allowed fuel price escalation of ~97% for 1HFY18, higher than our
estimate. We believe lower PLF of 77% (earlier 80%) is achievable as CGPL
optimizes availability at 80% to reduce under-recoveries. We are also adjusting
INR/USD rate to 65 (67 earlier) and coal prices to USD58/t (earlier 60) due to the
widening of discounts. Resultantly, EBITDA is upgraded by 2%/44%/45% to
INR6.3b/7.9b/7.1b for FY18E/19E/20E. Fuel cost under-recovery is expected at
INR0.46/kWh in FY18E (v/s INR0.93/kWh in 1QFY18).
CERC’s fuel price escalation framework leads to a perpetual loss of revenue for
generators in an inflationary price environment, as it allows a gradual escalation
over a period of six months. The full benefit is available only by the end of sixth
month, while the cost does not move in a similar pattern.
Maithon – strong FCF generation
PAT grew 35% YoY to INR2.6b in FY17 on full benefit of 150MW PPA with Kerala
(only for three months in FY16) and lower interest cost.
FCF generation more than doubled YoY to INR7.8b, aided by a decline in
receivables. Receivable days declined from 89 days in FY16 to 43 days in FY17.
Net debt declined from INR26b YoY to INR18b over the same period.
Tata Delhi – strong FCF generation on lower receivables and regulatory asset base
PAT grew 50% YoY to INR2.6b YoY, coming off a weak base. Delhi continues to
suffer from disallowance of capex and regulatory asset base, resulting in under-
recoveries. PAT remains below the peak of INR3.3b in FY14.
FCF generation improved from INR3.5b in FY16 to INR5.8b due to a reduction in
receivables on power banking arrangements and a recovery of regulatory asset
balance. Regulatory assets declined from ~INR54b in FY15 to ~INR46b in FY17.
While this aides FCF, it impacts regulated equity base and core RoE. Despite
capex of ~INR8b in the last two years, Delhi’s reported regulated equity was
broadly unchanged at INR11.6b in FY17.
Reduction in WC, additional
PPA and deleveraging
driving strong free cash
flows
Strong FCF but regulated
equity growth is muted
30 August 2017
2

Tata Power
Defense (SED) – sluggishness continues
Revenue declined 2% YoY to INR5.4b in FY17, following on the tepid trend in
FY16. TWPR had an order backlog of more than INR12b as at end-FY17. We
estimate 15-20% growth in revenues over the next five years.
EBITDA from SED represented just ~1% of consolidated EBITDA in FY17.
Some of the major developments in SED in FY17:
Received Pinaka order – first sizeable weapons system order for the private
sector in the last 2.5 years
Provided three night vision devices to police and para-military forces
Delivered the first indigenous 155mm/52cal towed gun
Entered into an agreement for co-production and technology partnership
for Javelin ATGMs for the Indian Army’s armored vehicles program (BMP-II
upgrade) with Raytheon and Lockheed
Renewables (ex-parent): Organic and inorganic growth driving earnings
Renewable energy (excluding 500MW in parent) installed capacity increased
from 294MW in FY16 to 1,459MW in FY17, led by the acquisition of 1010MW
(1,140MW DC) from Welspun w.e.f. 14
th
September 2016. PAT increased sharply
from ~INR151m to INR1.7b in FY17.
Welspun portfolio has higher receivables (>60 days) compared to its old
portfolio (<60 days).
TWPR highlighted the risk of a sharp fall in solar power tariffs to as low as
INR2.44/kWh on account of the sustainability of the projects and reasonable
IRRs. The fall in tariff is not supplemented by an equivalent fall in module/capital
cost. TWPR would thus adopt a risk-off approach until the market stabilizes. We
have cut capacity addition from 400MW annually to 200MW.
EBITDA will increase from INR8.6b in FY17 to INR15.8b in FY18E (had Welspun
assets were to be consolidated for full year, EBITDA would have been INR11.8b
in FY17), led by the full benefit of M&A, capacity addition and savings in O&M
cost. We are reducing estimates by 1%/4%/10% to INR15.8b/18.1b/19.4b for
FY18E/19E/20E on slower growth in capacity addition.
We expect PAT to increase at CAGR of ~38% over FY17-20E to INR4.5b on full
benefit of Welspun acquisition, lower interest cost and capacity addition.
Solar manufacturing – change in strategy driving growth
Revenue grew ~52% YoY to INR22.6b, while EBITDA more than doubled to
INR1.6b in FY17.
The turnaround was driven by doubling of module facility to 400MW and an
increase in cell manufacturing capacity by 65% to 300MW. It also shifted its
focus from products to EPC business.
It commissioned 326MW utility scale projects in FY17, and has an order book of
593MW.
Coal JVs: Coal prices driving strong PAT growth
Coal mining/infrastructure JV companies were earlier consolidated line-by-line.
Now, the financials are reported as a single line item in ‘profit from JVs and
associates’ under Ind-AS. However, the disclosures have improved as granular
Slowing capacity addition
on rising competitive
intensity
30 August 2017
3

Tata Power
company-wise data on revenue, interest, depreciation, tax, PAT and dividend
paid of JVs/associates are now available in the annual report.
PAT of coal mining/infrastructure JVs grew from INR1.3b in FY16 to INR6.7b in
FY17, driven by higher coal prices, representing ~50% of consolidated adj. PAT.
Global coal prices continue to hold strength on strong Chinese demand. We
expect coal prices (5,400 kcal/kg, HBA Index) to increase from USD54.5/t in FY17
to ~USD63/t (earlier USD60) in FY18. However, we expect coal prices to decline
to ~USD58/t in FY19E.
PAT of coal mining/infrastructure JVs will increase by ~40% YoY to INR9.5b in
FY18, but decline by 22% YoY to INR7.4b in FY19.
Coal JVs distributed dividend of INR1.2/3.7b, representing ~92%/56% of
attributable PAT in FY16/17. We expect 100% distribution from FY18.
Leverage – JV accounting provides a cleaner picture of debt ratios
Consolidated net debt to EBITDA ratio has increased from 5.1x to 6.4x under
Ind-AS on exclusion of JVs. Coal JVs contributed significantly to EBITDA, but have
very low debt.
FCF generation reported under Ind-AS is INR18.1b, as against INR19.7b under
IGAAP for FY16, due to a change in JV accounting.
We were earlier expecting full proceeds of Arutmin sale in FY19E. The recent
management commentary indicates staggered payments over three years,
resulting in an increase in net debt.
Exhibit 1: Net debt to EBITDA ratio under IGAAP and Ind-AS for FY16
Net debt
IGAAP
Ind-AS
127,121
126,831
139,637
139,634
28,350
26,155
37,195
37,217
10,939
10,899
52,467
52,758
395,709
393,495
395,709
393,495
Adj. EBITDA
IGAAP
Ind-AS
26,595
25,796
11,341
12,964
7,911
7,871
8,554
8,445
2,165
2,162
21,165
4,479
77,732
61,718
253
2,424
77,985
64,141
INR million
Net debt : EBITDA
IGAAP
Ind-AS
Standalone
CGPL
Maithon
Tata Delhi
RE
Others
Consolidated
JV/asso. dividend
Total
5.1
5.1
6.4
6.1
Source: MOSL, Company
Exhibit 2: FCF generation under IGAAP and Ind-AS for FY16
Operating CF pre working capital
Working capital change
Tax
Operating cash flow
Capex (net of asset sold)
Investment in JVs
Interest received
Dividend received
Interest paid
FCF
INR million
IGAAP
Ind-AS
81,343
62,819
20,488
15,265
-4,295
-3,933
97,536
74,151
-39,133
-21,043
-2,757
-5,326
1,888
2,046
253
2,424
-38,093
-34,171
19,693
18,080
Source: MOSL, Company
30 August 2017
4

Tata Power
Raising estimates and Maintain Sell
Consolidated PAT is upgraded by 14%/10%/5% to INR19.6b/19.9b/20.9b for
FY18E/19E/20E, driven by upgrade in CGPL and tax savings at group level due to
conversion of loan from parent to equity at CGPL. Net debt estimate, however, has
increased from INR472b to INR480b in FY19 due to staggering of proceeds from the
sale of Arutmin.
RoE would improve to ~16% in FY18E on full-year benefit of Welspun acquisition,
higher coal prices and higher financial leverage. However, RoE is likely to decline to
~14%/13% in FY19E/20 as coal prices decline and balance sheet de-leverages.
Deleveraging will depend on dividends from JVs and proceeds from the sale of
Arutmin. Regulated businesses are facing growth challenges. Sale of investment
would unlock value, but the progress is slow.
Net worth has become volatile due to fair value accounting under Ind-AS. It no
longer represents the historical meaning of shareholders’ contribution and retained
earnings. Therefore, we abandon P/BV basis for valuations, and switch to SOTP-
based valuation.
Maintain Sell rating with an SOTP of INR71/sh.
EPS is expected to
increase at 14% CAGR to INR7.7 over FY17-20E. Stock is trading at a P/E of 10.8x
FY19E.
Exhibit 3: SOTP valuation
Regulated Business
Reg. Eq.
(a)
41,777
16,070
16,982
P/BV
(b)
1.7
1.5
1.5
EBITDA Equity
Value
d=axb
18,551 69,739
8,471 24,232
9,130 25,571
36,153
TPWR's share
Reg. Enterprise
(%) Eq. Val. Debt Value (EV)
(e)
(f)
(e+f)
100 69,739 57,869 127,609
51
12,358 37,498 49,856
74
18,923 21,783 40,706
218,170
EV
(g x h)
143,217
-90,725
74,019
126,511
EV
(j x k)
144,753
79,451
62,646
286,850
631,532
-480,864
11,452
29,271
191,390
2,705
71
Remarks
Mumbai & Jojobera (S/A)
Delhi
Maithon
Subtotal (A)
CGPL (Mundra) and coal JVs
RoE = 15.5%, g = 5%
RoE = 15.5%, g = 3%
RoE = 17%, g=0
Ke=11.3%
Assumptions
no under recoveries
RB Index USD70
RB Index USD70
DCF value of fixed charges
Under recoveries in Var. cost
PAT from coal JVs
Subtotal (B)
Other businesses
EV/EBITDA(x) EBITDA
(g)
(h)
19,231
8
-11,341
10
7,402
15,292
EV/EBITDA(x)
(j)
8
8
10
EBITDA
(k)
18,094
9,931
6,265
28,025
72,069
1
0.8
Assumptions
TPREL
Haldia, SED, trading etc.
PAT of other JVs and assoc.
Subtotal ( C )
Consolidated
Consolidated EV (A+B+C)
Less: Debt
Investment unquoted
Investment quoted
Net Equity value
No. of shares
Target Price (INR/share)
at book value
20% discount to MTM
Source: MOSL, Company
30 August 2017
5

Tata Power
Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
Total Expenses
EBITDA
% of Net Sales
Depn. & Amortization
EBIT
Net Interest
Other income
PBT before EO
Regulatory inc./(exp)
EO expense
PBT after EO
Tax
Rate (%)
Reported PAT
Minority, JVs & Asso.
Adjusted PAT
Change (%)
2015
337,276
-5.4
274,264
63,012
18.7
21,742
41,270
36,993
4,167
8,445
6,393
0
14,837
10,749
72.4
4,088
-2,410
1,678
-150.9
2016
295,009
-12.5
223,539
71,470
24.2
16,487
54,983
32,358
913
23,538
-9,752
978
12,807
6,803
53.1
6,004
618
7,600
352.9
2017
278,977
-5.4
220,510
58,467
21.0
19,886
38,581
31,140
2,022
9,464
-6,095
6,515
-3,145
-458
14.6
-2,687
10,142
13,969
83.8
2018E
313,182
12.3
244,402
68,780
22.0
23,577
45,203
36,565
3,332
11,970
0
0
11,970
5,219
43.6
6,751
12,860
19,612
40.4
2019E
325,182
3.8
253,113
72,069
22.2
25,027
47,042
36,493
3,332
13,880
0
-8,926
22,806
5,200
22.8
17,606
11,200
19,881
1.4
(INR Million)
2020E
340,752
4.8
267,702
73,050
21.4
26,239
46,811
35,047
3,332
15,096
0
0
15,096
5,678
37.6
9,418
11,543
20,961
5.4
(INR Million)
2020E
2,705
160,693
163,398
23,524
484,777
17,598
689,298
665,219
205,154
460,065
21,779
17,325
121,649
221,749
15,996
39,180
23,133
143,440
153,269
44,433
108,837
68,479
689,298
Balance Sheet
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
Investments
Curr. Assets
Inventories
Account Receivables
Cash and Bank Balance
Others
Curr. Liability & Prov.
Account Payables
Provisions & Others
Net Curr. Assets
Appl. of Funds
2015
2,705
122,716
125,421
24,926
423,419
14,014
587,779
583,351
202,217
381,133
36,505
66,258
27,326
243,207
18,442
55,640
21,064
148,062
166,650
52,354
114,296
76,557
587,779
2016
2,705
113,629
116,334
17,498
403,486
20,969
558,286
476,643
112,536
364,108
13,449
55
114,468
208,517
13,734
35,402
9,991
149,389
142,311
44,014
98,297
66,206
558,286
2017
2,705
115,090
117,795
18,690
503,154
17,598
657,237
577,520
130,311
447,209
21,779
17,325
108,592
226,458
15,996
38,321
20,521
151,621
164,127
55,290
108,837
62,332
657,237
2018E
2,705
127,474
130,179
20,779
516,842
17,598
685,399
614,578
153,888
460,690
21,779
17,325
112,733
224,919
15,996
37,733
19,571
151,621
152,048
43,211
108,837
72,871
685,399
2019E
2,705
148,052
150,757
22,144
502,215
17,598
692,714
640,068
178,915
461,153
21,779
17,325
117,128
227,642
15,996
38,303
21,350
151,993
152,313
43,477
108,837
75,329
692,714
30 August 2017
6

Tata Power
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/EBITDA
Dividend Yield (%)
FCF(pre-int) to EV yield(%)
Return Ratios (%)
RoE
RoCE (post-tax)
RoIC (post-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Debtor (Days)
Inventory (Days)
Leverage Ratio (x)
Net Debt/EBITDA
Debt/Equity
2015
0.6
8.7
46.4
1.3
209.5
2016
2.8
8.9
43.0
1.3
46.3
2017
5.2
12.5
43.5
0.0
0.0
2018E
7.3
16.0
48.1
1.3
17.9
2019E
7.3
16.6
55.7
1.3
17.7
2020E
7.7
17.4
60.4
1.3
16.8
15.3
6.3
1.8
12.2
0.0
5.7
10.9
5.0
1.6
10.6
1.6
3.8
10.8
4.8
1.4
10.0
1.6
7.2
10.2
4.5
1.3
9.6
1.6
8.9
1.4
6.1
2.7
6.3
8.6
6.0
11.9
6.8
7.2
15.8
6.5
5.1
14.2
6.6
7.1
13.3
6.4
5.7
0.9
0.6
60
20
6.4
2.7
0.8
0.5
44
17
5.5
2.9
0.6
0.4
50
21
8.3
3.5
0.7
0.5
44
19
7.2
3.3
0.7
0.5
43
18
6.7
2.8
0.7
0.5
42
17
6.3
2.5
(INR Million)
2020E
73,050
8,632
0
-5,678
76,003
-25,151
50,852
12,835
0
0
-12,317
0
-17,438
-35,047
-7,710
-1,710
-61,905
1,782
10,373
12,155
Cash flow statement
Y/E March
EBITDA
FX gain/loss
WC
Others
Direct taxes (net)
CF from Op. Activity
2015
63,012
-5,611
10,493
-8,085
59,809
-34,936
24,873
2,078
0
-5,891
-38,749
20,692
-1,026
-33,842
-5,121
-3,089
-22,386
-1,326
13,845
12,519
2016
71,470
20,488
9,873
-4,295
97,536
-39,864
57,672
2,141
-2,757
-4,286
-44,767
149
-13,037
-33,515
-5,908
-3,369
-55,680
-2,911
12,616
9,706
2017
58,467
21,843
-4,409
-6,323
69,578
-33,223
36,356
6,263
-36,926
-10,303
-74,190
9
49,608
-32,704
-4,159
-2,816
9,937
5,326
2,398
7,723
2018E
68,780
-11,490
0
-5,219
52,071
-37,058
15,013
14,603
0
0
-22,454
0
13,688
-36,565
-5,980
-1,710
-30,567
-950
9,543
8,593
2019E
72,069
-678
0
-5,200
66,191
-25,490
40,701
12,604
0
8,926
-3,960
0
-14,628
-36,493
-7,620
-1,710
-60,451
1,780
8,593
10,373
Capex
FCF
Int & div income
Investments(subs/JVs)
Others
CF from Inv. Activity
Share capital
Borrowings
Finance cost
Dividend
Others
CF from Fin. Activity
(Inc)/Dec in Cash
Opening balance
Closing balance (as per B/S)
30 August 2017
7

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 Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, 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. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on
www.motilaloswal.com.
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), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited
(CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Tata Power
Pending Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold
inquiry and adjudge violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice and also sought personal
hearing. The matter is currently pending.
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the subject company at the end of the month immediately preceding the date of publication of the Research Report.
MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a)
from time to time, have a long or short position in, act as principal in, and 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
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a)
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MOSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOSL has incorporated a Disclosure
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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
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Disclosure of Interest Statement
Analyst ownership of the stock
Tata Power
No
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
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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.
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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:
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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
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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
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
30 August 2017
8