18th october 2019 - inventure growthhappy diwali samvat picks 2075 performance tracker company...

18th October 2019

Dear Investors,

Wishing you all a Happy and Prosperous Diwali !!!

Most investors generally avoid mid-caps as they are considered to be a riskier investment proposal and the recent fall in mid cap has concreted their belief.Mid cap has significantly corrected over the past one and a half year amid the fear of global & domestic economic slowdown and liquidity crunch. Nifty Midcap100 is down 31% since January 2018.

However in long run mid cap rewards the inventors handsomely. Since, 2001 Nifty Midcap 100 had given 1313% returns where Nifty managed given 750%returns. Moreover, data suggests that after poor performance, mid cap has always yielded high returns. As one can see in below chart that mid cap given astellar performance in calendar years 2009, 2012,2015, and 2017 where mid cap index jumped 51%, 76%, 38% and 155%, respectively after years of negativereturns.

The recent tax benefits, the governments’ efforts to increase capital investments and reassuring monetary policy will have a positive impact on midcaps caps.Considering all the data, we are expecting earnings to come back over time and there is definitely a case for midcaps to outperform the large caps from hereon.

80%89%

-62%

155%

-30%

38%

-10%

76%

-12%

51%

-23%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

Mid Cap 1 Year Rolling Returns

Happy Diwali

SAMVAT PICKS 2075

Performance Tracker

Company Recommendation Buying Price (Rs.) Target Price (Rs.) Target Achieved

Havells Buy 645 780 Yes

M&M Buy 765 960 No

Bajaj Finserv Buy 5450 6680 Yes

Voltas Buy 540 660 Yes

TVS Motors Buy 545 650 No

PVR Buy 1362 1650 Yes

Delta Corp Buy 241 305 No

Happy Diwali

SAMVAT 2076

Muhurat Picks

HDFC AMC Ltd.

Atul Ltd.

Alkem Lab Ltd.

Mahanagar Gas Ltd.

Tmcken India Ltd.

Galaxy Surfactants Ltd.

PSP Project Ltd.

Godrej Consumer Products Ltd.

Happy Diwali

Atul Limited Close price : 4208 Target Price: 5625 Potential Upside: 34%

Atul was originally promoted by Late Shri Kasturbhai Lalbhai in 1947 as Atul Products Ltd. asa step towards backward integration of their cotton textile business and was later renamedas Atul Ltd. in 1996. It has one of the biggest integrated chemical complexes in Asia with awell-diversified product portfolio of around 900 products and 450 formulations. It hasmanufacturing facilities located at Ankleshwar and Valsad in Gujarat & Tarapur inMaharashtra. It has marketing offices in USA, UK, Germany, UAE, China, Brazil, etc.

Company Profile

• Atul has been in a clear uptrend, as can be seen by its movement that is defined positivefrom a long time, where we expect to continue in future. Its RSI is also moving positivelyon a monthly basis where it took support near 50 level.

• In current FY, company completed 23 projects, improved quality of 3 products, recovered2 products from the waste, Executed 8 Expansion projects and Debottlenecked capacitiesin 16 products. Because of R&D the company has developed 23 new products andformulations. The Company is further planning to strengthen its R&D to enhance itscapabilities.

• The company recently expanded its phosgene capacity by five times and is now workingtowards vertical integration of the phosgene value chain.

• Company is virtually a debt free company which indicates that it has potential to expandin future by raising debt.

Investment Rationale

Market Data

Bloomberg Code ATLP IN EQUITY

Shares outs (Cr) 2.97

Market Cap(INR Cr) 12504.05

52 Week H/L (INR) 4263/3050

Face Value (INR) 10

Promoter Shareholding (%) 44.72

Financials

• Atul is executing capex worth Rs 400 crore (fixed asset turnoverof two times), which is expected to conclude by mid-2020. Thatwill add sales of ~ 850cr at full capacity utilisation. Two projectswill make two of the four sites at Atul zero liquid discharge.

• Atul has a JV with Akzo Nobel (50:50) in order to producemonochloro acetic acid (MCA) at Atul’s plant in Gujarat withcapacity of 60,000 MTPA which in turn is used for the productionof 2,4 D which provides the benefits of backward integration tothe company.

• We assign a “Buy” to Atul Limited and keep the target price ofRs. 5625 based on 27.1 FY21EPS till next Diwali.

In Crores of INR except Per ShareSource: Company, Bloomberg Consensus

Particulars FY19 FY20E FY21E

Revenue 4037.81 4592.00 5257.61

EBITDA 766.78 894.40 1043.01

EBITDA (%) 19.0% 19.5% 19.8%

Net Profit 436.02 526.70 614.01

EPS 147.00 178.24 207.34

P/E 28.68 23.65 20.33

DPS 0.00 16.82 18.42

Happy Diwali

Timken India Limited Close price : 794 Target Price: 1100 Potential Upside: 39%

Timken India is primarily into the manufacture and distribution of tapered roller bearings,components and accessories for the automotive sector and the railway industry. It alsoprovides maintenance contract services and refurbishment services. Timken India Limited, aTimken Company subsidiary, started manufacturing bearings in India nearly three decadesago and today has state-of-the-art manufacturing plants in Jamshedpur and Raipur to servelocal bearing market needs and beyond.

Company Profile

• Timken has corrected nearly 50% from Jan’18 to Nov’18. After this drop, it has started torecover from the lower level. In this process it has formed a cup and handle pattern on amonthly chart which indicates further positivity if Timken sustains above the 767level.

• The estimated consumption of anti-friction bearings in India is about Rs. 95 to 105 billionand it constitute less than 5 per cent of the global bearing demand. Indian bearingsmarket is fairly consolidated, with top 5 players (SKF, Schaeffer, Timken, NSK, NTN, JTEKT)accounting about three fourth of the total market.

• The Merger of ABC bearing limited with Timken provided the Company withmanufacturing footprint for Cylindrical Roller Bearings, Spherical Roller Bearings andSlewing Bearings. Integration activities are on and will be an on-going activity.

• Company is virtually debt free which will help the company to expand further by raisingdebt.


Market Data

Bloomberg Code TMKN IN EQUITY



52 Week H/L (INR) 816.90/500.00

Face Value (INR) 10


Financials

• Indian operations have emerged as export hub for Timkenglobally. Company closely works with Original EquipmentManufacturers to design and develop solution as per applicationneed. With about 50+ Industrial and 100+ Automotive channelpartners.

• To fully utilise ABC capacities, TIL is planning a capex of Rs 35-40crore at its Bharuch facility (current utilisation at ABC at nearly70 per cent). This will help TIL produce ‘Timken brand’ bearingsfor its exports market.

• We assign a “Buy” to Timken India Limited and keep the targetprice of Rs. 1100 based on 36.3 FY21EPS till next Diwali.



Revenue 1664.43 1813.60 2015.20

EBITDA 291.54 366.60 427.30

EBITDA (%) 17.5% 20.2% 21.2%

Net Profit 150.67 192.20 233.80

EPS 20.19 25.47 30.30

P/E 29.48 30.96 26.02

DPS 1.00 5.00 9.00

Happy Diwali

Alkem Laboratories Close price : 1919 Target Price: 2547 Potential Upside: 33%

Alkem Laboratories Limited is a leading Indian pharmaceutical company with globaloperations. The company is engaged in the development manufacture and sale ofpharmaceutical and nutraceutical products. The company produces branded genericsgeneric drugs active pharmaceutical ingredients (APIs) and nutraceuticals which it markets inIndia and international markets. With a portfolio of more than 700 brands in India Alkem isranked the fifth largest pharmaceutical company in India in terms of domestic sales.

Company Profile

• Alkem Lab is forming a long rounding bottom on a weekly chart. Within this formation thestock has now taken a break out of a short rounding bottom. The breakout of this patternindicates potential upside in the coming days, possibly towards the upper end of the longrounding bottom.

• The company has acquired Cachet Pharmaceuticals Private Limited as a whole, which usedto manufacture some of the liquid pharmaceutical products for the company. It wasproposed to acquire the said undertaking with a view to manufacture most of itsrequirement of liquid products at one place for better control over the quality of theproducts and timely supplies of the products by the company.

• The Company is also setting up a bio-similar manufacturing facility in Pune, India. Theintroduction of bio-similar will be an important future growth driver for the company.


Market Data

Bloomberg Code ALKEM IN EQUITY



52 Week H/L (INR) 2027.90/1660.00

Face Value (INR) 2


Financials

• The Company has now entered the areas of probiotics,prokinetics, laxatives and digestive enzymes. The differentiatedproduct offerings in these new therapy areas will enable it toseize new opportunities for growth.

• Possible growth opportunity that the company is looking at isexpansion in other international markets (Except for US) viastrategic acquisitions and partnership agreements for productout-licensing and in-licensing.

• We assign a “Buy” to Alkem Laboratories Limited and keep thetarget price of Rs. 2547 based on 26.2 FY21EPS till next Diwali.



Revenue 7265.85 8193.31 9206.83

EBITDA 1094.27 1342.98 1605.82

EBITDA (%) 0.15 0.16 0.17

Net Profit 760.51 942.48 1157.85

EPS 63.61 78.85 97.00

P/E 30.80 24.84 20.20

DPS 8.00 18.16 21.85

Happy Diwali

Mahanagar Gas Ltd. Close price : 975 Target Price: 1257 Potential Upside: 29%

Mahanagar Gas Limited (MGL) is one of the largest city gas distribution (CGD) companies inIndia. MGL is the sole authorised distributor of compressed natural gas (CNG) and pipednatural gas (PNG) in Mumbai, Thane urban and adjoining municipalities and the Raigaddistrict in the state of Maharashtra India. The company distributes CNG for use in motorvehicles and PNG for domestic household as well as for commercial and industrial use.

Company Profile

• MGL corrected 43% between Nov’17 to Oct’18. The region around 755 has acted asstrong support in past years. The 755 zone has acted as an area of strong buying interest.In this process, MGL formed a double bottom pattern on a monthly chart. The recentbounce suggests that the stock will again come in bulls charge.

• Mahanagar Gas Limited plans to add 46 CNG (compressed natural gas) stations in thecurrent fiscal and 2.3 lakh new PNG (piped natural gas) connections to support volumegrowth.

• The transition to the BS VI emission compliance by April 2020 offers a volume growthopportunity for gas distributors as compared to Low Sulphur Heavy Stock FurnaceOil(LSHS FO)


Market Data

Bloomberg Code MAHGL IN EQUITY



52 Week H/L (INR) 1067.25/754.15

Face Value (INR) 10


Financials

• Given the cost economics of natural gas over other alternativefuels in conjunction with rising pollution concerns maintainingabove mentioned growth rate shouldn’t be a concern, MGLmargins are expected to remain healthy on account of higherrealisations and lower LNG costs.

• They are planning to extend supply services across stillunderpenetrated 5-6 towns such as Pen, Ulwe, Roha, and Karjatamongst others, initially with the help of virtual pipeline networkto serve domestic PNG customers.

• We assign a “Buy” to Mahanagar Gas Limited and keep thetarget price of Rs. 1257 based on 18.4 FY21EPS till next Diwali .



Revenue 2770.79 3262.77 3537.03

EBITDA 885.45 1017.17 1097.67

EBITDA (%) 0.32 0.31 0.31

Net Profit 546.39 638.28 693.58

EPS 55.31 62.80 68.35

P/E 17.47 15.39 14.14

DPS 10.50 24.67 26.12

Happy Diwali

HDFC AMC Ltd. Close price : 2717 Target Price: 3415 Potential Upside: 26%

HDFC Asset Management Company Ltd is an India-based asset management company for theHousing Development Finance Corporation Limited (HDFC) Mutual Fund. The Companyoffers portfolio management / investment advisory services. It offers management and/oradvisory services to: Category I foreign portfolio investors and/or Category II foreignportfolio investors. Its services also include India focused research, statistical and analyticalinformation, investment management and investment advice.

Company Profile

• HDFC AMC has corrected 10% in the previous month. After this drift, it went in aconsolidation phase and has now formed a descending triangle pattern on a daily chartwhere in the previous session it took a breakout, which may now result in an upside in thecoming days.

• With the falling interest rate scenario prevailing in the market, investment into traditionalproducts like fixed deposit can see a shift to debt oriented mutual funds, an alternativethat provides higher returns and taxation benefits. Money market funds can be seen as ahigher return generating instrument as against saving bank deposits.

• With the recent amendments made by the regulator, as to the expense ratio charged onmutual funds, the large MFs can seek the benefit of lower charges to be charged due tothe large AUM size, by attracting more investors and thus, increasing the deposits intomutual funds.


Market Data

Bloomberg Code HDFCAMC IN EQUITY



52 Week H/L (INR) 2975.00/1905.10

Face Value (INR) 5


Financials

• The company has a well diversified distribution channel, withinflow coming through direct plans constituting 39.2% as on 30thJune 2019, which has been increasing gradually, indicating thatthe operating cost is falling, on account of reduction incommission payouts.

• The electronics transactions as a % to total transactions havebeen increasing gradually. From the levels of 30% in 2015, theelectronics transaction as a % to total transaction now is ~70%,indicating that the operating efficiency of the company has beenimproving and the process is less tedious, giving the customers abetter experience.

• We assign a “Buy” to HDFC Asset Management CompanyLimited and keep the target price of Rs. 3415 based on 52.5FY21EPS till next Diwali.



Revenue 2096.78 2327.50 2626.50

EBITDA 1387.55 1862.00 2112.80

EBITDA (%) 0.66 0.80 0.80

Net Profit 930.60 1215.40 1381.50

EPS 43.87 57.17 64.99

P/E 65.71 50.42 44.36

DPS 12.00 28.59 38.99

Happy Diwali

Galaxy Surfactants Ltd. Close price : 1471 Target Price: 1970 Potential Upside: 34%

Galaxy Surfactants Limited is an India-based company, which is engaged in manufacturingand marketing surfactants and specialty chemicals for personal and home care industry. TheCompany produces a range of vital cosmetic ingredients, including active ingredients, ultraviolet (UV) protection and functional products. Its products cater to various brands in the fastmoving consumer goods (FMCG) sector and offers in various applications, including skin care,hair care, oral care, body wash, sun care, household cleaners and fabric care segments.

Company Profile

• Galaxy Surfactants is forming long rounding bottom on a weekly chart. The 1600 level maywork as the first resistance, however, if the stock sustains above that level, then we cansee a further upside upto 1970 level in the stock.

• After commissioning of new performance surfactants plant at Jhagadia of ~50,000 tons,the capacity utilization is at 61%.

• The company has guided for a capital expenditure of Rs. 125 crore for FY2020 andanother Rs. 125 crore of capex for FY2021, in the specialty care segment, which is the highmargin generating segment for the company and for R&D infrastructure at the Tarapurplant.


Market Data

Bloomberg Code GALSURF IN EQUITY



52 Week H/L (INR) 1544.70/871.80

Face Value (INR) 10


Financials

• In the first quarter of FY2020, the company has added 5 newcustomers which is expected to add to the current total volumesand revenues, respectively.

• The company has also been granted 11 patents; 8 in India, 2 inEurope and 1 in the US.

• A capex of $7 million is expected to be completed by the end ofFY2020 in Tri-K which will be sufficient for the next 4-5 years.

• We assign a “Buy” to Galaxy Surfactants Limited and keep thetarget price of Rs. 1970 based on 27.2 FY21EPS till next Diwali.



Revenue 2731.82 3051.33 3407.36

EBITDA 353.37 392.15 444.24

EBITDA (%) 0.13 0.13 0.13

Net Profit 190.98 219.87 254.97

EPS 53.87 62.60 72.29

P/E 27.94 24.04 20.82

DPS 3.00 9.70 11.43

Happy Diwali

PSP Project Ltd. Close price : 551 Target Price:725 Potential Upside: 32%

PSP Projects Limited is a civil construction company. The Company is engaged in the businessof making investments in joint ventures or partnerships or special purpose vehicles fordevelopment of townships, construction of residential-commercial premises, roads orbridges, and not to carry out real estate business. The Company offers a range ofconstruction and allied services across industrial, institutional, government, governmentresidential and residential projects in India.

Company Profile

• PSP Project has been in a clear uptrend, as can be seen by its positive movement. Thestock bounced from its support line and is now moving in a positive direction indicatingthat stock is going to head higher in the coming weeks.

• Currently, the company has 49 projects under execution and the current bid book at Rs.2500-3000 crore. In terms of number of projects, the company expects a growth of 30%-40% for the next 2 years.

• The management has given the guidance of 25%-30% growth in the top-line and expectsthe EBITDA margin to be in the range of 12%-14%

• The company received two orders in the month of July, one in Pandharpur and one inBhiwandi, resulting in increase in presence on the company in Maharashtra.


Market Data

Bloomberg Code PSPPL IN EQUITY



52 Week H/L (INR) 576.85/358.30

Face Value (INR) 10


Financials

• The first project in Livermore for the company is almostcompleted, with houses worth $1.45 million per house, which isexpected to be sold in a months’ time.

• In the first quarter of FY2020, the company recorded ordersworth Rs. 840 crore, which constitutes 61%to the guidance givenby the management for the year of Rs. 1200-1300 crore andthus, the management has raised the guidance to Rs. 1600-1700crore for FY2020.

• We assign a “Buy” to PSP Projects Limited and keep the targetprice of Rs. 725 based on 17.1 FY21EPS till next Diwali.



Revenue 1050.41 1497.00 1735.00

EBITDA 148.56 213.00 246.00

EBITDA (%) 0.14 0.14 0.14

Net Profit 89.43 132.00 152.00

EPS 24.84 36.50 42.30

P/E 22.16 15.08 13.01

DPS 0.00 0.00 0.00

Happy Diwali

Godrej C P Ltd. Close price : 715 Target Price: 897 Potential Upside: 26%

Godrej Consumer Products is a leading emerging markets company. As part of the over 122-year young Godrej Group, we are fortunate to have a proud legacy built on the strong valuesof trust, integrity and respect for others. At the same time, we are growing fast and haveexciting, ambitious aspirations. In line with our 3 by 3 approach to international expansion atGodrej Consumer Products, we are building a presence in three emerging markets (Asia,Africa and Latin America) across three categories (home care, personal care and hair care).

Company Profile

• Godrej CP has corrected 42% from Aug’18 to Sept’19. After a steep fall it has started itsrecovery where in this process Godrej CP formed an inverted head and shoulder pattern.It took a breakout from the formation on a weekly chart, which indicates further positivityin the stock.

• The company is among leading makers of soaps, household insecticides and hair careproducts, owns consumer brands like Good Knight, Hit, Cinthol, Godrej No. 1, amongothers. Top 10 brand contribute ~70% of revenue

• Godrej Consumer Products has increased stake in two Mauritius based investmentholding firms -- Godrej West Africa Holdings and Darling Trading Company -- by fivepercent, taking it to 95 percent each in both the companies.

• GCPL’s Africa business is showing signs of gradual recovery with QoQ improvement inprofitability. Re launch of Darling brand in Kenya and Nigeria has evinced positiveresponse.


Market Data

Bloomberg Code GCPL IN EQUITY



52 Week H/L (INR) 849.90/575.00

Face Value (INR) 1


Financials

• As a part of its growth plan, Godrej is planning its range ofprofessional offerings across 10,000 salons by the end of FY19.Over the next three years, the target is to take its offerings to50,000 salons across India.

• Godrej Consumer Products Ltd (GCPL), which entered theprofessional hair-care market nearly two years back, is eyeing a25 per cent market share and a turnover of ₹300 crore in thenext three years. The professional hair-care market in Indiastands at ₹1,200 crore and has registered 8-9 per cent growthover the past few years.

• We assign a “Buy” to Godrej Consumer Products Limited andkeep the target price of Rs. 897 based on 48.2 FY21EPS till nextDiwali.



Revenue 10221.07 10909.51 12049.78

EBITDA 2117.61 2340.65 2661.97

EBITDA (%) 0.21 0.21 0.22

Net Profit 2341.53 1666.83 1897.51

EPS 22.91 16.30 18.62

P/E 31.29 43.98 38.51

DPS 10.00 8.70 9.60

Happy Diwali

Happy Diwali

DISCLAIMERInventure Growth and Securities Limited (hereinafter referred to as “IGSL”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant withCDSL. It also has registration with AMFI as a Mutual Fund Distributor. Inventure Growth and Securities Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000006129. IGSL has notbeen debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. IGSL or its associates/ analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analystduring the past twelve months.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should makesuch investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits andrisks of such an investment. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with areport on a company's fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the contrary view, if any.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document isfor general guidance only. Inventure Growth and Securities Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.Inventure Growth and Securities Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained withinthis document. While Inventure Growth and Securities Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied toyou solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly.

Neither Inventure Growth and Securities Limited , nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information.

DISCLOSURESThis Report is published by Inventure Growth & Securities Limited (hereinafter referred to as “IGSL”) for private circulation. IGSL is a registered Research Analyst under SEBI (Research Analyst) Regulations, 2014 having Registration no. INH000006129. IGSL is also aregistered Stock Broker with National Stock Exchange of India Limited, BSE Limited and Metropolitan Stock Exchange of India Limited (MSE) in cash, F&O & currency derivatives segments. It is also registered as a Depository Participant with CDSL and is also registered withAMFI as a Mutual Fund Distributor

IGSL have not been debarred / suspended by SEBI or any other regulatory authority for accessing / dealing in securities Market. IGSL, its associates or analyst or his relatives may or may not hold any financial interest in the subject company. IGSL or its associates or Analystdo not have any conflict or material conflict of interest at the time of publication of the research report with the subject company. IGSL or its Affiliates may or may not have been beneficial ownership of one percent or more of the securities mentioned in this report.However, one or more of IGSL or its Affiliates may, from time to time, have a long or short position in any of the securities mentioned herein and may buy or sell those securities or options thereon, either on their own account.

IGSL or its associates / analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. IGSL or its associates have not received any compensation or other benefits fromthe company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of Subject Company and IGSL / analyst has not been engaged in market making activity of the subject company.

Analyst Certification: I/We, Research Team the research analyst Is the author of this report, hereby certify that the views expressed in this research report accurately reflects my/our personal views about the subject securities, issuers, products, sectors or industries. It isalso certified that no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research report and hastaken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

Research Team Profile Email ID

Mr. Prashant Barwaliya Head- Research [email protected]

Ms. Jeni Rita Fundamental Analyst [email protected]

Ms. Darshita Shah Fundamental Analyst [email protected]

Mr. Virat Jagad Technical Analyst [email protected]

Disclosure of Interest Statement

1. Financial interest of research analyst or IGSL or his Associate or his relative No

2. Ownership of 1% or more of the stock by research analyst or IGSL or associates or relatives No

3. Served as an officer, director or employee of the company covered under Research No

4. Broking relationship with company covered under Research No

Ratings (Based on expected returns over s investment period): Buy (> 15%) Accumulate (5% to 15%) Hold(5% to -15%) Sell (<15%)

Created by: IGSL - ResearchContact : IGSL-Research , Inventure Growth & Securities Ltd,201,Viraj Tower, Near Landmark Building, Western Express Highway, Andheri (East),Mumbai -400 093 Tele: 91-22-71148500 , Fax: 91-22-40751511. Research Team Tel: 022 – 71148579 E-mail: [email protected] Website: Inventuregrowth.com

mailto:[email protected]

18th october 2019 - inventure growthhappy diwali samvat picks 2075 performance tracker company...

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