february, 2020 edition · leader (colgate posted 4%). health supplements and digestive also posted...

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Peerless Master Picks- February, 2020 Edition

February 4, 2020

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February 4, 2020

Dabur India Ltd.

Rating – Accumulate | Potential Target-Rs 530 | Period- 12 months

Dabur India Ltd. is our top pick in consumer space as the earnings were a high-quality beat with all around volume

growth supported by investments. Risk-reward remains favorable and adjusted volume growth of 8.3% is the highest in

the past 13 quarters. The company is focused towards market share gain and volume improvement. It remains our

preferred pick in the space of consumer staples.

UltraTech Cement Ltd.


UltraTech, with its presence across all the zones in the country, is the best positioned to take advantage of the revival in

cement demand, despite the anomalies that may get created in demand patterns in some parts of the country due to

extraneous reasons. Signs of revival were visible in some markets during the latter part of Q3FY20. This, together with

the government's firm commitment to revive the economy and the thrust on infrastructure spending augur well for the

growth of cement demand. With Rs 100 lac crore investment targeted in infrastructure development in next 5 years by

government, cement maker like Ultra Tech likely to be key beneficiary going forward

Narayana Hrudayalaya Ltd.

Rating – Buy | Potential Target-Rs 418 | Period- 12 months Started predominantly in Karnataka and Eastern India, the company is growing its footsteps in western and northern

India as well. We initiate Buy on the company as we believe NH is well poised to thrive in the domestic healthcare

delivery (hospitals) space on the back of its asset right business model with focus on quality and affordability.

ICICI Securities Ltd.


ICICI Securities is one of the strongest retail investing platforms for direct equities (8.7 % vol. market share). The

company has retained its market leadership position despite intense competition. ISEC has also built a strong financial

products distribution business (26.2% of revenues). ISEC will be a key beneficiary as financialization of savings and shift in

retail broking business towards online platform and to superior technology driven fintech companies.

Stock Picks in February, 2020

4

February 4, 2020

COMPANY SECTOR LTP (Rs) RATING

MARKET

CAP

(Rs Bn)

POTENTIAL

TARGET

(Rs)

POTENTIAL

UPSIDE

Dabur India Ltd. Consumer Staples 503 Accumulate 852 540 7%

UltraTech Cement

Ltd. Cement 4474 Accumulate 1291 4750 6%

Narayana

Hrudayalaya Ltd. Hospitals 362 Buy 74.4 418 15%

ICICI Securities Ltd. Financials 460 Accumulate 148.5 520 13%

(Initiate price based on regular last trading price as on February 4, 2020 in NSE)

(Note: All price target for next 12 months)

Stock Picks in February, 2020

5

SECTOR: Consumer Staples

CMP: Rs. 503

Target Price: Rs.540

Period: 12 months

Dabur India Ltd. Accumulate

Sector: Consumer Staples |NSE Code: DABUR

Healthy growth and outperformance continues

In Q3FY20 Dabur continued its improved performance reporting a 8.62%

increase in consolidated net profit of Rs 398.87 crore. The company had posted

a consolidated net profit of Rs 367.21 crore in October-December quarter a

year ago. Revenue from operations rose 6.99 per cent to Rs 2,352.97 crore

during the quarter under review as against Rs 2,199.21 crore in the

corresponding quarter of the previous fiscal.

While the global macroeconomic environment continues to be challenging and

competitive intensity remains high, we have successfully tapped the growth

opportunities to deliver a strong performance during the quarter.

Oral care growth at 8.5% was much better than category growth and market

leader (Colgate posted 4%). Health Supplements and Digestive also posted

healthy 12% and 16% growth. Food remained muted due to category issue, will

be keen to watch performance in upcoming season.

Despite near term headwinds, we believe Dabur will outperform peers owing to

• Focus on power brands,

• Expanding addressable market,

• Healthy growth in natural category,

• Rising distribution reach and

• Innovative launches.

Major Highlights

Revenue:

India FMCG business grew by 5.6% in both value and volume

International Business grew by 12% on CC basis

Operating Profit:

Consol Material cost reduced by 80 bps to touch 49.9% in Q3 FY20

Media expenditure was at 8.6% in Q3 FY20 vs 8.1% in Q3 FY19 – growing by

14.3%

Consolidated Operating Margin improved by 70 bps, reaching 20.9% in Q3 FY20

Business Overview

Contribution of Domestic FMCG reduced from 72.2% to 71.1%

International Business contributed 26.1% as compared to 25.0% last year

Company Data

No of Shares (Mn) 1767

Market Cap (Rs Bn) 852

52 week high (Rs) 508

52 week low (Rs) 358

6m avg. volume (NSE&BSE) 1.86mn

Beta 0.73

Face value ( RS ) 1

Shareholding Pattern

Holder's Name

%Share Holding as on Dec 19

% Share Holding as on Sept 2019

Change %

Promoters 67.88 67.88 0

FIIs 17.48 17.64 -0.16

‘

Mutual Funds 3.46 3.46

-0.06

Insurance Companies

3.00

3.00

0.00

Other DIIs

1.31

1.28

0.03

Non Institutional Investors

6.93

6.74

0.19

6

Segmental Growth

Healthcare division growth was 10.7%, Home & Personal Care(HPC) grew 3.5% and Food Business grew by 1.7%

• Health care portfolio (41% mix) drove overall growth led by

• Market share gains in Chyawanprash (>300bps) and Glucose (>100bps),

• Strong 16% growth in digestive and (3) Distribution expansion and

• High share of power brands.

• Foods continued to decline led by downtrading in beverages (aerated drinks and dairy beverages vs. juices).

• International business grew by 11.7% (12% cc growth) owing to robust growth in Hobi (32%) and Nepal (21%).

Management remains confident to deliver mid-high single digit revenue growth.

International Business – Q3 FY20

• International Business reported CC growth of 12.0%

• MENA market clocked 10.1% CC growth in this quarter

• Egypt recorded growth of 17.0%

• Hobby had a strong quarter, growing by 32.2%

Key category details

Juices and nectar - 63% over 500bp gain in market share but the categoryν continues to decline (11% dip according to

Nielsen numbers).

(1) Slowdown in consumption,

(2) higher price points for Dabur brand andν multiplicity of options in lower-price drinks, and

(3) milk-based beverages is leading to lower category sales.

Company has launched INR10 coolers and PET bottles. At the same time, company is launching few more products in the

premium segments as well to check margin dip as a result of LUPs. Power brand strategy is helping healthy sales growth in

the Healthcare segment.ν Because it is more resilient to slowdown, sales have not been affected compared to other

segments.

Chyawanprash – 64% market share, 300bp higher. Sugar-free Chyawanprashν launched 2 years ago did well, winter sales

were good. Honitus and Hajmola are doing well.ν Honey sales declined in 3QFY20, owing to smaller and regional players

chippingν away shelf space as well as 20% growth in the base quarter 3QFY20.

The company considerably increased market share in two of its largest categories, juices and oral care to all time high levels on

both towards the end of the decade. After an initial setback from Patanjali, the company was able to recoup market share lost

in honey, chyawanprash and juices

PROFITABILITY RATIOS 19-Mar 18-Mar

PBDIT Margin (%) 26.17 27.03

PBIT Margin (%) 24.43 25.2

PBT Margin (%) 23.96 24.55

Net Profit Margin (%) 20.15 19.17

Return on Networth / Equity (%) 31.85 25.36

Return on Capital Employed (%) 37.75 23.41

Return on Assets (%) 22.66 18.44

Total Debt/Equity (X) 0.03 0.07

Asset Turnover Ratio (%) 112.44 96.2

7

Business Metrics: Q2FY20 Performance (Consolidated)

Potential risks: Dabur’s high wholesale exposure and slower than expected rural growth are near term risks to earnings.

Outlook & Valuation: Results for the quarter were better than estimates led by domestic volume growth, international business and higher gross

margins. We expect full-year EPS estimates for FY20 by around 8%.

We maintain ‘ACCUMULATE’ with price target of Rs 540, valuing company around 56x FY20 EPS particularly for a business

with good earnings growth prospects

QUARTERLY RESULTS OF DABUR INDIA (in Rs.

Cr.)

DEC '19 SEP '19 Q-o-Q

Change(%)

DEC '18 Y-o-Y

Change(%)

Net Sales/Income from operations 2,352.97 2,211.97 6.4% 2,199.21 7.0%

Total Income From Operations 2,352.97 2,211.97 6.4% 2,199.21 7.0%

EXPENDITURE

Consumption of Raw Materials 927.36 969.01 -4.3% 844.78 9.8%

Purchase of Traded Goods 179.35 191.29 -6.2% 198.14 -9.5%

Increase/Decrease in Stocks 67.74 -71.82 -194.3% 72.37 -6.4%

Employees Cost 244.75 241.54 1.3% 237.59 3.0%

Depreciation 54.4 54.47 -0.1% 44.85 21.3%

Other Expenses 440.85 392.42 12.3% 400.94 10.0%

P/L Before Other Inc., Int., Excpt. Items & Tax 438.52 435.06 0.8% 400.54 9.5%

Other Income 74.46 81.78 -9.0% 75.25 -1.0%

P/L Before Int., Excpt. Items & Tax 512.98 516.84 -0.7% 475.79 7.8%

Interest 10.49 15.24 -31.2% 16.74 -37.3%

P/L Before Exceptional Items & Tax 502.49 501.6 0.2% 459.05 9.5%

Exceptional Items -20 -40 --

P/L Before Tax 482.49 461.6 4.5% 459.05 5.1%

Tax 83.47 58.17 43.5% 92.36 -9.6%

P/L After Tax from Ordinary Activities 399.02 403.43 -1.1% 366.69 8.8%

Prior Year Adjustments -- -- --

Extra Ordinary Items -- -- --

Net Profit/(Loss) For the Period 399.02 403.43 366.69 8.8%

Equity Share Capital 176.71 176.71 176.63

Reserves Excluding Revaluation Reserves -- -- --

Equity Dividend Rate (%) -- -- --

EPS BEFORE EXTRA ORDINARY

Basic EPS 2.25 2.28 -1.3% 2.07 8.7%

Diluted EPS 2.24 2.27 -1.3% 2.06 8.7%

EPS AFTER EXTRA ORDINARY

Basic EPS. 2.25 2.28 -1.3% 2.07 8.7%

8

UltraTech Cement Ltd.

Accumulate Sector: Cement |NSE Code: ULTRACEMCO

Strong show despite lower demand.

The company, with its presence across all the zones in the country, is the

best positioned to take advantage of the revival in cement demand, despite

the anomalies that may get created in demand patterns in some parts of the

country due to extraneous reasons, the company said. UltraTech continued

to post robust earnings growth in 3Q.

Capacity addition driving growth forward

UltraTech is stabilizing costs and distribution of recently acquired Century

and Nathdwara cement. We believe that these, along with fuel cost tailwinds

nad demand recovery drive, will bolster the company’s leadership position

across regions, and add to its production/ sales efficiencies.

Continued capacity addition, ramp-up of Century’s plants and improving

demand scenario would sustain volume growth. Further, healthy realization

with uptick in cement prices and rebranding of Century Cement into

UltraTech along with focus on cost optimization would improve margin.

Management’s move to not buy Emami Cement may end stock overhang

Strong quarterly results

While the P&L depicted weaker-than-expected profitability, the balance

sheet has improved led by a significant reduction in debt. Revenues for the

quarter were Rs 9,982 crore. Realizations also improved 4.4% YoY to Rs

4,991/t, its growth was offset by volumes declining 3.8% YoY to 20 MT amid

a weak demand scenario, keeping adjusted revenue growth flat. On the

profitability front, EBITDA margins expanded 250 bps YoY to 17.9%..

Realisations per tonne increased 4.4% YoY to Rs 4,991/t . Absolute EBITDA

increased 16.6% YoY to Rs 1,786 crore while adjusted EBITDA was at Rs

1950 crore.

Higher operating profits and lower finance cost led to 45% growth in PAT to

Rs 643 crore. During the quarter, the company pared down its debt by

around Rs 2,000 crore led by improved cash flows and divestment of the

Bangladesh unit to fall because it is the preferred vehicle for fixed income

investors


Holder's Name

% Share Holding as on Dec2019

% Share Holding as on Sep2019

Change %

Promoters 60.19 61.11 -0.92

FIIs 17.60 17.51 0.09

Mutual Funds

9.19

8.36

0.83

Insurance Companies

3.69

3.68

0.01

Other DIIs

0.11

0.10

0.01


9.15

9.17

-0.02

SECTOR: CEMENT

CMP: Rs.4474


Period: 12 months

Key Stock Data

No of Shares (mn) 289

Market Cap ( Rs bn) 1291



6m avg Volume (NSE &BSE) 0.52mn

Beta 1.29

Face value ( RS ) 10

9

Business Metrics: Q2FY20 Performance (Consolidated)

QUARTERLY RESULTS OF ULTRATECH

CEMENT (in Rs. Cr.)

DEC '19 SEP '19 Q-o-Q

Change(%)

DEC '18 Y-o-Y

Change(%)

Net Sales/Income from operations 9,981.75 9,253.82 7.87% 8,812.72 13.27%

Total Income From Operations 9,981.75 9,253.82 7.87% 8,812.72 13.27%

EXPENDITURE

Consumption of Raw Materials 1,234.44 1,128.57 9.38% 1,201.75 2.72%

Purchase of Traded Goods 565 565.74 -0.13% 371.28 52.18%

Power & Fuel 1,841.25 1,793.88 2.64% 2,028.76 -9.24%

Employees Cost 576.73 592.92 -2.73% 493.05 16.97%

Depreciation 613.67 606.29 1.22% 511.27 20.03%

Other Expenses 3,853.07 3,432.05 12.27% 3,390.79 13.63%

P/L Before Other Inc. , Int., Excpt. Items &

Tax

1,172.36 1,206.28 -2.81% 878.87 33.39%

Other Income 164.01 182.04 -9.90% 124.36 31.88%

P/L Before Int., Excpt. Items & Tax 1,336.37 1,388.32 -3.74% 1,003.23 33.21%

Interest 402.56 437.19 -7.92% 370.1 8.77%

P/L Before Exceptional Items & Tax 933.81 951.13 -1.82% 633.13 47.49%

P/L Before Tax 933.81 951.13 -1.82% 633.13 47.49%

Tax 290.66 311.94 -6.82% 184.07 57.91%

P/L After Tax from Ordinary Activities 643.15 639.19 0.62% 449.06 43.22%

Net Profit/(Loss) For the Period 643.15 639.19 0.62% 449.06 43.22%

Equity Share Capital 288.62 274.65 5.09% 274.64 5.09%

EPS AFTER EXTRA ORDINARY

Basic EPS. 22.3 22.16 0.63% 16.35 36.39%

Diluted EPS. 22.29 22.15 0.63% 16.35 36.33% Source: NSE,Company

Outlook & Valuation:

UltraTech, with its presence across all the zones in the country, is the best positioned to take advantage of the revival in

cement demand, despite the anomalies that may get created in demand patterns in some parts of the country due to

extraneous reasons.

Signs of revival were visible in some markets during the latter part of Q3FY20. This, together with the government's firm

commitment to revive the economy and the thrust on infrastructure spending augur well for the growth of cement demand.

With Rs 100 lac crore investment targeted in infrastructure development in next 5 years by government, cement maker like

Ultra Tech likely to be key beneficiary going forward.

We initiate ‘ACCUMULATE’ with our target price to Rs 4750 in next 12 months given the revival in demand and pricing

outlook in medium term.

10

Narayana Hrudayalaya Ltd. Buy Sector: Hospitals |NSE Code: NH

Incorporated by renowned cardiac surgeon Dr Devi Prasad Shetty in 2000,

Narayana Hrudayalaya (NH) operates as a chain of multispecialty hospitals.

Started predominantly in Karnataka and Eastern India, the company is

growing its footsteps in western and northern India as well.

Investment rationale

• Focus on Quality at affordable

Blended model of affordable and high-quality services NH has a legacy

model based on affordability over the years. Due to strict control over costs

and capital, the company has been making reasonable profit. However, as it

is looking to scale up in other regions, where the consideration for quality

has more weight than affordability, the model is likely to be modified from

‘affordable’ to a mix of ‘affordable + quality’ at a premium. Cases in point

are the recent acquisition of Gurugram hospital and buying out of the partner

in the Cayman Islands hospital internationally where acquisition costs were

optically higher.

• ‘Asset light model’, likely ARPOB improvement to improve returns

ratios

The company has a relatively light asset model with it owning just 1,613 out

of its 5,442 operational beds. It has a strong brand name and is known for its

clinical excellence and being an affordable healthcare service provider.

Under this model, the company engages with partners who invest in land and building while it takes care of medical

equipment and hospital management on a revenue share basis. That makes NH’s balance sheet is one of the lightest

among peers.

However, the management has maintained a flexible approach in this regard. Thus, it also owns some hospitals where the

opportunity is right. Due to this focus on balance sheet and likely improvement in average realisation per operating bed

(ARPOB) by optimising case mix, we expect an improvement in RoCE from 12.5% to 19% during FY17-20E.

• After effective cost, capital management focus shifts to improving ARPOB

In a conducive but challenging space of Indian healthcare delivery, plagued by longer gestation periods, low operating

margin, leveraged balance sheets and low return ratios, we believe NH is best placed among peers to sail through. Its

legacy model is based on affordability. Hence, conscious efforts towards cost & capital control are embedded in the

management’s long term strategy. This becomes even more pertinent in the backdrop of incremental government

intervention via schemes and control over procedures & products. On the other hand, it is also determined to improve

ARPOB by improving case mix, occupancies, thus fine-tuning affordability with profitability.


Holder's

Name

% Share Holding as on

Dec2019


Sep 2019

Change

%

Promoter 63.85 63.85 0

FIIs 11.95 15.55 -3.60

Mutual Funds

5.64

4.60

1.58

Insurance Companies 0 0 0

Other DIIs 10.58 8.60 1.98


7.26

7.17

0.09

SECTOR: CEMENT

CMP: Rs. 362


Period: 12 months

Key Stock Data


Market Cap ( Rs bn) 74.4



6m avg Volume (NSE &BSE) 0.28 mn

Beta 1.02

Face value ( RS ) 10

11

• Budget Proposals to aid footprint

Proposal to set up hospitals in 112 districts under public-private partnership will benefit players such as NH .

Empanelment of hospitals as part of Ayushman Bharat Scheme is also positive for the healthcare player.

Improving maturity profile of its hospitals will further help the company improve its profitability.

• Strong show in Q3

The healthcare service provider's consolidated net profit jumped 147.7% to Rs 31.38 crore in Q3 December 2019

from Rs 12.67 crore in Q3 December 2018.

Profit before tax (PBT) stood at Rs 40.26 crore in Q3 December 2019, up 56.8% from Rs 25.67 crore in Q3

December 2018.

Net sales rose 7.3% to Rs 785.19 crore in Q3 December 2019 from Rs 732.10 crore in Q3 December 2018. The

result was announced after market hours yesterday.

Consolidated EBITDA stood at Rs 108.2 crore as against Rs 81.2 crore in Q3 FY19, translating into a YoY growth of

33.2%.

As on 31 December 2019, the consolidated net debt was Rs 569.8 crore representing a net debt to equity ratio of

0.50 (out of which, debt worth $49.5 million is denominated in foreign currency).

Outlook & Valuation

With patient well-being at its core, NH is committed to driving excellence across the clinical spectrum and continues to

invest resources to reinforce its reputation to deliver quality affordable healthcare to mass market.

With consolidated EBITDA of Rs 108.2 crore as against Rs 81.2 crore in Q3 FY19, translating into a YoY growth of 33.2%

and increase of healthcare focus, the company is set to grow at a healthy pace.

We initiate ‘BUY’ with our target price to Rs 418 in next 12 months on improved profitability and volume growth.

`

ICICI Securities Ltd. Accumulate Sector: Financials |NSE Code: ISEC

Enviable Franchise with growing customer base book and

broadening business model

ICICI Securities Ltd., incorporated in the year 1995, is a Mid Cap company

(having a market cap of around Rs 11000 Crore) operating in Financial

Services sector.

ICICI Securities (ISEC) is one of the strongest retail investing platforms for

direct equities (9.2% vol. market share). The company has retained its

market leadership position despite intense competition. ISEC has also

built a strong financial products distribution business (26.2% of revenues).

It has assets under advice of wealth clients of over Rs 800 billion

which is amongst leading wealth franchises.

ISEC is the 2nd largest base of active clients after Zerodha. It has 8.45lakh

customers as on Dec2018 (Source NSE).

Strong Customer Stickiness

65% of its revenue contribution are by customers who have been with

them for more than 5 years. This trend is consistent and is reflected

continuously for the five prior years including the recently ended FY19

Retail Broking Business likely to consolidate going ahead-ISEC Key

beneficiary

We expect that stock broking industry will consolidate going forward

with smaller brokers will find it difficult to survive with growing

compliance. Large affluent and tech savvy investors will find more

comfortable with fintech platforms of trading. ICICI group parentage will

also help to garner client confidence around it. Growing investors’ base in financial markets will augur well with well

managed strong broking companies over medium term. Number of active stock brokers registered with stock exchanges

have seen considerable fall in last 10 years, is establishing the trend of consolidation in the industry and it could accelerate

further in next couple of years.

It is a thematic buy in newly emerging financial space.


Holder's Name


Dec2019


Sep2019

Change %

Promoter

79.22

79.22

0

FIIs

2.74

2.69

0.05

Mutual Funds

10.91

11.07

-0.16

Other DIIs

0.94

0.97

-0.03


6.19

6.05

0.14

SECTOR: Financials

CMP: Rs.460


Period: 12 months

Key Stock Data


Market Cap ( Rs bn) 148.5



6m avg Volume (NSE &BSE) 0.50 mn

Beta 0.78

Face value ( RS ) 5

`

Robust technology and Equity market share growth encouraging

With 4 per cent revenue growth in Q3FY20, I-Sec’s results were a surprise as it arrested the trend of revenue decline seen

for four quarters in a row. Net profit growth of 36 per cent in consolidated profit to Rs 137 crore for the third quarter

of 2019-20 is also the best since listing.

Many factors, including the October to December period, being favorable for the equity markets helped the broker.

Efforts to lean on ICICI Bank’s customer pool, especially its affluent clients, have also helped I-Sec increase its market share

(based on active customer base) to 10 per cent in Q3, from 8.1 per cent a year ago.

The introduction of products, such as Prime and employee stock ownership plan financing, is also helping expand the

customer base.

Consolidated P&L (Rs million)

1. Impact of Ind AS116 in Q1-FY2020 & Q2-FY2020 respectively: finance cost & depreciation increase by ` 156 mn , ` 141 mn; lease expense reduce by ` 128 mn and `

119 mn; having a net impact of ` 28 mn and 22 mn

2. 2. Impact of change in income tax rate including impact on account of revaluation of deferred tax asset given in Q2-FY2020 Includes MTM of ` 108 mn & 36 mn

taken in Q1-FY2020 and Q2-FY2020 respectively on DHFL ( Source: Company)

Segmental Performance

3. Advisory services includes Financial advisory services such as equity-debt issue management services, merger and acquisition advice and other related activities

4. 2. Amount of Rs 207 mn and Rs 148 mn pertaining to interest on income tax refund is not allocated to any segment and is included in total revenues and results of

FY2019 and 9M-FY2020 respectively . (Source: Company)

Outlook & Valuation: The company has retained its market leadership position despite intense competition. ISEC has also built a strong financial

products distribution business (26.2% of revenues). We believe that ISEC will be a key beneficiary as financialization of

savings and changing landscape in financial markets.

We maintain ‘ACCUMULATE’ for target price of Rs 520 in next 12 months.

`

Disclaimer

RATING PARAMETER

BUY We expect the stock to deliver more than 15% return over the next 12months

ACCUMULATE We expect the stock to deliver 6% - 15% return over the next 12months

REDUCE We expect the stock to deliver 0% - 5% return over the next 12months

SELL We expect the stock to deliver negative return over the next 12months

NOTE: Target prices are for a period of 12-month perspective unless specified. Returns stated in the rating parameter are for our internal benchmark.

TECHNICAL CALL RATING PARAMETER

BUY: A condition that indicates a good time to buy a stock. The exact circumstances of the signal will be determined by the indicator that an analyst is using.

SELL: A condition that indicates a good time to sell a stock. The exact circumstances of the signal will be determined by the indicator that an analyst is using.

A recommendation to buy or sell stock when it trades at specified price. They serve to either protect your profits or limit your losses.

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`

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Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. Investments in securities are subject to market risk, please read all the related documents carefully before investing. Please read the SEBI prescribed Combined Risk Disclosure Document (refer to SEBI website) prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.

Compliance Officer: Mr. Raj Kumar Mukherjee. Call: 033-4050-2700, Email: [email protected]

Peerless Securities Limited

Registered Office:

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