1

EQUITY

Latest 1 Day P/E* P/B*

SENSEX 29,531.4 0.4 21.9 2.9

NIFTY 9,143.8 0.5 22.5 2.9

CNXMIDCAP 17,054.4 0.1 28.0 2.1

29-Mar-17

*Source: Bloomberg

NET INFLOWS (Rs. Crs.) 24-Mar-17

NET MTD YTD

FII 583.6 (7416.0) 10162.9

MF** 360.7 19971.3 30516.0

*YTD From January till date **As on 28-Mar-17

30 March 2017

Sushil Financial Services Private Limited Member BSE : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. Regd. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : info@sushilfinance.com

Please refer to important disclosures at the end of the report For private Circulation Only.

29-Mar-17

Latest Points % Chg.

NIKKEI 225 * 19169.9 (47.6) (0.2)

HANG SENG * 24271.4 (120.7) (0.5)

DOWJONES 20659.3 (42.2) (0.2)

NASDAQ 5897.5 22.4 0.4

SGX NIFTY FUT* 9193.5 16.5 0.2

INFY 15.8 0.1 0.5

HDFC BANK 73.8 (0.2) (0.3)

ICICI BANK 8.6 0.0 0.3

TATA MOTORS 35.8 (0.4) (1.1)

WIPRO 10.3 0.0 0.1

DR REDDY 40.3 0.2 0.4

* At 08:20 a.m. IST on 30-Mar-17

WORLD INDICES & INDIAN ADRs (US$)

COMMODITIES 29-Mar-17

Latest Points % Chg.

GOLD 1249.5 (4.0) (0.3)

CRUDE OIL (WTI) 49.5 (0.0) (0.1)

CRUDE OIL (Brent) 52.3 (0.1) (0.3)

FII ACTIVITIES IN DERIVATIVES 29-Mar-17

FII Net Buy (Rs.

Crs)

Open

Interest

Ch. in Open

Int. (DOD)Index Futures 754.7 38282.9 15.5

Index Options 122.0 77663.3 1.1

Stock Futures 211.0 102387.8 13.2

Stock Options (208.9) 8430.6 (1.9)

29-Mar-17

Closing % Chg.

Dollar Index 100.1 0.11

Rs. / $ 64.9 (0.20)

Rs. / EURO 70.0 (0.94)

Rs. / UK Sterling 80.8 (1.00)

EXCHANGE RATE

G.SEC. YIELD 29-Mar-17

Yield (%)

GS CG2025 8.2% 6.75

US 10 Year Gsec 2.39

KEY OVERNIGHT DEVELOPMENTS

The S&P 500 and the Dow were pressured by declines in financial stocks,

while consumer discretionary shares lifted the Nasdaq. Asian shares edged up

to near their highest in two years on Thursday, while the dollar benefited

from waning expectations that the European Central Bank was poised to end

its easy policy.

MUST KNOW…. Biocon to sell Parit in India after Eisai ends 12-year partnership with GSK

(Rs.1148, +1%)

Bharti Airtel completes tower arm stake sale to Nettle Infra (Rs.345, +1%)

SBI (##) expects 6,000 employees to opt for VRS as it readies to merge with associates (Rs.288, +2%)

L&T (##) secures Rs.2,400 crore job orders (Rs.1556, +1%)

UCO Bank may raise Rs.1,000 cr from LIC via bonds (Rs.36, -1%)

Lupin (#) launches generic HIV drug in US market (Rs.1453, 0%)

Siemens, Sumitomo Electric win $520 mn order for HVDC link (Rs.1261, +1%)

PVR (#) eyes Rs.4,000 cr revenue in 5 years; to double screen count (Rs.1414, -1%)

IL&FS wins Rs.175 cr road project in Madhya Pradesh (Rs.55, -1%)

Two units of SAIL in losses despite Rs.2,600 cr investment: Govt (Rs.61, +2%)

Kotak Mahindra Bank dials 811 to double customer base, announces new strategy (Rs.859, -1%)

RInfra's Rs.3,000-cr InvIT fund gets NHAI approval (Rs.567, 0%)

RIL completes Gulf Africa Petroleum Corporation stake sale (Rs.1255, +1%)

Tube Investments rolls out online bicycle brand (Rs.608, 0%)

Amul vs HUL ice-cream ad case adjourned to Monday (Rs.912, +1%)

Monsanto termination of Nuziveedu Seeds sub-licence pact illegal: Delhi HC (Rs.2501, 0%)

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Corporate Announcements & Financial Scoreboard Biocon to sell Parit in India after Eisai ends 12-year partnership with GSK (Rs.1148, +1%)

Indian drugmaker Biocon has partnered with Japanese drug firm Eisai Pharma to market the latter's anti-

ulcer drug rabeprazole in India. Eisai’s brand is sold as Parit and its combination drug Parit-D. The Japanese

firm has terminated its earlier co-marketing arrangement with GSK in India, with sources saying Eisai was

disappointed with its partner's brand development and sales push. GSK was marketing these brands since

2005.Biocon will market the two rabeprazole brands as part of its metabolic products portfolio. Confirming

the media news report, Biocon said Parit and Parit-D will be a part of supportive care for the flagship

brands in the metabolics division. In an e-mailed response to media’s questionnaire, Suresh Subramanian,

Senior Vice-President and Head of branded formulations business of Biocon said: “These products will

strengthen Biocon’s existing metabolics portfolio and will be one of the key brands being offered to the

existing target customers comprising diabetologists and cardiologists. These specialties have immense

potential as Parit will form part of the supportive therapy in managing the patients that these specialties

see.” According to data from All India Organisation of Chemists and Druggists, the market size for

rabeprazole and rabeprazole-D is roughly Rs.950 crore in India. It is highly fragmented and very crowded

with over 250 brands. Dr Reddy’s brand Razo & Lupin’s Rablet are among the leaders in this category. Eisai

Pharma’s two brands are small in comparison, doing just about Rs.6 crore in sales annually. Biocon’s push

in a crowded segment is viewed as interesting considering that in the last two years, the company has

consciously moved out of products that have seen fierce competition. It has revisited its branded

formulations division. Given that Eisai has an established product, Biocon will look at capitalising on the

market opportunity. “We anticipate to build this brand to be one of the largest in the category in the

medium term by leveraging our equity with the targeted prescribers and Eisai’s expertise,” Subramanian

said. Eisai Pharma is yet to respond to media’s queries.

Bharti Airtel completes tower arm stake sale to Nettle Infra (Rs.345, +1%)

Bharti Airtel completed sale of 11.32% stake in its mobile tower arm Bharti Infratel to its wholly-owned

subsidiary Nettle Infrastructure for Rs.6,806 crore, the telecom operator said. "The company has

completed an inter-se transfer of 11.32% stake (2,09,416,643 shares) in Bharti Infratel to Nettle

Infrastructure Investments Ltd, a wholly owned subsidiary of the company," Bharti Airtel said in a BSE filing.

The consideration received from stake sale is Rs.6,806 crore. Post the inter-se transfer, Bharti Airtel will

hold 50.33% while Nettle will hold 11.32% in Bharti Infratel. The remaining 38.35% will be held by public

and other shareholders. Last week, Bharti Infratel had said Nettle Infrastructure Investment will acquire

21.63% in the company from parent Bharti Airtel.

SBI (##) expects 6,000 employees to opt for VRS as it readies to merge with associates (Rs.288, +2%)

State Bank of India, country's largest bank, is expecting to see 50% or about 6,000 employees opting for its

voluntary retirement scheme (VRS). A senior executive of SBI said, "The employees opting for VRS is on

expected lines. We have estimated about half or 50% of the employees taking that option. You can say

about 6,000 employees may opt to take it up." The VRS has been offered to about 12,000 employees of the

associate banks. "The scheme will be on offer till Apr 5 and those employees who have opted or applied for

the VRS can withdraw it thereafter in a week's time..so we have to wait and see how many apply," said

Dinesh Khara, Managing Director at SBI. The eligibility criteria for the proposed VRS is employees who are

on the pay rolls of the bank and have put in 20 years at the bank or are above 55 years. Eligible employees

will be paid an ex-gratia sum amounting to 50% of the salary for the residual period of service, subject to a

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maximum of 30 months salary. SBI will be merging its five associate banks with itself from Apr 1 to become

the 45th largest bank in the world. The five associate banks of SBI are State Bank of Bikaner & Jaipur, State

Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad. The

associate banks have a total strength of 73,270 employees while SBI has a total staff of 200,820. SBI has a

high attrition rate, with 12,750 leaving the bank during the current financial year. Earlier, SBI Chairman

Arundhati Bhattacharya had said there would be about 26,000 employees retiring in the next two years.

The bank has also recruited about 7,000 employees. Post the merger, SBI will trim its new hiring to 50%

from about 10,000 on an average annually. SBI will also shut 47% of its associate bank offices to avoid

duplication and overlapping of the services in the same regions. Out of the five head offices of the

associate banks, only two will exist. The remaining three will be unbound along with 27 zonal offices, 81

regional offices and 11 network offices of the associate banks. With this, about 1,107 employees are

estimated to be directly affected by these shutdowns and will be redeployed, mostly in customer-interface

operations. According to Khara, many may not be willing to relocate and some may not be comfortable

with the changes in the bank. The VRS in the subsidiary banks would help SBI limit its staff costs from rising

after the merger. SBI’s staff expense in the quarter ending Dec 2016 was Rs.7,137 crore, rising 16.5% year-

on-year. Its pension obligation is estimated to be around Rs.3,500 crore. This would increase once

associate bank employees come under the SBI fold. Reports suggest SBI is likely to see an average payout

of Rs.12 lakh to Rs.15 lakh depending on the VRS applications. The five associate banks will cease to exist as

legal entities and become a part of SBI from Apr 1, but the various data and other merger processes will

start only after Apr 24, once the balance sheets of the five entities are audited and added. After the

merger, SBI will have a combined balance-sheet size of Rs.41 lakh crore, with 22,500 branches and 58,000

ATMs servicing over 50 crore customers.

L&T (##) secures Rs.2,400 crore job orders (Rs.1556, +1%)

Larsen & Toubro (L&T) said its construction arm has won orders worth Rs.2,400 crore in domestic and

international markets. "The power transmission and distribution business of L&T Construction has recently

bagged major orders worth Rs.2,400 crore in the domestic and international markets," the engineering and

construction major said in a BSE filing. L&T said that its power transmission and distribution business has

secured repeat order of 400 kv transmission lines and sub-stations, 33 kv primary substations and related

cabling on turnkey basis in the Middle East and Africa. It has also received orders to build transmission lines

at voltage levels of 765 kv and 400 kv across different states.

UCO Bank may raise Rs.1,000 cr from LIC via bonds (Rs.36, -1%)

Public sector lender UCO Bank said it is considering a proposal to raise Rs.1,000 crore from LIC via issuance

of bonds. "Board of our Bank is considering a proposal for issue of tier II bonds for inclusion in Tier II Capital

of face value of Rs.10 lakhs each aggregating to Rs.1,000 crore to LIC of India," UCO Bank said in a BSE

filing. It further said: "We have this day placed above proposal before the Board by circulation."

Lupin (#) launches generic HIV drug in US market (Rs.1453, 0%)

Drug firm Lupin has launched generic Abacavir and Lamivudine tablets used for treatment of human

immunodeficiency infection in the American market. The company had earlier received approval from the

United States Food and Drug Administration (USFDA) for Abacavir and Lamivudine tablets 600 mg/300 mg,

Lupin said in a statement. Lupin's tablets are generic versions of ViiV Healthcare Company's Epzicom

tablets, in the same strength, it added. The product is "indicated in combination with other antiretroviral

agents for the treatment of HIV-1 infection," Lupin said. Epzicom tablets had US sales of USD 388.1 mn as

4

per IMS MAT Dec 2016 data, it added. The company's cumulative filings with the USFDA now stand at 349,

with 213 products already approved, Lupin said.

Siemens, Sumitomo Electric win $520 mn order for HVDC link (Rs.1261, +1%)

A consortium of Siemens and Sumitomo Electric Industries Ltd has bagged an order of USD 520 mn from

Power Grid Corp for supply of a high-voltage direct current (HVDC) transmission system. "A consortium of

Siemens and Sumitomo Electric Industries Ltd has been awarded an order from Power Grid Corp, to supply

a high-voltage direct current (HVDC) transmission system," Siemens Ltd said in a statement. According to

the statement, the total size of the order won by the consortium is USD 520 mn (nearly Rs.3,400 crore), of

which the share of Siemens Ltd is approximately Rs.1,682 crore. "The grid-augmentation project will go a

long way in delivering reliable, uninterrupted power to Kerala. Most of the critical equipment for the

project is being sourced from factories in India, renewing our commitment towards Make in India," Sunil

Mathur, Managing Director and Chief Executive Officer, Siemens Ltd said in the statement. About 200-

kilometer-long HVDC connection will be India's first direct current link using voltage-sourced converter

(VSC) technology, it stated. The VSC is the latest innovation in HVDC technology offering a very stable and

highly-flexible reactive power control independent of active power control and additional features to

support the AC systems like blackstart capability. Further, this solution is ideal to be combined with XLPE

cable technology, it said. Siemens will be supplying two converter stations with two parallel converters,

each rated 1,000 Megawatts (MW), using its VSC HVDC technology while Sumitomo Electric will be

responsible for XLPE HVDC cables in the DC circuit. The grid connection is scheduled to go into operation in

the first half of 2020, it added. The Pugalur-Thrissur ±320 kilovolt (kV) HVDC system will connect Pugalur in

the southern state of Tamil Nadu to Thrissur in Kerala State in South-West India. The Thrissur converter

station will be connected via underground XLPE HVDC cable to a transition station also being built by

Siemens. Sumitomo Electric's DC-XLPE cable has unique characteristics among industries to maximize

utilisation of HVDC system, enabling normal operation temperature at 90 degree and polarity reversal

operation, which is suitable for future hybrid system with bulk power overhead line. Sumitomo Electric will

supply 128 km XLPE HVDC cables comprising four cables for a route of 32 km. From the converter station at

Pugalur, power will be transmitted via an overhead line to the transition station. The Siemens' scope of

supply for the turnkey project encompasses design, engineering, supply, installation as well as

commissioning and major equipment supplies of the complete HVDC stations, including converter valves,

transformers, cooling systems and control and protection technology.

PVR (#) eyes Rs.4,000 cr revenue in 5 years; to double screen count (Rs.1414, -1%)

Multiplex operator PVR is aiming to double its revenue to around Rs.4,000 crore and screen count to 1,000

across the country in next five years. "Our strategy is to increase screen penetration in India. We are about

570 screens and in next four to five years we would double screen count and cross 1,000 screen," PVR

Chief Financial Officer Nitin Sood told PTI. He further added: "Once we get to 1,000 screens, our revenue

would be around Rs.3,500 crore to Rs.4,500 crore." In FY 2015-16, PVR had a revenue of Rs.1,743.98 crore

and this fiscal it would be around Rs.2,100 crore, Sood added. With the increase in the number of screens,

he said in the next three years "people watching movies at our theatres will rise to 100 mn from 75 mn

today". As the company grows, Sood said it would be a challenge to bring more variety to entertain mns of

customers on a daily basis. "How do we complement more entertainment for the customers and how do

we offer more variety under food and beverages (F&B)? Can we bring more merchandising and add more

advertising revenue stream? That would be the two pillars of our strategy," he added. As per its strategy,

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PVR would continue to grow in the existing Tier I and II cities and also go to Tier III and IV regions. "Today

we are in 50 odd cities and our aim would be over the next five years to expand to 90 to 100 cities as we

expand to 1,000 screen portfolio," Sood said. PVR, which acquired DT Cinemas last year, would pursue both

organic as well as inorganic growth opportunities as the sector is witnessing consolidation, the CFO said.

"The bulk of growth would come from organic growth only as inorganic consolidation possibilities are very

small, which are left right now. However, if there is something available on the way from inorganic

prospective, we would look on it," Sood said. Moreover, the company is also expecting that ratio of

revenue from food and beverages (F&B) would increase from 26% to 30% 4-5 years. "Today a customers

spends 40% of its ticket price on F&B and our aim would be 5 years, it should go up to 50%," he said.

IL&FS wins Rs.175 cr road project in Madhya Pradesh (Rs.55, -1%)

IL&FS Engineering Services said its JV firm has won a Rs.175.48 crore highway contract from Madhya

Pradesh Road Development Corporation (MPRDC). "The Joint Venture comprising IL&FS Engineering and

Construction Company Ltd and IL&FS Transportation Networks Ltd in the ratio of 49:51 (Joint Venture) has

received LOA (letter of award) for package no P-2 from MPRDC worth Rs.175.48 crore," the company said

in a statement. The scope of work includes widening and reconstruction of Ganj-Rajnagar Road, Laundi-

Mahoba Road, Nawgong Shrinagar Road & Baxwaha Dalpatpur Road and is being funded by New

Development Bank under Madhya Pradesh Major District Roads Upgradation Project (MPMDRUP). The

completion schedule of the works is 20 months, the company said.

Two units of SAIL in losses despite Rs.2,600 cr investment: Govt (Rs.61, +2%)

The two units of state-run SAIL, VISP and SSP, are running in losses for the last few years in spite of an

investment of around Rs.2,600 crore, Parliament was informed today. "Despite an investment of around

Rs.400 crore, VISP (Visveswaraya Iron and Steel Plant) is making losses for last 10 years," Minister of State

for Steel Vishnu Deo Sai said in a written reply to Rajya Sabha. Similarly, despite an investment of around

Rs.2,200 crore under modernisation and expansion, SSP (Salem Steel Plant) is making losses for last five

years, Sai said. The government had accorded 'in-principle' approval for strategic disinvestment of SSP,

Tamil Nadu, VISP, Bhadravati and Alloy Steel Plant (ASP), Durgapur. In another reply, the minister said that

a major modernisation and expansion programme has been carried out simultaneously at all the five major

plants of Steel Authority of India Ltd (SAIL), including Bhilai. He said that till Feb Rs.64,986 crore has been

incurred by SAIL towards modernisation and expansion among others.

Kotak Mahindra Bank dials 811 to double customer base, announces new strategy (Rs.859, -1%)

Kotak Mahindra Bank announced its strategic plan to double its customer base in next 18 months. With this

in mind, the bank has launched a ‘unique new phenomenon called 811’. Kotak currently has a little over 8

mn operational customers. The number 811 is inspired from Narendra Modi’s cash ban that was

implemented on Nov 8, 2016. Talking about the plan, Uday Kotak bank's Executive Vice Chairman and

Managing Director said, "811 offers a completely digital and paperless account opening that can be done

anytime, anywhere." 811 will continue to offer customers up to 6% interest on their savings account

balances, Kotak said. Kotak Bank will become the first bank to integrate Aadhaar offering OTP-based

financial services. The new initiative will be a part of Kotak’s existing app and customers can maintain a

zero balance for zero charge for all digital transactions. Only Aadhaar and Pan card will be needed to open

and operate the account. The 811 initiative will offer complete digital banking experience to customers in

nearly 700 locations across the country. The account can be opened anytime, anywhere using the Kotak

mobile banking application. "With 811, we embark on a bold organic growth journey. 8/11 changed India.

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811 aims to take our Prime Minister's vision forwar," Kotak said at the press conference. 811 will offer

access to over 100 services on the mobile app including financial transactions, fund transfer and a lifestyle

app for e-commerce companies. The acquisition cost to get new customers under 811 is 80-90% lower than

the current costs, says Kotak. Currently, 811 is available on Google Play Store and it will be available on

Apple store soon.

7

Information Of Bulk Deals – 29th Mar 2017 On BSE

Scrip Name Name Of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Abcindq Abc Financial Services Private Limited B 50,408 87.2

Abcindq Assambengal Carriers S 50,408 87.2

Acfsl Yashwantbhai A. Thakkar (Huf) S 60,000 20

Acrysil Ashish Rameshchandra Kacholia S 221,240 516

Acrysil Everest Finance And Investment Company B 221,240 516

Aiml Chetan Rasiklal Shah S 72,500 134

Alora Geeta Ajay Shah B 100,001 23.33

Alora Niruben Shantilal Tank S 65,000 23.3

Alora Rekhaben Jitubhai Vaghani S 94,600 23.3

Alora Ripalben Dahyabhai Chaudhari B 64,000 23.3

Alora Rupal Bhansali S 100,000 23.38

Alora Sunilkumar Bhikhabhai Nayi B 155,200 23.42

Amarsec Satabdi Computer Private Limited S 26,311 29.6

Amrafin Darshan Pankajbhai Shah B 162,000 68.85

Amrafin Fortune Securities Pvt Ltd S 91,200 68.85

Amrafin Khajanchi And Gandhi Stock Broking Private Limited

S 160,800 68.85

Amrafin Orange Mist Productions Pvt Ltd B 79,200 68.85

Amrafin Rakesh Rameshchandra Shah B 99,600 68.85

Amraplin Chirag Yashvantbhai Thakkar B 2,500,000 4.57

Amraplin Thakkar Krishna Monalbhai S 2,500,000 4.57

Ansalapi Aadi Financial Advisors Llp B 5,996,222 15

Ansalapi Profitex Shares & Securities Private Limited S 5,996,222 15

Astral Hansaben Pravinbhai Engineer S 6,664,670 565

Astral Sandeep Pravinbhai Engineer B 14,171,050 565

Astral Soumya Polymers Llp S 7,506,380 565

Atharvent Bharthe Sarda S 913,843 3.12

Atharvent Dilip Kumar Jha B 1,130,000 3.11

Atharvent Vinay Kumar Jha B 1,115,198 3.12

Atlantadev Girishkumar Prabhudas Ruparel B 423,993 1.75

Atlantadev Pari Anil Gandhi S 423,993 1.75

Aviva Bharvinbhai Sureshbhai Patel B 20,000 19.05

Aviva Smita Suhagbhai Maniar S 20,000 19.05

Axiscades Jupiter Capital Private Limited S 1,699,180 157

Axiscades Sudhakar Gande B 1,699,180 157

Bang Manoj Bagri Huf B 285,000 44.5

Bang Oyster Fincap Private Limited S 285,000 44.5

Bcp Bon Lon Securities Ltd B 94,000 29.95

Bcp Harshit Finvest Pvt Ltd B 90,000 29.95

Bcp Itj Retails Private Limited S 320,000 29.95

Bcp Smita Global Private Limited B 86,000 29.95

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Bcp Vinco Metals Pvt. Ltd. B 80,000 29.95

Bcpal Tista Tradelinks Private Limited B 245,000 45.25

Brightbr Beeline Impex Private Ltd B 291,785 78.5

Brightbr Byramjee Jeejeebhoy Pvt Ltd S 291,785 78.5

Choksi Hemali Suketubhai Parekh B 20,400 27.5

Choksi Prakash Kantilal Mehta S 21,000 27.5

Cupid Elara India Opportunities Fund Limited B 352,000 333.99

Cupid Om Prakash Garg S 4,584,000 332.12

Cupid Veena Garg B 4,184,000 332

Cybertech Aparna Venkateshwari Goud B 259,315 73.25

Cybertech Thimmadevi Badinehal Goud S 259,315 73.25

Darshanorna Lakhani Jignesh Jasmatbhai(Huf) B 24,000 35.65

Dhanvarsha Arjun Leasing And Finance Pvt Ltd . B 50,000 19.1

Dhanvarsha Hinaben Mukeshbhai Ghia S 58,800 18.6

Dhanvarsha Mukesh Vasantlal Ghia S 56,000 19.46

Dhanvarsha S J Infratech Private Limited . B 50,000 18.95

Dhanvarsha Viral Dipak Ranpura B 40,400 19.08

Dwekam Ketankumar Dhirajlal Rajpara S 140,000 17

Dwekam Kinnari Mukund Shah S 76,000 16.83

Dwekam Manisha Nitinkumar Shah S 52,000 16.9

Dwekam Mehulkumar Dhirajlal Rajpara S 90,000 17.03

Dwekam Mukund M Shah Huf S 26,000 16.75

Dwekam Mukund Mahendra Shah S 71,000 16.88

Dwekam Nilamben Manojbhai Rathod B 68,500 16.81

Dwekam Nitin Dalpatlal Shah S 52,000 16.92

Dwekam Rathod Manoj Chhaganlal Huf B 124,000 16.94

Energydev Amar Singh B 500,000 34

Energydev Enpee Enterprises Pvt Ltd S 255,000 33.94

Energydev Sterlite Merchants Llp S 500,000 34

Geecee Ashwin Kumar Kothari (Huf) S 646,955 125

Geecee Ashwin Kumar Kothari (Smaller) Huf S 574,733 125

Geecee Ashwin Pannalal Kothari S 647,546 125

Geecee Meena Ashwin Kothari S 647,216 125

Geecee Panna Lal C Kothari Huf S 561,608 125

Geecee Rohit Ashwin Kothari B 3,132,177 125

Gpil Kanika Devi Agrawal S 680,671 102.6

Gpil Kumar Agrawal B 1,422,280 102.6

Gpil Madhu Devi Agrawal S 890,000 102.6

Gpil Ramrichhpal Agrawal S 879,996 102.6

Gpil Reena Devi Agrawal S 927,750 102.6

Gpil Suresh Kumar Agrawal Huf B 680,671 102.6

Gpil Vinay Kumar Agrawal B 1,375,466 102.6

Greycells Lkpfinancelimited B 50,000 32.5

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Greycells Nowshir Rusi Engineer S 64,958 32.5

Grovy Ashish Sharma B 20,000 34.08

Grovy Deepti Jain B 11,944 34.13

Grovy Pawan Jain S 35,400 34.12

Grovy Sudha Garg B 10,000 34.2

Hathway Clsa Global Markets Pte Ltd B 25,448,913 37.3

Hathway Macquarie Bank Limited S 25,448,913 37.3

Himin Doon Valley Foods Pvt Ltd S 442,159 28.55

Hkt Gazi Estates Private Limited B 16,000 14.5

Hkt K M Jain Stock Brokers Private Limtied B 16,000 16.45

Hkt Rajeev Bothra S 16,000 16.53

Hkt Santosh Bothra S 16,000 16.4

Indusindbk Macquarie Bank Limited S 3,532,138 1,409.50

Indusindbk Tybourne Equity Master Fund B 3,007,366 1,409.50

Infratel Bharti Airtel Limited S 209,416,643 325

Infratel Nettle Infrastructure Investments Limited B 209,416,643 325

Insecticid Nikunj Aggarwal S 380,000 535.07

Insecticid Rajesh Aggarwal B 155,000 535.1

Insecticid Rajesh Aggarwal Huf B 225,000 535.05

Inventure Dhyan Stock Broking Pvt Ltd S 595,675 12.78

Irismedia Multiplex Capital Ltd. B 735,000 18.33

Irismedia Parveen Aggarwal S 1,960,000 18.14

Irismedia Sumedha Aggarwal B 692,000 17.99

Jyoti Blue Bird Mercantiles Private Limited B 156,433 61.16

Karmaeng Anju Dharmendra Siraj B 300,000 42.61

Karmaeng Dharmendra Gulabchand Siraj S 300,000 42.61

Kilpest Manjit Singh Choudhary & Son (Huf) B 55,600 35.25

Kineticeng Reliance Capital Ltd S 715,000 73.25

Kineticeng Reliance Spot Exchange Infrastructure Ltd B 715,000 73.25

Kuantum A S Bajaj Sales And Marketing Pvt Ltd S 125,000 466

Kuantum Anmol Polymers Private Limited S 122,055 466

Kuantum Demakap Trading Enterprises Private Limited B 247,055 466

Kuberji Savasthi Investments Ltd B 18,140 63.8

Mahabir Neena Mittal S 60,000 41

Mainfra Jayesh K Patel B 125,000 29.85

Mainfra Patel Shital Jayeshbhai S 125,000 29.85

Manaksia Anirudha Agrawal S 874,560 67.65

Manaksia Varun Agrawal B 5,141,245 67.94

Manaksia Vineet Agarwal S 4,266,685 68

Manaksteltd Chandrakala Agrawal B 6,000,000 13.3

Manaksteltd Payal Agrawal B 6,610,770 13.3

Manaksteltd Varun Agrawal S 12,610,770 13.3

Mishka Remote Equity Private Limited B 140,000 33.23

10

Mnkalcoltd Manju Agrawal B 894,750 6

Mnkalcoltd Sunil Kumar Agrawal S 4,861,368 6

Mnkalcoltd Sushil Kumar Agrawal S 4,483,557 6

Mnkalcoltd Vineet Agarwal B 8,450,175 6

Mnkcmiltd Anirudha Agrawal S 3,224,560 11.9

Mnkcmiltd Sunil Kumar Agrawal B 11,502,370 11.9

Mnkcmiltd Sushil Kumar Agrawal S 9,000,000 11.9

Mnkcmiltd Tushar Agrawal B 722,190 11.9

Murad Aruna Rajendra Shah B 28,000 19.95

Niteshest Infinite India Investment Management Limited S 3,750,000 8.17

Niteshest Jm Financial Institutional Securities Limited B 3,750,000 8.17

Nyssacorp Arch Pharmalabs Limited S 1,374,768 8.5

Nyssacorp Siddharth Chimanlal Shah B 1,374,768 8.5

Opchains Ajay Kumar Agarwal B 70,000 23.76

Opchains Manu Jain S 50,000 23.55

Oricon Hazarimall Somani B 1,150,000 54.1

Oricon Kopran Lifestyle Limited S 1,150,000 54.1

Padmaind Adamina Traders Private Limited S 36,092 48.16

Padmaind Sejalben Sunilkumar Gandhi S 26,600 48.5

Padmaind Shashikant Chinubhai Kapadia B 100,000 48.51

Panchmahq Ashok Ramlubhaya Malhotra B 181,634 30.79

Pressmn Navin Chand Suchanti S 4,877,248 63.5

Pressmn Niren Chand Suchanti B 4,854,914 63.5

Pressmn Pramina Suchanti B 401,337 63

Pressmn Sujata Suchanti S 401,337 63

Purshottam Paresh Jamnadas Rajde S 352,100 13.1

Purshottam Shreyans Logistics Private Limited B 352,100 13.1

Pwasml Krishna Gardens Pvt. Ltd B 200,000 29

Pwasml Neeru Gupta S 221,100 29

Pwasml Rajendra Kumar Gupta S 82,707 29

Pwasml Strm Trading Focus Private Limited B 80,000 29

Radhikajwe Amrapali Fincap Pvt Ltd S 630,400 11.02

Radhikajwe Trupti Hemant Sarvaiya B 758,400 11.48

Samindus Dwekam Weld Tech Private Limited B 540,602 8.76

Samindus Sam Exim Limited S 1,065,602 8.76

Samindus Sam Farms And Foods Private Limited B 525,000 8.76

Sequent Laxmi Shivanand Mankekar B 5,500,000 129.84

Sequent Shivanand Shankar Mankekar (Huf) S 5,500,000 129.84

Sezal Kanji Bhachu Rita Huf B 369,990 5.52

Sezal Pioneer Securities Private Limited S 370,000 5.52

Shaily Ashish Rameshchandra Kacholia S 600,000 494

Shaily Bengal Finance & Investment Pvt. Ltd. B 600,000 494

Siil Manju Jain S 50,000 10.7

11

Siil Padam Raj Agarwal Huf B 49,966 10.7

Sinclair Navin Chand Suchanti S 263,738 392

Sinclair Niren Chand Suchanti B 263,738 392

Sinclair Pramina Suchanti B 1,035,022 392

Sinclair Sujata Suchanti S 1,035,022 392

Sivi Muralidharan Srinivasan S 114,000 39

Sivi Sonu Pravin Dadlika B 114,000 39.05

Steelcas Bellwether Capital Private Limited B 100,000 73.08

Steelxind Chetan Rasiklal Shah S 974,192 80.09

Steelxind Monotype India Limited B 398,068 80.74

Steelxind Multiplier Share & Stock Advisors Private Limited S 458,384 80.05

Sw1 Agarwal Manoj Suresh S 9,000 141

Sw1 Mount Overseas Private Limited B 9,000 141

Swarnsar Pallavi Manoj Desai B 181,000 21.97

Swarnsar Swarnsarita Jewellers Private Limited B 190,000 22.24

Umiya Hemangini Dilip Sanghavi S 40,000 128.5

Umiya Kinjal Dilipbhai Sanghvi B 45,000 117

Unistrmu Bharat Ugarchand Gadhecha S 199,999 3.84

Unistrmu Suresh Bafna B 200,000 3.84

Vama G K Properties Private Limited S 577,781 19.5

Vama Nitin Siddamsetty B 577,781 19.5

Vasconeq Akash Manek Bhanshali B 7,123,211 35

Vasconeq Payal Akash Bhanshali S 7,123,211 35

Vcu Chetan Rasiklal Shah S 660,000 15.26

Vcu Manish Bhavanji Bheda B 636,000 15.25

Vcu Pratyakshya Sharebrokers Pvtltd B 123,000 15.03

Ventura Reliance Capital Ltd S 321,875 5.25

Ventura Reliance Spot Exchange Infrastructure Ltd B 321,875 5.25

Vgcl Jayshree Shashikant Parekh B 186,000 18.73

Virtualg Faithful Vanijya Private Limited B 5,500,000 5.14

Virtualg Indi Stock Private Ltd S 4,000,000 5.14

Virtualg Parag Jagdishbhai Sheth S 2,992,103 5.2

Virtualg Pears Vanijya Private Limited S 5,500,000 5.14

Virtualg Stampede Holdings Private Limited B 4,000,000 5.19

Virtualg Subhlabh Fiscal Services Private Ltd B 8,000,000 5.16

Virtualg Swarnim Tradecom Private Limited S 2,634,161 5.24

Virtualg Usha Rani Meenavalli S 4,000,000 5.19

Whiteorg Manojkumar Rasiklal Mehta S 582,250 48.4

Whiteorg Neena Sanjay Kothari B 594,080 48.39

Zeal Trupti Hemant Sarvaiya B 37,000 393.63

12

Information Of Bulk Deals – 29th Mar 2017 On NSE

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Akash Infra-Projects Ltd. Beeline Broking Ltd S 55000 128

Akash Infra-Projects Ltd. Mahendrabhai Gulabdas Patel B 58000 128

Akash Infra-Projects Ltd. Mansi Munjal Patel B 77000 128

Aries Agro Limited Prosperous Vyapaar Private Limited B 99000 148.2

Aries Agro Limited Snowtex Investments Ltd S 99000 148.2

Aurionpro Solutions Limit Reliance Capital Ltd S 858000 120

Aurionpro Solutions Limit Reliance Spot Exchange Infrastructure Ltd B 858000 120

Axiscades Engg Tech Ltd Rohitasava Chand B 197312 163.65

Axiscades Engg Tech Ltd Sumer Chand And Company Llp S 197312 163.65

Bajaj Corp Limited Bajaj Resources Limited B 21706250 375

Bajaj Corp Limited Knb Enterprises Llp S 21706250 375

Biocon Limited Mk Family Private Trust B 1000000 1150

Biocon Limited Murali Krishnan Karaikal Narayanaswamy S 2000000 1150

Biocon Limited Smk Family Private Trust B 1000000 1150

Can Fin Homes Ltd Chhattisgarh Investments Limited B 470000 2100

Can Fin Homes Ltd Csp Investments S 470000 2100

Dishman Pharma &Chem Motilal Oswal Asset Mgmt Co.Ltd. - Invest In (Pms) B 848024 307.95

Emco Limited Reliance Capital Ltd S 1943000 27.3

Emco Limited Reliance Spot Exchange Infrastructure Ltd B 1943000 27.3

Gretex Industries Ltd. Anilkumar Swarupchand Kothari S 42000 15.5

Gretex Industries Ltd. Shri Mahalaxmi Agricultural Developments Limited B 42000 15.5

Hathway Cable & Datcom Clsa Global Markets Pte Ltd B 18805324 37.9

Hathway Cable & Datcom Goldman Sachs Singapore Pte S 18805324 37.9

Havells India Limited Arg Family Trust B 18862400 450

Havells India Limited Guptajee And Company S 18862400 450

Indusind Bank Ltd. Goldman Sachs Investments Mauritius I Ltd S 7138938 1400.19

Indusind Bank Ltd. Tybourne Equity Master Fund B 4238180 1400

Jindal Cotex Ltd Jignesh Hiralal Shah B 225500 13.15

Karma Energy Limited Anju Dharmendra Siraj S 828345 42.92

Karma Energy Limited Dharmendra Gulabchand Siraj B 828345 42.92

Lokesh Machines Limited Kacholia Ashish S 1600000 82.24

Lokesh Machines Limited Kacholia Sushmita B 1150000 82.16

Lokesh Machines Limited Suryavanshi Commotrade Pvt Ltd B 450000 82.45

Man Infra Ltd Reliance Capital Ltd S 2800000 42.5

Man Infra Ltd Reliance Spot Exchange Infrastructure Ltd B 2800000 42.5

Mangalore Chemicals & F Reliance Capital Ltd S 5885000 57.87

Mangalore Chemicals & F Reliance Spot Exchange Infrastructure Ltd B 5885000 57.87

Mohit Industries Ltd Withal Commercial Pvt Ltd B 104664 41.18

Nalwa Sons Investments K2 Family Private Trust B 240137 894.99

Nalwa Sons Investments Ricky Kriplani S 240000 895

13

Nilkamal Limited Hiten Vamanrai Parekh B 1306918 1975

Nilkamal Limited Manish. Vaman Parekh S 448739 1975

Nilkamal Limited Manju Manish Parekh S 380952 1975

Nilkamal Limited Nayan Sharad Parekh. S 523427 1975

Nilkamal Limited Purvi Nayan Parekh B 380952 1975

Nilkamal Limited Vamanrai Vrajlal Parekh. S 380952 1975

Ptl Enterprises Limited Ratnabali Capital Markets Private Limited S 533380 51

Rainbow Papers Ltd Mangal Keshav Capital Ltd S 875000 4.2

Rainbow Papers Ltd Mangal Keshav Financial Services Limited B 871500 4.2

Rama Steel Tubes Limited Kay Power And Paper Limited B 91000 120.97

Saregama India Ltd. Reliance Capital Ltd S 1188000 242.74

Saregama India Ltd. Reliance Spot Exchange Infrastructure Ltd B 1188000 242.74

Sastasundar Ventures Ltd Luv Kush Projects Limited B 340000 95.2

Sastasundar Ventures Ltd Ravi Kant Sharma S 340000 95.2

Selan Exploration Technol Aroon Raj Mahajan S 98435 157.03

Setco Automotive Ltd Minal Patel B 1968000 33.99

Setco Automotive Ltd New Vernon Private Equity Limited S 3000000 34

Shemaroo Enter. Ltd. Hiren Uday Gada S 546840 376

Shemaroo Enter. Ltd. Kranti Gada Arambhan B 546840 376

Shilpa Medicare Ltd Dharmavathi Vishnukant Bhutada B 1434090 619.7

Shilpa Medicare Ltd Manjulata Inani S 1308806 619

Stampede Capital Ltd Jrg Fincorp Limited B 1900000 19.18

Stampede Capital Ltd Sampat Piyush Chandrasinh S 1250000 19.25

Sunteck Realty Limited Astha Trust B 2700000 377.85

Sunteck Realty Limited Matrabhav Trust S 2700000 377.85

Texmaco Infra & Holdg Lt Zuari Global Limited B 2850000 41.5

Texmaco Infra & Holdg Lt Zuari Investments Ltd. S 2850000 41.5

Torrent Pharma Ltd. Mehta Sapna Samir S 8858864 1440

Torrent Pharma Ltd. Torrent Private Limited B 8858864 1440

Veto Switchgear Cable Ltd Kuber India Fund B 120000 150.9

Websol Energy System Lt India Max Investment Fund Ltd S 780000 56

Websol Energy System Lt Sohan Agarwal B 780000 56

14

Disclosures Under SEBI (Prohibition Of Insider Trading) Regulations, 2015

Company Name Name of Acquirer / Seller Securities Held pre Transaction

Securities Acquired / Disposed Number Value Transaction Type

Securities held post Transaction

Period

Rapicut Carbides Ltd. Bharti Chetan Cholera 202235 (3.76) 5,812 442092 Disposal 196423 (3.65) 27/03/2017

Hindalco Industries Ltd. Devotosh Kumar Das 36847 (-) 17,552 3317679 Disposal 19295 (-) 28/03/2017

Larsen & Toubro Ltd. C.R.Sathyanarayana 9175 (-) 50 70500 Disposal (-) 11/01/2017

Larsen & Toubro Ltd. C.R.Sathyanarayana (-) 25 35750 Disposal (-) 12/01/2017

Larsen & Toubro Ltd. C.R.Sathyanarayana (-) 300 450000 Disposal (-) 07/02/2017

Larsen & Toubro Ltd. C.R.Sathyanarayana (-) 100 155000 Disposal (-) 14/03/2017

Larsen & Toubro Ltd. C.R.Sathyanarayana (-) 100 155500 Disposal (-) 14/03/2017

Larsen & Toubro Ltd. C.R.Sathyanarayana (-) 200 312000 Disposal 8400 (0.00) 14/03/2017

Apollo Tyres Ltd. Onkar S Kanwar 1987241 (0.39) 11,87,241 248763206 Disposal 800000 (0.16) 28/03/2017

Apollo Tyres Ltd. Motlay Finance Pvt. Ltd. 15537576 (3.05) 11,87,241 251065543 Acquisition 16724817 (3.28) 28/03/2017

Vardhman Textiles Ltd. Adishwar Enterprises Ltd. 11713130 (20.41) 2,22,567 289337100 Disposal 11490563 (20.02) 28/03/2017

Jaipan Industries Ltd. Jainarayan O Agarwal 1769519 (29.01) 2,100 33270 Acquisition 1771619 (29.04) 24/03/2017

Warren Tea Ltd.-$ Isis Enterprises Ltd 364347 (3.05) 2,72,521 34542037 Disposal 91826 (0.77) 24/03/2017

Garnet International Ltd. Mangal Savitri Bizcon Pvt Ltd 804071 (12.92) 1,650 953000 Disposal 805721 (12.94) 28/03/2017

Jyoti Resins & Adhesives Ltd. Priyanka Utkarshbhai Patel 395360 (9.88) 1,100 189637 Acquisition 396460 (9.91) 27/03/2017

Jyoti Resins & Adhesives Ltd. Utkarsh Jagdishbhai Patel 253006 (6.32) 6,176 1072830 Acquisition 259182 (6.47) 27/03/2017

Jyoti Resins & Adhesives Ltd. Utkarsh Jagdishbhai Patel 259182 (6.47) 7,647 1291864 Acquisition 266829 (6.67) 28/03/2017

Sukhjit Starch & Chemicals Ltd.-$ Inder Krishan Sardana 547450 (7.41) 500 146000 Acquisition 547950 (7.42) 28/03/2017

Sun Pharmaceutical Industries Lt Ajay Kumar Upadhyay 6400 (-) 5,000 3510000 Disposal 1400 (-) 28/03/2017

Swarnsarita Gems Ltd Swarnsarita Jewellers Pvt Ltd 8578761 (41.09) 1,00,000 2255141 Acquisition 867861 (41.57) 27/03/2017

Swarnsarita Gems Ltd Swarnsarita Jewellers Pvt Ltd 8678761 (41.57) 1,00,000 2252231 Acquisition 8778761 (42.05) 28/03/2017

Rishiroop Ltd Richa L. Chadha 37672 (0.39) 3,732 2.05 Lakhs Disposal 33940 (0.35) 27/03/2017

Rishiroop Ltd Lalit Chadha 50700 (0.52) 16,700 9.00 Lakhs Disposal 34000 (0.35) 27/03/2017

Ceejay Finance Ltd. Harshadkumar Natvaralal Dalal 48200 (1.40) 4,000 243272.86 Acquisition 52200 (1.51) 27/03/2017

Ceejay Finance Ltd. Ushabhen Harshadbhai Dalal 143665 (4.16) 4,000 245478.61 Acquisition 147665 (4.28) 27/03/2017

Ceejay Finance Ltd. Aadit Harshad Dalal 120480 (3.49) 4,000 243360.53 Acquisition 124480 (3.60) 28/03/2017

Ceejay Finance Ltd. Binaben Deepakbhai Patal 21450 (0.62) 2,000 121886.75 Acquisition 23450 (0.68) 28/03/2017

15

Ceejay Finance Ltd. Bhaviniben Kiranbhai Patel 23285 (0.67) 5,000 304717.37 Acquisition 28285 (0.82) 28/03/2017

Patel Engineering Ltd.-$ Shiraz Yezdi Patel 82837 (0.05) 15,000 1230000 Disposal 67837 (0.04) 17/03/2017

Linc Pen & Plastics Ltd.-$ Sarita Jalan 1999750 (13.52) 1,00,000 Disposal 1899750 (12.85) 28/03/2017

Nalwa Sons Investments Ltd. Jsw Organics Pvt Ltd (-) 1,28,583 Acquisition 128583 (2.50) 25/03/2017

Ramco Systems Ltd. Subbaraman Ramaswamy 20017 (0.06) 100 36082.95 Disposal (-) 06/03/2017

Ramco Systems Ltd. Subbaraman Ramaswamy (-) 2,000 703135.75 Disposal 17917 (0.05) 20/03/2017

Ramco Systems Ltd. Subbaraman Ramaswamy 28693 (0.09) 1,666 584723.15 Disposal 27027 (0.08) 27/03/2017

Strides Shasun Ltd P M Thampi 63000 (0.07) 1,800 2072433 Acquisition 64800 (0.07) 23/03/2017

Strides Shasun Ltd Mary Thampi 1000 (0.00) 200 231099 Acquisition 1200 (0.00) 23/03/2017

Ultratech Cement Ltd. Turquoise Investments & FinPvt Limited 637443 (0.23) 1,000 3976416 Disposal 636443 (0.23) 23/03/2017

Ultratech Cement Ltd. Turquoise Investments And Fin Pvt Ltd 636443 (0.23) 1,800 7186270 Disposal 634643 (0.23) 24/03/2017

Welspun Enterprises Ltd Mgn Agro Properties Pvt Ltd 58175951 (39.50) 15,00,000 106383611.07 Acquisition 59675951 (40.51) 23/03/2017

Aia Engineering Ltd. Sanjay Shaileshbhai Majmudar 15120 (0.01) 15,120 221.43 Lacs Disposal (-) 27/03/2017

Aia Engineering Ltd. Ratna Sanjay Majumdar 120 (0.00) 15,120 222.34 Lacs Acquisition 15240 (0.01) 27/03/2017

Aia Engineering Ltd. Balkrishna F Shah Huf 23544 (0.02) 2,000 29.50 Lacs Acquisition 25544 (0.02) 28/03/2017

Aia Engineering Ltd. Sharda B Shah 4000 (0.00) 2,000 29.50 Lacs Disposal 2000 (0.00) 28/03/2017

Info Edge (India) Ltd. Sanjeev Bikhchandani 34639873 (28.58) 98,000 79381960 Disposal 34541873 (28.50) 28/03/2017

Maxheights Infrastructure Ltd. Naveen Narang 4121161 (26.40) 37,000 1918080 Disposal 4084161 (26.17) 28/03/2017

Pvv Infra Ltd Pinnamaneni Eastates Pvt Ltd 75912 (1.51) 5,000 59931.58 Acquisition 80912 (1.61) 28/03/2017

Mishka Exim Ltd Suman Gupta 480000 (3.32) 70,000 Disposal (-) 29/03/2017

Mishka Exim Ltd Ranjeet Gupta 520000 (3.60) 70,000 Disposal (-) 29/03/2017

Has Lifestyle Ltd Team India Managers Ltd 1749106 (36.79) 1,00,000 4500000 Acquisition 1849106 (38.89) 27/03/2017

16

Rating Scale This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating.

Risk Rating Risk Description Predictability of Earnings / Dividends; Price Volatility

Low Risk High predictability/ Low volatility

Medium Risk Moderate predictability / volatility

High Risk Low predictability/ High volatility

Total Expected Return Matrix Rating Low Risk Medium Risk High Risk

Buy Over 15 % Over 20% Over 25%

Accumulate 10 % to 15 % 15% to 20% 20% to 25%

Hold 0% to 10 % 0% to 15% 0% to 20%

Sell Negative Returns Negative Returns Negative Returns

Neutral Not Applicable Not Applicable Not Applicable

Not Rated Not Applicable Not Applicable Not Applicable

Please Note

Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses).

** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks; we have enhanced our return criteria for such stocks by five percentage points.

“Desk Research Call” is based on the publicly available information on the companies we find interesting and are quoting at attractive valuations. While we do not claim that we have compiled information based on our meeting with the management, we have taken enough care to ensure that the content of the report is reliable. Although we have christened the report as “Desk Research Calls” (DRC), we intend to release regular updates on the company as is done in our other rated calls.

For any information or suggestion, please contact the below mentioned…

Nishita Shah (nishita.sshah@sushilfinance.com)

Sushil Financial Services Private Limited Member BSE: SEBI Regn.No. INB/F010982338 | Member NSE: SEBI Regn.No.INB/F230607435.

Office: 12, Homji Street, Fort, Mumbai 400 001. Phone +91 22 4093 6000 Fax +91 22 2266 5758

“Research Analyst – SEBI Registration No. INH000000867”

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17

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