Sharekhan Top Picks

Visit us at www.sharekhan.com

August 31, 2016

Sharekhan Top Picks

After consolidating in a tight range, the benchmark Nifty
index finally surged in the past few days to end August
with marginal gains. In addition to the benign global macro
environment, the fresh policy initiatives taken by the NDA
government to revive stalled projects and ease pressure
on construction companies seemed to support the positive
sentiment.

introduction Zee Entertainment in Top Picks on the back of

the sale of its sports business to Sony for $385 million. The
move leads to a considerable revision in earnings estimates
for ZEEL (see our latest stock update). On the other hand,
Reliance Industries could suffer due to the recent softness in
the benchmark global gross refining margins (GRM) and due
to its dispute with ONGC on the KG Basin offshore gas fields.

The Sharekhan basket of Top Picks appreciated by 4.2%

compared to 1.4% to 1.7% gains registered by the Sensex and
Nifty, respectively in August. Activity in the broader market
was much better than the benchmark indices in August, with
the CNX Midcap 100 index appreciating by 4%.

Lastly, we are including Rico Auto in the Top Picks portfolio

to bring in some exposure to the auto ancillary space. Rico
Auto has shown exceptionally strong Q1FY2017 results and
is on the path of significant improvement in its financial
performance going ahead. To make space for Rico Auto,
we are excluding Relaxo Footwear due to weak volume in
Q1FY2017, along with a tepid growth outlook in the near
term. However, we continue to remain positive on Relaxo
Footwear as a quality long-term investment option in the
consumer space.

For September, we are making three changes in the Top Picks

portfolio. We are booking profit in Bajaj Finance (with close
to 100% gains) and replacing it with Capital First as part of
churn in the NBFC space. Another change relates to the re-

Consistent outperformance (absolute returns; not annualised)

(%)
1 month
3 months
6 months
Top Picks
4.2
12.9
36.1
Sensex
1.4
6.6
23.5
Nifty
1.7
7.7
27.4
CNX MIDCAP
4.0
15.6
33.0
(%)

6.4

-5.6

CY2012

35.1

26.2

29.0

36.0

CY2011

-20.5

-21.2

-21.7

-25.0

CY2010

16.8

11.5

12.9

11.5

CY2009

116.1

76.1

72.0

114.0

300
200
100

Sharekhan

Sensex

Apr-16

8.5

Aug-16

12.4

Dec-15

CY2013

400

Apr-15

55.1

Aug-15

30.9

Dec-14

29.9

Apr-14

63.6

Aug-14

CY2014

500

Dec-13

6.5

Apr-13

-4.1

Aug-13

-5.1

Dec-12

13.9

Apr-12

CY2015

600

Aug-12

14.7

Dec-11

10.6

Apr-11

8.8

Aug-11

18.7

5 years
195.7
69.0
74.9
101.6

700

Dec-10

YTD CY2016

3 years
159.4
52.2
59.4
133.2

Constantly beating Nifty and Sensex (cumulative returns since April 2009)

Apr-10

CNX Midcap 100

Aug-10

Nifty

Dec-09

Sensex

Apr-09

Sharekhan
(Top Picks)

Aug-09

Absolute returns (Top Picks Vs Benchmark indices)

(%)
1 year
21.8
8.1
10.2
17.7

Nifty

Please note the returns are based on the assumption that at the beginning of each month an equal amount was invested in each stock of the Top Picks basket
Name
Ashok Leyland
Britannia Industries
Capital First
Finolex Cables
HDFC Bank
HUL
IndusInd Bank
Kansai Nerolac
Maruti Suzuki
PI Industries
Rico Auto
ZEE Entertainment

CMP*
(Rs)
88
3,454
700
444
1,291
914
1,191
371
5,053
807
62
540

FY16
22.5
49.8
38.4
27.2
26.5
47.4
31.0
55.6
33.4
36.3
25.0
48.3

PER (x)
FY17E
15.7
41.4
27.0
24.5
21.8
41.6
24.0
45.9
24.0
27.3
14.9
43.1

*CMP as on August 31, 2016 # Price target for next 6-12 months

Sharekhan

FY18E
13.1
34.5
19.0
21.8
17.8
34.9
18.3
38.1
19.8
22.9
12.0
28.4
** Under review

FY16
20.2
55.3
10.1
28.6
18.3
83.3
16.1
15.6
17.0
32.6
7.2
24.4

RoE (%)
FY17E
25.9
48.7
13.2
23.7
19.1
62.2
16.7
17.6
20.3
34.6
10.9
24.2

Price
FY18E target (Rs)#
27.5
120
43.9
**
16.7
840
23.3
475
20.1
1,415
52.3
995
17.6
1,290
19.4
405
21.0
5,790
34.1
890
12.2
72
29.5
620

Upside
(%)
37
20
7
10
9
8
9
15
10
15
15

For Private Circulation only

Registered Office: Sharekhan Limited, 10th Floor, Beta Building, Lodha iThink Techno Campus, Off. JVLR, Opp. Kanjurmarg Railway Station, Kanjurmarg
(East), Mumbai 400042, Maharashtra. Tel: 022 - 61150000. Sharekhan Ltd.: SEBI Registration details: BSE INB/INF/INE011073351; NSE INB/INF/
INE231073330; MSEI: INB/INF-261073333, CD - INE261073330; DP-NSDL-IN-DP-NSDL-233-2003; CDSL-IN-DP-CDSL-271-2004; PMS-INP000000662; Mutual
Fund-ARN 20669 ; Commodity trading through Sharekhan Commodities Pvt. Ltd.: MCX-10080 ; (MCX/TCM/CORP/0425) ; NCDEX-00132 ; (NCDEX/TCM/
CORP/0142) ; NCDEX SPOT-NCDEXSPOT/116/CO/11/20626 ; For any complaints email at igc@sharekhan.com ; Disclaimer: Client shouldAugust
read the 2016
Risk
Disclosure Document issued by SEBI & relevant exchanges and Dos & Donts by MCX & NCDEX and the T & C on www.sharekhan.com before investing.

Sharekhan Top Picks

Name
Ashok Leyland
Remarks:

CMP
(Rs)

FY16

PER (x)
FY17E

FY18E

FY16

RoE (%)
FY17E

FY18E

Price
target (Rs)

Upside
(%)

88

22.5

15.7

13.1

20.2

25.9

27.5

120

37

Ashok Leyland (ALL) is the second largest commercial vehicle (CV) manufacturer in India with a market share
of 30% in the heavy truck segment and an even higher share of 45% in the bus segment.

The medium and heavy commercial vehicle (MHCV) volume has shown double-digit growth over the last two
years, led by improved profitability of fleet operators and huge pent-up demand on a low base (due to earlier
slowdown). We expect MHCV volume to remain buoyant over FY2016-FY2017, driven by a gradual pick-up in the
economic cycle, heightened road construction activity, new vehicle launches and phase-wise implementation
of the Bharat Stage IV norms across the country (leading to pre-buying).

ALL also has a strong presence in the overseas markets and continues to expand into newer geographies. The
company expects exports contribution to be around 25% of revenues over the next 3-5 years as against the
current level of 10%. Additionally, ALLs defence business is expected to get a leg-up due to the governments
focus on indigenous manufacturing of defence products and higher foreign direct investment (FDI) in the
defence sector.

ALLs operating profit margin (OPM) has recovered from the lows on the back of operating leverage benefits
and price hikes. Its OPM is expected to expand further, given the sustained demand momentum. We expect
ALLs balance sheet to get de-leveraged and the return ratios to improve on the back of buoyant operating
cash flows and minimal capex.

Britannia Industries
Remarks:

3,454

49.8

41.4

34.5

55.3

48.7

43.9

**

Britannia Industries (Britannia) is the second largest player in the Indian biscuit market with about 30% market
share. It has chalked out an aggressive growth strategy to sustain the double-digit volume growth in the biscuit
segment by enhancing its product portfolio. It is also striving to expand into the other categories, such as dairy
(market size of Rs75,000 crore) and adjacent snacking categories (market size of Rs30,000 crore).

It is likely to maintain a 14-15% revenue growth rate, underpinned by volume a growth of 10-11% (largely
driven by enhanced distribution reach and wider product portfolio). The OPM is expected to remain in the
range of 14-15% on the back of benign input cost inflation and better operating efficiency.

The company has a strong balance sheet with the free cash flow consistently improving over the past few
years. Its return ratios have also improved over the past few years and remains strong (upwards of 50%).

Under a new leadership, Britannia has been able to leverage and monetise its strong brand equity and leading
market position in the biscuit and snack segments. We believe that Britannia can sustain its fasterthanindustry growth rates, owing to an improving distribution reach, entry into newer categories and focus on cost
efficiency. We have a Buy rating on the stock.

Sharekhan

August 2016

Sharekhan Top Picks

Name
Capital First
Remarks:

CMP
(Rs)

PER (x)

RoE (%)

FY16

FY17E

FY18E

FY16

FY17E

700

38.4

27.0

19.0

10.1

13.2

FY18E

Price
target (Rs)

Upside
(%)

16.7

840

20

Capital First is growing at a decent pace, and is present in high-growth area of SME, Two Wheeler and
Consumer Durables finance. The company has emerged stronger after structurally transforming its business
model by prudently focusing on high-growth retail financing and downsising its wholesale book post FY2010.
The company has clocked 40%+ CAGR in retail financing over FY2012-FY2016

CAFL has rationalised its wholesale book (to sub-15% of AUM) while increasing its retail share in total loan book
to 85%. It has also sharpened its focus on retail segments, entailing significant growth opportunities

To further strengthen retail lending growth, the company has invested in building processes, systems and
infrastructure to make inroads into high-growth, high-yield consumer durables, 2-wheelers and unsecured
business loan segments, which will help to maintain and improve retail margins

CAFLs conscious shift, from low-yielding secured SME to high-yielding and high growth consumer durables,
2-wheelers and unsecured business loans, is likely to boost overall yield, and profitability.

Finolex Cables
Remarks:

444

27.2

24.5

21.8

28.6

23.7

23.3

475

Finolex Cables (FCL) is a leading manufacturer of power and communications cables in India, having a
sizeable market share. The company is set to benefit from (1) an improving demand environment in its core
business of cables; (2) strategy to leverage its brand equity to build a high-margin consumer product business
(switchgears, fans etc). Currently, FCL is witnessing a healthy volume growth, which could improve further
once the domestic economy picks up pace.

Apart from retaining core strength in the electrical cables, FCL is gradually adding consumer electrical products
in its portfolio. Recently, it has launched fans and the switchgear facility is awaiting regulatory approval to
start production. We believe executing the strategy to add consumer-facing branded electrical products could
improve the overall profile of FCL in terms of margin and return ratios in the long term. In the near to medium
term, implementation of GST will be favorable for the company too.

While the overall business traction is steady, we highly appreciate the strong and consistent cash flow
generating ability of FCL. Prudent working capital management and a cash-rich balance sheet will enable FCL
to sustain very healthy return ratios (~20-25%). We are positive on FCL.

Sharekhan

August 2016

Sharekhan Top Picks

Name
HDFC Bank
Remarks:

CMP
(Rs)

FY16

PER (x)
FY17E

FY18E

FY16

RoE (%)
FY17E

FY18E

Price
target (Rs)

Upside
(%)

1,291

26.5

21.8

17.8

18.3

19.1

20.1

1,415

10

HDFC Bank has a pre-eminent presence in the retail banking segment (~50% of loan book) and has been able
to maintain a strong & consistent loan book growth, gradually gaining market share. Going forward, economic
recovery and improvement in consumer sentiment would be positive growth drivers for the banks loan growth,
which will in turn drive its profitability.

Backed by a current account & savings account (CASA) ratio of 40%+ and a high proportion of retail deposits,
the banks cost of funds remains among the lowest in the system, helping it to maintain higher net interest
margin (NIM). In addition, the banks loan book growth is driven by high-yielding retail products such as
personal loans, vehicle loans, credit cards, mortgages etc, mostly to own customers (which also positively
impacts NIMs).

HDFC Bank has been maintaining near impeccable asset quality, with its NPA ratios consistently been among
the lowest versus comparable peers. The bank has been able to maintain a robust asset quality due to its
stringent credit appraisal procedures, a client base and negligible exposure to troubled sectors.

HDFC Bank is well poised to tap the growth opportunities going ahead due to strong capital ratios, healthy
asset quality and steady revival in consumer spending. The bank is likely to maintain a healthy RoE of 18-20%
and RoA of 1.8% on a sustainable basis. Therefore, we expect it to sustain the valuation premium that it enjoys
vis--vis other private banks.

HUL
Remarks:

914

47.4

41.6

34.9

83.3

62.2

52.3

995

Hindustan Unilever (HUL) is Indias largest FMCG company with strong presence in personal care, home care
and packaged food segments in India. The company is a market leader in the personal wash, detergent and
shampoo segments in India.

Despite subdued demand environment, HULs volume growth stood at 6% in FY2016, up from 4% in FY2015 on
the back of relevant pricing actions and higher promotional spends.

We expect HULs volume growth trajectory to improve by 6-8% (from the current level of 4-6%) in the near
to medium term, spurred by the expected improvement in rural demand (in view of a better monsoon) and
better urban demand (due to implementation of 7th Pay Commission award and lower inflation). We expect
HULs earnings to grow at a CAGR of 15% over FY2015-FY2018 owing to higher volume growth and sustained
product innovation.

With negative working capital and strong cash generation ability, the company has a strong balance sheet
among its FMCG peers. Also, return ratios continue to remain high.

Given the improved earnings visibility, strong cash flows and higher return ratios, we have maintained a Buy
recommendation with a PT of Rs995.

Sharekhan

August 2016

Sharekhan Top Picks

Name
IndusInd Bank
Remarks:

CMP
(Rs)

PER (x)

RoE (%)

FY16

FY17E

FY18E

FY16

FY17E

1,191

31.0

24.0

18.3

16.1

16.7

FY18E

Price
target (Rs)

Upside
(%)

17.6

1,290

IndusInd Bank is among the fastest growing banks (26% CAGR over FY2012-FY2016), with a loan book of Rs93,678
crore and 1,000 branches across the country. About 55% of the banks loan book comprises of retail finance,
which is a high-yielding category, and is showing signs of growth.

Given the aggressive measures taken by the management, the deposit profile has improved considerably (CASA
ratio of ~35%). Going ahead, the bank would follow a differentiated branch expansion strategy (5% branch
market share in identified centers) to help in ensuring healthy growth in savings accounts and retail deposits.

IndusInd Bank has maintained its asset quality despite sluggish economic growth and higher proportion of
Retail finance in its loan book. The banks asset quality is among the best in the industry, with total stressed
loans (restructured loans + gross NPAs) forming just 1.4% of the loan book.

A likely revival in the domestic economy will further fuel growth in the banks consumer finance division
while strong capital ratios will support future growth plans. The stock should continue to trade at a premium
valuation, underpinned by strong loan growth, quality management, high RoAs and healthy asset quality. We
have a positive outlook on IndusInd Bank.

Kansai Nerolac
Remarks:

Sharekhan

371

55.6

45.9

38.1

15.6

17.6

19.4

405

Kansai Nerolac Paints (KNPL) is the third largest paint company in India with an overall market share of ~16%
in the decorative paints segment. The implementation of the Seventh Pay Commission recommendations and
the introduction of GST (shift from non-branded to branded products) would help boost the urban consumption
of paints, while a normal monsoon would boost rural demand.

KNPL is a market leader in the industrial paints business with a 60% market share. Around 75% of its industrial
paints business revenues come from auto coatings. A favourable outlook for the auto industry for the next 1-2
years will boost the companys industrial segment revenues.

KNPLs decorative paints business has better margins compared to the industrial paints business. KNPLs
growing thrust on enhancing its presence in the decorative paint business and expectations of stable raw
material prices in the near term are expected to lift the operating profit margin by 40-50BPS in the next couple
of years.

KNPLs revenues and earnings are expected to clock a CAGR of 14% and 19%, respectively over FY2016-FY2018
on the back of its relentless focus on enhancing presence in the decorative paints business and the expected
improvement in the sales of automotive paints. We have a positive view on KNPL.

August 2016

Sharekhan Top Picks

Name
Maruti Suzuki
Remarks:

Sharekhan

FY16

PER (x)
FY17E

FY18E

FY16

RoE (%)
FY17E

FY18E

Price
target (Rs)

Upside
(%)

5,053

33.4

24.0

19.8

17.0

20.3

21.0

5,790

15

Maruti Suzuki India (Maruti) is Indias largest passenger vehicle (PV) manufacturer with a strong 47% market
share. The company has been able to gain market share over the last two years due to new product launches,
vast distribution network (with an increased focus on the rural markets) and a shift in consumer preference
to petrol models from diesel models.

The recently launched premium hatchback Baleno has received a strong response, which will help Maruti to
expand its market share in the segment. Also, the company recently entered the compact sports utility vehicle
(SUV) space with the launch of Vitara Brezza and has received an encouraging response. Both the new products
command a waiting period of 6-8 months each. Further, Maruti recently entered into the light commercial
vehicle (LCV) segment, which would further boost its topline.

Maruti is poised to reap the benefits of an increase in discretionary spending from the 7th Pay Commission
pay-out. The commencement of the first phase of the Gujarat plant with a 2.5 lakh capacity is scheduled in
Q4FY17. The management plans to double its sales and premium distribution network (NEXA) in order to
achieve its target of doubling the domestic volumes over the next five years.

PI Industries
Remarks:

CMP
(Rs)

807

36.3

27.3

22.9

32.6

34.6

34.1

890

10

PI Industries (PII) is one of the leading companies in the Indian agro-chemicals industry with a unique business
model. Its key focused areas are branded products (in-license products) and custom synthesis & manufacturing
(CSM) (high-growth segment).

PII makes and market a niche product in agrochemicals, which help it to outpace the industry growth. CSM is
contributing ~60% to the total revenue. This segment is growing at CAGR of ~30% for the last three years, and
we believe it would be the key growth driver in the coming years.

PII has guided for a strong outlook for both, the domestic business (on expectations of a normal monsoon)
as well as the CSM business, citing a better demand scenario (three new molecules added in FY2016 and 1 in
Q1FY2017) and capacity addition at Jambusar (likely to support 18-20% revenue growth over the next couple
of years.

On the EBIDTA margin front, PII has guided for 100-150BPS improvement on account of better operational
efficiency (reduction in fixed costs) and a favorable product mix. The companys order book remains steady at
$850 million. PII has lined up a capex of ~Rs200 crore for FY2017 and ~Rs150 crore for FY2018.

August 2016

Sharekhan Top Picks

Name
Rico Auto
Remarks:

PER (x)

RoE (%)

FY16

FY17E

FY18E

FY16

FY17E

62

25.0

14.9

12.0

7.2

10.9

FY18E

Price
target (Rs)

Upside
(%)

12.2

72

15

Rico Auto Industries (RAI) is among the leading players in the auto component space in India. It manufactures
and supplies world-class high precision and fully machined components & assemblies (both aluminum and
ferrous) to leading OEMs and Tier 1 customers across the globe. The company has hived off its loss-making
subsidiaries / JVs in the past.

oing ahead, a strong demand outlook from key clients - Hero MotoCorp and Maruti Suzuki - would fuel growth
G
for the company. RAI has commissioned a new plant in Chennai targeted at Renault, and would gradually tie up
with other automobile OEMs in South India. Further, it is in the process of setting up a new plant in Rajasthan,
which is likely to go on stream by Q3FY2018.

AI delivered a strong operating performance in Q1FY2017, driven by lower commodity prices, cost control
R
measures and improved performance from the JV/ subsidiaries. The companys revenue was up 8% YoY, which
was a surprise. Given the strong operating performance and benefits of operating leverage, the adjusted PAT
more than trebled in Q1FY2017. We expect the earnings to post a CAGR of 45% between FY16-FY18.

ZEE Entertainment
Remarks:

CMP
(Rs)

540

48.3

43.1

28.4

24.4

24.2

29.5

620

15

Among the key players of the domestic Cable TV industry, we expect the broadcasters to be the prime
beneficiaries of the mandatory digitisation process initiated by the government. The broadcasters would
benefit from higher subscription revenue at the least incremental capex, as the subscriber declaration standard
improves in the Cable TV industry

The ZEEL management maintains that the advertising spend will continue to grow in double digits going
ahead and it will be able to outperform the industry. Growth in the advertising spend will be driven by an
improvement in the macro-economic factors and ZEELs leading position in terms of market share to capture
the emerging opportunities

ZEELs management has confirmed the sale of sports business to Sony Pictures Network India (SPN) in an all
cash deal of Rs2,600 crore ($385 million). The deal will improve the balance sheet strength and ZEEL will be
in a much more comfortable position to accelerate inorganic or strategic investments

We view ZEELs move to exit from the loss-making sports business as a landmark deal. Also, the managements
intent to remain a pure play media company gives us confidence on the prudent capital allocation going
forward. The management has guided that strong momentum in advertising revenue growth would continue,
led by market share gains. We continue to see ZEEL as the prime beneficiary of the macro revival and ongoing
digitization trend.

Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

Disclaimer
This document has been prepared by Sharekhan Ltd. (SHAREKHAN) and is intended for use only by the person or entity to which it is addressed to. This Document may contain confidential and/or privileged material and is not for any type of circulation and any review, retransmission, or any
other use is strictly prohibited. This Document is subject to changes without prior notice. Kindly note that this document is based on technical analysis by studying charts of a stocks price movement and trading volume, as opposed to focusing on a companys fundamentals and as such, may
not match with a report on a companys fundamentals.(Technical specific) This document does not constitute an offer to sell or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Though disseminated to all customers who are due
to receive the same, not all customers may receive this report at the same time. SHAREKHAN will not treat recipients as customers by virtue of their receiving this report.
The information contained herein is obtained from publicly available data or other sources believed to be reliable and SHAREKHAN has not independently verified the accuracy and completeness of the said data and hence it should not be relied upon as such. While we would endeavour to
update the information herein on reasonable basis, SHAREKHAN, its subsidiaries and associated companies, their directors and employees (SHAREKHAN and affiliates) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance, or other
reasons that may prevent SHAREKHAN and affiliates from doing so. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Recipients of this report should also be aware that past performance is not necessarily
a guide to future performance and value of investments can go down as well. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment
in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. We do not
undertake to advise you as to any change of our views. Affiliates of Sharekhan may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would
subject SHAREKHAN and affiliates to any registration or licencing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required
to inform themselves of and to observe such restriction.
The analyst certifies that the analyst has not dealt or traded directly or indirectly in securities of the company and that all of the views expressed in this document accurately reflect his or her personal views about the subject company or companies and its or their securities and do not
necessarily reflect those of SHAREKHAN. The analyst further certifies that neither he nor his relatives has any direct or indirect financial interest nor have actual or beneficial ownership of 1% or more in the securities of the company nor have any material conflict of interest nor has served
as officer, director or employee or engaged in market making activity of the company. Further, the analyst has also not been a part of the team which has managed or co-managed the public offerings of the company and no part of the analysts compensation was, is or will be, directly or
indirectly related to specific recommendations or views expressed in this document.
Either SHAREKHAN or its affiliates or its directors or employees / representatives / clients or their relatives may have position(s), make market, act as principal or engage in transactions of purchase or sell of securities, from time to time or may be materially interested in any of the securities
or related securities referred to in this report and they may have used the information set forth herein before publication. SHAREKHAN may from time to time solicit from, or perform investment banking, or other services for, any company mentioned herein. Without limiting any of the
foregoing, in no event shall SHAREKHAN, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind.

Sharekhan

The returns shown are exclusive of the transaction cost and therefore the actual returns from the Top Picks product may or may not exactly match the portfolio returns shown by us.
Compliance Officer: Ms. Namita Amod Godbole; Tel: 022-6115000; For any queries or grievances kindly email igc@sharekhan.com or contact: myaccount@sharekhan.com

August 2016