You are on page 1of 5

INDIA

Steel JSW Steel


Q2FY11 Result Update 29 October 2010
Buy Results a tad better; Recommend Buy Key Data
Target Price: Under Review JSW Steel reported marginally better than expected Bloomberg Code JSTL IN
CMP: Rs1,342* numbers largely driven by positive surprise in raw Reuters Code JSTL.BO
material cost. Overall, the results remained encouraging Current Shares O/S (mn) 219.1
as the company was able to achieve 9% YoY and 33% Diluted Shares O/S (mn) 219.1
*as on 29 October 2010
QoQ surge in volume largely driven by inventory Mkt Cap (Rsbn/USDbn) 289.1/6.5
liquidation. We believe, inventory liquidation will
52 Wk H / L (Rs) 1,400/652
continue through next quarters which, coupled with
higher production (it has re-started the 0.5 MT Salem Daily Vol. (3M NSE Avg.) 1,116,252
blast furnace), should ensure a strong set of numbers. Face Value (Rs) 10
USD = Rs44.5
 EBITDA/tonne slides, but inline with expectation:
JSW Steel has witnessed 7% QoQ drop in net realization
largely driven by price cut taken since Jun’10. Higher One Year Indexed Stock Performance
coking coal contract prices coupled with price hike by 200
NMDC for 2QFY11 resulted in 7% spurt in raw material 180
cost per tonne. EBITDA/tonne has declined 22% YoY 160

and 28% QoQ to Rs 6,272/tonne in the quarter. 140

 FY11 guidance seems stretched: First half volume was


120
100
at 2.77 MT compared to FY11 guidance of 6.75 MT. We 80
believe the company will not be able to replenish its 60
first quarter volume loss which, coupled with subdued Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10

demand for long products in South India, may result in JSW STEEL LTD NSE S&P CNX NIFTY INDEX

8% lower volume compared to its guidance.


 Recommend BUY, TP under review: Though, we are Price Performance (%)
marginally cautious on FY11 volume guidance, we
remain fairly optimistic on FY12 volume with 27% 1M 6M 1Yr
growth. Apart from this, commissioning of Chile and US JSW Steel (0.4) 7.1 84.4
mines and iron ore beneficiation plant in India coupled NIFTY (0.5) 13.5 25.5
with substantial deleveraging post equity infusion by Source: Bloomberg, Centrum Research
Giriraj Daga promoter and JFE would enable robust expansion in *as on 29 October 2010
giriaj.daga@centrum.co.in EBITDA and PAT margin. We assign ‘BUY’ rating, while
+91 22 4215 9685 our target price is under review.

Y/E March (Rsmn) (Consolidated) Q2FY11 Q2FY10 YoY (%) Q1FY11 QoQ (%) Q2FY11E Variance (%)
Net sales 59,722 47,565 25.6 48,580 22.9 61,808 (3.4)
Raw Material Cost 41,335 30,177 29,563 44,532
% of sales 69.2 63.4 577 60.9 836 72.0 (284)
Employee costs 1,563 1,217 1,682 1,525
% of sales 2.6 2.6 3.5 2.5
Other op expenses 6,597 5,418 6,551 6,534
% of sales 11.0 11.4 13.5 10.6
Operating profit 10,227 10,753 (4.9) 10,784 (5.2) 9,217 11.0
OPM (%) 17.1 22.6 (548) 22.2 (507) 14.9 221
Depreciation 3,791 3,255 3,612 3,700
Interest 2,614 3,019 2,731 2,902
Other income 1,634 13 32 15
PBT 5,456 4,491 21.5 4,473 22.0 2,630 107.4
Provision for tax 1,816 1,367 1,587 902
-effective tax rate (%) 33.3 30.4 35.5 34.3
PAT Before MI 3,640 3,124 2,886 1,728
Minority Int. & Sh. of Profit Associates 92 103 68 70
PAT (adjusted) 3,733 3,228 15.6 2,954 26.4 1,798 107.6
NPM (%) 6.2 6.8 (54) 6.1 17 2.9 334
EPS (adjusted) (Rs) 20.0 17.3 15.8 9.6
Source: Company, Centrum Research

Y/E Mar (Rsmn) Rev YoY (%) EBITDA EBITDA (%) Adj PAT YoY (%) Fully DEPS RoE (%) RoCE (%) P/E (x) EV/EBITDA (x)
FY08 132,663 52.5 36,667 27.6 17,309 34.0 68.1 22.4 10.2 14.5 9.7
FY09 162,047 22.1 32,483 20.0 2,749 (84.1) 10.8 3.3 7.2 91.3 11.7
FY10 190,738 17.7 41,658 21.8 15,976 481.1 62.8 17.5 8.5 15.7 9.2
FY11E 246,926 29.5 48,101 19.5 16,406 2.7 64.5 10.3 7.4 15.3 7.2
FY12E 318,887 29.1 79,465 24.9 36,874 124.8 145.0 16.2 12.9 9.3 4.9
Source: Company, Centrum Research Estimates
Please refer to important disclosures/disclaimers in Appendix A
JSW West Bengal project update
The company has finalized the details for a greenfield plant in West Bengal, which would be set-up
in phases. Work on the first phase of 4.5 MT is set to start in Apr’11 and the project is likely to be
commissioned in the next 36 months. The project will be set up under its subsidiary JSW Bengal
Steel Limited (JSWBSL), where JSW Steel will hold minimum 94% stake and the rest will be held by
West Bengal Industrial Development Corporation Limited (WBIDC) or West Bengal Mineral
Development and Trading Corporation Limited (WBMDTC).
The company is also setting up a 660 MW captive power plant under JSW Energy (Bengal) Limited
(JSWEBL), where JSWBSL will hold 26% and the remaining will be held by JSW Energy Limited. Work
on the power plant will also start in Apr’11 and the project is likely to be commissioned in the next
36 months. Apart from this, the group is also developing coking coal and coal mines. Kulti
Sitarampur coking coal mines of 2.4 MT is likely to be developed within 39 months starting from
Jan’11 under JSWBSL, while Ichhapur thermal coal mines of 2.6 MT is set to be developed in the
same period under JSWEBL.
The total project cost for JSWBSL would be Rs 160 bn, which will include Rs 153.5 bn for steel
projects and remaining Rs 6.5 bn will be equity investment in power and mining projects. Of the Rs
160 bn, JSW Steel will contribute Rs 53.3 bn, while Rs 60 mn will be invested by WBIDC/WBMDTC.
The rest of Rs 106.7 bn will be funded through debt. The company has already acquired a very
significant portion of the land for the project.
Brownfield projects update
JSW Steel has maintained the Mar’11 commissioning date for additional 3.2 MT. Apart from this,
work on additional facilities and ancillary units are also progressing as per schedule. There has been
some delay in starting operations at the US coking coal mine due to regulatory issues. The mine is
now set to start work from Jan’11 against earlier guidance of Oct’10. The Chile iron ore mine is likely
to start operations in 3QFY11. Both mines are likely to produce nearly 1 MT of iron ore and coking
coal for FY12. JSW management has indicated that the company is finalizing a plan to increase
capacity at Vijayanagar from 10 MT to 12 MT through debottlenecking.
Performance of US subsidiary
The US subsidiary’s operational performance remained muted as plate and pipe production
declined 2% and 21% QoQ, while sales volume nosedived 34% and 7% QoQ respectively. Lower
volume with stable prices resulted in 15% QoQ drop in revenue to $36.4 mn. However, EBITDA
plunged from $7.9 mn in 1QFY11 to $0.9 mn during the quarter on the back of higher operating
leverage. This resulted in the net loss expanding from $7.4 mn in 1QFY11 to $13.1 mn currently.
Exhibit 1: US operation performance
Sales Volume (Tonne) Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
Plate 40,248 76,823 79,796 59,629 27,660 26,986 14,376 38,689 24,252 42,297 34,986 23,040
Pipe 50,155 79,717 68,156 35,927 28,550 9,942 4,308 17,822 24,460 25,917 12,927 11,970

(USD mn) Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
Sales 110.63 209.13 217.50 165.18 87.93 30.31 17.97 41.49 43.68 56.83 42.59 36.40
EBITDA 16.37 30.10 44.92 29.70 14.89 (18.93) (13.74) (21.03) (8.40) 2.25 7.94 0.85
PAT 3.52 7.46 17.69 9.63 (2.78) (61.10) (21.00) (25.13) (10.99) (12.90) (7.36) (13.14)
Source: Company, Centrum Research

Other highlights
After JFE equity infusion, the balance sheet has improved substantially. The net D/E equity ratio
improved from 1.6x on Jun’10 to 0.8x on Sep’10. The company has prepaid Rs 26 bn debt during the
quarter and partial prepayment will continue in coming quarters. The remaining amount would
largely be used in capex instead of taking expensive rupee loan. By retiring expensive debt, the
company has brought down weighted average cost of debt by 58 bps to 6.13%.

2
JSW Steel
Financials – Consolidated
Exhibit 2: Income Statement Exhibit 4: Cash flow
Y/E March (Rsmn) FY08 FY09 FY10 FY11E FY12E Y/E March (Rsmn) FY08 FY09 FY10 FY11E FY12E

Revenue 132,663 162,047 190,738 246,926 318,887 CF from operations


YoY growth (%) 52.5 22.1 17.7 29.5 29.1 Profit before tax 24,243 3,153 22,000 24,195 54,173
Raw Material Cost 72,314 104,231 122,788 165,269 199,239 Depreciation 7,419 9,878 12,987 15,081 16,872
% of Sales 54.5 64.3 64.4 66.9 62.5 Others 3,069 8,736 7,930 65 0
Employee Cost 4,167 5,186 4,795 6,396 7,124 OP before WC change 34,731 21,767 42,916 39,342 71,045
% of Sales 3.1 3.2 2.5 2.6 2.2 Working capital adjustments 1,570 26,781 (4,710) 26,234 7,404
Admin & other expenses 19,516 20,148 21,497 27,160 33,059 Direct tax paid 3,644 2,624 4,594 8,084 17,463
% of Sales 14.7 12.4 11.3 11.0 10.4 Net cash from operations 32,658 45,924 33,613 57,492 60,986
Total expenditure 95,996 129,565 149,080 198,825 239,422 CF from investment
EBITDA 36,667 32,483 41,658 48,101 79,465 Capex (99,045) (59,735) (27,537) (73,000) (46,100)
EBITDA margin (%) 27.6 20.0 21.8 19.5 24.9 Others 1,150 1,326 (1,786) 0 0
Depreciation 6,506 9,878 12,987 15,081 16,872 Net cash from investment (97,895) (58,409) (29,323) (73,000) (46,100)
EBIT 30,161 22,605 28,672 33,019 62,593 CF from financing
Interest expenses 6,295 11,556 11,080 10,520 8,500 Proceeds from sh cap & premium 1,991 0 (99) 53,294 15,881
Other income 0 52 2,010 1,696 80 Borrowings/(Repayments) 69,708 25,484 6,392 (10,000) (31,000)
Exceptional Loss (Gain) (2,038) 7,948 (2,399) - - Dividend paid (326) (3,404) (570) (2,405) (3,196)
PBT 25,904 3,153 22,000 24,195 54,173 Others (4,419) (9,717) (11,485) 0 0
Provision for tax 8,411 726 6,467 8,084 17,463 Net CF from financing 66,953 12,363 (5,762) 40,888 (18,315)
Effective tax rate (%) 32.5 23.0 29.4 33.4 32.2 Net cash increase/(dec) 1,716 (122) (1,471) 25,380 (3,429)
PAT before MI 17,493 2,427 15,533 16,111 36,710
Source: Company, Centrum Research Estimates
Minority Int. & Sh. of Profit Associates 184 (322) (443) (295) (164)
Adj Net Profit 17,309 2,749 15,976 16,406 36,874
YoY growth (%) 34.0 (84.1) 481.1 2.7 124.8 Exhibit 5: Key Ratios
PAT margin (%) 13.0 1.7 8.4 6.6 11.6 Y/E March FY08 FY09 FY10 FY11E FY12E

Source: Company, Centrum Research Estimates Margin Ratio (%)


EBITDA Margin 27.6 20.0 21.8 19.5 24.9
Exhibit 3: Balance Sheet PBIT Margin 22.7 14.0 16.1 14.1 19.7
Y/E March (Rsmn) FY08 FY09 FY10 FY11E FY12E PBT Margin 19.5 1.9 11.5 9.8 17.0
PAT Margin 13.0 1.7 8.4 6.6 11.6
Share Capital 5,370 5,370 5,271 10,885 5,943 Growth Ratio (%)
Reserves and Surplus 73,518 72,669 87,300 148,190 222,124 Revenue 52.5 22.1 17.7 29.5 29.1
Shareholders' Fund 78,888 78,040 92,572 159,075 228,067 EBITDA 28.6 (9.6) 28.2 15.5 65.2
Net Profit 13.0 1.7 8.4 6.6 11.6
Loan fund 121,362 165,502 161,730 151,730 100,599
Return Ratio (%)
Minority Interest 1,919 2,732 2,187 1,957 1,793
ROCE 10.2 7.2 8.5 7.4 12.9
Total capital employed 202,169 246,274 256,488 312,762 330,458 ROIC 4.7 (6.8) 39.2 2.6 108.4
ROE 22.4 3.3 17.5 10.3 16.2
Gross block 181,051 223,889 267,921 319,821 454,921 Turnover Ratio
Asset turnover ratio (x) 0.7 0.7 0.7 0.8 0.7
Less: Acc depreciation 30,743 40,798 53,393 68,474 85,346
Working capital cycle (days) (91.9) (100.1) (179.9) (136.8) (166.8)
Net block 150,309 183,092 214,528 251,346 369,574 Avg collection period (days) 14.8 9.0 13.3 13.2 12.7
Capital WIP 57,708 95,852 69,562 90,662 1,662 Avg payment period (days) 219.1 286.4 232.1 262.3 248.6
Net fixed assets 208,017 278,943 284,090 342,008 371,236 Per share (Rs)
Goodwill 7,831 7,831 8,992 8,992 8,992 Basic EPS 92.5 14.7 85.4 87.7 145.0
Fully diluted EPS 68.1 10.8 62.8 64.5 145.0
Investments 4,696 3,966 6,282 6,282 6,282
Book value 406.3 401.8 480.0 807.2 886.1
Cash and bank 4,715 5,093 3,030 28,411 24,982 Solvency Ratio
Inventories 21,817 29,246 28,667 38,714 44,564 Debt-equity 1.5 2.1 1.7 1.0 0.4
Debtors 5,391 3,991 6,964 8,921 11,068 Interest coverage ratio 5.7 2.8 3.8 4.6 9.3
Valuation
Other CA and loans & adv 9,284 12,600 16,038 18,500 20,000
P/E 14.5 91.3 15.7 15.3 9.3
Total CA and loans & adv 41,207 50,929 54,700 94,546 100,613
P/BV 3.3 3.3 2.8 1.7 1.5
Current liab and prov 47,064 82,628 80,727 122,218 139,818 EV/EBITDA 9.7 11.7 9.2 7.2 4.9
Net current assets (5,857) (31,699) (26,027) (27,672) (39,204) EV/Sales 2.6 2.4 2.0 1.4 1.2
Deferred tax assets (12,517) (12,768) (16,848) (16,848) (16,848) M-cap/Sales 1.9 1.6 1.3 1.0 1.1

Total assets 202,169 246,274 256,488 312,762 330,458 Source: Company, Centrum Research Estimates
Source: Company, Centrum Research Estimates

3
JSW Steel
Appendix A
Disclaimer
Centrum Broking Pvt. Ltd. (“Centrum”) is a full-service, Stock Broking Company and a member of The Stock Exchange, Mumbai (BSE) and National Stock Exchange of India Ltd. (NSE). Our
holding company, Centrum Capital Ltd, is an investment banker and an underwriter of securities. As a group Centrum has Investment Banking, Advisory and other business relationships
with a significant percentage of the companies covered by our Research Group. Our research professionals provide important inputs into the Group's Investment Banking and other
business selection processes.
Recipients of this report should assume that our Group is seeking or may seek or will seek Investment Banking, advisory, project finance or other businesses and may receive commission,
brokerage, fees or other compensation from the company or companies that are the subject of this material/report. Our Company and Group companies and their officers, directors and
employees, including the analysts and others involved in the preparation or issuance of this material and their dependants, may on the date of this report or from, time to time have
"long" or "short" positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. Centrum or its affiliates do not own 1% or more in the
equity of this company Our sales people, dealers, traders and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions
that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations
expressed herein. We may have earlier issued or may issue in future reports on the companies covered herein with recommendations/ information inconsistent or different those made in
this report. In reviewing this document, you should be aware that any or all of the foregoing, among other things, may give rise to or potential conflicts of interest. We and our Group
may rely on information barriers, such as "Chinese Walls" to control the flow of information contained in one or more areas within us, or other areas, units, groups or affiliates of Centrum.
Centrum or its affiliates do not make a market in the security of the company for which this report or any report was written. Further, Centrum or its affiliates did not make a market in the
subject company’s securities at the time that the research report was published.
This report is for information purposes only and this document/material should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any
securities, and neither this document nor anything contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This document
does not solicit any action based on the material contained herein. It is for the general information of the clients of Centrum. Though disseminated to clients simultaneously, not all clients
may receive this report at the same time. Centrum will not treat recipients as clients by virtue of their receiving this report. It does not constitute a personal recommendation or take into
account the particular investment objectives, financial situations, or needs of individual clients. Similarly, this document does not have regard to the specific investment objectives,
financial situation/circumstances and the particular needs of any specific person who may receive this document. The securities discussed in this report may not be suitable for all
investors. The securities described herein may not be eligible for sale in all jurisdictions or to all categories of investors. The countries in which the companies mentioned in this report are
organized may have restrictions on investments, voting rights or dealings in securities by nationals of other countries. The appropriateness of a particular investment or strategy will
depend on an investor's individual circumstances and objectives. Persons who may receive this document should consider and independently evaluate whether it is suitable for his/
her/their particular circumstances and, if necessary, seek professional/financial advice. Any such person shall be responsible for conducting his/her/their own investigation and analysis of
the information contained or referred to in this document and of evaluating the merits and risks involved in the securities forming the subject matter of this document.
The projections and forecasts described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies.
Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections and forecasts were based will not
materialize or will vary significantly from actual results, and such variances will likely increase over time. All projections and forecasts described in this report have been prepared solely by
the authors of this report independently of the Company. These projections and forecasts were not prepared with a view toward compliance with published guidelines or generally
accented accounting principles. No independent accountants have expressed an opinion or any other form of assurance on these projections or forecasts. You should not regard the
inclusion of the projections and forecasts described herein as a representation or warranty by or on behalf of the Company, Centrum, the authors of this report or any other person that
these projections or forecasts or their underlying assumptions will be achieved. For these reasons, you should only consider the projections and forecasts described in this report after
carefully evaluating all of the information in this report, including the assumptions underlying such projections and forecasts.
The price and value of the investments referred to in this document/material and the income from them may go down as well as up, and investors may realize losses on any investments.
Past performance is not a guide for future performance. Future returns are not guaranteed and a loss of original capital may occur. Actual results may differ materially from those set forth
in projections. Forward-looking statements are not predictions and may be subject to change without notice. Centrum does not provide tax advice to its clients, and all investors are
strongly advised to consult regarding any potential investment. Centrum and its affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this report.
Foreign currencies denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment.
In addition, investors in securities such as ADRs, the value of which are influenced by foreign currencies effectively assume currency risk. Certain transactions including those involving
futures, options, and other derivatives as well as non-investment-grade securities give rise to substantial risk and are not suitable for all investors. Please ensure that you have read and
understood the current risk disclosure documents before entering into any derivative transactions.
This report/document has been prepared by Centrum, based upon information available to the public and sources, believed to be reliable. No representation or warranty, express or
implied is made that it is accurate or complete. Centrum has reviewed the report and, in so far as it includes current or historical information, it is believed to be reliable, although its
accuracy and completeness cannot be guaranteed. The opinions expressed in this document/material are subject to change without notice and have no obligation to tell you when
opinions or information in this report change.
This report or recommendations or information contained herein do/does not constitute or purport to constitute investment advice in publicly accessible media and should not be
reproduced, transmitted or published by the recipient. The report is for the use and consumption of the recipient only. This publication may not be distributed to the public used by the
public media without the express written consent of Centrum. This report or any portion hereof may not be printed, sold or distributed without the written consent of Centrum.
This report has not been prepared by Centrum Securities LLC. However, Centrum Securities LLC has reviewed the report and, in so far as it includes current or historical information, it is
believed to be reliable, although its accuracy and completeness cannot be guaranteed.
The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe,
any such restrictions. Neither Centrum nor its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or
consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
This document does not constitute an offer or invitation to subscribe for or purchase or deal in any securities and neither this document nor anything contained herein shall form the
basis of any contract or commitment whatsoever. This document is strictly confidential and is being furnished to you solely for your information, may not be distributed to the press or
other media and may not be reproduced or redistributed to any other person. The distribution of this report in other jurisdictions may be restricted by law and persons into whose
possession this report comes should inform themselves about, and observe any such restrictions. By accepting this report, you agree to be bound by the fore going limitations. No
representation is made that this report is accurate or complete.
The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and are given as of this date and
are subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this report and there can be no assurance that future results or events
will be consistent with any such opinions, estimate or projection.
This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its directors or any other person.
Information in this document must not be relied upon as having been authorized or approved by the company or its directors or any other person. Any opinions and projections
contained herein are entirely those of the authors. None of the company or its directors or any other person accepts any liability whatsoever for any loss arising from any use of this
document or its contents or otherwise arising in connection therewith.
Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates have not received
compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for service in respect of public offerings, corporate
finance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some other sort of specific transaction.
As per the declaration given by him Mr Giriraj Daga analyst and the author of this report and/or any of his/her family members do not serve as an officer, director or are any way
connected to the company/companies mentioned in this report. Further, as declared by them, they have not received any compensation from the above companies in the preceding
twelve months. Our entire research professionals are our employees and are paid a salary. They do not have any other material conflict of interest of the research analyst or member of
which the research analyst knows of has reason to know at the time of publication of the research report or at the time of the public appearance.
While we would endeavor to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are under no obligation to update or
keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum from doing so.
Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or Centrum
policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances

4
JSW Steel
Key to Centrum Investment Rankings
Buy: Expected outperform Nifty by>15%, Accumulate: Expected to outperform Nifty by +5 to 15%, Hold: Expected to outperform
Nifty by -5% to +5%, Reduce: Expected to underperform Nifty by 5 to 15%, Sell: Expected to underperform Nifty by>15%

Centrum Broking Private Limited


Member (NSE, BSE, MCX-SX), Depository Participant (CDSL) and SEBI registered Portfolio
Manager
REGD. OFFICE Address
Regn Nos Bombay Mutual Bldg.,2nd Floor, Dr. D. N. Road, Fort,
CAPITAL MARKET SEBI REGN. NO.: BSE: INB 011251130, NSE: INB231251134 Mumbai - 400 001
DERIVATIVES SEBI REGN. NO.: NSE: INF 231251134 (TRADING & SELF CLEARING MEMBER)
CDSL DP ID: 12200. SEBI REGISTRATION NO.: IN-DP-CDSL-20-99 Correspondence Address
PMS REGISTRATION NO.: INP000000456 Centrum House, 6th Floor, CST Road, Near Vidya Nagari Marg,
MCX – SX (Currency Derivative segment) REGN. NO.: INE 261251134 Kalina, Santacruz (E), Mumbai 400 098.
Tel: (022) 4215 9000
Website: www.centrum.co.in
Investor Grievance Email ID: investor.grievances@centrum.co.in

5
JSW Steel

You might also like