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Valuation Summary
Companies CMP (Rs) ONGC GAIL HPCL BPCL 1,304 473 433 642 Target Price 1,356 580 Neutral Buy Not Rated Not Rated Reco Mkt Cap EPS P/E P/B EV/EBITDA EV/EBITDA (%) (Rs cr) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E 278,973 60,031 14,664 23,225 114.6 30.3 47.3 48.1 123.3 35.2 48.4 60.4 11.4 15.6 9.1 13.4 10.6 13.4 8.9 10.6 2.4 3.1 1.2 1.4 2.1 2.6 1.1 1.3 4.7 10.6 5.4 10.5 4.3 8.3 5.0 7.1
The announcement of petrol deregulation is in line with our expectation, the announcement of the deregulation of diesel and increased prices of kerosene and domestic LPG have surprised us positively
While the announcement of petrol deregulation is in line with our expectation, the announcement of the deregulation of diesel and increased prices of kerosene and domestic LPG have surprised us positively. However, absence of (1) the timeline of the diesel price deregulation, (2) the frequency of change in petrol price and (3) pricing limit (band) for petrol price takes some sheen off the decision. We were also pinning hopes on the announcement of the subsidy-sharing formulae; however, the absence of the same has left us a bit disappointed, as it makes it difficult to judge the beneficiaries of the move. Although the current reforms are positive in nature, they in themselves are not adequate and need to be followed by the deregulation of diesel prices coupled with announcement of the subsidy-sharing mechanism.
Exhibit 2: Oil reforms-Key proposals of Kirit Parekh Committee, EGoM's decision and Impact analysis
Proposal Parekh Kirit Parekh Committee EGoM decision Impact analysisfu
Pricing of petrol
Positive for marketing operations of OMCs, upstream segment and private retailers Positive for marketing operations of OMCs, upstream segment and private retailers
Pricing of diesel
Diesel prices hiked by Rs2/litre with a promise to deregulate the same in future Kerosene prices hiked by Rs3/litre, UID project to address the deliverability issue
Pricing of kerosene
Prices of the kerosene to be increased by Rs6/litre, subsidy on kerosene to be restricted to BPL families and delivered through smart cards/UID project in the future
Pricing of Domestic Prices of the domestic LPG to be increased LPG by Rs100/cylinder Subsidy on LPG and kerosene Cap on subsidy on domestic LPG and kerosene of Rs20,000cr to be borne by the government
Lower-than-recommended price hike for domestic LPG Absence of the subsidy-sharing formulae
Pre price revision (Rs cr) 27,602 6,923 34,525 20,772 21,917 42,688 77,213
Post price revision (Rs cr) 16,465 1,731 18,196 18,125 18,196 36,320 54,516
The government's move to increase petro products' prices will also affect under recoveries in FY2012E. However, the amount of under recoveries in FY2012E is likely to be contingent on the deregulation of diesel prices or otherwise; this would lead to two scenarios: If diesel prices are deregulated by FY2012E: The government has not provided the FY2012E: roadmap of the deregulation of diesel prices. However, we believe the same is contingent on headline inflation numbers going ahead. Given the expectation of moderation in inflation numbers, we foresee decontrol of diesel prices by the end of FY2011E.
Exhibit 4: Under recoveries for FY2012E (in case of diesel prices are deregulated)
Particulars (Rs cr) HSD MS Total auto fuels LPG Kerosene Total cooking fuels Total under recoveries
Source: Angel Research
Government continues to control diesel prices: If the government is unable to increase diesel prices going ahead, under recovery in diesel will continue to exist. Thus, in addition to a subsidy on cooking fuels, there will be a subsidy on diesel as well. This will result in overall under recoveries of Rs55,118cr (in line with the subsidies expected in FY2011E).
Exhibit 5: Under recoveries for FY2012E (in case of diesel prices are not deregulated)
Particulars (Rs cr) HSD MS Total auto fuels LPG Kerosene Total cooking fuels Total under recoveries
Source: Angel Research
However, given the likely softening of inflation going ahead, we believe the government will deregulate diesel prices. This will reduce under recoveries to manageable levels. In our view, the government will share 50% of the total under recoveries under the scenario, while upstream companies will be asked to share the remaining (50%). Thus, downstream companies will not be required to share the subsidy burden going ahead. Our estimates are factoring similar subsidy-sharing mechanism in the picture, which in turn results in ONGC reporting net realisations of around US$58-60/bbls and EPS of around Rs120-125/share.
FY2006 58 14,384 36.0 10,246 25.6 24,630 62 12,647 31.6 2,723 6.8 15,370 38 40,000
FY2007 64 17,883 36.2 10,701 21.7 28,584 58 18,776 38.0 2,027 4.1 20,803 42 49,387
FY2008 82 19,102 24.8 15,523 20.1 34,625 45 35,166 45.6 7,332 9.5 42,498 55 77,123
FY2009 85 28,200 27.2 17,800 17.2 46,000 44 52,300 50.5 5,200 5.0 57,500 56 103,500
FY2010 85 17,364 37.7 14,257 31.0 31,621 69 9,279 20.1 5,151 11.2 14,430 31 46,051
150 0.7
9,300
2,304 11 20,146
SubsidySubsidy- sharing mechanism going ahead: We believe that possible deregulation will certainly have some effect on the position of under recoveries going ahead. However, the possible beneficiary of price deregulation still needs to be ascertained. The likely beneficiaries will be determined on the basis of the subsidy-sharing structure between the various stakeholders, viz. the government (via cash subsidy), upstream companies (discount on crude and products sold) and OMCs. However, the subsidy-sharing arrangement is based on the paying capacity of the companies involved, which is further contingent on the overall subsidy level and level of crude oil prices.
The absence of definite free pricing bands acts as an overhang. However, we believe the move is unlikely to pose a major concern for OMCs given our subdued outlook on crude oil prices going ahead
Historically, the subsidy burden-sharing trend seems to be missing with the subsidy between various parties shared in an ad-hoc manner (based on the paying capacity of the various parties involved). For instance, the share of OMCs has fluctuated between 0-71%. Thus, there exists the risk of proportion of subsidy burden sharing in favour of the government at the expense of oil PSUs, which could lead to downside in stock price of companies uder consideration. Definitive price band for petrol: The absence of definite free pricing bands acts as an overhang over the deregulation process. We expect government to provide further details over the free pricing mechanism of petrol. However, we believe the move is unlikely to pose a major concern for OMCs given our subdued outlook on crude oil prices going ahead.
This is not the first attempt by the government to deregulate petroleum product prices. In April 2002, in an attempt to phase out subsidy on petroleum products, the government dismantled the administered pricing mechanism (APM), paving the way for free pricing mechanism for petrol and diesel, while prices of kerosene and LPG were still kept under the regulator's purview. At that time, the government gave limited freedom to OMCs to revise retail prices within a band of +/-10% of the mean of rolling average of the last 12 month's and the last 3 month's international C&F prices. In case of breach of the band, the matter had to be taken up with the Ministry of Finance for modulation in excise duty rates. Oil companies were given some freedom to determine the prices based on the international petroleum market. However, the euphoria of dismantling was short-lived. When crude prices started to increase in 2004 and oil companies wanted to pass on the same, the government's interference halted the free pricing of petrol and diesel in June 2004. Thus, the past record of implementation of the pricing reforms has not been very impressive. In such a scenario, the key concern that is likely to emerge is how long the current deregulation work. Leaving apart political compulsions, we see a strong possibility of market-based pricing of petrol and diesel likely to evolve going ahead. The key arguments in favour of the same are:
Subdued outlook on crude prices: We expect crude oil prices to be range-bounded in the near future, on account of relatively subdued demand outlook in OECD countries, along with growth in production of NGL by OPEC countries. On account of the same, we expect crude oil prices to average US$75/bbls in FY2011E and FY2012E. Considering the same, the required changes in the price of petrol and diesel will not be significant. Though there is no mention of the pricing band as was the case in erstwhile dismantling of APM, we believe the government is likely to provide pricing freedom to OMCs until US$90/bbls (thus providing a tentative pricing freedom of 15% from the current crude levels). Headroom for further reforms: Even if crude oil prices were to register a significant increase, we believe the government has certain levers in the form of reduction in excise and custom duty to address the situation of under recoveries. Moreover, the recent statement by the petroleum minister also seems to suggest that the government will also discuss the issue of the high state tax on petroleum products. Any favourable development on the issue could widen the headroom available for further corrective measures in the event of spiraling increases in crude oil prices. Also a clear policy of subsidy in high oil price environment would be positive.
FY2009 135,252 22.1 634 (66.8) 2.9 17.5 36.6 1.0 4.6 6.7 0.3 9.4
FY2010E 123,817 (8.5) 1,632 157.4 2.4 45.1 14.2 1.6 11.4 6.7 0.3 13.8
FY2011E 131,001 5.8 1,740 6.6 2.9 48.1 13.4 1.4 11.2 7.6 0.3 10.5
FY2012E 152,760 16.6 2,184 25.5 3.1 60.4 10.6 1.3 13.1 10.3 0.2 7.1
FY2009 124,752 19.1 575 (49.3) 2.3 17.0 25.5 1.4 5.4 5.9 0.2 8.2
FY2010E 107,637 (13.7) 1,301 126.3 2.4 38.4 11.3 1.3 11.7 3.8 0.2 8.2
FY2011E 111,134 3.2 1,605 23.3 3.5 47.3 9.1 1.2 13.3 6.6 0.2 5.4
FY2012E 109,186 (1.8) 1,641 2.3 3.8 48.4 8.9 1.1 12.5 6.6 0.2 5.0
FY2009 104,588 8.1 19,795 (0.4) 41.3 92.5 14.1 3.0 23.4 24.5 2.5 6.1
FY2010E 101,760 (2.7) 19,404 (2.0) 43.7 90.7 14.4 2.7 20.0 19.4 2.5 5.8
FY2011E 117,551 15.5 24,505 26.3 44.9 114.6 11.4 2.4 22.2 23.3 2.1 4.7
FY2012E 124,021 5.5 26,372 7.6 46.1 123.3 10.6 2.1 20.8 23.3 2.0 4.3
FY2009 23,776 32.0 2,804 7.8 17.1 22.1 21.4 4.1 20.2 21.3 2.4 14.2
FY2010E 24,996 5.1 3,140 12.0 18.7 24.8 19.1 3.5 19.8 22.1 2.2 11.7
FY2011E 36,672 46.7 3,843 22.4 15.9 30.3 15.6 3.1 21.0 21.8 1.7 10.6
FY2012E 40,840 11.4 4,466 16.2 17.6 35.2 13.4 2.6 20.9 22.4 1.5 8.3
We believe that BPCL due to its overlapping presence with RIL in the highway segment is likely to be most affected on account of increased competition due to de-regulation of the auto fuel prices
10
Apr-06
1.2x
Dec-06
Aug-07
Apr-08
2.4x
Dec-08
3.0x
Aug-09
Apr-10
1.8x
Aug-07
1.8x
Apr-08
2.4x
Dec-08
3.0x
Aug-09
Apr-10
0.6x
11
0.4x
500 400 300 200 100 0 Apr-04 Dec-04 Aug-05 0.4x Apr-06 Dec-06 Aug-07 1.2x Apr-08 1.6x Dec-08 Aug-09 2.0x Apr-10
0.8x
12
GAIL
Profit & Loss Statement (Standalone)
Y/E March Total operating income % chg Total Expenditure Net Raw Materials Other Mfg costs Personnel Other EBITDA EBITDA % chg (% of Net Sales) Depreciation& Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Associates Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earnings of associate Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT ADJ. PA % chg (% of Net Sales) Basic EPS (Rs) Fully Diluted EPS (Rs) % chg 17.0 18.8 18.8 (340) 3,192 813 25.5 2,379 (8) 2,387 2,727 15.0 107 545 19.1 2,852 18.6 575 2,414 13,058 10,247 763 293 1,755 2,990 FY2007 16,047 FY2008 18,008 12.2 14,081 11,165 728 470 1,717 3,927 31.4 21.8 571 3,356 39.0 18.6 80 556 14.5 3,833 34.4 3,833 1,254 32.7 2,580 (22) 2,601 2,601 (4.6) 14.4 20.5 20.5 9.0 FY2009 23,776 32.0 19,711 16,452 870 577 1,813 4,065 3.5 17.1 560 3,505 4.4 14.7 87 797 18.9 4,214 9.9 4,214 1,400 33.2 2,814 10 2,804 2,804 7.8 11.8 22.1 22.1 7.8 FY2010E 24,996 5.1 20,327 17,609 950 621 1,147 4,669 14.9 18.7 562 4,107 17.2 16.4 70 541 11.8 4,578 8.6 4,578 1,439 31.4 3,140 3,140 3,140 12.0 12.6 24.8 24.8 12.0 FY2011E 36,672 46.7 30,833 27,423 1,394 697 1,320 5,839 25.0 15.9 802 5,037 22.6 13.7 133 650 11.7 5,554 21.3 5,554 1,711 30.8 3,843 3,843 3,843 22.4 10.5 30.3 30.3 22.4
Rs crore
FY2012E 40,840 11.4 33,652 29,772 1,552 776 1,552 7,188 23.1 17.6 903 6,285 24.8 15.4 491 650 10.1 6,444 16.0 6,444 1,978 30.7 4,466 4,466 4,466 16.2 10.9 35.2 35.2 16.2
13
Rs crore
FY2012E
24,404 10,820 13,584 7,688 2,123 16,088 5,439 7,606 3,043 9,697 6,391 29,786
14
Rs crore
FY2012E 6,444 903 405 (650) (1,933) 5,169 (3,000) 650 (2,350) (1,113) 0 (1,113) 1,706 3,733 5,439
15
Key Ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV/Total Assets Per Share Data (Rs) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis (%) EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (EBIT/Interest) (0.1) (0.4) 22.5 (0.2) (0.8) 42.2 (0.2) (0.6) 40.3 (0.3) (1.2) 58.7 0.1 0.3 37.8 (0.0) (0.0) 12.8 13.7 11.8 17.6 80.4 (4.4) 13.4 11.4 18.9 77.1 4.2 15.0 9.0 19.8 69.8 3.9 17.7 9.0 20.4 86.4 (1.5) 8.1 7.7 15.6 68.7 2.6 7.1 8.5 17.3 69.0 10.3 17.7 27.5 22.3 22.6 34.0 21.3 21.3 32.3 20.2 22.1 38.3 19.8 21.8 38.0 21.0 22.4 37.9 20.9 15.0 71.8 1.6 17.3 17.3 18.6 67.7 1.6 20.2 20.2 14.7 66.9 1.9 18.8 18.8 16.4 68.6 1.9 21.2 21.2 13.7 69.2 2.1 19.7 2.7 (0.1) 18.0 15.4 69.3 1.7 18.5 6.4 0.0 18.9 18.8 18.8 23.4 6.7 89.8 20.5 20.5 25.0 6.7 102.5 22.1 22.1 26.5 7.0 116.4 24.8 24.8 29.2 7.5 133.4 30.3 30.3 36.6 7.5 154.9 35.2 35.2 42.3 7.5 181.4 25.7 20.7 5.4 1.4 3.7 20.0 4.3 23.5 19.3 4.7 1.4 3.2 14.8 3.7 21.8 18.2 4.1 1.5 2.5 14.5 3.4 19.5 16.5 3.6 1.6 2.2 11.9 2.8 15.9 13.2 3.1 1.6 1.7 10.8 2.4 13.7 11.4 2.7 1.6 1.5 8.5 2.1 FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
16
ONGC
Profit & Loss Statement (Consolidated)
Y/E March Total operating income % chg Total Expenditure Net Raw Materials Other Mfg costs Personnel Other EBITDA EBITDA % chg (% of Net Sales) Depreciation& Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Recurring PBT % chg Adj. related to prior period (Net) Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of associate Less: Minority interest (MI) PAT after MI (reported) ADJ. PAT ADJ. PA % chg (% of Net Sales) Basic EPS (Rs) Fully Diluted EPS (Rs) % chg 22.2 83.1 83.1 1,275 (475) 27,747 9,845 35.5 17,902 10.2 142 17,770 18,245 29.5 418 4,739 16.6 28,548 44.0 11,968 24,227 46,067 18,263 17,179 2,380 8,245 36,195 FY2007 82,262 FY2008 96,782 17.7 55,527 25,070 18,419 1,328 10,710 41,255 14.0 42.6 13,888 27,367 13.0 28.3 894 4,541 14.6 31,014 8.6 93 30,921 10,700 34.6 20,221 2.1 351 19,872 19,872 8.9 20.5 92.9 92.9 11.8 FY2009 104,588 8.1 61,364 28,975 17,678 1,162 13,549 43,225 4.8 41.3 15,430 27,794 1.6 26.6 1,774 5,072 16.3 31,093 0.3 (11) (66) 31,169 11,009 35.3 20,160 9.9 375 19,795 19,861 (0.1) 19.0 92.5 92.5 (0.4) FY2010E 101,760 (2.7) 57,321 25,339 17,015 1,407 13,560 44,439 2.8 43.7 18,739 25,700 (7.5) 25.3 556 5,298 17.4 30,441 (2.1) 30,441 10,714 35.2 19,728 7.8 332 19,404 19,404 (2.3) 19.1 90.7 90.7 (2.0) FY2011E 117,551 15.5 64,762 27,381 21,277 1,411 14,694 52,789 18.8 44.9 18,493 34,295 33.4 29.2 296 4,200 11.0 38,199 25.5 38,199 13,284 34.8 24,915 9.9 420 24,505 24,505 26.3 20.8 114.6 114.6 26.3
Rs crore
FY2012E 124,021 5.5 66,860 26,181 22,944 1,860 15,875 57,161 8.3 46.1 18,824 38,337 11.8 30.9 349 3,100 7.5 41,089 7.6 41,089 14,316 34.8 26,773 9.9 410 26,372 26,372 7.6 21.3 123.3 123.3 7.6
17
Rs crore
FY2012E
Liability for abandonment cost 15,186 Total Liabilities APPLICATION APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets 137,145 83,436 53,710 11,030 3,062 3,583 38,840 20,676 6,736 11,429 18,296 20,545 514 92,444 92,444
149,493 93,825 55,668 14,423 2,578 4,482 47,534 25,056 7,068 15,411 23,513 24,022 674 101,846
169,748 105,955 63,794 24,758 11,404 3,480 50,715 22,596 13,264 14,855 28,239 22,476 651 126,562
203,470 124,694 78,777 12,300 11,404 3,480 59,499 30,433 13,264 15,802 26,633 32,867 651 139,478
222,770 133,787 88,983 14,500 11,404 3,480 65,161 35,757 13,264 16,139 27,944 37,217 651 156,235
244,770 143,711 101,060 14,000 11,404 3,480 71,664 41,403 13,264 16,997 27,559 44,105 651 174,699
18
Rs crore
FY2012E 41,089 9,924 (1,492) (3,100) (13,966) 32,454 (21,500) 3,100 (18,400) 350 (8,758) (8,408) 5,646 35,757 41,403
19
Key Ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV/Total Assets Per Share Data (Rs) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis (%) EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (EBIT/Interest) (0.3) (0.5) 58.0 (0.3) (0.6) 30.6 (0.2) (0.4) 15.7 (0.2) (0.5) 46.2 (0.2) (0.5) 115.9 (0.2) (0.6) 109.9 0.6 24 21 89 6.8 25 22 99 (2) 6.6 24 25 109 (2) 5.5 24 27 123 4 5.5 22 25 107 6 5.3 20 25 105 6 28.3 40.8 29.0 28.3 44.9 27.7 24.5 39.6 23.4 19.4 29.4 20.0 23.3 34.1 22.2 23.3 34.2 20.8 29.5 65.7 1.2 22.5 22.5 28.3 65.7 1.3 24.4 24.4 26.6 64.8 1.2 20.1 20.1 25.3 64.8 1.0 15.7 15.7 29.2 65.2 1.0 19.6 19.6 30.9 65.2 1.0 19.8 19.8 83.1 83.1 117 31 310 92.9 92.9 135 32 362 92.5 92.5 140 32 428 90.7 90.7 178 34 479 114.6 114.6 174 35 553 123.3 123.3 184 36 634 15.2 10.8 4.1 2.5 3.1 6.9 2.7 13.6 9.3 3.5 2.5 2.5 6.0 2.4 13.7 9.0 3.0 2.5 2.4 5.9 2.0 13.9 7.1 2.6 2.7 2.4 5.6 1.8 11.0 7.3 2.3 2.8 2.1 4.6 1.6 10.3 6.9 2.0 2.8 1.9 4.1 1.4 FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
20
Disclaimer
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Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
GAIL No No No No
ONGC No Yes No No
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) :
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Research Team Fundamental: Sarabjit Kour Nangra Vaibhav Agrawal Vaishali Jajoo Shailesh Kanani Anand Shah Deepak Pareek Puneet Bambha Sushant Dalmia Rupesh Sankhe Param Desai Sageraj Bariya Viraj Nadkarni Paresh Jain Amit Rane Jai Sharda Sharan Lillaney Amit Vora V Srinivasan Aniruddha Mate Mihir Salot Chitrangda Kapur Vibha Salvi Pooja Jain Technicals: Shardul Kulkarni Mileen Vasudeo Derivatives: Siddarth Bhamre Jaya Agarwal Institutional Sales Team: Mayuresh Joshi Abhimanyu Sofat Nitesh Jalan Pranav Modi Sandeep Jangir Ganesh Iyer Jay Harsora Meenakshi Chavan Gaurang Tisani Production Team: Bharathi Shetty Bharat Patil Dilip Patel Research Editor Production Production bharathi.shetty@angeltrade.com bharat.patil@angeltrade.com dilipm.patel@angeltrade.com VP - Institutional Sales AVP - Institutional Sales Sr. Manager Sr. Manager Sr. Manager Sr. Manager Sr. Dealer Dealer Dealer mayuresh.joshi@angeltrade.com abhimanyu.sofat@angeltrade.com niteshk.jalan@angeltrade.com pranavs.modi@angeltrade.com sandeepp.jangir@angeltrade.com ganeshb.Iyer@angeltrade.com jayr.harsora@angeltrade.com meenakshis.chavan@angeltrade.com gaurangp.tisani@angeltrade.com Sr. Technical Analyst Technical Analyst Head - Derivatives Derivative Analyst shardul.kulkarni@angeltrade.com vasudeo.kamalakant@angeltrade.com siddarth.bhamre@angeltrade.com jaya.agarwal@angeltrade.com VP-Research, Pharmaceutical VP-Research, Banking Automobile Infrastructure, Real Estate FMCG , Media Oil & Gas Capital Goods, Engineering Pharmaceutical Cement, Power Real Estate, Logistics, Shipping Fertiliser, Mid-cap Retail, Hotels, Mid-cap Metals & Mining Banking Mid-cap Mid-cap Research Associate (Oil & Gas) Research Associate (Cement, Power) Research Associate (Infra, Real Estate) Research Associate (Logistics, Shipping) Research Associate (FMCG, Media) Research Associate (IT, Telecom) Research Associate (Metals & Mining) sarabjit@angeltrade.com vaibhav.agrawal@angeltrade.com vaishali.jajoo@angeltrade.com shailesh.kanani@angeltrade.com anand.shah@angeltrade.com deepak.pareek@angeltrade.com puneet.bambha@angeltrade.com sushant.dalmia@angeltrade.com rupeshd.sankhe@angeltrade.com paramv.desai@angeltrade.com sageraj.bariya@angeltrade.com virajm.nadkarni@angeltrade.com pareshn.jain@angeltrade.com amitn.rane@angeltrade.com jai.sharda@angeltrade.com sharanb.lillaney@angeltrade.com amit.vora@angeltrade.com v.srinivasan@angeltrade.com aniruddha.mate@angeltrade.com mihirr.salot@angeltrade.com chitrangdar.kapur@angeltrade.com vibhas.salvi@angeltrade.com pooja.j@angeltrade.com
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