axis direct report (1)

8/2/2019 Axis Direct Report (1)

1/24

ecur es rec r va e m e

Delist ing Candidates- A Regulat ory oppor t uni t y ! !! ! !

Strict ly Private & Confidenti alSt rict ly Private & Confidenti al


2/24

Buy Back Ideas

Compulsory regulation to have public holding of at-least 25% by June 2013 which implies an

investment horizon of 18 months.

This will spark buy back of shares by MNC companies to get their domestic counterpart delisted

Screener to find the new ATLAS COPCO (stock appreciated from less than 1000 to 2700 in 12 mths)

Depreciation of INR by close to 15% over last 6-7 months have made it cheaper for these MNCs to buy

back their shares

2NAM Securities Direct


3/24

Understanding Regulation

Ministry Of Finance on June 4, 2010 made it mandatory for every listed company to have a minimum

level of ublic shareholdin of 25 % instead of the then 10%.

To remain listed the companies were given 3 years to comply to the rule.

MNCs listed on Indian bourses now have one and half year to comply from the current date.

increase their shareholding to qualify for Voluntary delisting.

.



4/24

Companies with Promoters stake >75%

Nag. Agrichem Warren Tea Falcon Tyres

Joonktolle Tea Aunde India Godrej Propert.

Khoday India Indag Rubber Bajaj Corp

Wheels India Rama Phosphates JSW Energy

Ind Bank Housing Godrej Inds. JP Power Ven.

Sundaram Clayton Marathon Nextgen Gokaldas Exports

Neyveli Lignite Andrew Yule & Co

St Bk of Mysore F A C T

MMTC Natl.Fertilizer

S T C R C F

HMT DLF Puravankar.Proj.

Fortis Health. Omaxe Cimmco

Best Eastern Hot Orient Press Steelco Gujarat

U P Hotels Berger Paints IVRCL Assets

Mahindra Holiday Hubtown Sah Petroleums

Jaypee Infratec. Modern India Essar Shipping

Hind.Copper

Mundra Port Suashish Diamond Monnet Sugar

Gammon Infra. Wipro Morgan Ventures

Vintron Info. English Ind.Clay Tata Tele. Mah.

D P S C Vippy Industries Oberoi Realty

T R I L D B Corp Adani Enterp.

ssar or s un e wor ros n . e a

Piccadily Sugar Plethico Pharma. Hindustan Media

Batliboi Pentokey Organy Swan Energy

Brady & Morris Surat Textile Reliance Power

BGR Energy Sys. Madras Fert. Muthoot Cap.Serv

Muthoot Finance Aroni Commercial Vaarad Vent.

Alfa Laval (I) Ineos ABS (India Gillette India 3M India

Kennametal India BOC India Astrazeneca Phar Singer India

Timken India Elantas Beck Saint-Gob. Sekur

Fairfield Atlas Nitta Gelatin Thomas Cook (I)

Hella India Honeywell Auto Novartis India


Jolly Board Aeonian Invest. Prestige Estates

Shalimar Wires India Cem. Cap. Windsor Machines

Chettinad Cement L&T Fin.Holdings

Wendt India Sharp India Blue Dart Exp.

GMM Pfaudler Oracle Fin.Serv. Fres.Kabi Onco.


5/24

Our selection process

From the universe, we have looked at companies with foreign promoters and screened them on followingparameters

Parents view on India opportunity

Listing of parent companies globally

Parents financial status vs. amount needed to get delisted

, .

(Margin of Safety)

Companies who have in the past given offer to get themselves delisted



6/24

Key Company Statistics

Company CMP (Rs.)Avg. Price calculatedon 26 weeks high &

Low (Rs.)

Avg. Price calculated on2 weeks high & Low

(Rs.)

Cash/Shareon Indian

Sub. Books (Rs.)

Cash pershare/ CMP

(%)BV

(Rs.)P/E(x)

P/BV(x)

Promoter'sShareholding (%)

Cost of buybackas % of the Cash

with Parent

Honeywell Auto. 1867 2315 1771 240 13% 603 14 3 81% 3%

Elantas Beck* 1465 1761 1482 19 1% 208 36 7 89% NA

Timken 187 209 176 0.5 0% 60 21 3 80% 6%

Fresenius Kabi Onco. 109 108 98 2 2% 17 94 6 90% 3%

Ineos ABS 598 592 594 60 10% 190 15 3 83% NA

Blue Dart* 1613 1578 1588 15 1% 230 40 7 81% 3%

BOC (I)* 304 290 284 7 2% 131 25 2 89% 7%

Fairfield Atlas* 79 72 70 2 2% 20 10 3 84% 0.8%

Kennametal (I)* 812 746 705 9 1% 135 16 5 88% 19%

s razeneca .

Alfa Laval* 2760 1609 1865 29 1% 233 38 10 89% 25%

*The company has already made an open offer attempt for delisting in past.

Source: Bloomberg.


# BV, P/E, P/BV , cash/share, promoters holdings and cash with parent are based on CY10 Ann. Rpt. for all the companies mentioned above.


7/24

Honeywell Automation CMP: Rs 1867

Honeywell Automation- market leader in Electronic Instrumentation and Process control

equipment industry- is exhibiting sales growth of ~20% p.a. over last 4 yrs. 5000

6000

Strong Fortune 500 parentage- Honeywell International Inc. listed on NYSE- hence probability

of delisting Indian Op.s is high.

Cash rich parent- Honeywell International Inc.- with about $ 2.65 bn (Rs 13714 cr) cash; the0

1000

2000

3000

4000

cost of acquisition of the minority shares as per the formula comes to be around Rs 389 cr

(just 3% of the cash held by parent).

Acceptance of higher buyback price cannot be ruled out post the reverse book building

Jan-0

6

May-06

Sep-06

Jan-0

7

May-07

Sep-07

Jan-0

8

May-08

Sep-08

Jan-0

9

May-09

Sep-09

Jan-1

0

May-10

Sep-10

Jan-1

1

May-11

Sep-11

Jan-1

2

Close -Unit Curr 10.0 X 15.0 X 20.0 X 25.0 X 30.0 X

Source: Capitaline.

Fi i l S

.

Fundamentally, the stock is quoting at high discount to the 5 yr avg. PE, thus indicating that

the stock is a safe investment bet with decent margin of safety.

Amt required. for Buyback (Rs cr) 389

Cash on books of Parent (Rs cr) 13714

Cost of buyback as % of the Cash with Parent 3%

Year End Sales EBITDA PAT EPS BV P/E P/BV EV/EBITDA ROCE (%)CY06 644 89 58 66 204 39 13 17 37

CY07 868 114 65 74 265 12 3 19 31

CY08 1002 118 82 93 358 23 6 6 30

Financial Summary


CY09 1175 196 133 150 496 16 5 9 35

CY10 1355 146 105 119 603 14 3 13 22

Source: Bloomberg.


8/24

Elantas Beck CMP: Rs 1,465

Elantas Beck- the subsidiary of Elanta Gmbh and operating in Electrical Insulation field. The

parent Elantas Gmbh- the member of Altana Gr. is unlisted along with all its sister concerns and2000

2500

parent.

Fundamentally, the stock is trading at stretched valuation,

The company has made a delisting attempt in Jan 2010 at an floor price of Rs 219.10/share,0

500

1000

1500

which failed to enthuse the minority shareholders. Further the board had approved an

enhanced price of 330 as the offer price, which would have been the minimum price paid to the

shareholders,

Jan-0

May-0

Sep-0

Jan-0

May-0

Sep-0

Jan-0

May-0

Sep -0

Jan-0

May-0

Sep-0

9

Jan-1

May-1

Sep-1

0

Jan-1

May-1

Sep -1

Jan-1


Source: Capitaline.

Fi i l S

tendered. Moreover, the discovered price through reverse book building was at Rs 600.


CY07 170 29 20 26 117 7 1 10 24

CY08 181 28 20 25 138 19 3 3 19

Financial Summary


CY09 195 45 32 40 172 21 5 7 26

CY10 251 48 32 41 208 36 7 13 22

Source: Bloomberg


9/24

Timken (I) CMP: Rs 187

Timken India- 80% subsidiary of Timken Inc., is a niche player in bearing segment with strong

support from the parent. 250

300

It manufactures tapered roller bearings for MCV/HCV/Tractors/Railways etc and supplies to

OEMs plus meets the global requirements of Timken group.

The cash outgo on account of the buyback offer at the floor price calculated will be just around0

50

100

150

200

6% of the cash chest available with the parent. Hence a higher price above the floor price

cannot be ruled out.

Fundamentally, the stock is trading at slight discount to average P/E of last 5 years.

Jan-0

May-0

Sep -0

6

Jan-0

May-0

Sep-0

7

Jan-0

May-0

Sep -0

Jan-0

May-0

Sep-0

Jan-1

May-1

Sep-1

Jan-1

May-1

Sep-1

Jan-1


Source: Capitaline.

Fi i l S

Amt required for Buyback (Rs cr) 266



Year End Sales EBITDA PAT EPS BV P/E P/BV EV/EBITDA ROCE (%)CY06 319 64 38 6 32 27 5 - 20

CY07 324 61 37 6 38 10 2 15 17

CY08 387 72 53 8 47 17 3 4 20

Financial Summary


CY09 297 43 33 5 52 38 4 20 10

CY10 443 71 51 8 60 21 3 16 14

Source: Bloomberg


10/24

Fresenius Kabi Oncology CMP: Rs 109

Fresenius Kabi Onco. (erstwhile Dabur Pharma) is one of the leading companies for cancer

research and anti-cancer products.250

300

350

The Parent Fresenius with cash chest of Euro 769 mn (Rs 5173 cr) is listed on German Stock

exchanges, hence chances of delisting are high.

The cash outgo on account of the buyback offer at the floor price calculated will be just around0

50

100

150

200

3% of the cash chest available with the parent. Hence a higher price above the floor price

cannot be ruled out.

Fundamentally, the stock is richly valued.

Apr-0

6

Aug-06

Dec-0

Apr-0

7

Aug-07

Dec-07

Apr-0

8

Aug-08

Dec-08

Apr-0

9

Aug-09

Dec-09

Apr-1

0

Aug-10

Dec-10

Apr-1

1

Aug-11

Dec-11

Apr-1

2


Source: Capitaline.

Fi i l S





CY07 269 3 99 6 28 6 1 415 26

CY08 307 (48) (112) (7) 18 (19) 8 - (31)

Financial Summary


CY09 478 34 (33) (2) 16 (59) 8 73 (13)

CY10 516 102 16 1 17 94 6 20 6

Source: Bloomberg


11/24

Ineos ABS CMP: Rs 598

BASF and Ineos has transferred their styrenics business in a 50:50 JV named Styrolution. The

new promoters of Ineos ABS had announced an open offer at Rs 606.81 in Oct 2011 under 2000

2500

takeover code.

Operating in the ABS resins business widely used in Automobiles, Home Appliances, Business

machines and office automation segments, Ineos ABS is poised for growth.

0

500

1000

1500

. ,

another open offer to comply for the MPS norm if the current open offer fails to tender 100% of

the non promoter shares.

Since, the new JV is still in formation stage, the cash position and the growth plans of the

Jan-0

May-0

Sep-0

Jan-0

May-0

Sep-0

Jan-0

May-0

Sep-0

Jan-0Ma

y-0Se

p-0Ja

n-1Ma

y-1Se

p-1Ja

n-1Ma

y-1Se

p-1Ja

n-1


Source: Capitaline.

Fi i l S

parent are yet not clear.

Fundamentally, the stock is trading at slight premium to the 5 yr avg. PE. The benefits of

restructuring and new parent are yet to be accrued in the stock price.


CY07 557 64 35 20 124 5 1 7 17

CY08 604 50 18 10 131 18 1 3 8

Financial Summary


CY09 559 87 49 28 155 14 3 3 19

CY10 742 115 70 40 190 15 3 4 23

Source: Bloomberg


12/24

Blue Dart CMP: Rs 1,613

Having acquired Blue Dart in 2004, the parent DHL has enhanced its presence in Indian

logistics industry. The logistics industry in India is still in fledgling state with tremendous scope 16001800

for growth.

Blue Dart had embarked on delisting process of the stock way back in Aug. 2006 @ Rs

550/share but failed to get a consensus.200

400

600

800

1000

1200

1400

The cash cost of buyback at calculated price comes to be ~3% of the cash held by the parent.

Derive Trading Pvt. Ltd (5.5% stake), SBI Mutual Fund (4.72% stake) and IDFC Equity Fund (2%

stake) hold key to success of open offer, if any.

0

Jan-0

6

May-06

Sep-06

Jan-0

7

May-07

Sep-07

Jan-0

8

May-08

Sep-08

Jan-0

9

May-09

Sep-09

Jan-1

0

May-10

Sep-10

Jan-1

1

May-11

Sep-11

Jan-1


Source: Capitaline.

Fi i l S

Fundamentally, the stock is richly valued as it is trading at premium to 5 yr avg PE.Amt required for Buyback (Rs cr) 689




CY07 811 131 71 30 135 15 3 13 25

CY08 976 126 78 33 166 22 4 7 22

Financial Summary


CY09 907 104 61 26 191 43 6 15 14

CY10 1149 156 95 40 230 40 7 17 19

Source: Bloomberg


13/24

BOC (I) CMP: Rs 304

BOC (I)- subsidiary of Germany based Linde Gr. is the largest Industrial gas stock supplier in

India.500

600

BOC India had unveiled buyback offer at Rs 225.29/share in Jan, 2011 but failed to garner

sufficient response The discovered price of the shares, determined through a reverse book

building process was Rs 600/share in the Jan, 2011 open offer.

0

100

200

300

400

, .,

out the delisting of the stock. At current buyback floor price, the cash outgo happens to be just

7% of the total cash holding of the parent.

Higher buyback price in the range of the book building price near to 2011 open offer cannot be

Jan-0

May-0

Sep-0

6

Jan-0

7

May-0

7

Sep-0

7

Jan-0

May-0

Sep-0

Jan-0Ma

y-0Se

p-0Ja

n-1Ma

y-1Se

p-10

Jan-1Ma

y-1Se

p-1Ja

n-1


Source: Capitaline.

Fi i l S

ruled out.Amt required for Buyback (Rs cr) 260




CY07 456 72 45 9 67 14 2 10 14

CY08 533 70 80 10 122 20 2 14 12

Financial Summary


CY09 804 127 53 6 124 57 3 12 5

CY10 986 174 94 11 131 25 2 19 9

Source: Bloomberg


14/24

Fairfield Atlas CMP: Rs 79

Fairfield Atlas- an automobile and transmission gear manufacturer supplying to large OEMs.

The promoter TH Licensing holds 83.91%. Reliance Capital Trustee company (minority250

300

350

shareholder) holds another 5.51%.

The company had made an unsuccessful buyback attempt in July 2007 @ Rs 81/share.

The parent Oerlikon who controls Fairfield through TH Licensing is cash rich with cash and0

50

100

150

200

cash equivalents of USD 0.7 bn (Rs 3762 cr).

The cost of acquisition of the minority shareholders at the floor price arrived is less than 1% of

the cash held by the promoter. The stock is currently trading at steep discount to 5 yr. avg. PE,

Apr-0

6

Aug-0

6

Dec-0

Apr-07

Aug-0

7

Dec-0

Apr-08

Aug-0

8

Dec-0

Apr-09

Aug-0

Dec-0

Apr-10

Aug-1

0

Dec-1

Apr-1

1

Aug-1

1

Dec-1

Apr-12


Source: Capitaline.

Fi i l S

. Amt required for Buyback (Rs cr) 31


Cost of buyback as % of the Cash with Parent 0.8%

Year End Sales EBITDA PAT EPS BV P/E P/BV EV/EBITDA ROCE (%)CY06 111 17 7 3 2 37 41 15 -

CY07 155 27 14 5 7 5 3 7 107

CY08 113 20 2 1 8 55 5 5 10

Financial Summary


CY09 89 11 15 6 14 12 5 13 50

CY10 163 26 18 6 20 10 3 7 38

Source: Bloomberg


15/24

Kennametal (I) CMP: Rs 812

Operating in highly lucrative and high growth tungsten carbide tool making segment,

Kennametal (I) has created a niche for itself. 12001400

1600

The US parent Kennametal has attempted an unsuccessful bid to delist the Indian subsidiary

in Jan 2011 @ Rs 514.98 but could not get the requisite support from the minority

shareholders.0

200

400

600

800

1000

Since, the cash with US parent ($204 mn) happens to be ~5x the cost of delisting at the

calculated price, very high delisting price would be ruled out.

Fundamentally, the stock is trading at slight discount to the 5 yr avg. PE, hence it happens to

Jul-0

Nov-0

Mar-0

7Ju

l-0No

v-07

Mar-0Ju

l-0No

v-0Ma

r-0Jul-0

Nov-0

Mar-1Ju

l-1No

v-1Ma

r-1Jul-1

Nov-1

Mar-1Ju

l-1


Source: Capitaline.

Fi i l S

. Amt required for Buyback (Rs cr) 193




CY07 390 93 54 25 114 6 1 4 24

CY08 305 50 28 13 127 22 2 4 11

Financial Summary


CY09 372 87 52 24 135 28 5 11 18

CY10 507 138 89 40 135 16 5 11 30

Source: Bloomberg


16/24

Astrazeneca Pharma CMP: Rs 1,552

The parent had initiated the Voluntary delisting process way back in June 2010 @ Rs

586/share but failed to get Sp. Resolution through postal ballot. 12001400

1600

Astrazeneca (I)- part of the US listed company Astrazeneca is a successful Pharma co. with

flourishing business, good growth outlook in future.

The parent holds cash of the tune of $ 11 bn and the cost of acquisition of the minority shares0

200

400

600

800

1000

of the Indian arm comes to be about $64 mn (0.6% of the cash chest).

Although, fundamentally the stock looks to be richly valued, high delisting price cannot be

ruled.

Apr-0

Aug-0

Dec-0Ap

r-0Au

g-0De

c-0Ap

r-08

Aug-0

8

Dec-0

Apr-0

Aug-0

Dec-0

Apr-1Au

g-1De

c-1Ap

r-1Au

g-1De

c-1Ap

r-1


Source: Capitaline.

Fi i l S



Cost of buyback as % of the Cash with Parent 0.6%


CY07 297 92 61 25 64 20 8 10 54

CY08 340 114 74 30 46 32 20 10 54

Financial Summary


CY09 397 90 58 23 58 57 23 25 44

CY10 459 83 51 21 72 49 22 - -

Source: Bloomberg


17/24

Alfa Laval CMP: Rs 2,760

Alfa Laval has already embarked on delisting process of the stock. It had informed the

exchanges on Sept. 16, 2011 about the parent Alfa Laval AB, Swedens decision of seeking 2000

2500

voluntary delisting.

Sp. Resolution for voluntary delisting of equity shares has been passed with requisite majority.

The parent has communicated the minority shareholders about their willingness to accept500

1000

1500

equity shares tendered in the delisting offer at a price of Rs 2850/share

The cash cost of acquisition comes to be 25% of the cash held by the parent.

We feel that the stock is richly valued as far as fundamentals are concerned. Only upside that

Jan-0

May-0

Sep-0

Jan-0

May-0

Sep -0

Jan-0

May-0

Sep -0

Jan-0

May-0

Sep-0

Jan-1Ma

y-1Se

p -1Ja

n-1Ma

y-1Se

p-1Ja

n-1


Source: Capitaline.

Fi i l S

can come is if the Reverse Book building price discovery is way high from the floor price and

the company accepts it.





CY07 695 130 91 50 149 19 6 15 36

CY08 799 154 90 50 169 25 7 11 31

Financial Summary


CY09 888 207 123 68 208 18 6 10 36

CY10 836 164 108 60 233 38 10 13 27

Source: Bloomberg


18/24

Caveat

The stocks are volatile given the illiquid nature, hence it is advised to accumulate over a period of time.

s mos o e s oc s are r c y va ue , any a emp y e paren o u e e r s are o ng .e. rema n

listed, could lead to change in price.

The report is dependent on the regulatory deadline, any extension of which can alter the investment

hypothesis.



19/24

Appendix

Few highlights of New Voluntary Delisting Norms are as follows: The floor price for delisting shall be determined by calculating the average of weekly high and low of closing

prices during past 26 weeks and 2 weeks preceding the date on which the recognized stock exchanges

were notified. The higher price among the above two would be taken as delisting price.

accepted through eligible bids crosses 90% of the total shares issued or when it reaches higher than the

total of aggregate % of pre-offer promoter shareholding and 50% of the offer size.

The shareholders approval should be sought from the shareholders via postal ballot in case the exit

opportunity be given to the shareholders. The votes cast by the public shareholders in favour of the

delisting proposal should be at least 2 times of numbers cast against it.

Under the Regulations, the Promoters are not bound to accept the Offer Price, as may be determined by

the Book Building Process. If the promoters do not accept the price arising out of bidding, then the

promoter will be required to comply with the clause 40A of the Listing agreement (i.e. MPS of 25%) within 6


months of closing of bidding process).


20/24

Appendix

Alfa Laval (I) We have covered those MNC stocks where the promoter shareholdings havemore than 80% and hence the probability of them increasing it further increases.

Astrazeneca Pharma

Blue Dart Exp.

BOC India

The stocks like GMM Pfaulder, Cambridge Soln., 3M, Singer, Novartis loose out.

Nitta Gelatin being co- promoted by Japanese Nitta Gelatin and KSIDC also

Elantas Beck

Fairfield Atlas

moves out.

Wendt India is a disputed case as Carborandom owns about 40% stake in the

company. Gillette (I) and OFSS are also excluded, although they can be delisting

Honeywell Auto

Ineos ABS (India

Kennametal India

candidates.

We calculated the expected target price as per the formula discussed above (i.e.

Average of weekly high and low for last 26 weeks ending Jan. 06, 2011) and Kennametal India

Fresenius Kabi Onco.

Timken India

compared with the CMP to decide whether it is worth investing in the stock.

The other condition (Average of weekly high and low for 2 weeks preceding the

date on which the recognized stock exchanges are informed) will be contingent


on the event. Hence, this condition becomes Not Relevant (NR) as on date for

arriving at the floor price of delisting.


21/24


22/24

Disclaimer

Disclaimer of Axis Securities & Sales Ltd.

The document has been prepared by Enam Securities Direct Private Limited (the company). Axis Securities & Sales Limited (hereinafter referred to as ASSL) has been permitted by the company to use the same and circulate it to its clients. This document is

not, and should not be construed, as an offer to sell or solicitation to buy any securities in any jurisdiction. This document may not be reproduced, distributed or published, in whole or in part, without prior permission from the Company. ASSL does not guarantee

that the document is complete or accurate and it should not be relied on as such. Investors should make his/her own research, analysis and investigation as he/she deems fit and reliable to come at an independent evaluation of an investment (including the merits,

demerits and risks involved), and should further take opinion of their own consultants, advisors to determine the advantages and risks of investment. ASSL, its affiliates, group companies, directors, employees, agents or representatives shall not be held

, , , , , ,

document.

Registered office address

Axis House, 8th Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai 400 025.

Axis Securities and Sales Limited

SEBI Registration no : NSE (CM)-INB 231387235, (FO)-INF 231387235, (CDS)-INE 231387235,BSE(CM)-INB 011387330,(FO)-INF011387330, ARN No. 51485

Solaris,"C" Bldg., 6th floor, Opp. L&T Gate No. 6, Saki Vihar Road, Powai, Mumbai-400072, Tel No.-18001030808,

Compliance Officer Details:

Name: AnandShaha, E-Mail ID: [email protected],Tel No: 022-40754152.

Copyright 2011 - Enam Securities Direct Private Limited and Axis Securities and Sales Limited.



23/24

Disclosure of Interest Statement(As of January 13, 2012)

CONFLICT OF INTEREST DISCLOSURE

We, at ENAM, are committed to providing the most honest and transparent advice to our clients. However, given the nature of the capital markets, from time to time we are faced with situations that could give rise to potential conflict of interest. In order to

provide complete transparency to our clients, before we make any recommendations, we are committed to making a disclosure of our interest and any potential conflict IN ADVANCE so that the interests of our clients are safe- guarded at all times. In light of this

olic we have instituted what we believe to be the most com rehensive disclosure olic amon leadin investment banks/brokera es in the world so that our clients ma make an informed ud ment about our recommendations The followin disclosures are

Scrip Name Grey List/MBD Relation Broking Relationship Firm Holding Director HoldingAlfa-Laval (India) Ltd No No No No

Astrazeneca Pharma India Ltd No No No No

, .

intended to keep you informed before you make any decision- in addition, we will be happy to provide information in response to specific queries that our clients may seek from us.

Blue Dart Express Ltd No No No No

Elantas Beck India Ltd No No No No

Fairfield Atlas Ltd No No No No

Gillette India Ltd No No No No

Honeywell Automation India Ltd No No No Yes

Ineos ABS (India) Ltd No No No Yes

Kennametal India Ltd No No No Yes

Fresenius Kabi Onco No No No No

Timken India Ltd No No No NoBOC India Ltd No No No Yes

We are committed to providing completely independent and transparent recommendations to help our clients reach a better decision.



24/24

Thank Youecur es rec r va e m e

Sunil Shah | [email protected]

Pankaj Bobade | [email protected]

axis direct report (1)

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