firstobject technologies ltd (ftl) - sify.com | budget...

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Firstcall India Equity Advisors Pvt Ltd

FirstObject Technologies Ltd (FTL)

BUY Target Price: Rs.60.00

CMP: Rs.32.44 Market Cap.:Rs.621.19 mn. Date: January 19, 2010

Key Ratios:

Particulars FY09 FY10E FY11E

OPM (%) 25.09 25.64 26.89

PATM (%) 23.58 24.34 25.92

ROE (%) 32.04 30.13 31.98

ROCE (%) 31.88 30.01 31.89

P/BV(x) 20.19 1.51 1.03

P/E(x) 123.57 5.95 3.22

EV/EBDITA(x) 59.23 4.75 3.10

Debt-Equity(x) 0.00 0.00 0.00

Key Data:

Sector IT& Outsourcing

Face Value Rs.10.00

52 wk. High/Low Rs.37.20/0.47

Volume (2 wk. Avg.)

134000

BSE Code 532379

SYNOPSIS

• FirstObject Technologies Ltd (FTL) is a provider of integrated business, technology and process solutions on a global delivery platform.

• The company has added about 125 institutional clients to its research portal www.firstcallresearch.com in a record span of just 15 days of its launch.

• FirstObject has signed a collaboration agreement with New Age Education Inc, for E-Education. With the new collaboration, Firstobject will be in a position to offer eLearning as a training solution that is cost-effective, convenient to access and consistent in quality.

• The company has declared an Interim Dividend as a Maiden Dividend for the first time in the history of the Company since its inception.

• The company bags USD 1.75 Mn Order in E-Learning.

• The Net sales & Net Profit of the company are expected to grow at a CAGR of 50.91% and 80.88% respectively over FY08 to FY11E.

Share Holding Pattern:

V.S.R. Sastry

Vice President

Equity Research Desk

91-22-25276077

[email protected]

Dr. V.V.L.N. Sastry Ph.D.

Chief Research Officer

[email protected]

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Table of Content

Content Page No.

1. Investment Highlights 03

2. Company Profile 07

3. Peer Group Comparison 16

4. Key Concerns 16

5. Financials 17

6. Charts & Graph 19

7. Outlook and Conclusion 21

8. Industry Overview 23

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Investment Highlights

• Results Update (Q2FY10)

For the quarter ended on September 30, 2009 (Consolidated) the company has

registered a 15.69 % (QOQ) growth in the net income and stood at Rs. 112.25 mn

from Rs.97.03 mn of the Q1FY10. EBIDTA for the quarter stood at Rs. 23.18 mn

compared to Rs.20.38 mn, an increase of 13.74 %( QOQ). EBITDA Margins for the

quarter stood approximately at 20.65%. Net profit after minority interest for the

period under review stood at Rs.10.99 mn compared to Rs.9.57mn (QOQ). EPS for

the quarter stood at Rs.0.06 per equity share of Rs.1.00.

Quarterly Results – Consolidated (Rs in mn)

As at Q1FY10 Q2FY10 %Change

Net Sales 97.03 112.25 15.69

Net Profit 9.57 10.99 14.84

Basic EPS(Rs) 0.05 0.06 14.84

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• Forays into E-education:

As part of expansion and diversification strategy, FirstObject forays into e-

Education. E-education entry of FirstObject comprises, Virtual classrooms that

can be accessed from anywhere, with professional instructors functioning just like

traditional education, diverse programs in a variety of disciplines, technical

programs that provide real-time training, freedom to enhance skills , real-life

application of classroom materials, greater comfort with interactive technologies

and work/life balance. Online education is the fastest growing segment of the

education field, Students are finding that they can improve their skills, finish their

degrees, and improve their earning potential by taking classes from the comfort

of home.

• The company bags USD 1.75 Mn Order in E-Learning

Recently the company has procured an order from a North American Company

for developing and implementing, E-learning, tutorial and virtual class room plus

language tests, content aimed towards the students aspiring to get admissions in

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Overseas Universities. The order value is USD 1.75 M and the order has to be

implemented over a period of 6 months.

• Expansion in E-Education

As a part of expansion in E-Education, Firstobject has chosen to launch two

verticals under its e-learning initiatives for which the preparatory work for content

has already began and with this collaboration; the company will embark on e-

enabling the same. e-legaledu is meant for legal education from graduate to

post graduate level along with the entrance examination material. e-

manageedu is for management education from graduate level to post

graduate levels with entrance examination material.

• The company launched a research portal

The company launched its research portal www.firstcallresearch.com on January

1, 2010. The portal provides equity research, comprising industry; economy and

company specific analysis of listed companies in India.Firstobject has carved out

a leadership position by having world’s who’s who in its client’s lists for the

research. Firstcall Research is one of the Knowledge Process Outsourcing (KPO)

divisions of Firstobject Technologies. The equity portal would provide features like

intraday call, special call, pre market call, key insights, reliable news and finding

multibaggers.

Firstobject Technologies does research on the companies, which involves a

rigorous process of data mining involving primary and secondary data search

with reference to India tracking, large cap, small cap, mid cap, international

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economy, trends on NYSE, NASDAQ and F&O.The resource team of Firstcall

Research is known for its unbiased and authentic research. The portal will provide

investors with access to institutional-quality research on over 1000 Indian stocks.

The portal contains charts and graphs that are sourced real-time from external

research sites. Fund managers can use it as a tool for their investments, which

would help them to manage their portfolios. The research portal provides both

fundamental and technical analysis on Indian companies and trends on capital

markets. The company has made all arrangements for on-line and off-line

subscriptions.

• The company Adds 125 institutional clients to its Research Portal

The company has added about 125 institutional clients to its research portal

www.firstcallresearch.com in a record span of just 15 days of its launch.Firstobject

has carved out a leadership position by having world’s who’s who in its client’s

lists for the research. The clients include Reuters Thomson, Capital IQ,

Markets.com, Bloomberg, Sify Finance, My Iris, Ticker Plant, etc.

• Collaboration agreement with New Age Education Inc

Firstobject Technologies has signed a collaboration agreement with New Age

Education Inc, for E-Education. Under the collaboration Firstobject will procure

massive e-enabling technology content from New Age Education Inc., which

includes rapid interaction tools, query tools, information search tools, Q&A and

interlinking of content for enabling the students to access the content with ease.

With the new collaboration, Firstobject will be in a position to offer eLearning as a

training solution that is cost-effective, convenient to access and consistent in

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quality. Rapid Interaction Tools encourages students to be more creative and

inquisitive and they learn to access new topics readily. Students have the

flexibility to access unit notes, chat room discussion and communicate with the

facilitators at times which are most convenient to them.

• The company commences operations at its 120 seater facility

The company commenced the operations at its 120 seater (24/7) facility located

at Hyderabad on Oct. 28, 2009. The company`s operational facility went though

a re-building process, as the facility got affected with a fire accident which took

place in the month of May 2009. With the re-commencement of its facility, the

operations of the Company, which hitherto were taking place from alternative

rented premises for the smooth continuation of the work, are getting shifted to

the 120 seater premises phase wise.

• Declared Interim dividend

The company declared Interim dividend of 1% on a face value of Rs. 1 for the

year 2009-10.The efforts of the Professional Team leading the Company's

operations in making the Company, "turnaround" and "declare an Interim

Dividend as a Maiden Dividend for the first time in the history of the Company

since its inception". Also the company decided to review the dividend policy at

frequent intervals to reward the shareholders.

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Company Profile

FirstObject Technologies Limited (FTL) is a provider of integrated business,

technology and process solutions on a global delivery platform.Since the financial

year 2007-08, which they recognize as a TURN AROUND year, every initiative, every

partnership and above all their project execution levels are built around solid base.

FirstObject as a management consulting, technology services and outsourcing

company, Combines unparalleled experience, comprehensive capabilities across

all industries as well as business functions, and extensive research on the world's

most successful companies. FirstObject Technologies collaborates with clients to

help them become high-performance businesses. FirstObject's "high performance

business" strategy was built on their expertise in consulting, technology and

outsourcing to help clients perform at the highest levels. Using their industry

knowledge, service-offering expertise and technology capabilities, they identify

new business and technology trends and develop solutions to help clients around

the world.

India, Middle East and USA IT business units of FirstObject offer a 360 degree

service portfolio spanning the entire IT life cycle. This includes Consulting, Business

Solutions, System Integration, Infrastructure, Application Management and Total

Outsourcing services where they service all IT needs of a customer, end-to-end.

Business Areas:

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BPO Services:

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The company acts as a fast growing, pure-play global business processor,

providing complex industry specific processing services to blue chip customers.

Knowledge Process Outsourcing (KPO):

FirstObject Technologies provides middle office and back office support to capital

market arms of leading global banks, educational institutions, manufacturing

giants and services companies.FirstObject customer-partners are all leaders in their

respective industries and are included in top business enterprises. With each of our

partners, we manage a number of discrete programs providing specific needs

across multiple divisions. Current customer programs include data search

programs, research report preparations, price monitoring and competitive

analytics, financial contract risk management and data reconciliation services

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Pricing Analytics

The company provides detailed competitive price benchmarking of their client’s

products and pricing recommendations based on market conditions. The

company provides this service across local markets in multiple countries and

handles different languages using proprietary tools and processes. This service is

targeted towards organizations operating in markets where product prices

change frequently.

Customer Insight Studies

The company monitors and analyze customer feedback across a variety of

channels including customer chat forums, bulletin boards, customer reviews and

customer support logs from their contact centers and ensure compliance with

applicable terms of service rules, in the process. On the basis of our analysis, the

company advise their clients on product and client service improvements.

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Product Mix Optimization

The company analyze their clients’ catalogues vis-à-vis those of their competitors

and also against broad industry trends to assist their clients in optimizing their

product offerings. The company analyzes past sales data of their clients’ products

and ascertains product correlations, which are aimed at maximizing their clients’

transaction value for each sale and optimizing their product portfolio.

Portfolio Matching and Reconciliation

The company reconciles large portfolios of trade transactions between clients

and their customers and report variance in positions and valuations. They identify

mismatched positions and help measure and mitigate the risks arising from such

positions.

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Transaction Maintenance

The company optimizes transaction portfolios to agreed constraints by setting off

active trade positions using special algorithms and processes. They also manage

trade positions by adjusting relevant parameters based on corporate and equity

actions to ensure correct valuations and risk measures. They finally calculate and

update cash flows in databases for complex securities and their associated

derivative transactions.

Finance and Control

The company monitors and analyzes price fluctuations of trade positions of their

clients on a daily basis and highlight price anomalies to senior management.

E-Learning:

As part of expansion and diversification strategy, FirstObject forays into e-

Education . E-education entry of FirstObject comprises, Virtual classrooms that can

be accessed from anywhere, with professional instructors functioning just like

traditional education, diverse programs in a variety of disciplines, technical

programs that provide real-time training, freedom to enhance skills , real-life

application of classroom materials, greater comfort with interactive technologies

and work/life balance. Online education is the fastest growing segment of the

education field, Students are finding that they can improve their skills, finish their

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degrees, and improve their earning potential by taking classes from the comfort of

home

Company clients:

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Alliance Partners

• Object Xperts Inc, USA

• Envoy Technologies Inc, USA

• Millennium Care Inc., Canada

• Commtel Networks Pvt. Ltd., India

Joint Ventures:

1. Tractel Solutions, Inc.

The company has completed the acquisition of 51% of equity stake in Tractel

Solutions, Inc. USA. Tractel is a mid-size Telecom Solutions Company with its focus

on onsite and off-shore works spread across North America and India. The

company has well reputed Telecom Clientele in USA. The 51% stake acquisition is

going to provide inroad for the company in North American Markets for the

telecom vertical. Tractel is an upcoming, “onsite and offshore telecom services

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company”.As a part of FirstObject's de-risking strategy for consistent revenues this

acquisition is going to add stable returns from telecom vertical going forward.

2. Octant Interactive Technologies

The company has minority stake in Octant Interactive Technologies Limited.

Whose, interactive technology based emergency medical care IPR’s are awaiting

the commercial launch on a grand scale and the company is poised for bidding

High Value Contracts for these specialized services.

Peer Group Comparison

Name of the

company

CMP(R.s)

(As on Jan,2010)

Market

Cap.

(Rs. Mn.)

EPS

(Rs.)

P/E

(x)

P/BV

(x)

Dividend

(%)

FirstObject Technologies Ltd 32.44

621.19 0.99 32.77

2.73

1.00

Firstsource Solutions Ltd 36.65

15727.50 2.02 18.14

1.67

0.00

Four Soft Ltd 30.00 1168.80 0.16 187.50 1.16 0.00

Cambridge Tech Enterprises Ltd 28.30

447.80 - -

0.88

0.00

Key Concerns

• Global economic slowdown

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• Several other nations have started representing themselves as an alternative destination for offshore based outsourcing.

• Increased pressure from global and domestic IT players could result in pressure on pricing.

Financials

12 Months Ended Profit & Loss Account (Consolidated)

Value(Rs. in million) FY08A FY09A FY10E FY11E

Description 12m 12m 12m 12m

Net Sales 216.68 418.08 510.06 744.68

Other Income _ - _ _

Total Income 216.68 418.08 510.06 744.68

Expenditure -150.2 -313.20 -379.28 -544.44

Operating Profit 66.48 104.88 130.78 200.25

Interest _ _ _ _

Gross Profit 66.48 104.88 130.78 200.25

Depreciation -2.51 -6.30 -6.61 -7.20

Profit before Tax 63.97 98.58 124.17 193.05

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Tax _ - _ _

Profit after Tax 63.97 98.58 124.17 193.05

Minority Interest -31.35 -48.31 -19.76 _

Net Profit 32.62 50.27 104.41 193.05

Equity Capital 192.35 191.49 191.49 191.49

Reserves 63.03 116.22 220.63 412.12

Face Value (Rs) 1.00 1.00 10.00 10.00

Total No. of Shares 192.35 191.49 19.15 19.15

EPS (Rs) 0.17 0.26 5.45 10.08

A=Actual, E=Estimated

Quarterly Ended Profit & Loss Account (Consolidated)

Value(Rs. in million) 31-Mar-09

30-June-

09

30-Sep-

09

31-Dec-

09E

Description 3m 3m 3m 3m

Net Sales 110.49 97.03 112.25 129.0875

Other Income - _ - -

Total Income 110.49 97.03 112.25 129.0875

Expenditure -86.7 -76.65 -89.07 -102.25

Operating Profit 23.79 20.38 23.18 26.84

Interest - _ _ _

Gross Profit 23.79 20.38 23.18 26.84

Depreciation -1.62 -1.62 -1.62 -1.63

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Profit before Tax 22.17 18.76 21.56 25.21

Tax _ _ - -

Profit after Tax 22.17 18.76 21.56 25.21

Minority interest - -9.19 -10.57 -

Net Profit 22.17 9.57 10.99 25.21

Equity Capital 191.49 191.49 191.49 191.49

Face Value 1.00 1.00 1.00 10.00

Total No. of Shares 191.49 191.49 191.49 19.15

EPS(Rs) 0.12 0.05 0.06 1.32

Charts

A) Net Sales & PAT Chart

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B) ROE&ROCE (%) Chart

C) P/E(x)

D) P/BV (X)

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1 Year Comparative Graph

FTL BSE SENSEX

Outlook and Conclusion

• At the current market price of the stock Rs.32.44, the stock trades at a P/E of

5.95x and 3.22x for FY10E and FY11E respectively.

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• Due to the change of face value From Rs.1.00 to Rs.10.00, the EPS of the stock is

expected to be at Rs.5.45 and Rs.10.08 for the earnings of FY10E and FY11E

respectively.

• The Net sales are expected to grow at a CAGR of 50.91%, and Net profit at 80.88

% over 2008 to 2011E.

• On the basis of EV/EBDITA, the stock trades at 4.75x and 3.10x for FY10E and

FY11E respectively.

• On the basis of Price to Book Value of the stock is expected to be at 1.51 x and

1.03x respectively for FY10E and FY11E.

• As part of expansion and diversification strategy recently the company entered

in to E-education. Online education is the fastest growing segment of the

education field.

• The recent dividend news simply shows the confidence of management to

maximize investors’ wealth and to deliver robust growth in years to come.

• Vivek Hebbar is independent chairperson of this company, man behind success

of other companies like Accentia Technologies Ltd.

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• The Company posted profits in the time of global turmoil and recession, it will

definitely do well in the time to come. With new management in picture we feel

this company will have a market cap of Rs.1000 to Rs.1500.00 mn which is merely

Rs.621.19 mn as of now.

• The company recently entered in to KPO and E-learning business will deliver

robust operating profit margins to this company.

• The acquisition of 51% of equity stake in Tractel Solutions, Inc. As a part of

FirstObject's de-risking strategy for consistent revenues this acquisition is going to

add stable returns from telecom vertical going forward USA.

• The company has declared an Interim Dividend as a Maiden Dividend for the

first time in the history of the Company since its inception.

• Recently the company has procured an order from a North American Company

for developing and implementing, E-learning, tutorial and virtual class room plus

language tests, content aimed towards the students aspiring to get admissions

in Overseas Universities. The order value is USD 1.75 M and the order has to be

implemented over a period of 6 months.

• As a part of expansion in E-Education, Firstobject has chosen to launch two

verticals under its e-learning initiatives for which the preparatory work for

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content has already began and with this collaboration; the company will

embark on e-enabling the same.

• We recommend ‘BUY’ in this particular scrip with a target price of Rs.60.00 for

short term investment.

Overview of the Industry

India’s IT industry can be divided into five main components, viz. software

products, IT services, engineering &R&D services, ITES (IT-enabled services) and

hardware. Export revenues continue to growth driver of the industry. Amongst the

export revenues, project-based services accounted for more than 50% of the

Indian IT services exports. Multi-year annuity based outsourcing agreements are

expected to increase going forward. However, the majority share of the project

based revenues is going to continue on the back of custom application

development and application management.

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Indian IT-BPO grew 33% in FY08 and reached USD 64bn. in aggregative revenue,

thus revalidating its strong fundamentals, despite strong concerns of slowing US

economy and supply constraints. IT-BPO export reached USD 40.9bn in FY08

against USD31.8bn in FY07 i.e, it has grown 28%. Software and service export

reached USD40.4bn, contributing nearly 63% of the overall IT-BPO aggregate

revenue.

Domestics IT market has reached USD 23.1bn against USD 16.2bn in FY07 (a growth

of 43%YoY). Hardware remained the largest segment of the domestic market with

a growth rate of 44% in FY08. As a proportion of national GDP, the Indian

technology sector revenue has grown from 1.2% in 1998 to 5.5% in 2008. Net value

added by the sector to the economy was estimated at 3.3 – 3.9% for FY08.

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IT Services

IT Services involves a full range of engagement types that include consulting,

systems integration, IT outsourcing/managed services/hosting services, training

and support/maintenance.

IT services (excluding BPO, Engineering Services, R&D and Software products),

contributing to 57 per cent of the total software and services exports, remains the

dominant segment and crossed USD 23 billion, a growth of 28 per cent in FY2008.

The segment is witnessing a noticeable shift from projects towards multi-year

outsourcing-based relationships; remote infrastructure management is emerging

as a key growth driver.

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IT Services: Exports by Service Line (FY2008)

Project-oriented services contributing to about 52 per cent, continues to be the

largest segment of the IT Services exports. Outsourcing segment and Support and

Training segment account for about 40 per cent and 8 per cent of the IT Services

export segment respectively. Domestic IT services spends grew at over 43 per cent

in FY2008, showing strong signs of increasing sophistication as building enterprise IT

infrastructures and applications, networking and communication became key

priorities for India Inc.

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Complementing the strong growth in IT services and BPO exports is the continued

expansion of the product development and engineering services segment, which

also reflects India’s increasing role in global technology IP creation. Export

revenues from the relatively high-value-added services engineering and R&D,

offshore product development and made-in-India software products grew at

nearly 29 per cent to reach USD 6.4 billion in FY2008. Domestic spending in this

segment grew by over 37 per cent in FY2008. Embedded solutions development,

product design and prototyping are some of the key engineering services being

sourced from India.

Key Engineering Services (ES) and Offshore Product Development (OPD) verticals

of Indian ES and OPD exports (FY2008)

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BPO Sector

BPO exports, accounting for about 27 per cent, is the fastest growing segment

across software and services exports driven by scale as well as a rapidly

expanding service landscape Domestic BPO spends are also growing rapidly, led

by the BFSI, Telecom and Airline industries. Revenue from the domestic BPO

segment grew by nearly 41 per cent over FY2007 to touch USD 1.6 billion.

Horizontal BPO, accounting for about 80 per cent of Indian BPO exports, represents

the larger and relatively more established set of services being delivered from

India. Vertical specific services now contribute nearly 20 per cent of the BPO

exports, led by an increasing number of processes, being offered across multiple

verticals and by a growing number of providers. Vertical-specific BPO services refer

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to offerings that require a high degree of vertical specific knowledge that is not

easily replicable across industries (e.g. insurance claims processing). Other

aspects of Indian BPO, besides the growing breadth and depth of the service

portfolio, that reflect its increasing maturity include the increasing global delivery

footprint and continuous emphasis on enhancing service delivery efficiency and

productivity.

BPO: Exports by Service Line (FY2008)

Hardware Market

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Despite the declining trends in pricing observed across key categories, increasing

volumes have ensured that the domestic hardware revenue aggregate continues

to grow. While hardware exports remained steady, domestic hardware segment

grew by 44 per cent over FY 2007 to reach USD 11.5 billion. PCs (including desktops

and notebooks) continue to lead hardware spending patterns.

With their prices coming down, notebooks are increasingly being adopted as the

computing device of choice. For the desktop segment, consumers are showing an

increased trend of moving away from locally assembled items towards branded

products with relatively higher-end configurations.

Future Outlook

Sufficient demand, strong fundamentals and a favorable environment support a

positive outlook for Indian IT-BPO exports as well as the domestic market, going

forward. The Indian IT-BPO industry is on track to reach USD 60 billion in exports and

USD 73-75 billion in overall software and services revenue, by 2010. At the aspired

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levels of growth, the sector would, by 2010, employ around 2.5-3 million

professionals, directly, account for direct investment of about USD 10-15 billion,

and contribute 7-8 per cent of the national GDP.

However, the scope of the opportunity is significantly larger. At USD 52 billion

(excluding hardware), India accounts for around 4 per cent of the worldwide

spend on IT software and services. The global sourcing penetration is estimated to

be growing at nearly four times the rate of absolute technology spends. Together,

these two trends signify a huge opportunity for the Indian IT-BPO industry.

In order to sustain India’s edge in the global markets and improve revenues, Indian

IT-BPO service providers need to shift towards more market-facing breakthroughs.

They could additionally, foray new customer segments in intellectual asset-

intensive service lines like engineering and R&D services, creating IP in emerging

technology areas, developing and codifying specific domain expertise to target

consulting and system integration services, technical innovations to develop their

own standards for next generation of technologies.

Finally, providers could enhance the role they are already playing in helping

improve the quality of education, by working closely with the Government and

academia to facilitate changes in the curriculum and pedagogy, which directly

influence the quality of graduate output.

KPO

The future of KPO

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According to a report by GlobalSourcingNow, the Global Knowledge Process

Outsourcing industry (KPO) is expected to reach USD 17 billion by 2010, of which

USD 12 billion would be outsourced to India . In addition, the Indian KPO sector is

also expected to employ more than 250,000 KPO professionals by 2010, compared

with the current figure of 25,000 employees.

A report by It is predicted that India will capture more than 70 percent of the KPO

outsourcing sector by 2010. Apart from India, countries such as Russia, China, the

Czech Republic, Ireland, and Israel are also expected to join the KPO industry.

Comparison of Opportunity in BPO and KPO markets:

Low-end outsourcing services have an expected Cumulative Annual Growth Rate

(CAGR) of 26% by 2010. In contrast, the global market is poised for an expected

CAGR of 46% by 2010. The following figure demonstrates the expected growth in

the BPO and KPO markets over the next seven years.

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What high-end services can be outsourced to the Indian KPO sector? Here are

some KPO services that can be outsourced to India :

• Business & Market Research • Research & Development • Business and Technical Analysis • Learning Solutions • Animation & Design • Pharmaceuticals and Biotechnology • Medical Services • Writing & Content Development • Legal Services

• Intellectual Property (IP) Research • Data Analytics • Network Management • Training & Consultancy

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Below are some Demand and supply side drivers for KPO Industry

Demand side drivers

Supply side drivers

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_____________________________________________________________

Disclaimer:

This document prepared by our research analysts does not constitute an offer or

solicitation for the purchase or sale of any financial instrument or as an official

confirmation of any transaction. The information contained herein is from publicly

available data or other sources believed to be reliable but we do not represent that it is

accurate or complete and it should not be relied on as such. Firstcall India Equity Advisors

Pvt. Ltd. or any of it’s affiliates shall not be in any way responsible for any loss or damage

that may arise to any person from any inadvertent error in the information contained in

this report. This document is provide for assistance only and is not intended to be and must

not alone be taken as the basis for an investment decision.

38


Firstcall India Equity Research: Email – [email protected]

B. Harikrishna Banking

B. Prathap IT

A. Rajesh Babu FMCG

C.V.S.L.Kameswari Pharma

U. Janaki Rao Capital Goods

E. Swethalatha Oil & Gas

D. Ashakirankumar Automobile

Rachna Twari Diversified

Kavita Singh Diversified

Nimesh Gada Diversified

Priya Shetty Diversified

Tarang Pawar Diversified

Neelam Dubey Diversified

Firstcall India also provides

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Offers, Offer for Sale and Buy Back Offerings.

Corporate Finance Offerings include Foreign Currency Loan Syndications,

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Syndications and Structured Deals.

Corporate Advisory Offerings include Mergers & Acquisitions (domestic and

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Restructuring-Capital and Debt, Turnkey Corporate Revival – Planning &

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Stock Exchanges namely AIMs, Luxembourg, Singapore Stock Exchanges and

Other international stock exchanges.

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