CMP 541.30

Target Price 612.00

ISIN: INE081A01012

AUGUST 16th

2014

TATA STEEL LIMITED

Result Update (PARENT BASIS): Q1 FY15

BUYBUYBUYBUY

Index Details

Stock Data

Sector Iron & Steel

BSE Code 500470

Face Value 10.00

52wk. High / Low (Rs.) 578.60/223.70

Volume (2wk. Avg. Q.) 904000

Market Cap (Rs. in mn.) 525824.23

Annual Estimated Results (A*: Actual / E*: Estimated)

YEARS FY14A FY15E FY16E

Net Sales 417110.30 462158.21 508374.03

EBITDA 136045.40 151586.75 169250.35

Net Profit 64121.90 78809.55 85034.35

EPS 66.01 81.13 87.54

P/E 8.20 6.67 6.18

Shareholding Pattern (%)

1 Year Comparative Graph

TATA STEEL LIMITED BSE SENSEX

SYNOPSIS

Tata Steel Ltd is among the top ten global steel

companies with an annual crude steel capacity of over

29 mtpa. It is one of the world's most geographically-

diversified steel producers.

Total revenue of the company increased by 10.71%

from Rs. 94553.90 million for the quarter ended June

30, 2013 to Rs. 104682.60 million for the quarter

ended, June 30, 2014.

In Standalone basis, Net profit ramps up by 67.24%

and stood at Rs. 22679.80 million in Q1 FY15 against

Rs. 13561.10 million in Q1 FY14.

For Q1 FY15, Profits included exceptional gains of Rs.

7880.00 million from the sale of the stake in the

Dhamra Port Company Limited.,

For Q1 FY15, Earnings before Interest, tax, and Dep

increased by 14.13% to Rs. 33993.60 million from Rs.

29785.40 million for the Q1 FY14.

The project work for setting up a 3 million tonnes per

annum greenfield steel project in Odisha in first phase

is on in full swing and is expected to commission by

Financial Year 2014-15.

Sales of Automotive Steel and Automotive Industry

increased by 16% & 11% respectively over the last

year.

Hot metal and crude steel production reached 2.53

million tonnes and 2.33 million tonnes respectively in

Q1 FY’15 while saleable steel production increased to

2.25 million tonnes.

Net Sales and PAT of the company are expected to

grow at a CAGR of 10% and 19% over 2013 to 2016E

respectively.

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Tata Steel Ltd 541.30 525824.23 66.01 8.20 0.86 100.00

SAIL Ltd 84.55 349235.90 6.53 12.95 0.80 20.20

JSW Steel Ltd 1274.75 208135.20 97.49 13.08 1.31 110.00

Jindal Steel Ltd 285.65 261342.30 14.86 19.22 2.00 150.00

Recommendation & Analysis - ‘BUY’

For the quarter ended 30th June 2014, the company’s total Income in Standalone basis registered 10.54%

increase to Rs. 106117.60 million from Rs. 95996.00 million for the quarter ended 30th June, 2013. Net profit

ramps up by 67.24% at Rs. 22679.80 million in Q1 FY15 against Rs. 13561.10 million in Q1 FY14. In Q1 FY15,

Operating profit or EBIDTA has increased by 14.13% to Rs. 33993.60 million from Rs. 29785.40 million in the

corresponding quarter of previous year. The EBITDA margin improved by 56 basis points compared to the

previous year. Deliveries in Q1 FY’15 increased to 2.1 million tonnes versus 2 million tonnes in Q1 FY’14. The

new CGL#3 and CAPL lines have started commercial operations while the Coke Oven Battery #11 fully ramped

up during the quarter.

Tata Steel Ltd continued to increase its deliveries to target segments in the domestic markets, with exports

constituting barely 1% of total sales in Q1 FY15. Sales of Automotive Steel and Automotive Industry increased by

16% & 11% respectively over the last year and the share of value added and high-end products increased

further. The company made further inroads in the Branded Products, Retail and Solutions segment with sales in

Q1 FY15 increasing by 12% over Q1 FY14. Sales to Industrial Products, Projects and Exports remained steady

with increases in the share of value added products.

After the general elections and the new government has been clearly communicating its intentions to bring the

economy back to the growth path. Government's thrust on development of core industries like housing and

infrastructure should boost steel demand in the coming quarters. The company continues to grow its delivery

volumes with enrichment of the overall product mix. During the quarter, the company has started commercial

operations of its continuous annealing line and a new galvanising line. In addition, the Coke Oven Battery#11 has

been commissioned and the facility was ramped up in record time. Tata Steel has a strong track record of

successful implementation of large and complex projects across the steel sector. Outlook remains sluggish due to

seasonal factors; macro conditions are expected to improve in H2. Over 2013-2016E, we expect the company to

post a CAGR of 10% and 19% in its top-line and bottom-line respectively. Hence, we recommend ‘BUY’ for

‘TATA STEEL LTD’ with a target price of Rs.612.00 on the stock.

QUARTERLY HIGHLIGHTS (PARENT BASIS)

Results updates- Q1 FY15,

Tata Steel is India’s largest private sector steelmaker

by revenue. It has a production capacity of about 10

MT per annum in Jamshedpur and about 18 Mt in

Europe. The company maintains positive earnings

momentum in the First quarter ended and has

reported its financial results for the quarter ended

30th JUNE, 2014.

The company has achieved a turnover of Rs. 104682.60 million for the 1st quarter of the current year 2014-15 as

against Rs. 94553.90 million in the corresponding quarter of the previous year. The company has reported an

EBITDA of Rs. 33993.60 million an increased by 14.13% in Q1 FY15. Net profit of Rs. 22679.80 million for the 1st

quarter of FY15 against Rs. 13561.10 million in the corresponding quarter of the previous year. Profits included

exceptional gains of Rs. 7880.00 million from the sale of the stake in The Dhamra Port Company Limited. For Q1

FY15, the company has reported an EPS of Rs. 23.35 as against an EPS of Rs. 13.96 in the corresponding quarter

of the previous year.

Break up of Expenditure:

During the quarter, total Expenditure rose by 9 per cent mainly on account of Employee benefits Expenses by

13%, Freight & Handling charges by 9%, Depreciation & Amortization Expenses by 7%. Whereas Raw material

consumed and Purchase of power by 11% respectively along with other expenditure 8% are the primary

attribute for the growth of expenditure. Total expenditure in Q1 FY15 stood to Rs. 77056.60 million as against Rs.

70806.40 million in Q1 FY14.

Break up of Expenditure Rs. In millions

Q1 FY15 Q1 FY14

Purchases of finished Steel &

Other Products 679.20 1430.70

Raw Materials consumed 25639.90 23055.10

Employee benefits expense 11302.60 10027.80

Purchase of Power 7212.80 6525.30

Freight and Handling charges 6909.20 6348.20

Depreciation and Amortisation 4932.60 4595.80

Other expenses 23814.90 22117.90

Rs. In millions JUNE-14 JUNE-13 % Change

Net Sales 104682.60 94553.90 10.71

PAT 22679.80 13561.10 67.24

EPS 23.35 13.96 67.24

EBITDA 33993.60 29785.40 14.13

Segment Revenue

Latest Updates

• The Company, through its Singapore based wholly owned subsidiary, ABJA Investment Co. Pte. Ltd. Has

issued US$ 500 million 4.85% Unsecured Bonds due 2020 and US$ 1,000 million 5.95% Unsecured Bonds

due 2024 which are listed on the Frankfurt Stock Exchange.

• Tata Steel has signed a series of contracts with Subsea 7 - one of the world's leading contractors in

engineering, construction and subsea services to the offshore industry - to supply undersea pipes to four

separate North Sea projects.

• During the quarter, the Company divested its entire stake in its joint venture The Dhamra Port Company

Limited (DPCL) to Adani Ports and Special Economic Zone Limited.

• Tata Steel has developed an innovative new product for automotive manufacturers in response to market

requirements for stronger and lighter steels.

COMPANY PROFILE

Tata Steel Limited was Established in 1907 as Asia's first integrated private sector steel company, Tata Steel

Group is among the top-ten global steel companies with an annual crude steel capacity of over 29 million tonnes

per annum (mtpa). It is now the world's second-most geographically-diversified steel producer, with operations

in 26 countries and a commercial presence in over 50 countries. The Group’s vision is to be the world’s steel

industry benchmark through the excellence of its people, its innovative approach and overall conduct.

Underpinning this vision is a performance culture committed to aspiration targets, safety and social

responsibility, continuous improvement, openness and transparency.

The Tata Steel group saw production of 27.37 million tonnes of steel in the Financial Year 2013-14. The first

phase of the greenfield steel project at Kalinganagar which boasts of a Blast Furnace of 4330 cum capacity that

will roll out high end flat products, is currently under implementation.

The new facilities of the 2.9 million tonnes per annum brown field expansion at Jamshedpur reached their full

capacity in the second half of Financial Year 2013-14 which helped register the best-ever performance in Hot

Metal, Crude Steel, Saleable Steel production and total sales. Segments like LPG witnessed three times market

share increase from 7% in Financial Year 2012-13 to 23% in Financial Year 2013-14.

In 2008, Tata Steel India became the first integrated steel plant in the world, outside Japan, to be awarded the

Deming Application Prize 2008 for excellence in Total Quality Management. In 2012, Tata Steel became the first

integrated steel company in the world to win the Deming Grand Prize 2012 instituted by the Japanese Union of

Scientists and Engineers.

Tata Steel’s larger production facilities include those in India, the UK, the Netherlands, Thailand, Singapore, China

and Australia. Operating companies within the Group include Tata Steel Limited (India), Tata Steel Europe

Limited (formerly Corus), NatSteel, and Tata Steel Thailand (formerly Millennium Steel).

Global Network

The Tata Steel Group has a balanced global presence in over 50 developed European and fast growing Asian

countries, with manufacturing operations in 26 countries and various ongoing projects in different parts of the

world. It is the first integrated steel plant in Asia and the world's second most geographically diversified steel

producer.

• Asia

• Africa

• Australia

• North America

• Europe

Key Business Area

Steel is an essential material used in many industries – it’s the backbone to countless products, structures and

services that shape the everyday lives of people throughout the world. Tata Steel serves customers in all the

major market sectors globally, and recognises that each sector, such as automotive or construction or packaging,

requires different solutions to meet its specific needs.

� Automotive � Construction

� Consumer Goods

� Engineering

� Packaging

� Lifting and Excavating

� Energy and Power

� Aerospace

� Shipbuilding

� Rail

� Defence and Security

FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)

Balance Sheet as at March31, 2013 -2016E

TATA STEEL LIMITED 2013A 2014A 2015E 2016E

I. EQUITY AND LIABILITIES:

A) Shareholders’ Funds:

a) Share Capital 9714.10 9714.10 9714.10 9714.10

b) Reserves and Surplus 542382.70 601765.80 661942.38 721517.19

Sub-Total Net worth 552096.80 611479.90 671656.48 731231.29

B) Hybrid Perpetual Securities 22750.00 22750.00 22750.00 22750.00

C) Non-Current Liabilities:

a) Long-term borrowings 235655.70 238080.90 242366.36 244790.02

b) Deferred Tax Liabilities [Net] 18437.40 20389.80 22428.78 24223.08

c) Other Long Term Liabilities 3808.70 9835.20 13572.58 17644.35

d) Long Term Provisions 21134.20 19050.50 16764.44 17267.37

Sub-Total Non-Current Liabilities 279036.00 287356.40 295132.15 303924.82

D) Current Liabilities:

a) Short-term borrowings 709.40 436.90 275.25 192.67

b) Trade Payables 63699.10 82721.10 103401.38 128217.71

c) Other Current Liabilities 85035.40 86631.70 87498.02 88810.49

d) Short Term Provisions 15442.60 19028.10 23214.28 26696.42

Sub-Total Current Liabilities 164886.50 188817.80 214388.92 243917.29

TOTAL EQUITY AND LIABILITIES (A+B+C+D) 1018769.30 1110404.10 1203927.55 1301823.41

II. ASSETS:

E) Non-Current Assets:

Fixed Assets

i. Tangible Assets 246505.40 240644.30 247863.63 252820.90

ii. Intangible Assets 2245.10 2013.20 2053.46 2074.00

iii. Capital work-in-progress 87222.90 185094.00 259324.31 331935.12

a) Fixed Assets 335973.40 427751.50 509241.40 586830.02

b) Other non-current assets 2157.90 3020.30 3865.98 4793.82

c) Non Current Investments 499848.00 523185.60 540973.91 551793.39

d) Long Term Loans and Advances 65741.50 40800.70 24480.42 15912.27

Sub-Total Non-Current Assets 903463.30 994758.10 1078561.72 1159329.50

F) Current Assets:

a) Current Investments 4340.00 23432.40 32805.36 45271.40

b) Inventories 52579.40 60078.10 66386.30 73024.93

c) Trade Receivables 7969.20 7708.10 7893.09 7972.03

d) Cash and Bank Balances 22181.10 9611.60 8169.86 8986.85

e) Short Term Loans and Advances 22078.30 12992.00 8834.56 6217.38

f) Other Current Assets 6158.00 1823.80 1276.66 1021.33

Sub-Total Current Assets 115306.00 115646.00 125365.83 142493.91

TOTAL ASSETS (E + F) 1018769.30 1110404.10 1203927.55 1301823.41

Annual Profit & Loss Statement for the period of 2013 to 2016E

Value(Rs.in.mn) FY13A FY14A FY15E FY16E

Description 12m 12m 12m 12m

Net Sales 381994.30 417110.30 462158.21 508374.03

Other Income 9020.40 7876.40 6931.23 7485.73

Total Income 391014.70 424986.70 469089.44 515859.76

Expenditure -270731.90 -288941.30 -317502.69 -346609.42

Operating Profit 120282.80 136045.40 151586.75 169250.35

Interest -18767.70 -18205.80 -20026.38 -21027.70

Gross profit 101515.10 117839.60 131560.37 148222.65

Depreciation -16403.80 -19287.00 -20829.96 -21871.46

Exceptional Items -6745.30 -1417.60 6720.48 0.00

Profit Before Tax 78366.00 97135.00 117450.89 126351.19

Tax -27736.30 -33013.10 -38641.34 -41316.84

Net Profit 50629.70 64121.90 78809.55 85034.35

Equity capital 9714.10 9714.10 9714.10 9714.10

Reserves 542382.70 601765.80 661942.38 721517.19

Face value 10.00 10.00 10.00 10.00

EPS 52.12 66.01 81.13 87.54

Quarterly Profit & Loss Statement for the period of 31 DEC, 2013 to 30 SEP, 2014E

Value(Rs.in.mn) 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14E

Description 3m 3m 3m 3m

Net sales 101433.80 121912.20 104682.60 109288.63

Other income 2648.20 529.50 1435.00 1980.30

Total Income 104082.00 122441.70 106117.60 111268.93

Expenditure -72075.00 -80824.50 -72124.00 -75627.74

Operating profit 32007.00 41617.20 33993.60 35641.20

Interest -4529.20 -4646.40 -4923.40 -5169.57

Gross profit 27477.80 36970.80 29070.20 30471.63

Depreciation -4564.60 -4616.30 -4932.60 -5425.86

Exceptional Items 0.00 -1417.60 7879.60 0.00

Profit Before Tax 22913.20 30936.90 32017.20 25045.77

Tax -7725.50 -11150.50 -9337.40 -8215.01

Net Profit 15187.70 19786.40 22679.80 16830.76

Equity capital 9714.10 9714.10 9714.10 9714.10

Face value 10.00 10.00 10.00 10.00

EPS 15.63 20.37 23.35 17.33

Ratio Analysis

Particulars FY13A FY14A FY15E FY16E

EPS (Rs.) 52.12 66.01 81.13 87.54

EBITDA Margin (%) 31.49 32.62 32.80 33.29

PBT Margin (%) 20.51 23.29 25.41 24.85

PAT Margin (%) 13.25 15.37 17.05 16.73

P/E Ratio (x) 10.39 8.20 6.67 6.18

ROE (%) 9.17 10.49 11.73 11.63

ROCE (%) 17.34 18.27 18.86 19.58

Debt Equity Ratio 0.43 0.39 0.36 0.34

EV/EBITDA (x) 1.88 1.72 1.55 1.39

Book Value (Rs.) 568.35 629.48 691.42 752.75

P/BV 0.95 0.86 0.78 0.72

Charts

OUTLOOK AND CONCLUSION

� At the current market price of Rs. 541.30, the stock P/E ratio is at 6.67 x FY15E and 6.18 x FY16E

respectively.

� Earning per share (EPS) of the company for the earnings for FY15E and FY16E is seen at Rs.81.13 and

Rs.87.54 respectively.

� Net Sales and PAT of the company is expected to grow at a CAGR of 10% and 19% over 2013 to 2016E

respectively.

� On the basis of EV/EBITDA, the stock trades at 1.55 x for FY15E and 1.39 x for FY16E.

� Price to Book Value of the stock is expected to be at 0.78 x and 0.72 x respectively for FY15E and FY16E.

� We expect that the company surplus scenario is likely to continue for the next three years, will keep its

growth story in the coming quarters also. We recommend ‘BUY’ in this particular scrip with a target price of

Rs.612.00 for Medium to Long term investment.

INDUSTRY OVERVIEW

India has become the second best in terms of growth amongst the top ten steel producing countries in the world

and a net exporter of steel during 2013–14. Steel production in India recorded a growth rate of 4.8 per cent in

February 2014 over February 2013. The cumulative growth during April–February, 2013–14 stood at 4.2 per

cent over the corresponding period of the previous year.

At Present, Steel contributes to nearly two per cent of the gross domestic product (GDP) and employs over

500,000 people. The total market value of the Indian steel sector stood at US$ 57.8 billion in 2011 and is

expected to touch US$ 95.3 billion by 2016. India's per capita steel consumption stood at 57.8 kilograms in 2013.

Growth Strategy

Financial Year 2013-14 has been a challenging year with subdued economic growth, as a result of higher

inflation, higher interest rates, lower industrial growth and lower investments in the country, along with the

poor condition of the global economy. However, the Indian economy is expected to perform comparatively well

in the coming years. With a stable government at the centre, significant policy changes are anticipated in the near

future. The government focus on infrastructure development, more foreign direct investment inflow and more

transparency in governance is likely to significantly increase the business confidence in the country. Improving

automobile and consumer durable sectors are expected to raise the flat steel demand compared to last year,

while long steel demand is expected to fare relatively better due to an uptick in construction activities and the

planned infrastructure growth. It is expected that the Indian ASU will grow at a modest rate of 4-5% in Financial

Year 2014-15. However, both flat and long products will be under significant supply pressure on account of the

ramp-up of the new projects.

Global steel industry and the outlook

In 2013, global steel demand grew by 3.6% to 1.48 billion tonnes due to improved performance in the developed

economies especially in North America and Euro Zone in the second half of the year. However, growth in

emerging markets slowed down in 2013 due to weak demand especially in developed countries and tighter

financial conditions. The World crude steel production rose by 3.5% to 1.607 billion tonnes in the year 2013.

Steel industry in India

In 2013, India remained the 4th largest steel producing country in the world, behind China, Japan and the US.

Crude steel production grew by 4.6% to 81.2 million tonnes and steel demand grew by 1.8%.

India’s GDP growth has slowed down to 5% in 2013 on account of rising inflation and tight monetary controls.

This has led to weak domestic steel demand, which grew by 3.3% in 2013 inspite of rise in demand in the last

quarter. This has resulted in India becoming the net exporter of steel in Financial Year 2013-14 after a gap of six

years. Total steel exports by India during the Financial Year stood at 5.59 million tonnes, as against imports of

5.44 million tonnes as per the report issued by Joint Plant Committee (JPC), a unit of the steel ministry.

India's GDP is expected to grow by 5% and steel demand is expected to growth by 3.3% in 2014. The automotive

sector (passenger vehicles and commercial vehicles), which grew by -6% in the Financial Year 2013-14, is

expected to grow by about 3%-4% in Financial Year 2014-15. Similarly, the construction sector growth is

expected to grow by 5% in the next year compared to growth of 1.9% in the Financial Year 2013-14.

Investments

The steel industry and its related metallurgy and mining industries have witnessed quite a few investments and

developments in the recent past. Some of the notable investments are as follows:

• L&T Special Steels and Heavy Forgings have entered into a five-year technology transfer agreement with

Japan Steel Works. This agreement covers transfer of critical technology for steel-melting and heavy forgings

made from ingots weighing up to 200 tonnes and for the hydrocarbon and thermal power sectors.

• JSPL Group has commissioned a greenfield 2 MT steel plant in Sohar, Oman at an investment of US$ 800

million. The greenfield unit will be one of the largest steel plants in the Gulf region.

• Steel Authority of India Ltd (SAIL) has secured contracts for supplying over 117,000 tonnes of rails after

successful bids for two global tenders floated by Rail Vikas Nigam Ltd (RVNL), for major upcoming passenger

rail line projects in India.

• JSW Steel plans to commissiona Rs 45000.00 mn (US$ 748.55 million) cold rolling mill (CRM) at its integrated

steel plant in Torangal, Karnataka. The unit, which will produce high-strength auto-grade steel, has an

installed capacity of 2.3 million tonnes per annum (MTPA).

Government Initiatives

� The Centre's Steel Development Fund (SDF) and Plan Scheme presently provide financial assistance for R&D

in the sector. Under the SDF scheme, 82 R&D projects have been approved with total project cost of Rs

6770.00 mn (US$ 112.61 million) where in SDF assistance is Rs 3700.00 mn (US$ 61.54 million). Under the

Plan Scheme, eight projects have been approved with a total cost of Rs 1232.70 mn (US$ 20.51 million)

where in government assistance is Rs 872.80 mn (US$ 14.51 million).

� In order to increase industrial activity, the Government of India, through the Ministry of Steel, has signed

Memorandums of Understanding (MoUs) with all the major steel producing Public Sector Undertaking (PSU)

companies such as SAIL and Rashtriya Ispat Nigam Ltd (RINL). These will help to direct the companies to

achieve targets and benefit the sector as a whole.

Road Ahead

The liberalisation of the industrial policy and other initiatives taken by the government has spurred the growth

of the private sector in the steel industry. While the existing units are being modernised or expanded, a large

number of new steel plants have also come up in different parts of the country based on cost-effective and state

of-the-art technologies. In the last few years, the rapid and stable growth of the demand side has also prompted

domestic entrepreneurs to set up fresh greenfield projects in different states of India.

With the increase in global population, there is a greater need for steel to build public-transport infrastructure.

Emerging economies will continue to drive demand as these countries require a significant amount of steel for

urbanisation and industrialisation purposes. India's steel sector is anticipated to witness investment of about Rs

2 trillion (US$ 33.26 billion) in the coming years, as per Tata Steel.

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 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.

Firstcall India Equity Research: Email – info@firstcallindia.com

C.V.S.L.Kameswari Pharma

U. Janaki Rao Capital Goods

B. Anil Kumar Auto, IT & FMCG

M. Vinayak Rao Diversified

C. Bhagya Lakshmi Diversified

B.Vasanthi Diversified

Firstcall India also provides

Firstcall India Equity Advisors Pvt.Ltd focuses on, IPO’s, QIP’s, F.P.O’s,Takeover

Offers, Offer for Sale and Buy Back Offerings.

Corporate Finance Offerings include Foreign Currency Loan Syndications,

Placement of Equity / Debt with multilateral organizations, Short Term Funds

Management Debt & Equity, Working Capital Limits, Equity & Debt

Syndications and Structured Deals.

Corporate Advisory Offerings include Mergers & Acquisitions(domestic and

cross-border), divestitures, spin-offs, valuation of business, corporate

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

Execution, Project Financing, Venture capital, Private Equity and Financial

Joint Ventures

Firstcall India also provides Financial Advisory services with respect to raising

of capital through FCCBs, GDRs, ADRs and listing of the same on International

Stock Exchanges namely AIMs, Luxembourg, Singapore Stock Exchanges and

other international stock exchanges.

For Further Details Contact:

3rd Floor,Sankalp,The Bureau,Dr.R.C.Marg,Chembur,Mumbai 400 071

Tel. : 022-2527 2510/2527 6077/25276089 Telefax : 022-25276089

E-mail: info@firstcallindiaequity.com

www.firstcallindiaequity.com