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The Weekly Wrap Up February 14, 2020

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  • The Weekly Wrap Up February 14, 2020

  • 14 Feb 2020


    Om Metals Infraprojects bags Rs263.11cr order from government of Madhya Pradesh

    Dr Reddy's entered into an amendment of its collaboration, license and option agreement with Aurigene Discovery Technologies

    Mastek to acquire the Middle East business of Evolutionary Systems Arabia FZ LLC

    Avenue Supermarts sets Rs2,049/-share issue price for QIP

    Capacite Infra has received contract worth Rs350.17cr from Marquee Private Sector Client in Mumbai

    Cipla subsidiary Cipla Medpro South Africa (Pty) signs Agreement for anti-psychotic drug

    Infosys to acquire Simplus, a leading salesforce consulting and platinum partner

    Ashok Leyland's UK arm bags order for 37 electric decker buses in London

    L&T bags Rs2,500cr - Rs5,000cr contracts for power transmission, distribution projects

    Cadila Healthcare gets EIR from USFDA for its Ahmedabad facility

    JB Chemicals gets EIR from USFDA for unit in Gujarat

    Godrej properties acquired 20% issued and paid-up share capital of Vivrut Developers

    BHEL signs MoU with joint stock company Rosoboronexport, Russia

    Dr Reddy's buys Wockhardt’s India formulations business for Rs1,850cr


    January retail inflation at 7.59% hits a six-year high

    India's economic growth set to bounce back as slump bottoms out: Govt Adviser

    Inflation to go below 4.5% by July: CEA Krishnamurthy Subramanian


    400 infra projects' show over Rs4lakhcrore cost overrun

    RBI issues notification on CRR leeway for new retail, MSME loans

    Panel mulls drug export curbs to avoid shortage

    Highlights of the Week

    Please Turn Over Page No 1

    The Week That Went By:

    After the initial fall, Index soared higher but found the resistance around 12,200 and ended the week on a weak note. Sectoral rotation was observed during the week as on different days different sector took the leadership and provided the support to the Index. Nifty 50=12113.45 BSE Sensex30=41257.74 Nifty Midcap 100=17978.80 Nifty Smallcap100=6159.75


    Zen Technologies Ltd: The company has informed the stock exchanges about release of pledge shares which were given to TDB, GOI. As a result of this development, the entire Promoter & Promoters Group holding in the company stands pledge-free.

    NACL Industries Ltd: The board has approved the formation of two new wholly owned subsidiaries:

    Greenfield project for manufacturing various chemicals (including agro chemicals) in Gujarat; with an initial outlay of ~Rs1.5bn

    Proposed greenfield project at Pydibheemavaram in the State of Andhra Pradesh


    Acrysil Limited CMP- Rs115 | Target Price- Rs150| Horizon- 12 Months| Industry-Plastic Products

  • 14 Feb 2020

    Please Turn Over Page No 2

    Result Synopsis

    Company Result This Week

    Timken India Ltd CMP: Rs1041 Target: Rs1250

    There has been revenue drop on the back of lower demand from the auto industry. We however expect the sales to pick up in the coming quarters due to the impetus provided by the RBI for the auto industry in the recent monetary policy. High degree of operating leverage has proved to be beneficial reflecting the sustainability. Now, when the worst seems to be behind us in the auto space, the company sales will be back on track and further translate into higher earnings. Keeping the optimism going we revise our target price on the stock to Rs1250 from the earlier Rs1000 over a 12 months horizon

    Nesco Ltd: CMP: Rs751 Target: Rs800

    The results clearly reflect the Nesco IT park Tower-4 contributions (80% growth when compared with Q3FY19) to the revenues. Operating efficiency continues inspite of the increase in the employee expenses seen. Other income plays an inflating factor for the profits reported. The strategic expansions that the company has been undertaking has actually helped it focus and move step-by-step across the IT park contributions. Having a well chalked business plan; we continue with our positive stance with a target of Rs800 over 12 months horizon

    Excel Industries Ltd CMP: Rs784 Target: Rs1200

    The company has completed the acquisition of NetMatrix crop care and this is expected to stabilize its operations in Q4FY20; giving full contribution in the coming FY. Prices of DETC are one major factor which lead to swings in the margins earned. Currently, the commodity prices appear to have bottomed out; indicating a stability with the slow and steady uptick in the product prices. Expansion mode in the Pharma and E&BT segments can trigger a turnaround and thus we maintain buy on dips strategy with a target price of Rs1200

    Alkyl Amines Chemicals Ltd CMP: Rs1566 Target: Rs1700

    It is yet another impressive quarter reported by the company. RM costs have been a huge beneficiary & booster of margins in Q3FY20. The gross margins stood strong at 55.4% v/s 45.6% in Q3FY19.The company’s focus on margin expansions and improvement of efficiencies remains intact. The company has been working on the capacity expansions to benefit in future. Having achieved our target we would like to revise the target to Rs1700 (from the previous Rs1300) over the next 12 months

    VSSL Ltd CMP: Rs70 Target: Rs110

    Revenues are impacted the most in Q3, with a drop of 40% (y-o-y), which is on account of lower sales volume and decline in prices. Decline in EBIDTA margins, was due to inventory devaluation resulted from decline in RM, electrode prices, sales volumes and higher fixed cost p.u. due to lower production. In the medium term, due to alliance with Aichi, VSSL can gain benefits in terms of cost reduction coupled with new customer acquisition and product launches. Thus, we maintain our target price at Rs110 for a 12months horizon

    SKF India Ltd CMP: Rs1990 Target: Rs2620

    Company has taken one of the worst hits in its quarterly performance. As indicated by the management, the private consumption growth has still not picked up to expectations, that led to a contagion effect on demand from both new projects and the after-market. However, we feel that the government’s effort to revive the industrial growth will start showing result only from H2FY21 which would benefit SKF. We believe that the company with its good parentage ability, will be able to pickup in the coming quarters, thereby we maintain our target price of Rs2620 in a 12month period

    The Hi-Tech Gears Ltd CMP: Rs158 Target: Rs300

    Rural slowdown that we have been witnessing has hit sales of 2W and tractors segment. A laggard infrastructure development and extended monsoons impacted the CV sales. Although the recent auto sales numbers did indicate slight turnaround in the demand of tractors; we expect the 2Ws demand to be muted in the near term. Operationally the company has maintained the margins in the range of ~11-13% despite a slowdown. Thus we maintain our target at Rs300 with a 12months horizon

    Transpek Industry Ltd CMP: Rs1711 Target: Rs2000

    The company has reported good profitability for the quarter; attributed to the RM costs benefits. The long term contracts with foreign clients has started showing color and also brings in a sense of stability for the revenues earned. The following year appears to be a consolidation phase; evident from the stagnant turnover but better operationally. With the incorporation of wholly owned subsidiary would augur well for Transpek. Thus, we continue to be cautiously bullish on Transpek India and maintain our target price of Rs2000

    Anuh Pharma Ltd CMP: Rs144 Target: Rs175

    The company has reported decent set of numbers for the quarter. Inventory at higher costs was one of the reasons for the suppressed margins in Q2FY20 which seems to have settled for the company with the operating margins back on track in Q3. The enhanced manufacturing facility is awaited to contribute to the revenues post the approvals in place. With the growth plans being intact and the gradual pick up to achieve the same; we maintain our stance on the stock with a target price of Rs175 over a 12 months horizon

    Remsons Industries Ltd CMP: Rs80 Target: Rs130

    The company’s performance has been a surprise with its sustainability in the current scenario of downturn in the auto sector. The 9MFY20 performance too is worth an applaud; attributable to the cost efficiency measures in the first half, followed by strong topline growth in this quarter. It seems that the company must have added new customers to its kitty. Although Remson so far has been able to sustain, we still would have a cautious view on the company with the target price of Rs130 over a 12 months horizon

    ITD Cementation India Ltd CMP: Rs60 Target: Rs100

    The company had flat results, with revenues around ~Rs700cr in 9MFY20. As far as the order book is concerned; the company has highest ever outstanding order book in hand as on December, 2019, highest being in Urban Infrastructure projects (35% of the order book) followed by Marine projects (28% of the order book). Although, in the short-term the performance may be stagnant in terms of revenues and margins, and macro environment also playing a role in it, we expect both to gradually pick up from H2FY21. Thus, in the next 12months we don't expect any major upside in the stock. Factoring in the laggard performance of the company and limited upside potential on the stock; we would tone down our target price to Rs100 from Rs130 on the stock in 12-month period

  • 14 Feb 2020

    Please Turn Over Page No 3

    Result Synopsis

    Company Result This Week

    NRB Bearings Ltd CMP: Rs95 Target: Rs138

    The company has taken worst hit in its revenues with a drop of almost ~27%. Nevertheless on the margin front, the gross margins seem to be picking up to ~57%, which is better than the earlier quarters. A sudden lower depreciation cost led to a jump in NPM to ~6% from earlier ~4%. We expect the company to participate in the turnaround of the auto industry, reflecting gradual improvement in its performance in the coming quarters; thus we maintain our target price of Rs138 with a cautious outlook over a 12months horizon

    BASF India Ltd: CMP: Rs875 Target: Rs1400

    Overall the results have been not been as per expectations on all the parameters collectively. On analysis, the exceptional item dragged the profits; overall there has been a reduction on the losses front. Also the kind of growth seen across the segments is encouraging. We need to see how the pick up in the industry would help BASF get back on track as and when it happens. However, in the current scenario we would like to maintain our target at Rs1,400 with a cautious outlook over a 12 months horizon

    Siemens Ltd CMP: Rs1398 Target: Rs1750

    Siemens continues to show strong profitable growth. Nearly all the factories in India are running at a capacity utilization of 70-75%. As per the Management, Digital is the future and the company is very rightly working towards the same. There is immense volatility in the segments and markets to which Siemens caters to. The company is seeing some slowdown in the infrastructure segment currently. Siemens India appears to be open for organic as well inorganic growth, which is evident from the recent acquisition of C&S electric. We continue to advocate the strategy to SIP into this stock with a target price of Rs1750 with a horizon of 12 months

    NACL Industries Ltd CMP: Rs32 Target: Rs45

    The company continues to report good numbers on y-o-y basis. The company seems to be focussed on improving margins gradually with cost cutting initiatives. NACL has successfully raised funds (via preferential issues) to the tune of Rs550mn (already utilised Rs345mn) which is directed towards further growth in different business activities. All these factors sum up to our conviction in the company to turnaround in times to come and thus we maintain our target price of Rs45 with a long term vision

    Indian Hume Pipe Co. Ltd CMP: Rs225 Target: Rs500

    The company has reported a decent quarter but on a slow track after a tepid one in Sept 2019. The margins are good in the current scenario of slowdown. The balance work with L1 positioning is encouraging for IHP. The interest and depreciation outgo has also impacted the performance. However, overall we feel with the revival expected to gradually creep in, the operational efficiency and execution capabilities should help it hands on to capitalize on the opportunities in times to come. We thus maintain our target price of Rs500 with a horizon of 12 months

    Mishra Dhatu Nigam Ltd CMP: Rs180 Target: Rs190

    The company continues to register good growth in terms of top line as well as bottom line. The total order book stands at Rs17.76bn. Midhani along with NALCO have jointly incorporated a new JV Utkarsha Aluminium Dhatu Nigam Ltd which will be a booster to the topline in times to come. The company was reported to have proposed for nearly 9 MoU’s with different players from the defence industry. With strong order book in hand, new product developments and better margins further strengthened our conviction and thus we maintain our target price of Rs190 with a horizon of 12months

    KCP Ltd CMP: Rs62 Target: Rs105

    After a tepid Q2FY20, KCP has been able to report a decent operational efficiency for the quarter attributed to lower power & fuel and freight outward expenses. However, the topline witnessed a decline for the past 2-3 quarters led by de-growth across different segments; the silver lining is the pickup seen in the engineering segment and with a turnaround in the cement sector, KCP stands to benefit. With the positives to come in from the recent budget allocation to infrastructure, there should be a gradual turnaround in the performance and hence we continue with our target price of Rs105 over a 12months horizon

    Grauer & Weil (India) Ltd CMP: Rs52 Target: Rs65

    The top line for the company has not being growing at a significant rate; however the bottom line seems much stronger aided by better operational efficiencies. The company is delivering more or less consistent margins in the range of 15.1% to 15.8% on q-o-q basis. A planned capex to the tune of Rs570mn intends to focus majorly on the manufacturing segments. The company is going slow but consistent with the growth in the bottom line; thus we continue to maintain our target price of Rs65 with a horizon of 12 months

    Gufic Biosciences Ltd CMP: Rs68 Target: Rs120

    It has been a decent quarter for the company. With a slight dip in the operational margins, other income was the booster to the profits. The other highlights are the upcoming expansions, addition of new divisions, entry into new therapeutic segments, new product launches, all of which will take the company to the next level. Overall we feel that the planned business ahead seems strong, and we thereby maintain our call on the stock with target of Rs120 over a 12 months horizon

    Dynamatic Technologies Ltd CMP: Rs1024 Target: Rs1700

    As mentioned earlier as well, despite a drop in the revenues, the company has reported good results at the operational levels and has been able to maintain its margins in the range of 12-14%. This is evident with the cost efficiencies measures being adopted by the company. However, the company needs to take some concrete steps to reduce the debt burden. As per the recent press release, the company has signed a strategic collaboration agreement with Hindustan Aeronautics Limited (HAL) and Israel Aerospace Industries (IAI) for manufacturing of IAI-designed UAVs. This partnership would be the first in India to manufacture the same which will enhance the technological parameters for the aforesaid collaboration which may take time to fructify and thus profitability. There is lot of ambiguity in terms of turnover as well as margin profile. Thus, we reduce our target price to Rs1700 (from the earlier Rs2160) over a 12 months horizon.

  • Recommendations adjusted as per Corporate Actions

    Company Reco Target Corp Action Adj Price Adj Tgt Price


    IHP Ltd 341 600 Bonus 1 : 1 171 500 31%

    Engineers India Ltd 211 200 Bonus 1 : 1 105 200 -19%

    Gulshan Polyols Ltd 390 500 Stock Split from Rs.FV 5 to Rs.FV 1 110 78 -43%

    Nesco Ltd 2397 3200 Stock Split from Rs.FV 10 to Rs.FV 2 479 640 57%

    Castrol India Ltd 447 550 Bonus 1 : 1 223 200 -29%

    Hikal Ltd 143 325 Bonus 1 : 2 95 216 28%

    *Castrol, Vesuvius– Dec Ending | Siemens—Sept Ending|

    14 Feb 2020

    Please Turn Over Page No 4

    Coverage Universe Valuations Company Reco Reco at

    (Rs) CMP (Rs)

    Tgt price (Rs)

    Appreciation 1M Var 3M Var 12M Var

    Supreme Petrochem Ltd BUY 77 174 275 126% -0.5% 1.5% -15.2%

    Shanthi Gears Ltd BUY 107 93 150 -13% -12.6% -6.7% -19.5%

    Hind Rectifiers Ltd BUY 69 183 275 166% -30.3% -15.1% 69.0%

    KCP Ltd BUY 71 62 105 -12% -6.9% -0.6% -21.1%

    The Hitech Gears Ltd BUY 298 158 300 -47% -24.8% -10.2% -45.2%

    Bharat Bijlee Ltd BUY 787 820 1500 4% -5.8% -4.3% -17.2%

    Triveni Turbines Ltd BUY 92 95 150 3% -3.0% -3.6% -9.9%

    Siemens Ltd BUY 1128 1398 1750 24% -7.5% -13.3% 41.6%

    GMM Pfaudler Ltd BUY 332 3211 3200 867% 61.3% 95.7% 201.8%

    Alicon Castalloy Ltd BUY 288 366 650 27% -10.0% -4.6% -29.9%

    Gufic Biosciences Ltd BUY 50 68 120 36% 3.9% -4.2% -4.2%

    Excel Industries Ltd BUY 380 784 1200 106% -8.2% -9.9% -22.8%

    Vesuvius India Ltd BUY 1165 1122 1300 -4% -0.4% 14.4% -2.0%

    Munjal Showa Ltd BUY 191 122 191 -36% -14.0% -4.3% -23.3%

    Bharat Rasayan Ltd BUY 2747 7263 7500 164% 15.6% 10.9% 96.6%

    Alkyl Amines Chemicals Ltd BUY 391 1566 1300 301% 23.8% 54.0% 152.0%

    Grauer and Weil (India) Ltd BUY 45 52 65 16% -0.1% 15.9% 15.8%

    Texmaco Rail & Engineering Ltd BUY 91 34 91 -63% -19.5% -22.8% -38.7%

    Nagarjuna Agrichem Ltd BUY 29 32 45 9% 16.1% 19.4% 11.1%

    ITD Cementation India Ltd BUY 158 60 100 -62% 1.9% 11.1% -42.7%

    Westlife Development Ltd BUY 266 475 450 79% 24.4% 33.9% 37.7%

    Dynamatic Technologies Ltd BUY 2160 1024 1700 -53% 0.1% -5.6% -24.2%

    Hitech Corporation Ltd BUY 175 83 125 -53% -47.1% -6.1% -12.4%

    NRB Bearings Ltd BUY 138 95 138 -31% -11.7% -2.7% -49.5%

    Kokuyo Camlin Ltd BUY 132 72 132 -45% -11.7% 0.1% -17.7%

    Timken India Ltd BUY 883 1041 1250 18% 12.6% 16.9% 93.6%

    Morganite Crucible (India) Ltd BUY 1047 1645 2000 57% 5.8% 2.8% 20.9%

    Vardhman Special Steels Ltd BUY 151 70 110 -54% -18.5% 3.8% -18.1%

    Zen Technologies Ltd BUY 115 56 125 -51% -12.7% -7.1% -16.5%

    KSB Ltd BUY 820 725 1100 -12% 5.9% 2.3% 9.8%

    Thermax Ltd BUY 1019 988 1230 -3% -8.9% -7.8% -2.6%

    Transpek Industry Ltd BUY 1547 1711 2000 11% 28.5% 35.8% 16.8%

    BASF India Ltd BUY 1954 875 1400 -55% -10.8% -9.5% -30.7%

    Artson Engineering Ltd BUY 64 36 55 -44% -14.3% 23.3% 5.3%

    Remsons Industries Ltd BUY 104 80 130 -23% #N/A -2.6% 0.6%

    Snowman Logistics Ltd BUY 33 43 55 31% 1.9% 16.8% 47.2%

    Alembic Pharmaceuticals Ltd BUY 605 643 751 6% 14.4% 12.5% 20.1%

    SKF India Ltd BUY 1942 1990 2620 2% -6.4% -5.9% 1.3%

    HFCL Ltd BUY 25 17 25 -32% -4.5% -4.5% -21.8%

    Sudarshan Chemical Industries Ltd BUY 372 468 500 26% 4.6% 20.4% 50.9%

    Huhtamaki PPL Ltd BUY 254 248 320 -2% -6.7% 0.0% 57.0%

    Mishra Dhatu Nigam Ltd BUY 123 180 190 47% 4.6% 5.7% 52.8%

    Anuh Pharma Ltd BUY 142 144 175 1% 5.6% 11.3% 12.5%

    Kirloskar Pneumatic Co. Ltd BUY 134 142 192 6% 0.9% 5.6% -13.8%

    Integra Engineering India Ltd BUY 37 35 50 -7% -16.6% -8.6% -34.3%

    ICICI Bank Ltd BUY 535 546 657 2% 1.6% 9.4% 59.1%

    Srikalahasthi Pipes Ltd BUY 205 224 250 9% 17.1% 31.7% 31.8%

    Acrysil Ltd BUY 115 127 150 11% 30.2% 31.0% 16.9%

    IHP Ltd BUY 171 225 500 31% -10.9% 0.3% 65.7%

    Engineers India Ltd BUY 105 85 200 -19% -15.5% -18.7% 49.0%

    Gulshan Polyols Ltd BUY 78 44 78 -43% -6.4% 9.3% -16.8%

    Nesco Ltd BUY 479 751 800 57% 3.8% 21.7% 70.6%

    Castrol India Ltd BUY 223 158 200 -29% 23.4% 8.4% 113.4%

    Hikal Ltd BUY 95 122 175 28% -4.8% 13.4% 20.4%

  • Page No 5

    24 Jan 2020

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    BankNifty is least likely to beat Benchmark Index as specific banking stocks find hard to breach its resistance zone. FMCG sector is forming a symmetrical triangle with a strong support of 50WMA, breakout on the upside is very much likely as some of its components has already given a breakout. IT sector stands at the brink of the rounding bottom pattern breakout. During the week, sharp upmove was seen in Pharma stocks; some profit booking can be anticipated and after that it will again resume its uptrend. Metal sector is probably in the last leg of its down move as formation of Inverted HNS is in progress.




    14 Feb 2020

  • Page No 6

    24 Jan 2020

    Please Turn Over Please Turn Over



    HDFC Bank -1.66

    Hero Motocorp -3.20

    Hindalco -1.12

    HUL 4.30

    ICICI Bank 1.94

    Indusind Bank -8.71

    Infratel -6.45

    INFY 1.33

    IOC -2.08

    ITC -2.67

    Jsw Steel 3.41

    Kotak Bank 1.66

    LT -0.41

    M&M -7.89

    Maruti -0.79

    Nestle India 0.43

    NTPC -2.08

    ONGC -5.30

    PowerGrid -2.94

    Reliance 3.76

    SBIN 0.03

    Sun Pharma -2.96

    Tata Motors -2.22

    Tata Steel -7.60

    TCS 2.10

    Tech Mahindra 1.26

    TITAN 1.51

    Ultratech -0.62

    UPL 9.01

    VEDL -2.25

    Wipro -0.02

    Yes Bank 1.29

    Zee Entertainment -3.90

    Adani Ports -0.93

    Asian Paints 1.04

    Axis Bank -1.31

    Bajaj Auto 0.56

    Bajaj Finserv 0.71

    Bajaj Finance 2.89

    Bharti Airtel 4.70

    BPCL -2.64

    Britannia -4.77

    Cipla 0.61

    Coal India -5.65

    DR Reddy’s Labs 4.28

    Eicher Motors -5.01

    Gail -0.77

    Grasim -5.78

    HCL Tech 2.83

    HDFC -0.20

    14 Feb 2020

    * Gain/ Loss in %

  • IT sector ended the week with gains of 1.05% and outperformed Benchmark Index. Major action was seen in the midcap IT stocks like Mindtree, Tata Elxsi etc. On the other hand, stocks like JustDial, NIIT Tech ended the week with a loss. As depicted in the chart, sector is forming a continuation pattern known as Rounding Bottom. Some of the components are forming bullish pattern as well. There will be a joint breakout for some of the stocks as sector is also about to give breakout.

    Page No 7


    Please Turn Over

    14 Feb 2020

    No relief for PSU banking sector as underperformance continued. Only SBI managed to end the week in a green territory rest all the components ended the week with a cut of over 4%. As shown in the chart, sector is in primary downtrend and likely to extend the same.


  • Market Cap (Rs cr ) 69,858

    52 week H / L (Rs) 322.60 / 262

    BSE Code 500228


    Investment Rationale: After registering all time high around 420’s, one way downfall was observed in the stock. Recently, stock has given a breakout from an Inverted Head & Shoulder pattern as depicted in the chart. Oscillator stochastic has also given a buy signal which is confirming price breakout. Positive crossover was witnessed in Directional Movement Index. Except 100WMA, stock is quoting well above other moving averages.

    Recommendation: We recommend a BUY on the company at current market price of Rs289 or decline upto Rs 280 with closing stop loss of Rs240 for a target of Rs335-Rs375 with the perspective of 3–6 months.

    Overview: JSW Group is a $14 billion company. It is an integral part of the O. P. Jindal Group, and has been a part of major projects that have played a key role in India’s growth. JSW's innovative and sustainable ideas cater to the core sectors of Steel, Energy, Cement and Infrastructure. From its humble beginnings in steel, the JSW Group has expanded its presence across India, South America, South Africa & Europe.

    Page No 7

    JSW STEEL LTD Target Price Rs 335-Rs 375 Horizon 3-6 Months

    CMP– Rs 289

    14 Feb 2020


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The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. PSBPL will not treat recipients as customers by virtue of their receiving this report. Compliance Officer:

    Mr. Shyam Agrawal, Email Id: [email protected], Contact No.:022-40777500.

    Registered Office Address: Progressive Share Brokers Pvt. Ltd, 122-124, Laxmi Plaza, Laxmi Indl Estate, New Link Rd, Andheri West, Mumbai-400053; Contact No.:022-40777500.