Result Update November 13, 2014 Rating matrix Rating Target Target Period Potential Upside

: : : :

Maharashtra Seamless (MAHSEA)

Buy | 430 12 months 33%

Topline in-line, margins disappoint…

What’s Changed? Target EPS FY15E EPS FY16E Rating

Unchanged Changed from | 28.0 to | 26.3 Unchanged Unchanged

Quarterly Performance Revenue EBITDA (%) PAT

Q2FY15 363.9 7.4 34.9

Q2FY14 284.4 9.1 20.2

YoY (%) 28.0 -175bps 73.2

Q1FY15 269.0 5.5 22.5

QoQ (%) 35.3 186bps 55.3

Key Financials | Crore Total Op. Income EBITDA Cons Net Profit Adj EPS (|)

FY13 1729.4 171.8 152.4 21.6

FY14 1208.3 90.0 101.5 14.9

FY15E 1633.5 149.5 176.4 26.3

FY16E 2177.3 307.0 301.4 45.0

FY13 15.3 19.9 10.3 0.8 5.4 4.4

FY14 22.2 28.9 17.4 0.8 3.5 1.8

FY15E 12.5 16.3 10.0 0.8 5.9 3.9

FY16E 7.3 9.6 3.8 0.7 9.5 8.4

Valuation summary P/E Target P/E EV / EBITDA P/BV RoNW (%) RoCE (%)

Stock data Particular Market Capitalization (| Crore) Total Debt (FY14) (| Crore) Cash and Investments (FY14) (| Crore) EV (| Crore) 52 week H/L Equity capital Face value

| 323

Amount | 2210 Crore | 200 Crore | 623 Crore | 1787 Crore | 372/151 | 34.1 Crore |5

Price performance (%) Return % Jindal Saw

1M 1.4

3M 0.6

6M 45.4

12M 62.5

Maharashtra Seamless

-1.5

14.9

39.7

80.7

Analyst’s name Dewang Sanghavi [email protected] Isha Bansal [email protected]

ICICI Securities Ltd | Retail Equity Research

• Maharashtra Seamless reported a mixed set of Q2FY15 numbers. EBITDA came in below our estimates while PAT came in above our estimates • The company reported a net income from operations of | 363.9 crore for the quarter, up 35.3% QoQ and 28% YoY and broadly in line with our estimate of | 372 crore • EBITDA came in at | 26.9 crore (EBITDA margin of 7.4%) and was below our estimate of | 34.2 crore (EBITDA margin of 9.2%) • The consequent PAT came in at | 34.9 crore, up 55.3% QoQ and 73.2% YoY and higher than our estimate of | 29.1 crore. PAT came in higher than our estimate on account of lower-than-expected depreciation charge and effective tax rate Safeguard duty on imported seamless pipes bodes well for company Over the last couple of years, supplies of seamless pipes and tubes from domestic manufacturers (like Maharashtra Seamless) to E&P and other companies had been affected by dumping of steel pipes and tubes by Chinese manufacturers. Hence, in August 2014, the Director General (Safeguard) recommended that the Government of India impose a safeguard duty on import of seamless pipe and tubes. Subsequently, the central government imposed a safeguard duty on imported seamless pipes and tubes, which is as follows: • • •

20% duty ad valorem when imported during August 13, 2014 to August 12, 2015 10% duty ad valorem when imported during August 13, 2015 to August 12, 2016 and 5% duty ad valorem when imported during August 13, 2016 to February 12, 2017

As Maharashtra Seamless is a major player in the domestic seamless pipe segment it is likely to be a key beneficiary of the imposition of safeguard duty on import of seamless pipe and tubes. This move is likely to aid Maharashtra Seamless in augmenting its sales realisations in the domestic market. Furthermore, the sales volume is also likely to witness healthy traction, going forward. Capacity utilisation levels to improve, going forward Over the last couple of years, Maharashtra Seamless has been operating at muted capacity utilisation levels. Dumping by Chinese players coupled with a muted demand scenario has led to subdued utilisation for MSL. However, going forward, we believe the imposition of the safeguard duty will lead to a gradual improvement in utilisation levels in MSL’s seamless pipes segment. Imposition of safeguard duty to improve utilisation; maintain BUY… Going forward, we expect an improvement in capacity utilisation and realisation levels. We have maintained seamless sales volume of 217500 tonnes for FY15E and 275000 tonnes for FY16E. We have also maintained ERW sales volume of 55000 tonnes for FY15E and 60000 tonnes for FY16E. We have valued the company at 6x FY16E EV/EBITDA, thereby arriving at a target price of | 430. We maintain our BUY recommendation on the stock. Maharashtra Seamless has a strong balance sheet, healthy cash flow and net cash status, which augurs well for the company.

Variance analysis Q2FY15 Q2FY15E Revenue 363.9 372.0 Other Income 21.0 20.0 Employee Expenses 10.3 12.4 Raw Material Expenses 254.0 254.6 Other Expenses 72.8 70.8 EBITDA 26.9 34.2 EBITDA Margin (%) 7.4 9.2 Depreciation 5.1 10.0 Interest 1.2 0.8 Exceptional Item 0.0 0.0 PBT 41.6 43.4 Total Tax 6.7 14.3 PAT 34.9 29.1 Key Metrics Sales of Seamless (in tonne) 47,759 48,125 Sales of ERW (in tonne) 13,280 14,000 Blended EBITDA/tonne (in |/T) 4,402 5,502 Source: Company, ICICIdirect.com Research

Q2FY14 YoY (%) 284.4 28.0 9.9 111.3 9.9 4.1 200.2 26.9 48.3 50.6 26.0 3.5 9.1 -175bps 9.5 -46.3 0.2 395.8 0.0 0.0 26.2 58.7 6.0 10.4 20.2 73.2 35,153 13,789 5,304

35.9 -3.7 -17.0

Q1FY15 QoQ (%) 269.0 35.3 21.2 -1.1 10.0 3.2 186.8 35.9 57.3 27.0 14.9 80.7 5.5 186bps 9.8 -48.3 0.6 85.9 0.0 0.0 25.6 62.2 3.2 111.4 22.5 55.3 36,903 12,302 3,022

29.4 7.9 45.7

Comments Marginally lower than estimate Other income came in line with our estimate Employee expenses came in lower-than-expected Raw material expenses came in line with our estimate Other expenses came in higher-than-expected EBITDA margins came in ower than estimates Depreciation expense came in lower than estimate

Effective tax rate came in lower than estimate PAT came in higher than our estimate on account of lower tax Sales of seamless pipes came in lower than our estimate Sales volume of ERW came in lower than our estimate Blended EBITDA/tonne came in lower than our estimate

Change in estimates (| Crore) New Old % Change Revenue 1,633.5 1,633.5 0.0 EBITDA 149.5 173.0 -13.6 EBITDA Margin (%) 9.1 10.6 (150) bps Adj PAT 176.4 187.9 -6.1 EPS (|) 26.3 28.0 -6.1 Source: Company, ICICIdirect.com Research

New 2,177.3 307.0 14.1 301.4 45.0

FY16E Old % Change 2,177.3 0.0 307.0 0.0 14.1 0 bps 301.4 0.0 45.0 0.0

Comments Maintained estimates for FY15E and FY16E Revised downward FY15E estimate. Maintained FY16E estimates Revised downward FY15E estimate. Maintained FY16E estimates Revised downward FY15E estimate. Maintained FY16E estimates Revised downward FY15E estimate. Maintained FY16E estimates

Assumptions

Sales of Seamless (in tonne) Sales of ERW (in tonne) Blended EBITDA/tonne (in |/T) Source: Company, ICICIdirect.com Research

Current FY15E FY16E 217,500 275,000 55,000 60,000.0 5,485 9,164

ICICI Securities Ltd | Retail Equity Research

Earlier FY15E FY16E 217,500 275,000 55,000 60,000 6,350 9,164

Comments Maintained estimates Maintained estimates Revised downward FY15E. Maintained FY16E estimate

Page 2

Company Analysis Maharashtra Seamless is a leading manufacturer of seamless and ERW carbon & alloy steel pipes and tubes in India. Both seamless & ERW plants are a first of their kind in India and have a technical tie-up with SMS MEER (earlier known as Mannesmann Demag) of Germany. The plant is strategically located in Nagothane, about 100 km from the Mumbai Port. MSL has also set up a new state-of-the-art facility for manufacturing both drill pipes as well as casing, tubing and line pipes at Mangaon. Safeguard duty on imported seamless pipes bodes well for company Over the last couple of years, supplies of seamless pipes and tubes from domestic manufacturers (like Maharashtra Seamless) to E&P and other companies had been affected by dumping of steel pipes and tubes by Chinese manufacturers. Hence, in August 2014, the Director General (Safeguard) recommended that the Government of India impose a safeguard duty on import of seamless pipe and tubes. Subsequently, the central government imposed a safeguard duty on imported seamless pipes and tubes, which is as follows: • • •

20% duty ad valorem when imported during August 13, 2014 to August 12, 2015 10% duty ad valorem when imported during August 13, 2015 to August 12, 2016 and 5% duty ad valorem when imported during August 13, 2016 to February 12, 2017

As Maharashtra Seamless is a major player in the domestic seamless pipe segment it is likely to be a key beneficiary of the imposition of safeguard duty on import of seamless pipe and tubes. This move is likely to aid Maharashtra Seamless in augmenting its sales realisations in the domestic market. Furthermore, the sales volume is also likely to witness healthy traction, going forward. Capacity utilisation levels to improve going forward Over the last couple of years, Maharashtra Seamless has been operating at muted capacity utilisation levels. Dumping by Chinese players coupled with a muted demand scenario has led to subdued utilisation for MSL. However, going forward, we believe the imposition of the safeguard duty will lead to a gradual improvement in utilisation levels in MSL’s seamless pipes segment. Subsequently, we have modelled seamless pipe sales volume of 217500 tonnes and ERW pipe sales volume of 55000 tonnes for FY15E. For FY16E, we have modelled seamless pipe sales volume of 275000 tonnes and 60000 tonnes for ERW pipe sales volume. Order book status The order book of the company as of September 30, 2014 stands at | 405 crore. The export to domestic mix stood at 58:42. The seamless segment constituted 69% (| 279 crore) of the order book while the ERW segment constitutes the remaining 31% (| 126 crore).

ICICI Securities Ltd | Retail Equity Research

Page 3

Valuation Going forward, we expect an improvement in capacity utilisation and realisation levels. We have maintained seamless sales volumes of 217500 tonnes for FY15E and 275000 tonnes for FY16E. We have also maintained ERW sales volume of 55000 tonnes for FY15E and 60000 tonnes for FY16E. We have valued the company at 6x FY16E EV/EBITDA, thereby arriving at a target price of | 430. We maintain our BUY rating on the stock. Maharashtra Seamless has a strong balance sheet, healthy cash flow and net cash status, which augurs well for the company. Exhibit 1: Valuation Matrix Year

Sales

Growth (%)

FY13

(| Crore) 1729.4

-25.1

FY14 FY15E

1208.3 1633.5

-30.1

FY16E

2177.3

EPS EPS Growth (|) 21.6

(%) -51.0

PE EV/EBITDA RoNW (x) 15.3

-31.2

35.2

14.9 26.3

77.1

22.2 12.5

33.3

45.0

70.9

7.3

RoCE

(x)

(%)

10.3

5.4

(%) 4.4

17.4

3.5

1.8

10.0

5.9

3.9

3.8

9.5

8.4

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 4

Company snapshot 500 Target Price: 430

450 400 350 300 250 200 150 100 50

Oct-15

Jul-15

Apr-15

Jan-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

0

Source: Bloomberg, Company, ICICIdirect.com Research

Key events Date

Event

Jun-08 Nov-08 Sep-09 Jan-10

Receives export orders worth US$45 million from US. Also secures domestic orders worth | 86 crore from IOC Receives a large order from ONGC worth | 757 crore. Cumulative order book now stands at | 1370 crore The US government imposes anti-dumping duty on imports of seamless pipes for China, which proves to be beneficial for the company Secures export orders for 22000 tonne for supply of seamless casting pipes. GoI initiates grounds for anti-dumping duty on cheap Chinese imports into the country (seamless pipes & tubes) Sep-10 Reliance Mutual Fund acquires 1.05% stake in the company via a bulk deal on stock exchanges Jan-11 Enters into a power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam (NVVN), for a period of 25 years to sell electricity to be generated by the 5 MW capacity 'Solar Photovoltaic Power Project' to be set up by the company in Rajasthan. The company has been selected by NVVN to set up the above said Photovoltaic Power Project under the Jawaharlal Nehru National Solar Mission of the Government of India May-11 Secures an order worth | 247 crore from ONGC for supply of 44200 tonne of seamless casting pipe Mar-12 Commissions its new state-of-the-art manufacturing facility of six seamless plant at Vile-Bhagad Industrial Area, Near Mangaon (Maharashtra) Nov-12 Accepting the recommendations of the IMG, the GoI de-allocates coal block awarded to Maharashtra Seamless (Gondkhari coal block; awarded in consortium to Apr-13 The board of directors of Maharashtra Seamless approve proposed buyback of equity shares of the company at a price not exceeding | 300 per equity share, payable in cash and not exceeding an aggregate amount of | 100 crore. The buyback shall be from the open market through stock exchange May-13 Receives export order amounting to US$22 million (~| 120 crore) for supply of seamless and ERW pipes for drilling programmes in the US May-13 Net profit plunges 50% to | 153 crore in FY13 vis-à-vis | 311 crore in FY12. Turnover also plunges 25% to | 1722 crore (| 2292 crore in FY12) Source: Company, ICICIdirect.com Research

Top 10 Shareholders Rank 1 2 3 4 5 6 7 8 9 10

Name Odd & Even Trades & Finance Pvt. Ltd. Stable Trading Co., Ltd. Templeton Asset Management Ltd. Brahmadev Holding & Trading, Ltd. Global Jindal Fin-Invest, Ltd. Haryana Capfin Ltd Reliance Capital Asset Management Ltd. Jindal (Saket) Agarwal (Ram Saran) Religare Enterprises Ltd

Shareholding Pattern Latest Filing Date % O/S Position (m) Change (m) 30-Jun-14 17.45 11.7 0.0 30-Jun-14 16.84 11.3 0.0 30-Sep-14 9.16 6.1 0.0 30-Jun-14 8.60 5.8 0.0 30-Jun-14 8.10 5.4 0.0 30-Jun-14 4.26 2.9 0.0 30-Jun-14 2.88 1.9 -0.2 30-Jun-14 2.58 1.7 0.0 30-Jun-14 2.43 1.6 -0.1 30-Jun-14 2.04 1.4 0.0

(in %) Promoter FII DII Others

Dec-13 Mar-14 Apr-14 Jun-14 Sep-14 57.1 57.4 58.5 58.5 58.5 13.5 13.6 14.6 12.6 11.8 8.7 7.5 6.6 7.1 8.4 20.7 21.5 20.3 21.9 21.3

Source: Reuters, ICICIdirect.com Research

Recent Activity Buys Investor name DSP BlackRock Investment Managers Pvt. Ltd. IDFC Asset Management Company Private Limited Mellon Capital Management Corporation Kotak Mahindra Asset Management Company Ltd. BNP Paribas Asset Management India Pvt. Ltd.

Value 4.61m 0.61m 0.42m 0.22m 0.20m

Shares 0.89m 0.12m 0.08m 0.04m 0.04m

Sells Investor name Maharashtra Seamless, Ltd. Employees Welfare Trust SBI Funds Management Pvt. Ltd. Royce & Associates, LLC HDFC Asset Management Co., Ltd. Fidelity Management & Research Company

Value -5.60m -3.63m -3.59m -2.51m -1.10m

Shares -1.08m -0.78m -0.70m -0.69m -0.41m

Source: Reuters, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 5

Financial summary (Consolidated) Profit and loss statement (Year-end March) Net Sales

(| crore) FY15E

FY16E

(Year-end March)

FY13

FY14

FY15E

FY16E

1729.4

1208.3

1633.5

2177.3

Profit after Tax

152.4

101.5

176.4

301.4

0.0

0.0

0.0

0.0

Total Operating Income

1729.4

1208.3

1633.5

2177.3

Raw Material & Mfg Expenses Employee Expenses Other expenses Total Operating Expenditure

Add: Depreciation

37.9

37.1

31.8

42.9

(Inc)/dec in Current Assets

258.8

-79.4

-172.2

-84.2

Inc/(dec) in CL and Provisions

-103.2

86.4

105.7

181.3

11.1

2.6

0.0

0.0

CF from operating activities

357.0

148.2

141.8

441.4

-25.1

-30.1

35.2

33.3

1209.6

855.1

1099.0

1399.3

44.6

40.1

55.1

63.0

303.3

223.2

329.9

408.0

(Inc)/dec in Investments

-220.2

-93.4

0.0

-175.0

(Inc)/dec in Fixed Assets

-105.4

107.9

-30.0

-30.0

0.0

-4.8

-5.7

-6.9

-325.5

9.7

-35.7

-211.9

Others

1557.6

1118.3

1484.1

1870.3

EBITDA

171.8

90.0

149.5

307.0

Others

Growth (%)

-57.2

-47.6

66.1

105.4

CF from investing activities

Depreciation

37.9

37.1

31.8

42.9

Issue/(Buy back) of Equity

7.5

5.6

5.0

2.8

Interest Other Income

(| crore)

FY14

Other Operating Income Growth (%)

Cash flow statement

FY13

0.0

-1.1

-0.6

0.0

Inc/(dec) in loan funds

52.9

-22.1

-25.0

-125.0

Dividend paid & dividend tax

-49.5

-47.9

-47.1

-47.1

Inc/(dec) in Share Cap

-44.8

-63.7

-34.5

-34.4

0.0

0.0

0.0

0.0

-41.4

-134.8

-107.2

-206.6

70.5

63.9

88.2

85.2

196.9

111.2

200.8

346.5

0.0

0.0

0.0

0.0

44.4

14.4

30.1

52.0

152.5

96.8

170.7

294.5

Net Cash flow

-9.9

23.2

-1.2

22.9

-0.1

4.8

5.7

6.9

Opening Cash

22.7

12.8

35.9

34.7

PAT after MI

152.4

101.5

176.4

301.4

Closing Cash

12.8

35.9

34.7

57.7

Growth (%)

-51.0

-33.4

73.8

70.9

EPS (|)

21.6

14.9

26.3

45.0

FY14

FY15E

FY14

FY15E

FY16E 45.0

PBT Exceptional Item Total Tax PAT Minority Interest , etc

Others CF from financing activities

Source: Company, ICICIdirect.com Research

Source: Company, ICICIdirect.com Research

Balance sheet (Year-end March)

(| crore) FY13

FY16E

Liabilities Equity Capital

Key ratios (Year-end March)

FY13

Per share data (|)

35.3

34.1

33.5

33.5

EPS

21.6

14.9

26.3

Reserve and Surplus

2,779.4

2,764.5

2,853.6

3,066.5

Cash EPS

27.0

19.6

30.2

50.4

Total Shareholders funds

2,814.6

2,798.7

2,887.1

3,100.0

BV

399.0

409.9

431.0

462.7

202.4

180.3

155.3

30.3

DPS

6.0

6.0

6.0

6.0

70.5

73.1

73.1

73.1

Cash Per Share

1.8

5.3

5.2

8.6

0.0

0.0

0.0

0.0

3,087.5

3,052.0

3,115.5

3,203.4

Total Debt Deferred Tax Liability Minority Interest / Others Total Liabilities Assets Gross Block Less: Acc Depreciation Net Block Capital WIP

Operating Ratios (%) EBITDA Margin PBT / Total Operating income

1,649.3

1,655.5

1,695.5

1,735.5

389.2

426.3

458.1

501.0

1,260.1

1,229.3

1,237.4

1,234.5

PAT Margin

9.9

7.4

9.1

14.1

11.4

9.2

12.3

15.9

8.8

8.0

10.4

13.5

108.5

131.5

120.0

100.0

Debtor days

67.2

103.4

90.0

70.0

Creditor days

30.5

70.7

75.0

86.0 9.5

Inventory days

150.3

36.2

26.2

16.2

1,410.4

1,265.4

1,263.6

1,250.7

Return Ratios (%)

Investments

740.1

833.5

833.5

1,008.5

RoE

5.4

3.5

5.9

Inventory

514.0

435.2

537.1

596.5

RoCE

4.4

1.8

3.9

8.4

Debtors

318.5

342.4

402.8

417.6

RoIC

4.5

1.8

3.9

8.6

Other Current Assets

245.6

379.8

389.8

399.8

Valuation Ratios (x)

12.8

35.9

34.7

57.7

P/E

15.3

22.2

12.5

7.3

1,090.8

1,193.4

1,364.4

1,471.5

EV / EBITDA

10.3

17.4

10.0

3.8

144.4

233.9

335.7

513.0

1.0

1.3

0.9

0.5

Total Fixed Assets

Cash Total Current Assets Current Liabilities Provisions Current Liabilities & Prov Net Current Assets Application of Funds

EV / Net Sales

9.6

6.4

10.4

14.4

Market Cap / Sales

1.3

1.9

1.4

1.0

153.9

240.3

346.0

527.4

Price to Book Value

0.8

0.8

0.8

0.7

Solvency Ratios

936.9

953.1

1,018.4

944.2

3,087.5

3,052.0

3,115.5

3,203.4

Source: Company, ICICIdirect.com Research

Debt / EBITDA

1.2

2.0

1.0

0.1

Current Ratio

7.1

5.0

3.9

2.8

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 6

ICICIdirect.com coverage universe (Pipes) CMP Sector/Company

M Cap TP (|) Rating

(| Cr)

82 Hold

2377.7

Maharashtra Seamless 323 430 Buy Source: Company, ICICIdirect.com Research

2215.8

Jindal Saw

(|) 80

EPS (|) FY14

P/E (x)

EV/EBITDA (x) FY14 FY15E FY16E

ROE(%)

FY16E

-3.1

9.7

18.2

NA

8.0

4.3

12.4

8.2

5.9

3.3

6.3

8.9

-2.4

7.0

11.8

14.9

26.3

45.0

21.7

12.5

7.3

17.4

10.0

3.8

1.8

3.9

8.4

3.5

5.9

9.5

ICICI Securities Ltd | Retail Equity Research

FY14 FY15E FY16E

ROCE(%)

FY15E

FY14 FY15E FY16E FY14 FY15E FY16E

Page 7

RATING RATIONALE

ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction; Buy: >10%/15% for large caps/midcaps, respectively; Hold: Up to +/-10%; Sell: -10% or more;

Pankaj Pandey

Head – Research

[email protected]

ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai – 400 093 [email protected] ANALYST CERTIFICATION We /I, Dewang Sanghavi MBA (FIN) Isha Bansal MBA (FIN) research analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our personal views about any and all of the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Analysts aren't registered as research analysts by FINRA and might not be an associated person of the ICICI Securities Inc.

Disclosures: ICICI Securities Limited (ICICI Securities) and its affiliates are a full-service, integrated investment banking, investment management and brokerage and financing group. We along with affiliates are leading underwriter of securities and participate in virtually all securities trading markets in India. We and our affiliates have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their dependent family members from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on reasonable basis, ICICI Securities, its subsidiaries and associated companies, their directors and employees (“ICICI Securities and affiliates”) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities is acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return of investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities and affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities and its affiliates might have managed or co-managed a public offering for the subject company in the preceding twelve months. ICICI Securities and affiliates might have received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of public offerings, corporate finance, investment banking or other advisory services in a merger or specific transaction. It is confirmed that Dewang Sanghavi MBA (FIN) Isha Bansal MBA (FIN) research analysts and the authors of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Our research professionals are paid in part based on the profitability of ICICI Securities, which include earnings from Investment Banking and other business. ICICI Securities or its subsidiaries collectively do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. It is confirmed that Dewang Sanghavi MBA (FIN) Isha Bansal MBA (FIN) research analysts and the authors of this report or any of their family members does not serve as an officer, director or advisory board member of the companies mentioned in the report. ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. ICICI Securities and affiliates may act upon or make use of information contained in the report prior to the publication thereof. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

ICICI Securities Ltd | Retail Equity Research

Page 8

Maharashtra Seamless (MAHSEA) - ICICI Direct

Nov 13, 2014 - We and our affiliates have investment banking and other business relationship with a ... The information and opinions in this report have been prepared by ICICI ... Non-rated securities indicate that rating on a particular security has been ... is in compliance with applicable regulations and/or ICICI Securities.

204KB Sizes 5 Downloads 224 Views

Recommend Documents

Maharashtra Seamless (MAHSEA) - ICICI Direct
Nov 13, 2014 - are a first of their kind in India and have a technical tie-up with SMS MEER .... 1.05% stake in the company via a bulk deal on stock exchanges.

Gladiator Stocks: Series 6.0 Tide Water Oil (TIDWAT) - ICICI Direct
Nov 28, 2014 - Tide Water Oil Company India is a part of the multi divisional Andrew Yule group. Tide Water Oil .... use of back-end technology and analytics.

ICICI Bank -
ICICI Bank has grown its balance sheet aggressively by. 43% YoY and 4.4% QoQ to Rs1,892b. This has been fuelled by aggressive deposit raising and strong growth in loans. (mainly fuelled by retail). While the bank has started to witness traction in it

PDF Download Seamless
Sep 18, 2017 - ... from the including the latest news articles quotes blog posts photos video ... optimizing 10 4 osx kawaks loader exe tim o reilly …Top VIdeos ...

aptitude ICICI PO.pdf
A coffee shop blends 2 kinds of coffee,putting in 2 parts of a 33p. a gm. grade to 1 part of. a 24p. a gm.If the mixture is changed to 1 part of the 33p. a gm. to 2 ...

ICICI Placement Paper 6.pdf
If the cost of the car is Rs.60 and a profit of 10% over selling price is earned (Ans: Rs 66/-)16. 1/3 of girls , 1/2 of boys go. to canteen .What factor and total number of classmates go to canteen. Ans: Cannot be determined. 17. The price of a prod

seamless pipe schedule chart pdf
There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. seamless pipe ...

ProjectorBox: Seamless presentation capture for ...
The goal of this work is to create a system that is lightweight and inexpensive, hardware and software ... This led us to add the ability to export to a variety of file formats. ..... A SWF output library and PHP module: http://ming.sourceforge.net.

ICICI Prudential Fixed Maturity Plan - NSE
Feb 2, 2017 - Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock ... ICICI Prudential Asset Management Company Limited. Name of ... Email: [email protected] ...

Seamless - Bible Study Book
Popular Download ePub Online ... She holds a Master's degree in. Developmental Psychology from Vanderbilt University and lives with her husband and ...

Patrons - DTE Maharashtra
Computer Science. Engineering. - Fuzzy Logic ... recognized by All India Council for Technical Eduation(AlCTE, New Delhi) ... All Under Graduate courses and.

Patrons - DTE Maharashtra
Real Time Signal Analysers. - Research Issues in Big Data and Advanced Analytics. - IoT with MCUs. CONFERENCE TRACKS. Computer Science. Engineering.

ICICI Prudential Fixed Maturity Plan - NSE
Feb 2, 2017 - For and on behalf of. National Stock Exchange of India Limited. Divya Poojari. Manager. Telephone No. +91-22-26598235/36, 8346 ...

TV Direct
Jul 27, 2016 - Year-end 31 Dec. 2014. 2015 ... and the bottom 40% of KG I's coverage universe in the related m arket (e.g. Taiw an).1.3. U nder perform (U ).

Maharashtra forest services.pdf
There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. Maharashtra forest services.pdf. Maharashtra forest services.pdf. Open. Extract. Open with. Sign In. Main me

Maharashtra Prisons Department.pdf
Sign in. Page. 1. /. 9. Loading… Page 1 of 9. Page 1 of 9. Page 2 of 9. Page 2 of 9. Page 3 of 9. Page 3 of 9. Maharashtra Prisons Department.pdf. Maharashtra ...

Seamless Localization System based on Lane Detector ...
now, the aim of developing the localization technologies is to estimate ... Service System Technology Development for Ubiquitous City]. 6SDFH. 6SDFH. RXW.

Seamless and continuous user identification for ...
H.5.3 [Information Interfaces and Presentation]: Group and ... School of Information Technologies .... The system application matches the processed data from.

Seamless mobility management based on proxy servers
future, wireless service providers will start to provide new, enhanced wireless data services using ... interface card) for high data-rate services. Thus, these users.