INVESTMENT RESEARCH
FUNDAMENTAL COVERAGE - 3M INDIA LIMITED
Dated : 10
th
July 2017
Investment Rationale
BUY
Price `
Fair Value
Upside
Div Yield
Tenure
Sensex
Nifty
Group/Index
13700
17200
26%
1 Year
31715.64
9763.05
B / S&P BSE
500
Stock Details
M.cap (` in cr)
15440
Equity (` In cr)
11.27
52 wk H/L `
15200/10055
Face Value `
10.00
3MINDIA
NSE code
523395
BSE code
Key Valuation Ratios
RONW
20%
P/E
64.14
P/BV
12.6
EV/EBIDTA
35.60
IN `
Key Financial Data
EV (`in cr)
14888.81
BV (`in cr)
1088.20
NW(`in cr)
1226.40
EPS (TTM)
213.60
Share Holding Pattern
Promoter
3M India is a 75% subsidiary of 3M Company, USA.
3m India has benefitted from increased focus in consumption business with the adoption of new
business models especially in the areas of automotive care and healthcare & has increased
investment in new digital initiative. Company also laid down the foundation for robust e-commerce
plan to drive the sales of its products and solutions.
During FY17, the company has recorded a modest growth of 10% in top line
Despite demonetization, which impacted its sales to some extent, company achieved sales targets for the
year. Every retail outlet, where popular product Scotch-Brite is sold, did not have PoS machines for
consumers to swipe their cards. Company achieved 10% top line growth and above 20% growth in the
bottom-line in FY17.
Expects double digit growth in FY 18  E-commerce contribution to triple
Company exploring newer avenues to increase the reach of its products to consumers as well as
businesses through online channels.
Company's products sell on Amazon, Flipkart and Snapdeal & its sales is growing at over 70% each year.
Currently, ecommerce marketplaces contribute to 3% of co's sales and aiming at increasing it to 10%
in the next five years., tripling its contribution, as it looks at double-digit growth in the country with
locally designed products for industrial, consumers, health care and safety products
Strong R&D capabilities:
3M is largely known for consumer products like Scotch-Brite and Post-it. 3M is a multi-sector, multiproduct company with core technology platforms. Today, company sell over 10,000 products in India
and looking at launching home decoration and festive decoration products for the upcoming festival
season.
Company's R&D lab is developing several new products across all verticals.
Company working on many mega trends in the automotive sector. The product is still in the design stage
and working with car OEMs to bring it to the market. The automobile industry is set to grow 8% this
year, while company expects its growth to be in high-teen range (between 13% and 19%).
Company also developed multi enzyme cleaners used for cleaning instruments (Surgical, Medical and
Dental Instruments including Endoscopes) in hospitals.
Others
25%
Moreover, company doing this, both with its traditional Post-it range as well as a series of new
75%
launches in second half of the year , including the repositionable whiteboard films, which will
transform collaboration in offices. Apart from this, company also developed infection prevention
products for hospitals and chronic wound care products in its healthcare division.
VALUATION (` In Cr except per share)
FY 18Est. Earnings
Equity Share Capital
FV
No. of Equity Shares
292.82
11.27
10.00
1.13
260
66
17200
EPS(FY18 Est.)
Estimated P/E Ratio
Estimated Price/share
Corporate Governance Transparency Ratio's
Source: Google
Page 1
Year End
Tax Rate %
Receivable days
Div. Payout %
www.rudrashares.com
201703
34.79
56.00
-
201603
35.74
48.30
-
201503
34.16
51.00
-
201403
37.76
-
RUDRA SHARES &
STOCK BROKERS LTD.
Quarterly and yearly Results:
The net sales have increased 11% Y-o-Y to ` 623.91 crore. All segments showed good growth. The OPM inclined by
449 bps to 21.7% due to decrease in purchase of stock in trade, other expenditure and employee cost to adjusted net
sales. The operating profit grew by 40% to ` 135.62 crore.
The other income has increased by 143% to ` 15.59 crore. The depreciation charges decreased by 8% to ` 11.46
crore. The PBT has increased by 55% to ` 138.44 crore. The tax outgo decreased by 91% to ` 48.05 crore. The
effective tax rate increased from 28.1% to 34.7% Y-o-Y. The PAT increased by 41% to ` 90.39 crore due to rise in
sales, OPM and other income
Performance for year ended March 2017
The net sales have increased 10% Y-o-Y to ` 2362.98 crore. The OPM declined by 12bps to 15.6%. The operating
profit grew by 10% to ` 368.77 crore.
The other income has increased by 177% to ` 49.47 crore . The depreciation charges decreased by 4% to ` 46.75
crore. The PBT has increased by 22% to ` 369.22 crore. The tax outgo increased by19% to ` 128.46 crore. The
effective tax rate came down from 35.74% to 34.79% Y-o-Y. The PAT increased by 24% to `240.76 crore.
SEGMENT WISE BREAKUP OF
REVENUE
Quarterly & Yearly Results
Analysis
Graphical presentation Q4 FY 2016-17 & FY 2017 Results:
Revenue
EBITDA
EBITDA %
PBT
PBT%
PAT
PAT %
EPS
Standalone Results
Quarter Ended
% Change
Q4 FY 17 Q3 FY 17 Q4 FY 16
648.29
598.99
585.48
8.23%
151.20
76.88
103.35
96.67%
23.32%
12.83%
17.65%
138.43
64.86
89.49
113.43%
21.35%
10.83%
15.28%
90.39
42.43
64.31
113.03%
13.94%
7.08%
10.98%
113.01%
80.24
37.67
57.09
` in crores
% Change
10.73%
46.30%
54.69%
40.55%
40.55%
Year Ended
FY 17
FY 16
2457.84
2223.75
418.22
354.26
17.02%
15.93%
369.21
303.10
15.02%
13.63%
240.75
194.76
9.80%
8.76%
213.72
172.89
SEGMENT WISE BREAKUP(STANDALONE)
Segment Wise
Industrial
Health care
Quarter Ended
Q4 FY 17 Q3 FY 17 Q4 FY 16
277.10
249.57
248.90
92.60
93.71
86.89
10.53%
18.05%
21.81%
10.21%
23.61%
11.84%
23.62%
` in crores
% change
Q-0-Q
% change
Y-0-Y
11.03%
-1.18%
11.33%
6.57%
Year Ended
FY 17
FY 16
1057.70
962.36
373.55
323.77
% change
Y-0-Y
9.91%
15.38%
Safety Graphics
Consumers
174.79
153.13
145.04
14.14%
20.51%
615.33
537.61
14.46%
61.18
64.45
57.7
-5.07%
6.03%
249.15
225.34
10.57%
Energy
39.31
34.58
30.64
13.68%
28.30%
133.48
127.51
4.68%
Others
3.31
3.55
16.30
-6.76%
-79.69%
598.99
585.47
47.16
2223.75
-39.29%
648.29
28.63
2457.84
Inc. from operations
Company Overview
Company is the lagship listed Company of 3M Company, USA in India. 3M Company, USA holds 75% equity stake in
the Company. 3M Company, USA is a diversified technology Company with a global presence in the following
businesses: Industrial; Safety and Graphics; Electronics and Energy; Health Care; and Consumer. 3M is among the
leading manufacturers of products for many of the markets it serves. Most 3M products involve expertise in product
development, manufacturing and marketing, and are subject to competition from products manufactured and sold by
other technologically oriented companies.
Page 2
% Change
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RUDRA SHARES &
STOCK BROKERS LTD.
OPPORTUNITY, RISK AND CONCERNS
OPPORTUNITIES & THREAT
3M’s globally competitive cost positions and well crated business strategies have enabled it to retain its leading
market positions. Company strongly believes in the 3M™ brand equity and its ability to provide its customers with
innovative solutions. The Company is operating in a highly competitive market which may exert pressure both on the
top line as well as the bottom line of the Company. As the Company’s products involve expertise in product
development, manufacturing and marketing, are subject to competition from products manufactured and sold by
other technologically oriented companies both within India and outside India. In addition, Inflation, rupee
depreciation, high commodity prices and hardening interest rates remain key challenges
RISKS & CONCERNS
1. Impact of increase in duties on the products of the Company & consequent increase in the cost of goods sold.
2. Prices of inputs are expected to rise significantly. Whilst the Company continues to pursue cost reduction
initiatives, increase in price of input materials and rupee depreciation could impact the Company’s profitability
3. Fluctuations in exchange rates with reference to currencies in which the Company transacts.
Valuation Conclusion
Company exploring newer avenues to increase the reach of its products to consumers as well as businesses through
online channels. Company earns around 3 % of its sales from e-commerce channels and aiming at increasing it to
10% in the next five years.
Company is now eyeing a foray in India's defense sector & recently bagged a $64 million contract in the United States
for the army in the area of soldier protection. The company is currently working with the Indian government on
soldier protection program. It is already working with some defense manufacturing entities.
3m India has benefitted from increased focus in consumption business with the adoption of new business
models especially in the areas of automotive care and healthcare & has increased investment in new digital
initiative. Company also laid down the foundation for robust e-commerce plan to drive the sales of its products
and solutions, which would enhance margins as well as profitability, going forward.
Estimating the share price of the company as per P/E valuation, putting the estimated P/E of FY18E at 66x &
the estimated EPS at ` 260, the estimated share price for next 1 year tenure turns around to be ` 17200.
Therefore, we recommend to BUY.
Page 3
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RUDRA SHARES &
STOCK BROKERS LTD.
Particulars
Net Sales
EBITDA
Depreciation
Op Income
Misc.Inc (Exp.)
Interest Exp
EBT
Taxes
Net Inc(Reg)
Extraord. Items
Rep Net Inc
EPS
Particulars
Sales
Oth. operating Income
Total Inc. from operations
Operating EBITA
Total Inc. from operations
TOTAL EXPENDITURE
EBITDA
Depreciation
Rep. profit before othrinc.,
fin.cost,tax & excp. Item
Quarterly Results (` in cr except per share)
LTM
201703
201612
201609
2347.20
623.91
576.23
565.50
418.20
151.21
76.90
86.36
46.80
11.46
11.73
11.80
371.50
139.75
65.17
74.56
49.50
15.59
11.86
11.14
2.30
1.31
0.31
0.31
369.20
138.44
64.87
74.26
128.50
48.04
22.44
26.04
240.80
90.39
42.43
48.21
240.80
90.39
42.43
48.21
213.60
80.20
37.65
42.78
Income Statement and Estimates ( ` in Cr except per share)
201403
201503
201603
201703
2018E
1708.43
1808.47
2139.60
2362.98
2652.34
33.91
31.83
1742.34 1840.30
2139.60
2362.98
2652.34
63.30
153.52
287.52
322.03
370.96
Profit & Loss
1742.34
1840.30
2139.60
2362.98
2652.34
1631.44
1637.18
1803.15
1994.20
2233.27
110.90
203.12
336.45
368.78
419.07
(47.60)
(49.60)
(48.93)
(46.75)
(48.11)
2019E
3010.25
3010.25
437.07
2020E
3438.89
3438.89
512.72
3010.25
2527.10
483.15
(46.08)
3438.89
2881.79
557.10
(44.38)
512.72
63.30
153.52
287.52
322.03
370.96
437.07
Goodwill amortization
-
-
-
-
-
-
Rep. profit before othrinc.,
fin.cost,tax & excp. Item
63.30
153.52
287.52
322.03
370.96
437.07
512.72
OTHER INCOME
19.94
14.48
17.83
49.47
81.86
103.09
137.07
Profit from ordinary act.
Before Fin.Cost ,TAX &
Exp.Items
83.24
168.00
305.35
371.50
452.82
540.16
649.78
Reported Tax charge
Reported Net profit
Minorities
P/L OF ASSOCIATE CO.
Rep. NP after min. Int.
Extra Ordinary income
(14.17)
(14.17)
69.07
(26.08)
42.99
42.99
-
(3.42)
(3.42)
164.58
(56.22)
108.36
108.36
-
(2.25)
(2.25)
303.10
(108.34)
194.76
194.76
-
(2.27)
(2.27)
369.23
(128.47)
240.76
240.76
-
(2.32)
(2.32)
450.50
(157.67)
292.82
292.82
-
(2.52)
(2.52)
537.64
(188.17)
349.47
349.47
-
(2.96)
(2.96)
646.82
(226.39)
420.43
420.43
-
Rep.Net Income after
extra ordinary items
42.99
108.36
194.76
240.76
292.82
349.47
420.43
42.99
38.15
3.00
108.36
96.15
0.60
EPS and Dividend
194.76
240.76
172.81
213.63
0.20
0.40
292.82
259.83
0.40
349.47
310.09
0.40
420.43
373.05
0.42
11.27
11.27
10.00
1.127
11.27
11.27
10.00
1.127
Number Of Shares
11.27
11.27
11.27
11.27
10.00
10.00
1.127
1.127
11.27
11.27
10.00
1.127
11.27
11.27
10.00
1.127
11.27
11.27
10.00
1.127
Net financials
Interest income
Interest expenses
Net Financial Items
Reported Pre-tax profit
Dividend Paid
Retained earnings
Reported EPS
DPS - originally declared
Opening Balance
Issued during the Period
Closing Balance
FV
Wtd. Avg. no. of shares
Note:- The figures shown in the brackets means NEGATIVE.
Page 4
201606
581.57
103.76
11.76
92.00
10.88
0.35
91.66
31.94
59.72
59.72
52.99
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RUDRA SHARES &
STOCK BROKERS LTD.
Particulars
Equity & Liabilities
Shareholders' Fund
Share Capital
Reserves and Surplus
Minority Interests
BALANCE SHEET
201603
201703
201403
201503
2018E
2019E
2020E
11.27
688.16
699.43
11.27
796.45
807.72
11.27
976.81
988.08
11.27
1215.13
1226.40
11.27
1507.95
1519.22
11.27
1857.42
1868.69
11.27
2277.85
2289.12
6.74
10.96
17.70
7.54
18.54
26.08
5.72
14.49
20.21
4.62
21.91
26.53
3.87
23.66
27.53
3.12
25.56
28.68
2.41
27.60
30.01
Total current Liab.
108.45
129.43
129.95
2.76
370.59
156.68
128.28
9.34
294.30
225.69
138.02
56.79
420.50
399.84
188.45
57.33
645.62
424.37
214.84
64.21
703.42
481.64
243.83
71.91
797.39
550.22
278.55
80.54
909.32
Total Equity & Liab.
1087.72
1128.10
1428.79
1898.55
2250.18
2694.75
3228.45
Total Non-Current Assets
425.30
16.08
6.07
12.89
460.34
389.05
33.09
1.34
9.66
433.14
350.42
0.21
47.84
8.37
406.84
317.59
0.18
45.79
7.80
371.36
290.70
0.20
46.40
8.78
346.07
271.71
0.20
51.30
9.87
333.08
261.72
0.20
59.60
11.11
332.62
Current Assets
Current Investments
Inventories
Trade Receivables
Cash & cash Equiv.
Short Term L&A
Other current Assets
Total current Assets
Total Assets
258.24
265.18
59.70
44.29
0.00
627.41
1087.72
295.57
249.12
113.91
32.52
3.85
694.97
1128.10
292.38
317.15
370.88
0.70
40.85
1021.96
1428.79
331.78
407.92
744.16
0.62
42.70
1527.18
1898.55
371.33
450.90
1030.91
0.60
50.39
1904.13
2250.18
421.44
511.74
1370.67
0.60
57.19
2361.65
2694.75
481.44
584.61
1763.81
0.60
65.34
2895.80
3228.45
59.70
245.14
185.44
26.51%
113.91
135.82
21.91
2.71%
370.88
143.74
(227.14)
-
744.16
193.07
(551.09)
-
1030.91
218.71
(812.20)
-
1370.67
246.95
(1123.72)
-
1763.81
280.96
(1482.85)
-
13.92
13.92
(46.75)
(21.22)
(21.22)
(48.11)
(27.09)
(27.09)
(46.08)
(34.39)
(34.39)
(44.38)
Total Shareholders' Fund
Non-Current Liabilities
Long-term Borrowings
Other LT Liabilities
Deferred Tax Liability
Long term Provisions
Total Non-Current Liab.
Current Liabilities
Short term Borrowings
Trade Payables
Other current liability
Short term Provisions
Assets
Non-Current Assets
Fixed Assets
Tangible fixed Assets
Intangible Fixed Assets
Non-current Invest.
Long term L&A
Other Non current Ass.
Deferred tax receivables
Cash & cash equivalents
Other int. bearing assets
Interest-bearing debt
Net interest-bearing debt
Net gearing (%)
Investments
Tangible assets
Gross capex
Sale of fixed assets
Net capex
Depreciation tangibles
(47.28)
0.06
(47.22)
(47.60)
(5.23)
0.26
(4.97)
(49.60)
(10.92)
1.73
(9.19)
(48.93)
Note:- The figures shown in the brackets means NEGATIVE.
Page 5
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RUDRA SHARES &
STOCK BROKERS LTD.
201403
83.24
47.60
47.60
(33.03)
(9.67)
5.24
8.06
45.02
15.62
(26.08)
120.38
(14.17)
CASH FLOW ANALYSIS
201503
201603
201703
168.00
305.35
371.50
49.60
48.93
46.75
49.60
48.93
46.75
(37.33)
5.05
(39.40)
2.25
(49.73)
(90.77)
27.24
59.32
174.15
3.93
(12.30)
0.08
19.90
11.16
15.99
13.50
44.06
(56.22)
(108.34)
(128.47)
177.37
259.44
333.84
(3.42)
(2.25)
(2.27)
106.21
173.95
257.19
Net acqui./disposals
Net cash flow
(47.28)
0.06
(47.22)
58.99
58.99
58.99
(5.23)
0.26
(4.97)
168.98
168.98
168.98
(10.92)
1.73
(9.19)
248.00
248.00
248.00
Particulars
Return on assets
Return on equity
ROCE
201403
-
201503
9.78%
14.38%
19.25%
EBIT Margin
Pre tax margin
Net Profit Margin
-
9.13%
8.94%
5.89%
14.27%
14.17%
9.10%
Total asset turnover
Fixed asset turnover
Equity turnover
-
1.66
4.52
2.44
Current Ratio
Quick Ratio
Cash Ratio
-
Receivable Days
Inventory Days
Payable Days
-
Particulars
EBIT
Depreciation
2018E
452.82
48.11
48.11
(39.55)
(42.98)
24.53
0.02
(57.97)
(157.67)
285.28
(2.32)
2019E
540.16
46.08
46.08
(50.11)
(60.84)
57.27
(53.69)
(188.17)
344.37
(2.52)
2020E
649.78
44.38
44.38
(60.01)
(72.87)
68.58
(64.30)
(226.39)
403.48
(2.96)
331.57
282.96
341.86
400.52
13.92
13.92
345.49
345.49
345.49
(21.22)
(21.22)
261.75
261.75
261.75
(27.09)
(27.09)
314.77
314.77
314.77
(34.39)
(34.39)
366.13
366.13
366.13
2018E
14.12%
21.33%
26.00%
2019E
14.13%
20.63%
24.97%
2020E
14.20%
20.22%
23.99%
15.72%
15.63%
10.19%
17.07%
16.98%
11.04%
17.94%
17.86%
11.61%
18.90%
18.81%
12.23%
1.67
5.79
2.38
1.42
7.07
2.13
1.28
8.72
1.93
1.22
10.70
1.78
1.16
12.89
1.65
2.36
1.36
0.39
2.43
1.74
0.88
2.37
1.85
1.15
2.71
2.18
1.47
2.96
2.43
1.72
3.18
2.66
1.94
51.00
91.87
45.90
96.97
48.30
89.28
58.22
79.36
56.00
86.43
84.11
58.32
59.09
87.01
99.34
46.77
58.36
86.68
96.17
48.87
58.18
86.33
95.66
48.86
1.87
1.73
Debt to Capital
0.14
0.13
Debt to Equity
0.17
0.15
Note:- The figures shown in the brackets means NEGATIVE.
1.53
0.14
0.16
1.43
0.13
0.14
1.38
0.12
0.13
1.33
0.11
0.12
Dep. (ex goodwill)
Mov. in Inventories
Move. in Debtors
Move. in Creditors
Movement in Short term L&A
Other W.C Inc./decrease
Change in W.C
Tax paid
Operating Cash Flow
Net interest
Cash Earnings
Gross CapEx
Sale of fixed assets
Net CapEx
Free CF pre dividend
Dividend
Free CF post Dividend
Conversion Cycle (Days)
Financial Leverage Effect
Page 6
RATIO ANALYSIS
201603
201703
15.23%
14.47%
21.69%
21.74%
30.45%
27.91%
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RUDRA SHARES &
STOCK BROKERS LTD.
Disclosures & Disclaimers
Disclosures :
1) Business Activity :
Rudra Shares & Stock Brokers Limited is engaged in the business of providing broking services & distribution of
various financial products. RUDRA is also registered as a Research Analyst under SEBI(Research Analyst)
Regulations, 2014. SEBI Reg. No. INH100002524.
2) Disciplinary History :
There has been no instance of any Disciplinary action, penalty etc. levied/passed by any regulation/administrative
agencies against RUDRA and its Directors. Pursuant to SEBI inspection of books and records of Rudra, as a Stock
Broker, SEBI has not issued any Administrative warning to Rudra.
3) Terms & Conditions of issuance of Research Report:
The Research report is issued to the registered clients. The Research Report is based on the facts, figures and
information that are considered true, correct and reliable. The information is obtained from publicly available media
or other sources believed to be reliable. The report is prepared solely for informational purpose and does not
constitute an offer document or solicitation to buy or sell or subscribe for securities or other financial instruments
for clients.
4) Disclosures with regard to ownership and material conflicts of interest :
Sr. No.
a)
Disclosures
Yes/No
Rudra or its research analysts, or his/her relative or associate has any direct or indirect
No
financial interest in the subject company.
b)
Rudra or its research analysts, or his/her relative or associate has any other material
No
conflict of interest at time of publication of the research report.
c)
Rudra or its research analysts, or his/her relative or associates have actual/beneficial
No
ownership of one per cent or more securities of the subject company.
5) Disclosures with regard to receipt of compensation :
Sr. No.
a)
Disclosures
Yes/No
Rudra or its associates have received any compensation from the subject company in the
No
past twelve months.
b)
Rudra or its associates have managed or co-managed public offering of securities for the
No
subject in the past twelve months.
c)
Rudra or its associates have received any compensation or other benefits from the subject
No
company or third party in connection with the research report .
6) Other Disclosures:
Yes/No
Sr. No.
Disclosures
a)
The research analyst has served as an officer,director,employee of the subject company.
No
b)
Rudra or its research analyst has been engaged in market making activity for the subject
No
company.
c)
Page 7
Rudra or its or associates have received any compensation from the subject company in the
past twelve months.
www.rudrashares.com
No
RUDRA SHARES &
STOCK BROKERS LTD.
Disclaimers:
This Research Report (hereinafter called report) has been prepared and presented by RUDRA SHARES & STOCK BROKERS
LIMITED, which does not constitute any offer or advice to sell or does solicitation to buy any securities. The information presented in
this report, are for the intended recipients only. Further, the intended recipients are advised to exercise restraint in placing any
dependence on this report, as the sender, Rudra Shares & Stock Brokers Limited, neither guarantees the accuracy of any information
contained herein nor assumes any responsibility in relation to losses arising from the errors of fact, opinion or the dependence
placed on the same.
Despite the information in this document has been previewed on the basis of publicly available information, internal data , personal
views of the research analyst(s)and other reliable sources, believed to be true, we do not represent it as accurate, complete or
exhaustive. It should not be relied on as such, as this document is for general guidance only. Besides this, the research analyst(s) are
bound by stringent internal regulations and legal and statutory requirements of the Securities and Exchange Board of India( SEBI)
and the analysts' compensation was, is, or will be not directly or indirectly related with the other companies and/or entities of Rudra
Shares & Stock Brokers Ltd and have no bearing whatsoever on any recommendation, that they have given in the research report.
Rudra Shares & Stock Brokers Ltd or any of its affiliates/group companies shall not be in any way responsible for any such loss or
damage that may arise to any person from any inadvertent error in the information contained in this report. Rudra Shares & Stock
Brokers Ltd has not independently verified all the information, which has been obtained by the company for analysis purpose, from
publicly available media or other sources believed to be reliable. Accordingly, we neither testify nor make any representation or
warranty, express or implied, of the accuracy, contents or data contained within this document. Rudra Share & Stock Brokers Ltd
and its affiliates are engaged in investment advisory, stock broking, retail & HNI and other financial services. Details of affiliates are
available on our website i.e. www.rudrashares.com.
We hereby declare, that the information herein may change any time due to the volatile market conditions, therefore, it is advised to
use own discretion and judgment while entering into any transactions, whatsoever.
Individuals employed as research analyst by Rudra Shares & Stock Brokers Ltd or their associates are not allowed to deal or trade in
securities, within thirty days before and five days after the publication of a research report as prescribed under SEBI Research
Analyst Regulations.
Subject to the restrictions mentioned in above paragraph, we and our affiliates, officers, directors, employees and their relative may:
(a) from time to time, have long or short positions acting as a principal in, and buy or sell the securities or derivatives thereof, of
Company mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or profits.
RUDRA SHARES & STOCK BROKERS LTD.
Phone: +91 – 512 – 67011001
Page 8
www.rudrashares.com