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* DALBHARA has been consistent in its capacity expansion over the past decade, with a 14% CAGR in grinding capacity since FY11. In the long run, the company expects a 14-17% CAGR in capacity and aims to increase its cement grinding capacity to 110-130mtpa by 2031. * In our recently concluded Annual Global Investor Conference, Managing Director Mr. Puneet Dalmia shared his views on the industry’s long-term potential and changing dynamics. He expects the consolidation to accelerate and...
Buy Dalmia Bharat Ltd For Target Rs.2,400 - Motilal Oswal Financial Services Ltd
We re-iterate BUY on CESC with Sep’24 TP of Rs105 as operational metrics continues to see improvement. During July and August 2023 cumulatively, CESC License Generation power plant and HEL power plant (1,125MW + 600MW capacity) generated 2,030MUs (16% growth YoY) vs 8% YTD. CESC’s DIL power plant (600 MW capacity) has seen generation growth of 27% YoY during the first two months of 2QFY24 (YTD ~13% growth YoY). YTD PLF for DIL stands at 90% vs 80% YoY. Rajasthan DFs had reported p...
Buy CESC Limited For Target Rs.105 For Target -
GR Infraprojects (GRInfra) has grown its orderbook sharply in the last few quarters. Orderbook was below 2x in the last few years leading to sub-optimal growth. With robust order inflow worth INR 150bn in FY23 and INR 18bn in Q1FY24, orderbook stands healthy at INR 268bn as of Jun’23. The new order inflow caters to diverse segments like roads, ropeways, tunnelling works, logistics park, etc. Given the strong order inflow and book-to-bill ratio of 3.4x, we believe execution may pick up a...
Buy G R Infraprojects Ltd For Target Rs. 1,703 - Yes Securities
ABB India (ABB) has reported another (after having reported bumper Q1CY23) superlative set of earnings in Q2CY23 with 22% YoY growth in revenue, 75% YoY growth in EBITDA led by 420bps YoY expansion in margin and 101% YoY increase in profit. Order inflow in Q2 grew 10% YoY – a muted number but came on a very high base (base quarter grew 64% YoY). During Q2, it also expanded its motor drives portfolio in India with new manufacturing lines. Note ABB had shed its high voltage portfolio in 2...
Buy ABB India Ltd For Target Rs. 4,920 - ICICI Securities Ltd
RA’s full participation in the extant ratings cycle has been a function 1) reorganization of ratings team structure with sharpened sectoral rigor, 2) restructuring of business development team on lines of key sectors, 3) strong ratings performance and timely actions, 4) focus on remunerative and appropriate pricing/yields, and 5) inherent strength (leading market position) in faster growing sectors (Financial incl. Securitization, and Infra) and Bond Ratings (issuances have increased in...
Add ICRA Ltd For Target Rs. 6,700 - Yes Securities
A large win in the Middle East, likely to beat its order inflow guidance for FY24 As per media reports (Link), L&T is the preferred contractor for USD 3.9bn order for Jafurah Unconventional Gas Field, Saudi Arabia (Source: MEED). Also, till date in FY24, L&T has announced orders worth over INR 750bn. With this significant accretion in orders, L&T could report >20% growth in order inflow in Q2 (excl. services), in our view. Note L&T has highlighted that order prospects ha...
Buy Larsen & Toubro Ltd For Target Rs.3,141 - ICICI Securities
We re-iterate BUY on CESC with Sep’24 TP of Rs105 as operational metrics continues to see improvement. During July and August 2023 cumulatively, CESC License Generation power plant and HEL power plant (1,125MW + 600MW capacity) generated 2,030MUs (16% growth YoY) vs 8% YTD. CESC’s DIL power plant (600 MW capacity) has seen generation growth of 27% YoY during the first two months of 2QFY24 (YTD ~13% growth YoY). YTD PLF for DIL stands at 90% vs 80% YoY. Rajasthan DFs had reported p...
Buy CESC Ltd For Target Rs.105 - Emkay Global Financial
Ratings on firm wicket, Analytics may see choppiness Ratings business in fine fettle led by macro and micro factors ICRA’s full participation in the extant ratings cycle has been a function 1) reorganization of ratings team structure with sharpened sectoral rigor, 2) restructuring of business development team on lines of key sectors, 3) strong ratings performance and timely actions, 4) focus on remunerative and appropriate pricing/yields, and 5) inherent strength (leading market p...
Add ICRA Ltd For Target Rs.6,700 - Yes Securities
Early signs of uptick in chemicals busines Commentary from SRF’s key customers seems to be suggesting that i) channel destocking has been easing, and ii) patented agrochemicals demand will see an uptick in 2HFY23. In our view, this scenario is positive for SRF’s fluorospecialty business. Besides, commentaries from HVAC equipment producers indicate short supply for HFC blends. Our checks indicate that over the last couple of weeks SRF has started seeing good demand traction for ...
Buy SRF Ltd For Target Rs.3,245 - JM Financial Institutional Securities
Retail footprint expansion encourages growth * In FY23, TTAN posted a strong performance across all business segments, driven by investments in supply chain, digital data, omni-channel capabilities, retail networks, and select international markets. The company reported overall revenue/profit growth of 40.9%/40.2% YoY to INR405.8b/INR32.7b. Over FY18-23, TTAN clocked impressive sales/PAT CAGRs of 20.3%/23.9%. Here are the key takeaways from the company’s FY23 annual report: * Jewe...
Buy Titan Company Ltd For Target Rs.3,570 - Motilal Oswal Financial Services
Maintains 20% growth and 28-30% VNB margin guidance * SBILIFE reported a slightly muted performance in 1QFY24. APE grew 4% YoY (in line), while VNB was flat YoY as margins contracted 290bp QoQ to 28.7%, due to product mix shifting towards ULIPs. PAT grew 45% YoY to INR3.8b (27% beat). * In terms of NBP, annuity saw a healthy growth of 102% YoY, while Non-Par savings declined 28% YoY in 1QFY24. Protection/ULIP segment saw modest growth of 11%/10% YoY. * We slightly lower our VNB margi...
Buy SBI Life Insurance Ltd For Target Rs.1,570 - Motilal Oswal Financial Services
A large win in the Middle East, likely to beat its order inflow guidance for FY24 As per media reports (Link), L&T is the preferred contractor for USD 3.9bn order for Jafurah Unconventional Gas Field, Saudi Arabia (Source: MEED). Also, till date in FY24, L&T has announced orders worth over INR 750bn. With this significant accretion in orders, L&T could report >20% growth in order inflow in Q2 (excl. services), in our view. Note L&T has highlighted that order prospects ha...
Buy Larsen & Toubro Ltd For Target Rs.3,141 - ICICI Securities
In FY23, TTAN posted a strong performance across all business segments, driven by investments in supply chain, digital data, omni-channel capabilities, retail networks, and select international markets. The company reported overall revenue/profit growth of 40.9%/40.2% YoY to INR405.8b/INR32.7b. Over FY18-23, TTAN clocked impressive sales/PAT CAGRs of 20.3%/23.9%. Here are the key takeaways from the company’s FY23 annual report: * Jewelry: TTAN holds a ~7% market share in the Indian j...
Buy Titan Company Ltd For Target Rs. 3,085 - JM Financial Services
Pressing the growth pedal The Phoenix Mills (PHNX) has clocked a CAGR of 14% in consumption and 13% in retail rental across its mall portfolio over the last decade (FY13-23). Further, LTL consumption base for FY23 across the company’s operational malls was 19% higher than FY20 levels. With the company’s Wakad, Pune having opened in Sep’23 and Hebbal, Bengaluru also expected to open shortly and Indore/Ahmedabad malls having opened in FY23, the focus now shifts to growth fr...
Add Phoenix Mills Ltd For Target Rs.1,928 - ICICI Securities
Krsnaa Diagnostics’ ex-Covid, ex-Rajasthan revenue CAGR of c.46% over FY21-23 was strong and underscores robust execution capabilities, in our view. The company is in the process of executing the Rajasthan agreement post a favourable ruling from the Rajasthan High Court – and is guiding towards INR 3bn revenue in FY25 from this tender. Despite significant new centre additions, margins have remained resilient in FY23 but change in mix (towards pathology) and implementation of large...
Buy Krsnaa Diagnostics Ltd For Target Rs1,050 - JM Financial Institutional Securities
Focus on building capabilities as opportunities beckon The opportunity in the Indian savoury snacks segment is extremely attractive and Bikaji is capitalising on it by leveraging its brand strength and augmenting its manufacturing and distribution capabilities (Exhibit 4/5). Despite its well-entrenched presence in core markets, the company is able to drive strong growth in these markets – a function of market share gains led by initiatives around improving quality of distribution. In...
Buy Bikaji Foods International Ltd For Target Rs.575 - JM Financial Institutional Securities
* Medanta’s expansion is far from over. We forecast its net cash balance to be INR 10bn+ by end-FY26 (based on current expansion plan) implying potential for more capex initiatives in the near future. This expansion could be in UP/ Punjab, as alluded to by the management earlier. Medanta’s Lucknow and Patna facilities have performed exceptionally well and that trend will continue as they achieve full-scale capacity over the next 2-3 years, in our view. In addition, if Noida’...
Buy Global Health Limited For Target Rs. 665 - JM Financial Institutional Securities Ltd
We recently interacted with KEC International. The company is on the cusp of a major turnaround driven by stellar growth in its TAM, sequential margin recovery, and reduction of working capital to normalized levels. KEC is the market leader in the domestic T&D EPC industry and is expected to be a major beneficiary of a stellar growth in TAM. With execution of legacy projects largely behind, turnaround in SAE Brazil profitability and a stable commodity environment, the company has signific...
Buy KEC International Ltd For Target Rs. 816 - Yes Securities
Bajaj Finance (BAF)’s FY23 Annual Report provides insights into the company’s business construct and the different elements of its Long Range Strategy, including its ambition, approach, philosophy, market share, and profit share. The company plans to execute this strategy by increasing business agility, establishing a more efficient cost structure, and expanding its share of wallet within its customer base. * During the challenging period of COVID-19, BAF seized the opportunity...
Buy Bajaj Finance Ltd For Target Rs. 8,800 - Motilal Oswal Financial Services
Stronger propane prices drive another Morbi price hike by Gujarat Gas Gujarat Gas (GUJGA) has hiked industrial gas prices at Morbi by INR 2.5/scm, the second hike in Q2, post a INR 2/scm hike taken in Aug’23. The decision has been driven by an improvement in propane prices in last 2-3 months. Prices have steadily improved since then, with Aug’23 prices at USD 470/t and Sep’23 prices declared at USD 550/t – coupled with an increase in import duties to ~18% from <6...
Hold Gujarat Gas Ltd For Target Rs.435 - ICICI Securities
Demand and margin trend remains favourable We interacted with the management of Astral Ltd (Astral) and following are the key takeaways: a) demand trend in pipe market remains healthy in Q2FY24-TD with 20%+ volume growth YoY (partly aided by low base) driven largely by the plumbing segment; b) management indicated operating margins to improve QoQ in Q2FY24 for both pipes (due to better product mix and no inventory losses likely to recur in Q2 given that PVC resin prices have been on an upt...
Hold Astral Ltd For Target Rs 1,909 - ICICI Securities
Reaching the unreached; niche position in INR 22trn MSME lending Five Star Business Finance’s FY23 annual report provides an insight on how it is progressing towards its vision of “reaching the unreached through suitable credit solution” and capturing the INR 22trn MSME lending opportunity. AUM growth reviving to 37% in FY23 vs 14% CAGR between FY20-22 (covid impact) is a testimony to its agility and business resiliency. In a high human touch model, adherence to standard-...
Buy Five Star Business Finance ltd Target Rs.860 - ICICI Securities
Expect RAC segment’s market share at 21-22% in FY24/25 * Leadership to sustain in RAC: Voltas (VOLT) is a market leader in the room air conditioners (RAC) segment. Its share had gradually risen to 25.2% in FY21 (from 20.8% in FY15) before declining to 23.4%/21.6% in FY22/FY23. We estimate VOLT to lead the RAC segment with a market share of 21-22% in FY24/25. * Voltbek’s losses continue but strong revenue traction visible: Voltbek (Voltas Beko) posted volume growth of 45%/15-...
Buy Voltas Ltd For Target Rs. 1000 - Motilal Oswal Financial Services
Rejuvenating the Brand Rebranding a legacy with financial discipline! | Initiate coverage with a BUY Raymond is an established apparel brand in India that resonates with consumers seeking premium apparel wear. However, despite its rich heritage, the brand’s market penetration has remained significantly underexplored. Over the last two to three years, the company has revitalized its standing through strategic initiatives such as: a) strengthening the senior leadership team across vari...
Buy Raymond Ltd For Target Rs.2600 - Motilal Oswal Financial Services
Global 5G subscriptions grew by 175 million in the second quarter (Q2) while India accounted for the most net addition of overall mobile subscriptions with over seven million new users in the period, a new report showed on Tuesday. The Q2 additions bring the global number of 5G subscriptions close to 1.3 billion, according to Ericsson Mobility Report. In the second quarter (Q2), the number of mobile subscriptions totalled 8.3 billion, with a net addition of 40 million subscriptions duri...
Global 5G mobile subscriptions reach 1.3 bn, India adds most overall users
Mr. Uday Kotak steps down as MD & CEO; remains associated as non-executive director As per the meeting held on 2nd Sep’23, the board of Kotak Mahindra Bank (KMB) has informed that Mr. Uday Kotak has resigned as the MD & CEO of the bank and has become a non-executive non-independent director of the bank for a period of 5 years. He would not be liable to retire by rotation. Mr. Dipak Gupta (joint MD) would carry out MD & CEO responsibilities in the interim, subject to regul...
Hold Kotak Mahindra Bank Ltd For Target Rs. 1,850 - Motilal Oswal Financial Services
We visited TCom’s Customer Experience Center located in Mumbai, which was launched around April 2022. The center is divided into four zones and creates curated journeys, depending upon customers and their interests, using various use-cases. The discussions are about TCom’s capabilities (what TCom can do) as well as its credibility (where TCom has implemented its applications). The center gives an insight into the company’s Digital Platform and Solutions (DPS) and discusses c...
Hold Tata Communications Ltd For Target Rs.1,710 - Emkay Global Financial Services
Mr. Uday Kotak resigns from position of MD & CEO Leadership transition begins at Kotak Bank * Mr. Uday Kotak has resigned from MD & CEO position of the bank, effective 1st Sep’23, four months ahead of schedule. He will continue to serve as a non-executive director of the bank. * Mr. Kotak, a founding member of the bank, has been part of the institution for the past 38 years. His contribution was thus pivotal in guiding the bank through its transition from being an NBFC...
Neutral Kotak Mahindra Bank Ltd For Target Rs. 2,000 - Motilal Oswal Financial Services
Laying the foundation for sustainable growth FY23 consol RoE improves to 18.8% * Axis Bank’s (AXSB) annual report highlights the bank’s focus on strengthening its retail franchise and investing in its distribution network and technological capabilities. The bank has laid special emphasis on increasing the mix of retail deposits. In FY23, it reported 21% growth in CASA deposits, surpassing its peers. This facilitated a 100bp improvement in the daily average CASA mix, reachin...
Buy Axis Bank Ltd For Target Rs. 1,175 - Motilal Oswal Financial Services
Future Outlook • The Life Insurance Behemoth is likely to close the current fiscal with Net Premium of almost Rs 5000bn and has all the levers in place to maintain its Industry leading position. • While it's share of Par Products in the Individual Business remains at 90%, the ULIP products did drag it's Non- Par margins during Q1. However we expect the Insurer to fare much better in August & September which should improve margins. Technical Commentary • ...
Buy Life Insurance Corporation of India Ltd For Target Rs.770 / 840 - LKP Securities
Future Outlook • Healthy Order Book of Rs 325bn coupled with an order inflow guidance of Rs 110bn for the current fiscal should keep the momentum going strong for IRCON this year too. • Its net debt-free status and likely monetization of huge investments in SPV's provide added comfort despite the recent run up in the stock price. Technical Commentary • IRCON has given a consolidation breakout. Beside, it is maintaining above the crucial 50 exponential moving ave...
Buy Ircon International For Target Rs. 118/126 - LKP Securities
Shoppers Stop witnesses a change in leadership Management expects existing growth strategy to continue * Shoppers Stop (SHOP) announced the resignation of its MD and CEO Mr. Venugopal G. Nair after a ~three-year stint at the company. Mr. Kavindra Mishra, formerly Chief Commercial Officer and CEO of the Homestop division, will succeed him and assume the role of CEO and Executive Director. * The management indicated that there will be no change in the ongoing strategy, with continued e...
Neutral Shoppers Stop Ltd For Target Rs. 750 - Motilal Oswal
FY23 AGM: 5G, AI, FMCG, GREEN ENERGY in focus We attended the 46th AGM of RIL on 28th Aug’23, and following are the key highlights from the event: * The AGM highlighted the company’s ambitious plans across business verticals, particularly the upcoming nationwide rollout of 5G technology in India, a transformative AI revolution, expansion within the FMCG sector, and investments in the field of green energy. * Jio: Expects nationwide 5G coverage in India by Dec’23; la...
Buy Reliance Industries Ltd For Target Rs. 2,920 - Motilal Oswal Financial Services Ltd
Well-entrenched franchise, attractive valuations Yield stabilisation in gold loans and turnaround in the MFI business are noteworthy developments in Manappuram Finance (Manappuram). Company has guided for 10-12% gold AUM growth with 21-22% yields while its growth guidance for MFI segment is >30% for FY24. However, rising cost of funds in both the businesses and overall elevated competition in gold loans remain headwinds. Strategically, the company is focussing on diversification (aiming...
Buy Manappuram Finance Ltd For Target Rs.172 - ICICI Securities
Laying the foundation for sustainable growth FY23 consol RoE improves to 18.8% * Axis Bank’s (AXSB) annual report highlights the bank’s focus on strengthening its retail franchise and investing in its distribution network and technological capabilities. The bank has laid special emphasis on increasing the mix of retail deposits. In FY23, it reported 21% growth in CASA deposits, surpassing its peers. This facilitated a 100bp improvement in the daily average CASA mix, reachin...
Buy Axis Bank Ltd For Target Rs. 1,175 - Motilal Oswal Financial Services
Building a ‘healthier’ future! Stepping into the spotlight | All growth levers at play * Star Health (STARHEAL) is expected to clock 20% retail health premium CAGR over FY23-25 led by: 1) increasing sum assured per policy, 2) price hike in its flagship product, and 3) deeper penetration that is driving growth in the number of policies. * Management is intensely focusing on growing the business through the banca channel, with the help of the benefit-based products that hav...
Buy Star Health and Allied Insurance Ltd For Target Rs.730 - Motilal Oswal Financial Services
Focus on localisation to boost growth… About the stock: SKF India, incorporated in 1961, is engaged in manufacturing of bearings, seals, lubrication systems, after-market and other maintenance products * Company’s ~52% of revenues come from industrial segment while ~41% of revenues come from automotive segment. Balance ~7% of sales is from exports. After-market segment contributes ~36% of total revenue * Consolidated revenue of the company has grown by 14.9% CAGR during ...
Buy SKF India Ltd For Target Rs. 6400 - ICICI Direct
Ujjivan SFB recorded a strong operational quarter with beat on PAT at INR 3.2bn (+15% JMFe, +60% YoY, +5% QoQ) supported by robust NII growth (+32% YoY, +7% QoQ) and steady other income (+42% YoY, -1% QoQ). NIMs stood at 9.2% (+10bps QoQ) supported by a) increase in yields (+20bps QoQ) and b) reduction in excess liquidity. Mgmt. remains confident of maintaining NIMs c.9% by passing rate hikes to customers (40% of the loan book yet to be repriced by 100bps) even with expected increase in CoF. ...
Buy Ujjivan Small Finance Bank Ltd For Target Rs. 50 - JM Financial Institutional Securities
ATRACO acquisition likely to boost revenues Gokaldas Exports (GEXP) has signed a definitive agreement with the shareholders of UAE-based apparel maker, ATRACO, to acquire 100% of the latter’s equity for a total consideration of up to USD 55mn funded through debt (73%) and internal accruals (27%). ATRACO exports 95% of its production to the US (primary market for GEXP) and has nearly mutually exclusive customer base with GEXP. Hence, we believe this deal provides GEXP an opportunity t...
Buy Gokaldas Exports Ltd For Target Rs. 855 - ICICI Securities Ltd
Play on asset ownership in an industry upcycle We believe that Chalet Hotels (Chalet) is well poised to benefit from the strength in demand, especially for premium and luxury hotels in India’s Tier cities. While industry peers are focusing on the asset light expansion route, Chalet has chosen to grow its hotel room and office rental portfolio over FY23-27E through the ownership route (mix of existing project expansion and long-term leases). We believe that this is the right strategy ...
Buy Chalet Hotels Ltd Target Rs. 652 - ICICI Securities Ltd
Demand headwinds in BFS (largest vertical) persist, but the same is not reflected in valuations; reiterate SELL We attended Mphasis analyst meet wherein the company outlined its future growth strategies: 1) focus on expanding non-BFS verticals, 2) continuing strategy of proactive large deal wins, and 3) increasing the number of clients with high revenue potential (USD 100mn+ annually). However, our near-term view on the company has not changed, hence we maintain SELL. Our concerns are: 1) ...
Sell Mphasis Ltd For Target Rs.1,727 - ICICI Securities Ltd
New product launches to drive the next leg of growth * Vinati Organics (VO)’s FY23 Annual Report highlights its long-term relationships with clients as well as its focus on R&D expertise. These have helped the company amplify the value for all its stakeholders, despite cyclicality and macro headwinds. * VO is facing demand challenges in its key product, ATBS, due to inventory build-up by customers because of high offtake during 2HFY23. However, management expects the launch of...
Buy Vinati Organics Ltd For Target Rs.2150 - Motilal Oswal Financial Services
Impressive track record, robust outlook to sustain re-rating Demand tailwinds to drive better valuation for industry as well * MAXHEALTH is currently trading at 24x FY25E EV/EBITDA, representing a premium to its historical average of 22x. Moreover, it is also trading at a premium to its hospital peers (21x FY25E EV/EBITDA). * However, we expect MAXHEALTH to continue trading at a premium on relative basis, backed by: a) significant land bank availability in high-demand areas of Delhi...
Buy Max Healthcare For Target Rs.660 - Motilal Oswal Financial Services
Adani Group stocks posted gains on Friday, leading to an increase in its market capitalisation by Rs 12,675 crore. The total market capitalisation of the 10 listed Adani Group companies touched Rs 10.62 trillion, up from Rs 10.49 trillion in the previous closing. An analyst said, “The Adani Group's recent surge, especially in its power portfolio, exemplifies the renewed confidence and focus of the investor community on its potential instead. This interest isn't m...
Adani Group market cap jumps by Rs 12,675 crore
Sharda Motor Industries Ltd We have coverage on Sharda Motor Industries Ltd. with a BUY rating on stock. Since our report, the stock has posted a high of Rs.1042 today. With the recent run-up in the share price (23% return), we are now changing our rating on the stock to Neutral and recommend our investors to book profits. To Read Complete Report & Disclaimer Click Here Please refer disclaimer at https://www.sushilfinance.com/Disclamier/disclaimer ...
Buy Sharda Motor Industries Ltd For Target Rs.1,087 - Sushil Finance
Bharat Bijlee Ltd We have coverage on Bharat Bijlee Ltd. with a BUY rating on stock. Since our report, the stock has posted a high of Rs.4322 today. With the recent run-up in the share price (37% return), we are now changing our rating on the stock to Neutral and recommend our investors to book profits. To Read Complete Report & Disclaimer Click Here Please refer disclaimer at https://www.sushilfinance.com/Disclamier/disclaimer Member : BSE/ NSE/ ...
Buy Bharat Bijlee Ltd For Target Rs. 4,460 - Sushil Finance
Mixed results; outlook positive Voltas is India’s leading air conditioning and engineering services company. In Q1FY24, it derived ~75% of its revenue from the unitary cooling products (UCP) segment and 33% from electro-mechanical projects and services (EMPS). • Revenue surged 21.7% YoY to Rs. 3,335cr in Q1FY24, driven by growth in the UCP and EMPS segments. • EBITDA increased, while margin shrank 90bps YoY to 5.6% due to higher operating expenses. Adjusted PAT grew 1...
Buy Voltas Ltd For Target Rs. 991 - Geojit Financial Services
Margin recovery a key positive... Kansai Nerolac Paints Ltd. (KNPL) is the market leader in industrial paints and the third largest decorative paint company in India. • During the quarter, the top line grew by 5.1% YoY, led by high single digit volume growth in the decorative paint business. • Gross margin improved by 537bps YoY to 64.7% owing to moderation in raw material prices. While EBITDA margin improved by 294bps YoY to 15.4% in Q1FY24. • Within the industrial...
Buy Kansai Nerolac Paints Ltd For Target Rs. 388 - Geojit Financial Services Ltd
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