Big order from BSNL to boost the telecom business:

Bhagyanagar India received an order to the tune of Rs 350 million from the telecom behemoth Bharat Sanchar Nigam Limited (BSNL), New Delhi for supply of telecom cables to various circles. As per the fresh order, the company has to supply 3.12 LCKM of jelly-filled telecom cables with an execution period of four months. Apart from this major order, we expect Rs 150 million orders from various circles in FY 2008, taking the topline of the telecom division to Rs 500 million which is approximately 3x FY2007 sales of this division. This will tremendously boost the telecom division of the company which was ailing due to the decline in demand for jelly-filled telecom cables. The telecom cables division recorded a YoY decline of 73% in its topline in FY 2007 (from Rs 698 million in FY2006 to Rs 187 million in FY2007).

De-merger on track:

Bhagyanagar India is considering a proposal for restructuring of the company. The restructuring will mainly involve demerging the different business activities namely real estate and infrastructure, manufacturing of copper & telecom products and non-conventional energy. The real estate and energy business will remain under "Bhagyanagar India Ltd." and rest will de-merge into "Bhagyanagar Metals Ltd". The company is well on course to complete the merger, which is expected to be completed in the next 5-6 months.

Preferential allotment of warrants:

The company recently allotted 7.2 million warrants at a price of Rs 44/- to Delhi based M/s Foster Capital Ventures, implying a 7.3% stake in the company upon conversion (on fully diluted equity). Another 4 million warrants were allotted to M/s Bhagyanagar Ventures Ltd and .3 million warrants to Trimurthi Advisory Services Pvt Ltd. The fully diluted equity of the company (after outstanding FCCBs and warrants conversion) stands at 97.5 million shares.

Stock in for re-rating:

We currently value the real estate assets at a 10% discount to the present sale value of the raw land bank, due to the conglomerate nature of the company. This is an upward revision from our previous valuation involving a 20% discount, due to the recent across the board upsurge in the realty stocks. In the event of a de-merger, the company will start getting valued on the Net Present Value of its developed land like other listed real estate companies. Therefore, we believe that this move will be value accretive for the company making Bhagyanagar India a pure real estate play.

At current levels it quotes at a price earnings multiple of 6.8x FY08 and 5x FY09 earnings. Hence there is a huge potential for value unlocking, considering the price earnings multiple real estate companies enjoy. We believe a substantial value unlocking can take place in the stock and intend to revise the target upwards as and when the management gives more clarification on the de-merger details. We reiterate a BUY at current levels with a price target of Rs 65 per share. This includes Rs 55 per share for Real Estate business and Rs 10 per share for other businesses.

'Mobile' growth to power business Sasken's niche focus on the wireless telephony segment, offerings to different segments of the wireless ecosystem and strong relationships with Tier-1 clients are likely to drive growth in its Services Business. The Products Business, on the other hand, has good visibility in shipments and is likely to lead margin defence efforts through its royalty model. Excluding the losses in the Products Business, the stock effectively trades at around 13xFY2009E EPS. We expect products to show strong growth going forward. We 'Initiate Coverage' on the stock with a Buy and Target Price of Rs 392 based on a sum-of-the-parts valuation methodology.

A strong focus on a niche area: Sasken is a niche company focussed on providing software solutions to the global telecom sector, with a focus on the wireless space. Worldwide cellular users are projected to hit 3billion by end-2007. The company's service offerings address different segments of the wireless ecosystem, namely Network Original Equipment Manufacturers (OEMs), Semiconductor Manufacturers and Terminal Device Manufacturers. Strong relationships formed with Tier-1 OEMs like Nokia, Nortel and Texas Instruments inspire confidence about strong growth of its Services Business.

Acquisition to strengthen portfolio of offerings: Sasken acquired a company called Botnia Hightech in FY2007, which is into hardware and RF design and testing. Through this, Sasken has expanded its service offerings for the fast-growing handset segment and also gets access to a Tier-1 client, Nokia, with whom it can significantly expand its engagements.

Products Business to drive margin defence: Sasken's business model, encompasses both services and products. In its Products Business, the company develops software components that go into mobile phones. The business is royalty-based, with the company earning a certain amount per phone shipment on which its intellectual property (IP) is loaded. Thus, this is a highly scalable model. As a result, this business provides a strong lever for margin defence, given pressure that the Services Business is likely to face due to wage inflation. Industry outlook The global telecommunications sector can be broadly divided into 2 major segments - telecom service providers (TSPs) and telecom equipment manufacturers (TEMs). If we take a historical perspective, the TSP segment has been subject to high levels of regulation, with major companies typically being, by and large, state-owned entities. However, over the past few years, the sector has undergone a significant transformation, witnessing increasing levels of liberalization. Competition has increased in both the key segments of the TSP industry, namely fixed-line and mobile services. As a matter of fact, it has undoubtedly been the mobile segment that has transformed the industry, which has been driven by firms across the globle rolling out mobile telecom networks.

According to Datamonitor, an industry research firm, while the global fixed-line market is expected to grow at a compounded rate (CAGR) of 4.6% to hit US D696 billion by 2009, the global wireless market is expected to grow at a CAGR of 11.8% to hit US D970 billion by 2009. On the other hand, the global TEM market is expected to grow at a CAGR of 3.1% to hit USD 348 billion by 2009. Between 2000-02, this industry witnessed a global downturn, which adversely impacted TEMs, as there was an over-supply situation, with TSPs setting up capacities in anticipation of growth that did not materialise. This supply glut led to a slow-down in incremental demand for telecom equipment. Post-2002, however, the transformation in the TSP market led to a revival of demand for telecom equipment, with TEMs requiring to continuously upgrade their products to support networks capable of transferring voice and data traffic at rapid speeds (3G).

Mercator Lines Ltd (MLL) is planning to list it's wholly owned subsidiary Mercator lines (Singapore) on Singapore exchange by offloading 30% stake. The subsidiary has raised USD 51 million in March 2007 through convertible bonds including FCCB of USD16 million; the balance is mandatory convertible in the event of an IPO within 24 months from the date of issue. The company is expected offload maximum of 30% in IPO including the bonds and expected to raise USD165 million.The Singapore subsidy is currently having debt of around USD350 million and the proceeds from IPO would be utilized to repay debt and fleet addition.

We believe the Singapore subsidiary will get attractive valuation considering strong charter market in dry bulk segment. The subsidiary has recently acquired seven dry bulk vessels and has chartered four bulk vessels and three tankers under Singapore subsidiary. The listing in Singapore is expected to get higher valuation than parent company as international shipping companies trades at higher P/E of around 8x to 10x earnings as compared to 5x-6x earnings in India and premium to asset value at around 1 to 1.5x.

We have valued Singapore subsidiary at Rs 22 billion at 1.3x asset value. We expect Singapore Subsidiary profits to increase from Rs 633 million in FY07 to Rs 1.72 billion in FY08 on back of strong freight rates in dry bulk segment and fleet addition. Assuming 30% dilution, the subsidiary would add Rs 5 per share in standalone earnings of Rs 6.1 per share for FY08.

Valuations:

The Company has recently acquired one trailer suction hopper dredger (on 8 august 2007) with capacity of around 5,000 m3 which is expected to add Rs 258 million in FY08 standalone revenue. We have lowered standalone revenue estimated from Rs 8.27 billion to Rs 6.62 billion due to termination of charter contracts while net profit estimate is lowered from Rs 1.52 billion to Rs 1.49 billion. We have revised the valuation from 5x FY08 to 6xFY08 consolidated earnings considering significant reduction in leverage at Singapore subsidiary after listing and recent diversification into dredger business. We have revised target price from Rs 60 to Rs 66.

Unitech is India’s second largest listed real estate developer with a land bank of nearly 10,700 acres spanning across India, making it amongst the largest diversified developer in the country. Unitech has a differentiated business ideology of fast capital conversion and has a focus on acquiring large parcels of land for integrated development. The management believes in developing land parcels for selling built-up space (as a developer) rather than retaining them for rental income (as a landlord). However, we believe that current stock price does not price the significant execution and absorption risks, arising out of mega development plans by various developers in the next 3 years. Also, with increasing number of developers getting listed the premium enjoyed by a handful of players including Unitech is slowly eroding.

We believe that its valuations are stretched at 1.63x NAV of Rs. 280 and 1.15x FY09 NPV of Rs 395. We initiate coverage on Unitech with an Underperformer rating, with a 12 month price target of Rs 395 based on 1x our FY09 NPV valuation of Rs 395/ share. Huge premium to NAV and NPV: We estimate Unitech’s NAV (Current market value of undeveloped land bank) to be Rs 280 and the stock currently trades at 1.63x (63% premium) its NAV. We believe that the huge premium to NAV is difficult to justify as real estate companies cannot keep buying land at current prices and valuing them on NPV terms on a sustainable basis. This is due to sharply increasing supply of high quality built up space in the property markets. We estimate Unitech’s NPV to be Rs 395 which is our price target, as we believe that a premium on NPV is not justified in a consolidating real estate market scenario with prices & transaction volumes stagnating and even declining.

Execution and subsequent absorption concerns: We estimate that Unitech will develop over 563 million sq ft (including JVs, MoUs and sole development rights) of usable space in the next decade (2008 – 2019) and in excess of 50 million sqft in the next three years. Other big developers have their huge development plans on similar lines. Based on the implied volumes for the industry, we believe that there are significant execution risks attached to building on this mammoth scale. The ability to execute these mega plans on time and costs basis remains a big concern, which is not factored in the stock price. We also remain very apprehensive about the market’s ability to absorb such large quantities at historically high real estate prices.

Evaporating scarcity premium: The Indian real estate industry is getting more transparent and institutionalized. Many real estate developers have chosen to raise money (over Rs. 500 Billion in last 1 year) from the equity market, and more real estate companies are planning to raise money. We believe that this will increase the options for investors to get an exposure to the Indian real estate industry. Consequently, the scarcity premium enjoyed by a small set of companies including Unitech would be slowly eroded.

Valuations stretched at current levels: On account of all these factors we rate the company an underperformer with a 12 month price target of Rs 395,. The stock currently trades at a 15% premium to our price target. Our price target is at 1.4x NAV, 1.0x NPV and 12.7x time FY09 earnings. On the other hand, the ability of Unitech at monetizing its assets (which it has successfully done in the past with Unitech Corporate Parks) at higher than our expected NPV estimates remains a key risk to our price target.

We upgrade the stock to Outperfomer on account of recent correction in stock price. The strong fundamentals alongwith sustained impressive performance re-affirm our faith in the company. The company is on a sound footing with considerable scale up in the Customs Synthesis business.

Shifting main focus on Custom Synthesis business reaping exponential benefits:

The custom synthesis segment is the high margin business and major growth driver for the company, contributing 49.96% to net revenues in FY07 at Rs.3.62 billion experiencing more than two fold growth at 216.6%. The generics business grew by 35.9% to Rs3.63 billion resulting in falling contribution from 70% in FY2006 to 50.04% in FY2007. The change in revenue mix of custom synthesis and generics segments in the ratio of 50:50 from 30:70 would positively impact the margins with sustained improvement going forward as the former is a high margin business.

Export market dominance continues:

Divi's derives 93% of its business from export markets, to a large extent from the US and Europe regions (75%) reflecting strong international presence and well established client relationship of the company. The company has filed 2 DMFs (cumulative: 28) with USFDA and 11 dossiers (9 with European & 4 with other countries) in CY2007 so far.

Nutraceuticals business to act as New Growth Driver from FY2008:

The nutraceuticals business is the future revenue driver for the company for which it has set-up the nutraceutical bead-let plant with an investment of around Rs350mn which is expected to get completed by mid of next year. However, the nutraceuticals business is expected to contribute revenues from FY08E partially (as a part of custom synthesis business) and with full contribution from FY09E (as a separate business segment) with estimated revenue worth Rs400 million.

Currently available at Attractive Valuation

We expect the company's net revenues to exhibit 30% CAGR growth from FY07 to FY09E, with custom synthesis business growing at 30% and generics business at 25.5%. On account of better product mix and cost efficiency, the margins at operating level posted at 32.95% in FY2007 (compared to 30.3% in FY2006) are expected to move up to 35.2% in FY2008E and 35.8% in FY2009E. The earnings are expected to grow at a CAGR of 32.12% from FY2007 to FY2009E, resulting in EPS at Rs.38.9 in FY2008E and Rs.52.4 in FY2009E. The stock split of the company from Rs.10 to Rs.2 per share was effective from August 03, 2007. Currently the stock is available at attractive levels at P/E of 19.3 on FY2009 basis. Hence, we upgrade our recommendation from "Underperformer" to "Outperformer" with the price target of Rs1,250 based on earnings multiple of 23.9 on FY2009 basis.

In 1QFY08, Andhra Bank's net profit grew by 21% to Rs1.4 billion compared to our estimate of Rs1.46 billion; marginally lesser bottom line was due to lower interest income.

The bank reported operating profit of Rs 2.2 billion against our estimation of Rs 2.5 billion. Reported net interest income of Rs 3.6 billion was lower than our estimate of Rs 4.0 billion mainly due to higher interest expenses.
Decline in low-cost deposits' share made dent in the NII and margin. Containment in operating expenses and lower provisions led to strong growth in bottom line and improvement in return ratios.

Growth in bank's business

The bank's business grew by 25% to Rs 685 billion on the back of 27% growth in credit to Rs 277 billion and 23% growth in deposit to Rs 408 billion.

High yielding credits' share increasing

Advances to agriculture, SME and educational segments grew by 26%, 34% and 35% respectively; credit to total priority segment grew by 31% leading to increase in % share of priority sector in total advances. Upward revision in the bank's lending and higher growth in these sectors resulted into 42% jump in interest income from advances.

Decline in CASA share

In the quarter, term deposits and low-cost deposits (LCDs) grew by 32% and 9.3% respectively leading to decline in CASA's share to 33.4% from 37.7% in 1QFY07. Decline in LCDs led to increase in cost of deposits to 6.16% from 5.04% in 1QFY07 and cost of funds to 5.42% from 4.4% in 1QFY07. The bank redeemed almost Rs 3.5 billion of high-cost bulk deposits; at present the bank bulk deposits are 25% of total deposits.

Healthy growth in non-interest income

Higher recovery on written-off accounts and treasury income resulted into 33% growth in non-interest income. During the quarter, fee-based income did not show any growth.

Stagnancy in asset quality

In absolute terms, gross NPA remained at Rs4.2 billion as compared to Rs 4.17 billion in 1QFY07; net NPA went up by three times to Rs0.5 billion. In percentage terms, GNPA drifted down to 1.5% from 1.9% in 1QFY07.

Comfortable capital adequacy

As on end-June 2007, bank's capital adequacy was 12.5% with Tier I and tier II at 11.07% and 1.42% respectively. The bank is adequately capitalized and has enough headroom for tier II capital. We re-affirm our BUY rating on the stock a target price of Rs146.

In 1QFY08, Syndicate Bank's net profit grew by 22% to Rs2.2 bn compared to our expectation of Rs2.3 bn due healthy growth in non-interest income and lesser provisions. The bank's single digit growth in net interest income (NII) was much lower than our expectation and was due sharp jump in interest expenses; NII grew by 8% to Rs5.5 bn compared to our estimation of Rs6.0 bn. the bank reported strong performance on fee-based income and slight improvement in asset quality. We rate the stock as a BUY with a target price of Rs108.

Strong growth in business:

The bank's total business grew by 26% to Rs1325 bn on the back of 26% growth in deposits and 25% growth in credits. During the period, low cost deposits (LCDs) and term deposits grew by 29% and 26% resulting into increase in CASA's share to 32.3% from 31.9% in 1QFY07. Advances growth came from priority, agriculture sectors. In 1QFY08, deposits and advances grew by 2.8% and 1.8% respectively.

Growth in non-interest income:

The bank non-interest income grew 14% to Rs1.5 bn on the back of 15.5% growth in fee-based income and 58% jump in treasury income to Rs380 mn.

Increase in operating expenses:

Total operating expenses grew by 14% to Rs3.8 bn, higher than expected growth in operating expenses was due to higher depreciation on CBS network. The bank's cost-income ratio increased from 53% in 1QFY07 to 55% in 1QFY08.

Marginal improvement in asset quality:

In the quarter, gross non-performing assets drifted down by 0.5% to Rs15.8 bn and net NPA grew by 20% to Rs4.1 bn. On percentage basis, GNPA and NNPA both improved to 3.06% and 0.82% respectively. We rate the stock as a BUY with a target price of Rs108.

In Q1 FY08, Pennar Industries Ltd (PIL) reported net profit of Rs 76 mn on net sales of Rs1,289mn. Though net profit came in line with our estimates of Rs 74 mn, net sales were below our expectations.

Net sales grew by 5% (Y-o-Y) over previous year on account of higher sales from Cold Rolled Formed Steel (CRFS) segment driven by higher volume from Railways and Electro Static Precipitators (ESP) sub segments. However, sequentially gross sales (refer note1) declined by 4% due to lower realization in both the segments with a flat volume growth. While CRFS segment realization slipped by 12%; CRSS segment's realization declined sequentially. In the previous quarter, realization was higher driven by a large order from railways with better realization.

EBITDA for this quarter stands at Rs146mn, reflecting a margin of 11.3%, that is a margin expansion of 110 bps (QoQ) and 270 bps (Y-o-Y). This would be attributed mainly to lower raw material cost (72% of net sales in this quarter against that of 78% in previous quarter and 79% in last year). However some of the benefits are being off set as other manufacturing expenses have gone up significantly in the same period.

PIL reported a net profit of Rs76mn for this quarter, reflecting a net margin of 5.9% against 5% during last year and 5.3% during last quarter. This translates into an EPS of Rs 0.82, registering 13% growth (Y-o-Y) and a flat growth sequentially.

Valuation:

Currently the stock is trading 9X its FY08E EPS and 6X its FY09E EPS. We are positive on this stock considering its consistent margin improvement and on going capacity addition (new plant at Chennai), which is expected to start in Q2 FY08. We believe increasing mix of higher margin business (CRFS) would continue to drive margin expansion. Hence, we rate PIL a BUY retaining our price target of Rs29 based on 7X its FY09E EPS.

Segmental Performance:

CRFS segment still remains the main driver of margin. CRFS segment accounts for 67% of total EBITDA (with margin of around 15%) while revenue contribution is around 50.7% in this quarter. On the other hand CRSS contributed 33% to total EBITDA with a margin of 8%. We believe increasing volume from CRFS would lead to higher revenue contribution, which would attribute to margin expansion.

SpiceJet with a fleet size of 12 and market share of 8% is the second largest Low Cost Carrier (LCC) in India. With industry moving into the consolidation phase, we expect air fares to strengthen over the next two years and the entire industry would be a beneficiary. SpiceJet would be increasing its fleet from 11 in fy07 to 23 by FY09E. SpiceJet is expected to break-even in FY09E on account of its superior operational efficiencies, strong passenger volume growth and expected improvement in fares. We are initiating coverage on the stock with a BUY rating and target price of Rs 81.

Consolidation in the industry to provide much needed relief:

Consolidation in the aviation industry has marked the 1HFY2007 with three M&A deals happening during the period. Air India - Indian merger, Jet airways buying out Air Sahara and the latest being UB group picking up 26% stake in Air Deccan, all of them bringing the much needed boost to this loss making industry. Consolidation will ease competition and give pricing power to the dominant players and as a result of higher fares even smaller players like SpiceJet will benefit.

Strong passenger growth to boost top-line and profit:

Strong passenger growth would lead to 86% CAGR growth in revenues for the next two years. Increased passenger volume would also help in spreading fixed cost over larger passenger base there by bringing down per unit cost. We expect the revenue passengers for SpiceJet to increase from 2.8mn in FY07 (12 months) to 6.8mn in FY09E, a CAGR of 58%. The expected growth in revenue passenger is on account of aggressive increase in fleet size from 11 aircrafts in FY07 to 23 aircrafts by FY09E.

SpiceJet to break even in FY09E:

Superior operational efficiencies, strong passenger volume growth and expected improvement in fares are expected to make SpiceJet profitable by FY09E. With consolidation happening in the industry fares are expected to move upwards which we believe along with volume growth would be sufficient for SpiceJet to turn profitable. SpiceJet is expected to grow its revenues at 86% CAGR over FY07-FY09E and turnaround in FY09E with net profit of Rs759mn.

Increased focus on ancillary revenue stream:

In order to break even, SpiceJet is focusing on income coming from ancillary services like in-flight catering, selling insurance, excess baggage, promotional offers, providing hotels and car on rent. In a move to increase ancillary revenues, SpiceJet has started selling food on-board and has recently tied-up with TATA AIG insurance to provide insurance to air travelers for Rs129. During FY07, SpiceJet earned Rs348mn as ancillary revenues which were 5.4% of the total operating revenues. We expect the share of ancillary revenues to increase to 6.9% and 7.7% for FY08E and FY09E respectively.

Valuations: SpiceJet's revenues are expected to grow by 86% CAGR over the next two years with fleet size increasing from 11 to 23 by FY09E. On back of expected increase in yields due to consolidation in the industry, SpiceJet is expected to turnaround in FY09E and report net profits of Rs759mn. At the current market price of Rs56 the stock is trading at a PE of 22.3x its FY09E earnings and at an EV/EBITDAR of 12x and 3.2x for FY08E and FY09E respectively. We are initiating coverage on the stock with a buy rating and target price of Rs81. We have valued the stock at an EV/EBITDAR of 5x its FY09E earnings.

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Karvy - Inox Liesure, Daily Morning Brief, India Daily, IPCA LABORATORIES, SHARON BIOMEDICINE

Karvy Stock Broking is bullish on Divis Laboratories' and has recommended a buy rating on the stock with a target price of Rs 5950.

Key Highlights & Outlook:

As expected, the change in revenue mix has shown a positive impact on the margins front and we expect the margins to see a sustained improvement for next 2 to 3 years. With the increase in international projects in high margin custom synthesis business, the contribution to net revenues increased from 30% in FY06 to 50% in FY07. Subsequently, the volume based generics business contribution came down to 50% from 70% in FY07. We expect the current mix would continue for next 2 to 3 years.

Divi's has set-up the nutraceutical bead-let plant with an investment of around Rs 350 million and is expected to get operational in next 2 to 3 months. The plant is expected to contribute revenues from FY08E (as a part of custom synthesis business) partially and as a separate business segment with full contribution from FY09E at estimated revenue worth Rs 400 million.

With its strong product pipeline and well-established international presence, the company has derived 94% of its business from exports, to a large extent from US and Europe regions. We expect the company to derive at same proportion going forward for next 2 to 3 years.

Divi's has announced the stock split of equity shares in the ratio of 1:5 from face value of Rs 10 to Rs 2 each. We met our target price (Rs 4000) before the announcement of Q4FY07 results. We upgrade our EPS estimates for FY 08E by 54 % to Rs 188 and by 48.8% to Rs 238 in FY 09. We upgrade our price target by 48.8% to Rs 5950 based on 25x FY 2009E and rate the stock as BUY.

KARVY Daily - (TCS, GHCL, Liberty Shoes), SSKI - Bharti, WeeklyTech


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JM MORGAN Pantaloon, JM MORGAN indiaconsumer, KARVY BAZAAR BAATEIN


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Nifty continued to move northwards with minor hiccups, facilitating the index to surge by
more than 4 percent on a weekly basis on back of expanding volumes. Firm global markets
and expectation of strong Q4 earnings boosted the sentiments in the street. The mounting
inflation seemed to start losing steam as it plunged to 5.74 percent, below the anticipated
5.84 percent. The index sustained above its strong resistance zone of 3890-3900 levels with
renewed buying interest in Metal, Cement, Construction and Telecom space. Auto, FMCG,
Energy and Pharma sectors remained underperformer to the broader index.
Nifty futures witnessed lackluster activity during the week, with the April futures adding
marginal 5 lakh shares in open interest. The discount hovered at around 20 points for most
part of the week, down from 30 points last week. The total open interest in the index
futures stood at 3.63 crore shares, much below the all time high level of 4.04 crore shares
accumulated last month. The total market open interest rose significantly to Rs.51,910
crore from Rs.44,071 crore during the week. Among sectors, Metal stocks witnessed
significant accumulation of long positions. Bargain hunting crept into the stock at lower
levels, fueling the BSE-Metal index to surge up 7.89 percent during the week. Technology
sector witnessed closure of short positions. However, long accumulation was observed in
majority of the stocks on last Friday after the technology major, Infosys, unveiled its FY07
results and announced guidance as per the street expectations.
The Put-Call ratio of open interest started reverting back to the normal territory last week.
Sustenance above current levels will indicate the shift towards the positive sentiments. The
open interest concentration is at 3800 strike in Put options and at 4000 strike in Call options.
Volatility is expected to ease down in coming sessions, thereby inducing further stability.
The Nifty is expected to test higher levels of 3980-4000 this week.

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Karvy Gateway Distriparks (Rs169) - Results Preview


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Karvy Daily (Nitco Tiles)

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KARVY 4Q Result Preview

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India Cement (KARVY)

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