IPO Note | Real Estate
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Prestige Estates Projects | IPO Note
Company background
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Prestige Estates Projects | IPO Note
Proven execution skills
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Prestige Estates Projects | IPO Note
Giving shape to its integration strategy
PE...
Prestige Estates Projects | IPO Note
Exhibit 5: Land reserve details
Land bank ...
Prestige Estates Projects | IPO Note
Issue structure
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Prestige Estates Projects | IPO Note
Other Investment concerns
High dependence on...
Prestige Estates Projects | IPO Note
Restated Profit & Loss Statement
Y/E March ...
Prestige Estates Projects | IPO Note
Restated Balance Sheet
Y/E March (Rs cr) ...
Prestige Estates Projects | IPO Note
Restated Cash Flow Statement
Y/E March (Rs c...
Prestige Estates Projects | IPO Note
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com...
Prestige Estates Projects | IPO Note
Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andhe...
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Prestige Estates Projects - IPO note

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Transcripts - Prestige Estates Projects - IPO note

  • 1. IPO Note | Real Estate October 12, 2010 Prestige Estates Projects AVOID Issue Open: October 12, 2010 Rationale for our view Issue Close: October 14, 2010 Land bank located in IT/ITES-centric regions: Prestige Estates Projects Ltd. (PEPL) is Issue Details mainly present in Bangalore, which accounts for 73% of its current land bank. PEPL is in the process of geographically diversifying and expanding its real estate Face value: Rs10 development business into other cities of southern India, including Chennai, Present eq. paid-up capital: Rs262.5cr Cochin, Hyderabad, Mysore and Mangalore. We believe PEPL will benefit from Offer size*: 6.6-7.0cr shares the recovery in the IT/ITES sector, with increased job security and salaries leading to higher housing demand in the southern region. Post eq. paid-up capital*: Rs328-Rs332cr Proven execution and diversified portfolio: PEPL has a successful track record of Issue size (amount): Rs1,200cr execution. The company has completed 11.5mn sq. ft. of residential, 7.4mn sq. ft. Price band: Rs172-183 of commercial and 1mn sq. ft. of retail and hospitality projects since the last five Promoters holding pre-issue: 100.0% years. The company is a strong brand in Bangalore, which offers premium pricing to its projects. Going forward, PEPL has a diversified portfolio of real estate Promoters holding post-issue*: 79.0-80.0% Note:*At the lower & upper price band, respectively development, which includes 28mn sq. ft. of saleable area and 11mn sq. ft. of leasable area. Further, the company has entered into property management services and has acquired a construction company, which ensures smooth Book Building execution of projects. QIBs At least 60% Stretched balance sheet: As on June 10, 2010, PEPL had total debt of ~Rs20bn, implying gross debt/equity of 2.6x. Post proceeds from the IPO, the company’s Non-Institutional At least 10% debt/equity will be 1x. The high debt is attributable to the company’s decent Retail At least 30% amount of exposure towards the non-residential segment (50% of its land bank), where cash inflow is back-ended. Further, the company largely focuses on the Post Issue Shareholding Pattern joint development model, which gives limited scope of improvement in margins. Promoters Group* 79.0 Premium to peers and our one-year forward NAV: We have assumed an MF/Banks/Indian eight-year development period based on PEPL’s existing land bank. We have FIs/FIIs/Public & Others 21.0 assumed average realisation of Rs6,000/sq. ft. on PEPL’s saleable interest based Note: *At the lower band of the issue price on its geographical presence, which gives us a fair NAV of Rs164/share. At the lower band of the issue, PEPL will trade at 2.5x FY2012E P/BV and 4% premium to our one-year forward NAV, which is at a premium to its peers. Thus, we recommend Avoid to the issue. Objects of the issue: PEPL intends to use Rs622cr of the net issue proceeds towards the construction and development of three residential, two commercial and two retail projects, either directly or through subsidiaries. PEPL has also earmarked Rs21cr for acquiring land in Goa and Bangalore. Further, PEPL intends to repay Rs280cr of loans taken from various financial institutions. Objects of the issue Particulars (Rs cr) Finance ongoing and under-development projects 429 Param Desai +91 22 4040 3800 Ext: 310 Invest in existing subsidiaries for the construction & devpt. of projects 193 Email: paramv.desai@angeltrade.com Finance acquisition of land 21 Repayment of loans 280 Mihir Salot General corporate purpose 277 +91 22 4040 3800 Ext: 307 Total 1,200 Email: mihirr.salot@angeltrade.com Source: Company RHP, Angel Research Please refer to important disclosures at the end of this report 1
  • 2. Prestige Estates Projects | IPO Note Company background Strong brand name and client base Formerly known as Prestige Estates and Properties, PEPL began operations in 1986 as a partnership firm. Over time, the company has established a reputable brand name in South India’s real estate market due to the distinctive design, planning, high-quality execution and prompt delivery of its projects, in conjunction with a customer-focused sales and marketing capability. PEPL currently holds the CRISIL DA2 rating. In 2005, the company was also awarded the Best Real Estate Developer in India Award by Euromoney. Over the past 24 years, the company has emerged as one of the leading real estate development companies with presence in Bangalore, Chennai, Cochin, Hyderabad, Mangalore, Mysore and Panaji, among others. The company has a proven track record across business areas such as land identification and acquisition, development, design, project management, sales and marketing, interiors and the provision of property services. PEPL boasts of a diversified portfolio across the spectrum of premium to affordable products in the residential (apartments, villas, plotted developments and integrated townships), commercial (corporate office blocks, built-to-suit facilities, technology parks and campuses and SEZs), hospitality (hotels, resorts and serviced apartments) and retail (shopping malls) segments of the real estate industry. The company was recently awarded a certificate of merit for being one of ‘India’s Top 10 Builders’ at the Construction World Architect & Builder Awards 2010. Exhibit 1: PEPL – Key historical events Source: Company RHP, Angel Research October 12, 2010 2
  • 3. Prestige Estates Projects | IPO Note Proven execution skills Since 1986, PEPL has completed 150 projects of approximately 34.2mn sq. ft. developable area. As of August 2010, the company owned/held development rights for 57.4mn sq. ft. area, translating into 28.4mn sq. ft. of saleable area and 11.0mn sq. ft. of leasable area. PEPL has a significant exposure to residential projects, with 26.0mn sq. ft. (~45%) of the total developable area coming from the segment, while the commercial segment accounts for 22.4mn sq. ft. (~39%). Moreover, the company has substantial exposure to the Bangalore market, with nearly 41.9mn sq. ft. (~73%) of the developable area spread in and around the city and nearly 8.0mn sq. ft. (~14%) to be developed in Chennai. Exhibit 2: Project details 25 21.7 20 18.3 15 (msf) 10.9 10.6 9.8 10 5.3 5 3.4 1.4 1.7 2.0 2.4 0.6 1.3 1.1 1.2 0.0 0 Completed Projects Ongoing Projects Projects Under Forthcoming Projects Development Residential Commercial Hospitality Retail Source: Company RHP, Angel Research Exhibit 3: Segment-wise developable area break-up Exhibit 4: Geography-wise developable area break-up Hyderabad Mysore Mangalore Cochin 4% 3% 1% Hospitality 5% 4% Retail 12% Chennai Residential 14% 45% Commercial Bangalore 39% 73% Source: Company RHP, Angel Research Source: Company RHP, Angel Research October 12, 2010 3
  • 4. Prestige Estates Projects | IPO Note Giving shape to its integration strategy PEPL has been focusing on integrating key construction functions over a decade. In 1996, PEPL had established Prestige Property Management and Services, an in-house property management division, which currently employs more than 1,600 employees. The division provides various services, such as safety and security, cleaning, maintenance, landscaping and general facilities management. Moreover, an in-house interior design division provides customised and standardised interior design and construction services for residential as well as commercial projects. The company liaises with clients, architects, consultants and suppliers, ensuring that clients' specifications are adhered to while avoiding time and cost over-runs. With an objective to develop an in-house construction management division, in 2009, PEPL acquired 75% stake in Team United, a construction company in South India. Association with CRIDF PEPL has entered into a joint venture (JV) with CRIDF, an associate of CapitaMalls Asia–the largest listed ‘pure-play’ shopping mall owner, developer and manager in Asia by total value of assets and by geographic reach. The JV is aimed at developing and managing retail projects in South India cities, including Bangalore, Mysore, Mangalore, Hyderabad and Cochin. The total developable area and leasable area under the JV projects will be approximately 5.6mn sq. ft. and 1.8mn sq. ft., respectively. These arrangements shall enable PEPL to add CRIDF's and CapitaMalls Asia's expertise and experience in developing leading retail developments to its local knowledge and expertise. October 12, 2010 4
  • 5. Prestige Estates Projects | IPO Note Exhibit 5: Land reserve details Land bank Area % of total Est. developable % of developable (Category wise) (in acres) acreage area (mn sq. ft.) area I Land owned by the company 1. By itself 18.8 1.9 2.7 4.5 2. Through its subsidiaries 364.4 36.9 8.2 13.7 3. Through entities other than (1) and (2) - - - - II Land over which the company has sole development rights 1. Directly by the company 43.2 4.4 1.9 3.2 2. Through its subsidiaries 30.1 3.0 4.8 8.0 3. Through entities other than (1) and (2) - - - - III MoU/Agreements to acquire /LoA to which the co. and/or its subs. and/or its group cos. are parties, of which 1. Land subject to government allocation - - - - 2. Land subject to private acquisition 217.2 22.0 10.8 18.1 Sub-total (I) + (II) + (III) 673.7 68.2 28.33 47.4 Joint developments with partners IV Land for which JDAs have been entered in to: 1. Directly by the company 228.1 23.1 21.1 35.3 2. Through its subsidiaries 5.4 0.6 1.8 3.0 3. Through entities other than (1) and (2) - - - - V Proportionate interest in lands owned indirectly by the company through JV 81.2 8.2 8.5 14.3 Sub-total (IV) + (V) 314.7 31.8 31.4 52.6 Total (I) + (II) + (III) + (IV) + (V) 988.4 100.0 59.7 100.0 Source: Company RHP, Angel Research October 12, 2010 5
  • 6. Prestige Estates Projects | IPO Note Issue structure PEPL is coming out with an IPO for Rs1,200cr through fresh issue of 6.6cr–7.0cr shares, resulting in a dilution of 20.0–21.0% based on issue price band of Rs172–183/share. PEPL intends to use the IPO proceeds to fund the construction of its ongoing and planned residential and commercial projects, invest in existing subsidiaries for the construction and development of projects, acquire land and repay its loans. Exhibit 6: Shareholding pattern Shareholders Pre-Issue Post-Issue No. of eq. shares % of eq. capital No. of eq. shares % of eq. capital Irfan Razack 65,625,000 25.0 65,625,000 19.8 Rezwan Razack 65,625,000 25.0 65,625,000 19.8 Noaman Razack 65,625,000 25.0 65,625,000 19.8 Total holding of promoters 196,875,000 75.0 196,875,000 59.3 Promoter Group 65,625,000 25.0 65,625,000 19.7 Public (pursuant to the issue)* - 0.0 69,767,442 21.0 Total share capital 262,500,000 100.0 332,267,442 100.0 Source: Company, Angel Research; Note: *Based on the lower band of issue price Outlook and valuation We have assumed an eight-year development period based on management guidance for the company’s existing land bank. We have assumed average realisation of Rs6,000/sq. ft. on PEPL’s saleable interest based on its geographical presence. We have factored in a 5% price escalation from FY2012E in the construction and capital value for all its saleable area and rental portfolio. We have assigned 14% WACC and 10% capitalisation rate. Thus, our fair NAV works out to be Rs164/share. At the lower band of the issue, the stock will trade at 2.5x FY2012E P/BV and 4% premium to our one-year forward NAV, which is at a premium to its peers. Hence, we recommend Avoid to the issue. Exhibit 7: Key financials Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010 Net Sales 421 974 898 1,024 % chg (9.7) 131.4 (7.8) 14.1 EBITDA 94 136 259 223 EBITDA Margin (%) 22.3 14.0 28.8 21.8 Net Profit 31 66 77 147 % chg (16.5) 115.0 17.3 90.6 O/S Shares (cr) 26.3 26.3 26.3 26.3 FDEPS (Rs) 1.2 2.5 2.9 5.6 RoE (%) 20.3 19.3 13.8 21.3 RoCE (%) 12.7 8.9 12.1 7.6 Debt/Equity (x) 3.0 1.8 1.8 2.1 Source: Company, Angel Research October 12, 2010 6
  • 7. Prestige Estates Projects | IPO Note Other Investment concerns High dependence on the Bangalore market PEPL has 73% of its land bank located in Bangalore. Demand for the residential and commercial segments in Bangalore is mainly derived from the IT and ITES sectors. Thus, any slowdown in the IT and ancillary industries can lead to a substantial decline in PEPL’s unit sales, realisation and lease rentals. JV/JDA agreements with third parties entail potential risks PEPL has entered into joint venture (JV)/joint development arrangements (JDA) for most of its projects to minimise development capital. However, projects undertaken through JVs involve risks that can result in significant delays. Moreover, most of these JDAs confer rights on PEPL to construct, develop, market and eventually sell its properties. This reduces operating flexibility with respect to any alterations in development plans. Further, the JDA model of land banking offers limited scope of margin improvement. Fall in property prices Property prices fell by 20–50% across India in FY2009. However, in the last one year, prices have recovered by 10–20% from their bottom, especially in South India. For valuation purposes, we have assumed a 5% increase in the prices of saleable area and rental portfolio from FY2012. Thus, any decline in prices will impact our NAV estimates. October 12, 2010 7
  • 8. Prestige Estates Projects | IPO Note Restated Profit & Loss Statement Y/E March (Rs cr) FY2006 FY2007 FY2008 FY2009 FY2010 1QFY2011 Income from Operations 466 421 974 898 1,024 304 Cost of Construction 371 278 768 568 703 209 Employee Cost 11 17 24 31 49 16 Administration Expenses 25 32 46 40 49 15 Total Expenditure 407 327 838 639 801 240 EBITDA 59 94 136 259 223 64 EBITDA margin (%) 12.7 22.3 14.0 28.8 21.8 21.1 Depreciation 19 19 27 40 49 15 EBIT 40 75 109 219 174 49 Interest Charges (Net) 5 20 45 134 78 27 Other Income 8 6 15 18 62 5 PBT 43 61 79 103 158 28 Provision for Taxation 13 22 25 32 28 11 Profit after Tax 31 39 54 71 129 17 Profit/(Loss) from assoc. (net) 7 (7) 12 2 17 (1) Adjustment arising on consolidation 0 1 0 0 (3) (2) Minority Interest (Profit)/Loss (1) (2) (1) 4 4 (0) Reported PAT 37 31 66 77 147 15 APAT margin (%) 7.9 7.3 6.8 8.6 14.4 4.8 Adjustments on acc of restatement (9) 3 2 0 (2) 0 Surplus Brought Forward 58 86 120 187 265 172 Amt. available for appropriation 86 120 187 265 410 186 Appropriations 0 0 0 0 (238) (0) Dividend Equity Shares (Proposed) 0 0 0 0 0 0 Preference Shares 0 0 0 0 0 0 Corporate Dividend Tax 0 0 0 0 0 (0) Carried to Balance Sheet (restated) 86 120 187 265 648 187 October 12, 2010 8
  • 9. Prestige Estates Projects | IPO Note Restated Balance Sheet Y/E March (Rs cr) FY2006 FY2007 FY2008 FY2009 FY2010 1QFY2011 Gross Block 291 357 744 1,068 1,131 1,467 Acc. depreciation 68 88 115 154 207 253 Net Block 222 269 629 914 924 1,215 CWIP/Advance 37 72 327 131 205 346 Goodwill (on consolidation) 10 63 97 108 110 119 Investments 87 125 171 112 161 166 Deferred Tax Asset/(Liab.) (1) (0) 1 (3) (0) (2) Curr. assets, loans & adv. 920 1,590 1,700 1,948 2,427 2,488 Interest accrued but not due 0 0 0 0 0 1 Inventories 483 916 768 979 1,250 1,289 Sundry Debtors 94 171 127 249 363 393 Cash and bank balances 34 23 90 141 173 106 Loans and Advances 308 479 714 579 640 700 Total Assets 1,274 2,118 2,924 3,210 3,827 4,332 Share Capital 13 13 13 13 263 263 Reserves & Surplus 108 169 490 606 501 516 Minority Interest 15 72 232 231 272 270 Liabilities & Provisions 1,139 1,865 2,189 2,361 2,791 3,284 Secured Loan 185 463 759 868 1389 1777 Unsecured Loan 63 78 154 244 212 243 Current Liabilities 823 1247 1124 1142 1021 1066 Provisions 67 76 151 106 169 198 Total Liabilities 1,274 2,118 2,924 3,210 3,827 4,332 October 12, 2010 9
  • 10. Prestige Estates Projects | IPO Note Restated Cash Flow Statement Y/E March (Rs cr) FY2006 FY2007 FY2008 FY2009 FY2010 1QFY2011 Cash flow from operating activities Net Profit / (loss) before taxation 43 61 79 103 158 28 Adjustment for Preliminary Expenses 0 0 0 0 0 0 Depreciation 19 19 27 40 49 15 Provision for bad debts 1 0 0 0 1 0 Interest income (6) (4) (7) (7) (9) (2) Interest expenses 5 20 43 134 78 27 (Profit)/Loss on sale of inv. (0) 1 0 0 0 0 (Profit)/Loss on sale of asset 1 (0) (0) (1) (25) (1) Operating profit/(loss) 63 97 142 269 252 67 (Dec)/Inc in sundry creditors 325 463 (146) (27) (208) (56) Inc /(dec) in provisions 15 (16) 54 (1) 10 23 (Inc)/dec in Sundry Debtors (68) (78) 47 (127) (111) (27) (Inc)/dec in Inventories (209) (430) 145 (172) (193) (36) (Inc)/dec in loans and advances (186) (71) (48) 134 (58) (59) Cash flow from operation (60) (35) 194 77 (307) (87) Direct taxes (paid)/refunds (18) (21) (38) (10) (14) (5) Net cash from operating activities (79) (56) 157 67 (321) (92) Cash flow from investing activities Sale/(purch) of FA (Incl CWIP) (28) (38) (628) (130) (154) (77) Proceeds from sale of fixed assets 0 1 1 2 69 4 Inter corporate deposits given (Net) 2 17 (74) 28 36 1 Adv. pd - purch. of shares/prop.(Net) 0 (55) 130 (1) (0) 0 Interest income 1 3 7 3 6 1 Dividend Income 5 0 0 2 1 0 Sale /(Acquisition) of Inv. (Net) 3 (153) (79) (2) (44) (10) Net cash from investing activities (17) (225) (643) (99) (88) (80) Cash flow from financing activities Intercorporate deposits taken (Net) 8 40 (60) 59 15 3 (Inc)/dec. in Current/Capital a/c (1) (3) (4) 6 10 (0) Net Inc/(dec.) in Secured Loans 75 252 360 15 581 48 Issue of shares including prem. by sub. 0 0 188 2 0 0 Sh./deb appl. money rcvd/ref. by sub. 0 0 39 8 (65) 7 Proceeds from issue of deb. by sub. 0 0 83 0 44 17 Net Inc/(dec) in Unsecured Loans 30 2 (11) 124 (71) (2) Interest Expenses (5) (20) (43) (132) (78) (25) Dividend including Tax 0 0 0 0 0 (2) Net cash from financing activities 107 271 553 82 436 46 Net (dec)/inc in cash/cash equivalents 12 (11) 67 51 28 (127) Cash/cash equivalents at begn. of year 22 34 23 90 145 232 Cash/cash equivalents at end of year 34 23 90 141 173 106 October 12, 2010 10
  • 11. Prestige Estates Projects | IPO Note Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com DISCLAIMER This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report. October 12, 2010 11
  • 12. Prestige Estates Projects | IPO Note Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059. Tel: (022) 3952 4568 / 4040 3800 Research Team Fundamental: Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angelbroking.com Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angelbroking.com Vaishali Jajoo Automobile vaishali.jajoo@angelbroking.com Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angelbroking.com Anand Shah FMCG, Media anand.shah@angelbroking.com Deepak Pareek Oil & Gas deepak.pareek@angelbroking.com Sushant Dalmia Pharmaceutical sushant.dalmia@angelbroking.com Rupesh Sankhe Cement, Power rupeshd.sankhe@angelbroking.com Param Desai Real Estate, Logistics, Shipping paramv.desai@angelbroking.com Sageraj Bariya Fertiliser, Mid-cap sageraj.bariya@angelbroking.com Viraj Nadkarni Retail, Hotels, Mid-cap virajm.nadkarni@angelbroking.com Paresh Jain Metals & Mining pareshn.jain@angelbroking.com Amit Rane Banking amitn.rane@angelbroking.com John Perinchery Capital Goods john.perinchery@angelbroking.com Srishti Anand IT, Telecom srishti.anand@angelbroking.com Jai Sharda Mid-cap jai.sharda@angelbroking.com Sharan Lillaney Mid-cap sharanb.lillaney@angelbroking.com Naitik Mody Mid-cap naitiky.mody@angelbroking.com Amit Vora Research Associate (Oil & Gas) amit.vora@angelbroking.com V Srinivasan Research Associate (Cement, Power) v.srinivasan@angelbroking.com Mihir Salot Research Associate (Logistics, Shipping) mihirr.salot@angelbroking.com Chitrangda Kapur Research Associate (FMCG, Media) chitrangdar.kapur@angelbroking.com Pooja Jain Research Associate (Metals & Mining) pooja.j@angelbroking.com Yaresh Kothari Research Associate (Automobile) yareshb.kothari@angelbroking.com Shrinivas Bhutda Research Associate (Banking) shrinivas.bhutda@angelbroking.com Sreekanth P.V.S Research Associate (FMCG, Media) sreekanth.s@angelbroking.com Hemang Thaker Research Associate (Capital Goods) hemang.thaker@angelbroking.com Nitin Arora Research Associate (Infra, Real Estate) nitin.arora@angelbroking.com Technicals: Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angelbroking.com Mileen Vasudeo Technical Analyst vasudeo.kamalakant@angelbroking.com Derivatives: Siddarth Bhamre Head - Derivatives siddarth.bhamre@angelbroking.com Jaya Agarwal Derivative Analyst jaya.agarwal@angelbroking.com Institutional Sales Team: Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angelbroking.com Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angelbroking.com Nitesh Jalan Sr. Manager niteshk.jalan@angelbroking.com Pranav Modi Sr. Manager pranavs.modi@angelbroking.com Sandeep Jangir Sr. Manager sandeepp.jangir@angelbroking.com Ganesh Iyer Sr. Manager ganeshb.Iyer@angelbroking.com Jay Harsora Sr. Dealer jayr.harsora@angelbroking.com Meenakshi Chavan Dealer meenakshis.chavan@angelbroking.com Gaurang Tisani Dealer gaurangp.tisani@angelbroking.com Production Team: Bharathi Shetty Research Editor bharathi.shetty@angelbroking.com Simran Kaur Research Editor simran.kaur@angelbroking.com Bharat Patil Production bharat.patil@angelbroking.com Dilip Patel Production dilipm.patel@angelbroking.com Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946 Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302 October 12, 2010 12

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