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CD Equisearch Pvt Ltd June 5

th, 2015

Equities Derivatives Commodities Distribution of Mutual Funds Distribution of Life Insurance

J B Chemicals & Pharmaceuticals Ltd.

No. of shares (crore) 12.82

Mkt cap (Rs crs) 2962

Current Price (6/4/2015) 231

Price Target 288

52 week H/L (Rs.) 268.50/140.00

Book Value (Rs) (FV 2) 78

P/BV (FY 16e/17e) 2.8/2.6

P/E (FY 16e/17e) 24.5/21.7

EPS growth (FY16e/17e) -20.3/13.0

ROE(FY16e/17e/) 11.8/12.4

Beta 0.98

BSE Code 506943

NSE Code JBCHEPHARMA

Bloomberg JBCP IN

Reuters JBCH.BO

Daily volume (avg. weekly) 69757

Shareholding pattern % Promoters 55.8

MFs / Banks / FIs 3.6

Foreign 5.2

Non-Promoter Corp. 3.1

Total Public 32.4

Total 100.0

As on March 31, 2015

Recommendation

BUY

Analyst TANYA KOTHARY

Phone: + 91 (33) 44880023

E- mail: [email protected]

Figures in Rs crs FY13 FY14 FY15 FY16e FY17e

Income from operations* 866.13 1021.87 1144.22 1296.52 1456.70

Other income 26.65 36.81 10.89 20.89 29.13

EBITDA (Other income included) 132.30 120.80 191.23 228.33 251.28

Net profit after extraordinary items 62.83 88.60 100.41 120.99 136.75

EPS 7.42 10.45 11.84 9.44 10.67

EPS growth (%) -5.6 40.9 13.3 -20.3 13.0

Equity^ 16.94 16.95 16.96 25.63 25.63

*Includes other operating income, ^ Equity capital would increase due to amalgamation of associates with JBCPL

Company Brief JBCPL, one of India’s leading pharmaceutical companies manufactures

& markets a diverse range of pharmaceutical formulations, herbal

remedies and APIs. JBCPL exports to more than 20 countries across the

world and earned more than 56% of its revenue from exports in FY14.

Highlights

� The company plans to invest Rs 140 crs in one of its API plant in

Panoli, Gujarat. The company plans to invest in this new capacity

and related infrastructure in the next 12-18 months.

� The company is ranked 36th in the industry, with its three brands

viz.Rantac, (anti-peptic ulcerant), Nicardia (calcium channel

blocker) and Metrogyl (amoebicides), featuring among top 300

brands in terms of both value and unit sales (IMS MAT March 2014)

� In FY14 the company has set up a wholly owned subsidiary

company Unique Pharmaceuticals Laboratories FZE in Dubai. The

business in Russia and CIS were transferred to this subsidiary. This

subsidiary has recorded sales of Rs 69.25crs in FY15.

� During Q4FY15 the company registered a growth of 11.6% YoY at

Rs 255.10 crs. The operating margins stood at 16.5%. On a

consolidated level the operating margins improved by 130 bps to

15.8% in FY15 as against 14.5% in FY14.

� The company has been paying quite liberal dividend for the last

two years (FY13-14) at 150% and this time the company rewarded

its shareholder with a onetime special dividend of 500% (over and

above 200% as regular) totaling it to 700%.

� The future outlook for the company remains positive and

expected revenues and profit to grow at a CAGR of 12.83% &

16.70%, respectively over 2015-17e. The stock at the price of Rs 231

trades at 24.5x FY16e earnings and 21.7 x FY17e earnings. Despite

marginal decline in EPS over the next two years resulting from

equity dilution, we reckon a re-rating of the stock is on cards.

Therefore, we recommend BUY on the stock with target of Rs 288

based on 27x FY17e earnings, over the next 9-12 months.

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CD Equisearch Pvt Ltd


Business Profile

Source: JBCPL, CD Equisearch

Company Background

JBCPL, one of India’s leading pharmaceutical company, manufactures & markets a diverse range of pharmaceutical

formulations, herbal remedies and APIs. JBCPL exports to many countries worldwide with a strong presence in

Russia, Ukraine, CIS countries and South Africa. The Company continues to invest in growing its share in the

regulated markets in USA, Europe and Australia. JBCPL has a strong R & D and regulatory set-up for development

of new drug delivery system and formulation, filing of DMFs and ANDAs. It’s state-of-the-art manufacturing

facilities are approved by health authorities of regulated markets.

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Overview of the Indian Pharmaceutical Sector

The Indian pharmaceutical industry has achieved an eminent global position and has been witnessing phenomenal

growth in recent years. It is well known that India is emerging as a world leader in generic pharmaceuticals

production, supplying 20% of the global market for generic medicines. The industry accounts for 8% of global

production, and is exporting to over 200 countries (1). India is a major vaccine producer and has 18 major vaccine

manufacturing facilities. These vaccines are used for the national and international market (150 countries) which

makes India a major vaccine supplier across the globe. The Indian pharmaceutical industry is estimated to grow at

20 per cent compound annual growth rate (CAGR) over the next five years, as per India Ratings, a Fitch Group

company. Indian pharmaceutical manufacturing facilities registered with US Food and Drug Administration (FDA)

as on March 2014 was the highest at 523 for any country outside the US.

Source: CMIE& Dept of Pharmaceuticals

Strong export growth was recorded over 2007-2008 to 2012-

13 a CAGR of 18%.This growth will be backed by $92 billion

of drugs going off patent in the next three years, increasing

traction for generic drugs globally and new generic drug

approvals for Indian pharmaceutical companies in different

jurisdictions. However, the domestic market revenue

growth (CAGR of 10.4 per cent over FY08-FY13) will

continue to be moderate. The said exports to the US will

continue to grow in the medium term backed by the largest

number of United States Food & Drug Administration

(USFDA) approved facilities outside the US as well as the

largest share of drug approvals over the last few years.

The Indian pharmaceutical market (IPM) was valued at Rs

89,244 crores and the retail sector was valued at Rs 75,551

crores, both with a growth of 20 per cent in February 2015

over the same month last year. IPM posted CAGR growth of

11 per cent during the period 2012-15. Multiple factors like

prevalence of swine flu-H1N1, high growth in anti-

infectives, respiratory and pain market with expansion of

big brands has resulted in overall robust IPM growth of 20

per cent for the month. Indian companies continue to drive

growth in the market with a growth of 22 per cent in

February 2015. Cardiac and gastro intestinal, with

respective market share of 13 per cent and 11 per cent,

constitutes the second and third largest therapies.

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Investment Summary

Global Player

Manufacturing facilities

Location State Manufactures Facility Approved

1 Kadaiya, Daman Daman lozenges and tablets TGA, Australia

2 Plant TI-10, Panoli Gujarat tablets US FDA

3 Plant IV - 17, Panoli Gujarat Tablets, Injections, Lozenges MCC, South Africa

4 Plant IV -14 , Panoli Gujarat Injections, ointments & coldrubs MCC South Africa

5 Plant L -6, Panoli Gujarat Herbal liquids Health Canada

6 Plant D 9, Panoli Gujarat Diclofenac API US FDA, Germany EU - GMP

7 Plant UM 12, Ankleshwar Gujarat Tablets & Liquids NDA Uganda Source: JBCPL, CD Equisearch

Approved state-of-the-art facilities

JBCPL has placed high focus on contract manufacturing for projects awarded by multinationals globally and

growth of niche branded generics to strengthen stable revenue. The company’s state-of-the-art manufacturing

facilities with approvals from international health authorities such as US FDA, UK MHRA, EU GMP, TGA

Australia, MCC South Africa and MOH Ukraine and its wide range of products across injectable, lozenges, solid

and semi-solid along with strong regulatory and development support gives it the needed platform to succeed in

this business.

The company’s thrust is to increase exports. The various

initiatives taken in the past to increase exports and

increased focus on US business helped achieve a

growth of nearly 5% in FY15. API Business continued

its upward momentum with sales of Rs 103.76 crs. In

terms of activities, the company’s focus on promoting

and selling generic products, ANDAs, branded generics

including contrast media products, contract

manufacturing of various dosage forms, including

lozenges contributed to growth. The exports to Rest of

the World markets (other than Russia – CIS region)

continued to show robust performance at Rs 350.11 a

growth of 16.83% in Rupee terms. Accordingly the

company will invest in new ANDAs every year.

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Contrast Media

JBCPL is one of the top three companies in the field of contrast media in India market. The contrast media products

of JBCPL, caters to niche radio-diagnostic products used in CT Scan, MRI and Cath Lab through 30 sales

representatives that calls on hospitals and radiologists. Lopamidol, lohexol, Gadopentetate dimeglumine,

Diatrizoate Meglumine are some the contrast media products that they market in India. It-licensed a new

Ultrasound Contrast Imagining product (Definity) of Latheus Medical Imaging Inc from USA. In FY14 the company

achieved a growth of 25% in this segment. In FY15, this segment achieved a growth of 8% YoY at Rs 35.13crs.

Renewed thrust in this segment has helped to achieve the stated growth.

Prescription products

The Indian pharmaceutical sector has come a long way from being primarily generics manufacturer to supplying

complex formulations to global pharmaceutical markets and the sector has witnessed a significant evolution over

the last few decades. The Indian pharmaceutical market (IPM) was valued at Rs 89,244 crores and the retail sector

was valued at Rs 75,551 crores, both with a growth of 20 per cent in February 2015 over the same month last year.

IPM posted CAGR growth of 11 per cent during the period 2012-15. The prescription based formulations business

of the company registered 16% growth.

The company’s growth strategy includes focusing on growing therapeutic segments like anti-infective,

cardiovascular, pain management and gastrointestinal, new product introductions, deeper penetration in rural

market and increased focus on hospital business accompanied by CME and CDE programmes for doctors and

special marketing campaigns. During the year, the company also launched products in dermatological, anti-peptic

ulcerant and antacid segments. Despite the challenges before the company to grow domestic formulation business

and further as the sales in this business essentially depend on prescription generation which is essentially a slow

process, the company is quite hopeful of growing the business in this segment. Acute segments contribute 82% of

total sales. The current employee’s strength in India is 2480 as the company recognizes the important role played

by field force in growth of domestic prescription market.

Capex

JBCPL has drawn to invest Rs 140 crs in creation of

additional capacity for tablets, liquid, ointments, vials,

eye drops and lozenges in order to seize future growth

opportunities. In addition the company is also planning

to increase the capacity of Diclofenac API Plant. This

expansion programme is expected to be completed in

next 12-18 months through internal accruals. This new

capacity is going to drive the company’s growth in long

term. It will boost the exports as 98% of API is exported

and 2% is utilized in domestic consumption. In Q4FY15,

API sales stood at Rs 25.59 crs as compared to 22.96 crs in

corresponding quarter last year.

BSU Contribution to sales in Q4FY15

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Financials & Valuation

The net sales for the quarter Q4FY15 at Rs. 255.09 crores

were 11.59% higher against net sales in the corresponding

quarter in the previous year. However, this is strictly not

comparable Y-o-Y due to commencement of sales and

distribution in Russia & CIS countries by the wholly

owned subsidiary company during Q1. The operating

margins stood at 16.5% in Q4FY15.

The domestic formulations business at overall sales of Rs.

96.18 crores registered growth of 13.21% in Q4FY15. The

prescription products sales at Rs. 86.38 crores registered

growth of 12.29%, while contrast media products sales at

Rs. 9.81 crores registered a growth of 21.99%.

The formulations exports at Rs. 124.48 crores registered

growth of 7.48% during the quarter. The exports of

formulations to Rest of the world markets at Rs. 81.07

crores registered growth of 9.38% in Rupee terms. The

exports for Russia-CIS markets at Rs. 20.44 crores were

9.57% higher. API sales for Q4FY15 at Rs 25.59crs were

11.52% higher compared to the same quarter last year.

The consolidated net sales (including other operating

income) at Rs 1144.22 crores in FY15, registered a growth

of 12% over the previous year. Consolidated operating

profit was at Rs 180.34 crs .The consolidated net profit

was affected by Rs.14.89 crs on account of depreciation of

Russian rouble. The consolidated profit before tax and

profit after tax stood at Rs. 145.55 crs and Rs 100.41crs

respectively.

A rich cash balance of approx Rs 607 crs in FY15, keeps

the scope for inorganic initiative by the company. The

company’s capex plan of Rs 140 crs is progressing well.

Capex will be funded through the internal accruals. We

believe consolidated sales numbers should grow at a

CAGR of 12.83% over the period of FY15-FY17e.

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Cross Sectional Analysis

Risks & Concerns

Drugs (Prices Control) Order, 2013

The company has faced certain issues arising out of Drugs (Prices Control) Order, 2013 which has reportedly impacted the

industry’s sales for some time during the year. Any such future changes in these norms can impact the revenue of the

company going forward.

Export

The company exported nearly 19% to Russia & CIS in FY14. The current political situation in Russia and Ukraine and

Depreciation of rouble against US Dollar has impacted the business. These are potential markets for the company’s

products and the company is watching the situation in these markets.

Margin pressure

Margins have been under pressure mainly due to sluggishness in sales and increasing competitive intensity. If the slide in

sales persists, then maintaining margins would get tougher. The rising costs on one hand and price control on other

remain a concern.

Company Equity* CMP^ Mcap* Sales*# Profit* OPM NPM# ROE

Mkt

cap /

sales P/BV P/E

Sun Pharma.Inds. 241 832 200106 27433 4744 28.5 17.3 21.1 7.3 7.6 42.2

Dr Reddy's Labs 85 3422 58304 14819 2218 17.1 15.0 22.0 3.9 5.2 26.3

Aurobindo Pharma 29 1313 38331 12121 1576 29.0 13.0 35.4 3.2 7.3 24.3

Glenmark Pharma 28 835 23545 6645 662 15.6 10.0 22.1 3.5 6.0 35.6

Piramal Enterprise 35 976 16843 5123 460 17.3 9.0 4.4 3.3 1.4 36.6

JBCPL 26 231 2962 1144 100 15.8 8.8 9.9 2.6 3.0 29.5

^CMP as om 4/6/2015

* in Rs Crs

# Sales & NPM FY15

** ROE FY15

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Financials

Quarterly Results Standalone Figures in Rs crs

Q4FY15 Q4FY14 % chg. FY15 FY14 % chg.

Income from operations 255.10 228.60 11.59 1061.43 956.53 10.97

Other income 4.31 14.22 -69.69 10.41 41.69 -75.03

Total income 259.41 242.82 6.83 1071.84 998.22 7.38

Total expenditure 212.88 210.83 0.97 868.48 870.94 -0.28

PBIDT 46.53 31.99 45.45 203.36 127.28 59.77

Interest 0.22 0.86 -74.42 6.65 6.13 8.48

Depreciation 7.58 6.17 22.85 37.60 27.17 38.39

PBT 38.73 24.96 55.17 159.11 93.98 69.30

Tax 12.99 3.52 269.03 45.52 25.56 78.09

PAT 25.74 21.44 20.06 113.59 68.42 66.02

Extraordinary item - - - 0.00 -46.96 -

Adjusted net profit 25.74 21.44 20.06 113.59 115.38 -1.55 EPS (F.V. 2) 3.04 2.53 20.16 13.40 13.61 -1.55

Consolidated Income Statement Figures in Rs crs

FY13 FY14 FY15 FY16e FY17e

Income from operations 866.13 1021.87 1144.22 1296.52 1456.70

Growth (%) 8.0 18.0 12.0 13.31 12.35

Other Income 26.65 36.81 10.89 20.89 29.13

Total Income 892.78 1058.68 1155.11 1317.41 1485.83

Total Expenditure 760.48 937.88 963.88 1089.08 1234.55

EBITDA 132.30 120.80 191.23 228.33 251.28

Interest 4.06 5.33 7.04 7.26 5.70

EBDT 128.24 115.47 184.19 221.07 245.58

Depreciation 24.66 28.02 38.64 45.72 47.39

Tax 24.13 25.95 45.14 54.36 61.44

Reported PAT 79.45 61.50 100.41 120.99 136.75

Extraordinary item 16.62 -27.10 - - -

Adjusted Net Profit 62.83 88.60 100.41 120.99 136.75

EPS (Rs.) 7.42 10.45 11.84 9.44 10.67

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Consolidated Balance Sheet Figures in Rs crs


SOURCES OF FUNDS

Share Capital 16.94 16.95 16.96 25.63 25.63

Reserves 1003.33 1025.87 977.91 1037.20 1112.25

Total Shareholders Funds 1020.27 1042.82 994.87 1062.83 1137.88

Total Debt 50.10 93.20 127.28 105.00 85.00

Other Liabilities 8.23 12.19 12.03 11.00 10.00

Total Liabilities 1078.60 1148.21 1134.18 1178.83 1232.88

APPLICATION OF FUNDS

Gross Block 537.54 540.54 652.36 702.36 727.36

Less: Accumulated Depreciation 203.06 229.99 268.63 314.35 361.74

Net Block 334.48 310.55 383.73 388.01 365.62

Capital Work in Progress 4.73 46.36 - - -

Investments 397.67 500.01 551.27 490.00 475.00

Current Assets, Loans & Advances

Inventory 104.53 134.40 150.27 165.41 187.31

Sundry Debtors 191.27 235.51 262.35 285.11 321.85

Cash and Bank 156.23 11.81 25.19 13.72 62.78

Loans and Advances 96.98 101.67 97.27 100.00 95.00

Total CA & LA 549.01 483.39 535.08 564.24 666.94

Current liabilities 156.07 147.80 180.91 189.50 202.77

Provisions 40.54 35.76 151.62 71.70 71.70

Total Current Liabilities 196.61 183.56 332.53 261.20 274.47

Net Current Assets 352.40 299.83 202.55 303.03 392.47

Net Deferred Tax -24.98 -19.25 -20.21 -20.21 -20.21

Other Assets 14.30 10.71 16.84 18 20

Total Assets 1078.60 1148.21 1134.18 1178.83 1232.88

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Key Financial Ratios


Growth Ratios

Revenue (%) 8.0 18.0 12.0 13.3 12.4

EBIDTA (%) -16.3 36.8 27.8 19.4 10.1

Net Profit (%) -5.6 41.0 13.3 20.5 13.0

EPS (%) -5.6 40.9 13.3 -20.3 13.0

Margins

Operating Profit Margin (%) 12.2 14.5 15.8 16.0 15.3

Gross Profit Margin (%) 12.2 14.1 16.1 17.1 16.9

Net Profit Margin (%) 7.3 8.7 8.8 9.3 9.4

Return

ROCE (%) 8.0 10.9 13.4 15.5 16.9

RONW (%) 6.3 8.6 9.9 11.8 12.4

Valuations

Market Cap / Sales 0.7 1.1 1.5 2.3 2.0

EV/EBIDTA 1.2 4.5 6.5 11.2 10.0

P/E 10.0 12.3 16.8 24.5 21.7

P/BV 0.6 1.0 1.7 2.8 2.6

Other Ratios

Interest Coverage 20.9 22.8 21.7 25.2 35.8

Debt-Equity Ratio 0.0 0.1 0.1 0.1 0.1

Current Ratio 2.8 2.6 1.6 2.2 2.4

Turnover Ratios

Fixed Asset Turnover 2.8 3.2 3.3 3.4 3.9

Total Asset Turnover 0.8 0.9 1.0 1.1 1.2

Debtors Turnover 5.3 4.8 4.6 4.7 4.8

Inventory Turnover 7.4 7.9 6.8 6.9 7.0

Creditors Turnover 12.8 13.2 12.8 12.6 13.4

Working Capital Turnover 2.2 3.1 4.6 5.1 4.2

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Recommendation

JBCPL’s wide geographical presence in international markets and strong product portfolio with high growth brands

and strong marketing capability gives positive outlook for overall business of the company. The company has crossed

the iconic milestone of Rs 1000 cr sales mark in FY14. The company has embarked on to the next phase of journey in

July 2011, post sale of the Russia-CIS OTC business, and the company has made a comeback in just three years by

effectively focusing on growth markets internationally. The supply agreement with Cilag GmbH International

(‘Cilag’), a wholly owned subsidiary of Johnson & Johnson has been functioning smoothly.

The increase in per capita income, and in turn the increase in per capita consumption of drugs, improved healthcare

access and increasing health awareness are expected to continue to aid growth opportunity in domestic formulations

business. As successful penetration into new markets will accelerate the next level of growth, the company believes

that its well established brands will be the strong pillar around which the company will grow.

The international business poses challenges, such as increased competition, rapidly changing regulatory environment

and increasing span of price controls in some markets. However, the company is optimistic about its good growth

prospects.

The R&D division of the company continues to play an important role in the company’s growth. R&D is currently

focused on the new formulations development and ANDAs filings. The company has enhanced its focus on US

market and plans to file new ANDAs and is also considering backward manufacturing of APIs used in these ANDAs

to make the business more profitable. JBCPL has envisaged capex of Rs140 crs to be spent in next 12-18 months. This

capex is progressing as per schedule. The consolidated sales in FY15 registered a growth of 12% YoY. The political

situation in Russia and Ukraine and depreciation of rouble against US dollar also impacted the business. The situation

has improved in these markets after April, but the company is cautiously watching the developments in these

markets. The company has around Rs 607 crs (Cash + Investments) as on FY15. The company does not plan to invest

this money in haste and will invest it when the right opportunity emerges.

The company has a consistent, strong free cash flow annually, with a low debt-equity of 0.1x. With the

commencement of the sales and distribution of products from its wholly owned subsidiary in Dubai, we expect

revenues and profit, CAGR of 12.83% & 16.70% respectively over 2015-17e. The stock at the price of Rs 231 trades at

24.5x FY16e earnings and 21.7 x FY17e earnings. Despite marginal decline in EPS over the next two years resulting from

equity dilution, we reckon a re-rating of the stock is on cards. Therefore we recommend BUY on the stock with target of

Rs 288 based on 27x FY17e earnings, over the next 9-12 months.

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DISCLOSURE & DISCLAIMER: CD Equisearch Private Limited (hereinafter referred to as ‘CD Equi’) is a Member registered with National Stock Exchange of India

Limited, Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited (Formerly known as MCX Stock Exchange

Limited). CD Equi is also registered as Depository Participant with CDSL and AMFI registered Mutual Fund Advisor. The associates of CD

Equi are engaged in activities relating to NBFC-ND - Financing and Investment, Commodity Broking, Real Estate, etc.

CD Equi has applied for registration under SEBI (Research Analysts) Regulations, 2014. Further, CD Equi hereby declares that –

• No disciplinary action has been taken against CD Equi by any of the regulatory authorities.

• CD Equi/its associates/research analysts do not have any financial interest/beneficial interest of more than one percent/material

conflict of interest in the subject company(s).

• CD Equi/its associates/research analysts have not received any compensation from the subject company(s) during the past twelve

months.

• CD Equi/its research analysts has not served as an officer, director or employee of company covered by analysts and has not been

engaged in market making activity of the company covered by analysts.

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.

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. CD Equi 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. CD Equi 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, CD Equi endeavors 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. Neither, CD Equi 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.

CD Equisearch Private Limited (CIN: U67120WB1995PTC071521)

Registered Office: 37, Shakespeare Sarani, 1st Floor, Kolkata – 700 017; Phone: +91(33) 4488 0000; Fax: +91(33) 2289 2557; Corporate

Office: 10, Vasawani Mansion, 2nd

Floor, Dinshaw Wachha Road, Churchgate, Mumbai – 400 020; Phone: +91(22) 2283 0652/0653; Fax:

+91(22) 2283, 2276 Website: www.cdequi.com; Email: [email protected]

SEBI Regn No.: NSE-CM: INB230781137, NSE-FO: INF230781137, NSE-CD: INE230781135, BSE-CM: INB010781133, BSE-FO:

INF010781133, MCX-SX-CM: INB-260781134, MCX-SX-FO: INF260781134, MCX-SX-CD: INE260781137, DP: IN-DP-CDSL-180-

2002

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