IPO Flash Index SBI Cards and Payment Services Limited - Sharekhan

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IPO Flash
                                                  February 26, 2020

                                                                   Index
                                   SBI Cards and Payment Services Limited
                                                           Issue details •
                                               Key investment rationale •
                                                              Key risks •
                                                    About the company •
                                                             Financials •

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IPO Flash
                                                      SBI Cards and Payment Services Limited

 IPO Details:
 Issue Opens                      Monday, 2nd March 2020
 Issue Close                      Thursday, 5th March 2020
 Issue Size                       Rs 10,275 - 10,340 cr
 Face Value                       Rs 10 per share
 Price Band                       Rs.750/- to Rs.755/- per equity share
 Bid Lot                          19 Shares and in multiple thereof
 Issue Structure
   QIB                            50 % of the offer
   NIB                            15 % of the offer
   RETAIL                         35 % of the offer
 Source: Company RHP

Issue Details
ŠŠ SBI Cards and Payment Services (SBIC) is bringing an Initial Public Offer (IPO), which consists of
   fresh issue of Rs. 500 crore and an offer for sale by existing shareholders of an aggregate of up to
   130,526,798 shares held by them. The company will not receive any proceeds from the Offer for Sale.
ŠŠ Net proceeds of the Fresh Issue, i.e. gross proceeds of the Fresh Issue less the Offer Expenses
   apportioned to the Company (“Net Proceeds”) are proposed to be utilised for augmenting the capital
   base to meet the company’s future capital requirements.
Existing shareholding structure
Shareholder                                                          Pre-issue                      Post - issue
                                                          No. of Shares     Holding (%)   No. of Shares            Holding (%)
Promoter and Promoter Group                               689,927,363            73.9     652,633,992                 69.5
Investor Selling Shareholder                              242,406,915            26.0      149,173,488                15.9
Public & others                                                                               137,149,315             14.6
Total                                                     932,334,278            100      938,956,795                 100
Source: Company RHP, Sharekhan Research
Note: No. of additional shares issue calculated on the upper price band

Investment Rationale:
The second largest credit card issuer in India with deep industry expertise
According to RBI, SBIC is the second-largest credit card issuer in India both in terms of numbers of credit
cards outstanding and amounts of credit card spends, with 9.83 million credit cards outstanding as of
November 30, 2019, and Rs. 1,032.65 billion in total of credit card spends in fiscal 2019. SBIC operates a
nationwide business with a substantial cardholder base spanning each of India’s eight largest metropolitan
areas, India’s tier II and tier III cities as well as its rural areas.
Diversified customer acquisition capabilities:
SBIC deploys a sales force of 32,677 outsourced sales personnel as of December 31, 2019, operating out
of 145 Indian cities and engages prospective customers through multiple channels, including physical
points of sale, telesales and online.
Collectively, with its co-brand partners, SBIC is present in 3,190 open market physical points of sale in
India as of December 31, 2019, retail stores, malls, fuel stations, railway stations and airports. Out of the
aforesaid outsourced sales personnel, SBIC has 4,173 outsourced work force for tele-sales.
In addition to its open market customer acquisitions platform, its partnership with SBI provides them access
to SBI’s extensive network of 21,961 branches across India, which enables it to market its credit cards to
SBI’s vast customer base of 445.5 million customers as of December 31, 2019.
February 26, 2020                                                                                                                2
IPO Flash
Diversified portfolio of credit card offerings
Its credit card portfolio caters to individual cardholders and corporate clients, and includes lifestyle,
rewards, travel and fuel, shopping, banking partnership cards and corporate credit cards. SBIC offers four
primary SBI branded credit cards: SimplySave, SimplyClick, Prime and Elite, each catering to a varying set
of cardholder needs.
In addition, they are the largest co-brand credit card issuer in India according to CRISIL Report, and the
company offers a wide portfolio of co-brand credit cards in partnership with several major players in the
travel, fuel, fashion, healthcare and mobility industries.
Advanced risk management and data analytics capabilities
SBIC advanced risk management infrastructure is robust and data-intensive, both in terms of frequency
and volume of review, and is guided by data analytics capabilities. SBIC evaluate a large number of
data points to generate credit decisions. SBIC analyze this data together with data obtained from credit
bureaus and other sources to, among other things, generate underwriting scorecards tailored to cardholder
demographics, proactively mitigate risks, and reduce losses and delinquencies.
Strategy:
Expand customer acquisition capabilities to grow cardholder base
SBIC intend to grow cardholder base by continuing to expand customer acquisition capabilities, increase
open market physical points. SBIC is banking on its legacy of brand to acquire new customers. In an effort
to increase brand visibility, SBIC has introduced reward programmes and innovative marketing strategies.
Tap into new cardholder segments by broadening portfolio of credit card products
SBIC intend to tap into new cardholder segments by continuing to expand portfolio of credit card products
to meet the needs of existing cardholders and prospective customers, particularly by offering new credit
card products tailored for different income-based and lifestyle segments. Among planned new credit card
product categories, SBIC intend to tap into the super-premium segment by offering new credit cards tailored
for the needs of high-net-worth cardholders. SBIC expect the super-premium segment to generate higher
spends and result in superior growth and profitability, while promoting additional brand recognition.
Stimulate growth in credit card transaction volumes
To increase credit card transaction, SBIC is constantly working to enhance value proposition to cardholders
by rolling out new cash back rewards offers, bonus reward points and merchant discounts. SBIC is
especially focused on rolling out such offers to cardholders located in India’s tier II and tier III cities, which
has contributed an increasing proportion of new accounts in recent years.
Continue to optimise risk management processes
SBIC credit management focus on making credit decisions more data-driven, closely approximating a
digital underwriting process. Credit management will be key to helping manage credit risk and detect
early warning signs of credit difficulties. SBIC is also working toward making credit decision engines fully
artificial intelligence-capable, as well as building artificial intelligence and machine learning capabilities
into customer acquisition, portfolio management and transaction monitoring models.
Continue leveraging technology across operations
SBIC focuses on leveraging technology and data analytics in the Indian credit card industry and intends
to continue investing to further enhance these capabilities and derive greater operating efficiencies. SBIC
believes that the continued evolution of technological capabilities will drive increased efficiencies, improve
operations and ultimately provide significant competitive advantage.

February 26, 2020                                                                                               3
IPO Flash
Key Risks:
SBIC uses the “SBI” brand of Promoter and is exposed to the risk that “SBI” brand may be affected by
events beyond control and that the Promoter may prevent from using it in future.
SBIC does not own the “SBI” name, brand or trademark. The “SBI” name, brand and trademark, as well as
the associated logo as displayed in SBI Card brand are owned by the Promoter. Currently, the “SBI” logo
is pursuant to a license agreement entered between SBIC and the Promoter, under which the Promoter has
granted the non-exclusive right to use the name, brand and trademark “SBI” and the associated logo in
consideration for payment of royalty fees to Promoter.
Under this license agreement, the Promoter has the right to terminate the license on occurrence of certain
events, which includes, among other things, the Promoter’s shareholding in falling below 26.00% of
outstanding equity share capital, if undergoing a change of control event pursuant to any change occurring
in the composition of board of directors or shareholding pattern, or if it fails to pay royalty fees to the
Promoter.
SBIC derives substantial benefits from its existing relationship with the Promoter, and loss or reduction
in the level of support received from the Promoter could adversely affect it
SBIC’s credit card portfolio consists primarily of SBI-branded credit cards and takes advantage of the
Promoter’s large branch and customer networks to market credit cards. The Promoter is the largest
customer referral partner, and referral arrangements with SBI allows to market products and services to
SBI customers by utilizing the Promoter’s vast branch network.
All of SBIC’s credit card portfolio is unsupported by any collateral that could help ensure repayment,
and in the event of non-payment by a cardholder of credit card receivables
Unsecured credit card receivables present a greater credit risk than a portfolio of secured loans because
they are not supported by realisable collateral that could help ensure an adequate source of repayment for
credit card receivables. Although it may obtain direct debit instructions from cardholders for such unsecured
credit card receivables, it may still be unable to collect in part or at all in the event of non-payment by a
cardholder. Further, any expansion in unsecured credit card receivables portfolio could require to increase
provision for credit losses, which would decrease profitability.
Face competition in the credit card market from other credit card issuers and payment solutions providers,
and may not be able to compete effectively, which could result in fewer cardholders and lower account
balances and could materially adversely affect financial condition, cash flows and results of operations.
SBIC competes with other credit card issuers and payment solutions providers such as banks, payment
banks, NBFCs and financial technology enterprises on the basis of a number of factors, including brand,
reputation, customer service, product offerings, incentives, pricing, technology and other terms. In particular,
mobile, e-wallet and tokenisation platforms, including the increasingly prevalent unified payments interface
platform, present formidable competition as they are able to attract large payment volumes at low or no
payment processing fees to merchants. Competition in credit cards is also based on merchant acceptance
and the value provided to customer by rewards programmes.
Provisions for credit losses may prove to be insufficient to cover losses on credit card receivables
Maintains provisions for credit losses at levels that believe to be appropriate to provide for incurred losses
in credit card receivables portfolio. However, the process for establishing provisions for credit losses under
the “expected credit loss”model involves a high degree of judgment and complexity, and is susceptible to
being incorrectly or imprecisely estimated. Provisioning coverage ratio (calculated as total provisions on
Stage 3 assets divided by total Stage 3 assets) as of March 31, 2017, 2018 and 2019 was 67.9%, 67.3% and
66.5%, respectively, and 67.0% as of December 31, 2019. Although it maintains provisions for credit losses
above the minimum levels prescribed by the RBI, it cannot fully predict such losses or give assurances that
provisions will be adequate in future, and may underestimate incurred losses and fail to maintain sufficient
provisions for credit losses to account for such losses.

February 26, 2020                                                                                             4
IPO Flash
Valuations:
Credit card spends have registered robust growth, reporting a CAGR of 32.0% from FY2015 to FY2019 and
are expected to reach Rs. 15.0 trillion by FY2024, which is 2.5x over FY2019. SBI Cards is the second largest
credit card issuer in India, with 18.1% market share of the Indian credit card market in terms of the number of
credit cards outstanding as of November 30, 2019.
Return on net worth on equity shareholders stands at 24% for 9M ended December 2019 and is attractive.
Notably, gross NPA as of December 2019 was 2.5% (was 2.44% on March 2019), which given the credit card
business is reasonable.
At the upper end of the price band, the issue is priced at 80x its FY2019 EPS and 60.6x its 9MFY2020
EPS. There are no listed companies in India that engage in a business similar to that of the company.
Accordingly, it is not possible to provide an industry comparison in relation to the company. However, there
is always investor interest into companies that have a high-growth trajectory along with dominant market
share and very attractive return ratios.
Peer Comparison
                                                                                                              Market
                                                                                                                          CAGR
 Particulars                  FY14         FY15          FY16          FY17            FY18         FY19     share as
                                                                                                                         growth
                                                                                                              of FY19
                                       Number of credit cards in force (in million)
 HDFC                            5.1           6.0             7.3         8.5           10.7        12.5        27%       19%
 SBI Card                       2.9            3.2             3.6          4.6           6.3         8.3        18%       24%
 ICICI                          3.2            3.3             3.7          4.3           5.0         6.6        14%       16%
 Axis Bank                      1.4             1.7           2.4           3.3           4.5         6.0        13%       34%
 Citi Bank                      2.4            2.4            2.4          2.5            2.7         2.7         6%        2%
                                             Number of transactions (in million)
 HDFC                            161          198            253           333          405          486         27%       25%
 SBI Card                        65             78             110         155           212         280         16%       34%
 ICICI                           72             91            109          150           189          241        14%       27%
 Axis Bank                       27             41             59           88           128         168          9%       44%
 Citi Bank                       96            112             131         173           219         239         13%       20%
                                                    Total spend (Rs million)
 HDFC                      4,57,408    5,77,599         7,49,981    9,74,749    13,24,039       17,04,208        28%       30%
 SBI Card                  1,64,928     2,12,845       2,93,324    4,38,545       7,70,232      10,38,353         17%      44%
 ICICI                      1,72036     2,15,646        2,68,101   3,62,055        5,15,331      6,73,006          11%     31%
 Axis Bank                   88,487    1,36,023        1,83,862    2,87,305      4,43,288        6,20,827        10%       48%
 Citi Bank                 2,67,476    3,08,629        3,55,839    4,25,583      4,88,652        5,32,185          9%      15%
                                               Average spend per transaction
 HDFC                         2,847         2,918          2,964        2,929         3,273        3,504             -       4%
 SBI Card                     2,520         2,726          2,669        2,835         3,635         3,713            -       8%
 ICICI                        2,376        2,380           2,454        2,409          2,724       2,795             -       3%
 Axis Bank                    3,243        3,350           3,098        3,257         3,453        3,695             -       3%
 Citi Bank                    2,785         2,764           2,716       2,458         2,236        2,227             -      -4%
                                           Average spend per card in force (Rs)
 HDFC                       84,252     1,03,964         1,14,485     1,19,356       1,35,181     1,44,770            -      11%
 SBI Card                   60,458         71,547          86,011    1,07,737     1,40,975       1,44,813            -     19%
 ICICI                      56,543        65,685          77,555        90,611     1,12,042       1,17,203           -     16%
 Axis Bank                  72,304        88,227          90,193     1,00,167      1,12,877      1,21,220            -      11%
 Citi Bank                  1,11,642     1,28,731       1,49,410    1,74,225      1,87,045       1,99,881            -     12%
                                       Average outstanding per card in force (Rs)
 HDFC                       23,853        27,044          28,180      30,428          33,781      35,909             -      9%
 SBI Card                     15,311       18,125         20,431      22,490         23,281       22,398             -      8%
 ICICI                       10,377        12,103         14,989         17,511      18,563        18,514            -     12%
 Axis Bank                    12,713      12,889           17,218     20,078         18,408       20,622             -     10%
 Citi Bank                       NA            NA              NA           NA            NA          NA             -
                                                   Number of POS terminals
 HDFC Bank                 2,15,524    2,44,991        2,83,274     4,29,749     4,03,567       4,90,180         13%       18%
 SBI Card                         NA           NA              NA           NA            NA          NA             -        -
 ICICI BANK                2,93,166    2,21,663        2,00,759    3,06,593      3,25,358       3,91,625          11%       6%
 Axis Bank                 2,48,482    2,48,786        2,63,951    4,33,034      5,02,226       5,07,409         14%       15%
 Citi Bank                    17,844      20,238         23,676        28,261        34,732       34,744           1%      14%
 Source: Company RHP
February 26, 2020                                                                                                             5
IPO Flash
About the company:
SBIC is the second-largest credit card issuer in India, with a 17.6% and 18.1% market share of the Indian
credit card market in terms of the number of credit cards outstanding as of March 31, 2019, and November
30, 2019, respectively, and a 17.1% and 17.9% market share of the Indian credit card market in terms of total
credit card spends in fiscal 2019 and in the eight months ended November 30, 2019, respectively, according
to the RBI.
It offers an extensive credit card portfolio to individual cardholders and corporate clients, which includes
lifestyle, rewards, travel and fuel, shopping, banking partnership cards and corporate cards, covering all
major cardholder segments in terms of income profiles and lifestyles.
SBIC is a subsidiary of SBI, India’s largest commercial bank in terms of deposits, advances and number of
branches as of September 30, 2019, according to the RBI. It started operations in 1998, and since then SBI’s
parentage and highly trusted brand have allowed the company to quickly establish a reputation of trust,
reliability and transparency with its cardholders.
The company has a diversified revenue model, whereby it generates both non-interest income (primarily
comprising fee-based income such as interchange fees, late fees and annual fees, among others) as well
as interest income on its credit card receivables. The share of its revenue from operations that SBIC derives
from non-interest income has steadily increased over the past three fiscal years, from 43.6% in fiscal 2017 to
48.9% in fiscal 2019. The company believes this has made its capital structure more efficient and provides it
with a relatively stable revenue composition that is less susceptible to market fluctuations, such as interest
rate volatility.

February 26, 2020                                                                                           6
IPO Flash
Financials
Income Statement
                                             For the nine       For the nine
                                                                                    For the year      For the year          For the year
                                            months ended       months ended
Particulars (Rs in million)                                                        ended March       ended March           ended March
                                            December 31,       December 31,
                                                                                        31, 2019          31, 2018              31, 2017
                                                    2019               2018
Interest Income                                    34,931               26,263           35,757               27,600             18,882
Income from fees and services                      30,193               21,586           30,720                21,773             13,116
Service Charges                                   824.57                   814            1,259                  796                  533
Business development incentive income              2,404                  1430             2,167               1,628                  883
Insurance commission income                         79.93                  64                87                   73                   48
Net gain on fair value changes                       -1.04                682                  1
Total Revenue from operations                     68,431                50,839           69,991               51,870            33,462
Other Income                                        3,971                1,948            2,877                1,832               1,248
Total Income                                      72,402                52,787           72,868               53,702             34,710
EXPENSES
Finance costs                                       9,664                7,426            10,172                7,115             5,284
Employee benefits expenses                          3,344                2,880            3,904                 1,931                 953
Depreciation, amortisation and impairment            740                   581               811                 245                   48
Operating and other expenses                       31,412               24,432           33,046                27,119             17,319
CSR expenses                                        33.68                 33.6              142                   98                   70
Impairment losses & bad debts                       11,021               7,960            11,477               8,001              5,320
Total expenses                                    56,215                43,312           59,552              44,509             28,994
PBT                                                16,187                9,475           13,316                9,193              5,716
Tax expense                                         4,575                3,330            4,689                 3,182             1,988
PAT                                                11,612                6,145            8,627                6,011              3,728
Source: Company RHP

Key Ratio
                                                             As of December 31,                          As of March 31,
 Particulars
                                                         2019              2018            2019               2018             2017
 EPS                                                             12.5             6.8              9.4               7.4              4.8
 Return on Networth                                              24%              18%          24%                25%              26%
 NAV                                                             51.7            38.4          39.9               29.8                18.5
 GNPA (%)                                                         2.5             2.6              2.4               2.8              2.3
 NNPA (%)                                                         0.8             0.9              0.8               0.9              0.8
 Provision Coverage Ratio(%)                                     67.0             67.3         66.5               67.3              67.9
 Source: Company RHP

February 26, 2020                                                                                                                        7
IPO Flash
Balance Sheet
                                          As at        As at
                                                             As at March As at March As at March
Particulars (Rs in million)           December     December
                                                                 31, 2019    31, 2018    31, 2017
                                       31, 2019     31, 2018
Cash and cash equivalents                 4,528        4,452       7,335        3,119        1,747
Bank Balance other than (a               550.19        1,554         433        1,608       1,082
Receivables                               1,773        1,549       2,950        1,507       1,325
Loans                                  239,332       172,404     179,087      140,455      99,829
Investment                                   15           15          15           0            0
Other financial assets                     295          552          307        1,139          25
Total financial assets                 246,492       180,526      190,127     147,829     104,008
Non- financial assets
 Deferred tax assets (Net)                1,374        1,082       1,665         880        1,292
Property plant and equipment               572          463          575         419           17
Capital work in progress                    183          55           43          133
Intangible assets                        738.23       543.44         646         440
Intangible assets under development      146.22       153.47         158          217
Right-of-e Assets                          1,711       1,548       1,643        1,559        222
Other non Financial assets                8,719        6,616       7,538       5,383         2,112
Total non-financial assets               13,443       10,461      12,269        9,031       3,642
Total Assets                           259,935      190,987     202,396      156,860      107,650
LIABILITIES AND EQUITY
Derivative financial instruments        322.82       2222.9        1,095          29             -
Payables                                   790          498        6,615        5,182        1,189
Other payables                              62            34          36          113           2
Debt Securities                          67,150       35,177      40,793      29,489       75,098
Borrowings (Other than Debt Sec         106,162      86,446       83,744      74,659        2,197
Subordinated Liabilities                 12,464        9,983       11,968      9,980        5,389
Other financial liabilities               8,107        7,276       9,577       6,449        2,883
Total financial liabilities             195,058      141,636     153,828      125,901      86,758
Non- financial liabilities
Current Tax liabilities (Net)               38          3.68         762         104           17
Provisions                               12,484        11,193      6,284       3,924        4,952
Other non financial liabilities           4,840        3,935       5,705       3,400        1,434
Total non financial liabilities          17,362        15,131      12,751       7,429       6,404
Total liabilities                       212,420      156,767     166,579      133,329      93,162
Equity
Equity Share capital                      9,323        8,372       8,372        7,850       7,850
Other equity                             38,190       25,847      27,445       15,681       6,638
Total equity                             47,513       34,219      35,817       23,531      14,488
Total liabilities and equity           259,933      190,986     202,396      156,860      107,650
Source: Company RHP

February 26, 2020                                                                                8
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