Equity Research Report 08 February 2016 Ways2Capital

7/25/2019 Equity Research Report 08 February 2016 Ways2Capital

1/18


2/18

TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - The market is still firm as the Nifty is away from 7600. The 50-share index is opened on

Monday up 24.45 points or 0.3 percent at 7588. on the back of Indian manufacturing sector growth rose to

a four-month high in January. Oil prices dropped early after China posted surprisingly weak economic data.

Overseas investors pulled out more than Rs 11,000 crore from the Indian stock markets in January - on

global growth worries and decline in oil prices. Economic data from China, showing its manufacturing

sector contracted at its fastest pace in almost three-and-a-half years in January, added to worries about

demand from the world's top energy consumer at a time when the market is already weighed down by a

supply overhang. However Asian shares started a new month on somewhat firmer footing, helped by

accommodative monetary policies in Japan and Europe. The crucial level for Nifty down side is 7420-7450

and Upside is 7550-7580. if the Nifty manages to sustain above the 7550 mark then we may witness a

continuation of this move towards 7600-7679 levels. On the other hand, 7400-7473 are now seen as

important Support levels, The major resistance for Nifty is 7600 if the Nifty able to meet that point we

could find the comfortable zone for Nifty to move in the continues trend for Next week.

BANK NIFTY : - The Bank Nifty open in Positive trend on Monday trading session at 15547.75 up by

25 points or 0.3 per cent. The Bank Nifty is currently trading at 15265 up by 344 point or 2.30 per cent.

Bank shares have remained a pain point for the stock market over the past one year -- beset by NPA issues

and weak credit demand -- and the pain is likely to continue for a while, The Finance Minister could have

"done a lot more" to clean up the banking system. On the positive side, The Reserve Bank could cut repo

rate by 25 basis poits.

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

7805 7597 7493 7389 7181

WEEKLY R2 R1 PP S1 S2

8201 7701 7451 7201 6701

MONTHLY R2 R1 PP S1 S2

8201 7701 7451 7201 6701


3/18

BANK NIFTY

DAILY R2 R1 PP S1 S2

16238 15510 15146 14782 14054

WEEKLY R2 R1 PP S1 S2

17477 15869 15065 14261 12653

MONTHLY R2 R1 PP S1 S2

17477 15869 15065 14261 12653

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 7470 7674 7839 8077

BANK NIFTY 15378 16223 16766 17475

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 7365 7950 8320

BANK NIFTY 15615 17390 19170


4/18

PATTERN FORMATION ( NIFTY AND BANK NIFTY )

Depiction of ChartOn the Above given weekly chart Applied the 200 days Moving average along with 50 days Exponential movin

Average. The Moving average lag the current price action because they are based on past prices longer the time period the greater the lag

Moving Average. Thus a 200-day MA will have a much greater degree of lag than a Less-days MA because it contains prices for the pa

200 days. With breaks above and below this moving average considered to be important trading signals.for Buying or Selling. MA al

impart important trading signals on their own, .While on the Above given Chart EMA is About to cross over the MA which is a ear ly sign

for Bullish movement for Nifty . The global market also in Support for Bull movement, The privilege for Nifty50 to give gap-up opening

next week. So we can expect that if the Nifty is crossing the level of 7600 it can make the high of 77650-7680 for Next Week. Week

Support of Nifty Is 7450-7500 And Resistance is 7600-7650.


5/18

BANK NIFTY MACD

Details of ChartOn the Above given weekly chart of bank Nifty applied 200 days Moving Average along with 50 days Exponentia

moving Average . And the both are the indicators on Bull movement for Bank Nifty. After long time the Bank Nifty has seen the Nea

level of 16900. The market is now in good shape so we could expect the handsome return from the Bank Nifty for Next week. Hope from

Banking industry is Also good for next week, so we are assuming further movement of Bank Nifty The Crucial level for Banking Nifty

15600-15800 if the Nifty able to meet that target we can Expect the Bank Nifty 16000 level near next week. we Still bullish on bank Nifty

The major Resistance for Nifty Is 15800-16150 And the Support for Banking Nifty is 15400-15320.


6/18

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2

ACC EQ 1291 1280 1267 1256 1242

ALBK EQ 54 53 51 49 47

AMBUJACEM EQ 199 197 195 193 190

ASIAN PAINT EQ 914 901 883 870 852AXISBANK EQ 394 388 380 375 367

BAJAJ-AUTO EQ 2426 2368 2310 2273 2236

BANKBARODA EQ 126 124 122 120 118

BANKINDIA EQ 101 99 96 94 91

BHEL EQ 133 131 129 125 123

BHARTIARTL EQ 308 306 303 301 299

CIPLA EQ 583 567 553 536 523

COALINDIA EQ 326 324 321 319 315

DLF EQ 98 97 95 94 92

DRREDDY EQ 3276 3193 3037 2954 2797

GAIL EQ 386 377 363 355 341GRASIM EQ 3559 3470 3396 3307 3232

HCLTECH EQ 895 881 855 840 815

HDFC EQ 1218 1197 1167 1147 1117

HDFCBANK EQ 1070 1060 1045 1035 1020

HEROMOTOCO EQ 2712 2637 2534 2458 2355

HINDALCO EQ 75.50 72.80 70.80 68.10 66.10

HINDUNILVR EQ 855 836 801 782 747

ICICIBANK EQ 249 239 229 218 208

ITC EQ 337 327 315 305 293

INDUSIND EQ 970 951 915 896 860

INFY EQ 1199 1182 1153 1137 1108

JINDALSTEL EQ 68 66 61 59 55

KOTAKBANK EQ 702 692 676 666 650

LT EQ 1197 1148 1109 1060 1021

M&M EQ 1296 1263 1206 1173 1117

MRF EQ 34879 34514 33985 33620 33091

MARUTI EQ 4327 4219 4071 3963 3815

ONGC EQ 235 230 222 217 210

ORIENTBANK EQ 109 107 103 101 97

RCOM EQ 60 59 58 57 56

RELCAPITAL EQ 367 362 355 350 343RELIANCE EQ 992 985 977 970 962

RELINFRA EQ 449 444 437 432 425

RPOWER EQ 49 48 47 46 45

SBIN EQ 179 177 172 170 166

SSLT( VEDL) EQ 77 75 74 72 71

SUNPHARMA EQ 870 862 856 847 841

TATAMOTORS EQ 337 334 331 327 324

TATAPOWER EQ 62 61 59 58 57

TATASTEEL EQ 257 248 242 238 233

UNIONBANK EQ 143 141 136 133 128


7/18

TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 ADITYA BIRLA

NUVO

2065.70 870.00-57.88%

2 JUST DIAL 802.15 608.65-24.12%

3 RCOM 73.30 62.10-15.28%

4 IDEA CELLULAR

LTD

116.60 103.10-11.58%

5 JET AIRWAYS 670.90 602.60-10.18%

6 UNITED SPIRITS

LTD

2733 2488-8.96%

7 ENGINEERS

INDIA

211.05 193.05-8.53%

8

ADANI PORTS 232.40 212.70

-8.48 %

9 GATI LTD. 124.60 114.15-8.31%

10 UNITED

BREWERIES

841.00 776.90-7.62%

11 ALOK

INDUSTRIES

5.48 5.11-6.75%

12 BEML LTD 1115 1041-6.67%

13 BHARTI AIRTEL 310.15 289.70-6.59%

14 SYNDICATE BANK 72.10 67.55-6.34%

15 TATA POWER CO. 64.35 60.35 -6.22%

SR.NO SCRIPT NAMEPREV

CLOSE

CMP % CHANGE

1 TATA ELEXSI LTD 1734 2076 +19.72%

2 NIIT TECH. 473 552 +16.69%

3 FINOLEX IND. 272.90 317.45 +16.32%

4 HIND. ZINC 138.50 160.65 +15.99%

5 UNION BANK OF IN 114.50 130.50 +13.93%

6 TORRENT POWER LT 207.45 234.30 +12.92%

7 GUJRAT PIPAVAV 143.45 161.85 +12.83%

8 GRUH FINANCE 232.25 261.15 +12.83%

9 SUN PHARMA 277.45 311.70 +12.44%

10 APOLLO TYRES 132.35 147.60 +11.52%

11 UPL 392.10 436.90 +11.43%

12 INDIA CEMENT LTD 83.80 93.35 +11.40%

13 SKS MICROFINANCE 476.05 528.80 +11.08%

14 PIRAMAL ENTERPRI 895.65 994.60 +11.05%

15 RALLIS INDIA 149.55 165.95 +10.97%


8/18

NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

RBI forecasts GDP growth of 7.6% for FY17 - RBI Governor Raghuram Rajan

Forecast GDP growth of 7.6% for FY17 and 7.4% with downward bias for FY16.For2016-17, growth is expected to strengthen gradually, notwithstanding significant

headwinds. Expectations of a normal monsoon after two consecutive years of rainfall

deficiency, the large positive terms of trade gain, improving real incomes of households

and lower input costs of firms should contribute to strengthening the growth momentum.

Yet, still weak domestic private investment demand in a phase of balance sheet

adjustments, re-emergence of concerns relating to stalled projects, excess capacity in

industry, sluggish external demand conditions dampening export growth could act as

headwinds.

Hindustan Zinc plans to invest Rs. 8000 Crore - Hindustan Zinc is looking to expand its

all operations in a time-frame of 3-5 years, taking current ore production levels of 9.36

MTPA to 14.00 MTPA and finished metal production levels from 0.85 MTPA to 1.10

MTPA. As Hindustan Zinc, a Vedanta Group company in Zinc-Lead-Silver business

celebrates its Golden Jubilee, completing 50 years of its existence; the company is all set

for its next phase of expansion of its mining and smelting operations with an investment

of Rs.8000 crore.

We expect RBI to slice repo rate by 25 basis points after the Budget: CRISIL - As

expected, the Reserve Bank of India on Tuesday kept the repo rate unchanged at 6.75%

with the Union Budget on the anvil and while awaiting more data on the inflation

trajectory. Since its last policy-rate cut, some room for monetary easing has opened up as

global growth weakened leading to a sharp decline in crude oil and commodity prices

which supported lower inflation. But the RBI also wants to tame consumer price inflation

to 5% by March 2017or a clear percentage point lower than its March 2016 target. This

will be a tough Task if the Seventh Pay Commission recommendations are implemented

and the monsoon remains inadequate. A noninflationary.

China economic woes threaten WTI - WTI Oil plummeted over 6% during trading on

Monday with prices edging closer to $31 as tepid manufacturing data from China, the


9/18

worlds largest energy consumer, renewed fears that demand may be dwindling. These

anxieties added to the rapidly fading expectations around OPEC cooperating with Russia

to curb production, while ongoing concerns over the excessive oversupply of oil in the

markets continued to haunt investor attraction. Although there was some initial optimism

directed towards Russias willingness to slash production, Saudi Arabia remained defiant

on the idea of any cuts, while Iran had already pledged to pump up to 1.5M barrels a dayin a mission to reclaim its lost market share.

RBI continues to be "accomodative", to wait for data on inflation: Rajan - In line

with the market expectations, the Reserve Bank of India has kept the key policy rates

unchanged. The central bank said that it is keeping a keen eye on the Union Budget due

on 29th February, before taking any decision that would rattle the market participants.

The stance is akin to the policy statement from the Fifth Bi-monthly meet which

reiterated that the global growth continues to be weak.

FM: GST will become a reality soon- Finance Minister Arun Jaitley is expecting that

the opposition parties will see reason and the Goods and Services Tax, which is held up

in Rajya Sabha, will become a reality soon. GST has been supported by most political

parties and I am sure others will also see reason and this law will become a reality very

soon, Jaitley said. Jaitley added that the government is also working on streamlining the

direct taxation system. We want to rationalise our direct tax system, He said.

FDI spurts 114% to US$4.5bn in December - Foreign Direct Investment into the

country more than doubled to about US$4.5 billion in December 2015. FDI inflow to

India recorded a whopping 114 per cent growth for December 2015 vs December 2014,

the Commerce & Industry Ministry said. In December 2014, India had received US$ 2.16

billion. The major sectors that attracted FDI include computer software & hardware,

trading, services, automobile and telecommunications. India receives maximum FDI fromSingapore, Mauritius, the Netherlands and Japan. In 2014-15, FDI grew by 27 per cent to

US$30.93 billion as against US$24.29 billion in 2013-14."India is seen as one of the best

places to invest, when globally you have a 16 per cent fall in FDI. It is only in India we

are growing. FDI which is coming to India is growing at 38 per cent," Union Commerce

and Industry Minister Nirmala Sitharaman said on Thursday.


10/18

India has potential to grow much faster than current pace: Jaitley - Finance Minister

Arun Jaitley stated that India has the potential to grow much faster than the current pace.

India has displayed a great deal of resilience in challenging situations, Jaitley said. FM

said that it expects to pass bankruptcy law in the budget session.We are actively working

on our taxation system, added Jaitley.

Oil prices surge as USD falls...Russia open to meet OPEC - US traded crude oil

futures rallied on Wednesday, rising by 8%, after the US dollar declined and amid news

reports of Russia raising the prospect of a meeting with OPEC. Earlier, Nymex oil futures

had dipped in response to a steep advance in American crude inventories - their fourth

weekly increase in a row. March WTI crude gained US$2.40, or 8%, to settle at

US$32.28 per barrel on the New York Mercantile Exchange, recouping much of the more

than 11% drop it suffered in the previous two sessions.

India's exports may fall to $265-270 billion in FY16: FIEO - The country's exports

will range between $ 265-270 billion in 2015-16, sharply lower than the $310.5 billion

achieved in the previous fiscal, exporters' body FIEO said today. "According to our

assessment exports for the current fiscal will range between $265-270 billion. If this trend

continues it may lead to job losses," FIEO Director General Ajay Sahai said. Exports

contracted for 13th month in a row in December 2015 as outward shipments shrank 14.75

per cent to $22.2 billion amid a global demand slowdown. Sahai demanded that the

corpus of the exports development fund which currently stands at Rs 200 crore should be

enhanced to Rs 3,000-5,000 crore as it was inadequate. "The export development fund

which currently has a corpus of Rs 200 crore is inadequate and should be enhanced to 0.5

to 1 per cent of export value which is anywhere between Rs 3,000 to Rs 5,000 crore.

Commerce Ministry has supported this demand. We are now awaiting a response of

Finance Ministry. He said.

Jaitley woos sovereign funds to invest in infra, railways - Inviting foreign capital in

sectors like roads, railways and energy, Finance Minister Arun Jaitley today met

sovereign wealth funds from Singapore and the UAE and pitched a stable policy regime

and resilience of Indian economy amid a global slowdown. Opening the two-day India

Investment Summit 2016 here, the minister highlighted opportunities the country presents

to investors and sought investment in sectors like road, highways, oil&gas, urban

infrastructure and railways.


11/18

Growth in India's services activity at 19-month high in Jan: PMI - Activity in India's

services sector increased at its fastest pace in over a year and a half in January as demand

accelerated, allowing firms to build up a much bigger backlog of orders, a business

survey showed on Wednesday. The Nikkei/Markit Services Purchasing Managers' Index

rose to 54.3 in January from 53.6 in December, the seventh straight month above the 50-level that distinguishes growth from contraction.

TOP ECONOMY NEWS

The combined output of eight crucial infrastructure sectors rose by a slight 0.9 percent in

December after contracting the month before.

Telecom regulator Trai has recommended a public private partnership model for rolling

out governments ambitious project BharatNet which involves setting up of a

broadband network in rural India.

India has signed two bilateral advance pricing agreements with the United Kingdom in

its efforts to provide certainty and stability in tax policies to foreign investors.

The target for infrastructure investment during the 12th Five-year Plan would fall short

of the target by 30% owing to slippages in Telecom, Electricity, Renewable Energy, Ports

and Railways, according to a financial newspaper.

The government banned duty-free import of capital goods for power generation and

transmission projects under the EPCG Scheme.

The Reserve Bank of India has asked banks to file forms related to foreign direct

investment only online on the e-Biz portal from February 8.

Moving ahead with its decision to open up the coal sector for commercial mining,

government has identified 15 blocks to be allotted to central and state PSUs for


12/18

undertaking production and sale of the dry fuel.

India approved the third phase of development projects being carrying out in

Afghanistan. These projects are part of the 92 small-scale programmes that India had

previously approved in an effort to strengthen bilateral strategic and commercial ties.

The Union Finance Minister, Arun Jaitley will Inaugurate the two-day India Investment

Summit 2016 on Thursday, 4th February, 2016. The Finance Minister will also unveil the

logo of National Infrastructure and Investment Fund on the occasion. A film on NIIF will

also be shown during the Inaugural Session.

At a time when central banks in most parts of the world are going to new lengths to ease

money and push growth, the ASSOCHAM expects the Reserve Bank of India to at leasttake note of the fact for well over a year, the Wholesale Price Index for several industrial

products has remained in a deflationary mode, requiring an urgent infusion of lifesaving

consumer demand.

RBI Governor Raghuram Rajan stated that India's economy lost momentum in Q3.The

December calm in global financial markets suggesting that the normalisation of US

monetary policy was fully anticipated was dispelled in January 2016 by fears of further

weakening of the Chinese economy and depreciation of Renminbi. Capital outflows from

China triggered sell-offs across AEs and EMEs, exacerbating currency declines and

heightening volatility

The Budget Session of Parliament will commence on February 23 that will focus largely

on the financial business of the government, which will present the General Budget on

February 29.

The minister for road transport, highways and shipping, Nitin Gadkari invited

suggestions from the auto industry to take ahead the scrappage policy, aimed at replacing

10-year-old vehicles with modern fuel efficient ones that conform to emission standards.

The Government has asked the pension regulator PFRDA to ensure that full range of

investment products including alternate investment funds are made available for Indians


13/18

saving for their retirement.

Prime Minister Narendra Modi is scheduled to inaugurate on Friday the Rs 100 billion

gas cracker project in Assam.

In keeping with the Narendra Modi-led NDA government's plan to reach out to people

directly, the government has launched a YouTube channel for Finance Ministry.

The Ministry of Petroleum and Natural Gas plans to extend financial partnerships to

startups engaged in the oil sector to give a boost to the 'Startup India' initiative.

The Minister of State for Finance, Jayant Sinha, stressed upon the priority to provide the

universal pension security including income security, health and life insurance to the

people at large. He said that he believed in the philosophy to empower Indians with tools

and knowledge to take ownership of their own retirement.

The Union Finance Minister Arun Jaitley said that we intend to continue to be one of the

fastest growing economies in the world. The Finance Minister said that India has a

potential to grow even faster than todays pace. He said that we have yet to realise our

full potential for growth.

TOP CORPORATE NEWS-

Lupin pharmaceuticals Ltd. Inc launched metformin, its generic copy of diabetes drug

Glumetza, in the US market. A First-to-File product, the company will be priced 15-20%

lower and enjoy 180 days of marketing exclusivity by the US Food and Drug

Administration.

The proposed INR 5,000-crore deal by Birla Corporation Ltd. to acquire two cement

manufacturing units of Lafarge India Pvt. Ltd., along with two cement brands has been

called off.

Indian Oil Corporation, is hoping to build a strong upstream portfolio as the oil rout


14/18

turns assets cheaper while leaving traditional upstream companies such as Oil and Natural

Gas Corporation with depleting cash reserves.

Tata Motors said on Tuesday that it has decided to rename its soon-to-be-launched

hatchback Zicaas concern grows globally over the outbreak of the identical sounding

name Zika virus.

PC Jewellers said that the Reserve Bank of India has approved increase in investment

limit by foreign institutional investors/foreign portfolio investors.

Amid sluggish demand, Coal India is facing dilemma over the production and

finding it difficult to further stock the fuel, even as the PSU major is not keen to

rationalise prices and rather looks at methods to boost sales to keep weak

subsidiaries in profit.

Dr Reddy's Laboratories announced that the U.S. Food and Drug Administration

has approved its new drug application of ZEMBRACE injection, a drug-device

combination intended for the treatment of acute migraine.

Bharti Airtel decried the starting price of 4G airwaves in the coveted 700 MHz

band recommended by the telecom regulator, calling it way "too expensive and

unaffordable".

HDFC Bank launched a 10-second paperless instant loan plan for its existing

customers.

Emami Ltd.expects to clear its outstanding debt of Rs 8.5bn latest by 2017-18 and thus

reduce it to Rs 6 billion by the end of March this year.

The Competition Commission of India has approved Sun Life's acquisition of 23% more

stake in Birla Sun Life Insurance.

ITC Ltd.plans its first overseas hotel at Colombo, Sri Lanka, in 2018, adding that the Sri

Lankan property will be a super-premium one and it will be branded as ITC.


15/18

Life Insurance Corporation has invested INR 53,000 crore in the equity markets so far

in FY16, up 36 per cent over the amount invested in FY15, Chairman S.K. Roy said on

Monday.

Maruti Suzuki India Ltd. is working towards reducing the number of vehicular

platforms and shorten its product development cycle, reports a business daily.

Vedanta Ltd. is gearing up to ramp up capacity at its aluminium smelter SEZ at

Jharsuguda from the next fiscal.

Wipro Ventures, the $100mn venture capital arm of Wipro Ltd., has picked up a

minority stake in Pune-based big data startup Altizon Systems Pvt Ltd for Rs.97.8 mn as

part of a Series A funding round, a week after cross-town arch rival Infosys parked $4

million in US-based data startup Waterline Data Science.

Grasim Industries Ltd.will spend more than INR 4,000 crore on capacity expansion of

its various businesses - cement, chemicals and VSF - in the coming financial year.

Tata Motorslaunched Signa range of commercial vehicles for haulage and construction

segments.

Reliance Infra announced the signing of Share Purchase Agreement with Birla

Corporation, the flagship Company of the M P Birla Group in relation to 100% sale of its

subsidiary Reliance Cement Company Private Limited.

Maruti Suzuki India will launch its smart urban compact car Ignis and premium sports

hatchback Baleno RS around the festival season this year.

ONGC Ltd.has sent an urgent message to Petroleum Ministry, saying the natural gas

prices according to a formula approved by the BJP-led government was not viable to

develop its KG basin discoveries.

Zydus Wellnessis trying to push its market leading brand Sugar Free beyond coffee cups

and tea sips. The company is keen that Indians adopt Sugar Free in their daily life, the


16/18

myths regarding sugar substitutes notwithstanding, said chief operating officer Tarun

Arora.

Godrej Consumer Ltd.has acquired a majority stake in Kenya-based Canon Chemicals.

Having already acquired other African companies in the last few years, the latest buy is a

continuation of the companys strategy to expand into emerging markets which havehigher growth potential.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

The government's large cash balance with the Reserve Bank of India has led to

speculation about belt tightening to meet the fiscal deficit target and consequently

liquidity concerns.

HDFC Bank,which has emerged as the most valuable lender on the back of its strong

retail book, is now throwing its weight behind automated loan processing to consolidate

its position in the personal loans segment. The bank is now using its ATM network to

grab new customers, including those of other banks who happen to use the bank's ATMs.

Federal Bank has entered into tie-up arrangement with National Australia Bank for

facilitating online inward remittance to India at discounted rate, for its NRI customers

based in Australia.

Royal Bank of Scotland Group Plc, Britains largest government-owned lender, has

scrapped a sale process for its onshore Indian banking operations. The Edinburgh-based

lender concluded that it is not feasible to sell the business in its entirety, it said in an e -

mailed statement Wednesday. RBS will now consider other options, which may include

winding down the remaining Indian operations or selling individual parts of the business,according to the statement.

Reserve Bank of IndiaGovernor Raghuram Rajan said the current level of cash reserve

ratio at 4 per cent is ideal and there is no need for any change in it.

Bandhan Bank, which started commercial operations in August last year, has so far

garnered deposits worth Rs 7,000 crore, a top official said today.


17/18

A clearer picture on the outcome of the ongoing discussions between the State Bank of

India and BNP Paribas Cardiff for hiking the overseas partners stake in the life

insurance joint venture is likely to emerge by end March this year, Arijit Basu, Managing

Director and CEO of SBI Life said.

There is a liquidity deficit in the banking system and the Reserve Bank needs to be more

proactive in managing this area of concern, the economic research wing of SBI said

today.


18/18

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Equity Research Report 08 February 2016 Ways2Capital

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