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9!

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Xbd Ka`cs i`h xbd _ba|xs Irgs Li`m _xaom Uiktixga`

< { V i c d X d i n : \ i n l k g ` c _ a t k s

Ji`ti|w

8/4/2019 Rambling Souls_Axis Bank_Equity Report

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Xbd Ka`cs i`h xbd _ba|xs Irgs Li`m _xaom Uiktixga`

? { V i c d X d i n : \ i n l k g ` c _ a t k s

Vd|ea|ni`od g` Y? EW99:

@dx V|aegx e|an iexd| Xir ea| Y? EW99 is f 279+?5 kios oanvi|dh xa f 544+72 kiosg` Y? EW96+ |doa|hg`c i W.a.W c|axb ae ?47$+ bgkd xbd c|axb gs

8/4/2019 Rambling Souls_Axis Bank_Equity Report

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Xbd Ka`cs i`h xbd _ba|xs Irgs Li`m _xaom Uiktixga`

8 { V i c d X d i n : \ i n l k g ` c _ a t k s

C|axb avva|xt`gxgds g` G`hgi` Li`mg`c _doxa|:

G`hgi` li`ms biud oanvi|dh eiuat|ilkw a` c|axb+ issdx ytikgxw i`h v|aegxilgkgxw gxb axbd|

|dcga`ik li`ms aud| xbd kisx ed wdi|s Xbd li`mg`c g`hdr bis c|a` ix i oanvat`hdh i``tik

|ixd ae aud| 49 vd| od`x sg`od Iv|gk

8/4/2019 Rambling Souls_Axis Bank_Equity Report

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Xbd Ka`cs i`h xbd _ba|xs Irgs Li`m _xaom Uiktixga`

4 { V i c d X d i n : \ i n l k g ` c _ a t k s

Ndxbah tsdh ea| sxaom uiktixga`:

Xbd ghdkw ioodvxdh g`htsx|w `a|n gs xbix sbi|d v|god gs xbd nasx ivv|av|gixd g`hgoixa| ae i

oanvi`ws di|`g`c oivilgkgxgds+ sa xbix ge xbd v|god gs bgcb+ di|`g`cs i|d drvdoxdh xa ld bgcb

ea| xbix vd|gah

Sd biud tsdh V|god.Di|`g`cs |ixga "VD' is i` dssd`xgik g`hgoixa| ae i oanvi`w eg`i`ogik

bdikxb e|an xbd vd|svdoxgud ae i sbi|dbakhd| ba dgxbd| i`xs xa g`udsx a| atkh kgmd xa

gxbh|i bgs inat`x e|an xbd oanvi`ws sbi|ds.

Tstikkw+ svdotkixa|s gkk kaam ea|i|h xa g`udsx g` xbasd oanvi`gds ea| bgob xbd VD |ixga gs

kdss xbi` xbix ae xbd g`htsx|w iud|icd+ is gx gs i` g`hgoixga` xbix xbd sxaom v|god gs lat`h xa |gsd

sa is xbd oanvi`ws di|`g`cs g` xbd `di| etxt|d.

Sbgkd i kaexw VD |ixga iksa gnvkgds xbix xbd sbi|dbakhd|s gkk drvdox xbd di|`g`cs ae xbd

oanvi`w xa |gsd g` xi`hdn xa jtsxgew xbd bgcb VD |ixga Nasx v|alilkd dud`x gkk ld xbix

bd|dg` xbd oanvi`w eigks xa nddx xbd drvdoxdh di|`g`cs kdihg`c xa xbd ha`i|h skghd ae

sxaom v|god

Badud|+ xbd oanvi|gsa` bis xa ld |dsx|goxdh gxbg` xbd sdoxa| sg`od VD |ixgas i`h

v|aegxilgkgxw |ixgas ui|w iooa|hg`c xa xbd sdoxa| Is i` drinvkd+ d`d|cw txgkgxgds kgmd Agk %Cis ngcbx biud ka VD |ixgas+ ag`c xa xbdg| ka c|axb avva|xt`gxgds bgkd bgcb xdob`akacw

oanvi`gds ngcbx biud bgcbd| VD |ixgas atx ae xbd drvdoxixga`s e|an sbi|dbakhd|s ilatx xbd

g``auixga` h|gud` c|axb g` xbasd oanvi`gds

At| i`ikwsgs g`uakudh alsd|ug`c xbd VD |ixga x|d`h ae i vi|xgotki| sxaom a` i higkw lisgs ea|

xbd visx xb|dd wdi|s+ i`h lw obi|xg`c xbd ivv|argnixd owokds d biud zd|adh g` tva` xbd

vassglkd sxaom naudnd`x lisdh a` xbd v|dsd`x hiw uiktd ae gxs VD |ixga

VD |ixga gs oikotkixdh lw hgughg`c xbd higkw okasg`c v|god gxb xbd stn ae DV_ ae xbd sxaom ea|

visx eat| yti|xd|s Ea| g`sxi`od+ VD |ixga ea| xbd hiw

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Xbd Ka`cs i`h xbd _ba|xs Irgs Li`m _xaom Uiktixga`

5 { V i c d X d i n : \ i n l k g ` c _ a t k s

Irgs Li`m VD \ixga I`ikwsgs:

Sd biud oikotkixdh xbd VD |ixga ea| Irgs Li`m aud| xbd visx ? wdi|s i`h eat`h gx xa ld

ui|wg`c ldxdd` 5< i`h 895 Ot||d`xkw x|ihg`c ix i VD ae 9527 gx kaams kgmd i` ixx|ioxgud

g`udsxnd`x ea| xbd ndhgtn xa ka`c xd|n g`udsxa| Sd sdd i` tvsghd ae ix kdisx 96$ aud| xbd

oang`c yti|xd| Xbd g`o|disd ae 96$ aud| gxs ot||d`x v|god atkh cgud gx i VD |ixga ae 924

bgob gs sxgkk iw ldka xbd g`htsx|w iud|icd ae

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Xbd Ka`cs i`h xbd _ba|xs Irgs Li`m _xaom Uiktixga`

3 { V i c d X d i n : \ i n l k g ` c _ a t k s

Eg`i`ogik egct|ds ea| Y? EW99:

"f n' Y? EW99 Y< EW99 $ Y.a.Y Y? EW96 $ W.a.WXaxik G`xd|dsx

G`oand

?2?2?9 ?5

8/4/2019 Rambling Souls_Axis Bank_Equity Report

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Xbd Ka`cs i`h xbd _ba|xs Irgs Li`m _xaom Uiktixga`

2 { V i c d X d i n : \ i n l k g ` c _ a t k s

Mdw G`hgoixa|s Y? EW99 Y< EW99 $ Y.a.Y Y? EW96 $ W.a.W

@GN "$' ?2 ?3 69 86 "6

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Xbd Ka`cs i`h xbd _ba|xs Irgs Li`m _xaom Uiktixga`

7 { V i c d X d i n : \ i n l k g ` c _ a t k s

Oivgxik Ihdytiow sxiws bdikxbw

Xbd oivgxik ihdytiow is oanea|xilkd gxb OI\ ix 9?2$

\aI |doa|hdh a`d ae xbd ldsx g` xbd g`htsx|w

\aI gnv|audh oa`sghd|ilkw xa 92$+ oanvi|dh xa 94$ g` Y< EW99+ gxb xbd h|gud|s ldg`c:

_x|a`c kai` c|axb+ nixd|gik ni|cg` drvi`sga` Bgcbd| `a`.g`xd|dsx g`oand i`h sdytd`xgikkw kad| v|augsga`g`c

@dcixgud c|axb h|gud|s

G` Y8 EW99+ ni`icdnd`x drvdoxs @GN xa oa||dox lw 94.

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Xbd Ka`cs i`h xbd _ba|xs Irgs Li`m _xaom Uiktixga`

96 { V i c d X d i n : \ i n l k g ` c _ a t k s

_tvva|x e|an i` ixx|ioxgud VD |ixga:

Irgs Li`m d`jaws xbd kad| VD |ixga "9527' oanvi|dh xa xbix ae GOGOG Li`m"

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Xbd Ka`cs i`h xbd _ba|xs Irgs Li`m _xaom Uiktixga`

99 { V i c d X d i n : \ i n l k g ` c _ a t k s

Xbd c|axb g` \dxt|` a` Dytgxw Y.a.Y is xbd bgcbdsx ea| Irgs Li`m ag`c xa xbd stvd|ga|

vd|ea|ni`od ae gx g` xbd kisx yti|xd| bgob v|auds xbd deegogd`ow ae xbd ni`icdnd`x i`h

sbas xbd vaxd`xgik gx bis xa c|a

_tvd|ga| \dxt|` a` Issdxs C|axb:

\aI "$ Obi`cd' Irgs Li`m GOGOG Li`m _LG

Y.a.Y 6? 6< 69

W.a.W 66 6? 66

Xbd c|axb g` \dxt|` a` Issdxs Y.a.Y is icig` xbd bgcbdsx ea| Irgs li`m nimg`c gx i

stgxilkd g`udsxnd`x ea| i ndhgtn xa ka`c xd|n g`udsxa|

_at|od: g`hgig`eakg`d.oan

Ixxiobnd`xs:

Drodk _bddx sbag`c xbd VD |ixga oikotkixga`s i`h i`ikwsgs Xbd VHE sbag`c Y? EW99 |dstkxs ae IRG_ LI@M