Fw: Investor's Eye: Update - Tata Consultancy Services (Downgraded to Hold), Telecommunications - (Led by incumbents the August subscriber base fell by 7.1mn subscribers)

 

 

Investor's Eye [September 18, 2012]  Sharekhan www.sharekhan.com

Summary of Contents STOCK UPDATE   Tata Consultancy Services Cluster: Evergreen Recommendation: Hold Price target: Rs1,364 Current market price: Rs1,302 Downgraded to Hold  We attended the pre-quarter analyst briefing of Tata Consultancy Services (TCS). The management maintained its optimism about the demand, which, it believes, will be driven by the timely closure of deals and a pick-up in the discretionary spending on new technologies. Though the volume growth for Q2FY2013 is expected to remain relatively lower than that in Q1FY2013, TCS is comfortably placed to lead the industry in terms of revenue growth on a constant-currency basis in FY2013. On the margin front, the management indicated that cost pressure resulting from the ramp-up in the onsite projects and the geographical mix would also restrict the margin improvement. In view of the limited upside in TCS in the medium term, we have downgraded our rating on the stock from Buy to Hold with a price target of Rs1,364.  Deal closure meeting expectations, volume growth to remain strong: The volume growth is expected to remain relatively lower in Q2FY2013 compared with 5.3% in Q1FY2013. Q1FY2013 saw the spill-over of revenues from Q4FY2012. In terms of the industry verticals, insurance, retail, hitech and manufacturing continue to witness strong traction whereas the company's largest vertical, banking and financial services, is expected to grow at a stable pace on account of its large base. On the geographical front, the key geographies continue to show decent traction whereas the emerging regions, like the Asia-Pacific and South America, are witnessing increasing traction. After a steep fall in Q1FY2013 the business in India is picking up. Going forward, the management does not expect any budget flush in the December quarter; however, it remains fairly confident of leading the industry in growth in FY2013 on a constant-currency basis. In the last four quarters, TCS' revenues grew at a compounded quarterly growth rate (CQGR) of 2.6%. To achieve a 13%+ growth in FY2013 it needs to grow at a CQGR of 3.7% in the remaining three quarters.  Margin performance to remain muted: The earnings before interest and tax (EBIT) margin is likely to remain muted sequentially on account of a ramp-up in the new projects, which require higher onsite efforts. Further, the incremental higher contribution from the relatively low-margin geographies, like Asia-Pacific and South America, would restrict the margin improvement. TCS' management continues to maintain its threshold EBIT margin commitment of 27%, assuming a dollar/rupee rate of Rs48. However, higher "re-investments" of the currency benefits into the business has restricted any meaningful improvement in the margin in the last one year.  Other highlights: (1) The company is fully hedged till Q3FY2013 and has extended its hedging for Q4FY2013. The total hedge book stands at $1.8-2 billion. (2) The management does not expect any net foreign exchange (forex) loss in Q2FY2013 as compared with the last quarter (a forex loss of Rs82 crore); in fact, TCS could end up with a marginal gain. (3) The management does not see any irrational pricing behaviour from the clients and expects the pricing to remain stable at the portfolio level. (4) It foresees a strong pipeline of decent-sized deals. (5) The telecommunications vertical remains subdued. Valuation: Among the top information technology companies, TCS remains impressive with the strong predictability of its earnings. However, in the run-up to the announcement of its Q2FY2013 results (on October 18, 2012) and the likely absence of any material positive surprise in it, the stock is likely to underperform the broader market indices in the near to medium term. In the last one year the stock has outperformed the broader market with a 28% return. At the current market price of Rs1,302, the stock trades at 18.3x and 15.8x FY2013 and FY2014 earnings estimates respectively. In view of the limited upside in the stock in the medium term, we have downgraded our rating on it from Buy to Hold with a price target of Rs1,364.    SECTOR UPDATE Telecommunications Led by incumbents the August subscriber base fell by 7.1mn subscribers Key points The Cellular Operators Association of India (COAI) has released its GSM subscriber numbers for August 2012. For the month almost all the operators posted a decline in their subscriber base barring Aircel, which posted a minor gain. The total subscriber base for August 2012 (excluding Tata Teleservices and Reliance Communications) stood at 671.95 million, down about 1.05% month on month (MoM) from ~679.05 million in July 2012.  The three major incumbents, Bharti Airtel, Vodafone and Idea Cellular, which comprise about 68% of the total subscriber base, for the first time reported an overall decline in their subscriber base. During the month, on the net addition front, they collectively shed ~5.1 million subscribers.  One of the major reasons for the reported fall in the net additions was the disconnection of the unused numbers and the withdrawal of offers from the telecommunications (telecom) companies. Thus, we do not read much into this decline in net additions seen in August this year. We would offer our comments after looking at the active subscriber net additions and the subscriber base. Click here to read report: Investor's Eye < /font>   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a postition in the companies mentioned in the article.

Fw: 11.75%, 5 year Shriram City Union Ltd Bond

About Shriram City Union Finance Limited

Shriram City Union Finance Limited was incorporated as a private limited company, Shriram Hire-Purchase Finance Private Limited, on March 27, 1986, under the provisions of the Companies Act, 1956. Further with effect from October 29, 1988, the status of the Company was changed to a public limited company. ShriramCity has a comprehensive range of offerings comprising financing for Two wheelers, Three wheelers, Four wheeler finance (both new & pre-owned passenger and commercial), Personal Loans, Small Business Loans and Loan against gold. This has made ShriramCity a dominant player in the field and the only NBFC offering a wide product range under one roof. With over 1000 Business Outlets across the country, ShriramCity enjoys a high credit rating, as well as listing on the BSE, NSE & Madras Stock Exchanges.

Why to invest in Shriram City Union Finance Limited (NCD)? » The NCDs offer an opportunity to lock in at an interest rate of 11.75% p.a. for 5 years. Credit rating of 'CARE AA' and 'CRISIL AA-/Stable' » The bonds would be listed on both NSE & BSE to provide liquidity to the investors » No Deduction of Tax at Source (TDS) from the interest. » Wealth Tax is not levied on investment in debentures under Section 2 (ea) of Wealth-Tax Act,1957 » As per provisions under section 2 (29A) of the I.T. Act, read with section 2 (42A) of the I.T. Act, a listed Bond is treated as a long term capital asset if the same is held for more than 12 months immediately preceding the date of its transfer. Under section 112 of the I.T. Act, capital gains arising on the transfer of listed Bonds shall be taxed @ 10% without indexation;

Series I II III IV Frequency of Interest Payment Annually Annually Not Applicable Not Applicable Minimum Application 10 Bonds (Rs. 10,000/-) and in multiples of 1 Bond (Rs. 1,000/-) thereafter In Multiples of Rs. 1,000 per Bond Face Value Rs. 1,000 per Bond Issue Price Rs. 1,000 per Bond Coupon Rate p.a. 10.60% 10.75% Not Applicable Not Applicable Tenor 36 months 60 months 36 months 60 months Effective Yield(per annum) Individual: 11.50% Non Individual: 10.60% Individual: 11.75% Non Individual: 10.75% Individual: 11.50% Non Individual: 10.60% Individual: 11.75% Non Individual: 10.75% Know More  |  Download Form

Please do not reply to this mail as this is an automated mail service Disclaimer: This report is for information purposes only and does not constitute an offer, solicitation or advertisement with respect to the purchase or sale of any security/bonds of Shriram City Union Finance Limited ("The Company")  and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This report has been prepared from the publicly available information. Any person who subsequently subscribes for any bonds issued by the Company must rely solely on the publicly available information including the Prospectus issued in connection with the Issue on the basis of which alone subscription for the debentures may be made. In addition, investors should pay particular attention to the section of the Prospectus entitled "Risk Factors".

INDIA INFOLINE LTD (Regd. Office) - IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, MIDC, Thane Industrial Area, Wagle Estate, Thane - 400 604. Tel: (91-22) 2580 6650 • Fax: (91-22) 2580 6654 SEBI REGN NO.: BSE (Cash) INB 011097533, BSE (F&O) INF 011097533, NSE (Cash) INB 231097537, NSE (F&O) INF 231097537, NSE (CDS) INE 231097537, DEPOSITORY: IN DP NSDL 185 2000, IN DP CDSL 352 2006 | AMFI REGN NO.: ARN-47791

Fw: Investor's Eye: Pulse - (Inflation rises to 7.55%); Stock Idea - CMC (Leveraging on its pedigree); Viewpoint - Prozone CSC (Provogue's demerged real estate arm makes its debut on bourses)

 

 

Investor's Eye [September 14, 2012]  Sharekhan www.sharekhan.com

Summary of Contents   PULSE TRACK Inflation rises to 7.55% The Wholesale Price Index (WPI)-based inflation for August 2012 came in at 7.55% as against 6.87% in July 2012. The inflation numbers were ahead of the market estimates and were mainly contributed by a pick-up in manufacturing and fuel inflation. Also, the inflation rate for June 2012 was revised upwards to 7.58% from 7.25% as per provisional estimates. The inflation rate for August 2012 was higher than the previous month's and was primarily led by an increase in the manufacturing and the fuel, power and light segment. On a year-on-year (Y-o-Y) basis, the prices of the manufacturing segment increased by 6.14% (as against by 5.58% in July 2012) while the fuel inflation increased to 8.32% from 5.98% in the year-ago period. However, the primary articles segment showed some moderation in inflation (10.08% vs 10.39% in July 2012) contributed by the food inflation.  On a month-on-month (M-o-M) basis the fuel index was up by 3.1% contributed by the electricity segment. The manufacturing index was up by 0.8% month on month (MoM) to 146.9 (compared with 145.7 in July 2012). The primary article index was marginally up (up 0.3% MoM) though the food inflation index remained almost unchanged compared with the July 2012 reading. After showing a significant moderation in July, the inflation rate again surged to 7.55% with an uptrend in the manufacturing inflation. Also, the inflation rate for June 2012 was revised upwards by 33 basis points which indicates inflation pressures in the system. Further, the recent hike in the fuel prices and the weak monsoon are likely to keep pressure on inflation especially food and fuel inflation. With the recent policy action the ball is in the Reserve Bank of India (RBI)'s court to take forward the monetary easing cycle. However, given the inflationary pressures the consensus expectation is that the RBI may keep the rates unchanged in the coming mid quarter policy review. STOCK IDEA CMC Cluster: Emerging Star Recommendation: Buy Price target: Rs1,551 Current market price: Rs1,108 Leveraging on its pedigree Key points Solid parentage, strong visibility: Over the years, under the Tata Consultancy Services (TCS) parentage CMC has transformed itself from a low-margin information technology (IT) equipment provider to a well-diversified IT services and solutions provider. CMC initiated its "Joint-Go-To-Market" approach with TCS in 2005, which is paying up handsomely now. In the last five years the contribution of the international revenues has tripled from 20% to around 60% of the total revenues in FY2012 whereas the share of the services revenues has gone up to almost 90% of the total revenues as compared with 53% in FY2005. The share of revenues achieved through synergies with TCS has crossed 51% in FY2012 from 43% in FY2007.  Going forward, the CMC management aims to be among the top 20 global system engineering and integration companies by 2020 by capitalising on the strong synergies with TCS. Synergies with TCS have been leveraged to win large mission mode projects (MMP) in the domestic market, eg e-Passport Seva and CBEC Project, and improve traction in the international market in the areas of embedded system and digitisation services. CMC's management has indicated the pipeline of deals is strong in both domestic and international markets which is likely to get exploited by CMC and TCS together in the coming years.  Strong foothold in domestic IT arena, expanding competencies in international markets: CMC has gained a strong foothold in the domestic IT arena by winning large turnkey deals, some on its own and the others in partnership with TCS. Another favourable factor driving its strong growth and helping it tap large government projects is its previous status as a public sector undertaking (PSU) which has given it an edge over the other players. The company counts some of the marquee names in the domestic market, like Reserve Bank of India (RBI), Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), Oil and Natural Gas Corporation (ONGC), coupled with the Indian Railways, other PSUs, defence sector, as its clients which is testimony to its strong presence in the domestic IT market. Currently, the domestic market contributes around 40% of its total revenues. Going forward, with an upswing in the domestic IT spending, CMC is well poised to tap this advantage.  Thrust on value-added services augurs well for margin trajectory: CMC started as a low-margin equipment provider and integrator with an asset heavy model. However, over the years its management has credibly brought down the low-margin equipment revenues to around 10% from 40% earlier. Over the same period, owing to the synergies with TCS, the revenue contribution of the relatively high-margin international business has increased significantly to over 60% of the total revenues. Strong growth traction in the system integration (SI) and IT enabled services (ITES) businesses, increasing acceptability of its industry specific solutions (asset-based solutions) and further scope for improving the offshore mix would drive the company's margins in the coming years.  Valuation: Over the years, CMC has gradually transformed itself from a low-margin equipment provider into a well-diversified IT services and solutions provider, and created a niche for itself in the field of large system engineering and integration projects. On the other hand, its Joint-Go-To-Market strategy with TCS is also playing a big role in the business transformation, with CMC gaining strong traction in the international markets. As a matter of fact, the international business constitutes more than 60% of CMC's total revenues. We believe CMC has already set the stage for the next level of growth and is likely to witness a much stronger growth in the coming years. We expect its earnings to grow at a CAGR of 43% over FY2012-14. At the current market price of Rs1,108, the stock is trading at 13.4x FY2013E and 10.7x FY2014E earnings respectively. We value the stock at 15x target multiple based on the FY2014 earnings estimate, in line with its two-year average trading multiple. We initiate coverage on CMC with a Buy rating and a one-year price target of Rs1,551.   VIEWPOINT Prozone CSC       Provogue's demerged real estate arm makes its debut on bourses Prozone Capital Shopping Centre (Prozone CSC), the demerged arm of Provogue India, got listed on the bourses recently. The demerger was effected on February 10, 2012 after which Provogue India had got listed on the bourses with an independent status, owning only the core retail business. On September 12, 2012, the retail real estate developer, Prozone CSC, got listed with a market capitalisation of Rs400 crore (at Rs26).    Valuation and outlook Prozone has the advantage of a healthy balance sheet, a substantially large land bank and a reputed strategic and financial partner. However, it has land bank situated in tier-II cities and little track record in terms of successful execution and management of the real estate business. Moreover, the long awaited re-listing can be seen as an exit route for many investors and result in pressure on the stock in the near term.  We have worked out the rough fair price by employing the sum-of-the-parts valuation method. At a cap rate of 14% taken to value the annuity based Aurangabad retail business and its other land banks (based on the indicated development plans) the valuation works out to Rs23-24 per share. We see upside to the fair price from the increasing visibility on the execution front of the residential projects (in Indore, Jaipur and Coimbatore) scheduled to be launched shortly.   Click here to read report: Investor's Eye   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a postition in the companies mentioned in the article.

Fw: Stock Idea: CMC (Leveraging on its pedigree)

 

 

Stock Idea [September 14, 2012]  Sharekhan www.sharekhan.com

Summary of Contents STOCK IDEA CMC Cluster: Emerging Star Recommendation: Buy Price target: Rs1,551 Current market price: Rs1,108 Leveraging on its pedigree Key points Solid parentage, strong visibility: Over the years, under the Tata Consultancy Services (TCS) parentage CMC has transformed itself from a low-margin information technology (IT) equipment provider to a well-diversified IT services and solutions provider. CMC initiated its "Joint-Go-To-Market" approach with TCS in 2005, which is paying up handsomely now. In the last five years the contribution of the international revenues has tripled from 20% to around 60% of the total revenues in FY2012 whereas the share of the services revenues has gone up to almost 90% of the total revenues as compared with 53% in FY2005. The share of revenues achieved through synergies with TCS has crossed 51% in FY2012 from 43% in FY2007.  Going forward, the CMC management aims to be among the top 20 global system engineering and integration companies by 2020 by capitalising on the strong synergies with TCS. Synergies with TCS have been leveraged to win large mission mode projects (MMP) in the domestic market, eg e-Passport Seva and CBEC Project, and improve traction in the international market in the areas of embedded system and digitisation services. CMC's management has indicated the pipeline of deals is strong in both domestic and international markets which is likely to get exploited by CMC and TCS together in the coming years.  Strong foothold in domestic IT arena, expanding competencies in international markets: CMC has gained a strong foothold in the domestic IT arena by winning large turnkey deals, some on its own and the others in partnership with TCS. Another favourable factor driving its strong growth and helping it tap large government projects is its previous status as a public sector undertaking (PSU) which has given it an edge over the other players. The company counts some of the marquee names in the domestic market, like Reserve Bank of India (RBI), Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), Oil and Natural Gas Corporation (ONGC), coupled with the Indian Railways, other PSUs, defence sector, as its clients which is testimony to its strong presence in the domestic IT market. Currently, the domestic market contributes around 40% of its total revenues. Going forward, with an upswing in the domestic IT spending, CMC is well poised to tap this advantage.  Thrust on value-added services augurs well for margin trajectory: CMC started as a low-margin equipment provider and integrator with an asset heavy model. However, over the years its management has credibly brought down the low-margin equipment revenues to around 10% from 40% earlier. Over the same period, owing to the synergies with TCS, the revenue contribution of the relatively high-margin international business has increased significantly to over 60% of the total revenues. Strong growth traction in the system integration (SI) and IT enabled services (ITES) businesses, increasing acceptability of its industry specific solutions (asset-based solutions) and further scope for improving the offshore mix would drive the company's margins in the coming years.  Valuation: Over the years, CMC has gradually transformed itself from a low-margin equipment provider into a well-diversified IT services and solutions provider, and created a niche for itself in the field of large system engineering and integration projects. On the other hand, its Joint-Go-To-Market strategy with TCS is also playing a big role in the business transformation, with CMC gaining strong traction in the international markets. As a matter of fact, the international business constitutes more than 60% of CMC's total revenues. We believe CMC has already set the stage for the next level of growth and is likely to witness a much stronger growth in the coming years. We expect its earnings to grow at a CAGR of 43% over FY2012-14. At the current market price of Rs1,108, the stock is trading at 13.4x FY2013E and 10.7x FY2014E earnings respectively. We value the stock at 15x target multiple based on the FY2014 earnings estimate, in line with its two-year average trading multiple. We initiate coverage on CMC with a Buy rating and a one-year price target of Rs1,551. Click here to read report: Stock Idea   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a postition in the companies mentioned in the article.

Fw: Investor's Eye: Pulse - (IIP growth remains tepid); Update - Apollo Tyres (Price target revised to Rs105), Cadila Healthcare (Price target revised to Rs1,064)

 

 

Investor's Eye [September 12, 2012]  Sharekhan www.sharekhan.com

Summary of Contents PULSE TRACK IIP growth remains tepid In July 2012 the Index of Industrial Production (IIP) grew by 0.1% after showing a decline of 1.8% in June 2012. The lower than expected growth in July IIP was mainly due to degrowth in the manufacturing and mining segments. Based on three monthly moving average's also the IIP growth is 0.3% vs 6.5% in July 2011. The manufacturing sector saw a decline of 0.2% year on year (YoY) as against a decline of 3.1% YoY seen in June 2012. The mining output declined by 0.7% as against growing by 0.2% in June 2012 whereas the electricity output grew by 2.8% vs an 8.8% growth in June 2012. In the use-based category, the consumer goods grew by 0.7% YoY driven by a 1.4% growth in the durable consumer goods. The production of capital goods reported a decline of 5% vs a decline of 28% in June 2012.  On a sequential basis (month on month [MoM]) the IIP declined by 0.7% in July 2012 to an absolute figure of 167.3 (168.4 in June 2012). The manufacturing segment declined by 0.7% MoM led by a 1.7% month-on-month (M-o-M) decline in the consumer goods segment. The mining segment reported a decline of 0.5% MoM followed by a 0.4% M-o-M decline in the electricity segment.  Growing risk of prolonged growth shock but RBI unlikely to cut policy rates: The highlight of the July IIP figures was the sharp deceleration in the consumer segments (on yearly and sequential bases) and contraction in almost 14 industry groups (out of the total 22 groups) of the manufacturing segment. But in spite of the growing risk of a deeper and more prolonged growth shock, the RBI is unlikely to reduce the policy rates in the forthcoming review meet due to the persistently high fiscal deficit and the inability of the government to take bold policy decisions.   STOCK UPDATE   Apollo Tyres Cluster: Apple Green Recommendation: Hold Price target: Rs105 Current market price: Rs100 Price target revised to Rs105  Natural rubber prices rebound following global stimulus but may remain in a range as we approach the peak tapping season Rubber prices have increased by 6-9% in the last two weeks following the large liquidity enhancement programmes announced by China and Europe. However, we expect the revival to remain capped as we approach the peak tapping season of October-January. The current conditions are indicating a range-bound movement in natural rubber prices or stability at the current levels.  Apollo Tyres' margin in a sweet spot on improved fundamentals We believe Apollo Tyres is currently in a sweet spot in terms of margins. The combined effect of a better replacement mix, an improved radial mix, firm pricing and lower raw material cost would result in a margin surprise on the upside for the stand-alone operations. The operating profit margin (OPM) touched a low of 6.8% in Q2FY2012 and thereafter improved to 10.3% in Q1FY2013. We are now building in an 11% OPM expectation for the stand-alone operations for FY2013 against 10.3% estimated earlier.  Valuation: upgrading EPS estimates but retaining Hold recommendation We are upgrading the stand-alone earnings estimates as we assume a 70-basis-point margin improvement in FY2013 as compared with our previous estimates. Owing to the expectation of improved stand-alone earnings, our consolidated earnings per share (EPS) estimates for FY2013 and FY2014 stand revised upwards by 6.4% and 6.8% respectively.  The margin expansion expectations over the next two quarters are partially priced in the stock. The medium-term concerns of natural rubber prices hardening again and crude-linked raw materials firming up further have not receded. The probable ruling of the Competition Commission of India (CCI) against tyre companies is expected to be contested but the development may limit the pricing power of the industry. We now turn conservative and recommend Hold on Apollo Tyres with a price target of Rs105 per share. Cadila Healthcare Cluster: Emerging Star Recommendation: Buy Price target: Rs1,064 Current market price: Rs936 Price target revised to Rs1,064  Year of acquisitions, restructuring and rejuvenation: Year 2012 witnessed a series of acquisitions, commencement of supply of new products under joint ventures, increased focus on domestic markets and entry into newer business areas for Cadila Healthcare (Cadila). The company entered into the $7-billion controlled substance product market through the acquisition of Nesher Pharma Inc in the USA. It expanded its footprint in the global animal health product market through the acquisition of Bremer Pharma GmbH, Germany as well as expanded its presence in the Indian branded formulation market through the acquisition of Biochem Pharma in India. Growth tapered in FY2012; expect better performance ahead: Despite contributions from three newly acquired entities, the net revenue of the company increased by 14% to Rs5,090 crore in FY2012, which is the slowest in seven years. Excluding the contribution from the newly acquired entities, the growth would have been even lower at 12.5%. The slower growth is mainly attributed to weaker revenues from the consumer business in India and the generic business in the US and emerging markets. The net profit declined by 8% to Rs652.5 crore due to a decline in the operating profit margin (OPM), a rise in the effective tax rate and a foreign exchange (forex) loss of Rs118 crore. The adjusted net profit (excluding forex loss) jumped by 10.6% to Rs770 crore in FY2012. We expect the growth to pick up from FY2013 onwards on better traction in the business and newer streams of revenues.  Multiple growth factors: There are multiple factors that should lead to a pick-up in the revenue and profit growth during FY2013 and FY2014: (1) the US business would see better traction owing to ramp-up in abbreviated new drug application (ANDA) filings after the clearance of the Moraiya facility by the US Food and Drug Administration (USFDA); (2) the contribution from Nesher Pharma (only one quarter's revenues captured in FY2012) would increase; (3) revenues from joint ventures will increase due to additional products and geographical expansions; (4) the Mexican business, which got its organisational set-up in place during FY2012, shall start contributing; (5) better traction in the consumer business; and (6) Bremer Pharma (the animal healthcare business) to start contributing to the global business.  We revise upwards earnings estimates and price target: We have revised our earnings estimates up by 3% and 5% for FY2013 and FY2014 respectively to factor in the new approvals in the USA and the other markets. We believe the stock will be re-rated as most of the concerns of the company have been addressed during the past few months and it is set to grow at a sustainable rate over a long period. We revise our price target up by 12% to Rs1,064 (implies 17x FY2014E earnings, a 10% discount to Lupin). Click here to read report: Investor's Eye   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a postition in the companies mentioned in the article.