25 June 2019
India Strategy
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Performance and valuation divergence entrenches further
Weak earnings recovery leading to market polarization
Market nerves tested by elevated volatility, domestic slowdown
The Nifty had put up an impressive show in March and the early part of Apr’19, led
by strong FII flows amidst the general elections. Shortly afterward, the election
verdict too turned out to be better than market expectations and a BJP majority
government took office with the Nifty crossing the 12,000 mark in June’19.
However, the euphoria was short lived with the Nifty consolidating in the 11,500-
12,000 range thereafter. Volatility levels have picked up, especially in mid and small-
cap indices, as market sentiment remains exposed to slowdown in the economy,
concerns around liquidity woes for NBFCs and a moderation in consumption on the
domestic front. Meanwhile, the RBI has changed its stance from neutral to
accommodative with another 25bp rate cut. Interest rates have softened globally as
well, with almost USD12t of debt trading at negative yields and the global central
banks sending out further dovish signals.
Polarized markets; valuation divergence continues
As the markets consolidate, the picture has turned more polarized with a few stocks
accounting for the gains in the Nifty. We had highlighted in our
Mar’19
note about
the prevalent divergence in both the large- and mid-cap indices. In that note, we
had illustrated how the top 15 stocks of Nifty were showcasing the benchmark at all-
time highs and how the other 35 were showcasing it at sub-9k levels. That
divergence between these two segments of the market has become quite stark in
terms of both performance and valuations – one trading at a substantial premium
and the other at a huge discount to their long-period average valuations. At this
juncture, we thus believe that it will be useful to sift through the Nifty constituents
and highlight a few names where valuations have turned attractive.
A segment of Nifty trading at 30-50% discount to long-period valuation
average…
We have looked at the Nifty constituents and valuations on different metrics (P/E,
P/B) and also the current valuations versus respective averages (3/5/10 year
averages). For example, some of the stocks where valuations are at a substantial
discount to LPA are –
Eicher Motors, L&T, ITC, M&M, Coal India and ONGC.
Predicting the timing of fortune reversal for these names is always fraught with
risks, more so in the current underlying economic scenario.
…while another at new high
On the contrary, stocks like
Bajaj Finance, Reliance, Titan, Asian Paints, Kotak Bank,
TCS, HUL and Ultratech
are trading at a substantial premium to their respective
5/10-year average P/E or P/B multiples. This polarisation on performance and
valuations clearly underscores two things: [1] investors taking continued refuge in
the quality/earnings predictability theme in an environment of economic slowdown
and [2] there is a lack of pick-up in broader market’s earnings growth. Even the
expected FY20 earnings revival (with 26% growth) for the Nifty is predicated on the
Gautam Duggad – Research analyst
(Gautam.Duggad@MotilalOswal.com); +912261291522
Research analyst: Bharat Arora
(Bharat.Arora@MotilalOswal.com); +912261291566 |
Deven Mistry
(Deven@MotilalOswal.com); +912261291575
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
India Strategy
banking sector’s normalization of credit costs. In fact, BFSI is expected to account for
70% of incremental earnings for the Nifty in FY20.
Limited headroom for large-cap valuations; earnings recovery crucial for
next upmove
At 19.5x FY20E P/E, we do not see material room for further valuation re-rate. The
corporate narrative on consumption has weakened in the past six months. Valuation
headroom for the Nifty is limited in an environment of continued earnings downside
risks, in our view. Progress of monsoon (began on a very tepid note with 38%
deficiency as on 23
rd
June), the Budget, any potential government measures on
consumption/liquidity and 1QFY20 earnings performance are the key near-term
triggers for the markets. On the positive side, 10-year G-sec yields have corrected to
6.8%-6.9%, in line with the global yield correction and the benign domestic inflation
prints. Mid-caps now trade at a 14% discount to large-caps and offer relatively good
risk-reward. However, market sentiment and a potential liquidity improvement in
the economy are key pre-requisites for mid-caps to perform, in our view.
TOP IDEAS: LARGE-CAPS:
ICICI Bank, HDFC, SBI, Titan, L&T, Coal India, Infosys, Bharti
Airtel, Maruti.
MID-CAPS:
Federal Bank, DCB, Indian Hotels, Crompton Consumer, KEC
International, Ashoka Buildcon, ABFRL, Zensar.
Exhibit 1:
Preferred large cap ideas
Company
HDFC
Infosys
State Bank
ICICI Bank
Larsen & Toubro
Maruti Suzuki
Bharti Airtel
Coal India
Titan Company
MCap
USDb
51.9
49.1
45.5
39.9
31.2
28.2
25.5
23.0
16.6
CMP
(INR)
2,149
746
353
430
1,541
6,463
345
257
1,299
FY19
43.1
37.5
2.6
5.2
61.4
247.7
-8.8
28.3
15.7
EPS (INR)
FY20E
49.2
38.5
33.5
21.2
76.9
277.3
-5.4
29.6
20.3
EPS CAGR. %
FY21E
FY19-21
56.3
14.2
44.2
8.5
37.3
280.7
28.5
133.7
96.1
25.1
334.4
16.2
-2.2
Loss
31.4
5.3
26.2
29.3
FY19
49.8
19.9
137.1
82.2
25.1
26.1
-39.4
9.1
82.9
PE (x)
FY20E
43.6
19.3
10.6
20.3
20.0
23.3
-63.9
8.7
64.1
PB (x)
ROE (%)
FY21E FY19 FY20E FY21E FY19 FY20E FY21E
38.2
4.8
4.5
4.0
13.7 13.8 14.3
16.9
5.0
5.1
4.7
25.0 25.8 28.8
9.5
1.4
1.3
1.1
0.4
13.4 13.2
15.1
2.6
2.4
2.1
3.2
12.4 15.0
16.0
3.5
3.1
2.7
14.6 16.3 18.0
19.3
4.2
3.9
3.6
16.3 16.4 18.1
-154
1.9
1.9
1.9
-5.0
-3.4
-1.2
8.2
6.0
5.2
4.6
66.0 59.9 55.8
49.6 19.0 18.3 15.2 24.9 29.0 33.4
Source: MOFSL
Exhibit 2:
Preferred mid cap ideas
MCap
Company
USDb
Federal Bank
2.9
Indian Hotels
2.6
Aditya Birla Fashion 2.3
CG Consumer Elect. 2.1
K E C International
1.1
DCB Bank
1.0
Zensar Tech
0.8
Ashoka Buildcon
0.5
CMP
(INR)
103
154
208
232
310
230
259
134
EPS (INR)
EPS CAGR. %
FY19 FY20E FY21E FY19-21
6.3
8.0 10.0
26.0
2.4
3.2
4.4
36.0
1.6
3.7
5.4
81.9
6.0
7.6
9.0
22.9
19.0 24.4 29.2
24.1
10.5 14.0 18.6
33.1
13.8 16.3 19.1
17.6
11.9 13.0 15.4
14.0
PE (x)
PB (x)
ROE (%)
FY19 FY20E FY21E FY19 FY20E FY21E FY19 FY20E FY21E
16.4 12.9 10.3
1.5
1.4
1.3
9.8
11.4 12.9
65.3 48.6 35.3
4.2
3.9
3.6
6.6
8.4
10.7
126.2 55.7 38.1 11.2
9.3
7.5
10.1 18.3 21.9
38.8 30.3 25.7 13.2 10.6
8.5
39.6 38.7 36.7
16.3 12.7 10.6
3.3
2.6
2.1
20.0 20.8 20.2
21.8 16.4 12.3
2.4
2.1
1.8
12.0 14.1 16.2
18.8 15.9 13.6
3.0
2.6
2.3
17.3 17.7 18.1
11.3 10.4
8.7
1.7
1.5
1.3
16.1 15.3 15.9
Source: MOFSL
25 June 2019
2
 Motilal Oswal Financial Services
India Strategy
Exhibit 3:
Nifty: Top 15 stocks have delivered 30% returns, while other 35 stocks are down 11% over Dec’17-June’19 – a
significant divergence
14,500
13,000
11,500
10,000
8,500
10,531
Nifty-50
Top-15 Stock (Re-based)
Next-35 Stock (Re-based)
13,686
Top 15 stocks delivered return of 30%
Index delivered 11% return
Next 35 stocks delivered negative
return of 11%
11,700
9,333
Source: MOFSL, Bloomberg
Exhibit 4:
Similarly, in Nifty Midcap 100, top 15 stocks have delivered 8% returns, while other 85 stocks are down 21%
24,500
22,000
21,134
19,500
17,000
14,500
Next 85 stocks delivered negative
return of 21%
Nifty Midcap-100
Top-15 Stock (Re-based)
Next-85 Stock (Re-based)
22,901
Top 15 stocks delivered return of 8%
Index delivered -18% return
17,353
16,748
Source: MOFSL, Bloomberg
Exhibit 5:
Mid-caps/Small-caps have underperformed Nifty by 15%/26% in a year
200
150
100
50
0
-50
Nifty 50
Nifty Midcap 100
Nifty Smallcap 100
8
-7
-18
Source: MOFSL, Bloomberg
25 June 2019
3
 Motilal Oswal Financial Services
India Strategy
Exhibit 6:
Stocks trading at discount to five-year avg. P/E
Company
Sun Pharma.Inds.
Zee Entertainmen
Indiabulls Hous.
Coal India
ONGC
Dr Reddy's Labs
Tata Motors
IndusInd Bank
Tata Steel
Eicher Motors
Mahindra & Mahindra
GAIL (India)
Current
P/E (x)
19.7
17.7
5.8
8.6
5.8
19.0
11.3
14.2
6.2
21.0
13.7
10.1
3 YR
34.9
33.1
10.5
12.1
7.1
29.6
21.6
23.9
6.9
31.5
17.6
12.6
Avg PE (x)
5 YR
36.8
32.9
10.2
14.4
9.4
30.4
17.9
22.3
9.6
31.6
20.1
14.6
10 YR
29.6
27.2
9.4
13.8
10.1
25.5
11.7
18.2
15.0
23.3
16.6
13.5
3 YR
-43.4
-46.5
-44.4
-28.7
-17.7
-35.8
-47.9
-40.8
-9.6
-33.2
-21.8
-20.0
Prem / Dsc PE (%)
5 YR
-46.3
-46.1
-42.9
-39.9
-37.7
-37.6
-37.0
-36.5
-35.5
-33.6
-31.5
-31.2
10 YR
-33.2
-34.9
-37.6
-37.3
-42.4
-25.6
-3.4
-22.3
-58.7
-10.0
-17.4
-25.6
Source: MOFSL, Bloomberg
Exhibit 7:
Stocks trading at premium to five-year avg. P/E
Company
Britannia Inds.
Wipro
Infosys
HDFC
Hind. Unilever
Asian Paints
TCS
Titan
Reliance Inds.
Bajaj Fin.
Current
P/E (x)
45.0
16.3
18.7
42.1
50.9
55.2
24.6
59.8
17.3
38.6
3 YR
48.4
14.8
16.3
41.5
46.8
53.5
19.8
46.2
13.6
29.6
Avg PE (x)
5 YR
42.6
15.4
16.9
37.9
45.3
48.6
20.0
45.2
12.1
25.1
10 YR
33.0
15.1
17.3
30.8
37.4
38.7
18.8
35.8
12.7
16.8
3 YR
-7.1
9.9
14.2
1.6
8.7
3.2
23.9
29.4
26.8
30.4
Prem / Dsc PE (%)
5 YR
5.6
5.9
10.4
11.3
12.2
13.5
22.9
32.2
42.5
53.9
10 YR
36.2
7.8
7.9
37.0
36.1
42.6
31.1
66.8
36.1
130.0
Source: MOFSL, Bloomberg
Exhibit 8:
Stocks trading at discount to five-year avg. P/B
Company
Yes Bank
Tata Motors
Sun Pharma.Inds.
Zee Entertainmen
Eicher Motors
Indiabulls Hous.
Tata Steel
Hero MotoCorp
Dr Reddy's Labs
Mahindra & Mahindra
Current
P/B (x)
0.8
0.8
2.0
3.0
4.7
1.4
0.8
3.6
2.5
2.0
3 YR
2.3
1.6
3.4
5.7
8.5
2.6
1.0
5.3
3.2
2.6
Avg PB (x)
5 YR
2.2
1.9
4.5
6.1
9.3
2.5
1.3
5.6
3.7
2.9
10 YR
2.2
1.9
4.7
5.5
6.1
2.3
1.6
7.0
3.9
3.0
3 YR
-66.5
-50.0
-41.4
-46.7
-45.1
-47.1
-22.0
-32.7
-19.3
-25.2
Prem / Dsc PE (%)
5 YR
-64.7
-55.8
-55.7
-50.3
-49.8
-44.6
-39.0
-36.8
-31.8
-31.6
10 YR
-63.4
-57.9
-56.8
-44.9
-23.6
-40.2
-52.9
-48.9
-35.0
-34.8
Source: MOFSL, Bloomberg
Exhibit 9:
Stocks trading at premium to five-year avg. P/B
Company
Axis Bank
Kotak Mah. Bank
Wipro
Infosys
Reliance Inds.
ICICI Bank
Hind. Unilever
TCS
Bajaj Fin.
Titan
Current
P/B (x)
2.4
4.1
3.2
5.0
1.7
2.3
47.8
9.5
8.1
17.4
3 YR
2.2
3.6
2.5
4.0
1.5
1.8
38.0
6.8
5.7
11.1
Avg PB (x)
5 YR
2.2
3.5
2.7
3.9
1.3
1.8
34.9
6.7
4.8
10.2
10 YR
2.0
2.9
2.9
4.1
1.5
1.8
31.4
6.4
3.2
9.7
3 YR
12.4
13.6
27.5
25.0
17.8
28.7
25.6
39.1
42.1
56.4
Prem / Dsc PE (%)
5 YR
10 YR
12.0
19.3
16.5
40.2
19.6
10.4
26.7
21.6
27.7
17.5
30.7
30.9
37.0
52.1
40.7
48.9
69.6
157.1
70.8
79.4
Source: MOFSL, Bloomberg
25 June 2019
4
 Motilal Oswal Financial Services
India Strategy
Exhibit 10:
Nifty Midcap 100 P/E ratio has corrected from 25x in Aug’18 to 16x currently
34
28
22
16
10
Midcap PE (x)
Nifty PE (x)
Nifty Avg: 20.2x
Midcap Avg: 20.7x
18.6
16.0
Source: MOFSL, Bloomberg
Exhibit 11:
Nifty Mid-cap 100 P/E premium to Nifty (15% in Aug 18) has turned into discount of 14%
Midcap Vs Nifty PE Prem/(Disc) (%)
45
Average: 2%
25
5
-15
-35
-14
Source: MOFSL, Bloomberg
Exhibit 12:
Nifty Midcap100 P/B ratio has corrected from 3x in Aug’18 to 2x currently
Midcap PB (x)
3.5
3.0
2.5
2.0
1.5
Nifty PB (x)
Nifty Avg: 2.7x
Midcap Avg: 2.1x
2.7
2.0
Source: MOFSL, Bloomberg
25 June 2019
5
 Motilal Oswal Financial Services
India Strategy
Exhibit 13:
…Nifty Mid-cap100 P/B discount to Nifty has increased from 12% in Jan’19 to 24% currently
Midcap Vs Nifty PB Prem/(Disc) (%)
20
5
-10
-25
-40
Average: -22%
-24
Source: MOFSL, Bloomberg
Exhibit 14:
Nifty and Midcap earnings yield look better than recent past and long-term average
10.0
8.0
6.0
4.0
2.0
10-Year G-sec yield (%)
Midcap yield (%)
Nifty yield (%)
G-Sec Avg: 7.4%
|
Midcap Avg: 5%
| Largecap Avg: 5%
6.9
6.2
5.4
Source: MOFSL, Bloomberg
25 June 2019
6
 Motilal Oswal Financial Services
India Strategy
NOTES
25 June 2019
7
 Motilal Oswal Financial Services
India Strategy
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In
case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take appropriate measures to make the recommendation
consistent with the investment rating legend.
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Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available
to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian
Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S:
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOFSL is not a registered
investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the
Acts, any brokerage and investment services provided by MOFSL, including the products and services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by
Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment
activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934,
as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S.
registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD
rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore:
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets services license and an exempt financial adviser in Singapore,
as per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in
Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of which some of whom may consist of
"accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must
immediately discontinue any use of this Report and inform MOCMSPL.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or
reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report
may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by
any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and
should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative
products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained
in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without
any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from time to time, effect or
have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any
company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that
is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you
solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or
entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement
within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such
restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use
of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees
responsible for any such misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263; Website
www.motilaloswal.com.
CIN No.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance
Corporate Agent: CA0579 ;PMS:INP000006712. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance
Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group
company of MOFSL. Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance or guarantee of the returns. Investment in
securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench.
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