Power & Coal monthly
All-India conventional
electricity generation (b kWh)
Conventional generation
Change YoY (%)
100
5
93
-6
Utilities | 13 December 2019
Sector: Utilities - Power
Power demand down for fourth straight month
PAF at NTPC plants improving; Availability for Talcher, Sipat recovers
Conventional generation decreases 6.5% YoY in Nov’19
Conventional electricity generation was down 6.5% YoY in Nov’19; the decline
was broad-based with generation down across regions. YTD generation growth
is up a mere 0.2%. Coal-based generation declined ~11% while Hydro and
Nuclear generation increased 24% and 13%, respectively in November.
Total generation down 6% YoY in Nov’19
Including renewable energy (RE), generation decreased 6% YoY in Nov’19 (YTD:
+0.4%). RE generation increased just 0.2% YoY in Nov’19.
Coal stocks now at 15 days
Coal stocks at power plants
Coal stocks at power plants
Stocks in days
15
8
At end-Nov’19, coal stocks at power plants stood at 15 days (v/s 12 days in
Oct’19) given the lower thermal generation and demand.
IEX volumes decline
DAM volumes on the IEX decreased ~0.4% YoY to 3.4b kWh. On trailing twelve
month (TTM) basis, volumes were down ~14%. Average prices stood at
INR2.85/kWh in Nov’19 (v/s INR2.71/kWh in Oct’19).
NTPC – Availability at plants improving
13
25
Availability factor for NTPC plants is showing signs of improvement post the
heavy monsoons. PAF at the company’s plants within Korba coalfield (Korba
Stage III and Sipat) was nearly ~100% for the month. Availability at Talcher also
improved to ~82% (v/s ~71% PAF for 7MFY20).
PLF for NTPC’s S/A plants declined ~1,030bp YoY to 66% for 8MFY20.
Exhibit 1: Power & Coal – Key snapshot
Total generation growth (%)
Conv. Generation growth (%)
RE generation growth (%)
All India Peak Demand (GW)
Capacity addition (GW)
Net Coal
7.0
5.0
Solar
5.5
9.4
Wind
5.4
1.8
Total capacity add
20.3
17.2
IEX traded volumes growth (%)
16.9
12.8
IEX avg. prices (INR/kWh)
2.4
3.3
Coal receipts by Power plants, growth (%)
-0.2
6.2
Coal cons. by Power plants, growth (%)
5.2
6.0
Coal stocks at Power plants (days)
19
10
Coal India Dispatches, growth (%)
2.0
6.9
Coal India Production, growth (%)
3.2
2.4
Note: YTD indicates data for 8mFY20;* indicates data for 7mFY20
FY17
5.8
4.7
24.0
158
FY18
5.4
4.1
24.9
161
FY19 YTD FY20
5.2
0.4
3.6
0.2
24.5
2.7
176
183
3.5
6.5
1.6
12.1
11.6
4.0
8.2
3.4
18
4.8
7.0
3.2
*
3.5
*
1.5
*
8.8
-15.7
3.1
*
-1.8
*
-0.7
15
-7.2
-7.8
Nov-19
-6.0
-6.5
0.2
155
0.0
na
na
na
-0.4
2.9
na
na
15
-7.6
-3.9
;
Aniket Mittal – Research Analyst
(Aniket.Mittal@MotilalOswal.com); +91 22 6129 1572
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
Sector: Utilities - Power
Generation
Conventional electricity
generation decreased 6.5%
YoY in Nov’19.
Conventional generation decreased 6.5% YoY
Exhibit 2: All-India conventional electricity generation (b kWh)
Conventional generation
95
2
5
-6
Change YoY (%)
100
93
Source: CEA, MOFSL
Exhibit 3: All-India generation (Conventional) – m kWh
Coal-based generation
decreased 10.6% YoY in
Nov’19.
All-India PLF was ~442bp
lower YoY at 46% in Nov’19.
Thermal
Generation
PLF
Coal
Generation
PLF
Lignite
Generation
PLF
Gas
Generation
PLF
Others
Generation
Hydro
Generation
PLF
Nuclear
Generation
PLF
All India (conventional)
Generation
PLF
Monthly
Nov-19
79,431
52
72,942
51
2,670
59
3,808
21
11
10,127
31
3,637
75
93,195
46
YoY %
-10.0
-352bps
-10.6
-817bps
-3.8
-138bps
-2.5
-54bps
63.9
24.3
611bps
12.6
836bps
-6.5
-442bps
Year to date
Nov-19
YTD YoY %
693,401
52
638,735
55
21,046
57
33,530
23
90
120,758
45
31,976
81
846,135
51
-3.1
-331bps
-2.9
-388bps
-6.0
-271bps
-4.0
-96bps
-4.3
16.2
640bps
26.0
1,660bps
0.2
-120bps
Source: CEA
13 December 2019
2
 Motilal Oswal Financial Services
Sector: Utilities - Power
Exhibit 4: Conventional electricity generation by ownership – m kWh
Monthly
Nov-19
34,462
27,497
24,732
1,180
1,585
3,328
3,637
28,195
22,074
20,448
1,421
206
6,121
30,538
29,859
27,762
1,207
890
678
93,195
19,409
32.8
YoY %
-6.8
-10.3
-9.7
-29.2
-2.4
7.5
12.6
-13.1
-21.1
-22.8
16.0
-17.6
36.9
1.0
0.7
0.1
36.9
-14.4
17.0
-6.5
-12.6
244bps
Year to date
Nov-19
YTD YoY %
311,512
0.1
229,337
-5.3
204,803
-5.2
11,595
-12.6
12,939
0.7
50,199
15.3
31,976
26.0
264,022
-3.0
206,547
-7.6
194,109
-7.5
11,120
-3.9
1,318
-36.3
57,475
18.3
270,602
3.5
257,517
3.1
239,763
7.2
10,289
10.0
7,464
-55.2
13,085
10.9
846,136
0.2
161,803
-6.5
32.0
102bps
Source: CEA
In Nov’19, generation
decreased across central
and state plants while for
private- owned plants, it
increased 1% YoY.
NTPC’s S/A coal-based
generation declined ~13%
YoY in Nov’19.
Central
Thermal
Coal
Gas
Other
Hydro
Nuclear
State
Thermal
Coal
Gas
Other
Hydro
Private
Thermal
Coal
Gas
Other
Hydro
Total
NTPC coal (s/a)
Private share %
Exhibit 5: All-India generation (Conventional + RE) – m kWh
Monthly
Nov-19
YoY %
101,116
-6.0
7,921
0.2
93,195
-6.5
72,942
-10.6
7.8
49bps
-0.3
Year to date
Nov-19
YTD YoY %
937,627
0.4
91,493
2.7
846,135
0.2
638,735
-2.9
9.8
22bps
64.7
Source: MOFSL, CEA
All-India generation (incl.
RE) declined 6% YoY in
Nov’19.
RE generation increased
0.2% YoY in Nov ’19.
All-India Generation
RE
Conventional
Coal-based
RE share %
RE incr. share %
13 December 2019
3
 Motilal Oswal Financial Services
Sector: Utilities - Power
Capacity additions
Renewable capacity addition outpacing thermal
Conventional capacity addition: 4.1GW in 7MFY20
Exhibit 6: Capacity addition as monitored by CEA
Month
Jun-19
Jul-19
Jul-19
Aug-19
Sep-19
Sep-19
Oct-19
Promoter
BLA Power
Odisha
NTPC
Odisha
NTPC
NTPC
Gujarat
Plant
Niwari
IB Valley
Nabi Nagar STPS
IB Valley
Tanda
Khargone
Wanakbori
Unit
U-2
U-3
U-1
U-4
U-5
U-1
U-8
Type
Thermal
Thermal
Thermal
Thermal
Thermal
Thermal
Thermal
Capacity MW
45
660
660
660
660
660
800
Location (State)
Madhya Pradesh
Odisha
Bihar
Odisha
Uttar Pradesh
Madhya Pradesh
Gujarat
Source: MOFSL, CEA
Conventional capacity retirement: 0.9GW in 7MFY20
Exhibit 7: Capacity retirement as monitored by CEA
Month
Aug-19
Aug-19
Sep-19
Sep-19
Sep-19
Promoter
Karnataka
Chhattisgarh
Tata Power
Torrent Power
Delhi
Plant
Yelhanka
Korba II
Trombay
Sabarmati
Rajghat
Unit
U-1 to 6
U-1 to 4
U-6
U-15 to 16
U-1 to 2
Type
Diesel
Thermal
Thermal
Thermal
Thermal
Capacity MW
128
200
500
60
135
Location (State)
Karnataka
Chhattisgarh
Maharashtra
Gujarat
Delhi
Source: MOFSL, CEA
Exhibit 8: Net capacity addition during 7MFY20 - GW
Net capacity addition during
7MFY20 stands at ~8.8GW.
367
364
361
358
356
353
350
356
3.5
1.5
365
3.1
0.0
0.8
Source: MOFSL, CEA
13 December 2019
4
 Motilal Oswal Financial Services
Sector: Utilities - Power
Coal stocks
Coal stocks have improved since last year
Coal receipts for the Power
sector were down 13% YoY
to 48.3mt in Oct’19
(YTD: -1.8%).
Exhibit 9: Coal receipts for Power sector
65
60
55
50
45
40
35
5
45
49
Coal receipts through Domestic (mt)
7
6
5 42
37
Coal receipts through imports (mt)
Source: MOFSL, CEA
Coal consumption by the
power sector was down
17% YoY to 46.8mt in
Oct’19 (YTD: -0.7%).
Exhibit 10: Coal consumption by Power sector
65
60
55
50
45
40
52
56
47 47
Coal consumption (mt)
Source: MOFSL, CEA
Coal stocks at power plants
stood at 15 days in Nov’19.
Exhibit 11: Coal stocks at power plants
40
30
20
10
0
10
13
25
7
8
Coal stocks at power plants (LHS)
Stocks in days (RHS)
15
20
15
10
5
0
Source: MOFSL, CEA
13 December 2019
5
 Motilal Oswal Financial Services
Sector: Utilities - Power
Short-term market
Volumes broadly stable
IEX volumes were similar
for Nov’19 on YoY basis
with -0.4% change; though
a 14% decline was seen on
TTM basis.
Exhibit 12: IEX cleared volumes (b kWh) and growth YoY
Cleared vols. - BU
12
18
TTM change yoy - %
-14
3.5
6.5 3.4
3.4
Source: MOFSL, IEX
IEX prices were up ~5%
MoM at INR2.85/kWh.
Exhibit 13: IEX prices
IEX avg. price - INR/kWh
3.5
5.9
3.6
2.9
Source: MOFSL, IEX
Short-term transactions (ex-
UI) witnessed 13% decline
YoY for Sep’19.
Bilateral transactions rose
8% YoY.
Exchange volumes, on the
other hand, was down 39%
YoY in Sep’19.
Exhibit 14: Short-term transactions (b kWh)
18
15
12
9
6
3
10%
12%
10%
8%
13%
Bilateral
Exchange
UI
% of India's generation - RHS
16%
14%
12%
Source: MOFSL, CERC
13 December 2019
6
 Motilal Oswal Financial Services
Sector: Utilities - Power
Demand by states
Exhibit 15: Electricity demand by states
Growth (%)
Chandigarh
Delhi
Haryana
Himachal Pradesh
J&K
Punjab
Rajasthan
Uttar Pradesh
Uttarakhand
Northern Region
Chhattisgarh
Gujarat
Madhya Pradesh
Maharashtra
Daman and Diu
Dadra and Nagar
Goa
Western Region
Andhra Pradesh
Telangana
Karnataka
Kerala
Tamil Nadu
Puducherry
Southern Region
Bihar
DVC
Jharkhand
Odisha
West Bengal
Andaman
Eastern region
Arunachal Pradesh
Assam
Manipur
Meghalaya
Mizoram
Nagaland
Tripura
North Eastern Region
FY17
2.4
4.1
3.1
0.3
1.1
6.7
0.3
13.5
2.5
6.0
-8.0
0.2
6.7
-1.4
2.1
1.8
-13.3
-0.1
7.8
6.4
9.7
4.1
7.8
4.0
7.6
6.2
2.6
4.5
0.3
1.8
0.0
2.7
19.8
5.7
-9.1
2.7
9.7
-1.2
30.1
6.8
4.1
FY18
-2.7
3.3
3.8
6.3
6.0
3.4
4.7
12.1
3.4
6.5
10.7
6.0
7.6
7.3
6.2
3.0
-7.3
6.9
7.3
13.5
1.6
2.9
1.4
5.0
4.7
5.7
14.2
-2.9
7.7
4.8
67.2
6.3
10.5
0.6
12.1
-9.8
-1.2
5.8
70.8
7.8
6.2
FY19 YTDFY20* Nov-19
-2.5
7.6
4.3
1.5
2.8
2.8
5.7
2.8
-6.5
3.0
10.0
11.1
5.4
2.3
-4.5
1.1
4.6
-2.8
12.8
-1.7
2.4
3.4
3.6
6.1
6.0
5.8
1.1
-0.5
4.0
5.6
9.5
10.4
6.3
0.3
3.4
3.6
6.2
15.8
2.5
10.1
9.5
4.6
7.6
7.1
7.0
5.6
9.3
22.8
38.5
3.2
-29.4
2.9
5.3
3.3
6.2
4.2
4.4
14.4
-3.1
-2.5
-5.9
2.3
5.6
-1.3
-2.7
0.6
-2.7
-0.7
6.1
-0.4
5.2
-0.2
7.3
-1.9
2.4
-6.7
1.4
0.0
0.2
-10.4
1.8
2.0
11.1
2.9
0.4
-9.7
1.4
0.5
-5.7
-2.9
-1.3
-3.2
38.2
-1.6
-13.9
-8.1
9.7
21.0
-1.4
-4.9
-5.5
-5.6
-14.0
0.8
3.4
5.0
-4.3
-3.1
1.3
-2.9
-14.8
-0.7
0.0
-4.4
-16.4
1.3
-9.9
7.3
-4.5
22.6
-33.5
-3.3
-4.2
FY19
mkWh
1,561
32,289
53,663
9,618
15,869
55,397
79,661
116,265
13,753
378,080
26,720
116,638
75,194
158,167
2,561
6,176
4,276
389,726
63,802
66,601
72,227
24,911
109,149
2,748
339,429
30,775
21,894
8,442
31,444
52,655
324
144,712
837
9,289
902
1,963
683
797
1,799
16,272
1,268,770
% share
0.1
2.5
4.2
0.8
1.3
4.4
6.3
9.2
1.1
29.8
2.1
9.2
5.9
12.5
0.2
0.5
0.3
30.7
5.0
5.2
5.7
2.0
8.6
0.2
26.8
2.4
1.7
0.7
2.5
4.2
0.0
11.4
0.1
0.7
0.1
0.2
0.1
0.1
0.1
1.3
100.0
All India
Note: * indicates data for 8MFY20
Source: MOFSL, CEA
13 December 2019
7
 Motilal Oswal Financial Services
Sector: Utilities - Power
Exhibit 16: Peak demand
YoY growth (%)
FY17
Chandigarh
Delhi
Haryana
Himachal Pradesh
J&K
Punjab
Rajasthan
Uttar Pradesh
Uttarakhand
Northern Region
Chhattisgarh
Gujarat
Madhya Pradesh
Maharashtra
Daman and Diu
Dadra and Nagar
Goa
Western Region
Andhra Pradesh
Telangana
Karnataka
Kerala
Tamil Nadu
Puducherry
Lakshadweep
Southern Region
Bihar
DVC
Jharkhand
Odisha
West Bengal
Sikkim
Andaman
Eastern region
Arunachal Pradesh
Assam
Manipur
Meghalaya
Mizoram
Nagaland
Tripura
North Eastern Region
All India
4.1
7.1
1.6
0.7
-0.8
3.2
-5.6
6.9
0.1
12.9
2.5
1.8
5.5
7.8
8.8
5.9
-3.8
7.7
7.9
33.4
7.7
3.6
4.5
5.4
0.0
13.9
6.9
-3.9
4.1
-6.3
0.0
2.8
0.0
8.3
3.7
18.5
-2.4
-12.2
-3.0
6.5
5.6
13.9
6.5
FY18
2.0
4.2
3.0
6.3
8.4
4.5
11.8
16.5
5.5
2.3
0.9
12.8
7.0
1.3
8.4
0.8
5.1
-3.5
12.8
12.5
5.5
-3.2
1.0
4.9
12.5
4.0
21.2
7.8
5.5
8.2
2.9
-14.3
68.8
5.2
3.6
6.9
19.6
11.2
-2.0
-0.7
20.4
-6.5
1.7
FY19
1.7
7.5
7.7
6.6
41.3
7.3
14.8
11.1
3.1
3.9
9.9
2.2
12.3
3.4
-1.7
3.2
6.8
11.5
5.2
5.2
18.9
9.3
4.9
6.5
-11.1
4.8
12.6
8.0
2.3
21.7
9.7
10.4
0.0
11.0
-4.8
3.7
10.8
1.1
24.0
-5.5
2.0
13.1
9.2
YTD FY20*
16.8
5.6
7.1
1.5
6.9
8.6
6.9
9.9
1.0
7.3
10.9
8.6
14.4
1.5
-1.7
1.3
4.2
2.3
7.6
8.2
13.0
7.7
4.6
17.0
0.0
7.5
13.9
-0.3
3.2
-1.2
4.9
8.9
0.0
6.1
14.3
8.1
6.3
-0.3
10.8
22.5
6.1
6.1
4.0
in MW
FY19
369
7,016
10,270
1,700
3,277
12,556
13,276
20,062
2,216
60,715
4,270
16,963
13,815
23,254
356
815
596
55,821
9,453
10,815
12,841
4,228
15,712
412
8
49,464
5,084
3,127
1,289
5,357
8,899
106
54
22,733
138
1,809
216
372
119
138
349
2,850
175,528
Source: MOFSL, CEA
Note: * indicates data for 7m FY20
13 December 2019
8
 Motilal Oswal Financial Services
Sector: Utilities - Power
Plant availability factor (PAF)
PAF for NTPC’s critical plants such as Sipat and Talcher has recovered post monsoons
Exhibit 17: PAFs (%) for NTPC’s power plants
Plant Name
ANTA GPP
AURAIYA GPP
DADRI GPP
DADRI TPS
DADRI-II TPS
RIHAND STPS
RIHAND-II STPS
RIHAND-III STPS
UNCHAHAR-I TPS
UNCHAHAR-II TPS
UNCHAHAR-III TPS
UNCHAHAR-IV TPS
Farakka-I & II
Farakka-III
Kahalgaon
Kahalgaon U-2
Talcher Stage 1, 1GW (Kanhai)
BARH STPS STAGE-II
Ramagundem Stg I&II (RSTPS)
Ramagundem Stg III
Talcher Stage 2, 2GW (Kanhai)
NTPC Simhadri STPS Stage 2
Simhadri STPS STAGE 1
NTPC Kudgi STPS Unit 1 (2.4gw)
Korba-Stg I (KSTPS)
Vindhyanchal-I
Vindhyanchal-II
Vindhyanchal-III
Kawas GPS
Gandhar GPS
SINGRAULI STPS ( SSTPS-II)
Korba-Stg III
Sipat-I
Vindhyanchal-IV
MAUDA-I
Vindhyanchal-V
MAUDA- II
Solapur
Gadawara (GSTPP)
Lara
Yellow
represents a PAF b/w 50% & 85%;
Pink
represents a PAF of <50%
Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19
97.2
94.6
98.6
80.2
90.8
87.7
95.7
91.4
101.7
104.5
104.7
0.0
97.4
71.4
87.7
92.2
79.1
91.0
95.5
45.1
86.6
98.4
58.8
44.0
92.0
92.8
100.0
81.6
98.1
67.6
91.2
99.7
95.3
99.3
104.0
101.6
61.6
101.3
100.7 102.4
96.7 100.0
101.6
94.4
100.0
98.9
99.7
74.7
97.6
87.8
101.1
99.7
100.4
100.1
81.5
98.0
100.9
101.5
104.5
104.4
104.7
84.2
97.8
90.4
97.7
97.5
83.9
77.9
95.0
91.9
94.7
102.9
101.6
94.9
96.5
97.8
99.9
100.6
92.7
103.4
86.3
100.0
95.4
100.0
102.6
44.1
99.4
100.0
99.9
100.2
95.3
95.7
49.7
101.7
91.0
101.2
104.7
102.2
90.6
71.3
100.4
95.5
85.2
96.1
95.5
86.2
81.0
101.2
101.4
94.1
93.0
101.8
87.6
89.7
99.2
100.8
80.6
90.2
98.9
99.8
98.9
99.8
100.4
101.9
103.8
100.0
96.9
99.1
87.9
101.9
90.9
100.1
94.1
102.4
98.6
97.6
102.2
94.8
93.1
81.7
94.5
74.6
85.0
99.1
94.2
101.1
95.0
94.1
99.9
102.6
95.6
89.9
94.4
95.8
99.8
90.7
96.8
87.7
100.6
96.6
96.3
94.1
99.7
100.0
90.2
97.4
84.9
83.8
80.8
85.0
91.9
81.3
94.0
46.4
87.7
98.1
100.6
73.3
101.8
58.5
96.4
104.6
104.7
102.8
85.1
97.4
41.1
81.3
94.0
45.8
99.9
94.3
100.1
46.8
89.4
57.2
85.6
89.9
85.8
89.9
96.4
100.3
100.2
86.7
33.6
64.5
85.2
100.9
100.0
47.5
91.9
100.0
97.6
96.9
97.2
102.8
51.4
101.9
68.5
102.3
87.9
101.4
102.5
102.8
86.4
102.7
89.3
90.9
46.8
99.6
90.2
100.0
47.1
92.4
101.0
67.1
67.1
91.6
95.3
99.4
99.5
101.9
58.9
85.0
57.4
56.0
101.1
100.0
98.7
101.3
100.0
98.2
98.9
98.4
101.3
52.2
101.7
96.3
99.3
89.9
104.7
104.7
97.7
60.3
96.0
84.4
86.8
70.8
93.8
96.7
99.9
68.0
31.6
103.4
76.8
75.8
75.4
93.9
100.0
100.3
95.9
47.3
96.3
84.9
93.6
102.9
98.0
99.7
91.7
97.5
88.4
94.4
97.4
102.2
100.6
92.0
58.0
103.7
103.6
104.7
104.1
104.7
97.1
70.0
92.8
77.9
94.1
83.3
88.1
84.3
99.7
82.2
67.9
104.2
95.5
93.5
76.1
102.0
76.5
100.0
103.9
99.6
100.3
98.8
98.6
101.5
100.0
85.9
100.0
100.0
86.0
102.1 102.4 102.1
101.6 102.8 103.2
101.2
97.8
86.7
76.5
64.1
52.8
90.7
82.8
91.6
99.8
0.0
74.0
92.5
83.3
97.5
90.3
70.1
80.0
98.0
90.8
49.1
64.9 101.0
92.8 101.3
101.3 104.7
103.8 102.5
104.7 104.6
33.6
96.1
92.6
94.8
97.6
38.3
95.5
94.8
18.6
96.6
100.3
66.8
81.3
99.9
66.8
100.1
90.1
89.6
99.9
99.9
101.8
97.9
79.9
95.6
95.5
96.5
99.0
54.2
97.0
94.3
99.8
92.9
91.8
81.0
84.6
99.3
94.5
98.3
50.0
89.9
97.7
99.9
72.1
96.7
90.6 102.2 102.4
103.3 103.2
104.7
104.7
95.9
96.4
92.2
92.7
68.0
83.0
96.3
93.9
87.2
70.5
93.2
86.1
79.8
73.6
79.0
100.6
98.8
93.4
79.6
100.0
65.9
93.4
87.3
18.5
94.3
88.9
80.0
94.6
91.1
80.9
50.0
96.4
88.6
49.2
93.9 104.2
90.7 100.5 100.2
103.8 103.8 104.0
96.4 100.9
103.1 103.4
98.2 100.8
97.4 100.0 100.0
88.3 100.3
82.5
96.7
99.9
72.9
99.9
81.7
99.6
54.6
93.5
99.0
96.4 102.3
102.0 103.2
88.1 103.9 103.7
99.9 100.0 100.0
77.6
100.6
95.6
95.8
92.1
99.9 100.0
100.0 100.0
Source: RPC
13 December 2019
9
 Motilal Oswal Financial Services
Sector: Utilities - Power
Plant load factor (PLF)
For NTPC, five plants clocked PLF of >85% in Nov’19
Exhibit 18: PLFs (%) for NTPC standalone plants
Badarpur
Barh I
Barh II
Bongaigaon
Dadri
Darpalli
Farakka
Gadarwara
Kahalgaon
Korba
Kudgi
Lara
Mauda
Ramagundem
Rihand
Simhadri
Singrauli
Sipat
Solapur
Talcher
Talcher
Tanda
Unchahar
Vindhyachal
TOTAL COAL NTPC
Anta
Auraiya
Dadri
Faridabad
Gandhar
Kawas
R. Gandhi
MW Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,320
750
1,820
0
2,100
800
2,340
2,600
2,400
800
2,320
2,600
3,000
2,000
2,000
2,980
1,320
460
3,000
1,100
1,550
4,760
43,390
419
663
830
432
657
656
360
0
88
66
62
0
87
0
85
94
30
0
60
81
90
65
101
94
30
90
84
80
76
93
81
38
16
18
1
9
48
0
0
93
56
64
0
89
0
88
82
41
0
38
74
84
82
98
96
0
98
76
72
76
88
78
1
1
27
16
21
39
0
17
0
94
64
64
0
88
0
86
84
53
0
65
84
89
78
87
79
0
85
78
78
74
89
79
36
1
8
39
20
38
0
19
0
72
69
57
0
80
0
78
95
53
0
47
84
89
83
88
90
0
101
86
37
65
87
77
7
4
27
26
7
38
0
16
0
79
70
43
0
80
0
82
98
71
0
76
81
92
81
94
97
0
92
96
1
64
93
82
0
0
30
23
16
46
0
0
91
65
51
0
75
0
74
93
41
12
69
84
95
70
88
97
0
99
89
68
64
91
75
11
0
32
0
5
62
0
0
91
64
58
0
84
0
72
86
21
0
62
81
93
60
89
85
8
98
85
58
75
87
71
47
4
40
0
15
33
0
0
87
63
61
0
61
37
86
95
15
7
73
82
85
55
90
80
9
98
78
63
66
84
71
16
49
58
0
18
22
0
0
84
61
57
0
63
21
77
87
19
18
54
76
71
66
87
94
0
91
71
81
66
82
66
2
4
6
13
19
18
0
10
0
86
47
47
0
72
15
80
78
13
19
29
78
82
50
85
71
13
45
46
80
64
87
61
1
21
16
19
3
13
0
12
0
83
45
44
0
78
0
85
71
9
0
59
69
88
61
79
58
26
65
47
58
67
82
61
8
12
26
34
2
38
0
18
0
72
54
28
0
55
3
78
78
4
66
43
68
96
39
86
70
10
65
60
50
59
83
53
3
11
27
0
9
23
0
0
74
63
24
0
63
0
82
93
0
74
19
67
85
54
90
96
0
77
75
47
62
86
63
9
4
19
0
55
14
0
TOTAL GAS NTPC
4,017
20
Yellow
represents a PLF b/w 50% & 85%;
19
18
22
21
Pink
represents a PLF of <50%
13
9
Source: CEA
13 December 2019
10
 Motilal Oswal Financial Services
Sector: Utilities - Power
On YoY basis, PLF for UnoSugen and Sugen increased
Exhibit 19: PLFs (%) for private power plants with exposure to merchant market
MW Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19
Adani Power
Avantha
Mundra
Tirora
CESC
Dhariwal
JSW Energy
Karcham
Ratnagiri
Vijaynagar
Jindal Power
Tamnar 1
Tamnar 2
JP Power
Bina
Nigri
KSK
Akaltara
Wardha
Torrent Power
Sugen
Unosugen
DGEN
Essar
Mahan
Salaya
Rattan India
Amravati
Vedanta
Sterlite
Balco
South plants
Powertech
Meenakshi
Simhapuri
Sembcorp
12,410
600
4,620
3,300
2,485
600
4,440
1,000
1,200
860
3,400
1,000
2,400
4,200
500
1,320
2,940
2,400
540
3,252
1,148
383
1,200
1,200
600
600
1,350
1,350
3,180
600
600
4,460
1,320
300
600
1,200
49
0
0
71
46
0
0
80
44
0
0
73
8
40
0
0
80
0
88
0
0
97
29
84
0
0
86
41
75
0
0
91
39
87
0
0
76
41
96
0
0
60
46
94
0
0
93
10
81
0
0
84
24
81
0
0
75
31
93
0
0
36
21
19
43
3
62
8
74
38
57
11
44
9
59
0
62
0
66
0
65
0
83
0
72
0
56
0
74
25
27
5
0
14
33
28
60
14
34
64
52
5
67
0
55
0
57
0
23
0
24
0
60
7
51
27
34
21
27
19
22
30
34
52
27
51
23
65
38
0
0
56
0
0
49
0
0
49
0
0
64
0
0
76
0
32
75
61
0
66
65
1
73
75
0
57
60
0
62
74
26
69
60
0
63
52
0
45
31
36
7
38
0
39
0
52
0
77
0
77
0
62
0
55
0
68
0
39
0
68
0
61
0
67
61
52
33
63
50
62
55
54
65
65
71
69
69
68
66
36
35
63
35
64
51
65
57
57
55
43
43
22
32
33
50
28
47
35
38
26
39
40
42
42
44
33
37
27
29
19
30
19
21
21
21
22
82
43
17
65
35
15
76
79
14
73
34
15
77
43
40
79
34
57
84
44
105
83
36
111
76
43
106
73
38
91
72
39
35
70
32
24
70
52
73
69
43
36
50
77
62
74
41
43
41
79
50
0
51
86
0
76
86
0
82
84
0
84
81
0
84
90
0
83
89
0
81
88
0
77
80
0
74
78
0
77
74
0
69
60
0
80
56
0
77
89
0
10
Hinduja
1,040
Yellow
represents a PLF b/w 25% & 50%;
Pink
represents a PLF of <25%
Source: CEA
13 December 2019
11
 Motilal Oswal Financial Services
Sector: Utilities - Power
Coal India’s volume monitor – Nov’19
Exhibit 20: Dispatches decreased 7.6% YoY in Nov’19; 27.1% increase MoM (YTD: -7.2%)
Dispatches - mt
YoY - %
5
1
51
-8
51
47
Source: MOFSL, Company
Exhibit 21: Production decreased 3.9% YoY in Nov’19; 16.9% increase MoM (YTD: -7.8%)
Production - mt
YoY - %
3
2
-4
50
51
52
Source: MOFSL, Company
Exhibit 22: Inventory at mines increased 14.4% MoM in Nov’19
FY20
80
60
40
20
0
47
42
38
30
24
20
18
21
FY16
FY17
FY18
FY19
Source: MOFSL, Company
13 December 2019
12
 Motilal Oswal Financial Services
Sector: Utilities - Power
E-auction monthly monitor
Exhibit 23: Monthly E-auction allocated quantity
Allocated (mt)
15
10
6
5
0
3
6
Exhibit 24: Monthly E-auction offered quantity
60
45
30
15
0
7
3
7
Offered (mt)
Source: Industry
Source: Industry
Exhibit 25: Average E-auction realization – INR/t
Avg. realization - INR/t
Exhibit 26: Realization trend – CIL v/s exchanges
3,600
3,200
2,800
2,952
2,400
2,000
1,600
1,200
E-auction real. - CIL - INR/t
E-auction real. - exchanges - INR/t
2,397
3,148
Source: Industry
Source: Industry
Exhibit 27: Average realization (higher grade)
Act. Real. (G1-G8) - INR/t
6,500
3,367
4,126
at reserve price - INR/t
Exhibit 28: Average realization (G9-G17 grade)
Act. Real. (G9-G17) - INR/t
Realization at not. Price - INR/t
2,501
1,508
1,802
1,988
3,675
Source: Industry
Source: Industry
Exhibit 29: Share (%) of higher grade in allotted mix
Allocated (higher grade) as % of total qty. allocated
100
61
36
40
Exhibit 30: Premium over notified price and RB Index
Realn. premium - INR/t
3,500
Richards Bay - USD/t
3,000
88.7
97.3
59.6
929
2,500
51
33
47
2,000
1,500
953
1,463
1,000
500
0
Source: Industry
Source: Industry
13 December 2019
13
 Motilal Oswal Financial Services
Sector: Utilities - Power
India coal demand and its drivers
Exhibit 31: Monthly thermal coal imports – mt
Thermal coal imports - mt
72
11
14
13
Exhibit 32: Monthly coal consumption – mt
Coal consumption (mt)
79
40
Source: Dept. of Commerce
Source: CEA
Exhibit 33: Sponge iron production up 12% YoY in Mar’19
Sponge iron production - kt
Exhibit 34: Sponge iron spreads – INR/t
Sponge spread (Realn. - 1.5x pellet) - INR/t
9,913
7,975
7,883
Source: JPC
Source: SteelMint
Exhibit 35: Cement production declined 8% YoY in Oct’19
Cement production - mt
24
28
26
Exhibit 36: Coal substitute – Pet coke imports
Petcoke imports - t
1,156
613
153
1,513
Source: Industry
Source: Industry
13 December 2019
14
 Motilal Oswal Financial Services
Sector: Utilities - Power
The conventional capacity
to peak load ratio has
started to decline from its
peak of ~1.7x.
Exhibit 37: Conventional capacity/peak load (x)
1.7
1.6
1.5
1.4
1.3
1.2
1.1
Conventional Cap./peak load
Source: MOFSL, CEA
Exhibit 38: Utilities’ sector valuation
Rating
PowerGrid
NTPC
JSW Energy
CESC
Tata Power
NHPC
Torrent P
Coal India
Buy
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
MCAP
(USD M)
(INR)
184
114
70
727
53
24
273
190
13,990
16,422
1,664
1,404
2,095
3,821
1,867
17,436
CMP
EPS
FY19
19.2
11.6
4.2
88.9
2.1
2.6
18.7
28.3
FY20E
20.3
13.1
4.5
91.9
4.1
3.0
30.0
25.7
FY21E
22.8
15.2
5.6
99.5
4.7
3.0
29.8
28.5
P/E (x)
FY19
9.6
9.9
16.5
8.2
25.3
9.2
14.6
6.7
FY20E
9.1
8.7
15.5
7.9
12.9
7.9
9.1
7.4
P/B(x)
FY19
1.6
1.0
1.0
1.1
0.9
0.8
1.5
4.4
FY20E
1.5
1.0
0.9
1.0
0.8
0.7
1.3
4.3
RoE (%)
FY19
17.7
10.7
6.1
13.6
3.6
8.5
10.8
75.7
FY20E
17.0
11.4
6.2
13.0
6.5
9.6
15.1
59.1
Source: MOFSL, Bloomberg
13 December 2019
15
 Motilal Oswal Financial Services
Sector: Utilities - Power
NOTES
13 December 2019
16
 Motilal Oswal Financial Services
Sector: Utilities - Power
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
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.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOFSL)* is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial products.
MOFSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com.
MOFSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd.
(NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India (MCX) & National Commodity & Derivatives Exchange Ltd. (NCDEX) for its stock broking
activities & is Depository participant with Central Depository Services Limited (CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds
of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and
buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other
compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have
any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should
be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant
banking, investment banking or brokerage service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Securities Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental
research and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from
MOFSL research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or
use would be contrary to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong
Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst
Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) 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 Securities 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.
Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
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 Motilal Oswal Financial Services
Sector: Utilities - Power
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies)
discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential 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 of
MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature.
The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,
representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The
report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
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.: 022-3980 4263; www.motilaloswal.com.
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer:
Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-38281085.
Registration details: MOFSL: SEBI Registration: INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412.
AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual
Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. *Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate
products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products.
* MOFSL 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. The existing registration no(s) of MOFSL would be used until receipt of new MOFSL registration numbers.
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