DOMESTIC:

Hester Biosciences to set up animal vaccines facility in Tanzania GST Council’s exemption on stationary items Strides Shasun gets USFDA nod for pain relieving drug Sun Pharma receives USFDA approval for generic drug Coal India to save Rs800-1000cr by closing 37 unviable

underground mines Zydus Cadila gets USFDA nod for ezetimibe tablets Suven Life gets patents for anti-neuro degeneration molecule Wipro acquires minority stake in Drivestream for USD5mn Andhra Pradesh clears six investment proposals worth Rs3,808cr Balaji Telefilms surges on reports of Ekta Kapoor buying shares Dr. Reddy's gets EIR for Miryalaguda plant, indicating closure of

USFDA audit Sebi queries Raymond on JK House property sale PFC gets govt. nod to issue tax-free bonds Reliance Communications said to approach Citic for sale of GCX

business BSNL to set up 25,000 Wi-Fi hotspots at Rs942cr Niti Aayog proposes 26% stake sale in Shipping Corporation of

India Repco Home Finance raises Rs272cr from World Bank arm

International Finance Corporation JP Associates surges on buzz of deal completion with Ultratech IOC, BPCL, HPCL sign agreement to set up USD40bn refinery Greaves Cotton announces technology partnership with

US-based Pinnacle Engines Shreyas Shipping signs joint venture with Japanese firm Suzue

Corporation

ECONOMY:

Retail inflation in May at record low, April factory output rises India’s Industrial Output Grows 3.1% In April US Fed increases rate by 25 bps; unveils plan to trim balance

sheet

INDUSTRY:

Pharma market grows 7% in May, beats pre-GST fears Telecom industry disappointed at unchanged GST rate Prices of many essential drugs to rise up to 2.29% post-GST

TM

THE WEEKLY WRAP-UP 16th June 2017

Price Performance (%)

Company 1M 3M 12M

Supreme Petrochem Ltd 1.8% 47.2% 118.1%

Indian Hume Pipe Co. Ltd 10.3% 22.5% 174.9%

Shanthi Gears Ltd 10.2% 26.4% 20.0%

Hind Rectifiers Ltd -5.6% 16.8% 38.1%

KCP Limited -17.3% 4.1% 17.2%

Navneet Education Ltd 11.8% 29.6% 105.6%

Harita Seating System Ltd -2.6% 4.8% 30.1%

Camlin Fine Sciences -5.8% -7.2% -4.6%

GEE Limited -6.2% 1.0% 62.5%

Hester Biosciences Ltd 3.8% 24.7% 42.6%

West Coast Paper Mills Ltd -1.2% 9.5% 147.1%

Rallis India Ltd 0.0% 2.1% 19.8%

The Hitech Gears Ltd 4.1% 17.7% 40.1%

Bharat Bijlee Ltd 8.3% 38.4% 27.3%

Castrol India Ltd -7.3% -2.8% 9.5%

Engineers India Ltd -9.1% 1.7% 57.0%

TNPL -4.8% 4.1% 23.7%

Triveni Turbines Ltd 0.3% 13.7% 23.6%

Rajoo Engineers Ltd -5.3% 43.9% 34.3%

Siemens Ltd -7.5% 4.1% 6.0%

Hikal Ltd -4.8% 6.8% 35.9%

TRIL -12.6% -12.6% 2.3%

KEC International Ltd Call Closed

Aksh Optifibre Ltd -17.0% -22.1% 14.6%

GMM Pfaudler Ltd 0.2% 15.1% 88.4%

Alicon Castalloy Ltd -2.3% 20.8% 63.8%

Omkar Speciality Chemicals Ltd -55.1% -44.4% -46.7%

Premier Explosives Ltd 18.3% 48.0% 34.4%

Mukand Engineers Ltd -15.1% 12.4% 101.4%

Gulshan Polyols Ltd 0.7% 15.6% 36.5%

Gufic Biosciences Ltd 8.6% 26.2% 48.6%

Excel Industries Ltd -8.3% -0.3% 33.9%

Vesuvius India Ltd -0.4% 4.0% 47.9%

Munjal Showa Ltd -2.5% -3.0% 10.0%

Bharat Rasayan Ltd 2.7% 9.5% 144.4%

Alkyl Amines Chemicals Ltd -7.6% 7.9% 20.2%

Nesco Ltd -2.9% 8.5% 57.0%

Grauer and Weil (India) Ltd -1.8% -5.2% 46.2%

M.M. Forgings Ltd -3.0% 13.0% 39.4%

Texmaco Rails & Engineering Ltd -11.5% -6.6% -10.4%

Nagarjuna Agrichem Ltd 20.1% 16.2% 44.0%

The week that went by: The week was started on a negative note dragged by weak global cues. Asian shares traded in negative territory as markets turned cautious; following the surprise hung parliament result from the UK election and as markets await the results of the first round of France's parliamentary elections. The markets opened flat after the industrial output and retail inflation data. The investors would be cautious closely monitoring the expected short-term disruption from GST implementation and a still looming mild threat from El Nino. The markets midweek opened on a flat note as the investors await the two-day Federal Reserve policy. With the 25bps rate hike by Federal Reserve, the markets traded flat for the day. On the last trading day of the week, markets started-off on a flat note with a positive bias to close the week on a negative sentiment.

TM

Coverage Universe Valuations

Company Reco Reco at CMP Tgt price Upside Mcap PE(x) EV/Sales (x) EV/EBITDA (x)

(Rs) (Rs) (Rs) (%) (Rs bn) FY16E FY17E FY16E FY17E FY16E FY17E

Supreme Petrochem Ltd BUY 77 410 500 22.0 39.6 55.3 37.6 1.2 1.1 28.9 20.7

Indian Hume Pipe Co. Ltd BUY 341 480 500 4.2 11.6 22.2 15.6 11.5 10.1 10.6 8.5

Shanthi Gears Ltd BUY 107 142 150 5.6 11.6 102.2 80.4 6.4 6.3 43.2 37.8

Hind Rectifiers Ltd BUY 69 93 140 50.5 1.4 77.3 17.6 1.4 1.1 27.6 11.7

KCP Limited BUY 71 106 150 41.5 13.7 34.4 24.5 2.4 2.1 14.1 11.9

Navneet Education Ltd BUY 96 186 200 7.5 44.3 30.0 26.1 4.3 3.9 17.5 15.4

Harita Seating System Ltd BUY 266 702 900 28.2 5.5 55.5 40.8 1.9 1.7 34.4 26.7

Camlin Fine Sciences BUY 111 86 140 62.8 8.2 10.5 8.1 1.5 1.3 8.0 6.6

GEE Limited BUY 33 60 70 16.7 1.4 26.0 18.7 0.9 0.8 8.9 7.8

Hester Biosciences Ltd BUY 565 920 1150 25.0 7.8 43.8 36.5 8.2 6.5 25.5 20.7

West Coast Paper Mills Ltd BUY 67 193 225 16.6 12.7 36.4 9.9 1.1 0.9 6.7 5.5

Rallis India Ltd BUY 181 248 300 21.0 48.2 31.6 24.8 2.8 2.5 17.6 14.5

The Hitech Gears Ltd BUY 298 361 450 24.7 6.8 25.3 19.3 1.4 1.2 10.6 8.9

Bharat Bijlee Ltd BUY 787 1180 1500 27.1 6.7 117.9 54.6 1.1 1.0 38.0 32.7

Castrol India Ltd BUY 447 411 600 46.0 203.3 31.1 29.0 5.2 5.0 19.8 18.5

Engineers India Ltd BUY 211 158 200 26.6 53.2 15.1 14.4 1.6 2.6 10.5 17.3

Tamil Nadu Newsprint & Papers Ltd BUY 224 336 450 33.9 23.3 10.8 9.2 1.8 1.7 7.0 6.0

Triveni Turbines Ltd BUY 92 140 175 25.0 0.5 45.3 38.1 0.6 0.5 3.0 2.5

Rajoo Engineers Ltd BUY 15 23 30 30.4 0.1 18.0 13.0 1.1 0.9 9.4 7.1

Siemens Ltd BUY 1128 1314 1500 14.2 467.8 50.0 43.0 3.9 3.5 29.3 24.9

Hikal Ltd BUY 143 210 325 54.8 17.3 49.3 34.8 2.5 2.4 12.6 11.1

Transformers and Rectifiers (India) Ltd BUY 300 353 450 27.5 4.7 -16.0 26.1 1.2 0.9 54.1 10.3

KEC International Ltd Target Achieved—Call Closed

Aksh Optifibre Ltd BUY 15 19 35 84.2 3.1 9.2 5.6 0.7 0.6 3.9 2.9

GMM Pfaudler Ltd BUY 332 595 700 17.6 8.7 47.2 45.6 3.5 3.3 25.0 23.3

Alicon Castalloy Ltd BUY 288 513 600 17.0 6.3 28.2 22.3 1.0 1.0 10.1 9.0

Omkar Speciality Chemicals Ltd BUY 162 87 225 158.6 1.8 5.8 3.7 0.8 0.7 3.8 3.1

Premier Explosives Ltd BUY 350 524 600 14.5 4.7 5.8 45.5 2.6 2.2 5.3 21.9

Mukand Engineers Ltd BUY 33 56 75 33.9 0.7 -10.5 23.1 1.0 0.9 -208.7 10.3

Gulshan Polyols Ltd BUY 390 89 110 23.6 4.1 2.7 12.9 0.3 0.4 2.5 2.5

Gufic Biosciences Ltd BUY 50 70 100 42.9 5.4 73.9 46.0 2.8 2.2 29.2 20.2

Excel Industries Ltd BUY 421 360 550 52.8 4.6 18.4 12.8 1.2 1.1 8.5 7.1

Vesuvius India Ltd BUY 1230 1245 1500 20.5 24.9 30.0 26.8 3.1 3.0 16.1 15.7

Munjal Showa Ltd BUY 191 196 250 27.6 7.8 12.8 11.9 0.5 0.5 6.6 6.0

Bharat Rasayan Ltd BUY 2747 2908 3500 20.4 12.2 36.5 20.5 3.0 2.1 16.7 11.4

Alkyl Amines Chemicals Ltd BUY 391 402 550 36.8 8.2 16.7 16.4 1.9 1.8 9.9 9.7

Nesco Ltd BUY 2397 2500 3200 28.0 35.2 26.8 19.6 1.3 1.2 1.9 1.5

Grauer and Weil (India) Ltd BUY 45 40 65 62.5 9.1 23.2 17.8 2.2 2.1 12.2 11.0

M.M. Forgings Ltd BUY 607 620 750 21.0 7.5 14.8 17.2 1.6 1.6 7.6 7.8

Texmaco Rails & Engineering Ltd BUY 91 88 125 35.9 20.2 88.0 68.5 2.8 1.9 87.5 37.8

Nagarjuna Agrichem Ltd BUY 29 34 45 32.4 5.3 59.1 15.8 1.1 1.0 13.1 11.8

*Castrol – Dec Ending | Siemens—Sept ending| IHP and EIL : 1:1 bonus; Gulshan Polyols: Stock split FV=5 to FV=1 | Omkar Speciality Chemical: Spin-off

TM

Coverage Performance Sheet

Company Reco at

(Rs)

CLS

( Rs)

Target Price (Rs) Appreciation

(%)

Target 1 Target 2 Target 3 Target 4 Target 5 Target 6 Target 7

Supreme Petrochem Ltd 77 410 120 150 200 275 350 500 - 432%

Indian Hume Pipe Co. Ltd 341 480 500 - - - - - - 41%

Shanthi Gears Ltd 107 142 150 - - - - - - 33%

Hind Rectifiers Ltd 69 93 110 140 - - - - - 35%

KCP Limited 71 106 105 150 - - - - - 49%

Navneet Education Ltd 96 186 130 160 200 - - - - 94%

Harita Seating System Ltd 266 702 400 600 750 900 164%

Camlin Fine Sciences 111 86 140 - - - - - - -23%

GEE Limited 33 60 50 70 - - - - - 82%

Hester Biosciences Ltd 565 920 750 875 1150 - - - - 63%

West Coast Paper Mills Ltd 67 193 110 150 180 200 225 - - 188%

Rallis India Ltd 181 248 260 300 - - - - - 37%

The Hitech Gears Ltd 298 361 450 - - - - - - 21%

Bharat Bijlee Ltd 787 1180 1100 1500 - - - - - 50%

Castrol India Ltd 447 411 600 - - - - - - -8%

Engineers India Ltd 211 158 200 - - - - - - -25%

Tamil Nadu Newsprint & Papers Ltd 224 336 350 450 - - - - - 50%

Triveni Turbines Ltd 92 140 135 175 - - - - - 52%

Rajoo Engineers Ltd 15 23 24 30 - - - - - 53%

Siemens Ltd 1128 1314 1500 - - - - - - 16%

Hikal Ltd 143 210 200 250 325 - - - - 47%

Transformers and Rectifiers (India) Ltd 300 353 450 - - - - - - 18%

KEC International Ltd 140 233 200 240 Target Achieved—Call Closed

Aksh Optifibre Ltd 15 19 24 35 - - - - - 27%

GMM Pfaudler Ltd 332 595 500 700 - - - - - 79%

Alicon Castalloy Ltd 288 513 450 600 - - - - - 78%

Omkar Speciality Chemicals Ltd 162 87 225 - - - - - - -46%

Premier Explosives Ltd 350 524 450 525 600 - - - - 50%

Mukand Engineers Ltd 33 56 55 75 - - - - - 70%

Gulshan Polyols Ltd 390 89 110 - - - - - - -77%

Gufic Biosciences Ltd 50 70 75 100 - - - - - 40%

Excel Industries Ltd 421 360 550 - - - - - - -14%

Vesuvius India Ltd 1230 1245 1500 - - - - - - 1%

Munjal Showa Ltd 191 196 250 - - - - - - 3%

Bharat Rasayan Ltd 2747 2908 3500 - - - - - - 6%

Alkyl Amines Chemicals Ltd 391 402 550 - - - - - - 3%

Nesco Ltd 2397 2500 3200 - - - - - - 4%

Grauer and Weil (India) Ltd 45 40 65 - - - - - - -11%

M.M. Forgings Ltd 607 620 750 - - - - - - 2%

Texmaco Rails & Engineering Ltd 91 92 125 - - - - - - 1%

Nagarjuna Agrichem Ltd 29 34 45 - - - - - - 17%

CLS= Closing Price on 16-6-2017 *IHP and EIL —bonus 1:1; Gulshan Polyols :stock Split FV=5 to FV=1| Omkar: Spin-Off

COVERAGE NEWS: Result update: Vesuvius India Limited: The net sales for the quarter came in at Rs2,458mn as against Rs1,933mn in the same quarter last year, growth of 27.2%. The Ebidta margins came in at 16.2% for the quarter under reference. The net profit stood at Rs234mn as compared to Rs185mn in the same quarter last year, growth of 26.4%. The EPS for the quarter came in at Rs11.54

Outlook and Recommendations: The company reported strong set of numbers for the quarter. We maintain our stance with the target of Rs1500 over a 12 months’ horizon.

Target Revision: Premier Explosives Limited We have revised the target of Premier Explosives Limited to Rs600 for a 12 months horizon after achieving the earlier target of Rs525 (revised from initial target of Rs450).

Hester Biosciences to set up animal vaccines facility in Tanzania Hester Biosciences Ltd will build a manufacturing facility in Tanzania for manufacturing animal vaccines and health products to cater to entire African continent. Though the project size is yet to be finalised, the company has decided to invest USD3mn, by way of equity, in its wholly-owned subsidiary company - Hester Biosciences Africa Ltd. While the company will raise USD3mn through internal accruals of Hester India, the balance amount for the project would be raised through debt.

Our Comments: To expand its exports business in future, Hester has identified Africa as a major market. As indicated by the management, on the international front, the focus of the company remains to be in for Africa in this financial year and in this year it should have developed a strong distribution network mainly in Eastern Africa and then going further to Southern part of Africa and then to Western Africa.

GST Council’s exemption on stationary items The Goods and Services Tax (GST) Council at its 16th meeting announced gifts for children by exempting colouring drawing book from GST and the reducing the proposed tax on school bags from 28% earlier to 18%. GST Council had earlier proposed 12% tax on children’s picture and colouring drawing books.

Our Comments: This is a positive for Navneet Education, one of our coverage stocks and preferred pick in the educational space.

Andhra Pradesh clears six investment proposals worth Rs3,808cr The State Investment Promotion Board (SIPB) headed by Andhra Pradesh chief minister N. Chandrababu Naidu cleared six investment proposals worth Rs3,808cr. The companies whose proposals were cleared are KCP Ltd, Chettinad Cement Corporation Pvt. Ltd, Rain Group, Mohan Spintex India Ltd, Indo Count Industries Ltd, and Vishwaa Apparels.

Our Comments: One of our recommendations - KCP, proposes to start a cement manufacturing unit on 100 acres at Muktyala village in Krishna district, with an investment of Rs531.61cr. The investment is estimated to generate direct employment for about 100 people and indirect employment to 1,900. The project is expected to generate Rs174.14cr of revenues in its first year and Rs403cr by its fifth year.

TM

Good set of numbers to start the year

Hester Bio to set up facility

Cement manufacturing unit for

KCP

GST positive for Navneet

Target revision for PEL

ECONOMY:

Retail inflation in May at record low, April factory output rises Retail inflation in May cooled to a new record low of 2.18% from 2.99% in April, driven by falling food prices, as per the government data. May's inflation level is the lowest since the series began in 2012 and remains well below the Reserve Bank of India's (RBI) medium-term target of 4% for the seventh month in a row. Retail food prices fell 1.05% last from the previous year, compared with a 0.61% in April.

Our Comments: The data would increase the pressure on the Reserve Bank of India (RBI) to cut interest rates in the days to come. India Inc. and the Finance Ministry have been clamouring for a rate cut from the central bank to spur growth given that consumers’ prices have remained low for a while.

India’s Industrial Output Grows 3.1% In April India’s factory output picked up for a second straight month in April after the government revised the base year to calculate the Index of Industrial Production (IIP) last month. Industrial production in April rose 3.1% compared to a year ago, according to data from the Ministry of Statistics and Programme Implementation. IIP had risen 2.7% in March. For the April-March 2016-17 period, industrial output grew 5% on a year-on-year basis.

Our Comments: The trajectory of industrial output, however, tells a story of growth which has been on the decline since last year. This is consistent with the gross domestic product (GDP) data released last month which showed a decline in growth to 7.1% in fiscal 2017 compared to 8% in the previous year.

US Fed increases rate by 25 bps; unveils plan to trim balance sheet The US Federal Reserve increased banks’ borrowing costs the third hike in three quarters by 25bps despite signs of retreating inflationary pressures and moderate consumer spending. The Fed first increased rates in Dec2015, after more than a decade. Also, official data showed US consumer prices fell unexpectedly in May and retail sales recorded their biggest drop in 16 months, suggesting a softening in domestic demand.

Our Comments: This was the second nudge upwards this year following a similar move in March. Since then, the unemployment rate has declined to a 16-year low of 4.3% and economic growth appears to have reaccelerated after a lacklustre first quarter.

INDUSTRY:

Pharma market grows 7% in May, beats pre-GST fears The organised pharma retail market witnessed a decent growth of over 7% in May, debunking fears of a slower growth with GST around the corner. In fact, the market continued with its trend of steady growth this year, starting in January with 10%, then 7% in February, nearly 10% in March, and 8.3% in April. The growth was buoyed by 10 therapies including gastrointestinal drugs, which outgrew the market, and anti-diabetic drugs showing strong double-digit growth. The organised retail market was valued at Rs9,401cr in May.

Our comments: There were fears that the market may witness a lower growth in May before GST kicks in, as there would be ostensible attempts to maintain a low inventory at both distributors' level and across retail pharmacies. But the retail market has managed to shrug off uncertainty fears for now to report a positive trend. Analysts say the uptrend in April and May shows that real demand may be coming back to the Pharma retail market. Another positive indicator is that the market has grown in the absence of viral fever, seasonal flu and monsoons setting in, which typically spur growth in anti-infectives and painkillers.

TM

Growth in Industrial Output

Growth seen in Pharma markets

Retail inflation cooled to new low

Rate hike by US Fed

COMPANY:

Strides Shasun gets USFDA nod for pain relieving drug Strides Shasun has received the US health regulator's nod for Amantadine Hydrochloride tablets 100 mg, used in the treatment of Parkinson's disease and Shingles to reduce pain. The product received approval in 15 months under the new GDUFA regime.

Our comments: According to IMS data, the US market for this product is approximately USD22mn (around Rs141cr) with two generic players. The product will be launched immediately.

Sun Pharma receives USFDA approval for generic drug Sun Pharma announced that one of its wholly owned subsidiaries has received final approval from USFDA for its Abbreviated New Drug Application (ANDA) for generic version of Zetia, (ezetimibe) Tablets 10mg. These generic ezetimibe tablets are therapeutic equivalents of Merck’s Zetia tablets.

Our comments: As per IMS, ezetimibe tablets had annual sales of approximately USD2.7bn in the US for the 12 months ended April 2017.

Zydus Cadila gets USFDA nod for ezetimibe tablets Zydus Cadila said it has received approval from the US health regulator to market ezetimibe tablets 10mg used to treat high cholesterol. Ezetimibe is a drug used to reduce high cholesterol levels, the company said adding that it will be produced at the group's formulations manufacturing facility at Moraiya, Ahmedabad. As per IMS MAT April 2017 data, the ezetimibe tablets have estimated sales of USD2.7bn.

Our comments: The group now has around 115 approvals from USFDA and has so far filed 300 abbreviated new drug applications (ANDAs).

Wipro acquires minority stake in Drivestream for USD5mn Wipro Ltd said that it has acquired a minority stake in Drivestream Inc., a management and IT consulting firm specializing in Oracle Cloud Services for USD5mn.The partnership is part of Wipro’s strategic drive to actively participate in the external innovation eco-system, for which the company has set up Wipro Ventures, a USD100mn fund focused on investing in disruptive start-ups. This investment will further strengthen Wipro’s Oracle application services space particularly in cloud applications, which is expected to see high growth with its disruptive value proposition.

Our comments: This investment into Drivestream reflects Wipro’s continued commitment to help customers adopt Oracle cloud applications. This unique complement of strengths between the two companies will enable it to jointly deliver value customers and enhance leadership in the Oracle cloud market space.

Coal India to save Rs800-1000cr by closing 37 unviable underground mines Muted coal demand and eroding profitability have forced Coal India to 'production closure' of 37 loss making underground mines in the current fiscal to save between Rs800cr to Rs1000cr annually. "An action plan was prepared by the subsidiaries in which 37 underground mines were envisaged to be closed for production in 2017-18. Coal India has identifed some 60 underground mines belonging to its four subsidiaries, Eastern Coalfields (ECL), Bharat Coking Coal (BCCL), South Eastern Coalfields (SECL) and Central Coalfields (CCL) for closure in phases.

Our comments: As indicated by the management, this is production closure plan due to financial and safety factors.

TM

USFDA nod for Sun Pharma’s Zetia

Wipro acquires Drivestream

USFDA nod for Strides

Zydus Cadila gets US-FDA approval

Unviable underground mines for closure by

Coal India

COMPANY:

Dr Reddy's Laboratories receives EIR for its API manufacturing plant at Miryalaguda Dr Reddy's Laboratories has received an Establishment Inspection Report from the USFDA following closure of audit of its API manufacturing plant at Miryalaguda. The Company was issued a form 483 with three observations subsequent to the audit of the said unit in February 2017.

Our comments: It is a positive for the company with successful closure of the audit.

Sebi queries Raymond on JK House property sale Sebi has sent a letter to Raymond and its board of directors, asking for clarifications about non-disclosure of a pact under which the company had agreed to transfer a high-value real estate property in south Mumbai to members of its promoter family at a throwaway price. Shareholders and proxy advisory firms alleged that the agreement, if executed, could lead to huge losses to the company, but Raymond refuted the same. Although Raymond, members of its promoter family (Singhanias) and Pashmina Holdings, an investment company of the Singhania family, had entered into this agreement in 2007, it was kept under wraps for about 10 years and disclosed to shareholders only recently. On June 5, Raymond's minority shareholders rejected a company resolution to transfer the duplex flats to the signatories to the agreement

Our comments: If the agreement is executed, the company and non-promoting shareholders will lose a large amount of money, the letter had pointed out. Sebi now wants to know why the information relating to the agreement was not disclosed to Raymond shareholders soon after it was signed.

IOC, BPCL, HPCL sign agreement to set up USD40bn refinery IOC, BPCL and HPCL signed an agreement to jointly set up the world's largest refinery and petrochemical complex at Ratnagiri district of Maharashtra at a cost of USD40bn. Indian Oil Corp (IOC) will be the lead partner with 50% stake while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 25% stake each. The three oil refining and marketing companies have signed the joint venture agreement

Our comments: Domestic oil demand is likely to climb to 500 million tonnes by 2040. Against this, the domestic refining capacity currently is 230-235 million tonnes. That is why it is needed to plan capacity addition to not just meet this demand but also of export market.

TM

Raymond under the Sebi lens

DRL receives EIR

Agreement between IOC, BPCL & HPCL

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TM