Nivesh Post Budget Review _2013-14

7/27/2019 Nivesh Post Budget Review _2013-14

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IndiaNiveshSecurities

Private

Limited

email:[email protected] | Website:www.indianivesh.in

IndiaNiveshResearch February2013


2/20

MACROVIEWNoIm etustoeconom rovided ano ortunit lost

FY14 budget turned into a damp squib with no measures announced that can provide impetus to economy.

In our view budget was probably made with one eye on general elections in near term & the other on

somehow avoid any potential downgrade from rating agencies due to slipping of fiscal deficit target. With

sleight of hand & smart window dressing the fiscal deficit number is shown as better than street estimates.

However, like last year, the credibility of these numbers will come under scanner.

Credibility an issue:

.

Following points corroborate this fact:

a) Revenues have been inflated with highly optimistic assumption on growth in GDP at 13.8% (nominal

terms) in FY14. This number does not tally with any of the estimates provided till date including those

rom governmen agenc es. ven e mos op m s c es ma e rom conom c urvey sugges s ea

terms GDP growth of 6.1 to 6.5% & inflation of ~6% in next year. Hence we do not understand how will

this growth come? Also no concrete measures have been announced for reviving capex/investment

cycle.

b) Based on strong growth in GDP, the government expects tax revenue to grow @18% over FY13. At the

time when most of the corporate are struggling to sustain, services sector under pressure, such a high

growth in tax revenue seems to be challenging.

c) The FM has assumed Rs 400bn from disinvestment & ~140bn from sales of residual stake of

government in companies like SUTTI, Balco etc. Telecom sector by way of spectrum fee/one timecharge & other levies is likely to contribute another Rs 400bn. Sale from assets is marred with many

IndiaNiveshResearch February28,2013|2PostBudgetReview201314


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(contd)

legal complications as many government departments are involved. Also the anomaly is Balco

promoters themselves were willing to offer Rs 170bn for Balco/HZL which the government has not

done anything about but they want to include that in FY14 calculations. As regards revenue from

Telecom sector, in FY13, we have seen how auctions have failed miserably & contributed only Rs 10bn

v/s estimated Rs 200bn. Thus there is a clear case of being over optimistic on non tax revenue.

d) On the expenses side, as in the last year, there is a tendency to depress expenditure on subsidies.

While the subsidy on account of food has been increased from RE FY13 Rs 850bn to Rs 900bn for

FY14BE, amounts on fertilizer has been maintained at same level of FY13 & that of OIL subsidy has

been actually estimated to be lower from Rs ~970bn to Rs 650bn. This can happen only in 2 cases

either the fuel prices at retail level are increased so substantially that there is small subsidyrequirement or International crude prices come down significantly. Going by global economic situation

we do not expect any material drop in oil prices. In election year FY14, to expect substantial increase

in retail level fuel prices also does not seem to be prudent. Thus we expect a miss on subsidy bill in

FY14 too. It can only be met by way of deferring some subsidy payments to next year.

Populist measures with an eye on elections

1. Increase target for agriculture credit from Rs 5750bn to 7000bn (an increase of ~22%). This is a means

of providing incentive to rural population in penultimate year of election by the incumbent

government.

2. Outlay on rural development & social schemes has been increased by 46% over FY13RE. Allocations to

all social schemes have been significantly increased.



4/20

(contd)

3. Allocation of Rs 90bn made for Food Security Bill (this is when even the bill is not yet out, FM himself

does not know what is there in the bill).

4. Refinance from SIDBI to micro finance institutes .

Prudent measures taken:1. Made RGESS more investor friendly & increased threshold limit for eligibility for this scheme.

. rov e ex ra ax ene o s . mn over a ove curren s . mn on n eres or rs me ome

loan takers for buying house worth less than Rs 2.5 mn.

3. Enhance penetration of insurance by opening branches of LIC & encouraging other insurers to do thesame in smaller towns.

4. Tweak STT rates favorably for equity markets, make FII investments easier in debt instruments, ETF etc.

5. Enhance limit for raising money through tax free bonds by eligible institutions.

1. We were expecting some path for revival of capex cycle, which according to us is most important to

reach GDP growth target. There is no announcement on this. FM has sounded CAD is a matter of

bigger concern than FD, but there is no announcement that will address this issue. This is the reason

we erme s u ge as was e oppor un y.



5/20

(contd)

2. Increase surcharge on high income tax payers & companies with PAT of above Rs 100mn. These kind of

discriminatory taxes distort the concept of equitable distribution of wealth & also lead to more tax

evasion. Although in this case since the surcharge is small amount for the ultra rich individuals, it may

. .

& for other in nominal tax bracket it will go up by 1.55%.

3. Pressurizing banks to lend more towards agri side when already most of the PSB are saddled with hugeNPA burden. Also bringing Private Banks in interest subvention scheme for farm loans may put asset

ualit of Private Banks under stress.

4. Ambiguity regarding taxation of investors coming from tax haven areas where DTAA is applicable. New

addition to IT act, regarding Residency Certificate alone is not sufficient, was a major disappointment

& has potential to result in similar kind of capitulation as we witnessed last year post implementationof GAAR.

Conclusion: Going by the reputation of FM being market friendly & pro reforms markets were expecting some directionalmoves that could revive growth. Post the series of measures announced since September 2012 hopes were raised even morethat reforms will now resurface. However, unfortunately most of these hopes have been belied thus resulting indisappointment. We believe budget will not be able to provide any support to the markets & in case of any pressure coming

rom international li uidit reducin or dr in u our markets ma witness shar downward reaction.With budget out of the way, we expect markets will come back to basic fundamentals in a short time. Earnings growth hasto revive to bring cheer back to markets. Our stand that markets are over optimistic in the first two months & FY14 earningsdowngrades have to follow seem to be strengthening. In view of continued subdued macro picture hopes of any materialrate cuts may get deferred a little longer. We remain cautiously optimistic on overall markets & continue with stock specificapproach in line with our view given in the beginning of current calendar.

nce s u ge was more ocuse o macro ac ors ere s no muc mpac on m cro sec or. ever e ess ensu ng pages

contain our understanding of various provisions of budget & respective impact on specific sectors & stocks within. Most ofthe sectors are marked as neutral either due to no significant action or due to in line with expectation budget proposals.



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AUTOMOBILES

BUDGET IMPACT: NEGATIVE (Sector ignored by the policy makers)

Budget 201314 disappointed automobile sector. Though this disappointment was not as much as it was last year

but it was clearly ignored by the policy makers. Especially now when the sector is going through rough time (less

than 5% growth in 9m FY13) it was expecting some relief in terms of export soaps, reduction in excise duty, higher

depreciation allowance, deduction for R&D expenses, etc. Automobile sector is a job multiplier sector. Apart from

OEMs, auto component industry, motor insurance industry and other related industries provide millions of job

opportunities; therefore it is an important sector to focus and give incentive to flourish not only in domestic market

u a so o e compe ve rom expor po n o v ew.

Issue Proposal Impact

PurchaseofbusesunderJNNURM(JawaharlalNehruNationalUrban Upto10,000busestobepurchased

Positive forTATAMotors,AshokLeylandandEicherMotorswhich

RenewalMission) .

Excie dutyhikeonSUVs(vehiclelength

exceeding4000mm&havingground

clearanceof170mm&above)except

thoseareusedastaxis

Increasedfrom27%to30%

SlightlyNegative forMaruti,TataMotorsandM&M.Inpercentage

termtheextramoneyacustomerhastopayoutwillbe2.3%.We

believecompanieswillpassonthistobuyers.

Importdutyhikeoncars&bikes

75%to100%andmotorcyclesabove

800ccthedutyhasgoneupfrom

60%to75%.

Negative forTataMotors(Jaguarmodelsareimported)andM&M

(Rexton inimported).

Periodofconcessionavailablefor

Periodofconcessionavailablefor

specifiedpartofelectric/hybridPositive for M&M Reva

specifiedpartofelectric hybrid vehiclesextendedupto31.03.2015

Source:BudgetDocuments;IndiaNiveshResearchIndiaNiveshResearch February28,2013|6PostBudgetReview201314


7/20

BANKING&FINANCIALSERVICES

BUDGET IMPACT: NEUTRAL (Lacks direction)

Budget Developments

Union Budget for FY13 was more of neutral to Banking Services & some what positive for Insurance & Financial services industry. Key budget

announcements include higher credit allocation towards Agrisegment, increase in interest part of tax exemption for first time home buyers,

banks allowed to act as insurance brokers. One positive for banking sector was announcement on recapitalization of Public Sector Banks

(PSBs) to the extent of Rs 140 bn. Further, Insurance companies can now open branches anywhere in India without the permission of IRDA.

Also lowerin of STT extension of Ra iv Gandhi E uit Savin s Scheme are ositives for the brokin sector.

Issues Proposal Companies Impacted

Capitalization Allocate Rs 140 bn for PSBs to ensure they are

Basel III complaint

Positive: for PSBs, probably SBI, PNB, BOI, UBI

Increase in tax deduction

interest component

Add. Deduction of Rs 0.1 mn for a person taking

home loan (up to Rs 2.5 mn) during 1.4.2013 to

31.3.2014

Positive: Benefit all Banks & NBFCs, esp. Housing Finance

Companies like GIC Housing Finance & LIC Housing Finance

Agriculture credit Increase Agricredit target to Rs 7,000 bn for Negative: for all banks (esp. PSBs); Private banks ICICI, Kotak

FY14E; Extend interestsubvention scheme, short

term crop loans now to private sector banks too

would now be exposed to Agrilending and now their NPAs

may increase

Banksasinsurance

brokers

Banks are allowed to act as Insurance brokers Positive: to benefit all banks, as being insurance broker,

other income of the banks would benefit



8/20

BANKING&FINANCIALSERVICES(contd)


Tax Free bonds Tax free bonds amount of Rs 500 bn, will benefit

companies which are majorly into infra finance

Positive: for IFCs like IDFC, PFC & REC

Commodities Transaction

Tax (CTT)

Introduce CTT on nonagricultural commodities Negative: for companies like MCX, FT

Cut down the Securities

Transaction Tax (STT)

Reduce STT (Equity futures/ MF/ ETF redemption/

purchase/ sale transactions to 0.01%)

Positive: for companies like Religare, Edelweiss, IIFL

SIDBI to refinance Micro

Finance loans; Rs 1 bn

allocation to India

Microfinance Equity Fund

Refinancing capacity of SIDBI has been increased

to Rs 100 bn; Also, Rs 1 bn of allocation have been

made towards India Microfinance Equity Fund

Positive: for Microfinancing institutions like SKS

Rajiv Gandhi Equity

Savings Scheme (RGESS)

extended

RGESS gets liberalized (now first time investor can

invest in mutual funds, also this benefit can be

extended now to 3 years, income limit raised to Rs

1.2 bn)

Positive: for listed Stockbrokers such as Religare, Emkay,

Edelweiss, IIFL, Geojit

Source:BudgetDocuments;IndiaNiveshResearch

Opening of branches by

Insurance Companies

Now Insurance companies are free to open their

branches without IRDA permission

Positive: for Insurance players such as Max India



9/20

CAPITALGOODS

BUDGET IMPACT: NEUTRAL (Below expectations as no major reforms announced)Within CapGoods segment, street was looking forward to update on power sector developments and any initiatives

which would lead to revival in capex cycle. However, there were a major disappointment, as there we no

.

allocation are Defense Services & Water Purification. Also, there were a few smaller announcement related to Urban

Infra & Ship Building sectors. Higher Road & Highways spending in FY14E in our view would lead to increase indemand for Construction Equipments.

Proposal Impact on Sector CompaniesImpacted

42.3%increaseindefense Capitaloutlay(Heavy

&MediumVehicles +OtherEquipment)

Should help growth prospects of PSUs & Army

Vehicle manufacturers

Positive: BEL, BEML, Pipavav , Tata Motors

amongst other private players

Ships&VesselstobeexemptedfromExcise

Dut No CVD on im orted shi s & vessels

Beneficial to the Shipbuilding sector Positive: L&T, Pipavav, Tata Motors amongst

others

HigherallocationtowardsRoads&Highways

vertical

Beneficial for Road Equipment players, who are

impacted due to slowdown in demand

Positive: Gujarat Apollo, Action Construction

Equipment, BEML amongst others

Those investin over Rs 1 bn towards lant and This incentive would lead to hi her rofits for Positive: BHEL and those com anies willinmachinery during 01042013 to 31032015,

would be eligible to deduct 15% of investment

done as investment allowance

those making investments now (also life of the

plant in the books would get increased)

to invest, however timeline is too short to

initiate a project

Rs 14 bn allocation towards Water Purification

Plants

To benefit smaller ticket sized water purifiers Positive: Va Tech Wabag & other private

players




10/20

CEMENT

BUDGET IMPACT: NEUTRAL (Provided rural demand picksup)

Budget Developments

next 12 years. Despite the current market dynamics, the cement price has been reeling high on expectations of

demand revival. On the back of increase in allocation towards rural housing & Roads & Highways vertical, when

coupled with elections due in 2014, strengthens our view that demand would revive and support higher prices.

Proposal Impact on Sector Companies Impacted

36% increase in allocation towards hi h cement Should lead to revival in demand Positive: All cement com anies would be

, ,

cement players, those with captive power plants (such as ACC, Ambuja, Ultratech and JP Associates). On a whole, we

do not expect much impact on the profitability of frontline cement companies.

consumption areas, such as Irrigation (148.7%),

Roads & Highways (35.5%)

benefitted

Customs & CVD on steam coal increased to 2%

from 0% and 1%, respectively; for bituminous

Increase of duty on Steam coal (used for

cement production) would almost nullify the

Neutral: ACC, Ambuja, Ultratech, and JP

Associates

from 5% & 6%, respectively bituminous coal (for captive power plants)

Enhance allocation towards Rural Housing Fund

from Rs 40 bn to Rs 60 bn

Should drive demand for rural housing and

lead to increase in cement consumption

Positive: Cement majors along with regional

cement players such as JK Lakshmi Cement

Ltd, Shree Cements, etc.

Increase in tax rate on ro alt & technical To im act net mar in of com anies with non Ne ative: For ACC & Ambu a

services fees for nonresident parent companyfrom 10% to 25%

Indian parent companies, such as, Heidelbergetc.

Source:Budgetdocuments,IndiaNiveshResearchIndiaNiveshResearch February28,2013|10PostBudgetReview201314


11/20

FMCG

BUDGET IMPACT: POSITIVE (Rural consumption to boost revenue growth...)

Relative to other key sectors the Union Budget 201314 had a few positive surprises for FMCG pack, except

increase in excise duty on cigarettes. The high doubledigit increase in agriculture credit and various rural

employment generating schemes could lead to increase in rural disposable income. We believe this should

strengthen rural consumption story, which remained the key driver for FMCG sector for past few years.Hence, we believe, budget should be a volume booster for FMCG sector going ahead.


Specific Items Excise Duty

Cigarettes Excise duty increased by about 18% Negative : ITC,VSTInds,Godfrey

PhillipsSpecific Items Customs Duty

Peanut Butter Exempted from basic customs duty Positive: Agro Tech Foods Ltd.

Rural Development Scheme : NREGA/PMGSY 13%/2.3% yoy growth in NREGA/PMGSY programme

would lead to an increase in disposable income and

strengthen consumption story (largely driven by the

rural areas).

Positive : Entire FMCG sector

Agriculture Credit 22% increase in credit flow to agriculture sector to

Rs.7,000 bn

Positive : Entire FMCG sector

Tax Rate Increase in tax rate on royalty & technical services

fee to nonresident parent company from 10% to

Neutral : Entire FMCG sector




12/20

INFRASTRUCTURE

BUDGET IMPACT: NEUTRAL (But a lot could have been done)

Budget Developments

Apart from addressing broader Infra verticals, FM picked up Roads & Highways, Urban Infra verticals and announced

higher spending plans (on back of 2014 elections). In road sector, instead of addressing structural issues (delays in

getting clearances & financing woes), FM announced setting up of a regulatory body for Roads & Highways sector,

which would in our view would be ainful for Infra la ers in the near term but ood for the lon term


29.6%increaseinNHAIallocationtoRs375bn

forFY14E;BuildroadsinNE;3,000kmsofroad

Road subsector which witnessed slowdown in

award activity should see some revival

Positive: ITNL, Sadbhav Eng, IRB Infra,

Ashoka Buildcon, MBL Infra, J Kumar Infra

Regulator for Roads & Highways vertical Would address issues such as tariff setting,

service quality levels, assess concessionaire

claims, servicelevel benchmarking , etc. (near

term ne ative but lon term ositive

Positive: ITNL, Sadbhav Eng, IRB Infra,

Ashoka Buildcon, MBL Infra

Raise Rs 500 bn Tax free bonds towards financing

of Infra. projects

Should address funding foes of Infra players up

to certain extent

Positive: ITNL, IRB, GMR, GVK, Sadbhav,

amongst others

Rs 9,116 bn spending towards Irrigation projects Positive for Irrigation EPC players, but remain Positive: IVRCL, NCC, Ramky Infra

concerned about actual execution

Source:BudgetDocuments,IndiaNiveshResearch



13/20


14/20

OIL&GAS

BUDGET IMPACT: NEUTRAL (Besides no clarity on subsidy sharing mechanism and pricing of natural gasone more ambiguity added in E&P side)

Overall budget impact on the sector is Neutral with respect to any new proposals; however, it is negative with

respect to key prebudget expectations. There was a disappointment towards 1 Extension o tax holidays or

refineries 2) clarity on the subsidy sharing mechanism and natural gas prices. The government has allocated

budgetary support of Rs 650 bn towards petroleum subsidy in 1314 on hope that partial deregulation of oilproduction will led to lower underrecovery (that is significantly lower than of revised budget estimates 1213

Issues Proposal ImpactUnder the current system, the oil firms first recover their costs from

. . .

impact on companies like Cairn India, RIL and other upstream companies. However some positive

announcement made towards the reviewing pricing of natural gas that is already known in the street.

Movetowardsa

revenuesharingmodel

Oil and gas exploration contracts will now be awarded on a revenue

sharing basis, shifting from the current profitsharing

sa es o o an gas an en s are pro s w e ov . er e

change in system govt. will start getting its share with the start of

production in the field irrespective of the cost recover . Negative for

RIL, Cairn India and other upstream companies.

Reviewon

natural

gas

The pricing of natural gas will be reviewed so as to remove the

Positive : If gas prices are hiked, it will promote further investment in

gas sector and will be positive for upstream companies like, ONGC.

Oil India , Cairn and RIL. There will be negative impact on

pricehike uncertainties on the issuepe roc em ca us nesses o u wou o se y ncrease n

volume of natural gas.

It will adversely impact the financial prospects of end users,

especially power and fertilizer sector

Extend the tax holiday

to natural gas sectorand

refineries

No announcement made Neutral for OMCs and upstream companies RIL

Policyregarding

shale

gasA policy to encourage exploration and production of shale gas will beannounced.

Positive It will reduce dependence on oil and gas imports



15/20

PHARMA

BUDGET IMPACT : NEUTRAL

There was no specific announcement for pharma sector in Budget 201314 except few small ones. On the

line of NRHM (National Rural Health Mission) government announced NUHM (National Urban Health

ss on n e prev ous year s u ge sess on, w c s e y o e mp emen e rom curren year onwar s.

Despite, extension of healthcare scheme from rural regions to urban region, overall allocation to New

National Health Mission (NRHM+NUHM) increased only 2% yoy to Rs 212 bn in FY14E. Other than that,Finance Ministry allocated Rs 16.5 billion for six AIIMS like Institutes & Rs 10.7 billion for AYUSH. Hence, total

,

Rs 305 billion allocated in the starting of previous budget session and than revised downward to Rs 249

billion currently, for FY13E.

We dont anticipate any direct impact on healthcare & pharma sector from the current budget.

Issues Industrywishlist Ourexpectation Budget Outcome Impact

MAT exemption

from SEZCould exempt from MAT to all

manufacturing units in SEZ to

promote investments & exports.

Unlikely Inlinewithourview. No Impact.

Customsduty at the same level.

.

SubInfrastructure

status

In order to meet challenges &

attract investment, government may

Unlikely Inline withourexpectations. No impact.

Source:BudgetDocuments;IndiaNiveshResearchinfrastructure status to Healthcare.



16/20

POWER

BUDGET IMPACT: POSITIVE (Fuelled with small positive but major reforms still pending)

The Budget was positive for the Power sector. As expected, tax holiday under Section 80IA was extended by

one more year till March 2014. To meet the fuel requirement for power the govt. proposed to encourage

Publicprivatepartnership (PPP) model to raise coal production. Further reduction in duty on Bituminous coal

is the positive for the company which have high exposure on imported coal.

Issues Proposal Impactofourexpectation

Tax holiday under section 80IA for power projects extended from Positive Extension will benefit the companies which are

Extension of 80 IA benefit 31.3.2013 to 31.3.2014. commissioning plants after March2013, such as R Power,

CESC, NTPC, Adani Power, JSW Energy etc.

Duties on Steam Coal and Bituminous

Coal equalized

Duties on Steam Coal and Bituminous Coal equalized and 2 percent

custom duty and 2 percent CVD levied on both kinds coal.Positive As bituminous coal is highly used for power

generation and reduction in duty is positive for Adani

Power, Tata Power and JSW energy.

PPPpolicyframeworkwithCoalIndia

Publicprivatepartnership (PPP) model should be followed to raise

coal production. Govt. proposed a PPP policy framework with Coal

India Ltd as one of the partners in order to increase production to

supply to power producers and other consumers

Positive for sector as a whole

Changeinpolicypertaining

to im orted fuelbased ro ects

No announcement madeNegative

for Tata Power, R Power and Adani Power

Restructuring planofSEBs

State Government urged to prepare the financial restructuring plan,

quickly sign MoU and take advantage of the schemeNeutral: No announcement made regarding Budgetary

allocation of fund to SEBs for restructuring their debt

Reintroducegenerationbased The govt. will provide Rs. 8 bn to the ministry of new and renewablePositive for Tata power and Suzlon

ncen ves orw n energypro ec .



17/20

REALESTATE

BUDGET IMPACT: NEGATIVE (Negative news flow continues)

Budget Developments

Residential Real Estate markets across the country has been witnessing slowdown. With weaker balance sheets, and

current challenging macroenvironment, sector on a whole was looking towards budget with lots of expectations.

Levy of 1% TDS on transfer of Immovable Property, which was rolled back in May2012 has been again proposed.

Also, extension of interest subvention scheme has not been made. The only respite amongst these negatives have


Levy of 1% TDS on transfer of ImmovableProperty with value of more than Rs 5 mn

Should lead to an increase in the transaction costs Negative: All Real Estate companies wouldbe impacted

een ncrease n tax e uct on nterest component o an n v ua s ng to s . mn.

(other than Agri. Land)

Increase on excise duty on marble from Rs

30/sq.m to Rs 60/sq.m

Should lead to increase in costs Negative: All Real Estate companies to be

impacted

Increase in tax deduction interest Residential home buyers may get benefited & Positive: Ackruti, Vascon, Parsvnath, HDIL

. .

for housing loans taken in FY14 (provided

loan value is less than Rs 2.5 mn)

increase in demand

Rate of abatement reduced from 75% to 70%

for flats with carpet area of 2,000 sft or

Should lead to increase in total cost of flats Negative: Premium Developers (DLF,

Unitech) & TierI city Developers (Oberoi

. .

with high component of services)

,

Source:Budgetdocuments,IndiaNiveshResearchIndiaNiveshResearch February28,2013|17PostBudgetReview201314


18/20

TELECOM/MEDIA

BUDGET IMPACT: NEUTRAL (Regulatory constrains remain)

As expected Union Budget 201314 turned out be a nonevent for Telecom sector. Increase in custom duty on Set

To Boxes remains ne ative for DTH service roviders. However increase in the excise dut on mobile hone set

costing more than Rs.2,000 should not put any strain on the pockets of telcos (passed on to the consumer). Parallel

to the last budget government has pencilled in ~Rs.400 bn revenue from the upcoming 2G spectrum auction. This

illustrates that market expectation of softening in regulatory hurdles is a false assumption. There is no doubt that

sector has potential with 34% of rural teledensity & enormous opportunity for the 2G/3G data expansion.

, .

few pending regulatory issues during the announcement of Spectrum Enactment Act.


, , ,

Tata Sky etc

ExciseDuty For mobile phones priced at more than Rs.2000 excise duty is

increased from 1% to 6%. However, we expect this to be passed on to

Neutral: BHARTI,IDEA,RCOMetc

.




19/20

RESEARCHTEAM

DaljeetS.Kohli

HeadofResearch

Mobile:+917738393371,9920594087

Tel:+912266188826

AmarMourya

ResearchAnalyst

Tel:+912266188836

[email protected]

[email protected]

Y.Santosh

ResearchAnalyst

Mobile:+917738393416

Tel: +912266188840

[email protected]

AbhishekJain

ResearchAnalyst

Mobile:+917738393433

Tel: +912266188832

abhishek. [email protected]

BhagwanSinghChaudhary

ResearchAssociate

Mobile:+917738393427

Tel: +912266188835

. .

SumanthMuvvala

AssociateAnalyst

Mobile:+917738393414

Tel: +912266188839

. .



20/20

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IndiaNivesh Research February 28 2013 | 20Post Budget Review 201314