Date April 9th 2008

PEL’s recent foray into real estate through its wholly owned subsidiary Patel Realties India Ltd (PRIL) is planning to have phase wise development of 987 acres. The company’s entire land bank is fully paid and is purchased at a nominal cost. The company has also forayed into Independent Power Producer (IPP) business model of generating power. It has signed a MOU with the Government of Gujarat to set up thermal power plant aggregating 1200 MW in four phases of 300 MW each in Bhavnagar, entailing an investment of Rs6000 crore. The electricity generated will be sold to power traders, captive consumers and state governments. The company is looking for a coal linkage outside India for the said project.

PEL is enjoying approximately 21% market share in Hydro power segment which is well poised to register robust growth over the next few years. Government of India is planning to add 20,000 and 50,000 MW in 11th and 12th five year plan. This is expected to create significant business opportunity for PEL going forward.

The company has forayed into Independent Power Producer (IPP) business project. It has signed a MOU with the Government of Gujarat to set up thermal power plant of 1200 MW in four phases of 300 MW each in Bhavnagar, entailing an investment of Rs6000 crore. The electricity generated will be sold to power traders, captive consumers and state governments. The company is in advanced stage of acquiring coal mines in Indonesia and South Africa with sufficient reserves.

The company reported 33.3 percent and 25.6 percent growth in net sales and EBDITA to Rs379 crore and Rs59.2 crore respectively in Q3 FY08. The EBDITA margin declined 90 bps yo-y to 15.6 percent due to higher operating expenses; however net profit margin improved 34 bps to 10.85 percent due to lower interest and depreciation expenses.

Click Here for In-depth Patel Engineering Ltd. (PEL) research report by KR Choksey, company profile along with stock recommendations, Patel Engineering Ltd. (PEL)  target price and for making informed investment decisions.

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ZEE Entertainment Ltd. - KR Choksey Stock Recommendations

Q3 FY08 Result Update

Key Data

Investment Rationale

Diversified Bouquet of channels

Zee Entertainment has presence across all genres. Its flagship channel Zee TV is the No 2 channel across all genres and is a strong contender for the No 1 spot currently occupied by Star TV. Zee Cinema is the leader in the movie genre and No 3 channel across all genres after Star TV and Zee TV. Zee Café targeting the English speaking youth is the market leader among English GEC. Zee Sports coupled with Ten Sports commands one-third of the market share.

Strong Challenger to the No 1 position

Zee Entertainments flagship channel Zee TV has closed in significantly on Star TV in the past year. Its GRP (General Rating Points) have grown from 181 GRPs in April 06 to 282 GRPs in Dec 07. GRP growth is mainly due to increase in time spent due to high content stickiness. In the case of Prime Time Performance the gap between Zee TV and the leader has decreased even more dramatically with Zee TV having 184 GRPs compared to 187 of Star TV as on December 15 2007.

Subscription Revenues to grow

The CAS/DTH market in India, though nascent, offers good long-term potential, given its advantages over cable and will also offer indirect benefits to all broadcasters. Increasing implementation of CAS and DTH would lead to better addressability in terms of subscriber declaration. Prior to the implementation, due to the under declaration of subscribers by the Local Cable Operators, out of the total consumer spend on cable television only 10% trickled down to the Broadcasters compared to 40% in USA and 37% in UK. Since most of Zee’s channels are pay it would benefit considerably due to growing penetration of CAS/DTH.

Growing Advertisement Revenues

Most of its Zee’s advertisement contracts with the advertisers are signed on a quarterly basis, which gives the company the advantage to hike its ad rates on strong viewer ship data. Of late, viewer ship of the channel has been continuously improving. In Q308 Zee had 24 shows in the top 50 in the GEC segment. Moreover, Zee Cinema is the market leader in the movie genre and Zee Café is the leader in the English GEC segment. In the quarter ended December 2007 the company recorded an advertisement growth of 25.3% over the prior quarter and the company expects the advertisement revenue to grow at 32% in FY08.

Key Developments

Zee Entertainment Ltd in December 2007 launched a new channel Zee Next targeting the age group between 20-32 years in the Hindi speaking markets. The main idea of the channel is to capitalize on the existing gap in GEC wherein programming genres viz. thriller, comedy and action are absent or minimal. Hence, Zee next will complement the flagship channel through differentiated content.

Financial Performance

Consolidated net sales of the company grew 24 percent from Rs210.5 crore to Rs263.8 crore in Q3 FY08. Net Advertising revenue grew 25 percent y-o-y due to superior ratings for its flagship channel Zee TV. Net Sales of the company grew to Rs113.5 crore, an increase of 18.4 percent y-o-y compared to the corresponding quarter last year.

Valuations

Based on its TTM (December 07) earnings, Zee Entertainment Ltd is quoting at P/E multiple of 37.9x at CMP of Rs240. M Cap/ Sales stands at Rs11.1

Click Here For In-depth ZEE Entertainment Ltd. Ltd research report by KR Choksey, company profile along with stock recommendations, ZEE Entertainment Ltd. target price and for making informed investment decisions.

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Date April 4th 2008

At current market price of Rs 1160, the stock is trading at 16.29x on earnings of Rs 71.21 (TTM Basis). On back of huge power sector growth and enhanced capacities, we put a “Buy” rating on the stock at current levels.

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WOCKHARDT

Result Update

Key Data

Investment Rationale

Wockhardt is a global, pharmaceutical and biotechnology company that has grown by leveraging two powerful trends impacting the world of medicine - globalization and biotechnology. The company has posted strong quarterly results with its revenue increasing by 69 percent to Rs738.1crore YoY .The Indian business of the company continues to rise up the ladder and delivered a growth of 8% during the quarter which saw the launch of 9 products. The operating margin for the quarter has shown a significant increase of 230 basis points to 24.5 percent YoY basis. The expenditure on R&D has reduced by 30.7percent to Rs11.7 crore compared to the same quarter last year.

Key Developments

Growth through inorganic route

The company has recently acquired Morton Grove pharmaceuticals Inc. a leading liquid generic and speciality dermatology company in the US having sales revenue of US $52 mn. This strategic acquisition provides Wockhardt entry into the US generic market with a portfolio of 31 products, of which 13 are the market leaders. This acquisition will boost the wockhardt’s US revenue by providing a complete range of dosage forms right from tablets, capsules, liquids to injectibles. Wockhardt now has a strong position in the liquid market in USA and UK.

Wockhardt signs in-licensing agreement with Italian firm to strengthen Pain relief portfolio

Pharmaceutical and biotechnology major Wockhardt Limited has signed an in-licensing agreement with the Italy-based Gnosis SpA to market SAMe (S-adenosyl methionine), a process patented product for osteoarthritis. This will be marketed under the brand name SAMMY. The Indian market is worth Rs 270 crores for this product.

Financials

Strategic acquisition led to the robust performance

Powered by acquisitions and European business, the pharmaceutical and biotech major Wockhardt posted a 23 per cent jump in net profit to Rs 106.9 crore in the fourth quarter ended December 31, 2007, as against Rs 87 crore in the quarter ended December 31, 2006. The total income increased by 43.36 per cent to Rs 765.7 crore from Rs 534.1 crore in the previous year’s quarter. For the year ended December 31 2007, the company reported a net profit of Rs 385.8 crore, 60 per cent more than a year ago.

Valuations

Wockhardt is quoting at PER of 13.7x on consolidated TTM earnings On EV to Sales and EV to EBITDA basis, the stock is trading at 2.5x and 11.3x respectively.

Industry Scenario

The Indian pharmaceutical industry is a US$ 10bn industry registering a growth of 8%-9% annually. Indian pharma industry which manufactures around 8% of the worlds drugs ranks 4^th in terms of Volume and 13^th in terms of value. Post GATT, the entry of foreign multinationals has provided huge opportunities for Indian manufacturers and exporters. According to the Mckinsey report, Indian pharmaceutical industry will triple to US$20 billion by 2015 and move into the world’s top-10 pharmaceuticals markets. This implies a compounded annual growth rate of 12.3 per cent. This growth will be materially higher than the annual growth rate of 9 per cent witnessed during 2000 to 2005.The absolute growth of US$14 billion will be next to the growth potential of the US and China, and in the same league as the growth in Japan, Canada and the UK. Generics will continue to dominate, while patent-protected products are likely to constitute 10 per cent of the market within this timeframe.

The product patent laws coming into effect in India post 2005 have bolstered the confidence of foreign companies and provided opportunities for Indian industry to develop and launch new molecules in domestic market in joint ventures with foreign entrants. The exports figure of pharma sector in FY 2005-06 at US $4.81bn reflects Pharma “Sunrise” industry of Indian economy also such strong growth in exports would be facilitated by the fact that several branded products are slated to lose patent protection in developed markets in the coming years. e.g. in the US drugs worth $40 billion and in Europe drugs worth $25 billion will go off patent by 2007-08, which will provide adequate growth opportunities for Indian drugs manufacturers operating in the generic drug markets. The industry is graduating from a total generics market to building a segment of novel, patented products developed indigenously, providing huge potential for further growth.

The Indian pharmaceutical market has potential for tremendous growth with a burgeoning middle-class of around 300-400 million people that have higher healthcare expectations. In the long run, affordability and awareness are expected to increase and Indians are expected to be able to afford the best medicines.

Therefore, overall, the outlook on the Indian pharmaceutical sector is positive.

Company Background

Wockhardt Limited is global research and technology oriented pharma major based out of India that’s has an active multidisciplinary R7D programme. It has been one of the frontrunners in biotechnology research in the country. The company was also among the first to sense to opportunities for generic pharmaceuticals in Europe. Wockhardt Limited has presence in inflammation and pain, anti-infective, cough syrups, corticosteroids and medical nutrition.

Wockhardt today, is distinguished by a strong and growing presence in the world’s leading markets, with more than 65% of its revenue coming from Europe and the United States. Wockhardt’s market presence covers formulations, biopharmaceuticals, nutrition products, vaccines and active pharmaceutical ingredients (APIs).

The Company has its headquarters in India, and has

Ø 14 manufacturing plants in India, UK, Ireland and France

Ø Subsidiaries in US, UK, Ireland and France

Ø Marketing offices in Africa, Russia, Central and South East Asia.

Wockhardt has a strong track record in acquisition management, with five successful acquisitions in the European market. These acquisitions have strengthened Wockhardt’s position in the high-potential markets of Europe, and have expanded the global reach of the organization.

Wockhardt’s manufacturing facilities in India, UK, Ireland and France have the approval of major regulatory bodies, including US FDA and UK’s MHRA, with capabilities for both Finished Dosage Formulations and APIs. The output includes

Ø Steriles (Injectables)

Ø Biopharmaceuticals

Ø Orals (Tablets & Liquids)

Ø Topicals (Creams & Ointments)

Developments and Impact

Growth through inorganic route

The company has recently acquired Morton Grove pharmaceuticals Inc. a leading liquid generic and speciality dermatology company in the US having sales revenue of US $52 mn. This strategic acquisition provides Wockhardt entry into the US generic market with a portfolio of 31 products, of which 13 are the market leaders. This acquisition will boost the Wockhardt’s US revenue by providing a complete range of dosage forms right from tablets, capsules, liquids to injectibles. Wockhardt now has a strong position in the liquid market in USA and UK.

Wockhardt signs in-licensing agreement with Italian firm to strengthen Pain relief portfolio

Pharmaceutical and biotechnology major Wockhardt Limited has signed an in-licensing agreement with the Italy-based Gnosis SpA to market SAMe (S-adenosyl methionine), a process patented product for osteoarthritis. This will be marketed under the brand name SAMMY. The Indian market is worth Rs 270 crores for this product.

Wockhardt to market innovative Zindaclin cream

Wockhardt Limited has signed an in-licensing agreement with Crawford Healthcare, UK to market Zindaclin, a patented ‘Once-a-day’ topical application for Acne. Zindaclin is the first ‘Once-a-day’ acne antibiotic to be launched in India. This licensing deal follows the launch of Vitix & Viticolor, patented products from LSI & Crawford of UK respectively, for the treatment of Vitiligo in the Indian market. The Indian market is worth Rs 1680 million for this product.

Wockhardt gets US FDA nod to enter the US$ 2.6 billion Norvasc market

Wockhardt is all set to launch Amlodipine tablets in the US market. The tablets to be marketed are in strengths of 2.5mg, 5mg and 10mg Amlodipine besylate, which is used for treating hypertension and other related cardiac ailments. Amlodipine is the generic name for the brand Norvasc, sold in the US by Pfizer Inc. Wockhardt is gaining a very strong position in several other cardiovascular products, like Enalapril and Captopril. With Amlodipine, the company is expecting to reinforce its robust cardiovascular portfolio. As per IMS, the US market for Amlodipine tablets is about $2.6 billion equivalent to 1.7 billion tablets.

Financials

(Rs. Crore)

Financial Analysis

Strategic acquisitions to improve the performance

Powered by acquisitions and European business, the pharmaceutical and biotech major Wockhardt posted a 23 per cent jump in net profit to Rs 106.9 crore in the fourth quarter ended December 31, 2007, as against Rs 87 crore in the quarter ended December 31, 2006. The total income increased by 43.36 per cent to Rs 765.7 crore from Rs 534.1 crore in the previous year’s quarter. For the year ended December 31 2007, the company reported a net profit of Rs 385.8 crore, 60 per cent more than a year ago. Total income rose by 52.4 per cent from Rs 1,748 crore in 2006 to Rs 2,664.2 crore. The operating margins improved by 170 basis points to 24.9 per cent in the December quarter and 100 basis points to 24.1 per cent for the year 2007. ‘The value creation in newly acquired Pinewood and Negma in Europe, contributed to the growth in profits.

Valuations

Wockhardt is quoting at PER of 13.7x on consolidated TTM earnings On EV to Sales and EV to EBITDA basis, the stock is trading at 2.5x and 11.3x respectively.

Risk

Ø Currency appreciation may lead the margins to shrink

Ø Increase in the price of Raw Materials thereby increasing the cost

Growth

Ø The strategic acquisition of Morton Grove will provide the company entry into the US generic market

Ø Increased focus in therapeutic areas and establishing base in new and niche therapy areas through strategic in-licensing

•  
• Have largest marketing network and still working to increase it to the highest
• True Value business model generating 12-15 percent of Volume and expected to do well as well in future.
• Maruti has new production management system, to increase productivity.
• Competitive pricing holds the key for the success of new products.
• Exports of variant products doing well and still expected to increase the presence in the International Market.

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Omnitech Infosolutions Ltd (Omnitech) - KR Choksey Stock Recommendations

Key Data 

Investment Rationale 

Strong order book and pipeline contracts– The company’s order book position stood at Rs. 78 Cr. by the end of 3QFY08. The company is expecting to execute about 75% of its order book (amounting to about Rs. 58 Cr.) in the next 12 months. It has also signed a 3 year contract, worth US$ 4.5 million (Rs. 18 Cr.) with one of the largest private sector insurance company.  

Remote infrastructure management, a highly scalable business – Infrastructure management is very scalable and enjoys high margins. The current market size of RIM services in India is estimated to be $3.2-3.6 bn. India is strongly positioned to capture $13-15 bn by 2013 (55% of global RIM market), leading to creation of 3.25 lakh to 3.75 lakh jobs. This would translate into expanding margins going forward and would depend on the pace at which the company is able to ramp up customers.   

Omnitech (OIL) eyeing infrastructure management companies for acquisition - OIL is looking to grow inorganically by way of acquisition in the area of infrastructure management space. The company’s management had indicated that they have shortlisted 2 companies for acquisition with the help of an M&A agency in New York.  

Total manpower has increased to 725 in Dec 07 quarter - To cater to new business ventures and avenues, OIL has overall added 80 people in Q3FY08 taking the total manpower to 725, heading towards its target of 850 by the end of March’08. This includes 562 technical professionals (vs. 493 in Q2FY08) and 163 support employees (vs. 152 in Q2FY08).The company management expects to surpass this number at the end of the last quarter. 

Well integrated services portfolio - Omnitech InfoSolutions has a very well integrated services portfolio, specialized towards Managed Services, Software Development and Software Testing. The wide array of service capabilities helps the company cross-sell its services to its existing clients. Thus, the company has been successful in getting recurring business from its clientele - about 65% of the company’s business is generated from existing clients. 

Strong customer base - Omnitech’s clientele includes some of the big names in the industry verticals it serves. These names include HDFC Standard Life Insurance, Kotak Mutual Fund and Kotak Mahindra Life Insurance in the BFSI sector; and Siyaram’s and HCC in the manufacturing; Maharashtra State Transport (ST)  and Jet Airways in the Transportation sector. Outside India, the company’s customer base spans across US, Canada, UK, Middle East, Japan and Belgium. The company further plans to increase its share from the international business, which will reduce its exposure any particular geography. The company’s top 10 customers include largest taxation company in the US and a Canadian telecommunication company. Additionally, the company’s top 10 customers constitute about 60% of the company’s business. Thus, it has low exposure to any single client.  

Financial Performance:

Omnitech Infosolutions Ltd (OIL) ended the third quarter with a 33.6% QoQ and 83.9% YoY increase in revenues to Rs 374.6 mn, on the back of its strong focus on the service industry. 76% of the revenues came from India where as 24% were international revenues out of which US contributed 8%. The company has surpassed its own revenue targets and sees a very strong growth in domestic as well as the international market areas. 

Other income has increased by 464.7% from Rs 1.2 mn in Q2FY08 to Rs 6.6 mn in Q3FY08 as a result of the interest accrued coming in from the company’s investment in liquid funds. 

For Q3FY08, EBITDA stood at Rs 102 mn which was up 34.5% sequentially and 116% on YoY basis. EBITDA margins for the quarter increased by 20 bps QoQ at 27.2%, compared to 27% in Q2FY08 and 23.2% in Q2FY07. 

Key Developments

Omnitech is in the final stages of acquiring a business in Bangalore, while it has also short listed two companies in the US which provide IMS and PMS services. It has provided a non-binding term sheet to one of the target companies in the US which it expects to acquire in the near future. Given the economic turmoil in the US, the company is presently evaluating the feasibility of these acquisitions. The acquisitions are expected to contribute Rs50 crores to FY09 revenues. 

Valuations

At the CMP of Rs 134.3, Omnitech is quoting at a PER of 8.47. On EV/Sales and on EV/ EBIDTA basis it is quoting at 2.39x and 8.47x respectively based on consolidated twelve months earnings ending as on Dec’07.

Click Here For In-depth Omnitech Infosolutions Ltd research report by KR Choksey, company profile along with stock recommendations, Omnitech Infosolutions Ltd Ltd target price and for making informed investment decisions.

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Key Data

IndusInd Bank Ltd

Investment Rationale

During the quarter, the bank has witness net profit growth of 17.9 percent to Rs25 crore driven strong growth in NII. For the first nine months of the current fiscal, net profit grew by 29.4 percent to Rs 60.6 crore.During the quarter, advances of the bank grew by 15 percent to Rs12934 crore and deposits by 23 percent to Rs19570 crore. Margins improved on sequential basis by 17 bps to 1.74 percent in Q3FY08 on the back of upward repricing of loans. Asset quality disappointed marginally, Gross NPA increased from Rs367 crore in the Q3FY07 to Rs411 crore in Q3FY08 and Net NPAs increased from Rs288 crore to Rs313 crore for the same period. There are many positive changes happening in the bank, recently Mr.Ramesh Sobti, has been appointed as MD & CEO of the company who was earlier working with ABN Amro Bank. We expect with the change in the management, performance of the bank will improve in the coming quarters. Also, marketing company having 600 outlets, which was earlier subsidiary of Ashok Leyland Finance is now the subsidiary of the bank, has got the RBI approval to distribute entire range of retail banking products. This will enable the bank to increase its business and most importantly increase CASA deposits and its margins too. We reiterate BUY rating on the stock.

Key Developments: Margins improved

Margins of the bank improved to 1.74 percent in Q3FY08 from 1.12 percent in the first quarter of this yr and 1.57 percent in the second quarter. Margins of the bank are lower as compare to the industry since the bank has lower branch network and therefore lower CASA deposits, therefore bank has to resort to high cost deposits which is affecting its margins. Marginal improvement in the margins was due to repricing of loans; yield on advances improved by 203 bps to 12.01 percent (yoy). At the same time, cost of deposit of the bank also increased by 94 bps to 7.77 percent.

Financial Performance

Net profit of the bank grew by 17.9 percent

In Q3FY08, the bank witness net profit growth of 17.9 percent to Rs25 crore driven by decent business growth, margin improvement and slower growth in provisions. For the first nine months of the current fiscal, net profit grew by 29.4 percent to Rs60.6 crore.

Valuations

At CMP of Rs77, the bank is trading at 29.3 TTM Dec’07 earnings and 2.2x Dec’07 book value. There are many positive changes happening in the bank, recently Mr.Ramesh Sobti, has been appointed as MD & CEO of the company who was earlier working with ABN Amro Bank. We expect with the change in the management, performance of the bank will improve in the coming quarters. Also, marketing company having 600 outlets, which was earlier subsidiary of Ashok Leyland Finance is now the subsidiary of the bank, has got the RBI approval to distribute entire range of retail banking products. This will enable the bank to increase its business and most importantly increase CASA deposits and its margins too. We reiterate BUY rating on the stock.

For In-depth IndusInd Bank Ltd. research report by KR Choksey, company profile along with stock recommendations, IndusInd Bank Ltd target price and for making informed investment decisions Click Here.

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Date April 1st 2008

Non-Automotive Sectors to be the next growth driver

The company is currently in a phase of de-risking its current line of business and expanding forging capabilities to new non-automotive sectors such as oil and gas, railways, aerospace, and defense. Margins for BFL are likely to start improving, given the commencement of its higher margin non-auto business, expected bounce back of exports to the US, and better sequential performance of its subsidiaries.

Sales of Bharat Forge were up by 17% for Q3FY08 on YoY basis and Net Profit was down by 8% due to 37% rise in interest cost and 40% rise in depreciation.

Valuations

Date March 31st 2008

Investment Rationale

Given the growing domestic consumption of petroleum and gas in the recent years, Aegis Logistics (ALL), the oil supply chain management company is well placed to grab theincreasing opportunities in this sector. ALL mainly concentrates on port handling of liquid petroleum/chemicals and gas storage and distribution. With the acquired Hindustan Aegis LPG, the company will expand its gas storage capacity at various sites which will be further used for auto gas retailing business. With the acquisition of Sealord Containers Ltd., Mumbai and the commencement of Kochi facility by March 2008, the liquid logistics capacity will increase by 75 percent to 288,000 KL. Moreover, ALL is also setting up a third terminal in Mumbai (56,000 KL) which is slated to commence operations by FY10. ALL has also acquired land in Haldia and Mangalore for setting up terminals in the near future and plans to extend its presence to Chennai and Kandla. The gas trading segment of ALL involves import and distribution of LPG from Saudi Arabia. Given the favourable cost economics of autogas over petrol and the increasing new entrants of LPG variants of cars in the market, the company is all set to scale up the autogas stations from the current 22 to 100 in the next two years. Presently, the company is focusing on Tier-II cities. ALL acquired Hindustan Aegis LPG (HAL) and issued 3.6 million new shares of Aegis to the shareholders of HAL (swap ratio – 1:3). HAL has two gas refrigerated tanks of 20,000 MT each of which one is currently operated by ALL. The strategy behind the acquisition is to increase the ALL’s gas capacity by 250,000 MT.

Key Developments

Revenue increased by 49 percent to Rs 97 crore mainly driven by the expansion of liquid terminals at Sealord Containers and Kochi facility. Revenue from the liquid terminals rose by 66 percent to Rs 19.13 crore as against Rs 11.49 crore in the last quarter.

Valuations

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Date March 28th 2008

Bank of Baroda, incorporated in 1908, is the fourth largest state-owned bank in India. It has a large network of over 2,800 branches, 71 overseas offices and 1,078 ATMs. 60percent of its branches are located in the rural and semi-urban regions of India. The company provides personal banking services including deposits, retail loans, credit cards, debit card, lockers and other services and also provides business banking services merchant banking services The government owns 53.8percent of the bank’s equity.

Results of the bank were ahead of market estimates, net profit of the bank showed a growth of 52percent to Rs.501crore during Q308 as against Rs329crore during the same period last year. For the first nine months of the current fiscal net profit of the bank showed a growth of 48percent to Rs.1159crore as compared to Rs 780crore during the same period in last year. Deposits were up by 22percent to Rs 136900crore and advances were up by 23percent to Rs.95518crore. The rise in net profit was mainly due to increase in other income and better cost management. Other income rose by 85percent to Rs.618crore in Q3FY08 from Rs333.7crore during the same period last year and operating expenses increased just by 7percent due to lower employee expenses. We initiate coverage on Bank of Baroda with “BUY” recommendation.

At the CMP of Rs 301.3 the bank is trading at a P/E of 7.84x TTM Dec 07 earnings and 1.31x TTM Dec 07 book value. We initiate coverage on Bank of Baroda with “BUY” recommendation.

For In-depth Bank of Baroda research report, company profile along with stock recommendations,  Bank of Baroda target price and for making informed investment decisions Click Here.

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