Union Budget 2011-12 Review

Table of Contents
Index Page No.

Union Budget 2011-12: Exercising restraint 2-5

Sectoral Impact 6

Agriculture 7

Automobile 8

Banking 9

Capital Goods 11

Cement 12

FMCG 13

Hotel 14

Infrastructure 15

Media 16

Metals 17

Oil & Gas 18

Pharmaceutical 19

Power 20

Real Estate 21

Retail 22

Software 23

Telecom 24

February 28, 2011 Please refer to important disclosures at the end of this report 1
 Union Budget 2011-12 Review

Union Budget 2011-2012

Exercising restraint

In the Union Budget 2011-12, it was restraint that was required Exhibit 2: … matched by far higher-than-budgeted expenditure in FY2011
on the expenditure side. And, by not having any major populist Particulars ((`
` cr) FY2011 BE FY2011 RE Variance
measures, the Finance Minister has managed to bring down Subsidies 116,224 164,154 47,930
the targeted fiscal deficit to 4.6% - the key positive from the Pensions 42,840 53,262 10,422

Budget. Even though on some counts, such as subsidy estimates, Defence 147,344 151,582 4,238

the targets are likely to be overshot, but because of the absence Police 22,154 27,587 5,433
Grants to state governments 45,119 51,756 6,637
of any major populist measures and substantial restraint on
Other non-plan expenditure 361,976 373,212 11,236
most items of expenditure, any overshooting of the fiscal deficit
Total non-plan expenditure 735,657 821,553 85,896
is likely to be contained to 20-40bp of GDP. In other words, the
Total plan expenditure 373,092 395,024 21,932
deficit is unlikely to exceed the FY2011 levels of 5.1%.
Total expenditure 1,108,749 1,216,577 107,828
Fiscal target is largely credible Source: Budget documents, Angel Research

The government managed to contain the fiscal deficit to 5.1%
in FY2011, though this was not entirely on account of the 3G
auction revenue. Part of the reason was the sharp 20% increase
in nominal GDP in FY2011 and the associated buoyancy in tax
revenue - about `30,000cr more than budgeted. Also, while
3G auction revenue was about `70,000cr higher than that
expected, divestments were lower by about `20,000cr, indicating
only `50,000cr of more than budgeted one-time revenue.
The FY2012 fiscal deficit target of 4.6% is also expected to be
aided by the buoyancy in tax revenue, with an 18.5% yoy
increase expected in gross tax revenue in FY2012 over FY2011
revised estimates (RE). In amount terms, the ~`1lakh-cr increase
in the centre's share of tax revenue is expected to completely
compensate for the absence of over `1lakh-cr received from
3G auctions in FY2011, further aided by `20,000cr higher
divestment proceeds targeted this year.

Exhibit 1: Far higher-than-budgeted receipts in FY2011… Exhibit 3: Variance in budgeted receipts in FY2012 over FY2011
Particulars ((`
` cr) FY2011 BE FY2011 RE Variance Particulars ((`
` cr) FY2011 RE FY2012 BE Variance
Centre's net tax revenue 534,094 563,685 29,591 Centre's net tax revenue 563,685 664,457 100,772
Non-tax revenue Non-tax revenue
(mainly 3G Auctions) 148,118 220,149 72,031 (mainly 3G Auctions) 220,149 125,435 (94,714)
Non-debt capital receipts Non-debt capital receipts
(mainly divestments) 45,129 31,745 (13,384) (mainly divestments) 31,745 55,020 23,275
727,341 815,579 88,238 815,579 844,912 29,333
Debt receipts 381,409 415,997 34,588 Debt receipts 415,997 392,817 (23,180)
- Excess cash balances (15,000) - Cash balances (15,000) 20,000 35,000
Total excess receipts 107,826 Total receipts 1,216,576 1,257,729 41,153
Source: Budget documents, Angel Research Fiscal deficit 400,997 412,817 11,820
- Market borrowings 335,414 343,000 7,586
Although the government collected almost `90,0000cr higher
- Savings schemes 17,781 24,182 6,401
than the budgeted revenue in FY2011, debt raising remained
- Others (adjusted for cash) 47,802 45,635 (2,167)
higher than budgeted (even excluding the `15,000cr excess Source: Budget documents, Angel Research
funds mobilised) due to the huge increase in expenditure over
budget estimates. The main culprit was `48,000cr of excess On the expenditure side, about `20,000cr is realistically
expected to be lower in respect of agri debt waiver and
subsidy burden, while other items included `10,000cr higher
recapitalisation of PSU banks. The increase in non-plan
than budgeted towards pension, `10,000cr towards defense
expenditure is mainly on account of defense, police, pension,
and police and `22,000cr towards plan expenditure.

February 28, 2011 Please refer to important disclosures at the end of this report 2
 Union Budget 2011-12 Review

grants to states and interest payments, where the expenditure Exhibit 5: Subsidy estimates appear optimistic
increase was essential. Other than that, substantial restraint has Particulars ((`
` cr) FY2011(RE) FY2012(BE)
been exhibited in respect of other non-plan expenditure items, Fertiliser subsidy 54,977 49,998
showing an almost 22% decline over FY2011RE (about Food subsidy 60,600 60,573
`20,000cr in amount terms) - any overshooting on this front Petroleum subsidy 38,386 23,640
could be a downside risk to budget estimates, though any Interest subsidy 5,223 6,868
overshooting is unlikely to be comparable to the substantial Other subsidies 4,968 2,490
over-runs in FY2011. On the plan expenditure side, the Budget Total subsidies 164,153 143,570
Source: Budget documents, Angel Research
builds in a moderate 11.8% increase over FY2011RE.

Exhibit 4: Variance in budgeted expenditure in FY2012 over FY2011 Exhibit 6: Significant catch-up left on domestic petrol/diesel prices
Particulars ((`
` cr) FY2011 RE FY2012 BE Variance FY Petrol/Ltr
etrol/Ltr.. Diesel/Ltr
Diesel/Ltr.. Crude Brent Subsidy

Subsidies 164,154 141,079 (23,075) (`) (`) (US $) (` cr)

Agri waiver 12,000 6,000 (6,000) 2010 48 36 70 14,951

Capital outlay 2011 57 41 84 38,386
(mainly PSU recapitalisation) 27,696 13,212 (14,484) 2012 #
63 42 112 23,640
Source: Bloomberg, Angel Research. Note: FY2012# Petrol, Diesel, Crude
Defence, Police 179,169 194,100 14,931
prices reflect current prices
Grants to state governments 51,756 65,466 13,710
Pension 53,262 54,521 1,259 Also, it may be difficult for the government to mobilise as much
Interest 240,757 267,986 27,229 as `24,000cr from savings schemes with Bank FD rates
Other non-plan expenditure 386,778 396,325 9,547 prevailing at 9.5-10%, which may put further burden on the
Total non-plan expenditure 821,553 816,182 (5,371) projected market borrowing target of `3,43,000cr. The target
Total plan expenditure 395,024 441,547 46,523 level of market borrowings is also aided by the fact that in
Total expenditure 1,216,577 1,257,729 41,152 FY2011 the government raised `15,000cr excess funds, while
Source: Budget documents, Angel Research this year it expects to draw down `20,000cr. Overall, in our
view, the government should be able to keep fiscal deficit and
The other major item of non-plan expenditure, which is projected market borrowings within manageable limits in FY2012.
at much lower levels than in FY2011RE, is subsidy outgo. In
Tapping different sources of funds to check rising
FY2011, when average crude prices were about US $84 and
interest rates
Mumbai petrol and diesel prices averaged about `57 and `41,
respectively, fuel subsidy amounted to `38,386cr. With crude There has been a clear thrust in the last few budgets to increase
prices currently at US $109 and petrol and diesel not much the availability of funds to the economy, especially to the
above FY2011 levels, either crude prices need to come down infrastructure and priority sectors. Continuing this trend, in this
significantly to even below FY2011 average levels (unlikely) or budget as well, key announcements included increase in FII
the government would have to hike petrol and diesel prices by investments in corporate bonds from US $20bn to US $40bn
(the entire increase will be towards bonds issued by the
a huge amount (limited ability, prices unlikely to be hiked more
infrastructure sector), reduction in withholding tax, increase in
than 10-15%). The more likely outcome would be a possible
tax-free bond limits and removing medium-term capital
`15,000cr-20,000cr overshooting of subsidy estimates, i.e.
constraints for PSU banks (`6,000cr capital infusion this year).
about 20bp of GDP, which may be borne by the centre or the
Given the shortage of funds in the domestic banking sector,
oil companies.
most measures aim to increase fund availability from other
sources. Importantly, by not having any major populist measures,
the Finance Minister has managed to bring down the targeted
fiscal deficit to 4.6%, which is unlikely to be exceeded by more
than 20-40bp of GDP in our view. Together with the impending

February 28, 2011 Please refer to important disclosures at the end of this report 3
 Union Budget 2011-12 Review

awarding of new bank licenses and increased foreign bank Krishi Vikas Yojana (RKVY) has been increased from `6,755cr
participation (being worked upon by the RBI currently), all this in FY2011 to `7,860cr in FY2012. Moreover, put together,
should help narrow the gap between savings and investments, `2,200cr is being allocated to increase production in various
keeping interest rates also in check - a positive for banks, food crops. Approval is also proposed to be fast-tracked to 15
infrastructure and the overall economy. On a positive note for mega food parks, as against 15 being set up in the first four
the markets, the budget has also permitted foreign investors to years of the Eleventh Five-Year Plan. Capital investments in
directly invest in Indian mutual funds. fertiliser production are also proposed to be classified as an
infrastructure sub-sector.
Focus on relieving agriculture supply bottlenecks
Nothing particularly concrete on exploitation of
Rightly focusing on pressing matters such as high inflation, there natural resources
are several measures and statements of intent in the budget to
tackle high food inflation. Supply constraints in agriculture are To tackle the issue of speeding up project approvals in case of
clearly major issues that need fiscal focus and these constraints mineral resources, committees have been set up for greater
are not so much in food production but in the supply chain. transparency and accountability in allocation, pricing and
This can be appreciated from the fact that even though overall utilisation of natural resources, while issues relating to
agriculture GDP growth is expected to be 5%+ in FY2011, food reconciliation of environmental concerns from various
inflation is still prevailing at as high as 11.5%. In FY2010, on departmental activities, including those related to infrastructure
account of drought, food prices went up, which was on the and mining, are to be considered by a Group of Ministers. Also,
expected lines. However, the persistence of food inflation, even the rate of export duty for all types of iron ore has been enhanced
though quarterly agricultural GDP growth has gone up to as and unified at 20% ad valorem.
much as 8.9%, highlights the supply chain constraints ailing
Statements of intent on improving governance
agriculture in India. Although food inflation is expected to decline
going forward on account of higher production as well as on On governance, there seems to be a firm commitment to plug
base effect, it is appropriate that this budget has shown some leakages (direct transfer of cash subsidy), reduce black money,
focus on the government's part to address structural supply tackle corruption, monitor performance of ministries and
constraints. continue fiscal consolidation. On direct transfer of cash subsidy,
the Finance Minister has indicated that a major portion of the
Exhibit 7: Agriculture real GDP growth vs. food inflation population would be covered by this by March 2012, with the
25.0
Agri Real GDP growth (%) YoY Food Inflation (%) UID Project being rolled out at the rate of 10lakh numbers per
20.0 day. In respect of financial sector reforms, the Finance Minister
15.0
indicated that in FY2012 several acts would be taken up for
amendments, including those relating to insurance, pension,
10.0
banking, NPA recoveries and SBI's subsidiaries.
5.0
Absence of big-bang announcements - The key
0.0 drawback; overall a moderately positive budget
Mar-09
Jun-09
Sep-09
Dec-09
Jun-06
Sep-06
Dec-06

Mar-08
Jun-08
Sep-08
Dec-08
Mar-07
Jun-07
Sep-07
Dec-07

Mar-10
Jun-10
Sep-10
Dec-10

(5.0)
The main drawback in the Budget was the absence of any major
Source: CSO, Angel Research policy reform announcements, such as on FDI and infrastructure;
while at the same time, GST implementation from April 2012
These measures include viability gap funding for cold storage
was indicated as unlikely. As far as FDI is concerned, the Finance
chains, `2,000cr of RIDF funds for creating warehouses and
Minister has only indicated that discussions are on for further
increased priority sector lending targets from `3.8lakh-cr to
liberalisation of the FDI policy. On GST, the Finance Minister
`4.8lakh-cr. In fact, removal of production and distribution
has indicated that it will take time to form a consensus with the
bottlenecks for items such as fruits and vegetables, milk, meat,
opposition as well as with the state governments. (The former is
poultry and fish has been declared to be a major focus of
required for the constitutional amendment, while the latter is
attention this year, and towards this, the allocation to Rashtriya
needed for effective implementation.) However, on a positive

February 28, 2011 Please refer to important disclosures at the end of this report 4
 Union Budget 2011-12 Review

note, it has been indicated that DTC will be implemented from Exhibit 8: Sectoral Impact
April 2012, which is why in this budget there was minimal Sector Impact
tinkering with direct taxes. In case of excise duty as well, it has Agriculture Positive
been kept unchanged at 10%. Also, from a revenue mobilisation Automobile Positive
standpoint, the divestment target has been kept at healthy Banking Positive
`40,000cr, though outright privatisation has been currently Capital Goods Positive
ruled out. Cement Negative
FMCG Positive
Overall, without over-stretching itself, this Budget includes a Hotel Negative
modest set of measures without compromising on its fiscal deficit Infrastructure Positive
position, and, to that extent, its impact is expected to be Media Positive
reasonably positive. Metals Neutral
Oil & Gas Negative
Pharmaceutical Neutral
Power Positive
Real Estate Neutral
Retail Negative
Software Neutral
Telecom Negative
Source: Angel Research

February 28, 2011 Please refer to important disclosures at the end of this report 5
 Union Budget 2011-12 Review

Sectoral Impact

February 28, 2011 Please refer to important disclosures at the end of this report 6
 Union Budget 2011-12 Review

Agriculture Positive

Announcement Impact
„ The government plans to cover urea under nutrient-based „ Companies like Tata Chemical, Chambal fertilisers, and
subsidy policy for the fertiliser sector. RCF are likey to benefit.

„ Investments in the fertiliser sector would be awarded „ Positve for all companies in the fertilizer sector.
infrastructure status. Investment-linked deduction for
fertilisers plants has also been allowed.

„ For FY2012, the farm credit target has been raised to „ Positve for all companies with an exposure to Rural India.
`4,75,000cr from `3,75,000cr in FY2011. Interest
subvention for short-term crop loans raised from 2% to
3%. Thus, the effective rate of interest for such farmers
will now be 4%.

„ Reduction in corporate tax surcharge would have „ Negative for Rallis as its new unit is coming up in Dahej.
minimum impact; however, application of MAT to SEZ's
would impact profitability of the companies.

The Union Budget 2011-12 turned out to be pro-farmers' budget. The finance minister (FM) has chalked out a strategy to counter
food inflation, announced plans to boost farm production, promote balance usage of fertiliser, reduce overall subsidy burden,
reduce food loss and promote the food processing sector.
Last year's nutrient-based subsidy scheme was highly successful and the government now plans to bring urea under the same.
Investments in the fertiliser sector would be awarded infrastructure status. Investment-linked deduction for fertilisers plants has also
been allowed. The government's plan to set up 15 mega food park projects, in addition to the 15 already under construction, would
lend further fillip to the sector.
Overall, we expect farmers to have better access to finance in turn boosting demand for various agri-inputs like seeds, fertilisers and
agrichemicals.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
United Phosphorus Buy 136 198 12.0 15.3 11.3 8.9 6.8 5.5
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 7
 Union Budget 2011-12 Review

Automobile Positive

Announcement
„ Status quo maintained on excise duty front (10% on small
cars, two-wheelers and commercial vehicles (CV's) and
22% + `15,000 on large cars, multi-utility vehicles and
sports utility vehicles).
Impact
„ A positive move as there would be no immediate increase
in the vehicle prices (excise hikes are normally passed on
by the manufacturers), which would sustain the volume
growth.

„ Excise duty on hybrid vehicles manufactured in India has „ Promote the manufacture, sale and usage of such vehicles
been reduced to 5% from 10% earlier. Also, specified parts in India.
of such vehicles to be fully exempt from basic customs
duty and special CVD. Further, excise duty on kits for
conversion of fossil fuel vehicles into hybrid vehicles
reduced to 5%.

„ Setting up of a National Mission for hybrid and electric „ Expected to encourage manufacturing and selling of
hybrid vehicles and several fiscal measures for promoting alternative fuel-based vehicles in the country.
such vehicles.

„ Allocation of `214,000cr provided for infrastructure
development (which accounts for ~48.5% of the total plan
allocation) including `58,000cr for rural infrastructure
development under Bharat Nirman.
„ Broadly positive for long-term growth of the sector. Hike
in allocation for infrastructure would be positive in the
long-term for CV players like Tata Motors, Ashok Leyland,
Eicher Motors and Force Motors. Increase in allocation
under Rural Development program is positive for auto
companies with rural presence like Mahindra and
Mahindra (M&M) and Hero Honda.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Bajaj Auto Buy 1,268 1,491 88.0 99.4 14.4 12.8 9.2 8.0
Maruti Buy 1,207 1,515 76.6 101.0 15.7 11.9 8.4 6.0
M&M Buy 614 794 43.2 47.5 14.2 12.9 9.0 7.7
Tata Motors* Buy 1,082 1,384 130.3 138.6 8.3 7.8 5.7 4.8
Source: Company, Angel Research; Note: * Consolidated results; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 8
 Union Budget 2011-12 Review

Banking Positive

Announcement Impact

„ Capital infusion of `6,000cr in PSU banks and `500cr in „ Will enable PSUs and regional rural banks to grow at a
regional rural banks healthy rate

„ Increase in total limit available to FII for investment in „ Higher foreign inflows likely to enhance liquidity in the
corporate bonds to US $40bn; Reduction in withholding system - Positive for the entire banking sector
tax on interest income from infrastructure financing by
foreign funds to 5% from 20%

„ Tax-free infra bonds of `30,000cr to be issued by „ Will aid in easing liquidity concerns
government undertakings

„ Interest subvention proposed to be enhanced from 2% to „ Slightly negative considering the lower yields and higher
3% for providing short-term crop loans to farmers who NPAs generally associated with agri-based lending
repay their crop loan on time; Credit flow for farmers
raised from `3,75,000cr to `4,75,000cr

„ `3,000cr to be provided to NABARD to provide support „ Could assist in reducing NPAs on loans to handloom
to handloom weaver co-operative societies, which have weaver co-operative societies
become financially unviable due to non-repayment of debt
by handloom weavers facing economic stress

„ Legislations proposed in the financial sector concerning „ Positive for the entire financial sector, especially large
insurance laws, banking laws and State Bank of India financial institutions such as SBI, ICICI Bank and HDFC
Subsidiary Law, among others

There has been a clear thrust in the last few budgets to increase the availability of funds to the economy, especially to the infrastructure
and priority sectors. Continuing this trend, in this budget as well, key announcements included increased FII investments in corporate
bonds to US $40bn, reduction in withholding tax, higher tax-free bond limits and removal of medium-term capital constraints for
PSU banks (`6,000cr capital infusion this year). Somewhat negative for banks, priority lending targets were increased to 27% to
`4.8lakh-cr. Importantly, by not having any major populist measures, the Finance Minister has managed to bring down the targeted
fiscal deficit to 4.6%, which is not likely to be exceeded by more than 20-40bp of GDP. Together with new bank licenses and
increased foreign bank participation over the course of the next year, all this should help narrow the gap between savings and
investments, keeping interest rates also in check, which is a positive for banks.

Banks with government holding less than 58% Banks with Tier-1 ratio less than 8%
Bank Government Tier-1%
Tier-1% Bank Government Tier-1%
Tier-1%
holding (%) (3QFY2011) holding (%) (3QFY2011)
Oriental Bank of Commerce 51.1 9.1 Central Bank of India 80.2 6.1
Dena Bank 51.2 7.2 Indian Overseas Bank 61.2 7.3
Andhra Bank 51.6 7.1 UCO Bank 63.6 7.5
Bank of Baroda 53.8 7.7 Source: Company, Angel Research
Vijaya Bank 53.9 9.3
Allahabad Bank 55.2 8.1
Union Bank of India 55.4 7.4
Corporation Bank 57.2 8.1
Punjab National Bank 57.8 7.6
Source: Company, Angel Research

February 28, 2011 Please refer to important disclosures at the end of this report 9
 Union Budget 2011-12 Review

Banking

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) P/ABV (x)
P/ABV
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Axis Bank Buy 1,224 1,688 82.2 101.0 14.9 12.1 2.7 2.3
Dena Bank Buy 95 127 21.6 21.0 4.4 4.5 1.0 0.8
ICICI Bank Buy 971 1312 45.3 60.7 21.4 16.0 2.1 1.9
Indian Bank Buy 205 274 41.3 42.2 5.0 4.9 1.1 0.9
IOB Buy 133 166 17.4 23.6 7.6 5.6 1.1 0.9
J&K Bank Buy 752 987 126.6 138.2 5.9 5.4 1.0 0.9
SBI Buy 2,632 3,490 165.3 240.9 15.9 10.9 2.4 2.0
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 10
 Union Budget 2011-12 Review

Capital Goods Positive

Announcement
„ Allocation of `2,14,000cr for infrastructure development
in 2011-2012. Foreign institutional investment (FII) limit
in corporate infrastructure bonds to be increased from
US $20bn to US $40bn.
Impact
„ The government's relentless focus and continued
allocation to infrastructure development in the country
should be positive for the entire capital goods sector in
general in the long run. With the increase in FII limit for
investing in corporate infrastructure bonds, we expect
liquidity pressure for infrastructure projects to ease going
forward.

„ Exemption from the levy of excise duty on capital
equipment supplied for the brownfield expansion of mega
or ultra-mega power projects.
„ Full exemption from excise duty to air-conditioning
equipment and refrigeration panels for cold chain
infrastructure.
„ Removes the disability that domestic suppliers of capital
equipment faced vis-à-vis importers who enjoyed a
concessional basic customs duty of 2.5% and full
exemption from CVD. Positive for BHEL, Thermax and
BGR Energy. As regards the specific demand by BTG
manufacturers to increase import duty on foreign
equipment, citing the lack of a level playing field for
domestic manufacturers, the Finance Minister has ignored
the same and kept the rates unchanged.
„ Postive for Blue Star and Voltas

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
BGR Energy Buy 408 700 42.2 49.8 9.7 8.2 6.3 5.6
Crompton Greaves Buy 245 330 13.7 15.6 17.9 15.7 11.1 9.5
Jyoti Structures Buy 82 150 10.3 13.6 8.0 6.0 3.9 2.9
KEC International Buy 79 115 8.1 9.6 9.8 8.2 6.8 5.4
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 11
 Union Budget 2011-12 Review

Cement Negative

Announcement
„ Excise duty on cement with retail sale price exceeding
`190/bag has been changed to 10% ad valorem + `160/
mt from 10% on retail sale price.
Excise duty on sale price below `190/bag has been
changed to 10% on ad valorem basis + `80/mt from
`290/mt.
Duty on clinker has been changed from `375/tonne to
10% ad valorem + `200/mt.
Impact
„ As per the earlier tax regime, the company paid excise
duty on retail sale. Under the new tax regime, excise duty
would be calculated on the retail selling price less the
dealers' commission, VAT and excise duty.
The change in duty structure on cement is likely to have
an impact of ` 2-3 per bag for cement sold above `190,
but the impact will be higher by ` 4.5/bag for cement
price below `190 as per the new tax regime. We expect
all players to hike the cement price on account of higher
excise duty in the short term. Overall, on account of
sluggish demand and oversupply, we expect margins of
the cement players to get negatively impacted.

„ Basic customs duty on raw materials like petcoke and
gypsum is reduced to 2.5% from 5%.
„ Reduction in custom duty will be neutral for the sector as
only few companies like JK Lakshmi Cements, Ultratech
Cements have their plants based on petcoke. Reduction
in duty on gypsum will have a marginal positive impact
of ` 2-3 /mt of cement.

„ Allocation of `2,14,000cr for infrastructure in 2011-12,
an increase of 23.3% over 2010-11. This amounts to
48.5% of the total plan allocation. To boost infrastructure
development, tax free bonds of `30,000cr is proposed
to be issued by the government undertakings during
2011-12.
„ Although the budget was silent in addressing the demands
of the cement industry, increased allocation for
infrastructure and housing incentives is expected to
improve demand.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Grasim Ind. Accumulate 2,277 2,521 211 251 10.8 9.1 5.3 4.9
India Cem. Buy 86 136 1.4 3.1 60.6 27.7 11.7 8.1
Madras Cem. Buy 92 139 7.7 6.4 11.9 14.4 7.1 6.6
JK Lakshmi Cem. Buy 44 80 3.7 3.9 12.1 11.4 4.0 3.2
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 12
 Union Budget 2011-12 Review

FMCG Positive

Announcement Impact
„ Allocation for Bharat Nirman programme proposed to „ Thrust on rural infrastructure development to help
be increased by `10,000 cr from the current year to companies in driving rural growth. Positive for HUL,
`58,000cr in 2011-12. Dabur, GCPL and Nestle

„ Remuneration of Anganwadi workers under NREGA „ Spur income levels and rural spending
scheme increased from `1,500/month to `3,000/month
and for Anganwadi helpers from `750/month to `1,500/
month.

„ Approval given to set up 15 more mega food parks during „ Help mitigate loss of food articles (currently 40% of food
2011-12 and augmentation of storage capacity through crop is lost) on account of poor storage. Positive for food
private entrepreneurs and warehousing corporations processing industry
being fast tracked.

„ No change in central excise duty. MAT increased from „ No change in tax rates to lend fillip to industry, especially
18% to 18.5%, subsequent surcharge decreased from positive for ITC as excise on cigarettes remain untouched.
7.5% to 5%, resulting in overall MAT rate of 20% (earlier 19.3%).

„ Waiver of customs duty on crude palm stearin (key „ Positive for soap manufacturing companies like HUL,
component in the manufacture of soap), GCPL and ITC.

„ Waiver of customs duty on crude palm stearin waiver of „ To boost small scale industry; marginally positive for ITC.
excise duty on warehouse facility on agricultural produce
and decrease in central excise duty to 10% (earlier 30%)
for bamboo for aggarbati.

„ No conducive roadmap for implementation of GST „ Likely to miss April 2012 deadline.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x)
(`) (`) FY2011E FY2012E FY2011E FY2012E
ITC Accumulate 169 186 6.7 7.7 25.4 22.0
Asian Paints Accumulate 2,406 2,633 78.5 101.3 30.7 23.8
Dabur Accumulate 100 114 3.3 4.4 29.9 22.6
GSK Consumer Accumulate 2,092 2,268 87.4 103.1 23.9 20.3
GCPL Accumulate 360 400 12.9 18.2 27.8 19.8
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 13
 Union Budget 2011-12 Review

Hotel Negative

Announcement Impact
„ Imposition of service tax on room tariff in excess of „ The proposed change is likely to be mildly negative, as it
`1,000/day, with an abatement of 50%, implying an increases the cost for a consumer by 4.0-4.5%.
effective burden of 5%.

„ Imposition of service tax on air-conditioned restaurants „ The proposed change is not likely to have any significant
that are licensed to serve liquor, with an abatement of impact on operations, as the additional burden is only
70%, implying an effective burden of 3%. 3.0%, which can be easily passed on to customers, owing
to the price-insensitive nature of the service.

Currently, hotels are subject to luxury tax, which is a state government imposed tax. We believe that the imposition of additional
service tax is mildly negative for the hotel industry, as it increases the effective cost for the customer by 4.0-4.5%, depending on a
hotel's average room rate (ARR). Even though tax would be passed on to the consumer, it is expected to be slightly detrimental to
demand, wherein travelers on the fringes of a price band may move a notch lower in their choice of hotels. The imposition of this
tax is akin to a ~4.0% increase in ARR.

The service tax on restaurants relates to the F&B revenue stream of hotels. However, we believe this can be easily passed on to
customers without any major impact, as this revenue is more price insensitive compared to hotel accommodation.

The other expectations of the industry, such as grant of infrastructure status and an increase in depreciation rate on hotel buildings
to 20%, were not granted in the Budget.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
TAJGVK Buy 99 177 7.2 9.8 13.8 10.0 7.8 5.7
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 14
 Union Budget 2011-12 Review

Infrastructure Positive

Announcement
„ The FII limit for investment in infra corporate bonds has
been raised by US $20bn to US $25bn. The FII's will also
be permitted to trade in unlisted bonds with a lock-in
period of three years.
Impact
„ To enhance the flow of funds to the infrastructure sector
and help develop the market for corporate bonds.

„ Issuance of tax-free bonds worth `30,000cr by various „ Will lend a boost to infrastructure development in railway,
government undertakings. ports, housing and highways by facilitating fund raising
for organisations like NHAI.

„ Increase in MAT rate from 18% to 18.5% and reduction „ The benefit by reduction in surcharge would be nullified
in surcharge from 7.5% to 5%. by increase in the MAT rate.

„ Special vehicles by way of notified infrastructure debt funds „ Will create more avenues for long-term fund requirement
to attract foreign funds for infrastructure financing. for the infra sector.

„ Extension by one year of additional deduction of `20,000 „ Additional deduction of `35,000 for investments in long
for investment in long-term infrastructure bonds. term infrastructure bonds was expected. Hence,
marginally negative.

„ Extension by one year of sunset clause under section 80IA. „ Positive for power companies having projects to be
completed in next twelve months.

„ Few construction equipment have been exempted from „ Positive for all construction companies.
customs duty.

The Union Budget 2011-12 continued to lay stress on infrastructure development, as the allocation for the sector has been increased
by 23.3% yoy to `2,14,000cr, that is 48.5% of the planned expenditure. IIFCL, a government established infra finance company,
authorised to refinance bank lending to infrastructure projects, is expected to achieve cumulative disbursement target of `25,000cr
by FY2012.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
L&T Buy 1,528 1,964 53.9 67.8 28.4 22.5 19.2 15.4
IVRCL Buy 68 126 7.2 8.4 9.6 8.3 6.9 6.2
NCC Buy 101 164 7.7 9.0 13.0 11.2 9.8 8.5
ITNL Buy 208 285 20.4 22.6 10.2 9.2 9.1 12.6
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 15
 Union Budget 2011-12 Review

Media Positive

Announcement Impact
„ Concessional basic customs duty of 5% and CVD of 5% „ Benefits print companies under high capex mode. Positive
available to newspaper establishments for high-speed for DB Corp (likely to enter Maharashtra with a Marathi
printing presses extended to mailroom equipment. daily).

„ Jumbo rolls of cinematographic film fully exempted from „ Positive for film producing companies like UTV, Eros
CVD by providing full exemption from excise duty. International and PVR (PVR Pictures).

„ Increase in personal tax exemption limit to `1.8lakh. „ To spur income levels and consumer spending.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x)
(`) (`) FY2011E FY2012E FY2011E FY2012E
Jagran Prakashan Buy 112 185 6.8 7.7 16.4 14.6
DB Corp Buy 236 358 13.0 14.7 18.2 16.1
HT Media Buy 132 175 7.5 8.6 17.6 15.4
Source: Company, Angel Research; *Note: Target price based on FY2013E EPS; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 16
 Union Budget 2011-12 Review

Metals Neutral

Announcement Impact

„ To increase ad valorem duty on export of iron ore lumps „ Imposition of 20% ad valorem export duty on iron ore
and fines to 20% lumps and fines is negative for Sesa Goa and slightly
negative for NMDC.

„ To exempt export duty on iron ore pellets „ Exemption from export duty on iron ore pellets is
marginally positive for NMDC.

„ To increase allocation for infrastructure spending „ The government's continued focus on infrastructure
spending in the Budget would be positive for the overall
metal sector, as it would help boost demand for metals in
the country.

Overall, the Union Budget 2010-11 is Neutral for the metals sector and negative for mining companies (exporting iron ore). Export
duty on iron ore has been raised to ad valorem 20% on lumps as well as fines. Currently, lumps are taxed at 15% and fines are taxed
at 5% on an ad valorem basis. Nevertheless, no announcement on imposition of mining tax (26% at PBT) is positive for mining
companies as well as steel companies with captive mines. Also, the Budget proposes to exempt export duty on iron ore pellets, which
currently stands at 15%. The present custom duty of 5% on steel, copper and aluminium and excise duty of 10% on production of
metals has been kept unchanged.

Lower target price for Sesa Goa: Considering the budget proposal of increased ad valorem export duty to 20% on iron ore lumps
as well as fines, we raise our export duty expenses for Sesa Goa to `1,903cr, compared to our previous forecast of `485cr for
FY2012. Thus, we lower our FY2012 EBITDA estimates by 26.1% to `4,008cr. Consequently, our target price stands reduced to
`298 (`356), while we maintain our Accumulate rating.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Sterlite Industries Buy 164 206 13.5 17.5 12.1 9.3 6.5 4.8
Hindustan Zinc Accumulate 1265 1,356 103.4 125.3 12.2 10.1 7.5 5.4
Tata Steel Buy 606 747 66.0 69.1 9.2 8.8 6.1 5.5
SAIL Buy 153 182 12.2 15.9 12.5 9.6 8.2 6.4
JSW Steel Buy 869 1,047 56.9 77.1 15.3 11.3 7.3 5.7
Electrosteel Cast. Buy 31 45 4.3 4.1 7.1 7.5 6.1 6.8
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 17
 Union Budget 2011-12 Review

Oil & Gas Negative

Announcement Impact
„ Tax holiday under Sec 80IB for upstream companies shall „ This could lead to dip in IRR on any commercial
not apply to blocks licensed under a contract awarded hydrocarbon discovery resulting from NELP IX and
after March 31, 2011. onwards. Upstream companies like ONGC, OIL, RIL and
Cairn could be affected by this announcement.

„ `23,640cr of petroleum subsidies has been provided for „ Would be insufficient if crude oil stays at current levels
FY2012. (above US $110/bbl) or retail prices are not revised
upwards. Under recoveries are expected to amount to
~`75,000cr in FY2011 and higher in FY2012. Negative
for OMCs like HPCL, BPCL and IOC.

„ Revision in provision towards petroleum subsidy sharing „ Paves way for further cash compensation of `12,000-
to `38, 386cr for the ongoing fiscal (`3,108cr originally 15,000cr. Yet, the OMCs are far from fully compensated
provided for FY2011). in FY2011, with expected under recoveries of ~`75,000cr.

„ No roll back of custom duty on crude oil and Re 1/ltr „ Negative for OMCs as they continue to bear higher under
increase in excise duty of petro products,announced in recoveries on petro products.
the last budget.

„ Levy of MAT on the SEZ's. „ Might impact earnings of SEZ refinery and polymer cracker
of RIL.

„ MAT rate has been increased from 18% to 18.5% and „ The effective tax rate would be at same levels. Neutral for
surcharge has been reduced from 7.5% to 5%. RIL and Cairn.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
GAIL Buy 428 530 29.0 33.4 14.7 12.8 9.1 7.3
IGL Buy 290 345 18.5 21.1 15.7 13.7 8.1 7.2
ONGC Buy 271 350 30.6 32.2 8.8 8.4 3.8 3.6
RIL Buy 965 1,160 66.6 74.9 14.5 12.9 9.4 8.2
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 18
 Union Budget 2011-12 Review

Pharmaceutical Neutral

Announcement Impact
„ Allocation to the Ministry of Health & Family Welfare has „ Positive for the pharma and healthcare sectors in general.
been increased from `22,300cr in 2010-11 to `26,760cr
for 2011-12.

„ Surcharge on domestic companies has been reduced from „ Positive for the sector, especially for companies paying
7.5% to 5%. normal tax. Ranbaxy and Dr. Reddy's will be the
beneficiaries.

„ MAT increased from the current rate of 18% to 18.5% of „ There would not be any impact of increased MAT rate, as
book profits. with the reduction in the surcharge rate, the effective level
of taxation for MAT companies would remain the same.

„ MAT has been levied on SEZ developers. „ Negative for companies that were to benefit from SEZ.
From our coverage, Cipla would be impacted due to its
SEZ facility in Indore. For Aurobindo Pharma and
Dishman, higher tax rates have already been factored in.

„ Weighted deduction on R&D remained unchanged with „ Though FY2012 numbers would not be impacted, it is a
no extension on the tenure for deduction, which is currently disappointment for the overall sector.
available till FY2012.

„ There were no indications on the extension of the EOU
benefit, which is available only till FY2011.
„ This would be negative for the sector, especially
companies that have not been or have been slow in
expansion through SEZ. In our coverage, Cadila would
not be impacted even though one of its facilities at
Patalganga has 100% EOU status. This is on account of
the commisioning of its new facility and lower profitability
at Patalganga, which will lead the profits from the JV to
remain under MAT.

„ Central Excise Duty has been increased from 4% to 5%. „ Neutral for the pharma sector as the companies would
pass it on to customers.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Alembic Buy 66 92 7.4 9.5 8.8 6.9 6.7 5.2
Aurobindo Pharma Buy 170 210 18.3 20.9 9.3 8.1 10.4 8.0
Cipla Buy 300 377 13.0 17.1 23.0 17.5 19.8 15.2
Indoco Remedies Buy 393 541 40.4 54.1 9.7 7.3 7.9 5.7
Lupin Buy 382 466 18.6 23.3 20.5 16.4 16.7 13.9
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 19
 Union Budget 2011-12 Review

Power Positive

Announcement Impact
„ Extension of tax exemption under 80-IA for power „ As per Section 80-IA exemptions, power plants are eligible
generation companies till FY2012. for a tax holiday of 10 years from the year of
commissioning of the plants. The exemption under 80-IA
has now been extended by a year till FY2012. However,
the companies have to pay tax under the MAT provisions,
which has been increased to 18.5% of book profit (18%
for FY2010-11). The extension of the 80-IA benefits would
have a marginally positive impact on private sector power
generation companies. Some of the companies, which
would majorly benefit include Adani Power and Tata
Power.

„ Parallel excise duty exemption for the domestic suppliers
manufacturing capital goods needed for expansion of
existing mega or ultra mega power projects.
„ Currently, capital goods imported for the expansion of
existing mega or ultra mega power projects enjoy a
concessional basic customs duty of 2.5% and full
exemption from counter veiling duty (CVD). However, the
domestic power equipment manufacturers are required
to pay excise duty on supplies to such projects. The budget
has tried to correct this anamoly and exempted the
supplies by domestic manufacturers to such projects from
excise duty. This move is positive for Tata Power and
Reliance Power, as it would reduce the capital cost.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
NTPC Buy 170 230 10.4 11.4 16.4 14.9 11.6 10.8
CESC Buy 299 468 40.5 44.4 7.4 6.8 6.6 7.3
GIPCL Buy 90 135 6.8 10.2 13.2 8.8 8.4 6.2
PTC Buy 81 136 4.9 6.4 16.7 12.7 11.3 10.5
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 20
 Union Budget 2011-12 Review

Real Estate Neutral

Announcement Impact
„ MAT will be applicable for SEZ's. „ Under the existing provisions, there is deduction of profit
in the first ten consecutive assessment years out of the
fifteen years from the year the SEZ is notified. With the
application of MAT (18.5%), tax outflow will increase for
developers like DLF and Mahindra Lifespace. DLF has
~7mn sq ft of SEZ space, which will increase its tax outflow
in turn impacting our FY2012 earnings estimate for the
company by 3-4%.

„ Extension of 1% interest subvention on housing loans „ This will benefit developers like HDIL, Parsvnath,Sobha
where the loan amount has been increased from `10lakh having projects in tier II and III cities.
to `15lakh where the cost of the house does not exceed
`25lakh (`20lakh).

„ Priority sector advance has been increased from `20lakh „ This will benefit developers having projects in tier II and
to `25lakh where the loan-to-value ratio is 90%. III cities.

The Budget announced measures more in favour of boosting mid-income housing projects in Tier II and III cities by extending
interest subvention and increasing priority advances. The introduction of MAT status for SEZ’s nullifies non-extension of STPI.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
HDIL Buy 158 243 30.9 32.4 5.1 4.9 6.0 5.1
Anant Raj Buy 76 145 6.7 8.5 11.4 9.0 7.9 6.5
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 21
 Union Budget 2011-12 Review

Retail Negative

Announcement Impact

„ The levy of 1% central excise duty on branded jewellery. „ Likely to make Titan products costlier to that extent.

„ Conversion of optional excise to mandatory (at the rate „ We expect Shoppers Stop and Pantaloon Retail’s apparel
of 10% for all garments from earlier 4% for cotton and MRPs to increase by 6% in turn impacting sales volumes.
10% of others).

Union Budget 2011-12 had no significant new initiatives specially aimed at the sector. However, we believe that the Budget will have
a positive impact on the sector due to the various other policy measures announced. Increase in the tax exemption limits will lead to
a higher disposable income at the hands of the consumers thereby leading to higher consumption of goods and services.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Pantaloon Retail Buy 261 332 8.5 13.6 30.8 19.2 8.2 7.1
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 22
 Union Budget 2011-12 Review

Software Neutral

Announcement
„ Plan allocation for school education increased by 24% to
`52,057cr in FY2011-12. Under Sarva Shiksha Abhiyan,
`21,000cr has been allocated, which is 40% higher than
that allocated in FY2010-11 budget.
Impact
„ Higher allocation to the education sector would boost
business opportunities for IT-Education companies, such
as Educomp, Everonn and NIIT Ltd., in terms of ICT and
PPP in K-12 and vocational segments.

„ Various IT initiatives have been taken for efficient tax
administration. A new scheme with an outlay of `300cr
will be launched to provide assistance to states to
modernise their stamp and registration administration and
roll out e-stamping in all districts in the next three years.
„ Creation of strong opportunities for Indian software
companies in the e-Governance space in the domestic
market going forward.

„ MAT rate has been increased from 18% to 18.5% of book „ The decrease in surcharge rate would set off the impact
profits; however, surcharge rate has been decreased from of MAT rate increment, keeping the effective MAT rate
7.5% to 5%. similar to that in FY2011.

„ SEZs will be charged MAT rate of tax. „ Will negatively impact IT companies, as currently most IT
companies are availing 100% tax exemption
in SEZs.

Note: The Budget did not mention the extension of fiscal benefits under the STPI Scheme for export of software services, which is due
to expire in FY2011, as already factored in our estimates.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Infosys Buy 3003 3605 121.0 145.9 24.8 20.6 17.0 13.5
TCS Buy 1113 1287 44.3 51.5 25.1 21.6 18.8 15.2
HCL Tech Buy 442 590 24.9 34.7 17.8 12.8 10.7 7.6
NIIT Ltd Buy 49 70 4.9 6.5 10.0 7.6 5.6 4.4
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 23
 Union Budget 2011-12 Review

Telecom Negative

Announcement Impact
„ The Budget indicated that the government expects to raise „ This will put a huge financial burden, especially on large
`29,648cr through recurring license fees and other usage players who are already in a dire need of funding ahead
charges from the telecom sector. This could be an of the 3G and BWA auctions in FY2012.
indication that the government will accept TRAI's proposals
regarding >6.2MHz spectrum buyout, according to which
every MHz of additional spectrum (on an all-India basis)
beyond the contracted limit of 6.2MHz would cost a
massive `4,571.87cr.

„ MAT rate increased from 18% to 18.5% of book profits, „ The decrease in surcharge would partly set off the impact
but surcharge rate decreased from 7.5% to 5%. of MAT rate increment.

Top Picks
Company Reco CMP Target PPrice
rice EPS ((`
`) P/E (x) EV/EBITDA (x)
EV/EBITDA
(`) (`) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Bharti Airtel Accumulate 331 360 16.4 22.5 20.2 14.7 8.8 6.7
Source: Company, Angel Research; Note: Price as on February 28, 2011

February 28, 2011 Please refer to important disclosures at the end of this report 24
 Union Budget 2011-12 Review

Disclaimer
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading
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Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to -15%) Sell (< -15%)

February 28, 2011 Please refer to important disclosures at the end of this report 25
 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 39357800

Research Team
Fundamental:
Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angelbroking.com
Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angelbroking.com
Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angelbroking.com
Rupesh Sankhe Cement, Power rupeshd.sankhe@angelbroking.com
Param Desai Real Estate, Logistics, Shipping paramv.desai@aangelbroking.com
Sageraj Bariya Fertiliser, Mid-cap sageraj.bariya@angelbroking.com
John Perinchery Capital Goods john.perinchery@angelbroking.com
Srishti Anand IT srishti.anand@angelbroking.com V i n a y
Nair Oil & Gas vinay.nair@angelbroking.com
Bhavesh Chauhan Metals & Mining bhaveshu.chauhan@angelbroking.com
Jai Sharda Mid-cap jai.sharda@angelbroking.com
Sharan Lillaney Mid-cap sharanb.lillaney@angelbroking.com
Naitik Mody Telecom naitiky.mody@angelbroking.com
Chitrangda Kapur FMCG, Media chitrangdar.kapur@angelbroking.com
Amit Vora Research Associate (Oil & Gas) amit.vora@angelbroking.com
V Srinivasan Research Associate (Cement, Power) v.srinivasan@angelbroking.com
Mihir Salot Research Associate (Logistics, Shipping) mihirr.salot@angelbroking.com
Pooja Jain Research Associate (Metals & Mining) pooja.j@angelbroking.com
Yaresh Kothari Research Associate (Automobile) yareshb.kothari@angelbroking.com
Shrinivas Bhutda Research Associate (Banking) shrinivas.bhutda@angelbroking.com
Sreekanth P.V.S Research Associate (FMCG, Media) sreekanth.s@angelbroking.com
Hemang Thaker Research Associate (Capital Goods) hemang.thaker@angelbroking.com
Nitin Arora Research Associate (Infra, Real Estate) nitin.arora@angelbroking.com
Ankita Somani Research Associate (IT) ankita.somani@angelbroking.com
Varun Varma Research Associate (Banking) varun.varma@angelbroking.com
Vasant Lohiya Research Associate (Banking) vasant.lohiya@angelbroking.com
Poonam Sanghvi Research Associate (Pharma) poonam.sanghvi@angelbroking.com

Technicals:

Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angelbroking.com

Mileen Vasudeo Technical Analyst vasudeo.kamalakant@angelbroking.com

Derivatives:

Siddarth Bhamre Head - Derivatives siddarth.bhamre@angelbroking.com

Jaya Agarwal Derivative Analyst jaya.agarwal@angelbroking.com

Institutional Sales Team:

Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angelbroking.com

Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angelbroking.com
Pranav Modi Sr. Manager pranavs.modi@angelbroking.com
Ganesh Iyer Sr. Manager ganeshb.Iyer@angelbroking.com
Jay Harsora Manager jayr.harsora@angelbroking.com
Meenakshi Chavan Dealer meenakshis.chavan@angelbroking.com
Gaurang Tisani Dealer gaurangp.tisani@angelbroking.com

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