1. IPO Note | Infrastructure
April 29, 2010
Jaypee Infratech NEUTRAL
Issue Open: April 29, 2010
Building on Periphery Issue Close: May 4, 2010
Jaypee Infratech (JIL) is constructing the 165km stretch (Yamuna Expressway Project Issue Details
- 69% completed) and planning real estate development at five locations (approx
Face Value: Rs10
530mn sq ft from land reserves of around 254mn sq ft) alongside the Expressway
over the next few years. This is one of its kind business models among the listed Present Equity Capital (No. of Shares): 122.6
players, wherein shortfall in the toll revenue would be compensated from the
Post Equity Capital (No. of Shares): 136.7#
realisations from the Real Estate space. We have assumed a ten-year development
period for the company's existing land bank (530mn sq ft) and have assumed Issue size (amount): Rs2,352cr#
average realisation of Rs4,000/sq ft and Rs8,000/sq ft on JIL's saleable interest in Issue Price Band: Rs102-117
Residential (50%) and Commercial (33%) property, translating into a Fair Value of
Promoters holding pre-issue: 99.1%
Rs95/share. Thus, the IPO is available at a premium to our NAV. Hence, we are
IPO.
Neutral on the IPO. Promoters holding post-issue: 84.5%#
#
at Upper end of the price band
Funding in place + Strong Parentage Execution
Note: 5% discount for retail investors
JIL stands to benefit from JAL's strong technical capabilities as well as capitalise on
its strong parentage. Moreover, the total project cost of Rs9,739cr for the 165km
stretch is fully funded, which instills confidence on the execution front. On the Real Book Building
Estate front too, the company has met with good response for all its projects and QIBs At least 60%
sold 21.3mn sq.ft till March 31, 2010, which further aids its capex plans. Non-Institutional At least 10%
Geographically concentrated bet Retail At most 30%
JIL's entire land reserves are located in UP between Noida and Agra unlike
established players like DLF and Unitech, who have a diversified presence. We like Post Issue Shareholding Pattern
players with diversified presence owing to the cyclical nature of the Real Estate
Promoters Group 84.5%#
industry. Thus, JIL's future prospects are closely dependent on the general economic
MF/Banks/Indian
conditions and activities in this region, besides the government policies relating to FIs/FIIs/Public & Others 15.5%
infrastructure development.
Fairly valued
The land required for Yamuna Expressway has been acquired to the extent of 96%,
whereas that required for Real estate development to the extent of around 61%.
The Toll policy relating to the Yamuna Expressway is yet to be finalized and toll
operations would be the prime Revenue driver in the foreseeable future. We have
assumed a ten-year development period for the company's existing land bank
(530mn sq ft) and average realisation of Rs4,000/sq ft and Rs8,000/sq ft on JIL's
saleable interest in Residential (50%) and Commercial (33%) property based on its
geographical presence. However, our Earnings estimate for the expressway over Kanani
Shailesh Kanani
+91 22 4040 3800 Ext: 321
the Concession period yields a negative NPV of Rs2,200cr on FCFE basis.
Email: shailesh.kanani@angeltrade.com
Accordingly, we have arrived at a Fair Value of Rs95/share. Thus, the IPO is available
at a premium to our NAV along with being fairly valued on P/BV basis of 3.8x and Aniruddha Mate
4.2x on FY2010E estimates at the lower and upper price band. Hence, we are +91 22 4040 3800 Ext: 335
Neutral on the IPO. Email: aniruddha.mate@angeltrade.com
Please refer to important disclosures at the end of this report
2. Jaypee Infratech | IPO Note
Company Background
Jaypee Infratech (JIL) part of the Jaypee Group and incorporated on April 5, 2007 as
a special purpose company is engaged in the development of the Yamuna Expressway
and related real estate projects. The Yamuna Expressway located entirely in Uttar
Pradesh will connect Noida to Agra. The Expressway is a 165-kilometre access-
controlled six-lane concrete pavement expressway along the Yamuna river, with the
potential to be widened to an eight-lane expressway. in The expressway is expected to
commence at the existing Noida-Greater Noida Expressway, pass through various
proposed SDZs, the proposed Taj International Hub Airport and end at District Agra.
Land required to construct the expressway is 4,042 acres, of which 3,897 acres (96%)
has been acquired by the Yamuna Expressway Authority (YEA) and leased to JIL. The
company holds the Concession (36 years) from the YEA to develop, operate and
maintain the Yamuna Expressway. At the end of the Concession period, the expressway
will be transferred to YEA. Thus, the Concession follows a build-operate-transfer (BOT)
model pursuant to which JIL has the right to earn toll revenue for a period of 36 years
following the award of a certificate of completion of the expressway.
The Concession also provides JIL the right to develop 25 million square metres
(approximately 6,175 acres to be acquired by the YEA and leased to JIL for a 90-year
term) of land along the Yamuna Expressway at five locations (constituting 1,235 acre
parcels) for residential, commercial, amusement, industrial and institutional purposes
which is expected to compensate JIL for losses arising from the expressway. Noida is
one location. Two locations are District Gautam Budh Nagar (part of the NCR) and
one location each in the Districts of Aligarh and Agra. Of the total 6,175 acres provided
for real estate development, JIL has signed lease deeds and taken possession of
approximately 3,745 acres as of March 31, 2010, all of which is located in Noida
and in District Gautam Budh Nagar.
Across the five land parcels for real estate development, JIL expects approximately
half of the land that JIL develops to be sold for residential use, approximately one
third will be for commercial purposes and the balance will be for institutional use and
open space.
April 29, 2010 2
3. Jaypee Infratech | IPO Note
Exhibit 1: Land details
Land Land in Land yet to be
Required Possession transferred
(Acres) (Acres) (Acres)
I(A) Land for the expressway
(i) Gautam Budh Nagar 4,042 3,897 40
(ii) Aligarh 9
(iii) Mathura 73
(iv) Mahamaya Nagar 6
(v) Agra 17
Total
Sub Total (A) 4,042 3,897 145
Yamuna
(B) Structures for the Yamuna Expressway
(i) Gautam Budh Nagar 1,018 183 461
(ii) Aligarh 129
(iii) Mathura 119
(iv) Mahamaya Nagar -
(v) Agra 125
Total
Sub Total (B) 1,018 183 835
Total
Sub Total (A+B) 5,060 4,080 980
II Land for real estate development
Noida 1,235 1,211 24
Gautambudh Nagar 1,235 1,195 40
Gautambudh Nagar 1,235 1,031 204
Aligarh 1,235 - 1,235
Agra 1,235 309 926
Total
Sub Total (II) 6,175 3,745 2,431
Total (I+II) 11,235 7,825 3,411
Source: RHP Angel Research
,
Exhibit 2: Good response for all launches
Project Launch
Launch Total Total area Total no of Pre
re-
% Pre-sold Gross sales
date no. of unit planned Units sold on a sq ft Avg.
Avg. up to Expected
planned (msf) as of basis as of realised price 31 Mar 2010 completion
31 Mar 2010 31 Mar 2010 (Rs/ sq ft) (Rs cr) date (CY)
Klassic Nov-08 2,886 4.1 2,506 84.1 3,436 1,196 2012
Aman May-09 3,276 3.5 3,276 100.0 2,383 846 2012
Kosmos Jul-09 6,282 7.2 5,892 93.2 3,274 2,190 2012
Commercial plots Dec-09 13 3.1 13 100.0 2,623 821 2011
Residential plots Jan-10 1,508 4.0 1,352 81.8 2,748 890 2011
Kensington Park Feb-10 1,534 2.4 866 50.8 3,089 374 2013
Total 15,499 24.3 13,905 87.5 2,966 6,317
Source: RHP Angel Research
,
April 29, 2010 3
4. Jaypee Infratech | IPO Note
IPO Details
JIL plans to raise up to Rs1,650cr via its Initial Public offer (IPO) priced in Rs102-117
band implying fresh equity issuance of 14.1cr/16.2cr at the upper and lower price
band, respectively. The issue offers a discount of 5% for the retail investors. Besides the
fresh issue, promoter Jaiprakash Associates (JAL) would offload six crore shares to
raise around Rs700cr. Part of the IPO proceeds would be utilized for financing the
Yamuna Expressway Project.
Exhibit 3: Break up of the Total Project Cost
Financing
Means of Financing Amount Amount deployed
to be deployed Feb,2010
as of 28th Feb,2010
(Rs cr) (Rs cr)
Proceeds
A . Net IPO Proceeds 1,500 -
B. Other means of financing
i) Debt 6,000 4,044
ii) Equity Contribution by Promoter 1,250 1,250
iii) Contribution from Real Estate Dev. 989 956
Total
Sub Total (B) 8,239 6,250
Total Project Cost
Project 9,739 6,250
Source: RHP
Exhibit 4: Objects of the Issue
Particulars Amount (Rs cr)
A) Partially finance the Yamuna Expressway Project [•]
B) General Corporate Expenses [•]
Total 1,650
Source: RHP
Exhibit 5: Shareholding Pattern
Pre-Issue Post Issue
No. of Shares (Cr) (%) No. of Shares(Cr) (%)
A.
A. Promoter 121.5 99.1 115.5 84.5
JAL 121.5 115.5
B.
B. Investor 0.1 0.1 0.1 0.1
BCCL 0.1 0.1
C. Others 0.6 0.4 0.6 0.4
0.6 0.6
D.
D. Public 0.4 0.4 20.6 15.0
Trustee of Jaypee Group Emp. 0.4 0.4 0.3
Fresh Issue to Public# - 14.1 10.3
Sale of Share by JAL - 6.0 4.4
Total (A+B+C+D) 122.6 100.0 136.7 100.0
Source: RHP Angel Research; Note: #At the upper end of the price band
,
April 29, 2010 4
5. Jaypee Infratech | IPO Note
Investment Arguments
Large development planned across the Expressway
The Government of UP (GoUP) has planned the Yamuna Expressway to aid development
of the entire stretch besides significantly reducing travel time between Delhi and Agra.
Agra is a popular tourist destination located on the banks of river Yamuna and has
heritage monuments like the Taj Mahal, Agra Fort and Fatehpur Sikri. Agra is also
part of the famous 'Golden Triangle' tourist circle that includes New Delhi, Jaipur and
Agra. GoUP has also constituted the Yamuna Expressway Industrial Development
Authority (YEA) as the nodal development agency for integrated industrial and urban
development along the Yamuna Expressway. We highlight below the key factors that
would drive the toll collections.
Proposed Taj International airport hub
GoUP has proposed an international airport at Jewar pending the approvals. The
international airport could prove to be a catalyst for growth in tourism, hospitality,
entertainment, SEZ exports, agri exports, handicrafts, etc. and other related sectors
resulting in demand for commercial and residential space.
Higher Tourist traffic
Faster access is also likely to increase the tourist thoroughfare for both Mathura and
Agra. Travel time to Agra from Delhi is expected to reduce by more than 50% from the
existing 4+hours post completion of the road project.
Industrial and Residential development
YEA intends to undertake larges scale residential as well as industrial development
along the entire Yamuna Expressway corridor. It has already launched two large scale
projects. First is the development of a Logistics Corridor and YEA has sought Expressions
of Interest (EoI) from interested parties for developing the first Logistics Hub in 500
acres. YEA has also invited applications from companies intending to set up projects
for allotment of plots of any size between 25 to 250 acres. Activities targeted for
allotment of the plots include industrial, IT, bio-technology, sports and re-creational.
The plot site is adjacent to the area of Greater Noida Authority and two minutes from
the Gautam Buddha University. The Yamuna Expressway is intended to develop various
residential locations along the route in the districts of Gautam Budh Nagar, Aligarh,
Mathura and Agra.
Attract commercial traffic
The Expressway is located entirely in UP along the Yamuna river between Noida and
Agra, while the existing road comprises portions in the states of Delhi, Haryana and
UP enroute Noida to Agra. We believe that the need to pass through the state borders
could be expensive and time-consuming for the users, particularly for commercial
traffic.
April 29, 2010 5
6. Jaypee Infratech | IPO Note
Real Estate: Growth to be driven by Faster Access
Development of five land parcels along the Expressway
JIL has the right to develop 6,175 acres of land with a 90-year lease, which will consist
of 1,235-acre parcels, at five different locations along the Expressway in lieu of
development of the Expressway. Noida is one such location, which is very valuable on
account of its accessibility to Delhi, and initial launches in this land parcel have met
with tremendous success. The other four land parcels are situated along the expressway
and their development will depend on the economic growth in the respective regions.
Two locations are in District Gautam Budh Nagar (part of NCR) and one location each
in District Aligarh and Agra. Of the total 6,175acres for real estate development, JIL
has already taken possession of 3,745acres as of March 31, 2010 all of which is
located in Noida and District Gautam Budh Nagar. Across the five land parcels for
real estate development, approximately half the land to be developed will be sold for
residential use, approximately one-third will be for commercial use and the balance
will be for institutional use and open space.
Land parcel in Noida is valuable
We believe JIL will be able to command premium pricing for this project on account of
the following: 1. Location - the project is close to up market South Delhi; 2. Accessibility
- this project lies on the Noida-Greater Noida Expressway; and 3. Size - the project
will be one the largest planned layouts in India.
Investment Risks
Current revenues derived from related party transactions
JIL has sold approximately 342 acres as undeveloped land and 3.13mn. sq.ft of
potential developable area (based on a 1.5 FAR) as developed commercial plots.
Approximately, 79.4% and 100% of the proceeds was derived from sales to related
parties. Approximately 75.7% (by acreage) and 100% (by acreage) of land that JIL
sold as undeveloped land and developed commercial plots respectively, were sold to
related parties. The company has totally garnered Rs1,376cr, of which Rs555cr was
recognised in FY2009 and Rs501cr in 9MFY2010.
Land acquisition for expressway and real estate development is not
complete
Pursuant to the Concession agreement, YEA will lease the entire land required for the
development of the Yamuna Expressway and approximately 6,175 acres of the
additional land for real estate development along the Expressway to JIL. There is no
assurance that YEA will lease and transfer unencumbered possession of the land
required for the development of the Yamuna Expressway Project. Based on the milestone
payments made by JIL to YEA and pursuant to notifications issued by GoUP under the
LA Act, YEA has commenced proceedings to acquire the balance land pursuant to the
LA Act. However, in many cases, the process of dispossessing the previous landowner
has not yet been completed. The delay or inability in acquiring the remaining land by
the YEA, if any, may consequently delay implementation of the Yamuna Expressway
Project.
April 29, 2010 6
7. Jaypee Infratech | IPO Note
Toll policy applicable to the Expressway has still not been notified
JIL is entitled to determine the fee structure for the different type of vehicles provided
that such fee shall not exceed such amounts as may have been notified by the GoUP .
However, as of October 31, 2009, GoUP has not notified a toll policy applicable to
the Expressway. The impact of toll rates on the collection from Expressway will prima-
rily be a function of price-elasticity of demand for the planned Expressway. If the
government sets low rates, JIL's Revenues may be adversely hit if traffic volumes do not
increase to offset lower toll.
Diversion of traffic from the parallel NH-2
NH-2, which connects Delhi with Agra runs through industrialised cities like Faridabad,
Ballabhgarh, etc. and is congested due to heavy traffic. The Expressway will facilitate
lower travel time via the highway. We believe the Expressway toll rates will likely be
higher than the national highway and its success would depend on its ability to divert
traffic from the highway.
Large capital outlay and long gestation period
The Expressway required substantial capital and entails long gestation period prior to
completion. Pertinently, the Yamuna Expressway under development will not generate
any revenue until it is awarded the certificate of completion under the concession
agreement, which is not expected to take place prior to CY2011. The time and costs
required in completing a project may be subject to substantial spill over due to factors
including shortages, increased competition, rise in market price of materials,
equipment, skilled personnel and labour, adverse weather conditions, natural disas-
ters, labour disputes with contractors, accidents, changes in government priorities
and policies, changes in market conditions, delay in obtaining the requisite licenses,
permits and approvals from the relevant authorities and other unforeseeable
problems and circumstances.
Property prices - cyclical business
A decline in property prices either due to increase in supply or demand slowdown
could impact our Revenue and Earnings estimates. Over the past two years property
prices have fallen and are currently stabilising. Although we do not doubt the secular
growth in property prices over a period of time given growing demand, we highlight
that the real estate business is cyclical in nature and property prices are volatile.
Interest rate risk
A sharp increase in interest rates may dampen demand for housing finance. This
would in turn impact Revenues and Earnings of JIL's Housing Segment.
April 29, 2010 7
8. Jaypee Infratech | IPO Note
Outlook and Valuation
The land required for Yamuna Expressway has been acquired to the extent of 96%,
whereas that required for Real estate development to the extent of around 61%. The
Toll policy relating to the Yamuna Expressway is yet to be finalized and toll operations
would be the prime Revenue driver in the foreseeable future.
We have assumed a ten-year development period for the company's existing land
bank (530mn sq ft) and average realisation of Rs4,000/sq ft and Rs8,000/sq ft on
JIL's saleable interest in Residential (50%) and Commercial (33%) property based on
its geographical presence. However, our Earnings estimate for the expressway over
the Concession period yields a negative NPV of Rs2,200cr on FCFE basis. Accordingly,
we have arrived at a Fair Value of Rs95/share. Thus, the IPO is available at a premium
to our NAV along with being fairly valued on P/BV basis of 3.8x and 4.2x on FY2010E
estimates at the lower and upper price band. Hence, we are Neutral on the IPO.
April 29, 2010 8
9. Jaypee Infratech | IPO Note
Annexure - The Concession Agreement
Duration of Concession: The Concession follows a build-operate-transfer (BOT) model,
and JIL will have the right to earn toll revenue for 36 years commencing on award of
the certificate of completion of the expressway. At the end of the concession period,
the expressway would be transferred to the YEA without any payment to JIL.
Terms of land lease: The YEA will lease out the land required for the Yamuna Expressway
to JIL land free of all encumbrances. JIL will pay YEA an amount equal to the cost of
acquiring the land for the project along with a minimal lease rental of Rs100 per
hectare per annum during the Concession period.
Selection of location: The specific tracts of land to be leased are to be selected at JIL's
request, subject to the ability to achieve a minimum floor area ratio (FAR) of 1.5. To
the extent local regulations do not permit for an FAR of at least 1.5, the YEA has
agreed to make suitable adjustment to the land to be transferred under the Concession
Agreement. Lease period for various land parcels is 90 years.
Construction period: JIL commenced construction of the expressway in January 2008.
While the Concession has set the deadline for completion by April 2013, JIL expects to
complete construction by 2011.
Expressway surface: The expressway will have a concrete, rather than blacktop, surface,
which is expected to make it relatively more durable, require less maintenance and
provide better traction in wet conditions though the initial construction will be more
expensive.
April 29, 2010 9
10. Jaypee Infratech | IPO Note
Profit and Loss Account (Consolidated) (Rs cr)
Particulars (Rs cr) FY2008 FY2009 1HFY2010 9MFY2010
Income 0.8 556.3 27.6 533.0
Sale and Income from operations 0.0 554.5 24.6 525.5
Other Income 0.8 1.7 3.1 7.5
Total Income 0.8 556.3 27.6 533.0
Total Expenditure 1.6 238.7 7.5 41.0
Cost of Sales 0.0 172.2 1.9 30.2
Personnel Expenses 0.2 3.9 2.8 5.3
Other Expenses 1.4 62.6 2.8 5.5
EBITDA
EBITDA (0.8) 317.6 20.1 492.0
Depreciation 8.5 14.0 7.7 11.5
EBIT (9.3) 303.6 12.4 480.5
Interest & Finance Charges
Preliminary w/off 2.0 0.0 0.0 0.0
rofit/(Loss)
Profit/(L
Net Profit/(Loss) before tax (11.3) 303.6 12.4 480.5
Provision Taxation
Less: Provision for Taxation 0.1 36.9 2.1 81.7
Current tax 0.0 36.6 2.1 81.7
Deferred tax 0.0 0.0 0.0 0.0
Fringe Benefit Tax 0.1 0.3 0.0 0.0
Profit Tax
Net Profit after Tax (11.4) 266.7 10.3 398.9
Less: Minority Interest 0.0 0.0 0.0 0.0
Add: Share of Profit/(loss) in Associates 0.0 0.0 0.0 0.0
Profit
Reported Profit (11.4) 266.7 10.3 398.9
Adj. made on account of Restatement 0.0 0.0 0.0 0.0
Profit
Adj. Profit (11.4) 266.7 10.3 398.9
Balance b/f from previous year 0.0 (11.4) 255.4 255.4
Balance carried to Balance sheet (11.4) 255.4 265.7 654.2
Source: RHP
April 29, 2010 10
11. Jaypee Infratech | IPO Note
Balance sheet (Consolidated) (Rs cr)
Particulars (Rs cr) FY2008 FY2009 1HFY2010 9MFY2010
I Fixed Assets
Gross Block 30 59 54 55
Less: Accumulated Depreciation 10 24 31 35
Net Block 21 35 23 20
Capital Work in Progress
(including capital advances) 899 2,291 2,881 3,682
Expenditure during construction period
(pending capitalization) 102 246 434 506
1,022 2,572 3,338 4,209
II Investments - - - -
III Deferred Tax Assets, (Net)
Tax - - - -
Loans
IV Current Assets, Loans and Advances
Inventories 2 2 2 2
Project Under Development 301 548 1,331 1,650
Sundry Debtors - - - 90
Cash and Bank Balances 8 191 1,252 773
Other Current Assets 0 2 3 5
Loans and Advances 346 298 331 537
Total Current Assets 657 1,040 2,918 3,057
A=(I+II+III+IV) 1,679 3,612 6,256 7,266
V Provisions
Liabilities and Provisions
Secured Loans 200 1,868 4,000 4,200
Current Liabilities 525 462 701 1,042
Provisions 0 37 40 119
B = (V) 725 2,366 4,741 5,362
NET WORTH (A – B) 954 1,245 1,516 1,904
Net Worth Represented by
Share Capital
- Equity Shares 965 966 1,226 1,226
Reserves and Surplus
- Security Premium 24 24 24
- Surplus /(Deficit)and Loss Account (11) 255 266 654
NET WORTH 954 1,245 1,516 1,904
Source: RHP
April 29, 2010 11
12. Jaypee Infratech
Disclaimer
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Securities Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment
decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are
those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading
volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
believed to be true, and is for general guidance only. Angel Securities Limited has not independently verified all the information contained
within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents
or data contained within this document. While Angel Securities Limited endeavours to update on a reasonable basis the information
discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed
or passed on, directly or indirectly.
Angel Securities Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other
advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.
Neither Angel Securities Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section).
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
13. Jaypee Infratech
Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3952 4568 / 4040 3800
Research Team
Fundamental:
Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angeltrade.com
Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angeltrade.com
Vaishali Jajoo Automobile vaishali.jajoo@angeltrade.com
Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angeltrade.com
Anand Shah FMCG , Media anand.shah@angeltrade.com
Deepak Pareek Oil & Gas deepak.pareek@angeltrade.com
Puneet Bambha Capital Goods, Engineering puneet.bambha@angeltrade.com
Sushant Dalmia Pharmaceutical sushant.dalmia@angeltrade.com
Rupesh Sankhe Cement, Power rupeshd.sankhe@angeltrade.com
Param Desai Real Estate, Logistics, Shipping paramv.desai@angeltrade.com
Sageraj Bariya Fertiliser, Mid-cap sageraj.bariya@angeltrade.com
Viraj Nadkarni Retail, Hotels, Mid-cap virajm.nadkarni@angeltrade.com
Paresh Jain Metals & Mining pareshn.jain@angeltrade.com
Amit Rane Banking amitn.rane@angeltrade.com
Rahul Jain IT, Telecom rahul.j@angeltrade.com
Jai Sharda Mid-cap jai.sharda@angeltrade.com
Sharan Lillaney Mid-cap sharanb.lillaney@angeltrade.com
Amit Vora Research Associate (Oil & Gas) amit.vora@angeltrade.com
V Srinivasan Research Associate (Cement, Power) v.srinivasan@angeltrade.com
Aniruddha Mate Research Associate (Infra, Real Estate) aniruddha.mate@angeltrade.com
Mihir Salot Research Associate (Logistics, Shipping) mihirr.salot@angeltrade.com
Chitrangda Kapur Research Associate (FMCG, Media) chitrangdar.kapur@angeltrade.com
Vibha Salvi Research Associate (IT, Telecom) vibhas.salvi@angeltrade.com
Pooja Jain Research Associate (Metals & Mining) pooja.j@angeltrade.com
Technicals:
Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angeltrade.com
Mileen Vasudeo Technical Analyst vasudeo.kamalakant@angeltrade.com
Derivatives:
Siddarth Bhamre Head - Derivatives siddarth.bhamre@angeltrade.com
Jaya Agarwal Derivative Analyst jaya.agarwal@angeltrade.com
Sandeep Patil Jr. Derivative Analyst patil.sandeep@angeltrade.com
Institutional Sales Team:
Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angeltrade.com
Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angeltrade.com
Nitesh Jalan Sr. Manager niteshk.jalan@angeltrade.com
Pranav Modi Sr. Manager pranavs.modi@angeltrade.com
Sandeep Jangir Sr. Manager sandeepp.jangir@angeltrade.com
Ganesh Iyer Sr. Manager ganeshb.Iyer@angeltrade.com
Jay Harsora Sr. Dealer jayr.harsora@angeltrade.com
Meenakshi Chavan Dealer meenakshis.chavan@angeltrade.com
Gaurang Tisani Dealer gaurangp.tisani@angeltrade.com
Production Team:
Bharathi Shetty Research Editor bharathi.shetty@angeltrade.com
Dharmil Adhyaru Assistant Research Editor dharmil.adhyaru@angeltrade.com
Bharat Patil Production bharat.patil@angeltrade.com
Dilip Patel Production dilipm.patel@angeltrade.com
Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302
