Cement despatches in India were up 8.3% in March 2010 led by 10.1% growth in the southern region. Overall capacity utilization was 96% though down from the previous year due to increased capacity additions. The southern region saw price increases of Rs20-25 per bag due to production cuts from power shortages in Andhra Pradesh. Jaiprakash Associates led performance among major cement producers with a 57.7% increase in volumes due to new capacity and strong demand.

1. Please refer to important disclosures at the end of this report
Monthly Update | March 2010Monthly Update | March 2010Monthly Update | March 2010Monthly Update | March 2010Monthly Update | March 2010
Cement Sector
All-India cement despatches up 8.3%:All-India cement despatches up 8.3%:All-India cement despatches up 8.3%:All-India cement despatches up 8.3%:All-India cement despatches up 8.3%: The Cement despatches were up by a
healthy 8.3% yoy in March 2010, with the southern region leading the way with a
10.1% yoy growth. The impressive performance in the southern region was on
account of a good pickup in demand, aided by the increased demand from the
infrastructure segment. The Northern and western regions also clocked robust
growth rates of 8.8% and 8.9%, respectively.
All-India Capacity Utilisation at 96%:All-India Capacity Utilisation at 96%:All-India Capacity Utilisation at 96%:All-India Capacity Utilisation at 96%:All-India Capacity Utilisation at 96%: The All-India capacity utilisation for March
2010 stood at a robust 96%, as construction activities peaked all over the country
prior to the arrival of the monsoon in June. However, the overall utilisation was
down by 600bp yoy, on account of an increase in capacity.
PPPPPrices increase at a higher clip in the southern region:rices increase at a higher clip in the southern region:rices increase at a higher clip in the southern region:rices increase at a higher clip in the southern region:rices increase at a higher clip in the southern region: Cement prices have
gone up by Rs20-25 per bag in the southern region during the month of March
2010. Despite sluggishness in demand, the region has witnessed price hikes,
primarily due to production cuts in Andhra Pradesh as a result of power shortages.
Prices remained stable in the northern region, as the Commonwealth
games-related construction activities are coming to a conclusion. Prices dropped
by Rs10-15 per bag in the central region, due to sluggish demand accompanied
by an increase in supply. The prices have increased by Rs7-10 per bag in the
western region, on account of strong demand from the housing segment.
TTTTTop Pop Pop Pop Pop Performers:erformers:erformers:erformers:erformers: Jaiprakash Associates was the top performer among the major
cement players. The company posted a 57.7% yoy jump in sales volumes in March
to 1.23mn tonnes (0.78mn tonnes), on account of healthy demand and capacity
addition. Madras Cements delivered a robust 36.3% growth in despatches, despite
the sluggishness in demand from the southern region, as the company's newly
installed plant stabilised during the month. India Cements also delivered a robust
26.2% yoy growth in despatches for March 2010 to 1.04 mn tonnes, while Dalmia
Cements registered a 15.2% yoy growth in despatches to 0.41mn tonnes, aided by
a 2.5mtpa capacity addition during FY2010.
April 16, 2010
V SrinivasanV SrinivasanV SrinivasanV SrinivasanV Srinivasan
+91 22 4040 3800 Ext: 330
v.srinivasan@angeltrade.com
Rupesh SankheRupesh SankheRupesh SankheRupesh SankheRupesh Sankhe
+91 22 4040 3800 Ext: 319
rupeshd.sankhe@angeltrade.com
All India Performance Highlights
MarMarMarMarMar-10-10-10-10-10 MarMarMarMarMar-09-09-09-09-09 YYYYYoY(%)oY(%)oY(%)oY(%)oY(%) FY2010FY2010FY2010FY2010FY2010 FY2009FY2009FY2009FY2009FY2009 YYYYYoY(%)oY(%)oY(%)oY(%)oY(%)
Production
(mn tonnes) 19.59 18.11 8.2 201.07 181.41 10.8
Despatches
(mn tonnes) 19.64 18.13 8.3 200.22 181.01 10.6
Source: CMA, Angel Research
Southern Surge

2. April 16, 2010 2
Monthly Update | March 2010
All-India cement despatches up 8.3%
The Cement despatches were up by a healthy 8.3% yoy in March 2010, with the
southern region leading the way with a 10.1% growth. The impressive performance
in the southern region was on account of a good pickup in demand, aided by the
increased demand from the infrastructure segment. The northern and western regions
also clocked robust growth rates of 8.8% and 8.9%, respectively. The demand in the
northern region was boosted by Commonwealth games-related infrastructure activities,
while the western region was buoyed by robust demand from the housing segment.
All-India capacity utilisation at 96%
The All-India capacity utilisation for March 2010 stood at a robust 96%, as construction
activities peaked all over the country before the arrival of the monsoon in June.
However, the overall capacity utilisation was down by 600bp yoy, on account of an
increase in capacity. Overall, the capacity addition during FY2010 stood at 27mn
tonnes. The northern region recorded the highest capacity utilisation of 106%, while
the southern region, which has seen the highest capacity addition, reported the lowest
utilisation of 84%.
The Cement despatches were up by aThe Cement despatches were up by aThe Cement despatches were up by aThe Cement despatches were up by aThe Cement despatches were up by a
healthy 8.3% yoy in March 2010, withhealthy 8.3% yoy in March 2010, withhealthy 8.3% yoy in March 2010, withhealthy 8.3% yoy in March 2010, withhealthy 8.3% yoy in March 2010, with
the southern region leading the waythe southern region leading the waythe southern region leading the waythe southern region leading the waythe southern region leading the way
with a 10.1% growthwith a 10.1% growthwith a 10.1% growthwith a 10.1% growthwith a 10.1% growth
The northern region recorded theThe northern region recorded theThe northern region recorded theThe northern region recorded theThe northern region recorded the
highest capacity utilisation of 106%highest capacity utilisation of 106%highest capacity utilisation of 106%highest capacity utilisation of 106%highest capacity utilisation of 106%
Source: CMA
Exhibit 1: Region-wise Cement Despatches (mn tonnes)
RegionRegionRegionRegionRegion MarMarMarMarMar-10-10-10-10-10 MarMarMarMarMar-09-09-09-09-09 YYYYYoY(%)oY(%)oY(%)oY(%)oY(%) FY2010FY2010FY2010FY2010FY2010 FY2009FY2009FY2009FY2009FY2009 YYYYYoY(%)oY(%)oY(%)oY(%)oY(%)
Southern 6.39 5.80 10.1 64.02 59.72 7.2
Northern 4.59 4.22 8.8 46.65 41.14 13.4
Western 2.99 2.75 8.9 30.59 28.46 7.5
Eastern 2.91 2.75 5.8 29.38 26.00 13.0
Central 2.75 2.60 5.9 29.56 25.69 15.1
All India 19.64 18.13 8.3 200.22 181.01 10.6
Exhibit 3: Region-wise Cement Production (mn tonnes)
RegionRegionRegionRegionRegion MarMarMarMarMar-10-10-10-10-10 MarMarMarMarMar-09-09-09-09-09 YYYYYoY(%)oY(%)oY(%)oY(%)oY(%) FY2010FY2010FY2010FY2010FY2010 FY2009FY2009FY2009FY2009FY2009 YYYYYoY(%)oY(%)oY(%)oY(%)oY(%)
Southern 6.28 5.78 8.7 64.16 59.74 7.4
Northern 4.63 4.23 9.5 46.82 41.18 13.7
Western 2.98 2.78 7.0 30.59 28.46 7.5
Eastern 2.90 2.74 5.7 29.42 25.99 13.2
Central 2.81 2.58 9.0 30.10 26.04 15.5
All India 19.59 18.11 8.2 201.07 181.41 10.8
Source: CMA
Source: CMA, Angel research
Exhibit 2: All-India Cement Despatches
0
2
4
6
8
10
12
14
16
18
20
0.0
5.0
10.0
15.0
20.0
25.0
April May June July Aug Sep Oct Nov Dec Jan Feb Mar
(mntonnes)
FY09 FY10 Growth
(%)

3. April 16, 2010 3
Monthly Update | March 2010
Top Performers
Jaiprakash Associates:Jaiprakash Associates:Jaiprakash Associates:Jaiprakash Associates:Jaiprakash Associates: Jaiprakash Associates was the top performer among the
major cement players. The company posted a 57.7% yoy jump in sales volumes in
March to 1.23mn tonnes (0.78mn tonnes), on account of healthy demand and capacity
addition. Despatches for FY2010 were up 38.6% yoy.
Madras Cements:Madras Cements:Madras Cements:Madras Cements:Madras Cements: Madras Cements delivered a robust 36.3% growth in despatches,
despite the sluggishness in demand from the southern region. The despatches of the
company were up, as its newly installed plant stabilised during the month. The company
was largely unaffected by the slowdown in demand from Andhra Pradesh, due to its
predominant presence in Tamil Nadu. The company's despatches grew by 23.4%
during FY2010.
India Cements:India Cements:India Cements:India Cements:India Cements: India Cements also delivered a robust 26.2% yoy growth in despatches
for March 2010. The growth in the company's despatches was aided by capacity
addition carried out by the company in Parli, Maharashtra, during FY2010. During
FY2010, the company's despatches grew by 15.2% to 10.5mn tonnes.
Dalmia Cement:Dalmia Cement:Dalmia Cement:Dalmia Cement:Dalmia Cement: The company registered a 15.2% yoy growth in despatches in
March 2010 to 0.41mn tonnes, aided by a 2.5mtpa capacity addition during FY2010.
For FY2010, the company's despatches increased by 20.5%.
Exhibit 5: Cement Production of Major Players (mn tonnes)
MarMarMarMarMar-10-10-10-10-10 MarMarMarMarMar-09-09-09-09-09 YYYYYoYoYoYoYoY FFFFFebebebebeb-10-10-10-10-10 MoMMoMMoMMoMMoM FY10FY10FY10FY10FY10 FY09FY09FY09FY09FY09 YYYYYoYoYoYoYoY
chg(%)chg(%)chg(%)chg(%)chg(%) chg(%)chg(%)chg(%)chg(%)chg(%) chg (%)chg (%)chg (%)chg (%)chg (%)
Grasim 1.79 1.71 4.5 1.55 15.6 19.08 16.31 17.0
Ultratech 1.75 1.64 6.6 1.58 10.6 17.63 15.86 11.2
ACC 1.94 1.99 (2.5) 1.72 12.8 21.32 21.20 0.6
Ambuja Cements 1.92 1.74 10.1 1.61 18.9 19.14 18.00 6.3
JP Associates 1.34 0.74 80.7 1.14 17.3 11.24 7.97 41.0
India Cements 1.03 0.83 24.4 0.91 13.6 10.48 9.11 15.1
Madras Cements 0.79 0.59 34.6 0.64 23.6 7.80 6.27 24.5
JK Lakshmi 0.37 0.37 1.2 0.36 2.6 4.16 3.69 12.9
Dalmia Cement 0.37 0.36 3.6 0.39 (5.1) 4.07 3.57 14.1
Source: Company, CMA
Jaiprakash Associates top performerJaiprakash Associates top performerJaiprakash Associates top performerJaiprakash Associates top performerJaiprakash Associates top performer
with 57.5% growth in despatcheswith 57.5% growth in despatcheswith 57.5% growth in despatcheswith 57.5% growth in despatcheswith 57.5% growth in despatches
Source: CMA
Exhibit 4: All India Capacity Utilisation in FY2010
70.0
75.0
80.0
85.0
90.0
95.0
100.0
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
(%)

4. April 16, 2010 4
Monthly Update | March 2010
Cement Prices
Cement prices have gone up by Rs20-25 per bag in the southern region during the
month of March 2010. Despite sluggishness in demand, the region has witnessed
price hikes, primarily due to production cuts in Andhra Pradesh as a result of power
shortages. The Andhra Pradesh State Electricity Board (APSEB) has implemented power
cuts for seven days in a month to cement companies. This has severely affected
cement production, as most of the cement plants rely on APSEB for power supply. The
production cut has, in turn, resulted in delays in delivery to the dealers, resulting in
the price hike. Prices remained stable in the northern region, as the Commonwealth
games-related construction activities are coming to a conclusion. Prices dropped by
Rs10-15 per bag in the central region, due to sluggish demand accompanied by an
increase in supply. The prices have increased by Rs7-10 per bag in the western region,
on account of strong demand from the housing segment.
Coal Situation
The global prices of coal (a major input in cement manufacturing) rose slightly during
March 2010. The spot prices of the New Castle 6,700kc coal stood at US $94.2 on
an average in March 2010, as against US $ 93.4 a month ago. On a yoy basis as
well, the coal prices were up by close to 30% in March 2010.
Stock Performance
Most of the cement stocks outperformed the broader markets in March 2010, which
was the case in February 2010 as well. Amongst the major listed cement players,
Dalmia Cement gained the most, with monthly returns of 17% (over and above the
26.5% returns delivered by it in February 2010). Among the stocks under coverage,
JP Associates gained the most, with monthly returns of 13.2%. Ambuja Cements and
Ultratech Cements also delivered healthy returns of 11.9% and 11.4%, respectively.
However, JK Lakshmi Cement (JKLC) lost 1.9% during March 2010.
Exhibit 7: Cement Prices (Rs/bag)
MarMarMarMarMar-10-10-10-10-10 MarMarMarMarMar-09-09-09-09-09 YYYYYoY chg (%)oY chg (%)oY chg (%)oY chg (%)oY chg (%) FFFFFebebebebeb-10-10-10-10-10 MoM chg(%)MoM chg(%)MoM chg(%)MoM chg(%)MoM chg(%)
Chennai 270 265 1.9 270 0.0
Kolkata 295 250 18.0 290 1.7
Hyderabad 215 240 (10.4) 190 13.1
Mumbai 275 265 3.7 270 1.8
Delhi 240 245 (2.0) 240 0.0
Source: Angel Research
Exhibit 6: Cement Despatches of Major Players (mn tonnes)
MarMarMarMarMar-10-10-10-10-10 MarMarMarMarMar-09-09-09-09-09 YYYYYoYoYoYoYoY FFFFFebebebebeb-10-10-10-10-10 MoMMoMMoMMoMMoM FY10FY10FY10FY10FY10 FY09FY09FY09FY09FY09 YYYYYoYoYoYoYoY
chg(%)chg(%)chg(%)chg(%)chg(%) chg(%)chg(%)chg(%)chg(%)chg(%) chg (%)chg (%)chg (%)chg (%)chg (%)
Grasim 1.80 1.71 4.9 1.56 15.1 19.05 16.28 17.0
Ultratech 1.78 1.63 9.3 1.55 14.8 17.61 15.84 11.2
ACC 1.94 2.01 (3.5) 1.71 13.5 21.28 21.21 0.3
Ambuja Cements 1.92 1.72 11.1 1.69 13.4 19.55 18.59 5.1
JP Associates 1.23 0.78 57.7 1.08 14.1 10.59 7.64 38.6
India Cements 1.04 0.83 26.2 0.93 12.3 10.49 9.11 15.2
Madras Cements 0.79 0.58 36.3 0.64 23.7 7.74 6.27 23.4
JK Lakshmi Cements 0.38 0.38 0.7 0.35 8.1 4.16 3.69 12.8
Dalmia Cement 0.41 0.36 15.2 0.36 13.9 4.08 3.39 20.5
Source: Company, CMA

5. April 16, 2010 5
Monthly Update | March 2010
Source: BSE
Exhibit 8: Stock Performance
Recent Developments
Companies
Ambuja Cement
A new 1.5mtpa grinding unit of Ambuja Cements Ltd (Ambuja) came into operation
at Nalagarh in Himachal Pradesh. The plant has been set up at an investment of
Rs300cr. This is Ambuja's third cement unit in the state. The unit will use the clinker
produced at Ambuja's Rauri unit, 95 km from the plant. It will use a fully-automated
production process, with the help of German technology. The Nalagarh unit allows
easy access to all the important markets in the state, and in the neighbouring states
of Punjab and Haryana. The cement will be made available in specially designed 50
kg bags that are tamper-proof and seepage proof.
ACC
ACC has recently installed its third wind energy farm near Satara in Maharashtra.
The 1.25MW*2 wind farm has been set up at a cost of about Rs13cr. The power
generated from this plant will be supplied to ACC's Thane complex and to the Bulk
Cement Corporation (BCCI), a subsidiary of ACC, located at Kalamboli near Mumbai.
The wind energy plant is expected to satisfy 70% and 64% of the power requirement
at the Thane complex and BCCI, respectively. ACC now has a total wind power
capacity of 19MW, after the installation of the new power plant.
Mangalam Cement
Mangalam Cement Ltd has finalised an order for the installation of six wind mills of
1.25 MW each (total capacity 7.5 MW) at Jaisalmer. The total order value is ~Rs39cr.
The order has been placed with Suzlon Energy, and these wind mills are expected to
be commissioned by the end of June, 2010.
4.3
11.4
3.0
11.9
13.2
12.2
10.3
-1.9
7.2
17.0
6.7
-5.0 0.0 5.0 10.0 15.0 20.0
Grasim
Ultratech
ACC
Ambuja Cements
JP Associates
India Cements
Madras Cements
JKLC
Shree Cement
Dalmia Cement
BSE Sensex
(%)

6. April 16, 2010 6
Monthly Update | March 2010
CompanyCompanyCompanyCompanyCompany CMPCMPCMPCMPCMP Tgt PTgt PTgt PTgt PTgt Pricericericericerice EPS (RS)EPS (RS)EPS (RS)EPS (RS)EPS (RS) P/E (x)P/E (x)P/E (x)P/E (x)P/E (x) Inst.Inst.Inst.Inst.Inst. EEEEEV/V/V/V/V/ EV/EV/EV/EV/EV/ RecosRecosRecosRecosRecos
(Rs)(Rs)(Rs)(Rs)(Rs) (Rs)(Rs)(Rs)(Rs)(Rs) FY10EFY10EFY10EFY10EFY10E FY11EFY11EFY11EFY11EFY11E FY12EFY12EFY12EFY12EFY12E FY10EFY10EFY10EFY10EFY10E FY11EFY11EFY11EFY11EFY11E FY12EFY12EFY12EFY12EFY12E Cap. (FY10E)Cap. (FY10E)Cap. (FY10E)Cap. (FY10E)Cap. (FY10E) Ebitda (x)Ebitda (x)Ebitda (x)Ebitda (x)Ebitda (x) TTTTTonne (US $)onne (US $)onne (US $)onne (US $)onne (US $)
ACC* 933 - 85.6 64.5 71.8 10.9 14.5 13.0 26.0 7.0 107 Neutral
Ambuja* 118 - 8.0 6.3 7.0 14.8 18.7 16.9 23.5 8.7 127 Neutral
Grasim 2,793 - 336.0 263.0 325.0 8.3 10.6 8.6 25.7 4.4 134 Neutral
Ultratech 1,104 - 91.2 79.6 104.0 12.1 13.9 10.6 23.1 5.5 105 Neutral
India Cements 134 - 13.6 10.3 12.4 9.9 13.0 10.8 14.0 6.3 80 Neutral
Madras Cements 128 141 16.0 13.3 16.1 8.0 9.6 8.0 11.0 5.8 74 Accumulate
JK Lakshmi Cements 75 88 17.9 13.0 16.3 4.2 5.8 4.6 5.4 3.5 61 Buy
Exhibit 9: Valuation Summary
Source: Angel Research, Note: * Y/E Dec; EV/Ebitda and EV/Tonne based on FY2012E Estimates
Outlook
The Indian Cement companies have been reporting strong Volume sales since the
past few months. The additional capacity that has come on stream has enabled most
of the cement manufacturers to increase the total cement production. We expect the
all-India demand to continue to remain robust, but accelerated capacity additions
and stablisation of new capacities are expected to put pressure on prices after May
2010. The cement prices rose across India in March 2010, except in the central
region. Prices in Hyderabad witnessed significant upward movements, due to power
shortages and, subsequently, lower production. We expect prices to remain firm till
May 2010 on account of the demand arising from the Commonwealth Games,
infrastructure spending and recovery in the Urban Housing Segment. However, we
estimate a correction in prices from June 2010, as new capacity addition over the last
few months exerts pressure and with the conclusion of the peak construction period.
WWWWWe are Neutral on Ae are Neutral on Ae are Neutral on Ae are Neutral on Ae are Neutral on ACC, Ambuja, Grasim,Ultratech and India Cements, as theyCC, Ambuja, Grasim,Ultratech and India Cements, as theyCC, Ambuja, Grasim,Ultratech and India Cements, as theyCC, Ambuja, Grasim,Ultratech and India Cements, as theyCC, Ambuja, Grasim,Ultratech and India Cements, as they
are fairly priced. Ware fairly priced. Ware fairly priced. Ware fairly priced. Ware fairly priced. We continue to remain Pe continue to remain Pe continue to remain Pe continue to remain Pe continue to remain Positive on Madras Cements and JKositive on Madras Cements and JKositive on Madras Cements and JKositive on Madras Cements and JKositive on Madras Cements and JK
LLLLLakshmi Cement, due to their attractive valuations (based on the EV/Takshmi Cement, due to their attractive valuations (based on the EV/Takshmi Cement, due to their attractive valuations (based on the EV/Takshmi Cement, due to their attractive valuations (based on the EV/Takshmi Cement, due to their attractive valuations (based on the EV/Tonne andonne andonne andonne andonne and
EV/EBITDEV/EBITDEV/EBITDEV/EBITDEV/EBITDA multiples).A multiples).A multiples).A multiples).A multiples).

7. April 16, 2010 7
Monthly Update | March 2010
Disclaimer
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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
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decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are
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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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The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section).
Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
Ratings (Returns) :
CompanyCompanyCompanyCompanyCompany Analyst owershipAnalyst owershipAnalyst owershipAnalyst owershipAnalyst owership Angel and its Group companiesAngel and its Group companiesAngel and its Group companiesAngel and its Group companiesAngel and its Group companies Angel and its Groupcompanies'Angel and its Groupcompanies'Angel and its Groupcompanies'Angel and its Groupcompanies'Angel and its Groupcompanies' Broking relationshipBroking relationshipBroking relationshipBroking relationshipBroking relationship
of the stockof the stockof the stockof the stockof the stock ownership of the stockownership of the stockownership of the stockownership of the stockownership of the stock Directors ownership of the stockDirectors ownership of the stockDirectors ownership of the stockDirectors ownership of the stockDirectors ownership of the stock with company coveredwith company coveredwith company coveredwith company coveredwith company covered
ACC No No No No
Ambuja No No No No
Grasim No Yes No No
Ultratech No No No No
India Cements No No No No
Madras Cements No No No No
JK Lakshmi Cements No No No No
Disclosure of Interest Statement
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.

8. Monthly Update | March 2010
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
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
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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
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