A power packed issue

Adani Power is entering the capital market on 28^th July, 09 with a public issue of 30.17 crore equity shares of Rs. 10 each, in the price band of Rs. 90 – Rs. 100 per share.

Though the company claims to be setting up power projects of 9,900 MW at 4 locations viz. Mundra, Tiroda, Dahej and Kawai, but, only projects of 6,600 MW are under advanced stage of implementation. Its financial closure, equity contribution, fuel linkage and PPA are all in place and is expected to start by March 2012. This will happen in phases - phase I of 330 MW to be operational in July 09. Balance 3,300 MW, with 1980 MW at Dahej and 1320 MW at Kawai is yet to take shape. This has total project cost of Rs. 14,770 crores, of which Rs. 11,816 crores would get raised via debt and balance of Rs. 2,954 crores from equity. So at later stage, this equity component, would either get raised from internal accruals or by further equity dilution, at a later date.

Mundra project is having total generation capacity of 4,620 MW and this is being put up in four phases with first two phases of 660 MW each; 1,320 MW in Phase III and 1,980 MW in Phase IV. Total Project cost of all these four phases is at Rs. 19,160 crores, of which, debt of Rs. 15,266 crores is being raised while Rs. 3,840 would come via equity. Tiroda Project has 1,980 MW with project cost of Rs. 9,263 crores to be financed by debt of Rs. 7,410 crores and equity of Rs. 1,853 crores. The company is presently having 77.38% stake in this project, which may eventually be at 74 %.

The present equity of the company is at Rs. 1,878 crores which is largely used to finance three phases of Mundra. The proposed IPO is being made to mobilize the funds for Phase IV- Mundra and Tiroda project, which is estimated at Rs. 3,163 crores (Considering 74% for Tiroda). The proposed issue would be able to mobilize close to Rs. 3,000 crores, considering price discovery at Rs.100 per share.

The company has Power Purchase Agreement(PPA) in place for 4,744 MW, which is about 72% of the capacity under implementation, of 6,600 MW. Balance will be sold on spot basis. Due to assured returns available to power projects and with gearing of about 4:1, the company will be having advantage to post a return of close to 35% on shareholders funds.

Post issue equity of the company will rise to Rs. 2,180 which would translate into market capitalization of close to Rs. 22,000 crores, considering issue price of Rs. 100 and shall have Net Worth of close to Rs. 5,700 crores. This would result in a PBV of close to 3.85.

the closest contenders for Adani, based on the size of the project are Sterlite Energy, GMR Energy, Jindal Steel Power, JSW Energy, J. P. Power, Reliance Power. And we compare these with Adani, then, it can be seen that the execution capability will be the key for success of all these companies. This has been established by the promoters of the company, after implementing 32,000 acres sea-port project being Mundra Port. Also, strength of the promoters in coal procurement will be to the advantage of the company.

Considering all this, issue looks good and recommended even at the upper band of Rs. 100, as power sector holds good long term potentials to reward the shareholders.

Worth even at upper price band

NHPC Ltd. is entering the capital market on 7th August 09 with a public issue of 167.74 crore shares of Rs. 10 each, in the band of Rs. 30 to Rs. 36 per share. Of this, government is selling 55.91 crore shares while fresh issue is of 111.83 crore share. So, if we assume that book will get discovered at Rs. 36 per share, (which is most likely) issue size will be of Rs. 6,040 crore, of which, Rs. 2013 crore will go to government and Rs. 4,025 crore will be retained by the company to meet its capex of Rs. 14,014 crore. Part of this will be financed by debt of Rs. 9,176 crore.

Earlier, it was expected that issue will be made in the band of Rs. 20 to Rs. 24. But due to huge appetite seen for power companies and power IPO, even the company and government has become greedy and have aggressively priced its issue. This may be seen a rise of almost 50%. Purely on book value which is at Rs. 16.50, as at 31-3-09, and considering price discovery at Rs. 36, it is made at a PBV of 2.20 or at 2 on expanded equity base. This is against PBV of 3.85 in case of Adani Power.

However, this is in the backdrop of the company being a profit making with total income being a profit making with total income being placed at Rs. 4051 crore for FY09 with PAT at Rs. 1244 crore, implying an EPS of Rs. 1.11. It has always seen that government IPO, leaves enough scope for prospective investors to make money and this can be expected from this IPO as well.

The company has already developed and constructed 13 hydro power stations with total installed capacity of 5175 MW which are located in J&K, H.P, Uttarakhand, W. Bengal and N.E. States. The company is engaged in constructing 11 additional hydro with capacity of 4622 MW. NHPC is also awaiting for government sanction of five projects with capacity of 4565 MW and certain JVs for 2166 MW. So eventually, NHPC is aiming to become a 10,000 MW plus company, in the near future in hydro space, which is considered quite respectable.

The financials of the company as at 31-03-09 are within acceptable limits with debt equity ratio at 0.80:1 as its total debt is at Rs. 14,900 crore on net worth of Rs. 18,400 crore as at 31-03-09.

The proposed IPO is to fund 7 projects with aggregate capacity of 3240 MW with total project cost of Rs. 14,014 crore, which translates into Rs. 4.32 crore per MW. This kind of cost is quite reasonable, as we have been seeing this type of cost for greenfield Thermal power projects whereas for hydro, conventionally they have a 1.4 to 1.5 X of such projects. Even these are financed at a debt equity mix of 70:30 which would not make ultimate debt equity ratio of the company to crore beyond 1.1:1. Quite comfortable indeed.

The company will be a significant player in Hydro Power and would be PSU like NTPC in this sector. Traditionally, PSU IPOs have always rewarded the shareholders. Going by the financials, fundamentals and track record, it is recommended to apply in IPO even at the upper band of Rs. 36.

DHARAVI – SLUMDOG TO MILLIONAIRE WILL TAKE MORE TIME

By Ruma Dubey

Murugan at Dharavi had the last laugh. A few months back, when asked as to what he thought about the redevelopment plan in his area, he laughed aloud and said, “Kuch nahi hoga. Pehla sab builder came running. Then America gira. And then sab builder bhi bhaag gaye! Kya hoga, madam, kuch nahi hoga, aap dekhna!”

Looks like the humble Murugan, working in one of the leather showrooms there had a better picture of reality than us. Yesterday was the last date for the submission and opening of financial bids for Dharavi Redevelopment Projects. Now that too has been deferred. The new date? The Govt is not quite sure when as this is send time this has happened. Earier, the deadline was July 20th but as the government could not finalise the final notification for the project and some developers asked for the extension, it was extended to 30th July. The reason this time? Same old reason – not yet finalized the development control regulation for Dharavi Project.

This Development Control Regulation is to be issued by the Govt of Maharashtra and this is what is often quoted as the reason for the delay. But those in the know say that it could be two other reasons - first and most important, the reluctance on the part of the builders to come and get into the project now. Though the developers have blamed it on the monsoons, clearly, in the current scenario, they just do not want to take this up.

Most of the developers feel that this is not the right time to develop this expensive project, billed at around Rs.15,000 crore as many are facing a situation of cash crunch. Starting with 19 shortlisted bidders, it has now come down to consortia of 14. There are many who have pulled put from the project. Akruti City had to form a new partnership with DLF after its partner, Limitless Llc of Dubai pulled out. L&T and Godrej Properties opted put. A Canadian realty company – Potential Group also got out of the project. The JV between Runwal Group and Capitaland is yet on unchartered territory, they are yet to decide – to go ahead or opt out. Also hanging in fire is the JV between HDIL and Lehman Bros which filed for bankruptcy.

Then there is also the problem coming in from the Govt appointed committee which is looking into the planning and implementation of the Dharavi project. In a report to the Chief Minister of Mumbai, this committee has stated that redevelopment will increase density in the area beyond practical liability. Actually the real crux of the matter is something else. There are currently around five lakh residents in Dharavi. And after they are given tenements, the vacant area will be developed by the developers for commercial use. This is where the entire lure lies for these developers is. No one is there to beautify the city or doing redevelopment out of goodwill; every developer is out there because he can lay his hands on prime property, which could be a huge earner. And it is this issue, where the committee feels that the state Govt will make money by giving this land to developers which is raising the hackles.

Well, there is no doubt that redevelopment will happen but given these delays, one wonders if the approvals would actually happen once the realty market improves. It would seem like a nice coincidence. Let us wait and see when the next date will be given. Or else take Murugan’s advice, “Apun ka Dharavi ab world famous hai! Pura world ka log aata hai, to see our slums. Govt ko bolo, isko world heritage site banane ko!”

WHAT EXACTLY DOES THIS DHARAVI REDEVELOPMENT MEAN? Ø Rehabilitation of 57,000 families, Ø Development of 30 million sq ft of facilities such as educational institutions and hospitals Ø Development of 40 million sq ft for commercial sale. Ø Each family to be allotted a self contained house of 225 sq.ft. carpet area, free of cost. Ø During the implementation of this project, Dharavi residents will be provided with transit tenements; developer will bear the cost on account of rent of the transit tenements. Ø Dharavi has been divided into 10 sectors and these will be developed by different developers. Ø The total duration of this project is expected to be of 5 to 7 years. Ø Rehabilitation building will be of 7 storeys.

:Very Good Quarter Results (Read This)::::::

The following is the latest result update :

1. Bajaj Holdings & Investment Ltd
2. State Bank of Travancore
3. VST Industries Ltd
4. JK Tyre & Industries Ltd

Bajaj Holdings & Investment Ltd :
Net profit of Bajaj Holdings & Investment rose 1815.79% to Rs 291.20 crore in the quarter ended June 2009 as against Rs 15.20 crore during the previous quarter ended June 2008. Sales rose 1437.22% to Rs 303.14 crore in the quarter ended June 2009 as against Rs 19.72 crore during the previous quarter ended June 2008.

State Bank of Travancore :
Net profit of State Bank of Travancore rose 336.75% to Rs 179.59 crore in the quarter ended June 2009 as against Rs 41.12 crore during the previous quarter ended June 2008. Total operating income rose 16.14% to Rs 1073.11 crore in the quarter ended June 2009 as against Rs 924.00 crore during the previous quarter ended June 2008.

VST Industries Ltd :
Net profit of VST Industries rose 125.66% to Rs 24.10 crore in the quarter ended June 2009 as against Rs 10.68 crore during the previous quarter ended June 2008. Sales rose 78.48% to Rs 125.35 crore in the quarter ended June 2009 as against Rs 70.23 crore during the previous quarter ended June 2008.

JK Tyre & Industries Ltd :
Net profit of JK Tyre & Industries rose 101.33% to Rs 40.75 crore in the quarter ended June 2009 as against Rs 20.24 crore during the previous quarter ended June 2008. Sales rose 5.73% to Rs 897.67 crore in the quarter ended June 2009 as against Rs 849.06 crore during the previous quarter ended June 2008.

Result Update : State Bank of Mysore

Result Update : State Bank of Mysore

State Bank of Mysore (SBM), the Bangalore-based associate bank of State Bank of India, reported close to six times rise in its net profit at Rs 82.19 crore for the first quarter ended June 30, 2009 compared to the corresponding quarter last year.

The operating profit for the period was higher by 36.02 per cent at Rs 173.96 crore compared to the year ago period.

The total income for the quarter rose by 22.86 per cent to Rs 978.79 crore as against the same period last year. Interest on advances registered an increase of 20.46 per cent to Rs 114.67 crore. The rise in profits was mainly driven by the increased interest on advances, net interest income and other income during the quarter.

Six Companies With Good Result::::::(Read This)

Dear Investors/Clients,

The following companies results looking good.

1. Triveni Engineering and Industries Ltd
2. Henkel India Ltd
3. Supreme Industries Ltd
4. Tinplate Company of India Ltd
5. Essar Oil Ltd
6. Sterlite Technologies Ltd

Financial Results Update

Triveni Engineering and Industries Ltd :

Net profit of Triveni Engineering and Industries rose 61.83% to Rs 39.81 crore in the quarter ended June 2009 as against Rs 24.60 crore during the previous quarter ended June 2008. Sales rose 17.62% to Rs 518.32 crore in the quarter ended June 2009 as against Rs 440..68 crore during the previous quarter ended June 2008.

Tinplate Company of India Ltd :

Net profit of Tinplate Company of India rose 538.48% to Rs 21.90 crore in the quarter ended June 2009 as against Rs 3.43 crore during the previous quarter ended June 2008. Sales rose 69.97% to Rs 195.33 crore in the quarter ended June 2009 as against Rs 114.92 crore during the previous quarter ended June 2008.

Henkel India Ltd :

Net profit of Henkel India rose 418.92% to Rs 5.76 crore in the quarter ended June 2009 as against Rs 1.11 crore during the previous quarter ended June 2008. Sales rose 12.89% to Rs 152.36 crore in the quarter ended June 2009 as against Rs 134.96 crore during the previous quarter ended June 2008.

Supreme Industries Ltd :

Net profit of Supreme Industries rose 192.58% to Rs 59.95 crore in the quarter ended June 2009 as against Rs 20.49 crore during the previous quarter ended June 2008. Sales rose 27.59% to Rs 563.85 crore in the quarter ended June 2009 as against Rs 441.91 crore during the previous quarter ended June 2008.

Essar Oil Ltd :

Net profit of Essar Oil rose 463.33% to Rs 169.00 crore in the quarter ended June 2009 as against Rs 30.00 crore during the previous quarter ended June 2008. Sales declined 24.41% to Rs 6774.00 crore in the quarter ended June 2009 as against Rs 8961.00 crore during the previous quarter ended June 2008.

Sterlite Technologies Ltd :

Net profit of Sterlite Technologies rose 416.82% to Rs 45.48 crore in the quarter ended June 2009 as against Rs 8.80 crore during the previous quarter ended June 2008. Sales rose 7.92% to Rs 436.18 crore in the quarter ended June 2009 as against Rs 404.18 crore during the previous quarter ended June 2008.

Raj Oil Mills with IPO plan @ Rs.100-120 a share….

Raj Oil Mills (Raj Oil) is an established player in the Indian Edible Oil space, with major presence in Western India.
The company is known for its brands such as Cocoraj (coconut oil), Guinea (groundnut oil and sunflower oil) and Raj.
Raj Oil has set a price band of Rs100-120 a share for its initial public offer (IPO) of 9.5 million fresh shares. The issue would constitute 26.38% of the fully-diluted post-issue paid-up capital of the company.
It proposes to utilize the proceeds for setting up various facilities at Manor in Thane district of Maharashtra.
These include a refinery of 200 TPD, which can process sunflower, soyabean, groundnut, palm, cotton seed oils; a crushing unit of 200 TPD for groundnut and copra; a palm fractionation unit of 100 TPD; and a vanaspati ghee unit of 50 TPD, an ayurvedic and cosmetic unit of 5 TPD and in-house blow-moulding plant for PET bottles.
Distribution network
Raj Oil’s brands are a household name in the western parts of India. The provision of wide range of products, such as mustard oil, sunflower oil, groundnut oil, cottonseed oil, til oil and ayurvedic oil, sets the company apart from the other unorganized players.
The company has varied oils and derivative products in its product basket allowing the customer to choose as per their requirement. Raj Oil has a well established network spread across states catered by Consignee Agents and their distributors.
These agents then distribute the company’s products to the numerous retailers spread across the length and breadth of India. The company, which has a strong retail network, is aiming to spread its area of operations going ahead.
Financials
The company clocked strong CAGR of 56.1% and 167.2% in sales and net profit over CY2005-08 respectively, on the back of robust growth in branded sales. Its margin and Return Ratios are also pretty healthy and the best in the industry.
We believe that the company can continue with such a performance as it is also expanding its capacity over the next year.
Going ahead, we expect the company’s CY2010E Revenue to increase to Rs668cr on the back of strong growth in the volumes.
Also on the back of the ongoing backward integration plan, It seems the company to maintain its Margins going ahead.
Valuation
However, Raj Oils’ IPO is being priced at a ‘considerable’ premium to the other listed player like K S Oils, which are larger in size and also enjoy backward integration benefits. K S Oils also has a pan India presence. Larger size of K S Oils also gives it a better competitive advantage.
Though Raj Oils has the highest margins and return ratios in the industry on account of presence only in retail segment, I believe that going ahead the company will have to enter the bulk and institution sales in order to achieve size.
On the lower and upper end of the IPO price band, the stock would quote at 5.7x and 6.9x its post diluted CY2010E Earnings, which is higher than K S Oils which is currently trading at 6x FY2011E earnings.

Dubai based Emaar Properties ( MGF JV -India) IPO in plan…

Emaar Properties is still considering an initial public offering for its India MGF joint venture, in line with its strategy announced last year,.
Emaar, which is building the world’s tallest tower, said that while an IPO is being considered, it is still in the preliminary stage.
“The aforementioned IPO strategy for Emaar MGF has already been announced in 2008,” Emaar said in a statement on Dubai’s bourse website.
Emaar was not immediately available for comment.
Poor investor sentiment due to the global economic downturn led to a sharp drop in the number of IPOs in the first quarter.
Globally, there were only 50 IPOs in the first quarter, raising $1.4 billion, about half the total raised in the final quarter of 2008, Ernst & Young (E&Y) said in a report in April.

NHPC IPO price band between 30-36 Inr

Virtually flagging off the government’s disinvestment effort, the empowered group of ministers (eGoM) on Friday met to finalise the price
band for NHPC’s initial public offering (IPO), which will happen simultaneously with the disinvestment process. The eGoM has suggested a price band of Rs 30 to Rs 36.
The lead managers for the offer — Enam Securities Private, Kotak Mahindra Capital Company and SBI Capital Markets — had suggested a price band of Rs 25 to Rs 30. The disinvestment by the government will piggyback on the IPO, as was the case with NTPC several years ago. The response to this entry into the capital markets will be closely watched as the government’s future disinvestment plans will be determined by it.
The public sector infrastructure company will issue 10% of its new equity shares in the public offer while the government will divest its 5% stake in the company. NHPC plans to raise Rs 1,670 crore fresh equity through the IPO and plans to bring 167 crore shares of face value of Rs 10 each, which would be offered at a premium to be decided through book-building process.
The group, comprising finance minister Pranab Mukherjee, power minister Sushilkumar Shinde and deputy chairman, Planning Commission, Montek Singh Ahluwalia, were constituted to fix the price band. Proceeds from the NHPC issue are expected to be moved to the National Investment Fund (NIF), since it is unlikely that the Cabinet would have taken a decision on the fate of NIF by the time proceeds from the offer come in.

Adani Power IPO opens for subscription on July 28

Adani Power, a power project development company, promoted by Adani Enterprises Limited, flagship company of Adani Group, with total revenues of Rs 196 billion, is entering the capital markets with an initial public offering of 301,652,031 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue will open on July 28, 2009, and close on July 31, 2009. The company filed the Red Herring Prospectus (RHP) with the Registrar of Companies, Gujarat, Dadra and Nagar Haveli (RoC) on July 14, 2009. The issue would constitute 13.84% of the post-issue paid-up equity share capital of the company. The issue includes a reservation of up to 8,000,000 equity shares of Rs 10 each for eligible employees. The issue less the employee reservation portion comprises a net issue of 293,652,031 equity shares. The net issue will constitute 13.47% of the post-issue paid-up equity share capital of the company. The equity shares offered through the RHP of the company are proposed to be listed on National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE). The global coordinator and book running lead manager for the issue is DSP Merrill Lynch Limited. Other book running lead managers for the issue are Enam Securities Private Limited, IDFC-SSKI Limited, JM Financial Consultants Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, ICICI Securities Limited and SBI Capital Markets Limited.

Adani Power IPO Analysis

Adani Power IPO Analysis

Adani Power has got SEBI clearance for its IPO and the IPO should open towards the third week of July. The IPO of Adani Power should open around July 21.

As a part of the Adani Power IPO, there will be no disinvestment by Adani Enterprises but an issue of 33 crore new shares (337,700,000), with an issue size more than 2500 crore.

Background of Adani Power

Adani Power Limited will be in the business of developing, operating and maintaining power projects in India, in a way; it will be in the same league as NTPC and Reliance Power.

Adani Power is a part of Adani Enterprise Limited, which has revenues of over Rs.196,097.10 million in the last financial year.

Adani Group currently holds over 85 per cent stake in Adani Power and after the public issue the promoter stake will be reduced to 73 per cent. Group’s Mundra port which is a few kilometers away will help in importing coal for the power project.

Current Projects of Adani Power

Adani Power is current executing the following projects under various phases:-

1. Mundra Phase 1 & 2 with a capacity of 1,320 MW. The first phase of 330 MW in each phases are expected to get commissioned by June 2009 and the full project is expected to get commissioned by Feb 2010.

2. Mundra Phase 3 will have a capacity of 1,320 MW, which should be commissioned towards the end of the second quarter of 2011

3. Mundra Phase 4 project with a capacity of 1,980 MW, to be commissioned in part in 2011 and 2012

4. There is another project of Mundra Power by the name Tiroda Power Project which has a capacity of 1,980 MW. Out of these 1900 MW of Tiroda Power Project, 660 MW will be commissioned by July 2011 and the remaining by April 2012

Access to raw materials

Like Cals Refineries, Adani Power would have easy access to coal, the basic raw material for power generation since its parent company, Adani Enterprises has a lot of interest in coal and is a major producer and trader. Upto 45% of coal needs of Adani Power would be fulfilled from domestic linkages of Adani Enterprises and the remaining 55% would be imported from Malayasia.

Usage of funds raised in the Mundra Power IPO

The funds will be utilised for the development of Mundra project as well as the Tiroda power plant in Maharashtra, resulting in generation of 6500 MW of power. The total capex will be around Rs 28,369 crore.

Adani Power IPO Buy or Not

Irrespective of the expert opinion that will come out soon on stock market websites, StockMarketBaba recommends that investors buy into power stocks, as and when they are available at the right price. Investors should certainly do some buying in the Adani Power IPO and keep buying more at better prices.

In a nation as ours with a billion people and little penetration of electricity and low availability to corporates, the next phase of economic growth can happen only with the availability of electricity, and to that effect, Adani Power would be a good stock to buy and then keep accumulating over a few years. However, anyone looking for quick gains should rather look at other Power Stocks which will see action along with the Adani Power listing

StockMarketBaba will track the expert opinion on Adani Power IPO, so keep visiting for an updated commentary on the same.

Adani Power IPO Analysis

Adani Power, a power project development company, promoted by Adani Enterprises Limited, flagship company of Adani Group, with total revenues of Rs 196 billion, is entering the capital markets with an initial public offering of 301,652,031 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

The issue will open on July 28, 2009, and close on July 31, 2009. The company filed the Red Herring Prospectus (RHP) with the Registrar of Companies, Gujarat, Dadra and Nagar Haveli (RoC) on July 14, 2009.

Business of Adani Power Limited

Adani Power Limited will be in the business of developing, operating and maintaining power projects in India. It is part of the Adani Enterprise Limited, which is a large Indian conglomerate with revenues of over Rs.196,097.10 million in fiscal 2008. The parent company is one of the three largest coal traders inIndia and the largest power trading company in India (in the last three years).

The group itself is looking at vertical integration with power projects and it currently has presence in:

• Coal Mining
• Coal Trading
• Shipping
• Power Generation
• Power Transmission
• Power Trading
• Owning and Operating a SEZ

Adani Power Limited has four thermal power plants that are in various stages of development:

1. Mundra Phase 1 & 2 with a capacity of 1,320 MW. Both phases are split into sub - generation of 330 MW each. The first phase of 330 MW each are expected to get commissioned by June 2009 and the full project is expected to get commissioned by Feb 2010.

2. Mundra Phase 3 with a capacity of 1,320 MW, out of which 660 MW will be commissioned in Jan 2011 and the remaining by June 2011.

3. Mundra Phase 4 project with a capacity of 1,980 MW, out of which 660 MW will be commissioned by Aug 2011 and the remaining by April 2012.

4. Tiroda Power Project with a capacity of 1,980 MW, out of which 660 MW will be commissioned by July 2011 and the remaining by April 2012.

All dates are current estimates.

The company has applied for sector specific SEZ approvals for all its coal projects. If granted, this will give them substantial tax advantages.

Since Adani Power is part of the Adani group which is a major coal producer and trader — it will benefit in terms of obtaining raw materials in a timely and secured fashion.

Objectives of the Adani Power IPO

Adani Power is getting in the IPO to raise funds primarily for the following:

1. Finance the Mundra Phase IV 1980 MW Power Project partly

2. Fund the subsidiary that will engage in the construction and development of the 1980 MW Tiroda Power Project.

Buy or Not to buy :

I personally feel it is a buy as Power stocks can show some good movement in near future. One can expect 20% to 30% returns post listing. If you are a long term investor its a must buy then!

Price band : Rs 110 - 130 (Approximate)

Grey Market premium : Rs 30 -35