My years of practice as a financial planner, I met several successful from common person to  CEO’s MD’s  of the company’s business men ,respected intellectuals  in their fields earned millions of rupees but paid little attention to their financial planning. While analyzing their investment portfolio I observed some common mistakes people often commit. Some of the commonly committing mistakes I have narrated it below. If avoid these mistakes even a common person can make his financial planning successful to the large extent.

1. Setting financial targets

2. Importance of liquidity

3. Over exposure to either fixed income  or equities

4. Treating life insurance as an investment tool

5. Inadequate amount of health insurance coverage

6. Over weight to previous performers/ track record of the scheme

7. Exersing the option of selling

Setting financial targets :-

It is a first & most important step. It should be more realistic than dramatize. We need to consider many major & minute issues such as monthly income, monthly & annual fixed expenses, age, responsibilities, current life style & aspiration of post retirement life style, all such issues should co relate with present inflection & adoptive of future inflection also.

So for the better planning & implementation purpose target should divide in three phases that is short term, medium & long term goals. Periodical review & changes in goals after accomplishing the first is a better option & for these reasons policies have to be flexible & accommodative.

Importance of liquidity :-

Human life is full of surprises. How so ever people try to make full proof plan, destiny always has an upper hand & prepared to surprise us. To cope up with those surprises only available option with us is through contingencies plan by maintaining sufficient cash reserve or liquidity. I have seen people with good monthly income facing difficulties in just couple of months when they lose their jobs. Thanks to poor financial planning & thanks to credit cards as well which tempt people to reckless shopping.

Financial planning

Over exposure to either fixed income  or equities :-

It has been observed that people are either over cautious & skeptical or over aggressive in investment. Both things are not good. With over cautious approach people prefer fixed income options where return on investments are low. While second strategy of over aggressive in equity we carry excessive amount of risk which is just uncalled for. Instead of it there should be balanced approach. Decision about equity & fixed income investment depends upon many things i.e. age, income, financial targets, responsibility, risk appetite capacity etc.

Treating life insurance as an investment tool :-

Why people are so fond of insurance policies is a million dollar question now a days. Without accessing an amount of coverage required, without getting in to the schemes details people purchases those randomly purely as an instrument for the purpose of tax saving. But we forget the basis difference in two concepts i.e. purpose of investment is creation of wealth where as life insurance purpose is financial compensation from the life threats. Over exposure to any type of insurance policies are likely to the overspending on it than to receive from it.

Inadequate amount of Health insurance coverage:-

Similar to life insurance people in general are least informed about their health insurance policies. The way medical treatments cost is souring up in its proportionate amount of coverage should also needs to increase besides the age, medical history, hereditary, etc. but unfortunately neither at the time of investment nor at the time of its renewal we considers all these issues. As well as another blunder mistake in health insurance is family floater. If any one insured family member required expensive medical treatment then in that case other family members remains unprotected till the next policy renewal.  Option of Add on shopping is not supposed to apply in all areas & at least not in finance / insurance.  So better to have separate health insurance coverage for every family person.

Over weight to previous performers/ track record of the scheme: –

The concept is more related with market related investment instruments. Market dynamics because of industrial cycle, govt. Rules & policies, tax policies can affect or change the scheme/stocks future performance. So these things should also be considered while observing past performance. After all it does not give guaranty of future performance, so shall not over emphasis on past performance.

Exersing the option of selling :-

As the entry or purchase decision is important, selling of stock / units ( in case of mutual fund investment)  are equally important. Any market related investment be it equity or mutual fund, to book the profit / exit from the scheme or stock is equally important. In its absence that profit remains only on the paper. It is observed that people once invest in any stock or scheme remains invested, without keeping track record of their investment.



Incorporated in 1943 as a regional bank in Maharashtra, RBL Bank Ltd. (formerly Ratnakar Bank)  is a Mumbai India based private sector bank offering range of banking products and services to large corporations, SMEs, agricultural customers, retail customers and development banking & financial inclusion (low income) customers.

As of March 31, 2015, RBL had 183 branches and 348 ATMs spread across 13 Indian states serving over 1.3 million customers.

RBL acquired certain Indian businesses of the Royal Bank of Scotland (RBS), including the RBS’s business banking, credit card and mortgage portfolio businesses, in 2014.

  • Company Promoters:
  • RBL is a professionally managed company and does not have an identifiable promoter in terms of the SEBI Regulations and the Companies Act, 2013. Consequently, it has no ‘promoter group’ nor any ‘group companies’ in terms of the SEBI Regulations.
  • Existing Investors – In recent years, RBL Bank has roped in major financial institutions and private equity leaders as investors through four rounds of funding. CDC Group, Asian Development Bank (ADB), World Bank arm International Finance Corporation (IFC), Norwest Venture Partners (NVP), Faering Capital India are among the biggest investors in the bank. CEO Vishwavir Ahuja owns 2.71% equity stake in the bank.

Current Market premium is Rs. 40/- to Rs. 44 /-

Name of Employee # Of Options Granted # Of Options Exercised # Of Options Outstanding Value (In Crores)
Vishwavir Ahuja 5,252,900 3,021,670 2,231,230 118.19
Rajeev Ahuja 3,502,900 1,927,670 1,575,230 78.82
Shanta Vallury 1,271,900 753,130 518,770 28.62
Naresh Karia 1,028,400 553,730 474,670 23.14
R Gurumurthy 1,852,250 1,071,065 781,185 41.68
Joginder Singh Rana 970,650 790,895 179,755 21.84
Andrew Gracias 1,851,650 820,495 1,031,155 41.66
Manoj Rawat 802,150 297,425 504,725 18.05
Satish Dhawan 646,650 389,195 257,455 14.55
Sandeep Thapliyal 796,100 586,700 209,400 17.91
Surinder Chawla 886,100 484,200 401,900 19.94
Sanjay Sharma 426,100 189,200 236,900 9.59
Harjeet Toor 951,100 352,700 598,400 21.40
Rana Vikram Anand 750,000 381,300 368,700 16.88
Sunny Uberai 460,500 186,500 274,000 10.36
Rajeev Dewal 225,500 20,000 205,500 5.07
Amareesh Gulati 700,500 150,000 550,500 15.76
Neeta Mukerji 650,000 0 650,000 14.63
Brijesh Mehra 1,000,000 0 1,000,000 22.50
Vinay Tripathi 54,000 20,260 33,740 1.22

Issue Details

Issuer: RBL Bank limited

Issue Type: 100% Book Built Issue IPO

Issue Open: Friday, Aug 19, 2016

Issue Close: Tuesday, Aug 23, 2016

Issue Size (Rs): Rs. 1,211.28 – 1,212.97 Cr. Face Value: Rs.10 per Equity Share

Price Band: Rs.224 – Rs.225 per Equity Share Bid Lot: 65 Equity share and multiple of thereof

Maximum Bid amount for Retail: Rs. 2 Lakhs Listing: BSE, NSE

Issue Size and Investor Category Allocation

Total Issue Size: 5,39,09,628 – 5,40,74,806 Equity Shares.

QIB: 50% of the Issue Size (2,69,54,813~ – 2,70,37,402^ Equity Shares)

Non Institutional Bidders:

15% of the issue size (80,86,445 – 81,11,221 Equity shares)

Retail Individual Bidders:

35% of the Offer (1,88,68,370 – 18,926,183 Equity shares)

BRLMs to the issue are Kotak Mahindra Capital Co. Ltd, Axis Capital Ltd., Citigroup Global Markets India Pvt. Ltd., Morgan Stanley India Co. Pvt. Ltd., HDFC Bank Ltd., ICICI Securities Ltd., IDFC Securities Ltd. IIFL Holdings Ltd. and SBI Capital Markets Ltd. Link Intime India Pvt. Ltd. is the registrar to the issue.

Objects of the Issue:

1.The Offer for Sale

RBL Bank will not receive any proceeds from the Offer for Sale.

2.The Fresh Issue

The proceeds from the fresh issue will be utilised towards the following objects:

Augment capital base to meet Bank’s future capital requirements ;

Enhance their visibility and brand name among existing and potential customers.;

General corporate purposes.

rbl bank

Key Highlights:

First bank IPO in a long time – It is first bank IPO in India after state-run Punjab & Sind Bank listed in 2010. Among private sector banks, the last IPO was of Yes Bank in July 2005.

NPAs – Despite the rapid growth in recent years, the bank has one of the lowest NPA levels in the industry. For FY2016, RBL Bank’s gross and net NPAs stood at 0.98% and 0.59%, respectively.

Capital Adequacy Ratio (CAR) –  As of 31 March 2016, RBL Bank’s Capital Adequacy Ratio (CAR) stood at 12.94% (comprising of 11.1% Tier 1 capital), comfortably meeting the Basel III capital requirements.

Key Operational and Financial Information:

Year ended March 31,




No. of Branches /extension counters




Total Advances (Net)




Total Assets




Total Deposits




CASA Ratio (%)*




Net Interest Margin (%)




Capital Adequacy Ratio (CAR) %#




Cost to Income Ratio (%)~




Net Profit




Gross NPA %(% of Gross Advances)




Net NPA% (% of Net Advances)




Return on Asset (%)^




Provision coverage (%)




CASA ratio is determined as the sum of demand deposits and saving deposits divided by total deposits.

CAR for Fiscal 2014, 2015 and 2016 is computed as per Basel III framework.

Cost to Income Ratio is computed as the percentage of operating expenses to net total income which is defined as the sum of interest income and other income less interest expense.

Return on Asset is arrived as a percentage of Net profit to Average Total Assets (from Average Balance Sheet).

Return on Equity & Assets

(Rs in Cr or othewise stated)

Year ended March 31,




Net profit




Average Total Assets (“ATS”)




Average Shareholders’ Equity^




Return on Equity (%)




Return on Assets (%)




Average Shareholders’ equity as a % of ATS




Dividend payout ratio (%)




Average of month end balances of Share capital and reserves; Return on equity =(net profit to average shareholders’ equity); Return on assets =(net profit to average assets); Dividend payout ratio -(Excluding Corporate Dividend Tax)

Invest in your Child’s Dreams: Best Investments for your Child’s Education


  • The company has received a number of awards and recognitions including In 2016 – “Best Corporate Payment Project” by The Asian Banker Achievement Awards (Technology Innovation Awards);
  • In 2016 – MasterCard Innovation Awards for the debit card program
  • In 2015 – “Best Bank Overall (Small)” and “Best Bank (Quality of Assets)” by Business Today – KPMG Best Bank Survey;
  • In 2015 & 2014 -“The Best Bank – Priority Sector Lending (Private Sector)” by Dun & Bradstreet Banking Awards;
  • In 2014 – “Global Growth Company” by the World Economic Forum;
  • In 2015,2014 & 2013 – “The Fastest Growing Small Bank” by Business World Magna Awards – PwC Best Bank Survey; and
  • In 2015, 2014, 2013 & 2012 – “India’s Best Bank (Growth) in the Mid-Sized Bank segment” by Business Today – KPMG Best Bank Survey.
  • Client focused approach to business resulting in growing brand recognition.
  • Robust multi-channel distribution system.
  • Partnership, investment and acquisitions that expand their reach in rural markets.
  • Growing net interest and net-interest income (Grown at a CAGR of 44.71% for the past four fiscal years.)


Its success depends largely upon its management team and skilled personnel and its ability to manage attrition as well as to attract and retain personnel And they are involved in certain legal and other proceedings in India and may face certain liabilities as a result of the same.
RBL has issued preferential shares to the members violating SEBI norms. It paid over Rs. 47 Lakh to SEBI as a penalty.


Its business is vulnerable to interest rate and Investment related risks.

Volatility in interest rate, Value of Investments and other market conditions could adversely affect its net interest margin.

Margins are low and inconsistent in the last few Years.

Their recent growth may not be indicative of their future performance and they may not be able to continue or improve their recent performance levels.

Valuation – For FY2016, RBL Bank’s diluted EPS was INR9.43. At INR225 per share, RBL Bank IPO is priced at a P/E ratio of 23.9 while the P/B (Price to book value) ratio is at 2.44.

Investment Stretagy

Low Risk – Low Return

Current Market premium is Rs. 40/- to Rs. 44 /-


No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published here.

GST Bill impact on sector and stocks wise ( Positive and Negative ) : Nomura

Here is a sector-wise snapshot excerpted from a recent Nomura report on GST on how the bill is likely to impact various sectors and stocks.


Largely positive for demand as it will lead to 10-17% fall in vehicle prices, assuming 18% GST rate.

Margin benefits to accrue for tractors as they can claim set-off against taxes paid on input. Organised battery and other spares segment would become more cost competitive and gain market share.

Stock Impact: Positive for Maruti Suzuki, Hero MotoCorp, Exide, Amara Raja, Eicher Motor, Mahindra & Mahindra, Bajaj Auto. Negative for Ashok Leyland


We view implementation of the GST at a standard rate of 17-18% as positive for stocks in the household and personal care space as the effective tax rate reduces by around 200-500 basis points (bps), apart from reducing warehousing and logistical requirements. We expect companies to absorb these benefits and one should see a one-time margin expansion for companies having a leadership position or a presence in niche and underpenetrated categories.

However, certain negative elements do exist in the terms of working capital for retailers, and additional tax rates for jewellery manufacturers and cigarette manufacturers is negative for companies in that space.

Stock Impact: Positive for Hindustan Unilever, Emami, Godrej Consumer. Negative for Titan, Bata, ITC


The GST would lead to the elimination of the CST and inter-state VAT arbitrage possibilities. This will lead to consolidation of warehouses and increased efficiencies in the logistics chain. Overall we expect significant reduction in logistics costs across the value chain. 3PL/4PL logistics service providers are expected to gain market share on improved margins as a result of lower trucking costs.

Stock Impact: Positive for Container Corporation of India, Adani SEZ, Gujarat Pipav Port (positive in longer term)


Clarity on works contract taxation is the key benefit for companies like L&T involved in the EPC space. This is expected to eliminate litigation and multiple and varying taxes across states. Further, GST eliminates the need to distinguish between sales and services, a cause of many litigations.

Stock Impact: Positive for Larsen & Toubro (L&T)


GST will benefit consumer durables companies more from the improved logistics and the shift from unorganised to organised. Direct benefits of up to 200-300bps in cost savings may also occur as a result of GST subsuming state and central taxes as well as availability of full input tax credit on service tax pay-outs on advertising. However, we expect that a significant portion of the direct benefits will be passed on the end consumer due to a highly competitive market.

Stock Impact: Positive for Voltas, Havells, Crompton Greaves


We think that the GST is largely mixed to marginally negative for ecommerce companies given 1) it could lead to significant increase in compliance cost especially for companies with a larger seller base and 2) a possible deterrent for smaller sellers to list on the platform given higher WC requirements for sellers and tax deduction at source. For ecommerce companies, we see offsets from 1) reduced working capital requirements, 2) lesser paperwork during transfer of goods interstate and 3) likely reduction in logistics costs from their ability to leverage the hub-and-spoke model more effectively.



Key petroleum products like petroleum crude, natural gas, motor spirit, high speed diesel and ATF have been kept out of the GST regime. For other products, clarity is still awaited. Due to dual indirect tax mechanism, compliance costs are likely to increase.

Stock Impact: Neutral. Do not foresee any meaningful change on oil & gas companies


We expect overall tax incidence on cement sector to decline post GST implementation. Also, the cement sector will also benefit from an expected decline in logistic costs, in our view. While we expect cement companies to pass on the benefits, given that cement demand and plant utilisation levels are picking up, cement companies may retain some of the benefits.

Stock Impact: Positive for most companies

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GST will be negative for WTG manufactures like Suzlon and InoxWind as pressure on developer margins and IRRs may eventually force reduction in WTG prices and hence realizations. The extent of the impact may be up to 10-13% in terms of lower realization. However, in case WTG components make their way into the exemption list, the impact of the GST is largely nullified.

Stock Impact: Negative for Suzlon, Inox Wind


Exclusion of ‘sale of electricity’ from the purview of the GST would potentially raise the cost of coalfired electricity & renewable energy for Discoms. Profitability of IPPs selling via medium/long-term PPAs is unlikely to be dented as the cost escalation would likely be a pass- through on account of the ‘change in law’.

Stock Impact: Positive for CESC. Negative for JSW Energy


We expect the GST rollout to have a negative impact on the sector as this is likely to increase the indirect tax burden. Our analysis based on a simplified model and assuming 18% GST rate suggests indirect taxes paid by Pharma companies can increase by 60% and MRP (end price to consumer) can go up by 4%. If Pharma companies are to absorb this price inflation, the domestic formulations EBITDA margins could see an impact of almost 20%.

Stock Impact: Negative for Alkem, Glaxo Pharma

Dilip Buildcon Limited IPO Review

Market rating of 40/100 implies a High risk high return. Investors can Avoid, however active risk seekers can try.

Current Market premium is Rs. 17/- to Rs.19 /-

Dilip Buildcon: Building roads

Incorporated in 2006, Dilip Buildcon Ltd is Bhopal, MP based Engineering, Procurement and Construction (EPC) contractor focused on road projects in India.

Company’s core business is undertaking construction projects across India in the roads and irrigation sectors. Dilip Buildcon is specialize in constructing state and national highways, city roads, culverts and bridges. Company is expanded into the irrigation and urban development businesses.

In last 5 years Dilip Buildcon completed the construction of 51 road projects in the states of Madhya Pradesh, Gujarat, Himachal Pradesh, Rajasthan and Maharashtra with an length of 5,858.49 lane kms. Company is owner of the one of the largest fleets of construction equipment in India with over 6,604 vehicles. Company is also one of the largest employer in construction sector with around 18,000 employees.

Issue Detail:

Issue Open: Aug 1, 2016 – Aug 3, 2016

Issue Type: Book Built Issue IPO

Issue Size: Rs 430.00 Cr

Face Value: Rs 10 Per Equity Share

Issue Price: Rs. 214 – Rs. 219 Per Equity Share

Market Lot: 65 Shares

Listing At: BSE, NSE

How shares may get allotted ?

50% shares may be allotted in QIB, 15% in HNI and 35% in retail category.

The Promoters:

Dilip Suryavanshi,
Seema Suryavanshi,
Devendra Jain &
Suryavanshi Family Trust.

Dilip Suryavanshi and Devendra Jain will be selling 1,136,364 shares in Dilip Buildcon IPO while BanyanTree Growth Capital will sell 7,954,545 shares. Following the IPO, BanyanTree Growth Capital’s stake in the company will fall to 2.95%. BanyanTree Growth Capital made its investment in February and March 2012.

Lead Managers :

Axis Capital Limited ,JM financials, PNB Investment Services & IIFL Holdings Limited

Registrar to IPO

Link Intime India Private Ltd  ,Mumbai

Objects of the Issue:

Prepayment or scheduled repayment of a portion of term loans (around Rs 202.38 crore), availed by the company;

To meet working capital requirements; (around Rs 200 crore)and

General corporate purposes.

The company will not receive any proceeds from the offer for sale.

The businesses of the company are spread across 2 major segments; the construction segment and infrastructure development. The construction business undertakes projects across India in the roads and irrigation sectors. Here, DBL specializes in constructing state and national highways, city roads, culverts and bridges. Under infrastructure development business, DBL undertakes building, operation and development of road projects on a Built Operate Transfer (BOT) basis with a focus on annuity projects.

As of March 31, 2016, the company has an order book of Rs 10800 crore, consisting of 50 third party road EPC projects (70% of total order book), 6 of its own road BOT projects (15%), 3 irrigation projects (7%), 1 mining project (1%), 1 cable-stayed bridge project (5%) and 3 urban development projects (3%).

Over FY12-16, DBLs order book multiplied 4 times owing to strong business development activities. The higher order book has been followed by strong execution with consolidated revenue and operating profit recording a CAGR of around 38% and 39% respectively during FY12-16 period. The Government contracts account for 76.27% of the total order book as on March 31. 2016.

DBL is considered as the largest client of HPCL, BPCL & IOC for sourcing bitumen.

The company has current portfolio of completed 12 projects of which only one is on toll basis, 3 on annuity basis, 3 are currently being undertaken on hybrid annuity basis model and balance projects are on annuity plus toll basis. DBL has invested over Rs 370 crore as equity in operational projects and earns an annual annuity income to the tune of Rs 207 crore and collects toll over Rs 20 crore annually. BOT projects accounted for only 14.65% of total order book as of March 31, 2016.

Dilip Buillcon IPO

The company has completed of over 36 EPC and 11 BOT projects in last five years and is currently pre-qualified to bid for BOT projects and EPC projects with a contract value of up to Rs 2140 crore & Rs 1250 crore respectively. The significant increase in pre-qualifications has helped DBL to increase its target market size and maintain the growth momentum of its order book.

DBL maintains a modern equipment fleet of 7,345 vehicles and other construction equipment from some of the world’s leading suppliers such as Schwing Stettar, Metso, Wirtgen and Vogele.


Strong revenue growth of 58% CAGR  in last 5 years till FY15.

Excellent execution track record through strong operating systems and controls

Strong financial performance and credit profile

Awarding of road construction projects under EPC basis by the Government is likely to pick up significant pace going forward. Over the next five years, National Highway Authority of India (NHAI) is expected to award more than 22,500 km of projects through EPC route, as BOT projects are losing favour.

Overall investments in road projects is expected to grow by 2 times to Rs 86000 crore during FY 2016-FY 2020 as compared to FY 2010-FY 2015.

State governments are also increasingly focusing on improving state roads and thus whole pie of awards of orders will increase going forward.

Further, NHAI’s focus on ensuring 80% availability of land for EPC contracts at time of award will facilitate faster execution.

DBL generates one of the highest operating margins and has the highest Return on Equity (ROEs) of around 20% among the comparable peers. This is primarily attributable to high usage of technology, geographic clustering of projects, bulk procurement at competitive prices and usage of modern equipment. On average, the EBITDA margins stand at close to 22% levels which are higher than many other players in the listed space.

The company has a healthy track record of early completion of projects and has received an early completion bonus to the tune of over Rs 220 crore in the last four years.


Margins are on declined mode year on year. Profits for FY12,FY13,FY14,FY15 are 9.1%,12.5%,7.7%,3.2%

There are outstanding criminal proceedings pending against the company, its promoters, directors and employees.

MP (DBL’s home state) earlier used to account 80% of total order execution 5 years back. DBL has already expanded in 12 states across the country and currently is executing over 64 projects in different states. But MP still accounts for 40% of its total order.

DBL is required to pay over Rs 650 as equity commitment over the 3 years for 6 under construction projects, which has to be met through internal accruals. Any inability to improve its cash flow generation hereon may put pressure on balance-sheet and funding of equity will be difficult through accruals.

The company had negative cash flows from operations in FY’16, mainly owing to consistent rise in working capital requirement and interest cost (due to ballooning of loans). Higher-than-industry receivable and inventory days (126 days) result in industry-leading cash conversion cycle.

The advantage derived from the higher operating margin of more than 22% is lost due to higher interest costs, which accounts for more than 10% of top line as compared to around 1-3% of its competitors.

The company’s consolidated debt stands at Rs 3221 crore as of 31 March 2016. Consolidated debt equity ratio stands at around 3.2 times as on that date.


The company has (on a consolidated basis) reported turnover and net profit of Rs. 1926.87 cr. / Rs. 241.29 cr. (FY13), Rs. 2401.59 cr. /Rs. 185.69 cr. (FY14), Rs. 2768.51 cr. / Rs. 87.66 cr. (FY15) and Rs. 4348.98 cr. / Rs. 196.66 cr. (FY16).

Thus although its top line has shown improvement, its net declined for FY14 and FY15. This is attributed to higher expenses for financial cost and provisions for depreciations due to investments in equipments in FY14 and FY 15.

Its finance cost increased from Rs. 115.36 crore in FY 13 to Rs. 514.21 crore for FY16. Similarly its depreciation provisions stood higher from RS. 75.60 crore for FY13 to Rs. 284.13 crore for FY16. As the company will repay its high cost debt, it is expecting major savings in finance cost. For last five fiscals it has reported 36.3% CAGR in top lines and 32.5% in EBITDA. If we attribute the latest earnings on the fully diluted equity post IPO then asking price is at a P/E of around 15 which is just at or around same level compared to its peers.


At higher price band of Rs 219, DBL is being offered at a P/E of around 15.2 times its FY’16 earnings. Comparable companies like KNR Constructions, PNC Infra, J Kumar Infra and MBL Infra are trading at P/E range of 6.4 to 17 times their FY 2016 consolidated adjusted EPS.

Investment Stretagy

Market rating of 40/100 implies a High risk high return. Investors can Avoid, however active risk seekers can try.

Current Market premium is Rs. 17/- to Rs.19 /-


No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published here.