Advisory Analyst Note

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NARNOLIA FINANCIAL ADVISORS LTD (FORMERLY MICROSEC CAPITAL LTD.); REGISTERED OFFICE ADDRESS: MARBLE ARCH, 2ND FLOOR, OFFICE 201, 236B, A J C BOSE ROAD, KOLKATA- 700020; PHONE NO.-022-6839-1234/35; WEBSITE WWW.NARNOLIA.COM. CORRESPONDENCE OFFICE: 101 & 102, 1ST FLOOR, BUILDING NO. 27, ROAD NO. 17, MIDC, MAROL, ANDHERI EAST, MUMBAI – 400093; PHONE NO.: +91 22 6839 1200; Read More

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Issued in public interest by Narnolia: Prevent unauthorised transactions in your trading/demat account- Update your mobile number/email ID with your stock broker/depository participant. Receive information of your transactions/alerts directly from Exchange/Depository on your mobile/email at the end of the day. KYC is a one-time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary. Investors don’t need to issue cheques while subscribing to IPOs. Just write your bank account number and sign the application form to authorise your bank to make a payment on your behalf in case of allotment. You don’t have to worry about refunds as the money remains in the investor's account.

It has been brought to the notice of SEBI by Central Economic Intelligence Bureau, Department of Revenue, GOI, that certain fraudsters are collecting data of customers who are already into trading either in NSE / BSE and send them bulk messages on the pretext of providing investment tips and luring them to invest with them in their bogus firms by promising huge profits. Hence, the investors are requested to take note of the above and exercise caution and due care.

AnalystDate	15 Feb 2020
BSECode	500490
BlogURL	NA
NoteDescription	Subdued volume growth in FY20 on account of extended monsoon till midNovember. Agri and housing mix currently stood at 70:30. Based on various proposals presented by government in the budget like crop insurance, Credit facility availed to farmers, minimum support price, 100 Smart cities, AMRUT etc. leads to volume growth of both Agri as well as housing sector pipes. Lower cost of raw material in 3QFY20 expanded margin, in line with the spread of PVC to EDC prices. However in 4QFY20 margins will suppressed due to contraction in spread. PAT margins further stretched on the back of reduced tax rates. We, maintain our NEUTRAL stance on the stock with the target price of Rs. 520 (at 11x FY21E EV/EBITDA).
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