RUPA & COMPANY LTD : ALL ABOUT COMFORT !!!

Scrip Code: 533552 / RUPA

CMP:  Rs. 229.10; Market Cap: Rs. 1,821.90 Cr; 52 Week High/Low: Rs. 253.75 / Rs. 192.70;

Total Shares: 7,95,24,560 shares; Promoters : 5,95,86,390 shares –74.93 %; Total Public holding : 1,99,38,170 shares – 25.07 %; Book Value: Rs. 34.30; Face Value: Rs. 1.00; EPS: Rs. 8.34; Dividend: 250 % ; P/E: 27.47 times; Ind. P/E: 12.03; EV/EBITDA: 14.40.

Total Debt: 180.77 Cr; Enterprise Value: Rs. 1,998.08 Cr.

RUPA & COMAPNY LTD: Rupa was incorporated in 1985 by the Agarwala brothers. In 1995, they took over the business of Binod Hosiery, a partnership firm incorporated in 1979. They have emerged, over the years, as the largest hosiery manufacturer in India. The company produces and markets knitted garments such as innerwear, casuals wear and also footwear. The company came with an IPO at Rs. 10 in the year 1995 and was initialy listed on Culcutta Stock Exchange & Jaipur Stock Exchange. And it got itself listed in BSE in 2010 & at Rs. 200 on NSE in 2011. The company launched Thermocot, the first branded winter wear in India. The company is also pioneered in printing of the brand name in front of the vest. This made the logo as a design element which made the product to be flaunted. RUPA is one of the earliest brands which introduced celebrity endorsement. This created huge impact and recall value. Rupa & Company Ltd has a comprehensive portfolio of product offerings in the knitted innerwear, casual wear and thermal wear segment for men, women and kids. The company offers its products principally under the Rupa, Frontline, Jon, Air, Macroman, Macroman M' Series, Euro, Kidline, Bumchums, and Thermocot brand names. Rupa & Company Limited sells its products primarily through own retail outlets, as well as through independent retailers in India and the Middle East. The company also exports its products. The Company manages more than 6000 stock keeping units (SKUs), each of them for a particular brand, segment colour and size. The Company has its two wholly owned subsidiaries- M/s Euro Fashion Inners International Private Limited which sells premium men’s innerwear products under the brand “EURO” and Imoogi Fashions Private Limited which has recently launched apparel for kids of 0-12 years of age under the brand “IMOOGI”. Rupa also operates a Wind mill for power generation. The company is locally compared with Lovable Lingerie Ltd, Page Industries Ltd, V2 Retail Ltd , Trent Ltd, Brandhouse Retail, CESC Ltd, Future Retail, Arvind Ltd, Kewal Kiran Clothing Ltd, S Kumars Nationwide Ltd, Koutons Retail Lyd, Maxwell Industries Ltd and Globally with I.T Limited of Hong Kong, Dickson Concepts (International) Limited also from Hong Kong, Industria DE Diseno of Spain, Inditex SA of Spain, Gunze Ltd of Tokyo, Levi Strauss & Co of US, Gucci Group NV of Netherlands, Tommy Hifiger BV of Netherlands, Marc Jacobs International LLC of USA Calvin Klein Inc of USA and Donna Karan International Inc. form USA.

Investment Rationale:

Rupa & Company Limited is one of the leading textile companies, operating across the country and abroad. It is into manufacturing, processing, designing and selling hosiery and fashion wear products for men, women, and kids. It provides knitted garments, including innerwear, casual wear, and footwear. Rupa & Company Limited sells its products primarily through own retail outlets, as well as through independent retailers in India and the Middle East. The company also exports its products. Rupa, a branded innerwear player & has created and nurtured over 100 brands and manages a portfolio of 6000 stock keeping units (SKUs) comprising different range for men, women and kids. The company has a product offerings catering to different sections of society covering various price points. Over the years, the company has invested in brand building and moved up the value chain from a commodity centric marketing strategy to a brand led market positioning. The company is looking to capture a higher share of the in the premium innerwear segment by introducing premium category products, which would enable it to have better margins, going ahead. The share of super-premium products in the overall mix has gone up from 4 % in FY09 to 9% in FY13. Rupa has a pan–India presence with a large distribution network consisting of three central warehouses, 19 exclusive business outlets, 20 branches, 859 sales & marketing professionals, 950 dealers and 1,10,000 retailers. The company has already set up extensive touch points with customers, which would enable it to achieve consistent growth. Rupa is looking at having a higher proportion of the customer’s wallet by introducing newer products. The company has recently launched jeans under the Euro brand and leggings under the brand “Femmora”. The company is also looking at leveraging its brand equity by entering the kids’ innerwear segment. The Indian textile industry is set for strong growth, buoyed by both rising domestic consumption as well as export demand. Abundant availability of raw materials such as cotton, wool, silk and jute and skilled workforce has made India a sourcing hub. The most significant change in the Indian textile industry has been the advent of man-made fibres (MMF). India has successfully placed its innovative range of MMF textiles in almost all the countries across the globe. Manmade fibre production recorded an increase of 2 per cent during the year 2012-13. India is the one of the world's largest producers of textiles and garments. The potential size of the Indian textile and apparel industry is expected to reach US$ 22,100 Cr by 2021, according to the reports by Technopak's Textile and Apparel Compendium. Textile industry has made a major contribution to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings. This sector contributes about 14 % to industrial production, 4 % to the Gross Domestic Product, and 17 % to the country's export earnings. It also provides direct employment to over 3.5 Cr people. The textiles sector is the second largest provider of employment after agriculture in India. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the economy of the nation. The hike in FDI limit in multi-brand retail will bring in more players, thereby providing more options to consumers and this will be in all very good for Textile Industry. It will also bring in greater investments along the entire value chain – from agricultural production to final manufactured goods. With consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade with several international players like Marks & Spencer, Guess and Next shop having entered the Indian market. The organised apparel segment is expected to grow at a compound annual growth rate (CAGR) of more than 13 % over a 10-year period. Rupa will be surely a beneficial as it competitive advantage lies in its owned Brands which have grown over the years with a vast popular product line & with decades-long experience in successfully launching, nurturing and managing several winning brands in a pre-dominantly unorganized industry Rupa surely has its upper hand.

Outlook and Valuation:

Rupa & Company is India’s largest hosiery brand, covering the entire range of knitted garments from innerwear to casual wear & also operates a Wind mill for power generation. Due to decades-long experience in successfully launching, nurturing and managing several winning brands in a pre-dominantly unorganized industry, RUPA & Co is acclaimed by the Limca Book of Records as the largest hosiery and innerwear manufacturing and marketing company in India, for a 8 consecutive years. Rupa sells more than 12 million pieces of inner wear every month. Rupa’s competitive advantage lies in its owned Brands which have grown over the years, a product line range named $ as a brand across all categories, a formidable reputation of “Great Quality at Great Price points”, and a fact that it accepts the Buyer’s specification. Also RUPA is the first Indian company to launch bacteria-resistant briefs under its exclusive brand Euro. Rupa & Company Limited own three state-of-the-art manufacturing facilities at Delhi, Tirupur and Domjur with an overall capacity to produce 7,00,000 pieces a day. It has one of the largest distribution networks through 1 lakh retail outlets across 600 locations with a dedicated support of more than 950 dealers and distributors. Rupa had seen an accelerated revenue growth over FY07-10 with a CAGR of 21 %. Even in FY11-13, Rupa abled to maintain its double digit growth at CAGR of 13 %. Over FY09-13, the company was able to increase the share of super-premium segment from 4 % in FY09 to 9 % in FY13. Geographically, the north region contributes the highest with 48 % contribution to FY13 revenues while east contributes 26 %. Rupa is strategically focusing on increasing its share of the super-premium category. The super-premium category has grown at a CAGR of 41 % over FY09-13 while the other category has grown at a CAGR of 17 % over the same period. Among products, men’s and thermal category have grown at a CAGR of 20 % and 22 %, respectively, over FY09-13. Among other categories, women’s has grown at a CAGR of 15 % while kids (on a low base) have grown at a CAGR of 44 %. Among brands, Jon, Frontline and Macroman contributed 33 %, 26 % and 10 %, respectively. Rupa reported 9 % YoY revenue growth in FY14. Over the years, Rupa has progressed from a commodity centric marketing to brand led market positioning enabling it to register a drastic transformation in EBITDA margin. Rupa’s EBITDA margin improved from 8.2 % in FY07 to 15.2 % in FY13, which has been its peak EBITDA margin. However, in FY14, the EBITDA margin declined 80 bps YoY to 14.4%. EBITDA margin is expected to improve over the next two years driven by higher share of super-premium category and introduction of new high margin products. Driven by improvement in EBITDA margin, it is expected that its EBIDTA to grow at 10 % over FY14-16E and PAT to grow at a CAGR of 14 % over the period. It is expected that the company surplus scenario is likely to continue for the next three years which will keep its growth story in the coming quarters also.  

KEY FINANCIALS	FY13	FY14	FY15E	FY16E
SALES (₹ Crs)	829.00	904.00	973.00	1,053.00
NET PROFIT (₹ Cr)	65.00	66.00	75.00	82.00
EPS (₹)	8.10	8.30	9.40	10.20
PE (x)	28.10	27.60	24.30	22.40
P/BV (x)	7.50	6.40	5.40	4.60
EV/EBITDA (x)	16.20	15.50	14.10	12.70
ROE (%)	26.60	23.10	22.10	20.50
ROCE (%)	25.80	24.40	24.00	24.10

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RETURN ON CAPITAL

RUPA & COMPANY LTD : SLOW & STEADY WINS THE RACE !!!

Scrip Code: 533552 / RUPA

CMP:  Rs. 165.00; Buy at current levels.
Short term Target: Rs. 205, 6 month Target – Rs. 250; STOP LOSS – Rs. 151.80; Market Cap: Rs. 1,312.16 Cr; 52 Week High/Low: Rs. 194.80 / Rs. 122.50

Total Shares: 7,95,24,560 shares; Promoters : 5,95,86,390 shares –74.93 %; Total Public holding : 1,99,38,170 shares – 25.07 %; Book Value: Rs. 31.76; Face Value: Rs. 1.00; EPS: Rs. 8.10; Dividend: 150 % ; P/E: 20.37 times; Ind. P/E: 11.94; EV/EBITDA: 11.36.

Total Debt: 168.34 Cr; Enterprise Value: Rs. 1,474.82 Cr.

RUPA & COMAPNY LTD: Rupa was incorporated in 1985 by the Agarwala brothers. In 1995, they took over the business of Binod Hosiery, a partnership firm incorporated in 1979. They have emerged, over the years, as the largest hosiery manufacturer in India. The company produces and markets knitted garments such as innerwear, casuals wear and also footwear. The company launched Thermocot, the first branded winter wear in India. The company is also pioneered in printing of the brand name in front of the vest. This made the logo as a design element which made the product to be flaunted. RUPA is one of the earliest brands which introduced celebrity endorsement. This created huge impact and recall value. The Company has a comprehensive portfolio of product offerings in the knitted innerwear, casual wear and thermal wear segment for men, women and kids. The company offers its products principally under the brand name Rupa viz, Rupa, Rupa Frontline, Jon, Air, Macroman, Macroman M' Series, Euro, Kidline, Bumchums, and Thermocot. Rupa & Company Limited sells its products primarily through own retail outlets, as well as through independent retailers in India and the Middle East. The company also exports its products. The Company manages more than 2000 Stock Keeping Units (SKUs), each of them for a particular brand, segment colour and size. The Company has its two wholly owned subsidiaries- M/s Euro Fashion Inners International Private Limited which sells premium men’s innerwear products under the brand “EURO” and Imoogi Fashions Private Limited which has recently launched apparel for kids of 0-12 years of age under the brand “IMOOGI”. Rupa also operates a Wind mill for power generation. The company is locally compared with Lovable Lingerie Ltd, Page Industries Ltd, V2 Retail Ltd , Trent Ltd, Brandhouse Retail, CESC Ltd, Future Retail, Arvind Ltd, kewal Kiran Clothing Ltd, S Kumars Nationwide Ltd, Koutons Retail Lyd, Maxwell Industries Ltd and Globally with I.T Limited of Hong Kong, Dickson Concepts (International) Limited also from Hong Kong, Industria DE Diseno of Spain, Inditex SA of Spain, Gunze Ltd of Tokyo, Levi Strauss & Co of US, Gucci Group NV of Netherlands, Tommy Hifiger BV of Netherlands, Marc Jacobs International LLC of USA Calvin Klein Inc of USA and Donna Karan International Inc. form USA.

Investment Rationale:

Rupa & Company is the number one knitwear manufacturer in India in terms of revenues of Rs. 829 crore for the year ended FY12. Rupa sells more than 12 million pieces of inner wear every month. Rupa’s competitive advantage lies in its owned Brands which have grown over the years, a product line range named $ DOLLAR as a brand across all categories, a formidable reputation of “Great Quality at Great Price points”, and a fact that it accepts the buyer’s specification. Due to decades-long experience in successfully launching, nurturing and managing several winning brands in a pre-dominantly unorganized industry, RUPA & Co is acclaimed by the Limca Book of Records as the largest hosiery and innerwear manufacturing and marketing company in India, for a record eight consecutive years. Also RUPA is the first Indian company to launch bacteria-resistant briefs under its exclusive brand Euro. Rupa & Company Limited own three state-of-the-art manufacturing facilities at Delhi, Tirupur and Domjur with an overall capacity to produce 7,00,000 pieces a day. It has one of the largest distribution networks through 1 lakh retail outlets across 600 locations with a dedicated support of more than 950 dealers and distributors. The company is looking for an aquisition locally. The company’s June 13 quater net sales registered a 11.44 % increase and stood at Rs. 195.63 Cr from Rs. 175.54 Cr over the corresponding quarter last year. The company’s net profit registered a 27.77 % increase and stood at a record Rs. 14.26 Cr from Rs. 11.16 Cr over the corresponding quarter last year. Net Sales & PAT of the company are expected to grow around a CAGR of 13 % and 32 % over 2013 to 2015E respectively.

Outlook and Valuation:

India is the one of the world's largest producers of textiles and garments. The potential size of the Indian textile and apparel industry is expected to reach US$ 22,100 Cr by 2021, according to the reports by Technopak's Textile and Apparel Compendium 2012. Textile industry has made a major contribution to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings. This sector contributes about 14 % to industrial production, 4 % to the Gross Domestic Product, and 17 % to the country's export earnings. It also provides direct employment to over 3.5 Cr people. The textiles sector is the second largest provider of employment after agriculture in India. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the economy of the nation. The textiles sector has witnessed a spurt in investment during the last five years. The industry including dyed and printed, attracted Foreign Direct Investments (FDI) worth Rs. 5,674.45 crore (US$ 104 Cr) during April 2000 to February 2013. At the current market price of Rs. 165.00, the stock P/E ratio is at 15.65 x FY14E and 13.05 x FY15E respectively. The Earnings per share (EPS) of the company for FY14E and FY15E is seen at Rs. 10.54 and Rs. 12.64 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 13% and 32% over 2013 to 2015E respectively. On the basis of EV/EBITDA, the stock trades at 10.97 X for FY14E and 9.54 X for FY15E. Price to Book Value of the stock is expected to be at 4.89 x and 3.84 x respectively for FY14E and FY15E. It is expected that the company's surplus scenario is likely to continue for the next three years and will keep its growth story in the coming quarters intact. This is an very slow but steady performing scrip an hence,one can ‘BUY’ into this particular scrip with a target price of Rs. 205.00 for Medium to Long term investment.  

KEY FINANCIALS	FY12	FY13	FY14E	FY15E
SALES (₹ Crs)	711.00	829.00	931.78	1,021.23
NET PROFIT (₹ Cr)	43.55	64.77	83.85	100.51
EPS (₹)	5.48	8.15	10.54	12.64
PE (x)	34.15	22.96	17.74	14.80
P/BV (x)	7.56	6.12	4.89	3.84
EV/EBITDA (x)	18.12	13.32	10.97	9.54
ROE (%)	22.13	26.66	27.58	25.98
ROCE (%)	26.62	29.63	30.61	29.78

I would buy RUPA & COMAPNY LTD with a price target of ₹ 205 for Medium to Long term target. As I always say, I am a long term believer in markets & I do respect the markets and will keep a strict stop loss of 8 % or ₹ 151.80 on every purchase. (Why Strict stop loss of 8 % ?) - Click Here

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RUPA & COMPANY LTD : A MATTER OF COMFORT !!!

Scrip Code: 533552 /RUPA

CMP:  Rs. 152.20; Buy at 145-150 levels.
6 month Target – Rs. 250; STOP LOSS – Rs. 133.40; Market Cap: Rs. 1,210.37 cr; 52 Week High/Low: Rs. 300.00 / Rs. 137.00

Total Shares: 7,95,25,560 shares; Promoters : 5,95,86,390 shares –74.93 %; Total Public holding : 1,99,39,170 shares – 25.07 %; Book Value: Rs. 21.68; Face Value: Rs. 1.00; EPS: Rs. 11.73; Div: 65.00 % ; P/E: 13.21 times; Ind. P/E: 9.17; EV/EBITDA: 2.32

Total Debt: Rs. 122.28 cr; Enterprise Value: Rs. 1332.65 cr.

RUPA AND COMPANY LTD: Rupa was incorporated in 1985 by the Agarwala brothers. In 1995, they took over the business of Binod Hosiery, a partnership firm incorporated in 1979. They have emerged, over the years, as the largest hosiery manufacturer in India. The company produces and markets knitted garments such as innerwear, casuals wear and also footwear. The company launched Thermocot, the first branded winter wear in India. The company is also pioneered in printing of the brand name in front of the vest. This made the logo as a design element which made the product to be flaunted. RUPA is one of the earliest brands which introduced celebrity endorsement. This created huge impact and recall value. The Company has a comprehensive portfolio of product offerings in the knitted innerwear, casual wear and thermal wear segment for men, women and kids. The Company manages more than 2000 stock keeping units (SKUs), each of them for a particular brand, segment colour and size. The Company has two wholly owned subsidiaries- (1) Euro Fashion Inners International Private Limited which sells premium men’s innerwear products under the brand “EURO” and (2) Imoogi Fashions Private Limited which has recently launched apparel for kids under the brand “IMOOGI” Rupa is the number one knitwear manufacturer in India in terms of revenues, in the year ended FY11 revenues was Rs. 650 crore and is the largest knitted innerwear Company. Rupa sells more than 1.20 cr pieces of inner wear every month. Rupa’s competitive advantage lies in its owned Brands which have grown over the years, a product line range named $ across all categories have a great reputation of “Great Quality at Great Price points” and a fact that it accepts the Buyer’s specification. Due to decades-long experience in successfully launching, nurturing and managing several winning brands in a pre-dominantly unorganized industry, RUPA & Co is acclaimed by the Limca Book of Records as the largest hosiery and innerwear manufacturing and marketing company in India, for a record period of six years. Also RUPA is the first Indian company to launch bacteria-resistant briefs under its exclusive brand Euro.

Investment Rationale: From September 09, 2011, the equity shares of RUPA & Company Ltd (Scrip code: 533552) were listed only at BSE at Rs. 202.00 and is traded in the list of 'T' Group Securities (So no Intra day square off allowed). It made its all time high of Rs. 300 on BSE. RUPA & Co is also listed from 1996 onwards on Jaipur stock exchange (Scrip code: 811) and Calcutta Stock exchange (Scrip code: 028161). The company announced that it plans to launch its brands across countries in South-Asia and Africa. The company would be launching its renowned products in Bangladesh and Sri Lanka, where it would offer licenses to local partners for production and marketing. After implementing the expansion plans for its plants in West Bengal and Tripura & its plans to enter in different geographies, it is expected that RUPA expects to have CAGR of 20 % on top line; PAT of up to 36 % . Rupa has well established brands name like “Rupa, Rupa- Frontline, Macroman M’Series, Air, Macroman, Euro, Bumchums and Thermocot”. These brands promoted by the company enjoy great visibility in the market and are all owned by the Company. Lovable Lingerie has not created brands but have acquired “Lovable” & “Daisy dee” from the third party. Rupa Industries has created all its Brands and owned all the brands in the company. The average advertisement spend during the last five years has been around 8 % of its sales. During FY 2010-11, Rupa & Co. Ltd had spent Rs. 52.1 cr on advertisement. This amount was incurred towards brand building and promoting the various brands of the Company. Since the Company is continuously spending on Advertising for promotion and building brands, there lies a significant brand value in the company, yet to be unlocked. To enhance effectiveness, its laboratory monitors shop-floor developments to protect established quality standards. Over the years, this commitment to cutting-edge technology has been reinforced through the following investments: Spectraflash SF450 (a high-performance spectrophotometer) with colour matching software from DATACOLOR of USA, this makes it possible for the Company to dispatch a lab-tested colour sample within 24 hours of receipt from the client.

Outlook and Valuation:

According to CRISIL Research’s estimates, the Indian inner-wear market was worth about Rs. 13,000-14,000 cr in terms of value in 2010. It is estimated to have recorded a CAGR of 12.7 % over the past 4 years (2006 to 2010) in value terms. CRISIL Research expects the Indian innerwear industry (value terms) to post a 15.9 % CAGR over the next 5 years (2010 to 2015).  In volume terms, the domestic innerwear industry grew by 6 % over the past 4 years (2006 to 2010) and is expected to grow by 9.8 % over the next 5 years (2010 to 2015). Of the total innerwear segment, men’s innerwear is estimated to be around 42 % of market share. The men’s organised segment would be around 65 % of the overall men’s innerwear market & rest with small local manufacturers. The organised segment is estimated to have a growth of CAGR of 16 %-18 % over the past five years, while the unorganised segment  will have growth of CAGR of 12 % during the same period. Increasing per capita income and higher level of quality consciousness has resulted in higher growth in the branded innerwear segment. The growth of per capita disposable income is at 6.8 % over the period FY06-10 & is expected to continue at similar rates over the next five years thereby driving growth to the innerwear sector. The demand among-st the consumers is shifting from the basic necessities to lifestyle products; mans are now preferring more on innerwear brands which offers style, color, pattern and comfort as compared to the previous times when it was sold as a commodity with limited colors and patterns.  An estimated 34 cr people (30 % of the total population) lived in Urban India by 2008. By FY2025 the number of Indians living in cities is expected to grow to 64 cr. Increase in urbanization would drive the demand for the branded innerwear of new styles and fashions to match new lifestyles. The median age of the Indian population stands at 25.1 years as compared to the world's median age of 28.1 years. The huge size of the working population with higher purchasing power implies a very large market for branded and lifestyle products. The Kids wear apparel market is expected to grow from Rs. 22,500 crs in 2009 to Rs. 33,100 crs by 2014, at a CAGR of around 8 %. Branded Kids wear still has few established players who have created a niche market for themselves and holds a large opportunity which is clearly untapped. 

Indian Knitwear Industry has been commanding a relatively higher P/E Ratio when compared to other sectors. Page Industries (Jockey Brand) is the most established listed player in the knitwear Industry. The stock discount it’s FY12E EPS by 34.6x and its FY13E EPS by 26.5x . Lovable, a newly listed player, discount it’s FY12E EPS by 43.8x and its FY13E EPS by 36.7x. RUPA could command a P/E multiple of 25x based on its FY13E EPS of Rs. 7.70 to arrive at a value of Rs. 192 per share. At the Target price of Rs. 192.00, the P/BV for FY13 comes around 6.0 based on the Book Value of Rs. 32 per share. As per Bloomberg Consensus, the P/BV of Page Industries and Lovable for FY13E comes around 11.95 and 5.5 respectively based on the Book value of Rs. 216.80 and Rs. 111.90 per share respectively.

WHATS THE BUZZzzzzz.....

There is the buzz in the market that RUPA will soon get itself listed on NSE which needs minimum paid up capital of Rs. 10 cr for listing. It’s already listed on BSE which needs Rs. 3 cr as min. paid up capital, this listing is done as per the alliance between BSE & CSE.

KEY FINANCIALS	FY11	FY12E	FY13E	FY14E
SALES (Rs. Crs)	650.00	750.80	878.40	1,036.50
NET PROFIT (Rs. Crs)	33.70	44.20	61.70	76.20
EPS (Rs.)	4.20	5.60	7.70	9.60
BVPS	21.00	26.00	32.00	41.00
ROCE (%)	22.00	24.00	27.00	26.00
RONW (%)	21.10	22.60	26.90	28.30

I would buy RUPA & COMPANY LTD with a price target of Rs. 175 for the short term and Rs. 250 for the 6 month target. As this scrip in "T" group I will keep a strict stop loss of 8 % or Rs. 133.40 on every purchase. ONLY HIGH RISK TAKERS SHOULD BUY THIS SCRIP