Category: Personal Finance

Stocks To Buy: For A 25% Upside Buy This Restaurant Chain Shares, Says Motilal Oswal

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Investment

oi-Sunil Fernandes

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Broking firm, Motilal Oswal has a buy call on the stock of Burger King India and sees a potential upside of 25% on the shares from current levels.

Current market price Rs 168
Target price Rs Rs 210
Gains % 25%

Strong financial performance

According to Motilal Oswal. despite dine-in restrictions due to the second COVID wave, Burger King India delivered a strong 1QFY22 performance, led by the delivery channel. The recovery trends in Jul-Aug’21 continue to remain encouraging, the brokerage has noted.

“As states allow operations at Malls (55% of the stores are in Malls) and dine-in, Burger King India will see significant improvement in its performance. Its recently launched Stunner menu has also gotten off to a good start. With the widening of the value platform and elevation of the entry point, the Stunner menu is expected to significantly aid Burger King India’s performance,” the brokerage has said. According to it, with the widening of the value platform and elevation of the entry point, the Stunner menu is expected to significantly aid Burger King’s performance. “We continue to remain bullish on Burger King India as the the Stunner menu enhances the value platform, while being gross margin accretive. The introduction of BK Café is expected to boost SSSG and margin.

Apart from this the strong network expansion, won’t materially impact ADS, and its royalty rate is capped at 5% till CY39, while offering visibility on margin expansion. Also, the company has reduced its rental expenses. We maintain our Buy rating with a target price of Rs 210 per share (28x Sep’23E EV/EBITDA),” the brokerage has said.

Burger King India clocked a 130% quarter on quarter with sales growth in own app orders and over 1 million app downloads in 1QFY22. Its goal is to have one-third of delivery orders from the BK app. Burger King India is likely to open a few cafés in 3Q (for test marketing) v/s 4QFY22 guided earlier. It has mapped 75-100 restaurants for adding BK Cafés. All new outlets will have a BK Café. All this should boost the performance of the company in the coming quarters, which makes the shares of Burger King India an interesting stock to buy at the current levels.

Stocks To Buy: For A 25% Upside Buy This Restaurant Chain, Says Motilal Oswal

Disclaimer

The article is informational in nature, which is taken from the brokerage report of Motilal Oswal institutional Equities. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in the article.



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Delhi govt’s finance dept relaxes norms for departments on expenses above Rs 1 crore, BFSI News, ET BFSI

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NEW DELHI: With the pandemic making a big dent on Delhi government’s revenue, finance department had issued orders to ensure better cash management, including asking all departments to seek its relaxation before incurring expenditure of Rs 1 crore and above. The department, in its recent order, has relaxed this criteria.

In various orders on “expenditure management and rationalisation of expenditure” since the Covid-19 outbreak, different directions have been given on any expenditure of Rs 1 crore and above. In an office memorandum issued on June 17 this year, the finance department’s budget division had directed that all the administrative secretaries and heads of departments to obtain relaxation from the finance department for incurring expenditure of Rs 1 crore or more.

In a recent office memorandum, however, the finance department has allowed seeking relaxation through letters instead of files. In the memorandum, the finance department has stated that it was observed that several proposals were being sent to the department for relaxation, which was required only in cases where the expenditure was of Rs 1 crore and above. “These proposals are in turn examined in the finance department, which takes time and delays the process,” it stated.

In a partial modification of the instructions issued on June 17, the office memorandum issued on August 10 stated that it has now been decided that the administrative departments were not required to send files to the finance department for relaxation. Instead, they would approve the proposals at their level and “send a letter on a weekly basis” to the finance department in a tabulated format.

The orders on expenditure management, however, exclude certain expenditures from the necessary approvals, such as expenditure related to salaries and allowances, medical reimbursement, pension of senior citizens and widows.



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2 NBFC And Clothing Stocks To Buy For Gains Up To 68% And Good Dividends

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Buy Power Finance Corporation for 68% Gains

Current market price Rs 131
Target price Rs Rs 220
Gains % 68%

Emkay Global has recommended buying the stock of Power Finance Corporation for a target price of Rs 220, as against the current market price of Rs 131.

According to the brokerage house, asset-quality trends were encouraging, as out of the total Stage-3 assets of Rs 211.5 billion for 26 projects, 16 projects worth Rs 158.2 billion are already admitted under the NCLT with 69% provision coverage, while 10 projects worth Rs 53.3 billion with 54% coverage are being pursued outside the NCLT. Overall coverage improved to 65% from 63% last quarter.

Aatmanirbhar plans for SEB may support near-term disbursements; however, finding new growth avenues – amid weak thermal power additions – is a necessity, Emkay Global has said.

“We continue to like the company based on improving asset-quality trends and an attractive risk-reward. Maintain Buy on the stock of Power Finance Corporation and roll forward to Sept’22E with a revised target price of Rs 220 (Rs 215 earlier), corresponding to 1x P/Adjusted Sept’23E book. We are increasing the dividend payout estimate to 45% by FY24E, based on revised guidelines from the RBI,” the brokerage has said.

PFC is also available at a good dividend yield of more than 7%.

Buy TCNS Clothing stock

Buy TCNS Clothing stock

Current market price Rs 568
Target price Rs Rs 860
Gains % 51%

The brokerage is also bullish on the stock of TCNS Clothing and has suggested buying the stock for gains up to 51%.

“Revenue recovery of 35% in Q1 was in line with peers and better than 10% recovery seen last year. Better recovery was aided by a healthy 112% recovery in the ‘online & others’ channel. The physical channels (EBO/LFS) remained impacted with a 15-20% recovery due to store closures for half of Q1 and operational restrictions upon opening. TCNS Clothing, however, indicated a faster recovery of 70% for operational stores and a better fresh sales mix in the ongoing EOSS,” the brokerage has said.

According to Emkay Global, TCNS Clothing does not plan to raise additional capital to fund organic growth. Notably, TCNS Clothing was also able to tide through the FY21 Covid crisis with a stronger debt-free balance sheet, unlike many apparel peers, which raised capital to either fund losses or pursue grow

“We increase FY23/24 EPS estimates by 20% and 4% on front-loading of per-store recovery in FY23E vs. FY24E earlier. TCNS’ design/sourcing edge, agile back-end and strong online presence keep us positive. Maintain a Buy on the stock of TCNS Clothing with a revised target price of Rs 860,” the brokerage has said.

Disclaimer

Disclaimer

The article is informational in nature, which is taken from the brokerage report of Emkay Global. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in the article.



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Siva Industies lenders, slammed NCLT over settlement deal, to move NCLAT, BFSI News, ET BFSI

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The Siva Industries resolution has many a twist left.

After the National Company Law Tribunal rejected the one-time settlement offer made by Siva Industries and ordered that the company will go into liquidation, the lenders are planning to move the appellate tribunal NCLAT.

The NCLT order

The NCLT Chennai Bench, comprising R. Sucharitha and Anil Kumar B., said in the order, “The purported settlement plan proposed by the promoters of the Corporate Debtor is not a Settlement simpliciter, rather it is a ‘Business Restructuring Plan’. As per the plan, there is no final offer made by the promoter of the corporate debtor and also the acceptance made by the CoC in this regard. There is no finality reached between the promoter of the Corporate debtor and the CoC of the Settlement proposal; hence based on ambiguity of the terms of settlement, we cannot order for the withdrawal of CIRP.”

The order also said that seeking liquidation should there be a default was beyond the scope of IBC.

The NCLT said the application made by RCK Vallal, one of the shareholders of the company, is not conforming to the Section 12A of the Insolvency and Bankruptcy Code.

Paltry recovery

Eyebrows had been raised at the settlement offer as public sector banks agreed to settle with the promoter of Siva Industries, a huge loan of Rs 4,863 crore at just 318 crore — recovery of only 6.5 per cent.

Lenders were even withdrawing the bankruptcy process of Siva Industries,

It was pointed out that the settlement amount accepted by banks is even lower than the liquidation value of Siva Industries — will result in loss of approximately Rs 4,700 crore public money

Instead of invoking personal guarantee of promoters, the public sector bank Canara Bank privately sold its exposure of Rs 1,148 crore to a foreign owned ARC — International Asset Reconstruction Company Private Limited (IARC).

CBI has also filed criminal case against former senior officials of IDBI Bank and Sivasankaran for allegedly defrauding the lenders to the tune of Rs 600 crore.

Other rejections

Bankruptcy experts have termed the settlement unusual, citing the rejection of such offers by promoters in the past.

The acceptance of Sivasankaran’s offer differs from the usual pattern of rejection by creditors of such deals proposed by promoters seeking to withdraw their companies from bankruptcy proceedings.

Atul Punj of Punj Lloyd, Videocon’s Venugopal Dhoot, Sanjay Singal of Bhushan Power and Steel, and the Ruias of Essar Steel had all made offers to creditors to persuade them to drop bankruptcy proceedings. All were rejected.

In DHFL’s case, the promoter Kapil Wadhawan had offered to repay the debt in full, but the lenders ruled in favour of Piramal.

Experts say while banks may be getting the most out of such settlement in absence of any serious bid, but such a move weakens the IBC, especially Section 29A that bars promoters from bidding for their assets in a bankruptcy court. The Siva deal, if it goes through, could set a precedent of promoters striking settlement deals with banks when there are no bidders.



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ICICI Securities Is Bullish On These 2 Mid Cap Stocks With Potential Returns Up To 27%

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Buy TCNS Clothing with potential upside of 27%

TCNS Clothing, founded in 1997, is a Mid Cap company in the Apparels sector with a market capitalization of Rs 3,484.02 crore.

According to ICICI Securities, through its three popular homegrown brands, TCNS has emerged as the market leader in the women’s ethnic area, thanks to its multi-distribution channel approach and robust supply chain infrastructure.

ICICI Securities sees an upside of 27% in the stock of TCNS Clothing to Rs 700, from the current market price of Rs 553.

“Since our initiation report, the stock price has appreciated by ~38%. We maintain BUY rating on the stock with an unchanged target price. We value TCNS at Rs 700 i.e. 35x FY23E EPS”, the brokerage said in its research report.

Key triggers for future price-performance:

  • In FY22, there will be a healthy store addition pipeline with the opening of 60+ additional stores on a net basis (40+ stores have already been inked).
  • Continues to expand its omni distribution channel by introducing new business models such as a third-party market place and developing ‘online-first’ product lines.
  • Creating a new integrated warehouse to improve supply chain efficiency and scale up B2C delivery (to be set up by December 2021)
  • 15 existing stores were upgraded and expanded at favourable long-term leases in prominent malls and high streets.
  • Increasing focus on network expansion in tier III/IV cities, mostly through a franchisee-led strategy.

Buy KNR Constructions, Says ICICI Securities

Buy KNR Constructions, Says ICICI Securities

KNR Constructions Ltd., founded in 1995, is a Mid Cap business in the Infrastructure sector with a market capitalization of Rs 8,361.10 crore.

According to broking fir, ICICI securities, irrigation, and urban water infrastructure management are two areas where the organization has a strong presence. Over the last three years, the company has reported a 24.5 percent revenue CAGR and has regularly delivered an industry-leading operating margin of 20%. Prudent management, no net debt, and strong return ratios (RoCE: >23%)

ICICI Securities sees an upside of 20% in the stock of KNR Constructions to Rs 340, from the current market price of Rs 284.

“KNR’s share price has grown at 33% CAGR over the past five years. We maintain our BUY rating on the company. We value KNR at Rs 340/share,” ICICI Securities said in its report.

Key triggers for future price-performance:

  • KNR is anticipated to be one of the biggest beneficiaries of the growing road and irrigation sectors (Jal Jeevan Mission)
  • Strong order book position, receipt of assigned dates in a majority of its projects, and execution pick-up will result in an 18.8% topline CAGR in FY21-23E.
  • The operating margin is expected to remain high due to a price escalation clause in the road agreement and higher profits at irrigation projects.
  • Asset-light strategy utilising monetisation to generate additional cash flows

ICICI Securities Is Bullish On These 2 Mid Cap Stocks With Potential Returns Up To 27%

ICICI Securities Is Bullish On These 2 Mid Cap Stocks With Potential Returns Up To 27%

Stock Name Recommendation Target Price Current Market Price Potential Gain
KNR Constructions BUY 340 284 20%
TCNS Clothing BUY 700 553 27%

Disclaimer

Disclaimer

Investors should not make any trading or investment decisions solely based on the information presented in this article. We are not a licensed financial counsellors, and the information provided here does not constitute investment advice. It is a piece of information extracted from ICICI Securities brokerage report. Please seek the advice of an expert. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates, the author, and the brokerage firm take no responsibility for losses or damages resulting from the information in this article.



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Tamil Nadu FICCI Chairman, BFSI News, ET BFSI

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It is estimated that in the first phase of the lockdown, the revenue shortfall was over 44% in Tamil Nadu’s Micro, Small & Medium Enterprises (MSME) sector and the extension of the lockdown could increase the revenue loss to 60%, said Dr. GSK Velu, Chairman FICCI TN State and Trivitron Healthcare Chairman & Managing Director.

He said the state has more than 6.89 lakh registered enterprises, accounting for 15% of the total MSMEs in the country and went on to add that the MSMEs in Tamil Nadu are caught in a peculiar situation.

“Apart from resulting in a severe shortage of working capital, the Covid-19 crisis had caused delays in payment, labour shortages, and disruptions in the supply chain,” he explained.

Velu said that the growth of healthcare manufacturing is very important for India’s economic development.He said the Indian healthcare sector is full of opportunities for medical devices and the diagnostic industry and Trivitron is one of the leading destinations that offer advanced healthcare devices, products, and facilities catering to a greater proportion of the population around the globe at the best cost without compromising the quality. The company focuses on “Make in India” which will accelerate the growth of the country’s manufacturing sector.

“Manufacturing will help in operational excellence, provide large-scale employment and this initiative will also enable a significant section of the population to get jobs and move out of poverty.

He said that through the Atmanirbhar Bharat Abhiyan, some favourable domestic manufacturing encouragement policies of the government, the domestic manufacturers stepped forward to make India self-reliant on medical devices.

“Not only Trivitron, as a medical device manufacturer but the whole industry and customers will get more relaxation and it will surely give a boost to manufacture indigenous medical devices. GST exemption is nothing but an incentive and reward for Indian manufacturers/Importers.” Velu said.

While speaking about the impact that Covid-19 has had on the lab testing industry at large, he said that the pandemic threw up a host of challenges.

“In the first phase of Covid-19, the only way to fight it is via boosting the testing, whereas in the second phase we got the vaccine to fight the Covid-19, but still the labs were on the front foot to diagnose the disease through RT-PCR and Antibody tests. So, lab testing has become very essential as we have experienced the need for more labs during the two waves. Trivitron has sold 55+ million Covid tests in the country,” he said.

He went on to add that the company is looking to increase its product lines by adding more products and technologies and is facilitating the development of custom-tailored products for developed, developing, and underdeveloped economies. Further, he said talks are on to cover the entire MENA region, which shall establish Trivitron as the only Health technology organization of Indian origin to cater to every country in the Gulf and Africa.



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Sa-Dhan, BFSI News, ET BFSI

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Mumbai, Aug 16 (PTI) The microfinance industry’s gross loan portfolio (GLP) marginally declined by around 4 per cent to Rs 2,14,528 crore as of June 30 this year, against Rs 2,24,205 crore as of June 20, 2020, according to a report by Sa-Dhan. Sa-Dhan is an RBI recognised self-regulatory organisation for microfinance institutions.

Despite the ongoing pandemic, the sector witnessed disbursement of Rs 25,820 crore by all lenders, though a quarter-on-quarter GLP was down 14 per cent, the quarter 1 report on the microfinance sector released by Sa-Dhan on Monday showed.

As of March 31, 2021, the GLP stood at Rs 2,49,333 crore.

On a year-on-year basis, while banks witnessed around four per cent growth in GLP, small finance banks (SFBs) saw a decline of around 14 per cent.

The highest growth in terms of GLP (y-o-y) belonged to the not-for-profit (NFP) MFIs, which clocked around 15 per cent growth, the report showed.

NBFCs witnessed around a 22 per cent decline in their GLP and NBFC-MFIs saw a dip of around 5 per cent.

“Just about when we were coming out of the impact of COVID-19, the second wave struck. Though we had higher disbursement during Q1 of the current fiscal compared to the same period of previous fiscal, the business of the sector faced major challenges with full and partial lockdowns,” Sa-Dhan’s executive director P Satish said in the report.

Small MFIs bore the major brunt as access to funds from banks was restrained, he said.

However, there has been a recovery in microfinance operations since July, Satish said.

The report said the top five states in terms of GLP are West Bengal, Tamil Nadu, Bihar, Karnataka and Uttar Pradesh.

It said there are 14 states/UTs (Lakshadweep, Kerala, Assam, Andaman & Nicobar Islands, Manipur, Meghalaya, Chhattisgarh, Mizoram, Karnataka, West Bengal, Tamil Nadu, Madhya Pradesh, Pondicherry and Nagaland) with a portfolio at risk (PAR) 30+ value higher than the industry average of 17.16 per cent.

Sa-Dhan has 229 members reaching out to 33 states/UTs and 593 districts. It includes SHG promoting institutions, MFIs (for-profit and not for profit), banks, rating agencies, and capacity building institutions.



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Gold loan business shines as economic stress grows amid pandemic, BFSI News, ET BFSI

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If you have noticed retail shops and restaurants closing down in your locality and brightly lit jeweller’s shop opening in its place off late, there is a business booming in the middle of the pandemic.

While it is not about people flocking to buy gold, but pawning and selling gold in the time of widespread economic distress brought about by Covid.

It’s not just the local jewellers that are expanding, but the organised ones are on growth mode too.

What gives?

RBI data showed that at the end of FY21, the total value of gold loans outstanding was nearly Rs 60,500 crore — up 82% on the year.

Loan demand has picked up from the beginning of July as Covid-19 cases are declining and economic activities are on the upswing with many states easing restrictions. Gold loan non-banking finance companies (NBFCs) said customer walk-ins have increased during the month.

The average ticket size of loans that customers are opting for is Rs 55,000-60,000, which are rising for many lenders, showing growing signs of distress.

Gold loan NBFCs are seeing more competition in the gold loan business in the current financial year as the special allowance given by the Reserve Bank of India to banks to take an LTV (loan-to-value) exposure against gold loan was valid till March 31, 2021. Banks had witnessed a significant growth in gold loan business due to this special allowance. On the contrary, gold loan NBFCs are allowed an LTV exposure of 75%.

Gold auctions

Mannapuram Finance auctioned Rs 404 crore in the fourth quarter, which shot up to Rs 1,500 crore in the June quarter. The auctions happen when borrowers are unable to redeem their gold and the lenders auction it to recover their loans. Mannapuram had auctioned just Rs 8 crore worth of the yellow metal in the first three quarters of FY21.

Manappuram Finance sees business picking up in the second quarter of the fiscal with the gradual unlocking of the economy. It sees a slight decline in the portfolio in the first quarter before the pick-up.

The expansion

Muthoot FinCorp has expanded its physical network by more than 100 new branches, mainly in the north, east and west regions of India, most of which were in rural and semi-urban areas. The NBFC had opened 70 branches in FY20.

Muthoot’s gold asset under management (AUM) grew at a compound annual growth rate of 12% between FY15 and FY20. In FY21, the portfolio grew 27%.

Pune-based Bajaj Finance has increased its gold loan branches from 480 to 700 in the last financial year and plans to add 100 plus branches this fiscal.

Its loan book grew 52% last year to Rs 2,300 crore while it saw an increase in ticket sizes from Rs 75,000 to Rs 85,000 last year.

Bengaluru-based Rupeek Fintech Private Ltd’s disbursals grew 2.5 times during the calendar year 2020. It has added its presence in 17 more cities, from 10 at the end of 2019.

Shriram City Union Finance is also looking to ramp up its gold financing business this financial year, changing its strategy of focusing on other loan portfolios.



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UBS Gives ‘Gold’ A Thumbs Down, Asks Investors To Square Off Their Positions In The Yellow Metal

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Planning

oi-Roshni Agarwal

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After UBS Group AG, a Swiss multinational investment bank and financial services entity warned investors in bullion, to rethink their bullion strategy and holdings, gold slipped on Monday (August 16, 2021) after ending the previous week on a strong note. This is as the firm expects global economic recovery and gains in the dollar going ahead into the next year to weigh on the bullion.

UBS Gives 'Gold' A Thumbs Down, Asks Investors To Square Off Their Positions

UBS Gives ‘Gold’ A Thumbs Down, Asks Investors To Square Off Their Positions In The Yellow Metal

Earlier strong non-farm payrolls data released in the US raised bets of an earlier Fed tapering and consequent policy rate hike, which in turned dampened the appeal of the shiny metal. Consequently, gold prices in the international market crashed by a sharp quantum to below its critical level of $1800 per ounce. Nevertheless over the last week, the bullion made a decent recovery. Notably going ahead in the week, US retail sales data is due on Tuesday. Also, investors will analyze Fed Chair Jerome Powell’s speech and minutes of the last Fed meet for more clarity on the likely Fed tapering timeline.

“The message must be: if you have a tactical position, get out; if you have a strategic position, hedge it,” said Dominic Schnider, head of commodities and Asia Pacific foreign exchange at UBS Global Wealth Management CIO Office. “In a world that looks better, why would you want to hold so much insurance asset, and that simply means the market needs to balance at the lower level.”

Divided view on Price forecast for gold and silver

Gold and silver price forecast by UBS

In an exclusive TV interview with Bloomberg Schnider said, “Prices could drop closer to $1,600 an ounce, while silver may fall to $22 an ounce or lower”. Nevertheless for investment in precious metals, platinum could turn out to be a better bet owing to its higher industrial exposure, Schnider added.

Goldman Sachs price forecast for gold and silver

Another multinational investment bank entity, Goldman Sachs is rather positive on precious metals and sees gold touching levels of $2000 per ounce towards the end of 2021 on increased demand in the retail market as well as shoot-up in purchase of the yellow metal by global central banks. Also, for silver, the organisation maintains its price target of $30 per ounce, said analysts including Sabine Schels and Daniel Sharp over an email.

GoodReturns.in

Story first published: Monday, August 16, 2021, 22:42 [IST]



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Pharma Stocks To Buy: Two Pharma Stocks To Bet Now, Says ICICI Securities

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Suven Pharmaceuticals

Suven Pharma is a contract development and manufacturing organization (CDMO) that assists global life sciences and fine chemical companies with NCE development.

Suven Pharmaceuticals‘ stock, according to ICICI Securities, could rise up to 19 percent from its current market price of Rs 544, and the stock might surge up to a target price of Rs 650 from present levels.

“Suven’s share price has grown by ~1.6x over the past five years . Target Price and Valuation: We value Suven at Rs 650 with 32x P/E on FY23E EPS.

We continue to emphasize the strong execution capability and focused approach without the burden of success/failure of the innovative pipeline (now part of Suven Life Sciences),” the brokerage has said.

Key triggers for future price-performance:

  • The corporation has announced a Rs 600 crore investment – in facility upgrades, new technology adoption, and R&D relocation – that will be carried out over a two to three-year period, with long-term benefits expected.
  • Formulations has experienced excellent growth as a result of an expanded commercial basket, and has six ANDAs in the pipeline for FY22, boosting growth levers.
  • Following Covid, global innovators have increased their focus on research, which bodes well for pharma CRAMS activities, which remain a key growth driver.

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals develop a global generic, speciality, and over-the-counter company in dermatology, respiratory medicine, and oncology, among other fields.

ICICI Securities expects Glenmark Pharmaceuticals stock to rise up to 18% from its current market price of Rs 575, and believes it can reach a target price of Rs 680 from present levels.

“Glenmark’s share price has de-grown by ~0.7x over the past five years. We retain our BUY rating on the stock Target Price and Valuation: We value Glenmark at Rs 680 based on SOTP valuation,” the brokerage has said.

Key triggers for future price-performance:

  • It is the market leader in dermatology in India, and it is expanding its foothold in respiratory, CVS, anti-infectives, and anti-diabetics. It has also entered the consumer health industry with two brands, Candid and Scalpe+, concentrating on Rx-OTC switch items (| 150 crore).
  • Aside from sustained product launches, traction from the newly commissioned Monroe factory in the United States will be a crucial determinant.
  • Due to cost-cutting efforts and a decrease in R&D expenses as a percentage of revenue, management anticipates margins to improve.

Disclaimer

Disclaimer

The article is informational in nature, which is taken from the brokerage report of ICICI Securities. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in the article.



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