Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>Market share gains in TBR &amp; PCR led by R&amp;D investment: APTY’s R&amp;D spends have been consistently ahead of competition over the last 5-10 years (Exhibit 5), which is reflected in its better quality TBR and PCR tyres.</li></ul><div><div><div><div><ul><li>Demand outlook remains positive: The domestic replacement tyre market is witnessing signs of recovery, led by the PCR and T&amp;B segments.</li></ul><div><div><div><div><ul><li>Margin headwinds to persist with elevated crude prices and depreciated INR: Crude derivatives account for ~40% of the RM basket for APTY.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Market share gains in TBR &amp; PCR led by R&amp;D investment: APTY’s R&amp;D spends have been consistently ahead of competition over the last 5-10 years (Exhibit 5), which is reflected in its better quality TBR and PCR tyres.Demand outlook remains positive: The domestic replacement tyre market is witnessing signs of recovery, led by the PCR and T&amp;B segments.Margin headwinds to persist with elevated crude prices and depreciated INR: Crude derivatives account for ~40% of the RM basket for APTY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres - Margin Headwinds Owing to Rising RM Prices; Maintain BUY