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><ul><li>Positives: (i) Aggregate volume/GRM upside of 5mn tonnes/US$1/bbl - ongoing refinery expansion &amp; upgradation in Mumbai/Vizag are driving our FY23E earnings growth while the likely impact of Vizag residue upgradation will revive EPS growth in FY24E.</li></ul><div><ul><li>Beat on Standalone 4QFY22 results, driven by higher other income: <span style="font-size: var(--content-font-size);">Net revenue at Rs975.73bn vs. NBIE est. of Rs1,237.66bn was a miss of 21.2%.</span></li></ul><div><div><div><div><ul><li>Refining volume was a beat of 10.6% at 4.69mmt. Sales volume was a beat of 15% at 10.67mmt.</li></ul></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>

Positives: (i) Aggregate volume/GRM upside of 5mn tonnes/US$1/bbl - ongoing refinery expansion &amp; upgradation in Mumbai/Vizag are driving our FY23E earnings growth while the likely impact of Vizag residue upgradation will revive EPS growth in FY24E.Beat on Standalone 4QFY22 results, driven by higher other income: Net revenue at Rs975.73bn vs. NBIE est. of Rs1,237.66bn was a miss of 21.2%.Refining volume was a beat of 10.6% at 4.69mmt. Sales volume was a beat of 15% at 10.67mmt.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.

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