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>Market share gains for Ultratech will be difficult going forward</li><li>Sizeable improvement in EBITDA/mt for Adani possible: Holcim group’s aggregate EBITDA/mt is ~Rs200/mt lower than Ultratech’s for the past three years or so.</li><li>Valuation multiples have room to grow for the combined ACC-Ambuja entity</li></ul></div>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.

Market share gains for Ultratech will be difficult going forwardSizeable improvement in EBITDA/mt for Adani possible: Holcim group’s aggregate EBITDA/mt is ~Rs200/mt lower than Ultratech’s for the past three years or so.Valuation multiples have room to grow for the combined ACC-Ambuja entityContent 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.

UltraTech Cement Ltd - Steep Correction Has Made Valuations Reasonable

Ultratech Cement

UltraTech Cement Ltd - Steep Correction Has Made Valuations Reasonable