Urgent Communication Week Ended – 4th June, 2010

25% Public Holding made Mandatory for Listed Firms…………….

In a move to broaden and deepen the Indian stock market the government has taken an initiative by which listed companies
having less than 25% public holding or more than 75% promoter holding would have to liquidate their holding in favour of
the public to bring such holding down to 75%. This rule will be implemented by the government by making an amendment to
the existing Contracts (Regulation) Rules whereby the existing listed companies having less than 25 per cent public holding
would have to reach the minimum 25 per cent level by an annual addition of not less than 5 per cent to public holding.

The underlying thesis on the basis of which this decision has been taken, as mentioned in the aforementioned paragraph, is
that this move would provide more opportunities to institutions and retail investors to increase their stake in the equity
market and that a dispersed shareholding structure is essential for the sustenance of a continuous market for listed
securities to provide liquidity to the investors and to discover fair prices. Further, the larger the number of shareholders, the
less is the scope for price manipulation.
th
These amendments, which were notified on 4 June 2010, are pursuant to th e announcements made in Budget 2009-10 that
proposed to raise the threshold for non-promoter, public shareholding for all listed companies. More than 80 listed
companies may have to tap investors for a cumulative sum of nearly Rs 2 lakh crore if this proposal were to be
implemented.

Companies in sectors such as power, steel, metals/mining and IT would be the key ones required to make offers with their
offers alone totalling Rs 1.5 lakh crore. It needs to be mentioned that in the three years between 2007 and 2009, Indian
companies raised an average Rs 45,000 crore through IPOs and qualified institutional placements each year. As a
consequesnce of this amendment as per our calculation (as given in the table given below) we can expect to see fresh
st
issue in the primary market to the tune of Rs. 61464 crore only in the 1 year.

In another significant change, for new listings, "if the post issue capital of the company calculated at offer price is more than
Rs 4,000 crore, the company may be allowed to go public with 10 per cent public shareholding and comply with the 25 per
cent public shareholding requirement by increasing its public shareholding by at least 5 per cent a year." This effectively
means for less than the threshold of Rs 4,000 crore, the above relief will not be available. Analysts feel that the Rs 4,000-
crore threshold criterion seems to be biased against SMEs who may now not be able to tap the market with less than 25 per
cent public holding. The amendments say that a company can increase its public shareholding by less than 5 per cent in a
year if such increase brings its public shareholding to the level of 25 per cent in that year.

All listed companies will henceforth be required to maintain a public shareholding of at least 25 per cent. If it falls below 25
per cent, the company will have to bring the public shareholding up to 25 per cent within 12 months. However, for the
already listed companies, the new guidelines do not prescribe any penalty clause for non-compliance. Promoters, including
the government, may always cite unfavourable market conditions as a reason for non-dilution. Finally, market conditions
may not be right for companies to offer their shares or get the valuations they deserve.

With a number of offers likely to hit the markets with this move, would raise concerns about whether there will be
sufficient investor appetite, given that recent IPOs including PSU divestments, have already met with lukewarm retail

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response. They also expressed concern that such offers may `crowd out' genuine issuers and absorb liquidity otherwise
meant for the secondary markets.

Our View ………………………

On Monday we expect the market to open on a dismal note with Hungary now openly admitting that there is a possibility
of sovereign bond default in addition to the on going problem in the Euro Zone, in addition to this there is going to be
sentimental factors that are going to hammer down the stocks enlisted in the table 1 on account of this new amendment
in the Contracts (Regulation) Rules as discu ssed above. We would advise traders to unwind long position in the below
mentioned stocks. We, however, feel that this move by the government is going to be very positive for investment
banking companies and an investor can consider accumulating companies like Kotak Bank, Edelweiss, JM Financial, etc., at
lower levels.
Table 1

Company Name Latest Promoter Holing CMP Total No. of Fresh Isuue of Shares in 1st Yr Value (Crs)
% Shares
NTPC 84.5 201.6 8245464400 412,273,220 8311
MMTC 99.33 29617 50000000 2,500,000 7404
NMDC 90 274.3 3964716000 198,235,800 5438
Wipro 79.52 655.3 1468211189 66,363,146 4349
SAIL 85.82 201.35 4130400545 206,520,027 4158
IOCL 78.92 354.7 2427952482 95,175,737 3376
Power Grid Corpn 86.36 105.75 4208841230 210,442,062 2225
Hind.Copper 99.59 475.6 925218000 46,260,900 2200
Reliance Power 84.78 159.95 2396800000 119,840,000 1917
NHPC Ltd 86.36 28.95 12300742773 615,037,139 1781
DLF 78.64 281.7 1697390890 61,785,028 1740
Power Fin.Corpn. 89.78 291.95 1147766700 57,388,335 1675
Mundra Port 80.17 687.95 400678820 20,033,941 1378
Natl. Aluminium 87.15 420.3 644309628 32,215,481 1354
Neyveli Lignite 93.56 147.9 1677709600 83,885,480 1241
Oil India 78.43 1296.9 240454382 8,247,585 1070
Oracle Fin.Serv. 80.47 2074.9 83854857 4,192,743 870
JP Power Ven. 87.7 63.95 2095680200 104,784,010 670
MRPL 88.58 69.75 1752598777 87,629,939 611
Jaypee Infratec. 83.16 81.45 1388933497 69,446,675 566
SJVN 89.97 24.25 4136626500 206,831,325 502
Indian Bank 80 230.85 429770000 21,488,500 496
JSW Energy 76.72 121.6 1640054795 28,208,942 343
SCI 80.12 161.75 423453645 21,172,682 342
Sun TV Network 77 398.5 394084620 7,881,692 314
Central Bank 80.21 149.1 404141460 20,207,073 301
HMT 98.88 70.7 760350140 38,017,507 269
Natl.Fertilizer 97.64 108.8 490578400 24,528,920 267

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Essar Shipping 83.71 82.55 615683320 30,784,166 254
Gillette India 88.73 1530 32585214 1,629,261 249
BGR Energy Sys. 81.31 658.6 72000000 3,600,000 237
RCF 92.5 80 551688100 27,584,405 221
D B Corp 86.35 236.6 181514605 9,075,730 215
Jet Airways 79.99 489.95 86344011 4,308,566 211
Mahindra Holiday 83.09 479.7 84229772 4,211,489 202
Godrej Inds. 79.1 149.7 317624892 13,022,621 195
Godrej Propert. 83.79 538.1 69850009 3,492,500 188
Ackruti City 82.49 469.15 72735871 3,636,794 171
FACT 98.96 50.45 647071974 32,353,599 163
HSBC InvestDir 92.89 394 70566773 3,528,339 139
STC 91.02 420.75 60000000 3,000,000 126
United Bank (I) 84.2 79.15 316430800 15,821,540 125
Kwality Dairy 83.7 136.15 182000000 9,100,000 124
Bharat Electron 75.86 1708.8 80000000 688,000 118
Honeywell Auto 81.24 2633.5 8841523 442,076 116
5
Alfa Laval (I) 88.77 1274.9 18160483 908,024 116
5
Puravankar.Proj. 89.96 108.35 213424335 10,671,217 116
Atlas Copco (I) 83.77 1019.7 22561564 1,128,078 115
St Bk of Mysore 92.33 637.2 36000000 1,800,000 115
Tata Tele. Mah. 77.73 20.65 1897196854 51,793,474 107
Blue Dart Exp. 81.03 879.1 23727934 1,186,397 104
Astrazeneca Phar 90 825.7 25000000 1,250,000 103
Fres.Kabi Onco. 90 127.65 158227655 7,911,383 101
Engineers India 90.4 327.8 56156100 2,807,805 92
BOC India 89.48 208.15 85284223 4,264,211 89
Omaxe 89.14 94.1 173567000 8,678,350 82
Tata Comm 76.15 247.25 285000000 3,277,500 81
Micro Inks 92.46 637.1 24871941 1,243,597 79
IVRCL Assets 88.07 122.5 123613572 6,180,679 76
Chettinad Cement 85.03 478.65 29503350 1,475,168 71
Swan Energy 80.92 140.4 95000000 4,750,000 67
Plethico Pharma 87.01 385.1 34066667 1,703,333 66
Fortis Health. 76.47 140.25 317323609 4,664,657 65
Madras Aluminium 80 115.85 112500000 5,625,000 65
Nirma 77.17 184.25 159142282 3,453,388 64
Century Ply. 85.84 55.75 222172990 11,108,650 62
Mah. Elektrosm. 99.12 509 24000000 1,200,000 61
ITI 92.98 41.5 288000000 14,400,000 60
Dredging Corpn. 78.56 566.55 28000000 996,800 56
Andrew Yule & Co 94.42 32.7 296328478 14,816,424 48
Bank of Maha 76.77 60.05 430520000 7,620,204 46
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ITDC 92.11 104.55 85769400 4,288,470 45
Timken India 80.02 123.1 63734850 3,186,743 39
Kennametal India 88.16 346.95 21978240 1,098,912 38
Hind.Photo Films 90.63 30 204865000 10,243,250 31
Thomas Cook (I) 77.27 61.3 211546569 4,802,107 29
Sundaram Clayton 80 154.7 37935168 1,896,758 29
Modern India 86.15 152.85 37542750 1,877,138 29
Marathon Nextgen 89.15 447.3 12638820 631,941 28
Falcon Tyres 84.14 164.8 34085532 1,704,277 28
3M India 76 2453.1 11265070 112,651 28
Novartis India 76.42 602.8 31960797 453,843 27
Ineos ABS (India 83.33 296 17585625 879,281 26
Gokaldas Exports 88.27 135.35 34376000 1,718,800 23
Sulzer India 80.03 1325 3450000 172,500 23
Dalal Street Inv 80 19593. 225000 11,250 22
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Elantas Beck 88.55 540 7927682 396,384 21
Haryana Fin. Co. 99.29 22.4 186455100 9,322,755 21
Gammon Infra. 75.98 26.7 724439750 7,099,510 19
Jessop & Company 99.03 6 615102475 30,755,124 18
English Ind.Clay 79.91 822.65 4468979 219,427 18
Dhanuka Agritech 89.91 388.8 9178900 458,945 18
Suashish Diamond 89.43 170.5 20763300 1,038,165 18
Rollatainers 86.08 348.15 10005200 500,260 17
Daewoo Motors 91.63 6.71 511176601 25,558,830 17
Hind.Powerplus 92 105.4 31775114 1,588,756 17
Nag. Agrichem 78.29 321.95 14898157 490,149 16
Fem Care Pharma 92.15 890 3529400 176,470 16
Madras Fert. 85.27 19.05 161101300 8,055,065 15
Ircon Intl. 99.73 305 9898000 494,900 15
SI Group 83.21 69.3 42306250 2,115,313 15
Berger Paints 75.59 71.05 346072464 2,041,828 15
Wheels India 85.7 290.05 9869444 493,472 14
Foseco India 86.48 426.75 6386459 319,323 14
Remi Metals Guj. 91.96 24.8 108435840 5,421,792 13
Piramal Glass 76.79 93.2 80434736 1,439,782 13
Jolly Board 89.89 502.6 4546700 227,335 11
Saint-Gob. Sekur 85.77 24.95 91105700 4,555,285 11
TRIL 76.82 450.85 12923611 235,210 11
Khoday India 89.54 56.25 37591237 1,879,562 11
Nilkanth Engg 78.15 2600 1245000 39,218 10
Lotte India 93.09 538.45 3771289 188,564 10
Fomento Resorts 95.43 125 16000000 800,000 10
Websity Infosys 77.59 51.55 72000000 1,864,800 10

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Warren Tea 83.51 152.7 10714273 535,714 8
JCT Electronics 82.79 2.04 788257063 39,412,853 8
Nitta Gelatin 80.5 181.6 8400000 420,000 8
Wendt India 79.74 733.05 2000000 94,800 7
OCL Iron & Steel 76.21 42.45 134143160 1,623,132 7
Vippy Industries 95.7 8.45 160577596 8,028,880 7
Emerald Co. 89.94 465 2842000 142,100 7
Fairfield Atlas 83.91 48.3 27320540 1,366,027 7
Karamch.Thapar 97.75 200 6557540 327,877 7
Keerthi Indus 81.86 130 9795150 489,758 6
Sahyadri Inds. 85.1 130.5 9561500 478,075 6
U P Hotels 88.39 219.95 5400000 270,000 6
Perfect Circle I 88.62 34 33336568 1,666,828 6
Vijay Inds. 96.36 72.75 15180800 759,040 6
Maha.Shree Umaid 83.7 125 8640000 432,000 5
IL&FS Transport 75.09 278.25 194267732 174,841 5
Aeonian Invest. 86.96 198.75 4800000 240,000 5
Orient Press 90.08 116.45 8075000 403,750 5
Citurgia Biochem 98.66 145.25 6419063 320,953 5
Sharp India 80 35.75 25944000 1,297,200 5
Sharda Motor 80.92 155 5946326 297,316 5
Surat Textile 82.01 4.13 222064440 11,103,222 5
Cambridge Sol. 75.66 62 111403716 735,265 5
REIL Electricals 98.19 240.95 3775000 188,750 5
Sah Petroleums 86.89 20.1 44000000 2,200,000 4
Batliboi 81.73 30.5 28682550 1,434,128 4
Scooters India 95.38 20.3 42992255 2,149,613 4
Avery India 78.28 133.45 9832302 322,500 4
Vinay Cements 96.21 44.4 18899870 944,994 4
India Foils 84.53 5.1 164347363 8,217,368 4
Millennium Beer 88.95 14.69 54799938 2,739,997 4
Uttam Sug.Mills 78.07 49.35 25769000 791,108 4
Capricorn System 88.67 180 3996000 199,800 4
Lords Chloro 82.35 25.7 25153861 1,257,693 3
T N Indl. Explo. 82.14 21.25 26956800 1,347,840 3
Covelong Beach 90.25 120 4595324 229,766 3
Sanmar Propertie 88.77 47 11568011 578,401 3
Westlife Develop 85.71 33.05 16000000 800,000 3
Bhagyashree Leas 84.04 151 3500100 175,005 3
Joonktolle Tea 83.7 162.75 3233647 161,682 3
Indag Rubber 79.86 101 5250000 255,150 3
Saptarishi Agro 83.35 15 34022042 1,701,102 3
Guj. State Fin. 83.95 5.24 89114000 4,455,700 2
Sri Kannap. Mill 87.87 126 3682880 184,144 2

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Ramsarup Inds. 75.89 73.3 35078480 312,198 2
National Standar 99.05 22.75 20000000 1,000,000 2
Modi Rubber 86.12 18.15 25040532 1,252,027 2
Shantivijay Jew. 93.1 150 3002000 150,100 2
Hella India 81.85 135 3171400 158,570 2
IO System 96.45 24.95 16900000 845,000 2
Innovative Foods 94.12 33.05 11608373 580,419 2
Vintron Info. 94.73 4.8 78355800 3,917,790 2
RAS Propack 80.3 32.9 10383200 519,160 2
Singer India 86.34 30.1 10743135 537,157 2
Bosch Rexroth 94.7 54.25 5299600 264,980 1
Gini Silk Mills 87.87 50.85 5592600 279,630 1
Bhilai Engg Corp 97.71 60 4719320 235,966 1
W H Brady 82.96 110.85 2550000 127,500 1
Gogia Capital 79.46 98.05 3146500 140,334 1
Vishnu Sugar 94.38 1124.3 240000 12,000 1
Rupa & Co 87.58 54 4579100 228,955 1
Rockwool (India) 77.71 10.4 40907687 1,108,598 1
Brady & Morris 81.95 98.45 2250000 112,500 1
Steelco Gujarat 78.26 7.93 42561822 1,387,515 1
India Cem. Cap. 85.68 9.69 21706200 1,085,310 1
Kothari Phyto 99.24 53.9 3837175 191,859 1
Enterprise Intel 84.78 34.8 5885000 294,250 1
Hind.Wires 89.18 23 8820000 441,000 1
Akar Tools 81.57 37.55 5394005 269,700 1
GMM Pfaudler 75.63 106.9 14617500 92,090 1
Aunde Faze Three 85.64 18 10723207 536,160 1
UMS Tech 94.89 52.9 3500000 175,000 1
Sh. Karthik Pap. 80.28 9.52 19110000 955,500 1
Pranav. Spinning 93.84 8.7 19241280 962,064 1
Aditya Birla Mi. 76.89 58.2 7550334 142,701 1
Best Eastern Hot 89.6 97.75 1685000 84,250 1
Pals Distiller 92.36 25 6276900 313,845 1
Aroni Commercial 89.1 37.95 4125000 206,250 1
Cimmco 88.45 8.05 19141100 957,055 1
Thiagarajar Mill 90.63 200 747520 37,376 1
Fort Gloster Ind 89.53 12.25 12153316 607,666 1
Eider Infotech 82.01 7.1 19990000 999,500 1
Raajratna Metal 79.72 51 2906100 137,168 1
Taparia Tools 80.49 45.95 3035750 151,788 1
Super Auto Forge 93 59 2304320 115,216 1
SKG Consolidated 86.44 100 1200000 60,000 1
Gulshan Chemfill 85.4 8 14073500 703,675 1
Niryat Sam App 86.7 12.9 7770600 388,530 1

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Grob Tea Co 82.28 83.5 1162330 58,117 0
Parshwa.Hsg.Fin. 82.39 32.25 3000000 150,000 0
Indo Asian Finan 80.87 10.6 9000000 450,000 0
Usha Ispat 77.13 1.2 179361051 3,820,390 0
Kanohar Elect. 97.58 24.75 3687400 184,370 0
Trade-Wings 76.12 131.25 3000000 33,600 0
Vanasthali Text. 77.78 8 19812500 550,788 0
Ras Resorts 77.88 39.95 3800000 109,440 0
Vadilal Chemical 87.6 17 4874000 243,700 0
Bilati (Orissa) 81.66 10 8000800 400,040 0
Idea Space Sol. 95.09 12.97 5958865 297,943 0
Ocean Agro (I) 86.39 11.05 6744900 337,245 0
Growth Techno 85.9 3.2 21446000 1,072,300 0
Assam Petrochem. 88.2 7.49 9119947 455,997 0
Leasemen Fin-Inv 90.83 12.5 5010400 250,520 0
AKC Steel Inds. 82.92 15 4150000 207,500 0
Guj. Themis Bio. 77.03 12.8 11600000 235,480 0
Monnet Sugar 76.6 25.35 7412524 118,600 0
Hind.Breweries 84.5 10 5998025 299,901 0
Sirhind Steel 86.45 13.9 4003700 200,185 0
Kartik Invest. 89.98 225.55 244000 12,200 0
Midland Polymers 77.17 31.5 3932500 85,335 0
Bagalkot Udyog 76.26 23.9 8508406 107,206 0
GTCL Mobile-Com 79.89 2.35 22000000 1,075,800 0
Dolphin Hotels 92.94 72.25 699200 34,960 0
Neycer India 77.99 13.5 6109580 182,676 0
Blossom Inds. 92.89 1.25 36891700 1,844,585 0
Gandhimathi Appl 75.3 76.9 9634601 28,904 0
Ind Bank Housing 76 21.05 10000000 100,000 0
Alexcon Foamcast 80.56 1.05 40054194 2,002,710 0
Pushpsons Inds 82.5 9 4650100 232,505 0
Indo Cont.Hotels 84.48 25 1500000 75,000 0
Ganga Papers 94.64 3.25 10788886 539,444 0
Vishnu Chemicals 75.21 69 11946020 25,087 0
Hira Automobile 95.69 12 2753440 137,672 0
Stanrose Maf. Lu 96.01 6.05 5099217 254,961 0
Snowhite Apparel 93.09 13 2298200 114,910 0
J.R.Organics 77.27 52.85 1240000 28,148 0
Surabhi Chemical 83.59 24 1173100 58,655 0
Informed Techn. 76.33 25 4169100 55,449 0
Ashok Organic 87.58 2.25 12085625 604,281 0
Nonsuch Tea Est 87.28 105 258720 12,936 0
Gold Rock Inves. 88.82 37.85 642000 32,100 0
Global Boards 94.88 2.05 11797096 589,855 0

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Southern Fuel 91.02 6.9 3455000 172,750 0
Amrapali Inds. 75.44 10.52 25705297 113,103 0
Newton Engg. 83.9 5 4621400 231,070 0
Classic Electric 94.3 15.5 1485210 74,261 0
MV Cotspin 79.2 5.5 4715500 198,051 0
Evergreen Tex. 79.66 4.55 4800000 223,680 0
Anand Duplex 100 16 1243300 62,165 0
Metal Coatings 75.85 20 4904000 41,684 0
Thacker & Co. 89.01 195.1 78765 3,938 0
Shreevatsaa Fin. 89.62 1.5 10100000 505,000 0
AP Tanneries 88.27 6.7 2200000 110,000 0
Raja Bahadur Int 84.14 53.8 250000 12,500 0
Miven Mach. Tool 86.17 4.25 3003500 150,175 0
Sheraton Proper. 96.87 10.51 1200000 60,000 0
India Sugars 83.92 4 2995096 149,755 0
Sanathnagar Ent. 82.16 3.65 3150000 157,500 0
Progress. Extr. 82.75 3 3604400 180,220 0
Speedage Comm. 97.23 9.75 980000 49,000 0
Qpro Infotech 76.92 3.48 6500000 124,800 0
Anka India 89.39 2 4188640 209,432 0
Indore Wire Co. 79.65 1.05 8397400 390,479 0
Central India 92.62 33 210000 10,500 0
Reliance Jute 86.39 2.65 2589490 129,475 0
Bhatpara Jute 78.98 8 1000010 39,800 0
Kovalam Investm. 97.7 3.6 1706210 85,311 0
Chhajer Finance 78.6 2.65 3000000 108,000 0
Tea Time 81.42 2 2673000 133,650 0
Vardan 98.31 11.2 473507 23,675 0
Ahmedabad Adv. 79.17 2 3112895 129,808 0
Kampani Consult. 95.73 10 500000 25,000 0
Mansoon Trading 79.31 2.29 2454700 105,798 0
Bentley Commerc. 97.75 4.05 996000 49,800 0
Shikhar Leasing 90.67 3.15 1000000 50,000 0
Kutch Salt 92.01 11.3 250000 12,500 0
Leena Consultant 87.04 11.34 240000 12,000 0
Titan Trading 96.89 11.55 225000 11,250 0
Sanchna Trading 100 5 499000 24,950 0
Magico Exports 97.33 2.35 960000 48,000 0
Elcid Investment 79.63 12 200000 9,260 0
Nidhi Polyester 99.75 1.78 995000 49,750 0
Kusum Iron 77.89 1.25 2408000 69,591 0
S P Finance 100 7.5 191500 9,575 0
Subway Fin.&Inv. 82.1 1.02 1102500 55,125 0
Hind.Vidyut Prod 76.03 3.5 1442885 14,862 0

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Suniti Commerc. 78.24 4.75 240000 7,776 0
Multimetals 75.07 8 5444252 3,811 0
FICS Consultancy 94 11 50000 2,500 0
Kapil Cotex 75.11 26.1 600000 660 0
Meenakshi Steel 75.3 2.29 1992000 5,976 0
Total Issue Size in First Year 61464
DISCLAIMER:
This report is for information purposes only and does not construe to be any investment, legal or taxation advice. It is not
intended as an offer or solicitation for the purchase and sale of any financial instrument. Any action taken by you on the basis
of the information contained herein is your responsibility alone and Eureka Stock & Share Broking Services Ltd [hereinafter
refereed as ESSBSL] and its subsidiaries or its employees or directors, associates will not be liable in any manner for the
consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the
information contained herein, but do not represent that it is accurate or complete. ESSBSL or any of its subsidiaries or
associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any
inadvertent error in the information contained in this publication. The recipients of this report should rely on their own
investigations. ESSBSL and/or directors, employees or associates may have interests or positions, financial or otherwise in the
securities mentioned in this report.
Analyst Team

Analyst Name Sectors E-mail Contact Number

Samudrajit Gohain Oil & Gas, Engineering [email protected] +91 - 9748860335
Kinshuk Acharya Steel, Agriculture [email protected] +91 - 9681478735
Md. Riazuddin, FRM Banking, Economy, Power [email protected] +91 - 9903062346
Rajiv Agarwal Auto, Tea, Sugar [email protected] +91 - 9903076345
Ankit Kanodia Infrastructure [email protected] +91 - 9163278562

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