Sensex 28386.19 48.14 0.17%
Nifty 8475.75 12.65 0.15%
BSE: 505242 | NSE: DYNAMATECH | ISIN: INE221B01012
Market Cap: [Rs.Cr.] 1,330.66 | Face Value: [Rs.] 10
SAFE HARBOUR STATEMENT
Statements in this Management Discussion and Analysis contains "forward lookingstatements" including, but without limitation, statements relating to theimplementation of strategic initiatives, and other statements relating to Dynamaticsfuture business developments and economic performance. While these forward lookingstatements indicate the Companys assessment and future expectations concerning thedevelopment of business, a number of risks, uncertainties and other unknown factors couldcause actual developments and results to differ materially from expectations. Thesefactors include, but are not limited to, general market, macro-economic, governmental andregulatory trends, movements in currency exchange and interest rates, competitivepressures, technological developments, changes in the financial conditions of thirdparties dealing with the Company, legislative developments, and other key factors thatcould affect the business and financial performance. Dynamatic undertakes no obligation topublicly revise any forward looking statements to reflect future / likely events orcircumstances.
A. BUSINESS OVERVIEW
Incorporated in 1973, Dynamatic Technologies Limited ("Dynamatic" or the"Company") is engaged in the designing and manufacture of highly engineeredproducts for the automotive, hydraulic, defence and aeronautic industries. The Company isone of the worlds largest manufacturers of hydraulic gear pumps and automotiveturbochargers.ItisalsoaglobalTierIsuppliertomajorglobal aerospace OEMs (original equipmentmanufacturers) such as Airbus, Boeing and Bell Helicopters.
Dynamatic operates in three segments: Automotive & Metallurgy, Hydraulics andAerospace & Defence.
The Automotive & Metallurgy division supplies engine, transmission, turbochargerand chassis parts to the leading global OEMs. It also manufactures high precision, complexmetallurgical ferrous castings for automobile engines and turbochargers. The divisionsupplies critical engine and transmission products to around 50% of the passenger carsmade in India.
The Hydraulics division manufactures hydraulics pumps, motors, gear pumps, aluminiumpumps, cast iron pumps, hitch control valves and related products for the Indian andoverseas tractor markets. The Company is Asias largest producer of hydraulic gearpumps and one of the largest globally. It has about 70% market share of the organisedtractor market in India and supplies to all OEMs in India.
The Aerospace & Defence division is engaged in production of airframe structuresand precision aerospace components. Its products include wing and rear fuselages, aileronsand wing flaps and key airframe structures. The division also provides solutions forunmanned aerial systems & vehicles, monitoring & surveillance systems, restrictedentry systems and perimeter security. Further, the Company assembles Flap Track Beams forthe Airbus single aisle A-320 family of aircrafts on a single source basis and is thefirst private sector company in India to manufacture a functional aero-structure of amajor commercial jet.
The divisions of the Company operate through facilities across India (Bangalore,Chennai, Coimbatore and Nasik), UK (Swindon and Bristol) and Germany (Schwarzenberg). Theoperations of all three divisions are supported by two captive foundries, aluminium andiron, located in Chennai.
The global economy grew by approximately 2.9% in 2013, its slowest rate since 2009.However, there are early signs of improvement in 2014 in large developed economies such asGermany, Japan, UK and US. Because of their scale, a recovery in these economies is likelyto boost global growth to 3.6% in 2014 and to 4.0% in 2015. Having contracted marginallyin 2013, the Eurozone is expected to return to growth, although the outlook remainsuncertain due to rising debt levels, especially in the southern Europe.
Growth in the developing economies slowed in 2013, but they are still expected toexpand faster than developed economy peers in 2014. The economies of developing Asia, ledby China, India and Indonesia, are expected to grow by 6.5% in 2014. Strong growth is alsoforecasted in sub-saharan Africa and Middle East while North Africa is expected to reboundafter a tough 2013, complicated by the fallout from the Arab Spring. Central and EasternEuropean economies have suffered as major regional export markets have experienceddecrease in demand. However, growth prospects are improving despite lack of reforms inRussia and political disturbance in Ukraine. Growth in Latin America continues to be low,driven primarily by under performance of Argentina and Brazil, despite gearing up to hostFIFA World Cup in June 2014. On the contrary, recent strong reforms in Mexico augur wellfor future growth.
This better outlook for the global economy is affected not only by the weakness in theEurozone, but also by the reduction of the US Federal Reserves quantitative easingprogramme. Even the speculation around reduction in the programme resulted in decline inmany emerging markets in the middle of 2013. While the reaction to the real reduction hasbeen milder, the currencies of Brazil, India, Indonesia, South Africa and Turkey areexpected to be at risk and central banks have started to raise interest rates sharply. Indeveloped markets, a slowdown in the pace of bond buying could precipitate a rise ininterest rates from record lows. This could impact business investment and consumerspending power, potentially delaying the recovery.
In India, full year growth slowed to 4.7% in 2013-14, the lowest in last decade owingto slow pace of reforms and administrative inaction during the UPA II government.
However, the economic slowdown seems to have bottomed out now. While high financialuncertainty globally caused capital outflows and applied pressure on the exchange rate,strong policy measures led to currency stabilization, rebuilding of forex reserves andlower current account deficit. However, weaknesses remain and include persistentinflation, fiscal imbalances, impediments to investment and inefficiencies that requirestructural reforms. With an expected systemic resolution to these issues, growth isforecast to pick up strongly to 5.4% in 2014 and 6.4% next year. Stronger consumption andinvestment from policy reforms and recovery measures expected to be taken by the newlyelected stable BJP government are expected to help in growth revival.
C. INDUSTRY OVERVIEW AND SEGMENT DISCUSSION
Agriculture is the core sector of Indian economy with two-thirds of the populationdependent on it for employment and livelihood. However, it has remained as an unorganisedand unexplored sector. This is reflected by the low access to tractors among the smallscale agriculturists that hold less than 5-10 acres of land.
Rural liquidity and monsoons always play a major role in shaping the demand fortractors, resulting in frequent cyclical downturns. Weak monsoons in south and westernIndia last year had an adverse impact on the sale of tractors. This reduced the demand fortractor and aftermarket pumps. Despite the lean period, the Company continued thedevelopment of new products/ valves, thereby achieving sales of Rs 171 crores, which laysthe foundation for growth for the coming years as well. Dynamatics presence in othersectors such as lube and oil pumps for power generation group also helped in ramping upthe sales for the year.
Dynamatic HydraulicsTM, which designs, develops, manufactures and markets varioushydraulic pumps, motors, hitch control valves and related products for Indian and overseastractor markets, is one of the worlds largest manufacturers of hydraulic pumps. Ithas sustained its market leadership in hydraulic gear pumps for the last 35 years and isfocused on becoming the leader. The brand equity of the Company in hydraulic pumps shouldbe leveraged in consolidating and expanding the product range. The new operationalstrategy of Dynamatic will also help in containing cost of production and getting leanerand better.
Dynamatic HydraulicsTM designs and manufactures cast iron pumps for the constructionequipment segment. As the earth moving and construction equipment sectors are growingsteadily in India, the Company has focused on timely supplies of these pumps. Theproduction of these pumps has been planned to increase in a steady manner. Marketing ofthe cast iron pumps designed and validated in the Swindon plant has also been expedited.These pumps have the advantage of pressure ratings, higher flow and have competitiveprices.
Dynamatic HydraulicsTM is also majorly involved in manufacturing and supplying of pumpsfor industrial applications such as machine tools and power packs. Range of products tocater to varied applications, low volumes and reasonable returns are the characteristicsof this sector.
The Company also manufactures hitch control valves and the complete rock shaftassemblies along with filters and mobile valves.
Business Highlights and Market Positioning
Global Scale: One of the largest manufacturers of hydraulic gear pumpsglobally
Global Presence: Production facilities in both India and the UK. Strongdesign and development partnerships with the major tractor OEMs. Customers includeMahindra & Mahindra, Eicher Tractors, Mahindra Swaraj Tractors, Same Deutz-Fahr,Escorts, John Deere India, New Holland India, BEML, Godrej & Boyce, HMT, BHEL, Telco,VST Standard Combines, John Deere Waterloo U.S., ZF, CNH France, Womack, Terex and MunciePower Products
Intellectual Property Ownership: Owns the design IP of every productmanufactured
Design & Development: World-class design laboratories in India and UKwhich use enhanced technologies to support the Companys growth plans in asustainable manner
Comprehensive Range: Manufactures a wide range of sophisticated hydraulicvalves and custom tailored hydraulic solutions, extending from simple hydraulic pumpingunits to sophisticated marine power packs and complex aircraft ground support systems toturnkey industrial installations
State of the Art Manufacturing: Uses cutting edge technologies and highlysophisticated machinery for product manufacturing
Comprehensive Distribution Base: Possesses a global delivery chain and alarge variety of product offerings. The Company has a robust network of over 50distributors and 500 stockists, which provides coverage of the Indian hydraulics marketand cater to over 80% of mobile hydraulic gear pump applications
Dominant Player in Indian Market: Single source supplier to 70% of thetractor OEMs and construction equipment industries in India. Dynamatic exports to over 30countries and its products are used in original equipments in US, UK, Canada and SouthKorea
It also supplies cast iron body pumps to the Infrastructure sector andserves clients such as JCB, Caterpillar, Cummins, Terex and CNH USA. Further, the Companydelivers Total Tractor Hydraulics Systems (Hitch lifts) to new generation tractormanufacturers such as Same Deutz-Fahr
The Company also manufactures Hydraulic Transmission System for IndiasT-72 Battle Tanks. Additionally, it has designed the Steering Control System, TurretControl System and Braking System for the ARJUN Main Battle Tank
Quality Management Systems: Certified to ISO 9001 specifications (ISO9001:2008) and also to ISO 14001 specifications for Environmental Management System. Thequality management system meets the strict requirements of the global major OEMsincluding the occupational health and safety requirements.
Financial and Operational Performance
|Year ended 31 March, 2014||Year ended 31 March, 2013||Change (%)|
Total revenue increased by Rs 2,237 lacs during FY2014, an increase of 8% over FY2013.Revenue from India showed a growth of 6%, primarily due to boom in the agriculture sector.UK revenue increased by 10%, driven by higher average conversion rate in FY2014.
Overall EBITDA margins were 13% for FY2014, an increase of 300bps over FY2013. Thegrowth in margins was due to expansion in EBITDA margins for the Indian business by 100bpsand UK business by 600bps.
Strategy and Outlook
Dynamatic is focused on enhancing its portfolio and increasing its market share inhitch control valves, rock shaft assemblies, filters and mobile valves to consolidate itsposition as a hydraulics company. This enhanced portfolio will enable the Company tostrengthen its relationships with strategic customers with a resulting increase in theorder book.
The recent order wins and traction with the leading tractor OEMs such as NHI and JohnDeere reinforces managements focus and attention towards strengthening engineeringcapabilities and production efficiency in this business. Dynamatic is also strategicallyengaged in the trading of valves and filters which positions the Company as a one stopshop for all hydraulic products.
The replacement market offers a unique growth opportunity for Dynamatic. Significantportion of this market is currently serviced by unorganised firms. Over the years, theCompany has established a very strong position and brand in the hydraulic gear pump marketwhich will help Dynamatic to capitalize on growth opportunity in the replacement market.Increasing contributions from this business will enable revenue growth anddiversification, enhanced profitability due to relatively higher realizations. Rising farmincomes and focus on higher productivity are expected to increase the demand for powersteering application in tractors. This is expected to lead to higher demand of tandempumps. This is another focus area for the Company as it has already started supplyingrelief valves to tractor OEMs in FY2014 and expects promising growth prospects of thisproduct.
Dynamatic is experiencing trends of increasing commodity prices and rising competition,both from organised and unorganised firms. The Company is focusing on lean manufacturingsystems to mitigate this scenario. Dynamatic strongly believes innovative engineeringsolutions, decentralisation, de-skilling the manufacturing processes and reduction inoverheads are the requisites to increase market share in this challenging environment.
Automotive and Metallurgy
The automotive industry has been a period of recession in the Indian as well as globalautomotive industry. Except Hyundai, which exports 40% of its vehicles and engines, it hasbeen a volatile period for the entire automotive industry. Chennai, also known as the"Detroit of India", has the largest share of car manufacturing industries andaccounts for 60% of the countrys automotive exports. Hyundai continues to be thesingle largest exporter of cars in India and caters to over 100 countries. All of thisproduction is undertaken at their facility in Chennai. Nissan has started manufacturingcars from Chennai and has made it one of their largest export hubs. Daimler is another OEMto manufacture from Chennai and has been very successful.
While there is an opportunity for strong growth, India continues to face challenges dueto high investment on production facilities, limited availability of electricity andskilled manpower, rising fuel costs and interest rates. The Company believes thatimproving labour productivity and flexibility as well as capital efficiency are the keyfactors in the automotive industry. Quality manpower, the ability to make infra structuralimprovements and raw material availability are also major determinants of marketpositioning. Access to the latest and most efficient technologies and techniques areexpected to endow leading players with a competitive advantage.
The ability to utilize manufacturing plants to optimum levels and understanding theimplications of government policies are also essential for growth in Indiasautomotive industry.
JKM Automotive, the automotive division of the Company located in Chennai,possesses state-of-the-art manufacturing technology for supply of advanced automotivecomponents. It is the only company in Chennai which has the unique expertise in aluminiumand green sand ferrous foundries and manufactures high technology castings for automotiveOEMs. The Company caters to leading OEMs such as Hyundai, Fiat India, Tata Motors, Ford,John Deere, Cummins, Nissan and Honeywell on a single source basis.
The unique locational advantage offered by Chennai has enabled JKM Automotive toforge strong partnerships with all customers. With the advantage of backward integrationfrom ferrous foundry, the automotive unit is able to undertake effective supply chainmanagement.
Business Highlights and Market Positioning
JKM AutomotiveTM, India
Single Source: Produces high quality ferrous and non-ferrous critical engineand transmission components on a single source basis for global automotive OEMs.Products cater to approximately 35% of Indias automobiles
Innovative Supply Chain Management: Possesses state-of-the-art technologiesto manufacture high quality automotive components for Hyundai, Ford, TATA Motors, DaimlerIndia, Renault Nissan India and Honeywell on a single source basis. Diversifying thecustomer base by focusing on customers besides Hyundai to mitigate business risk.
Geographical Advantage: JKM AutomotiveTM has two manufacturing facilitieslocated in Chennai, one of Indias prominent automotive hubs
Addresses Three Segments: Applies highly efficient production systems andprocesses to manufacture automotive components for highway, off-highway and technologyoriented applications
Green Energy: Utilizes green energy through the Companys wind farm,which generated 10 million units of during the year. This resulted in 87% annual savingsin power and enabled the facility to considerably reduce its carbon footprint
Quality Management Systems: JKM AutomotiveTM facilities are certified withthe highest quality and safety standards specified by the automotive industry including TS16949, OSHAS 18000 and ISO 14000 as well as Ford Q1 quality standards and further approvedby various leading global automotive companies
JKM Ferrotech Limited, India
The major operational highlights of the division during FY2014 may be listed asfollows:
The Company strengthened its position as the largest supplier of automotivecastings to Mando India and TVS Sundram Fasteners and as a major supplier outside Europeto Volkswagen Germany for Flywheels. Recently, it also started supplying Exhaust Manifoldparts to Daimler Germany and BMW
Commenced operations from the DISA horizontal moulding line during the year.Currently produces 70,000 Exhaust Manifolds in SiMo and High SiMo grades for Hyundai and20 different parts for Daimler India
Approved by Toyota India for the supply of brake parts
t Received orders from new automotive customers such as Addison and PHI for regularproduction
First iron foundry in India to be approved by BMW Germany for the supply ofExhaust Manifolds in SiMoNi, the heat resistant grade. These components are used inBMWs 1 series, 3 series and MINI cars. Currently delivering 5,000 manifolds everymonth
Set up an in-house machine shop for machining Daimler India parts. Thisrepresents the first step towards establishing a best in class machining facility
Eisenwerk Erla GmbH, Germany
The main products include Turbine Housings, Exhaust Manifolds, Crankshaft Bearing Capsand various castings for engines.
Has 90% market share of the Indian automotive industry. Also caters to theagricultural and mechanical engineering and construction machinery industries
Focused on the securing steel projects and have received several prototypeand pre series orders in stainless steel
Installed a new pouring station and system for the steel production
Started a development project for a new ferritic stainless steel grade forone of the main customers first samples have already been cast
Receiving support for the Companys focus on steel products from theGerman OEMs and Turbocharger companies
Successfully started serial production of 3 new Turbocharger projects
Worked towards improvements in the production of Turbine Housings andIntegrated Turbine Housings. Majorly focusing on the automation of the core production
Successfully implemented several core toolings, made completely out ofstainless steel, for serial production
Engaged in further discussions with a new strategic Turbocharger company andcleared the Process Audit according to VDA 6.3
Passed all customer audits and received high ratings from MAHLEFiltersysteme, Mitec and Continental Automotive
Has special knowledge and experience in the core making technology ofTurbocharger Castings as well as in the production of high alloy materials with twopatents
Has a Quality, Environmental and Energy Management system and is certifiedby the TV Deutschland according to ISO/TS 16949:2009, ISO 14001:2004 and ISO 500010: 201
Major customers include IHI Charging Systems International, BoschMahle TurboSystems, BorgWarner, Turbo Systems, Audi, Volkswagen, Daimler, AGCO Fendt and JosephVgele
Dynametal, India - Aluminium Casting (including Metallurgy)
Uses advanced metallurgical technologies to produce high quality non-ferrousalloys and castings for industrial, automotive and aerospace applications at its modernfoundry in Chennai
Facility equipped with electric furnaces, which makes it highly eco-friendlywith the infrastructure created and controlled in-house
Financial and Operational Performance
|Year ended 31 March, 2014||Year ended 31 March, 2013||Change (%)|
Total revenue increased by Rs 5,894 during FY2014, increase of 6% over FY2013. Revenuefrom India showed a decline of 25%, majorly due to the slowdown in the economy. Germanyrevenue increased by 15%, driven by high average conversion rate in FY2014 as compared toFY2013.
Overall EBITDA margins were 4% for FY2014, unchanged from FY2013. This was due tooffsetting of increased profitability in Germany, mainly due to higher average conversionrate by higher losses at Indian Automotive segment.
Strategy and Outlook
The Company is focusing on multiple areas to drive higher growth and profitability inthe Automotive business. Over the years, the Company developed capabilities to manufactureperformance critical components for the automotive industry such as turbochargers andexhaust manifolds. Turbochargers increase the fuel efficiency of the engine and decreasecarbon emissions. Increasing focus on fuel efficiency and environmental safety globallypresents significant opportunities for this business.
Steel casting is another strategic focus area for the Company. Engine downsizing andchanged burning process for higher fuel efficiency have increased the operatingtemperature of petrol engines. This has led to increased demand for steel castings due totheir ability to withstand higher temperatures. Dynamatic is closely working with itscustomers to understand their specific requirement for steel castings to be able toprovide them best in class products.
The exports market presents a key growth avenue for the Company. Dynamatic has startedexporting performance critical castings to major global OEMs, as a tier II supplier fromits foundries in India. The Company is striving to increase sales of performance criticalcastings through this channel to drive higher profitability.
While there is an opportunity for growth, India continues to face challenges due tohigh investment required in production facilities; scarcity of electricity and skilledmanpower and rising fuel costs and interest rates. The Company believes improvement inlabour productivity and flexibility as well as capital efficiency is one of the keysuccess factors in the automotive industry. Skilled manpower, the ability to driveinfrastructural improvements and optimum utilization levels, raw material availability,access to the latest technologies and techniques and understanding of the Governmentpolicy framework may be considered as other significant drivers of a strong marketposition.
Aerospace & Defence
As air travel demand is increasing, aircraft equipment continues to improve, withenhancements powered by innovations in jet engine fuel efficiency, navigation technology,and materials science. These improvements, especially in fuel efficiency, are drivingdemand for aircraft replacement, thus advancing the obsolescence of certain previousgeneration aircraft. Fuel costs, as a percentage of total operating costs for airlineshave risen from an average of 13.6% in 2001 to 31% expected in
2013. Therefore, the investments in next generation fuel efficient aircraft, whichpromises to deliver at least an estimated 15% better fuel burn rate, become veryattractive for airline operators.
Defence Industry Defence Procurement
Since the introduction of the offset clause, the Ministry of Defence (MoD) hasconcluded 16 offset contracts worth $4.3 billion with various vendors. According to thecurrent pace of modernisation, offset business worth $24 billion may be expected to flowinto the sectors of defence, civil aerospace, and internal security in the next decade.
Defence Industry Projects
P-8A Poseidon: The P-8A Poseidon is a long-range anti-submarine warfare,anti-surface warfare, intelligence, surveillance and reconnaissance aircraft capable ofbroad-area, maritime and littoral operations.
A derivative of the next-generation 737-800, the P-8A combines superior performance andreliability with an advanced mission system that can ensure maximum inter operability inthe future battle space. The P-8A is being developed for the US Navy by a Boeing-ledindustry team that consists of CFM International, Northrop Grumman, Raytheon, GE Aviation,BAE Systems and Spirit AeroSystems.
The US Navy plans to purchase 117 P-8As to replace its fleet of P-3C aircraft. InJanuary 2011, Boeing received a $1.6 billion contract for low-rate initial production ofthe first six aircraft, spares, logistics and training devices. In November 2011, Boeingreceived a $1.7 billion LRIP award for seven additional P-8As. In September 2012, Boeingreceived a $1.9 billion contract for 11 aircraft, bringing the total aircrafts to 24.
On January 1, 2009, Boeing signed a contract with the government of India to provideeight P-8I long-range, maritime, reconnaissance and anti-submarine warfare aircraft to theIndian Navy. The P-8I is a derivative of the P-8A designed specifically for the IndianNavy. The first test aircraft began formal flight testing of US Navy at Boeing field inlate 2009 and travelled to Naval Air Station Patuxent River, Md., on April 10, 2010, forcompletion of flight test. Six P-8A test aircrafts are currently under flight testing.
P-8A, Boeings first production, made its initial flight on July 7, 2011 and wasofficially delivered to the Navy on March 4, 2012. Boeing completed the last of its LRIP-1deliveries in January 2013.
CH-47 Chinook: The Indian Air Force chose the Boeing Chinook over Russian Mi-26helicopters under a tender process for the delivery of 15 heavy-lift helicopters onDecember 5, 2012. The value of the future contract will be determined following contractnegotiations with Boeing, which are currently underway. Boeing is pursuing a multi-year $4billion order from the US Army for 177 more CH-47F Chinook helicopters. The five-year dealincludes an option for the US Army to buy 38 additional Chinooks, a multi-mission,twin-engine transport helicopter. This order would eventually bring the US ArmysCH-47F total procurement close to its target of 464 aircraft, including 24 for replacementof peacetime attrition aircrafts. The deliveries are expected to begin in 2015.
Sukhoi 30MKI Fighter Bomber for Hindustan Aeronautics: The Sukhoi 30MKI, which isone of the finest multirole aircrafts in the world, combines a robust Russian airframewith state-of-the-art western avionics and locally developed computers. The addition ofthis aircraft has given the Indian Air Force a strong lead in offensive capability whichis unrivalled in Asia. The Government of India plans to more than double the number ofRussian-made Sukhoi 30MKI fighter aircraft in the Indian Air Force fleet to 230 by 2015.
Hindustan Aeronautics Limited (HAL) has mastered the manufacturing of the wing and tailparts of the aircraft and has started producing the Fuselage. The manufacturing of theengine is the most challenging aspect of indigenisation and is expected to be undertakensoon.
Despite the negative sentiments due to the Eurozone crisis and worries aboutChinas growth
|08-Oct-14||Dynamatic Technologies hits 10% upper circuit|
|06-Jun-14||Dynamatic Tech shareholders approve pref issue of warrants to promoters|
|19-May-14||Dynamatic Technologies sells additional non-core assets worth Rs 70 crore|
|25-Feb-14||Dynamatic Technologies reports net profit of Rs 0.39 crore in the September 2013 quarter|
|25-Feb-14||Dynamatic Technologies reports net loss of Rs 6.82 crore in the June 2013 quarter|
|25-Feb-14||Dynamatic Technologies reports net loss of Rs 2.01 crore in the March 2013 quarter|
|24-Nov-14||Spicejet clarifies on stake sale|
|21-Nov-14||Mahindra clarifies on Economic Times article|
|29-Sep-14||Kingfisher Airlines closes up over 5%|
|29-Sep-14||Kingfisher Airlines surges 5%|
|30-Aug-14||GVK writes to civil aviation ministry for withdrawl of chairman nominee of BIAL|
|20-Nov-13||Sushant School, Deakin University partner for iDiDe|
Vijai Kapur , Chairman
S Krishnaswamy , Director
Govind Mirchandani , Director
Malavika Jayaram , Director
Company Head Office / Quarters:
Phone : Karnataka-91-80-28394933/34/35 Extn 254 / Karnataka-
Fax : Karnataka-91-80-28395328 / Karnataka-
E-mail : email@example.com
Web : http://www.dynamatics.com
Karvy Computershare Pvt Ltd
Plot No 17-24 ,Vittal Rao Nagar ,Madhapur ,Hyderabad-500081
|Scheme Name||No. of Shares|
|HDFC Infrastructure Fund (G)||1,20,000|
|DSP BR Opportunities Fund (G)||50,000|
|DSP BR Small And Mid Cap Fund (G)||50,000|
|SBI Magnum Multiplier Plus 93 (G)||35,302|
|L&T Business Cycles Fund (G)||29,375|
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