UTIAMC

By Siddhi Nayak and Dharamraj Dhutia

MUMBAI, March 7 (Reuters) - India's two- to three-year government bond yields are an attractive investment opportunity and UTI Asset Management Company is more bullish on this part of the curve versus the 10-year bond, an executive from the fund house said.

India's 10-year benchmark bond yield IN067934G=CC was at 6.68%, while the two-year and three-year bond yields were around 6.53%-6.57% on Friday.

"The sweet spot on the yield curve is somewhere in the 2-to-3-year segment. We are more bullish (on this segment) than the 10-year," said Vetri Subramaniam, chief investment officer at UTI Asset Management Company, which manages debt assets worth around 3.50 trillion rupees ($40.18 billion) as of January.

Yields on the longer duration bonds would likely have limited room to decline from this point as U.S. yields remain elevated, he added.

Bond yields fall when prices rise.

The 10-year U.S. Treasury yield US10YT=RR was at 4.26%, and the spread with the Indian counterpart is 243 basis points. The spread was at 255 bps at the start of the week.

In addition, the premium on (India's 10-year-bond yield) compared to its U.S. counterpart "is not very attractive and it does not fully compensate investors for the currency risk," Subramaniam said. "The U.S. market is sucking the oxygen out of the room for every other country."

"Our view is that the yield curve is flattening, and steepening, if any, will happen because the short-term (yields) fall due to comfortable liquidity conditions," he added.

Typically, demand for short-term bonds ramps up when liquidity conditions are comfortable as there is more money in the system, pushing down yields.

The Reserve Bank of India has infused over 4.50 trillion rupees into the banking system since mid-January through bond purchases, forex swaps and repos maturing in early-April. It will further inject around 1.87 trillion rupees through bond buying and forex swaps in next three weeks.

The fund manager expects the current central bank's rate cutting cycle to be shallow, and sees the possibility of two more cuts, with a reasonable probability in April.

($1 = 87.1100 Indian rupees)

(Reporting by Siddhi Nayak and Dharamraj Dhutia; Editing by Janane Venkatraman)

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By Dharamraj Dhutia

MUMBAI, Jan 31 (Reuters) - India's UTI Asset Management Company plans to increase its investments in the seven- to 15-year government bond segment and three- to five-year corporate notes, following the central bank's recent liquidity infusion and anticipated rate cuts, an executive said on Friday.

"In government bonds, we are invested in the seven- to 15-year part of the bond yield curve, as this part is expected to benefit from the central bank's OMO (open market operation) purchases looking at its preference for such securities," said Anurag Mittal, head of fixed income at the asset management firm.

The fund house manages assets worth around 3.5 trillion rupees ($40.39 billion), as of December end.

In the corporate debt space, the firm remains invested in three- to five-year papers, as these yields could decline in case of interest rate cuts and liquidity infusion, Mittal said, adding the fund house is "quite comfortable" with the strategy.

The Reserve Bank of India will infuse around 1.50 trillion rupees into the banking system over three weeks through debt purchases, long-term repos and an FX swap.

On Thursday, the RBI bought 200 billion rupees of 2033 to 2037 maturity papers.

The infusion is being considered as a precursor for an interest rate cut on Feb. 7, when the RBI will announce its monetary policy decision.

Mittal expects the central bank to announce more steps to infuse liquidity and cut repo rate by 50-75 basis points this year.

"Going forward, inflation should come closer to RBI's target and growth is also slowing down. Both these factors are quite constructive for policy easing."

Mittal said, the central bank could opt for a temporary cut in banks' cash reserve ratio for the next two to three months, as a 50 bps move could release more than 1 trillion rupees.

"I think the RBI may have to do more tranches of liquidity infusion once the initial set is done. Especially around the time of advance tax outflows, we may need more longer duration variable rate repos as well as OMO purchases."

($1 = 86.6600 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Eileen Soreng)

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Jan 28 (Reuters) - UTI Asset Management Company Ltd UTIA.NS:

• DEC-QUARTER CONSOL NET PROFIT 1.51 BILLION RUPEES

• DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 4.18 BILLION RUPEES

Source text: [ID:]

Further company coverage: UTIA.NS

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** Shares of UTI Asset Management UTIA.NS rise 4.5% to 1,199 rupees

** Investment management co posted a 31% rise in Q1 consol net profit to 2.39 bln rupees ($28 mln), total rev from ops up 33% Y/Y

** Overall net flows remain positive, hybrid funds recorded decent inflows, said analysts at Centrum Broking

** Fourteen analysts covering the stock on avg have a "hold" rating; median PT is 1,232 rupees - LSEG data

** Stock up 42% so far this year

($1 = 84.0725 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Oct 25 (Reuters) - UTI Asset Management Company Ltd UTIA.NS:

• UTI ASSET MANAGEMENT COMPANY LTD SEPT-QUARTER CONSOL NET PROFIT 2.39 BILLION RUPEES

• UTI ASSET MANAGEMENT COMPANY LTD SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 5.38 BILLION RUPEES

Source text for Eikon: [ID:]

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** Shares of HDFC Asset Management HDFA.NS, Nippon Life India Asset Management NIPF.NS and UTI Asset Management UTIA.NS rise 4.2%, 1.7% and 2.5%

** Nomura begins coverage of HDFA and NPIF with a 'buy' and UTIA with a 'neutral' rating

** HDFA, NIPF rated "buy" on avg, UTIA "hold" - LSEG data

** India's mutual fund penetration trails global average and at 3.2% has "significant room to grow" - Nomura

** Says HDFA among most profitable AMCs and is poised to capture more market share in the future

** NIPF best-placed to benefit from rising industry flows, especially in small-/mid-cap segments, it says

** Sets PT of 5,000 rupees to HDFA, a Street-high; NIPF and UTIA get PTs of 785 rupees and 1,300 rupees - second-highest among brokerages

** NIPF leads YTD gains among the firms with ~45% rise, UTIA up ~44% and HDFA up 36%

(Reporting by Nandan Mandayam in Bengaluru)

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July 25 (Reuters) - UTI Asset Management Company Ltd UTIA.NS:

• JUNE-QUARTER CONSOL NET PROFIT 2.54 BILLION RUPEES

• JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 5.29 BILLION RUPEES

Source text for Eikon: [ID:]

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MUMBAI, June 3 (Reuters) - India's general elections will have a limited impact on the stock market, although infrastructure-related stocks will benefit from policy continuity, while strong economic growth bodes well for premium-end consumer companies, said a fund manager of UTI Asset Management Company.

Exit polls predict Prime Minister Narendra Modi will win a third term, sending the stock market to a record high on Monday. The official results are due Tuesday.

"Even if the election results are a little different from the expectations, the stock market may only move for a couple of days or weeks," said Karthikraj Lakshmanan, senior vice president and fund manager of equity at UTI Asset Management Company.

"Eventually, markets are slaves to earnings. If one looks at the trend for the last three decades, the best correlation for markets would be with the earnings trajectory," Lakshmanan said on Friday.

UTI AMC manages assets worth 18.48 trillion rupees (about $222 billion).

Since 1999, irrespective of the short-term reaction to election results, India's benchmark Nifty 50 .NSEI has advanced over the six subsequent months, data shows.

The fund manager expects the private sector to now start contributing to India's growth story.

The government's focus on manufacturing and capex has helped the investment cycle so far and now is the time for the private sector capex to pick up, said Lakshmanan.

In terms of industries, the power sector could continue to see healthy growth due to the government's investment cycle, he said.

He also expects sustained traction in real estate and other consumption-linked stocks aimed at premium segments as India's fast economic growth translates to increased purchasing power, feeding into the demand for higher-end products.

"So, we may see those premiumisation trends on the consumption side to see further traction over the next few years."

Lakshmanan expects this to play out, especially in the real estate sector where the cycles are longer.

However, he cautions that the above-average valuations in small-cap .NIFSMCP100 and mid-cap .NIFMDCP100 stocks could spark some volatility.

"This is a stock picker's market in which the returns will not just depend on economic stability but also starting valuations."

($1 = 83.1160 Indian rupees)

(Reporting by Bharath Rajeswaran in Mumbai; Editing by Savio D'Souza)

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** Shares of UTI Asset Management Company UTIA.NS rise as much as 6.07% to 1,005 rupees, highest since April 1, 2022; shares last up 4.2%

** The asset management company posts consolidated net profit that nearly doubled year-on-year to 1.53 bln rupees in the March quarter

** Total revenue from operations rises 38% to 4.16 bln rupees; UTIA declares a special dividend of 23 rupees per share

** The mean recommendation of the 12 analysts tracking UTIA is equivalent to "hold"; median price target is 904.50 rupees - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

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April 25 (Reuters) - UTI Asset Management Company Ltd UTIA.NS:

• FINAL DIVIDEND OF 24 RUPEES PER SHARE

• SPECIAL DIVIDEND OF 23 RUPEES PER SHARE

• MARCH-QUARTER CONSOL NET PROFIT 1.63 BILLION RUPEES VERSUS PROFIT 857.1 MILLION RUPEES

• MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 4.16 BILLION RUPEES VERSUS 3.01 BILLION RUPEES

Source text for Eikon: ID:nBSE5BNl75

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** Shares of HDFC Asset Management Company HDFA.NS rise 2.25% to 3,726.70 rupees

** JP Morgan upgrades the stock to "overweight" from "neutral", raises PT to Street-high of 4,450 rupees

** The new PT implies an upside of 22% in nine months over its last close

** Brokerage values stock at 38 times 12-month forward earnings

** HDFA is trading at trailing twelve months (TTM) P/E of 43.81, compared to Aditya Birla Sun Life ADIE.NS, Nippon Life India Asset Management Company, and UTI Asset Management Company UTIA.NS, whose TTM P/E is in between 16-35 as per LSEG data

** JP Morgan expects HDFA to benefit from higher fund inflows

** Adds risk around regulations is largely mitigated, sees stable margins on the back of 25% rise in assets under management in FY24

** The avg recommendation of 19 analysts tracking HDFA is equivalent to "buy"; median TP, excluding JP Morgan's, is 3,440 rupees - LSEG data

** HDFA shares up 16.6% in 2024 so far, compared to 2% drop in financial services index .NIFTYFIN

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Enhanced fund performance along with strong distribution network led to rising AUM in outperforming fund schemes of HDFC Asset Management Co HDFA.NS, says Nuvama Institutional Equities

** Nuvama says HDFC AMC's fund performance improved as rated AUM in outperforming schemes rose to 88% from 74.8% in May 2023

** Nippon Life India Asset Management's NIPF.NS large-cap and equity funds contributed to strong fund performance, taking NIPF's AUM in outperforming schemes to 70.9% from 45.5% in May

** Brokerage says AUM performance improved for Aditya Birla Sun Life AMC ADIE.NS while flagging a deterioriation in UTI Asset Management Co's UTIA.NS AUM

** Nuvama maintains "hold" on HDFA, NIPF, while retaining "buy" rating on ADIE, UTIA

** Nuvama adds unlisted ICICI Prudential AMC has highest share of rated AUM in outperforming schemes at 90.6%

** As of last close, HDFA up 17.9% YTD, NIPF risen 14.6%

** ADIE climbed 9.4% YTD, UTIA gained ~2%

(Reporting by Rama Venkat in Bengaluru)

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By Dharamraj Dhutia

MUMBAI, Feb 14 (Reuters) - India's three- to five-year corporate bonds are at attractive levels for investors to enter as the risk-reward is currently favourable in terms of capital gains as well as interest accrual benefits, the fixed income head of UTI Asset Management said.

"If you look at the three-year to five-year corporate bond yield curve, especially papers from state-run companies, from a risk-reward perspective, assuming 50-75 bps (basis points) of (domestic) rate cuts, it could lead to significant capital gains," Anurag Mittal said on Wednesday.

"The starting point is also very attractive from an accrual point of view so even if the rate cuts get delayed due to some factors, the investor is still benefiting from the accrual point, and could see handsome MTM (mark-to-market) gains when rate cycle changes," he said.

The fund house manages debt of around 278 billion rupees ($3.35 billion).

Yields on AAA-rated corporate bonds with three- to five-year maturities are in the 7.70%-7.90% range, according to LSEG.

The Indian corporate bond yield curve has stayed inverted since the past one year, which makes short-term debt more attractive. The latest example is a 10-year bond issue by Indian Railway Finance Corp that was sold at a 7.48% coupon, while the five-year bond yield was around 10 bps higher.

"We are recommending moderate duration with a one-year plus horizon," Mittal said.

He added that the yield curve inversion is far deeper in corporate bonds and even as compared to historical spreads, the two- to three-year corporate bonds are at quite an attractive spread over the central bank policy rate, which stands at 6.50%.

"Assuming liquidity improves and rate cuts happen, the shorter-end should perform and curve could steepen. We are seeing more inflows in moderate duration corporate bond funds and these should continue."

He expects the Reserve Bank of India to cut rates by only 50-75 bps in its easing cycle starting in the financial year beginning on April 1.

"Assuming stable inflation and favorable demand-supply dynamics, the benchmark bond yield should be around 6.80%-7.00% (in the medium term), assuming a terminal repo rate of 6.00% by end of 2024," Mittal added.

($1 = 83.0719 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

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Jan 30 (Reuters) - UTI Asset Management Company Ltd UTIA.NS:

• RENAMED IMTAIYAZUR RAHMAN AS MD, CEO

Source text for Eikon: ID:nNSE2mDdQt

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** With outlook for equity markets improving, regulatory concerns waning, asset management co stocks can do well in FY24, Nuvama says

** Benchmark Nifty 50 index .NSEI up 16% YTD, extending record high rally

** Nuvama picks HDFC Asset Management HDFA.NS and Nippon Life India Asset Management NIPF.NS as its top bets

** For FY24 to date, strong SIP inflows have driven active equity net inflows to 1.22 trillion Indian rupees ($14.63 billion)(+18.9 YoY), Nuvama says

** Brokerage adds equity assets under management are at all-time high of 25.8 trillion rupees

** HDFA last down 0.2% at 2,981 rupees and NIPF up 1.1% at 438.50 rupees

** HDFA up 36% YTD, NIPF up 76% so far this year

($1 = 83.3797 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru)

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Corrects to show Huarong announced plan to buy stake in CITIC Ltd last week, not last month, in paragraph 5

Nov 20 (Reuters) - State-owned China Huarong Asset Management 2799.HK said it plans to buy a 5.8% stake in China Merchants Expressway Network & Technology 001965.SZ for 3.01 billion yuan ($417.4 million).

The deal is expected to bring stable earnings to Huarong and optimize its asset allocation, the distressed debt manager said in a filing to the Hong Kong stock exchange.

Huarong is buying the China Merchants Expressway stake from Zhongxin No.1, a fund linked to the state asset regulating authority in the southwestern Chinese municipality of Chongqing, according to the filing.

Huarong purchased the stake at 8.4 yuan per share, or 90.71% of the 9.26 yuan closing price on the last trading day before the deal was signed, according to the filing.

Huarong said last week it has agreed to buy a 5.01% stake in CITIC Ltd 0267.HK for HK$13.63 billion ($1.75 billion) from Chinese finance ministry-controlled CITIC Group, which also holds a 26.5% stake in Huarong.

Huarong also said it plans to change its name to China CITIC Financial Asset Management Co Ltd, in a bid to leverage the brand value of CITIC Group.

China Merchants Expressway, which runs toll road and transport technology businesses, reported a net profit of 5.25 billion yuan in 2022, compared with 5.54 billion yuan in 2021, Huarong's filing showed.

($1 = 7.2111 Chinese yuan renminbi)

($1 = 7.7949 Hong Kong dollars)

(Reporting by Roxanne Liu and Kane Wu; Editing by Susan Fenton)

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** Shares of UTI Asset Management UTIA.NS fall as much as 5.04% to 765.60 rupees, a six-week low

** Co's Sept-qtr net profit falls 8.5% Y/Y, while revenue declined 7.13%

** Slide in revenue and profit led by fall in equity yields, says Gaurav Jain, research analyst at Prabhudas Lilladher

** Adds mutual fund yields dipped ~2 basis points sequentially in September quarter and weighed on earnings

** Trading volume is 319,004 shares as of 12:11 a.m. IST, twice the 30-day avg - LSEG data

** Avg rating of 12 analysts close to equivalent of 'buy;' with median PT of 900 rupees - LSEG data

** UTIA shares down 8.7% in 2023 so far

(Reporting by Bharath Rajeswaran in Bengaluru)

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Oct 18 (Reuters) - UTI Asset Management Company Ltd UTIA.NS:

• SEPT-QUARTER CONSOL NET PROFIT 1.83 BILLION RUPEES VERSUS 2 BILLION RUPEES YEAR AGO

• SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 4.04 BILLION RUPEES VERSUS 4.35 BILLION RUPEES YEAR AGO

Further company coverage: UTIA.NS

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Sept 18 (Reuters) - UTI Asset Management Company Ltd UTIA.NS:

• APPOINTS ANURAG MITTAL AS HEAD OF FIXED INCOME

Source text for Eikon: ID:nNSE18lRww

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By Jayshree P Upadhyay

Aug 2 (Reuters) - India’s markets regulator will put forth two options to water down its earlier proposal to levy a standard investor fee on mutual funds, to limit the impact on the profitability of the 44.3 trillion-rupee ($537.75 billion) asset management industry, two sources with direct knowledge of the matter said.

The changes, following a push-back from the industry, will be part of a discussion paper likely to be issued in the coming weeks, the sources said. A discussion paper is the first step in crafting regulations.

Both sources declined to be identified as they are not authorised to speak to the media.

A spokesperson for the Securities and Exchange Board of India (SEBI) did not respond to an email sent on Monday.

The regulator is exploring an option to let mutual funds charge higher fees with all expenses, including brokerage and taxes paid by fund houses, the sources said.

SEBI's original proposal allowed fund houses to charge a maximum fee of 2.55% of the assets under management (AUM) with all expenses, including brokerage costs.

A final decision will be taken after receiving feedback on the discussion paper, but the industry expects it to be set at a level which has a "marginal impact" on profitability, said one of the sources.

In a presentation to the regulator in June, the industry argued that the original proposals would squeeze the profitability of almost all asset management companies (AMCs) by 20-80%, said the second source.

The other option is to exclude brokerage and taxes but the investor fees will be lower, the sources said.

Arbitrage funds that buy and sell securities frequently and hence have a higher tax burden, will be allowed to choose the second option, the sources added.

Both options were discussed with an internal committee finalising rules on July 21, according to the first source.

SEBI's discussion paper on mutual fund fees, first released on May 18, drew the ire of the industry, prompting the regulator to defer a decision to it June 29 board meeting.

At a news conference following the board meeting, SEBI's chairperson, Madhabi Puri Buch, said the regulator would issue a fresh discussion paper which will make the industry "quite happy."

($1 = 82.3800 Indian rupees)

(Reporting by Jayshree P Upadhyay; Editing by Dhanya Ann Thoppil)

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By Bharath Rajeswaran

BENGALURU, July 27 (Reuters) - Shares of asset management companies declined on Thursday, a day after Jio Financial Services JIOF.NS, part of the Mukesh Ambani-led Reliance Group said it will form a joint venture with U.S.-based BlackRock Inc BLK.N to launch services in India.

HDFC Asset Management HDFA.NS, UTI Asset Management UTIA.NS and Aditya Birla Sun Life AMC ADIE.NS fell between 0.75% and 2%.

"The fear, probably, in the market is that if they (Jio Financial) go the telecom way and do their asset management foray at very low costs, it could create a little bit of heat among the other existing players," said Amit Kumar Gupta, founder at Fintrekk Capital.

Reliance had upended India's telecoms industry when it launched cheap data plans and free calls, triggering a price war in the sector.

"Whether Jio Financial Services and BlackRock will go all passive or all active (funds) or a mix of both remains to be seen."

Jio Financial and Blackrock are targeting an initial investment of $150 million each in the joint venture, Jio Financial said on Wednesday. The announcement follows the recent demerger of Jio Financial Services from Reliance Industries RELI.NS.

The JV with Jio Financial Services will be BlackRock's second attempt to enter the asset management industry in India, after exiting a JV with local financial firm DSP Group in 2018.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Nivedita Bhattacharjee)

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** Shares of UTI Asset Management UTIA.NS rise as much as 6.1% to 860 rupees, highest since Jan. 5

** Co's June-qtr consol net profit surges to 2.34 bln rupees ($28.56 million) vs 915.1 mln rupees year earlier

** Rev from ops jumps ~60% to 4.68 bln rupees

** UTIA trading above its 50-day, 100-day and 200-day simple moving averages, indicating bullish sentiment

** More than 444,893 shares change hands by 09:38 a.m. IST vs 1.1x the 30-day avg

** Analysts covering stock on average have a "buy rating; median PT is 805 rupees - Refinitiv data

** Stock up 5.9% YTD up to last close

($1 = 81.9400 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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July 25 (Reuters) - UTI Asset Management Company Ltd UTIA.NS:

• JUNE-QUARTER CONSOL NET PROFIT 2.34 BILLION RUPEES VERSUS PROFIT 915.1 MILLION RUPEES

• JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 4.68 BILLION RUPEES VERSUS 2.93 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: UTIA.NS

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** Shares of Indian asset management cos Aditya Birla Sunlife AMC ADIE.NS, HDFC Asset Management HDFA.NS, UTI Asset Management UTIA.NS and Nippon Life India Asset Management NIPF.NS surge between 5%-14%

** Markets regulator SEBI on Wednesday deferred a proposal on standard investor fees by mutual funds

** SEBI had in May proposed that mutual fund houses charge standardised fees from investors to ensure greater transparency

** SEBI will come out with another consultation paper to standardise investor fees for mutual funds, its chairperson had said on Wednesday

** "While we still await the shape of final regulations, improved prospects of a less disruptive outcome augurs well for AMC stocks," Kotak Institutional Equities said in a note

(Reporting by Nallur Sethuraman in Bengaluru)

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** Shares of Indian asset managers UTI Asset Management Co UTIA.NS, Nippon Life India Asset Management Ltd NIPF.NS and HDFC Asset Management Co HDFA.NS down between 0.7% and 3.8%

** India's capital market regulator is proposing mutual fund houses charge standardised fees from investors to ensure greater transparency, according to a consultation paper from Securities and Exchange Board of India (SEBI)

** SEBI's consultation paper can impact profits of MFs by 13%, though part of it will be passed on to distributors, brokers and other partners - Jefferies analysts

** Total fee charged to a mutual fund investor, or the expense ratio, should be inclusive of all expenses, including brokerage paid by fund houses to purchase shares or other securities - SEBI paper

** Up to last close, HDFA , UTIA and NIPF have declined 16.9%, 24.6% and 5.3% respectively, YTD

(Reporting by Rama Venkat in Bengaluru)

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** Shares of UTI Asset Management Co UTIA.NS surge as much as 8.78% to 724.50 rupees, before paring gains to trade 1.2% higher by 9:46 a.m. IST

** Co on Wednesday reported 58.7% Y/Y rise in Q4 consolidated net profit, while its total revenue from ops fell 0.1% Y/Y

** UTIA also declared a final dividend of 22 rupees per share

** More than 475,000 shares change hands, 1.6x 30-day avg of 291,979 shares

** 10 of the 11 analysts covering the stock have a "buy" or "strong buy" rating, while 1 has "sell" rating; median PT is 869 rupees - Refinitiv data

** Stock down 22.6% YTD, as of last close vs Nifty 500 index .NIFTY500 which is down 2.9%

(Reporting by Ashish Chandra in Bengaluru)

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April 26 (Reuters) - UTI Asset Management Company Ltd UTIA.NS:

• MARCH-QUARTER CONSOL NET PROFIT 857 MILLION RUPEES (NOT 357 MILLION RUPEES) VERSUS 539.9 MILLION RUPEES

• MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 3.01 BILLION RUPEES VERSUS 3.01 BILLION RUPEES

• FINAL DIVIDEND 22 RUPEES PER SHARE

Source text for Eikon: [ID:]

Further company coverage: UTIA.NS

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