Free Fallin’ : Yes Bank cracked from a stupendous Market Capitalization of Rs. 93,151 Crs. in August 2018 to a multiyear low of Rs. 7,409 Crs. in October 2019 on back of significant deterioration in the book quality, weak earnings, series of credit rating downgrades, regulatory stricture, resignation from the board members and low investor confidence. September 2018 onwards, Yes Bank faced a series of challenges with RBI raising serious issues of Corporate Governance along with adverse observations in compliance failure and substantial divergence in NPA’s which were reflected by bank’s highly irregular credit management practices ultimately leading to the declining of continuation of Mr. Rana Kapoor as the Managing Director and CEO of the bank. Subsequently in January 2019, Mr. Ravneet Singh Gill (former CEO of Deutsche Bank, India) was appointed as the Managing Director and CEO of the bank. Yes Bank in August 2019 had successfully raised Rs. 1,880 Crs. via QIP at a price of Rs. 83.55 per Equity Share. Five investors Societe Generale, Key Square Master Fund, BNP Paribas Arbitrage, HDFC Balanced Advantage Fund and Key Square Master Fund bought nearly two - thirds of the QIP. Yes Bank is now all set to raise USD 2 Billion (~Rs.14,400 Crs.) by Equity issuance at a proposed price of Rs. 78 from some of the marquee investors from domestic and international markets such as GMR Group, Rekha Jhunjhunwala, Aditya Birla Family Office, Erwin Singh Braich, SPGP Holdings and others. The fund raising exercise will give the bank the critical firepower to meet the Regulatory Requirements on Capital, mend its Balance Sheet further and also leave something on the table for its existing and new investors. The regulatory clearance from RBI to this Equity issuance should provide strong signal to the markets and the existing price levels could act as the bottom for Yes Bank . At CMP of Rs. 56, Yes Bank is trading at a P/BV multiple of 0.5 times and has a MCAP/ Deposits of less than 7% - LOWEST AMONGST ITS LISTED PEERS such as HDFC Bank (P/BV multiple of 4.2x), ICICI Bank (2.9x) and Kotak Mahindra Bank (7.8x) - reflecting the undervalued franchise of Yes Bank. The successful culmination of Fund Raising Plan on preferential allotment basis with 1 year lock – in at a tentative price of Rs. 78 should provide huge confidence level to the market. Don’t Forget - Yes Bank created stupendous wealth from July 2005 when the bank had a Market Capitalization of mere Rs. 1,519 Crs. to all time high Market Capitalization of Rs. 93,151 Crs. in August 2018 – Exactly in 13 years… Whether Yes Bank will once again conquer the same milestone ??? – Only time will tell….

Free Fallin’ : Yes Bank cracked from a stupendous Market Capitalization of Rs. 93,151 Crs. in August 2018 to a multiyear low of Rs. 7,409 Crs. in October 2019 on back of significant deterioration in the book quality, weak earnings, series of credit rating downgrades, regulatory stricture, resignation from the board members and low investor confidence. September 2018 onwards, Yes Bank faced a series of challenges with RBI raising serious issues of Corporate Governance along with adverse observations in compliance failure and substantial divergence in NPA’s which were reflected by bank’s highly irregular credit management practices ultimately leading to the declining of continuation of Mr. Rana Kapoor as the Managing Director and CEO of the bank. Subsequently in January 2019, Mr. Ravneet Singh Gill (former CEO of Deutsche Bank, India) was appointed as the Managing Director and CEO of the bank. Yes Bank in August 2019 had successfully raised Rs. 1,880 Crs. via QIP at a price of Rs. 83.55 per Equity Share. Five investors Societe Generale, Key Square Master Fund, BNP Paribas Arbitrage, HDFC Balanced Advantage Fund and Key Square Master Fund bought nearly two - thirds of the QIP. Yes Bank is now all set to raise USD 2 Billion (~Rs.14,400 Crs.) by Equity issuance at a proposed price of Rs. 78 from some of the marquee investors from domestic and international markets such as GMR Group, Rekha Jhunjhunwala, Aditya Birla Family Office, Erwin Singh Braich, SPGP Holdings and others. The fund raising exercise will give the bank the critical firepower to meet the Regulatory Requirements on Capital, mend its Balance Sheet further and also leave something on the table for its existing and new investors. The regulatory clearance from RBI to this Equity issuance should provide strong signal to the markets and the existing price levels could act as the bottom for Yes Bank . At CMP of Rs. 56, Yes Bank is trading at a P/BV multiple of 0.5 times and has a MCAP/ Deposits of less than 7% - LOWEST AMONGST ITS LISTED PEERS such as HDFC Bank (P/BV multiple of 4.2x), ICICI Bank (2.9x) and Kotak Mahindra Bank (7.8x) - reflecting the undervalued franchise of Yes Bank. The successful culmination of Fund Raising Plan on preferential allotment basis with 1 year lock – in at a tentative price of Rs. 78 should provide huge confidence level to the market. Don’t Forget - Yes Bank created stupendous wealth from July 2005 when the bank had a Market Capitalization of mere Rs. 1,519 Crs. to all time high Market Capitalization of Rs. 93,151 Crs. in August 2018 – Exactly in 13 years… Whether Yes Bank will once again conquer the same milestone ??? – Only time will tell….

Following the tariff hiked by incumbents Vodafone Idea and Bharti Airtel (effective 3 rd Dec’19), the country’s leading telecom player, Reliance Jio followed suit and revised its tariffs across its prepaid services (effective 6 th Dec’19).

Palm oil biz on strong footing for FY21…

Sundram Fasteners (SFL) was incorporated in 1962. It is a part of the TVS group, headquartered in Chennai. SFL has a diversified product portfolio and is mainly involved into six product lines I) High Tensile Fasteners II) Cold Extrusion components III) Hot Forged IV) Power metal parts V) Oil/Water pumps VI) Engine component and powertrain parts. Contribution of fasteners in total revenue is 36% and 64% comes from other product lines.

Resilient in challenging times...

JLR – turnaround in sight led by better mix, cost cuts

Margin improvement to increase profitability; maintain Buy

Growth momentum robust; technology remains a key