CAPITAL MARKETS

IN INDIA
1.

Concepts on investment banks

2.

Its role and functions

3.

Stock market index

4.

The NASDAQ, SDL, NSDL

5.

Benefits of depository system

6.

Online share trading and its advantages

7.

Smallcap, Midcap, Largecap and penny stocks

Introduction to capital markets

The

Indian capital market is the market for long term loanable funds as
distinct from money market which deals in short-term funds.

It

refers to the facilities and institutional arrangements for borrowing and

lending term funds, medium term and long term funds. In principal
capital, market loans are used by industries mainly for fixed investment. It
does not deal in capital goods, but is concerned with raising money capital
or purpose of investment.

Thus,

like all the markets the capital market is also composed of those who
demand funds (borrowers) and those who supply funds (lenders). An ideal
capital market at tempts to provide adequate capital at reasonable rate of
return for any business, or industrial proposition which offers a prospective

 The

capital market is also divided in primary capital market and secondary

capital market. The primary market refers to the new issue market, which
relates to the issue of shares, preference shares, and debentures of nongovernment public limited companies and also to the realizing of fresh
capital by government companies, and the issue of public sector bonds.

The

secondary market on the other hand is the market for old and already
issued securities.

money market is a segment of the financial market in whichfinancial

instrumentswith high liquidity and very shortmaturitiesare traded. The
money market is used by participants as a means for borrowing and
lending in the short term, from several days to just under a year.

Money

market securities consist ofnegotiablecertificates of deposit

(CDs),bankers acceptances, Treasury bills, commercial paper,municipal
notes,andrepurchase agreements (repos).

Concept of investment bank

An

investment bank is a financial institution that assists individuals,

corporations, and governments in raising financial capital by underwriting
or acting as the client's agent and/or financial adviser for institutional
clients in the issuance of securities.

Unlike

commercial banks and retail banks, investment banks do not take

deposits.

 An

investment bank may also assist companies involved in mergers and

acquisitions (M&A) and provide ancillary services such as market making,
trading of derivatives and equity securities

Investment

banks employ investment bankers who help corporations,

governments and other groups plan and manage large projects, saving their
client time and money by identifying risks associated with the project before
the client moves forward.

In

theory, investment bankers are experts in their field who have their finger
on the pulse of the current investing climate, so businesses and institutions
turn to investment banks for advice on how best to plan their development, as
investment bankers can tailor their recommendations to the present state of
economic affairs.

What are the activities of investment

banks?

What's the Role of an

Investment Bank?
1) Underwriting New Stock Issues
One

of the primary roles of an investment bank is to serve as a sort of

intermediary between corporations and investors through initial public offerings
(IPOs). Investment banks provide underwriting services for new stock issues
when a company decides to go public and seeks equity funding. Underwriting
basically involves the investment bank purchasing an agreed-upon number of
shares of the new stock, which it then resells through a stock exchange.

This

makes things much easier for the company itself, as they effectively
contract out the IPO to the investment bank. Moreover, the investment bank
stands to make a profit, as it will generally price its shares at a markup from the
price it initially paid. Yet, in doing so the investment bank also takes on a
substantial amount of risk.

The

investment bank can lose money on the deal if it turns out they have
overvalued the stock, as in this case they will often have to sell the stock for less
than they initially paid for it.

2) Financial Advisory Roles

Investment

bankers act in several different advisory capacities for their clients. In

addition to handling IPOs, investment banks offer corporations advice on taking
the company public or on raising capital through alternative means. Investment
banks regularly advise their clients on all aspects of financing.

3) Mergers and Acquisitions

Handling

mergers and acquisitions is a major function of investment bankers. As

with IPOs, one of the main areas of expertise for an investment bank is its ability
to evaluate the worth of a possible acquisition and arrive at a fair price. An
investment bank can additionally assist in structuring and facilitating the
acquisition in order to make the deal go as smoothly as possible.

4) Research
Larger

investment banks have large teams that gather information about

companies and offer recommendations on whether to buy or sell their stock. They
may use these reports internally but can also generate revenue by selling them to
hedge funds and mutual fund managers.

5) Trading and Sales

Most

major firms have a trading department that can execute stock and bond
transactions on behalf of their clients. In the past, some banks have also engaged in
proprietary trading, where they essentially gamble their own money on securities.

6) Asset Management

The likes of J.P. Morgan and Goldman Sachs manage huge portfolios for pension
funds, foundations and insurance companies through their asset management
department. Their experts help select the right mix of stocks, debt instruments, real
estate trusts and other investment vehicles to achieve their clients unique goals.

7) Wealth Management

Some of the same banks that perform investment banking functions for Fortune 500
businesses also cater to everyday investors. Through a team of financial advisors,
they help individuals and families save for retirement and other long-term needs.

8) Securitized Products

These days, companies often pool financial assets from mortgages to credit card
receivables and sell them off to investors as a fixed-income products.

STOCK EXCHANGE
A

stock exchange can be defined as a

centralized market for buying and selling
stocks where the price is determined
through supply-demand mechanism.

According

to the Securities
Contracts(Regulation)Act ,1956,which is the
main law governing stock exchanges in
India, stock exchange means any body of
individuals, whether incorporated or not,
constituted for the purpose of assisting,
regulating, or controlling the business of
buying, selling or dealing in securities.

 In

stock exchanges , continuous trading in securities takes place and the trade
occurs at different prices. As a result even on a single day, prices of securities may
fluctuate. On any trading day, four prices can be easily identified, namely, opening
price, closing price, the highest price of the day and the lowest price of the day.

Ordinarily

prices move in a cyclical fashion, alternatively showing increasing and

decreasing tendencies. The short term and the long term fluctuations in prices of
securities are indicators of the variations in the economic variables.

Two

major stock exchanges in India are:

Bombay

Stock Exchange

National

Stock Exchange

STOCK MARKET INDEX

A

stock market index is a method of measuring a

section of the stock market. Many indices are
cited by news or financial services firms and are
used as benchmarks, to measure the
performance of value of a section of thestock
market. It is computed from the prices of
selectedstocks.

Alternatively, an index may also be considered

as an instrument which derives its value from
other instruments or indices. The index maybe
weighted to reflect the market capitalization* of
its components, or may be a simple index which
merely represents the net change in the prices of
the underlying instruments.

Most

publicly quoted stock market indices are

weighted.

 *market

capitalization = Market capitalization(market cap) is the market

value at a point in time of theshares outstandingof apublicly traded company,
being equal to theshare priceat that point of time multiplied by the number of
shares outstanding.

As

outstandingstockis bought and sold in public markets, capitalization could be

used as anindicatorof public opinion of a company'snet worthand is a
determining factor in some forms ofstock valuation.

Free

Float Market Capitalization - Free float concept is an index construction

methodology which makes use of free float shares in the market.

Free

float market capitalization is the total worth of all shares of a company which
are available for trading in the open market. These shares are called free float
shares and are available for trading by anyone.

USEFULNESS
Stock

market indices are useful in understanding the level of prices and the trend
of price movements of the market. A stock market index is created by selecting a
group of stocks that are capable of representing the whole market or a specified
sector or segment of the market. The change in the prices of this basket of
securities is measured with reference to a base period.

Stock

market indices are the barometer of the stock market. BSE SENSEX,NSE-50
etc are some of the market indices.

Their

usefulness:

1.

Indices help to recognize broad trends in the market.

2.

The investor can use the indices to allocate the funds rationally among the
stocks.

3.

Technical analysts use these indices to predict the future market.

4.

Indices function as a status report on the general economy.

Indices at BSE
BSE

30or simply theSENSEX ("Sensitivity Index"), is afree-float marketweightedstock market indexof 30 well-established and financially sound companies
listed onBombay Stock Exchange.

The

30 component companies which are some of the largest and most actively
traded stocks, are representative of variousindustrial sectorsof the Indian economy.

Published

since 1 January 1986, the S&P BSE SENSEX is regarded as the pulse of the
domestic stock markets in India. The base value of the S&P BSE SENSEX is taken
as100on 1 April 1979, and its base year as 197879.

On

25 July 2001 BSE launchedDOLLEX-30, a dollar-linked version of S&P BSE

SENSEX.

Presently
Infosys,

the following are the constituent companies:

ICICI Bank, Dr. Reddys Lab, SBI, CIPLA, Zee Telefilms, Nestle India, RIL, HCL
Tech., Bajaj Auto, BHEL, Castrol, BSES, Colgate Palmolive, Hindalco, Grasim, Glaxo,
Hero Honda, Gujarat Ambuja Cements, HLL, HPCL, ITC, L&T, MTNL, Ranbaxy, TISCO,
TELCO and Satyam.

 Other

BSE indices:

BSE-100,

BSE-200, BSE -500, BSE IPO index, BSE PSU index, BSE
small-cap index, BSE mid-cap index etc.

BSE

introduced the new index series called 'BSE MID Cap' index
and BSE Small Cap' index to track the performance of companies
with relatively smaller market capitalization.

BSE-500

Index - represents more than 93% of the listed universe.

Companies with large market capitalization bias the movement of
BSE 500 index.

NSE
The

National Stock Exchange (NSE) is India's

leading stock exchange covering various
cities and towns across the country.

NSE

was set up by leading institutions to

provide a modern, fully automated screenbased trading system with national reach.

The

most popular NSE index is NIFTY.

NIFTY

is an Index computed from

performance of top stocks from different
sectors listed on NSE (National stock
exchange).

NIFTY

consists of 50 companiesfrom 24
different sectors.NIFTYstands forNational
Stock Exchanges Fifty.

Indices at NSE
'Standard And Poor's CNX Nifty (NIFTY)
A stock index endorsed by Standard & Poor's and composed of 50 of the largest and most
liquid stocks found on the National Stock Exchange (NSE) of India. It is commonly used to
represent the market for benchmarking Indian investments. Similar to other major stock
indexes like the S&P 500, companies must meet certain requirements in terms of market
capitalization and liquidity before they can be considered for inclusion in the index.
S&P CNX 500
The S&P CNX 500 represents about 96% of total market capitalization and about 93% of
the total turnover on the National Stock Exchange of India (NSE). The S&P CNX 500
companies are disaggregated into 72 industry indices.
S&P CNX Defty
It is S&P CNX Nifty, measured in dollars. It was developed to provide a benchmark of
Indian stocks to international investors, providing them with an instrument for measuring
returns on their equity investment in dollar terms. If the S&P CNX Nifty rises by 2% it
means that the Indian stock market rose by 2%, measured in rupees. If the S&P CNX
Defty rises by 2%, it means that the Indian stock market rose by 2%, measured in dollars.

CNX Nifty Junior

It is an index comprised of the next rung of 50 most liquid stocks after S&P CNX Nifty.
Infact S&P CNX Nifty and Junior Nifty may be regarded as a basket of 100 most liquid
stocks in India. Stocks in Junior Nifty are filtered on their liquidity characterized by their
impact cost and market value represented by their market capitalization. The stocks
comprising S&P CNX Nifty and Junior Nifty are mutually exclusive i.e. a stock will never
appear in both indexes at the same time. Junior Nifty may also be considered an
incubator for stocks entering Nifty.
*(Impact cost represents the cost of executing a transaction in a given stock, for a
specific predefined order size at any given point of time. Impact cost is a practical and
realistic measure of market liquidity.)
NSE CNX Midcap Index
The medium capitalized segment of the stock market is being increasingly perceived as
an attractive investment segment with high growth potential. The primary objective of
the NSE CNX MidCap Index is to capture the movement and be a benchmark of the
midcap segment of the market.

 The

main features of the NSE CNX Midcap Index are:

NSE CNX Midcap Index represents about 77% of the total market capitalization of the
Mid-Cap Universe and about 75% of the total traded value of the Mid-Cap Universe
(Mid-Cap Universe is defined as stocks having average six months market
capitalization between Rs.75 crores and Rs.750 crores).
Nifty Midcap 50
The medium capitalized segment of the stock market is being increasingly perceived
as an attractive investment segment with high growth potential. The primary objective
of this index is to capture the movement of the midcap segment of the market. It can
also be used for index based derivatives trading.
CNX 100
CNX 100 index would comprise of the securities, which are constituents of S&P CNX
Nifty, and CNX Nifty Junior. In other words this index is a combination of the S&P CNX
Nifty and CNX Nifty Junior. Any changes i.e. inclusion and exclusion of securities in S&P
CNX Nifty and CNX Nifty Junior would be automatically mirrored in this new index.

NASDAQ
1.

NASDAQis anacronymofNationalAssociation
ofSecuritiesDealersAutomatedQuotations. NASDAQ was founded in 1971 by
theNational Association of Securities Dealers(NASD), whichdivesteditself of NASDAQ
in a series of sales in 2000 and 2001. NASDAQ is owned and operated byNasdaq, Inc.,
the stocks of which were listed on its own stock exchange.

2.

When the NASDAQ began trading on February 8, 1971, it was the world's first electronic
stock market. At first, it was merely aquotation systemand did not provide a way to
perform electronic trades.

3.

The NASDAQ helped lower the spread (the difference between the bid price and the ask
price of the stock) but was unpopular among brokerages which made much of their
money on the spread.

4.

NASDAQ eventually assumed the majority of major trades formerly executed by

theover-the-counter(OTC) system of trading, although there are still numerous
securities traded in this fashion. As late as 1987, the NASDAQ exchange was still
commonly referred to as "OTC" in media and also in the monthlyStock Guidesissued
byStandard & Poor'sCorporation.

5.

Over the years, NASDAQ became more of a stock market by adding trade and
volume reporting and automated trading systems. NASDAQ was also the first stock
market in the United States to start trading online, highlighting NASDAQ-traded
companies (usually in technology) and closing with the declaration that NASDAQ is
"the stock market for the next hundred years." Its main index is theNASDAQ
Composite, which has been published since its inception.

6.

In 1992, NASDAQ joined with theLondon Stock Exchangeto form the first
intercontinental linkage ofsecurities markets. The National Association of Securities
Dealers spun off NASDAQ in 2000 to form apublic company, the NASDAQ Stock
Market, Inc.

7.

In 2006, the status of NASDAQ was changed from a stock market to a licensed
national securities exchange.

8.

To qualify for listing on the exchange, a company must be registered with theUnited
States Securities and Exchange Commission(SEC), must have at least threemarket
makers(financial firms that act as brokers or dealers for specific securities) and must
meet minimum requirements for assets, capital, public shares, and shareholders.

Nasdaq Composite Index

The

Nasdaq Composite Index is the market capitalization-weighted index of approximately

3,000 common equitieslisted on theNasdaqstock exchange.

The

types of securities in the index include American depositary receipts, common

stocks,real estate investment trusts(REITs) andtracking stocks, as well as limited
partnership interests.

The

index includes all Nasdaq-listed stocks that are not derivatives, preferred shares,
funds,exchange-traded funds(ETFs) ordebenturesecurities.

Theindexfirst
TheNasdaq

exchange.

started in February of 1971 with a base value of 100.

Composite Indexis comprised of virtually every firm that trades on the

'Automated Confirmation Transaction Service ACT

An automated system designed to document and report the clearing of trades in the Nasdaq
market. Designed to increase transparency, the Automated Confirmation Transaction Service
(ACT) is a technology platform that provides faster access to trade information, increase the
efficiency of trade reconciliation and back-office transactions and provides online access to
the status of all trade entries.

Depositories
A

depository in a simple words means a place where something is deposited

for storage and security, however in our capital market, we define a
depository as, Depository as an institution that works like bank

Just

like our banks hold investors funds, similarly, a depository maintains an

account for investors securities (share, debentures, mutual fund etc) which is
held by them in a dematerialized or an electronic form.

Investors

used to hold the securities in the form of physical certificate which

had their own disadvantages. To take control over the irregularities of the
capital market and for the protection of an investor`s interest, Depository
system was been introduced in Indiawhere the securities could be handled
in an electronic form by the process of dematerialization.

Dematerialization

or Demat Accountis an account that holds the

investors securities such as shares, debentures, mutual fund etc in a
dematerialized or an electronic form. A buy transaction will result in a credit
entry while a sell transaction leads to debit entry in a demat account.

Functions of Depository
One

of the main function of the Depository is to transfer the ownership of

shares from one investor`s account to another investor`s account whenever
the trade takes place.

It

helps in reducing the paper work involved in trade, expedites the transfer
and reduces the risk associated with physical shares such as damaged, theft,
interceptions and subsequent misuse of the certificates or fake securities.

With

all the details concerning your personal details, scrips as well the number
of units of each scrip held by the individual, several corporate actions or
transactions such as the issue of bonus shares or annual dividend are executed
via depositories acting as an important intermediary in the entire process.

Depositories

provide investor services through Depository Participant The two

depositories in India provide their services to large investor base through
depository participants. As per SEBI rules, banks, financial institutions as well
as trading members registered with SEBI are eligible to act as depository
participants (DP).

Services offered by depositories

The

depositories offer the major service of dematerialization of shares. With

dematerialization is eliminated the risk of false or fake securities, bad delivery etc.

Facilitates

share transfer from one DP account to the other on an immediate basis

without levy of stamp duty.

Nomination

facility is made easy.

Any

change in address of correspondence that is registered with the DP automatically

gets registered with all the companies in which an individual holds share.

Facilitates

holding of different securities such as debt, equity or government

securities in a single account.

Rematerialisation,

certificates.

Facilitate

Pledge/hypothecation of Dematerialised securities.

Electronic
Receipt

i.e, conversion of securities held in electronic form into physical

credit in public offerings of companies.

of non-cash corporate benefits such as bonus, rights in electronic form.

National Securities Depository Limited (NDSL)

NSDL,

the first and largest depository in India, established in August 1996 and
promoted by institutions of national stature responsible for economic development of
the country has since established a national infrastructure of international standards
that handles most of the securities held and settled in dematerialized form in the
Indian capital market.

Using

innovative and flexible technology systems, NSDL works to support the

investors and brokers in the capital market of the country. NSDL aims at ensuring the
safety and soundness of Indian marketplaces by developing settlement solutions that
increase efficiency, minimise risk and reduce costs.

NSDL

is a very popular entity in India, with registered Demat Accounts encompassing

an impressive 89% of pin-codes spread across the country and an average of 3586
accounts opened with NSDL per day since November 1996. The principal reason for
this boom is the associated simplicity and the fact that transacting under the
depository system is infinitely cheaper as compared to transacting with certificates.

 NSDL

is the coming together of some of the most influential financial

organizations in India as promoters and stakeholders. Leading the pack are
the Industrial Development Bank of India (IDBI), Unit Trust of India (UTI) and
the National Stock Exchange of India Limited (NSE).

Each

of these entities is an influencer in the spheres of developmental

banking, mutual funds and stock exchange respectively. Alongside these, the
following banks are principal shareholders in NSDL-

Axis

Bank, Citibank, Deutsche Bank, HSBC, State Bank of India (SBI), HDFC
Bank, Union Bank of India, Standard Chartered Bank, Dena Bank, Canara
Bank, Oriental Bank of Commerce.

Why NSDL?
Bad Deliveries, No More
Quick Turnarounds and Faster Settlements

 NSDL

Consolidated Account Statement (CAS)- In a bid to help

subscribers access all their financial assets, electronically, as part of a
single demat account, NSDL offers its much appreciated NSDL Consolidated
Account Statement (CAS) option.

The

NSDL CAS statement includes references to a number of popular

instruments in the securities market, namely mutual funds, investments
into equity shares, bonds, government securities that are held in demat,
debentures, instruments concerning the money market, etc.

The

NSDL CAS statement applies, provided you are the primary/sole holder
of the concerned single/jointly owned investment account. NSDL CAS is a
popular tool as it allows the investor an easy, reliable and fast option to
keep track of his/her investment portfolio and make informed financial
decisions in the future.

Central depository services limited

Central

Depository Services India Limited provides depository services to investors in India.

It

offers various services, such as dematerialization account opening, nomination,

dematerialization and re-materialization of securities, processing delivery and receipt
instructions, account statement, bank account details, change in address, pledging,
transmission of securities, and SMS services.

It

serves investors through intermediaries, such as depository participants, issuer companies,

registrar and transfer agents, beneficial owners, and clearing members.

Central

Depository Services India Limited was founded in 1999 and is based in Mumbai, India.
It operates as a subsidiary of BSE Ltd.

The

balances in the investors account recorded and maintained with CDSL can be obtained
through the DP. The DP is required to provide the investor, at regular intervals, a statement of
account which gives the details of the securities holdings and transactions. The depository
system has effectively eliminated paper-based certificates which were prone to be fake,
forged, counterfeit resulting in bad deliveries. CDSL offers an efficient and instantaneous
transfer of securities.

CDSL

was promoted by BSE Ltd. jointly with leading banks such as State Bank of India, Bank
of India, Bank of Baroda, HDFC Bank, Standard Chartered Bank and Union Bank of India.

Online trading
Investing

online, also known asonline tradingortrading online, is the

process by which individualinvestorsand traders buy and
sellsecuritiesover an electronic network, typically with abrokerage firm.

This

type of trading and investing has become the norm for individual
investors andtraderssince late 1990s with many brokers offering services
via a wide variety ofonline trading platforms.

Prior

to the advent of theInternet, investors had to call up

theirstockbrokerand place an order on the telephone. Thebrokerage
firmwould then enter the order in their system which was linked totrading
floorsandexchanges.

The advantages and disadvantages are for

online trading
Advantages:
1.

You have the ability to manage your own stock portfolios

2.

You will have more control and flexibility over the types of transaction you choose to conduct

3.

The commission costs for trading are significantly less money than using the services of a
professional broker

4.

You can get access to lower fee mutual fund investments

5.

Online brokerage firms tend to offer their clients a slew of tools included real-time Level 2 stock
quotes, news, financial tools and graphs to help you do research

6.

Someonline brokerages will provide their clients to free access to high quality research reports
created by Standard and Poor and other predominate financial players

7.

Online account investors have access to their accounts 24/7 although market hours (trading
hours) are from 9:30am to 4pm

8.

As long as you have access to a computer and the internet, you can take steps to manage your
finances wherever you may be

Disadvantages:
First

time investors may get intimidates by all the technology and may
temporarily forget that they are actually using real money

There

is no mentoring relationship between a professional broker and an

online trading account holder, leaving the investor out on his/her own to
make choices

Novices

not familiar with the ins and outs of the brokerage software can
make costly mistakes.

This

is like any other financial strategy, where your commitment to online

trading takes research and dedication to make sure by yourself that
everything is up to par. You have to take time out to do your own research
where you will have to overcome a great learning curve to make some
money from online trading a possibility.

Small cap stocks

Small

cap is a term used to classify companies with a relatively small

market capitalization. A company's market capitalization is the market
value of its outstanding shares. The definition of smallcapcan vary among
brokerages, but it is generally a company with a
marketcapitalizationofupto 250 crores.

Small

cap companies have smaller revenue and client bases, and usually
include the start-ups or companies in the early stage of development.

Many

small caps are young companies with significant growth potential.

However, the risk of failure is greater with small-cap stocks than with largecap and mid-cap stocks. As a result, small-cap stocks tend to be the more
volatile (and therefore riskier) than large-cap and mid-cap stocks.

Hence

it is essential, especially in the case of small caps investments that

one does a thorough research regarding the promoters' credentials,
management strength and track record, andlong and short term growth
plansof the company before investing.

Mid cap stocks

A

mid-cap company is a company with a marketcapitalizationbetween

Rs.250 crores and 400 crores. As the name implies, a mid-cap company
falls in the middle of the pack betweenlarge-capandsmall-capcompanies.

Mostfinancial

advisorssuggest that the key to minimizing risk is a welldiversified portfolio; investors should have a mix of low-, mid- and large-cap
stocks. However, some investors see mid-cap stocks as a way to diversify
risk as well.

Small-cap

stocks offer the most growth potential, but that growth comes
with the most risk. Large-cap stocks offer the most stability, but they offer
lower growth prospects. Mid-cap stocks represent a hybrid of the two,
providing a balance of growth and stability.

Large cap stocks

These

are stocks of usually large and well-established companies that have

a strong market presence and are generally considered as safe
investments.

One

important fact about large caps is that information regarding these

companies is readily available in newspapers and magazines. Most of the
large cap companies have good disclosures and therefore there is no dearth
of information for an investor looking into them.

Large

companies such as Infosys, TCS, and Wipro are classified as large cap
stocks. These companies have been around in the industry long enough and
have firmly established themselves as leading players.

Their

stocks are publicly traded and have large market capitalizations.

Penny stocks
A

penny stock typically trades at a relatively low price and has a small
market capitalization, usually outside of the major market exchanges.

These

stocks are generally considered highly speculative and high risk

because of their lack ofliquidity, largebid-ask spreads,
smallcapitalizationand limited following anddisclosure. They often trade
over the counter.

Penny

stocks are more suitable for investors with high tolerance for risk.

Examples:

NeoCorp International Ltd Neo Corp is a packaging provider expecially in

textile manufacturing.
Genus Power Infrastructure This is one of the leading electricity meters
manufacturer in India.
Noida Toll Bridge This is a toll bridge company. etc