PRIVATE CLIENT GROUP [PCG]

May 10, 2018

HSL PCG “THE DAILY”

PRIVATE CLIENT GROUP [PCG]

“THE DAILY”

2

VIEW POINTDOMESTIC INDICES

Close Points % Change

SENSEX 35319 103 0.29

NIFTY 10742 24 0.22

MIDCAP 16530 -105 -0.63

SMALL CAP 18085 -24 -0.13

SECTORAL INDICES

Close Points % Change

IT 13166 97 0.74

TECK 6909 38 0.56

CD 22517 104 0.46

CG 19243 77 0.40

BANKEX 29432 67 0.23

METAL 13979 15 0.11

Finance 5934 0 0.00

REALTY 2399 -1 -0.04

OIL & GAS 14518 -7 -0.05

AUTO 25369 -56 -0.22

Healthcare 13682 -64 -0.47

POWER 2193 -13 -0.57

ADVANCE/DECLINES

BSE %

ADVANCES 1175 42

DECLINES 1508 54

UNCHANGED 128 5

GAINERS % LOSERS %

PNBHOUSING 5.22 VAKRANGEE -4.97

ARVIND 4.64 CHOLAFIN -3.48

ABFRL 4.34 NCC -3.29

IBVENTURES 4.17 DALMIABHA -3.25

TATAMTRDVR 3.82 SUPREMEIND -2.87

BSE 200 GAINERS/LOSERS

FLIPKART DEAL MAY LIT A FIRE UNDER THE RETAILERS

INSTITUTIONAL ACTIVITY

Rs Cr 09/05/18 08/05/18 May Total

FII -704 -97 -2617

MF 665 923 534

Walmart’s announcement that it will pick up a 77%stake in Flipkart for $16 billion, valuing the e-commercefirm at $21 billion, is likely to lit a fire under the listedretailers. It will also mean more taxes for theGovernment but after a prolonged litigation.

It is interesting to note that the world’s largest retailer isentering the online business, what stops global onlineretailers from acquiring brick and mortar retailbusinesses in India.

These kind of deals, raise the valuations for the entiresector and we could see a rally in the retailers.

Though the U.S. markets did well, rising crude and risingdollar could spell trouble for the oil marketingcompanies, airlines and the Government to manage itsfiscal deficit.

Crude and the U.S. Dollar, usually do not rise in tandem.But right now they are tangoing together. If thispersists, it could become serious.

Arvind came out with good set of numbers with marginexpansion. Titan could do an encore today, as it reportsthe numbers. Federal bank however, disappointed withcontinued asset deterioration.

Pay attention to individual stocks.

Kishore Biyani looks to sell 10 per cent stake to aglobal retailer

As Walmart announced its takeover of Flipkart,Futuregroup is looking to close a deal of its own — sell at least10% stake to a global retailer.

I will sell a minority stake to the strongest globalretailer, Future Group founder Kishore Biyani told ETyesterday without divulging any names.

India doesn’t allow overseas investment in multi-brandretail. But there are ways to get FDI. Amazon, forexample, invested in a retail company through itsinvestment arm, the route through which it picked up a5% stake in Shoppers Stop, analysts said.

PRIVATE CLIENT GROUP [PCG]

“THE DAILY”

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GLOBAL INDICES

Close Points % Chg

DOW JONES 24543 182.33 0.75

S & P 500 2698 25.87 0.97

NASDAQ 7340 73.00 1.00

FTSE 7663 96.77 1.28

CAC 5535 12.71 0.23

DAX 6041 12.34 0.20

MSCI World 2110 14.77 0.70

MSCI EM 1144 1.10 0.10

MSCI AC Pac. 173 -0.57 -0.33

EXCHANGE RATES

Value % Change

USD/INR 67.3 -0.01

EURO/USD 1.2 0.11

USD/GBP 0.7 -0.11

USD/JPY 109.7 0.00

INTEREST RATES

Value % Chg bps

IND10 Yr Bond Yield 7.71 +13.00

Value %

RJ/CRB Index 203.7 0.80

Gold ($ / Oz) 1313.8 0.06

Silver ($ / Oz) 16.5 0.01

Crude Oil Futures 71.7 0.77

Brent Oil ($ / Barrel) 77.7 0.67

COMMODITIES

ADR

Value $ %

Dr Reddys Labs 30.62 -1.98

HDFC Bank 95.24 0.58

ICICI Bank 9.04 0.44

Infosys 17.47 0.87

Rediff.com India 0.13 -3.77

Tata Motors 25.10 1.58

Wipro 4.67 0.21

Vedanta Ltd 17.10 0.94

MTNL 0.50 1.54

Wall Street Rallies On Higher Crude

Key U.S. Indices rallied Wednesday on the back of surgein energy stocks and financials.

The Dow Jones Industrial Average surged 182 points or0.75% to close higher 24,543. This was the Dow’s fifthgain in a row. Of the 30 Dow constituents, 23 finished inthe green.

The S&P 500 rose 26 points or 0.97% to 2,698 with nineof the 11 main sectors finishing higher.

The Nasdaq Composite gained the most in percentageterms, 1%, when it jumped 73 points to 7,340.

Crude oil rallies 3%

WTI crude oil jumped 3%, to settle at $71.14 a barrel.Trump said the U.S. intends to impose sanctions onIran, curbing the country’s oil exports and tighteningglobal oil supply.

Also affecting oil markets were data from the EnergyInformation Administration, which showed that crude-oilstockpiles fell more than expected in the latest week.

Broad based gains

Energy shares jumped 2%, by far the best performeramong the S&P 500 sectors. But gains were broadbased, with financials, material, industrials andtechnology sectors each gained more than 1%.

Meanwhile, telecoms and utilities were the onlylaggards, down 1.1% and 0.8%, respectively.

Corporate

Walmart shares fell 3.1% after the retail giant said itwas taking control of India’s largest e-commercecompany, Flipkart Group, for $16 billion, as the companytries to fend off Amazon.com at home and abroad.

Economic data

What’s on the economic calendar?

The producer-price index rose 0.1% in April, belowforecasts. The core PPI was also up 0.1%.

PRIVATE CLIENT GROUP [PCG]

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Separately, U.S. wholesale inventories rose 0.3% in March.

Fed chatter

Among Federal Reserve speakers, Atlanta Fed President Raphael Bostic, on Wednesday, said hebelieved that stimulus to investment spending from the recent Republican tax cut package maybe being dampened by uncertainty over changes in U.S. trade policy.

Bostic is a voting member of the Fed’s rate-setting Federal Open Market Committee.

Other markets

Asian markets closed mixed, while European indices finishedat a more-than-three-month high.

The FTSE 100 led the gains with a 1.28% rise.The German Dax rose 0.24% while the all EuropeStoxx 600 rallied 0.63%...

Gold prices shed 70 cents, or less than 0.1%, to settle at $1,313 an ounce.

The yield on 10-year U.S. notes rose back above 3%. The dollar index edged lower, off 0.1% at93.04.

Cipla enters into exclusive pact with US-based MannKind to sell inhaled insulin in India

Cipla said it has entered into an exclusive pact with US-based MannKind Corporation to marketand distribute the latter’s inhaled insulin Afrezza in India.

Under the agreement, Cipla is responsible for obtaining regulatory approvals to distributeAfrezza in India, including approval from the Drug Controller General of India (DCGI), whileMannKind will manufacture and supply the drug.

Afrezza is the only USFDA-approved inhaled insulin product available in the market. The drug,that comes in powdered form, is delivered using a portable inhaler into the lungs where it israpidly absorbed.

For Cipla, which is a market leader in India for inhalation-based products mainly targeted atasthma and bronchitis, the addition of Afrezza is expected to give some muscle in the ever-growing chronic therapeutic segment like diabetes. India's insulin market, estimated at Rs2,200 crore with an annual growth rate of 15-17 per cent, is led by Danish drug maker NovoNordisk that has around 60 per cent market share.

The agreement with Cipla is Mannkind’s second international partnership agreement for Afrezza;it had a similar agreement with Brazilian partner to distribute the drug in the South Americancountry.

Reliance Infra board to meet on May 14 to consider fund raising

Reliance Infrastructure yesterday said its board will meet on May 14 to consider raising long-term funds by issuing equity shares by way of rights issue and QIP.

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Besides, the company will focus and participate in renewed opportunities in EPC business. Thecompany intends to focus and participate in renewed opportunities in high growth EPC(engineering, procurement and construction) business. Accordingly, the company needs tostrengthen its net worth and capital adequacy and enhance the ability to avail non-funded linesof credit including bank guarantees, as per the norms of EPC business, the company said.

Ashoka Buildcon Limited's subsidiary receives arbitral award

Ashoka Buildcon Limited has announced that one of its Wholly Owned Subsidiaries viz. AshokaInfraways Limited ('SPV'), which had executed Dewas Bypass Road Project in the State ofMadhya Pradesh, has received an Arbitral Award whereby the SPV has been awarded 1384additional toll days against various claims filed by SPV.

Additionally Arbitral Tribunal has also awarded an amount of Rs.37.71 Crore along with aninterest @ 18% towards the compensation for loss of toll on account of closure of 2 toll plazasand an Arbitration Cost of Rs.73.17 lakh along with an interest @ 18% from May 5, 2018 till thedate of payment.

The Project had been awarded by Government of Madhya Pradesh, Executive Engineer, PublicWorks Department, Dewas. The toll collection at the said Project had been stopped since August24, 2015. The toll collection for the quarter ended June 30, 2015 was Rs.6.56 Crore.

Va Tech Wabag bags order worth Rs 296cr

VA TECH WABAG has secured an order for Rs 296cr from Delhi Jal Board towards rehabilitationand up-gradation of the 182 MLD Waste Water Treatment Plant at Rithala under the YamunaAction Plan. The scope includes design, supply, construction, commissioning including operationand maintenance for 11 years. The project will be financed by Japan International CooperationAgency ('JICA').

Eicher Motors Q4 profit marginally up at Rs 462 crore

Eicher Motors reported 0.5% increase in consolidated net profit at Rs 462 crore for the fourthquarter ended March 31, 2018. Though sales volumes of the company remained strong in thequarter under consideration, there was an impact of Rs 187 crore representing the company’sshare of loss in winding down of operations at Eicher Polaris Private Limited (EPPL).

Company had posted net profit of Rs 459 crore in the corresponding period of the last financialyear. In a statement, the company said, on March 9, 2018, the company's board decided towind down the operations of the Eicher Polaris Pvt Ltd. “Consequently, the consolidated financialresults include an amount of Rs 187crore of exceptional nature representing the company'sshare of loss for the quarter ended March 31, 2018.

Revenues from operations went up to Rs 2528 crore in the quarter from Rs 1888 crore in thefourth quarter of the last financial year. Sales for the quarter ended March 31, 2018 is net ofGoods and Service Tax (GST) which was implemented in July last year and hence notcomparable with the year-ago period.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 36.3% to Rs 797crore. Margins expanded to 29% from 28.7% posted in the year-ago period. Board hasrecommended dividend of 1100%, Rs 110 per equity share of face value of Rs 10 each for thefinancial year ended March 31, 2018.

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JSPL Q4 loss widens to Rs 424 cr on higher expenses, finance cost

Jindal Steel & Power Ltd (JSPL) reported widening of its consolidated loss at Rs 424.69 crore forthe quarter ended on March 31, 2018 due to higher expenses and finance cost. The private steelmaker had posted a consolidated loss of Rs 100.01 crore in the year-ago period.

Consolidated income increased to Rs 8,599 crore in January-March 2018 over Rs 6,756 crore inJanuary-March quarter of FY2016-17, the filing said.

Its expenses rose to Rs 8,493.57 crore in the last quarter of 2017-18 against Rs 7,074.10 crorein the year-ago period on increased excise duty and finance cost.

For the full 2017-18 fiscal, the steel maker posted a consolidated loss of Rs 1,615 crore againstthat of Rs 2,537 crore in the previous year. Total income increased to Rs 27,844 crore in 2017-18 from Rs 22,706 crore in the previous year.

Federal Bank PAT down 44% YoY at Rs 145 cr on jump in provisions, bad loans

Federal Bank missed analyst expectations to report 43.5 percent year-on-year (YoY) drop in netprofit at Rs 145 crore for the March quarter because of an increase in provisions and worseningasset quality.

Slippages were to the tune of Rs 872 crore for the fourth quarter, of which Rs 492 crore wasfrom one account, said the bank.

Provisions grew by almost 203 percent to Rs 371.53 crore in the March quarter, on a year-on-year basis.

Net interest income (interest earned minus interest expended) grew 11 percent to Rs 933.22crore from Rs 842 crore in the same quarter last year.

Bank also made provisions for the increase in the gratuity ceiling for employees after agovernment notification enhanced it to Rs 20 lakh from Rs 10 lakh.

In its earnings statement, the bank said it has made gratuity provisions taken to the tune of Rs18 crore in Q4 and that a similar amount will be spread over each of the next three quarterswith a total of Rs 72 crore.

Asset quality

During the quarter, the gross non-performing assets (NPAs) worsened to 3 percent of totalloans from 2.52 percent in the December quarter and 2.33 percent a year back.

Net NPA rose to 1.69 percent in the March quarter compared to 1.28 percent a year ago and1.36 percent in the December quarter.

Parag Milk Foods PAT up 18% YoY to Rs 26cr

Revenues from operations increased 21% YoY to Rs 518cr. EBITDA was up 32% YoY to Rs 59cr;Margin came in at 11.5%. PAT rises 18% YoY to Rs 26.2cr.

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For FY18, Revenue increased 13% YoY to Rs 1954cr. EBITDA doubled to Rs 205cr led byoperational efficiencies and better products mix. PAT for the year came in at Rs 87cr. Companydeclared dividend of Rs 0.75 per equity share.

Titan PAT seen rising 45.4% YoY to Rs 292cr

Revenue may see 17% YoY growth to Rs 4033cr. PAT is expected to rise 45.4% YoY to Rs292cr. EBITDA margin may expand 220bps YoY to 10.2% on the back of operating leverage.

Zee Entertainment Q4 and FY18 preview

Revenue is expected to rise 8% YoY to Rs 1658cr. EBITDA margin may dip 410bps YoY to26.4%. PAT is likely to see decline of 28% YoY to Rs 253cr.

Asian Paints Q4 PAT seen up 19% to Rs 543cr

Asian Paints Q4 PAT is likely to increase 19% to Rs 543cr. Revenue may 13% YoY to Rs 4447cr.Volume growth may be at 8% while price led growth is likely to be around 6%. EBITDA margin170bps to 19.8%.

PRIVATE CLIENT GROUP [PCG]

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DATA & EVENTS

OPEN TRADING CALLS

NOTE: ALL TRADING RECOMMENDATIONS GIVEN BY PCG TEAM ARE ON REAL TIMEBASIS. A TRADING RECOMMENDATION SHOULD BE CONSIDERED CLOSED ORSQUARED OFF AS AND WHEN A STOPLOSS OR TARGET IS TOUCHED IN INTRADAYTRADING. DO NOT WAIT FOR TARGET ACHIEVED OR STOPLOSS MESSAGE TO CLOSETHE POSITIONS. REFER JAMMOON FOR TIMELY ENTRY AND EXIT FROMRECOMMENDATIONS.

No. Reco Date Company Name Reco Cost SL Target

1 16-04-2018 NRB BEARING LIMITED BUY 171.8-167 163 186

2 03-05-2018 RBLBANK BUY 524-512 505 555

3 09-05-2018 DEEPAKFERT BUY 354-348 342 375

DATE COUNTRY EVENT PERIOD FORECAST PREVIOUS

10 05 2018 China CPI (YoY%) Apr, 2018 1.9 2.1

10 05 2018 UK Industrial Production (MoM%) May, 2018 0.3 0.1

10 05 2018 UK Industrial Production (YoY%) May, 2018 3.2 2.2

10 05 2018 UKManufacturing Production (MoM%)

May, 2018 0.1 -0.2

10 05 2018 UKManufacturing Production (YoY%)

May, 2018 3.1 2.5

10 05 2018 UK Bank of England Bank Rate May, 2018 0.5 0.5

10 05 2018 UKBOE Asset Purchase Target (in bn)

May, 2018 435 435

10 05 2018 US CPI (MoM%) Apr, 2018 0.3 -0.1

10 05 2018 US CPI (YoY%) Apr, 2018 2.5 2.4

10 05 2018 US CPI Core (YoY%) Apr, 2018 2.2 2.1

TODAY’S EVENTS

DATE COUNTRY EVENT PERIOD FORECAST PREVIOUS ACTUAL

N.A. N.A. N.A. N.A. N.A. N.A. N.A.

YESTERDAY’S EVENTS

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DATA & EVENTS

BULK DEALS*

Date Script Name Fund NameBuy/Sell

Quantity Value

(Rs.Cr.)

NSE

09/05/18 KSB Pumps Ltd.DSP MUTUAL FUND DSP BLACKROCK SMALL CAP FUND

SELL 461120 38.3

09/05/18 KSB Pumps Ltd.OLD BRIDGE CAPITAL MANAGEMENT PRIVATE LIMITED

BUY 380000 31.5

09/05/18 KSB Pumps Ltd. VANTAGE EQUITY FUND BUY 400000 33.2

09/05/18 PC Jeweller LtdALPHAGREP COMMODITIES PRIVATE LIMITED

BUY 2333314 47.8

09/05/18 PC Jeweller LtdALPHAGREP COMMODITIES PRIVATE LIMITED

SELL 2333314 47.8

09/05/18 PC Jeweller Ltd CROSSLAND TRADING CO BUY 2337937 48.1

09/05/18 PC Jeweller Ltd CROSSLAND TRADING CO SELL 2337937 48.2

09/05/18 PC Jeweller Ltd PURITY TRADEMAX LLP BUY 2102424 43.3

09/05/18 PC Jeweller Ltd PURITY TRADEMAX LLP SELL 2102424 43.3

09/05/18 PC Jeweller LtdSHAASTRA SECURITIES TRADING PRIVATE LIMITED

BUY 2993647 61.4

09/05/18 PC Jeweller LtdSHAASTRA SECURITIES TRADING PRIVATE LIMITED

SELL 2993647 61.4

09/05/18 PC Jeweller LtdVAIBHAV STOCK & DERIVATIVES BROKING PVT. LTD

BUY 3933292 81.1

09/05/18 PC Jeweller LtdVAIBHAV STOCK & DERIVATIVES BROKING PVT. LTD

SELL 3933292 81.1

09/05/18Shree Renuka Sugars Limit

MURKUMBI INVESTMENTS PRIVATE LIMITED

SELL 26117405 40.5

BSE

09/05/18 RENUKAMURKUMBI INVESTMENTS PRIVATE LIMITED

SELL 26107790 40.5

* Bulk deals of only more than Rs.25 Cr are taken into consideration

PRIVATE CLIENT GROUP [PCG]

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DATA & EVENTS

RESULT CALENDAR-BSE500

DATE COMPANY DATE COMPANY DATE COMPANY

10-May ADANITRANS 11-May GUJGASLTD 15-May ENDURANCE

AKZOINDIA HAVELLS KTKBANK

APOLLOTYRE KESORAMIND LUPIN

ASIANPAINT MODILUFT MONSANTO

CHAMBLFERT NILKAMAL MRPL

CHENNPETRO OFSS PIIND

INDIANB PGHH PNB

ITDCEM RAIN RCOM

KRBL RELAXO SUVEN

LAURUSLABS SOLARINDS SYNDIBANK

MPHASIS SUNTV TEXRAIL

NAVNETEDUL TATAGLOBAL 16-May AIAENG

NESTLEIND UCOBANK APLLTD

SHANKARA 12-May BAJAJHIND BIRLACORPN

TATACOMM JKCEMENT CENTURYPLY

TIFIN ORIENTBANK GDL

TITAN PFS GSFC

UJJIVAN VINATIORGA HINDALCO

UNIONBANK VTL ITC

ZEEL 14-May ABBOTINDIA JKLAKSHMI

11-May AARTIIND BLUESTARCO JSWSTEEL

ABFRL BOMDYEING JYOTHYLAB

ALBK HINDUNILVR MUTHOOTFIN

CANBK KEC NIITLTD

DENABANK LALPATHLAB PRAJIND

GILLETTE SOUTHBANK PTC

GRAPHITE BRITANNIA TATASTEEL

GSKCONS CROMPTON TVSMOTOR

PRIVATE CLIENT GROUP [PCG]

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DATA & EVENTS

RESULTS ANNOUNCED DURING MARKET HOURS

COMPANY Q4FY18 YOY (%) QOQ (%)

Sales (Rs Cr)

NP (Rs Cr)

Sales NP Sales NP

Sundram Fasteners Ltd 945.5 95.2 11.5 8.6 11.5 3.9

Kokuyo Camlin Ltd 190.0 5.8 -4.1 110.9 32.4 15.8

EID Parry (India) Ltd 3386.5 40.4 -1.2 -86.5 -4.2 -62.6

Gujarat Mineral Development Corporation Ltd 635.0 100.0 16.7 11.1 25.5 27.3

Arvind Ltd 2989.0 115.5 21.3 18.2 10.5 46.0

PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

COMPANY Q4FY18 YOY (%) QOQ (%)

Sales (Rs Cr)

NP (Rs Cr)

Sales NP Sales NP

Federal Bank Ltd 2548.0 145.0 10.0 -43.5 1.9 -44.2

Hikal Ltd 392.0 25.3 24.1 -12.4 11.7 9.0

Eicher Motors Ltd 2528.0 461.5 34.7 0.5 12.3 -11.3

Magma Fincorp Ltd 581.0 71.5 3.6 LP 0.2 10.0

Dhampur Sugar Mills Ltd 921.2 -36.0 17.5 PL 18.4 -156.0

PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

RESULTS ANNOUNCED AFTER MARKET HOURS

PRIVATE CLIENT GROUP [PCG]

“THE DAILY”

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SUPPORT - RESISTANCE

LIST OF NIFTY STOCKS

COMPANY CLOSE R2 R1 PIVOT S1 S2

NIFTY 50 10742 10809 10775 10733 10699 10656

ADANIPORTS 413 418 416 413 410 407

ASIANPAINT 1225 1249 1237 1217 1205 1186

AXISBANK 549 558 553 545 540 532

BAJAJ-AUTO 2882 2924 2903 2884 2863 2844

BAJAJFINSV 5340 5431 5385 5349 5303 5267

BAJFINANCE 1848 1886 1867 1856 1837 1826

BHARTIARTL 404 416 410 404 398 391

BPCL 385 393 389 383 379 373

CIPLA 590 601 595 590 585 580

COALINDIA 268 271 270 268 267 265

DRREDDY 2063 2095 2079 2069 2053 2042

EICHERMOT 30313 30991 30652 30401 30062 29811

GAIL 343 348 345 342 339 335

GRASIM 1089 1106 1097 1089 1081 1073

HCLTECH 928 944 936 929 921 913

HDFC 1904 1920 1912 1897 1889 1874

HDFCBANK 1978 1996 1987 1972 1963 1947

HEROMOTOCO 3658 3709 3684 3659 3634 3609

HINDALCO 238 253 246 241 234 230

HINDPETRO 304 319 311 301 293 283

HINDUNILVR 1498 1523 1511 1498 1486 1474

IBULHSGFIN 1236 1254 1245 1238 1229 1221

ICICIBANK 307 312 310 307 304 301

INDUSINDBK 1877 1906 1891 1876 1862 1846

INFRATEL 325 331 328 325 322 319

INFY 1172 1185 1178 1171 1164 1157

IOC 167 172 170 165 162 158

ITC 282 285 284 283 281 280

KOTAKBANK 1253 1270 1261 1247 1239 1225

LT 1376 1394 1385 1373 1364 1352

LUPIN 764 788 776 768 756 747

M&M 864 877 870 862 855 847

MARUTI 8721 8830 8776 8740 8686 8650

NTPC 170 173 172 171 169 168

ONGC 183 187 185 184 181 180

POWERGRID 212 215 213 212 211 210

RELIANCE 976 996 986 974 964 952

SBIN 248 252 250 248 246 245

SUNPHARMA 507 518 512 509 503 499

TATAMOTORS 341 356 349 340 333 324

TATASTEEL 605 618 612 602 595 586

TCS 3489 3529 3509 3474 3454 3420

TECHM 656 674 665 657 648 639

TITAN 986 1009 997 984 973 960

ULTRACEMCO 3966 4125 4046 4000 3921 3875

UPL 732 741 736 729 724 716

VEDL 283 294 288 285 280 277

WIPRO 271 276 274 272 269 267

YESBANK 348 354 351 347 344 340

ZEEL 593 599 596 592 589 586

PRIVATE CLIENT GROUP [PCG]

“THE DAILY”

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Disclaimer:

This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HSL or its affiliates to any registration or licensing requirement within such jurisdiction. If this report is inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. This document may not be reproduced, distributed or published for any purposes without prior written approval of HSL. Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. HSL may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments.HSL and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.HSL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc.HSL and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.

HSL or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. HSL or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from t date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business.HSL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither HSL nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HSL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the Research Report.

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PCG TEAM

Name DESIGNATION EMAIL ID

Mr. Vinod Sharma Head, PCG & Market Strategy vinod.sharma@hdfcsec.com

Mr. Devarsh Vakil Head, Advisory devarsh.vakil@hdfcsec.com

Mr. Nandish Shah Derivative Analyst nandish.shah@hdfcsec.com

Mr. Vinay Rajani Technical Analyst vinay.rajani@hdfcsec.com

Mr. Kushal Rughani Fundamental Analyst kushal.rughani@hdfcsec.com

Ms. Kinnari Patel Junior Analyst kinnari.patel@hdfcsec.com

Ms. Nisha Sankhala Junior Analyst nishaben.shankhala@hdfcsec.com

Mr. Dilip Parmar Currency Analyst dilip.parmar@hdfcsec.com