Opening Bell

March 2, 2015

India Manufacturing PMI, HSBC China

Manufacturing PMI, Markit US Manufacturing
PMI, CPI Core YoY EC
Index Movement (past one month)

Key Developments

11-Feb

BSE (RHS)

For the first time, the government highlighted its fiscal roadmap and
aims to achieve its fiscal deficit target of 3.9% in FY16E; 3.5% in
FY17E and 3% in FY18E
On the tax receipt front, the government is targeting 15.2% YoY
growth in gross tax revenues for FY16E vs. 9.9% in FY15E. However,
net tax revenues may grow 1% YoY in FY16E given cooperative
federalism on display
Diesel, petrol prices have been increased by | 3.09 per litre, and |
3.18 per litre, respectively. ATF prices have been increased 8.2%
while rates of non-subsidised LPG have been increased by | 5 per
cylinder
As per media sources, the government has told the nominated
authority in charge of e-auctioning coal blocks to re-examine the bid
process for the Gare Palma IV/1, Gare Palma IV/2&3 and Marki
Mangli 3 coal blocks
PSU oil companies will invest over | 76,565 crore on project
expansion during 2015-16, up 5% over the previous fiscal
Royal Enfield recorded a strong sales month for February 2015 with
49% YoY growth at 30,240 units

Sensex
Nifty

28-Feb

25000
26-Feb

26000

8000
24-Feb

27000

8200
20-Feb

28000

8400

18-Feb

29000

8600

13-Feb

30000

8800

9-Feb

9000

5-Feb

Markets Yesterday
Domestic markets ended positive as traders after analysing the
Union Budgets impacts, went for selective buying taking the
markets to a respectable high
On Friday, US markets ended negative partly reflecting profit taking
following recent market strength, along with a slew of US economic
data including downward revision to the pace of economic growth in
the fourth quarter

Todays Highlights

3-Feb

Market Outlook
Indian markets are expected to open positive as the first NDA budget
was balanced between growth and fiscal prudence. Though the fiscal
roadmap has been stretched by a year, incremental spending in
infrastructure is positive.

NSE (LHS)

Close Previous Chg (%) MTD(%) YTD(%) P/E (1yr fwd)

29,362 29,220
0.5
0.6
6.8
18.1
8,902
8,845
0.6
1.1
7.5
18.0

Institutional Activity
FII (| cr)
DII (| cr)

CY13
112,221
-73,385

CY14
99,525
-30,570

YTD CY15
26,723
-6,270

Yesterday Last 5 Days

614
6,959
-741
-1,019

World Indices Monthly performance

Germany
11,402
7.3%

France
4,951
7.1%

Nasdaq
4,964
6.0%

Nikkei
18,847
5.8%

Dow Jones
18,133
4.3%

U.K.
6,947
2.0%

Kospi
1,989
1.7%

NSE
8,902
1.1%

BSE
29,362
0.6%

Shanghai
3,321
-1.3%

Nifty Heat Map

Bank of
Baroda
IDFC
Grasim
Ind
NTPC
Axis Bank
Lupin
ONGC
HDFC
Bank
Infosys
BPCL

185.2
5.6%
173.3
4.8%
3,753.5
4.1%
155.9
3.3%
612.6
2.7%
1,747.0
2.4%
325.0
1.7%
1,071.2
1.5%
2,296.5
0.3%
746.2
-0.2%

Tata
power
ICICI Bank
Ambuja
Cement
Tech M.

86.9
5.6%
346.2
4.3%
272.1
3.7%
2,863.3
3.2%

Tata
Motors

593.4

Indusind
Bank

916.6

Bharti
Airtel

356.3

Sun
Pharma

911.0

Kotak
Bank

1,397.1

ITC

2.6%
2.3%
1.7%
1.5%
0.3%
361.4
-0.5%

JSPL
Sesa
Sterlite
SBI
Maruti
M&M
ACC
RIL
Cairn
India
TCS
Wipro

195.8
5.2%
217.6
4.3%
301.7
3.6%
3,620.9
3.1%
1,292.0
2.5%
1,678.1
2.0%
865.2
1.6%
254.8
0.9%
2,675.3
0.2%
659.2
-0.5%

ICICI Securities Ltd. | Retail Equity Research

Ultratech
PNB
DLF
Power
Grid
BHEL
Asian
Paints
Tata Steel
Dr Reddy
HDFC Ltd
GAIL

3,135.8
5.0%
165.6
4.1%
155.4
3.6%
156.9
2.8%
262.2
2.4%
818.6
1.9%
355.3
1.6%
3,349.1
0.8%
1,335.2
0.1%
413.3
-1.0%

L&T
NMDC
Hindalco
Coal India
HCL Tech
Hero
Moto
Cipla
Bajaj Auto
HUL
United
Spirits

1,768.1
4.8%
139.1
4.1%
152.9
3.6%
394.0
2.8%
2,020.7
2.4%
2,684.7
1.9%
682.1
1.6%
2,153.5
0.7%
910.1
0.1%
3,420.2
-1.6%

Markets Today
Close Previous
Commodities
Gold (|/10 gm)
Silver (|/kg)
Crude ($/barrel)
Copper ($/tonne)
Currency
USD/INR
EUR/USD
USD/YEN
ADRs
HDFC Bank
ICICI Bank
Tata Motors
Infosys
Dr Reddys Labs

Change (%) MTD(%)

YTD(%)

26,952
36,602
62.3
5924

26,902
36,565
62.6
5917.5

0.2
0.1
-0.5
0.1

0.2
0.1
-0.5
0.0

-0.3
0.2
8.6
-7.0

61.84
1.12
119.86

61.76
1.12
119.63

0.1
-0.2
0.2

0.0
-0.2
-0.2

1.9
-7.6
-0.1

62.0
11.7
49.2
36.7
52.7

61.2
11.1
48.7
36.6
52.7

1.4
4.8
1.2
0.4
0.0

0.0
NA
-2.8
4.5
1.3

22.2
NA
16.4
16.7
4.4

Exchange Cash Turnover (| crore)

Sectoral Index
Sector

4,231
21,350

4,357
25,714

10000

4,868
23,260

20000

23-Feb

24-Feb

25-Feb

26-Feb

27-Feb

28-Feb

BSE Cash

NSE Cash

24-Feb

25-Feb

26-Feb

368,210

23-Feb

173,326

700000
600000
500000
400000
300000
200000
100000
0

581,564

NSE Derivative Turnover (| crore)

27-Feb

28-Feb

NSE Derivative

Sectoral Performance Monthly Returns (%)

Close

Previous

Change

% Change

Volume

Auto

19982.7

19769.7

213.0

1.1

1873000

Banks

22573.0

21858.5

714.5

3.3

14454000

BSE Small Cap

11266.4

11319.6

-53.1

-0.5

68612000

Capital Goods

17779.5

17825.1

-45.6

-0.3

36459000

Consumer Durables

10388.1

10605.5

-217.3

-2.0

1049000

8222.4

8573.0

-350.6

-4.1

5808000

Healthcare

15854.6

15539.5

315.1

2.0

1096000

IT

11969.5

11879.0

90.4

0.8

687000

Metals

10569.7

10592.5

-22.9

-0.2

6924000

Mid Cap

10810.9

10811.5

-0.6

0.0

141150000

Oil & Gas

9685.7

9601.9

83.8

0.9

2441000

Power

2269.1

2295.4

-26.4

-1.1

49913000

PSU

8102.5

8128.8

-26.2

-0.3

26132000

Real Estate

1821.9

1838.5

-16.6

-0.9

39369000

FMCG

30000
4,413
16,547

Prior Values
5,323.81bln IN
10.1bln $
25.4bln $
334.19bln $
5.30%
4.50%
34.83bln $
3.80%
3.00%
38.6bln $
9.43bln $
5.20%
-7.80%
0.11%
1.57%
4.00%
7.75%
6.75%

427,646

Latest Values
23.88bln $
7.50%
4.70%
32.21bln $
1.70%
2.10%
8.32bln $
8.00%
-10.69%
-0.39%
1.05%
4.00%
7.75%
6.75%

3,624
17,657

Release Date
2-Mar
02~13Mar
13-Feb
6-Mar
9-Feb
30-May
13-Feb
12-Feb
12-Feb
02~13Mar
13-Feb
16-Feb
16-Feb
16-Feb
16-Feb
3-Feb
3-Feb
3-Feb

387,761

Period
Jan
Q4
Jan
w/e
Q3
12M
Jan
Dec
Dec
Q4
Jan
Jan
Jan
Jan
Jan
N/A
N/A
N/A

3,571
17,308

Key Domestic Economic Indicator

Fed Fiscal Deficit
Current Account
Exports - USD
FX Reserves, USD Final
GDP Quarterly yy
GDP Annual
Imports - USD
Industrial Output yy
Manufacturing Output
Trade Deficit - RBI
Trade Deficit Govt - USD
WPI Food yy
WPI Fuel yy
WPI Inflation yy
WPI Manufacturing Inflation yy
RBI Cash Reserve Ratio
RBI Repo Rate
RBI Reverse Repo Rate

330,804

Key Data Points

IT
Capital Goods
Metals
Power
Healthcare
Mid Cap
Real Estate
Auto
BSE Small
Banks
FMCG
PSU
Consumer
Oil & Gas

7.1
4.0
3.7
2.0
1.2
0.7
0.6
0.0
-0.6
-0.6
-0.6
-1.2
-2.5
-4.5

-6.0

-4.0

-2.0

0.0
(%)

2.0

4.0

6.0

8.0

Key News for Today

Company/Industry
BFSI

News
Composite holding has been propsed to be
reined. FPI and FII limit will be done away, as
per Budget. Currently, composite holding in
banks is allowed till 74% with FII limit at 49%

Oil & gas sector

The government has announced in the Union Subsidy rationalisation will reduce the
Budget that it is committed to rationalise overall under recovery and be positive
subsidies
for the PSU oil & gas companies

ICICI Securities Ltd. | Retail Equity Research

View
Banks like Axis Bank and IndusInd Bank
have windows to raise foreign holding.
Axis Bank's current foreign holding is at
52% with FII holding near its limit of
49%. FPI, FII can increase their holding
by 10% to 62% (Axis Bank has approval
of 62%) and a further 10% to 74%
through regulatory approval

Impact

Key News for Today

Ashoka Buildcon Ashoka Buildcon has received a letter of Addition of this into ABLs current order
acceptance (LoA) from Ministry of Road book of | 3,381 crore i.e. implying book
Transport and Highways Government of India to bill of 2.1x TTM construction revenues
(MoRTH), for the project viz. engineering, provide strong revenue visbility, going
procurement and construction of Rehabilitation ahead
and Upgrading to two lanes of MadhugiriChikkaballapura Mulbagal Section in Karnataka
under Phase-I of National Highways Interconnectivity Improvement Projects (NHIIP). The
accepted project cost is | 219.40 crore
Bhel, L&T

Announcement of five new ultra mega power Strong ordering opportunity for
projects, each of 4000 MW, in the plug-and-play generation equipment players like Bhel
and L&T
mode in Budget 2015-16

NTPC

Budget 2015-16 has proposed to increase the The increase of coal cess from | 100 to |
coal cess by 100% from | 100/tonne to | 200 200 per tonne is likely to have a neutral
impact on NTPC as it is a pass through
tonne
for the company

ICICI Securities Ltd. | Retail Equity Research

Sensex Chart

Technical Outlook

We said, "Positive if the action sustains above

the White Line joining the previous two
highs..." The Budget resulted in a volatile
trade. Up 340 points during the Budget
speech, the index sold off 678 points from
12:20 pm to 1:20 pm, only to recover and
finish exactly at the White Line, up 141 points
or 0.4%. ITC lost 8% but the Bankex gained
3%. The A/D ratio ended negative.
The action formed a High Wave, indicating
volatile action. Up-down legs added up to
over 2000 points, at the end of which, the
index was seen testing the previous
resistance. Hence, strength/close above the
candle's high would be required to maintain
the positive bias and open further upsides.
However, failure to sustain above the candle
can be negative.

Pivot Points

CNX Nifty Technical Picture

Index/Stocks

Close
29361.50
8901.85
1678.10
697.50
330.75
1720.95
109.15
272.10
153.80
85.45
1314.20
175.00
306.55
69.85
818.60
1083.45
612.60
2153.45

SENSEX
NIFTY
ACC
ADANI ENTER.
ADANI PORT
ADITYA BIRLA
ALLAHABAD BANK
AMBUJA CEMENT
AMTEK AUTO
ANDHRA BANK
APOLLO HOSP.ENT.
APOLLO TYRES
ARVIND
ASHOK LEYLAND
ASIAN PAINTS
AUROBINDO PHARMA
AXIS BANK
BAJAJ AUTO

S1
29314.70
8883.30
1664.15
683.40
318.70
1686.00
109.05
271.00
150.75
85.30
1311.95
171.15
306.30
69.25
816.20
1072.80
605.35
2151.85

S2
29145.15
8835.85
1651.80
677.05
313.15
1677.75
107.85
268.90
149.80
84.60
1305.20
169.50
302.95
67.75
811.00
1054.55
591.30
2138.50

R1
29653.90
8978.20
1688.80
699.55
334.55
1717.95
111.45
275.20
153.95
86.75
1325.45
175.70
312.95
72.25
826.65
1109.35
633.40
2178.55

R2
29780.70
9021.45
1701.15
707.60
342.45
1733.95
113.00
277.85
155.55
87.60
1333.40
178.00
314.95
72.80
830.95
1114.70
638.40
2191.95

Nifty Call Put Strike (No. of shares in lakh) March 2014

8500
8600
8700
8800
8900
9000
9100
9200
9300

86

100.0

12

59

25
26
21

33
116
3
4
2

50.0

56
75
43

0.0

50.0
Call

Put

Trend
Trend Reversal
Support
Resistance
20 Days EMA
200 days EMA

Intraday

Short Term

Up
8840
8860-8820
8941-8996
0
0

Up
8670
8670
9370
8755
7994

Advances / Declines
Advances
1187
592

BSE
NSE

Declines
1548
860

Daily Technical Calls

1. Buy HDFC Bank above 1085.50
2. Buy Hindustan Unilever above 918.00
3. Buy Shriram Transport Fin above 1224.00
*All recommendations are of March Future

See Momentum Pick for more details

Buy INDBA Mar Fut at 920.00-922.00
View: Bullish
Strategy: Buy Future
Target 1: 927
Target 2: 944
Stop Loss: 913
Market Lot: 500
CMP : 926

5
40

Nifty

Intraday Derivative Strategy

14
52

Trend
+ve
+ve
Neutral
-ve
-ve
-ve
+ve
+ve
-ve
+ve
+ve
-ve
+ve
+ve
+ve
+ve
+ve
+ve

100.0

150.0

Sell SUNTV Mar Fut at 419.00-420.00

View: Bearish
Strategy: Sell Future
Target 1: 416.50 Target 2: 407
Stop Loss: 423.50
Market Lot: 1000
CMP : 415

See Daily Derivatives for more details

ICICI Securities Ltd. | Retail Equity Research

Unchanged
139
68

Results/Events Calendar

09

February
Monday

Navneet Education
L&T, JK Tyres
BOI, Mangalam Cement
India 4Q GDP YoY
0

16

February
Monday

India WPI YoY

Japan GDP Annualised QoQ
Japan Ind. Prod. YoY
0
0

23

February
Monday

10

11

February
Tuesday

Motherson Sumi
Cadila Healthcare
ENIL, CARE, JP Associates
India Imports/Exports YoY
0

17

Bata India, Natco

NCC, Powergrid Corp
Syndicate Bank, Escorts
Container Corporation
Hathway, India Cement

18

February
Tuesday

24

25

February
Tuesday

Eurozone CPI YoY

Markit US Services PMI
Markit US Composite PMI
0
0

0
0
0
0
0

02

March

Monday

HSBC India Manu. PMI

HSBC China Manu. PMI
Eurozone Manu. PMI
US Manufacturing PMI
Eurozone CPI Core YoY

09

March
Monday

Japan Current Account Bal.

Japan GDP Annualized QoQ
0
0
0

03

04

March

10

11

March
Tuesday

India Imports YoY

India Exports YoY
China CPI YoY
0
0

Event
HSBC India Manu. PMI
HSBC China Manu. PMI
Japan Manufacturing PMI
Markit Eurozone Manu. PMI
Markit UK PMI Manu. SA
CPI Core YoY
Markit US Manu. PMI
PPI YoY
HSBC India Services PMI
HSBC India Composite PMI
HSBC China Composite PMI
HSBC China Services PMI
Japan Services PMI
Japan Composite PMI
Eurozone Services PMI
Eurozone Composite PMI
US Composite PMI
US Services PMI

05

March

12

March

China Industrial Prod. YoY

Japan PPI YoY
UK Industrial Production YoY
UK Manufacturing Prod. YoY
0

27

Thursday

06

March

Friday

13

March
Thursday

Friday

21

February

28

February

Saturday

Saturday

0
0
0
0
0

07

March
Friday

March

Saturday

0
0
0
0
0

14

March
Friday

Japan Industrial Prod. YoY

0
0
0
0

Saturday

0
0
0
0
0

February

Eurozone GDP SA YoY

US Trade Balance
0
0
0

February

Apollo Hospitals, Cox&Kings

Sun Pharma, Oil India
Balkrishna Industries
HDFC Bank
ONGC

February

India Fiscal Deficit

Japan CPI YoY
Japan Ind. Prod. YoY
US GDP YoY
0

Thursday

India Industrial Prod. YoY

India CPI YoY
Uk Trade Balance
Eurozone Industrial Prod. YoY
US Initial Jobless Claims

Friday

KSB Pumps
Japan Manu. PMI
Eurozone Manu. PMI
US Manu. PMI
0

February

US Initial Jobless Claims

US Continuing Claims
0
0
0

Wednesday

20

Thursday

14

February

M&M, SAIL, United Brew.

Nestle, Rcom
HPCL, IOCL, MRPL, GSPL
Bosch Ltd, Eicher Motors
NBCC, Pipavav Defence

February

US CPI YoY
UK GDP YoY
US Initial Jobless Claims
US Continuing Claims
0

Wednesday

Major Economic Events this week

Date
2-Mar
2-Mar
2-Mar
2-Mar
2-Mar
2-Mar
2-Mar
3-Mar
4-Mar
4-Mar
4-Mar
4-Mar
4-Mar
4-Mar
4-Mar
4-Mar
4-Mar
4-Mar

26

February

Wednesday

India Comp./Service PMI

China Comp./Service PMI
Japan Comp./Service PMI
US Comp./Service PMI
Eurozone Comp./Service PMI

Eurozone PPI YoY

0
0
0
0

Thursday

Japan Trade Balance

US Jobless Claims
US Continuing Claims
ECB Current Account
0

Castrol
India Eight Infrastructure Ind.
HSBC China Manu. PMI
0
0

Tuesday

19

February

13

February

Page Industries, Tata Comm.

Bajaj Elec, Gujrat Gas, SCI
Hindalco, CESC, Sobha Ltd
Glenmark Pharma, IGL, BoI
NRB Bearings, BHEL, Cipla

Wednesday

Ambuja Cement
SKF India
US Ind. Prod. MoM
US Manu. (SIC) Prod.
0

UK CPI YoY
0
0
0
0

12

February
Wednesday

March
Saturday

0
0
0
0
0

Bulk Deals
CountryPeriod
IN
Feb
CH
Feb F
JN
Feb F
EC
Feb F
Feb
UK
EC
Feb A
US
Feb F
EC
Jan
IN
Feb
IN
Feb
CH
Feb
CH
Feb
JN
Feb
JN
Feb
EC
Feb F
EC
Feb F
US
Feb F
US
Feb F

Expected Previous
-52.9
50.1
50.1
-51.5
-51.1
53.3
53.0
0.50%
0.60%
54.2
54.3
-3.10% -2.70%
-52.4
-53.3
-51.0
-51.8
-51.3
-51.7
-53.9
-53.5
-56.8
54.7
57.0

ICICI Securities Ltd. | Retail Equity Research

No. of
shares Price (|)

Company
BSE*
Delta Leasing Finance Ltd.

Client Name

Type

Phantom Portfolio Pvt. Ltd.

Buy

130,571

45.9

NSE*
--

--

--

--

--

Recent Releases
Date

Report

28 February 2015

Budget Review 2015-16

27 February 2015

Event Update- Hindalco

26 February 2015

Result Update- Castrol India

26 February 2015

Result Update- KSB Pumps

26 February 2015

Management Meet Update Timken India

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positions of securities.
Nifty outlook for the month based on F&O
data, FII activity, Heavyweights OI analysis
along with statistical inputs.
Derivatives outlook on global equity indices,
currencies and commodities. Also,
elaborating the likely impact on the Indian
bourses.
Trading outlook for a month based on
medium-term technical trends considering
key technical indicators & statistical
information.

Medium & Long term recommendations

Tecno Funda
On basis of Technical and Fundamental
whenever opportunity occurs we give these
Pick/Technical
calls
Deliver Call
Positional Derivatives
Stocks on the move

Identifying Out-performers/Under-performers
vis a vis index along with positional
recommendation on Stocks/Nifty.
Covers stocks, which are likely to show
significant upward movement in the next 15
days due to change in trader sentiment.

Detailed Company
Report

Fundamental report understanding the

business model and future prospects of the
company & valuations.

Equity Model
Portfolio
High Dividend
Yield Stocks

A portfolio based on your risk appetite: large

cap, midcap and diversified
Features high dividend yielding stocks for
assured returns on investment

Trading Page iCLICK-2-GAIN

Trading Page iCLICK-2-GAIN
Trading Page iCLICK-2-GAIN
iClick-2-Gain

Weekly

1-7 days

5%

Research page-We
Recommend, Trading Page,
iCLICK-2-GAIN
& iClick-2-Invest

Weekly

1-7 days

4 5%

Research page-We
Recommend, Trading Page

Weekly

1-7 days

4 5%

Research page-We
Recommend, Trading Page

Monthly

30 days

Trading Page

Monthly

30 days

Trading Page

Monthly

30 days

10%

Research page-We
Recommend, Trading Page,
iClick-2-Invest

Not regularly
recommended

3 months

20%

Trading Page, iCLICK-2-GAIN

& iClick-2-Invest
Trading Page, iCLICK-2-GAIN

Fortnightly
Fortnightly every
alternate Wednesday

> 7-15
days

5 7%

When published

> 1 year

> 20% &

above

Quarterly

Research page-We
Recommend, Trading Page,
Scroller, iCLICK-2-GAIN
Research page-We
Recommend, Trading Page,
iCLICK-2-GAIN
& iClick-2-Invest
Research page-We
Recommend, iClick-2-Gain
Research page-We
Recommend, iClick-2-Gain

Pankaj Pandey

Head Research
ICICIdirect.com Research Desk,
ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai 400 093
[email protected]

ICICI Securities Ltd. | Retail Equity Research

[email protected]

Disclaimer
ANALYST CERTIFICATION
We /I, Pankaj Pandey Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the
subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

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ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking
and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts
and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and
meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without
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This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This
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ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the 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.
ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies
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ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities 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 ICICI Securities nor Research Analysts have any
material conflict of interest at the time of publication of this report.
It is confirmed that Pankaj Pandey Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the
publication of the research report.
Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject
company/companies mentioned in this report.

ICICI Securities Ltd. | Retail Equity Research