Opening Bell

June 16, 2015

Index Movement (past one month)

Key Developments

BSE (RHS)

Glenmark has received USFDA approval for the generic version of

Tevas Seasonale (oral contraceptive) with annual sales of US$53.7
million
As per media sources, Ruias of the Essar group are set to sell a 49%
stake in Essar Oil to Russian oil & gas giant Rosneft for about |
10,500 crore soon
Aurobindo Pharma has received USFDA approval to manufacture
and market Extended Phenytoin Sodium Capsules, generic version
of Dilantin by Pfizer (anti-epileptic) with annual sales of ~US$125
million
Tata Starbucks (JV between Tata Global Beverages & Starbucks) has
initiated suspension of ingredients that are not approved by FSSAI
and plans to replace them with FSSAI-approved ingredients
Australia has temporarily suspended import of Nestl Maggi noodles
from India
The FIPB has deferred Kotak Mahindra Bank's proposal for raising its
FII limit from 48% to 55%, for the second time, in the absence of a
comment from the Department of Financial Services regarding the
impact of the proposal on investment in the insurance business

Sensex
Nifty

15-Jun

11-Jun

9-Jun

5-Jun

3-Jun

1-Jun

30000
29000
28000
27000
26000
25000
28-May

9000
8800
8600
8400
8200
8000
26-May

US markets ended lower after a report from the Federal Reserve

showed an unexpected drop in industrial production for May

UK CPI YoY

22-May

Markets Yesterday
Domestic markets ended positive as traders rejoiced on upbeat
domestic economic data of strong index of industrial production (IIP)
and steady consumer price index (CPI) numbers released on Friday

Todays Highlights

20-May

Market Outlook
Indian markets are expected to open negative on the back of weak
global cues while the outcome of the two-day policy meeting of the
US Federal Reserve's monetary committee starting today could weigh
on sentiments in the near term.

NSE (LHS)

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

26,587 26,425
0.6
-5.0
-3.9
16.5
7,983
7,965
0.2
-5.3
-3.6
16.6

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

CY13
112,221
-73,385

CY14 YTD CY15 Yesterday Last 5 Days

99,525
41,081
605
-612
-30,570
21,396
650
3,426

World Indices Monthly performance

Shanghai
4,941
17.5%
NSE
8,014
-3.0%

Nikkei
20,260
3.3%
Kospi
2,014
-3.0%

Nasdaq
5,030
-0.4%
France
4,815
-3.6%

Dow Jones
17,791
-0.9%
U.K.
6,711
-3.6%

BSE
26,587
-2.7%
Germany
10,985
-4.0%

Nifty Heat Map

Cairn
India

187.7

Bajaj
Auto

2,332.4

Tata
Motors

426.4

L&T
Infosys
TCS
Axis Bank
BPCL

3.8%
2.0%
1.1%
1,668.4
0.7%
990.5
0.3%
2,504.8
0.0%
550.1
-0.3%
833.5
-0.5%

Ambuja
Cement

215.7

Indusind
Bank

794.6

-1.3%
-2.0%

IDEA
RIL
HUL
Wipro
IDFC

175.6
3.0%
901.8
1.3%
821.8
0.9%
540.9
0.7%
145.8
0.2%

Grasim
Ind

3,350.2

Bharti
Airtel

413.7

Lupin
Vedanta
Ltd
Hindalco

-0.2%
-0.3%
1,711.9
-0.6%
181.4
-1.3%
114.3
-2.1%

Sun
Pharma
HCL Tech
Maruti
United
Spirits
GAIL
Tata Steel
HDFC
Bank
Tata
power
Ultratech
ACC

837.7
3.0%
908.1
1.3%
3,767.4
0.8%
3,595.5
0.5%
397.1
0.2%
297.0
-0.2%
1,005.2
-0.4%
72.1
-0.8%
2,710.8
-1.4%
1,370.3
-2.3%

ICICI Securities Ltd. | Retail Equity Research

M&M
ONGC
Cipla
Tech M.
Hero
Moto
BHEL
Coal India
Asian
Paints
SBI
Bank of
Baroda

1,220.3
2.3%
304.0
1.2%
585.7
0.7%
554.1
0.5%
2,506.1
0.1%
247.8
-0.2%
394.3
-0.5%
698.6
-1.0%
250.3
-1.5%
143.0
-2.7%

HDFC Ltd
ICICI
Bank
NMDC
ITC
Dr Reddy
Yes Bank
NTPC
PNB

1,214.6
2.0%
299.2
1.1%
115.9
0.7%
298.5
0.3%
3,320.6
0.1%
803.6
-0.2%
135.9
-0.5%
130.4
-1.1%

Kotak
Bank

1,289.7

Power
Grid

141.2

-1.6%
-2.9%

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(%)

27,194
36,505
64.2
NA

27,103
36,545
64.0
NA

0.3
-0.1
0.3
NA

-0.2
-4.0
-2.1
-3.7

0.6
0.0
11.9
-9.2

64.17
1.13
123.54

64.06
1.13
123.42

0.2
-0.1
0.1

-0.5
2.6
0.5

-1.8
-6.8
-3.0

56.4
9.7
34.4
31.3
51.9

56.7
9.8
34.3
31.0
52.1

-0.5
-1.4
0.1
0.7
-0.5

0.9
NA
-17.1
1.1
-3.7

11.6
NA
-17.9
-1.4
3.3

Exchange Cash Turnover (| crore)

Sectoral Index
Sector

Close

Previous

17896.44

17698.58

Banks

19996.49

20077.07

-80.58 -0.4013534

5438

BSE Small Cap

11792.74

11901.39

-108.65 -0.9129186

66926000

Capital Goods

16666.83

16590.91

9842.84

9925.38

-82.54 -0.8316054

363

8304.6

8368.14

-63.54 -0.7593085

1023000

FMCG

8-Jun

9-Jun

2,353
11,654

5000

2,205
12,623

10000

2,508
15,406

15000

10-Jun

11-Jun

12-Jun

15-Jun

0
BSE Cash

NSE Cash

NSE Derivative Turnover (| crore)

8-Jun

9-Jun

10-Jun

212,556

0.00

196,271

200000.00

280,050

400000.00

11-Jun

12-Jun

15-Jun

NSE Derivative

Sectoral Performance Monthly Returns (%)

Auto

Consumer Durables

20000

2,076
13,510

Prior Values
1,275.23bln IN
-8.2bln $
22.05bln $
352.47bln $
7.50%
6.90%
33.05bln $
2.10%
2.20%
-39.2bln $
10.99bln $
5.70%
-13.00%
-2.65%
-0.52%
4.00%
7.50%
6.50%

188,907

Latest Values
-1.3bln $
352.71bln $
7.50%
7.30%
4.10%
5.10%
-31.7bln $
3.80%
-10.51%
-2.36%
-0.64%
4.00%
7.25%
6.25%

2,226
13,570

Release Date
30-Jun
10-Jun
12~19Jun
12-Jun
29-May
29-May
12~19Jun
12-Jun
12-Jun
10-Jun
12~19Jun
15-Jun
15-Jun
15-Jun
15-Jun
02-Jun
02-Jun
02-Jun

170,238

Period
May
Q1
May
w/e
Q4
12M
May
Apr
Apr
Q1
May
May
May
May
May
N/A
N/A
N/A

163,736

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

1,874
12,894

Key Data Points

Change

% Change

Volume

197.86 1.1179428

1307

75.92

0.4576

6630

Healthcare

17870.57

18140.06

-269.49

-1.485607

1830000

IT

11396.98

11501.95

-104.97 -0.9126279

1254000

Metals

9129.68

9186.4

-56.72 -0.6174345

3829

Mid Cap

10993.02

11070.76

-77.74 -0.7022101

64406000

Oil & Gas

9474.61

9392.88

81.73 0.8701272

1824

Power

1986.72

1996.35

-9.63 -0.4823803

14996

PSU

7417.91

7438.67

-20.76 -0.2790821

10097

Real Estate

1357.11

1354.12

2.99 0.2208076

23210

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

2.8
1.6
-0.7
-2.3
-2.6
-3.3
-3.8
-4.2
-4.4
-5.7
-5.8
-6.2
-7.6
-11.9

-15.0

-10.0

-5.0
(%)

0.0

Key News for Today

Company/Industr News

View

Telecom sector

According to media articles, there are ongoing

merger talks between the Indian operations of
Sistema Shyam and Reliance Communication,
through a stock swap

The deal would primarily aid RCom's 4G

launch in circles where Sistema hosts
800 MHz spectrum in the liberalised
form. The deal could be a beginning to
many more M&A activity, which may
take place in the sector

Nestl India

The estimated sales value of Maggi noodles

stock in the market was ~| 210 crore while the
value of the stock at factories & distribution
centres was ~| 110 crore when the withdrawal
of noodles from the market was announced

We believe the cost of this inventory is

approximately 50% of the sales value for
Nestl India, which amounts to a loss of
~| 160 crore for the company

ICICI Securities Ltd. | Retail Equity Research

Impact

5.0

Key News for Today

The government has decided to infuse capital in

PSU banks based on the requirement of
individual banks against last year's practice of
infusing based on the bank's performance
parameters such as last three year's average
RoA and last year's RoE

The government has earmarked | 7940

crore for capital infusion in PSU banks in
FY16. Some banks like Uco Bank and
United Bank of India have informed the
government that they would not require
capital from them in the current year.
We believe this step would be positive
for those PSU banks, which due to their
deteriorating performance could not get
capital last year but were in dire need for
it. This includes banks like BoI, IOB, IDBI
Bank, OBC, Vijaya Bank, etc.

Mahindra Aerospace, a part of the M&M group

has been awarded a multi-million dollar aero
components production contract by the Airbus
group

The contract size and the other details

are yet to be disclosed. However, this
would be positive from a long term
perspective

Wipro

Wipro has signed a five-year deal with T-Mobile

Poland to provide integrated applications and
infrastructure services. Wipro will improve TMobiles legacy application consolidation and
rationalisation. The deal would involve
significant onsite effort based out of Poland

Healthy deal wins could aid Wipros

revenue growth momentum, which has
been trailing the industry average since
FY12

Road sector

DCL, a government company mandated to fasttrack road projects in tough terrain, including
border areas, is set to award projects worth |
1.3 lakh crore over the next five years. The
National
Highways
and
Infrastructure
Development Corporation (NHIDCL) will also be
laying out 1,500 km of highways in various
states under the Central government's
ambitious Bharat Mala project

The programme is expected to build a

road network in coastal states, from
Mahrarashtra to West Bengal and is
expected to take off later this year after
all clearances are in place. This would be
hugely postitive for road developers as it
would create an additional opportunity
of ~5,000 km of new roads at an
estimated cost of about ~| 55,000 crore

PSU banks

Mahindra
Mahindra

&

Key developments (Continued)

Delhi International Airport (DIAL), a joint venture between GMR Group and the Airports Authority of India, is looking to
raise | 3,000 crore via the bond market in order to restructure its debt
Lafarge SA will acquire Baring Private Equity (Asia) 14% stake in Lafarge India Pvt Ltd for 270 million
Ramky Infra plans to sell four road assets, which would help it to raise | 1,000 crore in order to restructure its debt

ICICI Securities Ltd. | Retail Equity Research

Sensex Chart

Technical Outlook

We said, "Action strengthening above Friday

can re-kindle positive hopes..." Down 117
points initially, the index held Friday's low.
Later moving above Friday, it finished 161
points or 0.6% higher. While auto, pharma
and oil & gas sectors outperformed, PSU
banks & metal sectors dragged lower. The A/D
ratio ended marginally positive.
The action formed a High Wave with larger
shadows on both sides. It suggested
volatility/struggle to protect last week's lows.
Candle's high is touching the upper end of the
Grey channel. Hence, strength above the
candle is required to reach the new Grey
channel, or fully retrace the fall from 27,000
faster. Otherwise, negative options remain
open.

Pivot Points

CNX Nifty Technical Picture

26586.55
SENSEX
8013.90
NIFTY
1370.25
ACC
100.45
ADANI ENTER.
310.05
ADANI PORT
1686.25
ADITYA BIRLA
AJANTA PHARMA 1425.25
90.00
ALLAHABAD BAN
843.35
AMARA RAJA BA
215.65
AMBUJA CEMENT
153.15
AMTEK AUTO
68.15
ANDHRA BANK
APOLLO HOSP.ENT 1185.75
165.00
APOLLO TYRES
228.15
ARVIND
65.35
ASHOK LEYLAND
698.55
ASIAN PAINTS
AUROBINDO PHAR 1276.80

26563.75
8009.70
1353.15
99.70
306.45
1669.60
1402.15
88.75
840.05
213.90
152.60
67.60
1183.60
165.30
223.55
64.45
695.90
1277.85

26458.60
7981.50
1345.15
96.60
303.15
1659.00
1387.25
88.00
833.50
212.10
151.00
67.15
1171.45
163.75
221.30
64.10
690.15
1272.85

26774.15
8066.10
1376.75
106.00
310.90
1691.80
1432.65
90.45
853.15
216.25
155.80
68.35
1207.90
168.40
229.15
65.55
707.40
1287.85

26819.80
8079.95
1388.55
107.20
313.10
1702.85
1447.90
91.25
859.75
217.45
158.45
68.75
1219.95
169.65
231.95
66.10
713.15
1298.70

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

Nifty
Trend
Trend Reversal
Support
Resistance
20 Days EMA
200 days EMA

Intraday
Range bound
0
7940-7900
8020-8050

Advances / Declines
BSE
NSE

Advances
1452
822

Declines
1201
634

Daily Technical Calls

1. Buy Maruti above 3772
2. Buy Idea Cellular in range of 174.5-175
3 Sell ACC below 1372
*All recommendations are of Jun Future

See Momentum Pick for more details

Nifty Call Put Strike (No. of shares in lakh) Jun 2014
7600
7700
7800
7900
8000
8100
8200
8300
8400

20

Intraday Derivative Strategy

Buy IDECEL Jun Fut at 173.00-173.50
View: Bullish
Strategy: Buy Future
Target 1: 175
Target 2: 178
Stop Loss: 171.30
Market Lot: 2000
CMP : 175

1
1

36
57

4
49

10
40

31
24
24
20

35
44
44
44

11
80.0

60.0

40.0

20.0

0.0
Put

Call

20.0

40.0

60.0

Sell HINDAL Jun Fut at 115.50-116-00

View: Bearish
Strategy: Sell Future
Target 1: 114 Target 2: 111
Stop Loss: 117.60
Market Lot: 2000
CMP : 115

See Daily Derivatives for more details

ICICI Securities Ltd. | Retail Equity Research

Short Term
Down
8200
7700
8200
8169
8194
Unchanged
135
75

Results/Events Calendar

18

May
Monday

Asian Paints
Somany Ceramics
NRB Bearings, HSIL
Honda Siel & Power
0

25

May
Monday

TCI, VA Tech Wabag

Jyothi Laboratories, MPS
Heidelberg Cement
Eclerx, Solar Industries
PTC India Fin, Inox,

01

June

Monday

Manufacturing PMI China

HSBC China Manu PMI
Markit Eurozone Manu PMI
Markit Japan Manu PMI
Markit US Manu PMI

08

June

Monday

GDP SA QoQ Japan

0
0
0
0

15

June
Monday

India WPI
Trade Balance SA EC
Ind Production MoM US
0
0

19

20

May
Tuesday

Tata Power, Sonata Software

Pidilite Industries
AIA Engineering, Colgate
ENIL, D-Link
0

26

03

June

Tuesday

PPI YoY EC
CPI Core EC
0
0
0

09

10

June

CPI YoY China

PPI YoY China
Trade Balance UK
GDP SA YoY EC
0

16

17

June

CPI YoY UK
0
0
0
0

11

June

18

June

Trade Balance Japan

CPI YoY EC
0
0
0

Major Economic Events this week

12

June

19

June

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

May
Saturday

EIH Hotels, IPCA Lab

L&T, JP Associates
0
0
0

06

June

Friday

June

Saturday

0
0
0
0
0

13

June

Friday

India CPI YoY, IIP

Ind Production YoY Japan
Industrial Production YoY EC
0
0

Thursday

30

May
Friday

GDP SA YoY EC
OPEC Meeting
0
0
0

Thursday

Initial Jobless Claims US

Continuing Claims US
0
0
0

Wednesday

05

June

May
Saturday

JK Cement, Chennai Petro

City Union Bank
Wim Plast, Divi's Lab
PI Industries
0

InfoEdge, India Cem, Oil Ind

Sun Pharma, Just Dial,PVR
M&M, IOCL,SAIL, Bosch
Glenmark, BEL, IRB,Rel Cap
NTPC, GMR, NHPC,SUN TV

Thursday

Initial Jobless Claims US

Continuing Claims US
0
0
0

Wednesday

India Export & Import YoY

Industrial Production YoY UK
0
0
0

Tuesday

04

June

29

May

23

May
Friday

Timken India
ITC, GSPL, MRPL
NATCO Pharma
Strides Arcolab
0

Thursday

Amara Raja ,Hindalco, PTC

ONGC, BPCL,HPCL ,BOI
Page Indus, Container Corp
Coal India, Power Grid
NMDC,Tata Global, UBL

Wednesday

HSBC China Composite PMI

HSBC China Services PMI
Markit US Composite PMI
Markit US Services PMI
0

Tuesday

28

May

22

May
Thursday

Bajaj Auto, Britannia

Zee Enterprises
SCI,CESC,Voltas
Shakti Pumps
Gandhi Special Tubes

Wednesday

BATA, Bayer Crop

TTK Prestige, Aban Offshore
Indoco Remedies, GAIL
Excel Crop Care, Tata Chem
Indoco Remedies, Tata Com

Dish TV, Tech Mahindra

Maha Seamless
Gulf lubricants, Thermax
Tata Motors, CCL Prodcts
Simplex

02

Tata Steel, WABCO

Bharat Forge
Bajaj FinSrv, Whirlpool
Lakhmi Machinery
0

27

May
Tuesday

21

May
Wednesday

0
0
0
0
0

20

June
Friday

0
0
0
0
0

June

Saturday

June
Saturday

0
0
0
0
0

Bulk Deals

Date
15-Jun
15-Jun
15-Jun

Event
Wholesale Prices YoY
Industrial Production MoM
Trade Balance SA

Count
IN
US
EC

Period
May
May
Apr

Actual
Survey
-2.50%
-2.36%
0.2%
-0.2%
24.3B
19B

Date
16-Jun
17-Jun
17-Jun
18-Jun
18-Jun
18-Jun

Event
CPI YoY
Trade Balance
CPI YoY
CPI YoY
Initial Jobless Claims
Continuing Claims

Count
UK
JN
EC
US
US
US

Period
May
May
May F
May
June
June

Exp
Previous
-0.1%
0.1%
258.8B
-53.4B
0.3%
0.0%
-0.2%
0.0%
278K
279K
2200K
2265K

Company
BSE*
PI Industries
PI Industries
PI Industries
Purshottam Investo Fin

Client Name

Citigroup Global Markets Mauritius Pvt LtdSell

Ironwood Investment Holdings
Sell
Cartica Capital Ltd
Buy
Ester Industries Limited
Buy

Recent Releases

ICICI Securities Ltd. | Retail Equity Research

Type

Date

Report

15 Jun 2015

Company Update- Cairn India

15 Jun 2015

Company Update- Camlin Fine Science

12 Jun 2015

Company Update- Mastek Ltd

12 Jun 2015

Company Update- Escorts

12 Jun 2015

Initiating Coverage- Grindwell Norton

No. of
shares

Price (|)

1600000
3700000
5294249
125000

605
605.01
605
29.5

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Based on short-term technical trends and
stock specific news/news expectations.
Provides simplified derivative strategies such
as spreads and covered calls

Derivative
Strategies
Weekly & Monthly recommendations
Weekly Calls

Weekly Technicals

Weekly Derivatives

Market Trends

Global Derivatives

Monthly Technicals

Technical trends for a week considering key

technical indicators & statistical information
Features stocks with a trading outlook for a
week based on short-term technical trends
considering key technical indicators &
statistical information.
Trading opportunities in futures & options
segment based on data analysis, overall
market trend, volatility & open interest
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
research@icicidirect.com

ICICI Securities Ltd. | Retail Equity Research

pankaj.pandey@icicisecurities.com

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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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
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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
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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