hsl pcg the weekly october 15, 2018 weekly 15102018... · private client group [pcg] “the...

PRIVATE CLIENT GROUP [PCG]

“THE WEEKLY”

October 15, 2018


HSL PCG THE WEEKLY


“THE WEEKLY”“THE WEEKLY”

PRIVATE CLIENT GROUP [PCG] 2

WTI Crude oil is up 1.3% in electronic trade thismorning as the pressure is mounting on Saudi Arabiato come clean on the Khashoggi affair and the OPECleader may use its Oil weapon in the negotiations.

Over the weekend US President Donald Trumppromised ―severe punishment‖ if Saudi Arabia wasshown to have killed Jamal Khashoggi.

This is a serious issue as in the aftermath of Sanctionson Iran, the U.S. expects the Saudis and Russians tomake good the loss of production.

Without the Saudi support, Crude could flare up evenpast all-time highs.

Focus will shift to earnings this week. 7 Niftyconstituents namely IndusInd Bank, India bullsHousing, Hero Moto corp, Infosys, Reliance Inds,UltraTech Cement and HDFC Bank are going to showtheir quarterly results card this week.

Nascent recovery in the markets has been builtaround the declining crude theme. The Saudi’s can’tafford to antagonise the U.S. so they should fall inline. But we can’t take chances with that.

So traders will have to trade with a foot in the door.All long potions needs to be protected with 10200 asthe stop loss.

Bandhan Bank gets SEBI exemption from 1-yearlock-in

Bandhan Bank has received exemption from marketsregulator SEBI with respect to restriction of promoterselling shares within one year of listing, paving theway for reducing of stake through acquisitions.

In a move towards divesting promoter shareholding tomeet the Reserve Bank of India’s licensing norms,Bandhan Bank said it received an exemption from theSecurities and Exchange Board of India on the lock-inof one-year on the equity shares held by the promoterand the eligibility condition of one year from listing.

05/10/18 12/10/18 % Chg

SENSEX 34377 34734 1.04

NIFTY 10316 10473 1.52

MIDCAP 14004 14286 2.02

SMALL CAP 13840 14159 2.31

NIFTY FY2018E FY2019E FY2020E

EPS 461 598 706

P/E 23 18 15

05/10/18 12/10/18 % Chg

OIL & GAS 12144 13277 9.33

PSU 6638 6935 4.47

BANKEX 27227 28429 4.42

POWER 1900 1947 2.50

AUTO 19975 20420 2.23

CG 16635 16853 1.31

FMCG 10871 10973 0.94

CD 18660 18734 0.40

HC 14401 14455 0.38

REALTY 1615 1620 0.36

METAL 13147 13089 -0.45

TECK 7522 7128 -5.25

IT 15304 14299 -6.57

KHASHOGGI AFFAIR IS A SPANNER IN THE WORKS

05/10/18 12/10/18 % Chg

DOW JONES 26447 25340 -4.19

S & P 500 2886 2767 -4.12

NASDAQ 7788 7497 -3.74

FTSE 7319 6996 -4.41

DAX 12112 11524 -4.85NIKKEI 23784 22379 -5.91HANG SENG 26573 25553 -3.84

Rs Cr 12/10/18 05/10/18 Oct Total

FII -1322 -3370 -16237

MF 1287 1902 9885

DOMESTIC INDICES

NIFTY EARNINGS

SECTORAL INDICES

VIEW POINT

GLOBAL INDICES

INSTITUTIONAL ACTIVITY




The bank is exploring inorganic route to pare promoters' stake after the Reserve Bank of Indiarestricted them from opening branches without prior approval and froze remuneration ofmanaging director Chandra Shekhar Ghosh.

RBI took the decision after the bank failed to bring down the shareholding of Non OperativeFinancial Holding Company (NOFHC) to 40% as mandated under the licensing condition.

Bandhan Bank started operations in August 2015 and listed on the bourses in March 2018.Bandhan Financial Holdings Ltd owns 82,28% in Bandhan Bank which must be brought down to40%. The deadline for that exercise was August 22.

IndusInd Bank Q2 preview: PAT may grow 23% yoy to Rs 1082cr

IndusInd Bank is expected to post 23 percent rise, year-on-year (YoY) in its net profit for theSeptember quarter to Rs 1,081.5cr.

Net interest income (NII), the difference between interest earned and paid, is likely to bereported at Rs 2,210.3 crore, a rise of 21 percent from Rs 1,820.9 crore.

It also expects non-interest income to grow 7 percent YoY, supported by healthy fee incomegrowth. ―Stronger contribution of third-party distribution fees owing to increased inflows intomutual funds (MFs) and insurance industry will offset lower treasury gains,‖ the report furtherstated.

Some key things to watch out in its results.

-Guidance on loan growth, particularly in the retail segment.

-Margin outlook amid higher rates, rising competition in retail.

-Asset quality considering the potential impact of IL&FS crisis and quality of NBFC exposure.

-Progress on the Bharat Financial merger.

Hindustan Unilever Q2 net profit rises 19.51% to Rs 1,525 cr; sales up 11.45% to Rs9138 cr

Hindustan Unilever Ltd (HUL) reported 19.5% increase in net profit to Rs 1,525 crore for theSeptember 2018 quarter on account of double-digit growth across categories.

Sales during the quarter stood at Rs 9,138 crore as against Rs 8,199 crore in the year-agoperiod, up 11.45 percent. Volume growth for the quarter stood at ~10% vs. against expectationsof 7-9%.

Revenue from the personal care segment during the quarter under review was at Rs 4,316 croreas against Rs 3,910 crore a year earlier, an increase of 10.38 percent.

Revenue from homecare products stood at Rs 3,080 crore, up 12.44 percent, compared to Rs2,739 crore reported in the corresponding quarter of the previous fiscal.

VIEW POINT




The food and refreshment category -- which included Kissan, Brooke Bond Red Label tea, Brucoffee and ice cream and frozen desserts business, accounted for Rs 1,704 crore, up 11.66percent, during the quarter as against Rs 1,526 crore a year earlier.

Company's board has declared an interim dividend of Rs 9 per share for the financial year ending31 March, 2019.

For the half year ended 30 Sep, 2018, HUL's net profit was up 19.3 percent at Rs 3,054 crore asagainst Rs 2,559 crore in first half of 2017-18.

AU Small Finance Bank Q2 net profit surges 34% to Rs 91 crore

AU Small Finance Bank reported 34 percent rise in net profit to Rs 91.4 crore for the secondquarter of 2018-19.

The total income surged 60.2 percent to Rs 805.8 crore in the reported quarter as compared toRs 502.8 crore in the year-ago period.

"Last quarter, we saw a continued strong uptick in our disbursements, deposits, CASA, assetquality, rating and an improvement in our cost-to-income ratio. The recent market events haveonce again placed banks in a sweeter spot," AU Small Finance Bank MD and CEO Sanjay Agarwalsaid.

He added that going forward, the bank expects market share gain in retail assets andincremental deposits mobilisation.

"As we chase our $10 billion total assets target by FY22, we continue to focus on data, digital,distribution and delight," he added.

As on September 30, the bank's loan portfolio was at Rs 20,200 crore, up about 66 percent yoy.

Net interest income for the second quarter was at Rs 321 crore, up about 46 percent over theyear-ago period.

Other Highlights

· Gross NPA : 30th Sep 2018 - 2.0%, 30th Jun 2018 - 2.2%, 30th Sep 2017 – 3.1%· Net NPA : 30th Sep 2018 - 1.3%, 30th Jun 2018 -1.4%, 30th Sep 2017 – 2.1%· As on 30th Sep 2018, Loan Portfolio stood at Rs 20,200 crore; Up ~66% Y-o-Y· CASA ratio at 26%, opened ~1.3 lakhs CASA accounts in the quarter.

As on 30th Sep 2018, Bank’s distribution was spread across 395 bank branches.

D-Mart posts 19% growth in profit for Q2

Avenue Supermarts, the operator of D-Mart chain of stores, posted 19 percent year-on-year(YoY) growth in its net profit to Rs 226 crore.

The firm’s revenue rose 39 percent to Rs 4,872 crore against Rs 3,507 crore during thecorresponding quarter of last year.

VIEW POINT




At an operating level, the company reported an earnings before interest, taxes, depreciation andamortization (EBITDA) of Rs 390 crore. This is growth of 23 percent against Rs 317 crore that thefirm posted last year.

Operating margin has been reported at 8 percent for the quarter vs. 9 percent in Q2 FY18. Thecompany further informed that it added three stores during the quarter.

―During the quarter, we continued to bring prices down for our customers across categories. Ourrevenue growth in Q2 is a reflection of these price cuts,‖ Neville Noronha, CEO and managingdirector of Avenue Supermarts said in a statement.

For the first half of the year, the company posted net profit of Rs 476cr as against Rs 360cr inH1FY18. PAT margin for H1FY19 came in at 5 percent, compared to 5.1 percent in H1FY18.Revenue for H1 grew 32.7 percent YoY to Rs 9432cr.

At an operational level, the EBITDA for H1FY19 was at Rs 812cr, compared to Rs 621cr in thecorresponding period last year. Margin for H1FY19 stood at 8.6 percent, compared to 8.7 percentin H1FY18.

Nalco board approves share buyback worth Rs 504.8 cr

Board has approved buy back worth ~Rs 505cr. The total equity shares to be bought back wouldbe ~6.73cr. The price has been fixed at Rs 75 per share. Govt. holds 56.6% stake in thecompany.

Indiabulls Housing Finance PAT seen up 33% to Rs 1060cr

NII may see 26% rise to Rs 1752cr. PAT is likely to post robust ~33% increase to Rs 1060cr.Asset quality will broadly be stable.

Ant Financial invests another US$ 210 million in Zomato

Alibaba's payment affiliate Ant Financial has pumped in another US$ 210 million in restaurantdiscovery and food-delivery platform Zomato, as the company ramps of spending for its marketleadership battle against rival Swiggy.

Info Edge, which runs sites like Naukri.com, disclosed that its ownership in Zomato will fall from30.9% to 27.7% as a result of the infusion from Alipay Singapore Holding or other affiliates ofAnt Financial.

The investment will be for a little over 10% stake, according to estimates, pegging Zomato'svaluation at around US$ 2 billion. The capital raise comes after Zomato had raised US$ 150million in fresh capital earlier this year from Ant Financial, which valued it at about US$ 1.1billion.

Zomato claimed to have hit the 21 million monthly order run rate in India in September implyingthat the firm saw its highest daily order volume during the month as it touched 700,000 orderseach day of the week. With this, Zomato claimed it is the market leader in the food deliveryspace in India.

VIEW POINT




―At the beginning of 2018, we were at 3.5 million orders a month. With 21 million orders permonth, as far as we know, we are now the market leader in the food ordering space in India,‖wrote Zomato CEO Deepinder Goyal.

Fuel prices continue to rise, PM Modi to meet oil company heads

Fuel prices continued to rise across the four major metros on Sunday even as Prime MinisterNarendra Modi prepares to meet oil company chiefs here today to take stock of the global energyscenario.

In the national capital, petrol was priced at Rs 82.72 per litre, up from Rs 82.66 on Saturday,data on the Indian Oil Corporation website showed.

Similarly, petrol prices in Mumbai, Kolkata and Chennai also rose on Sunday — to Rs 88.18 inMumbai, Rs 84.54 in Kolkata and Rs 85.99 per litre in Chennai.

The prices vary from region to region due to local taxes, as the product is excluded from theGoods and Services Tax regime. Delhi has the lowest tax rate among the four metro cities.

The increase in transport fuel prices comes amid a continuous surge in global crude oil prices. UKBrent crude has gone upwards of $85 per barrel.

Modi will meet the chief executives of major global and Indian oil and gas companies as the USsanctions on Iran comes into effect from November 4, and as crude oil prices continue to bevolatile.

Key U.S. Indices

Dow 25,340 287 1.15%S&P 500 2,767 39 1.42%NASDAQ 7,497 168 2.29%

Wall Street Recovers

U.S. stocks rose to close higher on Friday, with equities rebounding from a multiday rout thatslashed 1,400 points from the Dow Jones Industrial Average at its worst and left the Nasdaq onthe precipice of a correction.

The Dow Jones Industrial Average rose 287 points or 1.15% to close at 25,340. The blue-chipIndex fell during the day after opening sharply higher, to quote briefly in the red in earlyafternoon, but soon recovered.

The S&P 500 rose 39 points or 1.42% to 2.767.

The Nasdaq Composite rallied 168 points or 2.29% to close at 7,497.

For the week, the Dow was down 4.2%, the S&P lost 4.1% and the Nasdaq fell 3.7%,representing their worst weekly performances since March. Both the Dow and the S&P have fallenfor three straight weeks, while the Nasdaq has dropped for two.

VIEW POINT




Technology stocks led the rally. Investors lapped up technology stocks after heavy losses earlierin the week. Apple rose 3.6% while Google-parent Alphabet added 2.7%. Microsoft rose 3.5%.Amazon.com surged 4%.

Investors continued to monitor bond yields, which had been a primary catalyst for falling stockprices over the week.

The 10-year note down more than 6 basis points to 3.158%.

Result season is on

Friday also marked the unofficial start to the third-quarter earnings season.

JPMorgan Chase, Citigroup and Wells Fargo reported, providing the first clues into how Americancorporations are faring.

Shares of JPMorgan fell even as it reported third-quarter earnings and sales that beatexpectations. Shares were down 1.1%, as investors worried about the source of future earningsgrowth.

Citigroup’s third-quarter earnings came in ahead of forecasts but sales missed expectations. Thestock rose 2.1%. Wells Fargo reported adjusted earnings that missed expectations but revenuethat topped forecasts. Shares gained 1.3%.

Third-quarter earnings will be a major driver as companies report over the coming weeks.Analysts are looking for earnings growth of about 19% and sales growth of 7%. While suchgrowth points to an improving economy, there are also concerns that expectations have gottentoo optimistic, or that the quarter could represent peak earnings, as much of the earnings growthcan be credited to the tax bill passed late in 2017.

Economic data

In the latest economic data, import prices rose 0.5% in September. Separately, an index ofconsumer sentiment fell to 99 from a previous reading of 100.1. Investors were looking for areading of 100.6.

Other markets

Shares in Asia closed higher in a rebound from recent weakness, although they still posted sharpweekly losses. Major European indexes were also higher on Friday. Gold was down 0.7%. TheU.S. dollar index rose 0.3%.

Crude inches higher

November West Texas Intermediate crude rose 37 cents, or 0.5%, to settle at $71.34 a barrel onthe New York Mercantile Exchange. It suffered a weekly loss about 4%.

The global benchmark, Brent crude for December delivery on the ICE Futures Europe exchange,added 17 cents, or 0.2%, to $80.43 a barrel after briefly dipping as low as $79.23. It posted aweekly decline of roughly 4.4%.

VIEW POINT




DATE COUNTRY EVENT PERIOD FORECAST PREVIOUS

15 10 2018 Japan Industrial Production (YoY%) Aug F, 2018 N.A. 0.6

15 10 2018 India WPI (YoY%) Sep , 2018 5.03 4.53

15 10 2018 India Trade Balance (in $mn) Sep , 2018 -17350 -17394.5

15 10 2018 India Exports (YoY%) Sep , 2018 N.A. 19.2

15 10 2018 India Imports (YoY%) Sep , 2018 N.A. 25.4

16 10 2018 US Industrial Production (MoM%) Sep , 2018 0.3 0.4

17 10 2018 UK CPI (MoM%) Sep , 2018 0.3 0.7

17 10 2018 UK CPI (YoY%) Sep , 2018 2.6 2.7

17 10 2018 UK CPI Core(YoY%) Sep , 2018 2 2.1

17 10 2018 EC CPI Core(YoY%) Sep F , 2018 0.9 0.9

17 10 2018 EC CPI (YoY%) Sep F , 2018 2.1 2

17 10 2018 EC CPI (MoM%) Sep , 2018 0.5 0.2

17 10 2018 US FOMC Meeting Minutes Sep , 2018 N.A.

19 10 2018 Japan CPI (YoY%) Sep , 2018 1.3 1.3

19 10 2018 Japan CPI Core(YoY%) Sep , 2018 1 0.9

19 10 2018 China GDP (YoY%) 3Q 6.6 6.7

19 10 2018 China GDP (QoQ%) 3Q 1.6 1.8

19 10 2018 China Industrial Production (YoY%) Sep , 2018 6 6.1

DATA & EVENTS

EVENT CALENDAR




“THE DAILY”

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 Upper Lover SLFirst

TargetSecond Target

1 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

No. Reco Date Company Name Reco Cost SL Target

1 12-10-2018 PETRONET BUY 218-213 208 233

2 12-10-2018 DABUR BUY 408-398 390 435

3 12-10-2018 ESCORTS BUY 599-585 575 635

4 12-10-2018 INDIGO BUY 814-785 765 880

Date Script Name Fund NameBuy/Sell

Quantity Value

(Rs.Cr.)

NSE

12/10/18Advanced Enzyme Tech Ltd

ATHARVA GREEN ECOTECH LLP

SELL 5500000 104.5

12/10/18Advanced Enzyme Tech Ltd

VASANT RATHI BUY 5420000 103.0

12/10/18Dewan Housing Fin Corp

SHAASTRA SECURITIES TRADING PRIVATE LIMITED

BUY 1663521 49.8

12/10/18Dewan Housing Fin Corp

SHAASTRA SECURITIES TRADING PRIVATE LIMITED

SELL 1663521 49.8

BSE

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

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

DATA & EVENTS

OPEN TRADING CALLS

OPEN TECHNICAL POSTIONAL REPORTS

BULK DEALS*




“THE DAILY”

DATA & EVENTS

RESULT CALENDAR-BSE500

DATE COMPANY DATE COMPANY DATE COMPANY

15-Oct DELTACORP 16-Oct CRISIL 17-Oct CYIENT

IBULHSGFIN FEDERALBNK DCBBANK

INDUSINDBK HEROMOTOCO HAVELLS

NETWORK18 INFY MINDTREE

SOUTHBANK J&KBANK MPHASIS

TRIDENT MAHINDCIE NIITTECH

TV18BRDCST 17-Oct ACC RELIANCE

COMPANY Q2FY19 YOY (%) QOQ (%)

Sales (Rs Cr)

NP (Rs Cr)

Sales NP Sales NP

Tata Sponge Iron Ltd 216.2 27.6 29.3 0.0 -17.1 -39.4

3i Infotech Ltd 273.6 8.9 16.4 -45.2 13.1 47.0

Karnataka Bank Ltd 1452.4 112.0 10.2 19.9 3.2 -31.4

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

COMPANY Q2FY19 YOY (%) QOQ (%)

Sales (Rs Cr)

NP (Rs Cr)

Sales NP Sales NP

Hindustan Unilever Ltd 9234.0 1525.0 11.1 19.5 -2.7 -0.3

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

RESULTS ANNOUNCED AFTER MARKET HOURS

RESULTS ANNOUNCED DURING MARKET HOURS




“THE DAILY”SUPPORT - RESISTANCE

LIST OF NIFTY STOCKS

COMPANY CLOSE R2 R1 PIVOT S1 S2

NIFTY 50 10473 10599 10536 10429 10366 10259

ADANIPORTS 323 334 328 323 318 312

ASIANPAINT 1260 1285 1273 1253 1241 1221

AXISBANK 584 611 597 589 576 568

BAJAJ-AUTO 2622 2719 2670 2600 2552 2481

BAJAJFINSV 5774 6018 5896 5788 5666 5558

BAJFINANCE 2286 2371 2328 2278 2236 2185

BHARTIARTL 289 297 293 289 285 281

BPCL 288 303 296 288 280 272

CIPLA 625 636 630 622 616 607

COALINDIA 279 287 283 276 272 264

DRREDDY 2450 2516 2483 2458 2425 2399

EICHERMOT 23601 25132 24367 23434 22669 21736

GAIL 357 366 362 357 352 347

GRASIM 894 913 904 891 882 869

HCLTECH 982 1020 1001 988 969 955

HDFC 1736 1771 1753 1724 1706 1677

HDFCBANK 1977 2027 2002 1972 1947 1917

HEROMOTOCO 2887 2965 2926 2900 2861 2836

HINDALCO 227 235 231 224 221 214

HINDPETRO 219 227 223 218 214 209

HINDUNILVR 1566 1599 1582 1561 1545 1524

IBULHSGFIN 928 957 943 927 913 898

ICICIBANK 319 329 324 319 313 308

INDUSINDBK 1653 1693 1673 1639 1619 1586

INFRATEL 265 273 269 264 260 254

INFY 678 697 688 675 665 652

IOC 134 138 136 135 132 131

ITC 275 284 279 273 269 263

JSWSTEEL 380 393 386 375 368 357

KOTAKBANK 1166 1205 1185 1154 1134 1103

LT 1232 1258 1245 1232 1219 1206

M&M 769 800 784 760 744 720

MARUTI 7303 7569 7436 7193 7060 6817

NTPC 165 167 166 165 164 162

ONGC 157 161 159 157 155 152

POWERGRID 188 192 190 188 186 184

RELIANCE 1126 1146 1136 1119 1109 1092

SBIN 264 271 267 264 261 258

SUNPHARMA 592 606 599 591 584 576

TATAMOTORS 184 191 187 185 182 179

TATASTEEL 579 593 586 572 565 551

TCS 1920 2009 1964 1934 1889 1859

TECHM 694 709 702 695 687 680

TITAN 805 830 817 797 785 765

ULTRACEMCO 3786 3878 3832 3769 3722 3659

UPL 630 651 640 625 614 599

VEDL 215 220 217 214 211 208

WIPRO 316 326 321 315 311 305

YESBANK 246 258 252 248 242 238

ZEEL 465 486 476 470 459 453




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.

HDFC securities Limited, SEBI Registration No.: INZ000186937 (NSE, BSE, MSEI, MCX) |NSE Trading Member Code: 11094 | BSE ClearingNumber: 393 | MSEI Trading Member Code: 30000 | MCX Member Code: 56015 | AMFI Reg No. ARN -13549, PFRDA Reg. No - POP04102015, IRDA Corporate Agent Licence No.-HDF2806925/HDF C000222657 , Research Analyst Reg. No. INH000002475, CIN-U67120MH2000PLC152193. Registered Address: I Think Techno Campus, Building, B, Alpha, Office Floor 8, Near Kanjurmarg Station,Kanjurmarg (East), Mumbai -400 042. Tel -022 30753400. Compliance Officer: Ms. Binkle R Oza. Ph: 022-3045 3600 Email:[email protected]

Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.

PCG TEAM

Name DESIGNATION EMAIL ID

Mr. Vinod Sharma Head, PCG & Market Strategy [email protected]

Mr. Devarsh Vakil Head, Advisory [email protected]

Mr. Nandish Shah Derivative Analyst [email protected]

Mr. Vinay Rajani Technical Analyst [email protected]

Mr. Kushal Rughani Fundamental Analyst [email protected]

Ms. Kinnari Patel Junior Analyst [email protected]

Ms. Nisha Sankhala Junior Analyst [email protected]

Mr. Dilip Parmar Currency Analyst [email protected]

mailto:[email protected]



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