Allsegmentrecommendationsthe inCash are 10-Dec-20 23-Mar-21 1-Apr-21 8-Apr-21 16-Apr-21 28-Apr-21 3-May-21 Date Open recommendations 5-May-21 Date New recommendations Gladiator ResearchAnalysts [email protected] Pabitro [email protected] Dharmesh Mukherjee Shah Supreme Industries Supreme Cadila Healthcare Cadila Ratnamani Metal Ratnamani Kajaria Ceramic Kajaria Berger L&T Infotech L&T Abbott Abbott Escorts Stocks Scrip Scrip Avg Rec Price Rec Avg I-Direct Code 15,425.00 1,950.00 4,330.00 1,232.00 2,118.00 CADHEA 737.00 920.00 [email protected] VinayakParmar [email protected] Nitin 575.00-590.00 Buying Range 17,920.00 Kunte 2,300.00 4,950.00 1,420.00 1,080.00 2,380.00 830.00 Target , , CMT 13,910.00 Stoploss 1,755.00 3,815.00 1,105.00 1,920.00 675.00 848.00 685.00 Target 15,310.00 Stoploss 1,945.00 3,855.00 1,115.00 2,132.00 711.00 920.00 515.00 CMP Time Frame:Time 6 Months Frame:Time 6 Months Return till date (%) date till Return Upside (%) 18.00 -11% -1% -4% -9% 0% 0% 1% [email protected] NinadTamhanekar, CMT May 5, 5, 2021 May Open Open Recommendations Click here to know more know to here Click BodalChemical CARE Scrip Momentum Picks Momentum Duration:14Days Action Buy Buy Buy …

ICICI Securities – Retail Equity Research MOMENTUM PICK signifies structural turnaround… Cadila Weekly Chart 126 Source May 2021 5, Rec. Price Rec. : Spider Multi Software,, Healthcare (CADHEA): Faster pace of retracement year Monthly breakout ICICI Direct MACD signifying Stock supported Research 575 pointing logged - 590 structural by northward a higher resolute Monthly turnaround ever while breakout monthly RSI Target sustaining resolved from volume 560 2017 out above ICICI Ltd. Securities Retail| Equity Research signifies 32 Months of high 5 its years of nine larger 560 685 high period on participation Faster Pace of of PaceFaster of the retracement Recommended average, 75 back , highlighting of in highlighting robust the Stoploss on I direction - click rejuvenation volumes, to 202 acceleration gain of on breakout 14 Months 5 of th May up Target @ @ Target of move 2021 up move at 515 12 | 685 | : 12 o o o o Upside would concept Also, of levels The upward bodes turnaround 14 32 of stock Key 202 past is higher We up opportunity Hence, rejuvenation ever high witnessed months pharma has The 138 retracement move recent month’s ) share stock months, point monthly expect of 32 relatively as has as now . and 2 . momentum well % | space it January per Currently, month’s it has price registered head to 560 up external on act a is to offers decline of the the volumes, support breakout highlight the for long signalling as move ride upward of over as backed towards outperformed change stock 2021 strong Cadila 50 decline acceleration term it the a retracement the (| % the a retraced (| around fresh retracement momentum 560 faster high highlighting is next from by charts to Healthcare support | stock of 422 past structural 18% 685 that - (| polarity 202 highest resolve | leg - | 605 entry 2017 pace 560 past 2 as that two 510 520 ) has the the of of of in ) it - . . ICICI Securities – Retail Equity Research MOMENTUM PICK May 2021 5, Fundamental View: Source • • • • performance working from likely distribution provide Pegfilgrastim meaningful On ~ restructuring CAGR September With headwinds final authorised US domestic Cadila 11 : Bloomberg, ( the % 44 approvals a FY to of % in is market US 20 stabilise growth 5 FY capital of formulations, one . ICICI . ) 7 generics front, 2020 20 We % FY prowess utilising traction , in of Direct - Bevacizumab, 20 in of . 23 share tough expect However, . business . FY control E impetus, revenues) the However, the The Research to 16 also proceeds besides | from company times of - old acute 20 US shifted 5040 . contributed 4 backed Overall, by . generation sales 2 resurfacing going : are % FY more grew crore etc chronic rationalising effective , focus 23 from some Cadila ) plans to - for by 24 at importantly, Cadila grow ahead continued ~ new to to : Emerging QIP onwards important to 12 family sub is of the overall product at % . venture launches the cGMP of - slow The 5 exports chronic CAGR . 6 consumer owned fifth % . b/s Healthcare growth it markets wellness aspects positioning moving CAGR Similarly, has issues into in largest and reduction, markets ratio FY significantly pedigree . complex ICICI Ltd. Securities Retail| Equity Research US acquisition in 16 wellness (like to at for SKUs - FY segment 20 player pipeline watch Moraiya . addition the 20 India LatAm backed . Moraiya - 23 companies injectables We company in E improved business of formulations (cumulative) , to , expect performance the imminent MENA by Biochem of | 7361 warning aggressive domestic biosimilars is ( which, 71 Indian and net markets, 53 crore . filed Recently, : slowdown comprises 32 debt business, through letter : hinges formulations formulations 15 after filings, ANDAs), (like position . South Domestic resolution, establishing the internal in after upon product Trastuzumab 410 East company base which in filed recent to market, 9 formulation Cadila’s Asia) MFY accruals are launches grow ANDAs, US is a optically 21 likely main restructuring, are , strong base as at (down marketing expected amid . per a 312 to near Launch grew CAGR business initiated base provide AIOCD having ~ better term 44 at % of to of in is & a , Face value Face Equitycapital (|)H/L 52week EV (FY20) Cash Debt(FY20) Capitalisation Market Particular Net Profit Net EBITDA% EBITDA Revenue |crore Stock Data Stock ROCE(%) ROE(%) (x) PE (|) EPS FinancialHighlights % Change Price Key Metrics -50 performance of last 5 years last 5 performanceof CY16 FY20 FY20 9 1430.1 2742.0 14253 19.2 10.7 13.8 52.2 14.0 CY17 22 FY21E FY21E 2046.0 3285.9 15159 21.7 13.3 15.8 31.7 20.0 CY18 Year - 20 FY22E FY22E 2134.8 3457.8 16384 |68459 crore |61425 crore 21.1 |102.4 crore 13.1 14.6 28.8 20.9 |7999 crore CY19 |965 crore - 27 FY23E 608/318 Amount FY23E 2554.9 3856.3 17726 3 21.8 CY20 13.6 15.4 24.0 25.0 |1 88

ICICI Securities – Retail Equity Research MOMENTUM PICK May 2021 5, Follow up summary of Gladiator Stocks Source Strike RateStrike cost atClosed RecommendationsPositive RecommendationsClosed TotalRecommendations SummaryPerformance Recommendations- date till : ICICI Direct Research 76% 463 624 631 17 ICICI Ltd. Securities Retail| Equity Research YieldNegativeonrecommendations YieldrecommendationsPositiveon Open 17.0% -8.0% 7 4

ICICI Securities – Retail Equity Research MOMENTUM PICK May 2021 5, Allrecommendations market inare cash Momentum Picks open recommendations 5-May-21 4-May-21 4-May-21 Date Scrip Name Scrip BodalChem Mindtree Care Strategy Buy Buy Buy Recommendations Price Recommendations ICICI Ltd. Securities Retail| Equity Research 2145-2175 515-528 100-103 Target 2325.00 574.00 113.00 Stoploss 2050.00 494.00 94.00 Time Frame Time 14Days 14Days 14Days Back to Top Back 5

ICICI Securities – Retail Equity Research MOMENTUM PICK May 2021 5, Price history of past three years Source Cadila (SUPIND) Industries Supreme : Spider Healthcare (CADHEA) Healthcare Software . ICICI Direct Research ICICI Ltd. Securities Retail| Equity Research 6

ICICI Securities – Retail Equity Research MOMENTUM PICK May 2021 5, Product Guidelines...... Source • • • • Trading portfolio allocation • • • : ICICI allocate equal amount toeach recommendation For example: The Within each product segment it is advisable to allocate equal amount toeach recommendation Please avoid allocating the entire trading corpus to a single stock ora single productsegment technical research products It is recommended to spread out the trading corpus in a proportionate manner between the various will be communicated throughseparate mail The recommendations are valid forsix months and in case we intend tocarry forward the position, it on closing basis Once the recommendation is executed, it is advisable to keep strictstop loss as provided in the report It is recommended to enter in a staggered manner within the prescribed range provided in the report Direct Research ‘Momentum Picks’ productcarries ICICI Ltd. Securities Retail| Equity Research 2 intraday recommendations.intraday It is advisable to 7

ICICI Securities – Retail Equity Research MOMENTUM PICK May 2021 5, Source Recommended product wise trading portfolio allocation Gladiator Stocks Yearly Cash Positional Momentum Picks Intraday Momentum Picks : Product ICICI Direct Technical Research Product wise - - allocation 25% 10% 100% 35% 25% 5% Allocations Max Max allocation In 1 Stock 10 12 30 8 - - - 10% - 13% - 15% 50% Number Number of Calls 8 ICICI Ltd. Securities Retail| Equity Research OpportunityBased - 2 10 7 Stocks - 9 Per Year Per Month Return Return Objective 20 15 1 5 - - 2% - - 8% 30% 20% 14 Days Intraday 6 Months Duration 1 Year 8

ICICI Securities – Retail Equity Research MOMENTUM PICK May 2021 5, Pankaj Pandey ICICI Ltd. Securities Retail| Equity Research [email protected] Mumbai (East) Andheri No7,MIDC, Road 1st Floor, Limited, Securities ICICI Direct Research ICICI Head – Research – Akruti 400 093 400 Trade Centre, Trade Desk, pankaj . pandey@icicisecurities . com 9

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ICICI Securities – Retail Equity Research MOMENTUM PICK