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Opening Bell

July 1, 2020

Market Outlook Today’s Highlights

Indian markets are likely to open with a flat to negative bias Events - India Nikkei Manufacturing Markit on the back of mixed global cues and indications of no near- PMI, EU Manufacturing PMI term respite from the pandemic as government extended the food aid till November. Global news flows and virus tackling measures in India would be key monitorables.

Index Movement

Markets Yesterday 35600 10600 . Domestic markets ended marginally lower tracking mixed 34600 10200 though largely positive global cues 33600 9800 32600 9400 . US markets ended sharply higher following continued 31600 optimism about the economic outlook and release of better 30600 9000 than expected June consumer confidence data 29600 8600

Key Developments BSE (LHS) NSE (RHS)

C lose Previous C hg (%) MTD(%) YTD(%) P/E (1yrfwd) . Output of eight core industries fell 23.4% in May 2020 S ensex 34,916 34,962 -0.1 7.7 -15.4 23.1

(37% decline in April 2020) on account of Covid-19 related Nifty 10,302 10,312 -0.1 7.5 -15.3 22.7

lockdown. Except for fertiliser production, which grew 7.5% YoY in May 2020, all other sectors - coal (14.0%), Institutional Activity crude oil (7.1%), natural gas (16.8%), refinery products C Y18 C Y19 YTD C Y20 Yesterday Last 5 Days (21.3%), steel (48.4%), cement (22.2%) and electricity F II (| cr) -68,503 40,893 -70,450 -2,000 -1,805 (15.6%) recorded a decline in production D II (| cr) 107,388 44,478 95,352 2,051 1,014

. As per RBI data, gross bank credit decelerated to 7% YoY World Indices – Monthly performance to | 91.08 lakh crore in May 2020 led by slower loan BSE NSE G ermany Nasdaq S hanghai growth to medium and large industries while micro and 34,916 10,302 12,311 10,059 2,985 small segment loan growth was healthy. Retail credit 7.7% 7.5% 6.3% 5.3% 4.6% contracted 2.9% to | 27.78 lakh crore while housing loans K ospi F rance Nikkei D ow Jones U.K. declined 0.7% to | 13.29 lakh crore. On account of 2,108 4,936 22,288 25,813 6,170

3.9% 3.6% 1.9% 1.3% 0.1% lockdown, overall credit shrunk 1.7% in May 2020 against March 2020 levels

Nifty Heat Map S hree 23,051 5,838 17,174 IC IC I 351 3,604 Maruti Nestle Britannia C ement 3.2% 2.8% 2.7% Bank 2.4% 2.4%

U ltratec 3,894 T ata 327 H ero 2,547 18,334 Bharti 222 E icher h 2.3% S teel 1.8% Moto 1.7% 1.2% Infratel 1.0%

96 H D F C 1,755 944 511 736 NTPC L&T M&M Ltd 0.9% 0.8% 0.8% 0.6% 0.6% Markets Today (ADR Data not updated) H C l 557 Axis 407 Adani 344 K otak 1,360 543 T echM Commodities C lose Previous C hng (%) MTD(%) YTD(%) T ech 0.6% Bank 0.5% P orts 0.4% Bank 0.4% 0.3% G old (|/10 gm) 48,730 48,244 1.0 3.6 23.6 146 G rasim 620 220 2,180 Asian 1,687 H indalco HUL Silver (|/kg) 50,300 48,983 2.7 -3.3 3.8 0.2% Ind 0.1% 0.0% -0.1% P aints -0.3% Crude ($/barrel) 41.2 41.7 -1.3 16.7 -37.5 178 171 JS W 189 640 3,945 C opper ($/tonne) 6,015 5,962 0.9 11.2 -3.2 SBI Z ee E nt. C ipla D r R eddy -0.4% -0.6% S teel -0.7% -0.7% -0.7% C urrency U S D /INR 75.5 75.4 0.1 0.1 -5.5 Bajaj 5,845 950 2,082 Bajaj 2,831 H D F C 1,066 T itan TCS E U R /U S D 1.1 1.1 -0.3 0.9 -0.1 F inserv -0.8% -0.8% -0.9% F inance -0.9% Bank -0.9% U S D /Y E N 107.7 107.9 -0.1 0.1 0.8 Indusind 475 R eliance 1,704 Bajaj 2,826 T ata 98 81 ADR s ONGC Bank Ind. Auto Motors -1.1% -1.1% -1.2% -1.2% -1.3% H D F C Bank 45.6 45.1 1.2 9.1 -28.0 Bharti 560 195 102 106 C oal 133 IC IC I Bank 9.1 9.1 0.8 4.8 -39.6 ITC GAIL V edanta T ata Motors 6.7 6.6 1.7 17.5 -48.1 Airtel -1.3% -1.3% -1.4% -1.4% India -1.5% Infosys 9.6 9.5 0.4 5.2 -7.3 425 S un 473 P ower 175 85 374 UPL IOC BPCL Dr Reddys Labs 53.0 52.2 1.6 -0.8 30.7 P harma G rid -1.6% -1.9% -1.9% -2.0% -2.4% Wipro 3.3 3.3 0.0 -1.2 -12.8

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Key Data Points Exchange Cash Turnover (| crore) Key Econom ic Indicator Pe rio d L ate s t Prior Values 100000

RBI Cash Reserve Ratio N/A 3.00% 4.00%

64,718 74,470 68,567 56,007 49,181 RBI Repo Rate N/A 4.00% 4.40% 49,139

RBI Reverse Repo Rate N/A 3.35% 3.75% 50000 22,503

CPI Y Y Mar 5.84% 6.58% 7,588

4,228

3,852

3,718 2,988 Current Account Balance Q4 -1.4bln $ -6.5bln $ 0 Exports - USD May 19.05 bln$ 10.36 bln$ 23-Jun 24-Jun 25-Jun 26-Jun 29-Jun 30-Jun FX Reserves, USD Final A pr 485.31 bln$ 479.5 bln$ BSE Cash NSE Cash GDP Quarterly yy Q 1CY 20 3.10% 4.70%

GDP Annual FY 20 4.20% 6.10% Imports - USD May 22.2 bln $ 17.1 bln $ NSE Derivative Turnover (| crore) Industrial Output yy Mar -16.70% 4.60% 5000000

Manufacturing Output Mar -20.60% 3.10% 4000000 Bell Opening Trade Deficit Govt - USD May 3.15 bln $ 6.8 bln $

3000000 4,169,243 2,255,548 WPI Food yy Mar 4.91% 7.80%

2000000 1,382,702

1,079,855 956,204 WPI Fuel yy Mar -10.12% -1.76% 852,956 1000000 WPI Inflation yy Mar 1.00% 2.26% WPI Manuf Inflation yy Mar 0.34% 0.42% 0 23-Jun 24-Jun 25-Jun 26-Jun 29-Jun 30-Jun NSE Derivative

Corporate Action Tracker Sectoral Performance – Monthly Returns (%) Security nam e Actio n Ex Date Record Date Statu s Price (|)

BSE Small Cap 13.7 Buyback O ngoing 425.00 Real Estate 12.0 Sterlite Technologies Buyback O ngoing 150.00 BSE Midcap 10.2 Banks 9.7 Kalpataru Power Buyback O ngoing 275.00 PSU 8.5 Dividend 26-Jun-20 29-Jun-20 3.00 Auto 8.4 Dividend 26-Jun-20 29-Jun-20 1.00 Consumer Durables 7.2 Oil & Gas 7.0 Sanofi Dividend 29-Jun-20 - 349.00 Power 6.3 Nippon Life AMC Dividend 29-Jun-20 30-Jun-20 2.00 Metals 5.9

Hexaware Tech Dividend 30-Jun-20 1-Jul-20 3.00 IT 5.8

Capital Goods 4.3 Research Equity Retail Balrampur Chini Buyback 2-Jul-20 3-Jul-20

Healthcare 3.9 – HPCL Dividend 2-Jul-20 9.75 FMCG 3.3 Dividend 2-Jul-20 35.00 0.0 5.0 10.0 15.0 Sundaram Finance Dividend 2-Jul-20 3.00 (%) Swaraj Engines Dividend 2-Jul-20 40.00

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Key News for Today Company/ News View Impact Industry ONGC ONGC revenues fell 9.5% QoQ to | 21456.2 In the current quarter, Brent oil prices fell crore due to lower realisations. EBITDA sharply up to US$20/bbl and are currently at declined 30.2% QoQ to | 8587.9 crore due US$41/bbl, which is affecting ONGC's to higher other expenses. Exploratory, profitability. Natural gas demand was down DD&A expenses at | 8037 crore and an 9% during lockdown but has now exceptional loss of | 4899.1 crore towards recovered. Low domestic gas prices  impairment of assets impacted profitability. following price revision in April is also a The company reported a net loss of | 3098.3 concern. The movement in oil & gas prices crore will be the most important variable for ONGC's performance, going ahead

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Jindal JSPL has accepted a binding offer from Jindal Shadeed Iron and Steel Company has Steel & Templar Investment to divest its entire stake a steel making capacity of 2.4 million tonnes Power in its Oman asset , Jindal Shadeed Iron and per annum (MTPA). In FY20, this facility (JSPL) Steel company LLC. The enterprise value of operated at ~80% capacity utilisation the deal is over US$1 billion producing 1.87 MT and selling 1.88 MT. This transaction will aid in reducing JSPL's consolidated debt and deleverage its balance-sheet, thereby auguring well for the company

Midhani Midhani reported subdued Q4FY20 In its provisional numbers in April, Midhani numbers. Topline was at | 203.1 crore had already indicated the lockdown affected (down 39% YoY) while EBITDA was at | the final testing , certification, shipment in 50.1 crore (down 55% YoY). EBITDA margin March 2020. In its provisonal numbers itself was at 24.6% compared to 32.9% in it indicated the topline for FY20 would be Q4FY19. PAT was at | 40.4 crore (down flattish YoY, thereby implying a muted 50% YoY). For FY20, Midhani reported a Q4FY20. It resumed normal production topline of | 712.9 crore (flattish YoY), activity from May 2020. Despatch of finished EBITDA of | 197.7 crore (up 8% YoY), materials has already started. In May, EBITDA margin of 27.7% (25.8% in FY19) Midhani achieved sales turnover of | 50 and PAT of | 159.7 crore (up 22% YoY) crore (provisional, unaudited). Backed by a healthy order book (| 1776 crore as on January 2020), we expect its performance to improve in coming quarters

Auto Auto OEMs would be reporting wholesale Going by retail registrations from Vahan sector volumes for June 2020 today database, sales at the ground level have picked up to ~55% of pre-Covid levels during the month vs. ~25% levels seen at the end of May. We expect wholesale dispatches to be in the range of 40-50% of normalised volumes, with tractor segment seen spearheading the industry and being far ahead of other segments (>90% of normalised sales) Bharti Carlyle Group will pick up nearly 25% stake Nxtra will use the proceeds from this Airtel in Nxtra Data, a wholly owned subsidiary of transaction to continue scaling up its Airtel engaged in the data centre business, infrastructure and offerings across the for $235 million, implying a valuation of country. With increased need for data centre  US$1.2 billion and cloud, the fund infusion is likely to aid in growth of the said segment

Mutual As per media sources, the government has Imposition of stamp duty is not expected to Fund imposed a stamp duty of 0.005% on all affect individual investors as the fee would Industry fresh mutual fund purchases (exept ETFs, be nominal. We expect a large part of this which would be applicable from July 1, stamp duty to impact short-term funds (for 2020. Apart from this, transfer of mutual example: overnight funds, liquid funds, ultra fund units would attract a stamp duty of short term funds) wherein the investment 0.15% style is characterised by frequent churning (mainly by corporates/insitutons) and a shorter holding period

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Hero HMCL launched a new motorcycle viz. The product was unveiled at the Hero World MotoCorp Xtreme 160R in premium biking segment 2020 event held at Jaipur in February 2020 (HMCL) domestically at a price of | 1 lakh/unit. It is and supports youth appeal in terms of powered by 160 cc air cooled BS6 engine modern looks and design. It is priced very and is one of the lightest in its segment, near competition with the company aiming  helping it with the superior acceleration. It to achieve high single digit market share in also possesses LED lighting both at front the 150-200 cc premium motorcycle and rear end segment

Key developments (Continued…)

 NCL reported a weak set of Q4FY20 numbers. Gross revenue fell 11% YoY to | 283.7 crore. Cement division reported 13% YoY drop in revenues while other segments revenue declined 11% YoY. With drop in revenues margins for the quarter came down to single digit at 9.1% vs 20.5% reported last year and 12.4% reported last quarter. As a result, net profit fell sharply by 71% YoY to 7.56 crore. The debt level continues to remain high at |286 crore (higher by 20 crore on YoY) basis which remains near term concern amid demand slowdown  Control Print reported flat revenue of | 46 crore. However, on a quarterly basis, the topline fell 2.6% QoQ. Higher COGS impacted OPM by 160 bps YoY, 570 bps QoQ to 18.3%, leading to EBITDA fall of 7% YoY, 25% QoQ to | 8.5 crore. Adjusting the fair value change in investments, PAT was at | 5.4 crore against | 4.6 crore in Q4FY19 & | 7 crore in Q3FY20  Crisil Research estimates that domestic tractor industry would contract by ~1% YoY during FY21E as against double digit decline expectation for other automotive segments. It also estimates that auto component industry would post top line decline of 16% YoY, impaired by Covid disruption and resulting impact on vehicle sales  Following a complaint by Vedanta Ltd and Bharat Aluminium Company, the government has initiated a probe into alleged subsidised exports of aluminium wires from Malaysia. The Commerce Ministry's investigation arm -- Directorate General of Trade Remedies (DGTR) -- has started the probe to see if the subsidy programme of Malaysia for exports of ''Aluminium Wire/Wire Rods above 7 mm diameter'' is impacting domestic industry. The period for investigation is from April 2019 to December 2019  In the aviation space, the international passenger flight services in the country will resume in a phased manner during 'Unlock 2.0'. At present, these services are suspended till July 15  has moved the Bombay High Court asking to prevent Zee Entertainment promoters from selling any more stake in group companies  India's total number of active subscribers with Pay DTH operators were at 69.98 million at end of 2019 with Tata Sky being the leader  has informed exchanges regarding a board approval to raise | 2000 crore through issue of Basel III Compliant Additional Tier I Bonds in single or multiple tranches  has informed exchanges regarding reduction in the MCLR rates by 10 bps across all tenors with effect from July 3, 2020. As per these revised rates, one year MCLR stands at 7.4% vs 7.5% earlier  IOC, NTPC and SDMC signed an MoU for building a waste-to-energy plant at the Okhla landfill site in Delhi. The plant will use plasma technology for producing syngas to generate power  Affle India has completed the acquisition of Appnext for 66% stake and 100% assets. The remaining 28% & 5% stake will be acquired over three and five years, respectively  GMM Pfaudler entered into a binding term sheet with De Dietrich Process Systems India Pvt Ltd (DDPSI) for itemised sale of their manufacturing facility at Hyderabad, Telangana. The state of the art facility equipped to manufacture Glass Lined Equipment is located at Nacharam Industrial Estate, spread across an area of 6 acres. GMM Pfaudler will pay consideration of €6.25 million  As per media sources, the Indian Railways ran three in one freight service which had 177 wagons carrying 15000 tonnes of freight and three electric locomotives with a 6000 HP capacity each. The run was conducted between Bilaspur (Chhattisgarh) and Chakradharpur (Jharkhand) divisions and it led to lower transit time of freight trains  As per media reports, Glenmark Pharma has been charged with manipulating the prices of generic drugs sold in US. The charging document, filed in the District Court of Philadelphia, alleges that Glenmark conspired with Apotex Corp and other pharma companies to raise the price of the cholesterol drug, pravastatin and other generic drugs  As per media sources, amount sanctioned to MSMEs under the Government's Emergency Credit Line Guarantee Scheme were at | 1.01 lakh as on June 26, 2020. During the same period disbursements were at | 45860 crore, wherein PSB's share was at | 29232 crore while private banks disbursed | 16628 crore

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Key developments (Continued…)  As per media sources, S&P expects loan restructuring to only defer the NPA recognition and would not solve the asset quality issue. In addition, the rating agency estimates slippages to come at 6% with NPA to rise to 13- 14% levels as against current levels of 8.5% by the end of FY21. Further, improvement is expected to remain gradual with 1% decline in GNPA expected in FY22E  As per media sources, manufacturers of alcoholic beverages have urged the Government of West Bengal to reduce sales tax on liquor from the existing 30% to a reasonable" rate, which will increase volumes. The State Government imposed 30% sales tax on liquor and the new prices came into effect from April 9  As per media sources, the Transport Minister is of the opinion of using assets such as de-commissioned aircraft of Indian Air Force for cargo handling. The move could scale up the size of Marine (fish, prawns), fruits and vegetables exports to destinations such as Dubai and Singapore  As per media sources, solar tariff has hit a record low of | 2.36 per unit in the latest SECI auction. The total auction size was 2000 MW, of which Spain's Solarpack won 300 MW at the lowest price of | 2.36 per unit. Six foreign companies and one local company were among the winners of the auction  Media sources indicate that NTPC’s Telangana Super Thermal Power Project Phase-I plans to address environmental concerns by disposing fly ash through a slurry pipeline. To move the ash to the mine void, NTPC is using a high-concentration slurry disposal technology which is safe without any ash spills and contamination. The ash disposal system of the project complies with the CEA’s guidelines and follows latest environmental practices  Media reports said the government of has ordered taking back 253 acres of 483 acres land allotted to Amara Raja group alleging non utilisation of land for allotted purposes. The impact of this development is unclear as of yet

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Nifty Daily Chart Technical Outlook

Equity benchmarks extended breather amid mixed global cues and ended Tuesday’s session on a flat note as Nifty lost 10 points to settle at 10302. In the coming session, we expect Nifty to hold intermediate support of 10200 and trade with a positive bias. Thus, intraday dip towards 10190–10212 should be used to create long position for target of 10309. We reiterate our stance that Nifty would trade firm above 10200 and consolidate in the broad range of 10200-10600 with a positive bias amid stock specific action as we expect broader market to endure its outperformance. The formation of higher peak and trough in Nifty Midcap and small cap underpinned by improving market breadth, signifies broader market participation, auguring well for durability of ongoing up move. We believe, key level of 9900 would continue to act as strong support as it is confluence of 61.8% retracement of current up move (9544 – 10553), at 9936 and 100 days SMA is placed at 9986.

Pivot Points CNX Nifty Technical Picture

Index/Stocks Trend Close S1 S2 R1 R2 Nifty 50 Intraday Short Term SENSEX Positive 34915.8 34742 34567 35163 35409 Trend Range Bound Range Bound Nifty 50 Positive 10302.1 10247 10190 10381 10458 Support 10260-10210 9900 ACC Ltd Positive 1332.3 1302 1272 1350 1366 Resistance 10340-10400 10600 Ltd Neutral 406.7 403 398 414 420 20 day EMA 0 10089.0 HINDALCO INDS Positive 146.2 144 142 151 154 200 day EMA 0 10514.0 SBI Negative 178.5 177 174 183 186 Advances/Declines HINDUSTAN PETRO Negative 216.8 213 208 226 234 Neutral 1086.1 1072 1057 1104 1121 Advances Declines Unchanged Neutral 98.3 96 94 101 104 BSE 1258 1513 129 MRF LTD Positive 67274.5 66109 64942 68084 68892 NSE 780 1075 66 LTD Positive 2826.1 2791 2754 2889 2950

TCS Negative 2082.2 2068 2053 2105 2127 Daily Technical Calls

ITC LTD Negative 194.7 193 191 198 201 Daily Technical Calls LTD Positive 640.3 636 631 648 655 1. Buy India in the range of 577.00-579.00 PIRAMAL ENTERPRI Positive 1363.8 1346 1329 1392 1421 2. Sell PVR in the range of 950.00-953.00 Neutral 1704.1 1687 1669 1732 1759 All recommendations of July Future

BHARTI AIRTEL Positive 559.9 553 545 573 585 EQUITAS HOLDINGS Negative 49.6 47 46 51 54 See Momentum Pick for more details

Nifty Call – Put Strike (Number of shares in lakh) – July 2020 Intraday Derivative Strategy

i) 9700 6 1 Buy BALIND JUL Fut at ₹1268.00 -₹1270.00 9800 13 1 CMP: 1268 9900 8 1 Target 1: 1276.5 Target 2: 1287.8 10000 24 9 Stop Loss : 1261.5 10100 6 1 10200 8 4 10300 8 7 ii) 10400 4 7 Sell PIDIND JUL Fut at ₹1372.00 - ₹1373.00 10500 9 16 CMP : 1371 Target 1: 1360.5 Target 2: 1342.5 30.0 20.0 10.0 0.0 10.0 20.0 Stop Loss: 1384.5 Put Call

See Derivatives view for more details

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Results/Events Calendar

15 June 16 June 17 June 18 June 19 June 20 June Monday Tuesday Wednesday Thursday Friday Saturday TATA Motors,Intellect Navin fluorine,IPCA Labs HEG,JK Cement,FDC Thermax,EMMBI,Hikal VRL Action Construction,Pfizer HPCL, Ratnamani Ltd. Pidilite Indutries,Fortis GSFC,Caplin Point,Guj.Alkalies LIC Housing Finance TCNS Clothing Narayana Hrudalaya,Shalby Globus Spirits,NMDC Gulf Oil Lubricants Moil,,OCCL Dalmia Bharat Sugar BLS International JK Tyre,Ashoka Buildcon JP Exports,JP Imports Natco, Brigade Enterprise,IRB Infra Bajaj Electrical,ENIL Balakrishna Industries VSSL, Canfin Homes Ltd. US Retail Sales (MoM) Mangalam Cem,,Triveni Eng Lumax Ind.,Suven Pharma Cochin Shipyard

22 June 23 June 24 June 25 June 26 June 27 June Monday Tuesday Wednesday Thursday Friday Saturday AIA Engineering Ador Welding, PNC Infratech,GAIL ,SomanyCera Shree Pushkar, NHPC,Dlink India,Sobha ,Morpen Labs BergerPaints,Bank of Baroda Indoco Remedies,IOC TTK Prestige ITC,Hester Bios, Greenply Industries Alu Fluoride,Aegis Logistics ,DB Corp India Cements Taj GVK,Container Corpo. Sun TV,Glenmark,Hudco Siyaram Silk,Zee Media EU Consumer Confidence BalrampurChini,Indian Bank United Breweries StarCement,DeccanCement KajariaCeramics,CenturyPly CH Industrial Profit JP Manufacturing PMI EIH Associated Hotels Sanghi Industries Engineers Ind.,EnduranceTech. Hind Rectifier,EIH Ltd. 0

29 June 30 June 01 July 02 July 03 July 04 July Monday Tuesday Wednesday Thursday Friday Saturday ,TataSteel Nirlon,Control Print,ONGC IN Nikkei Manuf. Markit PMI Maharashtra Seamless IN Nikkei Services PMI 0 Phoenix Mills,J&K Bank NCLIndustries,Vodafone-Idea EU Maufacturing PMI EU Unemployment Rate EU Services PMI 0 Linc Pen & Plastics,CESC ,NBCC Crude Oil Inventories US Trade Balance UK Composite PMI 0 Elgi Equipment,Petronet LNG IN Federal Fiscal Deficit 0 US Unemployment Rate UK Services PMI 0 Minda Ind.,BharatForge IN Infrastructure Output 0 JP Services PMI 0 0

06 July 07 July 08 July 09 July 10 July 11 July Monday Tuesday Wednesday Thursday Friday Saturday Bodal Chemicals US Job Openings South Indian Bank TCS IN Industrial Production 0 UK Constrution PMI JP Bank Lending (YoY) US Consumer Credit JP PPI (YoY) IN Manufacturing Output(MoM) 0 EU Retail Sales(MoM) 0 JP M3 Money Supply JP PPI (MoM) IN Industrial Production 0 US Services PMI 0 CH CPI (YoY),CH CPI (MoM) 0 US PPI (MoM) 0 US Composite PMI 0 CH PPI YoY 0 0 0

13 July 14 July 15 July 16 July 17 July 18 July Monday Tuesday Wednesday Thursday Friday Saturday IN CPI (YoY) JP Capacity Utilization (MoM) Cyient,UK CPI YoY EU Trade Balance EU CPI (YoY) HDFC Bank US Federal Budget Balance UK Unemployment Rate US Industrial Prod MoM US Retail Sales (MoM) EU Construction Output YoY 0 0 IN WPI Inflation (YoY) UK CPI (YoY),CH GDP (YoY) 0 0 0 0 EU Industrial Prod.(YoY), CH Industrial Production(YoY) 0 0 0 0 CH Exports, CH Trade Bal. US Industrial Production 0 0 0

Major Economic Events this Week Bulk Deals

Date Event Country Period Actual Expected Price Company Client Name Type No. of shares 29-Jun Consumer Confidence EU Jun -14.70 -14.70 (|) BSE* 29-Jun Unemployment Rate JP May 2.9% 2.8% 29-Jun Manufacturing PMI CH Jun 50.90 50.40 NSE* 30-Jun CPI (YoY) EU Jun 0.3% 0.1% 30-Jun Federal Fiscal Deficit (May) IN May 4663.43B 2795.12B Innovana Thinklabs Beeline Broking Limited. Sell 73,000 86.6 30-Jun Current Account (USD) IN May 0.58B -2.60B Ltd. 30-Jun Infrastructure Output(YoY) IN May -23.40% -37.0% Mangalam Vidula Consultancy Services 30-Jun Foreign Debt (USD) IN May 558.5B 563.9B Buy 1,50,000 188.0 Cement Ltd. Ltd. 30-Jun Trade Balance(USD) IN May -35.0B -34.6B

Date Event Country Period Expected Previous 01-Jul Crude Oil Inventories US Jun -- -0.991M 01-Jul Manufacturing PMI UK Jun 50.10 50.10 02-Jul Unemployment Rate US May 7.70% 7.30% Recent Releases 02-Jul Initial Jobless Claims EU Jun 1350K 1480K Date Report 03-Jul Services PMI EU Jun 47.30 47.30 June 30, 2020 Sector Update – Banking 03-Jul Services PMI EU Jun 47.00 47.00 June 30, 2020 Company Update – Star Cement 03-Jul FX Reserves (USD) IN Jun -- 505.7B June 30, 2020 Result Update – CESC June 30, 2020 Result Update – June 30, 2020 Company Update – Vardhman Textiles Limited

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Pankaj Pandey Head – Research [email protected]

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

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ICICI Securities |Retail Research