Research Analysts: Research December 22, 2020 22, December [email protected] Pabitro [email protected] Dharmesh Mukherjee Shah ICICI Ltd. Securities Retail| Equity Research [email protected] VinayakParmar [email protected] Nitin Kunte , , CMT [email protected] NinadTamhanekar, CMT December 23, 2020December 1

ICICI Securities – Retail Equity Research MOMENTUM PICK Secular up move Technical OutlookCY21 • • • • • to Midcaps incremental construed 15 breakout target The What news important the The December 22, 2020 22, December Source - outperform space year A is markets long MSCI gained positive Over outperformance already developed Indian as from Nifty 20 back Nifty Nifty at : weak % breakouts is Bloomberg, we of a in cannot long three the Midcap consolidation, long Emerging as of ( to is average expect witnessed 12200 the 16200 midcaps thought dollar as (DM) returns it breached buying expected past a lead consolidation stays market year’s ICICI price term host developed negative be are - . 8000 four and Direct Further, equity that has ruled 37 cycle to on in opportunity of and further Markets key bear and % a peers ) Research follow decades, led Small to a . positive is . everybody’s V their . Within what beneficiary We out year after outperformance - remain low shaped Rather phase implied relative small market the . validated . . expect As (EM) from However, cap and lies following multi Nifty relatively news the US with global signalling in caps ahead it is ahead: Midcaps to outshine recovery indices placement Indian peers index is by - and bull a rhythm year of in poised should mind by key expected structural flow FII dollar the equities such have European strong US phase, for support midcaps inflows underperforming . is highs, in recorded a is, for At three to equities post elections secular a breaking be CY terms of strong be how correction the reversal breadth have a to bull 21 EM capitalised a maintained at normal year’s we midcap , current lead 40 much 11400 Emerging to in index phase bull resolute , always % correlation out CY wherein break expect thrust within correction, market should 21 consolidation . correction ICICI Ltd. Securities Retail| Equity Research with indices of of juncture, with ? developed on generated in out the a breakout markets S&P the CY Sensex decade secular upside ahead, not as of good have 21 with 500 EM on be an an 12 of ntdSiisUNISPI UnitedSpirits Scrip a i oe CANHOM TIMIND 21stonDecember 2020as per BSE as cap Market * FinHomes Can DRLAL TimkenIndia RELFOO Pathlabs Lal Dr. BHAELE Footwares Relaxo BharatElectronics Nifty (13470)Nifty of range into higher orbit orbit higherinto rangeof to shift leads breakout Threeyear consolidation -ietCd aktCpByn ag agtUpside% Target BuyingRange MarketCap INFTEC I-DirectCode Top Picks 501,048 40,150 18,33019,108 27,277 6,2688,320 1170-1235 1050-1110 2100-2230 530-570 440-475 750-800 105-115 12200 Time Frame: Frame: 12Months Time 8000 1,410 1,3602,840 660 580 985 140 Target @ Target @ 11400 @ Support 16200 18% 20% 26% 31% 27% 27% 27% 2

ICICI Securities – Retail Equity Research TechnicalMOMENTUM Strategy –PICK2021 per conventional methods Equities outperform in year post US election; Nifty @ 16200 as December 22, 2020 December22, Source • • bullmarkets fresh entryoffered in 13% always Intermediate corrections around u-7-4My2 -11 -12 -12 Sep-20 -15 May-20 -17 -11 -14 Jun-19 Jan-10 -12 -16 Jun-09 Sep-18 -18 Jan-18 -10 Jul-07 -15 -10 Sep-16 Feb-07 -14 Dec-06 May-13 -13 Feb-12 Jul-06 -11 Correction Oct-05 Mar-05 Year Jan-05 Correction Year : positive equities US Over 16200 projected to ( Three Bloomberg, 12200 election higher four - year 8000 returns ICICI have decades, Direct target ) range vrg -13 Average indicates year, orbit Research generated breakout in around global with post shift -9 15% 30% 45% 0% 19% DJIA 12 Months (Returns in %) in (Returns Months 12 16% Global markets Globalmarkets oneyearaverage return US post S&P 15% 500 Presidential sinceElection 1980 ICICI Securities Securities Ltd.ICICI | Retail Equity Research DAX 29% 18% FTST 17% Hang Seng 22% Global Average (Returns in %) in (Returns Average Global Nikkei 19% 63% China 25% India 37% 64% 0% 5% 10% 15% 20% 25% One year returns post US post year returnsOne Key   long 13% rally 80 52 election % weeks term at retracement 11388 support EMA is @ 23% placed of 11400 September 12200 Click here to goto top at : 11560 8000 – December Target @ Target 16200 3

ICICI Securities – Retail Equity Research MOMENTUM PICK Breadth … as majority of Nifty constituents indicate secular bull market 40 50 60 70 80 90 10 20 30 December 22, 2020 22, December performance price expected and breadth theproduct of is ofThesize thebubble Source 0% Market Performer Neutral : Spider • • Notes: X Y - - Software, Axis: Axis: The summation of the weekly positive candle and number of closing weeks above 52 weeks SMA in each of Nifty constituent Axis: Axis: The expected return of 5% nseindia . com, ICICI Cement Shree Shree Direct M&M 10% the Constituents calculatedNifty on the closing price of 18th December 2020 Maruti Research Bajaj HDFC Bank Motocorp Hindustan Hero Hero Ultratech Ultratech Nestle Cement 15% bank Axis Axis TCS ITC Britannia Britannia Infosys SBI ExpectedReturn % Titan ICICI Ltd. Securities Retail| Equity Research 20% HDFC HDFC Life Finance Bajaj Bajaj 25% Hindalco Tech Steel Dr Reddy Tata HCL HCL nologies 30% Outperformer Paints Asian Bargain Buy Bargain Motors Tata L&T Pharma Sun Sun Kotak Bank Laboratories Laboratories 35% Finserv Divi's s Bajaj Bajaj . Bharti 40% average weightage Buy Stocks quadrants, returns from of 83 45% Click here to goto top Outperformer in % excess are commanding expected of 15 50% and % to Bargain deliver total 4

ICICI Securities – Retail Equity Research MOMENTUM PICK after decade long underperformance… Emerging markets to take on leadership from developed markets December 22, 2020 22, December Source • • : Bloomberg, of signalling cycle 500 EMs’ bull laid Similar 12 (EM) MSCI EM phase foundation poised index, relative year in low ICICI Emerging breakout CY Direct 21 and outperformance resolving at return consolidation Research of turning long multi in markets to out CY term year S&P 04 up of . MSCI Emerging Markets Index vs Index MarketsEmerging MSCI Index MarketsEmerging MSCI 1988 Bull phase - 1994 ICICI Ltd. Securities Retail| Equity Research vs bottoming CY - . chartlineMonthly 04 S&P S&P S&P 500 breakout 500 1994 Bear of ratio - Emerging - ratio line chartline ratio 2004 phase underpinned 2004 Bull - 2008 phase market by 2008 Bear - 2020 phase Click here to goto top 5

ICICI Securities – Retail Equity Research MOMENTUM PICK India at forefront of emerging market outperformance… December 22, 2020 22, December Source • • • : Bloomberg, rhythm well domestic of US a Historically, weakness indicating long breakdown Dollar strong dollar range, breakout has The key . dollar Nifty foreign bull beneficiary ICICI index rising to We reversal led logged continue ahead from Direct as (in market equities from India by strong expect has dollar Research capital trend long 10 nine signifying structural ahead remained of in given resolute augurs terms) year’s CY inflow weak term year this line 21 in a DEFTY (Nifty in Dollar Terms) Terms) ChartDollar DEFTY inline: Weekly(Nifty Dollar Index : Weekly line Chartline: Weekly Index Dollar ICICI Ltd. Securities Retail| Equity Research led line, Dollar to indicating signifying Ten outperformance index year breached strong structural consolidation of bull major term of Index Indian market weakness, consolidation nine rising found equities ahead year trend breakout, support which long line Click here to goto top coincided rising historically from trend lower with band long 6

ICICI Securities – Retail Equity Research MOMENTUM PICK outperformance Rotation into December 22, 2020 22, December Source • • : Bloomberg, return with Small Breakout strength secular down reversing midcaps Relative positioning line cap ICICI phase against cycle augurs performance Direct in from indices Midcap Research of the midcaps to accelerate as they are poised for secular long of well favouring coupled relative relative Nifty for term and of is 1.0 1.5 2.0 Aug-05 0.4 0.5 0.6 0.7 0.8 0.9 1.0 Aug-05 Aug-06 Aug-06 Aug-07 ICICI Ltd. Securities Retail| Equity Research Aug-07 Aug-08 Aug-08 Aug-09 Aug-09 Aug-10 Aug-10 Aug-11 Aug-11 Mid cap Index / Nifty / cap Index Mid Small cap Index / Nifty / Index cap Small Aug-12 Aug-12 Aug-13 Aug-13 Aug-14 Aug-14 Aug-15 Aug-15 Aug-16 Aug-16 Aug-17 Aug-17 Click here to goto top Aug-18 Aug-18 Aug-19 Aug-19 Aug-20 Aug-20 7

ICICI Securities – Retail Equity Research MOMENTUM PICK Midcap breakout in sync with global peers December 22, 2020 22, December Source • • • : Bloomberg, positive signalling three from posted Nifty multi resolute Japan indices Currently, relationship decades midcaps correlation extremely Indian year falling Midcap ICICI year of . correlation strong developed have midcaps trading We Direct over breakout US, continuance to channel with continue bear Research expect Europe index past favourable range recorded breakout market phase global have from post two and this has of Europe Japan U.S. ICICI Ltd. Securities Retail| Equity Research STOXX Europe Russell Midcap Index Midcap Russell TOPIX400 Mid Mid 200 Mid / NiftyMidcap / Nifty / NiftyMidcap Midcap 100 Midcap 100 100 to Russell a falling Topix fresh Midcap has channel all time given Index high breakout scaled from Click here to goto top 8

ICICI Securities – Retail Equity Research MOMENTUM PICK across global markets ..durability of breakouts validated by strong market breadth 100 December 22, 2020 22, December Source 20 40 60 80 0 • • India : markets breadth Past key Grey

Bloomberg, 2003

2004 threshold few shaded 2005 ICICI are helped

2006 months’ Direct following ( area 2007 50 Research ), US

2008 providing signifies % of stocks above 200 SMA% of 200 stocks above sharp index 2009 US

2010 market rally to durability 2011 rejuvenation scale and

2012 supported

2013 approaching to new

2014 multi of life

2015 by breadth - year -

2016 time strengthening life breakout

ICICI Ltd. Securities Retail| Equity Research 2017 - NSE 500NSE time sustaining highs 2018 highs

2019 . Emerging 2020 market above 400 5400 10400 100 100 100 20 40 60 80 20 40 60 80 20 40 60 80 0 0 0 Europe Japan U.S. 2002 2002 2002 2003 2003 2003 2004 2004 2004 % of stocks above 200 DaysSMA% of 200 stocks above 2005 2005 2005 2006 2006 2006 % of stocks above 200 DaysSMA% of 200 stocks above 2007 2007

% of stocks above 200 SMA% of 200 stocks above 2007 2008 2008 2008 2009 2009 2009 2010 2010 2010 2011 2011 2011 2012 2012 2012 2013 2013 2013 2014 2014 Click here to goto top 2014 MidcapRussell Index 2015 2015 2015 200STOXX Europe Mid

2016 MidTOPIX 400 2016 2016 2017 2017 2017 2018 2018 2018 2019 2019 2019 2020 2020 2020 9 500 1000 1500 2000 400 900 1400 1900 2400 2900 100 200 300 400 500 600

ICICI Securities – Retail Equity Research MOMENTUM PICK Nifty Midcap index: In early stage of secular bull phase December 22, 2020 22, December Source • • • Average Feb-12 May-10 Jan-10 Oct-09 Jun-09 Jul-07 Feb-07 Year in bullmarkets fresh entryoffered 14% always Intermediate corrections around : Bloomberg, compared were breadth backed Breakout the average breakouts Past new falling resolute bear Index Correction following bull above phase, ended ICICI three channel, -17 -12 -12 -15 -15 -18 by market ( return -9 68 to Direct breakout is have % 200 46 better 12 Sep-20 Aug-15 Jan-14 Jan-13 Apr-20 Oct-16 three Jul-14 signified Research components durable % Year - comparable 15 of days in indicating produced months Correction 72 CY market year’s SMA % 14 from -14% by -15 -21 -10 -18 as ), in -9 -9 -9 Nifty Midcap: Monthly Bar ChartMonthly Midcap:Nifty 2018 2010 2008 2006 1 year1 post breakout returns -90 - 70 Midcap performance post channel breakout (in %) (in breakout channel post performance Midcap - 51 - - 39 38 -40 ICICI Ltd. Securities Retail| Equity Research 10 Post Breakout Rally 60 59 59 70 110 99 Major Correction 160 149 160 offered Historically, an incremental bull market Current buying corrections breakout Click here to goto top opportunity Target @ have 17500 . @ 30000 10

ICICI Securities – Retail Equity Research MOMENTUM PICK above normal gains Nifty Midcap: Overwhelming majority of constituents paused for Breadth December 22, 2020 22, December performance price expected and breadth theproduct of is ofThesize thebubble Source 10 20 30 40 50 60 70 80 90 15% Neutral Market Performer : Spider Industries Notes: • • Page Page X Y Software, - - Axis: Axis: The summation of the weekly positive candle and number of closing weeks above 52 weeks SMA in each of Nifty constituent Axis: Axis: The expected return of the Constituents calculatedNifty on the closing price of 18th December 2020 Sun Sun TV SRF nseindia Union Union Bank City 20% Whirlpool . com, ICICI Syngene Gujarat Direct Crompton Research 25% Lal Lal Path Adani Gas Lab Coromandel Property Relaxo Indian Indian Hotel Godrej Godrej Federal Federal 30% Bank Amara Amara Raja Batteries ICICI Ltd. Securities Retail| Equity Research India Bata Bata BEL Escorts Vguard 35% Finance M&M M&M Bharat ExpectedReturns Aarti Aarti Inds Ipca Ipca Lab Housing Housing Finance Balkrishna Balkrishna Glenmark LIC Inds 40% IDFC First IDFC Bank Cummins India Outperformer Pharma Ajanta Ajanta Bargain Buy Prestige 45% Fluorine Leyland Ashok Ashok Navin Navin s . 50% returns expected Bargain Stocks Pharma Natco Natco Cement Ramco Ramco 55% Click here to goto top in from Buy excess to Outperformer deliver of quadrants, 25 60% % average 11 and are

ICICI Securities – Retail Equity Research MOMENTUM PICK Nifty Small cap Index: Strong breakout signals new bull market December 22, 2020 22, December Source • • • markets entry fresh offered always in bull Intermediate corrections around 14% Average Jan-14 Jan-10 Oct-09 Jun-09 Jul-07 Feb-07 Jul-06 Year : Spidersoftware year Strong compared were breadth backed Durability following return have Past new correction Correction secular two above falling breakout produced -11 -10 -12 -19 -10 -15 of -9 by ( 12 71 ICICI similar to of - > % 200 bull 15 64 better 74 Nov-16 Sep-20 Direct Jun-14 Apr-20 Apr-15 channel Jul-17 45 Year breakout components % % months phase % from days Research in breakouts Correction average in CY signals market three SMA 14 -14% post -10 -12 -17 -31 -15 the -9 ) is Nifty Small cap: Monthly Bar ChartMonthly cap: Small Nifty 2018 2010 2008 ICICI Ltd. Securities Retail| Equity Research - 77 -90 - 67 - Smallcap performance post channel breakout (in %) 46 -40 1 year post breakout 10 60 59 Entire Rally 88 110 131 160 Major Correction 210 260 285 incremental corrections Historically, buying @ Current have 6100 bull opportunity offered breakout Click here to goto top market . an Target @ 10600 12

ICICI Securities – Retail Equity Research MOMENTUM PICK Breadth for above normal gains Nifty Small cap: Overwhelming 10 20 30 40 50 60 70 80 90 December 22, 2020 22, December performance price expected and breadth theproduct of is ofThesize thebubble Source 15% Market Performer Neutral : Spider • • Notes: Balrampur Balrampur Chini X Y - - software, Axis: Axis: The summation of the weekly positive candle and number of closing weeks above 52 weeks SMA in each of Nifty constituent Axis: Axis: The expected return of the Constituents calculatedNifty on the closing price of 18th December 2020 KEC nseindia 20% . com, PGHL Deepak Nitrate ICICI BEML Direct Research 25% Industries Dixon VIP Lauras Lauras Lab Amber Persistent 30% FDC Century Century majority of constituents paused Fertilizers Chamble Chamble ICICI Ltd. Securities Retail| Equity Research Ply Timken Midhani Kajaria Kajaria Ceramics BDL Sobha 35% IEX Shipyard ExpectedReturn % Homes Can fin fin Can Cochin Cochin CYIENT MCX Software Sonata Sonata Lakshmi 40% Granules JK Electicals Century Century Textile Bajaj Bajaj Outperformer Bargain Buy Affle 45% BASF s . Ircon Chemical Chemical Pharma FSL Radico JB JB 50% Elexi Tata returns expected Bargain Stocks Cement Click here to goto top India India in 55% from excess Buy to Rallies Outperformer deliver of quadrants, 25 % 60% average 13 and are

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December Top PicksCY21 ICICI Ltd. Securities Retail| Equity Research Click here to goto top 14

ICICI Securities – Retail Equity Research MOMENTUM PICK acceleration of up move… Infosys • • • • • • December 22, 2020 22, December Source   signals projected of coming rally We below Infosys outperformance outperformer The warranting Further, long We change Geographically energy, Infosys price half less (| segment A highs above It the : Bloomberg, expect expect and faster term 847 has IT technical previous the than upside structure in is of utilities, year is Infosys the - head 510 drivers Technical Outlook Technical an management the from generated sector a (INFTEC): the time our retracement the rising four as re IT as ) Spider in last towards towards - was the company stock service rating observations top major resources it the . the has interval seven to two A is supply company Software, has completely pick CY CY faster the . maintained to continue a Hence, rally decades | company | 20 2020 extend of resolute to 1410 123 1410 month’s signals . line been on & ICICI continue We (| the retracement : generates services . 6 the we low joining . levels % 258 levels Direct retraced the expect last catering healthy IT Long extension a remain a breakout basis - (| 639 decline current Research to robust falling in major major major (~ 510 ) ~ make the the 13 as positive of in in 62 cash to ) % % various ), a term rising supply line breakout signals revenues Others Quarterly Bar Chart Bar Quarterly steady flow 217 on segments generation the Rec. Price Rec. ( improvement 3 from % stock ) 33 and Americas, like CPG and banking & in has Retail financials ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI ~ a 24 & consistent (~ % 1170.00 Fundamental Outlook Fundamental insurance from 16 decades A in % resolute coming ) Europe - dividend 1235.00 (~ signals 31 302 breakout quarters and % ~ of payout an 14 revenues), . acceleration above % 130 Digital from policy Target a acceleration, Rest rising communication . In of of addition, up supply the 437 Quarterly move world Recommendation initiated on i on initiated Recommendation large - - the: of @ 1050 confluence the itis as Support line the . (~ 50% retracement of the recent up move move (| 912 up recent 50% theof retracement area breakout term long trendlinerecent theof The value 258 joining Infosys deal 14 1410.00 13 company periods % wins ), highs has manufacturing vendor RSI shown has of last has narrowed consolidation 639 a generated two - visible click to gain at at gain to click retracement (~ A Faster A Faster 10 its Upside improvement % ), a revenue and buy life 14:55 14:55 cost science signal 847 Time Frame: 12 Months and on on rationalisation 510 Target in December 22, 2020 22, December performance margin (~ - 1195) 6 % @ ) hi gap 1410 tech 18% remain with since (~ 3 8 TCS key the % ), ICICI Securities – Retail Equity Research MOMENTUM PICK term buying opportunity (UNISPI): Double bottom at • • • • • • • • December 22, 2020 22, December Source band 355 retracement | head We strength since quarters formed Key opportunity demand pattern, from triangle years broad The Given Going On The McDowell’s USL 660 : the ), Bloomberg, expect share company’s has point of placed that a September the ahead, range towards in balance . . contracting a 80 lower Currently, average, coming experience Technical Outlook Technical Hence, price Double has to indicating the with brands No (| at of Spider pick highlight taken . sheet journey | stock 800 has band 2015 our 1 favourable - 640 2012 and quarters up Bottom it Software, of - the triangle which been 350 shape - earmarked of in front, offers 16 to Scotch, coincided of Royal , of stock consumption working ) is elevated signifying resolve decline in consolidating the premiumisation formation that, ICICI the has of at risk the Challenge as a a IMFL, has | triangulation company Direct fresh reward contracting it past 694 with across higher been stock target (| is bounced inherent , buying Research 816 61 due seven at upper entry with held in and . distribution has 8 20 has of to % – is a an festive on rum, improved innovative Quarterly Bar Chart Bar Quarterly course season models Rec. Price Rec. with its and packaging WC and coupled two paved Base position, opening - ; third of which, with formation and the of ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI thereby of revenues way strong new on 11 - trade for Fundamental Outlook Fundamental blends brands 530.00 at lowering consumer next being key channels sell leg long - contributed 570.00 net of more key value area = long patronage, up debt term remain move than by 20 by key a | we million quarters 780 Prestige triggers expect Q Target crore uarterly cases and average USL for (short stochastic Above annually the to term stock, benefit Recommendation initiated on i on initiated Recommendation has segment . debt) During along logged from 660.00 in 816 with formalisation H H offers Double a 1 1 , FY bullish USL long 21 favourable bottom and relaunched term crossover, 355 also, of - trend at click to gain at at gain to click sector risk improved lower its of indicating reward 801 Upside home two band biggest its 438 14:59 14:59 opportunity delivery of CFO positive contracting Time Frame: 12 Months on on generation prestige December 22, 2020 22, December of 442 bias alcohol triangle Target segment ( 660 2 20% . 5 % @ yield) brands 3

ICICI Securities – Retail Equity Research MOMENTUM PICK year’s rectangular consolidation pattern (BHAELE): • • • • • • • • • December 22, 2020 22, December Source visibility Overall, 20 As control BEL electronics, BEL Bharat of coming upward from We 193 b) of base We trend 72 rectangular breakout The is Among buying The our % 2017 ), the 80 : part ) Bloomberg, believe is is defence over expect indicating stock % ongoing formation preferred a) targeting targeting Electronics demand systems, - retracement quarters of BEL defence 20 and momentum previous the Technical Outlook Technical strategy above decline gun the is reported consolidation it better next Spider sector consolidation to pick currently at in resumption a stock upgrades, order stocks, LRSAM, as healthy three (BEL) the major log | (| Software, the to operating it of has 70 strong 193 diversify is second towards inflows has a 2014 to primarily as 61 Bharat last breakout – resolute witnessed smart growth on five electro 56 pattern formed . ICICI 8 it - execution and of 17 % ), performance is the half of years two at and retracement Direct primary city rally Electronics confluence | accelerate ~ of manufactures | optic area breakout of a cusp (| sustain 140 140 12 . | business, Research strong strong (| year’s Also, CY 15000 for - 122 15 and systems 27 20 up of in Q % for - - . it 2 operating during FY aims Monthly crore Price BE Electronic Monthly 21 Monthly Bar Chart Monthly Bar advanced and 66 and to FY consolidation for electronic increase Rec. Price Rec. 21 performance, MACD is FY Stochastic E warfare expected 21 . electronics Segments 17 E On cusp of breakout above last two is (vs services warfare on . has systems | to logged the BEL 13000 been like maintain products verge business ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI & 68 has area Cusp radar avionics a etc backed crore bullish envisaged of (| Fundamental Outlook Fundamental despite of the 105.00 for and resolving 122 to a in momentum Indian by systems crossover, ~ two missile - FY 72 … 25 strong challenging 20 ) to - % years 115.00 offers out ) Armed . focus of systems, It will volume, revenue of expects indicating rectangular stable fresh zero continue on Forces times increasing line, entry communication signals for over orders positive H indicating to 2 the opportunity consolidation Target FY drive larger like 21 next contribution 27 E bias the . Avionics Overall five participation acceleration and company’s years Recommendation initiated on i on initiated Recommendation pattern network strong package from growing breakout As of that non growth breakout per order 140.00 centric upward - for signifies defence change at area book LCA, in a systems, CAGR coming momentum of of of Akash segment accumulation | | polarity 70 of 52700 193 years has 10 anti - weapon click to gain at at gain to click % to acted - concept, submarine crore to from Upside 72 15 system, as % continues current key multi 15:01 15:01 warfare 122 support naval year ~ Time Frame: 12 Months on on to 7 % December 22, 2020 22, December provide 56 & Target consolidation equipment, of sonar revenue @ strong systems, 27% 140 fuses, to revenue ~ 3 15 tank fire % - ICICI Securities – Retail Equity Research MOMENTUM PICK signifies robust price structure… Relaxo Footwears (RELFOO): Long term upward sloping channel • • • • • • • December 22, 2020 22, December Source    levels CY 138 985 We on Footwears, Technically the primary Consumption CAGR Relaxo opportunity Relaxo Its Given share aforesaid In depicting Relaxo 2020 61 already A demand channelled The pattern A 20 the the : operations . breakout Bloomberg, 2 . shallow expect levels 8 % decline from % the basis of current midcap entire up has, has is up external of 16 of taken categories the Technical Outlook Technical dominant at India’s move(| in the trend the which % we maintained the to over the of retracement elevated above Spider fundamental the in sector are (| penetrate scenario, following previous rally unorganised are last five FY stock with retracement the highlighting 830 leading almost coming we 500 20 consumption Software, constructive triangular 10 presence months years, (open since - to - levels 23 expect outperformance - 500 785 months to balance up E observations as new continue at . as footwear ) year head strength Relaxo, ) move footwear ICICI established most pre players placed CY to the to territories consolidation in of 17 retrace Covid as Direct outperform sheet Tier towards on the stock April sustained people through with it is of in manufacturing stocks at Relaxo II/III constitutes Research : is entire levels - the H from May prudence well 985 just a 1 has through the its FY are cites healthy company | . its 21 ( 93 working . strong and Monthly Bar Chart Monthly Bar % appointing ~ with distribution of 80 being company, sales) balance % Rec. Price Rec. from controlled resumption A Monthly of breakout the sales), & new home, having market network, sheet boasting MACD distributors working through sales above of and robust leader the with is ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI of brand of primary the capital rebounding its largest liquidity sandals in 800 and strong value Fundamental Outlook Fundamental last patronage, 750.00 + dealers cycle up distributors capacity 10 position and priced trend portfolio taking months (NWC - . 800.00 flip 272 It is segment has expected of support (| flop of triangular days catering 7 256 also . brands 5 have : lakh 182 crore strengthened (~ at 65 to witnessed its to 18 (‘Flite’, days), pairs tide consolidation cash ~ nine crore Target 50000 over per & periods healthy ‘Bahamas’, pairs investments its the significant day retailers e current - . sold pattern commerce average asset Over Recommendation initiated on i on initiated Recommendation annually), . ‘Sparx’) Relaxo ) surge the situation turns signals thus years, 985.00 platform of in has has validates Relaxo demand 2 a better . witnessed geo 5 Relaxo x by and - 366 tagged is than leveraging positive . well Relaxo generating has - - Support small swift placed ~ move 50 Lower - consistently click to gain at at gain to click 100000 bias % retracement Footwears peers A shallow A shallow recovery partnerships retracement @ (| band Upside to RoCE 690 578 further 830 outlets, of as - 795 of in posted 500 15:04 15:04 being the it 20 volumes consolidate ) is of with which % rising Time Frame: 12 Months confluence on on the + 578 a a Target . December 22, 2020 22, December major dominant superior current channel We signifies and players its build @ captured of up market performance, : player 985 an 27% in immense earnings market share in 3 the . ICICI Securities – Retail Equity Research MOMENTUM PICK channel offers fresh entry opportunity… Dr Lal • • • • • • • December 22, 2020 22, December Source support days band demand since been The stocks limelight The channel coinciding from of coming pave at We reward entry margins Revenues generation well Besides testing With Established lower 2018 : expect Bloomberg, share trading the pharma for of March EMA, opportunity a April, rallying set . quarters - and for cumulative 20 band upward Currently in favourable profile organised way PathLabs - Technical Outlook Technical have up the the price the with logistics rally in which in indicating low Spider of to to sector 1949 stock stock an CY and grown rising head a as (| sloping of 20 upper upward stock with fresh (| Software, players , offering macro healthy has it , 813 network Dr to Dr Hence, with is towards 1180 has channel at form Lal a all is - Lal 161 acted 1846 elevated band channel a sloping - dynamics poised favourable Pathlabs majority time ICICI ), like return of CAGR . been Pathlabs a it 8 based % ), higher at (DRLAL): offers ~ that Direct Dr as highs | extension of projected 4900 at | ratios channel 2840 and of in Lal buying strong would on of is lower rising such Research 2848 fresh base ~ risk has a the the in diagnostic hub 20 14 in proxy are the as % and some to demand backdrop for WeeklyChart Bar | spoke 1325 Indian and of Base formation at lower band of rising the Rec. Price Rec. for model related crore of organised legacy preventive faster in healthcare attributes FY shift 16 diagnostics & - 20 wellness from ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI mainly tests signalling The for unorganised the 2100.00 Fundamental Outlook Fundamental stock sector and checks due company sustained services, in to with strong - amid ~ 2230.00 to 15 strong Weekly organised % growing Dr up demand growth Lal trend management MACD possesses Weekly incidences at market, in trading elevated sample Target is stochastic finding in pedigree potential proven of a collections levels rising communicable support capabilities logged Recommendation initiated on i on initiated Recommendation and inorganic channel pan at on a its the 2840.00 bullish India nine opportunities and in back performing presence chronic period crossover, 1305 of geographical average, diseases, in most indicating - current click to gain at at gain to click 1890 indicating of 2029 the expansion Upside the environment upheaval positive diagnostic 15:06 15:06 positive 2395 . bias Lean Time Frame: 12 Months caused on on and Target tests December 22, 2020 22, December bias balance scalability by 2197 backed @ Covid sheet, 2840 31% - by 19 benefits strong strong bodes 3 . ICICI Securities – Retail Equity Research MOMENTUM PICK Handle breakout augurs well for next up move… Timken India (TIMIND): Price sustaining above • • • • • • • • December 22, 2020 22, December Source signals projected previous 1360 We as month’s We providing a same pattern breakout The stocks, move catch year’s The balance Timken the together Railway utilisation Exports and Timken's structural major : railway believe Bloomberg, capital relatively expect stock as up in to underperformance, upside Timken and has as sheet breather the segment demand it make activity a above wind from continue Technical Outlook Technical levels up part is fresh goods the recently segment, change successfully the last is Spider lesser the towards & an segment the India lower move seen of . the at superior entry stock three area around We has 123 annual revenue space, . recent ABC Software, in impact Among is bullish generated sustaining albeit band . expect emerged for 6 opportunity favour our | months (| % to Bearings saw 1360 improved | return market the after trough extension preferred declined is head of 1000 ICICI at of 927 Cup capital sturdy stock the witnessing the of a Covid levels the highlighting Direct as ratios - moderate a 1228 bulls, above of would of toward & plant recent last one last its resolute | to | Handle recovery pick . in Research of goods 1500 ) bode three 1011 EBIDTA 26 thus rural from of few the act the up as % the | a pace crore in well areas where key Q post margins 2 Monthly Bar Chart Monthly Bar for FY to . contributors However, lockdown 21 it | the 397 would Rec. Price Rec. 1800 vs on company 28 the crore % be CV with in back to exporting Q segment for Timken's 2 demand FY of Timken 20 supply ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI . Timken Nonetheless, is topline coming . a The yet Timken’s 1050.00 structural chain Fundamental Outlook Fundamental to stock branded pick in from integration recent is expertise the up - change 1110.00 sustaining turbine products momentum management times and in manufacturers in . favour tapered Conversion above better bullish 1007 expects of the optimisation roller Target bulls Monthly bullish of in Neckline of bullish Cup & Handle pattern & HandleCup bullishof Neckline bearing exports conventional EU, Cup & Cup 14 whereas leading Recommendation initiated on i on initiated Recommendation periods would 500 to & ramp Handle coaches to demand play RSI 1360.00 up improvement breakout a on is crucial seen the to for LHB tractors back taking area role coaches, in of and suggests yield support a - also click to gain at at gain to click solid provide from remains upcoming 639 order Upside at steel its it with book nine buoyant . 15:08 15:08 927 Further, metro 1228 a periods and Time Frame: 12 Months sustainable 1011 on on Target projects led is December 22, 2020 22, December MNC @ Support expecting average by @ 1000 a status, 1360 & good growth DFC 26% to monsoon debt improve corridor path 3 free in ICICI Securities – Retail Equity Research MOMENTUM PICK breakout signals Can Fin Homes (CANFIN): • • • • • • • December 22, 2020 22, December Source   levels decline 138 and We observations among three trend The parentage The maintained Over FY Can while employed The Headquartered previous quarters Shallow primary corrective June supply Placed 20 : . expect NBFC Bloomberg, 2 head company Fin NBFC . % the years after non Can NBFC saw external (| on years 2017 line towards up Technical Outlook Technical sector housing make retracement and fin 14 519 has . the a to steady : the Can its trend phase corrective Spider has quarter’s breakout , stocks has - sufficient stock retrace a in the 253 NII cusp up Fin is total signalling , retracement a a loans | asset ) company Software, grow resuming ~ RoA and strong Homes 580 to 29 placed of based loan as rally accelerate just joining % decline of is liquidity a quality at levels resumption already of long | 1 ICICI book a capital (| . is 9 61 9 Can has on loan its healthy an % around lakh 29 our of . highs Direct term 8 as primary and of resumption the with size meets % been Fin - 666 book, taken up previous end top adequacy it the of RoE Research Homes below falling 17 is of move ) since GNPA of able pick 580 last . all the the while | 5 14 up of of % a 20830 its to 17 CAGR ratio is (CRAR business . builder maintain a 5 Monthly Bar Chart Monthly Bar % deposit of crore for over 0 of . On cusp FY loans Rec. Price Rec. 72 29 obligations, FY as a 24 20 % taking multifold multifold 2014 strong 15 . on as 77 rally and are of primary up trend… - 20 % of H - 17 NBFC 1 negligible return as where September asset FY on 21 it also that , ratios September quality its that ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI . of has NIM has Low 2020 has have Fundamental Outlook Fundamental and un 163 increased 440.00 ticket long Cusp grown - availed remained 2020 on branches, size of this ) at - a 475.00 that sanction from is long parameter 20 term falling supply line at one . 21 would 3 healthy % 3 term equal previous S . affordable hallow 2 of CAGR % limits the falling to enable the time levels 3 core over . from rally retracement 5 company % period supply housing Target company , strengths over FY (| while various 15 29 of past - line 20 is - loan net 666 14 666 . one banks to as breakout of few quarters profit ) Salaried centres push Recommendation initiated on i on initiated Recommendation by Can of it years 61 the retraced saw Fin for . 8 signals best & and % Homes, growth Monthly a 580.00 professionals in strong 14 in resumption the satellite as average 217 CARG 14 HFC situation periods offices industry contribute growth ticket - - Support of - click to gain at at gain to click primary RSI improves move 38 months Lower across size . . of 2 Even generated @ Upside retracement ~ (| 34 of up 71 breather 420 band 21 . 253 during 3 around and % % trend States - 15:10 15:10 - 430 of over 519 514 opportunities 253 a of the pandemic buy | Time Frame: 12 Months as ) FY on on of And 18 the total it 15 December 22, 2020 22, December signal the is lakh Target - Union 20 the recent last loan to the for : increase | @ mix Territories housing two company 376 up 27% 580 while crore . While loans 3 self has for

ICICI Securities – Retail Equity Research MOMENTUM PICK Performance Scorecard 19-Dec-19 19-Dec-19 19-Dec-19 19-Dec-19 19-Dec-19 19-Dec-19 19-Dec-19 Date Rec. YearlyTechnical Recommendation follow 2020 up December 22, 2020 22, December Source : ICICI Strike RateStrike cost atClosed RecommendationsPositive RecommendationsClosed TotalRecommendations SummaryPerformance Recommendations- date till Direct RPG Life RPG Hindalco SBIN Persistent Infra PNC Godfreyphilips SBILife Recommended Stock Research Rec Price (|) Price Rec 70% 47 70 70 3 1250 312 210 315 665 190 955 Target (|) Target YieldNegativeonrecommendations YieldrecommendationsPositiveon ICICI Ltd. Securities Retail| Equity Research 1740 1180 410 250 405 890 249 Stoploss (|) Stoploss 258 174 267 545 158 990 820 % Profit/Loss -17.0 -17.0 -17.0 -12.0 -14.0 -6.0 3.0 Stoploss TriggeredStoploss TriggeredStoploss Exit295at 685at off Square TriggeredStoploss 1091at off Square TriggeredStoploss Comment -16.0% 26.0% Click here to goto top 22

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December Appendix 1 ICICI Ltd. Securities Retail| Equity Research 23

ICICI Securities – Retail Equity Research MOMENTUM PICK Stock selection: Deciphering the bottom December 22, 2020 22, December (c) (a) Year Over Source - - -  achieving removing Define Universe Define : on history Minimum 1 year price Crores Market Capital > 100 Average daily volume >5k 695 NSE stocks the ICICI year, Direct past more individual Research we few have years, objectivity strengthened biases our emphasis in in market stock - - -  our picking compliance compliance filters Qualitativeand analysis Trend and volume Momentum Relative Strength, 243 stocks Screening on Technical Technical analysis parameters building ; ( b) to efficient a arrive to statistical adapt at ICICI Ltd. Securities Retail| Equity Research screening high to - - -  model changing probability done Price/Time correction Bargain Buys: underperformance from period elongated of Structural Turnaround price structure Outperformers 243 stocks Bucketing of for market stock - market up way… investment selection, internals, dynamics : Robust ideas : based which . The - - - -  on helps virtues Peer Peer comparison Volatility Risk/Rewards set up views Insightson Sectoral 129 stocks Optimisation our to in of build - house such a holistic a technical statistical bottom screeners, approach Canfin Timken India Dr Relaxo Bharat Electronics United Spirits Infosys  Lal’s - Top Picks Picks Top up CY21: CY21: TopPicks Home Finance Footwear approach Pathlab has are : provided ; CY21 rich dividends 24 .

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December …Stock selection: Bottom up way Source : Bloomberg, AMARAJABAT NSE Symbol * Stocks highlighted in Bold and Italics are our CY21 recommendations. Stocks listed in Sector and Alphabetical order Alphabetical and Sector in listed purpose Stocks analysis of only are recommendations. CY21 mentioned our are stocks Italics other and and Bold in stocks Note: highlighted Stocks * CANFINHOME BANKBARODA BANDHANBNK BAJFINANCE BAJAJFINSV AXISBANK TATAMOTORS MARUTI M&M HEROMOTOCO ESCORTS BHARATFORG BALKRISIND BAJAJ-AUTO ASHOKLEY ICICI The list of stocks enlisted in this report is selected on the basis of certain statistical and technical models. This report recommends only 7 7 only recommends report This models. technical and statistical certain of basis the on selected is report this in enlisted stocks of list The Direct Research Company Name Can Fin Homes Fin Can Baroda Bankof Bank Bandhan Finance Bajaj FinservBajaj Bank Axis BFSI Motors Tata MarutiSuzuki M & M Motocorp Hero Escorts BharatForge BalkrishnaInds AutoBajaj AshokLeyland Batt. Raja Amara Autoand Auto ancilliary: ESCORT BHAFOR BALIND BAAUTO ASHLEY AMARAJ Idirect Code CANHOM BANBAR BANBAN BAJFI BAFINS AXIBAN TATMOT MARUTI MAHMAH HERHON ICICI Ltd. Securities Retail| Equity Research Market Capital (| crore) 288799 143645 191940 233638 30657 66766 58664 91499 63813 18497 25095 32029 95213 27858 16085 6235 Returns (6M) % 51 41 54 97 73 47 59 36 56 39 46 52 44 21 80 42 (12M) % 131.95 Returns -30.60 -20.37 -12.39 15.08 20.27 11.21 11.09 45.56 37.09 22.64 81.56 23.49 29.00 1.14 1.81 Outperformer √ √ √ √ √

Market Performer √ √ √ √ √ Bargain Buy √ √ √ √ √ √ 25

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December …Stock selection: Bottom up way Source : Bloomberg, * Stocks highlighted in Bold and Italics are our CY21 recommendations. Stocks listed in Sector and Alphabetical order Alphabetical and Sector in listed purpose Stocks analysis of only are recommendations. CY21 mentioned our are stocks Italics other and and Bold in stocks Note: highlighted Stocks * IRCON CUMMINSIND COCHINSHIP BEML BEL BDL SBIN MCX M&MFIN LICHSGFIN KOTAKBANK IEX IDFCFIRSTB HDFCLIFE HDFCBANK HDFC FEDERALBNK CUB NSE Symbol ICICI The list of stocks enlisted in this report is selected on the basis of certain statistical and technical models. This report recommends only 7 7 only recommends report This models. technical and statistical certain of basis the on selected is report this in enlisted stocks of list The Direct Research IrconIntl. CumminsIndia Shipyard Cochin BEMLLtd Electronics Bharat BharatDynamics Goods:Capital IndiaBkSt of Exc. Comm. Multi Serv. Fin. M & M LICFin. Housing Bank KotakMah. Ex Energy Indian IDFCFirst Bank Insur.Life HDFC Bank HDFC C DF H Bank Union City Company Name KOTMAH INDEN IDFBAN HDFSTA HDFBAN HDFC FEDBAN CITUNI Idirect Code IRCINT CUMIND COCSHI BEML BHAELE BHADYN STABAN MCX MAHFIN LICHF ICICI Ltd. Securities Retail| Equity Research Market Capital (| crore) 240608 376714 133214 763133 412113 27862 16128 21004 17482 21328 13072 12830 4134 4668 3112 6247 8602 6647 Returns (6M) % 56 49 32 22 40 44 40 81 30 43 28 46 31 40 27 32 29 -2 (12M) % Returns -24.18 -13.99 -16.17 -18.49 -10.69 -21.65 -23.94 14.74 13.77 10.43 18.58 53.98 14.49 57.89 15.59 10.91 -8.32 -0.26 Outperformer √ √ √ √ Market Performer √ √ √ √ Bargain Buy √ √ √ √ √ √ √ √ √ √ 26

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December …Stock selection: Bottom up way Source : Bloomberg, LT KEC NSE Symbol * Stocks highlighted in Bold and Italics are our CY21 recommendations. Stocks listed in Sector and Alphabetical order Alphabetical and Sector in listed purpose Stocks analysis of only are recommendations. CY21 mentioned our are stocks Italics other and and Bold in stocks Note: highlighted Stocks * ITC HINDUNILVR DMART DIXON CROMPTON CENTURYPLY BRITANNIA BERGEPAINT BATAINDIA BAJAJELEC ASIANPAINT AMBER TIMKEN ICICI The list of stocks enlisted in this report is selected on the basis of certain statistical and technical models. This report recommends only 7 7 only recommends report This models. technical and statistical certain of basis the on selected is report this in enlisted stocks of list The Direct Research Company Name ITC Unilever Hind. India Havells Super. Avenue Technolog. Dixon DaburIndia Con CromptonGr. Plyboard Century BritanniaInds. BergerPaints IndiaBata Electrical Bajaj Paints Asian Enterp.Amber Consumption India Timken Siemens ToubroLarsen & Intl.C E K ASIPAI AMBEN TIMIND SIEMEN LARTOU KECIN Idirect Code ITC HINLEV HAVIND AVESUP DIXTEC DABIND CROGR CENPLY BRIIND BERPAI BATIND BAJELE ICICI Ltd. Securities Retail| Equity Research Market Capital (| crore) 261728 552475 169921 242600 167149 51790 14175 90890 20863 90055 66024 20009 54730 8552 4896 7043 7862 9524 Returns (6M) % 141 100 25 11 48 10 11 41 11 37 12 48 54 65 39 26 51 7 (12M) % 250.21 128.65 Returns 38.25 16.05 27.80 50.99 12.58 37.05 37.58 22.24 36.99 96.16 47.45 35.11 -9.72 -8.43 -6.93 4.93 Outperformer √ √ √ √ √ √ √ √ √ √ √ Market Performer √ √ √ √ Bargain Buy √ √ √ 27

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December …Stock selection: Bottom up way Source : Bloomberg, KAJARIACER JUBLFOOD NSE Symbol * Stocks highlighted in Bold and Italics are our CY21 recommendations. Stocks listed in Sector and Alphabetical order Alphabetical and Sector in listed purpose Stocks analysis of only are recommendations. CY21 mentioned our are stocks Italics other and and Bold in stocks Note: highlighted Stocks * TATASTEEL MIDHANI HINDALCO WHIRLPOOL VOLTAS VGUARD TRENT TITAN TATACONSUM RELAXO RADICO PIDILITIND NESTLEIND MCDOWELL-N ICICI The list of stocks enlisted in this report is selected on the basis of certain statistical and technical models. This report recommends only 7 7 only recommends report This models. technical and statistical certain of basis the on selected is report this in enlisted stocks of list The Direct Research Company Name Tata MishraDhatuNig Inds. Hindalco Mining & Metal WhirlpoolIndia Voltas Industri V-Guard Trent Company Titan Consumer Tata Footwear Relaxo Khaitan Radico Inds.Pidilite NestleIndia Spirits United Marico Ceramics Kajaria Food. Jubilant RADKHA PIDIND NESIND UNISPI MARLIM KAJCER JUBFOO Idirect Code TATSTE MISDHA HINDAL WHIIND VOLTAS VGUARD TRENT TITIND TATGLO RELFOO ICICI Ltd. Securities Retail| Equity Research Market Capital (| crore) 126430 177053 19712 43104 69957 54513 26647 26944 24061 53473 83905 52205 10431 34012 3723 7995 6124 Returns (6M) % 25 88 65 47 25 46 51 34 14 11 20 79 51 -3 -2 2 4 (12M) % Returns -13.12 29.00 51.75 34.69 21.90 19.85 35.81 20.77 85.36 52.98 25.14 30.24 18.96 26.10 65.06 -9.44 1.39 Outperformer √ √ √ √ √ √ √ √ √ Market Performer √ √ √ √ Bargain Buy √ √ √ √

28

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December …Stock selection: Bottom up way Source : Bloomberg, * Stocks highlighted in Bold and Italics are our CY21 recommendations. Stocks listed in Sector and Alphabetical order Alphabetical and Sector in listed Stocks recommendations. CY21 our are Italics and Bold in Note: highlighted Stocks * IPCALAB GRANULES GLENMARK FDC DRREDDY DIVISLAB CIPLA CADILAHC AUROPHARMA ALKEM AJANTPHARM ABBOTINDIA PETRONET MGL GUJGASLTD ADANIGAS NSE Symbol stocks and other stocks mentioned are only of analysis purpose analysis of only are mentioned stocks other and stocks ICICI The list of stocks enlisted in this report is selected on the basis of certain statistical and technical models. This report recommends only 7 7 only recommends report This models. technical and statistical certain of basis the on selected is report this in enlisted stocks of list The Direct Research Ipca Labs.Ipca India Granules Pharma. Glenmark FDC DrReddy'sLabs Divi'sLab. Cipla Health. Cadila Biocon Pharma Aurobindo Lab Alkem Pharma Ajanta AbbottIndia Pharmaceuticalsand Healthcare: LNGPetronet Gas Gujarat Gas Adani Energy Company Name ABBIND PETLNG MAHGAS GUJGA ADAGAS Idirect Code IPCLAB GRANUL GLEPHA FDC DRREDD DIVLAB CIPLA CADHEA BIOCON AURPHA ALKLAB AJAPHA ICICI Ltd. Securities Retail| Equity Research Market Capital (| crore) 28182 15010 84006 99066 61524 48034 54450 52664 34892 14701 33127 38243 10240 23959 39038 9662 5864 Returns (6M) % 164 39 92 33 37 23 56 19 27 16 13 23 12 19 -5 1 4 (12M) % 108.80 212.61 105.79 107.84 131.70 Returns 60.76 67.87 74.40 68.36 79.94 56.72 39.91 72.03 24.47 54.10 -6.15 1.22 Outperformer √ √ √ √ √ √ √ √ √ √ √ Market Performer √ √ √ Bargain Buy √ √ √

29

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December …Stock selection: Bottom up way Source : Bloomberg, * Stocks highlighted in Bold and Italics are our CY21 recommendations. Stocks listed in Sector and Alphabetical order Alphabetical and Sector in listed Stocks recommendations. CY21 our are Italics and Bold in Note: highlighted Stocks * ULTRACEMCO SHREECEM RAMCOCEM PRESTIGE JKLAKSHMI INDIACEM GODREJPROP DLF CENTURYTEX SYNGENE SUNPHARMA SANOFI PGHL NATCOPHARM LUPIN LAURUSLABS LALPATHLAB JBCHEPHARM NSE Symbol stocks and other stocks mentioned are only of analysis purpose analysis of only are mentioned stocks other and stocks ICICI The list of stocks enlisted in this report is selected on the basis of certain statistical and technical models. This report recommends only 7 7 only recommends report This models. technical and statistical certain of basis the on selected is report this in enlisted stocks of list The Direct Research UltraTech Cem. UltraTech Cement Ramco The PrestigeEstates JKLakshmi Cem. Cements India Propert. Godrej DLF Textiles Century Infra: & Realty Intl. Syngene Pharma.Inds. Sun India Sanofi Ltd Health G & P Pharma Natco Lupin LaurusLabs Pathlabs Lal Dr Pharm & Chem BJ Company Name SUNPHA SANOFI MERLIM NATPHA LUPIN LAULAB DRLAL JBCHEM Idirect Code ULTCEM SHRCEM RAMCEM PRESET JKLAKS INDCEM GODPRO DLFLIM CENTEX SYNINT ICICI Ltd. Securities Retail| Equity Research Market Capital (| crore) 143248 135574 18144 85531 19639 11559 32300 53925 23886 18391 11035 17482 42754 17696 4052 4562 4316 7737 Returns (6M) % 243 34 31 10 35 51 40 13 55 39 23 65 13 59 52 45 0 2 (12M) % 102.13 393.72 137.28 Returns -20.96 41.64 22.92 18.16 26.27 44.86 97.50 32.16 14.91 58.99 65.29 25.28 -8.32 8.21 0.51 Outperformer √ √ √ √ √ √ √ √ √ Market Performer √ √ Bargain Buy √ √ √ √ √ √ √ 30

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December …Stock selection: Bottom up way Source : Bloomberg, * Stocks highlighted in Bold and Italics are our CY21 recommendations. Stocks listed in Sector and Alphabetical order Alphabetical and Sector in listed Stocks recommendations. CY21 our are Italics and Bold in Note: highlighted Stocks * BHARTIARTL WIPRO TATAELXSI SONATSOFTW PERSISTENT NAUKRI MINDTREE LTI INFOSYS HCLTECH FSL CYIENT AFFLE NSE Symbol stocks and other stocks mentioned are only of analysis purpose analysis of only are mentioned stocks other and stocks ICICI The list of stocks enlisted in this report is selected on the basis of certain statistical and technical models. This report recommends only 7 7 only recommends report This models. technical and statistical certain of basis the on selected is report this in enlisted stocks of list The Direct Research BhartiAirtel Telecommunications Wipro Elxsi Tata Software Sonata PersistentSys Edg.(India)Info Mindtree Infotech T L& Infosys Technologies HCL Firstsour.Solu. Cyient India Affle Technology Company Name ICICI Ltd. Securities Retail| Equity Research FIRSOU CYILIM AFFIND Idirect Code BHAAIR WIPRO TATELX SONSOF PERSYS INFEDG MINLIM LTINFO INFTEC HCLTEC Market Capital 512762 (| crore) 275615 203466 235220 10043 59059 23670 56845 3682 9445 5217 5260 9342 Returns (6M) % 110 118 144 -11 63 64 82 54 67 58 72 50 95 (12M) % 173.16 Returns 64.00 13.01 49.44 91.86 17.38 83.20 83.69 94.87 97.11 59.20 99.20 23.13 Outperformer √ √ √ √ √ √ √ √ Market Performer √ √ √ √ √ Bargain Buy 31

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December …Stock selection: Bottom up way Source : Bloomberg, * Stocks highlighted in Bold and Italics are our CY21 recommendations. Stocks listed in Sector and Alphabetical order Alphabetical and Sector in listed Stocks recommendations. CY21 our are Italics and Bold in Note: highlighted Stocks * VIPIND INDIGO INDHOTEL BALRAMCHIN SRF RALLIS NAVINFLUOR DEEPAKNTR COROMANDEL CHAMBLFERT BASF AARTIIND NSE Symbol stocks and other stocks mentioned are only of analysis purpose analysis of only are mentioned stocks other and stocks ICICI The list of stocks enlisted in this report is selected on the basis of certain statistical and technical models. This report recommends only 7 7 only recommends report This models. technical and statistical certain of basis the on selected is report this in enlisted stocks of list The Direct Research V I P Inds. IP V InterglobeAviat Co Hotels Indian BalrampurChini Others SRF IndiaRallis Fluo.Intl. Navin NitriteDeepak Inter Coromandel Fert. Chambal IndiaBASF AartiIndustries Chemicals Agri& Company Name BASF AARIND Idirect Code VIPIND INTAVI INDHOT BALCHI SRF RALIND NAVFLU DEENIT CORINT CHAFER ICICI Ltd. Securities Retail| Equity Research Market Capital (| crore) 66816 15228 31454 12643 11819 23455 21122 5186 3546 5555 9042 6939 Returns (6M) % 45 68 38 29 46 17 61 79 19 59 42 30 (12M) % 185.88 157.17 Returns -13.87 -12.72 30.68 64.10 58.69 57.56 50.87 67.21 54.45 2.67 Outperformer √ √ √ √ Market Performer √ √ √ √ √ √ Bargain Buy √ √ 32

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December Commodity and Currency Outlook Commodity and Currency ICICI Ltd. Securities Retail| Equity Research 33

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December Gold spot ($1883): Consolidation likely in Source • : Bloomberg, is broad Hence, the overbought 2011 previous booking year up Gold likely move prices quarterly are range ICICI consolidation in all the witnessing from Direct ( in 1921 after time of placement coming the Research $ ) stochastic 2000 high the near last strong in year - of profit 1550 amid two the the CY of . Quarterly Bar Bar QuarterlyChart multifold rally 2001 ICICI Ltd. Securities Retail| Equity Research 681 - 11 range of $1550 1921 Quarterly stochastic reacting - 2000 1025 lower 1380 from area ( 61 Support 1260 . 8 the % placed - 2099 retracement overbought @ ) around and 1550 1260 recent 1550 of as territory entire 2099 it breakout is rally the 34

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December Brent Source • • : Bloomberg, joining of confluences levels 80 major and maintain We 18 during decline retraced each subsequent CY 2008 three sharp decade Brent % 19 a expect Futures ($50): Pullback towards $68 and - - retrace 09 20 in decline decline high ICICI occasions prices CY falling occasions by , ) . head CY the have 09 Direct 70 since Brent CY 21 - its with 12 - same the 80 pullback , 13 Research towards of in ( supply $ In which and % 87 - witnessed CY 16 ~ the prices the (i previous previous as - it 12 80 . 16 rhythm e CY . value % seen ) also $ and last has line 16 the CY 70 by to in in - Quarterly Bar Bar QuarterlyChart 20 ICICI Ltd. Securities Retail| Equity Research - around Confluence 70 in CY21… 147 36 $ 40 - 36 of makes multiple retracement @ 128 it 80% a retracement major support and in medium November 27 term retracement low 61.8% 61.8% @ 87 @ 87 16 36 retracement @ 70 80% 80% 35

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December signifies structural turnaround… LME Source • • : Bloomberg, medium towards momentum accelerate We turnaround decline of been corrective conclusion breakout The retracement Copper backed expect falling ICICI signifying term Direct phase $ 9000 of by Research of and trend copper faster 10 which ($7750): Long term falling trend line breakout last structural indicates in upward year’s leg head pace has line the to of Monthly Chart Bar ICICI Ltd. Securities Retail| Equity Research 2768 Monthly RSI 10179 is resolving • • Key Long 38 Support % retracement term out is of falling placed multi phase retraced Faster trend of year at ongoing $ in resistance line 6550 pace just 22 breakout rally months as 8 4310 of months it since : of retracement 68 area corrective , March indicating placed 7323 low : at positive $ $ 4577 6548 , bias @ 4577 $ retracement retracement @ 6552 @ Support Support 80% $ $ 9000 6550 36

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December for acceleration of upward momentum… LME Source • • : Bloomberg, levels with 1424 of towards ongoing prices We 2015 double channel breakout The Aluminium 2011 price ), 2011 lows expect ICICI bottom at - 15 to 80 after rally logged Direct $ $ highs decline 2500 1420 % from extend Research formation retracement forming and aluminium a coincided of resolute ( $ $ falling 2772 2600 head ($2070): Falling channel breakout augurs well the at a - Monthly Chart Bar 3292 ICICI Ltd. Securities Retail| Equity Research 1251 Monthly 2772 MACD logged a bullish crossover - - Major Falling 61 % 1424 support indicating retracement trend @ line acceleration $ breakout @ 1650 $ 2603 1662 - 1700 area of upward around 1420 $ momentum retracement retracement 1700 @ 80% $ 2500 Support Support $ 1650 @ 37

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December resumption of primary up trend Zinc ($ Source • • : Bloomberg, medium head its We primary signifies corrective indicating of drawn a finding slanting breakout Price long 2008 upward expect towards 2850): Three years falling channel breakout signifies term adjoining ICICI staged strong up – term 16 from Direct bias trend resumption channel zinc momentum rising conclusion ( $ support $ Research 1040 3275 that a to major downward trend maintain resolute - in 1451 in lows from after turn and line the of of ), Monthly Chart Bar 4658 Monthly MACD 1040 ICICI Ltd. Securities Retail| Equity Research rising 2635 upward after recording bullish crossover, $ retracement Key 2297 support coincided indicating 1451 of is current placed with acceleration October rally 3619 at off $ March of low 2300 upward of of CY06 of 61% retracement 61% retracement as $ low 1772 2290 @ it momentum $ 1772 $ - is 08 decline 3275 50 , at % 38

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December Rupee Source • • : Bloomberg, levels downside broad with the levels ( immediate 61 In previous decline retraced and multi depreciation CY 2008 more seen occasions In 63 . 18 the the 8 - 77 % - - rupee - in . year 09 sharp 20 positive ) than range (73.50 last current ICICI retracement Hence, is , . by major each placed Direct capped decade previous the 2013 30 to depreciation its 61 of is The consolidation % Research scenario decline bias . occasion followed 70 8 consolidate we rupee - % around as 14 - ): Downside capped around 76 at 77 previous on decline of expect of in , in 76 sharp three with and has - the the the the CY 77 70 by of it Quarterly Bar Bar Quarterly 39.2 Chart Chart (Inverted scale ICICI Ltd. Securities Retail| Equity Research 52 61.8% 61.8% retracement ) @ 43 - 77…. 49 53.5 68.9 61.8% 61.8% retracement @ 58 o o o Key move 61 around Previous Rising hurdle . 8 % ( trendline 63 retracement 68 at consolidation . 5 levels 70 - 77 - 63.5 68 . 0 joining ) levels placed of area lows the at 69 of previous since Key support at at 76 levels CY 2012 2019 - 77 up 39

ICICI Securities – Retail Equity Research MOMENTUM PICK Notes • • December 22, 2020 22, December email positionearly, The report to enter staggeredin a within Itin the manner range is recommended provided the prescribed recommendations are valid for valid are recommendations it will be communicated communicated be will it twelve on i - months and in case we intend to carry forward intend carry months we to case and in click to gain page of our website, mobile notification notification and mobile our website, of page gain to click ICICI Ltd. Securities Retail| Equity Research or exit exit the or 40

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December 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 41

ICICI Securities – Retail Equity Research MOMENTUM PICK December 22, 2020 22, December this whose possession document may come are required inform to themselves and of to observe such restriction. regulation or Securities which subject would ICICI and affiliates any to registration licensing or requirement within such ju This is notreport directed intended or for distribution to, use by,or any person or entity who a is citizen resident or of We submit that no material disciplinary action has been Securities taken on ICICI by any Regulatory Authority impacting Equit Neither the Research Analysts Securities nor ICICI have been engaged in market making activity for the companies mentioned in Securities ICICI may have issued other reports that are inconsistent with and reach different the from conclusion information Since Securities associates of ICICI are engaged various in financial service businesses, they might have financial interests Securities ICICIsubsidiaries its or collectively or Research Analysts or their relatives do notown or 1% ofmore the equity Compensation of Research our Analysts is notbased on any specific merchant banking, investment banking brokerage or service mentioned the in report third or party in connection with preparation the of research report. Accordingly, neither Secu ICICI Securities ICICI encourages independence in research report preparation and to strives minimize conflict in preparation of re corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger specif or Securities ICICI associates its or might have received any compensation the from companies mentioned in the report during the Securities ICICI associates its or might have managed or co Document to understand associated the risks before investing in the securities markets. Actual results may differ materially rates any or other reason. Securities ICICI accepts no liabilities whatsoever for any or loss damage any of kind arising out This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should indepen circumstances. specific The securities and discussed opinions expressed this in report may notbe suitable for all investors, same Securities time. ICICI will not treat recipients as customers by virtue of their receiving this report. Nothing in this purpose and shall not be used considered as or an offer document or solicitation of to offer buy sell or subscribe for sec or This is based report on information obtained sources and public from believed sources be to reliable, but no independent veri suspended temporarily and such suspension is in compliance with applicable regulations Securities and/or ICICI policies, in c Securities ICICI is under no obligation to update keep or the information current. Also, there may be regulatory, compliance any way, transmitted to, copied distributed, or in part in or whole, to any other to person or the media or reproduced any in The information and in opinions this report have been prepared Securities by ICICI and are to subject change without any noti with the views, estimates, rating, target the price of Institutional Research. Securities ICICI Limited has two independent equity research Institutional groups: Research and Retail Research. report This Our proprietary trading and investment may businesses make investment decisions that are inconsistent with the recommendation recommendation in fundamental reports. may Investors visit icicidirect.com to view the Fundamental and Technical Research Rep Recommendation in reports based on technical and derivative analysis centre on studying charts ofprice a movement, stock's o companies covered by our Investment Research Department. Securities ICICI generally analysts, its prohibits reporting persons Securities ICICI is one the of leading merchant bankers/ underwriters securities ofand participate in virtually all securiti housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), t Registration Number Securities ICICISecurities) Limited (ICICI is a full disclosures: other and conditions & Terms of persons subject We Disclaimer the /I, companies Dharmesh issuer(s) of the ICICI or Shah, mentioned securities Securities – INH000000990. ICICI Securities Securitie Securities broker. for stock ICICIICICI Limited SEBI Registration INH000000990. is INZ000183631 Nitin Kunte . in We Inc the . also , It report Ninad is also certify . Tamhanekar confirmed that - service, service, integrated investment banking and inter is, alia, engaged the in no part that , Pabitro of above - managed managed public offering of for the securities subject company mig or our Mukherjee, compensation mentioned Vinayak Analysts was, Parmar is, of or this will Research report be ICICI Ltd. Securities Retail| Equity Research directly have Analysts, not or indirectly received authors rep or or any es related and business of stock brokering ofbrokering business and stock distribution of financial Securities ICICI products. Limited is a SEBI registered Research An located located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use woul ris trading markets in India. We and our associates might have investment banking and other business relationship with a signific of ort ort constitutes investment, legal, accounting and tax advice a or representation that any investment strategy or is suitable se or compensation uri rit fro diction. diction. The securities herein described may may or notbe eligible for sale in all or jurisdictions to certain category of i or wh fo the the use of this report. Past performance is notnecessarily a guide to future performance. are Investors advised see to Risk the sea curities curities of the Company mentioned in the report as of the last day the of month preceding the publication of the research rep has pr irc he y R beneficial ownership in companies various including the subject company/companies mentioned in this report. ies ies nor Research Analysts and their relatives have any material of interest conflict at the time of publication of this repor ce. ties ties or other financial instruments. Though disseminated to all the simultaneously, customers not all customers may receive t den without rm, written prior Securities. consent of ICICI While we endeavour would to update the information herein on a reasona fic to m those set those set m forth in projections. Forward other other reasons that may Securities prevent ICICI doing from so. Non ic ic esented esented in this report. o must make their own investment decisions, based on their own investment objectives, financial and positions needs of specif umstances umstances where Securities ICICI might be acting in an advisory capacity this to company, in or certain other circumstances. rch rch Securities report. ICICIassociates its or or analysts its did notreceive any compensation or other benefits the from co to names uts details details in respect which ofare available on www.icicibank.com pe ation ation has been made its nor is accuracy completeness or guaranteed. report This and information herein informat is solely for esearch esearch Analysis activities. been prepared been prepared by the Retail Research. The views and opinions expressed this in document may or may not match or may be contra th the transaction. transaction. The report and information contained herein confidential is strictly and meant solely for the selected recipient and may not ht have been mandated by the subject company for any other assignment the in past twelve months. s Bank is a which is India’s ICICI subsidiary of largest private sector bank and has its subsidiaries various engaged in busi tly tly evaluate the investment The risks. value and return on investment may vary because changes of in interest rates, foreign tra ort analysts analysts and their relatives maintaining from a financial interest in the securities derivatives or any ofcompanies that the e e report. riod preceding riod preceding twelve the months from date of this report for services in respect of managing or co s s e tanding trading positions, volume specific nsactions. nsactions. s. xpressed xpressed herein. subscribed from recommendation(s) the companies to this report, mentioned or hereby view(s) etc - looking looking statements are not predictions and may be subject to change without notice. certify as as to opposed onfocusing a company's fundamentals and, as such, may not match with the in in the this that report report all in of . the the Analysts preceding views - rated rated securities indicate that rating on a particular securit are expressed not twelve registered in months this as research and research do not report analysts serve accurately - managing managing public offerings, as by an FINRA officer, d b reflect nve e contrary e to contrary law, aly or or and t. st st with SEBI director stors. stors. in Persons appropriate appropriate yourto Dis our ant are mpa ort closure closure nes his percentage of a views y has been . be nalysts nalysts cover. not ble nies nies exc ses ses of ion report report at the or ic ic altered altered in basis, basis, associated recipient. recipient. employee al hange hange about ry 42 the

ICICI Securities – Retail Equity Research MOMENTUM PICK