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Go Advisors Weekly Newsletter

Market Masala… The flavors that influenced the market this week

Week 24/CY20: 6th – 12th June 2020 1 Headlines this week Go India Advisors Another Day, another Deal; Powell GDP statement; Court – interest(ed) or not Weekly Newsletter

Supreme Court clarified on the case of interest charged during moratorium. The issue now is limited to interest on interest deferred during moratorium. This is significant less Jio announced 7th and 8th sale of it's equity, this time 1.16% for threatening than question of interest waiver all together. Rs5683cr to Abu Dhabi Investment Authority (ADIA) and Banking sector took a sigh of relief and so did Indian additional 0.93% to Silver Lake Partners for Rs4546cr. Totalling upto 21.06% stake for Rs97885cr. More deals in offing are market. TPG(US$1.5bn), Saudi Arabia's Public Investment Fund (PIF) (US$1.5bn). And some rumours about either Google or Microsoft coming in. US Fed in it MPC on Thursday was dovish as expected. However more than expected downbeat assessment of the economy proved little bit too much for the stock markets to handle. This triggered the worst falls in stock market since 16th March.

13-06-2020 2 Global Markets – risk off Go India Advisors US Fed downbeat assessment of the economy, too hot for market to handle Weekly Newsletter

Returns %

Data for year 2020; except as specified

13-06-2020 3 Indian market – rally takes a breather Go India Advisors Volatility is the name of the game Weekly Newsletter

Indian Markets for Week Ending 12th June 2020

For more information: Click on the image.

13-06-2020 4 Indian Market – maintaining poise Go India Advisors Market looking to go back to touch 10300/10500 Weekly Newsletter

NIFTY 50

1. Market closed strongly despite US market route. More upside on cards to 10300/10500. 2. Bank Nifty seems to be buoyed by supreme court clarification. 3. Pharma and Telcos continue to outperform. Small/mid caps are now starting to rally, 4. Supports – 9550/9250

13-06-2020 5. Resistances – 10350/10560 5 Voices that Matter – Sustainability will be Focus Go India Advisors Weekly Newsletter

Companies can no longer exist just to maximize profits – Paul Tudor

‘Humbled’ by market comeback, underestimated the Fed – Stanley Druckenmiller

KKR co-CEO says 80% of the companies it controls have at least two directors with diverse backgrounds – Henry Kravis

13-06-2020 Asset Quality to deteriorate; will lenders resort to “HaftaVasooli” Moratorium creating a financial relief but intensifying the mental distress Go India Advisors Weekly Newsletter NBFCs asset quality to weaken sharply in FY21

FY18 FY19 FY20E • With the economy deteriorating, the proportion 10% of defaults likely to rise significantly in FY21 for lenders, many of whom operate digitally. 9%

8% • Despite RBI guidelines, significant number of banks' recovery agents harass defaulters the 7% age-old way. GFC era reloaded; defaulting borrowers are again complaining about 6% harassment and aggressive recovery practices 5% similar to what was seen during the GFC period, this time majorly from digital lenders. 4%

3% • Appointed recovery agents have turned to mental harassment – not just to defaulters but 2% their near and dear ones.

1% • While these Fintech players lends at very high 0% interest rates, many of them are also levying Wholesale Microfinance MSME Finance Auto Finance Infrastructure Housing Finance Gold Finance Finance Finance heavy penalties on borrowers inability to pay Note : For FY21 asset quality outlook in various sectors, Red represents a more than 200 bps leading to significant overdues. deterioration in asset quality; Yellow represents more than 50 bps but less than 200 bps deterioration; 7 Green represents more than 0 and less than 50 bps asset quality deterioration Credit Growth - GFC vs Covid19 Crisis Go India Advisors GFC – took 2+ years to recover. Post Covid 19 - ? Weekly Newsletter

Inquiry and Origination Volumes; Lending activity 50% decline seen in inquiry and origination volumes impacted severely with some revival seen in May. during the crisis period of 2008.

Inquiry Origination Inquiry Origination

250 200

180

200 160

140

150 120

100

100 80

60

50 40

20

0 0

Jul-18 Jul-19

Jan-19 Jan-20

Jun-18 Jun-19

Oct-18 Oct-19

Apr-18 Apr-19 Apr-20

Sep-18 Sep-19

Feb-19 Feb-20

Dec-18 Dec-19

Aug-18 Aug-19

Nov-18 Nov-19

Mar-19 Mar-20

May-18 May-19 May-20

Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12

Index : April-18 = 100; Products considered includes home loan, LAP, auto loan, 2W loan, commercial Index : Q1FY07 = 100; Products considered includes home loan, LAP, auto loan, Vehicle loan, construction equipment loan, PL, CC, business, consumer durable, education & gold loan personal loan and credit card 13-06-2020 8 GFC saw tightening of Credit Supply Go India Advisors Lenders became more risk averse; uncomfortable with unsecured loans Weekly Newsletter

Approval Rate % for various key products dropped significantly during the Global Financial Crisis

Q2FY07 - Q1FY08 Q2FY08 - Q1FY09 Q2FY09 - Q1FY10 60% -22%

50% -16%

40% -11% -30%

30% -28%

20%

10%

0% Home Loan LAP Auto Loans Personal Loans Credit Cards

13-06-2020 9 Housing credit recovered well post GFC Go India Advisors Will high ready reckoner rates be hindrance this time? Weekly Newsletter Demand for Housing closely associated with wealth LAP inquiries moved in tandem with pick in the overall creation through the equity market. Industrial Activity.

Home Loan Inquiries (YoY change) Share Price Index (YoY change) LAP Inquiries (YoY change, LHS) IIP (YoY change, RHS) 120% 120% 25% Correlation = 0.89 Correlation = 0.75

100% 20% 90%

80% 15% 60% 60% 10% 30% 40% 5% 20% 0% 0% 0%

-30% -20% -5%

-60% -40% -10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010

13-06-2020 10 Auto demand was resilient through GFC Go India Advisors Penetration level is much higher now? Weekly Newsletter

Household Financial Liabilities and demand for Private Consumption and demand for Auto Loans move Personal Loans are highly correlated together

Personal Loan Inquiries (YoY change, LHS) Auto Loan Inquiries (YoY change, LHS) Private Consumption (YoY change, RHS) Household Financial Liabilities (YoY change, RHS) 250% 12% 500% 30% Correlation = 0.78 Correlation = 0.97 200% 400% 10%

25% 300% 150% 8% 200% 100% 20% 100% 6% 50% 0% 15% 4% 0% -100%

-200% 10% -50% 2% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010

13-06-2020 11 CRISIL Forecasts - Loan growth set to slump Demand destruction, lower affordability, uncertainty to delay recovery Go India Advisors Weekly Newsletter

Working Capital Demand will lend some support to % drop in sales in FY21E over FY20; significant de- corporate book for FY21 growth in underlying assets to affect retail loans

Corporate Loans growth Retail Loans growth Financial Penetration 44-45% 75-78% 97-98% 33-35% 32-35%

Commercial 19.0% 19.2% New Housing Units Passenger Cars Vehicles Two-Wheelers Consumer Durables

16.3% 16.5% 15.0% 14.3% 13.5% 12.0% 11.9%

-17% 8.7% 7.9% -22% 7.0% -25% -24% 5.9%

2.4% 2-3%

0-1% -45% FY14 FY15 FY16 FY17 FY18 FY19 FY20E FY21P Source : CRISIL 13-06-2020 12 Mutual Funds activity in May 2020 Go India Advisors Weekly Newsletter

Top 10 stocks bought by Top 10 stocks sold by Mutual Top 10 New Buys by Mutual Top 10 Stocks exited by Mutual Funds in May 20 Funds in May 2020 Funds in May 2020 Mutual Funds in May 2020

PI Industries Ltd Ltd Ltd Atul Ltd ICICI Prudential Life Insurance Co Ltd Ltd Ltd India Ltd Enterprise Ltd Power Grid Corp Of India Ltd Jubilant Foodworks Ltd Future Supply Chain Solutions Ltd

Britannia Industries Ltd State J.B. Chemicals & Pharmaceuticals Ltd Kalpataru Power Transmission Ltd ICICI Bank Ltd Ltd PVR Ltd CESC Ltd SBI Cards and Payment Services Ltd HCL Technologies Ltd HDFC Bank Ltd Kalpataru Power Transmission Ltd Ordinary Shares Ltd IndiaMART InterMESH Ltd Ltd Dalmia Bharat Ltd Ltd Bharti Infratel Ltd Larsen & Toubro Infotech Ltd Ltd Sun Pharmaceuticals Industries Ltd Ltd SBI Life Insurance Co Ltd Majesco Ltd Dr Reddy's Laboratories Ltd Avenue Supermarts Ltd CCL Products (India) Ltd HealthCare Global Enterprises Ltd

13-06-2020 13 DIIs – low activity levels Go India Advisors In consolidation mode Weekly Newsletter

DII Flows in Indian Equities over the Years (INR Cr)

1,09,646 90,835 83,309 65,872 42,229 27,814 37,125

(21,354) (30,329) (56,263) (73,833) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note : all above years are CY and not FY Weekly DII Flows in Indian Equities in CY20 (INR Cr)

17,596 15,986 16,472

10,093 6,389 6,902 6,362 4,308 3,939 2,459 1,203 2,277 1,075

(793) (573) (340) (649) (20) (399) (1,928) (2,621) (1,801) (1,600) Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week Week Week Week Week Week Week Week Week Week Week Week Week This 10 11 12 13 14 15 16 17 18 19 20 21 22 Week Note : Week 1 starts from January 6th , 2020 13-06-2020 14 FIIs – still to get conviction back on India FIIs flows driven by large blocks namely of HUVL/Bharti/Kotak bank Go India Advisors Weekly Newsletter FII Flows in Indian Equities over the Years (INR Cr)

1,33,047 1,29,319 1,12,538 97,054 1,00,150

52,615 18,356 18,783

(3,417) (15,533) (34,163) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Note : all above years are CY and not FY Weekly FII Flows in Indian Equities in CY20 (INR Cr)

18,018 19,679 13,147 8,164 5,119 4,985 7,814 512 2,307 2,836 2,017

(162) (2,744) (2,172) (6,152) (5,388) (5,939) (9,137) (9,675) (6,894) (13,112) (19,039)(21,442) Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week Week Week Week Week Week Week Week Week Week Week Week Week This 10 11 12 13 14 15 16 17 18 19 20 21 22 Week Note : Week 1 starts from January 6th , 2020 13-06-2020 15 FIIs sell off – continues in Debt Markets Go India Advisors Weekly Newsletter FII Flows in Indian Debt Market over the Years (INR Cr)

1,59,882 1,47,825

46,478 46,921 40,770 36,164 24,058

(51,171) (44,297) (46,525) (1,06,918) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note : all above years are CY and not FY Weekly FII Flows in Indian Debt Market in CY20 (INR Cr)

8,035 6,059 919 1,933

(904) (1,764) (1,828) (2,984) (2,326) (2,588) (1,702) (492) (4,090) (4,490) (4,483) (5,904) (5,845) (4,498) (6,397) (9,669) (12,609) (16,498)

(32,143) Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week Week Week Week Week Week Week Week Week Week Week Week Week This 10 11 12 13 14 15 16 17 18 19 20 21 22 Week Note : Week 1 starts from January 6th , 2020 13-06-2020 16 Nifty 50 – earnings trend Go India Advisors Drop in inflation, not being passed on Weekly Newsletter

Nifty 50 Sales YoY (%) Nifty 50 EBITDA Margin (%)

37% 27% 35% 32% 20% 21% 20% 21% 20% 19% 19% 23%

7%

0% -1% 0%

Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20

Nifty 50 PAT YoY (%) Nifty 50 EBITDA YoY (%)

45% 31%

12% 12% 17% 18% 5% 14%

6% 7% 8% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 5% 6% -5% -20% -15% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20

* For Q4 only 32 companies reported their results which were considered 17 BSE 500 – earnings trend Go India Advisors EBITDA margin at 2year high Weekly Newsletter

BSE 500 Sales YoY (%) BSE 500 EBITDA Margin (%)

23% 30% 28% 20% 21% 20% 21% 19% 19% 20% 25%

15%

7%

2% 0%

Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 -1% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20

BSE 500 PAT YoY (%) BSE 500 EBITDA YoY (%)

26% 28% 18% 16%

1% -1% 17% 17% 15% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 -19% 8% 8% -18% 4% 1%

-45% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20

18 * For Q4 only 211 companies reported their results which were considered BSE 500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Bank Finance Ratings Insurance

55% 40% 38% 36% 33% 33% 31% 7% 3% 18% 15% 8% 7% 3% 2% 2% 5% 35% 4% 24% 23% -2% -5% 2% 14% 13% -17% -20% 11% 10% 9% 9% 7% -31% 6% -40% -42% 2% 0%

ICICI Lombard SBI Lifempany ICICI HDFC Life CRISIL General Prudential

Lifempany Revenue Growth Revenue

113% 66% 61% 20 15% 43% % 25% 24% 7% 17% 11% 0% 0% 4% 46% 40% 38% 32% 31% -4% -5% -7% 27% 23% -12% -12% -15% -17% 21% 19% 16% 16% 14% -25% -31%

-81% -2% -24% -25% SBI Lifempany ICICI Lombard HDFC Life ICICI

CRISIL General Prudential EBITDA Growth EBITDA Lifempany

79% 24% 44% 15 194% 28% 16% 0% 0% 0% 12% 10% 8% 0% %

-7% -10% -19% -28% -30% 16% 6% 3% 0% 0% 0% -61% -62% -67% -97% -97% -15% -4% -12%-21%-23%-29% -50%-56% -32% PAT Growth PAT ICICI Lombard SBI Lifempany HDFC Life ICICI CRISIL General Prudential 19 Lifempany BSE500 - Q4FY20 Sector Wise Result trend Go India Advisors Weekly Newsletter IT Media

22% 21% 21% 16% 16% 14% 12% 11% 11% 11% 11% 8% 8% 19% 7% 5% 4% 4% 18%

-4% -8% Hexaware LNT HCL NIIT Firstsource Persistent Sonata KPIT Tata Elxsi Tech TCS Oracle Wipro Zensar Cyient TV18 Broadcast Network 18 MediaTV Today Network Revenue Growth Revenue Infotech Software Mahindra Software & Investment

50% 1256% 33% 32% 23% 19% 18% 11% 8% 8% 5% 4% 3% 2%

-1% -8% -11% 267% -22% 15% -40% Hexaware Mphasis HCL NIIT LNT Firstsource Mindtree Infosys Tata Elxsi Persistent TCS Oracle Zensar Sonata Wipro KPIT Tech Cyient Network 18 Media TV18 Broadcast TV Today Network EBITDA Growth EBITDA Infotech Software Software Mahindra & Investment

33% 26% 24% 23% 597% 15% 13% 13% 6% 4%

-1% -1% -5% -6% -7% -13% -17% -37% 0% 16%

PAT Growth PAT -73% Mphasis Hexaware HCL KPIT Tata Elxsi NIIT LNT Infosys Mindtree TCS Persistent Sonata Wipro Firstsource Zensar Oracle Tech Cyient Network 18 Media TV18 Broadcast TV Today Network Infotech Software Software Mahindra & Investment 20 BSE500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Consumer Durables Healthcare Electricals

10% 1% 32% 32% 30% 14% 11% 10% 9% -13% 5% 3% 3% 2% -15% -19% -21% 0% 0% - 0% -1% -1% -1% -2% -4% 14% -80% -20%

Polycab Sterlite - Revenue Growth Revenue 35%

25% 16% 81% 70% 31% 0% 62% 47% 26% 17% 15% 13% 13% 2%

-14% -17% -3% -9% -11% -12% -13% -14% -32% -24% -31% -31% -93% -62%

Polycab Sterlite -

31% EBITDA Growth EBITDA

32% 155% 11% 60% 0% 75% 55% 45% 32% -6% 0% 0% 0% 0% 0% 14% 12% -27% -31% -2% -2% -6% -8% -31% -32% -34% -35% -89% - 55% PAT Growth PAT Polycab Sterlite 21 BSE500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Plastic Product Telecom Non Ferrous Metals Hospitality

17% 20% -7% 15% -19%

0% -20% -74% -3% Supreme Astral Poly Essel Propack Cable & Bharti Airtel Bharti Infratel Lemon Tree Hotels Mahindra Holidays & Resorts Industries Technik Revenue Growth Revenue Datacom

33% 63% 23% 44%

22%

-21% 14%

-53% Supreme Astral Poly Essel Propack -27% Lemon Tree Hotels Mahindra Holidays & Resorts Bharti Airtel Hathway Cable & Bharti Infratel Hindustan Zinc EBITDA Growth EBITDA Industries Technik Datacom

4% 255%

-20% NA 18% 0% 0% -33% PAT Growth PAT -37% Lemon Tree Hotels Mahindra Holidays & Resorts Supreme Astral Poly Essel Propack Bharti Airtel Hathway Cable & Bharti Infratel Industries Technik Hindustan Zinc Datacom 22 BSE 500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Capital Goods Construction Materials Realty Infrastructure

26% 10% 2% 0%

8% -2% -4% -6% -5% -9% -57% -20% -21% -11% -27% -11% -13% -13% -94% -38% Nesco L&T GMM V-Guard Shree Heidelberg Ambuja ACC JK Lakshmi Orient Ultratech Godrej Properties Mahindra Real Larsen & Kalpataru KEC NCC Cement Cement Cements Cement Cement Cement Lifespace Estate Toubro Power International

Revenue Growth Revenue Technology Pfaudler Services Developers Transmission

17% 53% NA NA 8% 4% -2% -8% 23%

6% 6% -25% -23% -1% -40% -36% -7% -11% -43% L&T Nesco GMM Havells Siemens V-Guard JK Lakshmi Shree Ambuja Heidelberg Ultratech ACC Orient-16% Mahindra Indiabulls Real Godrej Properties Larsen & KEC Kalpataru NCC Toubro International Power EBITDA Growth EBITDA Technology Pfaudler Cement Cement Cements Cement Cement Cement Lifespace Estate Services Developers Transmission

7% 3% NA NA 199% -3% 146% -13%

-11% -13% 57% 9% 7% -62% -38% -19% -47% -6% -90% -29% Mahindra Indiabulls Real Godrej Properties KEC Larsen & NCC Kalpataru

PAT Growth PAT L&T Nesco Havells GMM Siemens V-Guard Ultratech JK Lakshmi Shree Heidelberg Ambuja ACC Orient International Toubro Power Technology Pfaudler Cement Cement Cement Cement Cements Cement Lifespace Estate Services Developers Transmission 23 BSE 500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Power Crude Oil Chemicals

25% 23% 82% 40% 13% 31% -2% 9% 6% 5% 2% 1% 0% 2% 2% -9% -12% -9% -17% -25% -7% -8% -8% -9% -14% Reliance Rain Chennai Petroleum Corporation

Revenue Growth Revenue Adani Indian Energy Reliance Adani Green Torrent JSW Energy Adani Power Reliance Transmission Exchange Power Energy Power Company Infrastructure

31% 409% 15% 8% 12% 11% 10% 6%

58% 50% 44% -3% 0% 0% 31% 8%

-29% -5% -12% -16% -35% -51%

-82% Reliance Industries

Adani Indian Energy Reliance JSW Energy Tata Power Adani Green Reliance Adani Power EBITDA Growth EBITDA Transmission Exchange Infrastructure Company Energy Power

166% 162% 94% 112% -37% 88% 26% 21% 0% 0% NA NA NA NA NA -23% -29% -40% -50% -53% -66% -24% -60% Reliance Industries Chennai Petroleum- PAT Growth PAT Corporation Adani Green Torrent JSW Energy Adani Power Tata Power Reliance Indian Energy Reliance Adani 5462% Energy Power Company Infrastructure Exchange Power Transmission 24 BSE 500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Iron & Steel Diversified Media Aviation Gas

12% 36% 21% 5%

19% -9% -10% 18%

-13% -15% -20% Shankara Building Jindal Steel & Power JSW Steel 3M Birla Corporation Prism Johnson State Petronet TV18 Broadcast Network 18 Media & TV Today Network Interglobe Aviation Products

Revenue Growth Revenue Investment

32% 69% 12% 1256%

22%

-16% 267%

-29% 15% -79% -31% Shankara Building Jindal Steel & Power JSW Steel Birla Corporation 3M Prism Johnson Network 18 Media & TV18 Broadcast TV Today Network Interglobe Aviation Gujarat State Petronet

Products Investment EBITDA Growth EBITDA

52% 597% 85% 596%

0% 0% 0% 0% 16% -86% 0% Interglobe Aviation Gujarat State Petronet

Jindal Steel & Power Shankara Building JSW Steel Prism Johnson Birla Corporation 3M Network 18 Media & TV18 Broadcast TV Today Network PAT Growth PAT Products Investment 25 BSE 500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Agri Retailing FMCG

35% 23% 19% 17% 17% 24% 21% 11% 4% 3% 2%

8% 12% -6% -7% -7% -10% -12% -12% -13% -24% -28% -3% -4% -9% Tata Tata Coffee Consumer Avenue Vaibhav V-Mart Retail Aditya Birla Bata Products Supermarts Global Fashion and

Revenue Growth Revenue Retail

219% 66% 58% 35% 19% 16% 11% 0% 7% 1% 25% -2% -6% -9% -10% -12% -13% -18% 43% 29% 28% -44% 17% 12% -52% Tata Tata Coffee Trent V-Mart Retail Vaibhav Bata Avenue Aditya Birla Consumer Global Supermarts Fashion and

EBITDA Growth EBITDA Products Retail

35% 302% 53% 33% 26% 42% 14% 11% 0% 22% 0% 3% 1%

-57% -4% -24% -40% -43% -50% -58% -60% -62% -75% NA -838%

PAT Growth PAT Tata Consumer Tata Coffee Aditya Birla Trent Avenue Vaibhav Bata V-Mart Retail Fashion and Supermarts Global Products Retail 26 BSE500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Auto & Ancillary Logistics Paper Misc

1% 30%

-8% -11% -12% -5% 14% 13% -15% -16% -16% -17% -7% -18% -18% -18% -20% -21% -23% -24% -10% 1%

-39% -20% -11% Adani Ports and Blue Dart TCI Express Mahindra -9% Quess Corp Syngene Security And Just Dial Delta Corp International Intelligence Special Express Logistics JK Paper Revenue Growth Revenue Economic Zone Services

6% 6% 6% 5% 4% 4% 4% 45% 61%

0% 24% 24% 10%

-4% -22% -23% -23% -20% -29% -29% -29% -34% -37% -56% -40% - Security And Syngene Just Dial Quess Corp Delta Corp Blue Dart Mahindra TCI Express Adani Ports and 13 Intelligence International

EBITDA Growth EBITDA Express Logistics Special JK Paper Services Economic Zone %

15% 10% 6% NA 22% 20% -13% -7% -8% -8% 0% 0% -18% -19% -22% -26% -29% -40% -42% -65% -80% -86% -59% -74% -49% PAT Growth PAT - Blue Dart TCI Express Mahindra Adani Ports and Quess Corp Security And Just Dial Syngene Delta Corp Express Logistics Special 18 JK Paper Intelligence International Economic Zone % Services 27 Q4FY20 Results - this week Go India Advisors Weekly Newsletter Britannia – strong guidance despite Covid19 All Figures In INR Crore, except as stated

Company Name Net Sales YOY Column1QOQ PAT YOY QOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type SBI 65,875 0% -7% 4,558 194% -33% 22.15 179 8.1 0.7 1,59,974 Consolidated Larsen & Toubro 44,245 2% 22% 3,283 -12% 31% 68.01 926 13.6 2.0 1,29,996 Consolidated Britannia Inds 2,868 2% -4% 372 26% 1% 58.33 3367 57.7 18.4 80,973 Consolidated Hero MotoCorp 6,334 -20% -10% 626 -18% -29% 182.14 2401 13.2 3.1 47,963 Consolidated Lupin 3,846 -1% 2% 390 52% 145% -5.95 912 0.0 3.3 41,317 Consolidated Interglobe Aviation 8,299 5% -16% -871 -246% -276% -6.07 1003 0.0 6.6 38,610 Consolidated IDBI 5,605 2% 13% 166 103% 103% -12.36 32 0.0 1.2 32,855 Consolidated 2,049 11% -6% 192 12% -51% 94.26 2358 25.0 4.6 28,195 Consolidated 3M India 673 -9% -10% 60 0% -16% 285.99 17421 60.9 11.2 19,625 Consolidated Exide Inds 3,475 -18% -2% 236 -22% 100% 9.14 155 16.9 2.0 13,145 Consolidated Guj. State Petronet 3,207 36% 4% 498 85% 19% 30.65 221 7.2 2.6 12,464 Consolidated Amara Raja Batteries 1,581 1% -10% 137 15% -16% 38.69 657 17.0 3.1 11,225 Consolidated Indian Hotel 1,063 -15% -23% 67 -43% -66% 3.32 89 26.7 2.5 10,543 Consolidated Jubilant LifeScience 2,391 0% 3% 260 359% 28% 56.39 596 10.6 1.7 9,500 Consolidated V-Guard Inds. 541 -27% -14% 32 -47% -27% 4.37 177 40.5 7.6 7,579 Consolidated Zydus Wellness 488 17% 47% 69 11% 1530% 24.58 1231 50.1 2.1 7,099 Consolidated Multi Commodity Exch 105 33% 18% 66 8% 18% 46.37 1213 26.2 4.6 6,188 Consolidated

28 Q4FY20 Results - this week Go India Advisors Weekly Newsletter Weakness all around All Figures In INR Crore, except as stated

Company Name Net Sales YOY Column1QOQ PAT YOY QOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type Amber Enterprises 1,315 10% 67% 63 -6% 153% 50.37 1371 27.2 3.8 4,312 Consolidated Jyothy Labs 393 -24% -7% 27 -60% -41% 4.64 116 25.1 3.5 4,267 Consolidated Sundaram-Clayton 4,341 -18% -13% 51 -68% -68% 166.63 1673 10.0 1.4 3,385 Consolidated V-Mart Retail 333 -3% -41% -8 -836% -114% 27.18 1797 66.1 7.1 3,263 Standalone Sequent Scientific 301 7% -5% 18 -15% -24% 2.81 85 30.3 2.9 2,119 Consolidated Transport Corp. 668 -10% -5% 30 -29% -6% 18.53 167 9.0 1.3 1,286 Consolidated NIIT 211 -4% -15% 7 311% -74% 93.75 90 1.0 0.8 1,281 Consolidated Bank 1,639 7% 1% 27 -56% -78% 13.89 41 2.9 0.2 1,264 Standalone Agro Tech Food 205 2% -10% 4 -54% -48% 13.89 503 36.2 3.0 1,227 Consolidated Seshasayee Paper 320 -12% 12% 46 -27% 4% 28.97 179 6.2 1.1 1,132 Consolidated Welspun Enterprises 471 -35% -7% 67 50% 55% 10.15 67 6.6 0.6 1,000 Consolidated Srikalahasthi Pipes 398 -3% -11% 51 42% -25% 40.19 168 4.2 0.6 785 Standalone Shankara Bldg. Prod 667 12% -5% 11 326% -16% 17.45 334 19.1 1.5 763 Consolidated Igarashi Motors 118 -17% -19% 2 -69% -84% 9.5 222 23.4 1.7 700 Standalone Cosmo Films 524 -5% -10% 21 -24% -42% 58.35 291 5.0 0.8 566 Consolidated Infobeans Tech. 45 71% -10% 2 -4% -79% 8.81 109 12.3 1.8 261 Consolidated

29 What GIA Analysts are Saying Go India Advisors Weekly Newsletter

IRON: Not the same when in Steel

This week, Ankit explores the issues at Vale mines and its impact on iron ore market. Read full note here.

Featured Analysts: GIA Analysts are young, energetic people who [email protected] are deeply passionate about research. They CA and CFA, loves good Marwari argue fiercely, work with high integrity and can food. Has an amazing sense of have wittiest conversations. Want to know more humour. about them.

Read here: https://goindiaadvisors.com/team

13-06-2020 30 Go India Advisors Upcoming Results and Conference Calls Weekly Newsletter

Results Calendar Upcoming Conference Calls

For Further Details, Visit GO INDIA STOCKS.

31 Important Upcoming Events… Go India Advisors Weekly Newsletter

15 June 2020 16 June 2020 17 June 2020

Switzerland - PPI UK, Hong Kong – Unemployment Rate UK – CPI, PPI, RPI

India – WPI (Fuel, Food, Inflation), Trade - CPI, HICP Balance Canada – CPI Brazil – Retail Sales Italy – CPI, HICP Russia, New Zealand - GDP Singapore, Japan – Trade Balance France - 3m, 6m, 12m BTF Auction Brazil – Interest Rate Decision USA – Retail Sales, Industrial USA – 3m, 6m Bill Auction production, 52 Week Bill Auction Australia – Unemployment Rate Japan – Interest Rate Decision 19 June 2020 Russia – Interest Rate Decision, Retail 18 June 2020 Sales, Unemployment Rate

Switzerland – Trade Balance Germany – PPI, WPI

UK – Interest Rate Decision UK – Retail Sales

Japan – CPI, Monetary Policy Meeting USA, Euro Zone – Current Account

Australia – Retail Sales Canada – Retail Sales

India – Current Account, Deposit and Bank Loan Growth, FX Reserves 32 Go India Advisors Weekly Newsletter

Mutual Funds : Who Bought What in May 2020?

13-06-2020 33 Aditya Birla Sunlife AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Hindustan Unilever Ltd ICICI Bank Ltd CCL Products (India) Ltd Delta Corp Ltd 2.8 5.2 0.0 Kalpataru Power Bharti Airtel Ltd HDFC Bank Ltd NIIT Technologies Ltd 4.4 6.3 Transmission Ltd 0.0 Reliance Industries Ltd Ltd Kajaria Ceramics Ltd Cochin Shipyard Ltd 5.0 0.6 0.0 India Ltd Larsen & Toubro Ltd 1.3 1.5 Cholamandalam Investment and Finance Ltd 0.8 0.4 Co Ltd Atul Ltd Axis Bank Ltd 0.7 1.8 Dr Reddy's Laboratories NTPC Ltd Ltd 0.8 1.3 UltraTech Cement Ltd Titan Co Ltd 1.6 0.5 Ltd Torrent Pharmaceuticals Ltd 0.2 0.2 Bata India Ltd 0.9 0.8

13-06-2020 34 Axis AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Bharti Airtel Ltd ICICI Bank Ltd NIL Norsk Hydro ASA ADR 3.8 2.1 Housing Development Reliance Industries Ltd Rockwell Automation Inc 3.1 Finance Corp Ltd 3.7 India Ltd CSB Bank Ltd Ordinary Shares Ltd 0.9 0.0 SBI Cards and Payment Services Ltd HDFC Bank Ltd Ltd 7.0 0.7 Ordinary Shares Cipla Ltd UltraTech Cement Ltd 0.3 0.4 Tata Consultancy Asian Paints Ltd Services Ltd 6.6 1.9

Shree Cement Ltd Ltd 1.3 6.1 Divi's Laboratories Ltd Avenue Supermarts Ltd 3.5 7.4 Maruti Suzuki India Ltd ACC Ltd 3.4 0.2 Nestle India Ltd Hindustan Unilever Ltd 4.1 2.3

13-06-2020 35 Baroda Pioneer AMC Go India Advisors Weekly Newsletter

Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Reliance Industries Ltd Ltd Rallis India Ltd Petronet LNG Ltd 8.1 0.1 0.6 (India) Hindustan Unilever Ltd Bharat Electronics Ltd Ltd 5.0 0.1 Ltd 0.1 Divi's Laboratories Ltd Axis Bank Ltd Dhanuka Agritech Ltd UPL Ltd 3.0 2.7 0.0 Ltd State Bank of India Supreme Industries Ltd 1.5 0.9 Ltd Kansai Nerolac Paints Ltd 2.4 0.1 Bharti Airtel Ltd Ltd 4.9 0.3 Crompton Greaves Kotak Mahindra Bank Ltd Consumer Electricals Ltd 0.8 0.2 Aarti Industries Ltd HCL Technologies Ltd 1.0 2.3 SBI Life Insurance Co Ltd MindTree Ltd 1.4 0.0 Escorts Ltd Larsen & Toubro Ltd 2.8 1.7

13-06-2020 36 BNP Paribas Asset Management India Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Hindustan Unilever Ltd HDFC Bank Ltd (India) Ltd Vedanta Ltd 2.2 6.3 0.2 Ltd ICICI Bank Ltd Kajaria Ceramics Ltd Power Grid Corp Of India Ltd 1.2 5.0 0.1 Dr Reddy's Laboratories Ltd Manappuram Finance Ltd Seamless Ltd Ltd 0.4 0.8 0.0 Infosys Ltd Sundaram Finance Ltd ICICI Securities Ltd REC Ltd 5.1 0.7 0.0 Bharti Airtel Ltd The Ltd NCC Ltd UPL Ltd 4.9 0.3 0.0 HCL Technologies Ltd Bajaj Finance Ltd Bajaj Finserv Ltd Ltd 2.3 0.6 0.0 Ltd NTPC Ltd State Bank of India 1.3 0.1 0.0 Tata Consultancy Asian Paints Ltd Services Ltd 3.3 2.0 0.0

Ipca Laboratories Ltd INOX Leisure Ltd 0.4 0.5 Gujarat State Petronet Corp Ltd Ltd 1.9 0.1

13-06-2020 37 BOI AXA Investment Managers Go India Advisors Weekly Newsletter

Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%) Bharti Airtel Ltd Avenue Supermarts Ltd Bharat Petroleum Corp Ltd 3.3 1.3 Ltd 0.5 Larsen & Toubro Infotech Reliance Industries Ltd Bajaj Finance Ltd Bajaj Finserv Ltd 3.1 0.9 Ltd 0.4 Cholamandalam Investment and Finance L&T Technology Services Ltd Bayer CropScience Ltd IRB InvIT Fund Units 2017-Series IV 1.1 0.8 0.3 Co Ltd Motilal Oswal Financial Axis Bank Ltd Escorts Ltd State Bank of India Services Ltd 0.9 0.6 0.3 Tata Consumer Products HDFC Bank Ltd Dalmia Bharat Ltd Mahindra & Mahindra Ltd Ltd 0.7 3.5 0.3 Ltd Colgate-Palmolive (India) Ltd NIIT Technologies Ltd KPIT Technologies Ltd 1.8 0.1 0.2 Sumitomo Chemical India Ltd Ltd Nesco Ltd India Ltd Ordinary Shares 0.7 1.0 0.2 Dixon Technologies Dr. Lal PathLabs Ltd MindTree Ltd JM Financial Ltd (India) Ltd 0.4 1.1 0.2 Indian Railway Catering And Kotak Mahindra Bank Ltd Aarti Drugs Ltd PVR Ltd 1.7 Tourism Corp Ltd 0.6 0.2 APL Apollo Tubes Ltd Metropolis Healthcare Ltd Granules India Ltd Power Finance Corp Ltd 13-06-2020 0.3 1.3 0.1 38 Canara Robeco AMC Go India Advisors Weekly Newsletter

Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Hindustan Unilever Ltd United Spirits Ltd Tech Mahindra Ltd Supreme Industries Ltd 3.6 0.7 0.1 Axis Bank Ltd ITC Ltd Laurus Labs Ltd 2.3 0.6 0.0 Indian Railway Catering And Bharti Airtel Ltd Marico Ltd 4.0 Tourism Corp Ltd 0.7 0.0

Infosys Ltd Ltd 4.2 1.5 Dr Reddy's Laboratories Avenue Supermarts Ltd Ltd 0.7 2.2 Tata Consumer Products Housing Development Ltd 0.7 Finance Corp Ltd 2.2 Hero MotoCorp Ltd VIP Industries Ltd 0.8 0.1 Asian Paints Ltd Jubilant Foodworks Ltd 1.3 1.4 Atul Ltd Maruti Suzuki India Ltd 2.2 1.6 Kansai Nerolac Paints Ltd Power Grid Corp Of India Ltd 0.6 0.0 13-06-2020 39 DSP Blackrock Mutual Fund Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%) Century Textiles & 0 Hindustan Unilever Ltd State Bank of India Majesco Ltd 1.0 0.2 Industries Ltd .0 Bajaj Finance Ltd Bharti Airtel Ltd LIC Housing Finance Ltd 2.2 4.2 Britannia Industries Ltd Axis Bank Ltd Gateway Distriparks Ltd 1.1 1.4 South West Pinnacle Exploration Ltd HCL Technologies Ltd Hero MotoCorp Ltd 0.9 0.7 Ordinary Shares Housing Development Reliance Industries Ltd Adani Power Ltd Finance Corp Ltd 0.7 1.9 Marico Ltd SKF India Ltd Ltd 0.3 0.3 Manappuram Finance Kotak Mahindra Bank Ltd Ltd 1.6 1.4 Infosys Ltd Corp Ltd 0.3 1.8

Voltas Ltd Jubilant Foodworks Ltd 1.2 0.5

Trent Ltd The Federal Bank Ltd 0.2 0.6

13-06-2020 40 Edelweiss AMC Go India Advisors Weekly Newsletter

Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%) Tata Consumer Products Apollo Hospitals Enterprise Ltd Aditya Birla Fashion and Retail Ltd Ltd 1.8 Ltd 0.7 0.0

Reliance Industries Ltd Bajaj Finance Ltd Adani Enterprises Ltd VIP Industries Ltd 5.0 0.2 0.0

Bharti Airtel Ltd Infosys Ltd Galaxy Surfactants Ltd Petronet LNG Ltd 2.4 1.6 0.0 Max Financial Services Larsen & Toubro Ltd Ingersoll-Rand (India) Ltd Blue Star Ltd Ltd 1.0 0.8 0.0 Indian Energy Exchange Nestle India Ltd Equitas Holding Ltd Ltd 0.5 0.5 Ltd The Federal Bank Ltd L&T Finance Holdings Ltd 0.9 0.4 Dr Reddy's Laboratories HCL Technologies Ltd Trent Ltd Ltd 2.0 0.6 Tube Investments of India Ltd Jindal Steel & Power Ltd Indraprastha Gas Ltd 0.5 1.9 Ordinary Shares Mahindra & Mahindra Cipla Ltd LIC Housing Finance Ltd 0.2 Financial Services Ltd 0.2 SRF Ltd Bata India Ltd Ltd 0.7 0.7

13-06-2020 41 Essel Funds Management Company Go India Advisors Weekly Newsletter Weighta Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits ge (%) (%) (%)

United Spirits Ltd ICICI Bank Ltd Vodafone Idea Ltd CreditAccess Grameen Ltd 3.1 3.6 3.0

Tata Steel Ltd Housing Development Finance Corp Ltd Bharat Electronics Ltd PVR Ltd 1.9 1.0 1.9

Sumitomo Chemical India Ltd Ordinary Bharti Airtel Ltd HDFC Bank Ltd J.B. Chemicals & Pharmaceuticals Ltd 5.3 4.7 Shares 1.1

Hindustan Unilever Ltd Bajaj Finance Ltd AstraZeneca Pharma India Ltd Indraprastha Gas Ltd 4.3 0.1 0.9

Escorts Ltd Axis Bank Ltd InterGlobe Aviation Ltd Ltd 2.1 1.8 0.4

Hero MotoCorp Ltd Kotak Mahindra Bank Ltd ITC Ltd Dixon Technologies (India) Ltd 1.1 4.4 0.4

Aurobindo Pharma Ltd Container Corporation of India Ltd Ltd Sundaram Finance Ltd 0.8 0.3 0.4

Britannia Industries Ltd Asian Paints Ltd ICICI Prudential Life Insurance Co Ltd Cholamandalam Investment and Finance Co Ltd 1.6 0.4 0.1

Jubilant Foodworks Ltd UltraTech Cement Ltd Jindal Steel & Power Ltd Tech Mahindra Ltd 1.2 0.8 0.1

Sun Pharmaceuticals Industries Ltd Astral Poly Technik Ltd Havells India Ltd Rallis India Ltd 1.1 0.2 0.0

13-06-2020 42 Franklin Tempelton Asset Management Go India Advisors Weekly Newsletter

Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Hindustan Unilever Ltd SBI Life Insurance Co Ltd Midea Group Co Ltd Class A Ennoconn Corp 0.5 0.2 0.0 Budweiser Brewing Co APAC Mahindra & Mahindra Financial The Federal Bank Ltd Bharti Airtel Ltd 0.3 5.1 Ltd 0.0 Services Ltd Tata Consultancy Petronet LNG Ltd Sanofi India Ltd Services Ltd 0.2 1.0 Unilever PLC ADR Ltd Dr. Lal PathLabs Ltd 0.1 0.4 Sun Pharmaceuticals InterGlobe Aviation Ltd Stock Spirits Group PLC 1.3 Industries Ltd 0.3 NHPC Ltd Dr Reddy's Laboratories Ltd COSCO SHIPPING Ports Ltd 0.2 0.7 Hero MotoCorp Ltd Cadila Healthcare Ltd HealthCare Global Enterprises Ltd 0.4 0.8 Orient Cement Ltd Schaeffler India Ltd DBS Group Holdings Ltd 0.2 0.5 PVR Ltd United Breweries Ltd Luye Pharma Group Ltd 0.1 0.9 Aditya Birla Fashion and Crompton Greaves Consumer Retail Ltd 0.6 Electricals Ltd 0.5

13-06-2020 43 HDFC AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%) Power Grid Corp Of India Apollo Hospitals Enterprise Reliance Industries Ltd Cochin Shipyard Ltd Ltd 3.0 4.7 Ltd 0.0 J.B. Chemicals & Bharti Airtel Ltd Infosys Ltd Equitas Holding Ltd 1.2 5.4 Pharmaceuticals Ltd 0.0 Sun Pharmaceuticals Bharti Infratel Ltd IndiaMART InterMESH Ltd Escorts Ltd 0.4 Industries Ltd 0.4 0.0

Coal India Ltd Cipla Ltd TCI Express Ltd 2.5 0.9 0.0 NTPC Ltd Ltd 3.4 0.1 Ambuja Cements Ltd Siemens Ltd 1.1 0.1 REC Ltd 1.1 Ltd 0.2 Housing Development UltraTech Cement Ltd 0.1 Finance Corp Ltd 2.8

Vedanta Ltd Colgate-Palmolive (India) Ltd 0.8 0.0 Jindal Steel & Power Ltd GAIL (India) Ltd 0.2 1.1 13-06-2020 44 HSBC Asset Management Go India Advisors Weekly Newsletter

Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%) Tata Consultancy Dr Reddy's Laboratories State Bank of India NIL Services Ltd 2.0 0.4 Ltd 0.3 Apollo Hospitals Enterprise Hindustan Unilever Ltd AIA Engineering Ltd 4.7 Ltd 0.4 0.2 Navin Fluorine Lupin Ltd Jubilant Foodworks Ltd 1.5 0.7 International Ltd 0.2 Ltd ICICI Bank Ltd Hero MotoCorp Ltd 1.0 7.0 0.1 Bharti Airtel Ltd VIP Industries Ltd 4.0 0.1 Sun Pharmaceuticals Maruti Suzuki India Ltd Industries Ltd 2.2 2.3 Ltd Bajaj Finance Ltd 0.4 1.5 Larsen & Toubro Ltd Torrent Pharmaceuticals Ltd 2.4 0.5 HCL Technologies Ltd City Union Bank Ltd 2.4 0.3 Indian Energy Exchange Asian Paints Ltd Ltd 0.3 0.7

13-06-2020 45 ICICI AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%) Otis Worldwide Corp Ordinary Kotak Mahindra Bank Ltd Maruti Suzuki India Ltd Infosys Ltd ADR 1.5 1.3 0.1 Shares Hindustan Unilever Ltd Tata Consumer Products Ltd Tata Steel Ltd GDR Future Lifestyle Fashions Ltd 1.3 0.0 0.0 Ujjivan Small Finance Bank Ltd Infosys Ltd Axis Bank Ltd 3M Co 4.9 2.0 0.0 Ordinary Shares

Asian Paints Ltd InterGlobe Aviation Ltd Comcast Corp Class A Greenlam Industries Ltd 0.8 0.7 0.0 Tech Mahindra Ltd Oil & Natural Gas Corp Ltd The Walt Disney Co Khadim India Ltd 0.8 2.7 0.0 Ralph Lauren Corp Class Wipro Ltd Jubilant Foodworks Ltd Gammon Infrastructure Projects Ltd 1.0 0.1 A 0.0 Power Grid Corp Of India HDFC Bank Ltd Ramco Industries Ltd Future Retail Ltd Ltd 0.8 5.2 0.0 Bharat Petroleum Corp Motherson Sumi Systems Ltd Orient Paper & Industries Ltd Ltd 0.9 1.2

HCL Technologies Ltd Indian Oil Corp Ltd Hindalco Industries Ltd GDR 1.3 1.7

Natco Pharma Ltd Larsen & Toubro Ltd McLeod Russel India Ltd 0.2 2.2

13-06-2020 46 IDBI Asset Management Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%) 0. Hindustan Unilever Ltd Bandhan Bank Ltd Vinati Organics Ltd GNA Axles Ltd 3.9 0.0 2 Godfrey Phillips India 0. Eicher Motors Ltd State Bank of India Star Cement Ltd 0.8 0.3 Ltd 0 SBI Cards and Payment 0. HCL Technologies Ltd Whirlpool of India Ltd Newsprint & Papers Ltd 0.7 Services Ltd Ordinary Shares 0.1 0 0. Cholamandalam Financial Holdings Bharti Airtel Ltd Sundaram Finance Ltd Essel Propack Ltd 1.7 0.8 0 Ltd AstraZeneca Pharma 0. Maruti Suzuki India Ltd RITES Ltd Ordinary Shares Bayer CropScience Ltd 1.3 0.1 India Ltd 0 Hindustan Petroleum Corp Cadila Healthcare Ltd AU Small Finance Bank Ltd 0.5 Ltd 0.1 JSW Steel Ltd Shs Ltd Sobha Ltd 0.3 Dematerialised 0.0 Dr Reddy's Laboratories Pidilite Industries Ltd SRF Ltd Ltd 0.4 2.9 Crompton Greaves Voltas Ltd DCB Bank Ltd Consumer Electricals Ltd 0.5 0.4 Procter & Gamble Hygiene Laurus Labs Ltd 0.2 and Health Care Ltd 0.6

13-06-2020 47 IDFC AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Bharti Airtel Ltd HDFC Bank Ltd United Spirits Ltd Dalmia Bharat Ltd 3.8 4.4 0.1 ITC Ltd Kotak Mahindra Bank Ltd Escorts Ltd L&T Technology Services Ltd 0.8 1.2 0.1

Hindustan Unilever Ltd Thermax Ltd Marico Ltd Havells India Ltd 1.8 0.1 0.1 SBI Cards and Payment Services Radico Khaitan Ltd Asian Paints Ltd Amara Raja Batteries Ltd 0.4 0.6 0.0 Ltd Ordinary Shares Mahindra & Mahindra Bata India Ltd Gulf Oil Lubricants India Ltd CESC Ltd Ltd 0.3 0.7 0.0 Rallis India Ltd State Bank of India Bosch Ltd 0.2 0.2 0.0

Infosys Ltd Jubilant Foodworks Ltd 3.8 0.4

Aurobindo Pharma Ltd Voltas Ltd 1.4 1.5 Reliance Industries Ltd The Federal Bank Ltd 2.7 0.1 MRF Ltd Titan Co Ltd 1.5 0.7

13-06-2020 48 IIFL Asset Management Go India Advisors Weekly Newsletter

Weightage Weightage Weightage Top 10 Increase Top Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

ICICI Bank Ltd Axis Bank Ltd Escorts Ltd ACC Ltd 11.4 3.7 2.0 Infosys Ltd HDFC Bank Ltd SBI Life Insurance Co Ltd 6.0 3.9 1.4 SRF Ltd Bajaj Finance Ltd 3.3 3.1 Larsen & Toubro Ltd Asian Paints Ltd 6.2 2.8 Ltd Ltd 3.6 3.8 AAVAS Financiers Ltd 2.1

13-06-2020 49 Indiabulls AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Axis Bank Ltd NIL NIL NIL 1.8 Avenue Supermarts Ltd

13-06-2020 50 Invesco Asset Management Go India Advisors Weekly Newsletter Weightage Weightage Weightag Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) e (%) Housing Development Hindustan Unilever Ltd PI Industries Ltd Larsen & Toubro Infotech Ltd 2.0 Finance Corp Ltd 1.0 0.6 ICICI Prudential Life Bharti Airtel Ltd United Breweries Ltd Apex Frozen Foods Ltd 4.4 0.5 Insurance Co Ltd 0.6 AIA Engineering Ltd Ltd 0.6 0.9 Tata Consultancy Tata Steel Ltd Services Ltd 1.6 0.1 Torrent Power Ltd Motherson Sumi Systems Ltd 1.7 0.5 Siemens Ltd Gujarat State Petronet Ltd 0.7 0.3 Cholamandalam Investment VIP Industries Ltd 0.5 and Finance Co Ltd 0.0 Voltas Ltd Phoenix Mills Ltd 0.8 0.3 SBI Life Insurance Co Ltd Schaeffler India Ltd 0.9 0.2 Aditya Birla Fashion and Cipla Ltd Retail Ltd 1.5 0.8

13-06-2020 51 JM Financial Asset Management Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Hindustan Unilever Ltd Reliance Industries Ltd Ashok Leyland Ltd NIL 4.3 6.1 0.4 Housing Development Asian Paints Ltd United Spirits Ltd Finance Corp Ltd 7.1 2.5 0.0

Bajaj Auto Ltd ICICI Bank Ltd 1.1 3.3 Adani Ports & Special UPL Ltd Economic Zone Ltd 1.1 0.3 Cipla Ltd HDFC Life Insurance Co Ltd 0.6 1.3 UltraTech Cement Ltd Tech Mahindra Ltd 1.7 2.5

Larsen & Toubro Ltd Maruti Suzuki India Ltd 2.9 3.3

Infosys Ltd Tata Consultancy Services Ltd 5.5 3.4 Ltd HDFC Bank Ltd 2.7 8.8 ICICI Lombard General Insurance Co Ltd 2.4

13-06-2020 52 Kotak Mahindra AMC Go India Advisors Weekly Newsletter

Weightage Weightage Weightag Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) e (%)

Hindustan Unilever Ltd 3.2 HDFC Bank Ltd 7.1 Havells India Ltd 0.0 Future Retail Ltd

Reliance Industries Ltd 6.7 Bajaj Finance Ltd 0.3 Vardhman Textiles Ltd

Britannia Industries Ltd 1.4 State Bank of India 1.8 Glenmark Pharmaceuticals Ltd

Page Industries Ltd 0.8 Kotak Mahindra Bank Ltd 2.9 Tata Power Co Ltd

Bharti Airtel Ltd 0.7 Axis Bank Ltd 3.5 ICICI Prudential Life Insurance Co Ltd

Titan Co Ltd 0.3 ICICI Bank Ltd 6.1

Cadila Healthcare Ltd 1.6 Coromandel International Ltd 1.0

Hero MotoCorp Ltd 1.0 IndusInd Bank Ltd 0.3

Blue Star Ltd 0.2 Bandhan Bank Ltd 0.1 Ratnamani Metals & Housing Development Tubes Ltd 0.3 Finance Corp Ltd 1.0 13-06-2020 53 L&T Investment Management Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Hero MotoCorp Ltd State Bank of India NIL Future Supply Chain Solutions Ltd 0.3 0.2 SBI Life Insurance Co Ltd Future Lifestyle Fashions Ltd 0.7 0.0 Cipla Ltd Future Retail Ltd 0.4 0.0 Kotak Mahindra Bank Ltd Reliance Industries Ltd 2.0 4.5 Housing Development Bharti Airtel Ltd 3.7 Finance Corp Ltd 1.5 Cholamandalam Investment Escorts Ltd 0.3 and Finance Co Ltd 0.5 Mphasis Ltd Axis Bank Ltd 0.6 0.0 Lupin Ltd The Federal Bank Ltd 0.9 0.1 Sun Pharmaceuticals ICICI Bank Ltd Industries Ltd 1.7 2.9 Coromandel ICICI Securities Ltd International Ltd 1.2 0.6

13-06-2020 54 LIC Mutual Fund AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Hindustan Unilever Ltd City Union Bank Ltd ICICI Securities Ltd NIL 4.0 0.6 0.3 ICICI Prudential Life Tata Consultancy Services Ltd Insurance Co Ltd 0.6 5.2

Titan Co Ltd Infosys Ltd 1.2 5.9 Cholamandalam Investment Bharti Airtel Ltd 3.0 and Finance Co Ltd 0.2 Voltas Ltd State Bank of India 0.7 0.7 Aditya Birla Fashion and Ltd 0.9 Retail Ltd 0.3

Page Industries Ltd Bajaj Finserv Ltd 0.6 0.5 Central Depository Marico Ltd Services (India) Ltd 0.1 0.4 Maruti Suzuki India Ltd Reliance Industries Ltd 1.6 5.3 Syngene International Brigade Enterprises Ltd Ltd 0.4 0.4

13-06-2020 55 Mahindra AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Hindustan Unilever Ltd Reliance Industries Ltd Wipro Ltd InterGlobe Aviation Ltd 5.9 3.6 0.3 Bharat Petroleum Corp State Bank of India Asian Paints Ltd Ltd 1.9 1.2

WABCO India Ltd Bharat Electronics Ltd Aditya Birla Fashion and Retail Ltd 0.6 0.5

Torrent Power Ltd Bata India Ltd AU Small Finance Bank Ltd 0.4 0.3 Bayer CropScience Ltd Ltd 1.2 0.2

Larsen & Toubro Ltd Colgate-Palmolive (India) Ltd 1.9 0.7

Atul Ltd Jubilant Foodworks Ltd Ltd 1.7 1.2

Nestle India Ltd Britannia Industries Ltd 0.5 1.1 Bharti Airtel Ltd Tata Steel Ltd 3.9 0.2

3M India Ltd NTPC Ltd 0.8 0.3 13-06-2020 56 Mirae Global Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top Exits (%) (%) (%)

Hindustan Unilever Ltd Lupin Ltd NIL RBL Bank Ltd 2.2 0.6 Bharti Airtel Ltd Biocon Ltd Khadim India Ltd 0.9 0.8

Asian Paints Ltd Reliance Industries Ltd 0.3 7.6

Dabur India Ltd Tata Consumer Products Ltd 1.7 1.9 Max Financial Services Page Industries Ltd Ltd 2.3 0.2 Aditya Birla Fashion and Infosys Ltd 5.0 Retail Ltd 0.4 SBI Cards and Payment SKF India Ltd 0.6 Services Ltd Ordinary Shares 0.3 Indian Energy Exchange Muthoot Finance Ltd Ltd 1.1 0.3 Bharat Electronics Ltd Avenue Supermarts Ltd 1.7 0.1 NTPC Ltd SRF Ltd 1.9 0.5

13-06-2020 57 Motilal Oswal AMC Go India Advisors Weekly Newsletter

Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%) West Pharmaceutical Bharti Airtel Ltd Axis Bank Ltd Future Lifestyle Fashions Ltd 4.2 0.4 Services Inc 0.0 Hindustan Unilever Ltd Jubilant Foodworks Ltd Domino's Inc Allergan PLC 3.1 0.6 0.0 Reliance Industries Ltd Tata Consultancy Services Ltd Helmerich & Payne Inc 4.8 4.2 Coromandel Bajaj Finance Ltd Capri Holdings Ltd International Ltd 0.4 2.2 Nestle India Ltd Infosys Ltd Future Retail Ltd 1.0 3.8 Abbott India Ltd City Union Bank Ltd Future Consumer Ltd 1.0 0.3 Cholamandalam Investment RBL Bank Ltd 0.2 and Finance Co Ltd 0.4 PI Industries Ltd Bata India Ltd 0.6 0.3 Ipca Laboratories Ltd AU Small Finance Bank Ltd 0.5 2.1 Larsen & Toubro Infotech Shree Cement Ltd Ltd 0.4 0.5

13-06-2020 58 PPFAS Investment Management Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top Decrease Top New Buys Top Exits (%) (%) (%) Sun Pharmaceuticals NIL NIL NIL Industries Ltd 1.5 ITC Ltd 5.3 Persistent Systems Ltd 5.0 Suzuki Motor Corp ADR 5.0 Multi Commodity Exchange of India Ltd 1.7 Hero MotoCorp Ltd 6.0 Oracle Financial Services Software Ltd 3.4 Zydus Wellness Ltd 3.0 Bajaj Holdings and Investment Ltd 5.6

Maruti Suzuki India Ltd 0.1

13-06-2020 59 Quantum AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top Exits (%) (%) (%)

Havells India Ltd Bajaj Auto Ltd Voltas Ltd PVR Ltd 0.0 3.3 0.0 Maruti Suzuki India Ltd State Bank of India Indraprastha Gas Ltd 0.1 2.2 Ltd Tata Consultancy Services Ltd 0.0 2.8 Mahanagar Gas Ltd 0.0 Tata Chemicals Ltd 0.1 Vinati Organics Ltd 0.0 Syngene International Ltd 0.0 Crompton Greaves Consumer Electricals Ltd 0.0 Shree Cement Ltd 0.1

Reliance Industries Ltd 0.2

13-06-2020 60 SBI Funds Management Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Bharti Airtel Ltd HDFC Bank Ltd PVR Ltd Atul Ltd 3.7 9.4 0.0 Kalpataru Power Hindustan Unilever Ltd Axis Bank Ltd Chennai Petroleum Corp Ltd 2.3 2.5 Transmission Ltd 0.0 Sun Pharmaceuticals Torrent Pharmaceuticals Ltd Larsen & Toubro Infotech Ltd Industries Ltd 1.0 0.1 0.0

Aurobindo Pharma Ltd Coal India Ltd 0.2 0.3 Cipla Ltd Asian Paints Ltd 0.7 1.0 Tata Consultancy Kotak Mahindra Bank Ltd Services Ltd 3.3 3.5

Bandhan Bank Ltd Nestle India Ltd 0.1 1.4

Bajaj Finserv Ltd Marico Ltd 0.3 0.0 ICICI Lombard General Indian Hotels Co Ltd 0.2 Insurance Co Ltd 0.7 Kajaria Ceramics Ltd Bajaj Finance Ltd 0.0 1.4

13-06-2020 61 Shriram Asset Management Go India Advisors Weekly Newsletter Weightag Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits e (%) (%) (%) Housing Development Jubilant Life Sciences Sanofi India Ltd NTPC Ltd 6.7 Finance Corp Ltd 3.5 Ltd 2.1

Bharti Airtel Ltd Eicher Motors Ltd Ltd Larsen & Toubro Infotech Ltd 4.7 1.0 1.4 HDFC Asset Management Navin Fluorine Oracle Financial Services Software Reliance Industries Ltd 11.0 Company Limited 2.2 International Ltd 0.5 Ltd Glenmark Endurance Technologies Ltd Aarti Industries Ltd Nestle India Ltd Pharmaceuticals Ltd 2.6 1.2 0.5 Mahanagar Gas Ltd Infosys Ltd 1.5 3.6 Schaeffler India Ltd ICICI Bank Ltd 0.8 4.2 Asian Paints Ltd Dabur India Ltd 1.1 1.1 Bajaj Finance Ltd 1.5 Nippon Life India Asset Management Ltd Ordinary 0.6 Shares Axis Bank Ltd 1.1

13-06-2020 62 Sundaram AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%) Sun Pharmaceuticals Tech Mahindra Ltd NIL SKF India Ltd Industries Ltd 0.7 0.1 Hindustan Unilever Ltd Reliance Industries Ltd Future Retail Ltd 2.3 3.0

Amara Raja Batteries Ltd L&T Technology Services Ltd 0.3 0.3

HCL Technologies Ltd SBI Life Insurance Co Ltd 0.7 1.5 Kotak Mahindra Bank NTPC Ltd Ltd 0.4 0.6 Mahindra & Mahindra Torrent Pharmaceuticals Ltd Financial Services Ltd 0.4 0.3

Bajaj Finserv Ltd Jubilant Foodworks Ltd 0.2 0.4 Housing Development Maruti Suzuki India Ltd 0.3 Finance Corp Ltd 1.9

Lupin Ltd Avenue Supermarts Ltd 1.2 0.3 Bharti Airtel Ltd Blue Star Ltd 3.0 0.6

13-06-2020 63 Tata Asset Management Go IndiaGo India Advisors Advisors Weekly WeeklyNewsletter Newsletter

Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Bharti Airtel Ltd Sundaram Finance Ltd SBI Life Insurance Co Ltd Marico Ltd 3.0 0.1 0.0 Motherson Sumi Systems Wipro Ltd Reliance Industries Ltd Canara Bank 0.6 8.6 Ltd 0.0 Mahindra & Mahindra The New India Assurance Axis Bank Ltd Bharat Heavy Electricals Ltd Ltd 0.6 0.6 Co Ltd 0.0 Dr Reddy's Laboratories Coromandel International Bajaj Auto Ltd Ltd Ltd 1.4 1.5 Ltd 0.0 Oracle Financial Services Jubilant Foodworks Ltd Max Financial Services Ltd SRF Ltd Software Ltd 0.5 1.4 0.0 Cipla Ltd HDFC Life Insurance Co Ltd Ltd Biocon Ltd 1.0 0.8 0.0

Mahanagar Gas Ltd The Federal Bank Ltd Sanofi India Ltd Ramco Cements Ltd 0.5 0.2 0.0 Shriram Transport UltraTech Cement Ltd ACC Ltd Kalpataru Power Transmission Ltd 1.6 0.9 Finance Co Ltd 0.0 Bayer CropScience Ltd Tata Consultancy Services Ltd NHPC Ltd DLF Ltd 0.4 2.0 0.0 Chambal Fertilisers & Sun TV Network Ltd Voltas Ltd Ltd 0.5 1.4 Chemicals Ltd 0.0 13-06-2020 64 Taurus AMC Go India Advisors Weekly Newsletter

Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%) Tata Consultancy Mahindra & Mahindra Financial Services Ltd 4.0 State Bank of India 0.1 NIIT Technologies Ltd 0.3 Services Ltd

HCL Technologies Ltd 1.1 Asian Paints Ltd 2.0 Biocon Ltd 0.2 KSB Ltd

Infosys Ltd 3.8 HDFC Bank Ltd 5.5 JM Financial Ltd Housing Development Tube Investments of India Ltd Bharti Airtel Ltd 4.3 Finance Corp Ltd 2.1 Ordinary Shares HDFC Life Insurance Co Ltd 1.5 Axis Bank Ltd 0.5

Wipro Ltd 0.4 Kansai Nerolac Paints Ltd 0.7

Indraprastha Gas Ltd 0.5 Godrej Properties Ltd 0.5

Hindustan Petroleum Corp Cadila Healthcare Ltd 0.6 Ltd 0.2

Mahanagar Gas Ltd 0.3 SKF India Ltd 1.5 Coromandel International Ltd 1.3 Kotak Mahindra Bank Ltd 1.9 13-06-2020 65 Union AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Bharti Airtel Ltd Reliance Industries Ltd Schaeffler India Ltd Great Eastern Shipping Co Ltd 3.0 6.7 0.5 Hindustan Unilever Ltd Ajanta Pharma Ltd United Breweries Ltd Phoenix Mills Ltd 2.4 0.1 0.4 Bajaj Finance Ltd City Union Bank Ltd Sequent Scientific Ltd Indian Hotels Co Ltd 0.8 0.6 0.3 Cholamandalam Investment United Spirits Ltd Tasty Bite Eatables Ltd Finolex Cables Ltd 1.7 and Finance Co Ltd 0.2 0.2 Security and Intelligence Oracle Financial Services Software Ipca Laboratories Ltd Muthoot Finance Ltd 1.5 1.1 Services (India) Ltd 0.1 Ltd Tata Elxsi Ltd Ltd Balrampur Chini Mills Ltd Havells India Ltd 0.4 1.0 0.1 ABB Power Products and Orient Electric Ltd NTPC Ltd Systems India Ltd PVR Ltd Ordinary Shares 0.4 1.0 0.1 Ordinary Shares Bharat Petroleum Corp Avanti Feeds Ltd SBI Life Insurance Co Ltd Ltd 0.9 0.6 0.1 Tata Consultancy Max Financial Services State Bank of India Services Ltd 4.6 0.6 Ltd 0.0 MindTree Ltd Torrent Pharmaceuticals Ltd 0.3 0.8

13-06-2020 66 UTI AMC Go India Advisors Weekly Newsletter Weightage Weightage Weightage Top 10 Increase Top 10 Decrease Top 10 New Buys Top 10 Exits (%) (%) (%)

Hindustan Unilever Ltd Vedanta Ltd NIL Ltd 2.3 0.2 Bharti Airtel Ltd Ltd DCB Bank Ltd 3.3 0.1 Ambuja Cements Ltd Jubilant Foodworks Ltd Pfizer Ltd 0.3 0.8 Dr Reddy's Laboratories Cyient Ltd Ltd 0.8 0.0 Sun Pharmaceuticals IndusInd Bank Ltd Industries Ltd 1.5 0.5 Tata Consultancy Torrent Pharmaceuticals Ltd Services Ltd 3.3 0.8 Maruti Suzuki India Ltd Siemens Ltd 2.1 0.1 ITC Ltd Torrent Power Ltd 2.9 0.4 Schaeffler India Ltd Ramco Cements Ltd 0.3 0.1 Max Financial Services Essel Propack Ltd Ltd 0.1 0.0

13-06-2020 67 Thank You Go India Advisors Weekly Newsletter

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