JULY 02, 2021

 Bharti Group to invest USD500mn in OneWeb  announces partnership with TAC Security  on Moderna vaccine says, "no definitive agreement on commercial supplies"  AstraZeneca Pharma files writ petition before Delhi HC challenging NPPA demand notice for Tagrisso tablets  buys 100% stake of Sanghvi Forging and Engineering  CCI approves Adani Green's 100% buy of SB Energy Holding  L&T-led construction arm secures major contracts  Unichem Lab receives USFDA approval for Aripiprazole Tablets  Airtel deploys additional 21.6 Mhz spectrum to deliver the best network experience for customers in Bengal  Sterlite Tech completes PoC for pFTTx stack with Chunghwa Telecom’s open broadband network  bags order of 15 hydrogen-based fuel cell buses from IOCL  5 pharma majors collaborate for clinical trial of Molnupiravir for Covid-19  Reliance Infrastructure Ltd in talks with Singapore's Cube Highways for sale of four road assets  to invest Rs7,500cr, set up steel plant in Andhra Pradesh J&J's Covid-19 vaccine shows promise against Delta variant

 India's current account surplus at 0.9% of GDP in FY21 as trade deficit witness sharp contraction  India PMI contracts for first time in 11 months amid Covid-19 crisis; June Manufacturing PMI at 48.1  Fiscal deficit at Rs1.23 lakh-cr for FY22 in April-May

 FMCG companies focus on last-mile deliveries as local curbs return  Passenger vehicle sales nearly double in June driven by pent-up demand  Banks' gross NPAs may rise to 9.8% by March 2022: RBI report

Alembic Pharmaceuticals Ltd The company has received USFDA final approval for Nitrofurantoin Capsules, USP (Macrocrystals), 25/50/100mg. According to IQVIA, the drug has an estimated market size of USD23mn for twelve months ended March, 2021.

Sterlite Technologies Ltd: Sterlite has successfully completed a proof-of-concept (PoC) for its programmable FTTx (pFTTx) software solutions with Chunghwa Telecom’s (largest integrated telecommunication service provider in Taiwan) open broadband access network. The implementation of PoC would enable in building and scaling open, disaggregated wired access networks, that will be critical in delivering 5G use cases to millions of customers.

HFCL Ltd: HFCL Ltd has incorporated a wholly-owned subsidiary company namely, HFCL Technologies Private Limited by subscribing 10 lacs shares of Rs10/- each. HFCL Technologies Private Limited proposes to deal in various electronics and telecommunication equipment.

Vimta Labs Ltd: The company has entered into a long term Public Private Partnership (PPP) with FSSAI in order to setup, operate and transfer, the National Food Laboratory at JNPT; primarily meant to cater to test samples of food imports. This setup is expected to be completed by December, 2021 and would be operational in Q4FY22.

Acrysil Ltd: The company has announced expansion of production capacity of Quartz Kitchen Sinks from 700,000 units p.a. to 840,000 units p.a. i.e. an additional capacity of 140,000 units p.a. (20% of its existing production capacity) at its Bhavnagar plant in Gujarat. The project is likely to be completed by Q3FY22 and will be financed by mix of internal accruals and debt.

The Week That Went By:

Indian markets kicked off the week on record levels but failed to hold higher levels and erased all its gains. By continuing weak momentum, Nifty50 extended its losses for most of the week; however, on the last day of the week, frontline stocks and selected pharma counters came to the rescue.

Nifty50=15722.20 BSE Sensex30=52484.67 Nifty Midcap 100=27020.10 Nifty Smallcap100=9903.10

Please Turn Over Page No 1 Result Synopsis Company Result This Week

KCP Ltd The net sales for the quarter grew by 60.8% to Rs4091mn as compared to Rs2544mn in the same quarter last year. The CMP: Rs147 EBITDA margins for the quarter stood at 21.6% as against 11.5% in Q4FY20. The company reported profits of Rs489mn as Target: Rs175 against Rs7mn in the same quarter last year. The EPS stands at Rs3.79. On the segmental front, the company has reported growth of 96% in the Engineering segment. The Cement and Power grew by 59% and 89% respectively; whereas the Hotels segment de-grew by 40% for the quarter. The Board has recommended for the approval of the shareholders at the ensuing AGM, a dividend of Rs2 per share on equity share of Rs1 each.

Outlook and Recommendations: The company has reported good results for the quarter under reference both at the topline as well as at the operational levels. For full year FY21, the Revenue grew by 38.7% whereas the company reported a profit at Rs1533mn as against a loss of Rs68mn in FY20. Although the base of comparison i.e. FY20 numbers was low, the company is gradually trying to get back on track which is well depicted in its segmental performance. The realizations across the cement and engineering segment have been good with a hit to the hospitality seen in the reportings. The balance sheet has also depicted some strength with debt repayments and enhanced cash balances. Considering the overall macro environment as well as the pandemic related disruptions, the company has performed much better than expectations. The future performance would depend on how things normalize or we have more waves to deal with. However, betting on the working capabilities of the company we maintain our positive stance on the company and revise our target to Rs175 from the earlier Rs105 over a period of 12 months. Remsons Industries Ltd The net sales for the quarter grew by 70% to Rs604mn as compared to Rs355mn in the same quarter last year. The EBITDA CMP: Rs272 margin for the quarter under review stood at 7.6% as compared to 5.0% in the same quarter last year. The company reported Target: Rs250 a net profit of Rs49mn as against Rs8mn in the comparative quarter. This included exceptional income from sale of assets of Rs33mn. Adjusting for that as well the profits have doubled when compared y-o-y. On the sequential comparison however, the profits are lower. The EPS for the quarter came in at Rs8.57 as compared to Rs1.34 in the corresponding quarter last year. The company has recommended dividend of Rs1/- per Equity Share of Rs10/- each (10%) for FY21, subject to approval of the shareholders.

Outlook and Recommendations: The company has reported decent numbers for the quarter under reference as well as FY21. There has been a gradual pick up seen in the performance inspite of the lockdowns and general slowdown witnessed in the Auto sector. The Ebitda margins have been maintained, hinting on the cost efficiency measures adopted by the company. Although the profits are inflated due to the exceptional income, operationally the company has been on track. Going forward, one will have to see how the pandemic shapes up and how demand from the Auto sector gets back on track, essential for companies like Remsons. We have achieved our earlier target of Rs200 and would recommend to book 20% profits with a cautious outlook and maintain a Hold for a target of Rs250 over a 12 months horizon. The Hi-Tech Gears Ltd The total revenue for the quarter grew by 54.0% to Rs1,688mn as compared to Rs1,096mn in the same quarter last year. The CMP: Rs290 EBITDA margin for the quarter under review stood at 17.1% as compared to 10.2% in the corresponding quarter of last year. Target: Rs350 The company has reported a net profit of Rs133mn as against a loss of Rs37mn in the comparative quarter. The EPS stands at Rs7.07. With regard to the geographical performance, the key markets of India and Canada have clocked 54% and 78% growth y-o-y. The Board of Directors have recommended a final dividend of Rs2 per equity shares of Rs10 each, subject to the approval of the shareholders.

Outlook and Recommendations: There has been a gradual comeback seen in the performance of the company with a decent wrap to the year as well. In the quarter under reference, the base of Mar-20 was low which has led to better numbers, but operationally the company has performed well. Growth across the key markets continues. And this is considering the fact that lockdowns and pandemic disruptions did play a key drag on business. There was some pick up seen in the Auto sector, but with the second wave, all of it went back to square one. Now with the anticipation of the third wave there is uncertainty around the future demand and supply scenario. All of it depends on how the Auto sector pans out for companies like Hitech Gears. Although we continue to be positive on the operational capabilities of the company, there is some cautious approach warranted. We have achieved our earlier target of Rs200 and would maintain a Buy on the stock for a target of Rs350 over a 12 months horizon. Grauer & Weil (I) Ltd The net revenue for the quarter under review grew by 39.8% to Rs2436mn as compared to Rs1743mn in the same quarter CMP: Rs66 last year. The EBITDA margins for the quarter under review stood at 16.38% as compared to 15.74% in the same quarter last Target: Rs75 year. The net profit came in at Rs298mn as against Rs220mn in the comparative quarter. EPS for the quarter under review stood at Rs1.32 as compared to Rs0.97 in the corresponding period last year. For the full year, the company has reported a degrowth in turnover by 2% with revenues earned at Rs6048mn for FY21 as compared to Rs6172mn in FY20; while recording a net profit of Rs696mn in FY21 as compared to Rs758mn in FY20.

Outlook and Recommendations: The company has been able to report a good quarter under review, and despite the issues faced in the business of shoppertainment, for the full year too, the company has reported a good profitable year ending. As mentioned in our previous notes as well, the operations of the company seem to be coming back to normalcy. Growel is a diversified business organization; thus, its engineering and surface finishing segments which were also the flavor of the market (in the quarters gone by), has helped the company report better margins and turnover. On a y-o-y basis, the surface finishing segment has grown by 22.7% and 21.4% q-o-q. The engineering segment has shown a smart jump with revenues earned at Rs456mn as compared to Rs109mn on y-o-y basis. As and when the footfalls increase, the shoppertainment segment may begin to show an uptick (due to low base effect). Overall, we feel, the company will get back on track gradually as and when the shoppertainment businesses opens up; thus, being very cautious on the further opening up of the economy and gradual lifting of lockdown (especially related to F&B, cinema restrictions and mall), we cautiously increase our target price to Rs75.

Please Turn Over Page No 2 Result Synopsis Company Result This Week

Triveni Turbine Ltd The net sales for the quarter grew by 16.0% to Rs1,785mn as compared to Rs1,539mn in the same quarter last year. The CMP: Rs121 EBITDA margins for the quarter under review stood at 13.8% as against 11.62% in Q4FY20. The net profit grew by 69.0% Target: Rs150 to Rs233mn as against Rs138mn in the comparative quarter last year. The EPS for the quarter under review stood at Rs0.72 as compared to Rs0.43 in the corresponding period last year. The Board has recommended a final dividend of Rs1.20 per equity share for FY21.

Outlook and Recommendations: The company reported satisfactory results for the quarter under reference. The company has witnessed good growth in the enquiry generation business and anticipates the demand to grow further in various geographies. The management further indicated the order book opportunities to be decent in H1FY22, although executions might get a bit delayed on account of any unavoidable circumstances. Despite lockdown restrictions and global slowdown, the company maintained its share both in the international and domestic markets. The management has strategies in place to increase the share of refurbishment and aftermarket as a percentage of total order book in the near future; additionally good order booking is envisioned in segments of bulk drugs, food processing and pharmaceuticals. The stock has breached our earlier target of Rs110 and we upgrade the same to Rs150 over a 12 months horizon. Bharat Rasayan Ltd The net revenue for the quarter under review degrew by a meagre 0.4% to Rs2698mn as compared to Rs2710mn in the same CMP: Rs13692 quarter last year. The EBITDA margins for the quarter under review stood at 24.32% as compared to 17.86% in the same Target: Rs15000 quarter last year. The net profit came in at Rs472mn as against Rs362mn in the comparative quarter. EPS for the quarter under review stood at Rs111.14 as compared to Rs85.25 in the corresponding period last year. For the full year (standalone), the company has reported a degrowth in turnover by 10.1% with revenues earned at Rs10920mn for FY21 as compared to Rs12151mn in FY20; while recording a net profit of Rs1645mn in FY21 as compared to Rs1576mn in FY20. EPS for the full year ending March 2021 came in at Rs387.11 as compared to Rs371.03. The Board of Directors of the company have recommended a dividend of Rs1.5 per share of face value of Rs10 share, which is subject to approval by the shareholders of the company.

Outlook and Recommendations: Despite a drop in the revenues earned by the company, BRL has been able to report good numbers at the bottom-line, which is clearly due to good product mix. In addition to this, Metribuzin prices which were not supportive for the last 3-4 quarters seems to have been gaining strength in the current scenario. There is immense traction seen in the businesses related to herbicides (especially in LATAM) and BRL had already embarked on this opportunity since the last 4-6 quarters. The company has had a buyback programme, the effects of which can be EPS accretive from the upcoming quarters. On the net profit margins front, the company continues to deliver small but constant upticks. The current investments made by the company (especially in the form of FDs) depicts the financial strengthening of the company while at the same time, the debt burden too is reducing. BRL belongs to the Agrochemical sector, where the company faces seasonality and fluctuations in the prices of the key raw materials acting as a major risk to the business. The trend of consistently achieving higher and steady growth with improvement in the financial performance continues for BRL. As per our previous notes, the company balances the product mix very well and at the same time is working towards reducing the interest cost burden. The recent buyback indicates good cash generated by the company; coupled with good Rabi season so far & better Kharif anticipated, the new developments in the operations of the company propelled by a strong portfolio, well managed product mix, distribution network, brand equity and focus towards working on backward integration to reduce the risk related to imports of basic raw materials via debottlenecking as well as expansion via brownfield project continues for BRL. The ambitious vision of the Management further strengthens our conviction in the company. The stock has breached our 10th revised target price of Rs12500 and looking at the prospects of the growth story to continue, we upgrade the same to Rs15000. Ltd The net revenue for the quarter under review grew by 69.9% to Rs3459mn as compared to Rs2036mn in the same quarter CMP: Rs201 last year. The EBITDA margins for the quarter under review stood at 29.82% as compared to 24.61% in the same quarter last Target: Rs240 year. The net profit came in at Rs746mn as against Rs404mn in the comparative quarter. (PAT for the previous financial year includes the deferred tax benefit due to implementation of new corporate tax rates). EPS for the quarter under review stood at Rs3.99 as compared to Rs2.14 in the corresponding period last year. For the full year, the company has reported a growth in turnover by 14.1% with revenues earned at Rs8132mn for FY21 as compared to Rs7129mn in FY20; while recording a net profit of Rs1663mn in FY21 as compared to Rs1597mn in FY20. The Board of Directors of the company have recommended a final dividend Rs1.58 per equity share of face value of Rs10 each for year ending FY21.

Outlook and Recommendations: The company has managed to report good numbers for the quarter under review and the full year, despite loss of nearly operational days. In times to come, the Management is anticipating the order book proportion to drift from space to defence. In addition to this the orders from PSU defence and energy segment are anticipated to go up. The revenue mix for the upcoming year too is anticipated to be the same mix which was in FY21. During the quarter under review, the company has allotted commercial papers (CPs) to the tune of Rs500mn to Union on private placement. Q1FY22 has seen some hiccups related to the second wave of Covid-19, however, the Management is ambitious to scale it up in the second half of the year or at the earliest when operations normalise (since the operations and the business require a highly skilled manpower). Management is looking at volumes but is guiding for some stress in terms of margins as well. The company works with hi-tech methods for various processes & services for which they see some challenging times at the initial stage, but once the stability and quality standard is maintained, the orders continue to flow as per the requirements from the client. The company has a proactive R&D team which continues to work on certain grades and tries to be future ready for developing new products and introductions. Midhani continues to have a good foothold in defence and aerospace sectors; the OFS as and when commenced will be an opportunity to add; however, with the prospect available, we continue to maintain our target price of Rs240.

Please Turn Over Page No 3 Coverage Universe Valuations Company Reco Reco at (Rs) CMP (Rs) Tgt price (Rs) Upside 1M Var 3M Var 12M Var

Supreme Petrochem Ltd BUY 77 725 900 24.1% -5.8% 70.6% 322.0% Shanthi Gears Ltd BUY 107 151 200 33% 1.0% 15.2% 71.0% Hind Rectifiers Ltd BUY 69 157 200 27% 13.1% 28.2% 24.3% KCP Ltd BUY 71 147 175 19% 43.6% 78.6% 206.8% The Hitech Gears Ltd BUY 298 290 350 21% 20.7% 70.6% 158.7% Bharat Bijlee Ltd BUY 787 1226 1300 6% -3.1% 10.9% 57.3% Triveni Turbines Ltd BUY 92 121 150 24% 5.1% 21.3% 73.5% GMM Pfaudler Ltd BUY 332 4620 6200 34% -5.7% 7.5% 9.7% Alicon Castalloy Ltd BUY 288 762 750 - 37.3% 80.8% 203.7% Gufic Biosciences Ltd BUY 50 181 250 38% -6.1% 62.0% 131.6% Excel Industries Ltd BUY 380 1160 1200 3% 7.3% 38.2% 57.6% Vesuvius India Ltd BUY 1165 1146 1165 2% 5.4% 17.4% 25.6% Munjal Showa Ltd BUY 191 147 191 30% -4.4% 2.1% 41.7% Bharat Rasayan Ltd BUY 2747 13692 15000 10% 4.8% 45.6% 79.4% Grauer and Weil (India) Ltd BUY 45 66 75 14% 28.6% 67.0% 79.5% Texmaco Rail & Engineering Ltd BUY 91 38 50 33% 16.3% 39.6% 27.7% Nagarjuna Agrichem Ltd BUY 29 76 70 - 40.4% 94.9% 96.9% ITD Cementation India Ltd BUY 158 83 100 21% -1.1% 8.7% 53.8% Westlife Development Ltd BUY 266 494 525 6% 0.3% 12.3% 59.1% Dynamatic Technologies Ltd BUY 2160 1469 1750 19% 6.9% 41.9% 149.7% Hitech Corporation Ltd BUY 175 237 225 - 37.6% 102.0% 211.3% NRB Bearings Ltd BUY 138 145 138 - 21.8% 32.1% 61.6% Timken India Ltd HOLD 883 1459 1500 - 11.4% 12.2% 44.2% Vardhman Special Steels Ltd BUY 151 245 250 2% 22.7% 79.6% 302.3% Zen Technologies Ltd BUY 115 99 100 1% 38.1% 26.8% 81.9% KSB Ltd BUY 820 1014 980 - 2.4% 14.7% 116.0% Thermax Ltd HOLD 1019 1485 1450 - 3.8% 14.9% 94.7% Transpek Industry Ltd BUY 1547 1634 2000 22% 6.1% 17.9% 5.0% BASF India Ltd BUY 1954 2628 3000 14% 5.5% 29.1% 112.6% Artson Engineering Ltd BUY 64 63 55 - 27.5% 53.7% 125.8% Remsons Industries Ltd BUY 104 272 250 - 55.2% 84.4% 303.0% Snowman Logistics Ltd BUY 33 55 80 46% 6.5% 21.6% 89.3% Ltd BUY 605 984 1256 28% 3.3% 1.4% 9.2% SKF India Ltd HOLD 1942 2739 2620 - 15.6% 25.4% 64.2% HFCL Ltd ACCUMULATE 25 73 45 - 60.9% 183.2% 357.4% Sudarshan Chemical Industries Ltd BUY 372 768 750 - 14.8% 49.3% 96.3% Huhtamaki India Ltd BUY 254 298 320 8% 3.7% 6.3% 42.5% Mishra Dhatu Nigam Ltd BUY 123 201 240 19% 4.6% 7.1% -6.2% Kirloskar Pneumatic Co. Ltd BUY 134 394 475 21% 6.6% 51.5% 262.2% Integra Engineering India Ltd BUY 37 43 40 - 24.5% 57.7% 72.8% ICICI Bank Ltd BUY 535 640 725 13% -1.2% 12.1% 76.5% Srikalahasthi Pipes Ltd BUY 205 219 250 14% 15.1% 27.4% 22.2% Acrysil Ltd HOLD 115 626 600 - 16.5% 83.5% 758.7% Paushak Ltd BUY 2210 7450 10000 34% -1.1% -5.7% 183.7% FDC Ltd BUY 240 360 456 27% 6.0% 26.6% 33.6% Cipla Ltd BUY 612 979 1055 8% 2.6% 19.5% 51.6% S H Kelkar and Company Ltd BUY 51 183 200 9% 16.4% 65.7% 169.3% Revathi Equipment Ltd BUY 291 677 900 33% 18.1% 38.1% 72.6% Ltd BUY 1478 2123 2250 6% 8.2% 22.0% 48.3% Container Corporation of India Ltd BUY 448 680 750 10% -1.6% 17.4% 61.6% Chambal Fertilisers & Chemicals Ltd BUY 148 295 350 19% 4.6% 32.2% 100.2% Punjab Chemicals and Crop Protection Ltd BUY 602 1356 1500 11% 19.8% 48.8% 186.6% La Opala RG Ltd BUY 209 270 325 20% -3.9% 19.4% 42.6% Axtel Industries Ltd BUY 232 342 375 10% 13.1% 9.0% 248.7% Sterlite Technologies Ltd BUY 151 281 300 7% 10.3% 36.0% 121.2% Salzer Electronics Ltd BUY 101 159 195 23% 1.4% 27.4% 77.5% Amrutanjan Health Care Ltd BUY 435 715 900 26% 3.4% 27.9% 97.3% Century Enka Ltd BUY 217 395 472 19% -0.3% 58.6% 125.0% Ultramarine & Pigments Ltd BUY 241 353 400 13% 4.0% 10.4% 93.0% J.B. Chemicals & Pharmaceuticals Ltd BUY 1033 1864 1734 - 23.4% 51.8% 161.8% Sumitomo Chemical India Ltd BUY 275 386 425 10% 5.6% 36.8% 42.0% Oriental Aromatics Ltd BUY 864 820 1200 46% 0.6% 35.5% 224.0% Vimta Labs Ltd BUY 240 267 325 22% 19.8% 66.1% 212.7% Aurobindo Pharma Ltd BUY 1018 994 1250 26% 2.8% 12.6% 27.4% Gland Pharma Ltd ACCUMULATE 2882 3450 3305 - 9.1% 37.8% - Ltd BUY 2980 2964 3430 16% 6.2% 17.6% 25.8% IHP Ltd BUY 171 230 300 30% 8.4% 33.7% 29.2% Engineers India Ltd BUY 105 79 150 90% -7.4% 4.4% 5.5% Gulshan Polyols Ltd BUY 78 198 200 1% 19.7% 85.0% 465.4% Nesco Ltd BUY 479 601 640 7% 7.8% 16.0% 37.5% Ltd BUY 223 143 200 40% 8.3% 14.1% 15.3% Hikal Ltd BUY 95 526 350 - 30.9% 231.2% 317.5% Morganite Crucible (India) Ltd BUY 524 830 1250 51% 111.0% 113.4% 5.1% Laurus Labs Ltd ACCUMULATE 120 678 601 - 26.4% 806.9% 545.2% Alkyl Amines Chemicals Ltd HOLD 156 3697 4000 - 3.2% 226.6% 749.6%

Please Turn Over Page No 4 NIFTY (WEEKLY)

BANK NIFTY (WEEKLY)

MARKET OUTLOOK

Two major sectors are oscillating in a triangle formation i.e., Auto and BankNifty. For the market to scale high, these two sectors have to come out of their range. Q1FY22 result season is about to start from the coming week with the IT giants TCS followed by , IT sector will remain in focus and can outperform the Frontline Index. Metal sector is oscillating in a channel with a lower top lower bottom formation which indicates that lower levels can be seen in the upcoming weeks. Pharma sector has ended the week on a strong note but there are chances of a negative divergence which will give a good entry point. PSU banking sector stands at a crucial level, any developments regarding disinvestment will boost the sentiments and can see a strong uptick in the sector.

Please Turn Over Page No 5 NIFTY 50 COMPONENTS (WEEKLY PERFORMANCE)

Adani Ports 0.11 HDFC Life -5.21 ONGC -1.74

Asian Paints 0.00 Hero Motocorp -0.54 PowerGrid -1.26

Axis Bank -1.42 Hindalco 0.23 Reliance 1.31 -0.20 HUL 1.47 SBI Life -0.18 -1.26 SBIN -1.00 ICICI Bank -1.39 -5.95 -5.85 Indusind Bank -0.30 -1.89 1.40 BPCL -1.49 INFY -0.63 Tata Consumer 0.88 Britannia -3.06 IOC -2.38 Tata Motors 1.64 Cipla 2.30 ITC -1.27 -2.42 -0.84 Jsw Steel -2.33 TCS -1.60 Divis Labs 6.49 Kotak Bank -1.08 Tech Mahindra 0.05 DR Reddy’s Labs 4.79 LT -2.25 TITAN -0.10 -2.08 M&M -1.27 Grasim -1.26 Ultratech -2.95 Maruti -1.18 HCL Tech -0.99 UPL -0.71 HDFC -1.24 Nestle India 0.45 -1.62 HDFC Bank -2.02 NTPC 1.64

* Gain/ Loss in %

SECTORAL PERFORMANCE

Please Turn Over Page No 6 SECTORAL GAINER

Pharma sector outperformed the frontline Index and ended the week with gains of 3.27% . With the gains of 6.49% , Divis Labs outperformed the sector. Stocks like Aurobindo Pharma, DR Reddy too ended the week with the return of (+5.24%) and (+4.79%) respectively. Sector is in a primary uptrend but there are chances of negative divergence and it can correct a bit which will provide a good entry point.

SECTORAL LOSER

With a loss of 1.80%, Metal sector underperformed Nifty50. Top losers were Adani Enterprise (6.15%) and Sail (5.10%). On the other hand, stocks like Nalco, NMDC managed to end the week with gains. Sector is oscillating in a channel with a lower top lower bottom formation which indicates lower levels can be seen in the upcoming weeks.

Page No 7 DISCLAIMERS AND DISCLOSURES-

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