Market Outlook

March 2020

March 27, 2020 Our TopOur are space midcap in Picks and Our horizon basis In indicate on tells The 3. 2. 1. Nevertheless, formal We that trade situation Fear, FM, RBI measures to provide interim breather… the a believe SBI will To Q Till Top straightforward us . historical anxiety has uantum Hence, current and what ), that what Life be a Picks in which dwindled bottom informal inflicted that the financial extent time and there in of milieu, in basis, have wake recent demand our . the the However, pandemonium asset exists upon and segment answer markets view, gone large we of some current announcements all the believe prices the destruction three through cap one financial of at is Coronavirus global of do pandemic not the the space should key will the discount broader sum same Bata, TataBata, Tata(erstwhile Products Consumer Beverages Global known large such economy questions get economy markets that are venture by reset up will time challenging and markets issue HDFC such is to the the likely subside . have any . across best it in Finance . events has out current The Bank, the one, to have managed witnessed started and minds financial happen cycles coming at Kotak in Minister coincided global accumulate a our very throwing of and companies Mahindra markets few view a an swift (FM) scenario, rapid have investor months . with However, up and meltdown companies come pace, Bank, long opportunities are RBI which are out sometimes available term are at Titan expected much thereby the (depending likely has averages , Dabur same been in stronger at to overshooting discounting the to attractive be time, Bharti be brought currently, large a on much difficult when history their Airtel, cap/midcap ), ), Trent, valuations needed the to such on which risk to being an Avenue anticipated the navigate appetite events almost downside does breather space on a good Supermarts a subside not as historical and standstill . damage for . judge, global surely Even time the .

ICICI Securities – Retail Equity Research MOMENTUM PICK Foodgrain distribution March 2020 27, Source would and ₹ people, crore amid The 50 : , wheat Finance Bloomberg, 000 the eligible deplete again crore prevailing stock ICICI Minister Direct population . free the The of Research inventories of 35 government outbreak cost in . 1 her MMT . for We press . free of at The envisage – Paddy to Rice Riceto Paddy Conversionfrom+ Price MSP Paddy = kg / AverageCosts Rice AveragePulses price of distributedbetoTotal Quantum cereals of intended of Beneficial's No assistance free of months of No providedbeto permonth QuantumPulses of TotalQuantumfood-grainsdistributed of beto intended of Beneficial's No assistance free of months of No providedbeto QuantumCereal permonth of Total cost of food support ( support food of cost Total ( distributed Pulses of costs Total ( distributed Cereals of costs Total Particulars FCI is Covid . necessary measure to support masses briefing holding Moreover, government and - 19 reduce this . yesterday stock The as ICICI Ltd. Securities Retail| Equity Research they a government would the to necessary will the storage announced distribute tune also ₹ crore) cost of step provide intends ₹ 38 ₹ crore) crore) . either measures . to 1 MMT support to 1 12 kg give of MMT of to rice the 5 regional support kg of (includes masses of rice/wheat

2.4 million2.4 tonne cereal 12million tonne pulses the and Amount 50,400 14,400 36,000 conversion 80crore 80crore most ₹ ₹ i 60/kg 30/kg . e will 1 kg 1 kg 5 or for . 3.0 3.0 rice/wheat vulnerable combination likely three of cost months paddy for sections the of three at exchequer to both the those of months items, rate the 80 of around society which crore 65 to % 80 3 )

ICICI Securities – Retail Equity Research MOMENTUM PICK FM announcements March 2020 27, Source • • • • expecting consumption result Poor inputs the A items disbursement per The : Ujjwala them capital ~| Bloomberg, ₹ additional 2000 the government 17500 senior . into Hence, ahead ICICI estimates, for scheme transfer Direct any additional crore three citizen/widows/handicapped Research of of it outlay major to Kharif is medical announced the women to for to positive around six the benefits but 8 beneficiaries outlay – season . 3 months to address informal segment pain 8 items the crore . will 69 for 20 of transfer advance crore . to . be FMCG 4 Major families along . ₹ the crore However, given 3000 . farmers We said stocks ICICI Ltd. Securities Retail| Equity Research beneficiaries of with payment Jan free crore below ₹ expect sector would 500 FMCG on Dhan . cylinders under account per assuming poverty . stocks this receive Hence, items month accounts PM would to for Kisan of . line translate we ₹ Since 3 the for lower 1000 be crore . expect are We the seed scheme next the in oil there three believe beneficiaries to , two three prices, fertiliser disbursal this higher amounts . instalment months This months money this it companies consumption will would is move . to to not The . to not Total women over ₹ help significant, translate will 17380 have amount relief three farmers increase any Jan of crore will months into could regular material Dhan hence . be buy This OMC's ₹ to assist accounts 30 . certain day This the we will , impact 600 working are tune to not higher would crore farm . day not 4 As on be of

ICICI Securities – Retail Equity Research MOMENTUM PICK Key takeaways from RBI’s announcements investment grade category and can be classified inHTMclassifiedinvestmentgrade be category can and ininvested corporateof becommercial NCD andbonds, papers Liquidity|1crore. amount of lakh availed infacilitytothis needs Conductingtotal tenora uptoTLTRO foryear3 auctions of borrowersthe of score Alllimitscalculated.re impact notbe tothisAlsocredit WC the facilities months. deferred3bybe to interest andWC on loans month3moratorium installmentstermperiodfor of payments for 80% reducedDaily90%reduced100from by3%,CRR to to CRR bps reduced4%Repoto90bybps Reverse reduced4.4%to75byRate bps Repo RBI by taken Measures March 2020 27, Source : Bloomberg, ICICI Direct Research ICICI Ltd. Securities Retail| Equity Research Expect PSU banks to participateto banks same. in theExpectPSU positivecorporatedoneisforearlier papers trading papers in these MTM high atcategory rates. vs Classificationintoin bondpressure HTMmarket. the willinvestmentease etcincorporate Bond/CP regularlyRBIis conducting liquidityinfusetargettedbutto the system inthelowerrateto at P&L. the relatedmoratoriumto loss neededinbe which may clarityNPV awaitedimpactonHowever, isof unsecuredretailandwithout loans burdening quality pressure. withlendersinasset increase moratoriumSuch credit willcards. provide especiallyneededborrowers,respitemuchMSME for MicroFinancecorporateexceptcoveredand retail,are home, all loans it Asincludesterm loans, all neededprovisionsthelowering and funds. theirof cost for offset earlier.Thiskey zero willa be | earn10960 to vs interest 8%incomeassumed atcrore as will injectmoveThis banks and crore banking |in the1.37space lakh benefit tobanks. cutall CRR withRBI inducetolending undertakenencourage tois banks moveThis rather parkingthan additional funds borrowingReduce structurally timeborrowers thetheoverfor costs Impact 5

ICICI Securities – Retail Equity Research MOMENTUM PICK RBI’s announcement boosts investment opportunity in debt market March 2020 27, • • • • • Source RBI marked bonds, at RBI band by RBI gains opportunity 140 oriented In leading rate surplus With the recognitions SLR : Bloomberg, the the 90 bps beneficiary . in will also to system Accordingly, as bps by its last policy . 3 ICICI commercial to conduct to in denoted % announced investing In corporate surprise to Direct higher market few the of current for 4 have liquidity Research rate . SLR near 4 week, % lump Targeted by scope . . preponed been the before This and effective Liquidity to bond the paper, extremely several yields in sum G medium 4 measure for provided surplus Marginal - . Sec 0 31 Long % fund investment reduction and immediately st across Monetary availed other respectively and March term Term have conducive and non will Standing without Corporate measures corporate . - RBI’s under help convertible Repo in moved Effectively, . Policy ICICI Ltd. Securities Retail| Equity Research Investors G till . - reduce any further Sec Thereby Facility Operations the global end Committee bond like up bonds impact and scheme June, yield the from debentures CRR liquidity may (MSF) debt corporate spread the have Reverse required cut on various also (TLTROs) around corridor by market (MPC) continues corporate boosting of moved over capitalize banks 100 bond both Repo sorts to 6 meeting stands Reverse . for bps environment, 8 be up % has yields in at measures, bond should up of recognized from in on sharply 25 primary moratorium to to wider cut February bps higher . Repo and 3 be 4 be years . Repo 0 over deployed at % by commercial the and the rate this indexation on 40 to more rate amounting to the system operating asset 3 and bps secondary should presents . currently 0 repo by % than in dispensations from , quality 75 raised liquidity papers investment rate benefit become bps 150 rate to 25 as market . around - a and or 200 bps MSF . excellent total rather is in the bps Reverse the likely earlier long limit on grade of and credit 8 . than . primary 2 Yield | payment % to term . 1 from will investment The , lakh Repo corporate history remain the a on not rise capital 2 upper focus Repo crore % AAA rate and be 6 of of of in

ICICI Securities – Retail Equity Research MOMENTUM PICK Top Stock Picks stressed Overall December industry a Kotak a industry consistently comprising experience, 19 the HDFC premium branch . years Advances Mahindra Bank asset in at assets . network Seasoned . 2019 recent 4 . has strong ~ . Prudent 7 quality 40 were % . efficiently . Bank Going % . CASA fiscals The of network of at portfolio remained – asset 1539 (KMB), deposits savings ahead, | Large Caps ratio . 9 RoA focused . 3 quality branches of lakh promoted improved and healthy at 5345 . rate resilient Such ~ crore management has 1 on . was branches 5 . % retail Increased business been high by from with as and hiked Uday of business CASA core RoE GNPA 50 and December by growth . experience 7 Kotak, focus at to % focus KMB limits ratio 15 Kotak the in and - 18 towards December coupled reported to bank on at has % 2019 cost HDFC HDFC Bank 6 Mahindra Mahindra Bank 2 digitisation led % remain . . 46 garnered The , of in to % with with retailisation a 2011 funds higher in 2018 same loan consistent stable Q major , 3 has strong book FY to boosting and has than 20 53 enabled margins traction of safeguarded . of . thereby 7 liability industry The for % loans | 216774 savings in the bank to are towards December has franchise bank enable build advances expected has crore the deposits enabled with a no the strong to bank as to 19 major valuations report growth retail to yield , on KMB from growth which augur liability December exposure book superior superior NPA to at is well expected ~ to earn . franchise the 24 issues Enriched | % for 239354 to profitability 2019 best the NIM CAGR the IL&FS faced to best . in with above It bank remain customer crore industry has in & NIM by CASA FY . other over built 4 the 08 by % at in - .

ICICI Securities – Retail Equity Research MOMENTUM PICK Top Stock Picks return (either AGR raise retention Bharti regulation store outpace scenario jewellery the the lockdown) through presence Titan company share . dues Company addition) Notwithstanding ratio Airtel in . . peers acquisition of Robust terms of in The and and demand metric its wedding other is is company standardisation revenue in Over reduced the likely is of balance terms . the reduction consumer key With will of the – to jewellery market AGR caratlane market Large Caps recoup beneficiary of not demand longer has a sheet strong store issue, be consistently in leader segments . share is lost term, levy, an ( . 30 addition com in paying footing Airtel’s % issue sales of discretionary in + or with . we the Volatility the RoCE spectrum of dividends as expect in owing (added exhibited stable survival consolidation Indian watches challenging it and has to in KPI Titan 34 spends virtually jewellery cost pent the is gold with its across, Tanishq and assured to requisite ability reduction times, up the prices, Bharti Airtel Bharti be in eyewear are debt demand market wedding the and a Titan stores expected to post key Airtel free impact telecom funds also gain or . beneficiary fund The through from for is floor status) enjoys jewellery market one at to 9 company of raising M sector H disposal pricing) impair 2 Covid of ended and FY its a share the as comfortable 21 portfolio . flagship and asset - Airtel India’s . better consumer 19 . has Tanishq’s is December Moreover, on tariff likely (closure light also continues a brand placed gold growing sustained hike to leverage distribution entered sustained demand market boost of . 2019 a Tanishq telecom Recent possibility retail at to , a basis the vis which the report continues in faster . efforts outlets development - model The à players the overall online - vis amid is of near pace a company peers towards equivalent relatively have government owing . to telecom jewellery a term than tough strive post enabled such to . enhancing also non However, stronger the industry towards industry national to market as bridal has FY relief fund it full 19 to a

ICICI Securities – Retail Equity Research MOMENTUM PICK Top Stock Picks profitability would business (as shares 75 expect industry exceptional Over Therefore, operating agents, operating ~ increasing growth, Continued 11 % per % , the the in at provide the our remain SBI best model years | company Q RoEV efficiency its focus we . impact calculations 2049 3 performer Life FY market revenue/ remain , 20 Avenue key /share) generating D to has on , - of Mart, improve which had business remain catalyst – reported share virus positive sq in . Large Caps ~ successfully Incremental Supermarts through its 45 ft remains to to : superior to . strong peer incremental | be growth With ~ on highest ~ 36000 20 18 limited its SBI group % % accretive levers annual . proven RoCE cashflow ), concluded and Proportion Life, the in NBP D . owing FY - Given stores Mart improvement ammunition being for of 22 gross growth business for 23 E earnings infusion to has translating the % can qualified a of VNB premium non play and high among progressively robust be Avenue Supermarts Avenue Supermarts - model, margins discretionary . on to fixed in opened) in Strong margin the institutional growth enhance the into store top SBI Life SBI of asset company has product | private expected EV distribution 40000 protection with operating enhanced led been turnover growth its nature foray by placement mix insurers crore store is able distribution, at expected at business metrics has of into with ratio ~ its to 15 and expansion the 18 remained above - newer return maintain 16 % ~ of (QIP) business AUM 24000 % (breakeven ahead 4 to has . brand 1 CAGR 30 geographies significantly x ratios placement . of been % pace The consistent branches the . . Improving | reach CAGR In in despite core 164000 infusion on a EV resulting in bid an first and worth in strength in . shore of to DMart uptrend profitability FY the being crore adequate SBI year of persistency reduce 20 in last funds | up - and 22 . 4100 has of higher capex In in from store E four its promoter terms FY more to into a product crore and operations capital 20 | years, 5 addition intensive and revenue % 35000 the , of remains than we in ( 2 excellent business business efficient . mix stake FY thereby 0 expect 1 crore crore 18 pace . . lakh and and We an to to .

ICICI Securities – Retail Equity Research MOMENTUM PICK Top Stock Picks margins product around Indian Chyawanprash, staples healthcare (Dabur Dabur India consumer Chyawanprash, 45 segment in mix % offerings FY with of & 14 robust its honey, & a goods including FY turnover overall . – 15 With volume glucose, Large Caps to spend Real, a sales ~ Dabur of wave 20 Hajmola, % more by . growth, toothpaste, + Therefore, its of has margins than demand strong been Vatika, there | 8500 levels it presence shampoos gaining for is has Amla, well crore the in been FY ayurvedic placed significance in Fem, and 18 and less a and significant earnings Dabur hair Honey, to penetrated FY take & 19 oil natural specially , . respectively advantage of Meswak, Dabur’s improvement more and products its high than broad Dabur of healthcare . growth | the in 1400 product in addition Red) rural operating categories crore and with recovery portfolio to has home Coronavirus focus margins a . . Rural strong On provides care largely the segment from categories portfolio back outbreak on a erstwhile good of ayurvedic contributes improved of globally, such play brands 16 on as % &

ICICI Securities – Retail Equity Research MOMENTUM PICK Top Stock Picks profitability and company contribution lower key categories believe around two innovation tea segment Tata over crore substantially medium premium increasing enhanced the In the business company to stake years the Consumer with short tax growth, 16 these . next to products It has divested % efforts a regime backed . (Tata and spend - expects term, long negative , has from has five to much been underpenetrated going focus Dx Products tide increased term delivered years revenue to 16 on by in in is exiting detergent to higher % transform – over working currently on its India ahead . robust marketing continue . in The Mid The Sri premiumisation FY the (TCPL), growth non from business, robust than . Lankan company’s 17 asset On growth Tata Consumer Products (erstwhile Tata Global Beverages) powder capital uncertainty Caps - at its core to to and the the and TGBL’s ~ 23 light is earlier image grow volume plantations), 50 international expected . previous back cycle high 7 in redesigning we and % % expansion volumes efforts . above ~ while in Tata known from owing expect . of 13 Tata growth growth On FY % strengthening 47 19 Chemicals’ to the the Nx of a industry (as which % . to be across as mass markets adjusted is It premiumisation store existing sugar categories focus of in its on has expected impacted Tata 8 FY strong has % 9 brand a - expansion led MFY salt, 19 free is consumer robust Global in (exit been PAT on store its to by 9 Bata 20 natural pulses brand to MFY owing would to ~ continuously core from new ) . CAGR 52 further a balance a Beverages, models Though 20 drag % have front, premium business, launches image business loss and to sweetener) aid in driven of the boost on 9 yielded the making sheet spices MFY TGBL’s to pulses 15 sales and disruption premiumising . company by appeal 6 brand commands and has the 20 expanding % with robust . market growth including better It with China, return growth and in been focus has healthy through FY to caused impressive spices is balance 19 been profitability growing . share the Russia ratios on . planning This its - 20 21 the other We premium cash % younger geographical E launch maintaining segments by would . product gains, over believe sheet and market TGBL’s newer at Covid and EBITDA to a the Czech as . open further of strong inorganic tea generation bank Bata portfolio - the investment medium segments, 19 share India new are varieties . its presence margins Republic 500 has RoCE However, balance improve ~ smaller trendy operating business 20 in franchisee growth, constantly further to % . the . has The would longer The of over behind worth subsidiaries and collections, in the we Indian 13 increased share branded over size, revenue margins product % the shift overall expect be stores term | taken . new The 839 last the the tea we of to .

ICICI Securities – Retail Equity Research MOMENTUM PICK Top Stock Picks (| H be revenue outpaced quarters, Westside Westside store Trent, 2 950 FY lower 21 addition a crore) . leading growth Over has continues the the in . Q Higher continuously revenue . company’s 4 the FY Trent’s retailer on 20 last the to , promoter – Q two growth be back flagship 1 Mid Caps with FY one ‘Zudio’ years, sustained 21 of presence of of commitment owing aggressive store the Westside Trent value most same to format across had format temporary successful store (albeit store aggressively signifies ‘Westside’ various addition stores sales on store a positive established consumer low growth are shored pace, generates closures base) also Trent momentum of coupled . up categories being over franchises, Over its due one 7 store the % with ramped to of , in outperforming last Covid the is core addition healthy deriving gearing three highest up business - 19 SSSG at . quarters, pace 97 However, up a % gross fast peers . for with performance share The rapid pace the margins capital revenue in we of company the revenues growth while expect industry infusion metrics in trajectory Zudio the driven a has from gradual . by industry . Over recorded revenues the is by private expected the aggressive promoters pick (~ last labels 30 - 56 up have % few % to + in ) . .

ICICI Securities – Retail Equity Research MOMENTUM PICK March 2020 27, Source Top Mutual Funds Picks: Debt HDFCCorporate FundBond ICICI PrudentialICICICorporate L&T TripleFund Bond Ace : ICICI Direct Research Bond FundBond • • • • • • fundis around 8.5% maturity. CurrentAverage maturity is around2.5 years. 8.7. The current YTM of the The fund manageradopts relativelya conservative approachin terms of Average ICICI ideal gain The debt HDFC on The of L&T PSUs capital fund Prudential average from fund Triple debt Corporate ICICI Ltd. Securities Retail| Equity Research and . house fund gains higher Ace highly maturity Corporate for Bond if adopts Bond yields accrual long rated Fund of Fund term a going the corporates . Bond relatively Established is . fund is a The forward one uniquely Fund is current of ~ higher is 8 . . the 5 track stable The positioned years YTM most average YTM record performing and of of consistent the is the fund maturity and there fund fund with consistency AAA is best and is around of long oriented around placed around stable duration 8 . makes 7 2 performing to . % debt 5 4 % capitalise years . papers fund it an to . 13

ICICI Securities – Retail Equity Research MOMENTUM PICK March 2020 27, Source Top Mutual Funds Picks: Equity We suggest to invest in the following funds as a basket in a staggered manner over the next few months few next the over manner staggered a in basket a as funds following the in invest to suggest We Kotak : SBI Large and Midcap Fund ICICI ICICI Direct Axis Axis Midcap Fund Emerging Equity Fund Pru Research ( ( Largecap (Midcap) (Midcap) Multicap Bluechip ) ) Fund • • • • • • • environment value stocks as well. This balanced portfolio in the • • The portfolio The portfolio stocks are well positioned to ride on consistent growth opportunity while giving allocation to The fundan is ideal mix of quality and value stocks and provides stability in performance ICICI well Axis portfolio environment high The Axis to to joining midcap/small cap specialist for long (Principal AMC funds used to do well when he was associated with it prior positioning should help the fund maintain a stable performance compared to the cyclical performance Fund manager Pankaj This midcap fundoffers an optimal mix of good quality growth oriented stocks and value stocks. The portfolio investment outperforming towards The fund isa SBI fund for as as Pru midcap growth a a them . Bluechip fund fund manger Kotak quality ICICI Ltd. Securities Retail| Equity Research style potential fund . where multicap house house . ) The i has fund . is e stocks . one many as it fund has managed Tibrewal makes is is fund withgood balance of growth stocks and stocks well placed to ride the macro play focussed one . not of emerged house Accordingly, quality the sticking of it the has been associated with the for fundalmost 10 years. He has been a the one best on is as volatility stocks most now quality of to performing a growth the consistent balancing it consistent have growth better participated in the at also fund largecap any midcap and funds it oriented performing corrected by price in stable adding the in in space space is ideal for allocation in current market the stocks midcap the performing . fund The midcap value well recent and in same by category oriented the the actively space fund market largecap provides same . especially house Good stocks managing has cycle category good . quality worked In to general, in of ensure the entry current . portfolio growth exceptionally cash point a it holding balanced has market stocks with as a : tilt a . 14

ICICI Securities – Retail Equity Research MOMENTUM PICK Pankaj Pandey research@icicidirect Mumbai Andheri Road 1 ICICI ICICI Head st Floor, Securities Direct No – Research (East) – 7 Akruti , 400 MIDC Research 093 Limited, Trade 7 . com Desk, Centre, pankaj . pandey@icicisecurities . com

ICICI Securities – Retail Equity Research MOMENTUM PICK Disclaimer accounting report offer completeness This in compliance prevent reasonable other herein The views ICICI Our view opposed Recommendation companies Securities might ICICI are businesses is financial ICICI A mentioned recommendation(s) reflect I/We, ANALYST . certain INZ Disclaimer available proprietary information report Securities the to Securities Securities person Pankaj 000183631 and have at is our buy ICICI products Fundamental strictly to the other CERTIFICATION opinions generally views in that and is basis, of with focusing or investment on Pandey same or the in based Securities housing guaranteed sell circumstances Limited tax the is trading Limited to www retail confidential and applicable report for . about ICICI one in the ICICI or advice time analysts expressed or on reports prohibits Research on stock opinions . research icicibank subscribe and media of finance, view(s) Securities and information has . Securities the in (ICICI a banking from ICICI the . company's or the Technical This broker regulations two investment subject cover based and a leading or . preceding Securities) in its in . Securities doing report representation in Analysts, com asset report reproduced independent for meant this this and this . analysts, . is Limited on ICICI obtained securities issuer(s) under Research document merchant management, so report fundamentals report technical other and and/or businesses solely . twelve authors Securities will Non is is information no persons a . in have business a from or equity not It - that or full for obligation rated ICICI Reports SEBI any bankers/ is may and securities months other - and treat the service, also been any public form, may is and, Securities life registered research derivative reporting securities or selected the a . investment relationship recipients confirmed financial herein may insurance, prepared make and subsidiary underwriters as without to sources . names integrated We update such, not do groups is investment policies, recipient to analysis Research also indicate not instruments solely match subscribed prior as analysts and by that may or general with of or serve certify customers : strategy ICICI investment Institutional sources of ICICI keep above for written not or centre in and that a Analyst securities as may decisions circumstances informational Securities and significant match that insurance, . Bank the may an to rating Though mentioned is consent on believed be their officer, no this by suitable information with not banking studying which contrary with Research part virtue and on that report, relatives be and disseminated SEBI venture percentage of the director a participate of to purpose are or altered is 16 where Analysts of ICICI particular are and our be recommendation charts with appropriate India’s Registration hereby inconsistent and their current reliable, subject from capital is, compensation Securities or the ICICI in Retail and receiving of inter employee of largest any of in certify views, . to security maintaining a Also, this shall Securities virtually companies fund to stock's all but Research way, alia, to Number . with change the report your While private that no estimates, not there management, this engaged transmitted in of has customers price independent the was, all be all specific fundamental the might report . we have – may a without securities This recommendations used been covered of sector INH movement, financial is, companies would the rating, in be report . or not 000000990 be or circumstances Nothing suspended the to, simultaneously, views will regulatory, bank any acting etc considered received endeavour verification by trading copied business interest target reports . has be notice (“associates”), our mentioned and outstanding expressed in in directly been . ICICI an this price Investment or markets has any temporarily . . expressed in compliance Investors The as of . distributed, advisory to prepared has report the Securities its compensation of an stock or update not report in in been the various offer positions, indirectly securities in the this all the constitutes India brokering Institutional may capacity Research herein customers by and the made report document and details research or in Limited . the subsidiaries visit other information part We such information . related trading or . nor Retail from to in ICICI and or and derivatives Department investment, reasons SEBI report is this suspension respect Research may or in the its our Research to distribution volume Direct whole, solicitation company, Registration accuracy receive the engaged herein companies associates accurately contained that of . specific . com of . to which etc legal, . ICICI is on may The this any any as or or of to of in in a

ICICI Securities – Retail Equity Research MOMENTUM PICK investors registration jurisdiction, This We Neither ICICI including Since as ICICI Compensation report or ICICI other date ICICI company ICICI notice markets necessarily or The investment The Disclaimer of its any submit recipient securities report of Securities Securities the Securities Securities Securities analysts advisory . . associates Accordingly, other this the . . last Actual the for Persons that Research objectives, is a or report where day any subject reason should guide not did discussed licensing service of may or no encourages or or results of other of our not directed its its in material for its such the ICICI neither . have to independently company/companies whose subsidiaries Analysts Research associates ICICI associates receive services in assignment financial future month may requirement a and distribution, Securities issued merger or Securities disciplinary ICICI independence possession differ opinions any intended performance nor preceding in Analysts positions might other Securities might collectively respect compensation ICICI or in materially evaluate are within specific the accepts publication, reports have expressed action Securities have for this engaged is the past of and mentioned not in . distribution nor such document managing Investors received the publication managed or transaction research has from twelve based needs that no Research Research investment or jurisdiction in have been liabilities in are availability those other various this on of months in any inconsistent are report may or been to, or taken specific any this . of report Analysts benefits Analysts co set compensation co advised or the whatsoever come risks . specific report - financial - . engaged managing on managed The preparation use forth or research recipient may ICICI . use are The securities by, and from . or with to in merchant not service required their Securities any would in see projections value their public public the and report for market . from be and This person Risk relatives companies relatives any described reach and suitable be businesses, . strives banking, offerings, offering the to may Disclosure making loss by return contrary inform . or different companies Forward any do not have entity or for to herein not of mentioned on investment Regulatory activity be damage minimize themselves all corporate 17 securities they any to investment own Document - taken conclusion who investors, looking law, may mentioned material might for 1 is of % in conflict regulation or in Authority a the finance, banking or any substitution statements for of citizen the may have may who to more from companies and conflict the kind report understand in in not vary to must financial investment or subject the or the preparation of impacting or arising observe brokerage be of resident the information or are report because for which make interest eligible mentioned third equity company the not interests out the such during their Equity banking would exercise party of predictions of of service of at for risks securities or research changes restriction the presented the own sale in located in or or the Research subject associated time or the use connection beneficial transactions might of in investment period merchant independent of report all and in of of report in . the in ICICI interest jurisdictions publication have this Analysis any may this preceding . Company before . ownership with report ICICI Securities locality, . been report banking, decisions, be rates, preparation judgment activities Securities subject investing . of mandated . Past or twelve mentioned foreign state, this brokerage in to and based performance various certain report to . months by country in or affiliates change exchange of by any the its on . the in category the services companies associates the their securities recipient from research or without subject to report is other rates own any not the or of .

ICICI Securities – Retail Equity Research MOMENTUM PICK