Allsegmentrecommendationsthe inCash are 1-Jun-20 1-Jun-20 2-Jun-20 10-Jun-20 24-Jun-20 24-Jun-20 8-Jul-20 15-Jul-20 Date Open recommendations 16-Jul-20 Date New recommendations Gladiator ResearchAnalysts [email protected] Pabitro [email protected] Dharmesh Mukherjee Shah Tata Consultancy Services Consultancy Tata Proctor&Gamble Health Proctor&Gamble Pidilite Titan Company Titan Asian Bata Bata Bank Axis Stocks Lupin Scrip Scrip Avg Rec Price I-Direct Code 1,470.00 4,200.00 1,408.00 1,755.00 1,013.00 2,220.00 916.00 442.00 CIPLA [email protected] VinayakParmar [email protected] Nitin Kunte Buying Range 1,670.00 5,090.00 1,625.00 1,080.00 2,020.00 1,185.00 2,550.00 645-667 , , CMT 508.00 Target Stoploss 1,320.00 3,570.00 1,270.00 1,580.00 2,060.00 835.00 928.00 410.00 750.00 Target Stoploss 1,362.00 4,035.00 1,291.00 1,694.00 2,233.00 880.00 960.00 432.00 595.00 CMP Time Frame:Time 6 Months Frame:Time 6 Months [email protected] NinadTamhanekar, CMT Return till date (%) July 17, 2020 17, July Upside (%) 15.0% -7% -4% -8% -4% -3% -5% -2% 1% Open Open Recommendations Click here to know more know to here Click Coromandel Scrip Momentum Picks Momentum Duration:14Days Action Buy …

ICICI Securities – Retail Equity Research MOMENTUM PICK reversal of corrective trend, structural turnaround… Cipla Ltd (CIPLA): Long term supply line breakout highlights Weekly Chart Source July 17, 2020 July 17, Rec. Price Rec. : 752 Bloomberg, ICICI 745 Direct Research 645.00 term A resolute 458 corrective - 667.00 periods The breakout weekly average trend MACD above and thus Target a the in structural validates strong long larger Strong term positive up turnaround ICICI Ltd. Securities Retail| Equity Research participation volume falling trend robust months months A faster bias supply in and 750.00 price thus the retracement signal decline in Recommended is last structure the offering line seen 678 direction strength four signals taking in fresh months of on just a the I and - click entry reversal support 18 Stoploss up 4 a to opportunity gain move of near on the 16 indicates its th long July nine 2020 356 at 565 13 : 37 692 621 595.00 Target @ Target @ | Support Support 7 | 600 | 50 o o o o o Upside towards recent | price head observations, Based validating its trend The previous area recent levels The robust than months decline retracement Structurally, entry pharma the turnaround corrective signalling CY line breakout The 18 565 joining weekly stock nine stock half towards and opportunity and stock parity as (| price low long . from space, to | on A up above the it positive is 678 61 reversal 750 . has the faster of period’s trend move 692 G term is structure MACD seen it . to with | of 8 generated oing the | we ) | time has % levels 678 highs the support 621 thus 750 the currently the outperform as retracement retracement expect taking trend (| previous bias witnessed ahead, and confluence to of above interval is long levels signalling last 565 of offering projected average, 356 in the CY at line a support to the term a 18 a 15 we at in | as long strong 692 structural 15% signals up technical breakout just 600 stock month’s resolute ( a it a | in expect in upside supply | of of ) faster is move fresh term from 752 - near 610 thus 2 less four 610 the the the the up to a ) , ICICI Securities – Retail Equity Research MOMENTUM PICK July 17, 2020 July 17, Fundamental View Source • • • • rapid recalibration private be lung (Proventil EMs, We exercise field formulations of sub With 22 opportunities US, Formulation encompassing ranging independence Founded : E Bloomberg, total on - . continue chronic along Key force leadership ~ consumerisation US branded 5 business FY % from drivers by generics HFA) and 20 ICICI market with . revenues exports to to Dr Across in revenues Direct simple era product almost focus amid grow quest ( the will KA Bx a in . Research share, gradual With ), & US be Hamied comprise the the . rise at trade on specialty anti for all of While . launches a and 12 46 It the therapies board important backdrop launch the - Cipla in infectives % commands manufacturing generics shift EU demand management’s US company way CAGR ~ . is and transformation : 54 We of focus besides from the Cipla back % and inhalers Tx of in lung expect to ( for of Tx third , FY ~ will shrinking over Bx are loss complex in FY ) 21 Albuterol . realignment 20 leadership in On 20 facilities 1935 % be at largest (drug - export long 50 22 making India 41 revenues market on the E from dosage , % - to - drawn tender Cipla specialty device) oncology , bode Africa products player formulation 45 | spread . tenderised HIV 8288 % of share Recent ICICI Ltd. Securities Retail| Equity Research . forms is well strategy The the and opportunities and front, and in one crore including across products portfolio by in the to company 14 other first other of the change % sales value Cipla model domestic driven of , the the respectively generic ongoing targeting products hospitals, . tenders to in continues in oldest world, . is The the to by sync grow Another the focusing private formulations improved investors approval product Covid respiratory four with in ventures Cipla at to . value developed Domestic 10 to more model key verticals - on its 19 . has 9 rebase ’ basket % ‘One by perspective accretive productivity front pandemic aspect set a CAGR lucrative market segment in USFDA gamut - - formulations India’ viz end markets up exports its includes . to to One by business generics, . model, of The are portfolio | for watch . respiratory of an - We 11377 therapeutic India, market a the Albuterol acute, ~ Indian vindication especially expect 1500 comprise would model newly India South crore rationalisation and chronic + in and focus domestic products offerings inducted sulphate in the towards towards be Africa for ~ for FY other 39 R&D pre and will the 20 its % & - - ( ) (% E C O R ) (% E O R (x) E P (|) S P E F ace value ace F capital quity E (|) H/L week 52 V E 20) Y (F ash C 20) Y (F Debt apitalisation C Market articular P e rofit P Net ITDA% B E ITDA B E evenue R |crore -20 Valuation Price Particulars Financials 50 % Change15 performance of last 5 years last 5 performanceof CY16 - Y19 F Y19 F 13 16362.4 1496.1 3097.3 10.9 10.0 35.9 18.6 18.9 CY17 7 Y20E F Y20E F 17132.0 1546.5 3206.0 12.0 34.7 19.2 18.7 9.8 CY18 Year - 15 Y21E F Y21E F 18812.1 1855.5 3546.1 | 55575 crore |55575 crore |53762 13.0 10.8 28.9 23.0 | 161.3 crore |161.3 18.9 | 1004 crore |1004 crore |2816 CY19 - 8 mount Am 696/357 Y22E F Y22E F 20776.6 2434.4 4228.2 3 15.4 12.6 22.1 30.2 CY20 20.4 40 |2

ICICI Securities – Retail Equity Research MOMENTUM PICK July 17, 2020 July 17, Follow up summary of Gladiator Stocks Source Strike RateStrike cost at Closed RecommendationsPositive RecommendationsClosed TotalRecommendations SummaryPerformance Recommendations- date till : ICICI Direct Research 75% 388 530 538 16 YieldNegativerecommendationson YieldrecommendationsPositiveon Open ICICI Ltd. Securities Retail| Equity Research 17.0% -8.0% 8 4

ICICI Securities – Retail Equity Research MOMENTUM PICK July 17, 2020 July 17, Allrecomedationssegmentthe inCash are MomentumrecommendationsPicksopen 16-Jul-20 Date CoromandelInternational Scrip Name Scrip Strategy Buy Recommendations Price Recommendations ICICI Ltd. Securities Retail| Equity Research 760.00-775.00 Target 855.00 Stoploss 721.00 Time Frame Time 14Days Back to Top Back 5

ICICI Securities – Retail Equity Research MOMENTUM PICK July 17, 2020 July 17, Price history of past three years Source Cipla : Spider Software . ICICI Direct Research ICICI Ltd. Securities Retail| Equity Research 6

ICICI Securities – Retail Equity Research MOMENTUM PICK July 17, 2020 July 17, Product Guidelines...... Source • • • • Trading portfolio allocation • • • : ICICI allocate equal amount toeach recommendation For example: The Within each product segment it is advisable to allocate equal amount toeach recommendation Please avoid allocating the entire trading corpus to a single stock ora single productsegment technical research products It is recommended to spread out the trading corpus in a proportionate manner between the various will be communicated throughseparate mail The recommendations are valid forsix months and in case we intend tocarry forward the position, it on closing basis Once the recommendation is executed, it is advisable to keep strictstop loss as provided in the report It is recommended to enter in a staggered manner within the prescribed range provided in the report Direct Research ‘Momentum Picks’ productcarries ICICI Ltd. Securities Retail| Equity Research 2 intraday recommendations.intraday It is advisable to 7

ICICI Securities – Retail Equity Research MOMENTUM PICK July 17, 2020 July 17, Source Recommended product wise trading portfolio allocation Gladiator Stocks Yearly Cash Positional Momentum Picks Intraday Momentum Picks : Product ICICI Direct Technical Research Product wise - - allocation 25% 10% 100% 35% 25% 5% Allocations Max Max allocation In 1 Stock 10 12 30 8 - - - 10% - 13% - 15% 50% Number Number of Calls 8 ICICI Ltd. Securities Retail| Equity Research OpportunityBased - 2 10 7 Stocks - 9 Per Year Per Month Return Return Objective 20 15 1 5 - - 2% - - 8% 30% 20% 14 Days Intraday 6 Months Duration 1 Year 8

ICICI Securities – Retail Equity Research MOMENTUM PICK July 17, 2020 July 17, Pankaj Pandey ICICI Ltd. Securities Retail| Equity Research [email protected] (East) Andheri No7,MIDC, Road 1st Floor, Limited, Securities ICICI Direct Research ICICI Head – Research – Akruti 400 093 400 Trade Centre, Trade Desk, pankaj . pandey@icicisecurities . com 9

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ICICI Securities – Retail Equity Research MOMENTUM PICK