Institutional Equity Research NIFTY 11505 IN FOCUS September 21, 2020 Support 11439 in Focus Gujarat Gas MARKET LENS 11374 Intraday Pic POWERGRID Resistance 11577 Intraday Pick INFRATEL 11650 Intraday Pick AMARAJABAT

EQUITY INDICES

Indices Absolute Change Percentage Change Domestic Last Trade Change 1-D 1-Mth YTD BSE Sensex 38,846 (134) (0.3%) 1.1% (5.8%) CNX Nifty 11,505 (11) (0.1%) 1.2% (5.5%) S&P CNX 500 9,560 (7) (0.1%) 1.4% (3.2%) SENSEX 50 12,078 (7) (0.1%) 1.4% (5.2%)

International Last Trade Change 1-D 1-Mth YTD DJIA 27,657 (245) (0.9%) (1.0%) (3.1%) NASDAQ 10,793 (117) (1.1%) (4.6%) 20.3% NIKKEI 23,360 41 0.2% 1.9% (1.3%) HANGSENG 24,286 (169) (0.6%) (3.3%) (13.8%)

ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy’s Lab (ADR) 72.4 5.9 8.8% 20.6% 78.4% Tata Motors (ADR) 9.9 (0.1) (1.2%) 21.7% (23.6%) STOCK IN FOCUS Infosys (ADR) 13.5 (0.2) (1.2%) 7.1% 30.8% ICICI Bank (ADR) 10.0 (0.1) (0.6%) (1.3%) (33.5%) f Gujarat Gas (GUJGA) shall continue to improve its performance HDFC Bank (ADR) 49.0 (1.2) (2.5%) 1.2% (22.7%) over FY20-23E on account of growth in PNG industrial volume on (GDR) 30.2 (0.5) (1.6%) 1.7% (43.1%) strict implementation of NGT order, ban on fuel oil use in Gujarat, Reliance Ind (GDR) 62.1 (0.1) (0.2%) 10.7% 46.0% CNG Sahbhagi Yojana, and on the addition of 7 new geographical areas. There was an earlier than expected recovery in Morbi PNG COMMODITY MARKET industrial volume to 6mmscmd, thereby leading to current volume Key Commodities Last Trade Change 1-D 1-Mth YTD stand at 9.7mmscmd. While CNG volume recovered to ~70% of the Brent Crude ($/bl) 43.2 0.1 0.1% (2.7%) (34.6%) Silver ($/Oz) 27.1 (0.1) (0.3%) 1.2% 49.6% normal level, expecting full recovery once the festive season starts. Gold ($/Oz) 1,959.3 (2.9) (0.2%) 0.6% 26.3% f Near term catalyst, Gas pipeline tariffs of Gujarat State Petronet Copper LME ($/MT) 3.1 0.0 0.1% 6.7% 10.6% Aluminium LME ($/MT) 1,795.3 (0.3) (0.0%) 1.6% 0.3% (GUJS) would be revised downward due to lower effective tax rate, which will lead to an improvement in GUJGA’s EPS by 2% in FY23E. The geographical areas won during 6th to 9th round will add CURRENCY RATES Last Trade Change 1-D 1-Mth YTD ~0.3mmscmd to GUJGA’s volume in FY21E. The company added 13 USD/INR 73.5 (0.24) (0.3%) (1.9%) 2.7% new CNG stations in Q1FY21. EUR/INR 87.1 0.07 0.1% (1.5%) 8.4% f We believe it will continue to reap the benefits of fall in spot LNG RATES prices leading to more volume and margin accretion. We maintain Last Trade Change 1-D 1-Mth YTD BUY on GUJGA with a Target Price of Rs 379. T-Bill - 91 D 3.4 0.00 0.00 0.05 (0.34) 10 Year G-sec Yield 6.0 (0.02) 0.00 (0.02) 0.00

Intraday Picks INVESTMENT ACTIVITY (RS. CR) POWERGRID (PREVIOUS CLOSE: 172) BUY Category BUY SELL NET Prev For today’s trade, long position can be initiated in the range of Rs171-169 FII 19,932.3 19,727.2 205.2 (249.8) for the target of Rs178 with a strict stop loss of Rs167. DII 6,248.9 6,349.7 (100.8) (1,067.8)

INFRATEL (PREVIOUS CLOSE: 199) BUY EXCHANGE TURNOVER

For today’s trade, long position can be initiated in the range of Rs199-197 Exchange Rs Crore for the target of Rs207 with a strict stop loss of Rs194. BSE Equity 5,634.0 AMARAJABAT (PREVIOUS CLOSE: 763) SELL BSE Derivatives 1,35,315.2 For today’s trade, short position can be initiated in the range of Rs769-775 NSE Equity 84,105.21 for the target of Rs730 with a strict stop loss of Rs797. NSE Derivatives 13,24,093.3 1 Institutional Equity Research NIFTY 11505 IN FOCUS September 21, 2020 Support 11439 Stock in Focus Gujarat Gas MARKET LENS 11374 Intraday Pic POWERGRID Resistance 11577 Intraday Pick INFRATEL 11650 Intraday Pick AMARAJABAT

Technical Research

MARKET SYNOPSIS f On Friday, NSE-NIFTY remained sideways post a gap-up opening. In the second half, the index witnessed sharp decline and slipped to 11,446 level. Later the index recovered major intraday loss on back of bounce back. f Finally, the index finished trade with the loss of 11 points at 11,505 mark. f NSE Cash segment reported turnover of Rs 84,105 crore as compared to Rs 51,001 crore reported earlier. f Overall market breadth remained negative for straight third trading session in a row, where 798 advanced against 1051 declined stocks. f Mix trend was observed across sectoral indices during the day, where Realty and Pharma emerged as top gainers with the increase of 1.9% and 5%, respectively. However PSU Bank index reported the highest decline (i.e. 1.6%).

NSE-NIFTY OUTLOOK f NSE-NIFTY continued its weekly rising trend and regained 11,500 mark. In the last week, the index lost thrice out of five trading sessions and reported gain of 0.4%. On Friday, the index tested its 20-day EMA and recovered major intraday loss. As mentioned earlier, our bullish view will remain intact provided the index stays firm above its short-term moving average 20-day EMA, which is placed at 11,436 mark. On the higher side, the index will face major hurdle at 11,794 mark. However in case of breakdown from its 20-day EMA, the index will find support at 11,185 level, which coincides with its recent swing low. f As for the day, support is placed at around 11,439 and then at 11,374 levels, while resistance is observed at 11,577 and then at 11,650 levels.

2 Institutional Equity Research NIFTY 11505 IN FOCUS September 21, 2020 Support 11439 Stock in Focus Gujarat Gas MARKET LENS 11374 Intraday Pic POWERGRID Resistance 11577 Intraday Pick INFRATEL 11650 Intraday Pick AMARAJABAT Derivatives Snapshot f Nifty opened higher on back of positive global cues but declined sharply in the second half to close near the low point of the day. Nifty closed down by 11 points at 11,505 levels. Among the nifty stocks 28 advanced and 22 declined during the day. f Among sectors it was a mixed bag with Banks, FMCG and Financial sectors declined by 1.1% average while Realty and Pharma gained by 5% and 1.9% for the day f Broader market indices remained flat with NIFTY 100,200 and 500 to close down by 0.1% average while midcap indices and small cap indices declined by 0.4% for the day. f Nifty Sep futures end with 10 points premium at 11,515 mark while on other hand, Bank Nifty Sep futures ended with the premium of 48 points at 22,078 mark. f Nifty has once reversed from 11,600 levels and ends flat for the day. The trend reversal levels are placed at 11,350 below which we expect sharp profit booking.

Sectoral Activity: Amongst sectoral index, Realty and Pharma remained in focus with positive momentum. Stock Activity: DLF and Cadila have witnessed long buildup in today’s trade.

TOP 5 PRICE GAINERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance DR. REDDY’S LABORATORIES 5333.35 10.48% 160.82% 49.09% 5023 5260 5570 CIPLA LTD 806.25 7.29% 399.97% 5.38% 782 801 825 LUPIN LIMITED 1085.90 4.71% 397.64% 11.23% 1063 1093 1115 DIVI’S LABORATORIES LTD 3344.40 4.15% 388.23% 1.32% 3252 3320 3413 CADILA HEALTHCARE LIMITED 409.70 4.06% 210.61% 9.97% 396 409

TOP 5 PRICE LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance APOLLO TYRES LTD 130.70 -2.86% -55.51% -0.14% 128 132 134 COFORGE LIMITED 2193.70 -2.83% -57.49% -3.08% 2169 2209 2234 TATA CHEMICALS LTD 290.30 -2.80% 149.27% -5.87% 285 294 299 IDFC FIRST BANK LIMITED 31.10 -2.66% -13.58% -1.14% 31 31 32 130.95 -2.49% 141.40% -2.68% 128 132 135

TOP 5 OI GAINERS Stock NameLTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance DR. REDDY’S LABORATORIES 5333.35 10.48% 160.82% 49.09% 5023 5260 5570 GLENMARK PHARMACEUTICALS 508.90 3.29% 403.74% 20.43% 496 507 520 LUPIN LIMITED 1085.90 4.71% 397.64% 11.23% 1063 1093 1115 APOLLO HOSPITALS ENTER. L 1828.45 2.89% 61.26% 10.62% 1778 1825 1876 CADILA HEALTHCARE LIMITED 409.70 4.06% 210.61% 9.97% 396 409 423

TOP 5 OI LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance MAHANAGAR GAS LTD. 919.15 0.82% 149.06% -11.12% 911 920 928 AUROBINDO PHARMA LTD 828.10 2.13% 112.43% -9.94% 816 828 840 ACC LIMITED 1431.80 1.57% -10.67% -9.57% 1415 1426 1444 ESCORTS LTD 1238.60 -0.42% 114.33% -9.35% 1216 1248 1271 HCL TECHNOLOGIES LTD 810.60 0.28% -55.70% -9.02% 802 813 822

3 Institutional Equity Research NIFTY 11505 IN FOCUS September 21, 2020 Support 11439 Stock in Focus Gujarat Gas MARKET LENS 11374 Intraday Pic POWERGRID Resistance 11577 Intraday Pick INFRATEL 11650 Intraday Pick AMARAJABAT Derivatives Snapshot

TOP 5 “RISE IN % DEL CHG” Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance BALKRISHNA IND. LTD 1394.45 0.96% 371.54% 1225.67% 1374 1391 1411 MANAPPURAM FINANCE LTD 161.20 0.59% 211.06% 650.82% 159 161 163 BERGER PAINTS (I) LTD 578.50 0.10% 247.86% 586.83% 570 577 585 GLENMARK PHARMACEUTICALS 508.90 3.29% 403.74% 537.32% 496 507 520 GMR INFRASTRUCTURE LTD. 23.95 0.63% 169.26% 534.45% 24 24 24

TOP 5 “DECLINE IN % DEL CHG” Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance APOLLO TYRES LTD 130.70 -2.86% -55.51% -73.79% 128 132 134 BOSCH LIMITED 13070.60 0.83% -7.24% -70.30% 12844 13035 13261 UNITED BREWERIES LTD 1018.75 -1.89% -73.14% -54.26% 1004 1028 1043 STEEL AUTHORITY OF INDIA 37.85 -0.79% -65.07% -51.93% 37 38 38 MAX FINANCIAL SERV LTD 610.50 -1.75% -20.27% -43.01% 602 615 624

SECTORAL ACTIVITY Value Average of OI Average of Price Total Average of Total OI Change % Change % Volume Volume Change % AUTO 383759190 -2.86% 0.17% 176727496 69.67% BANKS 1467857200 -2.89% -1.41% 324267330 58.57% CAPGOODS 221186124 -2.95% -0.46% 49896288 23.23% CEMENT 43891750 -0.88% 0.35% 8980093 -1.11% FINANCE 387253513 -2.29% -1.08% 88949937 42.91% FMCG 398297610 -1.45% -0.57% 63322703 52.20% IT 89118550 -5.03% -0.89% 23831292 -36.29% METALS 566777600 -2.37% -0.23% 115117915 18.21% OIL-GAS 515955900 -2.42% -0.17% 118536937 81.17% OTHERS 328494332 -2.99% 0.29% 59466311 91.02% POWER 245453600 -4.82% 1.10% 73836107 61.20% TELECOM 959992833 -4.45% 1.58% 408645330 134.88% Grand Total 5804758352 -1.62% 0.01% 1665723420 68.15%

4 Institutional Equity Research NIFTY 11505 IN FOCUS September 21, 2020 Support 11439 Stock in Focus Gujarat Gas MARKET LENS 11374 Intraday Pic POWERGRID Resistance 11577 Intraday Pick INFRATEL 11650 Intraday Pick AMARAJABAT Pivot Table Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2 Nifty 50 11505 11374 11439 11512 11577 11650 Nifty IT 19827 19601 19714 19891 20004 20181 Nifty FinSrv25 50 10707 10499 10603 10739 10843 10979 ADANI PORT & SEZ LTD 358 342 350 355 363 368 ASIAN PAINTS LIMITED 2028 2000 2014 2029 2044 2059 AXIS BANK LIMITED 443 430 437 443 450 456 BAJAJ AUTO LIMITED 3051 2965 3008 3039 3082 3113 BAJAJ FINSERV LTD. 5888 5739 5814 5937 6011 6135 BAJAJ FINANCE LIMITED 3475 3394 3435 3469 3509 3544 BHARTI AIRTEL LIMITED 495 467 481 489 503 512 BHARAT PETROLEUM CORP LT 412 402 407 415 420 428 BRITANNIA INDUSTRIES LTD 3798 3739 3768 3804 3833 3869 CIPLA LTD 806 757 782 801 825 844 COAL INDIA LTD 124 122 123 124 125 126 DR. REDDY’S LABORATORIES 5333 4713 5023 5260 5570 5807 EICHER MOTORS LTD 2153 2095 2124 2164 2193 2233 GAIL (INDIA) LTD 92 89 91 92 93 95 GRASIM INDUSTRIES LTD 745 715 730 739 754 763 HCL TECHNOLOGIES LTD 811 793 802 813 822 833 HDFC LTD 1724 1683 1703 1729 1750 1775 HDFC BANK LTD 1057 1021 1039 1066 1084 1111 HDFC LIFE INS CO LTD 585 577 581 588 592 599 HERO MOTOCORP LIMITED 3113 3056 3085 3103 3131 3150 HINDALCO INDUSTRIES LTD 180 174 177 179 182 185 HINDUSTAN UNILEVER LTD. 2099 2068 2083 2105 2121 2143 ICICI BANK LTD. 370 359 365 370 375 380 INDUSIND BANK LIMITED 613 588 601 613 625 637 BHARTI INFRATEL LTD. 199 193 196 198 202 204 INFOSYS LIMITED 1002 987 995 1007 1014 1026 INDIAN OIL CORP LTD 81 79 80 81 82 84 ITC LTD 179 176 177 179 180 182 JSW STEEL LIMITED 288 279 284 289 293 298 LTD 1277 1233 1255 1285 1307 1336 LARSEN & TOUBRO LTD. 901 887 894 904 911 921 MAHINDRA & MAHINDRA LTD 654 625 639 649 664 674 MARUTI SUZUKI INDIA LTD. 6965 6798 6881 7015 7099 7233 NESTLE INDIA LIMITED 16087 15762 15925 16087 16250 16412 NTPC LTD 91 88 89 90 92 93 OIL AND NATURAL GAS CORP. 74 72 73 74 75 76 POWER GRID CORP. LTD. 172 165 168 171 174 176 LTD 2306 2258 2282 2301 2325 2343 STATE 193 186 189 193 197 201 SHREE CEMENT LIMITED 19521 18967 19244 19676 19953 20385 SUN PHARMACEUTICAL IND L 523 504 514 524 534 544 TATA MOTORS LIMITED 148 144 146 148 150 152 TATA STEEL LIMITED 396 386 391 398 403 410 TATA CONSULTANCY SERV LT 2450 2398 2424 2462 2488 2526 LIMITED 805 780 792 800 813 821 TITAN COMPANY LIMITED 1164 1130 1147 1174 1191 1218 ULTRATECH CEMENT LIMITED 4003 3921 3962 3991 4031 4060 UPL LIMITED 537 525 531 535 542 546 5 Institutional Equity Research NIFTY 11505 IN FOCUS September 21, 2020 Support 11439 Stock in Focus Gujarat Gas MARKET LENS 11374 Intraday Pic POWERGRID Resistance 11577 Intraday Pick INFRATEL 11650 Intraday Pick AMARAJABAT Simple Moving Average Scrip Name Close Rate 20-SMA 50-SMA 100-SMA 200-SMA HIGH_52WEEK LOW_52WEEK NIFTY 11505 11470 11264 10557 10779 12431 7511 BANKNIFTY 22031 22992 22389 21359 24473 32613 16116 SENSEX 38845 38785 38106 35690 36661 42274 25639 ADANIPORTS 358 352 337 332 334 429 203 ASIANPAINT 2028 1987 1853 1746 1758 2070 1431 AXISBANK 443 460 447 425 528 766 286 BAJAJ-AUTO 3051 2966 2992 2850 2839 3315 1789 BAJAJFINSV 5888 6257 6288 5778 6915 9950 3985 BAJFINANCE 3475 3550 3407 2926 3343 4923 1783 BHARTIARTL 495 510 537 549 516 612 326 BPCL 412 413 418 386 406 549 252 BRITANNIA 3798 3780 3813 3576 3277 4010 2100 CIPLA 806 739 722 674 569 819 355 COALINDIA 124 132 131 133 154 218 119 DRREDDY 5333 4472 4393 4161 3645 5497 2495 EICHERMOT 2153 2176 2113 1877 1858 2387 1245 GAIL 92 95 97 96 102 149 65 GRASIM 745 699 651 612 644 837 385 HCLTECH 811 731 701 627 584 825 375 HDFC 1724 1796 1808 1778 1964 2500 1473 HDFCBANK 1057 1103 1082 1032 1084 1306 739 HDFCLIFE 585 590 602 561 556 648 340 HEROMOTOCO 3113 3001 2864 2598 2383 3181 1475 HINDALCO 180 186 178 158 163 221 85 HINDUNILVR 2099 2146 2195 2142 2128 2614 1757 ICICIBANK 370 380 369 355 414 552 268 INDUSINDBK 613 610 553 503 779 1597 236 INFRATEL 199 204 200 206 211 297 120 INFY 1002 950 939 823 768 1021 509 IOC 81 84 87 85 96 156 71 ITC 179 188 193 190 199 266 135 JSWSTEEL 288 286 253 219 226 297 133 KOTAKBANK 1277 1369 1352 1316 1427 1740 1001 LT 901 940 940 920 1036 1551 661 M&M 654 622 610 537 503 659 245 MARUTI 6965 7085 6647 6065 6217 7759 4001 NESTLEIND 16087 16203 16553 16673 16105 18370 12200 NTPC 91 95 92 93 99 125 73 ONGC 74 77 78 80 90 150 50 POWERGRID 172 178 177 172 176 211 122 RELIANCE 2306 2178 2108 1849 1605 2369 865 SBIN 193 206 198 187 233 351 149 SHREECEM 19521 20385 21248 21126 21156 25355 15410 SUNPHARMA 523 518 514 494 457 565 312 TATAMOTORS 148 144 125 110 125 202 64 TATASTEEL 396 417 396 351 371 506 251 TCS 2450 2335 2281 2159 2094 2538 1506 TECHM 805 756 701 623 666 846 471 TITAN 1164 1153 1099 1016 1072 1390 721 ULTRACEMCO 4003 3965 3977 3840 3924 4754 2910 UPL 537 507 483 447 469 618 240 WIPRO 317 286 277 242 233 319 159 ZEEL 220 215 181 176 201 364 114 6 Institutional Equity Research NIFTY 11505 IN FOCUS September 21, 2020 Support 11439 Stock in Focus Gujarat Gas MARKET LENS 11374 Intraday Pic POWERGRID Resistance 11577 Intraday Pick INFRATEL 11650 Intraday Pick AMARAJABAT Bulk Deals Snapshot Deal Date Scrip Code Company Client Name Deal Type* Quantity Price 18/09/2020 532406 AVANTEL VELDI RAMBABU S 21,700 394.2 18/09/2020 540545 BGJL PRASHANT GOVINDBHAI PARMAR S 58,224 56.1 18/09/2020 539800 CHDCHEM REENA SHARMA B 102,385 57.1 18/09/2020 539800 CHDCHEM JAGDISH PRASAD ARYA B 159,780 57.1 18/09/2020 539800 CHDCHEM REENA SHARMA S 102,385 57.1 18/09/2020 539800 CHDCHEM JAGDISH PRASAD ARYA S 123,079 57.1 18/09/2020 500135 ESSELPRO EPSILON BIDCO PTE LTD S 18,000,000 256.4 18/09/2020 500135 ESSELPRO INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD. B 2,039,100 256.3 18/09/2020 500135 ESSELPRO EPSILON BIDCO PTE LTD S 54,580,090 256.5 18/09/2020 500135 ESSELPRO AXIS B 2,341,006 256.3 18/09/2020 500135 ESSELPRO B 5,331,667 256.3 18/09/2020 500135 ESSELPRO AXIS MUTUAL FUND B 2,341,006 256.3 18/09/2020 500135 ESSELPRO IDFC MUTUAL FUND B 2,731,174 256.3 18/09/2020 500135 ESSELPRO ADITYA BIRLA SUN LIFE MUTUAL FUND B 2,331,643 256.3 18/09/2020 500135 ESSELPRO ADITYA BIRLA SUN LIFE MUTUAL FUND B 1,785,017 256.3 18/09/2020 500135 ESSELPRO ADITYA BIRLA SUN LIFE MUTUAL FUND B 1,735,857 256.3 18/09/2020 500135 ESSELPRO TNTBC AS THE TRUSTEE OF NOMURA INDIA STOCK MOTHER FUND B 2,891,964 256.3 18/09/2020 500135 ESSELPRO FRANKLIN TEMPLETON MUTUAL FUND B 2,996,395 256.3 18/09/2020 500135 ESSELPRO FTIF - TEMPLETON ASIAN SMALLER COMPANIES FUND B 2,079,350 256.3 18/09/2020 500135 ESSELPRO NORGES BANK ON ACCOUNT OF THE GOVERNMENT PENSION FUND GL B 3,750,000 256.3 18/09/2020 500135 ESSELPRO DSP MUTUAL FUND B 1,872,913 256.3 18/09/2020 500135 ESSELPRO DSP MUTUAL FUND B 2,230,484 256.3 18/09/2020 500135 ESSELPRO EMERGING MARKETS EQUITY FUND B 3,951,968 256.3 18/09/2020 500135 ESSELPRO NEUBERGER BERMAN (NB) EQ.FUNDS A/C NB EMER MKT EQ FUND B 2,716,697 256.3 18/09/2020 542651 KPITTECH ANUPAMA KISHOR PATIL B 1,400,000 100.0 18/09/2020 539126 MEP SWETSAM STOCK HOLDING PRIVATE LIMITED B 1,000,000 16.0 18/09/2020 539126 MEP SAMIR ROHITBHAI SHAH S 1,000,000 16.0 18/09/2020 513511 PANCHMAHQ DARSHAN TRADING COMPANY S 105,810 29.2 18/09/2020 540175 REGENCY NAVEEN GUPTA B 12,106 28.1 18/09/2020 540175 REGENCY NAVEEN GUPTA S 19,961 27.8 18/09/2020 540175 REGENCY NIKHIL KAKKAR B 5,203 28.4 18/09/2020 540175 REGENCY NIKHIL KAKKAR S 24,552 27.5 18/09/2020 540725 SISL SUNIL KUMAR GUPTA HUF S 200,000 95.5 18/09/2020 540738 STL ARYAMAN BROKING LIMITED B 90,000 30.1 18/09/2020 540738 STL ARYAMAN BROKING LIMITED S 6,000 30.5 18/09/2020 541701 SUPERSHAKT ARYAMAN BROKING LIMITED S 67,200 310.0 18/09/2020 541701 SUPERSHAKT SUDHIR MALLAPPA KATTI B 67,200 310.0 18/09/2020 536264 TIGERLOGS NISHIL SURENDRABHAI MARFATIA B 105,278 43.9 18/09/2020 536264 TIGERLOGS NISHIL SURENDRABHAI MARFATIA S 136,731 43.7 18/09/2020 540145 VALIANTORG DILESH ROADLINES PVT LTD S 400,000 2,749.10 18/09/2020 540145 VALIANTORG GOLDMAN SACHS INDIA FUND LIMITED B 106,502 2,749.00 18/09/2020 540145 VALIANTORG NIPPON INDIA MUTUAL FUND B 200,000 2,749.02 18/09/2020 540145 VALIANTORG NIPPON INDIA MUTUAL FUND B 90,000 2,749.02

*B - Buy, S - Sell, ** = Weighted Average Trade Price / Trade Price 7 Institutional Equity Research NIFTY 11505 IN FOCUS September 21, 2020 Support 11439 Stock in Focus Gujarat Gas MARKET LENS 11374 Intraday Pic POWERGRID Resistance 11577 Intraday Pick INFRATEL 11650 Intraday Pick AMARAJABAT

Corporate Actions Company Name Ex-Date Purpose Beardsell Limited 22-Sep-20 Annual General Meeting/Dividend - Rs 0.10 Per Share Bhagyanagar India Limited 22-Sep-20 Annual General Meeting Burnpur Cement Limited 22-Sep-20 Annual General Meeting Garden Silk Mills Limited 22-Sep-20 Annual General Meeting HCL Infosystems Limited 22-Sep-20 Annual General Meeting LT Foods Limited 22-Sep-20 Annual General Meeting Marksans Pharma Limited 22-Sep-20 Annual General Meeting/Dividend - Rs 0.10 Per Share Mask Investments Limited 22-Sep-20 Annual General Meeting MEP Infrastructure Developers Limited 22-Sep-20 Annual General Meeting Steel Strips Wheels Limited 22-Sep-20 Annual General Meeting Surana Solar Limited 22-Sep-20 Annual General Meeting Tarmat Limited 22-Sep-20 Annual General Meeting Bhagyanagar Properties Limited 23-Sep-20 Annual General Meeting Surana Telecom and Power Limited 23-Sep-20 Annual General Meeting Vardhman Polytex Limited 23-Sep-20 Annual General Meeting Ajmera Realty & Infra India Limited 24-Sep-20 Annual General Meeting/Dividend - Rs 1.40 Per Share Godfrey Phillips India Limited 24-Sep-20 Annual General Meeting Ind-Swift Limited 24-Sep-20 Annual General Meeting Kaveri Seed Company Limited 24-Sep-20 Annual General Meeting Keynote Financial Services Limited 24-Sep-20 Annual General Meeting/Dividend - Re 1 Per Sh Vakrangee Limited 24-Sep-20 Dividend - Rs 0.25 Per Share BF Investment Limited 28-Sep-20 Annual General Meeting Laurus Labs Limited 29-Sep-20 Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share

8 Institutional Equity Research NIFTY 11505 IN FOCUS September 21, 2020 Support 11439 Stock in Focus Gujarat Gas MARKET LENS 11374 Intraday Pic POWERGRID Resistance 11577 Intraday Pick INFRATEL 11650 Intraday Pick AMARAJABAT

Guided Allocation Towards Research Products Product Max. Allocation Number Frequency Call Duration Allocation (%) in 1 stock (%) of Calls Trading Products Intraday 30 25-30 3-4 stocks Daily Daily Positional Calls/weekly calls/BTST 30 15-20 6-7 stocks Weekly Fortnightly TradEdge 15 25-50 2 stocks Fortnightly Monthly Option Strategies 15 10-20 2 stocks Weekly Weekly Cash 10 Total 100

Product Max. Allocation Number Frequency Call Duration Allocation (%) in 1 stock (%) of Calls Investment Products Rsec Model Portfolio 25 10 8-10 stocks Monthly Half Yearly Stock In Focus 25 5 1 stock Daily Quarterly Fundamental Calls 25 5 10 Quarterly Yearly Initiating Coverage 20 10 As and When Yearly Cash 5 Total 100

9 Institutional Equity Research NIFTY 11505 IN FOCUS September 21, 2020 Support 11439 Stock in Focus Gujarat Gas MARKET LENS 11374 Intraday Pic POWERGRID Resistance 11577 Intraday Pick INFRATEL 11650 Intraday Pick AMARAJABAT

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No action has been or will be taken by RSL in any jurisdiction (other than India), where any action for such purpose(s) is required. Accordingly, this Report shall not be possessed, circulated and/or distributed in any such country or jurisdiction unless such action is in compliance with all applicable laws and regulations of such country or jurisdiction. RSL requires such recipient to inform himself about and to observe any restrictions at his own expense, without any liability to RSL. Any dispute arising out of this Report shall be subject to the exclusive jurisdiction of the Courts in India. Disclosure of Interest: The research analysts who have prepared this Report hereby certify that the views /opinions expressed in this Report are their personal independent views/opinions in respect of the securities and their respective issuers. None of RSL, research analysts, or their relatives had any known direct /indirect material conflict of interest including any long/short position(s) in any specific security on which views/opinions have been made in this Report, during its preparation. RSL’s Associates may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report. RSL, its Associates, the research analysts, or their relatives might have financial interest in the issuer company(ies) of the said securities. 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The research analysts has served as an officer, director or employee of the said issuer company(ies)?: No RSL, its Associates, the research analysts or their relatives holds ownership of 1% or more, in respect of the said issuer company(ies).?: No

Copyright: The copyright in this Report belongs exclusively to RSL. This Report shall only be read by those persons to whom it has been delivered. No reprinting, reproduction, copying, distribution of this Report in any manner whatsoever, in whole or in part, is permitted without the prior express written consent of RSL. RSL’s activities were neither suspended nor have defaulted with any with whom RSL is registered. Further, there does not exist any material adverse order/judgments/strictures assessed by any regulatory, government or public authority or agency or any law enforcing agency in last three years. Further, there does not exist any material enquiry of whatsoever nature instituted or pending against RSL as on the date of this Report. Important These disclaimers, risks and other disclosures must be read in conjunction with the information / opinions / views of which they form part of. RSL CIN: U65990MH2005PLC154052. SEBI registration no. (Stock : INZ000172433, Depository Participants: CDSL IN-DP-257-2016 IN-DP- NSDL-363-2013, Research Analyst: INH000002384); AMFI ARN No.29889.

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