MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL

Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL

EQUITY INDICES

Indices Absolute Change Percentage Change Domestic Last Trade Change 1-D 1-Mth YTD BSE Sensex 58,297 167.0 0.3% 7.4% 22.1% CNX Nifty 17,378 54.2 0.3% 7.0% 24.3% S&P CNX 500 14,806 46.6 0.3% 6.1% 28.5% SENSEX 50 18,245 60.1 0.3% 7.1% 24.6%

International Last Trade Change 1-D 1-Mth YTD DJIA 35,369 (74.7) (0.2%) 0.5% 15.6% NASDAQ 15,364 32.3 0.2% 3.6% 19.2% NIKKEI 29,866 205.6 0.7% 7.3% 8.8% HANGSENG 26,163 (0.3) (0.1%) (0.2%) (4.0%)

ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy’s Lab (ADR) 67.1 0.4 0.6% 4.2% (5.9%) STOCK IN FOCUS Tata Motors (ADR) 20.2 0.3 1.5% 0.5% 60.3% Infosys (ADR) 24.0 0.3 1.4% 5.4% 41.8% f Tech Mahindra’s revenue from Communication business (40% of ICICI Bank (ADR) 19.8 0.0 0.2% 4.1% 33.2% FY21 revenue) is on the cusp of growth trajectory with 12% CAGR over HDFC Bank (ADR) 76.6 (1.6) (2.1%) 3.6% 6.1% FY21-24E on the back of capex for modernization of 5G network in Axis Bank (GDR) 55.1 0.4 0.7% 10.0% 30.3% the telecom space. Reliance Ind (GDR) 66.5 0.8 1.2% 17.4% 21.6% f We believe TechM will be the key beneficiary of the medium-term COMMODITY MARKET themes such as Software Defined Network (SDN) and Telecom IT Key Commodities Last Trade Change 1-D 1-Mth YTD modernization. Brent Crude ($/bl) 72.4 0.3 0.5% 2.5% 39.9% f Digital services now contributes ~40% of topline. We expect revenue Silver ($/Oz) 24.9 0.1 0.2% 5.4% (6.5%) from enterprise segment to clock 11.9% CAGR over FY21-FY24E. Gold ($/Oz) 1,828.7 3.2 0.2% 3.7% (4.1%) Copper LME ($/MT) 9,438.0 (17.0) (0.2%) (0.3%) 21.7% f We expect TechM to report EBIT margin in the range of 15.6-16.0% Aluminium LME ($/MT) 2,762.3 (8.8) (0.3%) 7.4% 39.6% over FY22E-FY24E driven by improved operating leverage, better subsidiary performance and automaton. CURRENCY RATES Last Trade Change 1-D 1-Mth YTD f On an average, TechM reported cash conversion of 80% and we USD/INR 73.2 0.05 0.1% (1.4%) (0.1%) expect it to continue to post strong FCF conversion going forward. EUR/INR 86.9 0.02 0.0% (1.0%) (3.3%) f Valuing the stock at 22x PE of FY24E earnings, we maintain BUY on RATES TechM with a 2-Year Target Price of Rs1,750, which implies 20% upside from the current level. Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D 3.3 (0.01) 0.00 (0.03) 0.07 10 Year G-sec Yield 6.2 0.02 0.00 (0.01) 0.05 Intraday Picks ICICIPRULI (PREVIOUS CLOSE: 694) SELL INVESTMENT ACTIVITY (RS. CR) For today’s trade, short position can be initiated in the range of Rs 700- Category BUY SELL NET Prev 705 for the target of Rs.675 with a strict stop loss of Rs 712. FII 5,389.5 5,978.9 (589.4) 768.6 DII 5,825.0 5,277.7 547.3 668.6 MANAPPURAM (PREVIOUS CLOSE: 168) BUY For today’s trade, long position can be initiated in the range of Rs 164- EXCHANGE TURNOVER 166 for the target of Rs.174 with a strict stop loss of Rs 162. Exchange Rs Crore BSE Equity 3,965.2 MGL (PREVIOUS CLOSE: 1188) BUY BSE Derivatives 1,74,116.6 For today’s trade, long position can be initiated in the range of Rs 1170- NSE Equity 56,397.9 1180 for the target of Rs.1210 with a strict stop loss of Rs 1160. NSE Derivatives 35,02,349.5

1 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL

Technical Research

MARKET SYNOPSIS f On Monday, NIFTY-50 witnessed gap-up opening and recorded new high of 17,430-level. Later, the index managed to hold higher levels during the day with the help of narrow range consolidation. Finally, the index finished trade with the gain of 54 points at 17,378-level. f NSE Cash segment reported turnover of Rs56,398 crore as compared to Rs63,689 crore reported earlier. f Overall market breadth remained positive, where 1,019 stocks advanced against 1,007 declined stocks. f Mixed trend was observed across sectoral indices during the day, where Realty emerged as a top gainer with the increase of 3.2%. However none of the sectoral indices reported loss of more than 1%.

NSE-NIFTY OUTLOOK f Yesterday, NIFTY-50 consolidated in the narrow range after recording new high of 17,430. The index closed on life-time-high for straight third trading session. Overall market breadth remained positive, while mixed trend witnessed across the sectors. Its key moving averages are sloping upwards on the hourly timeframe chart. However hourly RSI remained below the extended trendline and is still neutral. Major parameters are in favour of the bulls, hence prevailing rising trend will continue. This could take the index towards 17,600-level. In case of decline, the index will find support at around 17,300-level initially and 17,100-level subsequently. f As for the day, support is placed at around 17,339 and then at 17,300 levels, while resistance is observed at 17,423 and then at 17,468 levels.

2 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL Derivatives Snapshot f NIFTY50 opened higher and traded in a narrow range of 85 points with mixed movement in index pivotal. Nifty closed up by 54 points at 17,378 levels. Among the nifty stocks 24 advanced and 26 declined during the day. f Among sectors there was positive momentum across sectors with Realty, Metals and IT sectors to gain by 1.5% average while Banks and Oil Gas declined by 0.5% for the day. f Broader market indices remained positive with NIFTY 100, 200 and 500 to close up by 0.3% average while midcap indices and small cap indices gained by 0.3% for the day. f Nifty Sep futures end with 27 points premium at 17,405 mark while on other hand, Bank Nifty Sep futures ended with the premium of 165 points at 36,757 mark. f Nifty has closed in a doji candle near all time high and we expect markets to test near to 17,000 levels over the next few days. On the higher side 17,500 CE remains a strong resistance. Sectoral Activity: Amongst sectoral index Realty and Metals remained in focus with positive momentum. Stock Activity: DLF and Tata Steel have witnessed long buildup in today’s trade.

3 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL Pivot Table Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2 SENSEX 58,297 57,599 57,864 58,030 58,295 58,460 Nifty 50 17,378 17,164 17,244 17,292 17,372 17,420 NiftyBank 36,592 36,245 36,503 36,821 37,080 37,398 ADANIPORTS 751 737 746 754 763 771 ASIANPAINT 3,316 3,265 3,302 3,323 3,360 3,382 AXISBANK 801 776 787 799 809 821 BAJAJ-AUTO 3,781 3,680 3,719 3,764 3,803 3,849 BAJAJFINSV 16,747 16,418 16,576 16,718 16,876 17,018 BAJFINANCE 7,506 7,420 7,472 7,513 7,565 7,607 BHARTIARTL 655 645 652 661 667 676 BPCL 491 475 483 489 497 502 BRITANNIA 4,079 4,049 4,087 4,111 4,148 4,172 CIPLA 950 913 927 945 959 977 COALINDIA 146 140 143 145 148 150 DIVISLAB 5,205 5,075 5,142 5,203 5,270 5,331 DRREDDY 4,916 4,843 4,871 4,890 4,918 4,937 EICHERMOT 2,845 2,647 2,725 2,791 2,869 2,935 GRASIM 1,531 1,480 1,495 1,508 1,523 1,535 HCLTECH 1,200 1,149 1,162 1,171 1,184 1,194 HDFC 2,765 2,720 2,739 2,762 2,781 2,804 HDFCBANK 1,566 1,551 1,564 1,581 1,593 1,610 HDFCLIFE 736 716 725 736 746 757 HEROMOTOCO 2,817 2,700 2,750 2,782 2,832 2,864 HINDALCO 469 444 453 459 467 473 HINDUNILVR 2,781 2,724 2,746 2,777 2,798 2,830 ICICIBANK 721 715 720 726 730 736 INDUSINDBK 992 978 991 1,010 1,023 1,042 INFY 1,730 1,675 1,688 1,697 1,710 1,719 IOC 112 109 111 112 114 116 ITC 209 209 210 211 211 212 JSWSTEEL 687 677 684 690 697 702 KOTAKBANK 1,775 1,760 1,776 1,794 1,810 1,828 LT 1,694 1,657 1,674 1,689 1,707 1,722 M&M 755 739 744 751 756 763 MARUTI 6,847 6,651 6,757 6,858 6,964 7,064 NESTLEIND 20,223 19,995 20,131 20,237 20,373 20,479 NTPC 116 116 116 117 118 119 ONGC 122 117 120 122 125 127 POWERGRID 174 173 174 176 177 178 RELIANCE 2,426 2,270 2,329 2,362 2,422 2,455 SBILIFE 1,245 1,214 1,229 1,241 1,257 1,269 SBIN 431 425 428 431 434 437 SHREECEM 30,536 29,703 30,072 30,331 30,700 30,960 SUNPHARMA 784 777 783 790 796 803 TATACONSUM 870 857 863 869 875 880 TATAMOTORS 297 290 293 295 297 299 TATASTEEL 1,437 1,401 1,422 1,438 1,459 1,474 TCS 3,852 3,782 3,812 3,835 3,864 3,887 TECHM 1,461 1,414 1,428 1,439 1,453 1,464 TITAN 2,021 1,950 1,985 2,005 2,039 2,059 ULTRACEMCO 7,953 7,786 7,858 7,944 8,016 8,101 UPL 756 740 747 753 760 766 WIPRO 686 647 651 654 658 661

4 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL Simple Moving Average Scrip Name Close Rate 20-SMA 50-SMA 100-SMA 200-SMA HIGH_52WEEK LOW_52WEEK SENSEX 58,297 56,085 54,178 52,308 50,299 58,516 36,496 Nifty 50 17,378 16,704 16,190 15,668 14,947 17,430 10,790 NiftyBank 36,592 35,986 35,504 34,656 33,605 37,709 20,405 ADANIPORTS 751 715 704 733 650 901 312 ASIANPAINT 3,316 3,091 3,045 2,916 2,700 3,348 1,881 AXISBANK 801 765 756 737 706 819 400 BAJAJ-AUTO 3,781 3,752 3,884 3,943 3,783 4,361 2,822 BAJAJFINSV 16,747 15,544 14,043 12,646 10,951 17,264 5,400 BAJFINANCE 7,506 6,810 6,415 5,978 5,548 7,675 3,007 BHARTIARTL 655 628 578 559 547 674 394 BPCL 491 464 460 456 434 497 325 BRITANNIA 4,079 3,838 3,644 3,592 3,576 4,149 3,317 CIPLA 950 917 938 934 869 997 704 COALINDIA 146 141 144 144 140 165 110 DIVISLAB 5,205 4,979 4,803 4,444 4,028 5,272 2,985 DRREDDY 4,916 4,694 5,020 5,116 4,968 5,615 4,135 EICHERMOT 2,845 2,635 2,644 2,603 2,621 3,037 2,015 GRASIM 1,531 1,485 1,515 1,467 1,289 1,614 651 HCLTECH 1,200 1,139 1,055 1,001 969 1,210 682 HDFC 2,765 2,718 2,590 2,550 2,536 2,896 1,623 HDFCBANK 1,566 1,541 1,503 1,480 1,475 1,641 1,025 HDFCLIFE 736 692 685 683 684 776 556 HEROMOTOCO 2,817 2,743 2,817 2,864 3,034 3,629 2,636 HINDALCO 469 438 417 399 338 475 154 HINDUNILVR 2,781 2,586 2,483 2,436 2,357 2,825 2,000 ICICIBANK 721 703 679 649 604 735 334 INDUSINDBK 992 1,008 1,013 986 965 1,120 485 INFY 1,730 1,708 1,635 1,512 1,391 1,757 912 IOC 112 107 107 105 100 118 72 ITC 209 209 207 207 208 239 163 JSWSTEEL 687 708 707 700 551 777 258 KOTAKBANK 1,775 1,754 1,734 1,749 1,816 2,049 1,231 LT 1,694 1,634 1,592 1,510 1,430 1,718 843 M&M 755 777 773 782 785 952 568 MARUTI 6,847 6,851 7,135 7,015 7,200 8,329 6,270 NESTLEIND 20,223 19,302 18,395 17,816 17,607 20,348 15,100 NTPC 116 116 117 114 107 122 78 ONGC 122 116 117 116 107 129 64 POWERGRID 174 177 175 172 163 189 116 RELIANCE 2,426 2,205 2,138 2,095 2,049 2,480 1,830 SBILIFE 1,245 1,165 1,100 1,033 957 1,254 755 SBIN 431 423 427 408 364 467 176 SHREECEM 30,536 27,356 27,775 27,980 26,955 32,048 18,184 SUNPHARMA 784 780 733 702 645 804 452 TATACONSUM 870 831 791 735 664 878 459 TATAMOTORS 297 293 304 312 283 361 122 TATASTEEL 1,437 1,426 1,335 1,208 941 1,535 343 TCS 3,852 3,600 3,390 3,274 3,141 3,878 2,228 TECHM 1,461 1,409 1,235 1,121 1,042 1,478 723 TITAN 2,021 1,873 1,791 1,684 1,577 2,033 1,076 ULTRACEMCO 7,953 7,570 7,375 6,964 6,377 8,046 3,754 UPL 756 751 786 761 644 865 399 WIPRO 686 629 591 553 479 689 268

5 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL Bulk Deals Snapshot Deal Date Scrip Code Company Client Name Deal Type* Quantity Price 06/09/2021 542580 AARTECH FORTUNE FUTURES PRIVATE LIMITED CO B 60,000 35.00 06/09/2021 542580 AARTECH SWASTIKA FINLEASE LIMITED S 60,000 35.00 06/09/2021 539773 ADVIKCA ASHOK JAIN S 363,500 2.49 06/09/2021 539773 ADVIKCA ZUBER TRADING LLP S 950,000 2.49 06/09/2021 539773 ADVIKCA YUVIKA TRADEWING LLP S 1,000,000 2.49 06/09/2021 539773 ADVIKCA SUNAYANA INVESTMENT COMPANY LIMITED S 3,050,000 2.49 06/09/2021 539773 ADVIKCA STEPPING STONE CONSTRUCTION PRIVATE LIMITED B 4,000,000 2.49 06/09/2021 539773 ADVIKCA VIKAS GARG B 411,607 2.49 06/09/2021 539773 ADVIKCA ALNASIR ABDULAZIZ GILANI B 400,000 2.49 06/09/2021 539773 ADVIKCA ANEES ALNASIR GILANI B 400,000 2.49 06/09/2021 542721 ARL NNM SECURITIES PVT LTD S 160,000 44.00 06/09/2021 542721 ARL KAPASHI COMMERCIAL LTD B 80,000 44.00 06/09/2021 542721 ARL SILKON TRADES LLP B 80,000 44.00 06/09/2021 508664 BESTEAST GCM COMMODITY AND DERIVATIVES PRIVATE LIMITED B 100,000 19.50 06/09/2021 541778 DEEP NNM SECURITIES PVT LTD B 36,363 174.41 06/09/2021 541778 DEEP NNM SECURITIES PVT LTD S 65,229 173.01 06/09/2021 540811 DML AMIT KUMAR RATHI HUF B 50,000 11.90 06/09/2021 540811 DML MAMTABEN KETANBHAI KAPASI B 70,000 11.90 06/09/2021 540811 DML MIKER FINANCIAL CONSULTANTS PRIVATE LIMITED . S 260,000 11.90 06/09/2021 504000 ELPROINTL I G E (INDIA) PRIVATE LIMITED B 13,480,000 55.00 06/09/2021 504000 ELPROINTL INTERNATIONAL CONVEYORS LIMITED S 13,480,000 55.00 06/09/2021 524614 INDXTRA RAHUL ANANTRAI MEHTA S 23,500 21.10 06/09/2021 524614 INDXTRA DILIPBHAI VALABHAI PRAJAPATI B 20,748 20.10 06/09/2021 536868 INTELSOFT CRA INFOTECH PRIVATE LIMITED S 232,675 55.49 06/09/2021 538564 JAMESWARREN MAYGROVE INVESTMENTS LIMITED S 47,773 284.91 06/09/2021 543286 JETMALL KIRTIR SHAH SHARES AND STOCK BROKERS PVT LTD B 36,000 17.60 06/09/2021 543286 JETMALL KUSHBU LODHA B 6,000 17.55 06/09/2021 543286 JETMALL KUSHBU LODHA S 36,000 17.60 06/09/2021 504258 LAKSELEC DIPAK KANAYALAL SHAH S 12,627 400.87 06/09/2021 539519 MAYUKH LILABEN DASHARATHBHAI PATEL S 58,774 36.23 06/09/2021 532654 MCLEODRUSS NIRAJ RAJNIKANT SHAH S 550,000 28.17 06/09/2021 526622 MFLINDIA ALPHA LEON ENTERPRISES LLP S 2,500,000 .34 06/09/2021 543305 NAVODAYENT VIJAY KUMAR POONIA S 24,000 13.35 06/09/2021 543305 NAVODAYENT NNM SECURITIES PVT LTD B 24,000 13.10 06/09/2021 543305 NAVODAYENT NNM SECURITIES PVT LTD S 24,000 12.58 06/09/2021 540243 NEWLIGHT SATISHPETERDSOUZA S 11,418 71.89 06/09/2021 539673 RCL ABHISHEK CHOUDHARY B 15,571 8.13 06/09/2021 539673 RCL SUREKHA CHAUDHARY S 12,000 8.11 06/09/2021 519191 RGRL GANESH MUKUND RAO BODAKHE S 28,330 28.76 06/09/2021 539833 SICLTD DIVYAKANDA B 350,000 .44 06/09/2021 539833 SICLTD SWARUPGUCHHAIT B 380,000 .48 06/09/2021 539833 SICLTD DIVYAKANDA S 350,000 .48 06/09/2021 540253 SNTCL SWARUPGUCHHAIT B 50,000 1.61 06/09/2021 540253 SNTCL RAHUL KUMAR S 74,324 1.61 06/09/2021 532070 SUPRBPA ANANDKASHYAP S 40,825 18.16 06/09/2021 532070 SUPRBPA MANGAL KESHAV CAPITAL LTD B 40,142 18.25 06/09/2021 536264 TIGERLOGS TREASURE TROVE PICTURES PRIVATE LIMITED B 60,005 112.04 *B - Buy, S - Sell, ** = Weighted Average Trade Price / Trade Price 6 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL

Monthly Economic Calendar

Date Country Event Period Survey Prior 07-09-2021 Hong Kong HKMA Hong Kong Official Foreig AUG - 494.80 08-09-2021 United States US Job Openings By Industry To JUL - 10,073.00 09-09-2021 United States Federal Reserve Consumer Credi JUL 24.25 37.69 10-09-2021 United Kingdom UK Trade Balance in Goods with JUL - -7,095.00 10-09-2021 United Kingdom UK Trade Balance in Goods SA JUL - -11,988.00 10-09-2021 United Kingdom UK Trade Balance Value of Trad JUL - -2,514.00 10-09-2021 India India Industrial Production JUL - 13.60 10-09-2021 Canada STCA Canada Net Change in Full AUG - 83.00 10-09-2021 Canada STCA Canada Net Change in Labo AUG - 94.00 10-09-2021 Canada STCA Canada Labor Force Unempl AUG - 7.50 10-09-2021 United States Merchant Wholesalers Inventori JUL F - 0.60 10-09-2021 United States Merchant Wholesalers Sales Tot JUL - 2.00 13-09-2021 United States US Treasury Federal Budget Deb AUG - -302.05 14-09-2021 India India Wholesale Price Index Al AUG - 11.16 14-09-2021 United States NFIB Small Business Optimism I AUG - 99.70 14-09-2021 United States US CPI Urban Consumers MoM SA AUG - 0.50 14-09-2021 United States US CPI Urban Consumers Less Fo AUG - 0.30 14-09-2021 United States US CPI Urban Consumers YoY NSA AUG - 5.40 14-09-2021 United States US CPI Urban Consumers Less Fo AUG - 4.30 14-09-2021 United States US CPI Urban Consumers Less Fo AUG - 279.05 14-09-2021 United States US CPI Urban Consumers NSA AUG - 273.00 15-09-2021 United States US Import Price Index by End U AUG - 0.30 15-09-2021 United States US Import Price Index by End U AUG - 10.20 15-09-2021 United States US Empire State Manufacturing SEP - 18.30 15-09-2021 United States US Industrial Production MOM S AUG - 0.93 15-09-2021 United States US Capacity Utilization % of T AUG - 76.12 15-09-2021 United States US Industrial Production Indus AUG - 1.40 16-09-2021 Canada Canada Mortgage and Housing Co AUG - 272.18 16-09-2021 United States Adjusted Retail & Food Service AUG - -1.10 16-09-2021 United States Adjusted Retail Sales Less Aut AUG - -0.40 16-09-2021 United States Adjusted Retail Sales Less Aut AUG - -0.70 16-09-2021 United States Retail Sales Less Food Service AUG - -1.00 16-09-2021 United States Philadelphia Fed Business Outl SEP - 19.40 16-09-2021 United States US Manufacturing & Trade Inven JUL - 0.80 17-09-2021 United States US Foreign Net Transactions JUL - 110.85 17-09-2021 United States US Treasury International Capi JUL - 31.51 17-09-2021 United States University of Michigan Consume SEP P - 70.30 20-09-2021 United States National Association of Home B SEP - 75.00 22-09-2021 United States US Existing Homes Sales SAAR AUG - 5.99 22-09-2021 United States US Existing Homes Sales MoM SA AUG - 2.04 22-09-2021 United States Federal Funds Target Rate - Up SEP 22 0.25 0.25 23-09-2021 United States Conference Board US Leading In AUG - 0.90

7 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL

Corporate Actions Company Name Ex-Date Purpose Prince Pipes And Fittings Limited 07-Sep-21 Annual General Meeting Malu Paper Mills Limited 07-Sep-21 Annual General Meeting Shivalik Bimetal Controls Limited 07-Sep-21 Annual General Meeting/Dividend - Rs 0.30 Per Share Compucom Software Limited 07-Sep-21 Annual General Meeting/Dividend - Rs 0.30 Per Share Kewal Kiran Clothing Limited 07-Sep-21 Annual General Meeting RSWM Limited 07-Sep-21 Annual General Meeting Acrysil Limited 08-Sep-21 Dividend - Rs 1.20 Per Share Aaron Industries Limited 08-Sep-21 Annual General Meeting Dhunseri Investments Limited 08-Sep-21 Dividend - Rs 2.50 Per Share Ducon Infratechnologies Limited 08-Sep-21 Annual General Meeting Damodar Industries Limited 08-Sep-21 Annual General Meeting Genus Power Infrastructures Limited 08-Sep-21 Annual General Meeting/Dividend - Rs 0.50 Per Share Gujarat State Fertilizers & Chemicals Limited 08-Sep-21 Annual General Meeting/Dividend - Rs 2.20 Per Share Gulf Oil Lubricants India Limited 08-Sep-21 Annual General Meeting/Dividend - Rs 9 Per Share Hindusthan National Glass & Industries Limited 08-Sep-21 Annual General Meeting India Nippon Electricals Limited 08-Sep-21 Annual General Meeting INCREDIBLE INDUSTRIES LIMITED 08-Sep-21 Annual General Meeting Kamdhenu Limited 08-Sep-21 Dividend - Rs 0.80 Per Share Jocil Limited 08-Sep-21 Dividend - Rs 3 Per Share Mangalam Cement Limited 08-Sep-21 Annual General Meeting/Dividend - Rs 1.50 Per Share Pilani Investment and Industries Corporation Limited 08-Sep-21 Annual General Meeting/Dividend - Rs 15 Per Share MT Educare Limited 08-Sep-21 Annual General Meeting Precot Limited 08-Sep-21 Annual General Meeting Premier Polyfilm Limited 08-Sep-21 Annual General Meeting/Dividend - Rs 0.50 Per Share Naga Dhunseri Group Limited 08-Sep-21 Dividend - Rs 2.50 Per Share Rossari Biotech Limited 08-Sep-21 Annual General Meeting/Dividend - Rs 0.50 Per Share Sagardeep Alloys Limited 08-Sep-21 Annual General Meeting Steel City Securities Limited 08-Sep-21 Dividend - Re 1 Per Share Super Spinning Mills Limited 08-Sep-21 Annual General Meeting TV Today Network Limited 08-Sep-21 Dividend - Rs 2.50 Per Share GNA Axles Limited 09-Sep-21 Dividend - Rs 2.50 Per Share/ Special Dividend - Rs 2.50 Per Share Manaksia Steels Limited 09-Sep-21 Annual General Meeting Oricon Enterprises Limited 09-Sep-21 Annual General Meeting/Dividend - Rs 0.50 Per Share Bliss GVS Pharma Limited 13-Sep-21 Annual General Meeting/Dividend - Rs 0.50 Per Share Alps Industries Limited 13-Sep-21 Annual General Meeting Fiem Industries Limited 13-Sep-21 Annual General Meeting/Dividend - Rs 16 Per Share Honda India Power Products Limited 13-Sep-21 Annual General Meeting/Dividend - Rs 10 Per Share J.Kumar Infraprojects Limited 13-Sep-21 Annual General Meeting/Dividend - Re 1 Per Share

8 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL

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 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL

Reliance Securities Limited (RSL), the broking arm of Reliance Capital is one of the India’s leading retail broking houses. Reliance Capital is amongst India’s leading and most valuable financial services companies in the private sector. Reliance Capital has interests in asset management and mutual funds, life and general insurance, commercial finance, equities and commodities broking, wealth management services, distribution of financial products, private equity, asset reconstruction, proprietary investments and other activities in financial services. The list of associates of RSL is available on the website www. reliancecapital.co.in. RSL is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014 General Disclaimers: This Research Report (hereinafter called ‘Report’) is prepared and distributed by RSL for information purposes only. The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients of this Report should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. This Report has been prepared on the basis of publicly available information, internally developed data and other sources believed by RSL to be reliable. RSL or its directors, employees, affiliates or representatives do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information / opinions / views. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained in this Report. Risks: Trading and investment in securities are subject to market risks. There are no assurances or guarantees that the objectives of any of trading / investment in securities will be achieved. The trades/ investments referred to herein may not be suitable to all categories of traders/investors. The names of securities mentioned herein do not in any manner indicate their prospects or returns. The value of securities referred to herein may be adversely affected by the performance or otherwise of the respective issuer companies, changes in the market conditions, micro and macro factors and forces affecting capital markets like interest rate risk, credit risk, liquidity risk and reinvestment risk. Derivative products may also be affected by various risks including but not limited to counter party risk, market risk, valuation risk, liquidity risk and other risks. Besides the price of the underlying asset, volatility, tenor and interest rates may affect the pricing of derivatives. Disclaimers in respect of jurisdiction: The possession, circulation and/or distribution of this Report may be restricted or regulated in certain jurisdictions by appropriate laws. 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. RSL or its Associates may have received a compensation from the said issuer company(ies) in last 12 months for the brokerage or non brokerage services.RSL, its Associates, the research analysts or their relatives have not received any compensation or other benefits directly or indirectly from the said issuer company(ies) or any third party in last 12 months in any respect whatsoever for preparation of this report.

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 stock exchange 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 Broker: INZ000172433, Depository Participants: CDSL IN-DP-257-2016 IN-DP- NSDL-363-2013, Research Analyst: INH000002384); AMFI ARN No.29889.