Allsegmentrecommendationsthe inCash are 11-Nov-20 4-Dec-20 9-Dec-20 10-Dec-20 28-Dec-20 Date Open recommendations 5-Jan-21 5-Jan-21 Date New recommendations Gladiator ResearchAnalysts [email protected] Pabitro [email protected] Dharmesh Mukherjee Shah Stocks VST Tillers Tractors Tillers VST Laboratories Alkem Godfrey Phillips TTK Prestige Abbott India Abbott Marico Scrip Scrip TCS Avg Rec Price I-Direct Code [email protected] VinayakParmar [email protected] Nitin 15,500.00 MARLIM 1,892.00 2,856.00 6,000.00 985.00 TCS Kunte , , CMT Buying Range 3030-3085 17,920.00 2,190.00 3,310.00 1,140.00 6,970.00 400-415 Target 13,910.00 Stoploss 1,720.00 2,610.00 5,490.00 3,465.00 840.00 480.00 Target 15,715.00 Stoploss 1,987.00 2,980.00 6,307.00 2,840.00 990.00 367.00 CMP Time Frame:Time 6 Months Frame:Time 6 Months [email protected] NinadTamhanekar, CMT Return till date (%) January 5, 5, 2021 January Upside (%) 18.00 13.00 5% 4% 1% 1% 5% Open Open Recommendations Click here to know more know to here Click JK Lakshmi Cement JKLakshmi Hikal JindalSaw Scrip Momentum Picks Momentum Duration:14Days Action Buy Buy Buy …

ICICI Securities – Retail Equity Research MOMENTUM PICK signifies acceleration of upward momentum… Tata Consultancy Services (TCS): 1420 Weekly Chart Source January January 2021 5, Rec. Price Rec. : Spider Software,, acceleration Weekly ICICI strength A resolute Direct 3030.00 MACD Research and breakout of offers upward pointing - 3085.00 fresh 1026 from momentum entry upward six years opportunity while Target rising sustaining channel ICICI Ltd. Securities Retail| Equity Research Breakout signals well Recommendation 3465.00 above inherent 2276 EMA 10 its initiated weeks nine from on period i - click consolidation Past - - Support Stoploss to average, gain rising 2845 10 Past three at weeks 11 @ 1506 indicating : two 03 breakout 2840 on EMA months 5 channel weeks th as 2885 January, @ it 2830 is Target @ Target low : 2600 2021 2840.00 | 3465 @ o o o o o Upside of recent (| is head endure In momentum indicating channel breakout Structurally, elevated buying 2020 which weeks forming The leg up indicating consolidation resolved constructive Within upward high, CY its The | the 21 a trend of 2885 2302 Nifty relative nutshell, , stock towards and major price indicating consolidation has EMA its indicating momentum , support a IT out - that demand (as 2885 is scaled IT from upward acceleration resumption been higher parity up placed has index (currently of stock space on augurs we outperformance ), | ( shown move | past six to base 2885 3465 rebounded held TCS expect projected continuance of momentum has at base a resilience has observed breakout three October fresh well years we | levels since maintained of at as of 3468 in - logged 13% near stock | for | primary upward months all remain it chart), 2600 2830 rising April as from after time next area rally 2 and has 10 as to at of in ), it a ) ICICI Securities – Retail Equity Research MOMENTUM PICK January January 2021 5, Fundamental View: Tata Consultancy Services (TCS) Source • • • • revenue growth cloud, Going margin growth expertise technologies cloud deals client consistent Tata CPG communication Tata Further, : Bloomberg, & Consultancy . - Consultancy based over The forward, customer retail digital over in growth TCS on coming recent strong FY (~ a ICICI foundation developed these 14 believes technologies, sustainable 15 global - (~ trajectory experience 20 Direct Transamerica % financial Services years Services 7 platforms, ) despite % . Geographically, ), digital Research it . around manufacturing that In is prompt period performance (TCS) addition, in benefits its and (TCS) technologies will in the size cloud and . cloud research This, has, us serve first . is Postbank In of to we to the an addition, over native lower coupled phase (~ be . lead as expect The company IT 10 & positive are a the to % innovation service attrition company deals technologies resilient, of expected ), new with years, TCS TCS life a on multi generates are business science industry has to company and the invested a has secure witness - and to year few witnessed stock operating . witness also TCS in & leading examples ~ models technology industry and healthcare 52 catering in shown a is ICICI Ltd. Securities Retail| Equity Research % healthy R&D, expected leverage robust scalable strong revenues growth and - its specific platforms to transformation differentiated margin ability (~ growth deal various to benefit & digital 8 from % solutions, be wins solutions ), to trajectory a and (~ technology Americas, core mine segments key and 15 digital customer - . beneficiary 20 phase better has clients will In % led subsequent 31 CAGR balance reskilling make & . like capital by % In effectively services experiences from cost the banking of in it sheet allocation, a this next current that Europe rationalisation, key phases, (~ trend as few has strength & 9 beneficiary . % TCS’ phase, it and insurance ), helped years) has leading stable enterprises regional 17 investments doubled to % enterprises improving led the from carve management of to (~ markets by this double company rest 30 its will out healthy % secular in US of growth complex are - see of building digit (~ $ the 100 and revenues), to building growth 20 new world demand revenue register % in million higher ) large deep high age and in a RoCE(%) EBITDAMargins(%) Face value Face Equitycapital (| Crore) H/L 52week (| Crore)EV equivalentsand(| Crore)Cash TotalDebt(| Crore) Capitalization Market (| Crore) Particular RoNW (%)RoNW P/E (|) EPS Profit Net EBITDA Sales Net Financials Price Valuation Particulars % Change Financials -10 10 30 50 performance of last 5 years last 5 performanceof CY16 - 3

1,56,949 32,340 42,110 FY20 CY17 14 38 36 86 27 43

1,62,403 32,341 45,148 FY21E CY18 Year

37.2 40 35 87 28 45

1,78,581 38,444 51,074 CY19 FY22E 14 31121504/ 11,27,985.0 11,55,750.0 104 42 30 29 49 35,939.0 Amount 8,174.0

2,01,986 3 CY20 43,751 58,374 FY23E 32 375 |1 118 46 26 29 53 ICICI Securities – Retail Equity Research MOMENTUM PICK well for next up move… Marico (MARLIM): Breakout above long term supply line augurs Weekly Chart Source January January 2021 5, Rec. Price Rec. 396 : Spider Software,, 325 ICICI Direct Research 400.0 entry since A resolute - opportunity 415.0 CY 2018 breakout signals 404 above nine Weekly shift Target periods of the 14 price supply periods average range ICICI Ltd. Securities Retail| Equity Research line RSI to thus joining higher in 480.00 234 validates uptrend orbit previous 277 and Recommended thus positive is major offers seen bias highs rebounding fresh on Stoploss and a higher base above above basehigher a and I - click A Faster A Faster retracement 383 the 52 52 theweeks EMA to gain taking on 345 05 support th Target @ Target January at 367.00 Support Support @ 370 2021 its | 480 at 10 : 25 o o o o o Upside (| retracement months towards We major | May demand weeks consolidation The robust faster retraced (| segment retracement It thus shift and joining breakout The activity expected breaking three consolidating underperformer price demand The has 370 404 383 FMCG offers of CY expect 2020 years of demand stock - recently price 234 base highs which price in as retracement in to Marico EMA 2019 line out in | as above the ) to the fresh (| . it space 345 placed structure The 480 of range just is the nine in of of of coming 277 is has joining area witness last is witnessed (| of ) the the a entry and has placed the CY stock and the ), the was likely has range in stock five 404 year at weeks to 150 placed entire generated 2018 range the been | months the higher opportunity seen supply lows ) last the is signals . completely has 480 % weeks to in catch at The signalling currently to 18% external a (| the coming relative decline decline around the act and strong recent falling faster rising share since orbit, head been 396 . last line 4 52 up as is A a a ) ICICI Securities – Retail Equity Research MOMENTUM PICK January January 2021 5, Fundamental View Source • • • • going growth We margins margins months hike Despite the high Saffola stronger limited become limited Hair home coconut Marico : Bloomberg, hair believe oil demand in forward consumption to Saffola Honey, opportunity is in oil a category of given with hair crowded growth select sharp large hair segment 20 ICICI the oil . cost for . 6 Direct oil new At company % brand Saffola FMCG rise brands & these for , is current & rationalization with edible 20 Research trend high to saturated crops in entire . 4 in % products grow copra Arogyam company too in October is growth oil in price, VAHO starts aggressive Saffola many FY segment through & with 22 rice the . . : Marico (MARLIM) E, measures . We in Chyawan from with We brands Further, franchise FY stock limited foods bran expect . believe 23 market in Further, strong February E, its is prices, chasing and respectively the growth & Amrut trading approach high that lower continued share brands new company its . it growth is Moreover, food and a has at opportunity advertisement launches, contributing gains limited 42 to like been ICICI Ltd. Securities Retail| Equity Research immunity segment x demand grow in expects FY Parachute, only edible 23 opportunity able we the foods . . earnings In Similarly, for is ~ believe boosting to company cost oil spends 25 Parachute, growing maintain & healthier & % Saffola, other foods inflation . . of We We the (due VAHO products consolidated would new at remain products believe its company edible Nihar ~ a to in 30 operating age fast (Value lower copra be % . positive oil in The product pace growth category able to the & would ad sales Added compensate to food company - margin to largely last rates) be on portfolio opportunity grow . products The be is limited six the Hair . . unorganized We capturing able It months volumes stock is company took Oil) . for expect market With to to would low for segment three a maintain to small single healthy by growth operating Marico launched leader leverage result creating 8 to - 10 price digit four has % at its in in in is - , Face value (|)value Face Equitycapital (|)H/L 52week EV Investmentsand(FY20) Cash TotalDebt(FY20) Capitalization Market Particulars(| crore) RoCE (%)RoCE (%) RoNW Mcap/Sales YieldDiv. P/E EPS (|) EPS Profit Net EBITDA Sales Net |Crore -20 Stock Data Stock 15 FinancialHighlights Key Metrics

% Change Price CY16 15 performance of last 5 years last 5 performanceof 1,043 1,469 7,315 FY20 FY20 41 35 52 7 2 8 CY17 24 FY21E FY21E 1,136 1,577 7,553 42 36 48 CY18 Year 7 2 9 16 FY22E FY22E 1,229 1,721 8,336 CY19 45 38 44 10 6 2 - 9 403234/ 53,477.4 54,059.4 Amount 129.0 907.0 325.0 CY20 FY23E 5 FY23E 1,274 1,786 8,753 18 46 39 42 10 1.0 6 2

ICICI Securities – Retail Equity Research MOMENTUM PICK January January 2021 5, Follow up summary of Gladiator Stocks Source Strike RateStrike cost atClosed RecommendationsPositive RecommendationsClosed TotalRecommendations SummaryPerformance Recommendations- date till : ICICI Direct Research 77% 441 593 598 17 ICICI Ltd. Securities Retail| Equity Research YieldNegativeonrecommendations YieldrecommendationsPositiveon Open 17.0% -8.0% 5 6

ICICI Securities – Retail Equity Research MOMENTUM PICK January January 2021 5, Allrecommendations market in arecash 28-Dec-20 28-Dec-20 Momentum Picks open recommendations 5-Jan-21 5-Jan-21 Date CarborundumUniversal JK Lakshmi CementJK Lakshmi Scrip Name Scrip JindalSaw Hikal Strategy Buy Buy Buy Buy Recommendations Price Recommendations ICICI Ltd. Securities Retail| Equity Research 398-408 336-343 172-176 77-80 Target 447.00 368.00 193.00 89.00 Stoploss 384.00 326.00 164.00 74.00 Time Frame Time 14Days 14Days 14Days 14Days Back to Top Back 7

ICICI Securities – Retail Equity Research MOMENTUM PICK January January 2021 5, Price history of past three years Source Tata Consultancy ServicesConsultancy Tata : Spider Software . ICICI Direct Research ICICI Ltd. Securities Retail| Equity Research 8

ICICI Securities – Retail Equity Research MOMENTUM PICK January January 2021 5, Price history of past three years Source Marico : Spider Software . ICICI Direct Research ICICI Ltd. Securities Retail| Equity Research 9

ICICI Securities – Retail Equity Research MOMENTUM PICK January January 2021 5, 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 10

ICICI Securities – Retail Equity Research MOMENTUM PICK January January 2021 5, 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 11

ICICI Securities – Retail Equity Research MOMENTUM PICK January January 2021 5, Pankaj Pandey ICICI Ltd. Securities Retail| Equity Research [email protected] Mumbai (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 12

ICICI Securities – Retail Equity Research MOMENTUM PICK Disclaimer January January 2021 5, document come are of this and to required may observe restriction. themselves to such inform jurisdiction. such requirement or registration or to within ICICIany would which licensingsubject and affiliates Securities This report directed not is or for distribution intended person or to, by, who or citizen any use a is resident of or entity Equit impacting Authority been taken on ICICI Regulatory action has disciplinary submit no material any Securitiesby We that for inmentioned the companies nor activity market making in ICICIResearch been engaged Analysts the Securitieshave Neither other information ICICI conclusion have issued reports from the different with and Securitiesreachmay are that inconsistent interests financial might have associates they servicebusinesses, ICICISince of various financialin are engaged Securities ICICI or do relatives Securitiesor not or 1%their own subsidiaries Analysts or Researchits collectively more equity of the or banking brokerage investment not is specific based service merchant banking, Compensation of our on any Research Analysts the report or preparation party third connection researchin with of the report. ICICI Accordingly, neither Securitiesnor Re ICICI research in Securities encourages independence report preparation in preparation of re conflict and strives minimize to or brokerage banking, banking merchant investment servicesor other finance, merger advisory a serviceinor specific transac ICICIreport compensation received the Securitiesany from or inmentioned the companies during have the associates might its ICICI or managed Securitiesor have co associates might its set infrom forth those materially differ results may securitiesmarkets. Actual the risksassociated in before investing other reason. of ICICI the use out accepts loss kind of whatsoever arisingfor or Securitiesof damage any any no liabilities ev recipient. The recipient independently should any by judgment exerciseof independent for the substitution in not be taken circumstances. The securities discussed and opinions report expressed this investors, must in be who suitable for may not all report report. ICICI this not this in recipients treat customers their cons Securities willas receiving virtue of Nothing by not be used or and shall considered document or as or offer offer buy or an to solicitation of sell subscribe for securities This report based isfrom obtained sources on information public and sources to believed but veri be reliable, no independent compliance with applicable temporarily regulations suspension and/or and such inis ICICI policies, circumstanc in Securities to Securitiesno obligation under isupdate or current. be regulatory, information compliance Also, there may or keep the oth to, transmitted way, copied or distributed, or part inother to whole, person inany or the media or to reproduced for any in report and opinions been prepared this The information in have ICICI by noti and are any without subject Securitiesto change and target Research estimates, rating, pricethe Institutional the views, of ICICIThis researchreport Research. two equity SecuritiesLimited and has independent Retail groups: Research Institutional recommendation with the decisions are that inconsistent Our make proprietary investment businesses may trading and investment Rep reports. and TechnicalResearch icicidirect.com Investors recommendation visit fundamental the Fundamental to in view may charts reports stock's of on in a centre Recommendation analysis studying based priceo and on technicalderivative movement, companies covered ICICIprohibits Department. Researchour persons Investment by analysts, Securities generallyreporting its ICICImerchant bankers/ allsecuriti leading Securitiesone of underwriters issecuritiesand participate the virtually of in gene insurance, life asset management, finance, sector of housing businesses its engaged inbank and has various subsidiaries Number Presence. as Point a of PFRDA Registration ICICISEBI Analyst Limited Research Securities ICICI Securitiesis ICICI SecuritiesLimited (ICICIa is Securities)full Terms conditions and other & disclosures: the persons subject I/We, companies Dharmesh issuer(s) of the ICICI mentioned Shah, or Sebi securities Securities registered registered stock broker, ICICIportfolio banker, adviser, Analyst. and Research investment merchant Securitiesmanager reg is Nitin in Kunte, the . We Inc report . also It Ninad is . also certify Tamhanekar, confirmed that - service, integrated investment banking and is, inter alia, engaged in the the engaged in inter banking alia, and is, investment integrated service, no part that Pabitro - of above managed public offering of securities for the subject company subject company of or securitiesfor the public managed offering mig our Mukherjee, compensation mentioned Vinayak Analysts was, Parmar is, of or this will Research report be ICICI Ltd. Securities Retail| Equity Research – directly have INH000000990.ICICI Securitie Analysts, not or received indirectly authors or or tit es any utes investment, legal, accounting and tax advice or a representation that any investment or strategy suitable isor or appropri strategy and advice tax investment or a accounting any legal,representation that utes investment, or or related business business of stock brokering products. and distribution of financial located in any locality, state, state, or country woul or locality, other located use availability any distribution, jurisdiction, where in such publication, pr Th and sea trading markets in India. We and our associates might have investment banking and other a and other significbanking business with relationship We India. trading markets investment and inour associates might have se th m, m, or ojections. ojections. Forward other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this repo this allreceivecustomers customers not may disseminated allsimultaneously, the to Though instruments. other financial compensation e securities described herein may or may not be eligible for sale in all jurisdictions or e or for all jurisdictions securitiesdescribed insale certain be may or to may not hereinof category investors. P eligible sea report. is performance Past performance. to a Investors not is future guide are necessarilyto Disclosure advised RiskDo see curities of the Company mentioned in the report report preceding the research publication of Company day the month of inmentioned rep the the last as curitiesof the of es has er rch Analysts and their relatives have any material conflict of interest at the time of publication publication report time of of this interest at the material of conflict any have relatives and their Analysts rch pr beneficial ownership in various companies including the subject company/companies company/companies report the subject various this companies inmentioned ownership including in beneficial prior without of we on a consent ICICIwould herein written reasonable endeavour information to While Securities. update the the y y R alu fic ce. tio ma esented esented report this in ral where ICICI Securities might be acting in an advisory capacity to this company, where capacity an ICICIto company, advisory be other this certainor inin circumstancesmight acting Securities reasons that may prevent prevent reasons ICICI may that Securitiesfrom so. doing Non rch report. rch report. ICICI or compensation associates Securities did or its any receiveor co analysts not from its benefits the other to ation has been made nor been made accuracyhas or its is ation completeness report for informat guaranteed. This solely is herein and information uts to pe n been prepared by the Retail Research. The views and opinions expressed in this document document or been prepared expressed The not views and this opinions match Research. inor may may be may contra Retail by the ate the investment risks. The value and return on investment may vary because of changes in interest rates, exchange foreigninterest rates, in changes vary because of may and return on investment risks. The investment value the ate esearch Analysis activities Analysis esearch th ht have been mandated by the subject company for any other assignment in the past twelve months twelve the past in subject company been mandated for assignment any other the have by ht for not the selected solely recipient and meant and may confidential The report strictly is herein contained and information ke their own investment decisions, based on their own investment objectives, financial positions positions recipi and needs of specificdecisions, objectives, financial ke based own own their on their investment investment names tra ort insurance, venture capital fund management, etc. (“associates”), the details in respect respect inon www.iciciba which available etc. the details are(“associates”),of management, capital fund venture insurance, analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies companies securitiesor the of any that the interest inderivatives financiala from maintaining relatives and their analysts s Limited SEBI Registration is INZ000183631is SEBI for stock Registration Limited s broker. ICICI of subsidiary ICICISecuritiesa is India’s is Bankwhich the riod riod date report preceding months of twelve from or the this for respect of servicescoin managing e report e tanding trading volume positions, s e nsactions. s. xpressed xpressed herein specific subscribed from - looking looking are predictions not statements be notice without and changemay subject to recommendation(s) the companies is to tered with Insurance Regulatory Development Authority of India Limited (IRDAI) as a composite a as of composite India Limited (IRDAI)Authority corporate Insurance Development agent Regulatory and with with tered this report, mentioned hereby or etc view(s) as opposed opposed as match with the may not as on a and, such, focusing company's to fundamentals in certify the in this report that report all in of the . the - Analysts rated securities indicate that rating on particular on a security securitiesindicate rating rated has that preceding views are expressed twelve not registered months in this and as research research do not report serve analysts - managing public offerings, c public offerings, managing accurately as an by d d b officer, FINRA e contrary e contrary to law, regulation ers ate reflect ons ons possession whose in to to specificyour ant director and cum mpa ort rt rt our percentage percentage of a at the same time. time. at the same bas been suspended been suspended la be ent to ent to understand nalysts nalysts cover. are nies inmentioned ion ent rgest private private rgest nk views rat is, ICICI altered in any any altered in or not al purpose al purpose .com. . . may This es or any employee orporate orporate ry associated about with with 13 the of

ICICI Securities – Retail Equity Research MOMENTUM PICK