ASHIKA GROUP

INDIAN MARKET OUTLOOK

• Equity markets around the globe remained strong for the just concluded week after U.S. President Joe Biden embraced a USD 1.2 trillion bipartisan Senate deal to improve infrastructure from roads, bridges and highways. This added optimism for an even higher economic growth in US after the economy grew by a strong 6.4% annualized rate in first quarter higher than 4.3% rate clocked in last TECHNO-FUNDA quarter. This announcement also ebbed inflation fears and tapering of stimulus by US Fed. Fed Chair Jerome Powell also calmed markets by reiterating that inflation pressures will be temporary and stressed that IDEAS the Fed will do everything to support the economy for as long as it takes to complete the recovery.

• Besides, economic data set also remained strong from factory activity • as well as decline in weekly unemployment claims. Meanwhile the Bank of England left its key policy rates unchanged albeit the short- term inflation expectations are at 3%. However, the monetary policy is • expected to remain supportive as the inflation is transitory in nature and the apex bank also retained the existing stock of corporate bond purchases at GBP 20 billion and that of the government bond purchases at GBP 875 billion, taking the size of total quantitative easing to GBP 895 billion. Chinese central bank also held its key policy rates while Japan’s manufacturing PMI came off from last month’s figures. Besides, there has been spike in covid cases in Japan and the pace of vaccination has increased.

• The vaccination drive has also picked up pace in and the domestic markets are gung-ho with regards to the opening up of states and markets. Thus, the sectors which would benefit from opening up remains in traction. Media reports also suggest that the Centre is likely to expand the size of its Emergency Credit -Linked Guarantee Scheme (ECLGS) from the present Rs 3 lakh crore to as much as Rs 5 lakh crore as it looks to cushion the impact of the pandemic on the economy. Meanwhile rating agencies have lowered India’s GDP growth forecasts. While there are reports suggesting that earnings upgrades are missing for FY22/23 and if the pack is excluded consensus earnings estimates are muted. However, for the week, Nifty 50 and BSE Sensex clocked gains of 1.13% and 1.11% respectively.

• For the week, companies like Ltd, Jaiprakash Associates, HBL Power Systems, NMDC Ltd, BEL Ltd, , Allcargo Logistics, ONGC, , Mishra Dhatu Nigam Ltd, Thangamayil Jewellery , Finolex Industries, PNC Infratech, Godfrey Phillips India, IGL Ltd reported decent results while Infoedge , Avanti Feeds, Sobha Developers, PTC India disappointed.

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TECHNO FUNDA

Aditya Birla Fashion and Retail Ltd.

• Aditya Birla Fashion & Retail Limited’s (ABFRL) business recovered to ~100% in Q4FY2021. Lifestyle and Pantaloons recovered to 94%-95% each CMP: Rs 222 compared to pre-COVID levels. Despite disrupted FY2021 (revenue down by 41%), the company Target : Rs. 243 (+9.5%) managed to reduce cost by Rs. 1,221 crore due to Successive Higher high formation with rental negotiations and other cost savings. Some prices on the verge of breakout from its benefits are likely to continue in FY2022. previous swing i.e. around the level of 225-227. Price rally has been • Management remains focused on strengthening accompanied with huge surge in volume balance sheet thus reduced working capital by Rs. surpassing the 6 months average. In the 785 crore by liquidating old inventory, while debt weekly time frame prices has been was reduced by Rs. 1,939 crore to Rs. 654 crore in scaling higher amidst the rising channel FY2021. Digitalization, higher sales from private indicating further upside. Hence the brands, store expansion, and relevant new stock can be bought with price target of launches would benefit ABFRL in the near to 243 medium term. E-commerce gained traction across verticals which will drive company’s future growth.

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TECHNO FUNDA

Zensar Technologies Ltd.

• Zensar Technologies is expanding sales capability and hiring leaders to drive growth. The company is also focusing on increasing deal velocity and annuity revenues CMP: Rs 306 to counter deal ramp downs. In addition, Zensar plans to drive the growth through acquisition. Zensar has Target : Rs. 345 (+12.7%) addressed some concerns through acquisition of experience companies like Indigo Slate & foolproof. The Prices are on a secular uptrend with new CEO has also planed a new strategy to address the consecutive higher high formation. A vertical structure by focusing on core business and build perfect classical V-shaped rally can be digital engineering, data analytics, machine learning. seen in the stock with oscillators too indicating of a bullish positive divergence • Zensar will invest in cloud hyperscaler and do acquisition with buy crossover. Following price action to build capabilities. The company is investing in sales, is accompanied by huge surge in volume new leaders and help salesforce with focused selling to as well. Hence the stock can be bought drive growth. In addition, bottoming of large clients in Hi with a price target of 345 tech, green shoots in BFSI business, improvement in cloud, retail & insurance revenues and ramp up of projects are expected to lead to healthy improvement in revenues. Company is confident of achieving high teens margins as the pressure on margins is expected to be offset by higher offshoring, automation and pyramid rationalization.

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GLOBAL INDICES

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Following last week carnage Index was able to recoup some of its losses hence momentum in the longer time frame continues to remain positive. Index is presently facing resistance from its crucial 50DMA at 34200- 34250, decisive close above the said resistance level would change the short term outlook to positive. On the oscillator front Index is presently witnessing neutral price reading indicating room for further upside potential. DOW JONES CHART

MSCI EMERGING MARKETS

Prices continue to grind amidst a narrow range for the past couple of weeks in a row with negative bias. On the oscillator front too Index seems to be losing momentum. Elevated support base for the Index is around the level of 1290, decisive close below which might change the existing trend from neutral to negative.

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GLOBAL UPDATES

• Real gross domestic product spiked by 6.4 percent in the USA first quarter, matching the estimate provided last month as well as economist estimates and higher than 4.3 percent jump seen in the fourth quarter of 2020. • First-time claims for U.S. unemployment benefits in the week ended June 19th edged down to 411,000, a decrease of 7,000 from the previous week's revised level of 418,000.

• UK consumer sentiment remained unchanged in June at - Europe 9.0 in June from last month, while it was forecast to rise to -7.0. • The Bank of England kept its key interest rate at 0.1 percent and quantitative easing unchanged at GBP 895 billion, as widely expected, on Thursday.

• The manufacturing sector in Japan continued to expand Asia in June with a manufacturing PMI score of 51.5, down from 53.0 in May. • China kept its one-year loan prime rate unchanged at 3.85 percent and the five-year loan prime rate was retained at 4.65 percent.

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Nifty has been witnessing immediate resistance at the upper band of consolidation of 15900 over past few sessions. Therefore, a decisive close above 15900 would lead to further acceleration of upward momentum, else prolonged time consolidation in the range of 15900-15400 can be seen. Structurally, Nifty has formed a strong base at 15200 which happens to be the 38.2% retracement of past two months rally (14151-15901) NIFTY CHART

NIFTY OPTIONS OPEN INTERESTS DISTRIBUTIONS

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Present price structure indicates that the Index is likely to witness a prolong consolidation in the broad range of 35500-34000. Crucial support area for the Index is around the level of 34000 as it happens to be the confluence of 38.2% retracement of the past 2.5 months (30405-35810) and the rising 50 days EMA

BANK NIFTY CHART

SECTOR PERFROMANCE

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INDIAN ECONOMY NEWS

S&P Global Ratings on Thursday cut India's growth forecast for the current fiscal to 9.5 per cent, from 11 per cent earlier, and warned of risk to the outlook from further waves of COVID pandemic. (BS)

Notwithstanding incremental credit growth plunging to a 59-year low at 5.56 per cent in FY21, the bank credit - to-GDP ratio rose to a five-year high of a little over 56 per cent in 2020, but way behind its peers and just half of the G20 average, according to the latest data from the Bank for International Settlements (BIS). (BS)

Household financial savings moderated in the third quarter (Q3) of 2020-21 (FY21) for the second consecutive quarter, driven by a significant weakening in household financial assets, which more than offset the moderation in household financial liabilities. (BS)

India had attracted a total foreign direct investments (FDI) inflow of $6.24 billion in April, up by 38 per cent year-on-year, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT). (BS)

Housing sales are estimated to rise 93 per cent year-on-year during AprilJune across seven major cities, but may fall 58 per cent compared to the previous quarter due to the adverse impact of the second wave of COVID-19, according to property consultant Anarock. (BS)

India's May crude oil imports slipped to their lowest in three months as fuel demand sagged amid a second wave of the COVID- 19 pandemic that crimped economic activity and mobility, government data showed. (BS)

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CORPORATE NEWS

Rallis India, subsidiary of , is planning to enhance manufacturing capacities as well as build a new integrated research development center, and is in the process of launching new products.

LIC is going infuse equity capital worth about Rs 2,334.69 crore in its subsidiary LIC Housing Finance by preferential allotment of upto 4,54,00,000 equity shares of Re 2 at Rs 514.25 per share.

Dabur India is setting up a new plant at Madhya Pradesh with an estimated total investment of Rs 550 crore.

ABB India announced completing digitalisation of melt shop at Dolvi Works plant in Maharashtra. Located on the western coast of India at Dolvi in Maharashtra, it is JSW Steel's integrated steel plant having a capacity of five million tonnes per annum (MTPA).

Godawari Power has said Ministry of Environment, Impact Assessment Division has accorded its environment clearance for enhancement of iron ore production capacity from 1.405 MTPA to 2.35 MTPA in Ari Dongri Iron Ore Mines at Chhattisgarh, and for setting up of beneficiation plant of 0.6 MTPA capacity.

Hero MotoCorp will make an upward revision in the ex- showroom prices of its motorcycles and scooters, with effect from July 1, 2021, to partially offset the impact of continuous increase in commodity prices. The price hike across the range of motorcycles and scooters will be up to Rs 3,000.

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MAJOR BULK DEALS

• Supreme Infrastructure In : K India Opportunities Fund Limited - Class S Buy 1900000 Shares @ Rs. 17.2 21.06.21 • Zimlab : Aa Development Capital India Fund 1 Llc Sell 3565304 Shares @ Rs. 83.01

• Central Depo Ser (I) Ltd : Hdfc Bank Limited Sell 1980000 Shares @ Rs. 936.39; Ppfas Mutual Fund Buy 1590764 Shares @ Rs. 937.34 • Ufo Moviez India Ltd. : P 5 Asia Holding Investments (Mauritius) 22.06.21 Limited Sell 390631 Shares @ Rs. 87.26 • Godrejagro : Buy 976047 Shares @ Rs. 570 • Ufo : P 5 Asia Holding Investments Mauritius Limited Sell 184200 Shares @ Rs. 87.05

• Ufo Moviez India Ltd. : P 5 Asia Holding Investments (Mauritius) Limited Sell 2134452 Shares @ Rs. 92.55 23.06.21 • Ubl : Heineken International B V Buy 39644346 Shares @ Rs. 1471.2; Recovery Officer I Drt Ii Sell 39644346 Shares @ Rs. 1471.25 • Nureca: Hornbill Orchid India Fund Buy 195766 Shares @ Rs. 1549.97

• Ecoreco : Bennett Coleman & Co Ltd Sell 370552 Shares @ Rs. 24.06.21 59.81 • Deepaksp : Dolly Khanna Buy 76555 Shares @ Rs. 167.21

• Rossell India Limited : Elara India Opportunities Fund Limited Sell 341241 Shares @ Rs. 145.2 • Dcmsrmind : Abakkus Emerging Opportunities Fund - 1 Buy 25.06.21 518000 Shares @ Rs. 361 • Dhanvarsha : Citrus Global Arbitrage Fund Buy 140000 Shares @ Rs. 799.99

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Q4FY21 RESULT ANALYSIS

Info Edge (India) Ltd.: Net Revenue at Rs. 296.5 crore, Rs. 327.6 crore YoY, Rs. 277.6 crore QoQ (-9.5% YoY, +6.8% QoQ). EBITDA at Rs. 52.1 crore, Rs. 91.6 crore YoY, Rs. 67.2 crore QoQ (-43.1% YoY, -22.5% QoQ). EBITDA Margin at 17.6%, -104 0 bps YoY and -663 bps QoQ. Net Profit at Rs. 308.1 crore, Rs. 119.1 crore YoY, Rs. 679.0 crore QoQ (+158.7% YoY, -54.6% QoQ).

Oil India Ltd.: Net Revenue at Rs. 6504.9 crore, Rs. 4540.4 crore YoY, Rs. 6330.0 crore QoQ (+43.3% YoY, +2 .8% QoQ). EBITDA at Rs. 1886 .9 crore, Rs. -12.7 crore YoY, Rs. 1160.8 crore QoQ. EBITDA Margin at 29%, +2929 bps YoY and +1067 bps QoQ. Net Profit at Rs. 1142.4 crore, Rs. 1729 .4 crore YoY, Rs. 1567.9 crore QoQ (-33.9% YoY, -27.1% QoQ). Ashika

NMDC Ltd.: Net Revenue at Rs. 6 847.6 crore, Rs. 3187.3 crore YoY, Rs. 4355 .1 crore QoQ (+114.8% YoY, +57.2% QoQ). EBITDA at Rs. 4240.3 crore, Rs. 1487.7 crore YoY, Rs. 2766 .8 crore QoQ (+185% YoY, +53.3% QoQ). EBITDA Margin at 61.9%, +1525 bps YoY and +-161 bps QoQ. Net Profit at Rs. 2834. 7 crore, Rs. 316.2 crore YoY, Rs. 2158.2 crore QoQ (+796.6% YoY, +31.3% QoQ).

Oil & Natural Gas Corporation L td.: Net Revenue at Rs. 114168.3 crore, Rs. 104373.9 crore YoY, Rs. 100288.8 crore QoQ (+9.4% YoY, +13.8 % QoQ). EBITDA at Rs. 15477.9 crore, Rs. 3536 .8 crore YoY, Rs. 11279 .4 crore Qo Q (+337.6% YoY, +37.2% QoQ). EBITDA Margin at 13.6%, +1017 bps YoY and +231 bps QoQ. Net Profit at Rs. 10946 .2 crore, Rs. -6725.7 crore YoY, Rs. 3637.3 crore QoQ.

Ashok Leyland Ltd.: Net Revenue at Rs. 8142 .1 crore, Rs. 5088.0 crore YoY, Rs. 5954.2 crore QoQ (+60% YoY, +36.7% QoQ). EBITDA at Rs. 1013.3 crore, Rs. 704.8 crore YoY, Rs. 747.0 crore QoQ (+43.8% YoY, +35.6% QoQ). EBITDA Margin at 12.4%, -141 bps YoY and -10 bps QoQ. Net Profit at Rs. 377.1 crore, Rs. 57.8 crore YoY, Rs. 38.3 crore QoQ (+552.7% YoY, +884.2% QoQ).

Indraprastha Gas Ltd.: Net Revenue at Rs. 1710.3 crore, Rs. 1711.2 cro re YoY, Rs. 1595.1 crore QoQ (-0.1% YoY, +7.2% QoQ). EBITDA at Rs. 491.8 crore, Rs. 376.7 crore YoY, Rs. 500.7 crore QoQ (+30.5% YoY, -1.8% QoQ). EBITDA Margin at 28.8%, +674 bps YoY and +-264 bps QoQ. Net Profit at Rs. 375 . 1 crore, Rs. 290.8 crore YoY, Rs. 381.8 crore QoQ (+29% YoY, -1.8% QoQ).

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FII & DII INVESTMENT (Rs. Cr.)

DATE FII CASH DII NET

F&O STOCKS TOP 10

BEST PERFORMERS WORST PERFORMERS

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STOCKS 52 WEEK HIGH/LOW

WEEKLY HIGH WEEKLY LOW

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Indian Rupee ended the week with a negative note below 74.00 after oil prices hits the highest levels notably Brent above $75.00, crude oil prices may worsen the outlook on India’s trade balance and widen the country’s current account deficit. This is a negative factor for the rupee over the medium-term.

USD INR CHART

CURRENCIES VS INR

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TREASURY AND MONEY MARKET

BANKING UPDATES

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PRECIOUS AND AGRI COMMODITIES

METAL AND ENERGY

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The index is in a structural up trend forming higher peak and higher trough in all time frame. . The elevated support for the Index is now seen around 198-200 as it happens to be the trendline support adjoining the lows of 143.15(Nov’20) and 183.17 (Apr’21). Momentum oscillators though are witnessing signs of exhaustion in overbought price territory CRB INDEX CHART

Crude Oil prices rose, holding close to their highest in almost three years, supported by drawdown’s in U.S. inventories and accelerating German economic activity. Prices also drew support from doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude

BRENT CRUDE OIL CHART

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CORPORATE ACTION DIVIDEND

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CORPORATE ACTION

BUYBACK

BONUS ISSUE

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CORPORATE ACTION STOCK SPLIT/ CONSOLIDATION

OPEN OFFER

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CORPORATE ACTION RIGHTS ISSUE

DELISTING

OTHER

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GLOBAL ECONOMIC CALENDER

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Ashika Stock Broking Limited (“ASBL”) started its journey in the year 1994, and is presently offering a wide bouquet of services to its valued clients including broking services, depository services and distributorship of financial products (Mutual funds, IPO & Bonds). It became a “Research Entity” under SEBI (Research Analyst) Regulations 2014 in the year of 2015 (Reg No. INH000000206).

ASBL is a wholly owned subsidiary of Ashika Global Securities (P) Ltd., a RBI registered non-deposit taking NBFC Company. ASHIKA GROUP (details enumerated on our website www.ashikagroup.com) is an integrated financial service provider inter alia engaged in the business of Investment Banking, Corporate Lending, Commodity Broking, Debt Syndication & Other Advisory Services.

There were no significant and material disciplinary actions against ASBL taken by any regulatory authority during last three years except routine matters.

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