Opening Bell

June 23, 2020

Market Outlook Today’s Highlights

Indian markets are likely to open flat to negative on the back Results: , Ador Welding, Berger of mixed global cues along with restrictions on working Paints, , Balrampur Chini, DB visas by the US and geopolitical tension between and Corp, EIH Associated Hotels, , China. However, global news flows and domestic earning Aster DM, Page Industries, GM Breweries, outcome will be key monitorables. Phillips Carbon Black, Vardhman Textiles

Index Movement

Markets Yesterday 10600 35600 . Domestic markets ended higher led by gains in financial, 34600 10200 pharma and metal stocks despite rising Covid-19 cases 33600 9800 32600 9400 . 31600 US markets ended higher amid continued optimism 30600 9000 surrounding a quick economic recovery despite rising Covid-19 cases as states reopen 29600 8600 7-Jun 10-Jun 13-Jun 16-Jun 19-Jun 22-Jun

Key Developments BSE (LHS) NSE (RHS) . Asian Paints is likely to report flattish sales growth in C lose Previous C hg (%) MTD(%) YTD(%) P/E (1yrfwd) Q4FY20 at ~| 5407 crore largely due to a washout March S ensex 34,911 34,732 0.5 7.7 -15.4 20.5 owing to Holi and lockdown. However, benign raw Nifty 10,311 10,244 0.7 7.6 -15.3 19.8 material prices are likely to benefit the company in terms Institutional Activity of elevated EBITDA margin (up 100 bps YoY to 18.7%). While PBT is likely to remain flat YoY at | 773 crore (due to C Y18 C Y19 YTD C Y20 Yesterday Last 5 Days muted sales growth), PAT may grow 21% YoY to | 588 F II (| cr) -68,503 40,893 -66,645 424 -3,322 crore led by corporate tax rate cut in Q4FY20 D II (| cr) 107,388 44,478 92,286 -1,288 2,657 . We expect Page Industries’ revenues to decline 7.2% YoY World Indices – Monthly performance to | 564.1 crore mainly owing to a decline in volumes by NSE BSE F rance G ermany Nikkei 9% YoY. We anticipate EBITDA margins will contract sharply by 670 bps YoY to 13.0% (down 330 bps QoQ). 10,311 34,911 4,949 12,263 22,437 14.1% 13.8% 11.3% 10.7% 10.1% We expect PAT to decline 36.5% YoY to | 47.6 crore . As per media sources, would launch its FPO K ospi Nasdaq D ow Jones S hanghai U.K. 2,127 10,056 26,025 2,965 6,245 worth | 15000 crore during the second week of July, 7.9% 7.8% 6.4% 5.4% 4.8% which will comprise an anchor investor component of | 4500 crore. Capital raised through this stake sale would

help Yes Bank meet its near term payment obligations and

would also strengthen its capital adequacy

Nifty Heat Map . .Bajaj 2,856 Bajaj 2,840 Bajaj 6,184 C oal 144 110 V edanta Auto 6.8% F inance 5.3% F inserv 4.8% India 4.7% 4.6% P ower 179 K otak 1,355 88 Axis 430 656 IOC C ipla G rid 4.2% Bank 4.1% 3.2% Bank 3.1% 3.1%

G rasim 618 95 H ero 2,413 177 446 NTPC Z ee E nt. UPL Ind Moto 2.7% 2.5% 2.4% 2.4% 2.1% Markets Today (ADR Data not updated) JS W 198 Bharti 223 Asian 1,652 549 188 T echM SBI Commodities C lose Previous C hng (%) MTD(%) YTD(%) S teel 1.9% Infratel 1.8% P aints 1.8% 1.8% 1.7% G old (|/10 gm) 47,950 47,937 0.0 2.7 22.5 T ata 326 S hree 22,018 Bharti 581 17,589 Indusind 490 E icher Silver (|/kg) 48,580 48,636 -0.1 -2.6 4.5 S teel 1.6% C ement 1.6% Airtel 1.5% 1.4% Bank 1.3% Crude ($/barrel) 42.6 43.1 -1.1 18.7 -36.5 385 S un 493 IC IC I 368 907 4,033 C opper ($/tonne) 5,881 5,850 0.5 8.9 -5.2 BPCL L&T D r R eddy 1.2% P harma 1.0% Bank 1.0% 1.0% 0.7% C urrency U S D /INR 76.0 75.9 0.2 -0.5 -6.1 185 2,101 980 16,141 Adani 350 ITC HUL T itan Nestle E U R /U S D 1.1 1.1 0.3 1.0 -0.1 0.5% 0.4% 0.4% 0.3% P orts 0.2% U S D /Y E N 106.9 106.9 0.0 0.9 1.6 T ata 103 H C l 570 5,896 499 704 ADR s Maruti M&M Motors T ech 0.1% 0.0% 0.0% -0.3% -0.3% H D F C Bank 44.7 43.8 2.1 6.8 -29.5 IC IC I Bank 9.5 9.2 2.5 8.9 -37.2 U ltratec 3,825 H D F C 1,029 Britanni 3,421 H indalc 150 R eliance 1,746 T ata Motors 6.6 6.4 3.5 15.4 -49.0 h -0.3% Bank -0.4% a -0.5% o -0.6% Ind. -0.8% Infosys 9.2 9.2 -0.7 0.7 -11.2 2,028 H D F C 1,819 85 98 218 TCS ONGC GAIL Dr Reddys Labs 53.2 53.3 -0.2 -0.5 31.0 Ltd -0.8% -0.9% -1.0% -1.2% -1.8% Wipro 3.3 3.3 -1.2 -0.3 -12.0

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Key Data Points Exchange Cash Turnover (| crore) Key Econom ic Indicator Pe rio d L ate s t Prior Values 100000

RBI Cash Reserve Ratio N/A 3.00% 4.00%

60,304 82,344 70,054

54,202 52,205 RBI Repo Rate N/A 4.00% 4.40% 51,156

RBI Reverse Repo Rate N/A 3.35% 3.75% 50000 4,722

CPI Y Y Mar 5.84% 6.58% 4,560

3,888

3,468

3,303 2,960 Current Account Balance Q4 -1.4bln $ -6.5bln $ 0 Exports - USD May 19.05 bln$ 10.36 bln$ 15-Jun 16-Jun 17-Jun 18-Jun 19-Jun 22-Jun FX Reserves, USD Final A pr 485.31 bln$ 479.5 bln$ BSE Cash NSE Cash GDP Quarterly yy Q 1CY 20 3.10% 4.70%

GDP Annual FY 20 4.20% 6.10% Imports - USD May 22.2 bln $ 17.1 bln $ NSE Derivative Turnover (| crore) Industrial Output yy Mar -16.70% 4.60% 4000000

Manufacturing Output Mar -20.60% 3.10% Bell Opening 3000000

Trade Deficit Govt - USD May 3.15 bln $ 6.8 bln $

3,383,661 1,692,244 2000000 1,668,055

WPI Food yy Mar 4.91% 7.80% 1,266,751

1,202,860 1,106,172 WPI Fuel yy Mar -10.12% -1.76% 1000000 WPI Inflation yy Mar 1.00% 2.26% WPI Manuf Inflation yy Mar 0.34% 0.42% 0 15-Jun 16-Jun 17-Jun 18-Jun 19-Jun 22-Jun NSE Derivative

Corporate Action Tracker Sectoral Performance – Monthly Returns (%) Security nam e Actio n Ex Date Record Date Statu s Price (|)

Real Estate 29.6 Buyback O ngoing 425.00 Banks 24.1 Sterlite Technologies Buyback O ngoing 150.00 Metals 19.9 PSU 18.7 Kalpataru Power Buyback O ngoing 275.00 BSE Small Cap 18.2 Dividend 22-Jun-20 - 11.00 Oil & Gas 17.0 Dividend 26-Jun-20 - 3.00 Auto 16.6 BSE Midcap 15.9 Dividend 26-Jun-20 - 1.00 Capital Goods 14.7 Consumer Durables 12.6

Power 12.0

Healthcare 6.8 Research Equity Retail

FMCG 4.4 – IT 3.3 0.0 10.0 20.0 30.0 40.0 (%)

ICICI Securities Key News for Today Company/ News View Impact Industry

AIA AIA Engineering reported an overall decent Despite challenging conditions, AIA Engineerin set of Q4FY20 numbers with consolidated reported decent volume growth in Q4FY20. g revenue at | 856.9 crore (above our Concerns remain on how fast estimate of | 639.2 crore), down marginally developmental customers can come back by 3.4% YoY despite economic challenges. for AIA to gain incremental volume growth EBITDA was at | 184.7 crore, down 3.1% in coming years. However, AIA’s strong YoY (vs. our estimate of |147 crore). balance sheet, decent cash balance and EBITDA margins improved marginally by 10 efficient working capital management are bps YoY to 21.6%. PAT was at | 142.4 crore likely to support long term growth (above our estimate of | 120.5 crore), down 8.3% YoY. Sales volume came in at 82128 MT in Q4FY20, up 2.6% YoY

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ITC ITC is planning to create export-oriented The company is planning three clusters in fruit and vegetables clusters, grabbing six to seven months in various parts of the opportunities created by recently country. It is already in talks with customers announced agricultural reforms, such as and building the supply chain to export to allowing contract farming and the expected Europe, the US and the Middle East. This is change in global purchasing patterns. It expected to result in higher growth in agri hopes to use contract farming and involve business sales. Further, better sourcing for farmer producer organisations (FPOs), FMCG business would help improve which the government is actively promoting margins

IT sector The US government has extended the ban Since the ban is temporary, it does not have on H1B visa till December 2020. The ban is a long term impact. In the near term, we temparary and does not impact existing visa believe visa renewals that were due in status October may be impacted. However, we expect IT companies to mitigate the risk with higher localisation, offshoring and sub contracting

DHL As per media sources, DHL Express India is The company has seen demand return to Express anticipating a rebound in volumes over the 50% levels in May and expects to reach India, next two months, as unlocking happens and 75% till June-end. DHL Express India is also BlueDart a subsequent pick-up takes place in pushing SMEs and coordinating with them economic activity to have a global base in the current  scenario. DHL Express and Blue Dart are part of the Deutsche Post DHL (India accounts for 5% of the group’s global logistics revenues) Indian port As per media sources, three firms Navayuga The sea route is one of the busiest routes sector Engineering, Adani Ports and Hindustan with 70000 ships passing through the Indian Ports have shown interest in setting up a and Pacific Ocean via the Malacca strait. transshipment hub at Andaman and Nicobar Hence, this constitutes a gateway for islands maritime trade

Consumer According to media sources, contract The leading brands are exploring “China durables manufacturers have seen a surge in interest +1” strategy on expectations of higher for local outsourcing of electronic goods by import duties on electronics goods by the key brands post Indo-China border tension Government of India. Contract manufacturers like and Amber Enterprises have witnessed a spike in enquires for domestic manufacturing of electronic goods. While Dixon has already announced expansion of its television manufacturing capacity, the rising interest of local sourcing of air conditioners (India imports ~30% of its air conditioners) bodes well for Amber Enterprises in the long term

Key developments (Continued…)

 Covid-19 breakout and merger process is expected to lead to sluggish business growth for Bank of Baroda. Accordingly, we expect loan growth to stay flat at | 6.8 lakh crore vs. | 6.5 lakh crore in Q3FY20. With margins expected to remain steady at 2.75%, NII is seen at | 7331 crore. The nationwide lockdown could lead GNPA to rise to | 82286 crore with GNPA ratio at 11.38%. Accordingly, credit cost is seen continuing to be elevated at ~69 bps. Such higher provisioning is seen keeping profitability lower at | 365 crore, though in positive territory compared to loss in Q3FY20. Significant exposure to telecom sector, (| 14000 crore) remains a key monitorable  InfoEdge’s Q4FY20 numbers were below our estimates on all fronts. Revenues grew 10.3% YoY to | 322.8 crore (below our estimate of | 324.1 crore. EBITDA margins fell ~315 bps QoQ to 29.9% (below our estimate of 30.8%). The company plans to raise funds of | 1875 crore through qualified institutional placement route ICICI Securities | Retail Research Opening Bell ICICI Direct Research

Key developments (Continued…)

 Aegis Logistics reported its Q4FY20 results. While consolidated revenues de-grew 33% YoY to | 1242 crore, EBITDA de-grew mere 10% YoY to | 93 crore as EBITDA margins expanded 190 bps to 7.5%, mainly due to 680 bps expansion in the gross margins. Subsequently, PBT came flat at | 86 crore mainly due to higher other income of | 19 crore in Q4FY20 vs. | 4 crore in Q4FY19. However, PAT de-grew 45% to | 34 crore, mainly due to higher tax rate of 46% vs. 19% in Q4FY19  As per RBI data, credit in the Indian banking sector grew 6.2% to | 102.5 lakh crore for the fortnight ended June 5, 2020 while deposits pace increased to 11.3% to | 139.6 lakh crore during the same period  India's crude oil processing fell 24.2% to 16.3 MMT in May 2020. However, it increased 7.3% MoM  The Adani Power board has approved the proposal to delist the company's equity shares from stock exchanges. The company has worked out a floor price of an equity share of | 33.82 and will buy 96.53 crore shares from the public for about | 3,264 crore. The company has a power generation capacity of 12,410 MW across six states in India. Promoters of the company hold 74.9% stake in the company  , DKSH have signed an agreement to commercialise Biocon's seven generic formulations in Singapore and Thailand. Under the terms of agreement, DKSH will manage marketing and sales as well as logistics for Biocon’s products in several therapeutic areas, such as cardiology, diabetes, immunology and oncology in these countries  Fitch Ratings has revised the outlook on ’s long-term foreign-currency (FC) issuer default rating (IDR) to negative from stable, and affirmed the IDR at 'BBB-'. The negative outlook follows its revision of the outlook on India's long-term foreign- and local-currency IDRs to negative from stable on June 18  Amul doubled its marketing spends across media during the lockdown in a contrarian call, which helped the brand gain advantage over rivals in terms of sales, brand building and gaining top of the mind recall. During the 80 days of lockdown, the company’s milk procurement was also up 17% while there was a 30-40% increase in sale of milk, butter, paneer and cheese  Alembic Pharma has got tentative USFDA approval for the generic version of Janssen Pharma's anticoagulant, Xarelto (Rivaroxaban) tablets, 10, 15, 20 mg. The drug had an estimated market size of US$6.1 billion as per IQVIA MAT March 2020  PNC's share purchase agreement (SPA) with Cube Highways has expired with both parties deciding to terminate the same. It had signed an SPA with Cube Highways & Infrastructure Pte Ltd for sale of 35% stake in Ghaziabad Aligarh road project. The transaction was expected to lead to total cash inflow of | 300 crore to PNC  L&T Hydrocarbon has signed an MoU with KBR to build modular process plants for refinery and petrochemical projects and to develop business opportunities. L&T Hydrocarbon will exclusively bid for KBR's solid acid alkylation technology (K-SAATTm), solvent de-asphalting technology (ROSE®) and catalytic olefins technology (K-COTTM) for global projects with special emphasis on India, South East Asia, Middle East and Africa  has launched S-CNG version of S-Presso at prices starting | 4.84 lakh/unit  Lemon Tree Hotels' subsidiary Fleur Hotels has raised | 175 crore from APG as per earlier announcement. The company has allotted 53,76,340 CCPS to APG, which would be converted into equity at the end of 30 months  As per media sources, as on June 20, 2020, 12 public sector banks and 16 private Sector banks sanctioned | 75426 crore MSME loans under the government’s emergency credit guarantee scheme out of which 44% has been disbursed so far. In terms of loan breakup, private banks sanctioned | 32687 crore MSME loans while public sector banks sanctioned | 42739 crore MSME loans  As per media sources, UTI AMC has received Sebi approval to raise | 3000 crore via IPO. The IPO comprises sale of 3.8 crore wherein existing investors viz. SBI, BoB and LIC would dilute 1 crore shares each and T Rowe Price International would offload 38 lakh shares  As per media sources, overall real estate lending in India declined by 46% with loans sanctioned worth | 1.2 crore in FY20. Total~80% of the total real estate book worth | 8.1 lakh crore has exposure in MMR, NCR and Bengaluru. In terms of lender exposure, 58% was lent by banks followed by NBFC lending at 23%.  Tata Communications has joined hands with TeleWare, a communications technology business, to provide TeleWare’s mobile voice and SMS recording as part of Tata Communications’ MOVE mobility platform.  The board of directors of Minda Industries would meet on June 29 to consider fund raising by way of NCD issue and equity rights issue.  Zee Entertainment’s digital arm Zee5's premium content will be available on a private operator’s broadband platform  Media reports indicate that the government is considering a proposal to reduce the license fee for fixed line broadband services to households  Media reports indicate that some of the English entertainment genre channels are likely to go off air as ad revenues are hit due to Covid-19  As per media reports, ONGC halted operations at two drilling rigs after some employees were infected with Covid-19. However, this has not affected production

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Nifty Daily Chart Technical Outlook

Equity benchmarks kick started the monthly derivative expiry week on a positive note. Nifty extended gains and ended Monday’s session at 10311, up 67 points or 0.65%. In the coming session, the formation of higher high-low signifies positive bias. Thus, bias would remain positive as long as Monday’s low is held. Hence, intraday dip towards 10250–10275 should be used to create long for target of 10367. The daily price action formed a Doji like candle carrying positive gap, indicting indecisiveness near immediate resistance of past two weeks high of 10328, signifying breather as over past seven sessions Nifty has rallied ~9%, hauling daily and weekly stochastic to approach overbought territory, placed at 93 and 89, respectively. Going ahead, a decisive close above past two week’s high 10328 would trigger extended pullback towards 10600 as it is 61.8% retracement of entire CY-20 decline (12430- 7511), 10550 coincided with 52 weeks EMA is placed at 10635.

Pivot Points CNX Nifty Technical Picture

Index/Stocks Trend Close S1 S2 R1 R2 Nifty 50 Intraday Short Term SENSEX Positive 34911.3 34732 34554 35152 35392 Trend Up Range Bound Nifty 50 Positive 10311.2 10260 10211 10376 10443 Support 10270-10220 9900 ACC Ltd Neutral 1263.5 1253 1244 1275 1288 Resistance 10380-10430 10600 Ltd Positive 430.2 420 410 438 446 20 day EMA 0 9884.0 HINDALCO INDS Neutral 150.1 149 148 151 152 200 day EMA 0 10525.0 SBI Positive 187.7 184 181 192 196 Advances/Declines HINDUSTAN PETRO Positive 238.6 229 218 246 252 Negative 1157.6 1125 1092 1214 1270 Advances Declines Unchanged Positive 102.7 101 99 105 107 BSE 1858 898 161 MRF LTD Positive 64762.8 63576 62388 65576 66388 NSE 1361 554 70 LTD Positive 2855.8 2718 2582 2932 3010

TCS Negative 2028.0 2014 2000 2047 2066 Daily Technical Calls

ITC LTD Negative 185.0 183 181 187 189 Daily Technical Calls LTD Positive 656.0 642 626 682 708 1. Buy Lupin in the range of 937.00-938.00 PIRAMAL ENTERPRI Positive 1208.0 1171 1134 1240 1272 2. Buy IOC in the range of 88.00-88.50 Positive 1746.2 1720 1693 1789 1831 All recommendations of June Future

BHARTI AIRTEL Positive 581.1 572 562 590 598 EQUITAS HOLDINGS Positive 55.1 54 52 57 58 See Momentum Pick for more details

Nifty Call – Put Strike (Number of shares in lakh) – June 2020 Intraday Derivative Strategy

i) Cummins India 9700 19 3 Buy CUMIND JUN Fut at ₹397 -₹398.00 9800 33 6 CMP: 397.5 9900 36 6 Target 1: 405 Target 2: 416.3 10000 46 16 Stop Loss : 390 10100 30 13 10200 21 12 10300 18 26 ii) 10400 4 24 Sell PIDIND JUN Fut at ₹1394.00 - ₹1395.00 10500 6 36 CMP : 1394.5 Target 1: 1382.5 Target 2: 1364.5 60.0 40.0 20.0 0.0 20.0 40.0 Stop Loss: 1406.5 Put Call

See Derivatives view for more details

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Results/Events Calendar

08 June 09 June 10 June 11 June 12 June 13 June Monday Tuesday Wednesday Thursday Friday Saturday Abbot India,Titan Hero MotoCorp,MRPL Dwarikesh Sugar,STFC KSB Ltd.,JK Agri,Westlife ,Hindalco BHEL,Wimplast PVR,GSPL,Inox Leisure Teamlease,Eclerx KNR Construction, Dixon. Castrol,Geojit Financial Dalmia Bharat Dai-Ichi Karkaria Ltd.,Faze3. Gujarat Pipavav Shankara Building Products Shriram City, Redington Mahindra & Mahindra Tata Communications Sal Automotive Ltd. Graphite India,CH CPI YoY Tata Metaliks,Indian Hotels EID Parry,Enkei Wheels Goodyear,Butterfly Gandhi. CH Industrial Production JP M3 Money Supply CH PPI YoY US Fed Int Rate Decision US Initial Jobless Claims Suprajit Engineering CH Retail Sales

15 June 16 June 17 June 18 June 19 June 20 June Monday Tuesday Wednesday Thursday Friday Saturday TATA Motors,Intellect Navin fluorine,IPCA Labs HEG,JK Cement,FDC Thermax,EMMBI,Hikal VRL Action Construction,Pfizer HPCL, Ratnamani Ltd. Pidilite Indutries,Fortis GSFC,Caplin Point,Guj.Alkalies LIC Housing Finance TCNS Clothing Narayana Hrudalaya,Shalby Globus Spirits,NMDC Gulf Oil Lubricants Moil,,OCCL Dalmia Bharat Sugar BLS International JK Tyre,Ashoka Buildcon JP Exports,JP Imports Natco, Brigade Enterprise,IRB Infra Bajaj Electrical,ENIL Balakrishna Industries VSSL, Canfin Homes Ltd. US Retail Sales (MoM) Mangalam Cem,,Triveni Eng Lumax Ind.,Suven Pharma Cochin Shipyard

22 June 23 June 24 June 25 June 26 June 27 June Monday Tuesday Wednesday Thursday Friday Saturday AIA Engineering Ador Welding,Asian Paints PNC Infratech,GAIL ,SomanyCera Shree Pushkar, NHPC,Dlink India ,Morpen Labs BergerPaints,Bank of Baroda Indoco Remedies,IOC TTK Prestige,Concor ITC,Hester Bios, Greenply Industries Alu Fluoride,Aegis Logistics Page Industries,DB Corp India Cements,Sobha Taj GVK,Container Corpo. Sun TV,Glenmark,Hudco Siyaram Silk,Zee Media EU Consumer Confidence BalrampurChini,Indian Bank United Breweries ,StarCement KajariaCeramics,CenturyPly CH Industrial Profit JP Manufacturing PMI EIH Associated Hotels PNC Infratech,Sanghi Ind. Engineers Ind.,EnduranceTech. Hind Rectifier,EIH Ltd. 0

29 June 30 June 01 July 02 July 03 July 04 July Monday Tuesday Wednesday Thursday Friday Saturday ,NGLFine ChemNirlon,Control Print IN Nikkeli Manuf. Markit PMI EU Unemployment Rate IN Nikkei Services PMI 0 Phoenix Mills,J&K Bank NCL Industries,Solar Ind. EU Maufacturing PMI US Trade Balance EU Services PMI 0 Linc Pen & Plastics,CESC EU CPI YoY,UK GDP YoY 0 US Unemployment Rate UK Composite PMI 0 Elgi Equipment,Petronet LNG IN Federal Fiscal Deficit 0 US NonFarm Payrolls UK Services PMI 0 Minda Ind.,BharatForge IN Infrastructure Output 0 JP Services PMI 0 0

06 July 07 July 08 July 09 July 10 July 11 July Monday Tuesday Wednesday Thursday Friday Saturday UK Constrution PMI US Job Openings US Consumer Credit JP PPI (YoY) IN Industrial Production 0 EU Retail Sales(MoM) JP Bank Lending (YoY) JP M3 Money Supply JP PPI (MoM) IN Manufacturing Output(MoM)0 US Services PMI 0 CH CPI (MoM) 0 IN Industrial Production 0 US Composite PMI 0 CH CPI (YoY) 0 US PPI (MoM) 0 0 0 CH PPI YoY 0 0 0

Major Economic Events this Week Result Preview

Date Event Country Period Actual Expected Company Revenue Chg(%) EBITDA Chg(%) PAT Chg(%) 22-Jun Consumer Confidence EU Jun -14.70 -15.00 | Crore Q4FY20E YoY QoQ Q4FY20E YoY QoQ Q4FY20E YoY QoQ 22-Jun Manufacturing PMI JP Jun 37.80 38.40 Asian Paints 5,047.0 0.6 -6.9 941.8 6.6 -20.8 587.5 20.9 -24.6 Date Event Country Period Expected Previous Bank of Baroda 7,331.5 NA 2.8 5,165.9 NA 4.2 365.0 NA NA 23-Jun Services PMI EU Jun 40.50 30.50 Page Industries 564.1 -7.2 -28.9 73.3 -38.7 -47.2 47.6 -36.5 -45.3 23-Jun Manufacturing PMI EU Jun 44.0 39.4 23-Jun Services PMI UK Jun -- 29.00 23-Jun Manufacturing PMI UK Jun -- 40.70 23-Jun Services PMI US Jun 46.00 37.50 23-Jun Manufacturing PMI US Jun 47.80 39.80

24-Jun M3 Money Supply IN May -- 11.7% 24-Jun Crude Oil Inventories US May 0.152M 1.215M 25-Jun GDP (QoQ) US Jun -5.0% -5.0% 24-Jun Initial Jobless Claims US Jun 1,300K 1,508K Recent Releases 24-Jun Good Trade Balance US May -- -70.73B Date Report 25-Jun FX Reserves IN Jun -- 501.70B June 22, 2020 Company Update – TCNS Clothing June 22, 2020 Result Update – Brigade Enterprises Ltd. June 22, 2020 Result Update – Ramco Cements June 22, 2020 Result Update – Cadila Healthcare Limited June 22, 2020 Result Update – Bajaj Electricals

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Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC Andheri (East) Mumbai – 400 093 [email protected]

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