Allsegmentrecommendationsthe inCash are 1-Jun-20 28-Jul-20 11-Aug-20 11-Aug-20 18-Aug-20 21-Aug-20 24-Aug-20 Date Open recommendations 3-Sep-20 Date New recommendations Gladiator ResearchAnalysts [email protected] Pabitro [email protected] Dharmesh Mukherjee Shah Tata Consultancy Servives Consultancy Tata Britannia Pidilite Industries Pidilite Cummins Berger Stocks Escorts Scrip Scrip ITC Avg Rec Price I-Direct Code 1,470.00 1,154.00 3,812.00 4,685.00 202.00 547.00 458.00 TCS [email protected] VinayakParmar [email protected] Nitin Kunte Buying Range 2270-2305 1,670.00 1,380.00 4,510.00 5,450.00 , , CMT 233.00 635.00 540.00 Target Stoploss 1,320.00 1,045.00 3,560.00 4,340.00 2,650.00 183.00 497.00 410.00 Target Stoploss 1,430.00 1,206.00 3,790.00 4,720.00 2,110.00 191.00 560.00 469.00 CMP Time Frame:Time 6 Months Frame:Time 6 Months September 3, 2020 3, September [email protected] NinadTamhanekar, CMT Return till date (%) Upside (%) -3% -5% -1% 5% 2% 2% 1% 16 Open Open Recommendations Click here to know more know to here Click EIH EntertainmentZEE Scrip Momentum Picks Momentum Duration:14Days Action Buy Buy Buy …

ICICI Securities – Retail Equity Research MOMENTUM PICK above major breakout area augur well for next up move… Tata Consultancy Services Weekly Chart Source September September 2020 3, 1372 Rec. Price Rec. : Spider 1026 Software, ICICI breakout A Direct bullish 2270.00 Research area Flag - 2305.00 signals breakout strength and average Weekly a and higher (TCS): Bullish Flag breakout, higher base Target offers 14 thus base periods entry validates above ICICI Ltd. Securities Retail| Equity Research 2276 opportunity RSI positive 1784 the in 2650.00 up last trend bias two Recommended and year 2296 52 52 Weeks is consolidation EMA seen on sustaining Stoploss I - click the CY 2017 the 61.8% 61.8% of retracement to 2260 gain (| 1026 above 1506 on 03 1675 - - rd 2296) 2019 2019 rally its September Target @ Target nine 2358 periods 2110.00 2020 @ Support Support | 2110 | | at 2650 09 : 56 o o o o o o Upside decline external coming up We thus support strong The to decline, 2110 its The offering a current bullish month The price highlighting highs the recently IT base shown last bottomed month’s major The emerge breakout major move 52 last month’s expect weekly stock IT entire validating ) for structure . (| outperformers resilience up (| week’s sector has a Flag In months at week’s the buying generated two 2275 and pullback retracement TCS fresh 2296 out around trend is its breather case the next 14 above taken breather, head strength year’s formation seen , in nine has the has - trade entry | 1506 stock demand period’s as leg and EMA March and 52 2296 of positive towards since a led period’s sustaining been the it the of ) almost week’s opportunity it of formed breakout in any around is to IT is , has of up . and the (currently the respectively) the 2020 shape stocks seen same, continue is the RSI the During one move the bias registered corrective | 16% expected way EMA average, last identical last a positive . | 2650 138 is market of higher taking above above In entire 2650 of have thus 2 in one and five . the the the 2 its at in % a a ICICI Securities – Retail Equity Research MOMENTUM PICK September September 2020 3, Fundamental View: Tata Consultancy Services (TCS) Source • • • • a company and capability, With meaningful to terms Delivery than Considering technologies However, digital consolidation We CPG communication Tata long : continue Bloomberg, expect RoCE & peers Consultancy the - of term technologies retail Model market has company’s (~ we it recovery TCS as perspective the (~ registering has ICICI 44 maintained opportunities expect seen 15 (MFDM) % (~ company’s share to been Direct ) % . Services 7 report We ) to % . in in Geographically, knack ), able Research gains, the gain FY expect the industry framework healthy 22 improving company to and traction ability historical E (TCS) of acceleration register mainly the winning traction cash leading to company is will in growth led to win the a performance an the flow (~ consistent register provide in large by company large in revenue IT 10 long BFSI cost generation digital in to % service deals ), coming deals, term continue . unique rationalisation healthy life The . performance growth technologies generates . In science across company We company platform and addition, quarters differentiation delivering growth believe in has segments & ~ coming differentiation a also healthcare 52 catering in mainly and TCS’ consistent in TCS ICICI Ltd. Securities Retail| Equity Research % revenues industry FY expects revenues vendor for Secure could years 22 & led to E its geographies, (~ by mainly . leading and consolidation various dividend see services cloud, and Further, 8 from Borderless receding % margins ), a client decline technology led Americas, growth customer segments . payout We in by strong challenges . mining terms TCS based Workspace in believe ramp and policy FY 31 experience, has & execution, 21 like capability, higher of % on up services E best there . from on margins, company’s Hence, revenues banking of (SBW) the return in deal Europe are class automation cost (~ supply we we long pipeline we & 9 ratios mainly delivery expect % execution remain margins and rationalisation insurance ), term expect side, regional 17 in due and TCS % coming drivers and positive model ramp (~ from . the to Hence, acceleration to cyber (~ 27 markets a up company bounce % rest 30 for and weak years and on EBITDA % of security the we of the Machine of deals, client . (~ first the company Further, expect back stock revenues), 20 in to margins) world quarter % related vendor mining digital see faster ) from First TCS and the in a . FaceValue Capital(Crore) Equity week H/L52 EV(Crore) Cashequivalents(Crore) and TotalDebt(Crore) MarketCapitalization(Crore) Particular RoCE(%) RoNW(%) P/E EPS NetProfit Margins(%) EBITDA EBITDA NetSales -20 15 50 Price Valuation Particulars

% Change Financials CY16 performance of last 5 years last 5 performanceof - 3 44 38 27 CY17 14 FY20 156949 32340 42110 FY20 86.2 26.8

CY18 Year 40 FY21E 156265 31377 42192 42 37 28 FY21 CY19 83.6 2388/1954 14 27 49 43 24 Amount 809235 837000 170141 3 35939 35429 46789 CY20 8174 FY22E FY22 94.4 27.5 375 7 1 ICICI Securities – Retail Equity Research MOMENTUM PICK September September 2020 3, Follow up summary of Gladiator Stocks Source Strike RateStrike cost at Closed RecommendationsPositive RecommendationsClosed TotalRecommendations SummaryPerformance Recommendations- date till : ICICI Direct Research 76% 409 554 561 16 YieldNegativerecommendationson YieldrecommendationsPositiveon Open ICICI Ltd. Securities Retail| Equity Research 17.0% -8.0% 7 4

ICICI Securities – Retail Equity Research MOMENTUM PICK September September 2020 3, Allrecomedationssegmentthe inCash are Momentum Picks open recommendations 27-Aug-20 26-Aug-20 3-Sep-20 2-Sep-20 Date Scrip Name Scrip Birlacorp Mindtree ZEE EIH Strategy Buy Buy Buy Buy Recommendations Price Recommendations ICICI Ltd. Securities Retail| Equity Research 1195-1207 210-215 625-635 91-93 Target 1320.00 234.00 101.00 685.00 Stoploss 1130.00 199.00 585.00 85.50 Time Frame Time 14Days 14Days 14Days 14Days Back to Top Back 5

ICICI Securities – Retail Equity Research MOMENTUM PICK September September 2020 3, Price history of past three years Source Tata Consultancy Services (TCS) ServicesConsultancy Tata : Spider Software . ICICI Direct Research ICICI Ltd. Securities Retail| Equity Research 6

ICICI Securities – Retail Equity Research MOMENTUM PICK September September 2020 3, 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 7

ICICI Securities – Retail Equity Research MOMENTUM PICK September September 2020 3, 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 8

ICICI Securities – Retail Equity Research MOMENTUM PICK September September 2020 3, Pankaj Pandey ICICI Ltd. Securities Retail| Equity Research [email protected] (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 9

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ICICI Securities – Retail Equity Research MOMENTUM PICK