Opening Bell

Opening Bell
October 14, 2014
Market Outlook
• Indian markets are expected to open in the positive territory despite
weak global cues as upbeat CPI data and better-than-expected Q2
numbers from Reliance are likely catalysts for today’s session.
Today’s Highlights
Results: Bajaj Auto, Blue Dart, Symphony Ltd;
India WPI YoY, Japan PPI YoY, UK CPI YoY,
Eurozone industrial production
Index Movement (past one month)
Key Developments
BSE (RHS)
• Reliance Industries reported its Q2FY15 results with revenues
declining 4.3% YoY to | 1,13,396 crore and net profits increasing
1.7% YoY to | 5,972 crore. The GRM for the quarter was at
$8.3/barrel vs. expectation of $7.7-8/barrel
• IndusInd bank reported an NII of | 833 crore (up 19% YoY) and PAT
of | 430 crore in line with estimates and surged 30% YoY led by
strong business growth and other income
• Future Group has tied up with Amazon India to sell online its fashion
brands initially and all other brands subsequently
• About 150 striking union members of Bosch's Bangalore plant were
arrested before being released on bail when they tried to stage a
protest against the government's directive prohibiting the strike.
• Essar Group plans to delist Essar Shipping and Essar Ports from the
stock exchanges
• Bajaj Auto's numbers are likely to be better both YoY and QoQ owing
to strong exports (~30% YoY) while margins are likely to improve
~250 bps QoQ on better product mix
• IL&FS Engineering and Construction Company has bagged a | 1232
crore road project (Patna Gaya Section of NH-83) contract from NHAI
Sensex
Nifty
13-Oct
9-Oct
7-Oct
23000
30-Sep
24000
7400
26-Sep
25000
7600
24-Sep
26000
7800
22-Sep
27000
8000
18-Sep
28000
8200
16-Sep
8400
12-Sep
Markets Yesterday
• After a negative start, domestic markets closed positive on the back
of appreciation of the rupee against the dollar and the go-ahead from
the Finance Minister for a major overhaul of the current monetary
policy framework
• US markets closed negative reflecting lingering concerns about
global economic growth and monetary policy divergence
NSE (LHS)
Close Previous Chg (%) MTD(%) YTD(%) P/E (1yr fwd)
26,384 26,297
0.3
-0.9
24.6
16.7
7,884
7,884
0.0
-1.0
25.1
16.6
Institutional Activity
FII (| cr)
DII (| cr)
CY12
127,034
-55,612
CY13
112,221
-74,125
YTD CY14
83,260
-31,045
Yesterday Last 5 Days
-671
-2,537
567
2,739
World Indices – Monthly performance
Shanghai
2,372
1.5%
BSE
26,384
-2.5%
NSE
7,884
-2.7%
Dow Jones
16,321
-3.1%
Nikkei
15,079
-3.1%
Kospi
1,938
-5.6%
U.K.
6,366
-6.5%
Nasdaq
4,214
-7.7%
France
4,079
-8.2%
Germany
8,812
-8.7%
Nifty Heat Map
Tata
power
Axis Bank
85.2
2.8%
386.9
2.0%
Cairn
India
289.9
Hero
Moto
2,874.9
Tata
Motors
496.3
BPCL
GAIL
Bajaj Auto
L&T
Dr Reddy
1.4%
1.2%
0.7%
671.8
0.2%
444.0
0.0%
2,348.8
-0.2%
1,445.8
-1.1%
2,943.2
-1.9%
United
Spirits
JSPL
SBI
HDFC Ltd
Hindalco
IDFC
Wipro
RIL
2,412.1
2.6%
159.1
2.0%
2,485.5
1.4%
1,017.8
1.1%
151.1
0.6%
140.2
0.1%
584.6
0.0%
957.9
-0.3%
Asian
Paints
655.7
Sun
Pharma
803.9
-1.1%
-2.1%
NMDC
Indusind
Bank
Infosys
HDFC
Bank
ONGC
Sesa
Sterlite
Lupin
NTPC
ACC
Cipla
155.6
2.4%
635.0
1.9%
3,942.6
1.4%
876.8
1.1%
406.8
0.6%
249.9
0.0%
1,327.3
-0.1%
140.3
-0.7%
1,387.0
-1.2%
576.0
-2.8%
ICICI Securities Ltd. | Retail Equity Research
PNB
Coal India
ICICI Bank
HCL Tech
Kotak
Bank
Ultratech
Grasim
Ind
ITC
Ambuja
Cement
M&M
920.3
2.3%
340.8
1.7%
1,477.9
1.3%
1,755.8
1.1%
1,008.5
0.6%
2,481.9
0.0%
3,418.9
-0.2%
350.6
-0.7%
208.9
-1.2%
1,269.0
-3.7%
Tata Steel
TCS
Tech M.
Bank of
Baroda
Maruti
HUL
457.8
2.2%
2,716.6
1.4%
2,368.0
1.2%
865.4
0.7%
2,972.9
0.2%
720.4
0.0%
Bharti
Airtel
391.6
Power
Grid
134.9
BHEL
DLF
-0.2%
-0.9%
218.2
-1.5%
146.9
-3.8%
Markets Today
Commodities
Gold (|/10 gm)
Silver (|/kg)
Crude ($/barrel)
Copper ($/tonne)
Currency
USD/INR
EUR/USD
USD/YEN
ADRs
HDFC Bank
ICICI Bank
Tata Motors
Infosys
Dr Reddys Labs
Close
Previous
Change (%) MTD(%) YTD(%)
26,970
38,356
88.2
6784
26,859
38,130
88.9
6703
0.4
0.6
-0.8
1.2
0.7
-1.1
-6.9
1.0
-2.1
-11.6
-20.4
-8.0
61.11
1.27
107.26
61.34
1.28
106.86
-0.4
-0.2
0.4
1.1
0.8
2.2
1.1
-7.4
-1.8
47.5
49.9
42.9
63.9
47.8
47.1
49.1
42.7
62.8
48.8
0.9
1.6
0.5
1.6
-1.9
-6.3
NA
-9.0
3.9
-1.0
36.6
NA
38.7
11.0
18.9
Exchange Cash Turnover (| crore)
Sectoral Index
Sector
1-Oct
7-Oct
2,427
13,389
5000
3,056
15,857
10000
2,666
14,388
15000
8-Oct
9-Oct
10-Oct
13-Oct
0
BSE Cash
NSE Cash
NSE Derivative Turnover (| crore)
0
1-Oct
7-Oct
8-Oct
236,318
100000
193,733
200000
9-Oct
10-Oct
189,542
300000
13-Oct
NSE Derivative
Sectoral Performance – Monthly Returns (%)
Close
Previous
Change
% Change
Volume
Auto
17334.9
17348.4
-13.5
-0.1
1720000
Banks
17932.9
17694.2
238.6
1.3
3038000
BSE Small Cap
10646.5
10611.0
35.5
0.3
49672000
Capital Goods
14279.6
14352.0
-72.4
-0.5
7436000
Consumer Durables
9582.0
9590.2
-8.2
-0.1
634000
FMCG
7311.7
7351.2
-39.5
-0.5
674000
13559.2
13702.3
-143.1
-1.0
1190000
Healthcare
20000
2,797
14,552
Prior Values
3,979.29bln IN
-1.2bln $
26.96bln $
311.43bln $
4.60%
4.50%
37.8bln $
0.50%
-1.00%
-30.7bln $
10.84bln $
5.20%
4.50%
3.74%
3.45%
4.00%
8.00%
7.00%
163,472
Latest Values
-7.8bln $
5.70%
4.70%
0.40%
-1.40%
-34.6bln $
4.00%
8.00%
7.00%
2,941
15,375
Release Date
31-Oct
1-Sep
13~17Oct
17-Oct
29-Aug
30-May
13~17Oct
10-Oct
10-Oct
1-Sep
13~17Oct
14-Oct
14-Oct
14-Oct
14-Oct
30-Sep
30-Sep
30-Sep
146,208
Period
Sep
Q2
Sep
w/e
Q1
12M
Sep
Aug
Aug
Q2
Sep
Sep
Sep
Sep
Sep
N/A
N/A
N/A
2,680
13,082
Key Domestic Economic Indicator
Fed Fiscal Deficit
Current Account
Exports - USD
FX Reserves, USD Final
GDP Quarterly yy
GDP Annual
Imports - USD
Industrial Output yy
Manufacturing Output
Trade Deficit - RBI
Trade Deficit Govt - USD
WPI Food yy
WPI Fuel yy
WPI Inflation yy
WPI Manufacturing Inflation yy
RBI Cash Reserve Ratio
RBI Repo Rate
RBI Reverse Repo Rate
109,834
Key Data Points
IT
10805.2
10680.7
124.5
1.2
620000
Metals
11081.0
10931.5
149.5
1.4
3113000
Mid Cap
9489.8
9444.4
45.4
0.5
61639000
Oil & Gas
10765.0
10753.7
11.3
0.1
1306000
Power
2009.7
2006.9
2.8
0.1
9891000
PSU
7840.3
7780.1
60.2
0.8
11940000
Real Estate
1563.7
1592.1
-28.4
-1.8
15522000
IT
Consumer Durables
Healthcare
FMCG
Auto
Power
Banks
BSE Small Cap
Mid Cap
Oil & Gas
PSU
Capital Goods
Real Estate
Metals-13.8
-15.0
3.4
-1.2
-1.7
-2.4
-3.3
-3.8
-4.4
-4.7
-4.9
-5.2
-5.4
-7.1
-10.1
-10.0
-5.0
(%)
0.0
5.0
Key News for Today
Company/Industry
News
Macroeconomics CPI September 2014 at 6.45% came in much
lower than market expectations (7.2%). MoM
vegetable & fruit prices declined ~1.5% while
fuel & transport inflation softened ~200 bps YoY
leading to the softer reading
View
CPI inflation may further decline both on
account of the seasonal effect as well as
the higher base. We expect CPI January
2015 inflation to be below RBI’s target of
8%. Softening global crude oil prices
have further raised the probability of 6%
January 2016 CPI target being achieved.
Rate cut expectations may further get
strengthened by the current reading
Wipro
Such exits reinforce the success of this
VC strategy employed by Wipro as it has
earmarked a $100 million fund to invest
in start-ups, which can provide access to
platforms that they cannot build on their
own
As per media sources, Wipro has sold its 8%
stake in US-based Axeda, an M2M solutions
provider, with a three-fold return on its $5 million
investment in June 2013. The company was
compelled to exit after Nasdaq-listed PTC bought
Axeda for $170 million in July 2014
ICICI Securities Ltd. | Retail Equity Research
Impact
Key News for Today
DLF
Sebi has barred DLF and its six top executives
from accessing the securities markets for three
years. DLF in its IPO in 2007 failed to disclose in
its final issue prospectus the name of an
associate company against which an FIR was
filed
Consequently, DLF would be unable to
raise funds from the capital markets.
Hence, it would impact its debt
reduction process further. Furthemore,
DLF may not benefit from REITS listing
over the next three years
Jaiprakash
Associates
Concerned over their massive exposure to the
debt-laden infrastructure conglomerate Jaypee
Group, its lenders have met to take stock of the
situation
It was a regular review meeting and was
to take stock as to how much of the
assets have been sold by the group as
well as how much more they are going
to put on the block. Also, as of now the
group is not a bad asset
IRB Infrastructure Mhaiskar Infrastructure Pvt Ltd, a wholly owned
subsidiary of IRB, has now executed a
concession agreement with MSRDC for the
operation & maintenance of Yashwantrao
Chavan Expressway and Mumbai Pune section
of NH-4 along with execution of additional works
on the Mumbai Pune section of NH-4, on a
DBFOT basis with toll rights in Maharashtra
The company has already received the
letter of intent for the same from
MSRDC. In that regard, it has signed a
concession agreement and is already
factored in the stock
Indian
Agriculture
Sector
As per media sources, the cotton output for the The current estimates are higher than
current Kharif season (FY 2015) is estimated at the previous year's production of ~ 37
~40 million bales (1 bale = 170 kg)
million bales. This is likely to put some
pressure on cotton prices domestically
due to robust production & subdued
demand globally
ICICI Securities Ltd. | Retail Equity Research
Sensex Chart
Technical Outlook
We said, "Watch if lower levels attract
support..." Down 204 points initially, the index
found support near the 61.8% level we had
marked. Recovering 350 points intra-day, the
index settled 87 points or 0.3% higher. While
metal and bank indices recovered 1.3%,
realty, pharma indices lost 1-1.7%. The A/D
ratio turned marginally positive.
The action formed a counter attack bull (CAB)
candle, indicating support we suspected at
lower levels. Follow-up support sustaining and
closing above the CAB candle would
encourage bulls further. A faster retracement
of the two-day fall is, however, required to
confirm a firm bottom. Failure to sustain
above the CAB candle could open up negative
options.
Pivot Points
CNX Nifty Technical Picture
Index/Stocks
SENSEX
NIFTY
ACC
ADANI ENTER.
ADANI POWER
ADITYA BIRLA
ALLAHABAD BANK
ANDHRA BANK
APOLLO HOSPITALS
APOLLO TYRES
ARVIND
ASHOK LEYLAND
ASIAN PAINTS
AUROBINDO PHARMA
BAJAJ AUTO
BOB
BOI
BATA INDIA
Close
26384.07
7884.25
1386.95
461.10
43.35
1613.50
101.85
67.85
1069.10
221.60
282.45
44.70
655.65
941.35
2348.80
865.35
247.65
1299.95
S1
26345.35
7872.35
1373.85
460.00
43.20
1600.75
101.40
67.45
1066.90
220.35
274.85
44.50
648.10
924.35
2339.65
863.85
245.75
1272.15
S2
26257.75
7846.05
1364.10
457.90
42.90
1589.15
100.40
66.75
1060.65
219.20
271.15
43.95
640.65
917.20
2330.95
858.50
242.35
1260.95
R1
26520.60
7924.95
1386.55
464.20
43.90
1614.15
103.45
68.95
1079.40
222.65
280.95
45.55
656.10
940.60
2357.05
874.50
252.60
1297.00
R2
26614.50
7952.95
1392.90
467.05
44.30
1620.85
104.65
70.10
1087.90
223.75
284.00
46.05
660.10
948.70
2365.75
879.95
255.25
1309.45
Nifty Call – Put Strike (No. of shares in lakh) – October 2014
7500
7600
7700
7800
7900
8000
8100
8200
8300
80.0
40
43
55
13
27
27
50
53
10
8
8
60.0
40.0
20.0
60
51
0.0
Call
20.0
Put
Intraday
Up
7870
7870-7840
7935-7975
0
0
Short Term
Range bound
0
7700
8200
7951
7236
Advances / Declines
Advances
1417
797
BSE
NSE
Declines
1509
724
Daily Technical Calls
1. Buy TCS in the range of 2715.00-2720.00
2. Buy Voltas in range of 237.50-238.50
*All recommendations are of October Future
See Momentum Pick for more details
Buy YESBAN Oct Fut in rng of 573.00-574.00
View: Bullish
Strategy: Buy Future
Target 1: 576.90
Target 2: 583.90
Stop Loss: 569.90
Market Lot: 1000
CMP : 578
8
45
Nifty
Trend
Trend Reversal
Support
Resistance
20 Days EMA
200 days EMA
Intraday Derivative Strategy
3
4
67
Trend
+ve
+ve
-ve
+ve
+ve
-ve
+ve
+ve
+ve
Neutral
-ve
+ve
-ve
-ve
Neutral
+ve
+ve
-ve
40.0
60.0
80.0
Sell CROGRE Oct Fut in rng of 204.50-205.00
View: Bearish
Strategy: Sell Future
Target 1: 203.10
Target 2: 200.50
Stop Loss: 206.50
Market Lot: 2000
CMP : 205
See Daily Derivatives for more details
ICICI Securities Ltd. | Retail Equity Research
Unchanged
109
64
Results/Events Calendar
22
September
Monday
US Existing Home Sales
0
0
0
0
29
September
Monday
Germany CPI YoY
0
0
0
0
06
October
Monday
0
0
0
0
0
23
24
September
Tuesday
HSBC China Manf. PMI
Markit Eurozone Manf. PMI
Markit US Manf. PMI
0
0
30
Wednesday
New Home Sales MoM
Markit JN Manu. PMI
0
0
0
01
September
Tuesday
RBI Cash Reserve Ratio
RBI Reverse Repo Rate
RBI Repurchase Rate
Fiscal Deficit INR Crore
UK GDP YoY
07
25
September
02
October
08
October
Tuesday
09
October
Wednesday
October
Monday
Indusind Bank, Sintex Ind.
Reliance Industries
TTK Prestige, India CPI YoY
India Import/Export YoY
China Trade Balance
20
October
Monday
Exide Industries, JustDial
Idea Cellular
Wabco India
0
0
14
15
October
Tuesday
21
22
October
Tuesday
17
October
Thursday
23
October
Wednesday
Major Economic Events this week
10
October
TCS, InfoEdge, DB Corp
Rallis India, Somany, CMC
Bajaj Corp
Initial Jobless Claims (US)
US Manufacturing Prod
Saturday
0
0
0
0
0
04
October
Friday
24
October
11
October
Friday
October
Saturday
18
Friday
October
Saturday
Persistent Systems
Unichem labs
Oberoi Realty
0
0
25
October
Friday
0
0
0
0
0
October
Saturday
TV18
0
0
0
0
October
Axis bank, NIIT, HCL Tech
Mahindra Lifespace
HT Media, Zee Ent.
0
0
Thursday
0
0
0
0
0
September
Markit Eurozone Services PMI 0
Markit Eurozone Composite PM0
US Trade Balance
0
US Unemployment Rate
0
Markit US Services PMI
0
Thursday
16
October
HDFC, Kotak bank, Wipro
Asian Paints
0
0
0
Biocon, HDFC Bank, KPIT
Cairn India, JSW Steel
Mahindra CIE
Indoco Remedies
0
Friday
India Local Car Sales
Infosys
Germany Trade Balance
India Industrial Production YoY
Germany Current Account Bala India Exports YoY
Initial Jobless Claims (US)
India Imports YoY
Continuing claims (US)
UK Trade Balance
Wednesday
Cyient, Mindtree, NIIT Tech
Japan Ind. Prod. YoY
China CPI YoY
UK Jobless Claims
0
Bajaj Auto, Bluedart
Symphony Ltd
India WPI YoY
Japan PPI YoY
UK CPI YoY
03
October
27
September
US GDP Annulaized QoQ
US GDP Price Index
Japan CPI YoY
0
0
Thursday
China Manufacturing PMI
EC PPI YoY
Markit US Manufacturing PMI ECB Marginal Lending Facility
Markit Eurozone ManufacturingUS Initial Jobless Claims
0
US Continuing Claims
0
0
Cera Sanityware
HSBC China Services PMI
HSBC India Services PMI
HSBC China Composite PMI
HSBC India Composite PMI
Japan Trade Balance
UK Industrial Production YoY 0
UK Manufacturing Production Y0
13
Thursday
India Eight Infra Industries
Initial Jobless Claims (US)
Markit US Services PMI
Markit US Composite PMI
US Continuing Claims
Wednesday
26
September
October
Saturday
0
0
0
0
0
Result Preview
Date
13-Oct
13-Oct
13-Oct
Event
Local Car Sales
CPI YoY
Trade Balance
Country
IN
IN
CH
Period
Sep
Sep
Sep
Actual Expected
154882
-6.46%
7.80%
$30.94B $41.10B
Date
13-Oct
13-Oct
14-Oct
14-Oct
14-Oct
14-Oct
15-Oct
15-Oct
15-Oct
16-Oct
16-Oct
16-Oct
16-Oct
Event
Country
Exports YoY
IN
Imports YoY
IN
Wholesale Prices YoY
IN
PPI YoY
JN
CPI YoY
UK
Industrial Production SA MEC
CPI YoY
CH
Industrial Production YoY JN
Jobless Claims Change UK
Trade Balance SA
EC
CPI YoY
EC
Initial Jobless Claims
US
Continuing Claims
US
Period
Sep
Sep
Sep
Sep
Sep
Aug
Sep
Aug F
Sep
Aug
Sep F
11-Oct
4-Oct
Expected
--3.24%
3.60%
1.40%
-1.70%
1.70%
--35.0K
-0.30%
---
Previous
2.40%
2.10%
3.74%
3.90%
1.50%
1.00%
2.00%
-2.90%
-37.2K
12.2B
-287K
2381K
16-Oct
Industrial Production MoMUS
Sep
0.40%
-0.10%
ICICI Securities Ltd. | Retail Equity Research
Company
Bajaj Auto
Bluedart
Symphony
Revenue
Q2FY15E
5,467.2
554.1
95.8
EBITDA
Chg(%)
YoY
QoQ Q2FY15E
5.6
6.4 1,062.6
17.5
5.1
52.6
32.9 -36.4
18.4
PAT
Chg(%)
YoY
QoQ Q2FY15E
-6.1
8.7
818.5
25.9
-8.2
35.3
32.7 -58.1
17.6
Revenue = NII; EBITDA = PPP for Banks and NBFC
Recent Releases
Date
Report
13 October 14
Result Update- IndusInd bank
13 October 14
Result Update- TV 18
10 October 14
Result Update- Infosys
9 October 14
Quick Comment – Maharashtra Seamless
9 October 14
Quick Comment – SKF India
Chg(%)
YoY
QoQ
-2.2
2.2
17.2
2.3
39.0
-46.3
Research Product Basket
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Daily comprehensive snapshot containing
information & in-depth analysis of Indian &
US markets, major headlines, technical view,
derivatives statistics, economic indicators,
commodities, market indicators, domestic &
global events.
Features four stocks & Nifty view with a
trading outlook for the day based on shortterm technical trends considering key
technical indicators & statistical information.
Trading strategy for a day in the futures &
options segment based on news events,
market trends, technical & other factors
governing movements in stocks.
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frame
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1 Day
-
Market Page,
Trading PageScroller & iCLICK-2-GAIN
Pre-market open –
Daily
1 Day
2-3 %
Research page-We
Recommend, Trading Page
Pre-market open –
Daily
1 Day
2-3 %
Research page-We
Recommend, Trading Page
Daily
1 – 2 Days
1 - 2%
Daily
1 Days
1 - 2%
Daily
1 – 2 Days
1 - 2%
Intraday Recommendation
BTST Calls
Margin Calls
Derivative Calls
Based on short-term technical trends and
stock specific news/news expectations.
Based on short-term technical trends and
stock specific news/news expectations.
Based on short-term technical trends and
stock specific news/news expectations.
Provides simplified derivative strategies such
as spreads and covered calls
Derivative
Strategies
Weekly & Monthly recommendations
Weekly Calls
Weekly Technicals
Weekly Derivatives
Market Trends
Global Derivatives
Monthly Technical’s
Technical trends for a week considering key
technical indicators & statistical information
Features stocks with a trading outlook for a
week based on short-term technical trends
considering key technical indicators &
statistical information.
Trading opportunities in futures & options
segment based on data analysis, overall
market trend, volatility & open interest
positions of securities.
Nifty outlook for the month based on F&O
data, FII activity, Heavyweights OI analysis
along with statistical inputs.
Derivatives outlook on global equity indices,
currencies and commodities. Also,
elaborating the likely impact on the Indian
bourses.
Trading outlook for a month based on
medium-term technical trends considering
key technical indicators & statistical
information.
Medium & Long term recommendations
Tecno Funda
On basis of Technical and Fundamental
whenever opportunity occurs we give these
Pick/Technical
calls
Deliver Call
Positional Derivatives
Stocks on the move
Identifying Out-performers/Under-performers
vis a vis index along with positional
recommendation on Stocks/Nifty.
Covers stocks, which are likely to show
significant upward movement in the next 15
days due to change in trader sentiment.
Detailed Company
Report
Fundamental report understanding the
business model and future prospects of the
company & valuations.
Equity Model
Portfolio
High Dividend
Yield Stocks
A portfolio based on your risk appetite: large
cap, midcap and diversified
Features high dividend yielding stocks for
assured returns on investment
Trading Page iCLICK-2-GAIN
Trading Page iCLICK-2-GAIN
Trading Page iCLICK-2-GAIN
iClick-2-Gain
Weekly
1-7 days
5%
Research page-We
Recommend, Trading Page,
iCLICK-2-GAIN
& iClick-2-Invest
Weekly
1-7 days
4 – 5%
Research page-We
Recommend, Trading Page
Weekly
1-7 days
4 – 5%
Research page-We
Recommend, Trading Page
Monthly
30 days
-
Trading Page
Monthly
30 days
-
Trading Page
Monthly
30 days
10%
Research page-We
Recommend, Trading Page,
iClick-2-Invest
Not regularly
recommended
3 months
20%
Trading Page, iCLICK-2-GAIN
& iClick-2-Invest
Trading Page, iCLICK-2-GAIN
Fortnightly
Fortnightly – every
alternate Wednesday
> 7-15
days
5 – 7%
When published
> 1 year
> 20% &
above
Quarterly
Research page-We
Recommend, Trading Page,
Scroller, iCLICK-2-GAIN
Research page-We
Recommend, Trading Page,
iCLICK-2-GAIN
& iClick-2-Invest
Research page-We
Recommend, iClick-2-Gain
Research page-We
Recommend, iClick-2-Gain
Pankaj Pandey
Head – Research
pankaj.pandey@icicisecurities.com
ICICIdirect.com Research Desk,
ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai – 400 093
research@icicidirect.com
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This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been
made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and may not be used
or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this
report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your
specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their
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ICICI Securities has been assigned an investment banking mandate from Group Company’s of Tata Steel Ltd. This report is prepared on the basis of
publicly available information.
ICICI Securities has been assigned an advisory mandate by Ranbaxy Laboratories Limited with regard to Sun Pharmaceutical Industries Limited’s
acquisition of Ranbaxy Laboratories Limited. This report is prepared on the basis of publicly available information.
ICICI Securities Ltd. | Retail Equity Research