11 March 15 Dailycalls

ICICI Securities Ltd. | Retail Equity Research

Market Outlook

Sensex: We said, "Weakness below the candle could test 28694..." The index traded lower and broke the previous support at 28694 at 2:50 pm, before ending 135 points or 0.4% lower. While telecom stocks surged higher, most other sectors ended flat to negative. The Realty Index lost about 2% while the A/D ratio continued to be negative, at 1:2. The action formed a smaller Bear candle but a break below 28694 generated "faster" retracement of the last rally. The bias remains negative as long as the index keeps making a lower high-low. Protecting the low can be positive but watch if a higher high is also made. We are now watching if the negative implication of last week's ELB would be similar to the previous ELB.

Exhibit 1: Sensex Daily Candlestick Chart

Source: ASA, ICICIdirect.com Research

Domestic Indices

Indices Close Change Change%

S&P BSE Sensex 28709.87 -134.91 -0.47

CNX Nifty 8712.05 -44.70 -0.51

Nifty future 8760.30 -24.55 -0.28

S&PBSE 500 11319.91 -41.25 -0.36

S&PBSE Midcap 10860.25 -40.99 -0.38

S&PBSE Smallcap 11319.62 -32.32 -0.28

Global Indices Indices Close Change Change%Dow Jones 17662.94 -332.78 -1.85Nasdaq 4859.80 -82.64 -1.67FTSE 6702.84 -173.63 -2.52DAX 11500.38 -81.73 -0.71Hang Seng 23876.41 -13.41 -0.06Nikkei 18766.62 107.69 0.58SGX Nifty 8746.50 -9.50 -0.11* Asian Market as at 7:30am

Market Breadth

1258456

1585724

12239

0 500 1000 1500 2000

Advance

Decline

Unchg NSEBSE

Recommendations for the day

1. Sell Nifty Mar Future in range of 8770-8780 2. Buy TVS Motors in range of 295.00-296.00 3. Sell DLF below 145.00

Recommendations are of March Future

Daily Calls March 11, 2015


Page 2

Exhibit 2: Nifty Future Daily Candlestick Chart

Source: ASA, ICICIdirect.com Research

CNX Nifty (Cash Levels) Technical Picture

Nifty Intraday Short TermTrend Rangebound Up

Trend Reversal 8670

Support 8690-8660 8670

Resistance 8750-8780 9370

20 Days EMA 8804

200 days EMA 8045 Nifty Future Recommendations CMP :

Comment :

Action :

Targets : 8745/8725/Lower

Stop-loss : 8792.00

Future premium increased from 28 points to 48. Forms a smaller Bear candles, but maintains the Red falling channel. Reverse if holds around the 8740 or 8700-mark

Sell in the range of 8770-8780

8760.30


Page 3

Trend Scanner

Positive Trends

Scrip Name Close % Change 10-day SMA Delivery (%)

Aurobindo Pharma Ltd 1127.30 2.23 1073.50 38.25

Ashok Leyland Ltd 74.50 2.55 70.85 25.97

Shasun Pharmaceuticals Ltd 321.95 -1.08 290.39 38.13

TVS Motor Co Ltd 295.00 2.81 283.17 36.11

Negative Trends

Scrip Name Close % Change 10-day SMA Delivery (%)

DLF Ltd 144.90 -4.04 151.93 29.90

Reliance Capital Ltd 447.35 -2.79 459.97 21.33

JSW Steel Ltd 944.55 -1.58 990.92 36.93

Overbought Stocks Oversold Stocks

Stocks rising for 5 days & stochastic overbought Stocks falling for 5 days & stochastic oversold

Ranbaxy 805.6 89.29 Titan Industries 405.75 19.88

Sun TV 436.5 88.91 India Cement 99.2 17.94

SAIL 67.3 14.12

Candlestick Patterns

Bullish Candlestick Formations Bearish Candlestick Formations

Bullish Engulfing/Piercing Bearish Continuation pattern

Voltas 264.1 DLF 144.3

Bharti Airtel 367.1 JSW Steel 944.0

SKS Micro 452.7 Reliance Capital 448.8

Bullish Continuation pattern JP Associates 26.9

Coal India 371.6

Aurobindo Pharma 1127.3

Thermax 1301.0

TVS Motors 296.7

Note: For Candlestick pattern description refer towards the end of the report.

Stocks hitting 52 week high

Scrip Name LTP

AIA Engineering 1229

Concor 1674

Hitachi Home 1272

Natco Pharma 1640.8

Wockhard Pharma 1761

Global Currencies

Spot Close Prev.close % Chg

Rupee (|) 62.780 62.544 -0.38

Dollar Index 98.601 98.618 -0.01

Euro 1.071 1.070 0.07

British Pound 1.508 1.507 0.06

Japanese Yen 121.310 121.130 -0.17

Australian ($) 0.764 0.763 0.12

Swiss Franc 0.998 1.000 0.13

Global Treasury Yields

Closing Yield (%) Previous Yield (%)

India 10 year 7.75 7.75

US 10 Year 2.13 2.13

EURO 10 Year 0.23 0.31

GBP 10 Year 1.80 1.93

JPY 10 Year 0.45 0.47

Commodities US Dollar

Close Prev. Close %Chg

Gold/ounce 1164.87 1161.84 0.26

Copper /ton 5788.5 5894 0.43

Brent Crude/barrel 56.92 56.39 0.92

Institutional Activity

Cash Segment (| Cr) FII DII

10-Mar-15 -748.1 290.5

9-Mar-15 838.3 -35.3

5-Mar-15 79.8 -193.5

4-Mar-15 2,786.2 16.9

3-Mar-15 772.9 -303.9


Page 4

Stock recommendations for the day

Exhibit 3: TVS Motors (TVSSUZ) Daily Candlestick Chart

Source: Bloomberg, ICICIdirect.com Research

TVS Motors (TVSSUZ) March Future

CMP 295.60

Comment :

Action :

Targets : 300.80/303.50/Higher

Stop-loss : 292.50

Price bounced back taking support at the 38.2 percent retracement level and rising gap area and RSI sustaining above its nine periods average in the daily chart

Buy in the range of 295.00-296.00

RSI in positive trend sustaining above its nine periods average in the daily chart thus validates the positive trend in price

Price bounced back taking support at the bullish gap area and the 38.2% retracement of the previous up move signalling continuation of positive trend and further upsides in coming sessions

38.2% retracement at 284


Page 5

Exhibit 4: DLF (DLFLIM) Daily Candlestick Chart

Source: Bloomberg, ICICIdirect.com Research

The stock forming lower low in the daily chart and has given a short term trendline breakdown in the daily chart indicating continuation of profit booking in the coming session

RSI has given a sell signal and has moved below its nine periods average indicating bearish bias in the coming sessions

DLF (DLFLIM) March Future

CMP 145.30

Comment :

Action :

Targets : 142/140.50/Lower

Stop-loss : 146.50

Sell below 145.00

Short term trendline breakdown and bearish crossover in 14 period RSI oscillator in daily chart


Page 6

Previous Days Performance

Scrip Product Strategy Recommended Price Targets SL Gain/Loss %* Comment

Nifty Future Sell In range of 8840-8850 8810/8790/- 8865.00 - No tradeUPL Future Buy In range of 437-438 445.5/450/+ 433.2 1.00 Stoploss triggeredGAIL Future Sell below 386.0 380/377/- 389.10 - No trade (Open at target)

Nifty Points gained for the day:0 points Gains over last 223 days: 697 points Stock profits: Avg -1% per trade (Cum. Profits over last 223 days:310.10%) Strike Rate for the day: 0/1 (Cum strike rate over 223 days: 296/491 NOTE: The follow-up and performance review table of the strategies indicates the profit opportunity that was available in the strategies. Individual profits may vary, depending upon the entry and exit price and stop losses


Page 7

Support and Resistance Table (Cash Levels)

SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND

SENSEX 28709.87 28546.55 28384.25 28221.95 28728.85 28820 28911.15 -ve

NIFTY 8712.05 8666.95 8617.60 8568.30 8717.25 8742.40 8767.60 -ve

ACC 1650.15 1629.75 1616.95 1604.10 1651.75 1662.75 1673.75 -ve

ADANI ENTER. 648.45 632.30 623.30 614.30 652.20 662.10 672.05 -ve

ADANI PORT 317.55 312.20 309.10 306.00 318.80 322.10 325.40 -ve

ADITYA BIRLA 1649.90 1651.95 1643.45 1634.95 1668.95 1684.20 1699.50 +ve

ALLAHABAD BANK 105.20 104.95 104.00 103.10 106.80 107.70 108.65 +ve

AMBUJA CEMENT 259.50 256.65 253.30 249.95 260.45 262.30 264.20 -ve

AMTEK AUTO 152.25 150.25 148.90 147.55 152.60 153.80 155.00 -ve

ANDHRA BANK 82.30 81.05 80.40 79.80 82.30 82.90 83.55 -ve

APOLLO HOSP.ENT. 1358.05 1337.25 1324.40 1311.50 1360.55 1372.20 1383.85 -ve

APOLLO TYRES 173.70 172.50 171.30 170.15 174.85 176.05 177.15 Neutral

ARVIND 300.30 295.25 292.85 290.45 300.80 303.60 306.35 -ve

ASHOK LEYLAND 74.50 74.30 73.60 72.90 75.70 76.15 76.60 +ve

ASIAN PAINTS 807.95 800.65 794.35 788.10 808.65 812.65 816.65 -ve

AUROBINDO PHARMA 1127.30 1126.05 1114.80 1103.50 1148.55 1157.75 1166.95 +ve

AXIS BANK 585.45 578.70 571.80 564.90 586.10 589.80 593.50 -ve

BAJAJ AUTO 2129.25 2130.70 2119.55 2108.35 2153.05 2167.90 2182.70 +ve

BOB 179.85 176.30 174.85 173.40 179.70 181.40 183.10 -ve

BOI 219.45 216.35 214.45 212.55 220.00 221.85 223.70 -ve

BATA INDIA 1224.65 1211.65 1203.40 1195.15 1226.35 1233.70 1241.05 -ve

BPCL 764.20 762.00 758.05 751.45 770.00 774.00 780.60 Neutral

BHARTI AIRTEL 367.95 365.80 355.40 345.05 386.60 388.80 391.00 +ve

BHEL 259.10 257.15 255.25 251.90 261.00 262.95 266.30 Neutral

CAIRNS INDIA 231.05 228.05 226.75 225.45 231.95 233.90 235.90 -ve

CANARA BANK 406.05 401.65 397.00 392.40 407.45 410.35 413.25 -ve

CENTURY TEXT. 552.20 549.50 542.10 534.65 564.35 572.35 580.35 +ve

CESC 594.15 592.70 586.30 579.95 605.45 609.90 614.40 +ve

CIPLA 729.45 718.70 715.55 712.45 732.60 739.55 746.55 -ve

COAL INDIA 370.70 368.80 365.40 361.95 375.60 379.10 382.55 +ve

CROMPTON GREAVES 176.60 176.00 174.25 172.50 179.50 181.40 183.35 +ve

DISH TV 83.10 83.35 82.55 81.80 84.90 85.60 86.35 +ve

DIVI'S LAB. 1763.00 1753.70 1741.55 1725.30 1778.05 1790.20 1806.45 Neutral


Page 8

SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND

DLF 144.90 141.85 139.90 137.95 145.80 147.80 149.75 -ve

DR.REDDY'S LAB. 3437.30 3405.35 3386.50 3367.60 3440.00 3457.30 3474.60 -ve

EXIDE IND. 182.00 181.55 180.25 178.90 184.20 185.45 186.70 +ve

FEDERAL BANK 138.75 135.55 134.35 133.20 139.20 141.00 142.85 -ve

GAIL 383.55 378.25 373.50 368.80 382.70 384.95 387.20 -ve

GRASIM 3698.85 3666.45 3639.45 3612.45 3703.15 3721.50 3739.85 -ve

HAVELL'S INDIA 286.65 286.60 284.35 282.10 291.05 294.60 298.10 +ve

HCL TECH 2044.15 2025.10 2009.15 1993.15 2045.60 2055.85 2066.10 -ve

HDFC BANK 1052.55 1044.30 1037.00 1029.75 1052.90 1057.20 1061.55 -ve

HDFC 1312.40 1291.30 1279.10 1266.85 1320.30 1334.80 1349.30 -ve

HERO MOTO 2617.70 2614.40 2605.55 2596.75 2632.05 2641.35 2650.65 +ve

HEXAWARE TECH. 274.65 273.00 269.10 265.25 280.75 286.35 291.90 +ve

HINDALCO 138.05 135.60 133.15 130.70 138.60 140.05 141.55 -ve

HIND. UNILEVER 957.15 945.90 933.40 920.90 959.70 966.60 973.50 -ve

HPCL 636.05 636.80 633.05 629.25 644.40 648.00 651.55 +ve

IBULL HSG FIN 593.35 589.80 583.55 574.65 602.30 608.60 617.45 Neutral

IDBI 74.00 72.60 71.80 71.00 74.30 75.10 75.95 -ve

IDEA CELLULAR 153.85 153.90 149.60 145.25 162.50 164.45 166.35 +ve

IDFC 171.45 169.15 167.60 166.05 171.45 172.60 173.75 -ve

NSE IND.FIN.CORP.OF 35.95 35.40 34.95 34.45 36.00 36.30 36.55 -ve

INDUSIND BANK 896.75 891.95 885.70 880.00 904.45 910.70 916.35 Neutral

INDIA CEMENTS 99.15 99.25 98.60 98.00 100.50 101.50 102.55 +ve

INDRAPRASTHA GAS 432.35 433.60 430.90 428.25 439.00 442.75 446.50 +ve

IOC 346.05 341.35 339.05 336.75 345.55 347.65 349.75 -ve

IB REAL ESTATE 73.15 72.20 71.45 70.70 73.35 73.90 74.45 -ve

INFOSYS 2198.00 2169.80 2149.80 2129.80 2193.20 2204.90 2216.55 -ve

IRB INFRA. 240.20 235.05 231.25 227.45 240.85 243.75 246.65 -ve

ITC 338.55 336.75 334.85 332.60 340.55 342.45 344.70 Neutral

JINDAL ST&POW 190.05 181.45 177.55 173.70 190.40 194.85 199.35 -ve

JSW ENERGY 111.50 109.45 108.65 107.85 111.80 112.95 114.10 -ve

NSE JSW STEEL 944.55 933.85 923.95 914.00 947.60 954.50 961.35 -ve

JUBILANT FOOD 1577.50 1555.55 1541.80 1528.05 1578.45 1589.90 1601.35 -ve

KOTAK MAH.BANK 1347.80 1320.65 1307.25 1293.85 1347.00 1360.15 1373.35 -ve

L & T 1752.45 1721.15 1703.35 1685.60 1753.90 1770.30 1786.70 -ve


Page 9

SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND LIC HOUSING 469.75 462.65 458.25 453.90 471.15 475.40 479.65 -ve

LUPIN 1898.40 1896.80 1885.00 1873.15 1920.45 1933.05 1945.60 +ve

M & M 1228.25 1227.95 1219.40 1210.80 1245.10 1252.90 1260.70 +ve

MARUTI SUZUKI 3646.75 3628.35 3611.35 3594.40 3652.70 3664.90 3677.10 -ve

MINDTREE 1401.80 1395.40 1387.00 1361.00 1412.20 1420.65 1446.60 Neutral

M&M FIN.SERV. 257.40 252.50 249.00 245.45 258.50 261.50 264.50 -ve

MOTHERSON SUMI 479.10 477.40 475.15 469.35 481.80 484.00 489.85 Neutral

NSE NHPC 19.60 19.45 19.35 19.25 19.65 19.75 19.85 -ve

NMDC 129.75 129.40 128.55 127.75 131.00 132.25 133.50 +ve

NSE NTPC 149.95 148.20 146.50 144.85 150.35 151.45 152.50 -ve

ONGC 314.40 308.70 307.25 305.80 314.10 316.80 319.50 -ve

OBC 236.35 235.20 233.80 231.85 238.00 239.40 241.35 Neutral

PETRONET LNG 179.50 179.70 178.70 177.75 181.65 182.45 183.30 +ve

POWER FINANCE 285.30 281.55 279.50 277.45 286.30 288.65 291.00 -ve

PTC INDIA 82.95 82.35 81.90 81.40 83.15 83.55 83.95 -ve

PNB 163.40 163.15 162.40 161.65 164.65 165.85 167.00 +ve

RANBAXY 804.55 791.75 782.10 772.40 807.25 815.00 822.75 -ve

RCOM 64.50 64.45 63.10 61.70 67.20 68.35 69.50 +ve

REL. CAPITAL 447.35 439.75 434.85 429.95 449.25 454.00 458.75 -ve

RELIANCE INFRA. 458.25 450.55 444.30 438.10 459.65 464.20 468.75 -ve

RELIANCE 859.15 851.10 844.20 837.30 861.30 866.40 871.50 -ve

RELIANCE POWER 57.85 57.65 57.30 56.55 58.30 58.65 59.40 Neutral

REC 345.20 342.30 339.15 336.30 348.60 351.75 354.60 Neutral

SAIL 67.00 66.85 66.30 65.75 67.90 68.35 68.75 +ve

SESA GOA 197.60 194.75 191.65 188.50 197.35 198.65 199.95 -ve

SHRIRAM TRANS. 1191.85 1172.35 1158.45 1144.60 1192.70 1202.85 1213.05 -ve

SIEMENS 1368.50 1359.75 1352.05 1340.05 1375.20 1382.95 1394.95 Neutral

SKS MICRO FIN. 450.10 447.90 443.20 438.45 457.30 462.85 468.40 +ve

SBI 287.60 284.05 282.75 281.40 288.10 290.15 292.20 -ve

SUN PHARMA 1024.65 1009.75 999.30 988.80 1028.65 1038.10 1047.50 -ve

SUN TV 437.05 433.40 430.55 426.65 439.15 442.05 445.95 Neutral

SYNDICATE BANK 112.20 109.80 108.65 107.55 112.35 113.65 114.95 -ve

TATA COMM. 422.05 418.65 413.60 407.55 428.85 433.95 440.00 Neutral

TATA CHEM. 449.75 445.60 442.10 438.60 451.00 453.70 456.40 -ve


Page 10

SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND TATA MOTOR DVR 343.70 341.15 338.20 334.10 347.05 350.05 354.15 Neutral

TATA MOTORS 560.20 555.05 552.15 549.25 562.05 565.55 569.05 -ve

TATA POWER 81.10 80.25 79.40 78.60 81.40 82.00 82.60 -ve

TATA GLOBAL BEV. 157.25 155.05 153.65 152.25 157.65 158.95 160.25 -ve

TCS 2642.70 2599.20 2577.60 2556.00 2640.70 2661.45 2682.20 -ve

TECH MAHINDRA 2839.80 2826.45 2803.30 2780.15 2872.70 2897.00 2921.30 +ve

TATA STEEL 331.60 328.10 325.90 323.75 332.55 334.80 337.05 -ve

TITAN IND. 405.40 404.75 402.85 400.95 408.55 411.20 413.85 +ve

TVS MOTOR 295.00 294.00 291.55 289.10 298.90 302.15 305.40 +ve

UCO BANK 68.55 68.35 68.05 67.25 68.95 69.25 70.00 Neutral

ULTRATECH CEMENT 3017.20 2979.15 2944.95 2910.75 3030.60 3056.35 3082.05 -ve

UBI 170.95 170.80 169.85 168.90 172.70 173.95 175.20 +ve

UNITED PHOSPH. 433.90 432.40 429.85 424.30 437.50 440.05 445.65 Neutral

VOLTAS 262.00 261.80 258.65 255.45 268.15 270.55 272.95 +ve

WIPRO 654.30 645.60 642.65 639.70 654.00 658.20 662.40 -ve

WOCKHARDT 1781.65 1775.15 1753.80 1732.40 1817.90 1831.05 1844.25 +ve

YES BANK 827.60 821.65 814.35 805.50 836.15 843.40 852.30 Neutral

ZEE 341.90 341.00 338.05 335.10 346.90 348.60 350.25 +ve


Page 11

NOTES:

Please execute the recommendation within the levels provided in the report Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report Avoid entering into the recommendation in the first 5 minutes of trade If the recommendation opens near the target levels due to gap up/gap down opening, then the

recommendation is considered not initiated The recommendations are valid only for the day and should be squared off by the end of the day Only stocks in derivatives segment have been considered for daily trading Medium to long-term prospects of a stock does not have any bearing on the daily view

Trading Portfolio allocation

It is recommended to spread out the trading corpus in a proportionate manner between the various technical research products.

Please avoid allocating the entire trading corpus to a single stock or a single product segment Within each product segment it is advisable to allocate equal amount to each recommendation. For example: The Daily Calls product carries 3 to 4 intraday recommendations. It is advisable to allocate

equal amount to each recommendation


Page 12

Recommended Trading Portfolio allocation

Allocations Return Objective

Products Product wise allocation

Max allocation in 1 stock

Number of Calls Frontline Stocks Mid-cap stocks

Duration

Daily Calls 8% 2-3% 3-4 Stocks 0.50-1% 2-3% Intraday Short term Delivery 6% 3-5% 7-10 p.m 4-5% 7-10% Opportunity based Weekly Calls 8% 3-5% 1-2 Stocks 5-7% 7-10% 1 Week Weekly Technical 8% 3-5% 1-2 Stocks 5-7% 7-10% 1 Week Monthly Call 15% 5% 2-3 Stocks 7-10% 10-15% 1 Month Monthly Technical 15% 2-4% 5-8 Stocks 7-10% 10-15% 1 Month Techno Funda 15% 5-10% 1-2 Stocks 10% and above 15% and above 6 Months Technical Breakout 15% 5-10% 1-2 Stocks 10% and above 15% and above 3-6 Months Cash in Hand 10% - - - - -

100%


Page 13

Candlesticks Glossary:

Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of sentiment (trend) and, therefore, are important for a chart reader. By themselves, the patterns do not carry any price target but only an indication of change in market behaviour. More importance needs to be given to the placement of the pattern within larger trend

Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or downtrend. The market falls, and a black candle forms (ideally a small black candle). Next, a white real body wraps around the prior sessions black body. Low of the pattern becomes short term support for prices Piercing Line: Potential bottom reversal pattern. A black body forms in the downtrend. The market continues moving south on the next sessions open but that session culminates in a white real body that closes (e.g. pierces) than half way or more into the prior black body. Lowest low between two candles is referred to as technical support for prices Hammer: A candlestick line which, during a downtrend, has a very long lower shadow and small real body (black or white) at the top end of the sessions range. There should be no, or a very small, upper shadow. Pattern suggests buying support during declines and needs confirmation in terms of sustainability of prices above head of the Hammer in following session Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real body wraps around a white real body (classically a small white candle) Highest high between two candles becomes resistance level for prices for future reference Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The second sessions price opens over the prior sessions high (or above the prior sessions close). By the end of the second session, it closes near the low of the session and should fall well into the prior sessions white body. Pattern suggests that market has a poor chance of rising immediately Shooting Star: A single candlestick line during a rally in which there is a small real body (white or black) at the bottom end of the session's range and a very long upper shadow. The candle line should also have little or no lower shadow. Pattern suggest the trouble for prices overhead.


Page 14

Pankaj Pandey Head Research [email protected] ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC Andheri (East) Mumbai 400 093 [email protected]


Page 15

Disclaimer ANALYST CERTIFICATION We /I, Dharmesh Shah, Dipesh Daga, Nitin Kunte, Pabitro Mukherjee Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Terms & conditions and other disclosures: ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is Indias largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (associates), the details in respect of which are available on www.icicibank.com. ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances. 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 shall 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. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. 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 own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction. ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months. ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that Dharmesh Shah, Dipesh Daga, Nitin Kunte, Pabitro Mukherjee Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report.

Date post:	04-Nov-2015
Category:	Documents
Upload:	dineshgan
View:	215 times
Download:	0 times

11 March 15 Dailycalls

Documents